UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-3114
Fidelity Select Portfolios
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: |
February 28 |
|
|
Date of reporting period: |
November 30, 2013 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Select Computers Portfolio
November 30, 2013
1.810671.109
COM-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.3% |
|||
Communications Equipment - 0.3% |
|||
QUALCOMM, Inc. |
30,200 |
$ 2,222,116 |
|
COMPUTERS & PERIPHERALS - 78.7% |
|||
Computer Hardware - 42.9% |
|||
3D Systems Corp. (a) |
95,500 |
7,177,780 |
|
Apple, Inc. |
256,764 |
142,778,758 |
|
Avid Technology, Inc. (a) |
681,700 |
6,033,045 |
|
Cray, Inc. (a) |
512,500 |
12,202,625 |
|
Diebold, Inc. |
370,000 |
12,628,100 |
|
Hewlett-Packard Co. |
1,874,405 |
51,264,977 |
|
NCR Corp. (a) |
642,200 |
22,444,890 |
|
Silicon Graphics International Corp. (a)(d) |
331,700 |
4,418,244 |
|
Super Micro Computer, Inc. (a) |
766,200 |
12,167,256 |
|
|
271,115,675 |
||
Computer Storage & Peripherals - 35.8% |
|||
Datalink Corp. (a) |
673,000 |
7,046,310 |
|
Electronics for Imaging, Inc. (a) |
547,215 |
21,669,714 |
|
EMC Corp. |
2,075,178 |
49,492,995 |
|
Fusion-io, Inc. (a)(d) |
631,600 |
6,341,264 |
|
Imation Corp. (a) |
919,300 |
4,017,341 |
|
Intevac, Inc. (a) |
737,290 |
4,880,860 |
|
Lexmark International, Inc. Class A (d) |
272,700 |
9,645,399 |
|
NetApp, Inc. |
701,260 |
28,926,975 |
|
QLogic Corp. (a) |
900,000 |
11,169,000 |
|
Quantum Corp. (a) |
4,246,900 |
5,308,625 |
|
SanDisk Corp. |
358,700 |
24,445,405 |
|
Seagate Technology |
553,500 |
27,143,640 |
|
Western Digital Corp. |
342,084 |
25,669,983 |
|
|
225,757,511 |
||
TOTAL COMPUTERS & PERIPHERALS |
496,873,186 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 1.1% |
|||
Electronic Components - 0.6% |
|||
InvenSense, Inc. (a)(d) |
204,700 |
3,539,263 |
|
Electronic Manufacturing Services - 0.5% |
|||
Jabil Circuit, Inc. |
157,300 |
3,188,471 |
|
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
6,727,734 |
||
|
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 4.0% |
|||
Internet Software & Services - 4.0% |
|||
Google, Inc. Class A (a) |
11,800 |
$ 12,503,162 |
|
Yahoo!, Inc. (a) |
345,100 |
12,761,798 |
|
|
25,264,960 |
||
IT SERVICES - 14.4% |
|||
IT Consulting & Other Services - 14.4% |
|||
IBM Corp. |
410,448 |
73,749,297 |
|
Teradata Corp. (a) |
369,457 |
16,862,017 |
|
|
90,611,314 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% |
|||
Semiconductors - 0.0% |
|||
Synaptics, Inc. (a) |
5,600 |
282,856 |
|
TOTAL COMMON STOCKS (Cost $495,088,218) |
|
||
Money Market Funds - 4.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
10,239,520 |
10,239,520 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
17,916,475 |
17,916,475 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,155,995) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $523,244,213) |
650,138,161 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(18,802,929) |
||
NET ASSETS - 100% |
$ 631,335,232 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 7,872 |
Fidelity Securities Lending Cash Central Fund |
278,737 |
Total |
$ 286,609 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Novatel Wireless, Inc. |
$ 3,909,971 |
$ 201,181 |
$ 4,157,799 |
$ - |
$ - |
Total |
$ 3,909,971 |
$ 201,181 |
$ 4,157,799 |
$ - |
$ - |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $526,578,326. Net unrealized appreciation aggregated $123,559,835, of which $146,955,964 related to appreciated investment securities and $23,396,129 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent
prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Electronics Portfolio
November 30, 2013
1.810682.109
ELE-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 95.6% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.0% |
|||
Biotechnology - 0.0% |
|||
Arrowhead Research Corp. warrants 5/21/17 (a) |
285,468 |
$ 3 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.3% |
|||
Office Services & Supplies - 0.3% |
|||
West Corp. |
142,333 |
3,277,929 |
|
COMMUNICATIONS EQUIPMENT - 6.8% |
|||
Communications Equipment - 6.8% |
|||
Cisco Systems, Inc. |
300,327 |
6,381,949 |
|
CommScope Holding Co., Inc. |
87,600 |
1,409,484 |
|
F5 Networks, Inc. (a) |
28,700 |
2,360,862 |
|
Juniper Networks, Inc. (a) |
363,121 |
7,360,463 |
|
NETGEAR, Inc. (a) |
117,000 |
3,756,870 |
|
Polycom, Inc. (a) |
244,747 |
2,631,030 |
|
QUALCOMM, Inc. |
370,061 |
27,229,088 |
|
Radware Ltd. (a) |
225,508 |
3,833,636 |
|
Riverbed Technology, Inc. (a) |
460,050 |
7,958,865 |
|
|
62,922,247 |
||
COMPUTERS & PERIPHERALS - 3.1% |
|||
Computer Hardware - 1.5% |
|||
Apple, Inc. |
25,668 |
14,273,205 |
|
Computer Storage & Peripherals - 1.6% |
|||
EMC Corp. |
606,300 |
14,460,255 |
|
TOTAL COMPUTERS & PERIPHERALS |
28,733,460 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 8.1% |
|||
Electronic Components - 2.0% |
|||
Aeroflex Holding Corp. (a) |
1,663,756 |
11,230,353 |
|
Audience, Inc. (a) |
74,900 |
756,490 |
|
Corning, Inc. |
21,700 |
370,636 |
|
InvenSense, Inc. (a)(d) |
357,820 |
6,186,708 |
|
|
18,544,187 |
||
Electronic Manufacturing Services - 6.1% |
|||
Flextronics International Ltd. (a) |
1,669,222 |
12,652,703 |
|
Jabil Circuit, Inc. |
1,379,282 |
27,958,046 |
|
Multi-Fineline Electronix, Inc. (a) |
16,036 |
226,428 |
|
Plexus Corp. (a) |
18 |
727 |
|
TTM Technologies, Inc. (a) |
1,584,354 |
15,368,234 |
|
|
56,206,138 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
74,750,325 |
||
INTERNET SOFTWARE & SERVICES - 0.5% |
|||
Internet Software & Services - 0.5% |
|||
Demand Media, Inc. (a) |
519,550 |
2,862,721 |
|
Rackspace Hosting, Inc. (a) |
37,100 |
1,417,591 |
|
|
4,280,312 |
||
|
|||
Shares |
Value |
||
IT SERVICES - 0.8% |
|||
Data Processing & Outsourced Services - 0.4% |
|||
EVERTEC, Inc. |
175,420 |
$ 3,871,519 |
|
IT Consulting & Other Services - 0.4% |
|||
Teradata Corp. (a) |
74,100 |
3,381,924 |
|
TOTAL IT SERVICES |
7,253,443 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 74.7% |
|||
Semiconductor Equipment - 2.5% |
|||
GT Advanced Technologies, Inc. (a)(d) |
382,210 |
3,749,480 |
|
Lam Research Corp. (a) |
125,100 |
6,518,961 |
|
LTX-Credence Corp. (a) |
503,351 |
3,634,194 |
|
Teradyne, Inc. (a)(d) |
549,375 |
9,355,856 |
|
|
23,258,491 |
||
Semiconductors - 72.2% |
|||
Altera Corp. |
1,722,018 |
55,535,081 |
|
Analog Devices, Inc. |
377,123 |
18,184,871 |
|
Applied Micro Circuits Corp. (a) |
140,047 |
1,757,590 |
|
ARM Holdings PLC sponsored ADR |
17 |
848 |
|
Avago Technologies Ltd. |
132,562 |
5,929,498 |
|
Broadcom Corp. Class A |
3,594,721 |
95,943,103 |
|
Cypress Semiconductor Corp. |
1,437,885 |
13,933,106 |
|
Entropic Communications, Inc. (a) |
623,452 |
3,092,322 |
|
EZchip Semiconductor Ltd. (a) |
250,210 |
6,022,555 |
|
Freescale Semiconductor Holdings I Ltd. (a)(d) |
1,330,386 |
19,370,420 |
|
Inphi Corp. (a) |
188,376 |
2,354,700 |
|
Intel Corp. |
5,265,622 |
125,532,427 |
|
Intermolecular, Inc. (a) |
427,290 |
2,435,553 |
|
Intersil Corp. Class A |
2,956,582 |
31,103,243 |
|
LSI Corp. |
3,257,536 |
26,288,316 |
|
Marvell Technology Group Ltd. |
925,817 |
13,174,376 |
|
Maxim Integrated Products, Inc. |
1,276,612 |
36,357,910 |
|
Micron Technology, Inc. (a) |
1,345,959 |
28,399,735 |
|
Motech Industries, Inc. (a) |
1 |
2 |
|
NVIDIA Corp. |
1,323,706 |
20,649,814 |
|
NXP Semiconductors NV (a) |
95,856 |
4,073,880 |
|
O2Micro International Ltd. sponsored ADR (a) |
606,278 |
1,685,453 |
|
Omnivision Technologies, Inc. (a) |
351,828 |
5,639,803 |
|
ON Semiconductor Corp. (a) |
5,469,757 |
38,780,577 |
|
Pericom Semiconductor Corp. (a) |
75,728 |
722,445 |
|
PMC-Sierra, Inc. (a) |
2,471,862 |
14,831,172 |
|
RF Micro Devices, Inc. (a) |
309,300 |
1,633,104 |
|
Samsung Electronics Co. Ltd. |
11,800 |
16,659,453 |
|
Skyworks Solutions, Inc. (a) |
894,399 |
23,782,069 |
|
Spansion, Inc. Class A (a) |
521,637 |
6,463,082 |
|
Texas Instruments, Inc. |
267,212 |
11,490,116 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductors - continued |
|||
Wolfson Microelectronics PLC (a) |
1,379,029 |
$ 3,350,910 |
|
Xilinx, Inc. |
741,550 |
32,947,067 |
|
|
668,124,601 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
691,383,092 |
||
SOFTWARE - 1.3% |
|||
Application Software - 1.1% |
|||
BroadSoft, Inc. (a) |
55,212 |
1,466,983 |
|
Citrix Systems, Inc. (a) |
78,440 |
4,653,061 |
|
Nuance Communications, Inc. (a) |
278,137 |
3,760,412 |
|
|
9,880,456 |
||
Systems Software - 0.2% |
|||
Allot Communications Ltd. (a) |
137,120 |
1,788,045 |
|
Check Point Software Technologies Ltd. (a) |
400 |
24,744 |
|
|
1,812,789 |
||
TOTAL SOFTWARE |
11,693,245 |
||
TOTAL COMMON STOCKS (Cost $966,813,358) |
|
||
Money Market Funds - 7.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
38,451,636 |
$ 38,451,636 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
29,488,955 |
29,488,955 |
|
TOTAL MONEY MARKET FUNDS (Cost $67,940,591) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,034,753,949) |
952,234,647 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(27,425,239) |
||
NET ASSETS - 100% |
$ 924,809,408 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 33,795 |
Fidelity Securities Lending Cash Central Fund |
329,192 |
Total |
$ 362,987 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 884,294,056 |
$ 884,294,053 |
$ 3 |
$ - |
Money Market Funds |
67,940,591 |
67,940,591 |
- |
- |
Total Investments in Securities: |
$ 952,234,647 |
$ 952,234,644 |
$ 3 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,050,289,370. Net unrealized depreciation aggregated $98,054,723, of which $37,762,496 related to appreciated investment securities and $135,817,219 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent
prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor® Select
Consumer Staples Portfolio
Class A
Class T
Class B
Class C
Institutional Class
November 30, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Consumer Staples Portfolio
1.860868.106
ACSF-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
BEVERAGES - 26.5% |
|||
Brewers - 3.6% |
|||
Ambev SA sponsored ADR |
1,069,610 |
$ 8,086,252 |
|
Anheuser-Busch InBev SA NV |
299,590 |
30,539,807 |
|
SABMiller PLC |
959,484 |
49,502,216 |
|
|
88,128,275 |
||
Distillers & Vintners - 6.6% |
|||
Diageo PLC sponsored ADR |
424,126 |
54,148,166 |
|
Pernod Ricard SA (d) |
445,401 |
50,492,744 |
|
Remy Cointreau SA |
560,683 |
47,806,468 |
|
Treasury Wine Estates Ltd. |
1,338,976 |
5,984,322 |
|
|
158,431,700 |
||
Soft Drinks - 16.3% |
|||
Coca-Cola Bottling Co. Consolidated |
89,298 |
6,063,334 |
|
Coca-Cola Central Japan Co. Ltd. |
54,000 |
1,080,580 |
|
Coca-Cola FEMSA S.A.B. de CV sponsored ADR |
52,329 |
6,339,658 |
|
Coca-Cola Icecek A/S |
388,162 |
11,139,455 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
223,112 |
4,999,940 |
|
sponsored ADR |
197,000 |
5,890,300 |
|
Fomento Economico Mexicano S.A.B. de CV sponsored ADR |
72,987 |
6,930,116 |
|
PepsiCo, Inc. |
653,288 |
55,176,704 |
|
The Coca-Cola Co. |
7,397,758 |
297,315,894 |
|
|
394,935,981 |
||
TOTAL BEVERAGES |
641,495,956 |
||
FOOD & STAPLES RETAILING - 19.3% |
|||
Drug Retail - 9.3% |
|||
CVS Caremark Corp. |
2,974,473 |
199,170,712 |
|
Drogasil SA |
882,000 |
6,427,255 |
|
Walgreen Co. |
334,280 |
19,789,376 |
|
|
225,387,343 |
||
Food Distributors - 0.1% |
|||
Chefs' Warehouse Holdings (a) |
51,459 |
1,320,438 |
|
Food Retail - 5.5% |
|||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) |
89,400 |
6,562,703 |
|
Fresh Market, Inc. (a) |
113,746 |
4,630,600 |
|
Kroger Co. |
2,871,018 |
119,865,002 |
|
Whole Foods Market, Inc. |
41,000 |
2,320,600 |
|
|
133,378,905 |
||
Hypermarkets & Super Centers - 4.4% |
|||
Wal-Mart Stores, Inc. |
1,315,856 |
106,597,495 |
|
TOTAL FOOD & STAPLES RETAILING |
466,684,181 |
||
FOOD PRODUCTS - 12.8% |
|||
Agricultural Products - 4.7% |
|||
Archer Daniels Midland Co. |
1,047,263 |
42,152,336 |
|
|
|||
Shares |
Value |
||
Bunge Ltd. |
832,413 |
$ 66,692,930 |
|
SLC Agricola SA |
717,100 |
6,045,851 |
|
|
114,891,117 |
||
Packaged Foods & Meats - 8.1% |
|||
Annie's, Inc. (a)(d) |
111,615 |
5,128,709 |
|
Danone SA |
148,731 |
10,808,077 |
|
Green Mountain Coffee Roasters, Inc. (d) |
303,037 |
20,418,633 |
|
Hain Celestial Group, Inc. (a) |
72,039 |
5,956,905 |
|
Kellogg Co. |
336,108 |
20,381,589 |
|
Lindt & Spruengli AG |
141 |
7,234,339 |
|
Mead Johnson Nutrition Co. Class A |
629,316 |
53,183,495 |
|
Nestle SA |
376,901 |
27,494,682 |
|
Orion Corp. |
7,012 |
5,976,908 |
|
Ulker Biskuvi Sanayi A/S |
776,525 |
6,378,029 |
|
Unilever NV (NY Reg.) |
765,498 |
30,053,451 |
|
Want Want China Holdings Ltd. |
1,511,000 |
2,237,493 |
|
|
195,252,310 |
||
TOTAL FOOD PRODUCTS |
310,143,427 |
||
HOUSEHOLD DURABLES - 0.2% |
|||
Housewares & Specialties - 0.2% |
|||
Tupperware Brands Corp. |
67,600 |
6,174,584 |
|
HOUSEHOLD PRODUCTS - 14.1% |
|||
Household Products - 14.1% |
|||
Colgate-Palmolive Co. |
784,675 |
51,639,462 |
|
Procter & Gamble Co. |
3,352,365 |
282,336,180 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
217,800 |
6,358,664 |
|
|
340,334,306 |
||
PERSONAL PRODUCTS - 1.4% |
|||
Personal Products - 1.4% |
|||
Hengan International Group Co. Ltd. |
506,000 |
6,376,766 |
|
Herbalife Ltd. |
118,690 |
8,270,319 |
|
L'Oreal SA |
73,300 |
12,265,745 |
|
Nu Skin Enterprises, Inc. Class A |
51,567 |
6,592,325 |
|
|
33,505,155 |
||
PHARMACEUTICALS - 0.3% |
|||
Pharmaceuticals - 0.3% |
|||
Perrigo Co. |
40,706 |
6,345,658 |
|
TOBACCO - 24.7% |
|||
Tobacco - 24.7% |
|||
Altria Group, Inc. |
3,318,645 |
122,723,492 |
|
British American Tobacco PLC sponsored ADR (d) |
3,377,645 |
359,144,993 |
|
Imperial Tobacco Group PLC |
310,697 |
11,815,065 |
|
ITC Ltd. |
1,620,070 |
8,318,570 |
|
Japan Tobacco, Inc. |
261,300 |
8,825,203 |
|
Lorillard, Inc. |
481,761 |
24,728,792 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
Philip Morris International, Inc. |
580,992 |
$ 49,698,056 |
|
Souza Cruz SA |
1,101,800 |
11,106,503 |
|
|
596,360,674 |
||
TOTAL COMMON STOCKS (Cost $1,724,863,986) |
|
||
Money Market Funds - 0.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
238 |
238 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
10,575,932 |
10,575,932 |
|
TOTAL MONEY MARKET FUNDS (Cost $10,576,170) |
|
||
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $1,735,440,156) |
2,411,620,111 |
||
NET OTHER ASSETS (LIABILITIES) - 0.3% |
6,516,476 |
||
NET ASSETS - 100% |
$ 2,418,136,587 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 61,790 |
Fidelity Securities Lending Cash Central Fund |
311,471 |
Total |
$ 373,261 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,401,043,941 |
$ 2,343,009,452 |
$ 58,034,489 |
$ - |
Money Market Funds |
10,576,170 |
10,576,170 |
- |
- |
Total Investments in Securities: |
$ 2,411,620,111 |
$ 2,353,585,622 |
$ 58,034,489 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,738,780,243. Net unrealized appreciation aggregated $672,839,868, of which $685,929,488 related to appreciated investment securities and $13,089,620 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call
Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer Staples Portfolio
November 30, 2013
1.810694.109
FOO-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
BEVERAGES - 26.5% |
|||
Brewers - 3.6% |
|||
Ambev SA sponsored ADR |
1,069,610 |
$ 8,086,252 |
|
Anheuser-Busch InBev SA NV |
299,590 |
30,539,807 |
|
SABMiller PLC |
959,484 |
49,502,216 |
|
|
88,128,275 |
||
Distillers & Vintners - 6.6% |
|||
Diageo PLC sponsored ADR |
424,126 |
54,148,166 |
|
Pernod Ricard SA (d) |
445,401 |
50,492,744 |
|
Remy Cointreau SA |
560,683 |
47,806,468 |
|
Treasury Wine Estates Ltd. |
1,338,976 |
5,984,322 |
|
|
158,431,700 |
||
Soft Drinks - 16.3% |
|||
Coca-Cola Bottling Co. Consolidated |
89,298 |
6,063,334 |
|
Coca-Cola Central Japan Co. Ltd. |
54,000 |
1,080,580 |
|
Coca-Cola FEMSA S.A.B. de CV sponsored ADR |
52,329 |
6,339,658 |
|
Coca-Cola Icecek A/S |
388,162 |
11,139,455 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
223,112 |
4,999,940 |
|
sponsored ADR |
197,000 |
5,890,300 |
|
Fomento Economico Mexicano S.A.B. de CV sponsored ADR |
72,987 |
6,930,116 |
|
PepsiCo, Inc. |
653,288 |
55,176,704 |
|
The Coca-Cola Co. |
7,397,758 |
297,315,894 |
|
|
394,935,981 |
||
TOTAL BEVERAGES |
641,495,956 |
||
FOOD & STAPLES RETAILING - 19.3% |
|||
Drug Retail - 9.3% |
|||
CVS Caremark Corp. |
2,974,473 |
199,170,712 |
|
Drogasil SA |
882,000 |
6,427,255 |
|
Walgreen Co. |
334,280 |
19,789,376 |
|
|
225,387,343 |
||
Food Distributors - 0.1% |
|||
Chefs' Warehouse Holdings (a) |
51,459 |
1,320,438 |
|
Food Retail - 5.5% |
|||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) |
89,400 |
6,562,703 |
|
Fresh Market, Inc. (a) |
113,746 |
4,630,600 |
|
Kroger Co. |
2,871,018 |
119,865,002 |
|
Whole Foods Market, Inc. |
41,000 |
2,320,600 |
|
|
133,378,905 |
||
Hypermarkets & Super Centers - 4.4% |
|||
Wal-Mart Stores, Inc. |
1,315,856 |
106,597,495 |
|
TOTAL FOOD & STAPLES RETAILING |
466,684,181 |
||
FOOD PRODUCTS - 12.8% |
|||
Agricultural Products - 4.7% |
|||
Archer Daniels Midland Co. |
1,047,263 |
42,152,336 |
|
|
|||
Shares |
Value |
||
Bunge Ltd. |
832,413 |
$ 66,692,930 |
|
SLC Agricola SA |
717,100 |
6,045,851 |
|
|
114,891,117 |
||
Packaged Foods & Meats - 8.1% |
|||
Annie's, Inc. (a)(d) |
111,615 |
5,128,709 |
|
Danone SA |
148,731 |
10,808,077 |
|
Green Mountain Coffee Roasters, Inc. (d) |
303,037 |
20,418,633 |
|
Hain Celestial Group, Inc. (a) |
72,039 |
5,956,905 |
|
Kellogg Co. |
336,108 |
20,381,589 |
|
Lindt & Spruengli AG |
141 |
7,234,339 |
|
Mead Johnson Nutrition Co. Class A |
629,316 |
53,183,495 |
|
Nestle SA |
376,901 |
27,494,682 |
|
Orion Corp. |
7,012 |
5,976,908 |
|
Ulker Biskuvi Sanayi A/S |
776,525 |
6,378,029 |
|
Unilever NV (NY Reg.) |
765,498 |
30,053,451 |
|
Want Want China Holdings Ltd. |
1,511,000 |
2,237,493 |
|
|
195,252,310 |
||
TOTAL FOOD PRODUCTS |
310,143,427 |
||
HOUSEHOLD DURABLES - 0.2% |
|||
Housewares & Specialties - 0.2% |
|||
Tupperware Brands Corp. |
67,600 |
6,174,584 |
|
HOUSEHOLD PRODUCTS - 14.1% |
|||
Household Products - 14.1% |
|||
Colgate-Palmolive Co. |
784,675 |
51,639,462 |
|
Procter & Gamble Co. |
3,352,365 |
282,336,180 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
217,800 |
6,358,664 |
|
|
340,334,306 |
||
PERSONAL PRODUCTS - 1.4% |
|||
Personal Products - 1.4% |
|||
Hengan International Group Co. Ltd. |
506,000 |
6,376,766 |
|
Herbalife Ltd. |
118,690 |
8,270,319 |
|
L'Oreal SA |
73,300 |
12,265,745 |
|
Nu Skin Enterprises, Inc. Class A |
51,567 |
6,592,325 |
|
|
33,505,155 |
||
PHARMACEUTICALS - 0.3% |
|||
Pharmaceuticals - 0.3% |
|||
Perrigo Co. |
40,706 |
6,345,658 |
|
TOBACCO - 24.7% |
|||
Tobacco - 24.7% |
|||
Altria Group, Inc. |
3,318,645 |
122,723,492 |
|
British American Tobacco PLC sponsored ADR (d) |
3,377,645 |
359,144,993 |
|
Imperial Tobacco Group PLC |
310,697 |
11,815,065 |
|
ITC Ltd. |
1,620,070 |
8,318,570 |
|
Japan Tobacco, Inc. |
261,300 |
8,825,203 |
|
Lorillard, Inc. |
481,761 |
24,728,792 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
Philip Morris International, Inc. |
580,992 |
$ 49,698,056 |
|
Souza Cruz SA |
1,101,800 |
11,106,503 |
|
|
596,360,674 |
||
TOTAL COMMON STOCKS (Cost $1,724,863,986) |
|
||
Money Market Funds - 0.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
238 |
238 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
10,575,932 |
10,575,932 |
|
TOTAL MONEY MARKET FUNDS (Cost $10,576,170) |
|
||
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $1,735,440,156) |
2,411,620,111 |
||
NET OTHER ASSETS (LIABILITIES) - 0.3% |
6,516,476 |
||
NET ASSETS - 100% |
$ 2,418,136,587 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 61,790 |
Fidelity Securities Lending Cash Central Fund |
311,471 |
Total |
$ 373,261 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,401,043,941 |
$ 2,343,009,452 |
$ 58,034,489 |
$ - |
Money Market Funds |
10,576,170 |
10,576,170 |
- |
- |
Total Investments in Securities: |
$ 2,411,620,111 |
$ 2,353,585,622 |
$ 58,034,489 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,738,780,243. Net unrealized appreciation aggregated $672,839,868, of which $685,929,488 related to appreciated investment securities and $13,089,620 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent
prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Software and
Computer Services Portfolio
November 30, 2013
1.810708.109
SOF-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.9% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.2% |
|||
Asset Management & Custody Banks - 0.2% |
|||
ICG Group, Inc. (a) |
367,789 |
$ 6,322,293 |
|
COMMUNICATIONS EQUIPMENT - 0.8% |
|||
Communications Equipment - 0.8% |
|||
F5 Networks, Inc. (a) |
150,000 |
12,339,000 |
|
Radware Ltd. (a) |
762,800 |
12,967,600 |
|
|
25,306,600 |
||
COMPUTERS & PERIPHERALS - 0.7% |
|||
Computer Hardware - 0.7% |
|||
Cray, Inc. (a) |
7 |
167 |
|
NCR Corp. (a) |
620,937 |
21,701,748 |
|
|
21,701,915 |
||
DIVERSIFIED CONSUMER SERVICES - 0.7% |
|||
Specialized Consumer Services - 0.7% |
|||
H&R Block, Inc. |
753,900 |
21,026,271 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0% |
|||
Alternative Carriers - 1.0% |
|||
8x8, Inc. (a) |
464,600 |
4,841,132 |
|
inContact, Inc. (a)(e) |
3,337,956 |
25,034,670 |
|
|
29,875,802 |
||
INTERNET & CATALOG RETAIL - 0.4% |
|||
Internet Retail - 0.4% |
|||
Qunar Cayman Islands Ltd. sponsored ADR |
481,500 |
12,711,600 |
|
INTERNET SOFTWARE & SERVICES - 37.2% |
|||
Internet Software & Services - 37.2% |
|||
Angie's List, Inc. (a)(d) |
816,800 |
10,634,736 |
|
ChannelAdvisor Corp. (a) |
133,712 |
4,590,333 |
|
Demand Media, Inc. (a) |
1,222,838 |
6,737,837 |
|
Demandware, Inc. (a) |
312,750 |
17,723,543 |
|
E2open, Inc. (a)(d) |
808,493 |
18,013,224 |
|
eBay, Inc. (a) |
929,000 |
46,933,080 |
|
Endurance International Group Holdings, Inc. |
500,000 |
7,145,000 |
|
Facebook, Inc. Class A (a) |
3,288,500 |
154,592,385 |
|
Google, Inc. Class A (a) |
346,500 |
367,147,935 |
|
IAC/InterActiveCorp |
272,900 |
15,612,609 |
|
MercadoLibre, Inc. (d) |
40,800 |
4,516,968 |
|
Rackspace Hosting, Inc. (a) |
375,200 |
14,336,392 |
|
Responsys, Inc. (a) |
1,258,347 |
21,278,648 |
|
SciQuest, Inc. (a) |
1,126,562 |
31,498,674 |
|
SPS Commerce, Inc. (a) |
36 |
2,368 |
|
VeriSign, Inc. (a) |
334,900 |
19,042,414 |
|
Web.com Group, Inc. (a) |
2,423,202 |
69,182,417 |
|
Wix.com Ltd. (a) |
147,000 |
3,013,500 |
|
Yahoo!, Inc. (a) |
8,192,259 |
302,949,738 |
|
|
1,114,951,801 |
||
|
|||
Shares |
Value |
||
IT SERVICES - 19.5% |
|||
Data Processing & Outsourced Services - 11.9% |
|||
Computer Sciences Corp. |
79,600 |
$ 4,188,552 |
|
ExlService Holdings, Inc. (a) |
197,310 |
5,201,092 |
|
Fidelity National Information Services, Inc. |
434,500 |
22,020,460 |
|
Fiserv, Inc. (a) |
117,000 |
12,857,130 |
|
FleetCor Technologies, Inc. (a) |
184,000 |
22,407,520 |
|
Global Payments, Inc. |
21,500 |
1,355,575 |
|
MasterCard, Inc. Class A |
132,100 |
100,503,001 |
|
Total System Services, Inc. |
130,100 |
4,039,605 |
|
Vantiv, Inc. (a) |
152,300 |
4,614,690 |
|
VeriFone Systems, Inc. (a) |
500,000 |
12,805,000 |
|
Visa, Inc. Class A |
498,200 |
101,363,772 |
|
WEX, Inc. (a) |
76,800 |
7,623,168 |
|
WNS Holdings Ltd. sponsored ADR (a)(e) |
2,927,854 |
58,615,637 |
|
|
357,595,202 |
||
IT Consulting & Other Services - 7.6% |
|||
Camelot Information Systems, Inc. ADR (a) |
1,577,937 |
3,092,757 |
|
Cognizant Technology Solutions Corp. Class A (a) |
694,700 |
65,225,383 |
|
EPAM Systems, Inc. (a) |
447,986 |
15,890,063 |
|
HCL Technologies Ltd. |
1 |
17 |
|
IBM Corp. |
427,500 |
76,813,200 |
|
Lionbridge Technologies, Inc. (a)(e) |
6,154,175 |
35,017,256 |
|
Sapient Corp. (a) |
858,000 |
13,496,340 |
|
Teradata Corp. (a) |
130,300 |
5,946,892 |
|
Unisys Corp. (a) |
119,000 |
3,268,930 |
|
Virtusa Corp. (a) |
223,796 |
7,897,761 |
|
|
226,648,599 |
||
TOTAL IT SERVICES |
584,243,801 |
||
MEDIA - 2.6% |
|||
Advertising - 2.6% |
|||
MDC Partners, Inc. Class A (sub. vtg.) (e) |
3,411,462 |
78,629,686 |
|
PROFESSIONAL SERVICES - 1.4% |
|||
Research & Consulting Services - 1.4% |
|||
ICF International, Inc. (a)(e) |
1,156,241 |
41,832,799 |
|
SOFTWARE - 35.4% |
|||
Application Software - 11.2% |
|||
Actuate Corp. (a) |
245,000 |
1,925,700 |
|
Adobe Systems, Inc. (a) |
833,700 |
47,337,486 |
|
Aspen Technology, Inc. (a) |
162,215 |
6,412,359 |
|
Citrix Systems, Inc. (a) |
753,800 |
44,715,416 |
|
Compuware Corp. |
3,396,800 |
37,330,832 |
|
Comverse, Inc. (e) |
1,323,200 |
44,327,200 |
|
Descartes Systems Group, Inc. (a) |
1,385,500 |
18,993,390 |
|
Diligent Board Member Services, Inc. (a) |
466,350 |
1,475,862 |
|
Guidewire Software, Inc. (a) |
338,200 |
16,142,286 |
|
Interactive Intelligence Group, Inc. (a) |
42,240 |
2,747,290 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Application Software - continued |
|||
Jive Software, Inc. (a) |
634,400 |
$ 7,035,496 |
|
Kingdee International Software Group Co. Ltd. (a) |
13,170,000 |
3,822,241 |
|
Nuance Communications, Inc. (a) |
350,000 |
4,732,000 |
|
Parametric Technology Corp. (a) |
172,700 |
5,619,658 |
|
QLIK Technologies, Inc. (a) |
164,400 |
4,123,152 |
|
RealPage, Inc. (a) |
62,000 |
1,389,420 |
|
salesforce.com, Inc. (a) |
1,389,026 |
72,354,364 |
|
Synchronoss Technologies, Inc. (a) |
62,932 |
1,996,832 |
|
TIBCO Software, Inc. (a) |
351,400 |
8,493,338 |
|
TiVo, Inc. (a) |
267,100 |
3,426,893 |
|
Workday, Inc. Class A (a) |
19,900 |
1,638,765 |
|
|
336,039,980 |
||
Home Entertainment Software - 1.5% |
|||
Activision Blizzard, Inc. |
292,000 |
5,025,320 |
|
Electronic Arts, Inc. (a) |
1,751,000 |
38,837,180 |
|
|
43,862,500 |
||
Systems Software - 22.7% |
|||
Microsoft Corp. |
11,560,000 |
440,782,800 |
|
NetSuite, Inc. (a) |
101,500 |
9,752,120 |
|
Oracle Corp. |
5,096,800 |
179,866,072 |
|
Qualys, Inc. (a) |
760,796 |
18,806,877 |
|
Red Hat, Inc. (a) |
337,100 |
15,793,135 |
|
Rovi Corp. (a) |
601,100 |
11,060,240 |
|
VMware, Inc. Class A (a) |
73,200 |
5,902,116 |
|
|
681,963,360 |
||
TOTAL SOFTWARE |
1,061,865,840 |
||
TOTAL COMMON STOCKS (Cost $2,150,762,826) |
|
||
Convertible Preferred Stocks - 0.3% |
|||
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES - 0.3% |
|||
Other Diversified Financial Services - 0.3% |
|||
Deem, Inc. (f) |
159,864,333 |
|
|
Money Market Funds - 0.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
12,539,775 |
$ 12,539,775 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
12,472,375 |
12,472,375 |
|
TOTAL MONEY MARKET FUNDS (Cost $25,012,150) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $2,183,839,492) |
3,031,545,074 |
||
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(30,159,978) |
||
NET ASSETS - 100% |
$ 3,001,385,096 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,064,516 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Deem, Inc. |
9/19/13 |
$ 8,064,516 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 13,664 |
Fidelity Securities Lending Cash Central Fund |
508,160 |
Total |
$ 521,824 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend Income |
Value, |
Active Network, Inc. |
$ 27,734,470 |
$ - |
$ 81,544,599 |
$ - |
$ - |
Callidus Software, Inc. |
10,334,151 |
- |
19,118,771 |
- |
- |
Camelot Information Systems, Inc. ADR |
3,705,183 |
- |
1,237,609 |
- |
- |
Comverse, Inc. |
36,689,664 |
- |
300,007 |
- |
44,327,200 |
ICF International, Inc. |
- |
32,658,029 |
- |
- |
41,832,799 |
inContact, Inc. |
22,664,721 |
- |
- |
- |
25,034,670 |
Lionbridge Technologies, Inc. |
23,508,949 |
- |
- |
- |
35,017,256 |
MDC Partners, Inc. Class A (sub. vtg.) |
31,271,740 |
- |
- |
1,333,882 |
78,629,686 |
Responsys, Inc. |
16,557,994 |
3,924,516 |
18,947,733 |
- |
- |
Web.com Group, Inc. |
35,488,841 |
25,624,458 |
25,556,044 |
- |
- |
WNS Holdings Ltd. sponsored ADR |
14,530,630 |
31,726,921 |
- |
- |
58,615,637 |
Total |
$ 222,486,343 |
$ 93,933,924 |
$ 146,704,763 |
$ 1,333,882 |
$ 283,457,248 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,998,468,408 |
$ 2,998,468,408 |
$ - |
$ - |
Convertible Preferred Stocks |
8,064,516 |
- |
- |
8,064,516 |
Money Market Funds |
25,012,150 |
25,012,150 |
- |
- |
Total Investments in Securities: |
$ 3,031,545,074 |
$ 3,023,480,558 |
$ - |
$ 8,064,516 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $2,194,274,569. Net unrealized appreciation aggregated $837,270,505, of which $865,546,197 related to appreciated investment securities and $28,275,692 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent
prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Air Transportation Portfolio
November 30, 2013
1.810665.109
AIR-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 95.6% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 25.9% |
|||
Aerospace & Defense - 25.9% |
|||
Bombardier, Inc. Class B (sub. vtg.) |
612,400 |
$ 2,756,117 |
|
Honeywell International, Inc. |
25,700 |
2,274,707 |
|
Precision Castparts Corp. |
72,340 |
18,696,273 |
|
Rockwell Collins, Inc. |
160,100 |
11,644,073 |
|
Spirit AeroSystems Holdings, Inc. Class A (a) |
224,800 |
7,337,472 |
|
Textron, Inc. |
316,300 |
10,510,649 |
|
The Boeing Co. |
277,900 |
37,308,075 |
|
United Technologies Corp. |
16,500 |
1,829,190 |
|
|
92,356,556 |
||
AIR FREIGHT & LOGISTICS - 26.4% |
|||
Air Freight & Logistics - 26.4% |
|||
C.H. Robinson Worldwide, Inc. (d) |
140,400 |
8,231,652 |
|
Expeditors International of Washington, Inc. |
239,000 |
10,382,160 |
|
FedEx Corp. |
164,500 |
22,816,150 |
|
Hub Group, Inc. Class A (a) |
276,000 |
10,385,880 |
|
Park-Ohio Holdings Corp. (a) |
100,600 |
4,283,548 |
|
United Parcel Service, Inc. Class B |
370,800 |
37,962,505 |
|
|
94,061,895 |
||
AIRLINES - 40.6% |
|||
Airlines - 40.6% |
|||
Air Canada Class A (a) |
1,585,600 |
11,256,401 |
|
Alaska Air Group, Inc. |
157,900 |
12,275,146 |
|
Controladora Vuela Compania de Aviacion S.A.B. de CV ADR |
119,500 |
1,689,730 |
|
Copa Holdings SA Class A |
6,300 |
953,946 |
|
Dart Group PLC |
804,986 |
3,014,012 |
|
Delta Air Lines, Inc. |
1,139,502 |
33,022,768 |
|
JetBlue Airways Corp. (a) |
94,000 |
835,660 |
|
Republic Airways Holdings, Inc. (a) |
430,100 |
4,842,926 |
|
Ryanair Holdings PLC sponsored ADR |
327,200 |
15,713,780 |
|
SkyWest, Inc. |
204,000 |
3,447,600 |
|
Southwest Airlines Co. |
726,300 |
13,501,917 |
|
Spirit Airlines, Inc. (a) |
139,500 |
6,398,865 |
|
U.S. Airways Group, Inc. (a)(d) |
232,000 |
5,447,360 |
|
United Continental Holdings, Inc. (a) |
547,485 |
21,488,786 |
|
WestJet Airlines Ltd. |
417,800 |
10,880,659 |
|
|
144,769,556 |
||
CONSTRUCTION & ENGINEERING - 0.4% |
|||
Construction & Engineering - 0.4% |
|||
URS Corp. |
26,900 |
1,397,993 |
|
|
|||
Shares |
Value |
||
INDUSTRIAL CONGLOMERATES - 0.5% |
|||
Industrial Conglomerates - 0.5% |
|||
General Electric Co. |
65,400 |
$ 1,743,564 |
|
MACHINERY - 0.0% |
|||
Construction & Farm Machinery & Heavy Trucks - 0.0% |
|||
ASL Marine Holdings Ltd. |
281,000 |
145,532 |
|
ROAD & RAIL - 0.4% |
|||
Trucking - 0.4% |
|||
Universal Truckload Services, Inc. |
47,587 |
1,370,030 |
|
TRANSPORTATION INFRASTRUCTURE - 1.4% |
|||
Airport Services - 1.4% |
|||
BBA Aviation PLC |
947,700 |
5,072,409 |
|
TOTAL COMMON STOCKS (Cost $272,951,373) |
|
||
Money Market Funds - 7.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
18,738,879 |
18,738,879 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
6,103,000 |
6,103,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $24,841,879) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $297,793,252) |
|
||
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(9,251,186) |
||
NET ASSETS - 100% |
$ 356,508,228 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,583 |
Fidelity Securities Lending Cash Central Fund |
24,819 |
Total |
$ 34,402 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $299,089,199. Net unrealized appreciation aggregated $66,670,215, of which $68,727,474 related to appreciated investment securities and $2,057,259 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Portfolio
November 30, 2013
1.810683.109
ENE-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
CONSTRUCTION & ENGINEERING - 0.3% |
|||
Construction & Engineering - 0.3% |
|||
URS Corp. |
96,022 |
$ 4,990,263 |
|
ENERGY EQUIPMENT & SERVICES - 21.4% |
|||
Oil & Gas Drilling - 3.1% |
|||
Ensco PLC Class A |
626,975 |
37,041,683 |
|
Noble Corp. |
317,262 |
12,094,027 |
|
Northern Offshore Ltd. |
1,076,682 |
1,589,231 |
|
Odfjell Drilling A/S |
765,800 |
5,120,946 |
|
Vantage Drilling Co. (a) |
3,111,007 |
5,817,583 |
|
Xtreme Drilling & Coil Services Corp. (a) |
662,500 |
2,151,987 |
|
|
63,815,457 |
||
Oil & Gas Equipment & Services - 18.3% |
|||
Cameron International Corp. (a) |
593,757 |
32,888,200 |
|
Core Laboratories NV |
108,010 |
19,672,941 |
|
FMC Technologies, Inc. (a) |
652,109 |
31,366,443 |
|
Forum Energy Technologies, Inc. (a) |
459,054 |
12,399,049 |
|
Halliburton Co. |
1,363,292 |
71,818,223 |
|
National Oilwell Varco, Inc. |
1,036,642 |
84,486,323 |
|
Oceaneering International, Inc. |
72,127 |
5,567,483 |
|
Schlumberger Ltd. |
1,391,186 |
123,008,666 |
|
Total Energy Services, Inc. |
173,000 |
3,063,864 |
|
|
384,271,192 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
448,086,649 |
||
METALS & MINING - 0.1% |
|||
Diversified Metals & Mining - 0.1% |
|||
U.S. Silica Holdings, Inc. |
68,100 |
2,350,131 |
|
OIL, GAS & CONSUMABLE FUELS - 76.7% |
|||
Coal & Consumable Fuels - 1.6% |
|||
Alpha Natural Resources, Inc. (a) |
244,500 |
1,633,260 |
|
Peabody Energy Corp. |
1,773,822 |
32,283,560 |
|
|
33,916,820 |
||
Integrated Oil & Gas - 27.3% |
|||
Chevron Corp. |
1,626,502 |
199,148,905 |
|
Exxon Mobil Corp. |
2,746,699 |
256,761,422 |
|
Hess Corp. |
489,803 |
39,737,717 |
|
Occidental Petroleum Corp. |
378,156 |
35,909,694 |
|
Suncor Energy, Inc. |
1,199,400 |
41,128,093 |
|
|
572,685,831 |
||
Oil & Gas Exploration & Production - 39.6% |
|||
Anadarko Petroleum Corp. |
1,156,415 |
102,712,780 |
|
Bankers Petroleum Ltd. (a) |
3,032,400 |
11,334,741 |
|
Bonanza Creek Energy, Inc. (a) |
404,849 |
18,570,424 |
|
Cabot Oil & Gas Corp. |
1,176,028 |
40,514,165 |
|
Cimarex Energy Co. |
581,545 |
55,002,526 |
|
|
|||
Shares |
Value |
||
Cobalt International Energy, Inc. (a) |
1,090,066 |
$ 24,232,167 |
|
ConocoPhillips Co. |
1,295,196 |
94,290,269 |
|
Continental Resources, Inc. (a)(d) |
318,777 |
34,271,715 |
|
Emerald Oil, Inc. (a) |
162,400 |
1,179,024 |
|
Energen Corp. |
47,962 |
3,461,418 |
|
EOG Resources, Inc. |
866,559 |
142,982,235 |
|
EPL Oil & Gas, Inc. (a) |
187,200 |
5,363,280 |
|
EQT Corp. |
345,553 |
29,410,016 |
|
Gulfport Energy Corp. (a) |
167,267 |
9,773,411 |
|
Halcon Resources Corp. (a) |
1,010,000 |
4,050,100 |
|
Kodiak Oil & Gas Corp. (a) |
1,656,251 |
18,781,886 |
|
Laredo Petroleum Holdings, Inc. (a) |
468,701 |
12,650,240 |
|
Murphy Oil Corp. |
33,700 |
2,188,141 |
|
Newfield Exploration Co. (a) |
73,000 |
2,051,300 |
|
Noble Energy, Inc. |
912,088 |
64,065,061 |
|
Northern Oil & Gas, Inc. (a) |
577,901 |
9,217,521 |
|
Oasis Petroleum, Inc. (a) |
81,152 |
3,743,542 |
|
Painted Pony Petroleum Ltd. (a) |
416,900 |
2,527,856 |
|
PDC Energy, Inc. (a) |
391,326 |
23,053,015 |
|
Pioneer Natural Resources Co. |
256,899 |
45,663,797 |
|
Rex Energy Corp. (a) |
4,434 |
85,044 |
|
Rosetta Resources, Inc. (a) |
120,500 |
6,093,685 |
|
Sanchez Energy Corp. (a)(d) |
208,600 |
5,354,762 |
|
SM Energy Co. |
323,889 |
28,547,576 |
|
Synergy Resources Corp. (a) |
209,520 |
1,977,869 |
|
TAG Oil Ltd. (a) |
280,875 |
915,006 |
|
Tullow Oil PLC |
143,340 |
2,040,011 |
|
Whiting Petroleum Corp. (a) |
399,601 |
24,135,900 |
|
|
830,240,483 |
||
Oil & Gas Refining & Marketing - 2.0% |
|||
Marathon Petroleum Corp. |
303,546 |
25,115,396 |
|
Phillips 66 Co. |
193,370 |
13,460,486 |
|
Tesoro Corp. |
37,600 |
2,204,488 |
|
|
40,780,370 |
||
Oil & Gas Storage & Transport - 6.2% |
|||
Access Midstream Partners LP |
464,158 |
26,071,755 |
|
Atlas Pipeline Partners LP |
282,458 |
9,874,732 |
|
Magellan Midstream Partners LP |
186,440 |
11,585,382 |
|
Markwest Energy Partners LP |
145,439 |
10,045,472 |
|
MPLX LP |
117,940 |
4,495,873 |
|
Phillips 66 Partners LP |
184,333 |
6,071,929 |
|
Spectra Energy Corp. |
156,098 |
5,237,088 |
|
Targa Resources Corp. |
138,592 |
11,238,425 |
|
Tesoro Logistics LP |
181,853 |
9,319,966 |
|
The Williams Companies, Inc. |
1,037,432 |
36,538,355 |
|
|
130,478,977 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
1,608,102,481 |
||
TOTAL COMMON STOCKS (Cost $1,570,624,965) |
|
||
Money Market Funds - 3.3% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
40,211,074 |
$ 40,211,074 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
29,548,553 |
29,548,553 |
|
TOTAL MONEY MARKET FUNDS (Cost $69,759,627) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,640,384,592) |
|
||
NET OTHER ASSETS (LIABILITIES) - (1.8)% |
(37,660,636) |
||
NET ASSETS - 100% |
$ 2,095,628,515 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 20,097 |
Fidelity Securities Lending Cash Central Fund |
759,585 |
Total |
$ 779,682 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,643,393,355. Net unrealized appreciation aggregated $489,895,796, of which $527,391,394 related to appreciated investment securities and $37,495,598 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Leisure Portfolio
November 30, 2013
1.810675.109
LEI-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.0% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.6% |
|||
Diversified Support Services - 0.6% |
|||
KAR Auction Services, Inc. |
127,400 |
$ 3,514,966 |
|
COMPUTERS & PERIPHERALS - 1.0% |
|||
Computer Hardware - 1.0% |
|||
Gaming & Leisure Properties (a) |
129,112 |
5,954,645 |
|
DIVERSIFIED CONSUMER SERVICES - 3.3% |
|||
Specialized Consumer Services - 3.3% |
|||
H&R Block, Inc. |
155,800 |
4,345,262 |
|
Outerwall, Inc. (a)(d) |
36,920 |
2,525,328 |
|
Steiner Leisure Ltd. (a) |
203,644 |
12,047,579 |
|
|
18,918,169 |
||
HOTELS, RESTAURANTS & LEISURE - 90.9% |
|||
Casinos & Gaming - 17.4% |
|||
Bally Technologies, Inc. (a) |
270,700 |
20,186,099 |
|
Las Vegas Sands Corp. |
675,776 |
48,439,624 |
|
Melco Crown Entertainment Ltd. sponsored ADR (a) |
178,870 |
6,365,983 |
|
MGM China Holdings Ltd. |
900,000 |
3,204,107 |
|
Penn National Gaming, Inc. (a)(d) |
489,112 |
7,062,777 |
|
Wynn Resorts Ltd. |
84,400 |
13,999,428 |
|
|
99,258,018 |
||
Hotels, Resorts & Cruise Lines - 17.5% |
|||
Carnival Corp. unit |
190,528 |
6,879,966 |
|
Extended Stay America, Inc. unit |
135,500 |
3,411,890 |
|
Hyatt Hotels Corp. Class A (a) |
212,961 |
10,300,924 |
|
InterContinental Hotel Group PLC |
200,000 |
6,217,058 |
|
Marriott International, Inc. Class A |
306,800 |
14,425,736 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
362,100 |
26,969,208 |
|
Wyndham Worldwide Corp. |
447,200 |
32,068,712 |
|
|
100,273,494 |
||
Leisure Facilities - 0.7% |
|||
Cedar Fair LP (depositary unit) |
80,588 |
4,013,282 |
|
Restaurants - 55.3% |
|||
Bloomin' Brands, Inc. (a) |
203,000 |
5,318,600 |
|
Bravo Brio Restaurant Group, Inc. (a) |
144,169 |
2,302,379 |
|
Brinker International, Inc. |
325,200 |
15,294,156 |
|
Chipotle Mexican Grill, Inc. (a) |
24,029 |
12,587,832 |
|
Del Frisco's Restaurant Group, Inc. (a) |
220,600 |
4,670,102 |
|
Denny's Corp. (a) |
171,001 |
1,231,207 |
|
Domino's Pizza, Inc. |
135,000 |
9,332,550 |
|
Fiesta Restaurant Group, Inc. (a) |
59,200 |
2,899,024 |
|
Jack in the Box, Inc. (a) |
388,600 |
18,400,210 |
|
McDonald's Corp. |
571,700 |
55,666,429 |
|
Panera Bread Co. Class A (a) |
75,000 |
13,266,750 |
|
Papa John's International, Inc. |
77,566 |
6,583,414 |
|
Ruth's Hospitality Group, Inc. |
483,822 |
6,957,360 |
|
Sonic Corp. (a) |
185,400 |
3,669,066 |
|
|
|||
Shares |
Value |
||
Starbucks Corp. |
1,076,400 |
$ 87,683,545 |
|
Texas Roadhouse, Inc. Class A |
255,508 |
7,149,114 |
|
The Cheesecake Factory, Inc. |
145,000 |
7,068,750 |
|
Whitbread PLC |
51,764 |
3,021,300 |
|
Yum! Brands, Inc. |
688,600 |
53,490,448 |
|
|
316,592,236 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
520,137,030 |
||
IT SERVICES - 0.1% |
|||
Data Processing & Outsourced Services - 0.1% |
|||
The Western Union Co. |
31,000 |
516,770 |
|
MEDIA - 1.8% |
|||
Broadcasting - 0.5% |
|||
CBS Corp. Class B |
50,300 |
2,945,568 |
|
Cable & Satellite - 0.4% |
|||
DIRECTV (a) |
36,925 |
2,441,112 |
|
Movies & Entertainment - 0.9% |
|||
Twenty-First Century Fox, Inc. Class A |
99,500 |
3,332,255 |
|
Viacom, Inc. Class B (non-vtg.) |
19,500 |
1,563,315 |
|
|
4,895,570 |
||
TOTAL MEDIA |
10,282,250 |
||
SOFTWARE - 0.4% |
|||
Application Software - 0.4% |
|||
Intuit, Inc. |
26,500 |
1,967,095 |
|
SPECIALTY RETAIL - 0.9% |
|||
Apparel Retail - 0.9% |
|||
Express, Inc. (a) |
70,600 |
1,737,466 |
|
Urban Outfitters, Inc. (a) |
85,300 |
3,328,406 |
|
|
5,065,872 |
||
TOTAL COMMON STOCKS (Cost $357,446,894) |
|
||
Money Market Funds - 2.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
6,354,019 |
6,354,019 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
6,527,825 |
6,527,825 |
|
TOTAL MONEY MARKET FUNDS (Cost $12,881,844) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $370,328,738) |
579,238,641 |
||
NET OTHER ASSETS (LIABILITIES) - (1.3)% |
(7,180,397) |
||
NET ASSETS - 100% |
$ 572,058,244 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 5,539 |
Fidelity Securities Lending Cash Central Fund |
212,653 |
Total |
$ 218,192 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 566,356,797 |
$ 560,139,739 |
$ 6,217,058 |
$ - |
Money Market Funds |
12,881,844 |
12,881,844 |
- |
- |
Total Investments in Securities: |
$ 579,238,641 |
$ 573,021,583 |
$ 6,217,058 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $373,906,274. Net unrealized appreciation aggregated $205,332,367, of which $205,623,478 related to appreciated investment securities and $291,111 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Health Care Portfolio
November 30, 2013
1.810696.109
HEA-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.7% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 29.5% |
|||
Biotechnology - 29.5% |
|||
Acorda Therapeutics, Inc. (a) |
200,000 |
$ 6,962,000 |
|
Actelion Ltd. |
280,000 |
23,321,750 |
|
Aegerion Pharmaceuticals, Inc. (a) |
270,000 |
19,151,100 |
|
Alexion Pharmaceuticals, Inc. (a) |
1,140,000 |
141,930,000 |
|
Alnylam Pharmaceuticals, Inc. (a) |
26,400 |
1,615,680 |
|
Amgen, Inc. |
2,340,000 |
266,947,200 |
|
ARIAD Pharmaceuticals, Inc. (a) |
1,800,000 |
8,730,000 |
|
Array BioPharma, Inc. (a) |
2,600,000 |
14,872,000 |
|
Biogen Idec, Inc. (a) |
640,000 |
186,220,800 |
|
Celldex Therapeutics, Inc. (a) |
158,029 |
4,386,885 |
|
Cubist Pharmaceuticals, Inc. |
750,000 |
51,382,500 |
|
Discovery Laboratories, Inc. (a) |
3,600,000 |
8,640,000 |
|
Dyax Corp. (a) |
1,280,000 |
10,880,000 |
|
Genomic Health, Inc. (a) |
370,000 |
13,016,600 |
|
Gilead Sciences, Inc. (a) |
3,700,000 |
276,796,998 |
|
Grifols SA ADR |
1,280,000 |
43,948,800 |
|
Insmed, Inc. (a) |
800,000 |
12,960,000 |
|
Intercept Pharmaceuticals, Inc. (a) |
200,000 |
10,474,000 |
|
InterMune, Inc. (a) |
1,996,501 |
27,611,609 |
|
Lexicon Pharmaceuticals, Inc. (a) |
3,500,000 |
8,400,000 |
|
Medivation, Inc. (a) |
600,000 |
37,806,000 |
|
Neurocrine Biosciences, Inc. (a) |
1,949,319 |
19,142,313 |
|
Novavax, Inc. (a) |
2,160,000 |
8,035,200 |
|
NPS Pharmaceuticals, Inc. (a) |
450,000 |
11,884,500 |
|
Pharmacyclics, Inc. (a) |
255,000 |
31,752,600 |
|
PTC Therapeutics, Inc. (a) |
500,000 |
7,835,000 |
|
Puma Biotechnology, Inc. (a) |
310,000 |
15,434,900 |
|
Regeneron Pharmaceuticals, Inc. (a) |
215,000 |
63,179,900 |
|
Spectrum Pharmaceuticals, Inc. |
900,000 |
8,667,000 |
|
Swedish Orphan Biovitrum AB (a) |
1,500,000 |
15,615,348 |
|
TESARO, Inc. (a) |
150,000 |
5,850,000 |
|
Vanda Pharmaceuticals, Inc. (a)(d) |
1,000,000 |
11,740,000 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
2,000,000 |
8,360,000 |
|
|
1,383,550,683 |
||
DIVERSIFIED CONSUMER SERVICES - 0.3% |
|||
Specialized Consumer Services - 0.3% |
|||
Carriage Services, Inc. |
850,000 |
15,954,500 |
|
FOOD & STAPLES RETAILING - 0.4% |
|||
Drug Retail - 0.4% |
|||
CVS Caremark Corp. |
270,000 |
18,079,200 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 13.7% |
|||
Health Care Equipment - 12.7% |
|||
Accuray, Inc. (a) |
1,000,000 |
7,980,000 |
|
Boston Scientific Corp. (a) |
14,000,000 |
162,120,000 |
|
C.R. Bard, Inc. |
130,000 |
18,054,400 |
|
Cardiovascular Systems, Inc. (a) |
400,000 |
13,280,000 |
|
CONMED Corp. |
700,000 |
28,497,000 |
|
Covidien PLC |
900,000 |
61,434,000 |
|
|
|||
Shares |
Value |
||
Genmark Diagnostics, Inc. (a) |
1,411,500 |
$ 16,796,850 |
|
HeartWare International, Inc. (a) |
290,000 |
27,956,000 |
|
Insulet Corp. (a) |
600,000 |
22,212,000 |
|
Intuitive Surgical, Inc. (a) |
140,000 |
52,766,000 |
|
Masimo Corp. |
1,130,118 |
32,355,278 |
|
Smith & Nephew PLC sponsored ADR |
500,000 |
33,440,000 |
|
Stryker Corp. |
850,000 |
63,257,000 |
|
Volcano Corp. (a) |
1,500,000 |
34,155,000 |
|
Zeltiq Aesthetics, Inc. (a) |
1,100,000 |
19,294,000 |
|
|
593,597,528 |
||
Health Care Supplies - 1.0% |
|||
Derma Sciences, Inc. (a)(e) |
970,000 |
11,252,000 |
|
The Cooper Companies, Inc. |
280,000 |
36,887,200 |
|
|
48,139,200 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
641,736,728 |
||
HEALTH CARE PROVIDERS & SERVICES - 15.1% |
|||
Health Care Distributors & Services - 4.1% |
|||
Amplifon SpA |
2,800,000 |
15,025,010 |
|
McKesson Corp. |
1,060,000 |
175,843,400 |
|
|
190,868,410 |
||
Health Care Facilities - 2.1% |
|||
Brookdale Senior Living, Inc. (a) |
700,000 |
20,412,000 |
|
Emeritus Corp. (a) |
600,000 |
13,506,000 |
|
Hanger, Inc. (a) |
300,000 |
11,652,000 |
|
HCA Holdings, Inc. |
200,000 |
9,284,000 |
|
NMC Health PLC |
1,700,000 |
11,333,367 |
|
Ramsay Health Care Ltd. |
350,000 |
12,352,926 |
|
Surgical Care Affiliates, Inc. |
600,000 |
18,264,000 |
|
|
96,804,293 |
||
Health Care Services - 4.0% |
|||
Air Methods Corp. |
320,000 |
17,907,200 |
|
BioScrip, Inc. (a) |
901,592 |
6,139,842 |
|
Catamaran Corp. (a) |
1,850,000 |
83,782,130 |
|
MEDNAX, Inc. (a) |
400,000 |
44,320,000 |
|
Quest Diagnostics, Inc. (d) |
600,000 |
36,564,000 |
|
|
188,713,172 |
||
Managed Health Care - 4.9% |
|||
Aetna, Inc. |
140,000 |
9,650,200 |
|
Cigna Corp. |
1,200,000 |
104,940,000 |
|
Humana, Inc. |
690,000 |
71,753,100 |
|
UnitedHealth Group, Inc. |
600,000 |
44,688,000 |
|
|
231,031,300 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
707,417,175 |
||
HEALTH CARE TECHNOLOGY - 3.7% |
|||
Health Care Technology - 3.7% |
|||
athenahealth, Inc. (a)(d) |
150,000 |
19,675,500 |
|
Cerner Corp. (a) |
2,170,000 |
124,709,900 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE TECHNOLOGY - CONTINUED |
|||
Health Care Technology - continued |
|||
HealthStream, Inc. (a) |
500,000 |
$ 16,820,000 |
|
HMS Holdings Corp. (a) |
500,000 |
11,455,000 |
|
|
172,660,400 |
||
INDUSTRIAL CONGLOMERATES - 0.5% |
|||
Industrial Conglomerates - 0.5% |
|||
Danaher Corp. |
300,000 |
22,440,000 |
|
IT SERVICES - 0.5% |
|||
Data Processing & Outsourced Services - 0.5% |
|||
Maximus, Inc. |
500,000 |
22,750,000 |
|
LIFE SCIENCES TOOLS & SERVICES - 6.6% |
|||
Life Sciences Tools & Services - 6.6% |
|||
Bruker BioSciences Corp. (a) |
970,000 |
18,759,800 |
|
Illumina, Inc. (a)(d) |
1,400,000 |
137,200,000 |
|
Thermo Fisher Scientific, Inc. |
1,500,000 |
151,275,000 |
|
|
307,234,800 |
||
PERSONAL PRODUCTS - 0.5% |
|||
Personal Products - 0.5% |
|||
Prestige Brands Holdings, Inc. (a) |
700,000 |
24,668,000 |
|
PHARMACEUTICALS - 26.4% |
|||
Pharmaceuticals - 26.4% |
|||
AbbVie, Inc. |
2,000,000 |
96,900,000 |
|
Actavis PLC (a) |
1,530,000 |
249,497,100 |
|
Aratana Therapeutics, Inc. (d) |
600,000 |
11,880,000 |
|
Bayer AG |
420,000 |
56,029,973 |
|
Cadence Pharmaceuticals, Inc. (a) |
42,807 |
386,119 |
|
Dechra Pharmaceuticals PLC |
1,700,000 |
18,963,146 |
|
Endo Health Solutions, Inc. (a)(d) |
400,000 |
26,876,000 |
|
Impax Laboratories, Inc. (a) |
600,000 |
14,424,000 |
|
Jazz Pharmaceuticals PLC (a) |
290,000 |
33,906,800 |
|
Merck & Co., Inc. |
1,700,000 |
84,711,000 |
|
Mylan, Inc. (a) |
1,400,000 |
61,782,000 |
|
Orexo AB (a) |
538,472 |
13,962,712 |
|
Pacira Pharmaceuticals, Inc. (a) |
310,000 |
17,108,900 |
|
Perrigo Co. (d) |
900,000 |
140,301,000 |
|
Salix Pharmaceuticals Ltd. (a) |
1,080,000 |
91,594,800 |
|
Santarus, Inc. (a) |
1,000,000 |
32,180,000 |
|
Shire PLC sponsored ADR |
750,000 |
101,857,500 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
750,000 |
30,570,000 |
|
The Medicines Company (a) |
880,000 |
32,216,800 |
|
UCB SA |
400,000 |
26,841,243 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
500,000 |
53,883,815 |
|
Zoetis, Inc. Class A |
1,280,000 |
39,872,000 |
|
|
1,235,744,908 |
||
|
|||
Shares |
Value |
||
PROFESSIONAL SERVICES - 0.4% |
|||
Human Resource & Employment Services - 0.4% |
|||
WageWorks, Inc. (a) |
300,000 |
$ 17,190,000 |
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |
|||
Real Estate Development - 0.1% |
|||
PT Lippo Karawaci Tbk |
80,000,000 |
6,085,684 |
|
TOTAL COMMON STOCKS (Cost $3,256,624,415) |
|
||
Convertible Preferred Stocks - 0.4% |
|||
|
|
|
|
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Ariosa Diagnostics (a)(f) |
496,689 |
3,000,002 |
|
HEALTH CARE TECHNOLOGY - 0.3% |
|||
Health Care Technology - 0.3% |
|||
Castlight Health, Inc.: |
|
|
|
Series C (f) |
90,850 |
723,166 |
|
Series D (a)(f) |
1,784,800 |
14,207,008 |
|
|
14,930,174 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,322,475) |
|
||
Money Market Funds - 8.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
136,704,692 |
136,704,692 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
237,727,030 |
237,727,030 |
|
TOTAL MONEY MARKET FUNDS (Cost $374,431,722) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $3,645,378,612) |
4,967,873,976 |
||
NET OTHER ASSETS (LIABILITIES) - (6.1)% |
(284,717,173) |
||
NET ASSETS - 100% |
$ 4,683,156,803 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $17,930,176 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Ariosa Diagnostics |
11/30/11 |
$ 3,000,002 |
Castlight Health, Inc. Series C |
12/6/12 |
$ 548,421 |
Castlight Health, Inc. Series D |
4/25/12 |
$ 10,774,052 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 37,932 |
Fidelity Securities Lending Cash Central Fund |
677,502 |
Total |
$ 715,434 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Carriage Services, Inc. |
$ 18,143,653 |
$ - |
$ 2,749,537 |
$ 66,250 |
$ - |
Derma Sciences, Inc. |
11,097,000 |
837,986 |
- |
- |
11,252,000 |
Total |
$ 29,240,653 |
$ 837,986 |
$ 2,749,537 |
$ 66,250 |
$ 11,252,000 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 4,575,512,078 |
$ 4,575,512,078 |
$ - |
$ - |
Convertible Preferred Stocks |
17,930,176 |
- |
- |
17,930,176 |
Money Market Funds |
374,431,722 |
374,431,722 |
- |
- |
Total Investments in Securities: |
$ 4,967,873,976 |
$ 4,949,943,800 |
$ - |
$ 17,930,176 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $3,648,940,840. Net unrealized appreciation aggregated $1,318,933,136, of which $1,347,360,603 related to appreciated investment securities and $28,427,467 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Technology Portfolio
November 30, 2013
1.810712.109
TEC-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 96.3% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
DigitalGlobe, Inc. (a) |
797 |
$ 31,561 |
|
AUTOMOBILES - 0.0% |
|||
Automobile Manufacturers - 0.0% |
|||
Tesla Motors, Inc. (a)(d) |
8,754 |
1,114,209 |
|
CHEMICALS - 0.1% |
|||
Diversified Chemicals - 0.1% |
|||
Oci Co. Ltd. |
11,086 |
1,838,570 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.0% |
|||
Environmental & Facility Services - 0.0% |
|||
Sanix, Inc. (a)(d) |
43,000 |
438,206 |
|
COMMUNICATIONS EQUIPMENT - 8.7% |
|||
Communications Equipment - 8.7% |
|||
AAC Technology Holdings, Inc. |
42,500 |
191,872 |
|
ADTRAN, Inc. |
178,452 |
4,582,647 |
|
ADVA Optical Networking SE (a) |
581,293 |
3,064,660 |
|
Alcatel-Lucent SA sponsored ADR |
1,077,169 |
4,642,598 |
|
Aruba Networks, Inc. (a) |
123,633 |
2,205,613 |
|
BlackBerry Ltd. (a) |
600 |
3,798 |
|
Brocade Communications Systems, Inc. (a) |
35,610 |
313,012 |
|
Ciena Corp. (a)(d) |
617,232 |
13,708,723 |
|
Cisco Systems, Inc. |
245,933 |
5,226,076 |
|
Comba Telecom Systems Holdings Ltd. (a) |
198,000 |
68,192 |
|
F5 Networks, Inc. (a) |
272,611 |
22,424,981 |
|
Finisar Corp. (a) |
30 |
621 |
|
Infinera Corp. (a)(d) |
716,242 |
6,661,051 |
|
Ixia (a) |
511,401 |
6,643,099 |
|
JDS Uniphase Corp. (a) |
1,495 |
18,149 |
|
Juniper Networks, Inc. (a) |
2,489,314 |
50,458,395 |
|
Motorola Solutions, Inc. |
60 |
3,953 |
|
Nokia Corp. (a) |
1,122,800 |
9,069,132 |
|
Nokia Corp. sponsored ADR (a) |
2,636,012 |
21,246,257 |
|
Palo Alto Networks, Inc. (a) |
474 |
23,676 |
|
QUALCOMM, Inc. |
43 |
3,164 |
|
Radware Ltd. (a) |
435,363 |
7,401,171 |
|
Riverbed Technology, Inc. (a) |
1,287 |
22,265 |
|
Ruckus Wireless, Inc. |
308,876 |
4,027,743 |
|
Sandvine Corp. (U.K.) (a) |
3,926,712 |
9,941,043 |
|
Sonus Networks, Inc. (a) |
3,011,489 |
8,763,433 |
|
Spirent Communications PLC |
3,168,632 |
5,620,358 |
|
|
186,335,682 |
||
COMPUTERS & PERIPHERALS - 7.0% |
|||
Computer Hardware - 5.8% |
|||
3D Systems Corp. (a) |
13,945 |
1,048,106 |
|
Advantech Co. Ltd. |
427,000 |
2,639,631 |
|
Apple, Inc. |
121,668 |
67,655,925 |
|
Cray, Inc. (a) |
362,686 |
8,635,554 |
|
Hewlett-Packard Co. |
1,669 |
45,647 |
|
|
|||
Shares |
Value |
||
Lenovo Group Ltd. |
13,164,000 |
$ 15,604,822 |
|
NCR Corp. (a) |
664,079 |
23,209,561 |
|
Silicon Graphics International Corp. (a) |
214,900 |
2,862,468 |
|
Stratasys Ltd. (a) |
17,999 |
2,119,742 |
|
|
123,821,456 |
||
Computer Storage & Peripherals - 1.2% |
|||
ADLINK Technology, Inc. |
5,750 |
10,295 |
|
Catcher Technology Co. Ltd. |
2,000 |
12,161 |
|
Chicony Electronics Co. Ltd. |
380 |
950 |
|
EMC Corp. |
1,060,561 |
25,294,380 |
|
Gemalto NV |
2,478 |
279,874 |
|
NetApp, Inc. |
63 |
2,599 |
|
SanDisk Corp. |
330 |
22,490 |
|
|
25,622,749 |
||
TOTAL COMPUTERS & PERIPHERALS |
149,444,205 |
||
DIVERSIFIED CONSUMER SERVICES - 0.1% |
|||
Education Services - 0.0% |
|||
Educomp Solutions Ltd. (a) |
53,012 |
24,213 |
|
Specialized Consumer Services - 0.1% |
|||
LifeLock, Inc. (a) |
186,100 |
3,204,642 |
|
TOTAL DIVERSIFIED CONSUMER SERVICES |
3,228,855 |
||
DIVERSIFIED FINANCIAL SERVICES - 0.2% |
|||
Multi-Sector Holdings - 0.2% |
|||
Investment AB Kinnevik (B Shares) |
115,600 |
4,545,152 |
|
ELECTRICAL EQUIPMENT - 0.1% |
|||
Electrical Components & Equipment - 0.1% |
|||
SolarCity Corp. (d) |
22,156 |
1,158,316 |
|
TECO Electric & Machinery Co. Ltd. |
1,969,000 |
2,161,690 |
|
|
3,320,006 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 4.2% |
|||
Electronic Components - 1.8% |
|||
Aeroflex Holding Corp. (a) |
234 |
1,580 |
|
Delta Electronics, Inc. |
209,000 |
1,115,495 |
|
InvenSense, Inc. (a)(d) |
396,265 |
6,851,422 |
|
Ledlink Optics, Inc. |
1,423,313 |
3,918,522 |
|
Omron Corp. |
200,200 |
8,237,034 |
|
Sapphire Technology Co. Ltd. (a) |
24,541 |
871,983 |
|
Tong Hsing Electronics Industries Ltd. |
2,743,000 |
14,593,876 |
|
Universal Display Corp. (a) |
651 |
23,508 |
|
Yaskawa Electric Corp. |
317,000 |
4,245,439 |
|
|
39,858,859 |
||
Electronic Equipment & Instruments - 0.7% |
|||
Chroma ATE, Inc. |
463,644 |
939,724 |
|
FEI Co. |
8,700 |
792,135 |
|
Keyence Corp. |
19,250 |
7,732,320 |
|
National Instruments Corp. |
170,063 |
5,316,169 |
|
Test Research, Inc. |
62,557 |
90,234 |
|
|
14,870,582 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED |
|||
Electronic Manufacturing Services - 1.3% |
|||
Fabrinet (a) |
128 |
$ 2,534 |
|
Jabil Circuit, Inc. |
107 |
2,169 |
|
KEMET Corp. (a) |
4,077 |
24,462 |
|
TE Connectivity Ltd. |
264,026 |
13,919,451 |
|
Trimble Navigation Ltd. (a) |
430,428 |
13,730,653 |
|
|
27,679,269 |
||
Technology Distributors - 0.4% |
|||
Arrow Electronics, Inc. (a) |
47 |
2,413 |
|
Digital China Holdings Ltd. (H Shares) |
7,366,000 |
8,598,758 |
|
Redington India Ltd. |
174,887 |
184,279 |
|
|
8,785,450 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
91,194,160 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1% |
|||
Health Care Equipment - 0.1% |
|||
Biosensors International Group Ltd. |
875,000 |
658,943 |
|
PW Medtech Group Ltd. (a) |
1,991,000 |
924,547 |
|
|
1,583,490 |
||
HEALTH CARE TECHNOLOGY - 1.8% |
|||
Health Care Technology - 1.8% |
|||
athenahealth, Inc. (a)(d) |
99,635 |
13,069,123 |
|
Cerner Corp. (a) |
126,828 |
7,288,805 |
|
M3, Inc. |
7,065 |
18,434,032 |
|
|
38,791,960 |
||
HOTELS, RESTAURANTS & LEISURE - 0.1% |
|||
Casinos & Gaming - 0.1% |
|||
500 Com Ltd. sponsored ADR Class A |
67,700 |
1,368,894 |
|
HOUSEHOLD DURABLES - 0.8% |
|||
Consumer Electronics - 0.7% |
|||
Panasonic Corp. |
5,800 |
66,655 |
|
Sony Corp. sponsored ADR |
570,313 |
10,436,728 |
|
TCL Multimedia Technology Holdings Ltd. |
11,824,000 |
5,582,143 |
|
Tonly Electronics Holdings Ltd. (a) |
42,600 |
29,398 |
|
|
16,114,924 |
||
Homebuilding - 0.1% |
|||
West Holdings Corp. (d) |
128,800 |
1,823,027 |
|
Household Appliances - 0.0% |
|||
Haier Electronics Group Co. Ltd. |
53,000 |
124,834 |
|
TOTAL HOUSEHOLD DURABLES |
18,062,785 |
||
INDUSTRIAL CONGLOMERATES - 0.0% |
|||
Industrial Conglomerates - 0.0% |
|||
Toshiba Corp. |
5,000 |
21,573 |
|
INTERNET & CATALOG RETAIL - 2.5% |
|||
Internet Retail - 2.5% |
|||
Amazon.com, Inc. (a) |
56,157 |
22,104,518 |
|
|
|||
Shares |
Value |
||
E-Commerce China Dangdang, Inc. ADR (a) |
990 |
$ 9,217 |
|
Expedia, Inc. |
71 |
4,522 |
|
Groupon, Inc. Class A (a) |
989,539 |
8,955,328 |
|
HomeAway, Inc. (a) |
28,801 |
1,051,237 |
|
Netflix, Inc. (a) |
136 |
49,749 |
|
priceline.com, Inc. (a) |
9,431 |
11,244,864 |
|
Qunar Cayman Islands Ltd. sponsored ADR |
53,000 |
1,399,200 |
|
Rakuten, Inc. |
25,300 |
388,718 |
|
Start Today Co. Ltd. |
154,300 |
3,955,213 |
|
TripAdvisor, Inc. (a) |
11,212 |
990,244 |
|
YOOX SpA (a) |
88,619 |
3,750,943 |
|
|
53,903,753 |
||
INTERNET SOFTWARE & SERVICES - 31.2% |
|||
Internet Software & Services - 31.2% |
|||
58.com, Inc. ADR |
700 |
22,897 |
|
Angie's List, Inc. (a)(d) |
528,736 |
6,884,143 |
|
AOL, Inc. |
6,389 |
284,822 |
|
Baidu.com, Inc. sponsored ADR (a) |
300 |
49,971 |
|
Bankrate, Inc. (a) |
113,072 |
2,118,969 |
|
Bazaarvoice, Inc. (a) |
8,500 |
67,150 |
|
Blinkx PLC (a)(d) |
1,026,433 |
3,363,304 |
|
ChannelAdvisor Corp. (a) |
37,079 |
1,272,922 |
|
comScore, Inc. (a) |
740 |
20,135 |
|
Cornerstone OnDemand, Inc. (a) |
159,479 |
8,040,931 |
|
Cvent, Inc. |
2,500 |
81,425 |
|
DealerTrack Holdings, Inc. (a) |
153,003 |
6,395,525 |
|
Demandware, Inc. (a) |
190,574 |
10,799,829 |
|
E2open, Inc. (a) |
246,145 |
5,484,111 |
|
eBay, Inc. (a) |
3,939 |
198,998 |
|
eGain Communications Corp. (a) |
29,800 |
342,998 |
|
Facebook, Inc. Class A (a) |
1,390,631 |
65,373,563 |
|
Google, Inc. Class A (a) |
198,003 |
209,801,995 |
|
INFO Edge India Ltd. (a) |
114,388 |
817,594 |
|
IntraLinks Holdings, Inc. (a) |
1,973 |
21,525 |
|
Kakaku.com, Inc. |
3,600 |
65,854 |
|
LinkedIn Corp. (a) |
191,727 |
42,952,600 |
|
Livesense, Inc. (a)(d) |
118,400 |
5,073,708 |
|
LogMeIn, Inc. (a) |
6,610 |
228,045 |
|
Mail.Ru Group Ltd. GDR (Reg. S) |
53,306 |
2,204,203 |
|
Marketo, Inc. |
61,100 |
1,778,010 |
|
MercadoLibre, Inc. |
236 |
26,128 |
|
Millennial Media, Inc. (a)(d) |
322,576 |
2,051,583 |
|
Move, Inc. (a) |
868,395 |
13,416,703 |
|
NHN Corp. |
124,420 |
81,362,526 |
|
NIC, Inc. |
90,490 |
2,206,146 |
|
Pandora Media, Inc. (a)(d) |
180,016 |
5,112,454 |
|
Qihoo 360 Technology Co. Ltd. ADR (a) |
2,570 |
209,506 |
|
Rackspace Hosting, Inc. (a) |
85,991 |
3,285,716 |
|
Renren, Inc. ADR (a)(d) |
18,800 |
56,024 |
|
Responsys, Inc. (a) |
774,546 |
13,097,573 |
|
Saba Software, Inc. (a) |
10,000 |
119,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - CONTINUED |
|||
Internet Software & Services - continued |
|||
SciQuest, Inc. (a) |
229,832 |
$ 6,426,103 |
|
Sohu.com, Inc. (a)(d) |
390 |
26,282 |
|
SouFun Holdings Ltd. ADR |
317 |
20,589 |
|
TelecityGroup PLC |
77,668 |
892,794 |
|
Tencent Holdings Ltd. |
668,300 |
38,653,826 |
|
Textura Corp. |
235,785 |
7,983,680 |
|
Trulia, Inc. (a) |
10,010 |
343,743 |
|
VeriSign, Inc. (a) |
4,074 |
231,648 |
|
Vocus, Inc. (a) |
350,450 |
3,490,482 |
|
Web.com Group, Inc. (a) |
264,673 |
7,556,414 |
|
XO Group, Inc. (a) |
16,300 |
255,421 |
|
Yahoo! Japan Corp. |
636,500 |
3,069,266 |
|
Yahoo!, Inc. (a) |
2,629,893 |
97,253,443 |
|
Yandex NV (a) |
7,699 |
306,035 |
|
Yelp, Inc. (a) |
136,695 |
8,296,020 |
|
Youku Tudou, Inc. ADR (a) |
808 |
22,769 |
|
Zillow, Inc. (a) |
100 |
7,862 |
|
|
669,524,963 |
||
IT SERVICES - 11.5% |
|||
Data Processing & Outsourced Services - 9.0% |
|||
Automatic Data Processing, Inc. |
29,585 |
2,367,392 |
|
DST Systems, Inc. |
106,851 |
9,434,943 |
|
Euronet Worldwide, Inc. (a) |
83,498 |
4,045,478 |
|
EVERTEC, Inc. |
192,802 |
4,255,140 |
|
Fidelity National Information Services, Inc. |
1,138,151 |
57,681,493 |
|
Fiserv, Inc. (a) |
99,732 |
10,959,549 |
|
FleetCor Technologies, Inc. (a) |
124,292 |
15,136,280 |
|
Global Payments, Inc. |
415 |
26,166 |
|
Heartland Payment Systems, Inc. |
51,887 |
2,330,245 |
|
Jack Henry & Associates, Inc. |
62,208 |
3,531,548 |
|
MasterCard, Inc. Class A |
6,356 |
4,835,708 |
|
Paychex, Inc. |
53,997 |
2,361,289 |
|
QIWI PLC Class B sponsored ADR |
26,000 |
1,216,280 |
|
Syntel, Inc. |
2,913 |
257,422 |
|
Total System Services, Inc. |
628,247 |
19,507,069 |
|
VeriFone Systems, Inc. (a) |
134 |
3,432 |
|
Visa, Inc. Class A |
232,199 |
47,243,209 |
|
WEX, Inc. (a) |
75,190 |
7,463,359 |
|
WNS Holdings Ltd. sponsored ADR (a) |
26,900 |
538,538 |
|
|
193,194,540 |
||
IT Consulting & Other Services - 2.5% |
|||
Accenture PLC Class A |
218 |
16,888 |
|
Anite Group PLC |
587,232 |
852,788 |
|
Bit-isle, Inc. |
4,900 |
40,752 |
|
Camelot Information Systems, Inc. ADR (a) |
555 |
1,088 |
|
ChinaSoft International Ltd. (a) |
50,000 |
14,189 |
|
|
|||
Shares |
Value |
||
Cognizant Technology Solutions Corp. Class A (a) |
385,168 |
$ 36,163,424 |
|
EPAM Systems, Inc. (a) |
132,494 |
4,699,562 |
|
IBM Corp. |
966 |
173,571 |
|
Infosys Ltd. sponsored ADR |
139,883 |
7,556,480 |
|
InterXion Holding N.V. (a) |
18,100 |
407,431 |
|
Pactera Technology International Ltd. ADR |
288,865 |
2,033,610 |
|
ServiceSource International, Inc. (a) |
114,962 |
1,116,281 |
|
Teradata Corp. (a) |
100 |
4,564 |
|
Virtusa Corp. (a) |
49,000 |
1,729,210 |
|
|
54,809,838 |
||
TOTAL IT SERVICES |
248,004,378 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.4% |
|||
Life Sciences Tools & Services - 0.4% |
|||
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) |
230,677 |
7,642,329 |
|
MACHINERY - 0.6% |
|||
Industrial Machinery - 0.6% |
|||
Airtac International Group |
37,450 |
298,558 |
|
Fanuc Corp. |
39,200 |
6,596,788 |
|
King Slide Works Co. Ltd. |
283,000 |
2,930,092 |
|
Mirle Automation Corp. |
301,893 |
241,184 |
|
Proto Labs, Inc. (a) |
10,727 |
797,016 |
|
Shin Zu Shing Co. Ltd. |
8,000 |
17,593 |
|
SMC Corp. |
8,800 |
2,118,288 |
|
|
12,999,519 |
||
MEDIA - 0.2% |
|||
Advertising - 0.0% |
|||
Dentsu, Inc. |
500 |
20,792 |
|
ReachLocal, Inc. (a) |
1,527 |
19,317 |
|
|
40,109 |
||
Cable & Satellite - 0.0% |
|||
DIRECTV (a) |
429 |
28,361 |
|
Movies & Entertainment - 0.1% |
|||
IMAX Corp. (a) |
75,770 |
2,335,989 |
|
Publishing - 0.1% |
|||
NEXT Co. Ltd. |
32,500 |
1,013,593 |
|
TOTAL MEDIA |
3,418,052 |
||
PHARMACEUTICALS - 0.0% |
|||
Pharmaceuticals - 0.0% |
|||
China Medical System Holdings Ltd. |
229,500 |
212,847 |
|
PROFESSIONAL SERVICES - 0.5% |
|||
Research & Consulting Services - 0.5% |
|||
Acacia Research Corp. |
825 |
12,276 |
|
Verisk Analytics, Inc. (a) |
151,400 |
9,857,654 |
|
|
9,869,930 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 0.0% |
|||
Specialized REITs - 0.0% |
|||
American Tower Corp. |
30 |
$ 2,333 |
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2% |
|||
Real Estate Operating Companies - 0.2% |
|||
Global Logistic Properties Ltd. |
2,173,000 |
5,108,459 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.1% |
|||
Semiconductor Equipment - 1.7% |
|||
Aixtron AG (a)(d) |
140,774 |
1,947,472 |
|
Amkor Technology, Inc. (a) |
4,848 |
29,088 |
|
Applied Materials, Inc. |
1,269 |
21,954 |
|
ASM International NV (depositary receipt) |
5,660 |
192,327 |
|
Entegris, Inc. (a) |
21,460 |
235,631 |
|
GCL-Poly Energy Holdings Ltd. (a) |
18,738,000 |
6,139,208 |
|
GT Advanced Technologies, Inc. (a) |
2,054 |
20,150 |
|
Lam Research Corp. (a) |
414 |
21,574 |
|
Nanometrics, Inc. (a) |
21,591 |
407,638 |
|
Rubicon Technology, Inc. (a)(d) |
660,347 |
6,722,332 |
|
Teradyne, Inc. (a) |
10,804 |
183,992 |
|
Tessera Technologies, Inc. |
826,681 |
16,533,620 |
|
Ultratech, Inc. (a) |
80,995 |
2,143,128 |
|
Veeco Instruments, Inc. (a) |
36,119 |
1,163,754 |
|
|
35,761,868 |
||
Semiconductors - 7.4% |
|||
Advanced Micro Devices, Inc. (a)(d) |
3,611 |
13,144 |
|
Alpha & Omega Semiconductor Ltd. (a) |
25,812 |
200,043 |
|
Altera Corp. |
527,548 |
17,013,423 |
|
Analog Devices, Inc. |
4,310 |
207,828 |
|
Applied Micro Circuits Corp. (a) |
257,393 |
3,230,282 |
|
ARM Holdings PLC sponsored ADR |
75 |
3,743 |
|
Avago Technologies Ltd. |
474 |
21,202 |
|
Broadcom Corp. Class A |
317,818 |
8,482,562 |
|
Cavium, Inc. (a) |
120,404 |
4,358,625 |
|
Chipbond Technology Corp. |
4,545,000 |
9,503,614 |
|
ChipMOS TECHNOLOGIES (Bermuda) Ltd. |
143,086 |
2,930,401 |
|
Cirrus Logic, Inc. (a)(d) |
8,830 |
178,189 |
|
Cree, Inc. (a) |
235,267 |
13,127,899 |
|
Crystalwise Technology, Inc. (a) |
103,000 |
80,722 |
|
Cypress Semiconductor Corp. |
417,602 |
4,046,563 |
|
Diodes, Inc. (a) |
1,138 |
23,249 |
|
Epistar Corp. |
1,131,000 |
1,956,126 |
|
EZchip Semiconductor Ltd. (a) |
32,637 |
785,573 |
|
Fairchild Semiconductor International, Inc. (a) |
1,421 |
18,089 |
|
Freescale Semiconductor Holdings I Ltd. (a) |
294,127 |
4,282,489 |
|
Himax Technologies, Inc. sponsored ADR (d) |
68,800 |
688,000 |
|
Hittite Microwave Corp. (a) |
319 |
20,170 |
|
Infineon Technologies AG |
2,431 |
24,675 |
|
|
|||
Shares |
Value |
||
Inotera Memories, Inc. (a) |
14,743,000 |
$ 10,508,303 |
|
Inphi Corp. (a) |
333,564 |
4,169,550 |
|
Intermolecular, Inc. (a) |
837,612 |
4,774,388 |
|
International Rectifier Corp. (a) |
8,726 |
208,900 |
|
Intersil Corp. Class A |
101,289 |
1,065,560 |
|
JA Solar Holdings Co. Ltd. ADR (a)(d) |
937 |
8,855 |
|
Linear Technology Corp. |
532 |
22,637 |
|
LSI Corp. |
26,908 |
217,148 |
|
MagnaChip Semiconductor Corp. (a) |
99 |
2,010 |
|
Marvell Technology Group Ltd. |
1,741 |
24,774 |
|
Maxim Integrated Products, Inc. |
53 |
1,509 |
|
MediaTek, Inc. |
2,506 |
36,909 |
|
Melexis NV |
85,467 |
2,715,179 |
|
Mellanox Technologies Ltd. (a)(d) |
156,322 |
6,087,179 |
|
Micron Technology, Inc. (a) |
11,092 |
234,041 |
|
Mindspeed Technologies, Inc. (a) |
404,379 |
2,034,026 |
|
Monolithic Power Systems, Inc. |
65,295 |
2,180,853 |
|
Novatek Microelectronics Corp. |
1,960,000 |
7,912,036 |
|
NVIDIA Corp. |
332 |
5,179 |
|
NXP Semiconductors NV (a) |
113,450 |
4,821,625 |
|
O2Micro International Ltd. sponsored ADR (a) |
44,200 |
122,876 |
|
ON Semiconductor Corp. (a) |
24,095 |
170,834 |
|
PMC-Sierra, Inc. (a) |
545,911 |
3,275,466 |
|
Power Integrations, Inc. |
4,013 |
214,535 |
|
Radiant Opto-Electronics Corp. |
364,881 |
1,300,373 |
|
Rambus, Inc. (a) |
699,037 |
6,004,728 |
|
RDA Microelectronics, Inc. sponsored ADR |
236,921 |
4,174,548 |
|
RF Micro Devices, Inc. (a) |
3,958 |
20,898 |
|
Samsung Electronics Co. Ltd. |
4 |
5,647 |
|
Semtech Corp. (a) |
6,531 |
194,101 |
|
Seoul Semiconductor Co. Ltd. |
251,407 |
9,930,744 |
|
Silicon Laboratories, Inc. (a) |
108,800 |
4,248,640 |
|
Silicon Motion Technology Corp. sponsored ADR |
122 |
1,821 |
|
SK Hynix, Inc. (a) |
830 |
27,766 |
|
Skyworks Solutions, Inc. (a) |
9,130 |
242,767 |
|
Spreadtrum Communications, Inc. ADR |
681 |
20,845 |
|
STMicroelectronics NV (NY Shares) |
2,550 |
20,069 |
|
Synaptics, Inc. (a) |
530 |
26,770 |
|
Texas Instruments, Inc. |
8,405 |
361,415 |
|
Trina Solar Ltd. (a) |
406 |
5,684 |
|
Xilinx, Inc. |
242,440 |
10,771,609 |
|
YoungTek Electronics Corp. |
87,384 |
165,895 |
|
|
159,535,303 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
195,297,171 |
||
SOFTWARE - 16.4% |
|||
Application Software - 12.8% |
|||
Adobe Systems, Inc. (a) |
394,001 |
22,371,377 |
|
ANSYS, Inc. (a) |
114,927 |
9,845,796 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Application Software - continued |
|||
Aspen Technology, Inc. (a) |
268,071 |
$ 10,596,847 |
|
Autodesk, Inc. (a) |
494,319 |
22,367,935 |
|
Blackbaud, Inc. |
6,393 |
231,235 |
|
BroadSoft, Inc. (a) |
251,479 |
6,681,797 |
|
Citrix Systems, Inc. (a) |
780,556 |
46,302,582 |
|
Comverse, Inc. |
2,623 |
87,871 |
|
Concur Technologies, Inc. (a)(d) |
62,244 |
6,043,270 |
|
Descartes Systems Group, Inc. (a) |
581,300 |
7,894,366 |
|
Guidewire Software, Inc. (a) |
225,411 |
10,758,867 |
|
Informatica Corp. (a) |
70 |
2,717 |
|
Interactive Intelligence Group, Inc. (a) |
35,051 |
2,279,717 |
|
Intuit, Inc. |
29,610 |
2,197,950 |
|
Jive Software, Inc. (a) |
202,646 |
2,247,344 |
|
Kingdee International Software Group Co. Ltd. (a) |
27,707,600 |
8,041,496 |
|
Linx SA |
78,100 |
1,550,791 |
|
Manhattan Associates, Inc. (a) |
14,555 |
1,750,384 |
|
MicroStrategy, Inc. Class A (a) |
84,111 |
10,878,076 |
|
Nuance Communications, Inc. (a) |
45 |
608 |
|
Open Text Corp. |
400 |
34,227 |
|
Parametric Technology Corp. (a) |
33,208 |
1,080,588 |
|
Pegasystems, Inc. |
58,639 |
2,952,474 |
|
PROS Holdings, Inc. (a) |
26,200 |
1,009,748 |
|
QLIK Technologies, Inc. (a) |
84,974 |
2,131,148 |
|
RealPage, Inc. (a) |
100 |
2,241 |
|
salesforce.com, Inc. (a) |
1,156,657 |
60,250,263 |
|
SAP AG |
318 |
26,294 |
|
SAP AG sponsored ADR |
74 |
6,121 |
|
SolarWinds, Inc. (a) |
29,236 |
977,652 |
|
Solera Holdings, Inc. |
101,300 |
6,761,775 |
|
Splunk, Inc. (a) |
42,601 |
3,074,088 |
|
Sungy Mobile Ltd. ADR |
29,700 |
453,222 |
|
Synchronoss Technologies, Inc. (a) |
31,605 |
1,002,827 |
|
Synopsys, Inc. (a) |
13 |
476 |
|
TIBCO Software, Inc. (a) |
435,783 |
10,532,875 |
|
TiVo, Inc. (a) |
26,100 |
334,863 |
|
Ultimate Software Group, Inc. (a) |
52,100 |
8,163,549 |
|
Verint Systems, Inc. (a) |
605 |
22,942 |
|
Workday, Inc. Class A (a) |
41,746 |
3,437,783 |
|
|
274,386,182 |
||
Home Entertainment Software - 1.6% |
|||
Activision Blizzard, Inc. |
486,900 |
8,379,549 |
|
Capcom Co. Ltd. |
3,400 |
65,713 |
|
Electronic Arts, Inc. (a) |
344,500 |
7,641,010 |
|
Kingsoft Corp. Ltd. |
464,000 |
1,128,795 |
|
NHN Entertainment Corp. (a) |
6,390 |
577,280 |
|
Nintendo Co. Ltd. |
79,500 |
10,265,083 |
|
Perfect World Co. Ltd. sponsored ADR Class B |
360,382 |
6,836,447 |
|
Take-Two Interactive Software, Inc. (a) |
11,706 |
191,510 |
|
|
35,085,387 |
||
|
|||
Shares |
Value |
||
Systems Software - 2.0% |
|||
Allot Communications Ltd. (a)(d) |
483,222 |
$ 6,301,215 |
|
Check Point Software Technologies Ltd. (a) |
47 |
2,907 |
|
CommVault Systems, Inc. (a) |
38,873 |
2,909,644 |
|
FleetMatics Group PLC (a) |
220,428 |
8,530,564 |
|
Fortinet, Inc. (a) |
1,137 |
19,443 |
|
Imperva, Inc. (a) |
451 |
20,286 |
|
Infoblox, Inc. (a) |
33,400 |
1,061,452 |
|
Insyde Software Corp. |
36,000 |
55,940 |
|
Microsoft Corp. |
6,330 |
241,363 |
|
NetSuite, Inc. (a) |
117,626 |
11,301,506 |
|
Red Hat, Inc. (a) |
22,534 |
1,055,718 |
|
ServiceNow, Inc. (a) |
192,466 |
10,221,869 |
|
Tableau Software, Inc. |
3,700 |
242,498 |
|
VMware, Inc. Class A (a) |
2,700 |
217,701 |
|
|
42,182,106 |
||
TOTAL SOFTWARE |
351,653,675 |
||
WIRELESS TELECOMMUNICATION SERVICES - 0.5% |
|||
Wireless Telecommunication Services - 0.5% |
|||
RingCentral, Inc. |
286,715 |
4,550,167 |
|
SBA Communications Corp. |
44 |
3,747 |
|
SoftBank Corp. |
66,000 |
5,340,817 |
|
|
9,894,731 |
||
TOTAL COMMON STOCKS (Cost $1,678,367,867) |
|
||
Money Market Funds - 6.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
104,682,097 |
104,682,097 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
37,112,240 |
37,112,240 |
|
TOTAL MONEY MARKET FUNDS (Cost $141,794,337) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,820,162,204) |
2,210,645,785 |
||
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(63,040,373) |
||
NET ASSETS - 100% |
$ 2,147,605,412 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 29,953 |
Fidelity Securities Lending Cash Central Fund |
341,739 |
Total |
$ 371,692 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,068,851,448 |
$ 2,047,476,812 |
$ 21,374,636 |
$ - |
Money Market Funds |
141,794,337 |
141,794,337 |
- |
- |
Total Investments in Securities: |
$ 2,210,645,785 |
$ 2,189,271,149 |
$ 21,374,636 |
$ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing: |
Transfers |
Total |
Level 1 to Level 2 |
$ 0 |
Level 2 to Level 1 |
$ 54,579,469 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,829,919,289. Net unrealized appreciation aggregated $380,726,496, of which $438,421,348 related to appreciated investment securities and $57,694,852 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Utilities Portfolio
November 30, 2013
1.810724.109
UTI-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.3% |
|||
Shares |
Value |
||
ELECTRIC UTILITIES - 26.7% |
|||
Electric Utilities - 26.7% |
|||
American Electric Power Co., Inc. |
470,347 |
$ 22,134,530 |
|
Duke Energy Corp. |
159,353 |
11,148,336 |
|
Edison International |
475,312 |
21,964,168 |
|
ITC Holdings Corp. |
97,202 |
8,794,837 |
|
NextEra Energy, Inc. |
581,385 |
49,179,357 |
|
OGE Energy Corp. |
898,385 |
30,922,412 |
|
|
144,143,640 |
||
GAS UTILITIES - 6.0% |
|||
Gas Utilities - 6.0% |
|||
ONEOK, Inc. |
561,574 |
32,610,602 |
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.6% |
|||
Independent Power Producers & Energy Traders - 10.6% |
|||
Calpine Corp. (a) |
959,437 |
18,142,954 |
|
NRG Energy, Inc. |
927,102 |
24,531,119 |
|
The AES Corp. |
1,009,002 |
14,701,159 |
|
|
57,375,232 |
||
MULTI-UTILITIES - 38.7% |
|||
Multi-Utilities - 38.7% |
|||
Ameren Corp. |
726,636 |
26,049,901 |
|
CenterPoint Energy, Inc. |
1,289,108 |
30,203,800 |
|
Dominion Resources, Inc. |
781,812 |
50,747,417 |
|
NiSource, Inc. |
743,923 |
23,522,845 |
|
PG&E Corp. |
670,737 |
27,077,653 |
|
Sempra Energy |
585,051 |
51,741,909 |
|
|
209,343,525 |
||
OIL, GAS & CONSUMABLE FUELS - 15.3% |
|||
Oil & Gas Exploration & Production - 2.2% |
|||
Energen Corp. |
164,320 |
11,858,974 |
|
Oil & Gas Storage & Transport - 13.1% |
|||
Cheniere Energy, Inc. (a) |
454,592 |
17,997,297 |
|
|
|||
Shares |
Value |
||
Enbridge, Inc. (d) |
376,200 |
$ 15,544,738 |
|
Energy Transfer Equity LP |
353,558 |
26,435,532 |
|
Plains GP Holdings LP Class A |
457,000 |
10,739,500 |
|
|
70,717,067 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
82,576,041 |
||
TOTAL COMMON STOCKS (Cost $470,785,345) |
|
||
Money Market Funds - 7.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
31,593,768 |
31,593,768 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
10,139,222 |
10,139,222 |
|
TOTAL MONEY MARKET FUNDS (Cost $41,732,990) |
|
||
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $512,518,335) |
|
||
NET OTHER ASSETS (LIABILITIES) - (5.0)% |
(26,979,353) |
||
NET ASSETS - 100% |
$ 540,802,677 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
|
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,946 |
Fidelity Securities Lending Cash Central Fund |
45,418 |
Total |
$ 55,364 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $513,118,021. Net unrealized appreciation aggregated $54,664,009, of which $59,228,585 related to appreciated investment securities and $4,564,576 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Financial Services Portfolio
November 30, 2013
1.810693.109
FIN-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.2% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 13.6% |
|||
Asset Management & Custody Banks - 10.4% |
|||
Affiliated Managers Group, Inc. (a) |
48,983 |
$ 9,808,846 |
|
Ameriprise Financial, Inc. |
81,140 |
8,783,405 |
|
BlackRock, Inc. Class A |
19,303 |
5,843,983 |
|
Carlyle Group LP |
179,106 |
5,820,945 |
|
Franklin Resources, Inc. |
149,500 |
8,280,805 |
|
Invesco Ltd. |
492,409 |
17,160,454 |
|
Oaktree Capital Group LLC Class A |
99,300 |
5,532,996 |
|
The Blackstone Group LP |
430,904 |
12,315,236 |
|
|
73,546,670 |
||
Diversified Capital Markets - 0.3% |
|||
UBS AG (NY Shares) |
108,799 |
2,067,181 |
|
Investment Banking & Brokerage - 2.9% |
|||
E*TRADE Financial Corp. (a) |
351,700 |
6,302,464 |
|
FXCM, Inc. Class A |
236,100 |
3,933,426 |
|
Raymond James Financial, Inc. |
212,161 |
10,221,917 |
|
|
20,457,807 |
||
TOTAL CAPITAL MARKETS |
96,071,658 |
||
COMMERCIAL BANKS - 16.9% |
|||
Diversified Banks - 9.5% |
|||
Comerica, Inc. |
79,907 |
3,623,782 |
|
U.S. Bancorp |
879,284 |
34,485,518 |
|
Wells Fargo & Co. |
655,501 |
28,855,154 |
|
|
66,964,454 |
||
Regional Banks - 7.4% |
|||
BB&T Corp. |
336,100 |
11,676,114 |
|
CIT Group, Inc. |
70,037 |
3,535,468 |
|
CoBiz, Inc. |
259,500 |
3,075,075 |
|
Commerce Bancshares, Inc. |
129,237 |
5,831,173 |
|
Fifth Third Bancorp |
492,428 |
10,006,137 |
|
M&T Bank Corp. (d) |
96,750 |
11,161,080 |
|
PNC Financial Services Group, Inc. |
200 |
15,390 |
|
Popular, Inc. (a) |
180,300 |
5,152,974 |
|
Texas Capital Bancshares, Inc. (a) |
36,434 |
2,046,498 |
|
|
52,499,909 |
||
TOTAL COMMERCIAL BANKS |
119,464,363 |
||
CONSUMER FINANCE - 6.2% |
|||
Consumer Finance - 6.2% |
|||
Capital One Financial Corp. |
386,916 |
27,714,793 |
|
SLM Corp. |
484,159 |
12,902,837 |
|
Springleaf Holdings, Inc. |
163,300 |
3,442,364 |
|
|
44,059,994 |
||
DIVERSIFIED CONSUMER SERVICES - 1.0% |
|||
Specialized Consumer Services - 1.0% |
|||
H&R Block, Inc. |
256,672 |
7,158,582 |
|
|
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 21.6% |
|||
Multi-Sector Holdings - 1.1% |
|||
Berkshire Hathaway, Inc. Class B (a) |
70,390 |
$ 8,202,547 |
|
Other Diversified Financial Services - 16.4% |
|||
Bank of America Corp. |
2,564,417 |
40,569,078 |
|
Citigroup, Inc. |
705,380 |
37,328,710 |
|
JPMorgan Chase & Co. |
660,400 |
37,788,088 |
|
|
115,685,876 |
||
Specialized Finance - 4.1% |
|||
IntercontinentalExchange Group, Inc. |
54,097 |
11,538,349 |
|
McGraw-Hill Companies, Inc. |
158,276 |
11,791,562 |
|
MSCI, Inc. Class A (a) |
122,200 |
5,424,458 |
|
|
28,754,369 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
152,642,792 |
||
HEALTH CARE PROVIDERS & SERVICES - 1.0% |
|||
Health Care Facilities - 1.0% |
|||
Brookdale Senior Living, Inc. (a) |
230,700 |
6,727,212 |
|
INSURANCE - 18.2% |
|||
Insurance Brokers - 1.9% |
|||
Marsh & McLennan Companies, Inc. |
291,964 |
13,853,692 |
|
Life & Health Insurance - 4.2% |
|||
MetLife, Inc. |
387,250 |
20,210,578 |
|
Prudential PLC |
180,182 |
3,842,753 |
|
Torchmark Corp. |
71,400 |
5,426,400 |
|
|
29,479,731 |
||
Multi-Line Insurance - 1.0% |
|||
HCC Insurance Holdings, Inc. |
149,500 |
6,874,010 |
|
Property & Casualty Insurance - 9.7% |
|||
ACE Ltd. |
146,762 |
15,084,198 |
|
Allied World Assurance Co. Holdings Ltd. |
87,904 |
9,902,386 |
|
Allstate Corp. |
246,200 |
13,361,274 |
|
Fidelity National Financial, Inc. Class A |
316,100 |
9,189,027 |
|
ProAssurance Corp. |
79,600 |
3,827,168 |
|
The Travelers Companies, Inc. |
186,398 |
16,913,755 |
|
|
68,277,808 |
||
Reinsurance - 1.4% |
|||
Everest Re Group Ltd. |
61,580 |
9,657,591 |
|
TOTAL INSURANCE |
128,142,832 |
||
INTERNET SOFTWARE & SERVICES - 1.2% |
|||
Internet Software & Services - 1.2% |
|||
eBay, Inc. (a) |
106,000 |
5,355,120 |
|
Equinix, Inc. (a) |
19,200 |
3,085,440 |
|
|
8,440,560 |
||
IT SERVICES - 4.8% |
|||
Data Processing & Outsourced Services - 4.8% |
|||
EVERTEC, Inc. |
212,870 |
4,698,041 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
IT SERVICES - CONTINUED |
|||
Data Processing & Outsourced Services - continued |
|||
Fiserv, Inc. (a) |
87,955 |
$ 9,665,375 |
|
FleetCor Technologies, Inc. (a) |
59,795 |
7,281,835 |
|
The Western Union Co. |
305,900 |
5,099,353 |
|
Visa, Inc. Class A |
35,200 |
7,161,792 |
|
|
33,906,396 |
||
REAL ESTATE INVESTMENT TRUSTS - 9.1% |
|||
Mortgage REITs - 1.1% |
|||
Blackstone Mortgage Trust, Inc. |
107,200 |
2,770,048 |
|
Redwood Trust, Inc. (d) |
284,150 |
5,279,507 |
|
|
8,049,555 |
||
Retail REITs - 2.8% |
|||
CBL & Associates Properties, Inc. |
217,500 |
3,928,050 |
|
Simon Property Group, Inc. |
105,479 |
15,806,028 |
|
|
19,734,078 |
||
Specialized REITs - 5.2% |
|||
American Tower Corp. |
298,940 |
23,248,564 |
|
Rayonier, Inc. |
175,831 |
7,755,905 |
|
Ventas, Inc. |
98,104 |
5,575,250 |
|
|
36,579,719 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
64,363,352 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.3% |
|||
Real Estate Services - 3.3% |
|||
Altisource Portfolio Solutions SA |
63,360 |
10,199,693 |
|
CBRE Group, Inc. (a) |
527,631 |
12,789,775 |
|
|
22,989,468 |
||
THRIFTS & MORTGAGE FINANCE - 1.3% |
|||
Thrifts & Mortgage Finance - 1.3% |
|||
MGIC Investment Corp. (a) |
251,500 |
2,039,665 |
|
|
|||
Shares |
Value |
||
Ocwen Financial Corp. (a) |
105,480 |
$ 5,976,497 |
|
Radian Group, Inc. |
103,200 |
1,471,632 |
|
|
9,487,794 |
||
TOTAL COMMON STOCKS (Cost $614,765,325) |
|
||
Money Market Funds - 4.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
13,232,055 |
13,232,055 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
16,693,025 |
16,693,025 |
|
TOTAL MONEY MARKET FUNDS (Cost $29,925,080) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $644,690,405) |
723,380,083 |
||
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(17,322,170) |
||
NET ASSETS - 100% |
$ 706,057,913 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 14,855 |
Fidelity Securities Lending Cash Central Fund |
108,353 |
Total |
$ 123,208 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 693,455,003 |
$ 689,612,250 |
$ 3,842,753 |
$ - |
Money Market Funds |
29,925,080 |
29,925,080 |
- |
- |
Total Investments in Securities: |
$ 723,380,083 |
$ 719,537,330 |
$ 3,842,753 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $650,232,153. Net unrealized appreciation aggregated $73,147,930, of which $81,663,167 related to appreciated investment securities and $8,515,237 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Defense and Aerospace Portfolio
November 30, 2013
1.810679.109
DEF-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 95.8% |
|||
Aerospace & Defense - 95.8% |
|||
BAE Systems PLC |
2,791,600 |
$ 19,523,183 |
|
Esterline Technologies Corp. (a) |
304,034 |
26,761,073 |
|
HEICO Corp. |
303,425 |
17,319,499 |
|
Hexcel Corp. (a) |
267,100 |
11,733,703 |
|
Honeywell International, Inc. |
469,376 |
41,544,470 |
|
Huntington Ingalls Industries, Inc. |
432,908 |
35,598,025 |
|
Lockheed Martin Corp. |
76,696 |
10,865,522 |
|
Meggitt PLC |
3,925,395 |
32,057,811 |
|
Precision Castparts Corp. |
223,263 |
57,702,322 |
|
Raytheon Co. |
247,356 |
21,935,530 |
|
Rolls-Royce Group PLC |
2,064,734 |
41,724,774 |
|
Safran SA |
645,900 |
42,526,478 |
|
SIFCO Industries, Inc. |
82,763 |
2,036,797 |
|
Teledyne Technologies, Inc. (a) |
413,526 |
38,346,266 |
|
Textron, Inc. |
1,284,236 |
42,675,162 |
|
The Boeing Co. |
1,202,868 |
161,485,029 |
|
TransDigm Group, Inc. |
220,133 |
34,455,217 |
|
Triumph Group, Inc. |
561,935 |
41,549,474 |
|
United Technologies Corp. |
1,967,901 |
218,161,506 |
|
|
898,001,841 |
||
CHEMICALS - 1.4% |
|||
Specialty Chemicals - 1.4% |
|||
Cytec Industries, Inc. |
146,216 |
13,083,408 |
|
ELECTRICAL EQUIPMENT - 0.0% |
|||
Electrical Components & Equipment - 0.0% |
|||
AMETEK, Inc. |
599 |
29,483 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.4% |
|||
Electronic Manufacturing Services - 0.4% |
|||
Mercury Systems, Inc. (a) |
379,705 |
4,153,973 |
|
|
|||
Shares |
Value |
||
METALS & MINING - 0.9% |
|||
Steel - 0.9% |
|||
Carpenter Technology Corp. |
135,200 |
$ 8,151,208 |
|
Haynes International, Inc. |
52 |
2,819 |
|
|
8,154,027 |
||
TOTAL COMMON STOCKS (Cost $626,698,237) |
|
||
Nonconvertible Preferred Stocks - 0.0% |
|||
|
|
|
|
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
Rolls-Royce Group PLC Series C |
177,567,124 |
|
|
Money Market Funds - 4.4% |
|||
|
|
|
|
Fidelity Cash Central Fund,0.10% (b) |
41,383,935 |
|
|
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $668,370,417) |
|
||
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(27,184,085) |
||
NET ASSETS - 100% |
$ 937,913,135 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 18,940 |
Fidelity Securities Lending Cash Central Fund |
24,837 |
Total |
$ 43,777 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $668,710,304. Net unrealized appreciation aggregated $296,386,916, of which $297,795,575 related to appreciated investment securities and $1,408,659 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Brokerage and Investment
Management Portfolio
November 30, 2013
1.810691.109
BRO-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 96.1% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 84.1% |
|||
Asset Management & Custody Banks - 56.2% |
|||
Affiliated Managers Group, Inc. (a) |
175,000 |
$ 35,043,750 |
|
American Capital Ltd. (a) |
1,750,000 |
26,775,000 |
|
Ameriprise Financial, Inc. |
400,000 |
43,300,001 |
|
Apollo Global Management LLC Class A |
250,000 |
7,547,500 |
|
Apollo Investment Corp. |
1,536,117 |
13,855,775 |
|
Ares Capital Corp. |
870,879 |
16,006,756 |
|
Bank of New York Mellon Corp. |
100,000 |
3,370,000 |
|
BlackRock, Inc. Class A |
123,000 |
37,238,250 |
|
Carlyle Group LP |
200,000 |
6,500,000 |
|
Eaton Vance Corp. (non-vtg.) |
400,000 |
16,724,000 |
|
Franklin Resources, Inc. |
675,000 |
37,388,250 |
|
Invesco Ltd. |
1,075,000 |
37,463,750 |
|
KKR & Co. LP |
350,000 |
8,305,500 |
|
Northern Trust Corp. |
275,000 |
16,222,250 |
|
Oaktree Capital Group LLC Class A |
250,000 |
13,930,000 |
|
Partners Group Holding AG |
45,000 |
11,205,318 |
|
SEI Investments Co. |
350,000 |
11,753,000 |
|
State Street Corp. |
540,000 |
39,209,400 |
|
T. Rowe Price Group, Inc. |
170,000 |
13,678,200 |
|
The Blackstone Group LP |
450,000 |
12,861,000 |
|
Virtus Investment Partners, Inc. (a) |
100,000 |
20,780,000 |
|
WisdomTree Investments, Inc. (a) |
500,000 |
7,660,000 |
|
|
436,817,700 |
||
Diversified Capital Markets - 0.5% |
|||
UBS AG (NY Shares) |
200,000 |
3,800,000 |
|
Investment Banking & Brokerage - 27.4% |
|||
Charles Schwab Corp. |
850,000 |
20,808,000 |
|
E*TRADE Financial Corp. (a) |
1,925,000 |
34,496,000 |
|
Evercore Partners, Inc. Class A |
450,000 |
24,682,500 |
|
FXCM, Inc. Class A |
900,000 |
14,994,000 |
|
GFI Group, Inc. |
2,200,000 |
8,316,000 |
|
Goldman Sachs Group, Inc. |
80,000 |
13,515,200 |
|
Investment Technology Group, Inc. (a) |
200,000 |
3,918,000 |
|
KCG Holdings, Inc. Class A |
200,000 |
2,390,000 |
|
LPL Financial |
400,000 |
17,148,000 |
|
Monex Group, Inc. |
900,000 |
3,637,073 |
|
Morgan Stanley |
1,175,000 |
36,777,500 |
|
Raymond James Financial, Inc. |
675,000 |
32,521,500 |
|
|
213,203,773 |
||
TOTAL CAPITAL MARKETS |
653,821,473 |
||
|
|||
Shares |
Value |
||
COMMERCIAL BANKS - 0.5% |
|||
Diversified Banks - 0.5% |
|||
Barclays PLC |
950,000 |
$ 4,209,905 |
|
DIVERSIFIED FINANCIAL SERVICES - 10.9% |
|||
Other Diversified Financial Services - 5.7% |
|||
Citigroup, Inc. |
350,000 |
18,522,000 |
|
JPMorgan Chase & Co. |
450,000 |
25,749,000 |
|
|
44,271,000 |
||
Specialized Finance - 5.2% |
|||
Interactive Brokers Group, Inc. |
400,000 |
9,700,000 |
|
IntercontinentalExchange Group, Inc. |
75,000 |
15,996,750 |
|
The NASDAQ Stock Market, Inc. |
375,000 |
14,733,750 |
|
|
40,430,500 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
84,701,500 |
||
THRIFTS & MORTGAGE FINANCE - 0.6% |
|||
Thrifts & Mortgage Finance - 0.6% |
|||
Ocwen Financial Corp. (a) |
75,000 |
4,249,500 |
|
TOTAL COMMON STOCKS (Cost $651,995,653) |
|
||
Money Market Funds - 4.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
35,835,058 |
|
|
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $687,830,711) |
|
||
NET OTHER ASSETS (LIABILITIES) - (0.7)% |
(5,532,991) |
||
NET ASSETS - 100% |
$ 777,284,445 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 17,611 |
Fidelity Securities Lending Cash Central Fund |
118,758 |
Total |
$ 136,369 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 746,982,378 |
$ 742,772,473 |
$ 4,209,905 |
$ - |
Money Market Funds |
35,835,058 |
35,835,058 |
- |
- |
Total Investments in Securities: |
$ 782,817,436 |
$ 778,607,531 |
$ 4,209,905 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $691,325,070. Net unrealized appreciation aggregated $91,492,366, of which $104,230,634 related to appreciated investment securities and $12,738,268 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Chemicals Portfolio
November 30, 2013
1.810670.109
CHE-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.8% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 0.2% |
|||
Building Products - 0.2% |
|||
Ply Gem Holdings, Inc. |
148,752 |
$ 2,609,110 |
|
CHEMICALS - 96.5% |
|||
Commodity Chemicals - 16.1% |
|||
Axiall Corp. |
877,936 |
39,770,501 |
|
Cabot Corp. |
901,386 |
43,987,637 |
|
Kronos Worldwide, Inc. |
406,800 |
6,777,288 |
|
LyondellBasell Industries NV Class A |
1,545,922 |
119,314,260 |
|
Methanex Corp. |
218,100 |
13,345,560 |
|
OCI Partners LP |
1,400 |
34,748 |
|
|
223,229,994 |
||
Diversified Chemicals - 23.0% |
|||
Arkema SA |
123,150 |
14,074,888 |
|
E.I. du Pont de Nemours & Co. |
1,147,100 |
70,408,998 |
|
Eastman Chemical Co. |
1,314,751 |
101,275,270 |
|
FMC Corp. |
682,700 |
49,741,522 |
|
Huntsman Corp. |
1,876,800 |
43,035,024 |
|
The Dow Chemical Co. |
1,059,947 |
41,401,530 |
|
|
319,937,232 |
||
Fertilizers & Agricultural Chemicals - 15.3% |
|||
CF Industries Holdings, Inc. |
277,200 |
60,257,736 |
|
Monsanto Co. |
1,062,349 |
120,396,012 |
|
Potash Corp. of Saskatchewan, Inc. |
805,700 |
25,245,924 |
|
The Mosaic Co. |
141,200 |
6,763,480 |
|
|
212,663,152 |
||
Industrial Gases - 9.6% |
|||
Airgas, Inc. |
269,200 |
29,243,196 |
|
Praxair, Inc. |
821,207 |
103,685,596 |
|
|
132,928,792 |
||
Specialty Chemicals - 32.5% |
|||
Ashland, Inc. |
675,050 |
61,483,554 |
|
Celanese Corp. Class A |
1,121,179 |
62,931,777 |
|
Chemtura Corp. (a) |
813,100 |
21,465,840 |
|
Cytec Industries, Inc. |
107,881 |
9,653,192 |
|
Ecolab, Inc. |
738,999 |
79,198,523 |
|
Ferro Corp. (a) |
1,976,753 |
27,536,169 |
|
PPG Industries, Inc. |
277,104 |
51,003,762 |
|
Royal DSM NV |
169,375 |
13,292,642 |
|
RPM International, Inc. |
1,054,279 |
41,749,448 |
|
Sigma Aldrich Corp. |
342,037 |
29,497,271 |
|
W.R. Grace & Co. (a) |
510,384 |
49,012,176 |
|
Wacker Chemie AG |
53,795 |
5,736,089 |
|
|
452,560,443 |
||
TOTAL CHEMICALS |
1,341,319,613 |
||
|
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.0% |
|||
Environmental & Facility Services - 0.0% |
|||
Swisher Hygiene, Inc. (Canada) (a) |
344,640 |
$ 171,979 |
|
DIVERSIFIED FINANCIAL SERVICES - 0.1% |
|||
Other Diversified Financial Services - 0.1% |
|||
Quinpario Acquisition Corp. unit |
150,000 |
1,537,500 |
|
GAS UTILITIES - 0.1% |
|||
Gas Utilities - 0.1% |
|||
BW LPG Ltd. (a) |
90,009 |
726,678 |
|
MARINE - 0.9% |
|||
Marine - 0.9% |
|||
DryShips, Inc. (a)(d) |
3,751,468 |
12,905,050 |
|
OIL, GAS & CONSUMABLE FUELS - 0.0% |
|||
Oil & Gas Storage & Transport - 0.0% |
|||
Navigator Holdings Ltd. (a) |
10,500 |
222,075 |
|
StealthGas, Inc. (a) |
14,039 |
172,399 |
|
|
394,474 |
||
TOTAL COMMON STOCKS (Cost $991,944,028) |
|
||
Money Market Funds - 2.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
30,707,515 |
30,707,515 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
6,152,300 |
6,152,300 |
|
TOTAL MONEY MARKET FUNDS (Cost $36,859,815) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $1,028,803,843) |
1,396,524,219 |
||
NET OTHER ASSETS (LIABILITIES) - (0.4)% |
(5,794,348) |
||
NET ASSETS - 100% |
$ 1,390,729,871 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 24,228 |
Fidelity Securities Lending Cash Central Fund |
213,393 |
Total |
$ 237,621 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,034,363,344. Net unrealized appreciation aggregated $362,160,875, of which $368,061,886 related to appreciated investment securities and $5,901,011 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor®
Telecommunications Portfolio
Class A
Class T
Class B
Class C
Institutional Class
November 30, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Telecommunications Portfolio
1.860867.106
ATLC-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 59.0% |
|||
Alternative Carriers - 14.2% |
|||
8x8, Inc. (a) |
554,940 |
$ 5,782,475 |
|
Cogent Communications Group, Inc. |
206,268 |
8,046,515 |
|
inContact, Inc. (a) |
427,823 |
3,208,673 |
|
Iridium Communications, Inc. (a)(d) |
619,076 |
3,807,317 |
|
Level 3 Communications, Inc. (a) |
335,467 |
10,204,906 |
|
Lumos Networks Corp. |
430,778 |
9,933,741 |
|
Premiere Global Services, Inc. (a) |
418,083 |
3,900,714 |
|
Towerstream Corp. (a)(d) |
830,224 |
1,942,724 |
|
TW Telecom, Inc. (a) |
257,457 |
7,291,182 |
|
Vonage Holdings Corp. (a) |
1,076,771 |
3,564,112 |
|
|
57,682,359 |
||
Integrated Telecommunication Services - 44.8% |
|||
AT&T, Inc. |
1,379,850 |
48,584,519 |
|
Atlantic Tele-Network, Inc. |
126,200 |
7,076,034 |
|
Bezeq The Israeli Telecommunication Corp. Ltd. |
1,515,900 |
2,535,108 |
|
BT Group PLC |
378,100 |
2,308,439 |
|
Cbeyond, Inc. (a) |
56,285 |
312,382 |
|
CenturyLink, Inc. |
517,409 |
15,884,456 |
|
Cincinnati Bell, Inc. (a) |
1,194,414 |
3,822,125 |
|
Consolidated Communications Holdings, Inc. |
56,298 |
1,087,959 |
|
Frontier Communications Corp. (d) |
1,945,783 |
9,106,264 |
|
General Communications, Inc. Class A (a) |
493,496 |
4,910,285 |
|
Hawaiian Telcom Holdco, Inc. (a) |
100,965 |
3,062,268 |
|
IDT Corp. Class B |
105,565 |
2,344,599 |
|
Telekomunikacja Polska SA |
428,200 |
1,432,732 |
|
Verizon Communications, Inc. |
1,580,251 |
78,412,055 |
|
Windstream Holdings, Inc. (d) |
190,682 |
1,538,804 |
|
|
182,418,029 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
240,100,388 |
||
INTERNET SOFTWARE & SERVICES - 1.1% |
|||
Internet Software & Services - 1.1% |
|||
Equinix, Inc. (a) |
17,000 |
2,731,900 |
|
Rackspace Hosting, Inc. (a) |
43,500 |
1,662,135 |
|
|
4,394,035 |
||
IT SERVICES - 0.5% |
|||
IT Consulting & Other Services - 0.5% |
|||
InterXion Holding N.V. (a) |
88,800 |
1,998,888 |
|
|
|||
Shares |
Value |
||
MEDIA - 3.3% |
|||
Cable & Satellite - 3.3% |
|||
Comcast Corp. Class A |
55,700 |
$ 2,777,759 |
|
DISH Network Corp. Class A |
40,700 |
2,204,312 |
|
Liberty Global PLC: |
|
|
|
Class A (a) |
41,718 |
3,579,822 |
|
Class C (a) |
43,218 |
3,520,106 |
|
Shaw Communications, Inc. Class B |
60,500 |
1,406,950 |
|
|
13,488,949 |
||
REAL ESTATE INVESTMENT TRUSTS - 8.6% |
|||
Office REITs - 0.7% |
|||
CyrusOne, Inc. |
136,700 |
2,792,781 |
|
Specialized REITs - 7.9% |
|||
American Tower Corp. |
416,690 |
32,405,981 |
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
35,198,762 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% |
|||
Semiconductors - 0.6% |
|||
Broadcom Corp. Class A |
90,031 |
2,402,927 |
|
SOFTWARE - 0.2% |
|||
Application Software - 0.2% |
|||
Synchronoss Technologies, Inc. (a) |
26,303 |
834,594 |
|
WIRELESS TELECOMMUNICATION SERVICES - 24.8% |
|||
Wireless Telecommunication Services - 24.8% |
|||
Boingo Wireless, Inc. (a)(d) |
524,145 |
3,422,667 |
|
Crown Castle International Corp. (a) |
155,156 |
11,517,230 |
|
KDDI Corp. |
45,600 |
2,862,102 |
|
Leap Wireless International, Inc. (a) |
426,900 |
7,090,809 |
|
Millicom International Cellular SA (depository receipt) |
25,400 |
2,278,869 |
|
NII Holdings, Inc. (a)(d) |
795,369 |
2,020,237 |
|
NTELOS Holdings Corp. |
44,454 |
951,760 |
|
SBA Communications Corp. Class A (a) |
254,156 |
21,646,467 |
|
Shenandoah Telecommunications Co. |
113,426 |
2,833,381 |
|
Sprint Corp. (a) |
94,985 |
796,924 |
|
T-Mobile U.S., Inc. (a) |
644,247 |
16,756,864 |
|
Tele2 AB (B Shares) |
155,300 |
1,892,906 |
|
Telephone & Data Systems, Inc. |
523,464 |
14,557,534 |
|
U.S. Cellular Corp. |
101,100 |
4,485,807 |
|
Vodafone Group PLC sponsored ADR |
209,909 |
7,785,525 |
|
|
100,899,082 |
||
TOTAL COMMON STOCKS (Cost $351,730,894) |
|
||
Money Market Funds - 3.7% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
1,159,954 |
$ 1,159,954 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
13,774,750 |
13,774,750 |
|
TOTAL MONEY MARKET FUNDS (Cost $14,934,704) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $366,665,598) |
414,252,329 |
||
NET OTHER ASSETS (LIABILITIES) - (1.8)% |
(7,257,227) |
||
NET ASSETS - 100% |
$ 406,995,102 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,550 |
Fidelity Securities Lending Cash Central Fund |
184,785 |
Total |
$ 194,335 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 399,317,625 |
$ 397,009,186 |
$ 2,308,439 |
$ - |
Money Market Funds |
14,934,704 |
14,934,704 |
- |
- |
Total Investments in Securities: |
$ 414,252,329 |
$ 411,943,890 |
$ 2,308,439 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $369,010,620. Net unrealized appreciation aggregated $45,241,709, of which $62,240,750 related to appreciated investment securities and $16,999,041 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Telecommunications Portfolio
November 30, 2013
1.810721.109
TEL-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 59.0% |
|||
Alternative Carriers - 14.2% |
|||
8x8, Inc. (a) |
554,940 |
$ 5,782,475 |
|
Cogent Communications Group, Inc. |
206,268 |
8,046,515 |
|
inContact, Inc. (a) |
427,823 |
3,208,673 |
|
Iridium Communications, Inc. (a)(d) |
619,076 |
3,807,317 |
|
Level 3 Communications, Inc. (a) |
335,467 |
10,204,906 |
|
Lumos Networks Corp. |
430,778 |
9,933,741 |
|
Premiere Global Services, Inc. (a) |
418,083 |
3,900,714 |
|
Towerstream Corp. (a)(d) |
830,224 |
1,942,724 |
|
TW Telecom, Inc. (a) |
257,457 |
7,291,182 |
|
Vonage Holdings Corp. (a) |
1,076,771 |
3,564,112 |
|
|
57,682,359 |
||
Integrated Telecommunication Services - 44.8% |
|||
AT&T, Inc. |
1,379,850 |
48,584,519 |
|
Atlantic Tele-Network, Inc. |
126,200 |
7,076,034 |
|
Bezeq The Israeli Telecommunication Corp. Ltd. |
1,515,900 |
2,535,108 |
|
BT Group PLC |
378,100 |
2,308,439 |
|
Cbeyond, Inc. (a) |
56,285 |
312,382 |
|
CenturyLink, Inc. |
517,409 |
15,884,456 |
|
Cincinnati Bell, Inc. (a) |
1,194,414 |
3,822,125 |
|
Consolidated Communications Holdings, Inc. |
56,298 |
1,087,959 |
|
Frontier Communications Corp. (d) |
1,945,783 |
9,106,264 |
|
General Communications, Inc. Class A (a) |
493,496 |
4,910,285 |
|
Hawaiian Telcom Holdco, Inc. (a) |
100,965 |
3,062,268 |
|
IDT Corp. Class B |
105,565 |
2,344,599 |
|
Telekomunikacja Polska SA |
428,200 |
1,432,732 |
|
Verizon Communications, Inc. |
1,580,251 |
78,412,055 |
|
Windstream Holdings, Inc. (d) |
190,682 |
1,538,804 |
|
|
182,418,029 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
240,100,388 |
||
INTERNET SOFTWARE & SERVICES - 1.1% |
|||
Internet Software & Services - 1.1% |
|||
Equinix, Inc. (a) |
17,000 |
2,731,900 |
|
Rackspace Hosting, Inc. (a) |
43,500 |
1,662,135 |
|
|
4,394,035 |
||
IT SERVICES - 0.5% |
|||
IT Consulting & Other Services - 0.5% |
|||
InterXion Holding N.V. (a) |
88,800 |
1,998,888 |
|
|
|||
Shares |
Value |
||
MEDIA - 3.3% |
|||
Cable & Satellite - 3.3% |
|||
Comcast Corp. Class A |
55,700 |
$ 2,777,759 |
|
DISH Network Corp. Class A |
40,700 |
2,204,312 |
|
Liberty Global PLC: |
|
|
|
Class A (a) |
41,718 |
3,579,822 |
|
Class C (a) |
43,218 |
3,520,106 |
|
Shaw Communications, Inc. Class B |
60,500 |
1,406,950 |
|
|
13,488,949 |
||
REAL ESTATE INVESTMENT TRUSTS - 8.6% |
|||
Office REITs - 0.7% |
|||
CyrusOne, Inc. |
136,700 |
2,792,781 |
|
Specialized REITs - 7.9% |
|||
American Tower Corp. |
416,690 |
32,405,981 |
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
35,198,762 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% |
|||
Semiconductors - 0.6% |
|||
Broadcom Corp. Class A |
90,031 |
2,402,927 |
|
SOFTWARE - 0.2% |
|||
Application Software - 0.2% |
|||
Synchronoss Technologies, Inc. (a) |
26,303 |
834,594 |
|
WIRELESS TELECOMMUNICATION SERVICES - 24.8% |
|||
Wireless Telecommunication Services - 24.8% |
|||
Boingo Wireless, Inc. (a)(d) |
524,145 |
3,422,667 |
|
Crown Castle International Corp. (a) |
155,156 |
11,517,230 |
|
KDDI Corp. |
45,600 |
2,862,102 |
|
Leap Wireless International, Inc. (a) |
426,900 |
7,090,809 |
|
Millicom International Cellular SA (depository receipt) |
25,400 |
2,278,869 |
|
NII Holdings, Inc. (a)(d) |
795,369 |
2,020,237 |
|
NTELOS Holdings Corp. |
44,454 |
951,760 |
|
SBA Communications Corp. Class A (a) |
254,156 |
21,646,467 |
|
Shenandoah Telecommunications Co. |
113,426 |
2,833,381 |
|
Sprint Corp. (a) |
94,985 |
796,924 |
|
T-Mobile U.S., Inc. (a) |
644,247 |
16,756,864 |
|
Tele2 AB (B Shares) |
155,300 |
1,892,906 |
|
Telephone & Data Systems, Inc. |
523,464 |
14,557,534 |
|
U.S. Cellular Corp. |
101,100 |
4,485,807 |
|
Vodafone Group PLC sponsored ADR |
209,909 |
7,785,525 |
|
|
100,899,082 |
||
TOTAL COMMON STOCKS (Cost $351,730,894) |
|
||
Money Market Funds - 3.7% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
1,159,954 |
$ 1,159,954 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
13,774,750 |
13,774,750 |
|
TOTAL MONEY MARKET FUNDS (Cost $14,934,704) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $366,665,598) |
414,252,329 |
||
NET OTHER ASSETS (LIABILITIES) - (1.8)% |
(7,257,227) |
||
NET ASSETS - 100% |
$ 406,995,102 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,550 |
Fidelity Securities Lending Cash Central Fund |
184,785 |
Total |
$ 194,335 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 399,317,625 |
$ 397,009,186 |
$ 2,308,439 |
$ - |
Money Market Funds |
14,934,704 |
14,934,704 |
- |
- |
Total Investments in Securities: |
$ 414,252,329 |
$ 411,943,890 |
$ 2,308,439 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $369,010,620. Net unrealized appreciation aggregated $45,241,709, of which $62,240,750 related to appreciated investment securities and $16,999,041 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Consolidated Quarterly Holdings Report
for
Fidelity Advisor® Select
Gold Portfolio
Class A
Class T
Class B
Class C
Institutional Class
November 30, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Gold Portfolio
1.860865.106
AGLD-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 86.2% |
|||
Shares |
Value |
||
Australia - 6.7% |
|||
CONSTRUCTION & ENGINEERING - 0.0% |
|||
Construction & Engineering - 0.0% |
|||
Boart Longyear Ltd. (d) |
1,590,000 |
$ 434,571 |
|
METALS & MINING - 6.7% |
|||
Gold - 6.7% |
|||
Ampella Mining Ltd. (a)(d) |
2,785,000 |
210,594 |
|
Beadell Resources Ltd. (a) |
10,803,618 |
7,480,403 |
|
Evolution Mining Ltd. |
2,371,395 |
1,307,078 |
|
Gryphon Minerals Ltd. (a) |
5,060,010 |
599,290 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a) |
8,469,798 |
2,044,848 |
|
(Canada) (a) |
320,000 |
76,829 |
|
Kingsgate Consolidated NL (d) |
453,274 |
429,473 |
|
Medusa Mining Ltd. (a) |
2,746,085 |
4,228,077 |
|
Newcrest Mining Ltd. |
6,672,758 |
46,749,169 |
|
Papillon Resources Ltd. (a) |
2,682,068 |
2,309,105 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
3,240,134 |
826,539 |
|
(Canada) (a) |
1,300,000 |
342,717 |
|
Ramelius Resources Ltd. (a) |
980,000 |
89,283 |
|
Red 5 Ltd. (a) |
1,326,000 |
102,684 |
|
Regis Resources Ltd. |
2,672,293 |
7,303,777 |
|
Resolute Mining Ltd. |
2,988,261 |
1,361,227 |
|
Saracen Mineral Holdings Ltd. (a) |
4,816,787 |
877,667 |
|
Silver Lake Resources Ltd. (a) |
4,346,985 |
1,841,549 |
|
St Barbara Ltd. (a)(d) |
4,478,377 |
1,142,407 |
|
Troy Resources NL (a)(d) |
195,000 |
176,766 |
|
Troy Resources NL (e) |
734,826 |
671,106 |
|
|
80,170,588 |
||
TOTAL AUSTRALIA |
80,605,159 |
||
Bailiwick of Jersey - 6.9% |
|||
METALS & MINING - 6.9% |
|||
Gold - 6.9% |
|||
Centamin PLC (a) |
4,836,900 |
3,416,994 |
|
Lydian International Ltd. (a)(d) |
2,325,200 |
1,641,936 |
|
Polyus Gold International Ltd. |
422,400 |
1,306,716 |
|
Polyus Gold International Ltd. sponsored GDR |
3,919,931 |
12,034,188 |
|
Randgold Resources Ltd. sponsored ADR |
907,395 |
64,198,196 |
|
|
82,598,030 |
||
Bermuda - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
Continental Gold Ltd. (a) |
3,076,700 |
7,705,510 |
|
Canada - 59.9% |
|||
METALS & MINING - 59.9% |
|||
Diversified Metals & Mining - 0.2% |
|||
NovaCopper, Inc. (a)(d) |
488,333 |
965,539 |
|
|
|||
Shares |
Value |
||
Rio Alto Mining Ltd. (a) |
365,000 |
$ 560,164 |
|
Sabina Gold & Silver Corp. (a)(d) |
780,000 |
425,949 |
|
True Gold Mining, Inc. (a) |
80,000 |
24,103 |
|
|
1,975,755 |
||
Gold - 59.0% |
|||
Agnico Eagle Mines Ltd. (Canada) |
1,509,600 |
41,176,078 |
|
Alacer Gold Corp. |
2,235,063 |
4,482,331 |
|
Alamos Gold, Inc. |
1,083,000 |
13,877,818 |
|
Argonaut Gold, Inc. (a) |
3,620,062 |
19,121,126 |
|
ATAC Resources Ltd. (a) |
67,200 |
44,290 |
|
B2Gold Corp. (a) |
13,091,858 |
27,364,584 |
|
Banro Corp. (a)(d) |
2,326,482 |
1,533,318 |
|
Barrick Gold Corp. (d) |
5,548,769 |
92,000,586 |
|
Belo Sun Mining Corp. (a)(d) |
6,797,400 |
2,687,984 |
|
Centerra Gold, Inc. |
1,501,600 |
4,495,893 |
|
Colossus Minerals, Inc. (a)(d) |
2,352,600 |
664,514 |
|
Detour Gold Corp. (a) |
2,629,800 |
10,226,037 |
|
Detour Gold Corp. (a)(e) |
785,900 |
3,055,990 |
|
Eldorado Gold Corp. |
8,553,208 |
51,378,841 |
|
Exeter Resource Corp. (a) |
176,641 |
111,430 |
|
Franco-Nevada Corp. (d) |
1,109,900 |
44,527,671 |
|
Gabriel Resources Ltd. (a) |
1,040,600 |
852,389 |
|
Goldcorp, Inc. |
5,105,100 |
113,676,320 |
|
Golden Queen Mining Co. Ltd. (a) |
15,000 |
12,005 |
|
GoldQuest Mining Corp. (a) |
2,318,500 |
567,564 |
|
Guyana Goldfields, Inc. (a)(d) |
2,933,700 |
5,220,500 |
|
Guyana Goldfields, Inc. (a)(e) |
155,000 |
275,821 |
|
IAMGOLD Corp. |
3,344,000 |
14,640,429 |
|
Kinross Gold Corp. |
10,203,691 |
47,939,382 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
1,192,793 |
33,692 |
|
Kirkland Lake Gold, Inc. (a)(d) |
581,000 |
1,586,385 |
|
Lake Shore Gold Corp. (a)(d) |
3,226,600 |
1,291,126 |
|
Midas Gold Corp. (a) |
100,500 |
63,398 |
|
New Gold, Inc. (a) |
8,673,175 |
44,995,004 |
|
NGEx Resources, Inc. (a) |
65,000 |
104,651 |
|
Novagold Resources, Inc. (a)(d) |
2,787,500 |
6,456,313 |
|
OceanaGold Corp. (a) |
3,002,300 |
5,059,897 |
|
Orezone Gold Corp. (a) |
372,100 |
157,655 |
|
Osisko Mining Corp. (a) |
3,727,331 |
15,195,691 |
|
Osisko Mining Corp. (a)(e) |
3,000,000 |
12,230,487 |
|
Pilot Gold, Inc. (a)(d) |
1,418,150 |
1,255,118 |
|
Premier Gold Mines Ltd. (a)(d) |
6,849,322 |
10,447,135 |
|
Pretium Resources, Inc. (a)(d) |
897,238 |
4,865,917 |
|
Pretium Resources, Inc. (a)(e) |
225,000 |
1,220,224 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
1,220,224 |
|
Primero Mining Corp. (a) |
861,200 |
4,492,089 |
|
Probe Mines Ltd. (a) |
85,000 |
197,674 |
|
Richmont Mines, Inc. (a) |
240,900 |
249,496 |
|
Romarco Minerals, Inc. (a) |
14,013,600 |
4,947,839 |
|
Romarco Minerals, Inc. (a)(e) |
5,900,000 |
2,110,912 |
|
Rubicon Minerals Corp. (a) |
5,252,102 |
5,142,817 |
|
Sandstorm Gold Ltd. (a)(d) |
137,000 |
621,731 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Seabridge Gold, Inc. (a)(d) |
601,905 |
$ 4,256,008 |
|
SEMAFO, Inc. (d) |
2,924,700 |
7,655,274 |
|
Sulliden Gold Corp. Ltd. (a)(d) |
4,103,400 |
2,781,704 |
|
Teranga Gold Corp. (a) |
35,000 |
15,982 |
|
Teranga Gold Corp. CDI unit (a) |
3,430,974 |
1,437,863 |
|
Timmins Gold Corp. (a) |
122,600 |
139,672 |
|
Torex Gold Resources, Inc. (a) |
14,614,400 |
13,071,914 |
|
Yamana Gold, Inc. |
6,480,500 |
58,148,164 |
|
|
711,384,957 |
||
Precious Metals & Minerals - 0.7% |
|||
Chesapeake Gold Corp. (a) |
12,000 |
34,234 |
|
Dalradian Resources, Inc. (a)(d) |
56,000 |
31,635 |
|
Fortuna Mines, Inc. (a) |
20,000 |
67,225 |
|
Gold Standard Ventures Corp. (a) |
425,400 |
328,432 |
|
MAG Silver Corp. (a) |
171,000 |
1,030,411 |
|
Pan American Silver Corp. |
28,287 |
302,019 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
3,421 |
|
Silver Wheaton Corp. |
56,500 |
1,179,898 |
|
Tahoe Resources, Inc. (a) |
341,900 |
6,039,021 |
|
Wildcat Silver Corp. (a) |
75,200 |
22,480 |
|
|
9,038,776 |
||
TOTAL METALS & MINING |
722,399,488 |
||
Cayman Islands - 0.3% |
|||
METALS & MINING - 0.3% |
|||
Gold - 0.3% |
|||
Endeavour Mining Corp. (a) |
7,632,400 |
4,096,100 |
|
Peru - 0.5% |
|||
METALS & MINING - 0.5% |
|||
Gold - 0.5% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
517,500 |
6,106,500 |
|
South Africa - 5.9% |
|||
METALS & MINING - 5.9% |
|||
Gold - 5.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
2,160,708 |
29,364,022 |
|
Gold Fields Ltd. |
55,000 |
220,755 |
|
Gold Fields Ltd. sponsored ADR |
6,413,126 |
25,716,635 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
4,274,687 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
2,123,300 |
6,051,405 |
|
Sibanye Gold Ltd. ADR (d) |
1,195,006 |
5,915,280 |
|
|
71,542,784 |
||
|
|||
Shares |
Value |
||
United Kingdom - 0.1% |
|||
METALS & MINING - 0.1% |
|||
Gold - 0.1% |
|||
Patagonia Gold PLC (a)(d) |
260,000 |
$ 50,004 |
|
Petropavlovsk PLC (d) |
1,026,970 |
1,050,590 |
|
|
1,100,594 |
||
United States of America - 5.3% |
|||
METALS & MINING - 5.3% |
|||
Gold - 5.2% |
|||
Allied Nevada Gold Corp. (a) |
281,800 |
935,576 |
|
Allied Nevada Gold Corp. (Canada) (a) |
30,000 |
99,991 |
|
Gold Resource Corp. (d) |
100,000 |
516,000 |
|
Newmont Mining Corp. |
1,326,000 |
32,924,580 |
|
Royal Gold, Inc. |
611,713 |
27,582,139 |
|
|
62,058,286 |
||
Precious Metals & Minerals - 0.1% |
|||
McEwen Mining, Inc. (a)(d) |
679,110 |
1,378,593 |
|
TOTAL METALS & MINING |
63,436,879 |
||
TOTAL COMMON STOCKS (Cost $1,702,379,215) |
|
||
Commodities - 13.4% |
|||
Troy Ounces |
|
||
Gold Bullion (a) |
82,510 |
103,250,539 |
|
Silver Bullion (a) |
2,950,000 |
59,000,000 |
|
TOTAL COMMODITIES (Cost $176,438,543) |
|
||
Money Market Funds - 10.0% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
4,115,414 |
4,115,414 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
116,590,099 |
116,590,099 |
|
TOTAL MONEY MARKET FUNDS (Cost $120,705,513) |
|
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $1,999,523,271) |
1,322,547,096 |
NET OTHER ASSETS (LIABILITIES) - (9.6)% |
(116,287,215) |
||
NET ASSETS - 100% |
$ 1,206,259,881 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,564,540 or 1.6% 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 $1,220,224 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Pretium Resources, Inc. |
3/31/11 |
$ 2,172,293 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 8,014 |
Fidelity Securities Lending Cash Central Fund |
448,449 |
Total |
$ 456,463 |
Consolidated Subsidiary |
|
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 116,121,090 |
$ 368,172,909 |
$ 294,765,231 |
$ - |
$ 162,147,168 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Kimber Resources, Inc. |
$ 3,981 |
$ - |
$ 2,315 |
$ - |
$ - |
Kimber Resources, Inc. (144A) |
1,379,164 |
- |
774,753 |
- |
- |
Total |
$ 1,383,145 |
$ - |
$ 777,068 |
$ - |
$ - |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,039,591,044 |
$ 1,035,092,181 |
$ 4,498,863 |
$ - |
Commodities |
162,250,539 |
162,250,539 |
- |
- |
Money Market Funds |
120,705,513 |
120,705,513 |
- |
- |
Total Investments in Securities: |
$ 1,322,547,096 |
$ 1,318,048,233 |
$ 4,498,863 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes on an unconsolidated basis was $2,123,702,571. Net unrealized depreciation aggregated $801,258,847, of which $111,341,028 related to appreciated investment securities and $912,599,875 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2013, the Fund held $162,147,168 in the Subsidiary, representing 13.4% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Consolidated Quarterly Holdings Report
for
Fidelity ® Select Gold Portfolio
November 30, 2013
1.810695.109
GOL-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 86.2% |
|||
Shares |
Value |
||
Australia - 6.7% |
|||
CONSTRUCTION & ENGINEERING - 0.0% |
|||
Construction & Engineering - 0.0% |
|||
Boart Longyear Ltd. (d) |
1,590,000 |
$ 434,571 |
|
METALS & MINING - 6.7% |
|||
Gold - 6.7% |
|||
Ampella Mining Ltd. (a)(d) |
2,785,000 |
210,594 |
|
Beadell Resources Ltd. (a) |
10,803,618 |
7,480,403 |
|
Evolution Mining Ltd. |
2,371,395 |
1,307,078 |
|
Gryphon Minerals Ltd. (a) |
5,060,010 |
599,290 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a) |
8,469,798 |
2,044,848 |
|
(Canada) (a) |
320,000 |
76,829 |
|
Kingsgate Consolidated NL (d) |
453,274 |
429,473 |
|
Medusa Mining Ltd. (a) |
2,746,085 |
4,228,077 |
|
Newcrest Mining Ltd. |
6,672,758 |
46,749,169 |
|
Papillon Resources Ltd. (a) |
2,682,068 |
2,309,105 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
3,240,134 |
826,539 |
|
(Canada) (a) |
1,300,000 |
342,717 |
|
Ramelius Resources Ltd. (a) |
980,000 |
89,283 |
|
Red 5 Ltd. (a) |
1,326,000 |
102,684 |
|
Regis Resources Ltd. |
2,672,293 |
7,303,777 |
|
Resolute Mining Ltd. |
2,988,261 |
1,361,227 |
|
Saracen Mineral Holdings Ltd. (a) |
4,816,787 |
877,667 |
|
Silver Lake Resources Ltd. (a) |
4,346,985 |
1,841,549 |
|
St Barbara Ltd. (a)(d) |
4,478,377 |
1,142,407 |
|
Troy Resources NL (a)(d) |
195,000 |
176,766 |
|
Troy Resources NL (e) |
734,826 |
671,106 |
|
|
80,170,588 |
||
TOTAL AUSTRALIA |
80,605,159 |
||
Bailiwick of Jersey - 6.9% |
|||
METALS & MINING - 6.9% |
|||
Gold - 6.9% |
|||
Centamin PLC (a) |
4,836,900 |
3,416,994 |
|
Lydian International Ltd. (a)(d) |
2,325,200 |
1,641,936 |
|
Polyus Gold International Ltd. |
422,400 |
1,306,716 |
|
Polyus Gold International Ltd. sponsored GDR |
3,919,931 |
12,034,188 |
|
Randgold Resources Ltd. sponsored ADR |
907,395 |
64,198,196 |
|
|
82,598,030 |
||
Bermuda - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
Continental Gold Ltd. (a) |
3,076,700 |
7,705,510 |
|
Canada - 59.9% |
|||
METALS & MINING - 59.9% |
|||
Diversified Metals & Mining - 0.2% |
|||
NovaCopper, Inc. (a)(d) |
488,333 |
965,539 |
|
|
|||
Shares |
Value |
||
Rio Alto Mining Ltd. (a) |
365,000 |
$ 560,164 |
|
Sabina Gold & Silver Corp. (a)(d) |
780,000 |
425,949 |
|
True Gold Mining, Inc. (a) |
80,000 |
24,103 |
|
|
1,975,755 |
||
Gold - 59.0% |
|||
Agnico Eagle Mines Ltd. (Canada) |
1,509,600 |
41,176,078 |
|
Alacer Gold Corp. |
2,235,063 |
4,482,331 |
|
Alamos Gold, Inc. |
1,083,000 |
13,877,818 |
|
Argonaut Gold, Inc. (a) |
3,620,062 |
19,121,126 |
|
ATAC Resources Ltd. (a) |
67,200 |
44,290 |
|
B2Gold Corp. (a) |
13,091,858 |
27,364,584 |
|
Banro Corp. (a)(d) |
2,326,482 |
1,533,318 |
|
Barrick Gold Corp. (d) |
5,548,769 |
92,000,586 |
|
Belo Sun Mining Corp. (a)(d) |
6,797,400 |
2,687,984 |
|
Centerra Gold, Inc. |
1,501,600 |
4,495,893 |
|
Colossus Minerals, Inc. (a)(d) |
2,352,600 |
664,514 |
|
Detour Gold Corp. (a) |
2,629,800 |
10,226,037 |
|
Detour Gold Corp. (a)(e) |
785,900 |
3,055,990 |
|
Eldorado Gold Corp. |
8,553,208 |
51,378,841 |
|
Exeter Resource Corp. (a) |
176,641 |
111,430 |
|
Franco-Nevada Corp. (d) |
1,109,900 |
44,527,671 |
|
Gabriel Resources Ltd. (a) |
1,040,600 |
852,389 |
|
Goldcorp, Inc. |
5,105,100 |
113,676,320 |
|
Golden Queen Mining Co. Ltd. (a) |
15,000 |
12,005 |
|
GoldQuest Mining Corp. (a) |
2,318,500 |
567,564 |
|
Guyana Goldfields, Inc. (a)(d) |
2,933,700 |
5,220,500 |
|
Guyana Goldfields, Inc. (a)(e) |
155,000 |
275,821 |
|
IAMGOLD Corp. |
3,344,000 |
14,640,429 |
|
Kinross Gold Corp. |
10,203,691 |
47,939,382 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
1,192,793 |
33,692 |
|
Kirkland Lake Gold, Inc. (a)(d) |
581,000 |
1,586,385 |
|
Lake Shore Gold Corp. (a)(d) |
3,226,600 |
1,291,126 |
|
Midas Gold Corp. (a) |
100,500 |
63,398 |
|
New Gold, Inc. (a) |
8,673,175 |
44,995,004 |
|
NGEx Resources, Inc. (a) |
65,000 |
104,651 |
|
Novagold Resources, Inc. (a)(d) |
2,787,500 |
6,456,313 |
|
OceanaGold Corp. (a) |
3,002,300 |
5,059,897 |
|
Orezone Gold Corp. (a) |
372,100 |
157,655 |
|
Osisko Mining Corp. (a) |
3,727,331 |
15,195,691 |
|
Osisko Mining Corp. (a)(e) |
3,000,000 |
12,230,487 |
|
Pilot Gold, Inc. (a)(d) |
1,418,150 |
1,255,118 |
|
Premier Gold Mines Ltd. (a)(d) |
6,849,322 |
10,447,135 |
|
Pretium Resources, Inc. (a)(d) |
897,238 |
4,865,917 |
|
Pretium Resources, Inc. (a)(e) |
225,000 |
1,220,224 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
1,220,224 |
|
Primero Mining Corp. (a) |
861,200 |
4,492,089 |
|
Probe Mines Ltd. (a) |
85,000 |
197,674 |
|
Richmont Mines, Inc. (a) |
240,900 |
249,496 |
|
Romarco Minerals, Inc. (a) |
14,013,600 |
4,947,839 |
|
Romarco Minerals, Inc. (a)(e) |
5,900,000 |
2,110,912 |
|
Rubicon Minerals Corp. (a) |
5,252,102 |
5,142,817 |
|
Sandstorm Gold Ltd. (a)(d) |
137,000 |
621,731 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Seabridge Gold, Inc. (a)(d) |
601,905 |
$ 4,256,008 |
|
SEMAFO, Inc. (d) |
2,924,700 |
7,655,274 |
|
Sulliden Gold Corp. Ltd. (a)(d) |
4,103,400 |
2,781,704 |
|
Teranga Gold Corp. (a) |
35,000 |
15,982 |
|
Teranga Gold Corp. CDI unit (a) |
3,430,974 |
1,437,863 |
|
Timmins Gold Corp. (a) |
122,600 |
139,672 |
|
Torex Gold Resources, Inc. (a) |
14,614,400 |
13,071,914 |
|
Yamana Gold, Inc. |
6,480,500 |
58,148,164 |
|
|
711,384,957 |
||
Precious Metals & Minerals - 0.7% |
|||
Chesapeake Gold Corp. (a) |
12,000 |
34,234 |
|
Dalradian Resources, Inc. (a)(d) |
56,000 |
31,635 |
|
Fortuna Mines, Inc. (a) |
20,000 |
67,225 |
|
Gold Standard Ventures Corp. (a) |
425,400 |
328,432 |
|
MAG Silver Corp. (a) |
171,000 |
1,030,411 |
|
Pan American Silver Corp. |
28,287 |
302,019 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
3,421 |
|
Silver Wheaton Corp. |
56,500 |
1,179,898 |
|
Tahoe Resources, Inc. (a) |
341,900 |
6,039,021 |
|
Wildcat Silver Corp. (a) |
75,200 |
22,480 |
|
|
9,038,776 |
||
TOTAL METALS & MINING |
722,399,488 |
||
Cayman Islands - 0.3% |
|||
METALS & MINING - 0.3% |
|||
Gold - 0.3% |
|||
Endeavour Mining Corp. (a) |
7,632,400 |
4,096,100 |
|
Peru - 0.5% |
|||
METALS & MINING - 0.5% |
|||
Gold - 0.5% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
517,500 |
6,106,500 |
|
South Africa - 5.9% |
|||
METALS & MINING - 5.9% |
|||
Gold - 5.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
2,160,708 |
29,364,022 |
|
Gold Fields Ltd. |
55,000 |
220,755 |
|
Gold Fields Ltd. sponsored ADR |
6,413,126 |
25,716,635 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
4,274,687 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
2,123,300 |
6,051,405 |
|
Sibanye Gold Ltd. ADR (d) |
1,195,006 |
5,915,280 |
|
|
71,542,784 |
||
|
|||
Shares |
Value |
||
United Kingdom - 0.1% |
|||
METALS & MINING - 0.1% |
|||
Gold - 0.1% |
|||
Patagonia Gold PLC (a)(d) |
260,000 |
$ 50,004 |
|
Petropavlovsk PLC (d) |
1,026,970 |
1,050,590 |
|
|
1,100,594 |
||
United States of America - 5.3% |
|||
METALS & MINING - 5.3% |
|||
Gold - 5.2% |
|||
Allied Nevada Gold Corp. (a) |
281,800 |
935,576 |
|
Allied Nevada Gold Corp. (Canada) (a) |
30,000 |
99,991 |
|
Gold Resource Corp. (d) |
100,000 |
516,000 |
|
Newmont Mining Corp. |
1,326,000 |
32,924,580 |
|
Royal Gold, Inc. |
611,713 |
27,582,139 |
|
|
62,058,286 |
||
Precious Metals & Minerals - 0.1% |
|||
McEwen Mining, Inc. (a)(d) |
679,110 |
1,378,593 |
|
TOTAL METALS & MINING |
63,436,879 |
||
TOTAL COMMON STOCKS (Cost $1,702,379,215) |
|
||
Commodities - 13.4% |
|||
Troy Ounces |
|
||
Gold Bullion (a) |
82,510 |
103,250,539 |
|
Silver Bullion (a) |
2,950,000 |
59,000,000 |
|
TOTAL COMMODITIES (Cost $176,438,543) |
|
||
Money Market Funds - 10.0% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
4,115,414 |
4,115,414 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
116,590,099 |
116,590,099 |
|
TOTAL MONEY MARKET FUNDS (Cost $120,705,513) |
|
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $1,999,523,271) |
1,322,547,096 |
NET OTHER ASSETS (LIABILITIES) - (9.6)% |
(116,287,215) |
||
NET ASSETS - 100% |
$ 1,206,259,881 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,564,540 or 1.6% 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 $1,220,224 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Pretium Resources, Inc. |
3/31/11 |
$ 2,172,293 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 8,014 |
Fidelity Securities Lending Cash Central Fund |
448,449 |
Total |
$ 456,463 |
Consolidated Subsidiary |
|
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 116,121,090 |
$ 368,172,909 |
$ 294,765,231 |
$ - |
$ 162,147,168 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Kimber Resources, Inc. |
$ 3,981 |
$ - |
$ 2,315 |
$ - |
$ - |
Kimber Resources, Inc. (144A) |
1,379,164 |
- |
774,753 |
- |
- |
Total |
$ 1,383,145 |
$ - |
$ 777,068 |
$ - |
$ - |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,039,591,044 |
$ 1,035,092,181 |
$ 4,498,863 |
$ - |
Commodities |
162,250,539 |
162,250,539 |
- |
- |
Money Market Funds |
120,705,513 |
120,705,513 |
- |
- |
Total Investments in Securities: |
$ 1,322,547,096 |
$ 1,318,048,233 |
$ 4,498,863 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes on an unconsolidated basis was $2,123,702,571. Net unrealized depreciation aggregated $801,258,847, of which $111,341,028 related to appreciated investment securities and $912,599,875 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2013, the Fund held $162,147,168 in the Subsidiary, representing 13.4% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Biotechnology Portfolio
November 30, 2013
1.810668.109
BIO-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 96.7% |
|||
Biotechnology - 96.7% |
|||
ACADIA Pharmaceuticals, Inc. (a)(d) |
4,205,963 |
$ 97,956,878 |
|
Acceleron Pharma, Inc. (e) |
1,599,169 |
34,813,909 |
|
Acorda Therapeutics, Inc. (a) |
1,656,031 |
57,646,439 |
|
ADMA Biologics, Inc. |
399,700 |
3,197,600 |
|
Aegerion Pharmaceuticals, Inc. (a)(e) |
2,173,495 |
154,166,000 |
|
Agenus, Inc. (a)(d) |
150,089 |
396,235 |
|
Agenus, Inc. warrants 6/9/18 (a) |
1,548,000 |
41,997 |
|
Agios Pharmaceuticals, Inc. (d) |
68,333 |
1,199,244 |
|
Agios Pharmaceuticals, Inc. |
83,457 |
1,318,203 |
|
Alexion Pharmaceuticals, Inc. (a) |
2,612,080 |
325,203,960 |
|
Alkermes PLC (a) |
2,026,794 |
81,841,942 |
|
Alnylam Pharmaceuticals, Inc. (a) |
1,595,818 |
97,664,062 |
|
AMAG Pharmaceuticals, Inc. (a) |
739,909 |
18,149,968 |
|
Ambit Biosciences Corp. (d) |
729,500 |
9,155,225 |
|
Amgen, Inc. |
6,756,203 |
770,747,638 |
|
Arena Pharmaceuticals, Inc. (a)(d) |
53,045 |
345,853 |
|
ARIAD Pharmaceuticals, Inc. (a)(d) |
9,117,251 |
44,218,667 |
|
ArQule, Inc. (a) |
8,342 |
20,271 |
|
Array BioPharma, Inc. (a) |
600,885 |
3,437,062 |
|
Biogen Idec, Inc. (a) |
2,235,967 |
650,599,318 |
|
BioMarin Pharmaceutical, Inc. (a) |
2,033,144 |
143,092,675 |
|
Bionovo, Inc. warrants 2/2/16 (a) |
1,043,150 |
751 |
|
BioTime, Inc. (a)(d) |
1,340,195 |
5,347,378 |
|
Bluebird Bio, Inc. (d) |
153,175 |
3,127,834 |
|
Bluebird Bio, Inc. |
28,244 |
519,068 |
|
Catalyst Pharmaceutical Partners, Inc.: |
|
|
|
warrants 5/2/17 (a) |
141,443 |
65,318 |
|
warrants 5/30/17 (a) |
282,100 |
200,632 |
|
Celgene Corp. (a) |
2,799,607 |
452,892,424 |
|
Cell Therapeutics, Inc. (a)(d) |
5,779,280 |
11,211,803 |
|
Cell Therapeutics, Inc. warrants 7/6/16 (a) |
835,596 |
39,783 |
|
Celldex Therapeutics, Inc. (a)(d) |
2,982,484 |
82,793,756 |
|
Cepheid, Inc. (a)(d) |
638,300 |
28,991,586 |
|
Chimerix, Inc. |
324,647 |
5,200,845 |
|
Clovis Oncology, Inc. (a) |
899,719 |
54,235,061 |
|
Cubist Pharmaceuticals, Inc. |
1,164,008 |
79,746,188 |
|
Curis, Inc. (a)(d) |
3,562,162 |
11,398,918 |
|
Cytokinetics, Inc. (a)(d) |
1,063,466 |
6,901,894 |
|
Cytokinetics, Inc. warrants 6/25/17 (a) |
3,828,480 |
547,358 |
|
Dendreon Corp. (a)(d) |
887,140 |
2,634,806 |
|
Dyax Corp. (a)(e) |
10,908,795 |
92,724,758 |
|
Dynavax Technologies Corp. (a) |
53,843 |
95,302 |
|
Elan Corp. PLC sponsored ADR (a) |
7,198 |
130,140 |
|
Emergent BioSolutions, Inc. (a) |
234,700 |
5,269,015 |
|
Enanta Pharmaceuticals, Inc. |
53,445 |
1,444,618 |
|
Epizyme, Inc. (d) |
1,218,630 |
25,518,112 |
|
Esperion Therapeutics, Inc. |
78,392 |
935,217 |
|
Exact Sciences Corp. (a) |
1,393,802 |
17,115,889 |
|
Exelixis, Inc. (a)(d) |
1,725,987 |
10,062,504 |
|
Fate Therapeutics, Inc. |
1,381,284 |
6,961,671 |
|
|
|||
Shares |
Value |
||
Fibrocell Science, Inc. (a) |
2,432,240 |
$ 9,972,184 |
|
Fibrocell Science, Inc. (a) |
894,400 |
3,667,040 |
|
Genmab A/S (a) |
302,451 |
12,533,946 |
|
Genomic Health, Inc. (a) |
558,528 |
19,649,015 |
|
Geron Corp. (a) |
3,439,635 |
18,470,840 |
|
Gilead Sciences, Inc. (a) |
17,269,043 |
1,291,897,106 |
|
Halozyme Therapeutics, Inc. (a)(d) |
2,474,023 |
36,516,579 |
|
Hyperion Therapeutics, Inc. (a)(d)(e) |
1,712,983 |
43,749,586 |
|
Idenix Pharmaceuticals, Inc. (a)(d) |
179,922 |
966,181 |
|
ImmunoGen, Inc. (a)(d) |
1,586,457 |
23,051,220 |
|
Immunomedics, Inc. (a)(d) |
3,014,504 |
13,022,657 |
|
Incyte Corp. (a) |
2,418,094 |
112,683,180 |
|
Infinity Pharmaceuticals, Inc. (a) |
954,233 |
13,941,344 |
|
Intercept Pharmaceuticals, Inc. (a)(e) |
1,315,567 |
68,896,244 |
|
InterMune, Inc. (a)(d) |
3,525,413 |
48,756,462 |
|
Intrexon Corp. |
164,600 |
3,767,694 |
|
Intrexon Corp. (a) |
133,761 |
2,755,610 |
|
Ironwood Pharmaceuticals, Inc.Class A (a) |
4,692,810 |
53,591,890 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
2,288,076 |
88,685,826 |
|
KaloBios Pharmaceuticals, Inc. |
1,288,200 |
5,461,968 |
|
KaloBios Pharmaceuticals, Inc. (f) |
224,464 |
951,727 |
|
Karyopharm Therapeutics, Inc. (e) |
1,799,700 |
29,317,113 |
|
Keryx Biopharmaceuticals, Inc. (a) |
190,259 |
2,642,698 |
|
KYTHERA Biopharmaceuticals, Inc. (a)(d)(e) |
1,304,079 |
50,832,999 |
|
Lexicon Pharmaceuticals, Inc. (a) |
8,359,023 |
20,061,655 |
|
Ligand Pharmaceuticals, Inc.Class B (a)(d)(e) |
1,497,001 |
83,353,016 |
|
Macrogenics, Inc. (d) |
726,543 |
19,231,593 |
|
MannKind Corp. (a)(d) |
6,279,721 |
31,335,808 |
|
Medivation, Inc. (a) |
1,958,696 |
123,417,435 |
|
Merrimack Pharmaceuticals, Inc. (a) |
44,600 |
175,724 |
|
Mirati Therapeutics, Inc. (a) |
198,700 |
3,324,251 |
|
Momenta Pharmaceuticals, Inc. (a) |
1,149,777 |
20,454,533 |
|
Myriad Genetics, Inc. (a)(d) |
1,419,290 |
42,223,878 |
|
Neurocrine Biosciences, Inc. (a) |
2,330,609 |
22,886,580 |
|
NeurogesX, Inc. (a) |
3,131,785 |
15,659 |
|
NewLink Genetics Corp. (a)(d) |
1,201,924 |
27,043,290 |
|
Novavax, Inc. (a)(d) |
9,222,934 |
34,309,314 |
|
Novelos Therapeutics, Inc. (a) |
2,334,890 |
910,607 |
|
Novelos Therapeutics, Inc. warrants 12/6/16 (a) |
2,362,400 |
567 |
|
NPS Pharmaceuticals, Inc. (a) |
2,457,213 |
64,894,995 |
|
OncoMed Pharmaceuticals, Inc. (d) |
175,400 |
2,360,884 |
|
Onconova Therapeutics, Inc. (d) |
610,740 |
8,959,556 |
|
Ophthotech Corp. (d) |
1,469,224 |
41,505,578 |
|
Opko Health, Inc. (a)(d) |
7,277,029 |
76,699,886 |
|
Oragenics, Inc. (a) |
1,058,300 |
3,164,317 |
|
Oragenics, Inc. (a) |
1,558,058 |
4,658,593 |
|
Orexigen Therapeutics, Inc. (a) |
4,906,585 |
33,511,976 |
|
Osiris Therapeutics, Inc. (a)(d)(e) |
2,020,095 |
35,523,371 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
BIOTECHNOLOGY - CONTINUED |
|||
Biotechnology - continued |
|||
OvaScience, Inc. (a) |
212,300 |
$ 2,031,711 |
|
PDL BioPharma, Inc. (d) |
1,159,133 |
11,324,729 |
|
Pharmacyclics, Inc. (a) |
1,249,513 |
155,589,359 |
|
PolyMedix, Inc. (a)(e) |
115,509 |
2,587 |
|
PolyMedix, Inc. warrants 4/10/16 (a) |
2,961,167 |
30 |
|
Portola Pharmaceuticals, Inc. |
1,502,087 |
37,552,175 |
|
Progenics Pharmaceuticals, Inc. (a)(e) |
7,575,263 |
38,785,347 |
|
Prosensa Holding BV (a) |
3,166 |
15,482 |
|
Protalix BioTherapeutics, Inc. (a)(d) |
1,055,842 |
4,149,459 |
|
Prothena Corp. PLC (a) |
366,932 |
10,358,490 |
|
PTC Therapeutics, Inc. (a)(d) |
495,938 |
7,771,348 |
|
Puma Biotechnology, Inc. (a) |
582,258 |
28,990,626 |
|
Raptor Pharmaceutical Corp. (a)(d)(e) |
3,086,957 |
42,877,833 |
|
Receptos, Inc. |
59,769 |
1,383,055 |
|
Regeneron Pharmaceuticals, Inc. (a) |
1,116,725 |
328,160,809 |
|
Regulus Therapeutics, Inc. (a) |
1,600,001 |
10,064,006 |
|
Rigel Pharmaceuticals, Inc. (a) |
15,551 |
41,366 |
|
Sangamo Biosciences, Inc. (a)(d)(e) |
3,841,485 |
46,904,532 |
|
Sarepta Therapeutics, Inc. (a)(d) |
566,670 |
10,562,729 |
|
Seattle Genetics, Inc. (a)(d) |
1,983,060 |
81,483,935 |
|
Sophiris Bio, Inc. (a)(e) |
1,289,615 |
5,485,916 |
|
Sorrento Therapeutics, Inc. (a) |
471,200 |
4,146,560 |
|
Sorrento Therapeutics, Inc. (a) |
133,000 |
1,170,400 |
|
Spectrum Pharmaceuticals, Inc. (d)(e) |
4,223,900 |
40,676,157 |
|
Stemline Therapeutics, Inc. (e) |
1,243,399 |
25,688,623 |
|
Sunesis Pharmaceuticals, Inc. (a)(d) |
2,100,978 |
10,609,939 |
|
Synageva BioPharma Corp. (a)(d) |
508,324 |
30,707,853 |
|
Synergy Pharmaceuticals, Inc. (a)(d) |
2,411,172 |
11,067,279 |
|
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a) |
354,400 |
549,320 |
|
Synta Pharmaceuticals Corp. (a)(d) |
3,520,817 |
17,850,542 |
|
Synthetic Biologics, Inc. (a) |
900 |
1,152 |
|
TESARO, Inc. (a) |
1,555,667 |
60,671,013 |
|
Theravance, Inc. (a)(d) |
1,419,256 |
53,591,107 |
|
Threshold Pharmaceuticals, Inc. (a) |
1,262,685 |
6,225,037 |
|
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a) |
631,520 |
1,666,127 |
|
United Therapeutics Corp. (a) |
1,003,551 |
92,637,793 |
|
Verastem, Inc. (a) |
897,567 |
9,496,259 |
|
Vertex Pharmaceuticals, Inc. (a) |
3,539,631 |
245,721,184 |
|
Vical, Inc. (a)(d)(e) |
6,407,245 |
7,432,404 |
|
XOMA Corp. (a) |
178,298 |
852,264 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
3,811,792 |
15,933,291 |
|
|
7,517,359,778 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0% |
|||
Health Care Equipment - 0.0% |
|||
Alsius Corp. (a) |
314,300 |
3 |
|
|
|||
Shares |
Value |
||
Aradigm Corp. (a) |
6,398,160 |
$ 1,183,660 |
|
InVivo Therapeutics Holdings Corp. (a) |
1,004,700 |
1,989,306 |
|
|
3,172,969 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.1% |
|||
Health Care Services - 0.1% |
|||
Intra-Cellular Therapies, Inc. (g) |
100 |
572 |
|
Intra-Cellular Therapies, Inc. |
900,410 |
5,717,604 |
|
|
5,718,176 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.0% |
|||
Life Sciences Tools & Services - 0.0% |
|||
BG Medicine, Inc. (a)(d) |
1,177,641 |
706,702 |
|
ChromaDex, Inc. (a)(d) |
2,195,100 |
2,326,806 |
|
Transgenomic, Inc. (a) |
3,392,882 |
1,526,797 |
|
Transgenomic, Inc. warrants 2/3/17 (a) |
1,419,000 |
14 |
|
|
4,560,319 |
||
PERSONAL PRODUCTS - 0.0% |
|||
Personal Products - 0.0% |
|||
MYOS Corp. (a) |
1,666,700 |
250,172 |
|
PHARMACEUTICALS - 2.7% |
|||
Pharmaceuticals - 2.7% |
|||
AcelRx Pharmaceuticals, Inc. (a)(d) |
654,629 |
6,402,272 |
|
Auxilium Pharmaceuticals, Inc. (a) |
628,851 |
12,834,849 |
|
AVANIR Pharmaceuticals Class A (a) |
4,969,885 |
22,066,289 |
|
Horizon Pharma, Inc. (a)(d) |
2,319,967 |
16,750,162 |
|
Horizon Pharma, Inc.: |
|
|
|
warrants 2/28/17 (a) |
319,539 |
964,030 |
|
warrants 9/25/17 (a) |
759,050 |
2,140,217 |
|
Jazz Pharmaceuticals PLC (a) |
319,665 |
37,375,232 |
|
Pacira Pharmaceuticals, Inc. (a)(d) |
1,026,533 |
56,654,356 |
|
Repros Therapeutics, Inc. (a) |
776,100 |
13,310,115 |
|
TherapeuticsMD, Inc. (a) |
1,330,507 |
6,506,179 |
|
Zogenix, Inc. (a)(d)(e) |
9,804,706 |
31,669,200 |
|
Zogenix, Inc. warrants 7/27/17 (a) |
498,465 |
185,843 |
|
|
206,858,744 |
||
TOTAL COMMON STOCKS (Cost $4,791,807,298) |
|
||
Preferred Stocks - 0.4% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.3% |
|||
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Xenon Pharmaceuticals, Inc.Series E (a)(g) |
981,626 |
4,476,215 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Convertible Preferred Stocks - continued |
|||
PHARMACEUTICALS - 0.2% |
|||
Pharmaceuticals - 0.2% |
|||
aTyr Pharma, Inc. 8.00% (g) |
3,455,296 |
$ 8,738,444 |
|
Zafgen, Inc. Series E (a)(g) |
5,172,990 |
11,238,321 |
|
|
19,976,765 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS |
24,452,980 |
||
Nonconvertible Preferred Stocks - 0.1% |
|||
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Moderna LLC Series D, 8.00% (a)(g) |
207,494 |
4,425,847 |
|
PHARMACEUTICALS - 0.0% |
|||
Pharmaceuticals - 0.0% |
|||
Equilibrate Asia TherapeuticsSeries D (g) |
3,661,108 |
59,749 |
|
Equilibrate Worldwide Therapeutics Series D (g) |
3,661,108 |
147,067 |
|
Neuropathic Worldwide Therapeutics Series D (g) |
3,661,108 |
27,568 |
|
Oculus Worldwide Therapeutics Series D (g) |
3,661,108 |
45,947 |
|
Orchestrate U.S. Therapeutics, Inc. Series D (g) |
3,661,108 |
64,326 |
|
Orchestrate Worldwide Therapeutics Series D (g) |
3,661,108 |
114,886 |
|
|
459,543 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
4,885,390 |
||
TOTAL PREFERRED STOCKS (Cost $31,586,293) |
|
||
Money Market Funds - 7.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
20,735,308 |
20,735,308 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
559,801,893 |
559,801,893 |
|
TOTAL MONEY MARKET FUNDS (Cost $580,537,201) |
|
||
TOTAL INVESTMENT PORTFOLIO - 107.4% (Cost $5,403,930,792) |
8,347,795,729 |
||
NET OTHER ASSETS (LIABILITIES) - (7.4)% |
(575,809,595) |
||
NET ASSETS - 100% |
$ 7,771,986,134 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $951,727 or 0.0% 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 $29,338,942 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
aTyr Pharma, Inc. 8.00% |
4/8/13 - 5/17/13 |
$ 8,738,444 |
Equilibrate Asia TherapeuticsSeries D |
5/17/13 |
$ 59,749 |
Equilibrate Worldwide Therapeutics Series D |
5/17/13 |
$ 147,067 |
Intra-Cellular Therapies, Inc. |
8/29/13 |
$ 635 |
Moderna LLC Series D, 8.00% |
11/6/13 |
$ 4,425,847 |
Neuropathic Worldwide Therapeutics Series D |
5/17/13 |
$ 27,568 |
Oculus Worldwide Therapeutics Series D |
5/17/13 |
$ 45,947 |
Orchestrate U.S. Therapeutics, Inc. Series D |
5/17/13 |
$ 64,326 |
Orchestrate Worldwide Therapeutics Series D |
5/17/13 |
$ 114,886 |
Xenon Pharmaceuticals, Inc. Series E |
3/23/01 |
$ 6,724,138 |
Zafgen, Inc. Series E |
11/25/13 |
$ 11,238,321 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 27,195 |
Fidelity Securities Lending Cash Central Fund |
8,836,831 |
Total |
$ 8,864,026 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Acceleron Pharma, Inc. |
$ - |
$ 34,318,702 |
$ - |
$ - |
$ 34,813,909 |
Aegerion Pharmaceuticals, Inc. |
59,281,220 |
57,064,799 |
51,857,257 |
- |
154,166,000 |
Agenus, Inc. |
642,381 |
- |
- |
- |
- |
Agenus, Inc. warrants 6/9/18 |
78,596 |
- |
- |
- |
- |
Cell Therapeutics, Inc. |
8,945,719 |
- |
1,057,557 |
- |
- |
Cell Therapeutics, Inc. warrants 7/6/16 |
20,931 |
- |
- |
- |
- |
Coronado Biosciences, Inc. |
- |
18,641,698 |
4,602,336 |
- |
- |
Cytokinetics, Inc. |
6,368,038 |
- |
- |
- |
- |
Cytokinetics, Inc. warrants 6/25/17 |
393,737 |
- |
- |
- |
- |
Dyax Corp. |
12,120,655 |
53,384,996 |
1,592,713 |
- |
92,724,758 |
Hyperion Therapeutics, Inc. |
- |
38,800,928 |
- |
- |
43,749,586 |
Intercept Pharmaceuticals, Inc. |
4,597,883 |
58,319,907 |
- |
- |
68,896,244 |
Karyopharm Therapeutics, Inc. |
- |
31,152,018 |
- |
- |
29,317,113 |
KYTHERA Biopharmaceuticals, Inc. |
- |
51,350,080 |
- |
- |
50,832,999 |
Ligand Pharmaceuticals, Inc. Class B |
9,019,689 |
37,667,095 |
- |
- |
83,353,016 |
Novavax, Inc. |
13,380,647 |
5,266,140 |
- |
- |
- |
Novelos Therapeutics, Inc. |
1,144,096 |
- |
- |
- |
- |
Novelos Therapeutics, Inc. warrants 12/6/16 |
23,713 |
- |
- |
- |
- |
Orexigen Therapeutics, Inc. |
15,372,407 |
19,047,180 |
2,254,854 |
- |
- |
Osiris Therapeutics, Inc. |
2,851,890 |
28,257,412 |
- |
- |
35,523,371 |
PolyMedix, Inc. |
698,828 |
- |
- |
- |
2,587 |
PolyMedix, Inc. warrants 4/10/16 |
4,541 |
- |
- |
- |
- |
Progenics Pharmaceuticals, Inc. |
11,847,515 |
14,774,742 |
837,716 |
- |
38,785,347 |
Raptor Pharmaceutical Corp. |
7,318,718 |
9,155,046 |
- |
- |
42,877,833 |
Sangamo Biosciences, Inc. |
19,381,686 |
21,083,675 |
- |
- |
46,904,532 |
Sophiris Bio, Inc. |
- |
6,305,000 |
88,563 |
- |
5,485,916 |
Spectrum Pharmaceuticals, Inc. |
39,774,600 |
7,913,424 |
2,109,435 |
- |
40,676,157 |
Stemline Therapeutics, Inc. |
5,884,230 |
14,212,900 |
- |
- |
25,688,623 |
Targacept, Inc. |
5,509,566 |
4,261,692 |
10,108,560 |
- |
- |
Vical, Inc. |
12,922,016 |
8,780,477 |
- |
- |
7,432,404 |
Zogenix, Inc. |
2,701,510 |
15,232,983 |
217,706 |
- |
31,669,200 |
Zogenix, Inc. warrants 7/27/17 |
5,428 |
- |
- |
- |
- |
Total |
$ 240,290,240 |
$ 534,990,894 |
$ 74,726,697 |
$ - |
$ 832,899,595 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 7,737,920,158 |
$ 7,709,308,844 |
$ 17,407,219 |
$ 11,204,095 |
Preferred Stocks |
29,338,370 |
- |
- |
29,338,370 |
Money Market Funds |
580,537,201 |
580,537,201 |
- |
- |
Total Investments in Securities: |
$ 8,347,795,729 |
$ 8,289,846,045 |
$ 17,407,219 |
$ 40,542,465 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $5,437,510,015. Net unrealized appreciation aggregated $2,910,285,714, of which $3,127,212,873 related to appreciated investment securities and $216,927,159 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Service Portfolio
November 30, 2013
1.810703.109
ENS-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 100.0% |
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 99.6% |
|||
Oil & Gas Drilling - 18.0% |
|||
C.A.T. oil AG (Bearer) |
36,800 |
$ 1,167,340 |
|
Cathedral Energy Services Ltd. |
272,100 |
1,293,214 |
|
Ensco PLC Class A |
922,600 |
54,507,208 |
|
Hercules Offshore, Inc. (a) |
334,900 |
2,140,011 |
|
Nabors Industries Ltd. |
276,700 |
4,579,385 |
|
Noble Corp. |
1,165,135 |
44,414,946 |
|
Ocean Rig UDW, Inc. (United States) (a) |
843,313 |
17,566,210 |
|
Odfjell Drilling A/S |
1,544,047 |
10,332,541 |
|
Pacific Drilling SA (a) |
277,200 |
3,132,360 |
|
Rowan Companies PLC (a) |
538,400 |
18,639,408 |
|
Transocean Ltd. (United States) |
134,400 |
6,771,072 |
|
Unit Corp. (a) |
98,200 |
4,729,312 |
|
Vantage Drilling Co. (a) |
8,539,100 |
15,968,117 |
|
Xtreme Drilling & Coil Services Corp. (a) |
2,852,300 |
9,261,150 |
|
|
194,502,274 |
||
Oil & Gas Equipment & Services - 81.6% |
|||
Baker Hughes, Inc. |
839,122 |
47,796,389 |
|
C&J Energy Services, Inc. (a)(d) |
100,000 |
2,370,000 |
|
Cameron International Corp. (a) |
1,544,188 |
85,532,573 |
|
Core Laboratories NV (d) |
146,300 |
26,647,082 |
|
Dresser-Rand Group, Inc. (a) |
330,800 |
18,670,352 |
|
Dril-Quip, Inc. (a) |
313,600 |
34,044,416 |
|
Exterran Holdings, Inc. (a)(d) |
106,100 |
3,450,372 |
|
FMC Technologies, Inc. (a) |
887,062 |
42,667,682 |
|
Geospace Technologies Corp. (a)(d) |
53,600 |
4,677,672 |
|
Gulf Island Fabrication, Inc. |
54,781 |
1,449,505 |
|
Halliburton Co. |
3,190,734 |
168,087,867 |
|
Helix Energy Solutions Group, Inc. (a) |
331,100 |
7,353,731 |
|
Hornbeck Offshore Services, Inc. (a) |
233,200 |
11,806,916 |
|
National Oilwell Varco, Inc. |
1,489,562 |
121,399,303 |
|
Oceaneering International, Inc. |
419,600 |
32,388,924 |
|
Oil States International, Inc. (a) |
239,100 |
24,471,885 |
|
Petrofac Ltd. |
486,300 |
10,073,976 |
|
Schlumberger Ltd. |
2,170,111 |
191,881,215 |
|
ShawCor Ltd. Class A |
65,800 |
2,452,289 |
|
Spectrum ASA |
315,910 |
1,881,997 |
|
Tesco Corp. (a) |
377,585 |
6,751,220 |
|
Weatherford International Ltd. (a) |
2,216,566 |
34,711,424 |
|
|
880,566,790 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
1,075,069,064 |
||
|
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - 0.4% |
|||
Coal & Consumable Fuels - 0.1% |
|||
Peabody Energy Corp. |
69,200 |
$ 1,259,440 |
|
Oil & Gas Refining & Marketing - 0.0% |
|||
San-Ai Oil Co. Ltd. |
34,000 |
150,676 |
|
Oil & Gas Storage & Transport - 0.3% |
|||
StealthGas, Inc. (a) |
233,500 |
2,867,380 |
|
TOTAL OIL, GAS & CONSUMABLE FUELS |
4,277,496 |
||
TOTAL COMMON STOCKS (Cost $699,960,368) |
|
||
Money Market Funds - 0.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
91 |
91 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
6,550,800 |
6,550,800 |
|
TOTAL MONEY MARKET FUNDS (Cost $6,550,891) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $706,511,259) |
1,085,897,451 |
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(6,008,898) |
||
NET ASSETS - 100% |
$ 1,079,888,553 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 20,518 |
Fidelity Securities Lending Cash Central Fund |
10,830 |
Total |
$ 31,348 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $708,932,199. Net unrealized appreciation aggregated $376,965,252, of which $380,358,185 related to appreciated investment securities and $3,392,933 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Insurance Portfolio
November 30, 2013
1.810674.109
PRC-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.0% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.6% |
|||
Asset Management & Custody Banks - 0.6% |
|||
Carlyle Group LP |
129,000 |
$ 4,192,500 |
|
DIVERSIFIED FINANCIAL SERVICES - 0.7% |
|||
Multi-Sector Holdings - 0.6% |
|||
Berkshire Hathaway, Inc. Class B (a) |
32,700 |
3,810,531 |
|
Specialized Finance - 0.1% |
|||
The NASDAQ Stock Market, Inc. |
12,500 |
491,125 |
|
TOTAL DIVERSIFIED FINANCIAL SERVICES |
4,301,656 |
||
INSURANCE - 96.7% |
|||
Insurance Brokers - 10.2% |
|||
Aon PLC |
23,800 |
1,943,032 |
|
Arthur J. Gallagher & Co. |
304,200 |
14,157,468 |
|
Brown & Brown, Inc. |
322,100 |
10,184,802 |
|
Marsh & McLennan Companies, Inc. |
805,800 |
38,235,210 |
|
|
64,520,512 |
||
Life & Health Insurance - 25.2% |
|||
AFLAC, Inc. |
417,600 |
27,716,112 |
|
Lincoln National Corp. |
185,700 |
9,531,981 |
|
MetLife, Inc. |
988,275 |
51,578,073 |
|
Primerica, Inc. |
84,000 |
3,614,520 |
|
Principal Financial Group, Inc. |
56,300 |
2,850,469 |
|
Protective Life Corp. |
110,000 |
5,277,800 |
|
Prudential Financial, Inc. |
243,889 |
21,647,588 |
|
Prudential PLC |
935,234 |
19,945,797 |
|
Symetra Financial Corp. |
242,300 |
4,644,891 |
|
Torchmark Corp. |
128,900 |
9,796,400 |
|
Unum Group |
98,000 |
3,289,860 |
|
|
159,893,491 |
||
Multi-Line Insurance - 12.9% |
|||
American Financial Group, Inc. |
42,500 |
2,450,550 |
|
American International Group, Inc. |
819,700 |
40,780,075 |
|
American International Group, Inc. warrants 1/19/21 (a) |
61,569 |
1,274,478 |
|
FBD Holdings PLC |
126,200 |
2,872,299 |
|
Hartford Financial Services Group, Inc. |
504,200 |
17,964,646 |
|
Zurich Insurance Group AG |
59,170 |
16,509,370 |
|
|
81,851,418 |
||
Property & Casualty Insurance - 42.9% |
|||
ACE Ltd. |
493,549 |
50,726,966 |
|
Allied World Assurance Co. Holdings Ltd. |
207,900 |
23,419,935 |
|
Allstate Corp. |
366,700 |
19,900,809 |
|
|
|||
Shares |
Value |
||
Beazley PLC |
1,586,896 |
$ 6,413,696 |
|
esure Group PLC |
1,452,100 |
6,035,221 |
|
Fidelity National Financial, Inc. Class A |
702,100 |
20,410,047 |
|
First American Financial Corp. |
325,200 |
8,604,792 |
|
Hanover Insurance Group, Inc. |
109,800 |
6,622,038 |
|
Hiscox Ltd. |
594,981 |
6,600,787 |
|
Lancashire Holdings Ltd. |
588,000 |
7,576,887 |
|
ProAssurance Corp. |
325,800 |
15,664,464 |
|
Progressive Corp. |
332,700 |
9,292,311 |
|
The Chubb Corp. |
394,058 |
38,006,894 |
|
The Travelers Companies, Inc. |
540,700 |
49,063,118 |
|
W.R. Berkley Corp. |
41,300 |
1,808,527 |
|
XL Group PLC Class A |
62,800 |
2,008,972 |
|
|
272,155,464 |
||
Reinsurance - 5.5% |
|||
Everest Re Group Ltd. |
174,500 |
27,366,835 |
|
Reinsurance Group of America, Inc. |
48,400 |
3,629,032 |
|
RenaissanceRe Holdings Ltd. |
37,000 |
3,503,900 |
|
Third Point Reinsurance Ltd. |
38,100 |
634,746 |
|
|
35,134,513 |
||
TOTAL INSURANCE |
613,555,398 |
||
TOTAL COMMON STOCKS (Cost $502,181,079) |
|
||
Money Market Funds - 2.5% |
|||
|
|
|
|
Fidelity Cash Central Fund,0.10% (b) |
15,919,907 |
|
|
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $518,100,986) |
637,969,461 |
||
NET OTHER ASSETS (LIABILITIES) - (0.5)% |
(3,317,605) |
||
NET ASSETS - 100% |
$ 634,651,856 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,478 |
Fidelity Securities Lending Cash Central Fund |
329 |
Total |
$ 9,807 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 622,049,554 |
$ 602,103,757 |
$ 19,945,797 |
$ - |
Money Market Funds |
15,919,907 |
15,919,907 |
- |
- |
Total Investments in Securities: |
$ 637,969,461 |
$ 618,023,664 |
$ 19,945,797 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $519,607,652. Net unrealized appreciation aggregated $118,361,809, of which $119,157,351 related to appreciated investment securities and $795,542 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Retailing Portfolio
November 30, 2013
1.810717.109
RET-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
BEVERAGES - 0.5% |
|||
Distillers & Vintners - 0.5% |
|||
Remy Cointreau SA |
72,000 |
$ 6,139,058 |
|
FOOD & STAPLES RETAILING - 1.2% |
|||
Hypermarkets & Super Centers - 1.2% |
|||
Costco Wholesale Corp. |
111,500 |
13,985,445 |
|
FOOD PRODUCTS - 2.4% |
|||
Packaged Foods & Meats - 2.4% |
|||
Annie's, Inc. (a)(d) |
239,700 |
11,014,215 |
|
Associated British Foods PLC |
451,000 |
16,921,682 |
|
|
27,935,897 |
||
HOUSEHOLD DURABLES - 0.7% |
|||
Household Appliances - 0.7% |
|||
Techtronic Industries Co. Ltd. |
2,820,500 |
7,585,559 |
|
INTERNET & CATALOG RETAIL - 25.7% |
|||
Internet Retail - 25.7% |
|||
Amazon.com, Inc. (a) |
346,120 |
136,239,754 |
|
Netflix, Inc. (a) |
90,900 |
33,251,220 |
|
Ocado Group PLC (a) |
1,558,000 |
10,426,864 |
|
priceline.com, Inc. (a) |
75,280 |
89,758,602 |
|
TripAdvisor, Inc. (a) |
291,000 |
25,701,120 |
|
|
295,377,560 |
||
SOFTWARE - 1.3% |
|||
Home Entertainment Software - 1.3% |
|||
Take-Two Interactive Software, Inc. (a) |
909,350 |
14,876,966 |
|
SPECIALTY RETAIL - 51.5% |
|||
Apparel Retail - 22.8% |
|||
Express, Inc. (a) |
892,102 |
21,954,630 |
|
H&M Hennes & Mauritz AB (B Shares) |
465,100 |
19,711,984 |
|
Inditex SA |
141,462 |
22,556,849 |
|
L Brands, Inc. |
701,789 |
45,609,267 |
|
Ross Stores, Inc. |
536,795 |
41,043,346 |
|
TJX Companies, Inc. |
1,306,400 |
82,146,432 |
|
Urban Outfitters, Inc. (a) |
747,600 |
29,171,352 |
|
|
262,193,860 |
||
Automotive Retail - 6.9% |
|||
AutoZone, Inc. (a) |
88,783 |
40,982,233 |
|
O'Reilly Automotive, Inc. (a) |
311,565 |
38,933,162 |
|
|
79,915,395 |
||
Home Improvement Retail - 17.8% |
|||
Home Depot, Inc. |
2,207,200 |
178,054,825 |
|
Lowe's Companies, Inc. |
558,300 |
26,508,084 |
|
|
204,562,909 |
||
Specialty Stores - 4.0% |
|||
Dick's Sporting Goods, Inc. |
496,100 |
28,039,572 |
|
|
|||
Shares |
Value |
||
Sally Beauty Holdings, Inc. (a) |
498,000 |
$ 14,013,720 |
|
The Container Store Group, Inc. |
96,700 |
3,934,723 |
|
|
45,988,015 |
||
TOTAL SPECIALTY RETAIL |
592,660,179 |
||
TEXTILES, APPAREL & LUXURY GOODS - 15.6% |
|||
Apparel, Accessories & Luxury Goods - 15.6% |
|||
adidas AG |
184,600 |
22,454,703 |
|
Compagnie Financiere Richemont SA Series A |
193,300 |
19,641,361 |
|
G-III Apparel Group Ltd. (a) |
569,344 |
34,302,976 |
|
Kering SA |
82,000 |
18,189,576 |
|
lululemon athletica, Inc. (a)(d) |
241,657 |
16,848,326 |
|
Prada SpA |
808,000 |
7,801,149 |
|
PVH Corp. |
191,300 |
25,618,896 |
|
Swatch Group AG (Bearer) (Reg.) |
106,267 |
11,876,486 |
|
VF Corp. |
97,503 |
22,872,254 |
|
|
179,605,727 |
||
TOTAL COMMON STOCKS (Cost $812,241,323) |
|
Convertible Bonds - 0.1% |
||||
|
Principal Amount |
|
||
SOFTWARE - 0.1% |
||||
Home Entertainment Software - 0.1% |
||||
Take-Two Interactive Software, Inc. 1.75% 12/1/16 |
|
$ 1,000,000 |
|
Money Market Funds - 1.8% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
15,226,190 |
15,226,190 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
5,794,075 |
5,794,075 |
|
TOTAL MONEY MARKET FUNDS (Cost $21,020,265) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $834,261,588) |
|
||
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(9,011,773) |
||
NET ASSETS - 100% |
$ 1,151,310,508 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 10,338 |
Fidelity Securities Lending Cash Central Fund |
140,643 |
Total |
$ 150,981 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,138,166,391 |
$ 1,138,166,391 |
$ - |
$ - |
Convertible Bonds |
1,135,625 |
- |
1,135,625 |
- |
Money Market Funds |
21,020,265 |
21,020,265 |
- |
- |
Total Investments in Securities: |
$ 1,160,322,281 |
$ 1,159,186,656 |
$ 1,135,625 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $835,698,247. Net unrealized appreciation aggregated $324,624,034, of which $326,301,407 related to appreciated investment securities and $1,677,373 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Pharmaceuticals Portfolio
November 30, 2013
1.810707.109
PHR-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 4.6% |
|||
Biotechnology - 4.6% |
|||
Agios Pharmaceuticals, Inc. |
2,300 |
$ 40,365 |
|
Agios Pharmaceuticals, Inc. |
18,514 |
292,429 |
|
Alexion Pharmaceuticals, Inc. (a) |
14,700 |
1,830,150 |
|
AMAG Pharmaceuticals, Inc. (a) |
110,000 |
2,698,300 |
|
Amgen, Inc. |
166,700 |
19,017,136 |
|
Celldex Therapeutics, Inc. (a) |
33,100 |
918,856 |
|
Cubist Pharmaceuticals, Inc. |
131,900 |
9,036,469 |
|
Discovery Laboratories, Inc. (a) |
232,000 |
556,800 |
|
Elan Corp. PLC sponsored ADR (a) |
481,300 |
8,701,904 |
|
Genmab A/S (a) |
53,100 |
2,199,989 |
|
Gentium SpA sponsored ADR (a) |
54,000 |
2,927,880 |
|
Grifols SA Class B |
5,400 |
184,241 |
|
Innate Pharma SA (a)(d) |
244,300 |
1,566,481 |
|
Insmed, Inc. (a) |
72,100 |
1,168,020 |
|
Intercept Pharmaceuticals, Inc. (a) |
15,798 |
827,341 |
|
Medivation, Inc. (a) |
74,500 |
4,694,245 |
|
Novavax, Inc. (a) |
336,200 |
1,250,664 |
|
Regulus Therapeutics, Inc. (a) |
54,000 |
339,660 |
|
Swedish Orphan Biovitrum AB (a) |
153,900 |
1,602,135 |
|
Vanda Pharmaceuticals, Inc. (a) |
134,200 |
1,575,508 |
|
|
61,428,573 |
||
CHEMICALS - 0.2% |
|||
Specialty Chemicals - 0.2% |
|||
Royal DSM NV |
39,201 |
3,076,516 |
|
FOOD PRODUCTS - 0.2% |
|||
Packaged Foods & Meats - 0.2% |
|||
Mead Johnson Nutrition Co. Class A |
37,400 |
3,160,674 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 2.9% |
|||
Health Care Equipment - 2.2% |
|||
Abbott Laboratories |
730,500 |
27,897,795 |
|
DBV Technologies SA (a) |
83,000 |
1,095,983 |
|
Genmark Diagnostics, Inc. (a) |
63,400 |
754,460 |
|
|
29,748,238 |
||
Health Care Supplies - 0.7% |
|||
Ansell Ltd. |
163,231 |
3,020,332 |
|
Antares Pharma, Inc. (a)(d) |
410,000 |
1,615,400 |
|
Cerus Corp. (a) |
211,700 |
1,416,273 |
|
West Pharmaceutical Services, Inc. |
62,300 |
3,110,016 |
|
|
9,162,021 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
38,910,259 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.8% |
|||
Health Care Distributors & Services - 0.8% |
|||
McKesson Corp. |
31,200 |
5,175,768 |
|
PharMerica Corp. (a) |
247,800 |
5,595,324 |
|
|
10,771,092 |
||
|
|||
Shares |
Value |
||
HOUSEHOLD PRODUCTS - 1.0% |
|||
Household Products - 1.0% |
|||
Reckitt Benckiser Group PLC |
158,400 |
$ 12,727,521 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.3% |
|||
Life Sciences Tools & Services - 0.3% |
|||
Eurofins Scientific SA |
14,700 |
3,763,337 |
|
PERSONAL PRODUCTS - 0.4% |
|||
Personal Products - 0.4% |
|||
MYOS Corp. (a) |
2,000,000 |
300,200 |
|
Prestige Brands Holdings, Inc. (a) |
125,892 |
4,436,434 |
|
|
4,736,634 |
||
PHARMACEUTICALS - 88.7% |
|||
Pharmaceuticals - 88.7% |
|||
AbbVie, Inc. |
1,800,690 |
87,243,431 |
|
Actavis PLC (a) |
409,020 |
66,698,891 |
|
Aerie Pharmaceuticals, Inc. |
100,000 |
1,125,000 |
|
Akorn, Inc. (a) |
46,100 |
1,187,075 |
|
ALK-Abello A/S |
30,500 |
3,416,013 |
|
Allergan, Inc. |
94,700 |
9,190,635 |
|
AstraZeneca PLC sponsored ADR |
1,201,200 |
68,696,628 |
|
Auxilium Pharmaceuticals, Inc. (a) |
63,900 |
1,304,199 |
|
Bayer AG |
83,700 |
11,165,973 |
|
Biodelivery Sciences International, Inc. (a)(d) |
563,600 |
2,705,280 |
|
Bristol-Myers Squibb Co. |
1,109,410 |
57,001,486 |
|
Cadence Pharmaceuticals, Inc. (a) |
30,900 |
278,718 |
|
DepoMed, Inc. (a) |
431,600 |
3,806,712 |
|
Durect Corp. (a) |
888,800 |
1,555,400 |
|
Eli Lilly & Co. |
254,000 |
12,755,880 |
|
Endo Health Solutions, Inc. (a)(d) |
287,800 |
19,337,282 |
|
Genomma Lab Internacional SA de CV (a) |
860,300 |
2,521,297 |
|
GlaxoSmithKline PLC sponsored ADR |
936,900 |
49,580,748 |
|
Hikma Pharmaceuticals PLC |
90,371 |
1,783,906 |
|
Hospira, Inc. (a) |
50,300 |
1,977,293 |
|
Impax Laboratories, Inc. (a) |
273,500 |
6,574,940 |
|
Jazz Pharmaceuticals PLC (a) |
172,300 |
20,145,316 |
|
Johnson & Johnson |
928,700 |
87,910,742 |
|
Merck & Co., Inc. |
1,184,236 |
59,010,480 |
|
Mylan, Inc. (a) |
956,800 |
42,223,584 |
|
Novartis AG sponsored ADR |
941,598 |
74,499,234 |
|
Novo Nordisk A/S Series B sponsored ADR |
107,200 |
19,159,856 |
|
Pain Therapeutics, Inc. |
233,817 |
1,070,882 |
|
Paladin Labs, Inc. (a) |
65,100 |
7,110,065 |
|
Perrigo Co. (d) |
402,900 |
62,808,081 |
|
Pfizer, Inc. |
2,434,688 |
77,252,650 |
|
Questcor Pharmaceuticals, Inc. (d) |
171,500 |
9,948,715 |
|
Roche Holding AG (participation certificate) |
121,217 |
33,792,858 |
|
Salix Pharmaceuticals Ltd. (a) |
253,500 |
21,499,335 |
|
Sanofi SA sponsored ADR |
1,967,122 |
103,923,056 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - CONTINUED |
|||
Pharmaceuticals - continued |
|||
Santarus, Inc. (a) |
266,100 |
$ 8,563,098 |
|
Shire PLC sponsored ADR (d) |
280,400 |
38,081,124 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
612,089 |
24,948,748 |
|
The Medicines Company (a) |
287,000 |
10,507,070 |
|
UCB SA |
190,000 |
12,749,590 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
442,127 |
47,646,979 |
|
ViroPharma, Inc. (a) |
177,300 |
8,778,123 |
|
XenoPort, Inc. (a) |
167,700 |
895,518 |
|
Zoetis, Inc. Class A |
123,400 |
3,843,910 |
|
|
1,186,275,801 |
||
TOTAL COMMON STOCKS (Cost $973,463,413) |
|
||
Convertible Preferred Stocks - 0.0% |
|||
|
|
|
|
LIFE SCIENCES TOOLS & SERVICES - 0.0% |
|||
Life Sciences Tools & Services - 0.0% |
|||
Living Proof, Inc. 8.00% (e) |
112,714 |
|
|
Money Market Funds - 7.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
11,119,894 |
11,119,894 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
92,919,933 |
92,919,933 |
|
TOTAL MONEY MARKET FUNDS (Cost $104,039,827) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $1,077,703,240) |
1,429,090,234 |
||
NET OTHER ASSETS (LIABILITIES) - (6.9)% |
(91,648,243) |
||
NET ASSETS - 100% |
$ 1,337,441,991 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $200,000 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Living Proof, Inc. 8.00% |
2/13/13 |
$ 200,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 21,207 |
Fidelity Securities Lending Cash Central Fund |
214,434 |
Total |
$ 235,641 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,324,850,407 |
$ 1,324,373,737 |
$ 476,670 |
$ - |
Convertible Preferred Stocks |
200,000 |
- |
- |
200,000 |
Money Market Funds |
104,039,827 |
104,039,827 |
- |
- |
Total Investments in Securities: |
$ 1,429,090,234 |
$ 1,428,413,564 |
$ 476,670 |
$ 200,000 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,080,168,592. Net unrealized appreciation aggregated $348,921,642, of which $351,781,466 related to appreciated investment securities and $2,859,824 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer Finance Portfolio
November 30, 2013
1.810686.109
SAV-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.7% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 1.0% |
|||
Investment Banking & Brokerage - 1.0% |
|||
E*TRADE Financial Corp. (a) |
144,400 |
$ 2,587,648 |
|
COMMERCIAL BANKS - 7.1% |
|||
Diversified Banks - 4.9% |
|||
U.S. Bancorp |
158,400 |
6,212,448 |
|
Wells Fargo & Co. |
133,900 |
5,894,278 |
|
|
12,106,726 |
||
Regional Banks - 2.2% |
|||
PNC Financial Services Group, Inc. |
72,100 |
5,548,095 |
|
TOTAL COMMERCIAL BANKS |
17,654,821 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.6% |
|||
Diversified Support Services - 0.6% |
|||
Intrum Justitia AB |
61,000 |
1,553,050 |
|
CONSUMER FINANCE - 25.6% |
|||
Consumer Finance - 25.6% |
|||
American Express Co. |
166,700 |
14,302,860 |
|
Capital One Financial Corp. |
249,500 |
17,871,684 |
|
Cash America International, Inc. |
31,746 |
1,193,967 |
|
Discover Financial Services |
168,600 |
8,986,380 |
|
EZCORP, Inc. (non-vtg.) Class A (a) |
67,800 |
791,904 |
|
First Cash Financial Services, Inc. (a) |
65,300 |
4,151,774 |
|
International Personal Finance PLC |
87,500 |
850,467 |
|
Nelnet, Inc. Class A |
48,100 |
2,164,500 |
|
SLM Corp. |
495,900 |
13,215,735 |
|
|
63,529,271 |
||
DIVERSIFIED FINANCIAL SERVICES - 10.1% |
|||
Other Diversified Financial Services - 9.4% |
|||
Bank of America Corp. |
507,300 |
8,025,486 |
|
Citigroup, Inc. |
141,500 |
7,488,180 |
|
JPMorgan Chase & Co. |
137,600 |
7,873,472 |
|
|
23,387,138 |
||
Specialized Finance - 0.7% |
|||
PHH Corp. (a)(d) |
76,000 |
1,827,040 |
|
TOTAL DIVERSIFIED FINANCIAL SERVICES |
25,214,178 |
||
IT SERVICES - 19.9% |
|||
Data Processing & Outsourced Services - 19.9% |
|||
Alliance Data Systems Corp. (a)(d) |
7,900 |
1,913,854 |
|
EVERTEC, Inc. |
3,900 |
86,073 |
|
FleetCor Technologies, Inc. (a) |
24,200 |
2,947,076 |
|
Global Payments, Inc. |
33,100 |
2,086,955 |
|
MasterCard, Inc. Class A |
23,200 |
17,650,792 |
|
Total System Services, Inc. |
252,200 |
7,830,810 |
|
Visa, Inc. Class A |
83,884 |
17,067,039 |
|
|
49,582,599 |
||
|
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 13.9% |
|||
Mortgage REITs - 13.9% |
|||
American Capital Agency Corp. |
405,600 |
$ 8,266,128 |
|
Annaly Capital Management, Inc. |
790,700 |
8,033,512 |
|
Capstead Mortgage Corp. |
57,300 |
689,319 |
|
Chimera Investment Corp. |
1,071,300 |
3,160,335 |
|
Hatteras Financial Corp. |
172,500 |
2,882,475 |
|
Invesco Mortgage Capital, Inc. |
195,057 |
2,945,361 |
|
MFA Financial, Inc. |
677,100 |
4,936,059 |
|
New Residential Investment Corp. |
288,600 |
1,743,144 |
|
Redwood Trust, Inc. (d) |
100,200 |
1,861,716 |
|
|
34,518,049 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% |
|||
Real Estate Services - 1.2% |
|||
Altisource Portfolio Solutions SA |
18,700 |
3,010,326 |
|
THRIFTS & MORTGAGE FINANCE - 20.3% |
|||
Thrifts & Mortgage Finance - 20.3% |
|||
BofI Holding, Inc. (a) |
18,500 |
1,516,260 |
|
Capitol Federal Financial, Inc. |
98,000 |
1,181,880 |
|
EverBank Financial Corp. |
48,100 |
821,067 |
|
Flagstar Bancorp, Inc. (a) |
34,100 |
625,735 |
|
Hudson City Bancorp, Inc. |
775,685 |
7,244,898 |
|
MGIC Investment Corp. (a) |
422,653 |
3,427,716 |
|
Nationstar Mortgage Holdings, Inc. (a)(d) |
95,600 |
3,788,628 |
|
New York Community Bancorp, Inc. (d) |
472,200 |
7,800,744 |
|
Northfield Bancorp, Inc. |
49,900 |
648,700 |
|
Ocwen Financial Corp. (a) |
171,900 |
9,739,854 |
|
People's United Financial, Inc. |
309,100 |
4,679,774 |
|
Provident Financial Services, Inc. |
37,100 |
725,305 |
|
Radian Group, Inc. |
232,565 |
3,316,377 |
|
TFS Financial Corp. (a) |
234,000 |
2,742,480 |
|
Washington Federal, Inc. |
92,300 |
2,158,897 |
|
|
50,418,315 |
||
TOTAL COMMON STOCKS (Cost $192,741,314) |
|
||
Money Market Funds - 6.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
1,094,944 |
$ 1,094,944 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
14,762,950 |
14,762,950 |
|
TOTAL MONEY MARKET FUNDS (Cost $15,857,894) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $208,599,208) |
263,926,151 |
||
NET OTHER ASSETS (LIABILITIES) - (6.1)% |
(15,238,615) |
||
NET ASSETS - 100% |
$ 248,687,536 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 2,757 |
Fidelity Securities Lending Cash Central Fund |
43,330 |
Total |
$ 46,087 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $209,220,599. Net unrealized appreciation aggregated $54,705,552, of which $62,639,618 related to appreciated investment securities and $7,934,066 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select IT Services Portfolio
November 30, 2013
1.810669.109
BSO-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.4% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.5% |
|||
Office Services & Supplies - 0.5% |
|||
West Corp. |
268,500 |
$ 6,183,555 |
|
COMPUTERS & PERIPHERALS - 1.5% |
|||
Computer Hardware - 0.5% |
|||
NCR Corp. (a) |
163,400 |
5,710,830 |
|
Computer Storage & Peripherals - 1.0% |
|||
Electronics for Imaging, Inc. (a) |
329,800 |
13,060,080 |
|
TOTAL COMPUTERS & PERIPHERALS |
18,770,910 |
||
DIVERSIFIED CONSUMER SERVICES - 0.5% |
|||
Specialized Consumer Services - 0.5% |
|||
H&R Block, Inc. |
213,300 |
5,948,937 |
|
HEALTH CARE TECHNOLOGY - 0.0% |
|||
Health Care Technology - 0.0% |
|||
Veeva Systems, Inc. Class A |
1,000 |
40,490 |
|
INTERNET SOFTWARE & SERVICES - 2.5% |
|||
Internet Software & Services - 2.5% |
|||
Demandware, Inc. (a) |
118,420 |
6,710,861 |
|
Endurance International Group Holdings, Inc. (d) |
587,400 |
8,393,946 |
|
Web.com Group, Inc. (a) |
309,150 |
8,826,233 |
|
Wix.com Ltd. (a) |
123,912 |
2,540,196 |
|
Xoom Corp. |
214,401 |
5,924,972 |
|
|
32,396,208 |
||
IT SERVICES - 87.5% |
|||
Data Processing & Outsourced Services - 51.6% |
|||
Alliance Data Systems Corp. (a)(d) |
138,248 |
33,491,960 |
|
Broadridge Financial Solutions, Inc. |
7,800 |
297,570 |
|
Cardtronics, Inc. (a) |
115,800 |
4,931,922 |
|
Cass Information Systems, Inc. |
13,552 |
850,388 |
|
Computer Sciences Corp. |
716,300 |
37,691,706 |
|
Convergys Corp. |
60,900 |
1,249,668 |
|
CoreLogic, Inc. (a) |
493,900 |
17,400,097 |
|
CSG Systems International, Inc. |
456,970 |
13,192,724 |
|
Euronet Worldwide, Inc. (a) |
373,900 |
18,115,455 |
|
EVERTEC, Inc. |
698,300 |
15,411,481 |
|
ExlService Holdings, Inc. (a) |
947,900 |
24,986,644 |
|
Fidelity National Information Services, Inc. |
800,700 |
40,579,476 |
|
Fiserv, Inc. (a) |
52,800 |
5,802,192 |
|
FleetCor Technologies, Inc. (a) |
201,400 |
24,526,492 |
|
Genpact Ltd. (a) |
187,800 |
3,361,620 |
|
Global Payments, Inc. |
198,000 |
12,483,900 |
|
Heartland Payment Systems, Inc. (d) |
247,900 |
11,133,189 |
|
Jack Henry & Associates, Inc. |
1,600 |
90,832 |
|
Lender Processing Services, Inc. |
222,200 |
7,801,442 |
|
MasterCard, Inc. Class A |
139,740 |
106,315,589 |
|
Maximus, Inc. |
66,100 |
3,007,550 |
|
MoneyGram International, Inc. (a) |
92,600 |
1,952,934 |
|
|
|||
Shares |
Value |
||
NeuStar, Inc. Class A (a) |
123,800 |
$ 6,035,250 |
|
Sykes Enterprises, Inc. (a) |
145,300 |
3,216,942 |
|
Syntel, Inc. |
224,900 |
19,874,413 |
|
Teletech Holdings, Inc. (a) |
2,000 |
51,360 |
|
The Western Union Co. |
580,500 |
9,676,935 |
|
Total System Services, Inc. |
459,700 |
14,273,685 |
|
Vantiv, Inc. (a) |
810,900 |
24,570,270 |
|
VeriFone Systems, Inc. (a) |
262,200 |
6,714,942 |
|
Visa, Inc. Class A |
798,712 |
162,505,943 |
|
WEX, Inc. (a) |
121,500 |
12,060,090 |
|
WNS Holdings Ltd. sponsored ADR (a) |
740,929 |
14,833,399 |
|
|
658,488,060 |
||
IT Consulting & Other Services - 35.9% |
|||
Accenture PLC Class A |
970,900 |
75,215,623 |
|
Acxiom Corp. (a) |
175,900 |
5,853,952 |
|
Atos Origin SA (d) |
222,824 |
18,862,774 |
|
Booz Allen Hamilton Holding Corp. Class A |
192,100 |
3,359,829 |
|
CACI International, Inc. Class A (a) |
122,400 |
8,784,648 |
|
Camelot Information Systems, Inc. ADR (a) |
805,344 |
1,578,474 |
|
Cap Gemini SA |
84,300 |
5,498,248 |
|
CGI Group, Inc. Class A (sub. vtg.) (a) |
31,700 |
1,170,682 |
|
Ciber, Inc. (a) |
689,900 |
2,732,004 |
|
Cognizant Technology Solutions Corp. Class A (a) |
997,066 |
93,614,527 |
|
Computer Task Group, Inc. |
103,100 |
1,963,024 |
|
EPAM Systems, Inc. (a)(d) |
870,600 |
30,880,182 |
|
Forrester Research, Inc. |
31,800 |
1,271,364 |
|
Gartner, Inc. Class A (a) |
184,400 |
11,921,460 |
|
IBM Corp. |
503,950 |
90,549,736 |
|
IBS Group Holding Ltd. GDR (Reg. S) |
286,646 |
9,425,769 |
|
iGATE Corp. (a) |
138,700 |
4,643,676 |
|
Leidos Holdings, Inc. (d) |
44,225 |
2,150,662 |
|
Luxoft Holding, Inc. |
366,836 |
13,914,089 |
|
ManTech International Corp. Class A (d) |
233,100 |
6,706,287 |
|
NCI, Inc. Class A (a) |
199,300 |
1,299,436 |
|
Sapient Corp. (a) |
684,000 |
10,759,320 |
|
ServiceSource International, Inc. (a) |
958,400 |
9,306,064 |
|
Teradata Corp. (a) |
151,100 |
6,896,204 |
|
Unisys Corp. (a) |
280,140 |
7,695,446 |
|
Virtusa Corp. (a) |
942,012 |
33,243,603 |
|
|
459,297,083 |
||
TOTAL IT SERVICES |
1,117,785,143 |
||
PROFESSIONAL SERVICES - 1.6% |
|||
Research & Consulting Services - 1.6% |
|||
Equifax, Inc. |
90,400 |
6,086,632 |
|
ICF International, Inc. (a) |
249,100 |
9,012,438 |
|
Verisk Analytics, Inc. (a) |
76,000 |
4,948,360 |
|
|
20,047,430 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - 3.3% |
|||
Application Software - 1.5% |
|||
Bottomline Technologies, Inc. (a) |
224,800 |
$ 7,771,336 |
|
Descartes Systems Group, Inc. (a) |
68,400 |
928,909 |
|
Diligent Board Member Services, Inc. (a)(d) |
1,198,061 |
3,791,515 |
|
Guidewire Software, Inc. (a) |
55,600 |
2,653,788 |
|
SAP AG sponsored ADR (d) |
36,700 |
3,035,824 |
|
Workday, Inc. Class A (a) |
1,400 |
115,290 |
|
Zensar Technologies Ltd. (a) |
138,123 |
715,086 |
|
|
19,011,748 |
||
Systems Software - 1.8% |
|||
Exact Holdings NV |
20,300 |
649,181 |
|
FleetMatics Group PLC (a) |
156,900 |
6,072,030 |
|
NetSuite, Inc. (a) |
46,400 |
4,458,112 |
|
Oracle Corp. |
358,900 |
12,665,581 |
|
|
23,844,904 |
||
TOTAL SOFTWARE |
42,856,652 |
||
TOTAL COMMON STOCKS (Cost $972,395,620) |
|
||
Money Market Funds - 6.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
33,089,735 |
$ 33,089,735 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
50,610,860 |
50,610,860 |
|
TOTAL MONEY MARKET FUNDS (Cost $83,700,595) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $1,056,096,215) |
|
||
NET OTHER ASSETS (LIABILITIES) - (4.0)% |
(50,943,744) |
||
NET ASSETS - 100% |
$ 1,276,786,176 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 13,591 |
Fidelity Securities Lending Cash Central Fund |
44,517 |
Total |
$ 58,108 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,060,231,610. Net unrealized appreciation aggregated $267,498,310, of which $280,230,291 related to appreciated investment securities and $12,731,981 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Equipment and
Systems Portfolio
November 30, 2013
1.810698.109
MES-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.3% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 1.9% |
|||
Biotechnology - 1.9% |
|||
Genomic Health, Inc. (a)(d) |
180,000 |
$ 6,332,400 |
|
Grifols SA ADR |
700,000 |
24,034,500 |
|
|
30,366,900 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 86.2% |
|||
Health Care Equipment - 75.0% |
|||
Abbott Laboratories |
2,280,000 |
87,073,200 |
|
Accuray, Inc. (a)(d) |
1,500,000 |
11,970,000 |
|
ArthroCare Corp. (a) |
170,000 |
6,412,400 |
|
Atricure, Inc. (a) |
600,000 |
9,396,000 |
|
Baxter International, Inc. |
500,000 |
34,225,000 |
|
Boston Scientific Corp. (a) |
16,900,000 |
195,702,000 |
|
C.R. Bard, Inc. |
360,000 |
49,996,800 |
|
Cardiovascular Systems, Inc. (a) |
280,000 |
9,296,000 |
|
CONMED Corp. |
660,000 |
26,868,600 |
|
Covidien PLC |
2,050,000 |
139,933,000 |
|
Edwards Lifesciences Corp. (a) |
220,000 |
14,416,600 |
|
Exactech, Inc. (a)(e) |
800,000 |
19,904,000 |
|
Genmark Diagnostics, Inc. (a)(d) |
1,157,806 |
13,777,891 |
|
HeartWare International, Inc. (a) |
250,000 |
24,100,000 |
|
Insulet Corp. (a) |
670,000 |
24,803,400 |
|
Integra LifeSciences Holdings Corp. (a) |
550,000 |
25,547,500 |
|
Intuitive Surgical, Inc. (a) |
174,000 |
65,580,600 |
|
Masimo Corp. |
848,256 |
24,285,569 |
|
Medtronic, Inc. |
1,500,000 |
85,980,000 |
|
Natus Medical, Inc. (a) |
600,000 |
13,818,000 |
|
NxStage Medical, Inc. (a) |
500,000 |
5,105,000 |
|
PW Medtech Group Ltd. (a) |
6,123,000 |
2,843,297 |
|
ResMed, Inc. (d) |
470,000 |
22,940,700 |
|
Smith & Nephew PLC sponsored ADR (d) |
550,000 |
36,784,000 |
|
St. Jude Medical, Inc. |
300,000 |
17,526,000 |
|
Steris Corp. |
143,320 |
6,612,785 |
|
Stryker Corp. |
1,540,000 |
114,606,800 |
|
Tandem Diabetes Care, Inc. |
97,300 |
2,141,573 |
|
Teleflex, Inc. |
70,000 |
6,881,700 |
|
Tornier NV (a) |
1,000,000 |
18,090,000 |
|
Varian Medical Systems, Inc. (a) |
250,000 |
19,512,500 |
|
Volcano Corp. (a) |
1,500,000 |
34,155,000 |
|
Wright Medical Group, Inc. (a) |
650,000 |
19,376,500 |
|
Zeltiq Aesthetics, Inc. (a)(d) |
730,000 |
12,804,200 |
|
Zimmer Holdings, Inc. |
280,000 |
25,594,800 |
|
|
1,228,061,415 |
||
Health Care Supplies - 11.2% |
|||
Alere, Inc. (a) |
150,000 |
4,908,000 |
|
Align Technology, Inc. (a) |
350,000 |
19,124,000 |
|
ASAHI INTECC Co. Ltd. |
80,000 |
5,497,584 |
|
DENTSPLY International, Inc. |
950,000 |
45,182,000 |
|
Derma Sciences, Inc. (a) |
500,000 |
5,800,000 |
|
|
|||
Shares |
Value |
||
The Cooper Companies, Inc. |
440,000 |
$ 57,965,600 |
|
The Spectranetics Corp. (a) |
800,000 |
18,608,000 |
|
Vascular Solutions, Inc. (a) |
360,000 |
7,506,000 |
|
West Pharmaceutical Services, Inc. |
370,000 |
18,470,400 |
|
|
183,061,584 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
1,411,122,999 |
||
HEALTH CARE PROVIDERS & SERVICES - 2.4% |
|||
Health Care Distributors & Services - 0.5% |
|||
Amplifon SpA |
1,600,000 |
8,587,616 |
|
Health Care Facilities - 0.4% |
|||
Hanger, Inc. (a) |
150,000 |
5,826,000 |
|
Health Care Services - 1.5% |
|||
Catamaran Corp. (a) |
300,000 |
13,693,473 |
|
Miraca Holdings, Inc. |
250,000 |
11,615,989 |
|
|
25,309,462 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
39,723,078 |
||
HEALTH CARE TECHNOLOGY - 1.4% |
|||
Health Care Technology - 1.4% |
|||
Cerner Corp. (a) |
400,000 |
22,988,000 |
|
LIFE SCIENCES TOOLS & SERVICES - 3.3% |
|||
Life Sciences Tools & Services - 3.3% |
|||
Bruker BioSciences Corp. (a) |
460,000 |
8,896,400 |
|
Eurofins Scientific SA |
35,000 |
8,962,305 |
|
Illumina, Inc. (a) |
360,000 |
35,280,000 |
|
|
53,138,705 |
||
PHARMACEUTICALS - 3.1% |
|||
Pharmaceuticals - 3.1% |
|||
Actavis PLC (a) |
190,001 |
30,983,463 |
|
Perrigo Co. (d) |
128,000 |
19,953,920 |
|
|
50,937,383 |
||
TOTAL COMMON STOCKS (Cost $1,153,404,739) |
|
||
Preferred Stocks - 1.6% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.9% |
|||
BIOTECHNOLOGY - 0.4% |
|||
Biotechnology - 0.4% |
|||
Ariosa Diagnostics (a)(f) |
347,782 |
2,100,603 |
|
Ariosa Diagnostics Series B (f) |
53,177 |
321,189 |
|
Roka Bioscience, Inc. Series E, 8.00% (a)(f) |
3,136,640 |
4,000,000 |
|
|
6,421,792 |
||
Preferred Stocks - continued |
|||
Shares |
Value |
||
Convertible Preferred Stocks - continued |
|||
HEALTH CARE TECHNOLOGY - 0.5% |
|||
Health Care Technology - 0.5% |
|||
Castlight Health, Inc. Series D (a)(f) |
999,300 |
$ 7,954,428 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
14,376,220 |
||
Nonconvertible Preferred Stocks - 0.7% |
|||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.7% |
|||
Health Care Equipment - 0.7% |
|||
Sartorius AG (non-vtg.) |
100,000 |
11,210,100 |
|
TOTAL PREFERRED STOCKS (Cost $21,847,076) |
|
||
Money Market Funds - 4.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
11,017,232 |
11,017,232 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
56,871,785 |
56,871,785 |
|
TOTAL MONEY MARKET FUNDS (Cost $67,889,017) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $1,243,140,832) |
|
||
NET OTHER ASSETS (LIABILITIES) - (4.0)% |
(65,173,881) |
||
NET ASSETS - 100% |
$ 1,636,578,521 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,376,220 or 0.9% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Ariosa Diagnostics |
11/30/11 - 3/1/13 |
$ 2,100,603 |
Ariosa Diagnostics Series B |
3/1/13 |
$ 321,189 |
Castlight Health, Inc. Series D |
4/25/12 |
$ 6,032,334 |
Roka Bioscience, Inc. Series E, 8.00% |
11/20/13 |
$ 4,000,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,640 |
Fidelity Securities Lending Cash Central Fund |
190,958 |
Total |
$ 200,598 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Exactech, Inc. |
$ 16,569,000 |
$ 2,043,545 |
$ 4,146,176 |
$ - |
$ 19,904,000 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,608,277,065 |
$ 1,608,277,065 |
$ - |
$ - |
Preferred Stocks |
25,586,320 |
11,210,100 |
- |
14,376,220 |
Money Market Funds |
67,889,017 |
67,889,017 |
- |
- |
Total Investments in Securities: |
$ 1,701,752,402 |
$ 1,687,376,182 |
$ - |
$ 14,376,220 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,246,398,204. Net unrealized appreciation aggregated $455,354,198, of which $473,287,949 related to appreciated investment securities and $17,933,751 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Automotive Portfolio
November 30, 2013
1.810666.109
AUT-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 95.4% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 44.7% |
|||
Auto Parts & Equipment - 38.8% |
|||
American Axle & Manufacturing Holdings, Inc. (a) |
159,000 |
$ 3,180,000 |
|
Autoliv, Inc. |
36,355 |
3,375,925 |
|
BorgWarner, Inc. |
147,100 |
15,764,707 |
|
Dana Holding Corp. |
248,900 |
5,047,692 |
|
Delphi Automotive PLC |
359,778 |
21,065,002 |
|
Dorman Products, Inc. |
63,800 |
3,175,964 |
|
Federal-Mogul Corp. Class A (a) |
111,255 |
2,282,953 |
|
Gentex Corp. |
121,300 |
3,615,953 |
|
Johnson Controls, Inc. |
330,270 |
16,681,938 |
|
Lear Corp. |
101,000 |
8,373,910 |
|
Linamar Corp. |
3,900 |
153,607 |
|
Magna International, Inc. Class A (sub. vtg.) (e) |
131,584 |
10,711,982 |
|
Tenneco, Inc. (a) |
293,146 |
16,826,580 |
|
TRW Automotive Holdings Corp. (a) |
223,100 |
17,312,560 |
|
Visteon Corp. (a) |
80,700 |
6,346,248 |
|
|
133,915,021 |
||
Tires & Rubber - 5.9% |
|||
Cooper Tire & Rubber Co. (e) |
63,200 |
1,554,720 |
|
Pirelli & C SpA |
465,100 |
7,166,629 |
|
The Goodyear Tire & Rubber Co. |
517,826 |
11,526,807 |
|
|
20,248,156 |
||
TOTAL AUTO COMPONENTS |
154,163,177 |
||
AUTOMOBILES - 50.5% |
|||
Automobile Manufacturers - 45.7% |
|||
Ford Motor Co. |
1,337,861 |
22,850,666 |
|
General Motors Co. (a) |
791,444 |
30,652,626 |
|
Honda Motor Co. Ltd. sponsored ADR (e) |
1,107,605 |
46,918,148 |
|
Tesla Motors, Inc. (a)(e) |
55,700 |
7,089,496 |
|
Toyota Motor Corp. sponsored ADR (e) |
401,497 |
50,207,199 |
|
|
157,718,135 |
||
Motorcycle Manufacturers - 4.8% |
|||
Harley-Davidson, Inc. |
248,100 |
16,627,662 |
|
TOTAL AUTOMOBILES |
174,345,797 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2% |
|||
Electronic Equipment & Instruments - 0.2% |
|||
Research Frontiers, Inc. (a)(e) |
128,570 |
858,848 |
|
TOTAL COMMON STOCKS (Cost $239,808,771) |
|
||
Nonconvertible Preferred Stocks - 3.0% |
|||
Shares |
Value |
||
AUTOMOBILES - 3.0% |
|||
Automobile Manufacturers - 3.0% |
|||
Volkswagen AG |
39,400 |
$ 10,455,721 |
Nonconvertible Bonds - 0.0% |
||||
|
Principal |
|
||
AUTOMOBILES - 0.0% |
||||
Automobile Manufacturers - 0.0% |
||||
General Motors Corp. 6.75% 5/1/28 (d) |
|
$ 31,005,000 |
|
Money Market Funds - 15.8% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
4,732,136 |
4,732,136 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
49,785,021 |
49,785,021 |
|
TOTAL MONEY MARKET FUNDS (Cost $54,517,157) |
|
||
TOTAL INVESTMENT PORTFOLIO - 114.2% (Cost $302,796,936) |
394,340,703 |
||
NET OTHER ASSETS (LIABILITIES) - (14.2)% |
(49,109,692) |
||
NET ASSETS - 100% |
$ 345,231,011 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Non-income producing - Security is in default. |
(e) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 5,478 |
Fidelity Securities Lending Cash Central Fund |
149,718 |
Total |
$ 155,196 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 329,367,822 |
$ 329,367,822 |
$ - |
$ - |
Nonconvertible Preferred Stocks |
10,455,721 |
10,455,721 |
- |
- |
Nonconvertible Bonds |
3 |
- |
- |
3 |
Money Market Funds |
54,517,157 |
54,517,157 |
- |
- |
Total Investments in Securities: |
$ 394,340,703 |
$ 394,340,700 |
$ - |
$ 3 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $303,852,325. Net unrealized appreciation aggregated $90,488,378, of which $91,722,717 related to appreciated investment securities and $1,234,339 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Multimedia Portfolio
November 30, 2013
1.810700.109
BAM-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 2.1% |
|||
Internet Retail - 2.1% |
|||
Netflix, Inc. (a) |
53,800 |
$ 19,680,040 |
|
zulily, Inc. |
2,200 |
76,978 |
|
|
19,757,018 |
||
INTERNET SOFTWARE & SERVICES - 2.0% |
|||
Internet Software & Services - 2.0% |
|||
Yahoo!, Inc. (a) |
519,200 |
19,200,016 |
|
MEDIA - 95.4% |
|||
Advertising - 4.2% |
|||
Digital Generation, Inc. (a) |
195,200 |
2,305,312 |
|
Interpublic Group of Companies, Inc. |
401,900 |
6,993,060 |
|
National CineMedia, Inc. |
182,900 |
3,411,085 |
|
Omnicom Group, Inc. |
377,600 |
26,979,520 |
|
|
39,688,977 |
||
Broadcasting - 16.9% |
|||
Belo Corp. Series A |
332,300 |
4,562,479 |
|
CBS Corp. Class B |
1,215,400 |
71,173,824 |
|
Cumulus Media, Inc. Class A (a)(d) |
780,310 |
5,446,564 |
|
Discovery Communications, Inc.: |
|
|
|
Class A (a) |
115,550 |
10,084,049 |
|
Class C (non-vtg.) (a) |
251,150 |
20,285,386 |
|
Entercom Communications Corp. Class A (a) |
76,053 |
796,275 |
|
Liberty Media Corp. Class A (a) |
210,793 |
32,348,294 |
|
Nexstar Broadcasting Group, Inc. Class A |
16,200 |
804,654 |
|
Sinclair Broadcast Group, Inc. Class A |
500,600 |
16,429,692 |
|
|
161,931,217 |
||
Cable & Satellite - 33.5% |
|||
AMC Networks, Inc. Class A (a) |
107,000 |
6,868,330 |
|
Charter Communications, Inc. Class A (a) |
105,900 |
14,307,090 |
|
Comcast Corp.: |
|
|
|
Class A |
1,816,350 |
90,581,375 |
|
Class A (special) (non-vtg.) |
589,270 |
28,373,351 |
|
DIRECTV (a) |
343,913 |
22,736,088 |
|
DISH Network Corp. Class A |
330,800 |
17,916,128 |
|
Liberty Global PLC: |
|
|
|
Class A (a) |
268,389 |
23,030,460 |
|
Class C (a) |
266,779 |
21,729,150 |
|
Sirius XM Holdings, Inc. (d) |
5,718,360 |
21,558,217 |
|
Starz - Liberty Capital Series A (a) |
170,700 |
4,827,396 |
|
Time Warner Cable, Inc. |
495,069 |
68,428,437 |
|
|
320,356,022 |
||
Movies & Entertainment - 36.9% |
|||
DreamWorks Animation SKG, Inc. Class A (a)(d) |
161,700 |
5,151,762 |
|
Lions Gate Entertainment Corp. (a)(d) |
194,177 |
6,143,760 |
|
Live Nation Entertainment, Inc. (a) |
1,306,500 |
24,000,405 |
|
|
|||
Shares |
Value |
||
The Madison Square Garden Co. Class A (a) |
107,500 |
$ 6,058,700 |
|
The Walt Disney Co. |
2,125,804 |
149,954,211 |
|
Time Warner, Inc. |
717,422 |
47,141,800 |
|
Twenty-First Century Fox, Inc.: |
|
|
|
Class A |
1,936,007 |
64,836,874 |
|
Class B |
56,600 |
1,869,498 |
|
Viacom, Inc. Class B (non-vtg.) |
595,100 |
47,709,167 |
|
|
352,866,177 |
||
Publishing - 3.9% |
|||
E.W. Scripps Co. Class A (a) |
205,200 |
4,159,404 |
|
Gannett Co., Inc. |
417,800 |
11,305,668 |
|
Graham Holdings Co. |
10,400 |
7,004,400 |
|
Journal Communications, Inc. Class A (a) |
360,975 |
3,487,019 |
|
Martha Stewart Living Omnimedia, Inc. Class A (a) |
521,433 |
1,924,088 |
|
Meredith Corp. (d) |
93,400 |
4,981,956 |
|
The New York Times Co. Class A |
345,400 |
4,821,784 |
|
Valassis Communications, Inc. |
100 |
2,936 |
|
|
37,687,255 |
||
TOTAL MEDIA |
912,529,648 |
||
TOTAL COMMON STOCKS (Cost $646,398,029) |
|
||
Money Market Funds - 4.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
11,849,427 |
11,849,427 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
28,080,728 |
28,080,728 |
|
TOTAL MONEY MARKET FUNDS (Cost $39,930,155) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $686,328,184) |
991,416,837 |
||
NET OTHER ASSETS (LIABILITIES) - (3.7)% |
(35,512,497) |
||
NET ASSETS - 100% |
$ 955,904,340 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 25,838 |
Fidelity Securities Lending Cash Central Fund |
104,277 |
Total |
$ 130,115 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $688,633,956. Net unrealized appreciation aggregated $302,782,881, of which $304,002,256 related to appreciated investment securities and $1,219,375 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Delivery Portfolio
November 30, 2013
1.810676.109
MED-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
CHEMICALS - 0.2% |
|||
Specialty Chemicals - 0.2% |
|||
Sigma Aldrich Corp. |
21,000 |
$ 1,811,040 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.2% |
|||
Environmental & Facility Services - 0.2% |
|||
Stericycle, Inc. (a) |
15,700 |
1,844,436 |
|
DIVERSIFIED CONSUMER SERVICES - 0.7% |
|||
Specialized Consumer Services - 0.7% |
|||
H&R Block, Inc. |
179,100 |
4,995,099 |
|
FOOD & STAPLES RETAILING - 1.1% |
|||
Drug Retail - 1.1% |
|||
CVS Caremark Corp. |
98,700 |
6,608,952 |
|
Jean Coutu Group, Inc. Class A (sub. vtg.) |
97,100 |
1,656,791 |
|
|
8,265,743 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.5% |
|||
Health Care Equipment - 0.5% |
|||
Covidien PLC |
28,400 |
1,938,584 |
|
NxStage Medical, Inc. (a) |
139,300 |
1,422,253 |
|
|
3,360,837 |
||
HEALTH CARE PROVIDERS & SERVICES - 94.1% |
|||
Health Care Distributors & Services - 22.9% |
|||
AmerisourceBergen Corp. |
186,900 |
13,182,057 |
|
Cardinal Health, Inc. |
786,900 |
50,833,740 |
|
Henry Schein, Inc. (a) |
175,700 |
20,029,800 |
|
McKesson Corp. |
409,300 |
67,898,777 |
|
MWI Veterinary Supply, Inc. (a) |
38,200 |
6,958,894 |
|
Patterson Companies, Inc. |
213,800 |
8,870,562 |
|
|
167,773,830 |
||
Health Care Facilities - 9.0% |
|||
Community Health Systems, Inc. |
429,500 |
17,716,875 |
|
HCA Holdings, Inc. |
780,300 |
36,221,526 |
|
LifePoint Hospitals, Inc. (a) |
54,300 |
2,781,789 |
|
Surgical Care Affiliates, Inc. |
11,300 |
343,972 |
|
The Ensign Group, Inc. |
60,200 |
2,719,234 |
|
U.S. Physical Therapy, Inc. |
49,000 |
1,654,240 |
|
Universal Health Services, Inc. Class B |
56,500 |
4,657,295 |
|
|
66,094,931 |
||
Health Care Services - 31.6% |
|||
Air Methods Corp. (d) |
136,900 |
7,660,924 |
|
BioScrip, Inc. (a) |
829,100 |
5,646,171 |
|
Catamaran Corp. (a) |
116,912 |
5,336,438 |
|
Corvel Corp. (a) |
85,200 |
3,943,908 |
|
DaVita, Inc. (a) |
548,700 |
32,675,085 |
|
Express Scripts Holding Co. (a) |
1,534,350 |
103,338,473 |
|
Fresenius SE & Co. KGaA |
105,900 |
14,994,059 |
|
Laboratory Corp. of America Holdings (a) |
46,300 |
4,715,655 |
|
Landauer, Inc. |
91,600 |
4,854,800 |
|
|
|||
Shares |
Value |
||
MEDNAX, Inc. (a) |
155,100 |
$ 17,185,080 |
|
Quest Diagnostics, Inc. (d) |
473,700 |
28,867,278 |
|
Team Health Holdings, Inc. (a) |
36,900 |
1,724,337 |
|
|
230,942,208 |
||
Managed Health Care - 30.6% |
|||
Aetna, Inc. |
332,300 |
22,905,439 |
|
Centene Corp. (a) |
167,700 |
10,016,721 |
|
CIGNA Corp. |
407,500 |
35,635,875 |
|
Molina Healthcare, Inc. (a) |
307,500 |
10,332,000 |
|
Qualicorp SA (a) |
314,700 |
2,941,739 |
|
Triple-S Management Corp. (a) |
110,000 |
2,228,600 |
|
UnitedHealth Group, Inc. |
1,755,697 |
130,764,312 |
|
WellPoint, Inc. |
96,100 |
8,925,768 |
|
|
223,750,454 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
688,561,423 |
||
HEALTH CARE TECHNOLOGY - 0.2% |
|||
Health Care Technology - 0.2% |
|||
HMS Holdings Corp. (a) |
71,000 |
1,626,610 |
|
INDUSTRIAL CONGLOMERATES - 0.3% |
|||
Industrial Conglomerates - 0.3% |
|||
Danaher Corp. |
25,500 |
1,907,400 |
|
IT SERVICES - 0.2% |
|||
Data Processing & Outsourced Services - 0.2% |
|||
Maximus, Inc. |
32,000 |
1,456,000 |
|
MACHINERY - 0.3% |
|||
Industrial Machinery - 0.3% |
|||
Pall Corp. |
22,900 |
1,916,730 |
|
PROFESSIONAL SERVICES - 0.3% |
|||
Research & Consulting Services - 0.3% |
|||
Verisk Analytics, Inc. (a) |
30,700 |
1,998,877 |
|
TOTAL COMMON STOCKS (Cost $475,848,803) |
|
||
Money Market Funds - 4.0% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
13,669,645 |
$ 13,669,645 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
15,724,025 |
15,724,025 |
|
TOTAL MONEY MARKET FUNDS (Cost $29,393,670) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $505,242,473) |
|
||
NET OTHER ASSETS (LIABILITIES) - (2.1)% |
(15,286,740) |
||
NET ASSETS - 100% |
$ 731,851,125 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 12,650 |
Fidelity Securities Lending Cash Central Fund |
7,667 |
Total |
$ 20,317 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $508,384,110. Net unrealized appreciation aggregated $238,753,755, of which $247,061,470 related to appreciated investment securities and $8,307,715 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Banking Portfolio
November 30, 2013
1.810667.109
BAN-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
COMMERCIAL BANKS - 77.9% |
|||
Diversified Banks - 29.1% |
|||
Aozora Bank Ltd. |
1,172,000 |
$ 3,374,884 |
|
Banco Santander Chile sponsored ADR |
149,900 |
3,351,764 |
|
Barclays PLC |
767,809 |
3,402,529 |
|
Comerica, Inc. |
345,900 |
15,686,565 |
|
Itau Unibanco Holding SA sponsored ADR |
530,540 |
7,464,698 |
|
Standard Chartered PLC (United Kingdom) |
288,257 |
6,832,211 |
|
U.S. Bancorp |
2,418,800 |
94,865,336 |
|
Wells Fargo & Co. |
1,913,292 |
84,223,114 |
|
|
219,201,101 |
||
Regional Banks - 48.8% |
|||
1st Source Corp. |
218,800 |
6,990,660 |
|
Bank of the Ozarks, Inc. |
153,300 |
8,607,795 |
|
BB&T Corp. |
566,100 |
19,666,314 |
|
BBCN Bancorp, Inc. |
717,312 |
11,971,937 |
|
Boston Private Financial Holdings, Inc. |
1,191,000 |
14,166,945 |
|
Capital Bank Financial Corp. Series A (a) |
95,600 |
2,231,304 |
|
CapitalSource, Inc. |
641,300 |
9,016,678 |
|
City National Corp. |
136,900 |
10,453,684 |
|
Commerce Bancshares, Inc. |
449,255 |
20,270,386 |
|
CVB Financial Corp. |
465,800 |
7,518,012 |
|
Fifth Third Bancorp |
924,800 |
18,791,936 |
|
First Republic Bank |
301,400 |
15,401,540 |
|
Hanmi Financial Corp. |
311,800 |
6,410,608 |
|
Heartland Financial U.S.A., Inc. |
126,300 |
3,765,003 |
|
Huntington Bancshares, Inc. |
3,525,651 |
32,365,476 |
|
IBERIABANK Corp. |
161,000 |
10,094,700 |
|
Lakeland Financial Corp. |
19,760 |
757,796 |
|
M&T Bank Corp. (d) |
307,800 |
35,507,808 |
|
National Penn Bancshares, Inc. |
841,549 |
9,501,088 |
|
OFG Bancorp |
213,180 |
3,666,696 |
|
PacWest Bancorp (d) |
162,400 |
6,681,136 |
|
PNC Financial Services Group, Inc. |
447,141 |
34,407,500 |
|
Popular, Inc. (a) |
221,600 |
6,333,328 |
|
Prosperity Bancshares, Inc. |
148,600 |
9,529,718 |
|
Spar Nord Bank A/S (a) |
735,000 |
6,332,860 |
|
SunTrust Banks, Inc. |
985,100 |
35,690,173 |
|
Texas Capital Bancshares, Inc. (a) |
103,500 |
5,813,595 |
|
UMB Financial Corp. |
132,200 |
8,476,664 |
|
Wilshire Bancorp, Inc. |
694,600 |
7,341,922 |
|
|
367,763,262 |
||
TOTAL COMMERCIAL BANKS |
586,964,363 |
||
CONSUMER FINANCE - 5.6% |
|||
Consumer Finance - 5.6% |
|||
American Express Co. |
50,400 |
4,324,320 |
|
|
|||
Shares |
Value |
||
Capital One Financial Corp. |
342,800 |
$ 24,554,764 |
|
SLM Corp. |
504,900 |
13,455,585 |
|
|
42,334,669 |
||
DIVERSIFIED FINANCIAL SERVICES - 5.3% |
|||
Other Diversified Financial Services - 4.9% |
|||
Bank of America Corp. |
1,313,600 |
20,781,152 |
|
JPMorgan Chase & Co. |
290,100 |
16,599,522 |
|
|
37,380,674 |
||
Specialized Finance - 0.4% |
|||
McGraw-Hill Companies, Inc. |
38,400 |
2,860,800 |
|
TOTAL DIVERSIFIED FINANCIAL SERVICES |
40,241,474 |
||
INSURANCE - 0.9% |
|||
Property & Casualty Insurance - 0.9% |
|||
Fidelity National Financial, Inc. Class A |
221,000 |
6,424,470 |
|
IT SERVICES - 1.4% |
|||
Data Processing & Outsourced Services - 1.4% |
|||
Total System Services, Inc. |
328,500 |
10,199,925 |
|
REAL ESTATE INVESTMENT TRUSTS - 0.2% |
|||
Mortgage REITs - 0.2% |
|||
Redwood Trust, Inc. |
92,762 |
1,723,518 |
|
THRIFTS & MORTGAGE FINANCE - 4.4% |
|||
Thrifts & Mortgage Finance - 4.4% |
|||
Dime Community Bancshares, Inc. |
459,800 |
7,733,836 |
|
Ocwen Financial Corp. (a) |
387,900 |
21,978,414 |
|
Radian Group, Inc. |
104,300 |
1,487,318 |
|
United Financial Bancorp, Inc. |
116,600 |
2,300,518 |
|
|
33,500,086 |
||
TOTAL COMMON STOCKS (Cost $604,185,090) |
|
||
Money Market Funds - 10.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
42,303,688 |
42,303,688 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
36,641,175 |
36,641,175 |
|
TOTAL MONEY MARKET FUNDS (Cost $78,944,863) |
|
TOTAL INVESTMENT PORTFOLIO - 106.2% (Cost $683,129,953) |
800,333,368 |
NET OTHER ASSETS (LIABILITIES) - (6.2)% |
(46,768,330) |
||
NET ASSETS - 100% |
$ 753,565,038 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 15,255 |
Fidelity Securities Lending Cash Central Fund |
35,898 |
Total |
$ 51,153 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 721,388,505 |
$ 717,985,976 |
$ 3,402,529 |
$ - |
Money Market Funds |
78,944,863 |
78,944,863 |
- |
- |
Total Investments in Securities: |
$ 800,333,368 |
$ 796,930,839 |
$ 3,402,529 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $715,573,236. Net unrealized appreciation aggregated $84,760,132, of which $119,794,597 related to appreciated investment securities and $35,034,465 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor® Select
Materials Portfolio
Class A
Class T
Class B
Class C
Institutional Class
November 30, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Materials Portfolio
1.860866.106
AMF-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.4% |
|||
Shares |
Value |
||
CHEMICALS - 69.7% |
|||
Commodity Chemicals - 10.2% |
|||
Axiall Corp. |
849,357 |
$ 38,475,872 |
|
Cabot Corp. |
812,049 |
39,627,991 |
|
LyondellBasell Industries NV Class A |
1,521,996 |
117,467,651 |
|
|
195,571,514 |
||
Diversified Chemicals - 10.2% |
|||
Eastman Chemical Co. |
1,011,025 |
77,879,256 |
|
FMC Corp. |
1,365,661 |
99,502,060 |
|
Lanxess AG (d) |
270,593 |
17,900,310 |
|
Olin Corp. |
20,000 |
496,600 |
|
|
195,778,226 |
||
Fertilizers & Agricultural Chemicals - 16.2% |
|||
CF Industries Holdings, Inc. |
282,552 |
61,421,154 |
|
Intrepid Potash, Inc. (d) |
719,334 |
11,113,710 |
|
Monsanto Co. |
1,708,978 |
193,678,481 |
|
Potash Corp. of Saskatchewan, Inc. |
1,417,520 |
44,416,783 |
|
|
310,630,128 |
||
Industrial Gases - 7.8% |
|||
Airgas, Inc. |
381,166 |
41,406,063 |
|
Praxair, Inc. |
862,974 |
108,959,097 |
|
|
150,365,160 |
||
Specialty Chemicals - 25.3% |
|||
Ashland, Inc. |
468,841 |
42,702,038 |
|
Celanese Corp. Class A |
239,800 |
13,459,973 |
|
Chemtura Corp. (a) |
79,900 |
2,109,360 |
|
Cytec Industries, Inc. |
340,830 |
30,497,468 |
|
Ecolab, Inc. |
811,641 |
86,983,566 |
|
H.B. Fuller Co. |
225,006 |
11,527,057 |
|
NewMarket Corp. |
72,376 |
23,446,205 |
|
PPG Industries, Inc. |
412,553 |
75,934,505 |
|
Royal DSM NV |
245,999 |
19,306,135 |
|
RPM International, Inc. |
458,090 |
18,140,364 |
|
Sherwin-Williams Co. |
271,727 |
49,734,193 |
|
Sigma Aldrich Corp. |
558,521 |
48,166,851 |
|
W.R. Grace & Co. (a) |
646,640 |
62,096,839 |
|
|
484,104,554 |
||
TOTAL CHEMICALS |
1,336,449,582 |
||
CONSTRUCTION MATERIALS - 4.7% |
|||
Construction Materials - 4.7% |
|||
Eagle Materials, Inc. |
426,955 |
33,302,490 |
|
Vulcan Materials Co. |
1,025,035 |
57,781,223 |
|
|
91,083,713 |
||
CONTAINERS & PACKAGING - 9.7% |
|||
Metal & Glass Containers - 3.9% |
|||
Aptargroup, Inc. |
540,224 |
35,071,342 |
|
|
|||
Shares |
Value |
||
Ball Corp. |
319,735 |
$ 15,980,355 |
|
Silgan Holdings, Inc. |
522,265 |
24,415,889 |
|
|
75,467,586 |
||
Paper Packaging - 5.8% |
|||
Graphic Packaging Holding Co. (a) |
3,858,858 |
34,652,545 |
|
MeadWestvaco Corp. |
719,566 |
25,263,962 |
|
Rock-Tenn Co. Class A |
534,070 |
50,426,889 |
|
|
110,343,396 |
||
TOTAL CONTAINERS & PACKAGING |
185,810,982 |
||
METALS & MINING - 7.6% |
|||
Diversified Metals & Mining - 1.2% |
|||
Copper Mountain Mining Corp. (a) |
4,161,827 |
5,995,288 |
|
First Quantum Minerals Ltd. |
511,200 |
8,528,824 |
|
Grupo Mexico SA de CV Series B |
3,184,100 |
9,438,600 |
|
|
23,962,712 |
||
Gold - 1.8% |
|||
Franco-Nevada Corp. |
212,500 |
8,525,209 |
|
Goldcorp, Inc. |
394,000 |
8,773,279 |
|
Royal Gold, Inc. |
365,246 |
16,468,942 |
|
|
33,767,430 |
||
Steel - 4.6% |
|||
Carpenter Technology Corp. |
578,733 |
34,891,813 |
|
Haynes International, Inc. |
205,151 |
11,123,287 |
|
Reliance Steel & Aluminum Co. |
568,527 |
41,803,790 |
|
Worthington Industries, Inc. |
20,200 |
846,986 |
|
|
88,665,876 |
||
TOTAL METALS & MINING |
146,396,018 |
||
OIL, GAS & CONSUMABLE FUELS - 2.5% |
|||
Coal & Consumable Fuels - 2.5% |
|||
Peabody Energy Corp. |
2,606,853 |
47,444,725 |
|
PAPER & FOREST PRODUCTS - 4.2% |
|||
Forest Products - 0.1% |
|||
Boise Cascade Co. |
63,410 |
1,627,101 |
|
Paper Products - 4.1% |
|||
International Paper Co. |
1,402,702 |
65,436,048 |
|
P.H. Glatfelter Co. |
463,714 |
12,979,355 |
|
|
78,415,403 |
||
TOTAL PAPER & FOREST PRODUCTS |
80,042,504 |
||
TOTAL COMMON STOCKS (Cost $1,410,857,218) |
|
Convertible Bonds - 0.5% |
||||
|
Principal Amount |
Value |
||
BUILDING PRODUCTS - 0.5% |
||||
Building Products - 0.5% |
||||
Aspen Aerogels, Inc. 8% 6/1/14 (e) |
|
$ 8,904,827 |
$ 8,904,827 |
Money Market Funds - 2.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
26,208,652 |
26,208,652 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
17,390,586 |
17,390,586 |
|
TOTAL MONEY MARKET FUNDS (Cost $43,599,238) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,463,361,283) |
1,939,731,589 |
||
NET OTHER ASSETS (LIABILITIES) - (1.2)% |
(22,091,946) |
||
NET ASSETS - 100% |
$ 1,917,639,643 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,904,827 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 - 12/31/12 |
$ 8,904,827 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 29,587 |
Fidelity Securities Lending Cash Central Fund |
137,582 |
Total |
$ 167,169 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,887,227,524 |
$ 1,887,227,524 |
$ - |
$ - |
Convertible Bonds |
8,904,827 |
- |
- |
8,904,827 |
Money Market Funds |
43,599,238 |
43,599,238 |
- |
- |
Total Investments in Securities: |
$ 1,939,731,589 |
$ 1,930,826,762 |
$ - |
$ 8,904,827 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,465,392,365. Net unrealized appreciation aggregated $474,339,224, of which $504,522,427 related to appreciated investment securities and $30,183,203 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Materials Portfolio
November 30, 2013
1.810697.109
IND-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.4% |
|||
Shares |
Value |
||
CHEMICALS - 69.7% |
|||
Commodity Chemicals - 10.2% |
|||
Axiall Corp. |
849,357 |
$ 38,475,872 |
|
Cabot Corp. |
812,049 |
39,627,991 |
|
LyondellBasell Industries NV Class A |
1,521,996 |
117,467,651 |
|
|
195,571,514 |
||
Diversified Chemicals - 10.2% |
|||
Eastman Chemical Co. |
1,011,025 |
77,879,256 |
|
FMC Corp. |
1,365,661 |
99,502,060 |
|
Lanxess AG (d) |
270,593 |
17,900,310 |
|
Olin Corp. |
20,000 |
496,600 |
|
|
195,778,226 |
||
Fertilizers & Agricultural Chemicals - 16.2% |
|||
CF Industries Holdings, Inc. |
282,552 |
61,421,154 |
|
Intrepid Potash, Inc. (d) |
719,334 |
11,113,710 |
|
Monsanto Co. |
1,708,978 |
193,678,481 |
|
Potash Corp. of Saskatchewan, Inc. |
1,417,520 |
44,416,783 |
|
|
310,630,128 |
||
Industrial Gases - 7.8% |
|||
Airgas, Inc. |
381,166 |
41,406,063 |
|
Praxair, Inc. |
862,974 |
108,959,097 |
|
|
150,365,160 |
||
Specialty Chemicals - 25.3% |
|||
Ashland, Inc. |
468,841 |
42,702,038 |
|
Celanese Corp. Class A |
239,800 |
13,459,973 |
|
Chemtura Corp. (a) |
79,900 |
2,109,360 |
|
Cytec Industries, Inc. |
340,830 |
30,497,468 |
|
Ecolab, Inc. |
811,641 |
86,983,566 |
|
H.B. Fuller Co. |
225,006 |
11,527,057 |
|
NewMarket Corp. |
72,376 |
23,446,205 |
|
PPG Industries, Inc. |
412,553 |
75,934,505 |
|
Royal DSM NV |
245,999 |
19,306,135 |
|
RPM International, Inc. |
458,090 |
18,140,364 |
|
Sherwin-Williams Co. |
271,727 |
49,734,193 |
|
Sigma Aldrich Corp. |
558,521 |
48,166,851 |
|
W.R. Grace & Co. (a) |
646,640 |
62,096,839 |
|
|
484,104,554 |
||
TOTAL CHEMICALS |
1,336,449,582 |
||
CONSTRUCTION MATERIALS - 4.7% |
|||
Construction Materials - 4.7% |
|||
Eagle Materials, Inc. |
426,955 |
33,302,490 |
|
Vulcan Materials Co. |
1,025,035 |
57,781,223 |
|
|
91,083,713 |
||
CONTAINERS & PACKAGING - 9.7% |
|||
Metal & Glass Containers - 3.9% |
|||
Aptargroup, Inc. |
540,224 |
35,071,342 |
|
|
|||
Shares |
Value |
||
Ball Corp. |
319,735 |
$ 15,980,355 |
|
Silgan Holdings, Inc. |
522,265 |
24,415,889 |
|
|
75,467,586 |
||
Paper Packaging - 5.8% |
|||
Graphic Packaging Holding Co. (a) |
3,858,858 |
34,652,545 |
|
MeadWestvaco Corp. |
719,566 |
25,263,962 |
|
Rock-Tenn Co. Class A |
534,070 |
50,426,889 |
|
|
110,343,396 |
||
TOTAL CONTAINERS & PACKAGING |
185,810,982 |
||
METALS & MINING - 7.6% |
|||
Diversified Metals & Mining - 1.2% |
|||
Copper Mountain Mining Corp. (a) |
4,161,827 |
5,995,288 |
|
First Quantum Minerals Ltd. |
511,200 |
8,528,824 |
|
Grupo Mexico SA de CV Series B |
3,184,100 |
9,438,600 |
|
|
23,962,712 |
||
Gold - 1.8% |
|||
Franco-Nevada Corp. |
212,500 |
8,525,209 |
|
Goldcorp, Inc. |
394,000 |
8,773,279 |
|
Royal Gold, Inc. |
365,246 |
16,468,942 |
|
|
33,767,430 |
||
Steel - 4.6% |
|||
Carpenter Technology Corp. |
578,733 |
34,891,813 |
|
Haynes International, Inc. |
205,151 |
11,123,287 |
|
Reliance Steel & Aluminum Co. |
568,527 |
41,803,790 |
|
Worthington Industries, Inc. |
20,200 |
846,986 |
|
|
88,665,876 |
||
TOTAL METALS & MINING |
146,396,018 |
||
OIL, GAS & CONSUMABLE FUELS - 2.5% |
|||
Coal & Consumable Fuels - 2.5% |
|||
Peabody Energy Corp. |
2,606,853 |
47,444,725 |
|
PAPER & FOREST PRODUCTS - 4.2% |
|||
Forest Products - 0.1% |
|||
Boise Cascade Co. |
63,410 |
1,627,101 |
|
Paper Products - 4.1% |
|||
International Paper Co. |
1,402,702 |
65,436,048 |
|
P.H. Glatfelter Co. |
463,714 |
12,979,355 |
|
|
78,415,403 |
||
TOTAL PAPER & FOREST PRODUCTS |
80,042,504 |
||
TOTAL COMMON STOCKS (Cost $1,410,857,218) |
|
Convertible Bonds - 0.5% |
||||
|
Principal Amount |
Value |
||
BUILDING PRODUCTS - 0.5% |
||||
Building Products - 0.5% |
||||
Aspen Aerogels, Inc. 8% 6/1/14 (e) |
|
$ 8,904,827 |
$ 8,904,827 |
Money Market Funds - 2.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
26,208,652 |
26,208,652 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
17,390,586 |
17,390,586 |
|
TOTAL MONEY MARKET FUNDS (Cost $43,599,238) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,463,361,283) |
1,939,731,589 |
||
NET OTHER ASSETS (LIABILITIES) - (1.2)% |
(22,091,946) |
||
NET ASSETS - 100% |
$ 1,917,639,643 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,904,827 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 - 12/31/12 |
$ 8,904,827 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 29,587 |
Fidelity Securities Lending Cash Central Fund |
137,582 |
Total |
$ 167,169 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,887,227,524 |
$ 1,887,227,524 |
$ - |
$ - |
Convertible Bonds |
8,904,827 |
- |
- |
8,904,827 |
Money Market Funds |
43,599,238 |
43,599,238 |
- |
- |
Total Investments in Securities: |
$ 1,939,731,589 |
$ 1,930,826,762 |
$ - |
$ 8,904,827 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $1,465,392,365. Net unrealized appreciation aggregated $474,339,224, of which $504,522,427 related to appreciated investment securities and $30,183,203 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrial Equipment Portfolio
November 30, 2013
1.810687.109
INE-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 21.1% |
|||
Aerospace & Defense - 21.1% |
|||
Honeywell International, Inc. |
95,200 |
$ 8,426,152 |
|
Meggitt PLC |
650,400 |
5,311,669 |
|
Precision Castparts Corp. |
58,600 |
15,145,170 |
|
Teledyne Technologies, Inc. (a) |
92,800 |
8,605,344 |
|
The Boeing Co. |
102,900 |
13,814,325 |
|
United Technologies Corp. |
335,700 |
37,215,702 |
|
|
88,518,362 |
||
AUTO COMPONENTS - 1.3% |
|||
Auto Parts & Equipment - 1.3% |
|||
Johnson Controls, Inc. |
109,700 |
5,540,947 |
|
BUILDING PRODUCTS - 1.2% |
|||
Building Products - 1.2% |
|||
American Woodmark Corp. (a) |
138,400 |
4,994,164 |
|
CHEMICALS - 0.5% |
|||
Commodity Chemicals - 0.5% |
|||
Cabot Corp. |
44,000 |
2,147,200 |
|
CONSTRUCTION & ENGINEERING - 3.8% |
|||
Construction & Engineering - 3.8% |
|||
AECOM Technology Corp. (a) |
126,000 |
3,661,560 |
|
Argan, Inc. |
35,300 |
827,785 |
|
URS Corp. |
218,600 |
11,360,642 |
|
|
15,849,987 |
||
CONSTRUCTION MATERIALS - 0.4% |
|||
Construction Materials - 0.4% |
|||
RHI AG |
46,000 |
1,645,126 |
|
DIVERSIFIED CONSUMER SERVICES - 0.7% |
|||
Specialized Consumer Services - 0.7% |
|||
H&R Block, Inc. |
104,500 |
2,914,505 |
|
ELECTRICAL EQUIPMENT - 14.7% |
|||
Electrical Components & Equipment - 13.2% |
|||
AMETEK, Inc. |
140,250 |
6,903,105 |
|
Eaton Corp. PLC |
240,100 |
17,445,666 |
|
Generac Holdings, Inc. |
44,400 |
2,364,744 |
|
Hubbell, Inc. Class B |
72,200 |
7,791,102 |
|
Regal-Beloit Corp. |
68,328 |
5,027,574 |
|
Rockwell Automation, Inc. |
64,100 |
7,280,478 |
|
Roper Industries, Inc. |
67,400 |
8,741,780 |
|
|
55,554,449 |
||
Heavy Electrical Equipment - 1.5% |
|||
AZZ, Inc. |
124,300 |
6,075,784 |
|
TOTAL ELECTRICAL EQUIPMENT |
61,630,233 |
||
|
|||
Shares |
Value |
||
INDUSTRIAL CONGLOMERATES - 20.5% |
|||
Industrial Conglomerates - 20.5% |
|||
3M Co. |
49,200 |
$ 6,568,692 |
|
Danaher Corp. |
325,600 |
24,354,880 |
|
General Electric Co. |
2,067,555 |
55,121,017 |
|
|
86,044,589 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.4% |
|||
Life Sciences Tools & Services - 0.4% |
|||
Eurofins Scientific SA |
7,700 |
1,971,707 |
|
MACHINERY - 26.7% |
|||
Construction & Farm Machinery & Heavy Trucks - 15.8% |
|||
Caterpillar, Inc. |
258,800 |
21,894,480 |
|
Cummins, Inc. |
93,300 |
12,349,188 |
|
Joy Global, Inc. (d) |
82,100 |
4,643,576 |
|
Manitowoc Co., Inc. (d) |
519,600 |
10,698,564 |
|
Terex Corp. |
150,000 |
5,448,000 |
|
Toro Co. |
50,100 |
3,091,671 |
|
Wabtec Corp. |
118,200 |
8,155,800 |
|
|
66,281,279 |
||
Industrial Machinery - 10.9% |
|||
Blount International, Inc. (a) |
112,540 |
1,630,705 |
|
Global Brass & Copper Holdings, Inc. |
453,700 |
7,486,050 |
|
Harsco Corp. |
123,423 |
3,227,511 |
|
Hurco Companies, Inc. |
40,600 |
1,075,088 |
|
Hy-Lok Corp. |
34,588 |
915,191 |
|
Illinois Tool Works, Inc. |
179,500 |
14,284,610 |
|
Ingersoll-Rand PLC |
108,500 |
7,749,070 |
|
Metka SA |
74,099 |
1,226,352 |
|
Standex International Corp. |
55,600 |
3,275,952 |
|
Sun Hydraulics Corp. |
40,100 |
1,723,097 |
|
Timken Co. |
61,100 |
3,162,536 |
|
|
45,756,162 |
||
TOTAL MACHINERY |
112,037,441 |
||
PROFESSIONAL SERVICES - 2.6% |
|||
Human Resource & Employment Services - 0.6% |
|||
Towers Watson & Co. |
22,000 |
2,477,200 |
|
Research & Consulting Services - 2.0% |
|||
CBIZ, Inc. (a) |
247,100 |
2,214,016 |
|
Dun & Bradstreet Corp. |
52,600 |
6,146,310 |
|
|
8,360,326 |
||
TOTAL PROFESSIONAL SERVICES |
10,837,526 |
||
TRADING COMPANIES & DISTRIBUTORS - 5.2% |
|||
Trading Companies & Distributors - 5.2% |
|||
Houston Wire & Cable Co. |
159,234 |
2,149,659 |
|
MSC Industrial Direct Co., Inc. Class A |
55,200 |
4,242,120 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - CONTINUED |
|||
Trading Companies & Distributors - continued |
|||
Watsco, Inc. |
73,200 |
$ 7,024,272 |
|
WESCO International, Inc. (a)(d) |
98,000 |
8,426,040 |
|
|
21,842,091 |
||
TOTAL COMMON STOCKS (Cost $316,538,858) |
|
||
Nonconvertible Preferred Stocks - 0.7% |
|||
|
|
|
|
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
Rolls-Royce Group PLC Series C |
17,956,800 |
29,383 |
|
AUTOMOBILES - 0.7% |
|||
Automobile Manufacturers - 0.7% |
|||
Volkswagen AG |
10,400 |
2,759,886 |
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,148,727) |
|
||
Money Market Funds - 3.0% |
|||
Shares |
Value |
||
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
12,612,750 |
$ 12,612,750 |
|
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $331,300,335) |
431,375,897 |
||
NET OTHER ASSETS (LIABILITIES) - (2.8)% |
(11,854,494) |
||
NET ASSETS - 100% |
$ 419,521,403 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 6,592 |
Fidelity Securities Lending Cash Central Fund |
5,176 |
Total |
$ 11,768 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $331,734,519. Net unrealized appreciation aggregated $99,641,378, of which $102,667,795 related to appreciated investment securities and $3,026,417 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Construction and
Housing Portfolio
November 30, 2013
1.810672.109
HOU-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.2% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 9.3% |
|||
Building Products - 9.3% |
|||
American Woodmark Corp. (a) |
89,414 |
$ 3,226,504 |
|
Fortune Brands Home & Security, Inc. |
266,300 |
11,610,680 |
|
Masco Corp. |
664,500 |
14,898,090 |
|
Ply Gem Holdings, Inc. |
130,101 |
2,281,972 |
|
USG Corp. (a)(d) |
208,300 |
5,705,337 |
|
|
37,722,583 |
||
CONSTRUCTION & ENGINEERING - 14.0% |
|||
Construction & Engineering - 14.0% |
|||
AECOM Technology Corp. (a) |
233,700 |
6,791,322 |
|
EMCOR Group, Inc. |
236,500 |
9,396,145 |
|
Fluor Corp. |
57,049 |
4,438,983 |
|
Jacobs Engineering Group, Inc. (a) |
194,350 |
11,616,300 |
|
MasTec, Inc. (a) |
220,800 |
6,988,320 |
|
Quanta Services, Inc. (a) |
412,300 |
12,208,203 |
|
Tutor Perini Corp. (a) |
217,036 |
5,315,212 |
|
|
56,754,485 |
||
CONSTRUCTION MATERIALS - 6.9% |
|||
Construction Materials - 6.9% |
|||
Eagle Materials, Inc. |
131,000 |
10,218,000 |
|
Texas Industries, Inc. (a)(d) |
79,008 |
4,591,945 |
|
Vulcan Materials Co. |
238,165 |
13,425,361 |
|
|
28,235,306 |
||
ELECTRICAL EQUIPMENT - 1.6% |
|||
Electrical Components & Equipment - 1.6% |
|||
Generac Holdings, Inc. |
124,826 |
6,648,233 |
|
HOUSEHOLD DURABLES - 12.3% |
|||
Homebuilding - 12.3% |
|||
D.R. Horton, Inc. |
502,237 |
9,984,472 |
|
KB Home (d) |
368,900 |
6,466,817 |
|
Lennar Corp. Class A (d) |
318,278 |
11,381,621 |
|
Ryland Group, Inc. |
165,570 |
6,543,326 |
|
Taylor Morrison Home Corp. |
208,100 |
4,546,985 |
|
Toll Brothers, Inc. (a) |
329,514 |
11,236,427 |
|
|
50,159,648 |
||
PAPER & FOREST PRODUCTS - 1.0% |
|||
Forest Products - 1.0% |
|||
Boise Cascade Co. |
159,100 |
4,082,506 |
|
REAL ESTATE INVESTMENT TRUSTS - 13.8% |
|||
Residential REITs - 13.8% |
|||
Apartment Investment & Management Co. Class A |
335,071 |
8,413,633 |
|
AvalonBay Communities, Inc. |
85,759 |
10,167,587 |
|
Equity Residential (SBI) |
160,192 |
8,256,296 |
|
Essex Property Trust, Inc. |
80,400 |
12,205,524 |
|
Home Properties, Inc. |
8,434 |
443,460 |
|
|
|||
Shares |
Value |
||
Mid-America Apartment Communities, Inc. |
188,475 |
$ 11,353,734 |
|
UDR, Inc. |
234,000 |
5,445,180 |
|
|
56,285,414 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.1% |
|||
Diversified Real Estate Activities - 1.1% |
|||
The St. Joe Co. (a)(d) |
243,126 |
4,313,055 |
|
Real Estate Operating Companies - 2.0% |
|||
Forest City Enterprises, Inc. Class A (a) |
424,400 |
8,275,800 |
|
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
12,588,855 |
||
SPECIALTY RETAIL - 36.2% |
|||
Home Improvement Retail - 36.2% |
|||
Home Depot, Inc. |
1,247,561 |
100,640,745 |
|
Lowe's Companies, Inc. |
941,334 |
44,694,538 |
|
Tile Shop Holdings, Inc. (a)(d) |
116,163 |
1,945,730 |
|
|
147,281,013 |
||
TOTAL COMMON STOCKS (Cost $303,947,847) |
|
||
Convertible Preferred Stocks - 1.0% |
|||
|
|
|
|
HOUSEHOLD DURABLES - 1.0% |
|||
Homebuilding - 1.0% |
|||
Blu Homes, Inc. Series A, 5.00% (e) |
865,801 |
|
|
Money Market Funds - 7.6% |
|||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
31,255,591 |
|
|
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $339,203,439) |
|
||
NET OTHER ASSETS (LIABILITIES) - (6.8)% |
(27,887,160) |
||
NET ASSETS - 100% |
$ 407,126,475 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,000,001 or 1.0% of net assets. |
Security |
Acquisition Date |
Acquisition Cost |
Blu Homes, Inc. Series A, 5.00% |
6/10/13 |
$ 4,000,001 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 3,433 |
Fidelity Securities Lending Cash Central Fund |
64,184 |
Total |
$ 67,617 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 399,758,043 |
$ 399,758,043 |
$ - |
$ - |
Convertible Preferred Stocks |
4,000,001 |
- |
- |
4,000,001 |
Money Market Funds |
31,255,591 |
31,255,591 |
- |
- |
Total Investments in Securities: |
$ 435,013,635 |
$ 431,013,634 |
$ - |
$ 4,000,001 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $340,604,143. Net unrealized appreciation aggregated $94,409,492, of which $100,333,933 related to appreciated investment securities and $5,924,441 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. For equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Transportation Portfolio
November 30, 2013
1.810722.109
TRN-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 95.0% |
|||
Shares |
Value |
||
AIR FREIGHT & LOGISTICS - 26.5% |
|||
Air Freight & Logistics - 26.5% |
|||
C.H. Robinson Worldwide, Inc. |
112,696 |
$ 6,607,366 |
|
Expeditors International of Washington, Inc. |
25,000 |
1,086,000 |
|
FedEx Corp. |
216,400 |
30,014,680 |
|
Hub Group, Inc. Class A (a) |
190,200 |
7,157,226 |
|
Park-Ohio Holdings Corp. (a) |
52,534 |
2,236,898 |
|
United Parcel Service, Inc. Class B |
755,800 |
77,378,804 |
|
|
124,480,974 |
||
AIRLINES - 20.5% |
|||
Airlines - 20.5% |
|||
Air Canada Class A (a) |
160,700 |
1,140,832 |
|
Alaska Air Group, Inc. |
39,600 |
3,078,504 |
|
Controladora Vuela Compania de Aviacion S.A.B. de CV ADR |
83,300 |
1,177,862 |
|
Dart Group PLC |
730,417 |
2,734,813 |
|
Delta Air Lines, Inc. |
1,274,902 |
36,946,660 |
|
Republic Airways Holdings, Inc. (a) |
300,300 |
3,381,378 |
|
Southwest Airlines Co. |
455,300 |
8,464,027 |
|
Spirit Airlines, Inc. (a) |
293,359 |
13,456,377 |
|
U.S. Airways Group, Inc. (a)(d) |
243,600 |
5,719,728 |
|
United Continental Holdings, Inc. (a) |
520,636 |
20,434,963 |
|
|
96,535,144 |
||
CONSTRUCTION & ENGINEERING - 0.4% |
|||
Construction & Engineering - 0.4% |
|||
Cosco International Holdings Ltd. |
24,000 |
10,402 |
|
URS Corp. |
39,600 |
2,058,012 |
|
|
2,068,414 |
||
DIVERSIFIED FINANCIAL SERVICES - 0.8% |
|||
Multi-Sector Holdings - 0.8% |
|||
Berkshire Hathaway, Inc. Class B (a) |
31,600 |
3,682,348 |
|
MACHINERY - 1.4% |
|||
Construction & Farm Machinery & Heavy Trucks - 1.2% |
|||
ASL Marine Holdings Ltd. |
1,310,200 |
678,563 |
|
Wabtec Corp. |
71,100 |
4,905,900 |
|
|
5,584,463 |
||
Industrial Machinery - 0.2% |
|||
Global Brass & Copper Holdings, Inc. |
49,292 |
813,318 |
|
TOTAL MACHINERY |
6,397,781 |
||
|
|||
Shares |
Value |
||
MARINE - 0.8% |
|||
Marine - 0.8% |
|||
Diana Shipping, Inc. (a) |
25,100 |
$ 287,395 |
|
Kirby Corp. (a) |
22,900 |
2,162,905 |
|
Matson, Inc. |
55,600 |
1,391,668 |
|
|
3,841,968 |
||
OIL, GAS & CONSUMABLE FUELS - 1.2% |
|||
Oil & Gas Storage & Transport - 1.2% |
|||
Scorpio Tankers, Inc. |
508,233 |
5,834,515 |
|
ROAD & RAIL - 42.2% |
|||
Railroads - 28.0% |
|||
CSX Corp. |
778,619 |
21,232,940 |
|
Genesee & Wyoming, Inc. Class A (a) |
47,500 |
4,569,500 |
|
Norfolk Southern Corp. |
237,100 |
20,791,299 |
|
Union Pacific Corp. |
523,068 |
84,757,938 |
|
|
131,351,677 |
||
Trucking - 14.2% |
|||
AMERCO |
25,200 |
5,839,596 |
|
Arkansas Best Corp. |
59,200 |
1,926,368 |
|
Con-way, Inc. |
146,500 |
6,063,635 |
|
Contrans Group, Inc.: |
|
|
|
(sub. vtg.) (a)(e) |
12,800 |
161,009 |
|
Class A |
265,200 |
3,335,912 |
|
Hertz Global Holdings, Inc. (a) |
73,200 |
1,775,832 |
|
J.B. Hunt Transport Services, Inc. |
165,700 |
12,458,983 |
|
Landstar System, Inc. |
137,000 |
7,689,810 |
|
Marten Transport Ltd. |
240,100 |
4,665,143 |
|
Quality Distribution, Inc. (a) |
621,426 |
7,600,040 |
|
Ryder System, Inc. |
62,600 |
4,371,984 |
|
Swift Transporation Co. (a)(d) |
340,100 |
7,873,315 |
|
Universal Truckload Services, Inc. |
106,833 |
3,075,722 |
|
|
66,837,349 |
||
TOTAL ROAD & RAIL |
198,189,026 |
||
TRANSPORTATION INFRASTRUCTURE - 1.2% |
|||
Airport Services - 1.2% |
|||
BBA Aviation PLC |
445,300 |
2,383,395 |
|
Macquarie Infrastructure Co. LLC |
39,900 |
2,175,747 |
|
Wesco Aircraft Holdings, Inc. (a) |
49,700 |
1,037,736 |
|
|
5,596,878 |
||
TOTAL COMMON STOCKS (Cost $330,142,862) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
Value |
||
MARINE - 0.2% |
||||
Marine - 0.2% |
||||
DryShips, Inc. 5% 12/1/14 |
|
$ 1,020,000 |
$ 990,675 |
Money Market Funds - 7.7% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
24,604,569 |
24,604,569 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
11,762,875 |
11,762,875 |
|
TOTAL MONEY MARKET FUNDS (Cost $36,367,444) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $367,401,333) |
|
||
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(13,729,593) |
||
NET ASSETS - 100% |
$ 470,255,574 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $161,009 or 0.0% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 16,144 |
Fidelity Securities Lending Cash Central Fund |
23,371 |
Total |
$ 39,515 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 446,627,048 |
$ 446,627,048 |
$ - |
$ - |
Convertible Bonds |
990,675 |
- |
990,675 |
- |
Money Market Funds |
36,367,444 |
36,367,444 |
- |
- |
Total Investments in Securities: |
$ 483,985,167 |
$ 482,994,492 |
$ 990,675 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $367,653,140. Net unrealized appreciation aggregated $116,332,027, of which $116,993,285 related to appreciated investment securities and $661,258 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Gas Portfolio
November 30, 2013
1.810725.109
GAS-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.4% |
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 32.0% |
|||
Oil & Gas Drilling - 8.4% |
|||
Ensco PLC Class A |
647,500 |
$ 38,254,300 |
|
Nabors Industries Ltd. |
527,600 |
8,731,780 |
|
Precision Drilling Corp. |
418,700 |
3,886,999 |
|
Rowan Companies PLC (a) |
227,600 |
7,879,512 |
|
|
58,752,591 |
||
Oil & Gas Equipment & Services - 23.6% |
|||
Baker Hughes, Inc. |
591,200 |
33,674,754 |
|
Halliburton Co. |
653,602 |
34,431,753 |
|
National Oilwell Varco, Inc. |
574,400 |
46,813,600 |
|
Schlumberger Ltd. |
550,100 |
48,639,839 |
|
Trican Well Service Ltd. |
168,900 |
2,003,710 |
|
|
165,563,656 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
224,316,247 |
||
GAS UTILITIES - 3.4% |
|||
Gas Utilities - 3.4% |
|||
National Fuel Gas Co. |
25,850 |
1,744,358 |
|
ONEOK, Inc. |
377,400 |
21,915,618 |
|
|
23,659,976 |
||
MULTI-UTILITIES - 2.2% |
|||
Multi-Utilities - 2.2% |
|||
CenterPoint Energy, Inc. |
280,700 |
6,576,801 |
|
NiSource, Inc. |
271,300 |
8,578,506 |
|
|
15,155,307 |
||
OIL, GAS & CONSUMABLE FUELS - 59.8% |
|||
Integrated Oil & Gas - 9.9% |
|||
Hess Corp. |
143,400 |
11,634,042 |
|
Husky Energy, Inc. (d) |
642,100 |
18,130,665 |
|
Occidental Petroleum Corp. |
157,000 |
14,908,720 |
|
Suncor Energy, Inc. |
709,700 |
24,336,008 |
|
|
69,009,435 |
||
Oil & Gas Exploration & Production - 39.0% |
|||
Anadarko Petroleum Corp. |
347,200 |
30,838,304 |
|
Apache Corp. |
54,133 |
4,952,628 |
|
Athabasca Oil Corp. (a) |
686,100 |
4,185,979 |
|
Athlon Energy, Inc. |
9,600 |
313,153 |
|
Bellatrix Exploration Ltd. (a) |
577,200 |
3,853,072 |
|
Cabot Oil & Gas Corp. |
679,700 |
23,415,665 |
|
Cimarex Energy Co. |
108,000 |
10,214,640 |
|
Cobalt International Energy, Inc. (a) |
68,350 |
1,519,421 |
|
ConocoPhillips Co. |
236,400 |
17,209,920 |
|
Crown Point Energy, Inc. (a)(e) |
181,658 |
73,546 |
|
Devon Energy Corp. |
565,046 |
34,253,089 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
15,002 |
0 |
|
Encana Corp. (d) |
2,055,500 |
39,325,638 |
|
Energy XXI (Bermuda) Ltd. |
138,300 |
3,756,228 |
|
EOG Resources, Inc. |
101,285 |
16,712,025 |
|
|
|||
Shares |
Value |
||
Lekoil Ltd. (a) |
3,246,900 |
$ 3,779,957 |
|
Lightstream Resources Ltd. (d) |
412,493 |
2,163,248 |
|
Marathon Oil Corp. |
684,500 |
24,669,380 |
|
Newfield Exploration Co. (a) |
282,200 |
7,929,820 |
|
Painted Pony Petroleum Ltd. (a) |
267,200 |
1,620,156 |
|
Paramount Resources Ltd. Class A (a) |
126,300 |
4,332,086 |
|
PDC Energy, Inc. (a) |
79,300 |
4,671,563 |
|
Resolute Energy Corp. (a) |
734,300 |
6,616,043 |
|
Talisman Energy, Inc. |
1,582,600 |
18,521,531 |
|
Tourmaline Oil Corp. (a) |
58,000 |
2,293,569 |
|
Ultra Petroleum Corp. (a)(d) |
286,900 |
5,872,843 |
|
|
273,093,504 |
||
Oil & Gas Refining & Marketing - 3.8% |
|||
Dynagas LNG Partners LP (a) |
141,700 |
2,656,875 |
|
Marathon Petroleum Corp. |
86,400 |
7,148,736 |
|
Phillips 66 Co. |
244,600 |
17,026,606 |
|
|
26,832,217 |
||
Oil & Gas Storage & Transport - 7.1% |
|||
Cheniere Energy, Inc. (a) |
177,500 |
7,027,225 |
|
Spectra Energy Corp. |
705,100 |
23,656,105 |
|
StealthGas, Inc. (a) |
302,100 |
3,709,788 |
|
The Williams Companies, Inc. |
74,499 |
2,623,855 |
|
TransCanada Corp. (d) |
280,100 |
12,355,414 |
|
|
49,372,387 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
418,307,543 |
||
TOTAL COMMON STOCKS (Cost $648,473,672) |
|
Convertible Bonds - 0.1% |
||||
|
Principal Amount |
|
||
OIL, GAS & CONSUMABLE FUELS - 0.1% |
||||
Oil & Gas Exploration & Production - 0.1% |
||||
Cobalt International Energy, Inc. 2.625% 12/1/19 |
|
$ 600,000 |
|
Money Market Funds - 10.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
15,383,913 |
$ 15,383,913 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
57,891,826 |
57,891,826 |
|
TOTAL MONEY MARKET FUNDS (Cost $73,275,739) |
|
||
TOTAL INVESTMENT PORTFOLIO - 107.9% (Cost $722,344,911) |
|
||
NET OTHER ASSETS (LIABILITIES) - (7.9)% |
(55,496,310) |
||
NET ASSETS - 100% |
$ 699,814,752 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $73,546 or 0.0% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 13,600 |
Fidelity Securities Lending Cash Central Fund |
275,451 |
Total |
$ 289,051 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 681,439,073 |
$ 681,439,073 |
$ - |
$ - |
Convertible Bonds |
596,250 |
- |
596,250 |
- |
Money Market Funds |
73,275,739 |
73,275,739 |
- |
- |
Total Investments in Securities: |
$ 755,311,062 |
$ 754,714,812 |
$ 596,250 |
$ - |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $723,040,614. Net unrealized appreciation aggregated $32,270,448, of which $49,116,273 related to appreciated investment securities and $16,845,825 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Resources Portfolio
November 30, 2013
1.810716.109
NAT-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.7% |
|||
Shares |
Value |
||
CHEMICALS - 1.7% |
|||
Commodity Chemicals - 0.5% |
|||
LyondellBasell Industries NV Class A |
71,300 |
$ 5,502,934 |
|
Fertilizers & Agricultural Chemicals - 1.2% |
|||
Monsanto Co. |
103,800 |
11,763,654 |
|
TOTAL CHEMICALS |
17,266,588 |
||
CONSTRUCTION & ENGINEERING - 0.3% |
|||
Construction & Engineering - 0.3% |
|||
URS Corp. |
48,800 |
2,536,136 |
|
CONTAINERS & PACKAGING - 2.5% |
|||
Metal & Glass Containers - 1.2% |
|||
Ball Corp. |
241,700 |
12,080,166 |
|
Paper Packaging - 1.3% |
|||
Rock-Tenn Co. Class A |
146,400 |
13,823,088 |
|
TOTAL CONTAINERS & PACKAGING |
25,903,254 |
||
ENERGY EQUIPMENT & SERVICES - 22.1% |
|||
Oil & Gas Drilling - 1.7% |
|||
Ensco PLC Class A |
175,200 |
10,350,816 |
|
Northern Offshore Ltd. |
941,800 |
1,390,139 |
|
Odfjell Drilling A/S |
389,600 |
2,605,276 |
|
Vantage Drilling Co. (a) |
1,205,100 |
2,253,537 |
|
Xtreme Drilling & Coil Services Corp. (a) |
317,300 |
1,030,680 |
|
|
17,630,448 |
||
Oil & Gas Equipment & Services - 20.4% |
|||
Baker Hughes, Inc. |
54,300 |
3,092,928 |
|
Cameron International Corp. (a) |
292,800 |
16,218,192 |
|
Core Laboratories NV |
52,300 |
9,525,922 |
|
FMC Technologies, Inc. (a) |
308,100 |
14,819,610 |
|
Forum Energy Technologies, Inc. (a) |
228,100 |
6,160,981 |
|
Halliburton Co. |
801,900 |
42,244,092 |
|
National Oilwell Varco, Inc. |
645,858 |
52,637,427 |
|
Oceaneering International, Inc. |
38,600 |
2,979,534 |
|
Schlumberger Ltd. |
676,292 |
59,797,739 |
|
Total Energy Services, Inc. |
100,000 |
1,771,020 |
|
|
209,247,445 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
226,877,893 |
||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0% |
|||
Independent Power Producers & Energy Traders - 0.0% |
|||
Atlantic Power Corp. |
50,000 |
185,000 |
|
METALS & MINING - 7.7% |
|||
Diversified Metals & Mining - 1.7% |
|||
Freeport-McMoRan Copper & Gold, Inc. |
302,100 |
10,479,849 |
|
Teck Resources Ltd. Class B (sub. vtg.) |
210,700 |
5,072,591 |
|
|
|||
Shares |
Value |
||
Turquoise Hill Resources Ltd. (a)(d) |
218,025 |
$ 890,903 |
|
U.S. Silica Holdings, Inc. |
34,300 |
1,183,693 |
|
|
17,627,036 |
||
Gold - 5.4% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
196,700 |
2,673,153 |
|
Barrick Gold Corp. |
267,900 |
4,441,878 |
|
Franco-Nevada Corp. |
274,300 |
11,004,541 |
|
Gold Fields Ltd. sponsored ADR |
1,414,800 |
5,673,348 |
|
Goldcorp, Inc. |
276,300 |
6,152,429 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR |
530,400 |
1,511,640 |
|
IAMGOLD Corp. |
508,200 |
2,224,960 |
|
Kinross Gold Corp. |
295,867 |
1,390,054 |
|
Newmont Mining Corp. |
216,800 |
5,383,144 |
|
Randgold Resources Ltd. sponsored ADR |
134,100 |
9,487,575 |
|
Royal Gold, Inc. |
37,600 |
1,695,384 |
|
Yamana Gold, Inc. |
416,600 |
3,738,064 |
|
|
55,376,170 |
||
Precious Metals & Minerals - 0.6% |
|||
Pan American Silver Corp. (d) |
128,600 |
1,373,057 |
|
Silver Wheaton Corp. |
212,600 |
4,439,759 |
|
|
5,812,816 |
||
TOTAL METALS & MINING |
78,816,022 |
||
OIL, GAS & CONSUMABLE FUELS - 63.0% |
|||
Coal & Consumable Fuels - 1.6% |
|||
Alpha Natural Resources, Inc. (a) |
138,900 |
927,852 |
|
Peabody Energy Corp. |
884,500 |
16,097,900 |
|
|
17,025,752 |
||
Integrated Oil & Gas - 11.9% |
|||
Chevron Corp. |
361,100 |
44,213,084 |
|
Hess Corp. |
197,000 |
15,982,610 |
|
InterOil Corp. (a)(d) |
33,200 |
2,934,880 |
|
Occidental Petroleum Corp. |
265,300 |
25,192,888 |
|
Suncor Energy, Inc. |
974,700 |
33,423,005 |
|
|
121,746,467 |
||
Oil & Gas Exploration & Production - 40.8% |
|||
Anadarko Petroleum Corp. |
566,000 |
50,272,120 |
|
Bankers Petroleum Ltd. (a) |
1,330,000 |
4,971,377 |
|
Bonanza Creek Energy, Inc. (a) |
162,600 |
7,458,462 |
|
BPZ Energy, Inc. (a) |
500,300 |
1,050,630 |
|
Cabot Oil & Gas Corp. |
576,000 |
19,843,200 |
|
Cimarex Energy Co. |
316,400 |
29,925,112 |
|
Cobalt International Energy, Inc. (a) |
494,900 |
11,001,627 |
|
ConocoPhillips Co. |
614,100 |
44,706,480 |
|
Continental Resources, Inc. (a)(d) |
164,900 |
17,728,399 |
|
Emerald Oil, Inc. (a) |
82,600 |
599,676 |
|
Energen Corp. |
24,400 |
1,760,948 |
|
EOG Resources, Inc. |
427,400 |
70,521,001 |
|
EPL Oil & Gas, Inc. (a) |
76,440 |
2,190,006 |
|
EQT Corp. |
172,200 |
14,655,942 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Exploration & Production - continued |
|||
Gulfport Energy Corp. (a) |
79,100 |
$ 4,621,813 |
|
Halcon Resources Corp. (a) |
570,000 |
2,285,700 |
|
Kodiak Oil & Gas Corp. (a) |
840,800 |
9,534,672 |
|
Laredo Petroleum Holdings, Inc. (a) |
286,100 |
7,721,839 |
|
Murphy Oil Corp. |
71,700 |
4,655,481 |
|
Newfield Exploration Co. (a) |
36,200 |
1,017,220 |
|
Noble Energy, Inc. |
523,000 |
36,735,520 |
|
Northern Oil & Gas, Inc. (a)(d) |
341,095 |
5,440,465 |
|
Oasis Petroleum, Inc. (a) |
33,700 |
1,554,581 |
|
PDC Energy, Inc. (a) |
150,200 |
8,848,282 |
|
Pioneer Natural Resources Co. |
124,000 |
22,041,000 |
|
Range Resources Corp. |
16,000 |
1,242,400 |
|
Rex Energy Corp. (a) |
78,300 |
1,501,794 |
|
Rosetta Resources, Inc. (a) |
60,900 |
3,079,713 |
|
Sanchez Energy Corp. (a)(d) |
105,100 |
2,697,917 |
|
SM Energy Co. |
160,400 |
14,137,656 |
|
Synergy Resources Corp. (a) |
106,100 |
1,001,584 |
|
TAG Oil Ltd. (a) |
144,000 |
469,108 |
|
Tullow Oil PLC |
71,200 |
1,013,317 |
|
Whiting Petroleum Corp. (a) |
199,400 |
12,043,760 |
|
|
418,328,802 |
||
Oil & Gas Refining & Marketing - 2.0% |
|||
Marathon Petroleum Corp. |
170,100 |
14,074,074 |
|
Phillips 66 Co. |
72,300 |
5,032,803 |
|
Tesoro Corp. |
18,300 |
1,072,929 |
|
|
20,179,806 |
||
Oil & Gas Storage & Transport - 6.7% |
|||
Access Midstream Partners LP |
217,700 |
12,228,209 |
|
Atlas Pipeline Partners LP |
183,900 |
6,429,144 |
|
Magellan Midstream Partners LP |
103,700 |
6,443,918 |
|
Markwest Energy Partners LP |
69,400 |
4,793,458 |
|
MPLX LP |
58,800 |
2,241,456 |
|
Phillips 66 Partners LP |
88,300 |
2,908,602 |
|
Spectra Energy Corp. |
154,400 |
5,180,120 |
|
Targa Resources Corp. |
71,100 |
5,765,499 |
|
|
|||
Shares |
Value |
||
Tesoro Logistics LP |
110,400 |
$ 5,658,000 |
|
The Williams Companies, Inc. |
479,000 |
16,870,380 |
|
|
68,518,786 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
645,799,613 |
||
PAPER & FOREST PRODUCTS - 1.4% |
|||
Paper Products - 1.4% |
|||
International Paper Co. |
309,100 |
14,419,515 |
|
TOTAL COMMON STOCKS (Cost $927,466,168) |
|
||
Money Market Funds - 4.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
15,890,255 |
15,890,255 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
28,874,690 |
28,874,690 |
|
TOTAL MONEY MARKET FUNDS (Cost $44,764,945) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $972,231,113) |
|
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(31,252,397) |
||
NET ASSETS - 100% |
$ 1,025,316,569 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 13,807 |
Fidelity Securities Lending Cash Central Fund |
507,736 |
Total |
$ 521,543 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $975,055,801. Net unrealized appreciation aggregated $81,513,165, of which $147,733,228 related to appreciated investment securities and $66,220,063 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrials Portfolio
November 30, 2013
1.810678.109
CYC-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.4% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 16.0% |
|||
Aerospace & Defense - 16.0% |
|||
Honeywell International, Inc. |
539,029 |
$ 47,709,457 |
|
Precision Castparts Corp. |
127,831 |
33,037,922 |
|
Teledyne Technologies, Inc. (a) |
219,300 |
20,335,689 |
|
Textron, Inc. |
203,200 |
6,752,336 |
|
Triumph Group, Inc. |
27,124 |
2,005,549 |
|
United Technologies Corp. |
785,021 |
87,027,428 |
|
|
196,868,381 |
||
AIR FREIGHT & LOGISTICS - 3.9% |
|||
Air Freight & Logistics - 3.9% |
|||
FedEx Corp. |
344,975 |
47,848,033 |
|
AUTO COMPONENTS - 1.9% |
|||
Auto Parts & Equipment - 1.9% |
|||
Johnson Controls, Inc. |
467,977 |
23,637,518 |
|
BUILDING PRODUCTS - 2.0% |
|||
Building Products - 2.0% |
|||
A.O. Smith Corp. |
380,744 |
20,617,288 |
|
Aspen Aerogels, Inc. warrants 3/28/23 (a)(c) |
4,617,874 |
46 |
|
Lennox International, Inc. |
44,328 |
3,652,627 |
|
|
24,269,961 |
||
COMMERCIAL SERVICES & SUPPLIES - 2.5% |
|||
Diversified Support Services - 0.5% |
|||
Iron Mountain, Inc. |
195,908 |
5,508,933 |
|
Environmental & Facility Services - 2.0% |
|||
Stericycle, Inc. (a) |
94,891 |
11,147,795 |
|
Waste Connections, Inc. |
317,113 |
13,933,945 |
|
|
25,081,740 |
||
TOTAL COMMERCIAL SERVICES & SUPPLIES |
30,590,673 |
||
CONSTRUCTION & ENGINEERING - 4.0% |
|||
Construction & Engineering - 4.0% |
|||
Chicago Bridge & Iron Co. NV |
76,265 |
5,848,000 |
|
EMCOR Group, Inc. |
385,082 |
15,299,308 |
|
KBR, Inc. |
167,300 |
5,659,759 |
|
URS Corp. |
425,307 |
22,103,205 |
|
|
48,910,272 |
||
ELECTRICAL EQUIPMENT - 7.7% |
|||
Electrical Components & Equipment - 7.7% |
|||
AMETEK, Inc. |
244,912 |
12,054,569 |
|
Eaton Corp. PLC |
401,849 |
29,198,348 |
|
Generac Holdings, Inc. |
221,410 |
11,792,297 |
|
Hubbell, Inc. Class B |
194,058 |
20,940,799 |
|
Rockwell Automation, Inc. |
174,900 |
19,865,142 |
|
|
93,851,155 |
||
|
|||
Shares |
Value |
||
INDUSTRIAL CONGLOMERATES - 16.9% |
|||
Industrial Conglomerates - 16.9% |
|||
Danaher Corp. |
887,041 |
$ 66,350,667 |
|
General Electric Co. |
5,282,924 |
140,842,749 |
|
|
207,193,416 |
||
MACHINERY - 26.7% |
|||
Construction & Farm Machinery & Heavy Trucks - 11.1% |
|||
Caterpillar, Inc. |
506,196 |
42,824,182 |
|
Cummins, Inc. |
211,178 |
27,951,520 |
|
Manitowoc Co., Inc. |
1,139,392 |
23,460,081 |
|
Oshkosh Truck Corp. |
166,882 |
8,135,498 |
|
Toro Co. |
206,003 |
12,712,445 |
|
Wabtec Corp. |
312,620 |
21,570,780 |
|
|
136,654,506 |
||
Industrial Machinery - 15.6% |
|||
Dover Corp. |
187,508 |
17,014,476 |
|
GEA Group AG |
263,046 |
12,261,530 |
|
Global Brass & Copper Holdings, Inc. |
142,477 |
2,350,871 |
|
Graco, Inc. |
178,513 |
13,786,559 |
|
Harsco Corp. |
368,852 |
9,645,480 |
|
IDEX Corp. |
212,298 |
15,143,216 |
|
Ingersoll-Rand PLC |
37,128 |
2,651,682 |
|
ITT Corp. |
319,560 |
13,044,439 |
|
Pall Corp. |
205,129 |
17,169,297 |
|
Parker Hannifin Corp. |
178,837 |
21,074,152 |
|
Pentair Ltd. |
278,112 |
19,668,081 |
|
Timken Co. |
243,012 |
12,578,301 |
|
TriMas Corp. (a) |
259,241 |
9,483,036 |
|
Valmont Industries, Inc. |
174,938 |
25,315,278 |
|
|
191,186,398 |
||
TOTAL MACHINERY |
327,840,904 |
||
PROFESSIONAL SERVICES - 7.9% |
|||
Human Resource & Employment Services - 1.8% |
|||
Towers Watson & Co. |
192,874 |
21,717,612 |
|
Research & Consulting Services - 6.1% |
|||
Dun & Bradstreet Corp. |
204,780 |
23,928,543 |
|
Huron Consulting Group, Inc. (a) |
2,508 |
149,076 |
|
Nielsen Holdings B.V. |
713,273 |
30,784,863 |
|
Verisk Analytics, Inc. (a) |
307,050 |
19,992,026 |
|
|
74,854,508 |
||
TOTAL PROFESSIONAL SERVICES |
96,572,120 |
||
ROAD & RAIL - 5.1% |
|||
Railroads - 3.7% |
|||
Union Pacific Corp. |
278,965 |
45,203,489 |
|
Trucking - 1.4% |
|||
J.B. Hunt Transport Services, Inc. |
225,851 |
16,981,737 |
|
TOTAL ROAD & RAIL |
62,185,226 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - 3.8% |
|||
Trading Companies & Distributors - 3.8% |
|||
MRC Global, Inc. (a) |
55,691 |
$ 1,703,588 |
|
W.W. Grainger, Inc. |
56,650 |
14,611,168 |
|
Watsco, Inc. |
111,515 |
10,700,979 |
|
WESCO International, Inc. (a) |
233,988 |
20,118,288 |
|
|
47,134,023 |
||
TOTAL COMMON STOCKS (Cost $892,671,757) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
BUILDING PRODUCTS - 0.2% |
||||
Building Products - 0.2% |
||||
Aspen Aerogels, Inc.: |
|
|
|
|
8% 6/1/14 (c) |
|
$ 1,336,292 |
1,336,292 |
|
8% 12/6/14 (c) |
|
1,456,502 |
1,456,502 |
|
8% 3/28/16 (c) |
|
119,403 |
119,403 |
|
(Cost $2,912,151) |
2,912,197 |
Money Market Funds - 1.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
17,520,787 |
|
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $913,104,695) |
|
||
NET OTHER ASSETS (LIABILITIES) - 0.0% |
(199,456) |
||
NET ASSETS - 100% |
$ 1,227,135,210 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) 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 $2,912,243 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. warrants 3/28/23 |
5/6/13 |
$ 46 |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/14/11 - 12/31/12 |
$ 1,336,292 |
Aspen Aerogels, Inc. 8% 12/6/14 |
12/6/11 - 12/31/12 |
$ 1,456,502 |
Aspen Aerogels, Inc. 8% 3/28/16 |
5/6/13 |
$ 119,357 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 17,431 |
Fidelity Securities Lending Cash Central Fund |
13,037 |
Total |
$ 30,468 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,206,901,682 |
$ 1,206,901,636 |
$ - |
$ 46 |
Convertible Bonds |
2,912,197 |
- |
- |
2,912,197 |
Money Market Funds |
17,520,787 |
17,520,787 |
- |
- |
Total Investments in Securities: |
$ 1,227,334,666 |
$ 1,224,422,423 |
$ - |
$ 2,912,243 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $914,472,772. Net unrealized appreciation aggregated $312,861,894, of which $314,300,962 related to appreciated investment securities and $1,439,068 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Environment and
Alternative Energy Portfolio
November 30, 2013
1.810704.109
ENV-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.8% |
|||
Shares |
Value |
||
Energy Efficiency - 30.6% |
|||
Buildings Energy Efficiency - 11.3% |
|||
Cree, Inc. (a)(d) |
24,300 |
$ 1,355,940 |
|
Ingersoll-Rand PLC |
52,200 |
3,728,124 |
|
Johnson Controls, Inc. |
69,700 |
3,520,547 |
|
Owens Corning (a) |
27,000 |
1,057,320 |
|
Zumtobel AG |
28,000 |
441,338 |
|
TOTAL BUILDINGS ENERGY EFFICIENCY |
10,103,269 |
||
Diversified Energy Efficiency - 1.0% |
|||
Corning, Inc. |
52,900 |
903,532 |
|
Industrial Energy Efficiency - 1.1% |
|||
ON Semiconductor Corp. (a) |
134,000 |
950,060 |
|
Power Network Efficiency - 16.7% |
|||
Eaton Corp. PLC |
56,800 |
4,127,088 |
|
Emerson Electric Co. |
94,000 |
6,297,060 |
|
Hubbell, Inc. Class B |
28,000 |
3,021,480 |
|
Itron, Inc. (a) |
13,700 |
580,195 |
|
Quanta Services, Inc. (a) |
29,400 |
870,534 |
|
TOTAL POWER NETWORK EFFICIENCY |
14,896,357 |
||
Transport Energy Efficiency - 0.5% |
|||
Delphi Automotive PLC |
7,300 |
427,415 |
|
TOTAL ENERGY EFFICIENCY |
27,280,633 |
||
Environmental Support Services - 14.3% |
|||
Diversified Environmental - 10.7% |
|||
3M Co. |
14,000 |
1,869,140 |
|
Air Products & Chemicals, Inc. |
41,200 |
4,483,796 |
|
Parker Hannifin Corp. |
27,200 |
3,205,248 |
|
TOTAL DIVERSIFIED ENVIRONMENTAL |
9,558,184 |
||
Environmental Consultancies - 3.6% |
|||
AECOM Technology Corp. (a) |
20,700 |
601,542 |
|
Jacobs Engineering Group, Inc. (a) |
36,700 |
2,193,559 |
|
Tetra Tech, Inc. (a) |
13,000 |
371,670 |
|
TOTAL ENVIRONMENTAL CONSULTANCIES |
3,166,771 |
||
TOTAL ENVIRONMENTAL SUPPORT SERVICES |
12,724,955 |
||
Pollution Control - 2.7% |
|||
Pollution Control Solutions - 2.7% |
|||
Cummins, Inc. |
6,600 |
873,576 |
|
Tenneco, Inc. (a) |
26,100 |
1,498,140 |
|
TOTAL POLLUTION CONTROL SOLUTIONS |
2,371,716 |
||
|
|||
Shares |
Value |
||
Renewable & Alternative Energy - 13.1% |
|||
Biofuels - 0.3% |
|||
Amyris, Inc. (a)(d) |
106,700 |
$ 296,626 |
|
Renewable Energy Developers and Independent Power Producers (IPPs) - 9.7% |
|||
Bunge Ltd. |
20,400 |
1,634,448 |
|
Covanta Holding Corp. |
92,100 |
1,648,590 |
|
EDP Renovaveis SA |
151,619 |
810,482 |
|
Empresa Nacional de Electricidad SA sponsored ADR (d) |
12,300 |
538,494 |
|
Iberdrola SA |
633,020 |
4,032,372 |
|
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPs) |
8,664,386 |
||
Solar Energy Generation Equipment - 3.1% |
|||
First Solar, Inc. (a) |
10,800 |
646,056 |
|
GT Advanced Technologies, Inc. (a)(d) |
89,200 |
875,052 |
|
SolarCity Corp. (d) |
8,800 |
460,064 |
|
SunEdison, Inc. (a) |
58,500 |
743,535 |
|
TOTAL SOLAR ENERGY GENERATION EQUIPMENT |
2,724,707 |
||
TOTAL RENEWABLE & ALTERNATIVE ENERGY |
11,685,719 |
||
Waste Management & Technologies - 13.7% |
|||
General Waste Management - 5.2% |
|||
Republic Services, Inc. |
100,300 |
3,501,473 |
|
Waste Connections, Inc. |
25,200 |
1,107,288 |
|
TOTAL GENERAL WASTE MANAGEMENT |
4,608,761 |
||
Hazardous Waste Management - 5.9% |
|||
Clean Harbors, Inc. (a) |
20,000 |
1,055,400 |
|
Stericycle, Inc. (a) |
29,400 |
3,453,912 |
|
U.S. Ecology, Inc. |
19,300 |
742,664 |
|
TOTAL HAZARDOUS WASTE MANAGEMENT |
5,251,976 |
||
Recycling and Value Added Waste Processing - 2.6% |
|||
Commercial Metals Co. |
59,400 |
1,153,548 |
|
Interface, Inc. |
29,400 |
589,470 |
|
Schnitzer Steel Industries, Inc. Class A |
19,100 |
585,129 |
|
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING |
2,328,147 |
||
TOTAL WASTE MANAGEMENT & TECHNOLOGIES |
12,188,884 |
||
Water Infrastructure & Technologies - 24.4% |
|||
Water Infrastructure - 6.8% |
|||
Aegion Corp. (a) |
48,000 |
1,044,960 |
|
Pentair Ltd. |
49,100 |
3,472,352 |
|
Xylem, Inc. |
45,300 |
1,565,568 |
|
TOTAL WATER INFRASTRUCTURE |
6,082,880 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
Water Infrastructure & Technologies - continued |
|||
Water Treatment Equipment - 17.6% |
|||
Ashland, Inc. |
40,000 |
$ 3,643,200 |
|
Danaher Corp. |
100,000 |
7,480,000 |
|
Ecolab, Inc. |
42,100 |
4,511,857 |
|
TOTAL WATER TREATMENT EQUIPMENT |
15,635,057 |
||
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES |
21,717,937 |
||
TOTAL COMMON STOCKS (Cost $66,884,516) |
|
||
Convertible Bonds - 0.4% |
|||
Principal Amount |
|
||
Energy Efficiency - 0.4% |
|||
Buildings Energy Efficiency - 0.4% |
|||
Aspen Aerogels, Inc. 8% 6/1/14 (e) |
$ 312,414 |
|
|
Cash Equivalents - 3.9% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.10% (b) |
783,842 |
783,842 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
2,655,950 |
2,655,950 |
|
TOTAL CASH EQUIVALENTS (Cost $3,439,792) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $70,636,722) |
91,722,050 |
||
NET OTHER ASSETS (LIABILITIES) - (3.1)% |
(2,721,115) |
||
NET ASSETS - 100% |
$ 89,000,935 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $312,414 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 - 12/31/12 |
$ 312,414 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 1,410 |
Fidelity Securities Lending Cash Central Fund |
23,690 |
Total |
$ 25,100 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 87,969,844 |
$ 87,969,844 |
$ - |
$ - |
Convertible Bonds |
312,414 |
- |
- |
312,414 |
Money Market Funds |
3,439,792 |
3,439,792 |
- |
- |
Total Investments in Securities: |
$ 91,722,050 |
$ 91,409,636 |
$ - |
$ 312,414 |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $71,423,604. Net unrealized appreciation aggregated $20,298,446, of which $23,488,375 related to appreciated investment securities and $3,189,929 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer
Discretionary Portfolio
November 30, 2013
1.810692.109
CPR-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.9% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 2.7% |
|||
Auto Parts & Equipment - 2.7% |
|||
Delphi Automotive PLC |
276,093 |
$ 16,165,245 |
|
COMMERCIAL SERVICES & SUPPLIES - 1.6% |
|||
Diversified Support Services - 1.6% |
|||
KAR Auction Services, Inc. |
341,676 |
9,426,841 |
|
DISTRIBUTORS - 1.1% |
|||
Distributors - 1.1% |
|||
LKQ Corp. (a) |
198,828 |
6,591,148 |
|
HOTELS, RESTAURANTS & LEISURE - 10.7% |
|||
Hotels, Resorts & Cruise Lines - 1.9% |
|||
Wyndham Worldwide Corp. |
163,204 |
11,703,359 |
|
Restaurants - 8.8% |
|||
Bloomin' Brands, Inc. (a) |
288,658 |
7,562,840 |
|
Burger King Worldwide, Inc. |
114,800 |
2,432,612 |
|
Panera Bread Co. Class A (a) |
62,654 |
11,082,866 |
|
Texas Roadhouse, Inc. Class A |
224,938 |
6,293,765 |
|
Yum! Brands, Inc. |
325,193 |
25,260,992 |
|
|
52,633,075 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
64,336,434 |
||
HOUSEHOLD DURABLES - 3.5% |
|||
Homebuilding - 1.8% |
|||
NVR, Inc. (a) |
10,900 |
10,572,782 |
|
Housewares & Specialties - 1.7% |
|||
Jarden Corp. (a) |
184,061 |
10,351,591 |
|
TOTAL HOUSEHOLD DURABLES |
20,924,373 |
||
INTERNET & CATALOG RETAIL - 6.3% |
|||
Internet Retail - 6.3% |
|||
Liberty Media Corp.: |
|
|
|
Interactive Series A (a) |
493,947 |
13,870,032 |
|
Series A (a) |
59,304 |
7,208,401 |
|
priceline.com, Inc. (a) |
14,118 |
16,833,315 |
|
|
37,911,748 |
||
INTERNET SOFTWARE & SERVICES - 0.2% |
|||
Internet Software & Services - 0.2% |
|||
eBay, Inc. (a) |
24,475 |
1,236,477 |
|
LEISURE EQUIPMENT & PRODUCTS - 1.5% |
|||
Leisure Products - 1.5% |
|||
Brunswick Corp. |
191,749 |
8,762,929 |
|
MEDIA - 22.3% |
|||
Broadcasting - 3.6% |
|||
Discovery Communications, Inc. Class A (a) |
132,133 |
11,531,247 |
|
Liberty Media Corp. Class A (a) |
65,960 |
10,122,222 |
|
|
21,653,469 |
||
|
|||
Shares |
Value |
||
Cable & Satellite - 6.0% |
|||
DIRECTV (a) |
274,337 |
$ 18,136,419 |
|
Liberty Global PLC Class A (a) |
203,541 |
17,465,853 |
|
|
35,602,272 |
||
Movies & Entertainment - 12.7% |
|||
The Walt Disney Co. |
476,947 |
33,643,838 |
|
Time Warner, Inc. |
275,705 |
18,116,576 |
|
Twenty-First Century Fox, Inc. Class A |
726,789 |
24,340,164 |
|
|
76,100,578 |
||
TOTAL MEDIA |
133,356,319 |
||
MULTILINE RETAIL - 7.7% |
|||
General Merchandise Stores - 7.7% |
|||
Dollar General Corp. (a) |
302,141 |
17,203,909 |
|
Dollar Tree, Inc. (a) |
250,314 |
13,929,974 |
|
Target Corp. |
232,300 |
14,850,939 |
|
|
45,984,822 |
||
SPECIALTY RETAIL - 28.2% |
|||
Apparel Retail - 9.8% |
|||
Abercrombie & Fitch Co. Class A (d) |
128,250 |
4,396,410 |
|
Foot Locker, Inc. |
323,996 |
12,600,204 |
|
L Brands, Inc. |
194,098 |
12,614,429 |
|
Ross Stores, Inc. |
156,672 |
11,979,141 |
|
TJX Companies, Inc. |
273,795 |
17,216,230 |
|
|
58,806,414 |
||
Automotive Retail - 3.9% |
|||
AutoZone, Inc. (a) |
27,598 |
12,739,237 |
|
O'Reilly Automotive, Inc. (a) |
83,221 |
10,399,296 |
|
|
23,138,533 |
||
Home Improvement Retail - 3.7% |
|||
Lowe's Companies, Inc. |
464,047 |
22,032,952 |
|
Homefurnishing Retail - 2.6% |
|||
Bed Bath & Beyond, Inc. (a) |
65,031 |
5,074,369 |
|
Williams-Sonoma, Inc. |
171,873 |
10,161,132 |
|
|
15,235,501 |
||
Specialty Stores - 8.2% |
|||
Cabela's, Inc. Class A (a) |
98,175 |
6,013,219 |
|
Dick's Sporting Goods, Inc. |
246,457 |
13,929,750 |
|
PetSmart, Inc. |
150,471 |
11,151,406 |
|
Sally Beauty Holdings, Inc. (a) |
382,470 |
10,762,706 |
|
Vitamin Shoppe, Inc. (a) |
138,050 |
7,491,974 |
|
|
49,349,055 |
||
TOTAL SPECIALTY RETAIL |
168,562,455 |
||
TEXTILES, APPAREL & LUXURY GOODS - 12.1% |
|||
Apparel, Accessories & Luxury Goods - 7.5% |
|||
PVH Corp. |
92,952 |
12,448,132 |
|
Ralph Lauren Corp. |
66,830 |
11,710,621 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TEXTILES, APPAREL & LUXURY GOODS - CONTINUED |
|||
Apparel, Accessories & Luxury Goods - continued |
|||
Swatch Group AG (Bearer) (Reg.) |
67,944 |
$ 7,593,477 |
|
VF Corp. |
56,688 |
13,297,871 |
|
|
45,050,101 |
||
Footwear - 4.6% |
|||
NIKE, Inc. Class B |
213,546 |
16,900,030 |
|
Wolverine World Wide, Inc. |
327,010 |
10,761,899 |
|
|
27,661,929 |
||
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
72,712,030 |
||
TOTAL COMMON STOCKS (Cost $456,972,983) |
|
||
Money Market Funds - 2.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
15,192,078 |
15,192,078 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
874,200 |
874,200 |
|
TOTAL MONEY MARKET FUNDS (Cost $16,066,278) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $473,039,261) |
|
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(3,352,282) |
||
NET ASSETS - 100% |
$ 598,684,817 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 7,267 |
Fidelity Securities Lending Cash Central Fund |
35,272 |
Total |
$ 42,539 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $475,086,803. Net unrealized appreciation aggregated $126,950,296, of which $129,740,093 related to appreciated investment securities and $2,789,797 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Communications
Equipment Portfolio
November 30, 2013
1.810680.109
DEV-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 97.3% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 87.5% |
|||
Communications Equipment - 87.5% |
|||
ADVA Optical Networking SE (a) |
282,083 |
$ 1,487,182 |
|
Alcatel-Lucent SA sponsored ADR (d) |
2,426,843 |
10,459,693 |
|
Anaren, Inc. (a) |
59,200 |
1,651,088 |
|
Aruba Networks, Inc. (a) |
295,423 |
5,270,346 |
|
BlackBerry Ltd. (a)(d) |
484,500 |
3,066,884 |
|
Brocade Communications Systems, Inc. (a) |
601,841 |
5,290,182 |
|
Cisco Systems, Inc. |
2,274,976 |
48,343,241 |
|
Comtech Telecommunications Corp. |
41,900 |
1,346,666 |
|
F5 Networks, Inc. (a) |
149,035 |
12,259,619 |
|
Infinera Corp. (a)(d) |
60,600 |
563,580 |
|
InterDigital, Inc. (d) |
58,600 |
1,985,954 |
|
Ixia (a) |
54,800 |
711,852 |
|
Juniper Networks, Inc. (a) |
809,712 |
16,412,862 |
|
Motorola Solutions, Inc. |
85,281 |
5,618,312 |
|
NETGEAR, Inc. (a) |
152,850 |
4,908,014 |
|
Nokia Corp. sponsored ADR (a)(d) |
1,532,330 |
12,350,580 |
|
Oclaro, Inc. (a)(d) |
236,700 |
534,942 |
|
Palo Alto Networks, Inc. (a) |
55,300 |
2,762,235 |
|
Plantronics, Inc. |
89,100 |
3,985,443 |
|
Polycom, Inc. (a) |
782,863 |
8,415,777 |
|
QUALCOMM, Inc. |
590,619 |
43,457,746 |
|
Radware Ltd. (a) |
230,000 |
3,910,000 |
|
Riverbed Technology, Inc. (a) |
471,842 |
8,162,867 |
|
Sonus Networks, Inc. (a) |
808,200 |
2,351,862 |
|
Spirent Communications PLC |
868,300 |
1,540,146 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) |
906,780 |
11,343,818 |
|
Wi-Lan, Inc. (d) |
405,400 |
1,304,850 |
|
|
219,495,741 |
||
COMPUTERS & PERIPHERALS - 1.8% |
|||
Computer Hardware - 1.8% |
|||
Apple, Inc. |
5,000 |
2,780,350 |
|
Super Micro Computer, Inc. (a) |
113,700 |
1,805,556 |
|
|
4,585,906 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Technology Distributors - 0.5% |
|||
Arrow Electronics, Inc. (a) |
23,100 |
1,185,954 |
|
HEALTH CARE TECHNOLOGY - 0.3% |
|||
Health Care Technology - 0.3% |
|||
Vocera Communications, Inc. (a) |
44,700 |
794,319 |
|
INTERNET SOFTWARE & SERVICES - 1.3% |
|||
Internet Software & Services - 1.3% |
|||
Equinix, Inc. (a) |
8,800 |
1,414,160 |
|
|
|||
Shares |
Value |
||
Google, Inc. Class A (a) |
1,200 |
$ 1,271,508 |
|
Rackspace Hosting, Inc. (a) |
14,900 |
569,329 |
|
|
3,254,997 |
||
IT SERVICES - 1.6% |
|||
IT Consulting & Other Services - 1.6% |
|||
Amdocs Ltd. |
97,700 |
3,952,942 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3% |
|||
Semiconductors - 3.3% |
|||
Altera Corp. |
142,200 |
4,585,950 |
|
Broadcom Corp. Class A |
132,200 |
3,528,418 |
|
|
8,114,368 |
||
SOFTWARE - 1.0% |
|||
Application Software - 0.5% |
|||
Citrix Systems, Inc. (a) |
20,800 |
1,233,856 |
|
Systems Software - 0.5% |
|||
Rovi Corp. (a) |
69,100 |
1,271,440 |
|
TOTAL SOFTWARE |
2,505,296 |
||
TOTAL COMMON STOCKS (Cost $234,209,886) |
|
||
Money Market Funds - 4.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b) |
6,499,601 |
6,499,601 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
5,896,505 |
5,896,505 |
|
TOTAL MONEY MARKET FUNDS (Cost $12,396,106) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $246,605,992) |
|
||
NET OTHER ASSETS (LIABILITIES) - (2.2)% |
(5,502,614) |
||
NET ASSETS - 100% |
$ 250,783,015 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 7,460 |
Fidelity Securities Lending Cash Central Fund |
292,475 |
Total |
$ 299,935 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $250,640,955. Net unrealized appreciation aggregated $5,644,674, of which $27,876,554 related to appreciated investment securities and $22,231,880 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Wireless Portfolio
November 30, 2013
1.810702.109
WIR-QTLY-0114
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.5% |
|||
Aerospace & Defense - 0.5% |
|||
Kratos Defense & Security Solutions, Inc. (a) |
217,700 |
$ 1,456,413 |
|
COMMUNICATIONS EQUIPMENT - 21.3% |
|||
Communications Equipment - 21.3% |
|||
Aruba Networks, Inc. (a) |
136,584 |
2,436,659 |
|
BlackBerry Ltd. (a) |
401,800 |
2,543,393 |
|
Globecomm Systems, Inc. (a) |
66,400 |
936,904 |
|
Harris Corp. |
22,100 |
1,425,671 |
|
InterDigital, Inc. (d) |
44,300 |
1,501,327 |
|
Motorola Solutions, Inc. |
75,468 |
4,971,832 |
|
Nokia Corp. sponsored ADR (a) |
1,869,200 |
15,065,752 |
|
QUALCOMM, Inc. |
381,150 |
28,045,017 |
|
Sierra Wireless, Inc. (a) |
36,900 |
706,710 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR |
181,900 |
2,275,569 |
|
ViaSat, Inc. (a) |
15,100 |
908,567 |
|
|
60,817,401 |
||
COMPUTERS & PERIPHERALS - 1.5% |
|||
Computer Hardware - 1.5% |
|||
Apple, Inc. |
7,900 |
4,392,953 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 11.6% |
|||
Alternative Carriers - 0.3% |
|||
Towerstream Corp. (a) |
334,423 |
782,550 |
|
Integrated Telecommunication Services - 11.3% |
|||
AT&T, Inc. |
321,300 |
11,312,973 |
|
Telefonica SA sponsored ADR (d) |
126,411 |
2,076,933 |
|
Verizon Communications, Inc. |
382,000 |
18,954,840 |
|
|
32,344,746 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
33,127,296 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Electronic Manufacturing Services - 0.5% |
|||
Neonode, Inc. (a)(d) |
236,500 |
1,497,045 |
|
INTERNET SOFTWARE & SERVICES - 5.7% |
|||
Internet Software & Services - 5.7% |
|||
Global Eagle Entertainment, Inc. (a) |
24,200 |
371,470 |
|
Google, Inc. Class A (a) |
10,400 |
11,019,736 |
|
Web.com Group, Inc. (a) |
105,800 |
3,020,590 |
|
Yahoo!, Inc. (a) |
45,400 |
1,678,892 |
|
|
16,090,688 |
||
IT SERVICES - 3.9% |
|||
IT Consulting & Other Services - 3.9% |
|||
Amdocs Ltd. |
40,700 |
1,646,722 |
|
Cognizant Technology Solutions Corp. Class A (a) |
101,100 |
9,492,279 |
|
|
11,139,001 |
||
|
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 10.5% |
|||
Specialized REITs - 10.5% |
|||
American Tower Corp. |
383,092 |
$ 29,793,065 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1% |
|||
Semiconductors - 2.1% |
|||
RF Micro Devices, Inc. (a) |
536,900 |
2,834,832 |
|
Samsung Electronics Co. Ltd. |
2,181 |
3,079,175 |
|
|
5,914,007 |
||
SOFTWARE - 4.0% |
|||
Application Software - 4.0% |
|||
Gameloft Se (a) |
346,462 |
3,653,195 |
|
Synchronoss Technologies, Inc. (a) |
141,100 |
4,477,103 |
|
Tangoe, Inc. (a) |
208,700 |
3,284,938 |
|
|
11,415,236 |
||
WIRELESS TELECOMMUNICATION SERVICES - 37.3% |
|||
Wireless Telecommunication Services - 37.3% |
|||
America Movil S.A.B. de CV Series L sponsored ADR |
104,100 |
2,419,284 |
|
China Mobile Ltd. sponsored ADR (d) |
84,200 |
4,567,008 |
|
Crown Castle International Corp. (a) |
184,400 |
13,688,012 |
|
Leap Wireless International, Inc. (a) |
150,900 |
2,506,449 |
|
NII Holdings, Inc. (a)(d) |
478,100 |
1,214,374 |
|
NTELOS Holdings Corp. |
45,600 |
976,296 |
|
NTT DoCoMo, Inc. sponsored ADR (d) |
151,200 |
2,429,784 |
|
Rogers Communications, Inc. Class B (non-vtg.) (d) |
228,800 |
10,264,831 |
|
SBA Communications Corp. Class A (a) |
164,300 |
13,993,431 |
|
Shenandoah Telecommunications Co. |
1,300 |
32,474 |
|
Sprint Corp. (a) |
714,633 |
5,995,771 |
|
T-Mobile U.S., Inc. (a) |
347,975 |
9,050,830 |
|
Telephone & Data Systems, Inc. |
101,014 |
2,809,199 |
|
U.S. Cellular Corp. |
28,200 |
1,251,234 |
|
U.S.A. Mobility, Inc. |
61,900 |
909,311 |
|
Vodafone Group PLC sponsored ADR |
924,000 |
34,271,159 |
|
|
106,379,447 |
||
TOTAL COMMON STOCKS (Cost $214,895,190) |
|
||
Money Market Funds - 3.5% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.10% (b) |
479 |
$ 479 |
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
10,144,473 |
10,144,473 |
|
TOTAL MONEY MARKET FUNDS (Cost $10,144,952) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $225,040,142) |
|
||
NET OTHER ASSETS (LIABILITIES) - (2.4)% |
(6,893,734) |
||
NET ASSETS - 100% |
$ 285,273,770 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 3,685 |
Fidelity Securities Lending Cash Central Fund |
180,940 |
Total |
$ 184,625 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At November 30, 2013, the cost of investment securities for income tax purposes was $226,388,850. Net unrealized appreciation aggregated $65,778,654, of which $72,178,918 related to appreciated investment securities and $6,400,264 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Item 2. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 3. Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
By: |
/s/Adrien E. Deberghes |
|
Adrien E. Deberghes |
|
President and Treasurer |
|
|
Date: |
January 29, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ Adrien E. Deberghes |
|
Adrien E. Deberghes |
|
President and Treasurer |
|
|
Date: |
January 29, 2014 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
January 29, 2014 |
Exhibit EX-99.CERT
I, Adrien E. Deberghes, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: January 29, 2014
/s/Adrien E. Deberghes |
Adrien E. Deberghes |
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: January 29, 2014
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |