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)
Scott C. Goebel, 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: |
May 31, 2013 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Select Health Care Portfolio
May 31, 2013
1.802174.109
HEA-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 99.7% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 32.7% |
|||
Biotechnology - 32.7% |
|||
Achillion Pharmaceuticals, Inc. (a) |
1,600,000 |
$ 13,344,000 |
|
Acorda Therapeutics, Inc. (a) |
200,000 |
6,690,000 |
|
Alexion Pharmaceuticals, Inc. (a) |
905,000 |
88,273,700 |
|
Amgen, Inc. |
2,400,000 |
241,272,000 |
|
Biogen Idec, Inc. (a) |
200,000 |
47,498,000 |
|
BioMarin Pharmaceutical, Inc. (a) |
660,000 |
41,382,000 |
|
Biovitrum AB (a) |
1,700,000 |
10,574,709 |
|
Cubist Pharmaceuticals, Inc. (a) |
250,000 |
13,737,500 |
|
Discovery Laboratories, Inc. (a)(d) |
2,275,700 |
4,073,503 |
|
Dynavax Technologies Corp. (a) |
1,800,000 |
4,698,000 |
|
Genomic Health, Inc. (a) |
436,500 |
15,923,520 |
|
Gilead Sciences, Inc. (a) |
4,865,000 |
265,045,202 |
|
Grifols SA ADR |
1,200,000 |
32,712,000 |
|
Infinity Pharmaceuticals, Inc. (a) |
450,000 |
12,127,500 |
|
Insmed, Inc. (a) |
264,994 |
3,556,219 |
|
Intercept Pharmaceuticals, Inc. |
83,260 |
2,784,214 |
|
InterMune, Inc. (a) |
1,000,000 |
9,880,000 |
|
Lexicon Pharmaceuticals, Inc. (a) |
3,500,000 |
8,365,000 |
|
Medivation, Inc. (a) |
690,000 |
33,506,400 |
|
Merrimack Pharmaceuticals, Inc. (a) |
500,000 |
2,770,000 |
|
Momenta Pharmaceuticals, Inc. (a) |
600,000 |
7,896,000 |
|
Neurocrine Biosciences, Inc. (a) |
1,280,000 |
16,550,400 |
|
NPS Pharmaceuticals, Inc. (a) |
800,000 |
12,600,000 |
|
Onyx Pharmaceuticals, Inc. (a) |
770,000 |
73,496,500 |
|
Puma Biotechnology, Inc. (a) |
320,000 |
12,457,600 |
|
Regeneron Pharmaceuticals, Inc. (a) |
280,000 |
67,723,600 |
|
Spectrum Pharmaceuticals, Inc. |
900,000 |
7,389,000 |
|
Synageva BioPharma Corp. (a) |
130,000 |
5,358,600 |
|
Synta Pharmaceuticals Corp. (a) |
600,000 |
4,428,000 |
|
Targacept, Inc. (a) |
1,000,000 |
5,630,000 |
|
Theravance, Inc. (a)(d) |
400,000 |
14,016,000 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
2,000,000 |
4,380,000 |
|
|
1,090,139,167 |
||
DIVERSIFIED CONSUMER SERVICES - 0.5% |
|||
Specialized Consumer Services - 0.5% |
|||
Carriage Services, Inc. |
900,000 |
17,037,000 |
|
FOOD & STAPLES RETAILING - 1.6% |
|||
Drug Retail - 1.6% |
|||
CVS Caremark Corp. |
900,000 |
51,822,000 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 10.0% |
|||
Health Care Equipment - 8.5% |
|||
Boston Scientific Corp. (a) |
11,800,000 |
109,032,000 |
|
Cardiovascular Systems, Inc. (a) |
500,000 |
10,275,000 |
|
CONMED Corp. |
600,000 |
19,758,000 |
|
Covidien PLC |
300,000 |
19,080,000 |
|
Genmark Diagnostics, Inc. (a) |
1,342,600 |
20,004,740 |
|
HeartWare International, Inc. (a)(d) |
90,000 |
8,214,300 |
|
Insulet Corp. (a) |
637,400 |
19,032,764 |
|
|
|||
Shares |
Value |
||
Intuitive Surgical, Inc. (a) |
22,000 |
$ 10,945,660 |
|
Tornier NV (a) |
103,719 |
1,639,797 |
|
Volcano Corp. (a) |
1,175,000 |
22,442,500 |
|
Zeltiq Aesthetics, Inc. (a) |
1,200,000 |
6,228,000 |
|
Zimmer Holdings, Inc. |
450,000 |
35,329,500 |
|
|
281,982,261 |
||
Health Care Supplies - 1.5% |
|||
Derma Sciences, Inc. (a)(e) |
950,000 |
12,673,000 |
|
The Cooper Companies, Inc. |
340,000 |
38,423,400 |
|
|
51,096,400 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
333,078,661 |
||
HEALTH CARE PROVIDERS & SERVICES - 16.3% |
|||
Health Care Distributors & Services - 3.6% |
|||
Amplifon SpA |
1,200,000 |
5,970,532 |
|
McKesson Corp. |
1,000,000 |
113,860,000 |
|
|
119,830,532 |
||
Health Care Facilities - 2.8% |
|||
Brookdale Senior Living, Inc. (a) |
700,000 |
19,845,000 |
|
Emeritus Corp. (a) |
561,542 |
14,274,398 |
|
Hanger, Inc. (a) |
300,000 |
9,573,000 |
|
HCA Holdings, Inc. |
800,000 |
31,248,000 |
|
NMC Health PLC |
1,700,000 |
7,606,876 |
|
Ramsay Health Care Ltd. |
350,000 |
11,567,765 |
|
|
94,115,039 |
||
Health Care Services - 5.8% |
|||
BioScrip, Inc. (a) |
2,084,531 |
29,141,743 |
|
Catamaran Corp. (a) |
1,000,000 |
49,057,150 |
|
MEDNAX, Inc. (a) |
640,000 |
59,411,200 |
|
Quest Diagnostics, Inc. |
900,000 |
55,656,000 |
|
|
193,266,093 |
||
Managed Health Care - 4.1% |
|||
Aetna, Inc. |
140,000 |
8,453,200 |
|
CIGNA Corp. |
700,000 |
47,530,000 |
|
Humana, Inc. |
650,000 |
52,507,000 |
|
UnitedHealth Group, Inc. |
450,000 |
28,183,500 |
|
|
136,673,700 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
543,885,364 |
||
HEALTH CARE TECHNOLOGY - 5.4% |
|||
Health Care Technology - 5.4% |
|||
athenahealth, Inc. (a)(d) |
450,000 |
38,047,500 |
|
Cerner Corp. (a) |
1,130,000 |
111,056,400 |
|
HealthStream, Inc. (a) |
658,101 |
17,623,945 |
|
HMS Holdings Corp. (a) |
500,000 |
12,450,000 |
|
|
179,177,845 |
||
IT SERVICES - 0.9% |
|||
Data Processing & Outsourced Services - 0.9% |
|||
Maximus, Inc. |
400,000 |
29,852,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
LIFE SCIENCES TOOLS & SERVICES - 3.3% |
|||
Life Sciences Tools & Services - 3.3% |
|||
Agilent Technologies, Inc. |
350,000 |
$ 15,907,500 |
|
Bruker BioSciences Corp. (a) |
500,000 |
8,265,000 |
|
Illumina, Inc. (a)(d) |
1,200,000 |
84,384,000 |
|
|
108,556,500 |
||
PERSONAL PRODUCTS - 0.7% |
|||
Personal Products - 0.7% |
|||
Prestige Brands Holdings, Inc. (a) |
770,000 |
22,630,300 |
|
PHARMACEUTICALS - 27.8% |
|||
Pharmaceuticals - 27.8% |
|||
AbbVie, Inc. |
750,000 |
32,017,500 |
|
Actavis, Inc. (a) |
1,080,000 |
133,153,200 |
|
Bayer AG |
300,000 |
32,320,883 |
|
Bristol-Myers Squibb Co. |
1,400,000 |
64,414,000 |
|
Cadence Pharmaceuticals, Inc. (a) |
750,000 |
4,987,500 |
|
Endo Health Solutions, Inc. (a) |
550,000 |
19,965,000 |
|
Hi-Tech Pharmacal Co., Inc. |
280,000 |
8,948,800 |
|
Impax Laboratories, Inc. (a) |
800,000 |
15,160,000 |
|
Jazz Pharmaceuticals PLC (a) |
260,000 |
17,672,200 |
|
Meda AB (A Shares) |
1,000,000 |
12,908,875 |
|
Merck & Co., Inc. |
2,400,000 |
112,080,000 |
|
Mylan, Inc. (a) |
1,400,000 |
42,672,000 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
900,000 |
13,392,000 |
|
Pacira Pharmaceuticals, Inc. (a)(d) |
282,700 |
8,283,110 |
|
Pfizer, Inc. |
2,600,000 |
70,798,000 |
|
Salix Pharmaceuticals Ltd. (a) |
410,000 |
24,874,700 |
|
Sanofi SA |
800,000 |
85,302,599 |
|
Shire PLC sponsored ADR |
200,000 |
19,694,000 |
|
The Medicines Company (a) |
370,000 |
11,917,700 |
|
UCB SA |
280,000 |
15,392,419 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d) |
840,000 |
77,287,292 |
|
ViroPharma, Inc. (a) |
1,500,000 |
41,250,000 |
|
Warner Chilcott PLC |
3,200,000 |
61,440,000 |
|
|
925,931,778 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5% |
|||
Real Estate Development - 0.5% |
|||
PT Lippo Karawaci Tbk |
90,000,000 |
16,906,335 |
|
TOTAL COMMON STOCKS (Cost $2,480,852,386) |
|
||
Convertible Preferred Stocks - 0.5% |
|||
|
|
|
|
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Ariosa Diagnostics (f) |
496,689 |
3,000,002 |
|
|
|||
Shares |
Value |
||
HEALTH CARE TECHNOLOGY - 0.4% |
|||
Health Care Technology - 0.4% |
|||
Castlight Health, Inc.: |
|
|
|
Series C (f) |
90,850 |
$ 675,924 |
|
Series D (f) |
1,784,800 |
13,278,912 |
|
|
13,954,836 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,322,475) |
|
||
Money Market Funds - 3.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
21,977,205 |
21,977,205 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
98,751,537 |
98,751,537 |
|
TOTAL MONEY MARKET FUNDS (Cost $120,728,742) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $2,615,903,603) |
3,456,700,530 |
||
NET OTHER ASSETS (LIABILITIES) - (3.8)% |
(125,545,125) |
||
NET ASSETS - 100% |
$ 3,331,155,405 |
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 $16,954,838 or 0.5% 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 |
$ 16,033 |
Fidelity Securities Lending Cash Central Fund |
444,752 |
Total |
$ 460,785 |
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, |
Carriage Services, Inc. |
$ 18,143,653 |
$ - |
$ 1,859,240 |
$ 22,500 |
$ - |
Derma Sciences, Inc. |
11,097,000 |
593,651 |
- |
- |
12,673,000 |
Total |
$ 29,240,653 |
$ 593,651 |
$ 1,859,240 |
$ 22,500 |
$ 12,673,000 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 3,319,016,950 |
$ 3,205,240,251 |
$ 113,776,699 |
$ - |
Convertible Preferred Stocks |
16,954,838 |
- |
- |
16,954,838 |
Money Market Funds |
120,728,742 |
120,728,742 |
- |
- |
Total Investments in Securities: |
$ 3,456,700,530 |
$ 3,325,968,993 |
$ 113,776,699 |
$ 16,954,838 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $2,620,211,318. Net unrealized appreciation aggregated $836,489,212, of which $877,302,901 related to appreciated investment securities and $40,813,689 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent
prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Insurance Portfolio
May 31, 2013
1.802178.109
PRC-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 0.1% |
|||
Specialized Finance - 0.1% |
|||
The NASDAQ Stock Market, Inc. |
12,500 |
$ 393,250 |
|
INSURANCE - 98.0% |
|||
Insurance Brokers - 8.7% |
|||
Arthur J. Gallagher & Co. |
224,200 |
9,793,056 |
|
Marsh & McLennan Companies, Inc. |
633,000 |
25,332,660 |
|
National Financial Partners Corp. (a) |
41,100 |
1,036,131 |
|
|
36,161,847 |
||
Life & Health Insurance - 15.9% |
|||
AFLAC, Inc. |
222,500 |
12,391,025 |
|
AIA Group Ltd. |
7,600 |
33,600 |
|
CNO Financial Group, Inc. |
228,500 |
2,819,690 |
|
Lincoln National Corp. |
133,400 |
4,757,044 |
|
MetLife, Inc. |
488,075 |
21,577,796 |
|
Protective Life Corp. |
169,600 |
6,560,128 |
|
Prudential Financial, Inc. |
147,589 |
10,179,213 |
|
Prudential PLC |
2,060 |
34,651 |
|
Torchmark Corp. |
114,800 |
7,405,748 |
|
|
65,758,895 |
||
Multi-Line Insurance - 14.4% |
|||
American Financial Group, Inc. |
129,700 |
6,298,232 |
|
American International Group, Inc. (a) |
789,100 |
35,083,386 |
|
American International Group, Inc. warrants 1/19/21 (a) |
72,369 |
1,331,590 |
|
Aviva PLC |
38,600 |
193,978 |
|
FBD Holdings PLC |
383,300 |
6,875,080 |
|
Hartford Financial Services Group, Inc. |
274,400 |
8,404,872 |
|
Horace Mann Educators Corp. |
51,652 |
1,255,144 |
|
Zurich Insurance Group AG |
1,515 |
402,733 |
|
|
59,845,015 |
||
Property & Casualty Insurance - 51.1% |
|||
ACE Ltd. |
314,549 |
28,208,754 |
|
Allied World Assurance Co.Holdings Ltd. |
173,700 |
15,530,517 |
|
Allstate Corp. |
216,200 |
10,429,488 |
|
Arch Capital Group Ltd. (a) |
7,400 |
378,954 |
|
Assured Guaranty Ltd. |
16,700 |
377,754 |
|
Axis Capital Holdings Ltd. |
329,300 |
14,344,308 |
|
Beazley PLC |
1,208,896 |
4,338,514 |
|
|
|||
Shares |
Value |
||
Berkshire Hathaway, Inc. Class B (a) |
570,569 |
$ 65,084,803 |
|
Direct Line Insurance Group PLC |
262,200 |
844,580 |
|
esure Group PLC |
1,320,700 |
6,250,782 |
|
Hiscox Ltd. |
539,281 |
4,543,482 |
|
Lancashire Holdings Ltd. |
351,600 |
4,249,728 |
|
ProAssurance Corp. |
324,900 |
16,309,980 |
|
The Chubb Corp. |
57,458 |
5,004,592 |
|
The Travelers Companies, Inc. |
332,200 |
27,811,784 |
|
W.R. Berkley Corp. |
201,100 |
8,239,067 |
|
|
211,947,087 |
||
Reinsurance - 7.9% |
|||
Everest Re Group Ltd. |
137,100 |
17,769,531 |
|
Greenlight Capital Re, Ltd. (a) |
35,567 |
860,366 |
|
PartnerRe Ltd. |
9,600 |
870,240 |
|
Reinsurance Group of America, Inc. |
185,500 |
12,222,595 |
|
Validus Holdings Ltd. |
26,100 |
942,471 |
|
|
32,665,203 |
||
TOTAL INSURANCE |
406,378,047 |
||
TOTAL COMMON STOCKS (Cost $332,439,463) |
|
||
Money Market Funds - 1.0% |
|||
|
|
|
|
Fidelity Cash Central Fund,0.12% (b) |
4,264,867 |
|
|
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $336,704,330) |
411,036,164 |
||
NET OTHER ASSETS (LIABILITIES) - 0.9% |
3,800,613 |
||
NET ASSETS - 100% |
$ 414,836,777 |
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 |
$ 4,490 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 406,771,297 |
$ 406,509,068 |
$ 262,229 |
$ - |
Money Market Funds |
4,264,867 |
4,264,867 |
- |
- |
Total Investments in Securities: |
$ 411,036,164 |
$ 410,773,935 |
$ 262,229 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $338,498,782. Net unrealized appreciation aggregated $72,537,382, of which $73,300,802 related to appreciated investment securities and $763,420 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general
information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent
prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Automotive Portfolio
May 31, 2013
1.802154.109
AUT-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 47.2% |
|||
Auto Parts & Equipment - 44.6% |
|||
Allison Transmission Holdings, Inc. |
37,600 |
$ 894,880 |
|
American Axle & Manufacturing Holdings, Inc. (a) |
131,000 |
2,330,490 |
|
Autoliv, Inc. |
63,455 |
4,978,679 |
|
BorgWarner, Inc. (a) |
73,700 |
5,974,859 |
|
Dana Holding Corp. |
169,500 |
3,206,940 |
|
Delphi Automotive PLC |
204,578 |
9,985,452 |
|
Dorman Products, Inc. |
28,300 |
1,260,199 |
|
Drew Industries, Inc. |
34,200 |
1,292,760 |
|
Federal-Mogul Corp. Class A (a) |
57,324 |
558,909 |
|
Fuel Systems Solutions, Inc. (a) |
26,200 |
408,458 |
|
Gentex Corp. |
161,300 |
3,688,931 |
|
Gentherm, Inc. (a) |
29,800 |
548,916 |
|
Johnson Controls, Inc. |
221,270 |
8,266,647 |
|
Lear Corp. |
80,000 |
4,798,400 |
|
Linamar Corp. |
45,900 |
1,287,458 |
|
Magna International, Inc. Class A (sub. vtg.) |
105,884 |
7,061,316 |
|
Martinrea International, Inc. (a) |
92,800 |
885,259 |
|
Modine Manufacturing Co. (a) |
97,400 |
998,350 |
|
Spartan Motors, Inc. |
83,600 |
505,780 |
|
Standard Motor Products, Inc. |
26,100 |
882,180 |
|
Stoneridge, Inc. (a) |
60,389 |
676,961 |
|
Tenneco, Inc. (a) |
135,646 |
6,017,257 |
|
Tower International, Inc. (a) |
40,100 |
758,291 |
|
TRW Automotive Holdings Corp. (a) |
102,700 |
6,506,045 |
|
Visteon Corp. (a) |
40,900 |
2,595,923 |
|
|
76,369,340 |
||
Tires & Rubber - 2.6% |
|||
Cooper Tire & Rubber Co. |
58,800 |
1,519,392 |
|
The Goodyear Tire & Rubber Co. (a) |
193,526 |
2,929,984 |
|
|
4,449,376 |
||
TOTAL AUTO COMPONENTS |
80,818,716 |
||
AUTOMOBILES - 48.5% |
|||
Automobile Manufacturers - 44.6% |
|||
Ford Motor Co. |
994,661 |
15,596,284 |
|
General Motors Co. (a) |
323,244 |
10,954,739 |
|
Honda Motor Co. Ltd. sponsored ADR (e) |
414,100 |
15,557,737 |
|
Tesla Motors, Inc. (a)(e) |
39,300 |
3,841,968 |
|
Thor Industries, Inc. |
30,300 |
1,294,113 |
|
|
|||
Shares |
Value |
||
Toyota Motor Corp. sponsored ADR (e) |
240,500 |
$ 28,270,775 |
|
Winnebago Industries, Inc. (a) |
41,300 |
857,388 |
|
|
76,373,004 |
||
Motorcycle Manufacturers - 3.9% |
|||
Harley-Davidson, Inc. |
121,500 |
6,626,610 |
|
TOTAL AUTOMOBILES |
82,999,614 |
||
TOTAL COMMON STOCKS (Cost $113,279,149) |
|
Nonconvertible Bonds - 0.0% |
||||
|
Principal Amount |
|
||
AUTOMOBILES - 0.0% |
||||
Automobile Manufacturers - 0.0% |
||||
General Motors Corp. 6.75% 5/1/28 (d) |
|
$ 31,005,000 |
|
Money Market Funds - 17.9% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.12% (b) |
7,047,018 |
7,047,018 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
23,679,375 |
23,679,375 |
|
TOTAL MONEY MARKET FUNDS (Cost $30,726,393) |
|
||
TOTAL INVESTMENT PORTFOLIO - 113.6% (Cost $144,289,898) |
194,544,726 |
||
NET OTHER ASSETS (LIABILITIES) - (13.6)% |
(23,301,844) |
||
NET ASSETS - 100% |
$ 171,242,882 |
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 |
$ 1,466 |
Fidelity Securities Lending Cash Central Fund |
99,595 |
Total |
$ 101,061 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 163,818,330 |
$ 163,818,330 |
$ 0 |
$ 0 |
Nonconvertible Bonds |
3 |
0 |
0 |
3 |
Money Market Funds |
30,726,393 |
30,726,393 |
0 |
0 |
Total Investments in Securities: |
$ 194,544,726 |
$ 194,544,723 |
$ 0 |
$ 3 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $144,702,673. Net unrealized appreciation aggregated $49,842,053, of which $51,357,304 related to appreciated investment securities and $1,515,251 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 Management & Research Company (FMR) 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. |
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 Industrials Portfolio
May 31, 2013
1.802164.109
CYC-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 14.7% |
|||
Aerospace & Defense - 14.7% |
|||
Honeywell International, Inc. |
488,629 |
$ 38,337,831 |
|
Precision Castparts Corp. |
43,202 |
9,241,772 |
|
Teledyne Technologies, Inc. (a) |
173,022 |
13,360,759 |
|
Textron, Inc. |
465,999 |
12,563,333 |
|
United Technologies Corp. |
646,985 |
61,398,877 |
|
|
134,902,572 |
||
AUTO COMPONENTS - 1.5% |
|||
Auto Parts & Equipment - 1.5% |
|||
Johnson Controls, Inc. |
374,902 |
14,006,339 |
|
BUILDING PRODUCTS - 0.8% |
|||
Building Products - 0.8% |
|||
A.O. Smith Corp. |
178,398 |
6,993,202 |
|
Aspen Aerogels, Inc. warrants 3/28/23 (a) |
4,617,874 |
46 |
|
|
6,993,248 |
||
COMMERCIAL SERVICES & SUPPLIES - 3.5% |
|||
Diversified Support Services - 0.5% |
|||
Aggreko PLC |
167,900 |
4,558,767 |
|
Environmental & Facility Services - 3.0% |
|||
Republic Services, Inc. |
371,691 |
12,674,663 |
|
Stericycle, Inc. (a) |
68,445 |
7,512,523 |
|
Waste Connections, Inc. |
192,200 |
7,734,128 |
|
|
27,921,314 |
||
TOTAL COMMERCIAL SERVICES & SUPPLIES |
32,480,081 |
||
CONSTRUCTION & ENGINEERING - 2.9% |
|||
Construction & Engineering - 2.9% |
|||
EMCOR Group, Inc. |
203,042 |
8,070,920 |
|
Jacobs Engineering Group, Inc. (a) |
117,092 |
6,675,415 |
|
URS Corp. |
237,723 |
11,515,302 |
|
|
26,261,637 |
||
ELECTRICAL EQUIPMENT - 7.7% |
|||
Electrical Components & Equipment - 7.7% |
|||
AMETEK, Inc. |
339,212 |
14,636,998 |
|
Eaton Corp. PLC |
423,429 |
27,971,720 |
|
Generac Holdings, Inc. |
136,677 |
5,535,419 |
|
Hubbell, Inc. Class B |
168,058 |
16,878,065 |
|
Regal-Beloit Corp. |
87,533 |
5,909,353 |
|
|
70,931,555 |
||
INDUSTRIAL CONGLOMERATES - 22.9% |
|||
Industrial Conglomerates - 22.9% |
|||
3M Co. |
374,850 |
41,334,710 |
|
Carlisle Companies, Inc. |
107,046 |
7,001,879 |
|
|
|||
Shares |
Value |
||
Danaher Corp. |
713,376 |
$ 44,100,904 |
|
General Electric Co. |
5,063,210 |
118,074,057 |
|
|
210,511,550 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.7% |
|||
Life Sciences Tools & Services - 0.7% |
|||
Eurofins Scientific SA (a) |
32,820 |
6,451,991 |
|
MACHINERY - 30.0% |
|||
Construction & Farm Machinery & Heavy Trucks - 12.0% |
|||
Caterpillar, Inc. |
336,800 |
28,897,440 |
|
Cummins, Inc. |
204,913 |
24,513,742 |
|
Manitowoc Co., Inc. |
731,614 |
15,371,210 |
|
Oshkosh Truck Corp. (a) |
159,342 |
6,344,998 |
|
PACCAR, Inc. |
251,681 |
13,490,102 |
|
Toro Co. |
171,886 |
8,192,087 |
|
Wabtec Corp. |
118,450 |
13,030,685 |
|
|
109,840,264 |
||
Industrial Machinery - 18.0% |
|||
Donaldson Co., Inc. |
195,349 |
7,327,541 |
|
Dover Corp. |
211,351 |
16,538,216 |
|
GEA Group AG |
222,848 |
8,147,761 |
|
Graco, Inc. |
162,013 |
10,441,738 |
|
Harsco Corp. |
379,830 |
8,880,425 |
|
IDEX Corp. |
178,183 |
9,808,974 |
|
Ingersoll-Rand PLC |
288,817 |
16,615,642 |
|
ITT Corp. |
19,000 |
572,850 |
|
Nordson Corp. |
74,661 |
5,317,356 |
|
Pall Corp. |
181,104 |
12,351,293 |
|
Parker Hannifin Corp. |
176,537 |
17,611,331 |
|
Pentair Ltd. |
271,447 |
15,809,073 |
|
Stanley Black & Decker, Inc. |
187,377 |
14,844,006 |
|
Timken Co. |
207,437 |
11,774,124 |
|
TriMas Corp. (a) |
295,333 |
9,524,489 |
|
|
165,564,819 |
||
TOTAL MACHINERY |
275,405,083 |
||
PROFESSIONAL SERVICES - 6.9% |
|||
Human Resource & Employment Services - 1.8% |
|||
Towers Watson & Co. |
209,874 |
16,303,012 |
|
Research & Consulting Services - 5.1% |
|||
Bureau Veritas SA (d) |
36,577 |
4,251,112 |
|
Dun & Bradstreet Corp. |
207,149 |
20,329,603 |
|
Nielsen Holdings B.V. |
364,344 |
12,354,905 |
|
Verisk Analytics, Inc. (a) |
176,348 |
10,372,789 |
|
|
47,308,409 |
||
TOTAL PROFESSIONAL SERVICES |
63,611,421 |
||
ROAD & RAIL - 3.5% |
|||
Railroads - 2.0% |
|||
Union Pacific Corp. |
119,993 |
18,553,318 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
ROAD & RAIL - CONTINUED |
|||
Trucking - 1.5% |
|||
Con-way, Inc. |
77,249 |
$ 2,937,007 |
|
J.B. Hunt Transport Services, Inc. |
138,555 |
10,205,961 |
|
|
13,142,968 |
||
TOTAL ROAD & RAIL |
31,696,286 |
||
TRADING COMPANIES & DISTRIBUTORS - 3.4% |
|||
Trading Companies & Distributors - 3.4% |
|||
Applied Industrial Technologies, Inc. |
17,083 |
821,180 |
|
W.W. Grainger, Inc. |
44,669 |
11,499,587 |
|
Watsco, Inc. |
94,729 |
8,265,105 |
|
WESCO International, Inc. (a) |
147,949 |
10,986,693 |
|
|
31,572,565 |
||
TOTAL COMMON STOCKS (Cost $705,857,028) |
|
Convertible Bonds - 0.3% |
||||
|
Principal Amount |
|
||
BUILDING PRODUCTS - 0.3% |
||||
Building Products - 0.3% |
||||
Aspen Aerogels, Inc.: |
|
|
|
|
8% 6/1/14 (e) |
|
$ 1,333,511 |
1,333,511 |
|
8% 12/6/14 (e) |
|
1,454,536 |
1,454,536 |
|
8% 3/28/16 |
|
119,403 |
119,403 |
TOTAL CONVERTIBLE BONDS (Cost $2,907,404) |
|
U.S. Treasury Obligations - 0.0% |
||||
|
||||
U.S. Treasury Bills, yield at date of purchase 0.05% 7/5/13 |
|
120,000 |
|
Money Market Funds - 1.7% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
11,169,743 |
$ 11,169,743 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
4,442,400 |
4,442,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $15,612,143) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $724,496,570) |
923,463,919 |
||
NET OTHER ASSETS (LIABILITIES) - (0.5)% |
(4,245,883) |
||
NET ASSETS - 100% |
$ 919,218,036 |
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 $2,788,047 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/14/11 - 12/31/12 |
$ 1,333,511 |
Aspen Aerogels, Inc. 8% 12/6/14 |
12/6/11 - 12/31/12 |
$ 1,454,536 |
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 |
$ 9,578 |
Fidelity Securities Lending Cash Central Fund |
2,612 |
Total |
$ 12,190 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 904,824,328 |
$ 904,824,282 |
$ - |
$ 46 |
Convertible Bonds |
2,907,450 |
- |
- |
2,907,450 |
U.S. Treasury Obligations |
119,998 |
- |
119,998 |
- |
Money Market Funds |
15,612,143 |
15,612,143 |
- |
- |
Total Investments in Securities: |
$ 923,463,919 |
$ 920,436,425 |
$ 119,998 |
$ 2,907,496 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $725,961,268. Net unrealized appreciation aggregated $197,502,651, of which $199,432,021 related to appreciated investment securities and $1,929,370 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 and U.S. government and government agency obligations, 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 Financial Services Portfolio
May 31, 2013
1.802171.109
FIN-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.4% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 14.8% |
|||
Asset Management & Custody Banks - 11.4% |
|||
A.F.P. Provida SA sponsored ADR |
126,899 |
$ 11,670,901 |
|
Affiliated Managers Group, Inc. (a) |
24,067 |
3,946,988 |
|
Ameriprise Financial, Inc. |
47,821 |
3,898,368 |
|
Apollo Global Management LLC Class A |
221,872 |
5,336,022 |
|
Ares Capital Corp. |
272,227 |
4,671,415 |
|
BlackRock, Inc. Class A |
43,490 |
12,142,408 |
|
Carlyle Group LP |
68,306 |
1,991,803 |
|
Invesco Ltd. |
247,909 |
8,364,450 |
|
Oaktree Capital Group LLC |
96,300 |
5,022,045 |
|
Och-Ziff Capital Management Group LLC Class A |
82,411 |
922,179 |
|
The Blackstone Group LP |
915,504 |
20,040,383 |
|
|
78,006,962 |
||
Diversified Capital Markets - 1.0% |
|||
Deutsche Bank AG (NY Shares) |
18,500 |
856,920 |
|
HFF, Inc. |
17,600 |
331,056 |
|
UBS AG (NY Shares) |
307,899 |
5,397,469 |
|
|
6,585,445 |
||
Investment Banking & Brokerage - 2.4% |
|||
Evercore Partners, Inc. Class A |
175,883 |
6,986,073 |
|
FXCM, Inc. Class A |
230,200 |
3,192,874 |
|
GFI Group, Inc. |
12,442 |
50,639 |
|
Lazard Ltd. Class A |
40,677 |
1,378,137 |
|
Raymond James Financial, Inc. |
108,661 |
4,777,824 |
|
|
16,385,547 |
||
TOTAL CAPITAL MARKETS |
100,977,954 |
||
COMMERCIAL BANKS - 26.2% |
|||
Diversified Banks - 18.9% |
|||
Banco de Chile sponsored ADR |
8 |
712 |
|
Banco do Brasil SA |
152,600 |
1,789,762 |
|
Banco Macro SA sponsored ADR (a) |
1,200 |
18,132 |
|
Banco Santander SA (Brasil) ADR |
209,847 |
1,496,209 |
|
BanColombia SA sponsored ADR |
115,573 |
6,691,677 |
|
Barclays PLC sponsored ADR (d) |
624,701 |
11,988,012 |
|
BBVA Banco Frances SA sponsored ADR (a) |
5,100 |
20,757 |
|
BNP Paribas SA |
47,725 |
2,811,536 |
|
Comerica, Inc. |
1,156,407 |
45,666,508 |
|
Development Credit Bank Ltd. (a) |
59,840 |
46,432 |
|
Grupo Financiero Banorte S.A.B. de CV Series O |
156,101 |
998,670 |
|
Guaranty Trust Bank PLC GDR (Reg. S) |
14,800 |
131,720 |
|
HDFC Bank Ltd. sponsored ADR |
55 |
2,213 |
|
National Bank of Greece SA sponsored ADR (a) |
62,890 |
454,066 |
|
PT Bank Bukopin Tbk |
11,394,000 |
963,319 |
|
Raiffeisen International Bank-Holding AG (d) |
1,338 |
45,911 |
|
|
|||
Shares |
Value |
||
Societe Generale Series A (d) |
91,843 |
$ 3,683,849 |
|
The Jammu & Kashmir Bank Ltd. |
12,352 |
266,539 |
|
U.S. Bancorp |
885,684 |
31,052,081 |
|
Wells Fargo & Co. |
514,801 |
20,875,181 |
|
|
129,003,286 |
||
Regional Banks - 7.3% |
|||
BancorpSouth, Inc. |
2,400 |
41,184 |
|
Bridge Capital Holdings (a) |
112,850 |
1,714,192 |
|
Cascade Bancorp (a) |
1,430 |
8,223 |
|
CIT Group, Inc. (a) |
61,837 |
2,849,449 |
|
Citizens & Northern Corp. |
900 |
17,550 |
|
CNB Financial Corp., Pennsylvania |
1,700 |
28,152 |
|
CoBiz, Inc. |
674,493 |
5,834,364 |
|
Commerce Bancshares, Inc. |
101,783 |
4,429,596 |
|
East West Bancorp, Inc. |
120,790 |
3,181,609 |
|
Fifth Third Bancorp |
326,728 |
5,946,450 |
|
First Business Finance Services, Inc. |
300 |
8,850 |
|
First Commonwealth Financial Corp. |
60,900 |
439,089 |
|
First Horizon National Corp. |
262,781 |
3,016,726 |
|
First Interstate Bancsystem, Inc. |
145,958 |
2,888,509 |
|
First Republic Bank |
52,326 |
1,944,434 |
|
Glacier Bancorp, Inc. |
14,354 |
279,042 |
|
KeyCorp |
456,200 |
4,917,836 |
|
M&T Bank Corp. |
22,900 |
2,402,210 |
|
Northrim Bancorp, Inc. |
3,462 |
77,099 |
|
Pacific Continental Corp. |
90,152 |
1,009,702 |
|
Regions Financial Corp. |
456,829 |
4,170,849 |
|
SCBT Financial Corp. |
300 |
15,015 |
|
Susquehanna Bancshares, Inc. |
147,071 |
1,766,323 |
|
Texas Capital Bancshares, Inc. (a) |
46,634 |
2,059,357 |
|
Trustmark Corp. |
3,057 |
77,923 |
|
Virginia Commerce Bancorp, Inc. (a) |
6,500 |
88,400 |
|
Washington Trust Bancorp, Inc. |
25,058 |
698,617 |
|
|
49,910,750 |
||
TOTAL COMMERCIAL BANKS |
178,914,036 |
||
CONSTRUCTION MATERIALS - 0.0% |
|||
Construction Materials - 0.0% |
|||
Headwaters, Inc. (a) |
16,400 |
174,004 |
|
CONSUMER FINANCE - 4.6% |
|||
Consumer Finance - 4.6% |
|||
Capital One Financial Corp. |
367,056 |
22,364,722 |
|
First Cash Financial Services, Inc. (a) |
9,188 |
494,406 |
|
Regional Management Corp. (a) |
47,200 |
1,113,920 |
|
SLM Corp. |
323,759 |
7,686,039 |
|
|
31,659,087 |
||
DIVERSIFIED CONSUMER SERVICES - 0.3% |
|||
Specialized Consumer Services - 0.3% |
|||
H&R Block, Inc. |
57,772 |
1,690,986 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 18.6% |
|||
Other Diversified Financial Services - 15.5% |
|||
Bank of America Corp. |
2,564,417 |
$ 35,029,936 |
|
Challenger Ltd. |
102,602 |
393,879 |
|
Citigroup, Inc. |
672,680 |
34,972,633 |
|
ING Groep NV sponsored ADR (a)(d) |
255,307 |
2,374,355 |
|
JPMorgan Chase & Co. |
599,900 |
32,748,541 |
|
|
105,519,344 |
||
Specialized Finance - 3.1% |
|||
CBOE Holdings, Inc. |
213,089 |
8,553,392 |
|
IntercontinentalExchange, Inc. (a) |
29,047 |
4,973,137 |
|
McGraw-Hill Companies, Inc. |
85,176 |
4,646,351 |
|
MSCI, Inc. Class A (a) |
54,300 |
1,913,532 |
|
PHH Corp. (a) |
6,925 |
139,608 |
|
The NASDAQ Stock Market, Inc. |
38,663 |
1,216,338 |
|
|
21,442,358 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
126,961,702 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.6% |
|||
Health Care Facilities - 0.6% |
|||
Brookdale Senior Living, Inc. (a) |
150,500 |
4,266,675 |
|
HOUSEHOLD DURABLES - 0.0% |
|||
Homebuilding - 0.0% |
|||
PulteGroup, Inc. (a) |
5,200 |
112,268 |
|
INSURANCE - 12.8% |
|||
Insurance Brokers - 0.6% |
|||
Brasil Insurance Participacoes e Administracao SA |
17,100 |
172,054 |
|
Marsh & McLennan Companies, Inc. |
92,841 |
3,715,497 |
|
|
3,887,551 |
||
Life & Health Insurance - 2.5% |
|||
MetLife, Inc. |
322,450 |
14,255,515 |
|
Protective Life Corp. |
69,397 |
2,684,276 |
|
|
16,939,791 |
||
Multi-Line Insurance - 2.9% |
|||
American International Group, Inc. (a) |
227,482 |
10,113,850 |
|
Assurant, Inc. |
17,837 |
887,212 |
|
Hartford Financial Services Group, Inc. |
273,261 |
8,369,984 |
|
Porto Seguro SA |
16,000 |
198,188 |
|
|
19,569,234 |
||
Property & Casualty Insurance - 6.5% |
|||
ACE Ltd. |
99,162 |
8,892,848 |
|
Allied World Assurance Co. Holdings Ltd. |
36,204 |
3,237,000 |
|
Arch Capital Group Ltd. (a) |
21,250 |
1,088,213 |
|
Axis Capital Holdings Ltd. |
25,900 |
1,128,204 |
|
Berkshire Hathaway, Inc. Class B (a) |
199,690 |
22,778,638 |
|
Erie Indemnity Co. Class A |
337 |
25,582 |
|
|
|||
Shares |
Value |
||
ProAssurance Corp. |
30,000 |
$ 1,506,000 |
|
The Travelers Companies, Inc. |
69,493 |
5,817,954 |
|
XL Group PLC Class A |
2,457 |
77,224 |
|
|
44,551,663 |
||
Reinsurance - 0.3% |
|||
Everest Re Group Ltd. |
11,880 |
1,539,767 |
|
Montpelier Re Holdings Ltd. |
6,200 |
154,938 |
|
Platinum Underwriters Holdings Ltd. |
5,792 |
330,723 |
|
Validus Holdings Ltd. |
407 |
14,697 |
|
|
2,040,125 |
||
TOTAL INSURANCE |
86,988,364 |
||
IT SERVICES - 3.5% |
|||
Data Processing & Outsourced Services - 3.5% |
|||
Fiserv, Inc. (a) |
26,255 |
2,288,386 |
|
FleetCor Technologies, Inc. (a) |
66,995 |
5,833,925 |
|
Global Cash Access Holdings, Inc. (a) |
8,300 |
54,780 |
|
Global Payments, Inc. |
144,379 |
6,924,417 |
|
Jack Henry & Associates, Inc. |
637 |
29,894 |
|
VeriFone Systems, Inc. (a) |
363,133 |
8,471,893 |
|
|
23,603,295 |
||
PROFESSIONAL SERVICES - 0.1% |
|||
Research & Consulting Services - 0.1% |
|||
Dun & Bradstreet Corp. |
5,200 |
510,328 |
|
Equifax, Inc. |
6,515 |
396,764 |
|
|
907,092 |
||
REAL ESTATE INVESTMENT TRUSTS - 12.2% |
|||
Diversified REITs - 0.3% |
|||
American Assets Trust, Inc. |
15,900 |
511,980 |
|
Duke Realty LP |
90,202 |
1,494,647 |
|
|
2,006,627 |
||
Mortgage REITs - 0.6% |
|||
Blackstone Mortgage Trust, Inc. |
57,300 |
1,511,001 |
|
MFA Financial, Inc. |
303,360 |
2,663,501 |
|
|
4,174,502 |
||
Office REITs - 0.7% |
|||
CyrusOne, Inc. |
39,800 |
862,864 |
|
Douglas Emmett, Inc. |
125,402 |
3,196,497 |
|
Highwoods Properties, Inc. (SBI) |
7,885 |
287,172 |
|
Kilroy Realty Corp. |
700 |
37,037 |
|
|
4,383,570 |
||
Residential REITs - 0.9% |
|||
American Campus Communities, Inc. |
56,000 |
2,286,480 |
|
Camden Property Trust (SBI) |
56,100 |
3,884,925 |
|
Colonial Properties Trust (SBI) |
3,100 |
68,541 |
|
Home Properties, Inc. |
50 |
3,039 |
|
|
6,242,985 |
||
Retail REITs - 2.2% |
|||
Equity One, Inc. |
17,122 |
399,456 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
Retail REITs - continued |
|||
Pennsylvania Real Estate Investment Trust (SBI) |
117,400 |
$ 2,335,086 |
|
Retail Properties America, Inc. |
157,437 |
2,402,489 |
|
Simon Property Group, Inc. |
58,129 |
9,674,991 |
|
Urstadt Biddle Properties, Inc. Class A |
2,400 |
50,544 |
|
|
14,862,566 |
||
Specialized REITs - 7.5% |
|||
American Tower Corp. |
137,230 |
10,681,983 |
|
Big Yellow Group PLC |
2,201,663 |
13,835,775 |
|
DiamondRock Hospitality Co. |
217,252 |
2,066,067 |
|
National Health Investors, Inc. |
17,366 |
1,081,381 |
|
Potlatch Corp. |
10,914 |
495,823 |
|
Rayonier, Inc. |
106,258 |
5,886,693 |
|
Strategic Hotel & Resorts, Inc. (a) |
324,429 |
2,608,409 |
|
Sunstone Hotel Investors, Inc. (a) |
33,400 |
402,804 |
|
Ventas, Inc. |
198,904 |
14,195,778 |
|
|
51,254,713 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
82,924,963 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7% |
|||
Diversified Real Estate Activities - 0.5% |
|||
Countrywide PLC |
5,931 |
42,354 |
|
Tejon Ranch Co. (a) |
37,525 |
1,131,754 |
|
The St. Joe Co. (a)(d) |
114,648 |
2,341,112 |
|
|
3,515,220 |
||
Real Estate Operating Companies - 0.5% |
|||
Forest City Enterprises, Inc. Class A (a) |
164,896 |
3,093,449 |
|
Real Estate Services - 1.7% |
|||
Altisource Portfolio Solutions SA |
54,960 |
5,181,079 |
|
CBRE Group, Inc. (a) |
287,096 |
6,654,885 |
|
Kennedy-Wilson Holdings, Inc. |
2,000 |
34,320 |
|
|
11,870,284 |
||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
18,478,953 |
||
THRIFTS & MORTGAGE FINANCE - 1.0% |
|||
Thrifts & Mortgage Finance - 1.0% |
|||
Cheviot Financial Corp. |
19,432 |
222,108 |
|
Eagle Bancorp Montana, Inc. |
1,400 |
14,924 |
|
MGIC Investment Corp. (a) |
212,200 |
1,311,396 |
|
|
|||
Shares |
Value |
||
Ocwen Financial Corp. (a) |
94,234 |
$ 4,031,331 |
|
Radian Group, Inc. |
103,200 |
1,328,184 |
|
|
6,907,943 |
||
TOTAL COMMON STOCKS (Cost $633,481,726) |
|
||
Nonconvertible Preferred Stocks - 0.2% |
|||
|
|
|
|
COMMERCIAL BANKS - 0.2% |
|||
Diversified Banks - 0.1% |
|||
Banco Pine SA |
83,390 |
517,829 |
|
Regional Banks - 0.1% |
|||
Banco Daycoval SA (PN) |
48,600 |
220,785 |
|
Texas Capital Bancshares, Inc. 6.50% |
24,600 |
622,380 |
|
|
843,165 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,398,060) |
|
||
Money Market Funds - 6.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
24,306,660 |
24,306,660 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
20,530,613 |
20,530,613 |
|
TOTAL MONEY MARKET FUNDS (Cost $44,837,273) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $679,717,059) |
710,765,589 |
||
NET OTHER ASSETS (LIABILITIES) - (4.1)% |
(28,256,564) |
||
NET ASSETS - 100% |
$ 682,509,025 |
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 |
$ 9,622 |
Fidelity Securities Lending Cash Central Fund |
72,365 |
Total |
$ 81,987 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 664,567,322 |
$ 662,897,153 |
$ 1,670,169 |
$ - |
Nonconvertible Preferred Stocks |
1,360,994 |
1,360,994 |
- |
- |
Money Market Funds |
44,837,273 |
44,837,273 |
- |
- |
Total Investments in Securities: |
$ 710,765,589 |
$ 709,095,420 |
$ 1,670,169 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $685,684,950. Net unrealized appreciation aggregated $25,080,639, of which $39,209,651 related to appreciated investment securities and $14,129,012 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Wireless Portfolio
May 31, 2013
1.802194.109
WIR-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 100.4% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 1.0% |
|||
Aerospace & Defense - 1.0% |
|||
Kratos Defense & Security Solutions, Inc. (a) |
425,500 |
$ 2,472,155 |
|
COMMUNICATIONS EQUIPMENT - 26.0% |
|||
Communications Equipment - 26.0% |
|||
Aruba Networks, Inc. (a) |
268,584 |
4,012,645 |
|
Cisco Systems, Inc. |
228,000 |
5,490,240 |
|
Globecomm Systems, Inc. (a) |
8,700 |
111,447 |
|
Harris Corp. |
21,200 |
1,062,756 |
|
InterDigital, Inc. (d) |
57,400 |
2,639,826 |
|
Motorola Solutions, Inc. |
128,968 |
7,474,985 |
|
Nokia Corp. sponsored ADR (d) |
626,000 |
2,153,440 |
|
Polycom, Inc. (a) |
69,600 |
788,568 |
|
QUALCOMM, Inc. |
425,850 |
27,032,958 |
|
Radware Ltd. (a) |
152,300 |
2,290,592 |
|
Research In Motion Ltd. (a)(d) |
183,100 |
2,554,245 |
|
Riverbed Technology, Inc. (a) |
90,800 |
1,403,768 |
|
Sierra Wireless, Inc. (a) |
43,500 |
495,105 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR |
741,100 |
8,648,637 |
|
ViaSat, Inc. (a) |
27,300 |
1,912,638 |
|
|
68,071,850 |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 6.5% |
|||
Alternative Carriers - 0.3% |
|||
Towerstream Corp. (a) |
333,223 |
856,383 |
|
Integrated Telecommunication Services - 6.2% |
|||
AT&T, Inc. |
129,600 |
4,534,704 |
|
Telefonica Brasil SA sponsored ADR |
51,000 |
1,260,210 |
|
Telefonica SA sponsored ADR |
672,511 |
9,179,775 |
|
Verizon Communications, Inc. |
25,500 |
1,236,240 |
|
|
16,210,929 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
17,067,312 |
||
INTERNET SOFTWARE & SERVICES - 6.0% |
|||
Internet Software & Services - 6.0% |
|||
Baidu.com, Inc. sponsored ADR (a) |
12,900 |
1,246,656 |
|
Google, Inc. Class A (a) |
12,400 |
10,793,084 |
|
Velti PLC (a)(d) |
277,000 |
487,520 |
|
Web.com Group, Inc. (a) |
153,800 |
3,228,262 |
|
|
15,755,522 |
||
|
|||
Shares |
Value |
||
IT SERVICES - 3.8% |
|||
IT Consulting & Other Services - 3.8% |
|||
Accenture PLC Class A |
72,900 |
$ 5,985,819 |
|
Cognizant Technology Solutions Corp. Class A (a) |
62,700 |
4,053,555 |
|
|
10,039,374 |
||
MEDIA - 1.1% |
|||
Cable & Satellite - 1.1% |
|||
Liberty Global, Inc. Class A (a)(d) |
39,800 |
2,933,260 |
|
REAL ESTATE INVESTMENT TRUSTS - 8.1% |
|||
Specialized REITs - 8.1% |
|||
American Tower Corp. |
273,892 |
21,319,753 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3% |
|||
Semiconductors - 2.3% |
|||
Avago Technologies Ltd. |
52,200 |
1,968,462 |
|
RF Micro Devices, Inc. (a) |
438,700 |
2,421,624 |
|
Samsung Electronics Co. Ltd. |
588 |
791,156 |
|
Skyworks Solutions, Inc. (a) |
39,200 |
935,312 |
|
|
6,116,554 |
||
SOFTWARE - 1.0% |
|||
Application Software - 1.0% |
|||
Comverse, Inc. |
468 |
13,974 |
|
Gameloft Se (a) |
346,462 |
2,490,236 |
|
Verint Systems, Inc. (a) |
35 |
1,175 |
|
|
2,505,385 |
||
WIRELESS TELECOMMUNICATION SERVICES - 44.6% |
|||
Wireless Telecommunication Services - 44.6% |
|||
America Movil S.A.B. de CV Series L sponsored ADR |
552,900 |
11,008,239 |
|
China Mobile Ltd. sponsored ADR (d) |
120,600 |
6,247,080 |
|
Clearwire Corp. Class A (a) |
324,800 |
1,455,104 |
|
Crown Castle International Corp. (a) |
148,400 |
10,573,500 |
|
NII Holdings, Inc. (a)(d) |
330,000 |
2,544,300 |
|
NTT DoCoMo, Inc. sponsored ADR (d) |
592,100 |
8,692,028 |
|
Rogers Communications, Inc. Class B (non-vtg.) (d) |
191,100 |
8,663,323 |
|
SBA Communications Corp. Class A (a) |
165,400 |
12,449,658 |
|
Sprint Nextel Corp. (a) |
1,213,731 |
8,860,236 |
|
T-Mobile US, Inc. (a) |
332,475 |
7,124,939 |
|
Telephone & Data Systems, Inc. |
112,314 |
2,611,301 |
|
U.S. Cellular Corp. |
31,800 |
1,262,460 |
|
USA Mobility, Inc. |
36,400 |
490,672 |
|
Vodafone Group PLC sponsored ADR |
1,208,900 |
34,997,655 |
|
|
116,980,495 |
||
TOTAL COMMON STOCKS (Cost $217,708,666) |
|
||
Money Market Funds - 8.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
1,742,254 |
$ 1,742,254 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
21,695,695 |
21,695,695 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,437,949) |
|
||
TOTAL INVESTMENT PORTFOLIO - 109.3% (Cost $241,146,615) |
286,699,609 |
||
NET OTHER ASSETS (LIABILITIES) - (9.3)% |
(24,410,116) |
||
NET ASSETS - 100% |
$ 262,289,493 |
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 |
$ 1,200 |
Fidelity Securities Lending Cash Central Fund |
81,554 |
Total |
$ 82,754 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 263,261,660 |
$ 262,470,504 |
$ 791,156 |
$ - |
Money Market Funds |
23,437,949 |
23,437,949 |
- |
- |
Total Investments in Securities: |
$ 286,699,609 |
$ 285,908,453 |
$ 791,156 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $243,529,661. Net unrealized appreciation aggregated $43,169,948, of which $49,907,486 related to appreciated investment securities and $6,737,538 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Equipment and
Systems Portfolio
May 31, 2013
1.802181.109
MES-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.0% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 2.6% |
|||
Biotechnology - 2.6% |
|||
Genomic Health, Inc. (a)(d) |
296,600 |
$ 10,819,968 |
|
Grifols SA ADR |
900,000 |
24,534,000 |
|
|
35,353,968 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 82.8% |
|||
Health Care Equipment - 71.2% |
|||
Abbott Laboratories |
1,740,000 |
63,805,800 |
|
ArthroCare Corp. (a) |
420,000 |
14,250,600 |
|
Baxter International, Inc. |
750,000 |
52,747,500 |
|
Boston Scientific Corp. (a) |
16,125,000 |
148,995,001 |
|
Cardiovascular Systems, Inc. (a) |
550,000 |
11,302,500 |
|
CONMED Corp. |
600,000 |
19,758,000 |
|
Covidien PLC |
1,600,000 |
101,760,000 |
|
Cyberonics, Inc. (a) |
230,000 |
10,973,300 |
|
Edwards Lifesciences Corp. (a) |
80,000 |
5,316,800 |
|
Exactech, Inc. (a)(e) |
1,000,000 |
18,200,000 |
|
Genmark Diagnostics, Inc. (a) |
1,130,306 |
16,841,559 |
|
HeartWare International, Inc. CDI (a) |
4,500,000 |
11,437,693 |
|
Insulet Corp. (a) |
836,800 |
24,986,848 |
|
Integra LifeSciences Holdings Corp. (a) |
520,000 |
19,702,800 |
|
Intuitive Surgical, Inc. (a) |
78,000 |
38,807,340 |
|
Medtronic, Inc. |
2,100,000 |
107,121,000 |
|
Natus Medical, Inc. (a) |
600,000 |
8,454,000 |
|
NxStage Medical, Inc. (a) |
650,000 |
9,067,500 |
|
Sirona Dental Systems, Inc. (a) |
100,000 |
7,094,000 |
|
St. Jude Medical, Inc. |
530,000 |
22,911,900 |
|
Stryker Corp. |
1,400,000 |
92,946,000 |
|
Teleflex, Inc. |
250,000 |
19,582,500 |
|
Tornier NV (a) |
900,000 |
14,229,000 |
|
Volcano Corp. (a) |
1,320,000 |
25,212,000 |
|
Wright Medical Group, Inc. (a) |
400,000 |
10,012,000 |
|
Zeltiq Aesthetics, Inc. (a)(d) |
1,000,000 |
5,190,000 |
|
Zimmer Holdings, Inc. |
1,100,000 |
86,361,000 |
|
|
967,066,641 |
||
Health Care Supplies - 11.6% |
|||
Align Technology, Inc. (a) |
500,000 |
17,875,000 |
|
DENTSPLY International, Inc. |
950,000 |
39,672,000 |
|
Derma Sciences, Inc. (a) |
500,000 |
6,670,000 |
|
The Cooper Companies, Inc. |
600,000 |
67,806,000 |
|
The Spectranetics Corp. (a) |
760,000 |
14,212,000 |
|
Unilife Corp. (a)(d) |
2,000,000 |
6,600,000 |
|
Vascular Solutions, Inc. (a) |
360,000 |
5,461,200 |
|
|
158,296,200 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
1,125,362,841 |
||
|
|||
Shares |
Value |
||
HEALTH CARE PROVIDERS & SERVICES - 2.7% |
|||
Health Care Distributors & Services - 0.3% |
|||
Amplifon SpA |
1,000,000 |
$ 4,975,443 |
|
Health Care Facilities - 0.7% |
|||
Hanger, Inc. (a) |
300,000 |
9,573,000 |
|
Health Care Services - 1.7% |
|||
Miraca Holdings, Inc. |
130,000 |
5,609,948 |
|
Quest Diagnostics, Inc. |
280,000 |
17,315,200 |
|
|
22,925,148 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
37,473,591 |
||
HEALTH CARE TECHNOLOGY - 3.3% |
|||
Health Care Technology - 3.3% |
|||
athenahealth, Inc. (a)(d) |
170,000 |
14,373,500 |
|
Cerner Corp. (a) |
311,000 |
30,565,080 |
|
|
44,938,580 |
||
LIFE SCIENCES TOOLS & SERVICES - 3.6% |
|||
Life Sciences Tools & Services - 3.6% |
|||
Bruker BioSciences Corp. (a) |
280,000 |
4,628,400 |
|
Eurofins Scientific SA (a) |
40,000 |
7,863,487 |
|
Fluidigm Corp. (a) |
250,000 |
4,260,000 |
|
Illumina, Inc. (a) |
455,000 |
31,995,600 |
|
|
48,747,487 |
||
PHARMACEUTICALS - 3.0% |
|||
Pharmaceuticals - 3.0% |
|||
Actavis, Inc. (a) |
140,000 |
17,260,600 |
|
Warner Chilcott PLC |
1,200,000 |
23,040,000 |
|
|
40,300,600 |
||
TOTAL COMMON STOCKS (Cost $1,016,975,502) |
|
||
Preferred Stocks - 1.3% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.7% |
|||
BIOTECHNOLOGY - 0.2% |
|||
Biotechnology - 0.2% |
|||
Ariosa Diagnostics (f) |
347,782 |
2,100,603 |
|
Ariosa Diagnostics Series B (f) |
53,177 |
321,189 |
|
|
2,421,792 |
||
HEALTH CARE TECHNOLOGY - 0.5% |
|||
Health Care Technology - 0.5% |
|||
Castlight Health, Inc. Series D (f) |
999,300 |
7,434,792 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
9,856,584 |
||
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - 0.6% |
|||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6% |
|||
Health Care Equipment - 0.6% |
|||
Sartorius AG (non-vtg.) |
70,000 |
$ 7,258,584 |
|
TOTAL PREFERRED STOCKS (Cost $14,472,800) |
|
||
Money Market Funds - 2.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
8,363,044 |
8,363,044 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
28,794,625 |
28,794,625 |
|
TOTAL MONEY MARKET FUNDS (Cost $37,157,669) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $1,068,605,971) |
1,386,449,904 |
||
NET OTHER ASSETS (LIABILITIES) - (2.0)% |
(27,590,153) |
||
NET ASSETS - 100% |
$ 1,358,859,751 |
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 $9,856,584 or 0.7% 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 |
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 |
$ 1,712 |
Fidelity Securities Lending Cash Central Fund |
44,322 |
Total |
$ 46,034 |
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 |
$ - |
$ - |
$ 18,200,000 |
Total |
$ 16,569,000 |
$ 2,043,545 |
$ - |
$ - |
$ 18,200,000 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 1,332,177,067 |
$ 1,315,129,426 |
$ 17,047,641 |
$ - |
Preferred Stocks |
17,115,168 |
7,258,584 |
- |
9,856,584 |
Money Market Funds |
37,157,669 |
37,157,669 |
- |
- |
Total Investments in Securities: |
$ 1,386,449,904 |
$ 1,359,545,679 |
$ 17,047,641 |
$ 9,856,584 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,071,562,155. Net unrealized appreciation aggregated $314,887,749, of which $339,968,309 related to appreciated investment securities and $25,080,560 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Brokerage and Investment
Management Portfolio
May 31, 2013
1.802157.109
BRO-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 93.7% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 72.5% |
|||
Asset Management & Custody Banks - 52.0% |
|||
A.F.P. Provida SA sponsored ADR |
109,673 |
$ 10,086,626 |
|
Aberdeen Asset Management PLC |
825,762 |
5,846,729 |
|
Affiliated Managers Group, Inc. (a) |
195,778 |
32,107,592 |
|
AllianceBernstein Holding LP |
289,300 |
7,319,290 |
|
American Capital Ltd. (a) |
901,351 |
12,015,009 |
|
Ameriprise Financial, Inc. |
174,654 |
14,237,794 |
|
Apollo Global Management LLC Class A |
552,580 |
13,289,549 |
|
Apollo Investment Corp. |
784,343 |
6,502,203 |
|
Ares Capital Corp. |
1,017,944 |
17,467,919 |
|
Artisan Partners Asset Management, Inc. |
15,600 |
728,988 |
|
Bank of New York Mellon Corp. |
468,862 |
14,093,992 |
|
BlackRock Kelso Capital Corp. |
335,110 |
3,337,696 |
|
BlackRock, Inc. Class A |
103,137 |
28,795,850 |
|
Eaton Vance Corp. (non-vtg.) |
244,059 |
10,130,889 |
|
Franklin Resources, Inc. |
169,136 |
26,183,944 |
|
GP Investments Ltd. Class A (depositary receipt) (a) |
397,400 |
879,483 |
|
Invesco Ltd. |
574,819 |
19,394,393 |
|
KKR & Co. LP |
527,693 |
10,279,460 |
|
Legg Mason, Inc. |
89,523 |
3,136,886 |
|
Manning & Napier, Inc. Class A |
66,100 |
1,314,729 |
|
MCG Capital Corp. |
57,698 |
285,605 |
|
MVC Capital, Inc. |
15,800 |
200,976 |
|
Northern Trust Corp. |
241,400 |
14,037,410 |
|
Oaktree Capital Group LLC |
193,255 |
10,078,248 |
|
Och-Ziff Capital Management Group LLC Class A |
523,889 |
5,862,318 |
|
Partners Group Holding AG |
15,015 |
3,821,857 |
|
PennantPark Investment Corp. |
270,194 |
3,009,961 |
|
Prospect Capital Corp. |
16,000 |
166,240 |
|
Pzena Investment Management, Inc. |
30,392 |
206,058 |
|
SEI Investments Co. |
450,130 |
13,778,479 |
|
Solar Capital Ltd. |
10,467 |
240,741 |
|
State Street Corp. |
509,600 |
33,725,328 |
|
T. Rowe Price Group, Inc. |
212,326 |
16,107,050 |
|
The Blackstone Group LP |
1,153,234 |
25,244,292 |
|
U.S. Global Investments, Inc. Class A |
412,939 |
1,119,065 |
|
Virtus Investment Partners, Inc. (a) |
47,829 |
11,089,632 |
|
|
376,122,281 |
||
Diversified Capital Markets - 1.3% |
|||
Deutsche Bank AG (NY Shares) |
23,999 |
1,111,634 |
|
UBS AG (NY Shares) |
456,286 |
7,998,694 |
|
|
9,110,328 |
||
Investment Banking & Brokerage - 19.2% |
|||
Charles Schwab Corp. |
1,064,100 |
21,133,026 |
|
E*TRADE Financial Corp. (a) |
1,014,187 |
11,794,995 |
|
Evercore Partners, Inc. Class A |
401,771 |
15,958,344 |
|
FXCM, Inc. Class A |
705,000 |
9,778,350 |
|
GFI Group, Inc. |
2,420,207 |
9,850,242 |
|
|
|||
Shares |
Value |
||
Gleacher & Co., Inc. (a) |
1,108 |
$ 15,224 |
|
Goldman Sachs Group, Inc. |
76,300 |
12,366,704 |
|
Greenhill & Co., Inc. |
19,173 |
955,007 |
|
Investment Technology Group, Inc. (a) |
248,997 |
3,438,649 |
|
Lazard Ltd. Class A |
35,150 |
1,190,882 |
|
Morgan Stanley |
1,136,489 |
29,435,065 |
|
Piper Jaffray Companies (a) |
21,843 |
780,014 |
|
Raymond James Financial, Inc. |
481,686 |
21,179,733 |
|
SWS Group, Inc. (a) |
147,352 |
882,638 |
|
|
138,758,873 |
||
TOTAL CAPITAL MARKETS |
523,991,482 |
||
COMMERCIAL BANKS - 10.9% |
|||
Diversified Banks - 10.9% |
|||
Banco de Chile sponsored ADR |
8 |
712 |
|
Banco Santander SA (Brasil) ADR |
500 |
3,565 |
|
BanColombia SA sponsored ADR |
66,534 |
3,852,319 |
|
Barclays PLC sponsored ADR (d) |
630,596 |
12,101,137 |
|
BNP Paribas SA |
93,730 |
5,521,744 |
|
BPI-SGPS SA (a)(d) |
99,871 |
133,831 |
|
Comerica, Inc. |
1,324,504 |
52,304,662 |
|
National Bank of Greece SA sponsored ADR (a) |
90,000 |
649,800 |
|
Societe Generale Series A (d) |
105,200 |
4,219,602 |
|
|
78,787,372 |
||
Regional Banks - 0.0% |
|||
First Interstate Bancsystem, Inc. |
10,325 |
204,332 |
|
TOTAL COMMERCIAL BANKS |
78,991,704 |
||
DIVERSIFIED FINANCIAL SERVICES - 8.2% |
|||
Other Diversified Financial Services - 3.9% |
|||
Citigroup, Inc. |
273,935 |
14,241,881 |
|
JPMorgan Chase & Co. |
257,900 |
14,078,761 |
|
|
28,320,642 |
||
Specialized Finance - 4.3% |
|||
CBOE Holdings, Inc. |
338,955 |
13,605,654 |
|
Hellenic Exchanges Holding SA |
60,025 |
447,040 |
|
Interactive Brokers Group, Inc. |
821 |
12,947 |
|
IntercontinentalExchange, Inc. (a) |
31,026 |
5,311,961 |
|
The NASDAQ Stock Market, Inc. |
376,624 |
11,848,591 |
|
|
31,226,193 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
59,546,835 |
||
IT SERVICES - 1.8% |
|||
Data Processing & Outsourced Services - 1.8% |
|||
VeriFone Systems, Inc. (a) |
572,305 |
13,351,876 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 0.0% |
|||
Specialized REITs - 0.0% |
|||
Big Yellow Group PLC |
10,300 |
$ 64,728 |
|
Strategic Hotel & Resorts, Inc. (a) |
6,500 |
52,260 |
|
|
116,988 |
||
THRIFTS & MORTGAGE FINANCE - 0.3% |
|||
Thrifts & Mortgage Finance - 0.3% |
|||
Ocwen Financial Corp. (a) |
42,200 |
1,805,316 |
|
TOTAL COMMON STOCKS (Cost $656,155,052) |
|
||
Money Market Funds - 9.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
54,928,799 |
54,928,799 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
12,359,091 |
12,359,091 |
|
TOTAL MONEY MARKET FUNDS (Cost $67,287,890) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $723,442,942) |
745,092,091 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(21,907,251) |
||
NET ASSETS - 100% |
$ 723,184,840 |
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 |
$ 8,810 |
Fidelity Securities Lending Cash Central Fund |
104,183 |
Total |
$ 112,993 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $728,212,890. Net unrealized appreciation aggregated $16,879,201, of which $44,608,341 related to appreciated investment securities and $27,729,140 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Multimedia Portfolio
May 31, 2013
1.802182.109
BAM-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 96.8% |
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 2.4% |
|||
Internet Software & Services - 2.4% |
|||
eBay, Inc. (a) |
156,400 |
$ 8,461,240 |
|
Google, Inc. Class A (a) |
15,300 |
13,317,273 |
|
|
21,778,513 |
||
MEDIA - 94.4% |
|||
Advertising - 5.7% |
|||
Arbitron, Inc. |
61,800 |
2,899,038 |
|
Clear Channel Outdoor Holding, Inc. Class A (a) |
32,420 |
277,839 |
|
Digital Generation, Inc. (a)(d) |
153,600 |
1,073,664 |
|
Harte-Hanks, Inc. |
187,300 |
1,674,462 |
|
Interpublic Group of Companies, Inc. |
754,400 |
10,727,568 |
|
Lamar Advertising Co. Class A (a) |
134,500 |
6,285,185 |
|
National CineMedia, Inc. |
145,000 |
2,408,450 |
|
Omnicom Group, Inc. |
403,200 |
25,050,816 |
|
ReachLocal, Inc. (a) |
116,000 |
1,612,400 |
|
|
52,009,422 |
||
Broadcasting - 16.3% |
|||
Belo Corp. Series A |
274,200 |
3,076,524 |
|
CBS Corp. Class B |
1,198,000 |
59,301,000 |
|
Cumulus Media, Inc. Class A (a) |
372,010 |
1,380,157 |
|
Discovery Communications, Inc. (a) |
176,350 |
13,906,961 |
|
Discovery Communications, Inc. Class C (non-vtg.) (a) |
330,550 |
23,128,584 |
|
Entercom Communications Corp. Class A (a) |
8,899 |
82,583 |
|
Fisher Communications, Inc. |
2,800 |
115,108 |
|
Liberty Media Corp. Class A (a) |
200,493 |
25,033,556 |
|
LIN TV Corp. Class A (a) |
350,600 |
4,252,778 |
|
Pandora Media, Inc. (a)(d) |
152,700 |
2,598,954 |
|
Scripps Networks Interactive, Inc. Class A |
142,500 |
9,598,800 |
|
Sinclair Broadcast Group, Inc. Class A |
284,600 |
7,692,738 |
|
|
150,167,743 |
||
Cable & Satellite - 31.0% |
|||
AMC Networks, Inc. Class A (a) |
112,000 |
7,170,240 |
|
Cablevision Systems Corp. - NY Group Class A |
302,400 |
4,572,288 |
|
Charter Communications, Inc. Class A (a) |
60,400 |
6,759,968 |
|
Comcast Corp.: |
|
|
|
Class A |
2,099,850 |
84,308,978 |
|
Class A (special) (non-vtg.) |
421,100 |
16,338,680 |
|
DIRECTV (a) |
702,513 |
42,944,620 |
|
DISH Network Corp. Class A |
338,700 |
13,053,498 |
|
Liberty Global, Inc.: |
|
|
|
Class A (a)(d) |
217,075 |
15,998,428 |
|
Class C (a)(d) |
187,500 |
12,879,375 |
|
Sirius XM Radio, Inc. (d) |
5,817,760 |
20,245,805 |
|
Starz - Liberty Capital Series A (a) |
180,793 |
4,172,702 |
|
|
|||
Shares |
Value |
||
Time Warner Cable, Inc. |
373,969 |
$ 35,717,779 |
|
Virgin Media, Inc. (d) |
419,500 |
20,832,370 |
|
|
284,994,731 |
||
Movies & Entertainment - 38.2% |
|||
Cinemark Holdings, Inc. |
211,100 |
6,193,674 |
|
DreamWorks Animation SKG, Inc. Class A (a)(d) |
134,800 |
2,957,512 |
|
Lions Gate Entertainment Corp. (a)(d) |
213,200 |
6,140,160 |
|
Live Nation Entertainment, Inc. (a) |
281,700 |
3,833,937 |
|
News Corp.: |
|
|
|
Class A |
2,079,682 |
66,778,589 |
|
Class B |
188,300 |
6,070,792 |
|
Regal Entertainment Group Class A (d) |
185,200 |
3,278,040 |
|
The Madison Square Garden Co. Class A (a) |
119,300 |
6,982,629 |
|
The Walt Disney Co. |
2,358,004 |
148,742,890 |
|
Time Warner, Inc. |
970,366 |
56,640,263 |
|
Viacom, Inc. Class B (non-vtg.) |
659,400 |
43,447,866 |
|
World Wrestling Entertainment, Inc. Class A |
26,815 |
261,178 |
|
|
351,327,530 |
||
Publishing - 3.2% |
|||
E.W. Scripps Co. Class A (a) |
159,900 |
2,182,635 |
|
Gannett Co., Inc. |
339,400 |
7,297,100 |
|
John Wiley & Sons, Inc. Class A |
76,700 |
3,044,990 |
|
Journal Communications, Inc. Class A (a) |
46,375 |
307,003 |
|
Martha Stewart Living Omnimedia, Inc. Class A (a) |
115,933 |
278,239 |
|
Meredith Corp. (d) |
78,600 |
3,221,028 |
|
Morningstar, Inc. |
46,900 |
3,225,782 |
|
Scholastic Corp. |
70,800 |
2,140,992 |
|
The McClatchy Co. Class A (a)(d) |
168,491 |
421,228 |
|
The New York Times Co. Class A (a) |
286,300 |
3,026,191 |
|
Washington Post Co. Class B |
8,800 |
4,111,624 |
|
|
29,256,812 |
||
TOTAL MEDIA |
867,756,238 |
||
TOTAL COMMON STOCKS (Cost $682,760,140) |
|
||
Money Market Funds - 10.1% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
28,523,448 |
$ 28,523,448 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
64,152,207 |
64,152,207 |
|
TOTAL MONEY MARKET FUNDS (Cost $92,675,655) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $775,435,795) |
982,210,406 |
||
NET OTHER ASSETS (LIABILITIES) - (6.9)% |
(63,413,504) |
||
NET ASSETS - 100% |
$ 918,796,902 |
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 |
$ 13,212 |
Fidelity Securities Lending Cash Central Fund |
71,189 |
Total |
$ 84,401 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $776,262,714. Net unrealized appreciation aggregated $205,947,692, of which $210,035,027 related to appreciated investment securities and $4,087,335 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer
Discretionary Portfolio
May 31, 2013
1.802163.109
CPR-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 2.9% |
|||
Auto Parts & Equipment - 2.9% |
|||
Delphi Automotive PLC |
161,807 |
$ 7,897,800 |
|
Lear Corp. |
47,833 |
2,869,023 |
|
Tenneco, Inc. (a) |
67,482 |
2,993,502 |
|
|
13,760,325 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.4% |
|||
Office Services & Supplies - 0.4% |
|||
Interface, Inc. |
108,271 |
1,818,953 |
|
DISTRIBUTORS - 1.9% |
|||
Distributors - 1.9% |
|||
LKQ Corp. (a) |
362,484 |
8,873,608 |
|
HOTELS, RESTAURANTS & LEISURE - 11.9% |
|||
Casinos & Gaming - 1.3% |
|||
Wynn Resorts Ltd. |
43,568 |
5,920,456 |
|
Hotels, Resorts & Cruise Lines - 1.2% |
|||
Wyndham Worldwide Corp. |
101,320 |
5,888,718 |
|
Restaurants - 9.4% |
|||
Bloomin' Brands, Inc. |
234,280 |
5,449,353 |
|
Buffalo Wild Wings, Inc. (a) |
40,120 |
3,849,915 |
|
Domino's Pizza, Inc. |
53,082 |
3,146,170 |
|
Panera Bread Co. Class A (a) |
17,900 |
3,433,757 |
|
Starbucks Corp. |
177,206 |
11,176,382 |
|
Texas Roadhouse, Inc. Class A |
94,238 |
2,228,729 |
|
Yum! Brands, Inc. |
226,749 |
15,362,245 |
|
|
44,646,551 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
56,455,725 |
||
HOUSEHOLD DURABLES - 1.9% |
|||
Homebuilding - 0.8% |
|||
NVR, Inc. (a) |
3,905 |
3,839,826 |
|
Housewares & Specialties - 1.1% |
|||
Jarden Corp. (a) |
114,384 |
5,328,007 |
|
TOTAL HOUSEHOLD DURABLES |
9,167,833 |
||
INTERNET & CATALOG RETAIL - 5.4% |
|||
Internet Retail - 5.4% |
|||
Amazon.com, Inc. (a) |
18,868 |
5,076,058 |
|
Liberty Media Corp. Interactive |
451,547 |
10,137,230 |
|
priceline.com, Inc. (a) |
13,018 |
10,465,561 |
|
|
25,678,849 |
||
LEISURE EQUIPMENT & PRODUCTS - 2.4% |
|||
Leisure Products - 2.4% |
|||
Brunswick Corp. |
217,849 |
7,313,191 |
|
Mattel, Inc. |
96,715 |
4,327,996 |
|
|
11,641,187 |
||
|
|||
Shares |
Value |
||
MEDIA - 25.4% |
|||
Broadcasting - 3.4% |
|||
Discovery Communications, Inc. (a) |
92,300 |
$ 7,278,778 |
|
Liberty Media Corp. Class A (a) |
69,519 |
8,680,142 |
|
|
15,958,920 |
||
Cable & Satellite - 8.5% |
|||
Comcast Corp. Class A |
772,512 |
31,016,356 |
|
DIRECTV (a) |
157,682 |
9,639,101 |
|
|
40,655,457 |
||
Movies & Entertainment - 13.5% |
|||
News Corp. Class A |
708,494 |
22,749,742 |
|
The Walt Disney Co. |
382,879 |
24,152,007 |
|
Time Warner, Inc. |
301,005 |
17,569,662 |
|
|
64,471,411 |
||
TOTAL MEDIA |
121,085,788 |
||
MULTILINE RETAIL - 4.4% |
|||
General Merchandise Stores - 4.4% |
|||
Dollar General Corp. (a) |
224,766 |
11,867,645 |
|
Dollar Tree, Inc. (a) |
187,171 |
8,991,695 |
|
|
20,859,340 |
||
PROFESSIONAL SERVICES - 0.6% |
|||
Research & Consulting Services - 0.6% |
|||
Nielsen Holdings B.V. |
90,700 |
3,075,637 |
|
SPECIALTY RETAIL - 32.8% |
|||
Apparel Retail - 9.6% |
|||
Abercrombie & Fitch Co. Class A |
99,650 |
4,990,472 |
|
American Eagle Outfitters, Inc. |
432,702 |
8,563,173 |
|
DSW, Inc. Class A |
63,400 |
4,690,966 |
|
L Brands, Inc. |
184,298 |
9,216,743 |
|
Ross Stores, Inc. |
94,658 |
6,086,509 |
|
TJX Companies, Inc. |
245,561 |
12,427,842 |
|
|
45,975,705 |
||
Automotive Retail - 4.1% |
|||
AutoZone, Inc. (a) |
13,100 |
5,355,673 |
|
CarMax, Inc. (a) |
73,208 |
3,423,938 |
|
O'Reilly Automotive, Inc. (a) |
97,132 |
10,578,646 |
|
|
19,358,257 |
||
Home Improvement Retail - 5.6% |
|||
Home Depot, Inc. |
109,468 |
8,610,753 |
|
Lowe's Companies, Inc. |
430,667 |
18,135,387 |
|
|
26,746,140 |
||
Homefurnishing Retail - 3.3% |
|||
Bed Bath & Beyond, Inc. (a) |
95,524 |
6,519,513 |
|
Williams-Sonoma, Inc. |
170,717 |
9,211,889 |
|
|
15,731,402 |
||
Specialty Stores - 10.2% |
|||
Cabela's, Inc. Class A (a) |
135,679 |
9,098,634 |
|
Dick's Sporting Goods, Inc. |
170,717 |
8,935,328 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SPECIALTY RETAIL - CONTINUED |
|||
Specialty Stores - continued |
|||
PetSmart, Inc. |
129,491 |
$ 8,740,643 |
|
Sally Beauty Holdings, Inc. (a) |
223,890 |
6,853,273 |
|
Staples, Inc. |
192,400 |
2,886,000 |
|
Tractor Supply Co. |
64,430 |
7,214,871 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
53,385 |
4,845,223 |
|
|
48,573,972 |
||
TOTAL SPECIALTY RETAIL |
156,385,476 |
||
TEXTILES, APPAREL & LUXURY GOODS - 8.6% |
|||
Apparel, Accessories & Luxury Goods - 4.6% |
|||
Coach, Inc. |
105,826 |
6,165,423 |
|
Hanesbrands, Inc. |
67,183 |
3,349,744 |
|
PVH Corp. |
35,702 |
4,112,513 |
|
VF Corp. |
45,570 |
8,378,500 |
|
|
22,006,180 |
||
Footwear - 4.0% |
|||
NIKE, Inc. Class B |
207,446 |
12,791,120 |
|
Steven Madden Ltd. (a) |
52,753 |
2,558,521 |
|
Wolverine World Wide, Inc. |
69,300 |
3,627,855 |
|
|
18,977,496 |
||
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
40,983,676 |
||
TOTAL COMMON STOCKS (Cost $378,764,846) |
|
||
Money Market Funds - 1.7% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
7,903,256 |
$ 7,903,256 |
|
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $386,668,102) |
477,689,653 |
||
NET OTHER ASSETS (LIABILITIES) - (0.3)% |
(1,450,275) |
||
NET ASSETS - 100% |
$ 476,239,378 |
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 |
$ 2,220 |
Fidelity Securities Lending Cash Central Fund |
1,476 |
Total |
$ 3,696 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $388,540,643. Net unrealized appreciation aggregated $89,149,010, of which $91,537,835 related to appreciated investment securities and $2,388,825 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor® Select
Materials Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Materials Portfolio
1.851742.106
AMF-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 95.9% |
|||
Shares |
Value |
||
CHEMICALS - 66.0% |
|||
Commodity Chemicals - 9.2% |
|||
Axiall Corp. |
554,273 |
$ 23,916,880 |
|
Cabot Corp. |
645,368 |
26,421,366 |
|
LyondellBasell Industries NV Class A |
1,389,362 |
92,600,977 |
|
Westlake Chemical Corp. (d) |
153,510 |
14,337,834 |
|
|
157,277,057 |
||
Diversified Chemicals - 13.5% |
|||
Eastman Chemical Co. |
979,248 |
70,231,667 |
|
FMC Corp. |
1,087,053 |
68,169,094 |
|
Lanxess AG (d) |
178,893 |
13,385,956 |
|
PPG Industries, Inc. |
508,203 |
78,065,063 |
|
|
229,851,780 |
||
Fertilizers & Agricultural Chemicals - 9.9% |
|||
Monsanto Co. |
1,678,148 |
168,888,815 |
|
Industrial Gases - 10.6% |
|||
Air Products & Chemicals, Inc. |
586,891 |
55,408,379 |
|
Airgas, Inc. |
294,366 |
30,287,318 |
|
Praxair, Inc. |
827,274 |
94,582,236 |
|
|
180,277,933 |
||
Specialty Chemicals - 22.8% |
|||
Albemarle Corp. |
736,854 |
49,310,270 |
|
Ashland, Inc. |
587,241 |
52,217,470 |
|
Cytec Industries, Inc. |
347,330 |
24,823,675 |
|
Ecolab, Inc. |
987,479 |
83,412,351 |
|
Rockwood Holdings, Inc. |
506,291 |
33,749,358 |
|
Sherwin-Williams Co. |
267,427 |
50,418,012 |
|
Sigma Aldrich Corp. |
553,544 |
46,309,491 |
|
W.R. Grace & Co. (a) |
572,596 |
48,390,088 |
|
|
388,630,715 |
||
TOTAL CHEMICALS |
1,124,926,300 |
||
CONSTRUCTION MATERIALS - 3.6% |
|||
Construction Materials - 3.6% |
|||
Martin Marietta Materials, Inc. (d) |
154,911 |
16,889,946 |
|
Vulcan Materials Co. |
825,540 |
44,232,433 |
|
|
61,122,379 |
||
CONTAINERS & PACKAGING - 9.8% |
|||
Metal & Glass Containers - 4.7% |
|||
Aptargroup, Inc. |
615,164 |
34,892,102 |
|
Ball Corp. |
738,653 |
31,880,263 |
|
Silgan Holdings, Inc. |
288,778 |
13,506,147 |
|
|
80,278,512 |
||
|
|||
Shares |
Value |
||
Paper Packaging - 5.1% |
|||
Graphic Packaging Holding Co. (a) |
1,576,850 |
$ 12,125,977 |
|
MeadWestvaco Corp. |
685,836 |
24,004,260 |
|
Rock-Tenn Co. Class A |
517,084 |
51,077,558 |
|
|
87,207,795 |
||
TOTAL CONTAINERS & PACKAGING |
167,486,307 |
||
METALS & MINING - 10.5% |
|||
Diversified Metals & Mining - 1.4% |
|||
Copper Mountain Mining Corp. (a) |
3,452,127 |
5,227,721 |
|
First Quantum Minerals Ltd. |
626,000 |
11,206,713 |
|
Turquoise Hill Resources Ltd. (a) |
1,157,140 |
7,723,568 |
|
|
24,158,002 |
||
Gold - 4.0% |
|||
Franco-Nevada Corp. |
404,700 |
16,886,734 |
|
Goldcorp, Inc. |
1,054,300 |
31,290,871 |
|
Royal Gold, Inc. |
364,353 |
19,951,970 |
|
|
68,129,575 |
||
Steel - 5.1% |
|||
Carpenter Technology Corp. |
551,693 |
26,569,535 |
|
Commercial Metals Co. |
1,437,189 |
22,161,454 |
|
Haynes International, Inc. |
275,652 |
13,490,409 |
|
Reliance Steel & Aluminum Co. |
379,802 |
24,979,578 |
|
|
87,200,976 |
||
TOTAL METALS & MINING |
179,488,553 |
||
OIL, GAS & CONSUMABLE FUELS - 1.5% |
|||
Coal & Consumable Fuels - 1.5% |
|||
Peabody Energy Corp. |
1,301,785 |
25,606,111 |
|
PAPER & FOREST PRODUCTS - 4.5% |
|||
Forest Products - 0.7% |
|||
Canfor Corp. (a) |
685,100 |
11,484,966 |
|
Paper Products - 3.8% |
|||
International Paper Co. |
1,413,466 |
65,231,456 |
|
TOTAL PAPER & FOREST PRODUCTS |
76,716,422 |
||
TOTAL COMMON STOCKS (Cost $1,264,982,679) |
|
||
Convertible Bonds - 0.5% |
|||
|
Principal Amount |
|
|
BUILDING PRODUCTS - 0.5% |
|||
Building Products - 0.5% |
|||
Aspen Aerogels, Inc. 8% 6/1/14 (f) |
$ 8,886,300 |
|
U.S. Treasury Obligations - 0.0% |
||||
|
Principal Amount |
Value |
||
U.S. Treasury Bills, yield at date of purchase 0.05% 7/5/13 (e) |
|
$ 290,000 |
$ 289,994 |
Money Market Funds - 4.6% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.12% (b) |
56,544,553 |
56,544,553 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
22,002,110 |
22,002,110 |
|
TOTAL MONEY MARKET FUNDS (Cost $78,546,663) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,352,705,629) |
1,723,069,029 |
||
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(17,754,271) |
||
NET ASSETS - 100% |
$ 1,705,314,758 |
Futures Contracts |
|||||
|
Expiration Date |
Underlying Face Amount at Value |
Unrealized
Appreciation/ |
||
Purchased |
|||||
Equity Index Contracts |
|||||
191 CME E-mini S&P Select Sector Materials Index Contracts |
June 2013 |
$ 8,075,480 |
$ 205,545 |
The face value of futures purchased as a percentage of net assets is 0.5% |
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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $289,994. |
(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 $8,886,300 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 |
$ 8,886,300 |
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 |
$ 15,971 |
Fidelity Securities Lending Cash Central Fund |
43,918 |
Total |
$ 59,889 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 1,635,346,072 |
$ 1,635,346,072 |
$ - |
$ - |
Convertible Bonds |
8,886,300 |
- |
- |
8,886,300 |
U.S. Treasury Obligations |
289,994 |
- |
289,994 |
- |
Money Market Funds |
78,546,663 |
78,546,663 |
- |
- |
Total Investments in Securities: |
$ 1,723,069,029 |
$ 1,713,892,735 |
$ 289,994 |
$ 8,886,300 |
Derivative Instruments: |
||||
Assets |
||||
Futures Contracts |
$ 205,545 |
$ 205,545 |
$ - |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,355,887,804. Net unrealized appreciation aggregated $367,181,225, of which $409,803,006 related to appreciated investment securities and $42,621,781 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 and U.S. government and government agency obligations, 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. |
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Materials Portfolio
May 31, 2013
1.802177.109
IND-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 95.9% |
|||
Shares |
Value |
||
CHEMICALS - 66.0% |
|||
Commodity Chemicals - 9.2% |
|||
Axiall Corp. |
554,273 |
$ 23,916,880 |
|
Cabot Corp. |
645,368 |
26,421,366 |
|
LyondellBasell Industries NV Class A |
1,389,362 |
92,600,977 |
|
Westlake Chemical Corp. (d) |
153,510 |
14,337,834 |
|
|
157,277,057 |
||
Diversified Chemicals - 13.5% |
|||
Eastman Chemical Co. |
979,248 |
70,231,667 |
|
FMC Corp. |
1,087,053 |
68,169,094 |
|
Lanxess AG (d) |
178,893 |
13,385,956 |
|
PPG Industries, Inc. |
508,203 |
78,065,063 |
|
|
229,851,780 |
||
Fertilizers & Agricultural Chemicals - 9.9% |
|||
Monsanto Co. |
1,678,148 |
168,888,815 |
|
Industrial Gases - 10.6% |
|||
Air Products & Chemicals, Inc. |
586,891 |
55,408,379 |
|
Airgas, Inc. |
294,366 |
30,287,318 |
|
Praxair, Inc. |
827,274 |
94,582,236 |
|
|
180,277,933 |
||
Specialty Chemicals - 22.8% |
|||
Albemarle Corp. |
736,854 |
49,310,270 |
|
Ashland, Inc. |
587,241 |
52,217,470 |
|
Cytec Industries, Inc. |
347,330 |
24,823,675 |
|
Ecolab, Inc. |
987,479 |
83,412,351 |
|
Rockwood Holdings, Inc. |
506,291 |
33,749,358 |
|
Sherwin-Williams Co. |
267,427 |
50,418,012 |
|
Sigma Aldrich Corp. |
553,544 |
46,309,491 |
|
W.R. Grace & Co. (a) |
572,596 |
48,390,088 |
|
|
388,630,715 |
||
TOTAL CHEMICALS |
1,124,926,300 |
||
CONSTRUCTION MATERIALS - 3.6% |
|||
Construction Materials - 3.6% |
|||
Martin Marietta Materials, Inc. (d) |
154,911 |
16,889,946 |
|
Vulcan Materials Co. |
825,540 |
44,232,433 |
|
|
61,122,379 |
||
CONTAINERS & PACKAGING - 9.8% |
|||
Metal & Glass Containers - 4.7% |
|||
Aptargroup, Inc. |
615,164 |
34,892,102 |
|
Ball Corp. |
738,653 |
31,880,263 |
|
Silgan Holdings, Inc. |
288,778 |
13,506,147 |
|
|
80,278,512 |
||
|
|||
Shares |
Value |
||
Paper Packaging - 5.1% |
|||
Graphic Packaging Holding Co. (a) |
1,576,850 |
$ 12,125,977 |
|
MeadWestvaco Corp. |
685,836 |
24,004,260 |
|
Rock-Tenn Co. Class A |
517,084 |
51,077,558 |
|
|
87,207,795 |
||
TOTAL CONTAINERS & PACKAGING |
167,486,307 |
||
METALS & MINING - 10.5% |
|||
Diversified Metals & Mining - 1.4% |
|||
Copper Mountain Mining Corp. (a) |
3,452,127 |
5,227,721 |
|
First Quantum Minerals Ltd. |
626,000 |
11,206,713 |
|
Turquoise Hill Resources Ltd. (a) |
1,157,140 |
7,723,568 |
|
|
24,158,002 |
||
Gold - 4.0% |
|||
Franco-Nevada Corp. |
404,700 |
16,886,734 |
|
Goldcorp, Inc. |
1,054,300 |
31,290,871 |
|
Royal Gold, Inc. |
364,353 |
19,951,970 |
|
|
68,129,575 |
||
Steel - 5.1% |
|||
Carpenter Technology Corp. |
551,693 |
26,569,535 |
|
Commercial Metals Co. |
1,437,189 |
22,161,454 |
|
Haynes International, Inc. |
275,652 |
13,490,409 |
|
Reliance Steel & Aluminum Co. |
379,802 |
24,979,578 |
|
|
87,200,976 |
||
TOTAL METALS & MINING |
179,488,553 |
||
OIL, GAS & CONSUMABLE FUELS - 1.5% |
|||
Coal & Consumable Fuels - 1.5% |
|||
Peabody Energy Corp. |
1,301,785 |
25,606,111 |
|
PAPER & FOREST PRODUCTS - 4.5% |
|||
Forest Products - 0.7% |
|||
Canfor Corp. (a) |
685,100 |
11,484,966 |
|
Paper Products - 3.8% |
|||
International Paper Co. |
1,413,466 |
65,231,456 |
|
TOTAL PAPER & FOREST PRODUCTS |
76,716,422 |
||
TOTAL COMMON STOCKS (Cost $1,264,982,679) |
|
||
Convertible Bonds - 0.5% |
|||
|
Principal Amount |
|
|
BUILDING PRODUCTS - 0.5% |
|||
Building Products - 0.5% |
|||
Aspen Aerogels, Inc. 8% 6/1/14 (f) |
$ 8,886,300 |
|
U.S. Treasury Obligations - 0.0% |
||||
|
Principal Amount |
Value |
||
U.S. Treasury Bills, yield at date of purchase 0.05% 7/5/13 (e) |
|
$ 290,000 |
$ 289,994 |
Money Market Funds - 4.6% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.12% (b) |
56,544,553 |
56,544,553 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
22,002,110 |
22,002,110 |
|
TOTAL MONEY MARKET FUNDS (Cost $78,546,663) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,352,705,629) |
1,723,069,029 |
||
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(17,754,271) |
||
NET ASSETS - 100% |
$ 1,705,314,758 |
Futures Contracts |
|||||
|
Expiration Date |
Underlying Face Amount at Value |
Unrealized
Appreciation/ |
||
Purchased |
|||||
Equity Index Contracts |
|||||
191 CME E-mini S&P Select Sector Materials Index Contracts |
June 2013 |
$ 8,075,480 |
$ 205,545 |
The face value of futures purchased as a percentage of net assets is 0.5% |
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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $289,994. |
(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 $8,886,300 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 |
$ 8,886,300 |
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 |
$ 15,971 |
Fidelity Securities Lending Cash Central Fund |
43,918 |
Total |
$ 59,889 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 1,635,346,072 |
$ 1,635,346,072 |
$ - |
$ - |
Convertible Bonds |
8,886,300 |
- |
- |
8,886,300 |
U.S. Treasury Obligations |
289,994 |
- |
289,994 |
- |
Money Market Funds |
78,546,663 |
78,546,663 |
- |
- |
Total Investments in Securities: |
$ 1,723,069,029 |
$ 1,713,892,735 |
$ 289,994 |
$ 8,886,300 |
Derivative Instruments: |
||||
Assets |
||||
Futures Contracts |
$ 205,545 |
$ 205,545 |
$ - |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,355,887,804. Net unrealized appreciation aggregated $367,181,225, of which $409,803,006 related to appreciated investment securities and $42,621,781 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 and U.S. government and government agency obligations, 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. |
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Consolidated Quarterly Holdings Report
for
Fidelity Advisor® Select
Gold Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Gold Portfolio
1.851741.106
AGLD-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
Australia - 9.8% |
|||
METALS & MINING - 9.8% |
|||
Gold - 9.8% |
|||
ABM Resources NL (a) |
1,660,000 |
$ 43,851 |
|
Alkane Resources Ltd. (a) |
120,000 |
46,193 |
|
Ampella Mining Ltd. (a)(d) |
2,785,000 |
508,918 |
|
Beadell Resources Ltd. (a) |
11,653,618 |
7,913,635 |
|
Evolution Mining Ltd. (a) |
2,566,395 |
1,963,901 |
|
Gold One International Ltd. (a) |
90,277 |
15,442 |
|
Gryphon Minerals Ltd. (a) |
5,590,010 |
1,029,240 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a) |
9,209,798 |
2,829,279 |
|
(Canada) (a) |
320,000 |
97,227 |
|
Kingsgate Consolidated NL |
1,538,274 |
2,366,048 |
|
Medusa Mining Ltd. |
2,746,085 |
6,570,648 |
|
Newcrest Mining Ltd. |
6,494,920 |
88,733,165 |
|
Papillon Resources Ltd. (a)(d) |
2,518,068 |
1,816,040 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
6,580,134 |
6,624,715 |
|
(Canada) (a) |
1,300,000 |
1,291,536 |
|
Ramelius Resources Ltd. (a) |
980,000 |
156,354 |
|
Red 5 Ltd. (a) |
1,326,000 |
786,810 |
|
Regis Resources Ltd. (a) |
3,442,293 |
13,115,764 |
|
Resolute Mining Ltd. |
2,988,261 |
2,220,141 |
|
Saracen Mineral Holdings Ltd. (a) |
4,816,787 |
661,548 |
|
Silver Lake Resources Ltd. (a) |
5,246,985 |
4,008,726 |
|
St Barbara Ltd. (a) |
5,298,377 |
3,379,626 |
|
Tanami Gold NL (a)(d) |
292,500 |
22,275 |
|
Troy Resources NL (d) |
195,000 |
317,586 |
|
Troy Resources NL (f) |
734,826 |
1,212,011 |
|
|
147,730,679 |
||
Bailiwick of Jersey - 6.3% |
|||
METALS & MINING - 6.3% |
|||
Gold - 6.3% |
|||
Centamin PLC (a) |
6,306,900 |
3,683,592 |
|
Lydian International Ltd. (a) |
1,655,300 |
2,570,565 |
|
Polyus Gold International Ltd. |
422,400 |
1,320,492 |
|
Polyus Gold International Ltd. sponsored GDR |
4,574,931 |
14,045,038 |
|
Randgold Resources Ltd. sponsored ADR |
932,795 |
73,112,472 |
|
|
94,732,159 |
||
Precious Metals & Minerals - 0.0% |
|||
Polymetal International PLC |
20,000 |
209,829 |
|
TOTAL METALS & MINING |
94,941,988 |
||
Bermuda - 0.8% |
|||
METALS & MINING - 0.8% |
|||
Gold - 0.6% |
|||
Continental Gold Ltd. (a) |
2,271,400 |
9,048,355 |
|
|
|||
Shares |
Value |
||
Steel - 0.2% |
|||
African Minerals Ltd. (a)(d) |
719,200 |
$ 2,786,519 |
|
TOTAL METALS & MINING |
11,834,874 |
||
Canada - 69.4% |
|||
METALS & MINING - 69.4% |
|||
Diversified Metals & Mining - 0.2% |
|||
East Asia Minerals Corp. (a) |
5,000 |
627 |
|
Eastmain Resources, Inc. (a) |
10,000 |
3,183 |
|
Kimber Resources, Inc. (a)(e) |
16,100 |
1,708 |
|
Kimber Resources, Inc. (a)(e)(f)(g) |
5,130,500 |
544,350 |
|
NovaCopper, Inc. (a)(d) |
488,333 |
871,392 |
|
Rio Alto Mining Ltd. (a) |
55,000 |
163,395 |
|
Sabina Gold & Silver Corp. (a) |
650,000 |
877,743 |
|
|
2,462,398 |
||
Gold - 68.5% |
|||
Agnico Eagle Mines Ltd. (Canada) (d) |
1,467,000 |
47,685,459 |
|
Alacer Gold Corp. |
3,384,063 |
7,311,600 |
|
Alamos Gold, Inc. (d) |
1,150,500 |
16,679,060 |
|
Argonaut Gold, Inc. (a) |
2,746,262 |
20,846,956 |
|
ATAC Resources Ltd. (a) |
67,200 |
81,022 |
|
B2Gold Corp. (a) |
13,083,658 |
32,937,881 |
|
Banro Corp. (a) |
2,361,482 |
2,847,217 |
|
Barrick Gold Corp. (d) |
7,191,869 |
151,086,479 |
|
Belo Sun Mining Corp. (a)(d) |
6,165,400 |
3,687,049 |
|
Centerra Gold, Inc. (d) |
2,002,200 |
7,377,289 |
|
Claude Resources, Inc. (a) |
320,000 |
83,337 |
|
Colossus Minerals, Inc. (a)(d) |
3,512,600 |
5,996,915 |
|
Detour Gold Corp. (a) |
1,892,800 |
19,498,533 |
|
Detour Gold Corp. (a)(f) |
785,900 |
8,095,888 |
|
Eldorado Gold Corp. |
9,016,508 |
72,879,997 |
|
Exeter Resource Corp. (a) |
272,300 |
223,251 |
|
Franco-Nevada Corp. |
1,245,200 |
51,957,899 |
|
Gabriel Resources Ltd. (a) |
950,600 |
1,274,496 |
|
Gold Canyon Resources, Inc. (a) |
800,000 |
223,776 |
|
Goldcorp, Inc. |
6,834,100 |
202,831,215 |
|
Golden Queen Mining Co. Ltd. (a) |
15,000 |
18,000 |
|
GoldQuest Mining Corp. (a) |
2,318,500 |
771,529 |
|
Gran Colombia Gold Corp. (a)(d) |
1,765,000 |
340,487 |
|
Guyana Goldfields, Inc. (a) |
2,903,700 |
4,201,158 |
|
Guyana Goldfields, Inc. (a)(f) |
155,000 |
224,259 |
|
IAMGOLD Corp. |
2,394,500 |
12,541,244 |
|
International Minerals Corp. (Switzerland) |
15,000 |
40,784 |
|
International Tower Hill Mines Ltd. (a) |
546,700 |
390,217 |
|
Kinross Gold Corp. |
10,337,091 |
67,800,549 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
1,192,793 |
103,546 |
|
Kirkland Lake Gold, Inc. (a)(d) |
706,000 |
3,718,119 |
|
Lake Shore Gold Corp. (a)(d) |
3,656,600 |
1,199,174 |
|
Luna Gold Corp. (a) |
25,000 |
49,433 |
|
Midas Gold Corp. (a) |
85,000 |
61,490 |
|
New Gold, Inc. (a) |
7,758,755 |
52,760,282 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
NGEx Resources, Inc. (a) |
60,000 |
$ 123,849 |
|
Novagold Resources, Inc. (a)(d) |
2,955,000 |
7,524,668 |
|
OceanaGold Corp. (a) |
3,222,300 |
5,936,429 |
|
Orezone Gold Corp. (a)(d) |
372,100 |
251,237 |
|
Osisko Mining Corp. (a) |
4,926,431 |
21,193,038 |
|
Osisko Mining Corp. (a)(f) |
3,000,000 |
12,905,715 |
|
Pilot Gold, Inc. (a)(d) |
768,150 |
874,287 |
|
Premier Gold Mines Ltd. (a) |
5,369,322 |
11,393,787 |
|
Pretium Resources, Inc. (a) |
440,938 |
3,615,117 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
1,844,707 |
|
Pretium Resources, Inc. (a)(h) |
225,000 |
1,844,707 |
|
Primero Mining Corp. (a) |
846,200 |
4,619,717 |
|
Probe Mines Ltd. (a) |
85,000 |
127,080 |
|
Rainy River Resources Ltd. (a) |
1,208,400 |
4,242,658 |
|
Richmont Mines, Inc. (a) |
230,900 |
445,430 |
|
Romarco Minerals, Inc. (a) |
13,212,600 |
6,372,124 |
|
Romarco Minerals, Inc. (a)(f) |
5,900,000 |
2,845,430 |
|
Rubicon Minerals Corp. (a) |
5,032,102 |
8,688,172 |
|
Sandstorm Gold Ltd. (a)(d) |
110,000 |
839,257 |
|
Seabridge Gold, Inc. (a)(d) |
601,905 |
7,277,033 |
|
SEMAFO, Inc. (d) |
4,406,900 |
8,671,402 |
|
St. Andrew Goldfields Ltd. (a) |
440,000 |
161,273 |
|
Sulliden Gold Corp. Ltd. (a)(d) |
3,110,400 |
3,150,152 |
|
Teranga Gold Corp. (a) |
35,000 |
23,969 |
|
Teranga Gold Corp. CDI unit (a) |
3,430,974 |
2,261,861 |
|
Torex Gold Resources, Inc. (a) |
13,554,400 |
22,225,686 |
|
Volta Resources, Inc. (a) |
55,000 |
12,997 |
|
Yamana Gold, Inc. |
7,964,700 |
93,878,596 |
|
|
1,031,175,968 |
||
Precious Metals & Minerals - 0.7% |
|||
Chesapeake Gold Corp. (a) |
6,000 |
25,030 |
|
Dalradian Resources, Inc. (a) |
56,000 |
37,270 |
|
Gold Standard Ventures Corp. (a) |
425,400 |
361,082 |
|
Kaminak Gold Corp. Class A (a) |
20,000 |
18,134 |
|
MAG Silver Corp. (a) |
35,400 |
263,259 |
|
Pan American Silver Corp. (d) |
100,087 |
1,222,062 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
32,374 |
|
Silver Wheaton Corp. |
87,400 |
2,072,984 |
|
Tahoe Resources, Inc. (a) |
494,100 |
7,191,675 |
|
Wildcat Silver Corp. (a) |
75,200 |
35,905 |
|
|
11,259,775 |
||
TOTAL METALS & MINING |
1,044,898,141 |
||
|
|||
Shares |
Value |
||
Cayman Islands - 0.4% |
|||
METALS & MINING - 0.4% |
|||
Gold - 0.4% |
|||
Endeavour Mining Corp. (a) |
6,203,100 |
$ 5,504,559 |
|
South Africa - 5.9% |
|||
METALS & MINING - 5.9% |
|||
Gold - 5.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR (d) |
1,427,152 |
25,888,537 |
|
Gold Fields Ltd. |
55,000 |
334,171 |
|
Gold Fields Ltd. sponsored ADR |
6,292,226 |
38,193,812 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
6,137,816 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
3,347,300 |
13,991,714 |
|
Sibanye Gold Ltd. ADR (a) |
1,195,006 |
4,325,922 |
|
|
88,871,972 |
||
United Kingdom - 0.2% |
|||
METALS & MINING - 0.2% |
|||
Gold - 0.2% |
|||
Patagonia Gold PLC (a)(d) |
260,000 |
39,504 |
|
Petropavlovsk PLC |
1,109,228 |
2,324,113 |
|
|
2,363,617 |
||
Steel - 0.0% |
|||
London Mining PLC (a) |
97,200 |
167,254 |
|
TOTAL METALS & MINING |
2,530,871 |
||
United States of America - 2.9% |
|||
METALS & MINING - 2.7% |
|||
Gold - 2.6% |
|||
Allied Nevada Gold Corp. (a) |
731,300 |
5,645,636 |
|
Allied Nevada Gold Corp. (Canada) (a) |
30,000 |
235,544 |
|
Gold Resource Corp. (d) |
100,000 |
960,000 |
|
Royal Gold, Inc. |
592,713 |
32,456,964 |
|
|
39,298,144 |
||
Precious Metals & Minerals - 0.1% |
|||
McEwen Mining, Inc. (a)(d) |
943,810 |
2,406,716 |
|
TOTAL METALS & MINING |
41,704,860 |
||
OIL, GAS & CONSUMABLE FUELS - 0.2% |
|||
Coal & Consumable Fuels - 0.2% |
|||
Alpha Natural Resources, Inc. (a) |
206,600 |
1,380,088 |
|
Peabody Energy Corp. |
72,700 |
1,430,009 |
|
|
2,810,097 |
||
TOTAL UNITED STATES OF AMERICA |
44,514,957 |
||
TOTAL COMMON STOCKS (Cost $1,948,870,556) |
|
||
Commodities - 3.7% |
|||
Troy Ounces |
Value |
||
Gold Bullion (a) |
18,510 |
$ 25,643,754 |
|
Silver Bullion (a) |
1,350,000 |
29,951,100 |
|
TOTAL COMMODITIES (Cost $58,247,108) |
|
||
Money Market Funds - 15.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
554,660 |
554,660 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
234,899,415 |
234,899,415 |
|
TOTAL MONEY MARKET FUNDS (Cost $235,454,075) |
|
||
TOTAL INVESTMENT PORTFOLIO - 115.0% (Cost $2,242,571,739) |
1,731,876,970 |
||
NET OTHER ASSETS (LIABILITIES) - (15.0)% |
(226,096,860) |
||
NET ASSETS - 100% |
$ 1,505,780,110 |
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 $27,672,360 or 1.8% of net assets. |
(g) Security or a portion of the security sold on a delayed delivery basis. |
(h) 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 $1,844,707 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 |
$ 5,097 |
Fidelity Securities Lending Cash Central Fund |
150,867 |
Total |
$ 155,964 |
Consolidated Subsidiary |
|
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 116,121,090 |
$ 230,792,412 |
$ 277,259,898 |
$ - |
$ 55,573,301 |
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 |
$ - |
$ - |
$ - |
$ 1,708 |
Kimber Resources, Inc. (144A) |
1,379,164 |
- |
59,278 |
- |
544,350 |
Total |
$ 1,383,145 |
$ - |
$ 59,278 |
$ - |
$ 546,058 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 1,440,828,041 |
$ 1,286,931,914 |
$ 153,109,317 |
$ 786,810 |
Commodities |
55,594,854 |
55,594,854 |
- |
- |
Money Market Funds |
235,454,075 |
235,454,075 |
- |
- |
Total Investments in Securities: |
$ 1,731,876,970 |
$ 1,577,980,843 |
$ 153,109,317 |
$ 786,810 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 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 |
$ 296,716,900 |
Level 2 to Level 1 |
$ 0 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes on an unconsolidated basis was $2,370,031,462. Net unrealized depreciation aggregated $638,176,046, of which $178,695,587 related to appreciated investment securities and $816,871,633 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 May 31, 2013, the Fund held $55,573,301 in the Subsidiary, representing 3.7% 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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
May 31, 2013
1.802173.109
GOL-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
Australia - 9.8% |
|||
METALS & MINING - 9.8% |
|||
Gold - 9.8% |
|||
ABM Resources NL (a) |
1,660,000 |
$ 43,851 |
|
Alkane Resources Ltd. (a) |
120,000 |
46,193 |
|
Ampella Mining Ltd. (a)(d) |
2,785,000 |
508,918 |
|
Beadell Resources Ltd. (a) |
11,653,618 |
7,913,635 |
|
Evolution Mining Ltd. (a) |
2,566,395 |
1,963,901 |
|
Gold One International Ltd. (a) |
90,277 |
15,442 |
|
Gryphon Minerals Ltd. (a) |
5,590,010 |
1,029,240 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a) |
9,209,798 |
2,829,279 |
|
(Canada) (a) |
320,000 |
97,227 |
|
Kingsgate Consolidated NL |
1,538,274 |
2,366,048 |
|
Medusa Mining Ltd. |
2,746,085 |
6,570,648 |
|
Newcrest Mining Ltd. |
6,494,920 |
88,733,165 |
|
Papillon Resources Ltd. (a)(d) |
2,518,068 |
1,816,040 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
6,580,134 |
6,624,715 |
|
(Canada) (a) |
1,300,000 |
1,291,536 |
|
Ramelius Resources Ltd. (a) |
980,000 |
156,354 |
|
Red 5 Ltd. (a) |
1,326,000 |
786,810 |
|
Regis Resources Ltd. (a) |
3,442,293 |
13,115,764 |
|
Resolute Mining Ltd. |
2,988,261 |
2,220,141 |
|
Saracen Mineral Holdings Ltd. (a) |
4,816,787 |
661,548 |
|
Silver Lake Resources Ltd. (a) |
5,246,985 |
4,008,726 |
|
St Barbara Ltd. (a) |
5,298,377 |
3,379,626 |
|
Tanami Gold NL (a)(d) |
292,500 |
22,275 |
|
Troy Resources NL (d) |
195,000 |
317,586 |
|
Troy Resources NL (f) |
734,826 |
1,212,011 |
|
|
147,730,679 |
||
Bailiwick of Jersey - 6.3% |
|||
METALS & MINING - 6.3% |
|||
Gold - 6.3% |
|||
Centamin PLC (a) |
6,306,900 |
3,683,592 |
|
Lydian International Ltd. (a) |
1,655,300 |
2,570,565 |
|
Polyus Gold International Ltd. |
422,400 |
1,320,492 |
|
Polyus Gold International Ltd. sponsored GDR |
4,574,931 |
14,045,038 |
|
Randgold Resources Ltd. sponsored ADR |
932,795 |
73,112,472 |
|
|
94,732,159 |
||
Precious Metals & Minerals - 0.0% |
|||
Polymetal International PLC |
20,000 |
209,829 |
|
TOTAL METALS & MINING |
94,941,988 |
||
Bermuda - 0.8% |
|||
METALS & MINING - 0.8% |
|||
Gold - 0.6% |
|||
Continental Gold Ltd. (a) |
2,271,400 |
9,048,355 |
|
|
|||
Shares |
Value |
||
Steel - 0.2% |
|||
African Minerals Ltd. (a)(d) |
719,200 |
$ 2,786,519 |
|
TOTAL METALS & MINING |
11,834,874 |
||
Canada - 69.4% |
|||
METALS & MINING - 69.4% |
|||
Diversified Metals & Mining - 0.2% |
|||
East Asia Minerals Corp. (a) |
5,000 |
627 |
|
Eastmain Resources, Inc. (a) |
10,000 |
3,183 |
|
Kimber Resources, Inc. (a)(e) |
16,100 |
1,708 |
|
Kimber Resources, Inc. (a)(e)(f)(g) |
5,130,500 |
544,350 |
|
NovaCopper, Inc. (a)(d) |
488,333 |
871,392 |
|
Rio Alto Mining Ltd. (a) |
55,000 |
163,395 |
|
Sabina Gold & Silver Corp. (a) |
650,000 |
877,743 |
|
|
2,462,398 |
||
Gold - 68.5% |
|||
Agnico Eagle Mines Ltd. (Canada) (d) |
1,467,000 |
47,685,459 |
|
Alacer Gold Corp. |
3,384,063 |
7,311,600 |
|
Alamos Gold, Inc. (d) |
1,150,500 |
16,679,060 |
|
Argonaut Gold, Inc. (a) |
2,746,262 |
20,846,956 |
|
ATAC Resources Ltd. (a) |
67,200 |
81,022 |
|
B2Gold Corp. (a) |
13,083,658 |
32,937,881 |
|
Banro Corp. (a) |
2,361,482 |
2,847,217 |
|
Barrick Gold Corp. (d) |
7,191,869 |
151,086,479 |
|
Belo Sun Mining Corp. (a)(d) |
6,165,400 |
3,687,049 |
|
Centerra Gold, Inc. (d) |
2,002,200 |
7,377,289 |
|
Claude Resources, Inc. (a) |
320,000 |
83,337 |
|
Colossus Minerals, Inc. (a)(d) |
3,512,600 |
5,996,915 |
|
Detour Gold Corp. (a) |
1,892,800 |
19,498,533 |
|
Detour Gold Corp. (a)(f) |
785,900 |
8,095,888 |
|
Eldorado Gold Corp. |
9,016,508 |
72,879,997 |
|
Exeter Resource Corp. (a) |
272,300 |
223,251 |
|
Franco-Nevada Corp. |
1,245,200 |
51,957,899 |
|
Gabriel Resources Ltd. (a) |
950,600 |
1,274,496 |
|
Gold Canyon Resources, Inc. (a) |
800,000 |
223,776 |
|
Goldcorp, Inc. |
6,834,100 |
202,831,215 |
|
Golden Queen Mining Co. Ltd. (a) |
15,000 |
18,000 |
|
GoldQuest Mining Corp. (a) |
2,318,500 |
771,529 |
|
Gran Colombia Gold Corp. (a)(d) |
1,765,000 |
340,487 |
|
Guyana Goldfields, Inc. (a) |
2,903,700 |
4,201,158 |
|
Guyana Goldfields, Inc. (a)(f) |
155,000 |
224,259 |
|
IAMGOLD Corp. |
2,394,500 |
12,541,244 |
|
International Minerals Corp. (Switzerland) |
15,000 |
40,784 |
|
International Tower Hill Mines Ltd. (a) |
546,700 |
390,217 |
|
Kinross Gold Corp. |
10,337,091 |
67,800,549 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
1,192,793 |
103,546 |
|
Kirkland Lake Gold, Inc. (a)(d) |
706,000 |
3,718,119 |
|
Lake Shore Gold Corp. (a)(d) |
3,656,600 |
1,199,174 |
|
Luna Gold Corp. (a) |
25,000 |
49,433 |
|
Midas Gold Corp. (a) |
85,000 |
61,490 |
|
New Gold, Inc. (a) |
7,758,755 |
52,760,282 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
NGEx Resources, Inc. (a) |
60,000 |
$ 123,849 |
|
Novagold Resources, Inc. (a)(d) |
2,955,000 |
7,524,668 |
|
OceanaGold Corp. (a) |
3,222,300 |
5,936,429 |
|
Orezone Gold Corp. (a)(d) |
372,100 |
251,237 |
|
Osisko Mining Corp. (a) |
4,926,431 |
21,193,038 |
|
Osisko Mining Corp. (a)(f) |
3,000,000 |
12,905,715 |
|
Pilot Gold, Inc. (a)(d) |
768,150 |
874,287 |
|
Premier Gold Mines Ltd. (a) |
5,369,322 |
11,393,787 |
|
Pretium Resources, Inc. (a) |
440,938 |
3,615,117 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
1,844,707 |
|
Pretium Resources, Inc. (a)(h) |
225,000 |
1,844,707 |
|
Primero Mining Corp. (a) |
846,200 |
4,619,717 |
|
Probe Mines Ltd. (a) |
85,000 |
127,080 |
|
Rainy River Resources Ltd. (a) |
1,208,400 |
4,242,658 |
|
Richmont Mines, Inc. (a) |
230,900 |
445,430 |
|
Romarco Minerals, Inc. (a) |
13,212,600 |
6,372,124 |
|
Romarco Minerals, Inc. (a)(f) |
5,900,000 |
2,845,430 |
|
Rubicon Minerals Corp. (a) |
5,032,102 |
8,688,172 |
|
Sandstorm Gold Ltd. (a)(d) |
110,000 |
839,257 |
|
Seabridge Gold, Inc. (a)(d) |
601,905 |
7,277,033 |
|
SEMAFO, Inc. (d) |
4,406,900 |
8,671,402 |
|
St. Andrew Goldfields Ltd. (a) |
440,000 |
161,273 |
|
Sulliden Gold Corp. Ltd. (a)(d) |
3,110,400 |
3,150,152 |
|
Teranga Gold Corp. (a) |
35,000 |
23,969 |
|
Teranga Gold Corp. CDI unit (a) |
3,430,974 |
2,261,861 |
|
Torex Gold Resources, Inc. (a) |
13,554,400 |
22,225,686 |
|
Volta Resources, Inc. (a) |
55,000 |
12,997 |
|
Yamana Gold, Inc. |
7,964,700 |
93,878,596 |
|
|
1,031,175,968 |
||
Precious Metals & Minerals - 0.7% |
|||
Chesapeake Gold Corp. (a) |
6,000 |
25,030 |
|
Dalradian Resources, Inc. (a) |
56,000 |
37,270 |
|
Gold Standard Ventures Corp. (a) |
425,400 |
361,082 |
|
Kaminak Gold Corp. Class A (a) |
20,000 |
18,134 |
|
MAG Silver Corp. (a) |
35,400 |
263,259 |
|
Pan American Silver Corp. (d) |
100,087 |
1,222,062 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
32,374 |
|
Silver Wheaton Corp. |
87,400 |
2,072,984 |
|
Tahoe Resources, Inc. (a) |
494,100 |
7,191,675 |
|
Wildcat Silver Corp. (a) |
75,200 |
35,905 |
|
|
11,259,775 |
||
TOTAL METALS & MINING |
1,044,898,141 |
||
|
|||
Shares |
Value |
||
Cayman Islands - 0.4% |
|||
METALS & MINING - 0.4% |
|||
Gold - 0.4% |
|||
Endeavour Mining Corp. (a) |
6,203,100 |
$ 5,504,559 |
|
South Africa - 5.9% |
|||
METALS & MINING - 5.9% |
|||
Gold - 5.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR (d) |
1,427,152 |
25,888,537 |
|
Gold Fields Ltd. |
55,000 |
334,171 |
|
Gold Fields Ltd. sponsored ADR |
6,292,226 |
38,193,812 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
6,137,816 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
3,347,300 |
13,991,714 |
|
Sibanye Gold Ltd. ADR (a) |
1,195,006 |
4,325,922 |
|
|
88,871,972 |
||
United Kingdom - 0.2% |
|||
METALS & MINING - 0.2% |
|||
Gold - 0.2% |
|||
Patagonia Gold PLC (a)(d) |
260,000 |
39,504 |
|
Petropavlovsk PLC |
1,109,228 |
2,324,113 |
|
|
2,363,617 |
||
Steel - 0.0% |
|||
London Mining PLC (a) |
97,200 |
167,254 |
|
TOTAL METALS & MINING |
2,530,871 |
||
United States of America - 2.9% |
|||
METALS & MINING - 2.7% |
|||
Gold - 2.6% |
|||
Allied Nevada Gold Corp. (a) |
731,300 |
5,645,636 |
|
Allied Nevada Gold Corp. (Canada) (a) |
30,000 |
235,544 |
|
Gold Resource Corp. (d) |
100,000 |
960,000 |
|
Royal Gold, Inc. |
592,713 |
32,456,964 |
|
|
39,298,144 |
||
Precious Metals & Minerals - 0.1% |
|||
McEwen Mining, Inc. (a)(d) |
943,810 |
2,406,716 |
|
TOTAL METALS & MINING |
41,704,860 |
||
OIL, GAS & CONSUMABLE FUELS - 0.2% |
|||
Coal & Consumable Fuels - 0.2% |
|||
Alpha Natural Resources, Inc. (a) |
206,600 |
1,380,088 |
|
Peabody Energy Corp. |
72,700 |
1,430,009 |
|
|
2,810,097 |
||
TOTAL UNITED STATES OF AMERICA |
44,514,957 |
||
TOTAL COMMON STOCKS (Cost $1,948,870,556) |
|
||
Commodities - 3.7% |
|||
Troy Ounces |
Value |
||
Gold Bullion (a) |
18,510 |
$ 25,643,754 |
|
Silver Bullion (a) |
1,350,000 |
29,951,100 |
|
TOTAL COMMODITIES (Cost $58,247,108) |
|
||
Money Market Funds - 15.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
554,660 |
554,660 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
234,899,415 |
234,899,415 |
|
TOTAL MONEY MARKET FUNDS (Cost $235,454,075) |
|
||
TOTAL INVESTMENT PORTFOLIO - 115.0% (Cost $2,242,571,739) |
1,731,876,970 |
||
NET OTHER ASSETS (LIABILITIES) - (15.0)% |
(226,096,860) |
||
NET ASSETS - 100% |
$ 1,505,780,110 |
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 $27,672,360 or 1.8% of net assets. |
(g) Security or a portion of the security sold on a delayed delivery basis. |
(h) 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 $1,844,707 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 |
$ 5,097 |
Fidelity Securities Lending Cash Central Fund |
150,867 |
Total |
$ 155,964 |
Consolidated Subsidiary |
|
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 116,121,090 |
$ 230,792,412 |
$ 277,259,898 |
$ - |
$ 55,573,301 |
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 |
$ - |
$ - |
$ - |
$ 1,708 |
Kimber Resources, Inc. (144A) |
1,379,164 |
- |
59,278 |
- |
544,350 |
Total |
$ 1,383,145 |
$ - |
$ 59,278 |
$ - |
$ 546,058 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 1,440,828,041 |
$ 1,286,931,914 |
$ 153,109,317 |
$ 786,810 |
Commodities |
55,594,854 |
55,594,854 |
- |
- |
Money Market Funds |
235,454,075 |
235,454,075 |
- |
- |
Total Investments in Securities: |
$ 1,731,876,970 |
$ 1,577,980,843 |
$ 153,109,317 |
$ 786,810 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 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 |
$ 296,716,900 |
Level 2 to Level 1 |
$ 0 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes on an unconsolidated basis was $2,370,031,462. Net unrealized depreciation aggregated $638,176,046, of which $178,695,587 related to appreciated investment securities and $816,871,633 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 May 31, 2013, the Fund held $55,573,301 in the Subsidiary, representing 3.7% 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 Leisure Portfolio
May 31, 2013
1.802179.109
LEI-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.8% |
|||
Shares |
Value |
||
DIVERSIFIED CONSUMER SERVICES - 4.6% |
|||
Specialized Consumer Services - 4.6% |
|||
Coinstar, Inc. (a)(d) |
75,140 |
$ 4,376,154 |
|
Steiner Leisure Ltd. (a) |
243,193 |
12,351,772 |
|
Weight Watchers International, Inc. |
17,800 |
816,130 |
|
|
17,544,056 |
||
HOTELS, RESTAURANTS & LEISURE - 85.1% |
|||
Casinos & Gaming - 18.4% |
|||
Las Vegas Sands Corp. |
528,276 |
30,587,180 |
|
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a) |
91,870 |
2,184,669 |
|
MGM China Holdings Ltd. |
900,000 |
2,397,631 |
|
Penn National Gaming, Inc. (a) |
476,112 |
26,205,204 |
|
SHFL Entertainment, Inc. (a) |
336,261 |
5,800,502 |
|
Wynn Resorts Ltd. |
19,700 |
2,677,033 |
|
|
69,852,219 |
||
Hotels, Resorts & Cruise Lines - 17.9% |
|||
Carnival Corp. unit |
331,000 |
10,956,100 |
|
Hyatt Hotels Corp. Class A (a) |
382,858 |
15,743,121 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
209,100 |
14,281,530 |
|
Wyndham Worldwide Corp. |
465,200 |
27,037,424 |
|
|
68,018,175 |
||
Leisure Facilities - 0.9% |
|||
Cedar Fair LP (depositary unit) |
83,656 |
3,422,367 |
|
Restaurants - 47.9% |
|||
Bravo Brio Restaurant Group, Inc. (a) |
84,169 |
1,515,042 |
|
Brinker International, Inc. |
374,900 |
14,699,829 |
|
Chipotle Mexican Grill, Inc. (a) |
26,529 |
9,576,969 |
|
Denny's Corp. (a) |
490,042 |
2,954,953 |
|
Jack in the Box, Inc. (a) |
67,700 |
2,470,373 |
|
McDonald's Corp. |
478,700 |
46,228,059 |
|
Panera Bread Co. Class A (a) |
52,500 |
10,071,075 |
|
Papa John's International, Inc. (a) |
67,566 |
4,353,277 |
|
Ruth's Hospitality Group, Inc. |
436,729 |
4,891,365 |
|
Starbucks Corp. |
908,400 |
57,292,789 |
|
Texas Roadhouse, Inc. Class A |
200,508 |
4,742,014 |
|
Tim Hortons, Inc. (Canada) |
43,000 |
2,287,803 |
|
Whitbread PLC |
130,000 |
5,694,559 |
|
Yum! Brands, Inc. |
232,700 |
15,765,425 |
|
|
182,543,532 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
323,836,293 |
||
IT SERVICES - 1.2% |
|||
Data Processing & Outsourced Services - 1.2% |
|||
The Western Union Co. |
280,000 |
4,586,400 |
|
LEISURE EQUIPMENT & PRODUCTS - 1.1% |
|||
Leisure Products - 1.1% |
|||
Mattel, Inc. |
96,000 |
4,296,000 |
|
|
|||
Shares |
Value |
||
MEDIA - 3.1% |
|||
Broadcasting - 0.6% |
|||
CBS Corp. Class B |
46,300 |
$ 2,291,850 |
|
Cable & Satellite - 0.8% |
|||
DIRECTV (a) |
46,925 |
2,868,525 |
|
Movies & Entertainment - 1.7% |
|||
News Corp. Class A |
90,000 |
2,889,900 |
|
Viacom, Inc. Class B (non-vtg.) |
55,500 |
3,656,895 |
|
|
6,546,795 |
||
TOTAL MEDIA |
11,707,170 |
||
SOFTWARE - 2.5% |
|||
Application Software - 1.6% |
|||
Intuit, Inc. |
103,500 |
6,048,540 |
|
Home Entertainment Software - 0.9% |
|||
Playtech Ltd. |
320,000 |
3,252,732 |
|
TOTAL SOFTWARE |
9,301,272 |
||
SPECIALTY RETAIL - 0.6% |
|||
Apparel Retail - 0.6% |
|||
Express, Inc. (a) |
105,000 |
2,289,000 |
|
TEXTILES, APPAREL & LUXURY GOODS - 0.6% |
|||
Apparel, Accessories & Luxury Goods - 0.6% |
|||
PVH Corp. |
21,140 |
2,435,117 |
|
TOTAL COMMON STOCKS (Cost $219,838,827) |
|
Convertible Bonds - 0.1% |
||||
|
Principal |
|
||
HOTELS, RESTAURANTS & LEISURE - 0.1% |
||||
Casinos & Gaming - 0.1% |
||||
MGM Mirage, Inc. 4.25% 4/15/15 |
|
$ 300,000 |
|
Money Market Funds - 1.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
3,970,994 |
$ 3,970,994 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
3,293,550 |
3,293,550 |
|
TOTAL MONEY MARKET FUNDS (Cost $7,264,544) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $227,403,371) |
383,602,040 |
||
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(2,864,696) |
||
NET ASSETS - 100% |
$ 380,737,344 |
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 |
$ 1,430 |
Fidelity Securities Lending Cash Central Fund |
150,674 |
Total |
$ 152,104 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 375,995,308 |
$ 373,597,677 |
$ 2,397,631 |
$ - |
Convertible Bonds |
342,188 |
- |
342,188 |
- |
Money Market Funds |
7,264,544 |
7,264,544 |
- |
- |
Total Investments in Securities: |
$ 383,602,040 |
$ 380,862,221 |
$ 2,739,819 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $231,347,527. Net unrealized appreciation aggregated $152,254,513, of which $153,276,647 related to appreciated investment securities and $1,022,134 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 Management & Research Company (FMR) 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. |
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
May 31, 2013
1.802176.109
INE-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.9% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 19.9% |
|||
Aerospace & Defense - 19.9% |
|||
Honeywell International, Inc. |
156,600 |
$ 12,286,836 |
|
Precision Castparts Corp. |
49,900 |
10,674,608 |
|
Teledyne Technologies, Inc. (a) |
42,900 |
3,312,738 |
|
Textron, Inc. |
330,600 |
8,912,976 |
|
TransDigm Group, Inc. |
38,100 |
5,566,410 |
|
United Technologies Corp. |
294,500 |
27,948,050 |
|
|
68,701,618 |
||
AIR FREIGHT & LOGISTICS - 0.5% |
|||
Air Freight & Logistics - 0.5% |
|||
C.H. Robinson Worldwide, Inc. |
13,800 |
782,322 |
|
Expeditors International of Washington, Inc. |
20,100 |
784,503 |
|
|
1,566,825 |
||
AIRLINES - 0.4% |
|||
Airlines - 0.4% |
|||
Copa Holdings SA Class A |
9,800 |
1,286,936 |
|
AUTO COMPONENTS - 1.6% |
|||
Auto Parts & Equipment - 1.6% |
|||
Johnson Controls, Inc. |
143,700 |
5,368,632 |
|
BUILDING PRODUCTS - 0.3% |
|||
Building Products - 0.3% |
|||
Gibraltar Industries, Inc. (a) |
70,241 |
1,140,011 |
|
Ply Gem Holdings, Inc. |
1,400 |
32,340 |
|
|
1,172,351 |
||
CHEMICALS - 0.5% |
|||
Commodity Chemicals - 0.5% |
|||
Cabot Corp. |
44,000 |
1,801,360 |
|
COMMERCIAL SERVICES & SUPPLIES - 1.3% |
|||
Diversified Support Services - 0.8% |
|||
Aggreko PLC |
98,500 |
2,674,440 |
|
Environmental & Facility Services - 0.5% |
|||
Republic Services, Inc. |
57,200 |
1,950,520 |
|
TOTAL COMMERCIAL SERVICES & SUPPLIES |
4,624,960 |
||
CONSTRUCTION & ENGINEERING - 1.3% |
|||
Construction & Engineering - 1.3% |
|||
Jacobs Engineering Group, Inc. (a) |
63,000 |
3,591,630 |
|
URS Corp. |
20,900 |
1,012,396 |
|
|
4,604,026 |
||
DIVERSIFIED CONSUMER SERVICES - 0.9% |
|||
Specialized Consumer Services - 0.9% |
|||
H&R Block, Inc. |
104,500 |
3,058,715 |
|
|
|||
Shares |
Value |
||
ELECTRICAL EQUIPMENT - 11.8% |
|||
Electrical Components & Equipment - 11.5% |
|||
AMETEK, Inc. |
100,150 |
$ 4,321,473 |
|
Eaton Corp. PLC |
182,200 |
12,036,132 |
|
Generac Holdings, Inc. |
44,400 |
1,798,200 |
|
Hubbell, Inc. Class B |
26,000 |
2,611,180 |
|
Regal-Beloit Corp. |
110,728 |
7,475,247 |
|
Rockwell Automation, Inc. |
55,300 |
4,867,506 |
|
Roper Industries, Inc. |
52,600 |
6,533,972 |
|
|
39,643,710 |
||
Heavy Electrical Equipment - 0.3% |
|||
AZZ, Inc. |
27,600 |
1,144,848 |
|
TOTAL ELECTRICAL EQUIPMENT |
40,788,558 |
||
INDUSTRIAL CONGLOMERATES - 26.9% |
|||
Industrial Conglomerates - 26.9% |
|||
3M Co. |
175,300 |
19,330,331 |
|
Danaher Corp. |
272,500 |
16,845,950 |
|
General Electric Co. |
2,434,155 |
56,764,495 |
|
|
92,940,776 |
||
MACHINERY - 26.6% |
|||
Construction & Farm Machinery & Heavy Trucks - 15.9% |
|||
Caterpillar, Inc. |
219,900 |
18,867,420 |
|
Cummins, Inc. |
121,000 |
14,475,230 |
|
Joy Global, Inc. |
53,700 |
2,904,096 |
|
Manitowoc Co., Inc. |
331,800 |
6,971,118 |
|
PACCAR, Inc. |
103,800 |
5,563,680 |
|
Terex Corp. (a) |
87,400 |
3,135,038 |
|
Wabtec Corp. |
27,000 |
2,970,270 |
|
|
54,886,852 |
||
Industrial Machinery - 10.7% |
|||
Blount International, Inc. (a) |
59,800 |
802,516 |
|
Donaldson Co., Inc. |
67,700 |
2,539,427 |
|
Harsco Corp. |
61,000 |
1,426,180 |
|
Illinois Tool Works, Inc. |
176,900 |
12,405,997 |
|
Ingersoll-Rand PLC |
171,000 |
9,837,630 |
|
Metka SA |
62,100 |
863,645 |
|
Nordson Corp. |
26,500 |
1,887,330 |
|
Pall Corp. |
41,400 |
2,823,480 |
|
Sun Hydraulics Corp. |
40,100 |
1,301,245 |
|
Timken Co. |
55,500 |
3,150,180 |
|
|
37,037,630 |
||
TOTAL MACHINERY |
91,924,482 |
||
PROFESSIONAL SERVICES - 2.8% |
|||
Research & Consulting Services - 2.8% |
|||
Dun & Bradstreet Corp. |
82,400 |
8,086,736 |
|
VSE Corp. |
51,539 |
1,748,203 |
|
|
9,834,939 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - 3.1% |
|||
Trading Companies & Distributors - 3.1% |
|||
Houston Wire & Cable Co. |
137,234 |
$ 1,922,648 |
|
MSC Industrial Direct Co., Inc. Class A |
24,100 |
1,992,347 |
|
Watsco, Inc. |
17,300 |
1,509,425 |
|
WESCO International, Inc. (a) |
69,000 |
5,123,940 |
|
|
10,548,360 |
||
TOTAL COMMON STOCKS (Cost $266,322,304) |
|
||
Nonconvertible Preferred Stocks - 2.4% |
|||
Shares |
Value |
||
AUTOMOBILES - 2.4% |
|||
Automobile Manufacturers - 2.4% |
|||
Volkswagen AG |
37,900 |
$ 8,322,566 |
|
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $274,476,780) |
346,545,104 |
||
NET OTHER ASSETS (LIABILITIES) - (0.3)% |
(1,007,685) |
||
NET ASSETS - 100% |
$ 345,537,419 |
Legend |
(a) Non-income producing |
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 |
$ 2,355 |
Fidelity Securities Lending Cash Central Fund |
2,890 |
Total |
$ 5,245 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $274,916,310. Net unrealized appreciation aggregated $71,628,794, of which $73,900,490 related to appreciated investment securities and $2,271,696 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 Management & Research Company (FMR) 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 additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Retailing Portfolio
May 31, 2013
1.802188.109
RET-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
DISTRIBUTORS - 1.9% |
|||
Distributors - 1.9% |
|||
LKQ Corp. (a) |
534,947 |
$ 13,095,503 |
|
DIVERSIFIED CONSUMER SERVICES - 0.7% |
|||
Specialized Consumer Services - 0.7% |
|||
Steiner Leisure Ltd. (a) |
89,467 |
4,544,029 |
|
FOOD PRODUCTS - 0.5% |
|||
Packaged Foods & Meats - 0.5% |
|||
Annie's, Inc. (a)(d) |
82,300 |
3,202,293 |
|
HOUSEHOLD DURABLES - 0.6% |
|||
Household Appliances - 0.6% |
|||
Techtronic Industries Co. Ltd. |
1,720,000 |
4,412,529 |
|
INTERNET & CATALOG RETAIL - 19.6% |
|||
Internet Retail - 19.6% |
|||
Amazon.com, Inc. (a) |
251,920 |
67,774,038 |
|
Netflix, Inc. (a) |
45,000 |
10,181,250 |
|
Ocado Group PLC (a) |
550,000 |
2,271,351 |
|
priceline.com, Inc. (a) |
59,060 |
47,480,106 |
|
TripAdvisor, Inc. (a) |
135,000 |
8,706,150 |
|
|
136,412,895 |
||
MULTILINE RETAIL - 1.9% |
|||
Department Stores - 1.9% |
|||
PPR SA |
61,000 |
13,335,695 |
|
SOFTWARE - 1.5% |
|||
Home Entertainment Software - 1.5% |
|||
Take-Two Interactive Software, Inc. (a) |
612,000 |
10,183,680 |
|
SPECIALTY RETAIL - 61.7% |
|||
Apparel Retail - 23.1% |
|||
Express, Inc. (a) |
757,102 |
16,504,824 |
|
Gap, Inc. |
126,000 |
5,109,300 |
|
H&M Hennes & Mauritz AB (B Shares) (d) |
432,000 |
14,871,024 |
|
Inditex SA |
78,462 |
9,771,818 |
|
L Brands, Inc. |
479,679 |
23,988,747 |
|
Ross Stores, Inc. |
390,600 |
25,115,580 |
|
TJX Companies, Inc. |
947,200 |
47,937,792 |
|
Urban Outfitters, Inc. (a) |
412,200 |
17,283,546 |
|
|
160,582,631 |
||
Automotive Retail - 8.1% |
|||
AutoZone, Inc. (a) |
70,443 |
28,799,212 |
|
O'Reilly Automotive, Inc. (a) |
250,365 |
27,267,252 |
|
|
56,066,464 |
||
|
|||
Shares |
Value |
||
Home Improvement Retail - 24.9% |
|||
Home Depot, Inc. |
1,489,100 |
$ 117,132,604 |
|
Lowe's Companies, Inc. |
1,326,900 |
55,875,759 |
|
|
173,008,363 |
||
Homefurnishing Retail - 0.9% |
|||
Bed Bath & Beyond, Inc. (a) |
95,580 |
6,523,335 |
|
Specialty Stores - 4.7% |
|||
Dick's Sporting Goods, Inc. |
400,100 |
20,941,234 |
|
GNC Holdings, Inc. |
268,200 |
12,077,046 |
|
|
33,018,280 |
||
TOTAL SPECIALTY RETAIL |
429,199,073 |
||
TEXTILES, APPAREL & LUXURY GOODS - 10.5% |
|||
Apparel, Accessories & Luxury Goods - 9.6% |
|||
Compagnie Financiere Richemont SA Series A |
92,801 |
8,331,468 |
|
G-III Apparel Group Ltd. (a) |
287,070 |
12,088,518 |
|
lululemon athletica, Inc. (a)(d) |
151,600 |
11,795,996 |
|
PVH Corp. |
113,500 |
13,074,065 |
|
Swatch Group AG (Bearer) (Reg.) |
81,364 |
8,100,238 |
|
VF Corp. |
74,600 |
13,715,956 |
|
|
67,106,241 |
||
Footwear - 0.9% |
|||
NIKE, Inc. Class B |
101,400 |
6,252,324 |
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
73,358,565 |
||
TOTAL COMMON STOCKS (Cost $500,751,149) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
SOFTWARE - 0.2% |
||||
Home Entertainment Software - 0.2% |
||||
Take-Two Interactive Software, Inc. 1.75% 12/1/16 |
|
$ 1,000,000 |
|
Money Market Funds - 4.1% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
13,180,887 |
$ 13,180,887 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
15,531,750 |
15,531,750 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,712,637) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $530,463,786) |
717,626,899 |
||
NET OTHER ASSETS (LIABILITIES) - (3.2)% |
(22,145,916) |
||
NET ASSETS - 100% |
$ 695,480,983 |
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 |
$ 2,596 |
Fidelity Securities Lending Cash Central Fund |
88,674 |
Total |
$ 91,270 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 687,744,262 |
$ 683,331,733 |
$ 4,412,529 |
$ - |
Convertible Bonds |
1,170,000 |
- |
1,170,000 |
- |
Money Market Funds |
28,712,637 |
28,712,637 |
- |
- |
Total Investments in Securities: |
$ 717,626,899 |
$ 712,044,370 |
$ 5,582,529 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $531,821,661. Net unrealized appreciation aggregated $185,805,238, of which $187,243,673 related to appreciated investment securities and $1,438,435 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 Management & Research Company (FMR) 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. |
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 Electronics Portfolio
May 31, 2013
1.802167.109
ELE-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 93.7% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.0% |
|||
Biotechnology - 0.0% |
|||
Arrowhead Research Corp. warrants 5/21/17 (a)(f) |
285,468 |
$ 3 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.3% |
|||
Office Services & Supplies - 0.3% |
|||
West Corp. |
121,100 |
2,773,190 |
|
COMMUNICATIONS EQUIPMENT - 8.5% |
|||
Communications Equipment - 8.5% |
|||
Aruba Networks, Inc. (a) |
197,900 |
2,956,626 |
|
Brocade Communications Systems, Inc. (a) |
340,779 |
1,850,430 |
|
Finisar Corp. (a) |
254,701 |
3,336,583 |
|
Juniper Networks, Inc. (a) |
540,621 |
9,585,210 |
|
NETGEAR, Inc. (a) |
93,500 |
3,111,680 |
|
Polycom, Inc. (a) |
664,538 |
7,529,216 |
|
QUALCOMM, Inc. |
655,808 |
41,630,692 |
|
Radware Ltd. (a) |
191,108 |
2,874,264 |
|
Research In Motion Ltd. (a)(d) |
99,100 |
1,382,445 |
|
Riverbed Technology, Inc. (a) |
341,800 |
5,284,228 |
|
|
79,541,374 |
||
COMPUTERS & PERIPHERALS - 3.4% |
|||
Computer Hardware - 1.7% |
|||
Apple, Inc. |
34,776 |
15,638,072 |
|
Computer Storage & Peripherals - 1.7% |
|||
EMC Corp. |
397,400 |
9,839,624 |
|
Fusion-io, Inc. (a) |
185,995 |
2,691,348 |
|
SanDisk Corp. (a) |
58,300 |
3,440,866 |
|
|
15,971,838 |
||
TOTAL COMPUTERS & PERIPHERALS |
31,609,910 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 11.1% |
|||
Electronic Components - 2.1% |
|||
Aeroflex Holding Corp. (a) |
1,670,579 |
13,197,574 |
|
Corning, Inc. |
25,441 |
391,028 |
|
InvenSense, Inc. (a) |
432,915 |
5,575,945 |
|
|
19,164,547 |
||
Electronic Manufacturing Services - 8.1% |
|||
Benchmark Electronics, Inc. (a) |
77,871 |
1,518,485 |
|
Flextronics International Ltd. (a) |
1,850,188 |
13,802,402 |
|
Jabil Circuit, Inc. |
2,026,123 |
40,644,027 |
|
Plexus Corp. (a) |
18 |
525 |
|
TTM Technologies, Inc. (a) |
2,454,628 |
19,833,394 |
|
|
75,798,833 |
||
|
|||
Shares |
Value |
||
Technology Distributors - 0.9% |
|||
Arrow Electronics, Inc. (a) |
110,021 |
$ 4,374,435 |
|
Avnet, Inc. (a) |
126,930 |
4,335,929 |
|
|
8,710,364 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
103,673,744 |
||
INTERNET SOFTWARE & SERVICES - 0.8% |
|||
Internet Software & Services - 0.8% |
|||
Demand Media, Inc. (a) |
309,250 |
2,650,273 |
|
Facebook, Inc. Class A |
112,049 |
2,728,393 |
|
Rackspace Hosting, Inc. (a) |
47,300 |
1,775,169 |
|
Velti PLC (a) |
374,200 |
658,592 |
|
|
7,812,427 |
||
IT SERVICES - 0.6% |
|||
Data Processing & Outsourced Services - 0.6% |
|||
EVERTEC, Inc. |
120,914 |
2,420,698 |
|
VeriFone Systems, Inc. (a) |
116,160 |
2,710,013 |
|
|
5,130,711 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 68.3% |
|||
Semiconductor Equipment - 0.9% |
|||
Amkor Technology, Inc. (a)(d) |
404,997 |
1,838,686 |
|
GT Advanced Technologies, Inc. (a)(d) |
512,410 |
2,280,225 |
|
Lam Research Corp. (a) |
25,300 |
1,183,534 |
|
Rubicon Technology, Inc. (a)(d) |
299,500 |
2,536,765 |
|
|
7,839,210 |
||
Semiconductors - 67.4% |
|||
Advanced Micro Devices, Inc. (a)(d) |
1,461,911 |
5,847,644 |
|
Advanced Semiconductor Engineering, Inc. sponsored ADR |
544,000 |
2,284,800 |
|
Altera Corp. |
1,828,564 |
60,690,039 |
|
Analog Devices, Inc. |
893,628 |
41,044,334 |
|
ARM Holdings PLC sponsored ADR |
17 |
746 |
|
Avago Technologies Ltd. |
1,574,474 |
59,373,415 |
|
Broadcom Corp. Class A |
2,010,183 |
72,185,669 |
|
Cypress Semiconductor Corp. (d) |
2,047,099 |
23,009,393 |
|
Entropic Communications, Inc. (a) |
723,552 |
3,096,803 |
|
EZchip Semiconductor Ltd. (a) |
222,214 |
6,008,667 |
|
Freescale Semiconductor Holdings I Ltd. (a)(d) |
968,921 |
15,425,222 |
|
Inphi Corp. (a) |
554,127 |
5,657,637 |
|
Intel Corp. |
1,425,191 |
34,603,637 |
|
Intermolecular, Inc. (a) |
323,416 |
2,761,973 |
|
Intersil Corp. Class A |
5,229,725 |
42,883,745 |
|
LSI Corp. (a) |
3,257,233 |
24,103,524 |
|
M/A-COM Technology Solutions, Inc. (a) |
162,442 |
2,262,817 |
|
Marvell Technology Group Ltd. |
3,062,215 |
33,194,411 |
|
MediaTek, Inc. |
198,000 |
2,442,131 |
|
Microchip Technology, Inc. |
471,775 |
17,210,352 |
|
Micron Technology, Inc. (a) |
1,826,604 |
21,334,735 |
|
Motech Industries, Inc. (a) |
1 |
1 |
|
NVIDIA Corp. (d) |
1,674,706 |
24,266,490 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductors - continued |
|||
NXP Semiconductors NV (a) |
1,053,849 |
$ 32,511,242 |
|
O2Micro International Ltd. sponsored ADR (a) |
581,178 |
2,005,064 |
|
Omnivision Technologies, Inc. (a) |
118,471 |
2,188,159 |
|
ON Semiconductor Corp. (a) |
2,561,707 |
21,928,212 |
|
PMC-Sierra, Inc. (a) |
3,185,657 |
19,145,799 |
|
RDA Microelectronics, Inc. sponsored ADR |
269,582 |
2,887,223 |
|
Skyworks Solutions, Inc. (a) |
1,700,579 |
40,575,815 |
|
Spreadtrum Communications, Inc. ADR |
125,900 |
2,450,014 |
|
Volterra Semiconductor Corp. (a) |
378,700 |
5,324,522 |
|
|
628,704,235 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
636,543,445 |
||
SOFTWARE - 0.7% |
|||
Application Software - 0.4% |
|||
Nuance Communications, Inc. (a) |
182,837 |
3,473,903 |
|
Systems Software - 0.3% |
|||
Allot Communications Ltd. (a) |
264,700 |
3,269,045 |
|
Check Point Software Technologies Ltd. (a) |
400 |
20,032 |
|
|
3,289,077 |
||
TOTAL SOFTWARE |
6,762,980 |
||
TOTAL COMMON STOCKS (Cost $978,098,671) |
|
Convertible Bonds - 2.4% |
||||
|
Principal Amount |
|
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4% |
||||
Semiconductors - 2.4% |
||||
Micron Technology, Inc.: |
|
|
|
|
1.625% 2/15/33 (e) |
|
$ 1,970,000 |
2,501,900 |
|
1.875% 8/1/31 |
|
5,680,000 |
7,447,900 |
|
3.125% 5/1/32 (e) |
|
9,050,000 |
12,556,875 |
TOTAL CONVERTIBLE BONDS (Cost $15,857,141) |
|
||
Money Market Funds - 7.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
31,306,326 |
$ 31,306,326 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
40,941,152 |
40,941,152 |
|
TOTAL MONEY MARKET FUNDS (Cost $72,247,478) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $1,066,203,290) |
968,601,937 |
||
NET OTHER ASSETS (LIABILITIES) - (3.9)% |
(35,932,496) |
||
NET ASSETS - 100% |
$ 932,669,441 |
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 $15,058,775 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 $3 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Arrowhead Research Corp. warrants 5/21/17 |
5/18/07 |
$ 1,033,745 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 10,594 |
Fidelity Securities Lending Cash Central Fund |
53,746 |
Total |
$ 64,340 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 873,847,784 |
$ 871,405,649 |
$ 2,442,135 |
$ - |
Convertible Bonds |
22,506,675 |
- |
22,506,675 |
- |
Money Market Funds |
72,247,478 |
72,247,478 |
- |
- |
Total Investments in Securities: |
$ 968,601,937 |
$ 943,653,127 |
$ 24,948,810 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,074,512,951. Net unrealized depreciation aggregated $105,911,014, of which $35,191,401 related to appreciated investment securities and $141,102,415 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 Utilities Portfolio
May 31, 2013
1.802193.109
UTI-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.3% |
|||
Shares |
Value |
||
ELECTRIC UTILITIES - 39.8% |
|||
Electric Utilities - 39.8% |
|||
American Electric Power Co., Inc. |
1,047,039 |
$ 47,975,327 |
|
Duke Energy Corp. |
1,152,853 |
77,160,451 |
|
Edison International |
609,512 |
28,000,981 |
|
FirstEnergy Corp. |
794,789 |
31,004,719 |
|
ITC Holdings Corp. |
93,805 |
8,120,699 |
|
OGE Energy Corp. |
455,958 |
30,945,869 |
|
Southern Co. |
657,900 |
28,881,810 |
|
|
252,089,856 |
||
GAS UTILITIES - 3.0% |
|||
Gas Utilities - 3.0% |
|||
National Fuel Gas Co. |
92,976 |
5,690,131 |
|
Questar Corp. |
551,286 |
13,401,763 |
|
|
19,091,894 |
||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 11.2% |
|||
Independent Power Producers & Energy Traders - 11.2% |
|||
Calpine Corp. (a) |
745,637 |
15,143,887 |
|
NRG Energy, Inc. |
1,137,202 |
29,021,395 |
|
The AES Corp. |
2,217,602 |
27,054,744 |
|
|
71,220,026 |
||
MULTI-UTILITIES - 33.0% |
|||
Multi-Utilities - 33.0% |
|||
Ameren Corp. |
646,436 |
22,004,681 |
|
CenterPoint Energy, Inc. |
1,877,308 |
43,515,999 |
|
Dominion Resources, Inc. |
529,010 |
29,915,516 |
|
NiSource, Inc. |
858,323 |
24,659,620 |
|
PG&E Corp. |
1,060,113 |
47,609,675 |
|
Sempra Energy |
507,385 |
41,250,401 |
|
|
208,955,892 |
||
OIL, GAS & CONSUMABLE FUELS - 10.9% |
|||
Oil & Gas Exploration & Production - 3.0% |
|||
Energen Corp. |
359,622 |
19,487,916 |
|
|
|||
Shares |
Value |
||
Oil & Gas Storage & Transport - 7.9% |
|||
Cheniere Energy, Inc. (a) |
335,692 |
$ 9,852,560 |
|
Enbridge, Inc. |
391,700 |
16,990,354 |
|
Spectra Energy Corp. |
367,024 |
11,219,924 |
|
TransCanada Corp. |
259,700 |
11,913,511 |
|
|
49,976,349 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
69,464,265 |
||
WATER UTILITIES - 0.4% |
|||
Water Utilities - 0.4% |
|||
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR |
194,346 |
2,472,081 |
|
TOTAL COMMON STOCKS (Cost $595,140,015) |
|
||
Money Market Funds - 0.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
4,887,355 |
|
|
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $600,027,370) |
628,181,369 |
||
NET OTHER ASSETS (LIABILITIES) - 0.9% |
5,834,780 |
||
NET ASSETS - 100% |
$ 634,016,149 |
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 |
$ 5,695 |
Fidelity Securities Lending Cash Central Fund |
12,316 |
Total |
$ 18,011 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $600,568,593. Net unrealized appreciation aggregated $27,612,776, of which $40,264,503 related to appreciated investment securities and $12,651,727 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 Management & Research Company (FMR) 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. |
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
May 31, 2013
1.802192.109
TRN-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 95.5% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 4.3% |
|||
Aerospace & Defense - 4.3% |
|||
Ducommun, Inc. (a) |
401,200 |
$ 7,795,316 |
|
General Dynamics Corp. |
6,100 |
470,310 |
|
Rockwell Collins, Inc. |
40,200 |
2,602,950 |
|
Textron, Inc. |
152,800 |
4,119,488 |
|
|
14,988,064 |
||
AIR FREIGHT & LOGISTICS - 29.4% |
|||
Air Freight & Logistics - 29.4% |
|||
C.H. Robinson Worldwide, Inc. |
104,096 |
5,901,202 |
|
FedEx Corp. |
248,900 |
23,979,026 |
|
Hub Group, Inc. Class A (a) |
150,900 |
5,479,179 |
|
Park-Ohio Holdings Corp. (a) |
216,809 |
8,063,127 |
|
United Parcel Service, Inc. Class B |
677,100 |
58,162,890 |
|
|
101,585,424 |
||
AIRLINES - 16.1% |
|||
Airlines - 16.1% |
|||
Alaska Air Group, Inc. (a) |
42,400 |
2,409,168 |
|
Dart Group PLC |
509,217 |
1,531,935 |
|
Delta Air Lines, Inc. (a) |
1,171,802 |
21,104,154 |
|
Republic Airways Holdings, Inc. (a) |
433,700 |
4,653,601 |
|
Ryanair Holdings PLC sponsored ADR |
9,700 |
473,748 |
|
SkyWest, Inc. |
398,100 |
5,585,343 |
|
Southwest Airlines Co. |
251,500 |
3,563,755 |
|
Spirit Airlines, Inc. (a) |
120,859 |
3,677,739 |
|
United Continental Holdings, Inc. (a) |
263,636 |
8,557,625 |
|
US Airways Group, Inc. (a) |
243,600 |
4,280,052 |
|
|
55,837,120 |
||
CONSTRUCTION & ENGINEERING - 0.0% |
|||
Construction & Engineering - 0.0% |
|||
Cosco International Holdings Ltd. |
24,000 |
9,910 |
|
INSURANCE - 1.0% |
|||
Property & Casualty Insurance - 1.0% |
|||
Berkshire Hathaway, Inc. Class B (a) |
30,400 |
3,467,728 |
|
MACHINERY - 2.5% |
|||
Construction & Farm Machinery & Heavy Trucks - 2.5% |
|||
ASL Marine Holdings Ltd. |
1,299,200 |
681,969 |
|
Wabtec Corp. |
71,900 |
7,909,719 |
|
|
8,591,688 |
||
MARINE - 0.1% |
|||
Marine - 0.1% |
|||
Diana Shipping, Inc. (a) |
25,100 |
254,263 |
|
|
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - 1.7% |
|||
Oil & Gas Storage & Transport - 1.7% |
|||
Scorpio Tankers, Inc. |
633,533 |
$ 6,012,228 |
|
ROAD & RAIL - 40.4% |
|||
Railroads - 25.9% |
|||
CSX Corp. |
580,119 |
14,624,800 |
|
Norfolk Southern Corp. |
136,300 |
10,439,217 |
|
Union Pacific Corp. |
417,068 |
64,487,054 |
|
|
89,551,071 |
||
Trucking - 14.5% |
|||
AMERCO |
23,977 |
4,133,635 |
|
Con-way, Inc. |
167,200 |
6,356,944 |
|
Contrans Group, Inc.: |
|
|
|
(sub. vtg.) (a)(c) |
12,800 |
136,426 |
|
Class A |
546,800 |
5,827,962 |
|
J.B. Hunt Transport Services, Inc. |
132,100 |
9,730,486 |
|
Landstar System, Inc. |
101,100 |
5,337,069 |
|
Marten Transport Ltd. |
99,900 |
2,396,601 |
|
Quality Distribution, Inc. (a) |
835,726 |
7,613,464 |
|
Ryder System, Inc. |
55,100 |
3,473,504 |
|
Swift Transporation Co. (a) |
218,700 |
3,682,908 |
|
Universal Truckload Services, Inc. (a) |
68,300 |
1,745,065 |
|
|
50,434,064 |
||
TOTAL ROAD & RAIL |
139,985,135 |
||
TOTAL COMMON STOCKS (Cost $262,999,208) |
|
Convertible Bonds - 0.3% |
||||
|
Principal |
|
||
MARINE - 0.3% |
||||
Marine - 0.3% |
||||
DryShips, Inc. 5% 12/1/14 |
|
$ 1,020,000 |
|
Money Market Funds - 5.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.12% (b) |
18,722,272 |
|
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $282,556,490) |
350,366,732 |
||
NET OTHER ASSETS (LIABILITIES) - (1.2)% |
(4,253,292) |
||
NET ASSETS - 100% |
$ 346,113,440 |
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) 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 $136,426 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 |
$ 7,492 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 330,731,560 |
$ 330,039,681 |
$ 691,879 |
$ - |
Convertible Bonds |
912,900 |
- |
912,900 |
- |
Money Market Funds |
18,722,272 |
18,722,272 |
- |
- |
Total Investments in Securities: |
$ 350,366,732 |
$ 348,761,953 |
$ 1,604,779 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $282,837,419. Net unrealized appreciation aggregated $67,529,313, of which $70,017,828 related to appreciated investment securities and $2,488,515 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 Management & Research Company (FMR) 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. |
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 Software and
Computer Services Portfolio
May 31, 2013
1.802189.109
SOF-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.2% |
|||
Asset Management & Custody Banks - 0.2% |
|||
ICG Group, Inc. (a) |
367,789 |
$ 4,086,136 |
|
COMMUNICATIONS EQUIPMENT - 0.3% |
|||
Communications Equipment - 0.3% |
|||
Radware Ltd. (a) |
400,000 |
6,016,000 |
|
COMPUTERS & PERIPHERALS - 0.0% |
|||
Computer Hardware - 0.0% |
|||
Cray, Inc. (a) |
7 |
127 |
|
DIVERSIFIED CONSUMER SERVICES - 0.7% |
|||
Specialized Consumer Services - 0.7% |
|||
H&R Block, Inc. |
553,900 |
16,212,653 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.1% |
|||
Alternative Carriers - 1.1% |
|||
inContact, Inc. (a)(e) |
3,337,956 |
24,233,561 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 1.0% |
|||
Electronic Manufacturing Services - 1.0% |
|||
Fabrinet (a) |
92,502 |
1,344,054 |
|
Flextronics International Ltd. (a) |
1,381,800 |
10,308,228 |
|
Jabil Circuit, Inc. |
380,000 |
7,622,800 |
|
TE Connectivity Ltd. |
70,000 |
3,107,300 |
|
|
22,382,382 |
||
INTERNET SOFTWARE & SERVICES - 24.4% |
|||
Internet Software & Services - 24.4% |
|||
Active Network, Inc. (a)(d)(e) |
5,586,697 |
37,375,003 |
|
Bazaarvoice, Inc. (a)(d) |
1,021,900 |
7,654,031 |
|
Demand Media, Inc. (a) |
300,000 |
2,571,000 |
|
Demandware, Inc. (a) |
169,300 |
5,182,273 |
|
E2open, Inc. |
88,500 |
1,292,985 |
|
eBay, Inc. (a) |
621,300 |
33,612,330 |
|
ExactTarget, Inc. (a) |
697,121 |
16,040,754 |
|
Facebook, Inc. Class A |
1,105,000 |
26,906,750 |
|
Google, Inc. Class A (a) |
311,700 |
271,306,797 |
|
IAC/InterActiveCorp |
121,400 |
5,885,472 |
|
KIT digital, Inc. (a) |
1,177,816 |
530,017 |
|
MercadoLibre, Inc. |
40,800 |
4,676,496 |
|
Rackspace Hosting, Inc. (a) |
112,000 |
4,203,360 |
|
Responsys, Inc. (a)(e) |
2,501,796 |
24,467,565 |
|
SciQuest, Inc. (a) |
813,915 |
18,679,349 |
|
SPS Commerce, Inc. (a) |
36 |
1,943 |
|
Velti PLC (a)(d) |
2,445,500 |
4,304,080 |
|
Web.com Group, Inc. (a)(e) |
2,854,400 |
59,913,856 |
|
Yahoo!, Inc. (a) |
1,259,200 |
33,116,960 |
|
|
557,721,021 |
||
IT SERVICES - 25.7% |
|||
Data Processing & Outsourced Services - 13.7% |
|||
Computer Sciences Corp. |
465,700 |
20,774,877 |
|
Fidelity National Information Services, Inc. |
904,600 |
40,616,540 |
|
|
|||
Shares |
Value |
||
Fiserv, Inc. (a) |
242,500 |
$ 21,136,300 |
|
FleetCor Technologies, Inc. (a) |
300,800 |
26,193,664 |
|
Global Payments, Inc. |
353,500 |
16,953,860 |
|
MasterCard, Inc. Class A |
95,600 |
54,515,900 |
|
The Western Union Co. |
1,386,900 |
22,717,422 |
|
Total System Services, Inc. |
130,100 |
3,058,651 |
|
Visa, Inc. Class A |
335,900 |
59,837,226 |
|
WEX, Inc. (a) |
229,500 |
16,953,165 |
|
WNS Holdings Ltd. sponsored ADR (a) |
1,894,378 |
30,499,486 |
|
|
313,257,091 |
||
IT Consulting & Other Services - 12.0% |
|||
Amdocs Ltd. |
385,100 |
13,748,070 |
|
Camelot Information Systems, Inc. ADR (a) |
2,265,639 |
4,032,837 |
|
Cognizant Technology Solutions Corp. Class A (a) |
266,495 |
17,228,902 |
|
EPAM Systems, Inc. (a) |
2,102,986 |
48,705,156 |
|
HCL Technologies Ltd. |
1 |
13 |
|
IBM Corp. |
663,689 |
138,060,586 |
|
Lionbridge Technologies, Inc. (a)(e) |
6,154,175 |
18,216,358 |
|
Sapient Corp. (a) |
321,635 |
4,142,659 |
|
Teradata Corp. (a) |
255,700 |
14,255,275 |
|
Unisys Corp. (a) |
332,500 |
6,866,125 |
|
Virtusa Corp. (a) |
392,496 |
9,207,956 |
|
|
274,463,937 |
||
TOTAL IT SERVICES |
587,721,028 |
||
MEDIA - 1.7% |
|||
Advertising - 1.7% |
|||
MDC Partners, Inc. Class A (sub. vtg.) (e) |
2,274,308 |
40,096,045 |
|
PROFESSIONAL SERVICES - 1.3% |
|||
Research & Consulting Services - 1.3% |
|||
ICF International, Inc. (a)(e) |
994,641 |
29,988,426 |
|
SOFTWARE - 42.8% |
|||
Application Software - 15.5% |
|||
Actuate Corp. (a) |
245,000 |
1,653,750 |
|
Adobe Systems, Inc. (a) |
910,200 |
39,056,682 |
|
Aspen Technology, Inc. (a) |
162,215 |
4,967,023 |
|
Autodesk, Inc. (a) |
435,300 |
16,423,869 |
|
BroadSoft, Inc. (a) |
72,800 |
2,018,016 |
|
Callidus Software, Inc. (a)(d)(e) |
2,341,272 |
14,071,045 |
|
Citrix Systems, Inc. (a) |
161,800 |
10,411,830 |
|
Compuware Corp. |
3,446,800 |
38,707,564 |
|
Comverse, Inc. (e) |
1,323,200 |
39,510,752 |
|
Concur Technologies, Inc. (a)(d) |
89,400 |
7,217,262 |
|
Descartes Systems Group, Inc. (a) |
1,429,500 |
15,856,523 |
|
Guidewire Software, Inc. (a) |
218,381 |
8,944,886 |
|
Informatica Corp. (a) |
28,100 |
1,021,716 |
|
Intuit, Inc. |
686,500 |
40,119,060 |
|
Jive Software, Inc. (a) |
634,400 |
10,721,360 |
|
Kingdee International Software Group Co. Ltd. (a) |
13,170,000 |
2,879,437 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Application Software - continued |
|||
Mentor Graphics Corp. |
360,200 |
$ 6,840,198 |
|
Parametric Technology Corp. (a) |
293,900 |
7,379,829 |
|
QLIK Technologies, Inc. (a) |
164,400 |
5,056,944 |
|
salesforce.com, Inc. (a) |
914,712 |
38,719,759 |
|
SolarWinds, Inc. (a) |
140,000 |
5,901,000 |
|
Synchronoss Technologies, Inc. (a) |
62,932 |
1,972,918 |
|
Synopsys, Inc. (a) |
314,410 |
11,460,245 |
|
TiVo, Inc. (a) |
267,100 |
3,456,274 |
|
Ultimate Software Group, Inc. (a) |
55,000 |
6,121,500 |
|
Verint Systems, Inc. (a) |
333,023 |
11,179,582 |
|
Workday, Inc. Class A |
19,900 |
1,278,177 |
|
|
352,947,201 |
||
Home Entertainment Software - 2.4% |
|||
Electronic Arts, Inc. (a) |
2,370,000 |
54,486,300 |
|
Take-Two Interactive Software, Inc. (a) |
81,500 |
1,356,160 |
|
|
55,842,460 |
||
Systems Software - 24.9% |
|||
Fortinet, Inc. (a) |
116,300 |
2,239,938 |
|
Microsoft Corp. |
9,046,200 |
315,531,455 |
|
Oracle Corp. |
5,662,100 |
191,152,496 |
|
Qualys, Inc. |
1,200,100 |
16,801,400 |
|
Red Hat, Inc. (a) |
230,600 |
11,121,838 |
|
Rovi Corp. (a) |
150,000 |
3,870,000 |
|
ServiceNow, Inc. |
33,800 |
1,242,488 |
|
Symantec Corp. |
847,100 |
18,966,569 |
|
VMware, Inc. Class A (a) |
105,300 |
7,488,936 |
|
|
568,415,120 |
||
TOTAL SOFTWARE |
977,204,781 |
||
TOTAL COMMON STOCKS (Cost $1,815,412,382) |
|
||
Money Market Funds - 3.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
62,217,685 |
$ 62,217,685 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
20,463,100 |
20,463,100 |
|
TOTAL MONEY MARKET FUNDS (Cost $82,680,785) |
|
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $1,898,093,167) |
2,348,342,945 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% |
(63,958,672) |
||
NET ASSETS - 100% |
$ 2,284,384,273 |
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 |
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 |
$ 6,064 |
Fidelity Securities Lending Cash Central Fund |
130,140 |
Total |
$ 136,204 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Active Network, Inc. |
$ 27,734,470 |
$ - |
$ 1,465,311 |
$ - |
$ 37,375,003 |
Callidus Software, Inc. |
10,334,151 |
- |
209,421 |
- |
14,071,045 |
Camelot Information Systems, Inc. ADR |
3,705,183 |
- |
64,217 |
- |
- |
Comverse, Inc. |
36,689,664 |
- |
300,007 |
- |
39,510,752 |
ICF International, Inc. |
- |
27,655,965 |
- |
- |
29,988,426 |
inContact, Inc. |
22,664,721 |
- |
- |
- |
24,233,561 |
Lionbridge Technologies, Inc. |
23,508,949 |
- |
- |
- |
18,216,358 |
MDC Partners, Inc. Class A (sub. vtg.) |
31,271,740 |
- |
- |
541,285 |
40,096,045 |
Responsys, Inc. |
16,557,994 |
3,761,486 |
- |
- |
24,467,565 |
Web.com Group, Inc. |
35,488,841 |
12,981,577 |
- |
- |
59,913,856 |
Total |
$ 207,955,713 |
$ 44,399,028 |
$ 2,038,956 |
$ 541,285 |
$ 287,872,611 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 2,265,662,160 |
$ 2,262,782,710 |
$ 2,879,450 |
$ - |
Money Market Funds |
82,680,785 |
82,680,785 |
- |
- |
Total Investments in Securities: |
$ 2,348,342,945 |
$ 2,345,463,495 |
$ 2,879,450 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,902,016,626. Net unrealized appreciation aggregated $446,326,319, of which $517,613,448 related to appreciated investment securities and $71,287,129 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Portfolio
May 31, 2013
1.802168.109
ENE-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
CHEMICALS - 1.3% |
|||
Commodity Chemicals - 1.3% |
|||
LyondellBasell Industries NV Class A |
334,365 |
$ 22,285,427 |
|
Westlake Chemical Corp. |
55,000 |
5,137,000 |
|
|
27,422,427 |
||
ENERGY EQUIPMENT & SERVICES - 22.6% |
|||
Oil & Gas Drilling - 5.6% |
|||
Discovery Offshore S.A. (a)(e) |
2,006,668 |
4,103,161 |
|
Ensco PLC Class A |
1,026,973 |
61,792,965 |
|
Helmerich & Payne, Inc. |
293,505 |
18,120,999 |
|
Noble Corp. |
651,696 |
25,253,220 |
|
Northern Offshore Ltd. |
1,076,682 |
1,557,604 |
|
Vantage Drilling Co. (a) |
2,314,903 |
4,444,614 |
|
|
115,272,563 |
||
Oil & Gas Equipment & Services - 17.0% |
|||
Cameron International Corp. (a) |
479,315 |
29,175,904 |
|
Core Laboratories NV |
105,430 |
14,524,037 |
|
FMC Technologies, Inc. (a) |
176,000 |
9,796,160 |
|
Forum Energy Technologies, Inc. (a) |
267,921 |
7,954,574 |
|
Geospace Technologies Corp. (a) |
35,600 |
3,092,216 |
|
Halliburton Co. |
2,674,795 |
111,940,171 |
|
National Oilwell Varco, Inc. |
1,187,984 |
83,515,275 |
|
Oceaneering International, Inc. |
38,000 |
2,754,240 |
|
Schlumberger Ltd. |
995,794 |
72,722,836 |
|
Superior Energy Services, Inc. (a) |
255,076 |
6,805,428 |
|
Total Energy Services, Inc. |
173,000 |
2,452,954 |
|
Weatherford International Ltd. (a) |
375,073 |
5,059,735 |
|
|
349,793,530 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
465,066,093 |
||
HOTELS, RESTAURANTS & LEISURE - 0.0% |
|||
Casinos & Gaming - 0.0% |
|||
Icahn Enterprises LP rights |
215,902 |
2 |
|
OIL, GAS & CONSUMABLE FUELS - 74.7% |
|||
Coal & Consumable Fuels - 0.9% |
|||
Alpha Natural Resources, Inc. (a) |
312,500 |
2,087,500 |
|
Peabody Energy Corp. |
782,339 |
15,388,608 |
|
|
17,476,108 |
||
Integrated Oil & Gas - 35.2% |
|||
Chevron Corp. |
1,491,601 |
183,094,023 |
|
Exxon Mobil Corp. |
2,178,902 |
197,125,264 |
|
Hess Corp. |
1,285,755 |
86,672,745 |
|
InterOil Corp. (a)(d) |
123,400 |
10,243,434 |
|
Murphy Oil Corp. |
1,078,168 |
68,269,598 |
|
Occidental Petroleum Corp. |
1,416,606 |
130,426,914 |
|
Suncor Energy, Inc. |
1,596,200 |
48,421,018 |
|
|
724,252,996 |
||
|
|||
Shares |
Value |
||
Oil & Gas Exploration & Production - 27.8% |
|||
Anadarko Petroleum Corp. |
911,248 |
$ 79,706,863 |
|
Apache Corp. |
131,678 |
10,814,714 |
|
Bankers Petroleum Ltd. (a) |
2,686,500 |
7,644,249 |
|
Bonanza Creek Energy, Inc. (a) |
162,460 |
6,035,389 |
|
BPZ Energy, Inc. (a) |
807,923 |
1,559,291 |
|
Cabot Oil & Gas Corp. |
559,002 |
39,331,381 |
|
Cobalt International Energy, Inc. (a) |
806,543 |
20,921,725 |
|
Concho Resources, Inc. (a) |
728,375 |
60,935,853 |
|
Continental Resources, Inc. (a) |
375,021 |
30,425,454 |
|
EOG Resources, Inc. |
582,629 |
75,217,404 |
|
EPL Oil & Gas, Inc. (a) |
225,700 |
6,872,565 |
|
EQT Corp. |
453,265 |
36,206,808 |
|
EV Energy Partners LP |
93,830 |
3,571,170 |
|
Gulfport Energy Corp. (a) |
148,554 |
7,084,540 |
|
Halcon Resources Corp. (a) |
1,010,000 |
5,332,800 |
|
Kosmos Energy Ltd. (a) |
190,900 |
1,970,088 |
|
Marathon Oil Corp. |
883,097 |
30,369,706 |
|
Noble Energy, Inc. |
912,088 |
52,581,873 |
|
Northern Oil & Gas, Inc. (a) |
649,301 |
8,551,294 |
|
Oasis Petroleum, Inc. (a) |
678,952 |
25,229,856 |
|
Painted Pony Petroleum Ltd. Class A (a) |
416,900 |
3,759,841 |
|
PDC Energy, Inc. (a) |
21,443 |
1,097,667 |
|
Pioneer Natural Resources Co. |
375,902 |
52,130,089 |
|
Rosetta Resources, Inc. (a) |
56,405 |
2,643,138 |
|
TAG Oil Ltd. (a) |
251,575 |
759,517 |
|
|
570,753,275 |
||
Oil & Gas Refining & Marketing - 5.1% |
|||
Calumet Specialty Products Partners LP |
252,199 |
8,612,596 |
|
Marathon Petroleum Corp. |
495,792 |
40,902,840 |
|
Northern Tier Energy LP Class A |
139,687 |
3,317,566 |
|
Phillips 66 |
576,700 |
38,390,919 |
|
Tesoro Corp. |
117,593 |
7,249,608 |
|
Valero Energy Corp. |
172,846 |
7,022,733 |
|
|
105,496,262 |
||
Oil & Gas Storage & Transport - 5.7% |
|||
Atlas Energy LP |
321,300 |
15,743,700 |
|
Atlas Pipeline Partners LP |
312,758 |
11,637,725 |
|
Magellan Midstream Partners LP |
204,040 |
10,608,040 |
|
Markwest Energy Partners LP |
99,900 |
6,577,416 |
|
Targa Resources Corp. |
152,692 |
9,836,419 |
|
Tesoro Logistics LP |
202,153 |
12,541,572 |
|
The Williams Companies, Inc. |
1,422,332 |
50,037,640 |
|
|
116,982,512 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
1,534,961,153 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SPECIALTY RETAIL - 0.0% |
|||
Automotive Retail - 0.0% |
|||
CST Brands, Inc. (a) |
19,205 |
$ 583,640 |
|
TOTAL COMMON STOCKS (Cost $1,524,307,387) |
|
||
Money Market Funds - 1.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
21,583,504 |
21,583,504 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
9,136,400 |
9,136,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $30,719,904) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,555,027,291) |
2,058,753,219 |
||
NET OTHER ASSETS (LIABILITIES) - (0.1)% |
(3,026,917) |
||
NET ASSETS - 100% |
$ 2,055,726,302 |
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 $4,103,161 or 0.2% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 3,555 |
Fidelity Securities Lending Cash Central Fund |
498,319 |
Total |
$ 501,874 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 2,028,033,315 |
$ 2,028,033,313 |
$ - |
$ 2 |
Money Market Funds |
30,719,904 |
30,719,904 |
- |
- |
Total Investments in Securities: |
$ 2,058,753,219 |
$ 2,058,753,217 |
$ - |
$ 2 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,559,269,893. Net unrealized appreciation aggregated $499,483,326, of which $538,787,578 related to appreciated investment securities and $39,304,252 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Defense and Aerospace Portfolio
May 31, 2013
1.802165.109
DEF-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 90.5% |
|||
Aerospace & Defense - 90.5% |
|||
Astronics Corp. (a) |
123,872 |
$ 4,445,766 |
|
Ducommun, Inc. (a) |
9,612 |
186,761 |
|
Esterline Technologies Corp. (a) |
304,034 |
22,313,055 |
|
General Dynamics Corp. |
492,206 |
37,949,083 |
|
HEICO Corp. |
430,634 |
21,781,468 |
|
Honeywell International, Inc. |
383,576 |
30,095,373 |
|
Lockheed Martin Corp. |
75,140 |
7,952,066 |
|
Meggitt PLC |
2,046,359 |
16,556,692 |
|
Precision Castparts Corp. |
214,667 |
45,921,565 |
|
Raytheon Co. |
247,356 |
16,483,804 |
|
Rolls-Royce Group PLC |
1,135,434 |
20,788,400 |
|
Rolls-Royce Group PLC (C Shares) (a) |
26,341,600 |
40,023 |
|
Safran SA (d) |
303,800 |
16,226,938 |
|
SIFCO Industries, Inc. |
82,763 |
1,272,067 |
|
Teledyne Technologies, Inc. (a) |
393,326 |
30,372,634 |
|
Textron, Inc. |
1,095,836 |
29,543,739 |
|
The Boeing Co. |
1,009,337 |
99,944,550 |
|
TransDigm Group, Inc. |
191,833 |
28,026,801 |
|
Triumph Group, Inc. |
293,100 |
22,759,215 |
|
United Technologies Corp. |
1,377,001 |
130,677,394 |
|
|
583,337,394 |
||
CHEMICALS - 1.0% |
|||
Specialty Chemicals - 1.0% |
|||
Cytec Industries, Inc. |
86,316 |
6,169,005 |
|
ELECTRICAL EQUIPMENT - 3.1% |
|||
Electrical Components & Equipment - 3.1% |
|||
AMETEK, Inc. |
462,714 |
19,966,109 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Electronic Manufacturing Services - 0.5% |
|||
Mercury Systems, Inc. (a) |
379,705 |
3,318,622 |
|
IT SERVICES - 0.6% |
|||
IT Consulting & Other Services - 0.6% |
|||
CACI International, Inc. Class A (a) |
55,600 |
3,566,184 |
|
METALS & MINING - 1.6% |
|||
Steel - 1.6% |
|||
Carpenter Technology Corp. |
135,200 |
6,511,232 |
|
Haynes International, Inc. |
80,659 |
3,947,451 |
|
|
10,458,683 |
||
|
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - 1.9% |
|||
Trading Companies & Distributors - 1.9% |
|||
AerCap Holdings NV (a) |
720,929 |
$ 12,493,700 |
|
TOTAL COMMON STOCKS (Cost $471,843,183) |
|
||
Nonconvertible Preferred Stocks - 0.0% |
|||
|
|
|
|
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
Rolls-Royce Group PLC Class C |
135,116,646 |
|
|
Money Market Funds - 3.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
6,294,635 |
6,294,635 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
17,085,000 |
17,085,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,379,635) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $495,428,763) |
662,894,628 |
||
NET OTHER ASSETS (LIABILITIES) - (2.8)% |
(18,270,686) |
||
NET ASSETS - 100% |
$ 644,623,942 |
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 |
$ 7,600 |
Fidelity Securities Lending Cash Central Fund |
12,657 |
Total |
$ 20,257 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $496,640,720. Net unrealized appreciation aggregated $166,253,908, of which $167,214,645 related to appreciated investment securities and $960,737 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Chemicals Portfolio
May 31, 2013
1.802159.109
CHE-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.4% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 0.3% |
|||
Building Products - 0.3% |
|||
Ply Gem Holdings, Inc. |
140,569 |
$ 3,247,144 |
|
CHEMICALS - 96.5% |
|||
Commodity Chemicals - 14.2% |
|||
Arkema SA (d) |
231,900 |
24,004,454 |
|
Axiall Corp. |
369,175 |
15,929,901 |
|
Cabot Corp. |
1,048,684 |
42,933,123 |
|
LyondellBasell Industries NV Class A (d) |
1,239,322 |
82,600,811 |
|
|
165,468,289 |
||
Diversified Chemicals - 24.1% |
|||
E.I. du Pont de Nemours & Co. |
991,600 |
55,321,364 |
|
Eastman Chemical Co. |
1,138,551 |
81,656,878 |
|
FMC Corp. |
917,600 |
57,542,696 |
|
PPG Industries, Inc. |
370,604 |
56,928,480 |
|
The Dow Chemical Co. |
831,247 |
28,644,772 |
|
|
280,094,190 |
||
Fertilizers & Agricultural Chemicals - 10.8% |
|||
Monsanto Co. |
1,255,199 |
126,323,229 |
|
Industrial Gases - 10.0% |
|||
Air Products & Chemicals, Inc. |
131,600 |
12,424,356 |
|
Praxair, Inc. |
909,307 |
103,961,069 |
|
|
116,385,425 |
||
Specialty Chemicals - 37.4% |
|||
Albemarle Corp. |
704,302 |
47,131,890 |
|
Ashland, Inc. |
716,350 |
63,697,842 |
|
Ecolab, Inc. |
1,260,299 |
106,457,457 |
|
Innospec, Inc. |
406,846 |
16,692,891 |
|
NewMarket Corp. |
23,366 |
6,407,892 |
|
Rockwood Holdings, Inc. |
510,727 |
34,045,062 |
|
Royal DSM NV |
187,900 |
12,362,569 |
|
RPM International, Inc. |
1,066,279 |
35,325,823 |
|
Sherwin-Williams Co. |
30,000 |
5,655,900 |
|
Sigma Aldrich Corp. |
688,437 |
57,594,639 |
|
W.R. Grace & Co. (a) |
481,984 |
40,732,468 |
|
Zoltek Companies, Inc. (a) |
711,424 |
9,091,999 |
|
|
435,196,432 |
||
TOTAL CHEMICALS |
1,123,467,565 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.1% |
|||
Environmental & Facility Services - 0.1% |
|||
Swisher Hygiene, Inc. (a) |
549,240 |
571,209 |
|
|
|||
Shares |
Value |
||
Swisher Hygiene, Inc. (Canada) (a) |
559,700 |
$ 582,088 |
|
|
1,153,297 |
||
MACHINERY - 0.0% |
|||
Industrial Machinery - 0.0% |
|||
Global Brass & Copper Holdings, Inc. |
33,800 |
446,160 |
|
OIL, GAS & CONSUMABLE FUELS - 0.5% |
|||
Oil & Gas Storage & Transport - 0.5% |
|||
Access Midstream Partners LP |
131,100 |
5,639,922 |
|
Tesoro Logistics LP |
3,926 |
243,569 |
|
|
5,883,491 |
||
TOTAL COMMON STOCKS (Cost $886,604,858) |
|
||
Money Market Funds - 5.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
44,069,498 |
44,069,498 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
25,234,500 |
25,234,500 |
|
TOTAL MONEY MARKET FUNDS (Cost $69,303,998) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $955,908,856) |
1,203,501,655 |
||
NET OTHER ASSETS (LIABILITIES) - (3.3)% |
(38,905,604) |
||
NET ASSETS - 100% |
$ 1,164,596,051 |
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 |
$ 11,410 |
Fidelity Securities Lending Cash Central Fund |
50,668 |
Total |
$ 62,078 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $960,758,762. Net unrealized appreciation aggregated $242,742,893, of which $254,193,855 related to appreciated investment securities and $11,450,962 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 Management & Research Company (FMR) 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. |
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
May 31, 2013
1.802153.109
AIR-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 96.1% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 28.7% |
|||
Aerospace & Defense - 28.7% |
|||
Ducommun, Inc. (a) |
199,017 |
$ 3,866,900 |
|
General Dynamics Corp. |
9,900 |
763,290 |
|
Meggitt PLC |
167,145 |
1,352,338 |
|
Precision Castparts Corp. |
10,400 |
2,224,768 |
|
Rockwell Collins, Inc. |
126,200 |
8,171,450 |
|
Spirit AeroSystems Holdings, Inc. Class A (a) |
114,600 |
2,476,506 |
|
Textron, Inc. |
300,600 |
8,104,176 |
|
The Boeing Co. |
128,700 |
12,743,874 |
|
|
39,703,302 |
||
AIR FREIGHT & LOGISTICS - 31.0% |
|||
Air Freight & Logistics - 31.0% |
|||
Atlas Air Worldwide Holdings, Inc. (a) |
18,800 |
872,696 |
|
C.H. Robinson Worldwide, Inc. |
74,000 |
4,195,060 |
|
Expeditors International of Washington, Inc. |
42,500 |
1,658,775 |
|
FedEx Corp. |
114,200 |
11,002,028 |
|
Hub Group, Inc. Class A (a) |
97,700 |
3,547,487 |
|
Park-Ohio Holdings Corp. (a) |
118,700 |
4,414,453 |
|
United Parcel Service, Inc. Class B |
199,900 |
17,171,411 |
|
|
42,861,910 |
||
AIRLINES - 35.0% |
|||
Airlines - 35.0% |
|||
Alaska Air Group, Inc. (a) |
47,600 |
2,704,632 |
|
Dart Group PLC |
577,886 |
1,738,519 |
|
Delta Air Lines, Inc. (a) |
610,802 |
11,000,544 |
|
Republic Airways Holdings, Inc. (a) |
263,100 |
2,823,063 |
|
Ryanair Holdings PLC sponsored ADR |
134,000 |
6,544,560 |
|
SkyWest, Inc. |
287,200 |
4,029,416 |
|
Southwest Airlines Co. |
268,300 |
3,801,811 |
|
Spirit Airlines, Inc. (a) |
14,300 |
435,149 |
|
|
|||
Shares |
Value |
||
United Continental Holdings, Inc. (a) |
211,085 |
$ 6,851,819 |
|
US Airways Group, Inc. (a) |
232,000 |
4,076,240 |
|
WestJet Airlines Ltd. |
191,900 |
4,394,218 |
|
|
48,399,971 |
||
INDUSTRIAL CONGLOMERATES - 1.3% |
|||
Industrial Conglomerates - 1.3% |
|||
General Electric Co. |
77,300 |
1,802,636 |
|
MACHINERY - 0.1% |
|||
Construction & Farm Machinery & Heavy Trucks - 0.1% |
|||
ASL Marine Holdings Ltd. |
240,000 |
125,979 |
|
TOTAL COMMON STOCKS (Cost $104,866,564) |
|
||
Money Market Funds - 5.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
7,645,134 |
|
|
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $112,511,698) |
140,538,932 |
||
NET OTHER ASSETS (LIABILITIES) - (1.6)% |
(2,169,413) |
||
NET ASSETS - 100% |
$ 138,369,519 |
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 |
$ 3,306 |
Fidelity Securities Lending Cash Central Fund |
394 |
Total |
$ 3,700 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 132,893,798 |
$ 132,767,819 |
$ 125,979 |
$ - |
Money Market Funds |
7,645,134 |
7,645,134 |
- |
- |
Total Investments in Securities: |
$ 140,538,932 |
$ 140,412,953 |
$ 125,979 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $112,856,321. Net unrealized appreciation aggregated $27,682,611, of which $28,765,173 related to appreciated investment securities and $1,082,562 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Pharmaceuticals Portfolio
May 31, 2013
1.802187.109
PHR-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.8% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 4.5% |
|||
Biotechnology - 4.5% |
|||
AMAG Pharmaceuticals, Inc. (a) |
141,300 |
$ 2,614,050 |
|
Amgen, Inc. |
145,100 |
14,586,903 |
|
BioMarin Pharmaceutical, Inc. (a) |
40,500 |
2,539,350 |
|
Biovitrum AB (a) |
242,100 |
1,505,963 |
|
Coronado Biosciences, Inc. (a) |
101,600 |
1,003,808 |
|
Discovery Laboratories, Inc. (a) |
232,000 |
415,280 |
|
Elan Corp. PLC sponsored ADR (a)(d) |
1,102,200 |
13,953,852 |
|
Grifols SA (d) |
90,000 |
3,305,199 |
|
Grifols SA Class B |
5,500 |
150,121 |
|
Insmed, Inc. (a) |
68,700 |
921,954 |
|
Intercept Pharmaceuticals, Inc. |
23,098 |
772,397 |
|
Merrimack Pharmaceuticals, Inc. (a) |
13,500 |
74,790 |
|
NPS Pharmaceuticals, Inc. (a) |
70,200 |
1,105,650 |
|
Onyx Pharmaceuticals, Inc. (a) |
27,900 |
2,663,055 |
|
Puma Biotechnology, Inc. (a) |
40,933 |
1,593,522 |
|
Theravance, Inc. (a) |
66,200 |
2,319,648 |
|
|
49,525,542 |
||
CHEMICALS - 0.2% |
|||
Specialty Chemicals - 0.2% |
|||
Royal DSM NV |
40,846 |
2,687,395 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 0.7% |
|||
Health Care Equipment - 0.1% |
|||
Genmark Diagnostics, Inc. (a) |
45,500 |
677,950 |
|
Health Care Supplies - 0.6% |
|||
Ansell Ltd. |
181,847 |
2,996,239 |
|
Antares Pharma, Inc. (a)(d) |
706,700 |
2,869,202 |
|
Cerus Corp. (a) |
214,100 |
1,100,474 |
|
|
6,965,915 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
7,643,865 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.3% |
|||
Health Care Distributors & Services - 0.3% |
|||
AmerisourceBergen Corp. |
58,100 |
3,142,048 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.2% |
|||
Life Sciences Tools & Services - 0.2% |
|||
Eurofins Scientific SA (a) |
11,700 |
2,300,070 |
|
PERSONAL PRODUCTS - 0.4% |
|||
Personal Products - 0.4% |
|||
MYOS Corp. |
2,000,000 |
330,000 |
|
Prestige Brands Holdings, Inc. (a) |
121,892 |
3,582,406 |
|
|
3,912,406 |
||
PHARMACEUTICALS - 91.5% |
|||
Pharmaceuticals - 91.5% |
|||
AbbVie, Inc. |
1,071,390 |
45,737,639 |
|
AcelRx Pharmaceuticals, Inc. (a)(d) |
181,000 |
1,612,710 |
|
Actavis, Inc. (a) |
200,900 |
24,768,961 |
|
|
|||
Shares |
Value |
||
Akorn, Inc. (a) |
316,400 |
$ 4,597,292 |
|
Allergan, Inc. |
329,600 |
32,791,904 |
|
AstraZeneca PLC sponsored ADR |
682,700 |
34,988,375 |
|
Auxilium Pharmaceuticals, Inc. (a) |
100,200 |
1,494,984 |
|
Bristol-Myers Squibb Co. |
757,410 |
34,848,434 |
|
Cadence Pharmaceuticals, Inc. (a) |
31,300 |
208,145 |
|
Daiichi Sankyo Kabushiki Kaisha |
2,300 |
37,762 |
|
DepoMed, Inc. (a) |
196,000 |
1,128,960 |
|
Durect Corp. (a) |
899,000 |
754,980 |
|
Eli Lilly & Co. |
510,800 |
27,154,128 |
|
Endo Health Solutions, Inc. (a) |
333,800 |
12,116,940 |
|
Endo Health Solutions, Inc. rights (a) |
9,000 |
0 |
|
Forest Laboratories, Inc. (a) |
470,820 |
18,715,095 |
|
GlaxoSmithKline PLC sponsored ADR |
1,588,400 |
82,231,468 |
|
Hi-Tech Pharmacal Co., Inc. |
21,500 |
687,140 |
|
Hospira, Inc. (a) |
194,200 |
6,734,856 |
|
Impax Laboratories, Inc. (a) |
374,900 |
7,104,355 |
|
Jazz Pharmaceuticals PLC (a) |
219,600 |
14,926,212 |
|
Johnson & Johnson |
1,015,100 |
85,451,118 |
|
Merck & Co., Inc. |
1,932,536 |
90,249,431 |
|
Mylan, Inc. (a) |
473,000 |
14,417,040 |
|
Nektar Therapeutics (a) |
227,100 |
2,150,637 |
|
Novartis AG sponsored ADR |
1,132,598 |
81,275,232 |
|
Novo Nordisk A/S Series B sponsored ADR |
207,100 |
33,363,810 |
|
Ono Pharmaceutical Co. Ltd. |
28,000 |
1,947,073 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
373,300 |
5,554,704 |
|
Pain Therapeutics, Inc. |
236,517 |
631,500 |
|
Paladin Labs, Inc. (a) |
100,100 |
4,851,724 |
|
Perrigo Co. |
182,900 |
21,199,939 |
|
Pfizer, Inc. |
2,888,888 |
78,664,420 |
|
Questcor Pharmaceuticals, Inc. (d) |
134,300 |
4,589,031 |
|
Roche Holding AG (participation certificate) |
27,982 |
6,996,597 |
|
Salix Pharmaceuticals Ltd. (a) |
245,300 |
14,882,351 |
|
Sanofi SA sponsored ADR (c) |
1,835,722 |
97,458,482 |
|
Santarus, Inc. (a) |
356,300 |
7,934,801 |
|
Shire PLC sponsored ADR |
300,100 |
29,550,847 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
236,289 |
9,026,240 |
|
The Medicines Company (a) |
274,000 |
8,825,540 |
|
UCB SA |
118,200 |
6,497,800 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d) |
396,427 |
36,474,725 |
|
ViroPharma, Inc. (a) |
223,100 |
6,135,250 |
|
Warner Chilcott PLC |
543,500 |
10,435,200 |
|
XenoPort, Inc. (a) |
169,600 |
932,800 |
|
|
1,012,136,632 |
||
TOTAL COMMON STOCKS (Cost $828,648,826) |
|
||
Convertible Preferred Stocks - 0.1% |
|||
Shares |
Value |
||
LIFE SCIENCES TOOLS & SERVICES - 0.0% |
|||
Life Sciences Tools & Services - 0.0% |
|||
Living Proof, Inc. 8.00% (e) |
112,714 |
$ 200,000 |
|
PHARMACEUTICALS - 0.1% |
|||
Pharmaceuticals - 0.1% |
|||
Agios Pharmaceuticals, Inc. Series C (e) |
50,916 |
250,054 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $450,054) |
|
||
Money Market Funds - 4.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
28,695,958 |
28,695,958 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
24,643,935 |
24,643,935 |
|
TOTAL MONEY MARKET FUNDS (Cost $53,339,893) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $882,438,773) |
1,135,137,905 |
||
NET OTHER ASSETS (LIABILITIES) - (2.7)% |
(29,436,783) |
||
NET ASSETS - 100% |
$ 1,105,701,122 |
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 $450,054 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Agios Pharmaceuticals, Inc. Series C |
11/16/11 |
$ 250,054 |
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 |
$ 11,571 |
Fidelity Securities Lending Cash Central Fund |
145,377 |
Total |
$ 156,948 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 1,081,347,958 |
$ 1,076,366,884 |
$ 4,981,074 |
$ - |
Convertible Preferred Stocks |
450,054 |
- |
- |
450,054 |
Money Market Funds |
53,339,893 |
53,339,893 |
- |
- |
Total Investments in Securities: |
$ 1,135,137,905 |
$ 1,129,706,777 |
$ 4,981,074 |
$ 450,054 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $885,687,562. Net unrealized appreciation aggregated $249,450,343, of which $256,014,771 related to appreciated investment securities and $6,564,428 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Resources Portfolio
May 31, 2013
1.802184.109
NAT-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
CHEMICALS - 2.0% |
|||
Commodity Chemicals - 2.0% |
|||
LyondellBasell Industries NV Class A |
251,800 |
$ 16,782,470 |
|
Westlake Chemical Corp. |
30,600 |
2,858,040 |
|
|
19,640,510 |
||
CONTAINERS & PACKAGING - 2.9% |
|||
Metal & Glass Containers - 1.2% |
|||
Ball Corp. |
277,200 |
11,963,952 |
|
Paper Packaging - 1.7% |
|||
Rock-Tenn Co. Class A |
171,700 |
16,960,526 |
|
TOTAL CONTAINERS & PACKAGING |
28,924,478 |
||
ENERGY EQUIPMENT & SERVICES - 20.9% |
|||
Oil & Gas Drilling - 4.2% |
|||
Discovery Offshore S.A. (a)(e) |
1,522,800 |
3,113,766 |
|
Ensco PLC Class A |
354,500 |
21,330,265 |
|
Helmerich & Payne, Inc. |
144,000 |
8,890,560 |
|
Noble Corp. |
134,800 |
5,223,500 |
|
Northern Offshore Ltd. |
941,800 |
1,362,474 |
|
Vantage Drilling Co. (a) |
925,800 |
1,777,536 |
|
|
41,698,101 |
||
Oil & Gas Equipment & Services - 16.7% |
|||
Cameron International Corp. (a) |
242,100 |
14,736,627 |
|
Core Laboratories NV |
52,500 |
7,232,400 |
|
FMC Technologies, Inc. (a) |
86,200 |
4,797,892 |
|
Forum Energy Technologies, Inc. (a) |
150,500 |
4,468,345 |
|
Geospace Technologies Corp. (a) |
16,700 |
1,450,562 |
|
Halliburton Co. |
1,386,500 |
58,025,025 |
|
National Oilwell Varco, Inc. |
492,858 |
34,647,917 |
|
Oceaneering International, Inc. |
21,100 |
1,529,328 |
|
Schlumberger Ltd. |
449,792 |
32,848,310 |
|
Superior Energy Services, Inc. (a) |
56,900 |
1,518,092 |
|
Total Energy Services, Inc. |
100,000 |
1,417,892 |
|
Weatherford International Ltd. (a) |
127,900 |
1,725,371 |
|
|
164,397,761 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
206,095,862 |
||
HOTELS, RESTAURANTS & LEISURE - 0.0% |
|||
Casinos & Gaming - 0.0% |
|||
Icahn Enterprises LP rights |
282,600 |
3 |
|
METALS & MINING - 8.4% |
|||
Diversified Metals & Mining - 1.3% |
|||
Anglo American PLC (United Kingdom) |
143,262 |
3,322,767 |
|
Kenmare Resources PLC (a) |
4,978,800 |
2,320,877 |
|
Teck Resources Ltd. Class B (sub. vtg.) |
215,300 |
5,750,332 |
|
Turquoise Hill Resources Ltd. (a) |
218,025 |
1,455,252 |
|
|
12,849,228 |
||
Gold - 6.4% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
196,700 |
3,568,138 |
|
|
|||
Shares |
Value |
||
Barrick Gold Corp. |
272,800 |
$ 5,730,971 |
|
Franco-Nevada Corp. |
314,400 |
13,118,827 |
|
Gold Fields Ltd. sponsored ADR |
568,500 |
3,450,795 |
|
Goldcorp, Inc. |
312,100 |
9,262,905 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR |
530,400 |
2,217,072 |
|
IAMGOLD Corp. |
508,200 |
2,661,708 |
|
Kinross Gold Corp. |
295,867 |
1,940,579 |
|
Newmont Mining Corp. |
234,900 |
8,052,372 |
|
Randgold Resources Ltd. sponsored ADR |
80,700 |
6,325,266 |
|
Royal Gold, Inc. |
37,600 |
2,058,976 |
|
Sibanye Gold Ltd. ADR (a) |
142,125 |
514,493 |
|
Yamana Gold, Inc. |
416,600 |
4,910,395 |
|
|
63,812,497 |
||
Precious Metals & Minerals - 0.7% |
|||
Pan American Silver Corp. (d) |
128,600 |
1,570,206 |
|
Silver Wheaton Corp. |
212,600 |
5,042,521 |
|
|
6,612,727 |
||
TOTAL METALS & MINING |
83,274,452 |
||
OIL, GAS & CONSUMABLE FUELS - 64.1% |
|||
Coal & Consumable Fuels - 0.8% |
|||
Alpha Natural Resources, Inc. (a) |
138,900 |
927,852 |
|
Peabody Energy Corp. |
357,700 |
7,035,959 |
|
|
7,963,811 |
||
Integrated Oil & Gas - 23.0% |
|||
Chevron Corp. |
147,900 |
18,154,725 |
|
Exxon Mobil Corp. |
224,900 |
20,346,703 |
|
Hess Corp. |
647,600 |
43,654,716 |
|
InterOil Corp. (a)(d) |
71,700 |
5,951,817 |
|
Murphy Oil Corp. |
528,300 |
33,451,956 |
|
Occidental Petroleum Corp. |
740,700 |
68,196,252 |
|
Suncor Energy, Inc. |
1,232,700 |
37,394,179 |
|
|
227,150,348 |
||
Oil & Gas Exploration & Production - 29.4% |
|||
Anadarko Petroleum Corp. |
432,200 |
37,804,534 |
|
Apache Corp. |
64,200 |
5,272,746 |
|
Bankers Petroleum Ltd. (a) |
1,322,700 |
3,763,651 |
|
Bonanza Creek Energy, Inc. (a) |
70,100 |
2,604,215 |
|
BPZ Energy, Inc. (a) |
500,300 |
965,579 |
|
Cabot Oil & Gas Corp. |
264,400 |
18,603,184 |
|
Canadian Natural Resources Ltd. |
221,900 |
6,613,658 |
|
Cobalt International Energy, Inc. (a) |
383,000 |
9,935,020 |
|
Concho Resources, Inc. (a) |
343,000 |
28,695,380 |
|
Continental Resources, Inc. (a) |
237,700 |
19,284,601 |
|
EOG Resources, Inc. |
291,400 |
37,619,740 |
|
EPL Oil & Gas, Inc. (a) |
90,540 |
2,756,943 |
|
EQT Corp. |
214,600 |
17,142,248 |
|
EV Energy Partners LP |
65,900 |
2,508,154 |
|
Gulfport Energy Corp. (a) |
71,000 |
3,385,990 |
|
Halcon Resources Corp. (a) |
570,000 |
3,009,600 |
|
Kosmos Energy Ltd. (a) |
93,700 |
966,984 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Exploration & Production - continued |
|||
Marathon Oil Corp. |
495,900 |
$ 17,054,001 |
|
Noble Energy, Inc. |
523,000 |
30,150,950 |
|
Northern Oil & Gas, Inc. (a)(d) |
363,495 |
4,787,229 |
|
Oasis Petroleum, Inc. (a) |
310,000 |
11,519,600 |
|
PDC Energy, Inc. (a) |
10,600 |
542,614 |
|
Pioneer Natural Resources Co. |
174,200 |
24,158,056 |
|
Rosetta Resources, Inc. (a) |
16,800 |
787,248 |
|
TAG Oil Ltd. (a) |
126,100 |
380,702 |
|
|
290,312,627 |
||
Oil & Gas Refining & Marketing - 4.8% |
|||
Calumet Specialty Products Partners LP |
146,300 |
4,996,145 |
|
Marathon Petroleum Corp. |
259,600 |
21,417,000 |
|
Northern Tier Energy LP Class A |
87,200 |
2,071,000 |
|
Phillips 66 |
257,100 |
17,115,147 |
|
Tesoro Corp. |
36,300 |
2,237,895 |
|
|
47,837,187 |
||
Oil & Gas Storage & Transport - 6.1% |
|||
Atlas Energy LP |
162,700 |
7,972,300 |
|
Atlas Pipeline Partners LP |
202,300 |
7,527,583 |
|
Magellan Midstream Partners LP |
112,300 |
5,838,477 |
|
Markwest Energy Partners LP |
60,900 |
4,009,656 |
|
Targa Resources Corp. |
75,700 |
4,876,594 |
|
Tesoro Logistics LP |
119,600 |
7,419,984 |
|
The Williams Companies, Inc. |
647,700 |
22,786,086 |
|
|
60,430,680 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
633,694,653 |
||
PAPER & FOREST PRODUCTS - 1.0% |
|||
Paper Products - 1.0% |
|||
International Paper Co. |
215,400 |
9,940,710 |
|
TOTAL COMMON STOCKS (Cost $907,455,299) |
|
||
Money Market Funds - 1.5% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
4,523,603 |
$ 4,523,603 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
10,395,840 |
10,395,840 |
|
TOTAL MONEY MARKET FUNDS (Cost $14,919,443) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $922,374,742) |
996,490,111 |
||
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(8,331,397) |
||
NET ASSETS - 100% |
$ 988,158,714 |
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 $3,113,766 or 0.3% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 1,270 |
Fidelity Securities Lending Cash Central Fund |
286,244 |
Total |
$ 287,514 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 981,570,668 |
$ 981,570,665 |
$ - |
$ 3 |
Money Market Funds |
14,919,443 |
14,919,443 |
- |
- |
Total Investments in Securities: |
$ 996,490,111 |
$ 996,490,108 |
$ - |
$ 3 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $925,621,944. Net unrealized appreciation aggregated $70,868,167, of which $137,269,530 related to appreciated investment securities and $66,401,363 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Delivery Portfolio
May 31, 2013
1.802180.109
MED-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.0% |
|||
Shares |
Value |
||
CHEMICALS - 0.2% |
|||
Specialty Chemicals - 0.2% |
|||
Sigma Aldrich Corp. |
13,600 |
$ 1,137,776 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.2% |
|||
Environmental & Facility Services - 0.2% |
|||
Stericycle, Inc. (a) |
10,300 |
1,130,528 |
|
DIVERSIFIED CONSUMER SERVICES - 0.3% |
|||
Specialized Consumer Services - 0.3% |
|||
H&R Block, Inc. |
48,800 |
1,428,376 |
|
FOOD & STAPLES RETAILING - 0.5% |
|||
Drug Retail - 0.5% |
|||
CVS Caremark Corp. |
47,900 |
2,758,082 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6% |
|||
Health Care Equipment - 0.5% |
|||
Covidien PLC |
16,900 |
1,074,840 |
|
NxStage Medical, Inc. (a) |
126,200 |
1,760,490 |
|
|
2,835,330 |
||
Health Care Supplies - 0.1% |
|||
Align Technology, Inc. (a) |
24,100 |
861,575 |
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
3,696,905 |
||
HEALTH CARE PROVIDERS & SERVICES - 94.5% |
|||
Health Care Distributors & Services - 19.6% |
|||
AmerisourceBergen Corp. |
473,000 |
25,579,840 |
|
Cardinal Health, Inc. |
355,500 |
16,694,280 |
|
Henry Schein, Inc. (a) |
153,900 |
14,819,031 |
|
McKesson Corp. |
366,900 |
41,775,234 |
|
MWI Veterinary Supply, Inc. (a) |
42,200 |
5,127,722 |
|
Owens & Minor, Inc. |
34,600 |
1,182,628 |
|
Patterson Companies, Inc. |
187,200 |
7,315,776 |
|
|
112,494,511 |
||
Health Care Facilities - 9.8% |
|||
Community Health Systems, Inc. |
265,200 |
12,774,684 |
|
HCA Holdings, Inc. |
627,200 |
24,498,432 |
|
Health Management Associates, Inc. Class A (a) |
496,461 |
6,846,197 |
|
LifePoint Hospitals, Inc. (a) |
19,200 |
954,816 |
|
Tenet Healthcare Corp. (a) |
55,900 |
2,647,983 |
|
The Ensign Group, Inc. |
60,200 |
2,171,414 |
|
U.S. Physical Therapy, Inc. |
49,000 |
1,376,900 |
|
Universal Health Services, Inc. Class B |
71,800 |
4,964,252 |
|
|
56,234,678 |
||
Health Care Services - 31.0% |
|||
Air Methods Corp. |
85,500 |
3,201,120 |
|
BioScrip, Inc. (a) |
325,300 |
4,547,694 |
|
|
|||
Shares |
Value |
||
Catamaran Corp. (a) |
26,812 |
$ 1,315,320 |
|
Corvel Corp. (a) |
97,500 |
5,063,175 |
|
DaVita, Inc. (a) |
128,200 |
15,905,774 |
|
Express Scripts Holding Co. (a) |
1,596,150 |
99,152,838 |
|
Laboratory Corp. of America Holdings (a) |
117,800 |
11,719,922 |
|
Landauer, Inc. |
91,600 |
4,871,288 |
|
MEDNAX, Inc. (a) |
135,200 |
12,550,616 |
|
Quest Diagnostics, Inc. |
291,400 |
18,020,176 |
|
Team Health Holdings, Inc. (a) |
36,900 |
1,441,683 |
|
|
177,789,606 |
||
Managed Health Care - 34.1% |
|||
Aetna, Inc. |
397,200 |
23,982,936 |
|
Centene Corp. (a) |
153,800 |
7,613,100 |
|
CIGNA Corp. |
505,800 |
34,343,820 |
|
Molina Healthcare, Inc. (a)(d) |
174,500 |
6,596,100 |
|
Qualicorp SA (a) |
293,700 |
2,598,569 |
|
Triple-S Management Corp. (a) |
110,000 |
2,328,700 |
|
UnitedHealth Group, Inc. |
1,721,497 |
107,817,358 |
|
WellPoint, Inc. |
126,000 |
9,698,220 |
|
|
194,978,803 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
541,497,598 |
||
HEALTH CARE TECHNOLOGY - 0.3% |
|||
Health Care Technology - 0.3% |
|||
HMS Holdings Corp. (a) |
58,300 |
1,451,670 |
|
INDUSTRIAL CONGLOMERATES - 0.2% |
|||
Industrial Conglomerates - 0.2% |
|||
Danaher Corp. |
17,900 |
1,106,578 |
|
IT SERVICES - 0.2% |
|||
Data Processing & Outsourced Services - 0.2% |
|||
Maximus, Inc. |
18,500 |
1,380,655 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.2% |
|||
Life Sciences Tools & Services - 0.2% |
|||
Agilent Technologies, Inc. |
26,000 |
1,181,700 |
|
MACHINERY - 0.2% |
|||
Industrial Machinery - 0.2% |
|||
Pall Corp. |
15,800 |
1,077,560 |
|
PROFESSIONAL SERVICES - 0.6% |
|||
Human Resource & Employment Services - 0.4% |
|||
Towers Watson & Co. |
26,300 |
2,042,984 |
|
Research & Consulting Services - 0.2% |
|||
Verisk Analytics, Inc. (a) |
23,200 |
1,364,624 |
|
TOTAL PROFESSIONAL SERVICES |
3,407,608 |
||
TOTAL COMMON STOCKS (Cost $401,245,281) |
|
||
Money Market Funds - 1.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
9,478,937 |
$ 9,478,937 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
1,283,750 |
1,283,750 |
|
TOTAL MONEY MARKET FUNDS (Cost $10,762,687) |
|
||
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $412,007,968) |
|
572,017,723 |
|
NET OTHER ASSETS (LIABILITIES) - 0.1% |
789,548 |
||
NET ASSETS - 100% |
$ 572,807,271 |
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 |
$ 3,923 |
Fidelity Securities Lending Cash Central Fund |
1,206 |
Total |
$ 5,129 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $414,870,638. Net unrealized appreciation aggregated $157,147,085, of which $158,433,269 related to appreciated investment securities and $1,286,184 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Environment and
Alternative Energy Portfolio
May 31, 2013
1.802170.109
ENV-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
Energy Efficiency - 29.5% |
|||
Buildings Energy Efficiency - 12.0% |
|||
Cree, Inc. (a) |
20,800 |
$ 1,296,880 |
|
Ingersoll-Rand PLC |
57,300 |
3,296,469 |
|
Johnson Controls, Inc. |
79,300 |
2,962,648 |
|
Owens Corning (a) |
28,200 |
1,232,340 |
|
Zumtobel AG |
29,300 |
344,648 |
|
TOTAL BUILDINGS ENERGY EFFICIENCY |
9,132,985 |
||
Diversified Energy Efficiency - 1.1% |
|||
Corning, Inc. |
55,300 |
849,961 |
|
Industrial Energy Efficiency - 1.6% |
|||
ON Semiconductor Corp. (a) |
140,100 |
1,199,256 |
|
Power Network Efficiency - 13.5% |
|||
Emerson Electric Co. |
106,500 |
6,119,490 |
|
ESCO Technologies, Inc. |
11,900 |
382,228 |
|
Hubbell, Inc. Class B |
29,300 |
2,942,599 |
|
Quanta Services, Inc. (a) |
30,800 |
873,796 |
|
TOTAL POWER NETWORK EFFICIENCY |
10,318,113 |
||
Transport Energy Efficiency - 1.3% |
|||
Sensata Technologies Holding BV (a) |
29,000 |
1,017,900 |
|
TOTAL ENERGY EFFICIENCY |
22,518,215 |
||
Environmental Support Services - 15.1% |
|||
Diversified Environmental - 10.8% |
|||
3M Co. |
8,000 |
882,160 |
|
Air Products & Chemicals, Inc. |
47,000 |
4,437,270 |
|
Parker Hannifin Corp. |
30,100 |
3,002,776 |
|
TOTAL DIVERSIFIED ENVIRONMENTAL |
8,322,206 |
||
Environmental Consultancies - 4.3% |
|||
AECOM Technology Corp. (a) |
21,600 |
665,064 |
|
Jacobs Engineering Group, Inc. (a) |
38,400 |
2,189,184 |
|
Tetra Tech, Inc. (a) |
13,600 |
374,952 |
|
TOTAL ENVIRONMENTAL CONSULTANCIES |
3,229,200 |
||
TOTAL ENVIRONMENTAL SUPPORT SERVICES |
11,551,406 |
||
Pollution Control - 1.5% |
|||
Pollution Control Solutions - 1.5% |
|||
Tenneco, Inc. (a) |
26,100 |
1,157,796 |
|
Renewable & Alternative Energy - 14.4% |
|||
Biofuels - 0.4% |
|||
Amyris, Inc. (a)(d) |
111,600 |
333,684 |
|
|
|||
Shares |
Value |
||
Renewable Energy Developers and Independent Power Producers (IPPs) - 13.3% |
|||
Eaton Corp. PLC |
47,600 |
$ 3,144,456 |
|
EDP Renovaveis SA |
158,574 |
843,800 |
|
Empresa Nacional de Electricidad SA sponsored ADR |
12,900 |
619,071 |
|
Iberdrola SA |
683,100 |
3,705,037 |
|
Pentair Ltd. |
31,200 |
1,817,088 |
|
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPs). |
10,129,452 |
||
Solar Energy Generation Equipment - 0.7% |
|||
GT Advanced Technologies, Inc. (a)(d) |
89,200 |
396,940 |
|
MEMC Electronic Materials, Inc. |
23,600 |
190,452 |
|
TOTAL SOLAR ENERGY GENERATIONEQUIPMENT |
587,392 |
||
TOTAL RENEWABLE & ALTERNATIVE ENERGY |
11,050,528 |
||
Waste Management & Technologies - 18.3% |
|||
General Waste Management - 7.2% |
|||
Republic Services, Inc. |
128,900 |
4,395,490 |
|
Waste Management, Inc. |
27,000 |
1,132,110 |
|
TOTAL GENERAL WASTE MANAGEMENT |
5,527,600 |
||
Hazardous Waste Management - 6.5% |
|||
Clean Harbors, Inc. (a) |
18,100 |
1,035,320 |
|
Stericycle, Inc. (a) |
30,700 |
3,369,632 |
|
US Ecology, Inc. |
20,200 |
553,076 |
|
TOTAL HAZARDOUS WASTE MANAGEMENT |
4,958,028 |
||
Recycling and Value Added Waste Processing - 4.6% |
|||
Commercial Metals Co. |
62,100 |
957,582 |
|
Covanta Holding Corp. |
73,900 |
1,511,255 |
|
Interface, Inc. |
30,700 |
515,760 |
|
Schnitzer Steel Industries, Inc. Class A |
20,000 |
494,000 |
|
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING |
3,478,597 |
||
TOTAL WASTE MANAGEMENT & TECHNOLOGIES |
13,964,225 |
||
Water Infrastructure & Technologies - 20.1% |
|||
Water Infrastructure - 1.5% |
|||
Aegion Corp. (a) |
50,200 |
1,146,066 |
|
Water Treatment Equipment - 18.6% |
|||
Ashland, Inc. |
41,800 |
3,716,856 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Water Infrastructure & Technologies - continued |
|||
Water Treatment Equipment - continued |
|||
Danaher Corp. |
110,600 |
$ 6,837,292 |
|
Ecolab, Inc. |
44,000 |
3,716,680 |
|
TOTAL WATER TREATMENT EQUIPMENT |
14,270,828 |
||
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES |
15,416,894 |
||
TOTAL COMMON STOCKS (Cost $62,984,341) |
|
||
Convertible Bonds - 0.4% |
|||
Principal Amount |
|
||
Energy Efficiency - 0.4% |
|||
Buildings Energy Efficiency - 0.4% |
|||
Aspen Aerogels, Inc. 8%6/1/14 (e) |
$ 311,764 |
|
|
Cash Equivalents - 1.7% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.12% (b) |
484,763 |
484,763 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
785,600 |
785,600 |
|
TOTAL CASH EQUIVALENTS (Cost $1,270,363) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $64,566,468) |
77,241,191 |
||
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(787,507) |
||
NET ASSETS - 100% |
$ 76,453,684 |
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 $311,764 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 |
$ 311,764 |
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 |
$ 182 |
Fidelity Securities Lending Cash Central Fund |
8,536 |
Total |
$ 8,718 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 75,659,064 |
$ 75,659,064 |
$ - |
$ - |
Convertible Bonds |
311,764 |
- |
- |
311,764 |
Money Market Funds |
1,270,363 |
1,270,363 |
- |
- |
Total Investments in Securities: |
$ 77,241,191 |
$ 76,929,427 |
$ - |
$ 311,764 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $65,361,145. Net unrealized appreciation aggregated $11,880,046, of which $15,267,099 related to appreciated investment securities and $3,387,053 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 Communications
Equipment Portfolio
May 31, 2013
1.802166.109
DEV-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 85.0% |
|||
Communications Equipment - 85.0% |
|||
ADTRAN, Inc. (d) |
231,500 |
$ 5,352,280 |
|
ADVA AG Optical Networking (a) |
250,404 |
1,323,656 |
|
Alcatel-Lucent SA sponsored ADR (a) |
4,839,943 |
8,131,104 |
|
Anaren, Inc. (a) |
100,391 |
2,411,392 |
|
Aruba Networks, Inc. (a) |
195,523 |
2,921,114 |
|
Brocade Communications Systems, Inc. (a) |
973,341 |
5,285,242 |
|
Cisco Systems, Inc. |
2,489,976 |
59,958,621 |
|
Comtech Telecommunications Corp. |
90,600 |
2,391,840 |
|
F5 Networks, Inc. (a) |
121,835 |
10,137,890 |
|
Finisar Corp. (a)(d) |
430,852 |
5,644,161 |
|
Harris Corp. |
26,300 |
1,318,419 |
|
Infinera Corp. (a)(d) |
441,200 |
4,645,836 |
|
InterDigital, Inc. (d) |
42,300 |
1,945,377 |
|
JDS Uniphase Corp. (a) |
43,500 |
592,470 |
|
Juniper Networks, Inc. (a) |
852,512 |
15,115,038 |
|
Motorola Solutions, Inc. |
140,681 |
8,153,871 |
|
NETGEAR, Inc. (a) |
180,950 |
6,022,016 |
|
Nokia Corp. sponsored ADR (d) |
732,630 |
2,520,247 |
|
Plantronics, Inc. |
46,200 |
2,134,440 |
|
Polycom, Inc. (a) |
782,863 |
8,869,838 |
|
QUALCOMM, Inc. |
713,519 |
45,294,186 |
|
Radware Ltd. (a) |
132,800 |
1,997,312 |
|
Research In Motion Ltd. (a)(d) |
606,300 |
8,457,884 |
|
Riverbed Technology, Inc. (a) |
424,942 |
6,569,603 |
|
Sonus Networks, Inc. (a) |
912,900 |
2,930,409 |
|
Symmetricom, Inc. (a) |
419,000 |
2,069,860 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR |
1,116,680 |
13,031,656 |
|
ViaSat, Inc. (a) |
13,600 |
952,816 |
|
Wi-Lan, Inc. (d) |
550,000 |
2,339,523 |
|
|
238,518,101 |
||
COMPUTERS & PERIPHERALS - 2.6% |
|||
Computer Hardware - 2.6% |
|||
Apple, Inc. |
11,900 |
5,351,192 |
|
Super Micro Computer, Inc. (a) |
188,500 |
1,943,435 |
|
|
7,294,627 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 3.2% |
|||
Electronic Manufacturing Services - 2.6% |
|||
Fabrinet (a) |
131,000 |
1,903,430 |
|
Flextronics International Ltd. (a) |
181,600 |
1,354,736 |
|
TE Connectivity Ltd. |
87,300 |
3,875,247 |
|
|
7,133,413 |
||
Technology Distributors - 0.6% |
|||
Arrow Electronics, Inc. (a) |
43,900 |
1,745,464 |
|
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
8,878,877 |
||
|
|||
Shares |
Value |
||
HEALTH CARE TECHNOLOGY - 0.2% |
|||
Health Care Technology - 0.2% |
|||
Vocera Communications, Inc. (a) |
44,500 |
$ 656,820 |
|
IT SERVICES - 1.9% |
|||
IT Consulting & Other Services - 1.9% |
|||
Amdocs Ltd. |
145,900 |
5,208,630 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6% |
|||
Semiconductors - 3.6% |
|||
Altera Corp. |
138,000 |
4,580,220 |
|
Analog Devices, Inc. |
38,100 |
1,749,933 |
|
Broadcom Corp. Class A |
49,500 |
1,777,545 |
|
GSI Technology, Inc. (a) |
186,900 |
1,046,640 |
|
Skyworks Solutions, Inc. (a) |
37,700 |
899,522 |
|
|
10,053,860 |
||
SOFTWARE - 0.6% |
|||
Application Software - 0.3% |
|||
BroadSoft, Inc. (a) |
28,300 |
784,476 |
|
Systems Software - 0.3% |
|||
Allot Communications Ltd. (a) |
82,500 |
1,018,875 |
|
TOTAL SOFTWARE |
1,803,351 |
||
TOTAL COMMON STOCKS (Cost $269,665,710) |
|
||
Money Market Funds - 10.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
7,027,464 |
7,027,464 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
21,315,357 |
21,315,357 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,342,821) |
|
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $298,008,531) |
300,757,087 |
NET OTHER ASSETS (LIABILITIES) - (7.2)% |
(20,200,455) |
||
NET ASSETS - 100% |
$ 280,556,632 |
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 |
$ 1,977 |
Fidelity Securities Lending Cash Central Fund |
172,025 |
Total |
$ 174,002 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $302,283,453. Net unrealized depreciation aggregated $1,526,366, of which $23,613,077 related to appreciated investment securities and $25,139,443 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select IT Services Portfolio
May 31, 2013
1.802158.109
BSO-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 1.5% |
|||
Commercial Printing - 0.5% |
|||
InnerWorkings, Inc. (a) |
290,700 |
$ 3,151,188 |
|
Office Services & Supplies - 1.0% |
|||
West Corp. |
285,200 |
6,531,080 |
|
TOTAL COMMERCIAL SERVICES & SUPPLIES |
9,682,268 |
||
COMPUTERS & PERIPHERALS - 2.6% |
|||
Computer Hardware - 1.6% |
|||
NCR Corp. (a) |
312,288 |
10,430,419 |
|
Computer Storage & Peripherals - 1.0% |
|||
Electronics for Imaging, Inc. (a) |
224,500 |
6,261,305 |
|
TOTAL COMPUTERS & PERIPHERALS |
16,691,724 |
||
DIVERSIFIED CONSUMER SERVICES - 0.9% |
|||
Specialized Consumer Services - 0.9% |
|||
H&R Block, Inc. |
199,700 |
5,845,219 |
|
INTERNET SOFTWARE & SERVICES - 2.4% |
|||
Internet Software & Services - 2.4% |
|||
Demandware, Inc. (a) |
81,320 |
2,489,205 |
|
Web.com Group, Inc. (a) |
482,450 |
10,126,626 |
|
Xoom Corp. |
151,300 |
2,815,693 |
|
|
15,431,524 |
||
IT SERVICES - 82.6% |
|||
Data Processing & Outsourced Services - 44.6% |
|||
Alliance Data Systems Corp. (a) |
69,648 |
12,333,964 |
|
Broadridge Financial Solutions, Inc. |
7,800 |
211,692 |
|
Cardtronics, Inc. (a) |
114,000 |
3,252,420 |
|
Cass Information Systems, Inc. |
13,552 |
608,214 |
|
Computer Sciences Corp. |
231,600 |
10,331,676 |
|
Convergys Corp. |
60,900 |
1,106,553 |
|
CoreLogic, Inc. (a) |
76,700 |
2,009,540 |
|
Euronet Worldwide, Inc. (a) |
379,000 |
11,559,500 |
|
EVERTEC, Inc. |
482,100 |
9,651,642 |
|
ExlService Holdings, Inc. (a) |
400,200 |
11,737,866 |
|
Fidelity National Information Services, Inc. |
543,200 |
24,389,680 |
|
Fiserv, Inc. (a) |
28,500 |
2,484,060 |
|
FleetCor Technologies, Inc. (a) |
155,200 |
13,514,816 |
|
Genpact Ltd. |
306,000 |
5,921,100 |
|
Global Payments, Inc. |
141,300 |
6,776,748 |
|
Heartland Payment Systems, Inc. (d) |
413,500 |
13,256,810 |
|
Jack Henry & Associates, Inc. |
6,600 |
309,738 |
|
Lender Processing Services, Inc. |
218,800 |
7,240,092 |
|
MasterCard, Inc. Class A |
62,640 |
35,720,460 |
|
Maximus, Inc. |
18,000 |
1,343,340 |
|
NeuStar, Inc. Class A (a) |
85,600 |
4,148,176 |
|
Sykes Enterprises, Inc. (a) |
54,300 |
858,483 |
|
Syntel, Inc. |
800 |
51,128 |
|
Teletech Holdings, Inc. (a) |
2,000 |
44,980 |
|
|
|||
Shares |
Value |
||
Total System Services, Inc. |
378,200 |
$ 8,891,482 |
|
Vantiv, Inc. (a) |
576,800 |
15,348,648 |
|
VeriFone Systems, Inc. (a) |
157,600 |
3,676,808 |
|
Visa, Inc. Class A |
381,812 |
68,015,989 |
|
WEX, Inc. (a) |
26,100 |
1,928,007 |
|
WNS Holdings Ltd. sponsored ADR (a) |
682,229 |
10,983,887 |
|
|
287,707,499 |
||
IT Consulting & Other Services - 38.0% |
|||
Accenture PLC Class A |
438,000 |
35,964,180 |
|
Acxiom Corp. (a) |
193,400 |
4,252,866 |
|
Atos Origin SA (d) |
82,598 |
6,051,700 |
|
Booz Allen Hamilton Holding Corp. Class A (d) |
189,100 |
3,297,904 |
|
CACI International, Inc. Class A (a) |
102,937 |
6,602,379 |
|
Camelot Information Systems, Inc. ADR (a) |
805,344 |
1,433,512 |
|
Cap Gemini SA (d) |
60,800 |
2,984,767 |
|
CGI Group, Inc. Class A (sub. vtg.) (a) |
298,800 |
9,147,733 |
|
Ciber, Inc. (a) |
236,200 |
963,696 |
|
Cognizant Technology Solutions Corp. Class A (a) |
416,066 |
26,898,667 |
|
EPAM Systems, Inc. (a) |
1,056,300 |
24,463,908 |
|
Forrester Research, Inc. |
31,800 |
1,152,114 |
|
Gartner, Inc. Class A (a) |
126,200 |
7,144,182 |
|
Groupe Steria SCA |
198,400 |
3,055,764 |
|
IBM Corp. |
185,250 |
38,535,705 |
|
IBS Group Holding Ltd. GDR (Reg. S) |
168,900 |
4,083,217 |
|
ManTech International Corp. Class A (d) |
218,400 |
5,916,456 |
|
NCI, Inc. Class A (a) |
199,300 |
942,689 |
|
Pactera Technology International Ltd. ADR (d) |
1,094,262 |
7,309,670 |
|
SAIC, Inc. |
83,300 |
1,207,850 |
|
Sapient Corp. (a) |
966,100 |
12,443,368 |
|
ServiceSource International, Inc. (a) |
92,100 |
750,615 |
|
Teradata Corp. (a) |
143,900 |
8,022,425 |
|
Unisys Corp. (a) |
491,540 |
10,150,301 |
|
Virtusa Corp. (a) |
934,022 |
21,912,156 |
|
|
244,687,824 |
||
TOTAL IT SERVICES |
532,395,323 |
||
MEDIA - 0.7% |
|||
Advertising - 0.7% |
|||
Acquity Group Ltd. sponsored ADR (a) |
362,100 |
4,652,985 |
|
OFFICE ELECTRONICS - 0.9% |
|||
Office Electronics - 0.9% |
|||
Xerox Corp. |
657,100 |
5,775,909 |
|
PROFESSIONAL SERVICES - 2.7% |
|||
Research & Consulting Services - 2.7% |
|||
ICF International, Inc. (a) |
223,500 |
6,738,525 |
|
IHS, Inc. Class A (a) |
71,800 |
7,548,334 |
|
Verisk Analytics, Inc. (a) |
52,700 |
3,099,814 |
|
|
17,386,673 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - 4.2% |
|||
Application Software - 1.2% |
|||
Bottomline Technologies, Inc. (a) |
221,400 |
$ 6,117,282 |
|
Descartes Systems Group, Inc. (a) |
68,400 |
758,717 |
|
Guidewire Software, Inc. (a) |
2,800 |
114,688 |
|
Workday, Inc. Class A |
1,400 |
89,922 |
|
Zensar Technologies Ltd. (a) |
138,123 |
605,063 |
|
|
7,685,672 |
||
Systems Software - 3.0% |
|||
Check Point Software Technologies Ltd. (a) |
129,200 |
6,470,336 |
|
FleetMatics Group PLC |
50,600 |
1,505,350 |
|
Oracle Corp. |
184,700 |
6,235,472 |
|
Qualys, Inc. |
345,300 |
4,834,200 |
|
|
19,045,358 |
||
TOTAL SOFTWARE |
26,731,030 |
||
TOTAL COMMON STOCKS (Cost $507,300,671) |
|
||
Money Market Funds - 5.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
10,478,230 |
$ 10,478,230 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
27,284,775 |
27,284,775 |
|
TOTAL MONEY MARKET FUNDS (Cost $37,763,005) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $545,063,676) |
672,355,660 |
||
NET OTHER ASSETS (LIABILITIES) - (4.3)% |
(27,893,023) |
||
NET ASSETS - 100% |
$ 644,462,637 |
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 |
$ 3,665 |
Fidelity Securities Lending Cash Central Fund |
8,717 |
Total |
$ 12,382 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 634,592,655 |
$ 633,987,592 |
$ 605,063 |
$ - |
Money Market Funds |
37,763,005 |
37,763,005 |
- |
- |
Total Investments in Securities: |
$ 672,355,660 |
$ 671,750,597 |
$ 605,063 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $550,101,911. Net unrealized appreciation aggregated $122,253,749, of which $131,129,412 related to appreciated investment securities and $8,875,663 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Construction and
Housing Portfolio
May 31, 2013
1.802162.109
HOU-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.4% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 8.1% |
|||
Building Products - 8.1% |
|||
American Woodmark Corp. (a) |
227,975 |
$ 8,280,052 |
|
Armstrong World Industries, Inc. (a) |
152,950 |
7,948,812 |
|
Fortune Brands Home & Security, Inc. |
423,500 |
17,905,580 |
|
Masco Corp. |
1,010,200 |
21,234,404 |
|
USG Corp. (a)(d) |
471,700 |
12,891,561 |
|
|
68,260,409 |
||
CONSTRUCTION & ENGINEERING - 14.1% |
|||
Construction & Engineering - 14.1% |
|||
Dycom Industries, Inc. (a) |
425,803 |
9,687,018 |
|
EMCOR Group, Inc. |
310,500 |
12,342,375 |
|
Fluor Corp. |
296,600 |
18,748,086 |
|
Furmanite Corp. (a) |
185,966 |
1,227,376 |
|
Granite Construction, Inc. |
388,500 |
11,989,110 |
|
Jacobs Engineering Group, Inc. (a) |
335,750 |
19,141,108 |
|
MasTec, Inc. (a) |
391,100 |
12,436,980 |
|
Pike Electric Corp. |
400,000 |
4,860,000 |
|
Quanta Services, Inc. (a) |
713,400 |
20,239,158 |
|
Tutor Perini Corp. (a) |
448,690 |
8,309,739 |
|
|
118,980,950 |
||
CONSTRUCTION MATERIALS - 5.6% |
|||
Construction Materials - 5.6% |
|||
Eagle Materials, Inc. |
203,000 |
14,971,250 |
|
Headwaters, Inc. (a) |
768,348 |
8,152,172 |
|
Vulcan Materials Co. |
450,765 |
24,151,989 |
|
|
47,275,411 |
||
CONTAINERS & PACKAGING - 0.7% |
|||
Paper Packaging - 0.7% |
|||
Rock-Tenn Co. Class A |
60,900 |
6,015,702 |
|
ELECTRICAL EQUIPMENT - 0.9% |
|||
Electrical Components & Equipment - 0.9% |
|||
Generac Holdings, Inc. |
194,226 |
7,866,153 |
|
ENERGY EQUIPMENT & SERVICES - 0.3% |
|||
Oil & Gas Equipment & Services - 0.3% |
|||
McDermott International, Inc. (a) |
285,300 |
2,724,615 |
|
HOUSEHOLD DURABLES - 14.7% |
|||
Homebuilding - 14.2% |
|||
D.R. Horton, Inc. |
768,937 |
18,731,305 |
|
KB Home (d) |
636,800 |
14,111,488 |
|
Lennar Corp. Class A (d) |
494,378 |
19,438,943 |
|
M.D.C. Holdings, Inc. |
226,992 |
8,423,673 |
|
|
|||
Shares |
Value |
||
M/I Homes, Inc. (a) |
322,700 |
$ 8,019,095 |
|
NVR, Inc. (a) |
5,119 |
5,033,564 |
|
PulteGroup, Inc. (a) |
899,783 |
19,426,315 |
|
Ryland Group, Inc. (d) |
207,270 |
9,385,186 |
|
Toll Brothers, Inc. (a) |
516,114 |
17,635,615 |
|
|
120,205,184 |
||
Household Appliances - 0.5% |
|||
Whirlpool Corp. |
34,900 |
4,458,824 |
|
TOTAL HOUSEHOLD DURABLES |
124,664,008 |
||
REAL ESTATE INVESTMENT TRUSTS - 15.1% |
|||
Residential REITs - 14.6% |
|||
Apartment Investment & Management Co. Class A |
557,071 |
16,856,968 |
|
AvalonBay Communities, Inc. |
145,259 |
19,270,059 |
|
BRE Properties, Inc. |
279,700 |
13,982,203 |
|
Camden Property Trust (SBI) |
273,800 |
18,960,650 |
|
Equity Residential (SBI) |
290,092 |
16,404,703 |
|
Essex Property Trust, Inc. |
125,700 |
19,752,498 |
|
Home Properties, Inc. |
303,500 |
18,443,695 |
|
|
123,670,776 |
||
Retail REITs - 0.5% |
|||
Pennsylvania Real Estate Investment Trust (SBI) |
225,600 |
4,487,184 |
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
128,157,960 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.3% |
|||
Diversified Real Estate Activities - 1.0% |
|||
The St. Joe Co. (a)(d) |
403,867 |
8,246,964 |
|
Real Estate Operating Companies - 1.3% |
|||
Forest City Enterprises, Inc. Class A (a) |
593,200 |
11,128,432 |
|
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
19,375,396 |
||
SPECIALTY RETAIL - 35.3% |
|||
Home Improvement Retail - 35.3% |
|||
Home Depot, Inc. |
2,676,761 |
210,554,019 |
|
Lowe's Companies, Inc. |
2,099,734 |
88,419,799 |
|
|
298,973,818 |
||
THRIFTS & MORTGAGE FINANCE - 0.7% |
|||
Thrifts & Mortgage Finance - 0.7% |
|||
Walker & Dunlop, Inc. (a) |
307,739 |
5,837,809 |
|
TRADING COMPANIES & DISTRIBUTORS - 0.6% |
|||
Trading Companies & Distributors - 0.6% |
|||
Watsco, Inc. |
58,000 |
5,060,500 |
|
TOTAL COMMON STOCKS (Cost $684,194,252) |
|
||
Money Market Funds - 7.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
12,658,062 |
$ 12,658,062 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
54,031,488 |
54,031,488 |
|
TOTAL MONEY MARKET FUNDS (Cost $66,689,550) |
|
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $750,883,802) |
899,882,281 |
NET OTHER ASSETS (LIABILITIES) - (6.3)% |
(53,016,593) |
||
NET ASSETS - 100% |
$ 846,865,688 |
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 |
$ 2,587 |
Fidelity Securities Lending Cash Central Fund |
23,472 |
Total |
$ 26,059 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $755,094,446. Net unrealized appreciation aggregated $144,787,835, of which $151,893,540 related to appreciated investment securities and $7,105,705 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Gas Portfolio
May 31, 2013
1.802183.109
GAS-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.3% |
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 28.6% |
|||
Oil & Gas Drilling - 8.8% |
|||
Ensco PLC Class A |
554,000 |
$ 33,334,180 |
|
Nabors Industries Ltd. |
85,000 |
1,360,850 |
|
Precision Drilling Corp. |
809,900 |
6,960,414 |
|
Transocean Ltd. (United States) |
297,000 |
14,918,310 |
|
|
56,573,754 |
||
Oil & Gas Equipment & Services - 19.8% |
|||
Halliburton Co. |
1,018,000 |
42,603,300 |
|
National Oilwell Varco, Inc. |
566,000 |
39,789,800 |
|
Schlumberger Ltd. |
604,200 |
44,124,726 |
|
|
126,517,826 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
183,091,580 |
||
GAS UTILITIES - 8.2% |
|||
Gas Utilities - 8.2% |
|||
Atmos Energy Corp. |
436,492 |
18,428,692 |
|
National Fuel Gas Co. (d) |
342,050 |
20,933,460 |
|
UGI Corp. |
352,900 |
13,477,251 |
|
|
52,839,403 |
||
OIL, GAS & CONSUMABLE FUELS - 61.5% |
|||
Integrated Oil & Gas - 7.9% |
|||
Hess Corp. |
90,400 |
6,093,864 |
|
Husky Energy, Inc. |
342,700 |
9,681,874 |
|
Occidental Petroleum Corp. |
143,200 |
13,184,424 |
|
Suncor Energy, Inc. |
715,900 |
21,716,957 |
|
|
50,677,119 |
||
Oil & Gas Exploration & Production - 45.7% |
|||
Anadarko Petroleum Corp. |
382,600 |
33,466,022 |
|
Apache Corp. |
315,233 |
25,890,086 |
|
Cabot Oil & Gas Corp. |
45,000 |
3,166,200 |
|
Canadian Natural Resources Ltd. |
94,000 |
2,801,640 |
|
Cimarex Energy Co. |
326,400 |
22,893,696 |
|
Cobalt International Energy, Inc. (a) |
198,350 |
5,145,199 |
|
ConocoPhillips |
273,800 |
16,794,892 |
|
Crescent Point Energy Corp. |
125,400 |
4,540,647 |
|
Crown Point Energy, Inc. (e) |
181,658 |
42,052 |
|
Devon Energy Corp. |
653,446 |
37,148,405 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
15,002 |
0 |
|
Encana Corp. |
1,234,500 |
23,540,936 |
|
Energen Corp. |
39,600 |
2,145,924 |
|
Energy XXI (Bermuda) Ltd. |
161,800 |
4,130,754 |
|
EOG Resources, Inc. |
323,885 |
41,813,554 |
|
Lightstream Resources Ltd. |
295,393 |
2,550,053 |
|
Marathon Oil Corp. |
315,400 |
10,846,606 |
|
Newfield Exploration Co. (a) |
201,800 |
4,800,822 |
|
Painted Pony Petroleum Ltd. Class A (a) |
267,200 |
2,409,761 |
|
Petrominerales Ltd. |
428,800 |
2,531,233 |
|
|
|||
Shares |
Value |
||
Range Resources Corp. |
26,000 |
$ 1,954,680 |
|
Resolute Energy Corp. (a) |
231,500 |
1,949,230 |
|
Talisman Energy, Inc. |
1,630,300 |
19,074,549 |
|
Tourmaline Oil Corp. (a) |
126,800 |
5,161,283 |
|
Whiting Petroleum Corp. (a) |
201,800 |
9,296,926 |
|
WPX Energy, Inc. (a) |
467,033 |
8,995,056 |
|
|
293,090,206 |
||
Oil & Gas Refining & Marketing - 0.6% |
|||
Phillips 66 |
57,000 |
3,794,490 |
|
Oil & Gas Storage & Transport - 7.3% |
|||
Enbridge, Inc. |
71,400 |
3,097,042 |
|
The Williams Companies, Inc. |
490,999 |
17,273,345 |
|
TransCanada Corp. |
570,400 |
26,166,601 |
|
|
46,536,988 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
394,098,803 |
||
TOTAL COMMON STOCKS (Cost $623,939,202) |
|
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 - 1.5% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.12% (b) |
7,715,448 |
7,715,448 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
2,162,000 |
2,162,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $9,877,448) |
|
||
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $634,412,150) |
640,556,734 |
||
NET OTHER ASSETS (LIABILITIES) - 0.1% |
436,276 |
||
NET ASSETS - 100% |
$ 640,993,010 |
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 $42,052 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 |
$ 3,951 |
Fidelity Securities Lending Cash Central Fund |
115,156 |
Total |
$ 119,107 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 630,029,786 |
$ 630,029,786 |
$ - |
$ - |
Convertible Bonds |
649,500 |
- |
649,500 |
- |
Money Market Funds |
9,877,448 |
9,877,448 |
- |
- |
Total Investments in Securities: |
$ 640,556,734 |
$ 639,907,234 |
$ 649,500 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $637,023,188. Net unrealized appreciation aggregated $3,533,546, of which $31,700,861 related to appreciated investment securities and $28,167,315 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 Management & Research Company (FMR) 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. |
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 Computers Portfolio
May 31, 2013
1.802161.109
COM-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.5% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.4% |
|||
Communications Equipment - 0.4% |
|||
QUALCOMM, Inc. |
44,100 |
$ 2,799,468 |
|
COMPUTERS & PERIPHERALS - 76.0% |
|||
Computer Hardware - 39.0% |
|||
3D Systems Corp. (a)(d) |
246,700 |
11,969,884 |
|
Apple, Inc. |
248,964 |
111,954,131 |
|
Avid Technology, Inc. (a) |
798,700 |
5,095,706 |
|
Cray, Inc. (a) |
557,700 |
10,155,717 |
|
Dell, Inc. |
2,311,707 |
30,861,288 |
|
Diebold, Inc. |
445,900 |
14,362,439 |
|
Hewlett-Packard Co. |
2,656,505 |
64,871,852 |
|
NCR Corp. (a) |
382,200 |
12,765,480 |
|
Silicon Graphics International Corp. (a)(d) |
393,800 |
5,946,380 |
|
Super Micro Computer, Inc. (a) |
733,200 |
7,559,292 |
|
|
275,542,169 |
||
Computer Storage & Peripherals - 37.0% |
|||
Datalink Corp. (a) |
513,300 |
5,882,418 |
|
Electronics for Imaging, Inc. (a) |
532,915 |
14,862,999 |
|
EMC Corp. |
1,837,178 |
45,488,527 |
|
Imation Corp. (a) |
1,077,300 |
4,416,930 |
|
Intevac, Inc. (a) |
864,090 |
4,156,273 |
|
Lexmark International, Inc. Class A (d) |
489,100 |
14,922,441 |
|
NetApp, Inc. |
888,260 |
33,336,398 |
|
QLogic Corp. (a) |
1,039,600 |
10,125,704 |
|
Quantum Corp. (a) |
4,989,000 |
7,732,950 |
|
SanDisk Corp. (a) |
572,900 |
33,812,558 |
|
Seagate Technology |
789,000 |
33,990,120 |
|
Synaptics, Inc. (a) |
269,200 |
11,107,192 |
|
Western Digital Corp. |
545,084 |
34,514,719 |
|
Xyratex Ltd. |
626,300 |
6,626,254 |
|
|
260,975,483 |
||
TOTAL COMPUTERS & PERIPHERALS |
536,517,652 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 1.4% |
|||
Electronic Equipment & Instruments - 0.6% |
|||
TPK Holding Co. Ltd. |
209,000 |
4,110,329 |
|
Electronic Manufacturing Services - 0.8% |
|||
Fabrinet (a) |
165,400 |
2,403,262 |
|
Jabil Circuit, Inc. |
178,600 |
3,582,716 |
|
|
5,985,978 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
10,096,307 |
||
INTERNET SOFTWARE & SERVICES - 1.7% |
|||
Internet Software & Services - 1.7% |
|||
Google, Inc. Class A (a) |
13,700 |
11,924,617 |
|
|
|||
Shares |
Value |
||
IT SERVICES - 16.6% |
|||
IT Consulting & Other Services - 16.6% |
|||
IBM Corp. |
449,048 |
$ 93,410,965 |
|
Teradata Corp. (a) |
424,057 |
23,641,178 |
|
|
117,052,143 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4% |
|||
Semiconductor Equipment - 0.8% |
|||
ASML Holding NV (Netherlands) |
67,400 |
5,578,167 |
|
Semiconductors - 0.6% |
|||
MediaTek, Inc. |
182,000 |
2,244,787 |
|
Spreadtrum Communications, Inc. ADR |
123,100 |
2,395,526 |
|
|
4,640,313 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
10,218,480 |
||
TOTAL COMMON STOCKS (Cost $601,032,665) |
|
||
Money Market Funds - 5.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
15,139,061 |
15,139,061 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
26,056,801 |
26,056,801 |
|
TOTAL MONEY MARKET FUNDS (Cost $41,195,862) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $642,228,527) |
729,804,529 |
||
NET OTHER ASSETS (LIABILITIES) - (3.3)% |
(23,509,124) |
||
NET ASSETS - 100% |
$ 706,295,405 |
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 |
$ 2,227 |
Fidelity Securities Lending Cash Central Fund |
101,645 |
Total |
$ 103,872 |
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 |
The following is a summary of the inputs used, as of May 31, 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 |
$ 688,608,667 |
$ 676,675,384 |
$ 11,933,283 |
$ - |
Money Market Funds |
41,195,862 |
41,195,862 |
- |
- |
Total Investments in Securities: |
$ 729,804,529 |
$ 717,871,246 |
$ 11,933,283 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $657,917,165. Net unrealized appreciation aggregated $71,887,364, of which $106,977,645 related to appreciated investment securities and $35,090,281 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Banking Portfolio
May 31, 2013
1.802155.109
BAN-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 96.0% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.8% |
|||
Diversified Capital Markets - 0.8% |
|||
UBS AG (NY Shares) |
251,800 |
$ 4,414,054 |
|
COMMERCIAL BANKS - 81.7% |
|||
Diversified Banks - 30.7% |
|||
Axis Bank Ltd. |
137,617 |
3,466,326 |
|
BanColombia SA sponsored ADR |
90,800 |
5,257,320 |
|
Barclays PLC sponsored ADR |
141,000 |
2,705,790 |
|
Comerica, Inc. |
411,500 |
16,250,135 |
|
Itau Unibanco Holding SA sponsored ADR |
415,340 |
6,246,714 |
|
U.S. Bancorp |
2,010,400 |
70,484,624 |
|
Wells Fargo & Co. |
1,741,992 |
70,637,775 |
|
|
175,048,684 |
||
Regional Banks - 51.0% |
|||
1st Source Corp. |
288,500 |
6,984,585 |
|
Bank of the Ozarks, Inc. |
185,100 |
8,079,615 |
|
BB&T Corp. |
435,900 |
14,349,828 |
|
BBCN Bancorp, Inc. |
764,212 |
9,850,693 |
|
Boston Private Financial Holdings, Inc. |
611,400 |
6,022,290 |
|
Central Valley Community Bancorp |
29,580 |
278,644 |
|
CIT Group, Inc. (a) |
226,600 |
10,441,728 |
|
City National Corp. |
177,300 |
11,127,348 |
|
Commerce Bancshares, Inc. |
389,110 |
16,934,067 |
|
Cullen/Frost Bankers, Inc. (d) |
175,100 |
11,267,685 |
|
CVB Financial Corp. |
776,200 |
8,903,014 |
|
East West Bancorp, Inc. |
432,000 |
11,378,880 |
|
Fifth Third Bancorp |
301,700 |
5,490,940 |
|
First Horizon National Corp. |
1,295,700 |
14,874,636 |
|
First Republic Bank |
319,500 |
11,872,620 |
|
Huntington Bancshares, Inc. |
2,584,351 |
20,028,720 |
|
International Bancshares Corp. |
322,400 |
7,021,872 |
|
M&T Bank Corp. (d) |
204,700 |
21,473,030 |
|
National Penn Bancshares, Inc. |
310,000 |
3,062,800 |
|
OFG Bancorp (d) |
213,180 |
3,790,340 |
|
PNC Financial Services Group, Inc. |
407,741 |
29,210,565 |
|
Spar Nord Bank A/S (a) |
171,300 |
1,149,805 |
|
SunTrust Banks, Inc. |
375,900 |
12,062,631 |
|
Susquehanna Bancshares, Inc. |
577,000 |
6,929,770 |
|
Texas Capital Bancshares, Inc. (a) |
365,700 |
16,149,312 |
|
UMB Financial Corp. |
171,475 |
9,103,608 |
|
Wilshire Bancorp, Inc. |
478,900 |
3,160,740 |
|
Wintrust Financial Corp. |
247,800 |
9,351,972 |
|
|
290,351,738 |
||
TOTAL COMMERCIAL BANKS |
465,400,422 |
||
CONSUMER FINANCE - 2.8% |
|||
Consumer Finance - 2.8% |
|||
Capital One Financial Corp. |
264,000 |
16,085,520 |
|
|
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 0.8% |
|||
Other Diversified Financial Services - 0.8% |
|||
JPMorgan Chase & Co. |
81,200 |
$ 4,432,708 |
|
IT SERVICES - 2.6% |
|||
Data Processing & Outsourced Services - 2.6% |
|||
Global Payments, Inc. |
99,100 |
4,752,836 |
|
Total System Services, Inc. |
433,700 |
10,196,287 |
|
|
14,949,123 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5% |
|||
Real Estate Services - 0.5% |
|||
Altisource Portfolio Solutions SA |
31,400 |
2,960,078 |
|
THRIFTS & MORTGAGE FINANCE - 6.8% |
|||
Thrifts & Mortgage Finance - 6.8% |
|||
Ocwen Financial Corp. (a) |
315,500 |
13,497,090 |
|
Oritani Financial Corp. |
54,300 |
832,419 |
|
People's United Financial, Inc. |
285,300 |
3,925,728 |
|
Trustco Bank Corp., New York |
1,444,300 |
8,073,637 |
|
ViewPoint Financial Group |
376,400 |
7,125,252 |
|
Washington Federal, Inc. |
316,000 |
5,526,840 |
|
|
38,980,966 |
||
TOTAL COMMON STOCKS (Cost $492,576,623) |
|
||
Nonconvertible Preferred Stocks - 0.1% |
|||
|
|
|
|
COMMERCIAL BANKS - 0.1% |
|||
Diversified Banks - 0.1% |
|||
Banco ABC Brasil SA |
68,300 |
|
|
Money Market Funds - 10.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
23,954,246 |
23,954,246 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
35,068,225 |
35,068,225 |
|
TOTAL MONEY MARKET FUNDS (Cost $59,022,471) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $552,054,545) |
606,700,080 |
||
NET OTHER ASSETS (LIABILITIES) - (6.4)% |
(36,732,540) |
||
NET ASSETS - 100% |
$ 569,967,540 |
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 |
$ 5,644 |
Fidelity Securities Lending Cash Central Fund |
10,354 |
Total |
$ 15,998 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 547,222,871 |
$ 543,756,545 |
$ 3,466,326 |
$ - |
Nonconvertible Preferred Stocks |
454,738 |
454,738 |
- |
- |
Money Market Funds |
59,022,471 |
59,022,471 |
- |
- |
Total Investments in Securities: |
$ 606,700,080 |
$ 603,233,754 |
$ 3,466,326 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $590,628,032. Net unrealized appreciation aggregated $16,072,048, of which $59,451,418 related to appreciated investment securities and $43,379,370 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Biotechnology Portfolio
May 31, 2013
1.802156.109
BIO-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 97.4% |
|||
Biotechnology - 97.4% |
|||
ACADIA Pharmaceuticals, Inc. (a)(d) |
4,205,963 |
$ 59,177,899 |
|
Achillion Pharmaceuticals, Inc. (a) |
1,786,043 |
14,895,599 |
|
Acorda Therapeutics, Inc. (a) |
1,656,031 |
55,394,237 |
|
Aegerion Pharmaceuticals, Inc. (a)(d)(e) |
2,457,092 |
178,950,010 |
|
Affymax, Inc. (a)(d) |
61,456 |
127,214 |
|
Agenus, Inc. (a)(e) |
150,089 |
604,859 |
|
Agenus, Inc. warrants 6/9/18 (a)(e)(f) |
1,548,000 |
88,852 |
|
Alexion Pharmaceuticals, Inc. (a) |
1,982,680 |
193,390,607 |
|
Alkermes PLC (a) |
1,705,594 |
53,299,813 |
|
Alnylam Pharmaceuticals, Inc. (a) |
1,583,803 |
48,511,886 |
|
AMAG Pharmaceuticals, Inc. (a) |
779,509 |
14,420,917 |
|
Ambit Biosciences Corp. |
745,000 |
5,095,800 |
|
Amgen, Inc. |
7,294,184 |
733,284,318 |
|
Arena Pharmaceuticals, Inc. (a)(d) |
1,983,744 |
17,536,297 |
|
ARIAD Pharmaceuticals, Inc. (a) |
2,367,405 |
43,418,208 |
|
ArQule, Inc. (a) |
2,649,542 |
7,180,259 |
|
Biogen Idec, Inc. (a) |
1,559,497 |
370,364,943 |
|
BioMarin Pharmaceutical, Inc. (a) |
2,079,144 |
130,362,329 |
|
Bionovo, Inc. warrants 2/2/16 (a) |
1,043,150 |
1,540 |
|
BioTime, Inc. (a)(d) |
1,447,595 |
6,876,076 |
|
Catalyst Pharmaceutical Partners, Inc.: |
|
|
|
warrants 5/2/17 (a) |
141,443 |
436 |
|
warrants 5/30/17 (a) |
282,100 |
8,315 |
|
Celgene Corp. (a) |
3,240,991 |
400,748,537 |
|
Cell Therapeutics, Inc. (a)(d)(e) |
5,779,280 |
7,108,514 |
|
Cell Therapeutics, Inc. warrants 7/6/16 (a)(e) |
835,596 |
6,820 |
|
Celldex Therapeutics, Inc. (a) |
1,973,811 |
25,245,043 |
|
Cepheid, Inc. (a) |
689,500 |
23,967,020 |
|
Chimerix, Inc. |
41,100 |
883,650 |
|
Clovis Oncology, Inc. (a)(d) |
612,919 |
22,420,577 |
|
Cubist Pharmaceuticals, Inc. (a) |
807,908 |
44,394,545 |
|
Curis, Inc. (a)(d) |
3,562,162 |
13,358,108 |
|
Cytokinetics, Inc. (a)(d)(e) |
6,380,800 |
7,656,960 |
|
Cytokinetics, Inc. warrants 6/25/17 (a)(e) |
3,828,480 |
819,843 |
|
Dendreon Corp. (a)(d) |
2,487,677 |
9,950,708 |
|
Dyax Corp. (a) |
5,198,009 |
16,321,748 |
|
Dynavax Technologies Corp. (a) |
2,015,143 |
5,259,523 |
|
Elan Corp. PLC sponsored ADR (a) |
7,198 |
91,127 |
|
Emergent BioSolutions, Inc. (a) |
252,200 |
3,581,240 |
|
Enzon Pharmaceuticals, Inc. |
100,066 |
306,202 |
|
Epizyme, Inc. |
880,366 |
20,239,614 |
|
Exact Sciences Corp. (a) |
701,061 |
7,879,926 |
|
Exelixis, Inc. (a)(d) |
1,292,468 |
6,255,545 |
|
Fibrocell Science, Inc. (f) |
2,432,240 |
12,039,588 |
|
Genomic Health, Inc. (a) |
603,028 |
21,998,461 |
|
Geron Corp. (a) |
5,667,235 |
6,177,286 |
|
Gilead Sciences, Inc. (a) |
14,329,254 |
780,657,751 |
|
Halozyme Therapeutics, Inc. (a) |
2,474,023 |
17,491,343 |
|
Hyperion Therapeutics, Inc. (e) |
1,330,530 |
26,703,737 |
|
|
|||
Shares |
Value |
||
Idenix Pharmaceuticals, Inc. (a)(d) |
154,522 |
$ 732,434 |
|
ImmunoGen, Inc. (a)(d) |
1,019,057 |
18,720,077 |
|
Immunomedics, Inc. (a)(d) |
1,527,948 |
5,974,277 |
|
Incyte Corp. (a)(d) |
1,818,636 |
40,319,160 |
|
Infinity Pharmaceuticals, Inc. (a)(d) |
889,163 |
23,962,943 |
|
Intercept Pharmaceuticals, Inc. |
117,834 |
3,940,369 |
|
InterMune, Inc. (a)(d) |
3,172,913 |
31,348,380 |
|
Ironwood Pharmaceuticals, Inc. Class A (a)(d) |
4,692,810 |
62,649,014 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
1,423,291 |
30,814,250 |
|
KaloBios Pharmaceuticals, Inc. |
224,464 |
1,143,420 |
|
KaloBios Pharmaceuticals, Inc. |
232,300 |
1,314,818 |
|
Lexicon Pharmaceuticals, Inc. (a) |
7,487,723 |
17,895,658 |
|
Ligand Pharmaceuticals, Inc. Class B (a) |
784,503 |
23,464,485 |
|
MannKind Corp. (a)(d) |
6,331,560 |
42,231,505 |
|
Medivation, Inc. (a) |
1,863,896 |
90,510,790 |
|
Merrimack Pharmaceuticals, Inc. (a) |
44,600 |
247,084 |
|
Momenta Pharmaceuticals, Inc. (a)(d) |
491,448 |
6,467,456 |
|
Myriad Genetics, Inc. (a) |
1,368,718 |
43,935,848 |
|
Neurocrine Biosciences, Inc. (a) |
2,330,609 |
30,134,774 |
|
NeurogesX, Inc. (a) |
3,131,785 |
42,279 |
|
NewLink Genetics Corp. (a)(d) |
1,089,954 |
17,777,150 |
|
Novavax, Inc. (a)(d) |
7,352,004 |
14,042,328 |
|
Novelos Therapeutics, Inc. (a)(e) |
2,334,890 |
1,027,352 |
|
Novelos Therapeutics, Inc. warrants 12/6/16 (a)(e) |
2,362,400 |
6,470 |
|
NPS Pharmaceuticals, Inc. (a) |
1,923,224 |
30,290,778 |
|
Onyx Pharmaceuticals, Inc. (a) |
1,394,326 |
133,088,417 |
|
Opko Health, Inc. (a)(d) |
1,994,800 |
13,185,628 |
|
Oragenics, Inc. (f) |
1,558,058 |
4,424,885 |
|
Orexigen Therapeutics, Inc. (a)(d) |
3,436,142 |
21,750,779 |
|
Osiris Therapeutics, Inc. (a)(d) |
847,433 |
9,525,147 |
|
OvaScience, Inc. (a) |
212,300 |
2,649,504 |
|
PDL BioPharma, Inc. (d) |
1,251,833 |
10,327,622 |
|
Pharmacyclics, Inc. (a) |
1,313,494 |
120,368,590 |
|
PolyMedix, Inc. (a)(e) |
115,509 |
13,861 |
|
PolyMedix, Inc. warrants 4/10/16 (a)(e) |
2,961,167 |
30 |
|
Portola Pharmaceuticals, Inc. |
549,300 |
9,997,260 |
|
Progenics Pharmaceuticals, Inc. (a)(e) |
5,112,695 |
20,348,526 |
|
Protalix BioTherapeutics, Inc. (a)(d) |
1,140,342 |
5,804,341 |
|
Puma Biotechnology, Inc. (a) |
536,712 |
20,894,198 |
|
Raptor Pharmaceutical Corp. (a)(d)(e) |
3,086,957 |
23,430,004 |
|
Receptos, Inc. |
131,300 |
2,083,731 |
|
Regeneron Pharmaceuticals, Inc. (a) |
925,752 |
223,911,636 |
|
Regulus Therapeutics, Inc. |
268,200 |
2,403,072 |
|
Rigel Pharmaceuticals, Inc. (a) |
1,147,051 |
5,299,376 |
|
Sangamo Biosciences, Inc. (a)(d) |
1,902,030 |
15,216,240 |
|
Sarepta Therapeutics, Inc. (a)(d) |
244,200 |
8,632,470 |
|
Savient Pharmaceuticals, Inc. (a)(d) |
1,472,700 |
809,985 |
|
Seattle Genetics, Inc. (a)(d) |
1,716,160 |
58,898,611 |
|
SIGA Technologies, Inc. (a)(d) |
1,611,814 |
6,012,066 |
|
Sophiris Bio, Inc. (a) |
2,502,000 |
723,993 |
|
Sorrento Therapeutics, Inc. (f) |
11,780,000 |
2,356,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
BIOTECHNOLOGY - CONTINUED |
|||
Biotechnology - continued |
|||
Spectrum Pharmaceuticals, Inc. (d)(e) |
4,223,900 |
$ 34,678,219 |
|
Stemline Therapeutics, Inc. (e) |
858,800 |
14,625,364 |
|
Sunesis Pharmaceuticals, Inc. (a)(d) |
2,100,978 |
11,324,271 |
|
Synageva BioPharma Corp. (a) |
254,200 |
10,478,124 |
|
Synergy Pharmaceuticals, Inc. (a)(d) |
2,604,272 |
13,281,787 |
|
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a) |
354,400 |
730,064 |
|
Synta Pharmaceuticals Corp. (a)(d) |
1,908,127 |
14,081,977 |
|
Synthetic Biologics, Inc. (a) |
900 |
1,287 |
|
Targacept, Inc. (a)(e) |
2,148,841 |
12,097,975 |
|
TESARO, Inc. (d) |
956,458 |
32,720,428 |
|
Theravance, Inc. (a)(d) |
1,445,246 |
50,641,420 |
|
Threshold Pharmaceuticals, Inc. (a) |
1,262,685 |
7,222,558 |
|
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a) |
631,520 |
2,293,180 |
|
Trius Therapeutics, Inc. (a) |
1,643,317 |
12,604,241 |
|
United Therapeutics Corp. (a) |
779,351 |
51,803,461 |
|
Verastem, Inc. (a) |
95,367 |
911,709 |
|
Vertex Pharmaceuticals, Inc. (a) |
3,072,209 |
246,729,105 |
|
Vical, Inc. (a)(d) |
4,038,130 |
14,133,455 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
2,829,592 |
6,196,806 |
|
|
5,212,258,332 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1% |
|||
Health Care Equipment - 0.1% |
|||
Alsius Corp. (a) |
314,300 |
3 |
|
Aradigm Corp. (a) |
6,398,160 |
1,241,243 |
|
InVivo Therapeutics Holdings Corp. (a)(d) |
1,520,200 |
4,940,650 |
|
|
6,181,896 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.1% |
|||
Life Sciences Tools & Services - 0.1% |
|||
BG Medicine, Inc. (a)(d) |
1,177,641 |
2,119,754 |
|
ChromaDex, Inc. (a)(d) |
2,283,700 |
1,667,101 |
|
Transgenomic, Inc. (a) |
3,392,882 |
1,594,655 |
|
Transgenomic, Inc. warrants 2/3/17 (a)(f) |
1,419,000 |
14 |
|
|
5,381,524 |
||
PERSONAL PRODUCTS - 0.0% |
|||
Personal Products - 0.0% |
|||
MYOS Corp. |
1,666,700 |
275,006 |
|
|
|||
Shares |
Value |
||
PHARMACEUTICALS - 1.7% |
|||
Pharmaceuticals - 1.7% |
|||
AcelRx Pharmaceuticals, Inc. (a)(d) |
654,629 |
$ 5,832,744 |
|
Auxilium Pharmaceuticals, Inc. (a) |
628,851 |
9,382,457 |
|
AVANIR Pharmaceuticals Class A (a)(d) |
4,969,885 |
16,500,018 |
|
Horizon Pharma, Inc. (d) |
1,607,800 |
3,810,486 |
|
Horizon Pharma, Inc.: |
|
|
|
warrants 2/28/17 (a) |
319,539 |
99 |
|
warrants 9/25/17 (a) |
759,050 |
230 |
|
Jazz Pharmaceuticals PLC (a) |
319,665 |
21,727,630 |
|
Pacira Pharmaceuticals, Inc. (a)(d) |
858,672 |
25,159,090 |
|
TherapeuticsMD, Inc. (a) |
1,416,007 |
3,950,660 |
|
XenoPort, Inc. (a) |
1,009 |
5,550 |
|
Zogenix, Inc. (a) |
2,910,980 |
4,337,360 |
|
Zogenix, Inc. warrants 7/27/17 (a) |
498,465 |
282 |
|
|
90,706,606 |
||
TOTAL COMMON STOCKS (Cost $3,621,855,557) |
|
||
Preferred Stocks - 0.3% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.3% |
|||
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
bluebird bio (f) |
535,716 |
415,876 |
|
Intrexon Corp. Series F, 6.00% (f) |
234,083 |
1,843,404 |
|
Xenon Pharmaceuticals, Inc. Series E (f) |
981,626 |
4,476,215 |
|
|
6,735,495 |
||
PHARMACEUTICALS - 0.2% |
|||
Pharmaceuticals - 0.2% |
|||
Agios Pharmaceuticals, Inc. Series C (f) |
229,509 |
1,127,142 |
|
aTyr Pharma, Inc. 8.00% (f) |
3,455,296 |
8,738,444 |
|
|
9,865,586 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS |
16,601,081 |
||
Nonconvertible Preferred Stocks - 0.0% |
|||
PHARMACEUTICALS - 0.0% |
|||
Pharmaceuticals - 0.0% |
|||
Equilibrate Asia Therapeutics Series D (f) |
3,661,108 |
59,749 |
|
Equilibrate Worldwide Therapeutics Series D (f) |
3,661,108 |
147,067 |
|
Neuropathic Worldwide Therapeutics Series D (f) |
3,661,108 |
27,568 |
|
Oculus Worldwide Therapeutics Series D (f) |
3,661,108 |
45,947 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
PHARMACEUTICALS - CONTINUED |
|||
Pharmaceuticals - continued |
|||
Orchestrate U.S. Therapeutics, Inc. Series D (f) |
3,661,108 |
$ 64,326 |
|
Orchestrate Worldwide Therapeutics Series D (f) |
3,661,108 |
114,886 |
|
|
459,543 |
||
TOTAL PREFERRED STOCKS (Cost $19,159,618) |
|
||
Money Market Funds - 7.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
28,208,118 |
28,208,118 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
360,688,165 |
360,688,165 |
|
TOTAL MONEY MARKET FUNDS (Cost $388,896,283) |
|
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $4,029,911,458) |
5,720,760,271 |
NET OTHER ASSETS (LIABILITIES) - (6.9)% |
(367,236,088) |
||
NET ASSETS - 100% |
$ 5,353,524,183 |
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 $35,969,961 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Agenus, Inc. warrants 6/9/18 |
1/9/08 |
$ 1,930,622 |
Agios Pharmaceuticals, Inc. Series C |
11/16/11 |
$ 1,127,142 |
aTyr Pharma, Inc. 8.00% |
4/8/13 - 5/17/13 |
$ 8,738,444 |
bluebird bio |
7/23/12 |
$ 5,330,136 |
Equilibrate Asia Therapeutics Series D |
5/17/13 |
$ 59,749 |
Equilibrate Worldwide Therapeutics Series D |
5/17/13 |
$ 147,067 |
Fibrocell Science, Inc. |
10/8/12 |
$ 6,080,600 |
Intrexon Corp. Series F, 6.00% |
4/30/13 |
$ 1,843,404 |
MYOS Corp. |
7/2/12 |
$ 416,675 |
Neuropathic Worldwide Therapeutics Series D |
5/17/13 |
$ 27,568 |
Oculus Worldwide Therapeutics Series D |
5/17/13 |
$ 45,947 |
Oragenics, Inc. |
7/31/12 |
$ 2,337,087 |
Orchestrate U.S. Therapeutics, Inc. Series D |
5/17/13 |
$ 64,326 |
Orchestrate Worldwide Therapeutics Series D |
5/17/13 |
$ 114,886 |
Sorrento Therapeutics, Inc. |
5/15/12 |
$ 1,884,800 |
Transgenomic, Inc. warrants 2/3/17 |
2/3/12 |
$ 9,800 |
Xenon Pharmaceuticals, Inc. Series E |
3/23/01 |
$ 6,724,138 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 12,018 |
Fidelity Securities Lending Cash Central Fund |
3,304,327 |
Total |
$ 3,316,345 |
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, |
Aegerion Pharmaceuticals, Inc. |
$ 59,281,220 |
$ 26,336,907 |
$ - |
$ - |
$ 178,950,010 |
Agenus, Inc. |
642,381 |
- |
- |
- |
604,859 |
Agenus, Inc. warrants 6/9/18 |
78,596 |
- |
- |
- |
88,852 |
Cell Therapeutics, Inc. |
8,945,719 |
- |
1,057,557 |
- |
7,108,514 |
Cell Therapeutics, Inc. warrants 7/6/16 |
20,931 |
- |
- |
- |
6,820 |
Cytokinetics, Inc. |
6,368,038 |
- |
- |
- |
7,656,960 |
Cytokinetics, Inc. warrants 6/25/17 |
393,737 |
- |
- |
- |
819,843 |
Hyperion Therapeutics, Inc. |
- |
31,621,293 |
- |
- |
26,703,737 |
Novelos Therapeutics, Inc. |
1,144,096 |
- |
- |
- |
1,027,352 |
Novelos Therapeutics, Inc. warrants 12/6/16 |
23,713 |
- |
- |
- |
6,470 |
PolyMedix, Inc. |
698,828 |
- |
- |
- |
13,861 |
PolyMedix, Inc. warrants 4/10/16 |
4,541 |
- |
- |
- |
30 |
Progenics Pharmaceuticals, Inc. |
11,847,515 |
3,112,993 |
- |
- |
20,348,526 |
Raptor Pharmaceutical Corp. |
7,318,718 |
9,155,046 |
- |
- |
23,430,004 |
Spectrum Pharmaceuticals, Inc. |
39,774,600 |
7,913,424 |
2,109,435 |
- |
34,678,219 |
Stemline Therapeutics, Inc. |
5,884,230 |
5,401,250 |
- |
- |
14,625,364 |
Targacept, Inc. |
5,509,566 |
4,261,692 |
- |
- |
12,097,975 |
Total |
$ 147,936,429 |
$ 87,802,605 |
$ 3,166,992 |
$ - |
$ 328,167,396 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 5,314,803,364 |
$ 5,310,433,830 |
$ 4,369,531 |
$ 3 |
Preferred Stocks |
17,060,624 |
- |
- |
17,060,624 |
Money Market Funds |
388,896,283 |
388,896,283 |
- |
- |
Total Investments in Securities: |
$ 5,720,760,271 |
$ 5,699,330,113 |
$ 4,369,531 |
$ 17,060,627 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $4,048,536,673. Net unrealized appreciation aggregated $1,672,223,598, of which $1,860,044,581 related to appreciated investment securities and $187,820,983 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 Management & Research Company (FMR) 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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Technology Portfolio
May 31, 2013
1.802190.109
TEC-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 100.3% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
DigitalGlobe, Inc. (a) |
797 |
$ 24,093 |
|
AUTOMOBILES - 0.2% |
|||
Automobile Manufacturers - 0.2% |
|||
Tesla Motors, Inc. (a) |
41,795 |
4,085,879 |
|
CHEMICALS - 0.1% |
|||
Specialty Chemicals - 0.1% |
|||
JSR Corp. |
75,500 |
1,462,094 |
|
COMMUNICATIONS EQUIPMENT - 14.3% |
|||
Communications Equipment - 14.3% |
|||
AAC Acoustic Technology Holdings, Inc. |
42,500 |
239,597 |
|
ADTRAN, Inc. |
153,781 |
3,555,417 |
|
ADVA AG Optical Networking (a) |
236,182 |
1,248,478 |
|
Alcatel-Lucent SA (a)(d) |
1,375,547 |
2,342,665 |
|
Alcatel-Lucent SA sponsored ADR (a) |
2,644,931 |
4,443,484 |
|
Aruba Networks, Inc. (a) |
115,206 |
1,721,178 |
|
Brocade Communications Systems, Inc. (a) |
35,610 |
193,362 |
|
Ciena Corp. (a) |
430,302 |
7,203,255 |
|
Cisco Systems, Inc. |
1,986,668 |
47,838,965 |
|
Comba Telecom Systems Holdings Ltd. |
198,000 |
71,027 |
|
F5 Networks, Inc. (a) |
627,991 |
52,255,131 |
|
Finisar Corp. (a) |
935,922 |
12,260,578 |
|
HTC Corp. |
24,000 |
219,749 |
|
Infinera Corp. (a) |
797,523 |
8,397,917 |
|
JDS Uniphase Corp. (a) |
149,098 |
2,030,715 |
|
Juniper Networks, Inc. (a) |
3,988,390 |
70,714,155 |
|
Motorola Solutions, Inc. |
3,560 |
206,338 |
|
Palo Alto Networks, Inc. (d) |
57,465 |
2,788,202 |
|
Polycom, Inc. (a) |
231 |
2,617 |
|
QUALCOMM, Inc. |
552,987 |
35,103,615 |
|
Radware Ltd. (a) |
327,687 |
4,928,412 |
|
Research In Motion Ltd. (a) |
600 |
8,370 |
|
Riverbed Technology, Inc. (a) |
1,287 |
19,897 |
|
Sandvine Corp. (U.K.) (a) |
4,193,712 |
8,251,915 |
|
Sonus Networks, Inc. (a) |
4,898,642 |
15,724,641 |
|
Spirent Communications PLC |
296,000 |
603,105 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR |
464,000 |
5,414,880 |
|
ZTE Corp. (H Shares) |
552,600 |
889,013 |
|
|
288,676,678 |
||
COMPUTERS & PERIPHERALS - 13.0% |
|||
Computer Hardware - 9.7% |
|||
3D Systems Corp. (a)(d) |
25,626 |
1,243,374 |
|
Advantech Co. Ltd. |
1,699,000 |
8,303,059 |
|
Apple, Inc. |
315,057 |
141,674,832 |
|
Hewlett-Packard Co. |
1,669 |
40,757 |
|
Lenovo Group Ltd. |
27,360,000 |
27,960,746 |
|
NCR Corp. (a) |
64,700 |
2,160,980 |
|
Quanta Computer, Inc. |
918,000 |
1,964,282 |
|
|
|||
Shares |
Value |
||
Stratasys Ltd. (a) |
12,041 |
$ 1,012,046 |
|
Toshiba Corp. |
2,062,000 |
9,701,157 |
|
Wistron Corp. |
206,250 |
210,649 |
|
|
194,271,882 |
||
Computer Storage & Peripherals - 3.3% |
|||
ADLINK Technology, Inc. |
5,750 |
6,628 |
|
Catcher Technology Co. Ltd. |
475,000 |
2,647,998 |
|
Chicony Electronics Co. Ltd. |
581,000 |
1,597,712 |
|
EMC Corp. |
854,126 |
21,148,160 |
|
Gemalto NV |
2,478 |
208,062 |
|
NetApp, Inc. |
270,404 |
10,148,262 |
|
SanDisk Corp. (a) |
487,462 |
28,770,007 |
|
Synaptics, Inc. (a) |
530 |
21,868 |
|
Wacom Co. Ltd. |
162,000 |
2,001,424 |
|
|
66,550,121 |
||
TOTAL COMPUTERS & PERIPHERALS |
260,822,003 |
||
DIVERSIFIED CONSUMER SERVICES - 0.0% |
|||
Education Services - 0.0% |
|||
Educomp Solutions Ltd. |
53,012 |
51,676 |
|
New Oriental Education & Technology Group, Inc. sponsored ADR |
10,209 |
227,967 |
|
|
279,643 |
||
ELECTRICAL EQUIPMENT - 0.1% |
|||
Electrical Components & Equipment - 0.1% |
|||
Dynapack International Technology Corp. |
40,000 |
131,877 |
|
TECO Electric & Machinery Co. Ltd. |
1,200,000 |
1,281,752 |
|
|
1,413,629 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 5.1% |
|||
Electronic Components - 2.2% |
|||
Aeroflex Holding Corp. (a) |
34,138 |
269,690 |
|
Amphenol Corp. Class A |
51,661 |
4,024,392 |
|
Delta Electronics, Inc. |
422,000 |
2,010,515 |
|
InvenSense, Inc. (a) |
314,164 |
4,046,432 |
|
Kyocera Corp. |
58,000 |
5,655,156 |
|
Ledlink Optics, Inc. |
718,000 |
2,084,351 |
|
Omron Corp. |
124,300 |
3,679,401 |
|
Taiyo Yuden Co. Ltd. |
369,900 |
5,523,904 |
|
Tong Hsing Electronics Industries Ltd. |
1,467,000 |
6,499,002 |
|
TXC Corp. |
1,977,000 |
2,878,762 |
|
Universal Display Corp. (a)(d) |
65,236 |
1,942,728 |
|
Yaskawa Electric Corp. |
442,000 |
5,337,868 |
|
|
43,952,201 |
||
Electronic Equipment & Instruments - 1.0% |
|||
Chroma ATE, Inc. |
896,644 |
1,848,486 |
|
FEI Co. |
8,700 |
626,487 |
|
Keyence Corp. |
33,950 |
10,359,937 |
|
National Instruments Corp. |
191,928 |
5,450,755 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED |
|||
Electronic Equipment & Instruments - continued |
|||
Test Research, Inc. |
59,016 |
$ 91,465 |
|
TPK Holding Co. Ltd. GDR (Reg. S) |
76,374 |
1,522,583 |
|
|
19,899,713 |
||
Electronic Manufacturing Services - 1.2% |
|||
Fabrinet (a) |
159,000 |
2,310,270 |
|
Jabil Circuit, Inc. |
166,707 |
3,344,142 |
|
Ju Teng International Holdings Ltd. |
3,298,000 |
2,152,989 |
|
KEMET Corp. (a) |
4,077 |
18,713 |
|
TE Connectivity Ltd. |
287,878 |
12,778,904 |
|
Trimble Navigation Ltd. (a) |
103,179 |
2,878,694 |
|
|
23,483,712 |
||
Technology Distributors - 0.7% |
|||
Arrow Electronics, Inc. (a) |
47 |
1,869 |
|
Digital China Holdings Ltd. (H Shares) |
9,238,000 |
12,866,786 |
|
Redington India Ltd. |
174,887 |
231,732 |
|
VST Holdings Ltd. |
3,588,000 |
799,644 |
|
WPG Holding Co. Ltd. |
839,200 |
997,017 |
|
WT Microelectronics Co. Ltd. |
52,529 |
61,198 |
|
|
14,958,246 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
102,293,872 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1% |
|||
Health Care Equipment - 0.1% |
|||
Biosensors International Group Ltd. (a) |
3,116,000 |
2,935,330 |
|
HEALTH CARE TECHNOLOGY - 0.6% |
|||
Health Care Technology - 0.6% |
|||
athenahealth, Inc. (a) |
19,975 |
1,688,886 |
|
Cerner Corp. (a) |
63,414 |
6,232,328 |
|
So-net M3, Inc. |
2,029 |
4,365,863 |
|
|
12,287,077 |
||
HOUSEHOLD DURABLES - 0.7% |
|||
Consumer Electronics - 0.7% |
|||
Alpine Electronics, Inc. |
656,800 |
6,149,451 |
|
Sony Corp. |
11,600 |
229,363 |
|
Sony Corp. sponsored ADR (d) |
411,400 |
8,289,710 |
|
|
14,668,524 |
||
Household Appliances - 0.0% |
|||
Haier Electronics Group Co. Ltd. |
53,000 |
94,160 |
|
TOTAL HOUSEHOLD DURABLES |
14,762,684 |
||
HOUSEHOLD PRODUCTS - 0.0% |
|||
Household Products - 0.0% |
|||
NVC Lighting Holdings Ltd. |
546,000 |
176,194 |
|
INDUSTRIAL CONGLOMERATES - 0.0% |
|||
Industrial Conglomerates - 0.0% |
|||
Samsung Techwin Co. Ltd. |
539 |
32,002 |
|
|
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 0.5% |
|||
Internet Retail - 0.5% |
|||
Amazon.com, Inc. (a) |
14,928 |
$ 4,016,080 |
|
E-Commerce China Dangdang, Inc. ADR (a) |
990 |
6,356 |
|
Expedia, Inc. |
71 |
4,080 |
|
Groupon, Inc. Class A (a)(d) |
336,600 |
2,585,088 |
|
Netflix, Inc. (a) |
136 |
30,770 |
|
priceline.com, Inc. (a) |
1,420 |
1,141,581 |
|
Start Today Co. Ltd. (d) |
154,300 |
2,278,965 |
|
TripAdvisor, Inc. (a) |
6,992 |
450,914 |
|
|
10,513,834 |
||
INTERNET SOFTWARE & SERVICES - 16.6% |
|||
Internet Software & Services - 16.6% |
|||
Active Network, Inc. (a) |
186,079 |
1,244,869 |
|
Akamai Technologies, Inc. (a) |
5,578 |
257,257 |
|
Angie's List, Inc. (a)(d) |
255,711 |
5,998,980 |
|
Bankrate, Inc. (a) |
77,119 |
1,103,573 |
|
Bazaarvoice, Inc. (a) |
8,500 |
63,665 |
|
Blinkx PLC (a)(d) |
500,000 |
1,006,603 |
|
Cornerstone OnDemand, Inc. (a) |
214,708 |
8,725,733 |
|
DealerTrack Holdings, Inc. (a) |
79,673 |
2,568,658 |
|
Demandware, Inc. (a) |
139,225 |
4,261,677 |
|
E2open, Inc. |
96,400 |
1,408,404 |
|
eBay, Inc. (a) |
332,072 |
17,965,095 |
|
ExactTarget, Inc. (a) |
343,444 |
7,902,646 |
|
Facebook, Inc. Class A |
7,025 |
171,059 |
|
Google, Inc. Class A (a) |
224,462 |
195,373,965 |
|
INFO Edge India Ltd. |
114,388 |
685,153 |
|
IntraLinks Holdings, Inc. (a) |
251,658 |
1,545,180 |
|
Kakaku.com, Inc. |
5,500 |
132,656 |
|
Keynote Systems, Inc. |
66,858 |
842,411 |
|
LinkedIn Corp. (a) |
131,037 |
21,952,629 |
|
LogMeIn, Inc. (a) |
810 |
20,615 |
|
Marketo, Inc. |
2,900 |
68,643 |
|
MercadoLibre, Inc. |
236 |
27,050 |
|
Millennial Media, Inc. (a)(d) |
334,976 |
2,642,961 |
|
NHN Corp. |
746 |
199,891 |
|
Open Text Corp. |
400 |
27,220 |
|
Qihoo 360 Technology Co. Ltd. ADR (a) |
23,270 |
1,019,459 |
|
Rackspace Hosting, Inc. (a) |
51,704 |
1,940,451 |
|
Renren, Inc. ADR (a) |
18,800 |
59,408 |
|
Responsys, Inc. (a) |
593,507 |
5,804,498 |
|
Saba Software, Inc. (a) |
10,000 |
86,300 |
|
SciQuest, Inc. (a) |
229,832 |
5,274,644 |
|
SINA Corp. (a) |
3,380 |
195,026 |
|
SouFun Holdings Ltd. ADR |
317 |
8,480 |
|
TelecityGroup PLC |
69,500 |
1,024,832 |
|
Tencent Holdings Ltd. |
259,400 |
10,210,207 |
|
VeriSign, Inc. (a) |
4,074 |
191,641 |
|
Vocus, Inc. (a) |
303,843 |
2,655,588 |
|
Web.com Group, Inc. (a) |
71,100 |
1,492,389 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - CONTINUED |
|||
Internet Software & Services - continued |
|||
XO Group, Inc. (a) |
16,300 |
$ 168,542 |
|
Yahoo!, Inc. (a) |
1,049,183 |
27,593,513 |
|
Yandex NV (a) |
41,749 |
1,133,903 |
|
YouKu.com, Inc. ADR (a) |
1,083 |
22,147 |
|
|
335,077,621 |
||
IT SERVICES - 10.9% |
|||
Data Processing & Outsourced Services - 9.8% |
|||
Automatic Data Processing, Inc. |
32 |
2,199 |
|
EVERTEC, Inc. |
25,700 |
514,514 |
|
Fidelity National Information Services, Inc. |
820,884 |
36,857,692 |
|
Fiserv, Inc. (a) |
54,721 |
4,769,482 |
|
FleetCor Technologies, Inc. (a) |
107,592 |
9,369,111 |
|
Global Payments, Inc. |
246,882 |
11,840,461 |
|
Jack Henry & Associates, Inc. |
62,208 |
2,919,421 |
|
Lender Processing Services, Inc. |
14,220 |
470,540 |
|
MasterCard, Inc. Class A |
62,896 |
35,866,444 |
|
Paychex, Inc. |
138,816 |
5,168,120 |
|
QIWI PLC Class B sponsored ADR |
12,800 |
216,320 |
|
Syntel, Inc. |
2,913 |
186,170 |
|
The Western Union Co. |
246,789 |
4,042,404 |
|
Total System Services, Inc. |
468,483 |
11,014,035 |
|
VeriFone Systems, Inc. (a) |
134 |
3,126 |
|
Visa, Inc. Class A |
401,267 |
71,481,703 |
|
WEX, Inc. (a) |
28,190 |
2,082,395 |
|
WNS Holdings Ltd. sponsored ADR (a) |
26,900 |
433,090 |
|
|
197,237,227 |
||
IT Consulting & Other Services - 1.1% |
|||
Accenture PLC Class A |
137,468 |
11,287,497 |
|
Bit-isle, Inc. |
4,900 |
61,992 |
|
Camelot Information Systems, Inc. ADR (a) |
555 |
988 |
|
ChinaSoft International Ltd. (a) |
50,000 |
14,118 |
|
Cognizant Technology Solutions Corp. Class A (a) |
3,223 |
208,367 |
|
EPAM Systems, Inc. (a) |
113,900 |
2,637,924 |
|
IBM Corp. |
966 |
200,947 |
|
InterXion Holding N.V. (a) |
78,600 |
2,157,570 |
|
Pactera Technology International Ltd. ADR |
288,865 |
1,929,618 |
|
ServiceSource International, Inc. (a) |
227,262 |
1,852,185 |
|
Teradata Corp. (a) |
3,397 |
189,383 |
|
Virtusa Corp. (a) |
49,000 |
1,149,540 |
|
|
21,690,129 |
||
TOTAL IT SERVICES |
218,927,356 |
||
LEISURE EQUIPMENT & PRODUCTS - 0.1% |
|||
Photographic Products - 0.1% |
|||
Sunny Optical Technology Group Co. Ltd. |
783,000 |
1,113,992 |
|
|
|||
Shares |
Value |
||
LIFE SCIENCES TOOLS & SERVICES - 0.1% |
|||
Life Sciences Tools & Services - 0.1% |
|||
Illumina, Inc. (a)(d) |
400 |
$ 28,128 |
|
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) |
87,200 |
1,784,984 |
|
|
1,813,112 |
||
MACHINERY - 0.5% |
|||
Industrial Machinery - 0.5% |
|||
Airtac International Group |
35,000 |
185,241 |
|
Fanuc Corp. |
39,200 |
5,772,782 |
|
Mirle Automation Corp. |
301,893 |
233,754 |
|
Nippon Thompson Co. Ltd. |
82,000 |
411,767 |
|
Shin Zu Shing Co. Ltd. |
428,000 |
1,184,951 |
|
SMC Corp. |
8,800 |
1,668,856 |
|
|
9,457,351 |
||
MEDIA - 0.1% |
|||
Advertising - 0.0% |
|||
Dentsu, Inc. |
500 |
15,122 |
|
ReachLocal, Inc. (a) |
43,033 |
598,159 |
|
|
613,281 |
||
Cable & Satellite - 0.0% |
|||
DIRECTV (a) |
429 |
26,225 |
|
Movies & Entertainment - 0.1% |
|||
IMAX Corp. (a) |
75,770 |
1,963,201 |
|
TOTAL MEDIA |
2,602,707 |
||
PHARMACEUTICALS - 0.1% |
|||
Pharmaceuticals - 0.1% |
|||
China Medical System Holdings Ltd. |
2,764,500 |
2,780,959 |
|
PROFESSIONAL SERVICES - 0.0% |
|||
Research & Consulting Services - 0.0% |
|||
Acacia Research Corp. |
825 |
20,625 |
|
IHS, Inc. Class A (a) |
2,000 |
210,260 |
|
|
230,885 |
||
REAL ESTATE INVESTMENT TRUSTS - 0.6% |
|||
Specialized REITs - 0.6% |
|||
American Tower Corp. |
146,904 |
11,435,007 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8% |
|||
Semiconductor Equipment - 2.4% |
|||
Aixtron AG (d) |
217,453 |
3,857,604 |
|
Aixtron AG sponsored ADR (d) |
29,700 |
530,739 |
|
Amkor Technology, Inc. (a)(d) |
4,848 |
22,010 |
|
Applied Materials, Inc. |
15,105 |
229,596 |
|
ASM International NV (depositary receipt) |
5,660 |
201,383 |
|
ASML Holding NV |
3,143 |
255,432 |
|
Entegris, Inc. (a) |
104,360 |
1,087,431 |
|
GCL-Poly Energy Holdings Ltd. |
4,325,000 |
999,657 |
|
GT Advanced Technologies, Inc. (a)(d) |
536,300 |
2,386,535 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductor Equipment - continued |
|||
ICD Co. Ltd. (a) |
16,152 |
$ 213,630 |
|
Lam Research Corp. (a) |
6,213 |
290,644 |
|
Nanometrics, Inc. (a) |
21,591 |
311,990 |
|
Rubicon Technology, Inc. (a)(d) |
749,450 |
6,347,842 |
|
Teradyne, Inc. (a) |
10,804 |
193,824 |
|
Tessera Technologies, Inc. |
826,681 |
17,153,631 |
|
Ultratech, Inc. (a) |
173,195 |
6,314,690 |
|
Veeco Instruments, Inc. (a)(d) |
190,892 |
8,091,912 |
|
|
48,488,550 |
||
Semiconductors - 10.4% |
|||
Advanced Micro Devices, Inc. (a)(d) |
3,611 |
14,444 |
|
Alpha & Omega Semiconductor Ltd. (a) |
25,812 |
203,657 |
|
Altera Corp. |
1,401,919 |
46,529,692 |
|
Analog Devices, Inc. |
22,510 |
1,033,884 |
|
Applied Micro Circuits Corp. (a) |
453,625 |
3,497,449 |
|
ARM Holdings PLC sponsored ADR |
75 |
3,291 |
|
Atmel Corp. (a) |
30,666 |
241,341 |
|
Avago Technologies Ltd. |
148,131 |
5,586,020 |
|
Broadcom Corp. Class A |
5,990 |
215,101 |
|
Cavium, Inc. (a) |
238,499 |
7,813,227 |
|
Chipbond Technology Corp. |
393,000 |
1,041,085 |
|
ChipMOS TECHNOLOGIES (Bermuda) Ltd. |
154,083 |
2,810,474 |
|
Cirrus Logic, Inc. (a) |
8,830 |
161,148 |
|
Cree, Inc. (a) |
101,963 |
6,357,393 |
|
Cypress Semiconductor Corp. |
535,902 |
6,023,538 |
|
Dialog Semiconductor PLC (a) |
11,134 |
173,729 |
|
Diodes, Inc. (a) |
1,138 |
26,857 |
|
EZchip Semiconductor Ltd. (a) |
81,547 |
2,205,031 |
|
Fairchild Semiconductor International, Inc. (a) |
1,421 |
20,619 |
|
Freescale Semiconductor Holdings I Ltd. (a)(d) |
121,988 |
1,942,049 |
|
Himax Technologies, Inc. sponsored ADR |
119,100 |
858,711 |
|
Hittite Microwave Corp. (a) |
295 |
16,013 |
|
Infineon Technologies AG |
2,431 |
20,696 |
|
Inotera Memories, Inc. (a) |
24,566,000 |
10,248,629 |
|
Inphi Corp. (a) |
347,990 |
3,552,978 |
|
Intermolecular, Inc. (a) |
364,238 |
3,110,593 |
|
International Rectifier Corp. (a) |
24,126 |
530,289 |
|
Intersil Corp. Class A |
59,689 |
489,450 |
|
JA Solar Holdings Co. Ltd. ADR (a) |
937 |
6,878 |
|
Linear Technology Corp. |
532 |
19,950 |
|
LSI Corp. (a) |
431,854 |
3,195,720 |
|
MagnaChip Semiconductor Corp. (a) |
99 |
1,832 |
|
Marvell Technology Group Ltd. |
1,741 |
18,872 |
|
Maxim Integrated Products, Inc. |
53 |
1,563 |
|
MediaTek, Inc. |
2,506 |
30,909 |
|
Mellanox Technologies Ltd. (a) |
110,274 |
5,719,912 |
|
Micron Technology, Inc. (a) |
1,723,702 |
20,132,839 |
|
Mindspeed Technologies, Inc. (a)(d) |
404,379 |
1,314,232 |
|
|
|||
Shares |
Value |
||
Monolithic Power Systems, Inc. |
312,566 |
$ 7,679,747 |
|
MStar Semiconductor, Inc. |
142,000 |
1,182,355 |
|
Novatek Microelectronics Corp. |
652,000 |
3,288,359 |
|
NVIDIA Corp. |
332 |
4,811 |
|
NXP Semiconductors NV (a) |
142,017 |
4,381,224 |
|
O2Micro International Ltd. sponsored ADR (a) |
44,200 |
152,490 |
|
Omnivision Technologies, Inc. (a) |
551,643 |
10,188,846 |
|
ON Semiconductor Corp. (a) |
939,395 |
8,041,221 |
|
Phison Electronics Corp. |
133,000 |
1,123,824 |
|
PMC-Sierra, Inc. (a) |
545,911 |
3,280,925 |
|
Power Integrations, Inc. |
12,303 |
525,215 |
|
Radiant Opto-Electronics Corp. |
5,710 |
21,512 |
|
Rambus, Inc. (a) |
258,144 |
2,034,175 |
|
RDA Microelectronics, Inc. sponsored ADR |
38,521 |
412,560 |
|
RF Micro Devices, Inc. (a) |
484,158 |
2,672,552 |
|
Samsung Electronics Co. Ltd. |
4 |
5,382 |
|
Semtech Corp. (a) |
17,231 |
629,621 |
|
Silicon Laboratories, Inc. (a) |
5,500 |
236,280 |
|
Silicon Motion Technology Corp. sponsored ADR |
122 |
1,371 |
|
SK Hynix, Inc. (a) |
700 |
19,609 |
|
Skyworks Solutions, Inc. (a) |
357,741 |
8,535,700 |
|
Spreadtrum Communications, Inc. ADR |
418,960 |
8,152,962 |
|
STMicroelectronics NV (NY Shares) unit |
2,550 |
23,715 |
|
Texas Instruments, Inc. |
8,405 |
301,655 |
|
Trina Solar Ltd. (a) |
406 |
2,371 |
|
Xilinx, Inc. |
255,118 |
10,370,547 |
|
YoungTek Electronics Corp. |
2,536 |
5,938 |
|
|
208,445,062 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
256,933,612 |
||
SOFTWARE - 22.6% |
|||
Application Software - 10.2% |
|||
Adobe Systems, Inc. (a) |
375,679 |
16,120,386 |
|
ANSYS, Inc. (a) |
102,327 |
7,623,362 |
|
AsiaInfo-Linkage, Inc. (a) |
248,041 |
2,874,795 |
|
Aspen Technology, Inc. (a) |
277,971 |
8,511,472 |
|
Autodesk, Inc. (a) |
209,718 |
7,912,660 |
|
Blackbaud, Inc. |
6,393 |
193,964 |
|
BroadSoft, Inc. (a) |
371,950 |
10,310,454 |
|
Citrix Systems, Inc. (a) |
15,452 |
994,336 |
|
Compuware Corp. |
585,272 |
6,572,605 |
|
Comverse, Inc. |
2,623 |
78,323 |
|
Concur Technologies, Inc. (a)(d) |
60,418 |
4,877,545 |
|
Descartes Systems Group, Inc. (a) |
581,300 |
6,447,987 |
|
Ellie Mae, Inc. (a) |
7,923 |
177,396 |
|
Guidewire Software, Inc. (a) |
134,467 |
5,507,768 |
|
Informatica Corp. (a) |
5,877 |
213,688 |
|
Intuit, Inc. |
110,560 |
6,461,126 |
|
Jive Software, Inc. (a) |
202,646 |
3,424,717 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Application Software - continued |
|||
Kingdee International Software Group Co. Ltd. (a) |
36,963,600 |
$ 8,081,577 |
|
Manhattan Associates, Inc. (a) |
14,555 |
1,092,062 |
|
MicroStrategy, Inc. Class A (a) |
48,198 |
4,409,153 |
|
Nuance Communications, Inc. (a) |
314,347 |
5,972,593 |
|
Parametric Technology Corp. (a) |
295,832 |
7,428,342 |
|
Pegasystems, Inc. |
58,639 |
1,895,799 |
|
PROS Holdings, Inc. (a) |
26,200 |
757,966 |
|
QLIK Technologies, Inc. (a) |
100,374 |
3,087,504 |
|
RealPage, Inc. (a) |
13,700 |
260,848 |
|
salesforce.com, Inc. (a) |
1,423,948 |
60,275,719 |
|
SAP AG |
318 |
23,798 |
|
SAP AG sponsored ADR |
25,400 |
1,865,376 |
|
SolarWinds, Inc. (a) |
21,820 |
919,713 |
|
Splunk, Inc. (a) |
445 |
20,808 |
|
Synchronoss Technologies, Inc. (a) |
134,414 |
4,213,878 |
|
Synopsys, Inc. (a) |
7,993 |
291,345 |
|
TIBCO Software, Inc. (a) |
439,384 |
9,372,061 |
|
TiVo, Inc. (a) |
26,100 |
337,734 |
|
Ultimate Software Group, Inc. (a) |
52,100 |
5,798,730 |
|
Verint Systems, Inc. (a) |
3,405 |
114,306 |
|
Workday, Inc. Class A |
14,900 |
957,027 |
|
|
205,478,923 |
||
Home Entertainment Software - 2.3% |
|||
Activision Blizzard, Inc. |
920,003 |
13,275,643 |
|
Capcom Co. Ltd. |
292,900 |
4,677,103 |
|
Nintendo Co. Ltd. |
105,400 |
10,408,902 |
|
Nintendo Co. Ltd. ADR |
298,900 |
3,727,283 |
|
Perfect World Co. Ltd. sponsored ADR Class B |
687,010 |
10,600,564 |
|
Square Enix Holdings Co. Ltd. |
87,600 |
1,142,015 |
|
Take-Two Interactive Software, Inc. (a) |
135,228 |
2,250,194 |
|
|
46,081,704 |
||
Systems Software - 10.1% |
|||
Allot Communications Ltd. (a) |
58,500 |
722,475 |
|
BMC Software, Inc. (a) |
499 |
22,602 |
|
Check Point Software Technologies Ltd. (a) |
47 |
2,354 |
|
CommVault Systems, Inc. (a) |
60,073 |
4,205,110 |
|
Fortinet, Inc. (a) |
1,137 |
21,899 |
|
Imperva, Inc. (a) |
29,700 |
1,182,951 |
|
Infoblox, Inc. (a) |
8,900 |
216,537 |
|
Insyde Software Corp. |
563,000 |
1,009,389 |
|
Microsoft Corp. |
875,661 |
30,543,056 |
|
NetSuite, Inc. (a) |
119,712 |
10,486,771 |
|
|
|||
Shares |
Value |
||
Oracle Corp. |
3,748,187 |
$ 126,538,793 |
|
Red Hat, Inc. (a) |
275,841 |
13,303,811 |
|
ServiceNow, Inc. |
50,057 |
1,840,095 |
|
Sourcefire, Inc. (a) |
122,319 |
6,844,971 |
|
Tableau Software, Inc. |
3,700 |
189,070 |
|
Totvs SA |
192,100 |
3,313,182 |
|
VMware, Inc. Class A (a) |
38,207 |
2,717,282 |
|
|
203,160,348 |
||
TOTAL SOFTWARE |
454,720,975 |
||
WIRELESS TELECOMMUNICATION SERVICES - 1.2% |
|||
Wireless Telecommunication Services - 1.2% |
|||
Clearwire Corp. Class A (a) |
1,450,386 |
6,497,729 |
|
Crown Castle International Corp. (a) |
27,280 |
1,943,700 |
|
SBA Communications Corp. Class A (a) |
204,844 |
15,418,608 |
|
|
23,860,037 |
||
TOTAL COMMON STOCKS (Cost $1,741,020,590) |
|
||
Money Market Funds - 2.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
4,509,059 |
4,509,059 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
38,645,313 |
38,645,313 |
|
TOTAL MONEY MARKET FUNDS (Cost $43,154,372) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $1,784,174,962) |
2,061,872,998 |
||
NET OTHER ASSETS (LIABILITIES) - (2.4)% |
(48,735,994) |
||
NET ASSETS - 100% |
$ 2,013,137,004 |
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 |
$ 13,229 |
Fidelity Securities Lending Cash Central Fund |
93,834 |
Total |
$ 107,063 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 2,018,718,626 |
$ 1,806,243,262 |
$ 212,475,364 |
$ - |
Money Market Funds |
43,154,372 |
43,154,372 |
- |
- |
Total Investments in Securities: |
$ 2,061,872,998 |
$ 1,849,397,634 |
$ 212,475,364 |
$ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 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 |
$ 110,001,394 |
Level 2 to Level 1 |
$ 0 |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,794,990,712. Net unrealized appreciation aggregated $266,882,286, of which $333,852,018 related to appreciated investment securities and $66,969,732 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Service Portfolio
May 31, 2013
1.802169.109
ENS-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.2% |
|||
Shares |
Value |
||
ELECTRICAL EQUIPMENT - 0.8% |
|||
Electrical Components & Equipment - 0.8% |
|||
AMETEK, Inc. |
208,700 |
$ 9,005,405 |
|
ENERGY EQUIPMENT & SERVICES - 95.8% |
|||
Oil & Gas Drilling - 16.1% |
|||
C.A.T. oil AG Bearer |
100,700 |
1,439,733 |
|
Cathedral Energy Services Ltd. |
395,000 |
1,752,592 |
|
Discovery Offshore S.A. (a)(e) |
578,100 |
1,182,078 |
|
Ensco PLC Class A |
924,500 |
55,627,165 |
|
Hercules Offshore, Inc. (a) |
486,800 |
3,363,788 |
|
Nabors Industries Ltd. |
429,500 |
6,876,295 |
|
Noble Corp. |
1,423,335 |
55,154,231 |
|
Ocean Rig UDW, Inc. (United States) (a) |
932,313 |
16,231,569 |
|
Pacific Drilling SA (a) |
377,200 |
3,749,368 |
|
Rowan Companies PLC (a) |
696,700 |
23,158,308 |
|
Sevan Drilling ASA (a) |
734,300 |
415,407 |
|
Unit Corp. (a) |
103,200 |
4,661,544 |
|
Vantage Drilling Co. (a) |
5,690,900 |
10,926,528 |
|
|
184,538,606 |
||
Oil & Gas Equipment & Services - 79.7% |
|||
Baker Hughes, Inc. |
416,622 |
18,947,969 |
|
Cameron International Corp. (a) |
1,456,288 |
88,644,251 |
|
Core Laboratories NV (d) |
219,300 |
30,210,768 |
|
Dresser-Rand Group, Inc. (a) |
388,300 |
23,530,980 |
|
Dril-Quip, Inc. (a) |
572,800 |
51,809,760 |
|
Exterran Holdings, Inc. (a) |
198,900 |
5,752,188 |
|
FMC Technologies, Inc. (a) |
998,262 |
55,563,263 |
|
Forum Energy Technologies, Inc. (a) |
314,200 |
9,328,598 |
|
Geospace Technologies Corp. (a) |
55,000 |
4,777,300 |
|
Global Geophysical Services, Inc. (a) |
153,242 |
547,074 |
|
Gulf Island Fabrication, Inc. |
60,600 |
1,250,178 |
|
Halliburton Co. |
3,897,199 |
163,097,778 |
|
Helix Energy Solutions Group, Inc. (a) |
367,000 |
8,756,620 |
|
Hornbeck Offshore Services, Inc. (a) |
279,200 |
14,523,984 |
|
Key Energy Services, Inc. (a) |
316,200 |
2,048,976 |
|
McDermott International, Inc. (a) |
1,907,400 |
18,215,670 |
|
National Oilwell Varco, Inc. |
1,813,562 |
127,493,409 |
|
Oceaneering International, Inc. |
502,100 |
36,392,208 |
|
Oil States International, Inc. (a) |
346,300 |
34,110,550 |
|
Petrofac Ltd. |
533,300 |
10,947,099 |
|
Schlumberger Ltd. |
2,238,811 |
163,500,367 |
|
|
|||
Shares |
Value |
||
Tesco Corp. (a) |
759,185 |
$ 9,687,201 |
|
Weatherford International Ltd. (a) |
2,457,166 |
33,147,169 |
|
|
912,283,360 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
1,096,821,966 |
||
MACHINERY - 0.6% |
|||
Industrial Machinery - 0.6% |
|||
Rotork PLC |
158,500 |
6,887,592 |
|
TOTAL COMMON STOCKS (Cost $820,895,549) |
|
||
Money Market Funds - 4.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
36,341,388 |
36,341,388 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
10,867,200 |
10,867,200 |
|
TOTAL MONEY MARKET FUNDS (Cost $47,208,588) |
|
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $868,104,137) |
1,159,923,551 |
NET OTHER ASSETS (LIABILITIES) - (1.3)% |
(15,356,020) |
||
NET ASSETS - 100% |
$ 1,144,567,531 |
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 $1,182,078 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 9,269 |
Fidelity Securities Lending Cash Central Fund |
4,732 |
Total |
$ 14,001 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $870,982,644. Net unrealized appreciation aggregated $288,940,907, of which $302,651,170 related to appreciated investment securities and $13,710,263 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer Finance Portfolio
May 31, 2013
1.802175.109
SAV-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 99.0% |
|||
Shares |
Value |
||
COMMERCIAL BANKS - 17.5% |
|||
Diversified Banks - 8.3% |
|||
Comerica, Inc. |
191,000 |
$ 7,542,590 |
|
HDFC Bank Ltd. sponsored ADR |
35,200 |
1,416,448 |
|
U.S. Bancorp |
229,200 |
8,035,752 |
|
Wells Fargo & Co. |
193,800 |
7,858,590 |
|
|
24,853,380 |
||
Regional Banks - 9.2% |
|||
BB&T Corp. |
68,000 |
2,238,560 |
|
Fifth Third Bancorp |
107,600 |
1,958,320 |
|
KeyCorp |
315,100 |
3,396,778 |
|
M&T Bank Corp. (d) |
13,400 |
1,405,660 |
|
PNC Financial Services Group, Inc. |
104,300 |
7,472,052 |
|
Regions Financial Corp. |
908,500 |
8,294,605 |
|
SunTrust Banks, Inc. |
85,700 |
2,750,113 |
|
|
27,516,088 |
||
TOTAL COMMERCIAL BANKS |
52,369,468 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.4% |
|||
Diversified Support Services - 0.4% |
|||
Intrum Justitia AB |
61,000 |
1,287,075 |
|
CONSUMER FINANCE - 25.9% |
|||
Consumer Finance - 25.9% |
|||
American Express Co. |
257,300 |
19,480,183 |
|
Capital One Financial Corp. |
392,900 |
23,939,396 |
|
Cash America International, Inc. |
30,946 |
1,476,434 |
|
DFC Global Corp. (a) |
72,400 |
1,078,760 |
|
Discover Financial Services |
199,100 |
9,439,331 |
|
EZCORP, Inc. (non-vtg.) Class A (a) |
64,000 |
1,224,320 |
|
First Cash Financial Services, Inc. (a) |
50,900 |
2,738,929 |
|
International Personal Finance PLC |
113,500 |
895,888 |
|
SLM Corp. |
722,300 |
17,147,402 |
|
|
77,420,643 |
||
DIVERSIFIED FINANCIAL SERVICES - 10.4% |
|||
Other Diversified Financial Services - 9.7% |
|||
Bank of America Corp. |
710,900 |
9,710,894 |
|
Citigroup, Inc. |
195,400 |
10,158,846 |
|
JPMorgan Chase & Co. |
168,800 |
9,214,792 |
|
|
29,084,532 |
||
Specialized Finance - 0.7% |
|||
PHH Corp. (a)(d) |
103,700 |
2,090,592 |
|
TOTAL DIVERSIFIED FINANCIAL SERVICES |
31,175,124 |
||
IT SERVICES - 22.1% |
|||
Data Processing & Outsourced Services - 22.1% |
|||
Alliance Data Systems Corp. (a) |
26,900 |
4,763,721 |
|
Euronet Worldwide, Inc. (a) |
30,100 |
918,050 |
|
EVERTEC, Inc. |
3,900 |
78,078 |
|
Fidelity National Information Services, Inc. |
56,800 |
2,550,320 |
|
|
|||
Shares |
Value |
||
FleetCor Technologies, Inc. (a) |
39,900 |
$ 3,474,492 |
|
Global Payments, Inc. |
92,800 |
4,450,688 |
|
MasterCard, Inc. Class A |
32,900 |
18,761,225 |
|
Total System Services, Inc. |
315,800 |
7,424,458 |
|
Visa, Inc. Class A |
131,484 |
23,422,560 |
|
|
65,843,592 |
||
REAL ESTATE INVESTMENT TRUSTS - 9.8% |
|||
Mortgage REITs - 9.8% |
|||
American Capital Agency Corp. |
347,500 |
8,965,500 |
|
Annaly Capital Management, Inc. |
295,000 |
4,006,100 |
|
Capstead Mortgage Corp. |
74,200 |
911,176 |
|
Chimera Investment Corp. |
994,300 |
3,032,615 |
|
Hatteras Financial Corp. |
67,600 |
1,745,432 |
|
Invesco Mortgage Capital, Inc. |
184,757 |
3,445,718 |
|
MFA Financial, Inc. |
569,800 |
5,002,844 |
|
Redwood Trust, Inc. |
103,800 |
1,988,808 |
|
|
29,098,193 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% |
|||
Real Estate Services - 1.2% |
|||
Altisource Portfolio Solutions SA |
37,000 |
3,487,990 |
|
THRIFTS & MORTGAGE FINANCE - 11.7% |
|||
Thrifts & Mortgage Finance - 11.7% |
|||
Flushing Financial Corp. |
115,500 |
1,805,265 |
|
Hudson City Bancorp, Inc. |
970,585 |
8,249,973 |
|
Nationstar Mortgage Holdings, Inc. (a)(d) |
108,800 |
4,429,248 |
|
New York Community Bancorp, Inc. |
368,400 |
4,818,672 |
|
Ocwen Financial Corp. (a) |
158,100 |
6,763,518 |
|
People's United Financial, Inc. |
306,800 |
4,221,568 |
|
ViewPoint Financial Group |
56,100 |
1,061,973 |
|
Washington Federal, Inc. |
92,900 |
1,624,821 |
|
WSFS Financial Corp. |
36,100 |
1,813,664 |
|
|
34,788,702 |
||
TOTAL COMMON STOCKS (Cost $250,130,668) |
|
||
Money Market Funds - 2.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
2,311,639 |
$ 2,311,639 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
6,108,933 |
6,108,933 |
|
TOTAL MONEY MARKET FUNDS (Cost $8,420,572) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $258,551,240) |
303,891,359 |
||
NET OTHER ASSETS (LIABILITIES) - (1.8)% |
(5,434,627) |
||
NET ASSETS - 100% |
$ 298,456,732 |
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 |
$ 1,863 |
Fidelity Securities Lending Cash Central Fund |
17,145 |
Total |
$ 19,008 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $258,845,657. Net unrealized appreciation aggregated $45,045,702, of which $50,498,711 related to appreciated investment securities and $5,453,009 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor®
Telecommunications Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Telecommunications Portfolio
1.851743.106
ATLC-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.8% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.3% |
|||
Communications Equipment - 0.3% |
|||
Symmetricom, Inc. (a) |
255,489 |
$ 1,262,116 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 55.9% |
|||
Alternative Carriers - 10.6% |
|||
Cogent Communications Group, Inc. |
346,602 |
9,528,089 |
|
inContact, Inc. (a) |
284,800 |
2,067,648 |
|
Iridium Communications, Inc. (a)(d) |
391,276 |
2,789,798 |
|
Level 3 Communications, Inc. (a) |
448,178 |
9,604,455 |
|
Lumos Networks Corp. |
562,059 |
7,722,691 |
|
Premiere Global Services, Inc. (a) |
206,415 |
2,487,301 |
|
Towerstream Corp. (a) |
800,924 |
2,058,375 |
|
TW telecom, Inc. (a) |
301,557 |
8,603,421 |
|
Vonage Holdings Corp. (a) |
2,516,600 |
6,895,484 |
|
|
51,757,262 |
||
Integrated Telecommunication Services - 45.3% |
|||
AT&T, Inc. |
945,919 |
33,097,706 |
|
Atlantic Tele-Network, Inc. |
158,200 |
7,873,614 |
|
Cbeyond, Inc. (a) |
118,700 |
1,019,633 |
|
CenturyLink, Inc. |
682,854 |
23,319,464 |
|
Cincinnati Bell, Inc. (a) |
915,600 |
3,149,664 |
|
Consolidated Communications Holdings, Inc. |
66,298 |
1,128,392 |
|
Elephant Talk Communication, Inc. (a) |
247,290 |
182,995 |
|
Frontier Communications Corp. (d) |
3,088,975 |
12,788,357 |
|
General Communications, Inc. Class A (a) |
1,167,661 |
10,146,974 |
|
Hawaiian Telcom Holdco, Inc. (a) |
13,600 |
350,472 |
|
IDT Corp. Class B |
73,500 |
1,278,165 |
|
Koninklijke KPN NV |
735,837 |
1,425,042 |
|
Telecom Italia SpA |
7,500 |
5,806 |
|
Telefonica Brasil SA sponsored ADR |
273,463 |
6,757,271 |
|
Verizon Communications, Inc. |
2,367,047 |
114,754,434 |
|
Windstream Corp. (d) |
382,882 |
3,074,542 |
|
|
220,352,531 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
272,109,793 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9% |
|||
Electronic Manufacturing Services - 0.9% |
|||
Flextronics International Ltd. (a) |
591,200 |
4,410,352 |
|
|
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 0.9% |
|||
Internet Software & Services - 0.9% |
|||
Rackspace Hosting, Inc. (a) |
104,900 |
$ 3,936,897 |
|
Velti PLC (a) |
145,900 |
256,784 |
|
|
4,193,681 |
||
MEDIA - 2.9% |
|||
Cable & Satellite - 2.9% |
|||
Cablevision Systems Corp. - NY Group Class A |
325 |
4,914 |
|
Comcast Corp. Class A |
142,200 |
5,709,330 |
|
DISH Network Corp. Class A |
68,800 |
2,651,552 |
|
Liberty Global, Inc. Class A (a)(d) |
72,618 |
5,351,947 |
|
Time Warner Cable, Inc. |
3,400 |
324,734 |
|
|
14,042,477 |
||
REAL ESTATE INVESTMENT TRUSTS - 6.9% |
|||
Specialized REITs - 6.9% |
|||
American Tower Corp. |
429,311 |
33,417,568 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8% |
|||
Semiconductors - 0.8% |
|||
Broadcom Corp. Class A |
108,231 |
3,886,575 |
|
SOFTWARE - 0.4% |
|||
Application Software - 0.4% |
|||
Synchronoss Technologies, Inc. (a) |
63,103 |
1,978,279 |
|
WIRELESS TELECOMMUNICATION SERVICES - 29.8% |
|||
Wireless Telecommunication Services - 29.8% |
|||
Boingo Wireless, Inc. (a) |
309,315 |
2,242,534 |
|
Clearwire Corp. Class A (a) |
1,990,243 |
8,916,289 |
|
Crown Castle International Corp. (a) |
288,506 |
20,556,053 |
|
Leap Wireless International, Inc. (a)(d) |
316,200 |
1,786,530 |
|
Millicom International Cellular SA (depository receipt) |
30,100 |
2,415,417 |
|
Mobile TeleSystems OJSC sponsored ADR (d) |
129,594 |
2,497,276 |
|
NII Holdings, Inc. (a)(d) |
685,970 |
5,288,829 |
|
NTELOS Holdings Corp. |
47,054 |
770,274 |
|
NTT DoCoMo, Inc. |
2 |
2,922 |
|
SBA Communications Corp. Class A (a) |
366,656 |
27,598,197 |
|
Shenandoah Telecommunications Co. |
47,969 |
798,204 |
|
Softbank Corp. |
50,800 |
2,539,248 |
|
Sprint Nextel Corp. (a) |
2,914,135 |
21,273,186 |
|
T-Mobile US, Inc. (a) |
732,940 |
15,706,904 |
|
Telephone & Data Systems, Inc. |
583,300 |
13,561,725 |
|
TIM Participacoes SA |
285,500 |
1,090,387 |
|
U.S. Cellular Corp. |
91,900 |
3,648,430 |
|
Vodafone Group PLC sponsored ADR |
504,709 |
14,611,326 |
|
|
145,303,731 |
||
TOTAL COMMON STOCKS (Cost $481,164,145) |
|
||
Money Market Funds - 5.0% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
938,802 |
$ 938,802 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
23,483,876 |
23,483,876 |
|
TOTAL MONEY MARKET FUNDS (Cost $24,422,678) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $505,586,823) |
505,027,250 |
||
NET OTHER ASSETS (LIABILITIES) - (3.8)% |
(18,356,578) |
||
NET ASSETS - 100% |
$ 486,670,672 |
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 |
$ 4,938 |
Fidelity Securities Lending Cash Central Fund |
70,090 |
Total |
$ 75,028 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 480,604,572 |
$ 478,056,596 |
$ 2,547,976 |
$ - |
Money Market Funds |
24,422,678 |
24,422,678 |
- |
- |
Total Investments in Securities: |
$ 505,027,250 |
$ 502,479,274 |
$ 2,547,976 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $513,612,556. Net unrealized depreciation aggregated $8,585,306, of which $41,475,607 related to appreciated investment securities and $50,060,913 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 Management & Research Company (FMR) 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. |
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
May 31, 2013
1.802191.109
TEL-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 98.8% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.3% |
|||
Communications Equipment - 0.3% |
|||
Symmetricom, Inc. (a) |
255,489 |
$ 1,262,116 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 55.9% |
|||
Alternative Carriers - 10.6% |
|||
Cogent Communications Group, Inc. |
346,602 |
9,528,089 |
|
inContact, Inc. (a) |
284,800 |
2,067,648 |
|
Iridium Communications, Inc. (a)(d) |
391,276 |
2,789,798 |
|
Level 3 Communications, Inc. (a) |
448,178 |
9,604,455 |
|
Lumos Networks Corp. |
562,059 |
7,722,691 |
|
Premiere Global Services, Inc. (a) |
206,415 |
2,487,301 |
|
Towerstream Corp. (a) |
800,924 |
2,058,375 |
|
TW telecom, Inc. (a) |
301,557 |
8,603,421 |
|
Vonage Holdings Corp. (a) |
2,516,600 |
6,895,484 |
|
|
51,757,262 |
||
Integrated Telecommunication Services - 45.3% |
|||
AT&T, Inc. |
945,919 |
33,097,706 |
|
Atlantic Tele-Network, Inc. |
158,200 |
7,873,614 |
|
Cbeyond, Inc. (a) |
118,700 |
1,019,633 |
|
CenturyLink, Inc. |
682,854 |
23,319,464 |
|
Cincinnati Bell, Inc. (a) |
915,600 |
3,149,664 |
|
Consolidated Communications Holdings, Inc. |
66,298 |
1,128,392 |
|
Elephant Talk Communication, Inc. (a) |
247,290 |
182,995 |
|
Frontier Communications Corp. (d) |
3,088,975 |
12,788,357 |
|
General Communications, Inc. Class A (a) |
1,167,661 |
10,146,974 |
|
Hawaiian Telcom Holdco, Inc. (a) |
13,600 |
350,472 |
|
IDT Corp. Class B |
73,500 |
1,278,165 |
|
Koninklijke KPN NV |
735,837 |
1,425,042 |
|
Telecom Italia SpA |
7,500 |
5,806 |
|
Telefonica Brasil SA sponsored ADR |
273,463 |
6,757,271 |
|
Verizon Communications, Inc. |
2,367,047 |
114,754,434 |
|
Windstream Corp. (d) |
382,882 |
3,074,542 |
|
|
220,352,531 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
272,109,793 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9% |
|||
Electronic Manufacturing Services - 0.9% |
|||
Flextronics International Ltd. (a) |
591,200 |
4,410,352 |
|
|
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 0.9% |
|||
Internet Software & Services - 0.9% |
|||
Rackspace Hosting, Inc. (a) |
104,900 |
$ 3,936,897 |
|
Velti PLC (a) |
145,900 |
256,784 |
|
|
4,193,681 |
||
MEDIA - 2.9% |
|||
Cable & Satellite - 2.9% |
|||
Cablevision Systems Corp. - NY Group Class A |
325 |
4,914 |
|
Comcast Corp. Class A |
142,200 |
5,709,330 |
|
DISH Network Corp. Class A |
68,800 |
2,651,552 |
|
Liberty Global, Inc. Class A (a)(d) |
72,618 |
5,351,947 |
|
Time Warner Cable, Inc. |
3,400 |
324,734 |
|
|
14,042,477 |
||
REAL ESTATE INVESTMENT TRUSTS - 6.9% |
|||
Specialized REITs - 6.9% |
|||
American Tower Corp. |
429,311 |
33,417,568 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8% |
|||
Semiconductors - 0.8% |
|||
Broadcom Corp. Class A |
108,231 |
3,886,575 |
|
SOFTWARE - 0.4% |
|||
Application Software - 0.4% |
|||
Synchronoss Technologies, Inc. (a) |
63,103 |
1,978,279 |
|
WIRELESS TELECOMMUNICATION SERVICES - 29.8% |
|||
Wireless Telecommunication Services - 29.8% |
|||
Boingo Wireless, Inc. (a) |
309,315 |
2,242,534 |
|
Clearwire Corp. Class A (a) |
1,990,243 |
8,916,289 |
|
Crown Castle International Corp. (a) |
288,506 |
20,556,053 |
|
Leap Wireless International, Inc. (a)(d) |
316,200 |
1,786,530 |
|
Millicom International Cellular SA (depository receipt) |
30,100 |
2,415,417 |
|
Mobile TeleSystems OJSC sponsored ADR (d) |
129,594 |
2,497,276 |
|
NII Holdings, Inc. (a)(d) |
685,970 |
5,288,829 |
|
NTELOS Holdings Corp. |
47,054 |
770,274 |
|
NTT DoCoMo, Inc. |
2 |
2,922 |
|
SBA Communications Corp. Class A (a) |
366,656 |
27,598,197 |
|
Shenandoah Telecommunications Co. |
47,969 |
798,204 |
|
Softbank Corp. |
50,800 |
2,539,248 |
|
Sprint Nextel Corp. (a) |
2,914,135 |
21,273,186 |
|
T-Mobile US, Inc. (a) |
732,940 |
15,706,904 |
|
Telephone & Data Systems, Inc. |
583,300 |
13,561,725 |
|
TIM Participacoes SA |
285,500 |
1,090,387 |
|
U.S. Cellular Corp. |
91,900 |
3,648,430 |
|
Vodafone Group PLC sponsored ADR |
504,709 |
14,611,326 |
|
|
145,303,731 |
||
TOTAL COMMON STOCKS (Cost $481,164,145) |
|
||
Money Market Funds - 5.0% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.12% (b) |
938,802 |
$ 938,802 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
23,483,876 |
23,483,876 |
|
TOTAL MONEY MARKET FUNDS (Cost $24,422,678) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $505,586,823) |
505,027,250 |
||
NET OTHER ASSETS (LIABILITIES) - (3.8)% |
(18,356,578) |
||
NET ASSETS - 100% |
$ 486,670,672 |
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 |
$ 4,938 |
Fidelity Securities Lending Cash Central Fund |
70,090 |
Total |
$ 75,028 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 480,604,572 |
$ 478,056,596 |
$ 2,547,976 |
$ - |
Money Market Funds |
24,422,678 |
24,422,678 |
- |
- |
Total Investments in Securities: |
$ 505,027,250 |
$ 502,479,274 |
$ 2,547,976 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $513,612,556. Net unrealized depreciation aggregated $8,585,306, of which $41,475,607 related to appreciated investment securities and $50,060,913 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor® Select
Consumer Staples Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2013
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Consumer Staples Portfolio
1.851744.106
ACSF-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.9% |
|||
Shares |
Value |
||
BEVERAGES - 25.1% |
|||
Brewers - 3.7% |
|||
Anheuser-Busch InBev SA NV |
484,728 |
$ 44,636,348 |
|
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR |
305,722 |
11,638,837 |
|
SABMiller PLC |
734,900 |
37,183,015 |
|
|
93,458,200 |
||
Distillers & Vintners - 6.1% |
|||
Diageo PLC sponsored ADR |
521,583 |
61,682,406 |
|
Pernod Ricard SA |
426,601 |
51,394,255 |
|
Remy Cointreau SA |
336,570 |
39,012,402 |
|
|
152,089,063 |
||
Soft Drinks - 15.3% |
|||
Coca-Cola Bottling Co. CONSOLIDATED |
100,860 |
6,030,419 |
|
Coca-Cola FEMSA S.A.B. de CV sponsored ADR |
34,829 |
5,096,876 |
|
Coca-Cola HBC AG sponsored ADR (a) |
75,006 |
1,959,157 |
|
Coca-Cola Icecek A/S |
355,162 |
10,858,758 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
58,589 |
1,748,882 |
|
sponsored ADR |
241,600 |
9,241,200 |
|
Fomento Economico Mexicano S.A.B. de CV sponsored ADR |
76,087 |
8,262,287 |
|
PepsiCo, Inc. |
561,623 |
45,362,290 |
|
The Coca-Cola Co. |
7,311,616 |
292,391,524 |
|
|
380,951,393 |
||
TOTAL BEVERAGES |
626,498,656 |
||
FOOD & STAPLES RETAILING - 18.7% |
|||
Drug Retail - 10.5% |
|||
CVS Caremark Corp. |
3,770,221 |
217,089,325 |
|
Drogasil SA |
534,300 |
5,657,822 |
|
Walgreen Co. |
825,860 |
39,443,074 |
|
|
262,190,221 |
||
Food Distributors - 0.2% |
|||
Chefs' Warehouse Holdings (a) |
351,129 |
6,629,316 |
|
Food Retail - 4.5% |
|||
Fresh Market, Inc. (a) |
199,428 |
9,879,663 |
|
Kroger Co. |
2,886,702 |
97,195,256 |
|
The Pantry, Inc. (a) |
411,235 |
5,144,550 |
|
|
112,219,469 |
||
Hypermarkets & Super Centers - 3.5% |
|||
Costco Wholesale Corp. |
64,200 |
7,040,814 |
|
Wal-Mart Stores, Inc. |
1,065,721 |
79,758,560 |
|
|
86,799,374 |
||
TOTAL FOOD & STAPLES RETAILING |
467,838,380 |
||
|
|||
Shares |
Value |
||
FOOD PRODUCTS - 11.1% |
|||
Agricultural Products - 3.3% |
|||
Archer Daniels Midland Co. |
711,863 |
$ 22,943,344 |
|
Bunge Ltd. |
770,543 |
53,629,793 |
|
First Resources Ltd. |
1,413,000 |
2,117,108 |
|
SLC Agricola SA |
253,600 |
2,203,519 |
|
|
80,893,764 |
||
Packaged Foods & Meats - 7.8% |
|||
Amira Nature Foods Ltd. |
280,270 |
2,497,206 |
|
Annie's, Inc. (a) |
168,287 |
6,548,047 |
|
Green Mountain Coffee Roasters, Inc. (a) |
290,737 |
21,261,597 |
|
Hain Celestial Group, Inc. (a)(d) |
167,489 |
11,158,117 |
|
Lindt & Spruengli AG |
141 |
6,030,745 |
|
Marfrig Frigor E Com de Alabama SA (a) |
1,208,100 |
4,174,031 |
|
Mead Johnson Nutrition Co. Class A |
558,016 |
45,238,357 |
|
Nestle SA |
491,080 |
32,531,415 |
|
Orion Corp. |
2,360 |
2,260,396 |
|
TreeHouse Foods, Inc. (a) |
112,100 |
7,340,308 |
|
Ulker Biskuvi Sanayi A/S |
728,525 |
5,583,089 |
|
Unilever NV (NY Reg.) |
1,121,550 |
45,736,809 |
|
Want Want China Holdings Ltd. |
1,511,000 |
2,222,229 |
|
WhiteWave Foods Co. Class A |
143,605 |
2,504,471 |
|
|
195,086,817 |
||
TOTAL FOOD PRODUCTS |
275,980,581 |
||
HOUSEHOLD DURABLES - 0.3% |
|||
Housewares & Specialties - 0.3% |
|||
Tupperware Brands Corp. |
81,400 |
6,591,772 |
|
HOUSEHOLD PRODUCTS - 13.7% |
|||
Household Products - 13.7% |
|||
Colgate-Palmolive Co. |
850,584 |
49,197,779 |
|
Procter & Gamble Co. |
3,750,258 |
287,869,804 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
202,600 |
5,062,438 |
|
|
342,130,021 |
||
PERSONAL PRODUCTS - 2.5% |
|||
Personal Products - 2.5% |
|||
Hengan International Group Co. Ltd. |
604,500 |
6,684,921 |
|
Herbalife Ltd. |
128,590 |
6,001,295 |
|
L'Oreal SA |
187,400 |
31,749,760 |
|
Natura Cosmeticos SA |
62,600 |
1,476,294 |
|
Nu Skin Enterprises, Inc. Class A (d) |
298,105 |
17,528,574 |
|
|
63,440,844 |
||
PHARMACEUTICALS - 1.7% |
|||
Pharmaceuticals - 1.7% |
|||
Johnson & Johnson |
503,697 |
42,401,213 |
|
TOBACCO - 24.8% |
|||
Tobacco - 24.8% |
|||
Altria Group, Inc. |
3,489,999 |
125,988,964 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
British American Tobacco PLC sponsored ADR (d) |
3,300,343 |
$ 362,278,648 |
|
Imperial Tobacco Group PLC |
183,812 |
6,621,823 |
|
ITC Ltd. |
1,160,425 |
6,965,803 |
|
Japan Tobacco, Inc. |
205,300 |
6,986,977 |
|
Lorillard, Inc. |
403,133 |
17,108,965 |
|
Philip Morris International, Inc. |
926,132 |
84,194,660 |
|
Souza Cruz SA |
614,600 |
8,272,910 |
|
|
618,418,750 |
||
TOTAL COMMON STOCKS (Cost $1,801,308,684) |
|
||
Money Market Funds - 2.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
54,604,430 |
54,604,430 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
12,881,825 |
12,881,825 |
|
TOTAL MONEY MARKET FUNDS (Cost $67,486,255) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,868,794,939) |
2,510,786,472 |
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(14,681,402) |
||
NET ASSETS - 100% |
$ 2,496,105,070 |
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 |
$ 43,454 |
Fidelity Securities Lending Cash Central Fund |
179,627 |
Total |
$ 223,081 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 2,443,300,217 |
$ 2,338,895,020 |
$ 104,405,197 |
$ - |
Money Market Funds |
67,486,255 |
67,486,255 |
- |
- |
Total Investments in Securities: |
$ 2,510,786,472 |
$ 2,406,381,275 |
$ 104,405,197 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,871,564,188. Net unrealized appreciation aggregated $639,222,284, of which $644,247,439 related to appreciated investment securities and $5,025,155 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 Management & Research Company (FMR) 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. |
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
May 31, 2013
1.802172.109
FOO-QTLY-0713
Showing Percentage of Net Assets
Common Stocks - 97.9% |
|||
Shares |
Value |
||
BEVERAGES - 25.1% |
|||
Brewers - 3.7% |
|||
Anheuser-Busch InBev SA NV |
484,728 |
$ 44,636,348 |
|
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR |
305,722 |
11,638,837 |
|
SABMiller PLC |
734,900 |
37,183,015 |
|
|
93,458,200 |
||
Distillers & Vintners - 6.1% |
|||
Diageo PLC sponsored ADR |
521,583 |
61,682,406 |
|
Pernod Ricard SA |
426,601 |
51,394,255 |
|
Remy Cointreau SA |
336,570 |
39,012,402 |
|
|
152,089,063 |
||
Soft Drinks - 15.3% |
|||
Coca-Cola Bottling Co. CONSOLIDATED |
100,860 |
6,030,419 |
|
Coca-Cola FEMSA S.A.B. de CV sponsored ADR |
34,829 |
5,096,876 |
|
Coca-Cola HBC AG sponsored ADR (a) |
75,006 |
1,959,157 |
|
Coca-Cola Icecek A/S |
355,162 |
10,858,758 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
58,589 |
1,748,882 |
|
sponsored ADR |
241,600 |
9,241,200 |
|
Fomento Economico Mexicano S.A.B. de CV sponsored ADR |
76,087 |
8,262,287 |
|
PepsiCo, Inc. |
561,623 |
45,362,290 |
|
The Coca-Cola Co. |
7,311,616 |
292,391,524 |
|
|
380,951,393 |
||
TOTAL BEVERAGES |
626,498,656 |
||
FOOD & STAPLES RETAILING - 18.7% |
|||
Drug Retail - 10.5% |
|||
CVS Caremark Corp. |
3,770,221 |
217,089,325 |
|
Drogasil SA |
534,300 |
5,657,822 |
|
Walgreen Co. |
825,860 |
39,443,074 |
|
|
262,190,221 |
||
Food Distributors - 0.2% |
|||
Chefs' Warehouse Holdings (a) |
351,129 |
6,629,316 |
|
Food Retail - 4.5% |
|||
Fresh Market, Inc. (a) |
199,428 |
9,879,663 |
|
Kroger Co. |
2,886,702 |
97,195,256 |
|
The Pantry, Inc. (a) |
411,235 |
5,144,550 |
|
|
112,219,469 |
||
Hypermarkets & Super Centers - 3.5% |
|||
Costco Wholesale Corp. |
64,200 |
7,040,814 |
|
Wal-Mart Stores, Inc. |
1,065,721 |
79,758,560 |
|
|
86,799,374 |
||
TOTAL FOOD & STAPLES RETAILING |
467,838,380 |
||
|
|||
Shares |
Value |
||
FOOD PRODUCTS - 11.1% |
|||
Agricultural Products - 3.3% |
|||
Archer Daniels Midland Co. |
711,863 |
$ 22,943,344 |
|
Bunge Ltd. |
770,543 |
53,629,793 |
|
First Resources Ltd. |
1,413,000 |
2,117,108 |
|
SLC Agricola SA |
253,600 |
2,203,519 |
|
|
80,893,764 |
||
Packaged Foods & Meats - 7.8% |
|||
Amira Nature Foods Ltd. |
280,270 |
2,497,206 |
|
Annie's, Inc. (a) |
168,287 |
6,548,047 |
|
Green Mountain Coffee Roasters, Inc. (a) |
290,737 |
21,261,597 |
|
Hain Celestial Group, Inc. (a)(d) |
167,489 |
11,158,117 |
|
Lindt & Spruengli AG |
141 |
6,030,745 |
|
Marfrig Frigor E Com de Alabama SA (a) |
1,208,100 |
4,174,031 |
|
Mead Johnson Nutrition Co. Class A |
558,016 |
45,238,357 |
|
Nestle SA |
491,080 |
32,531,415 |
|
Orion Corp. |
2,360 |
2,260,396 |
|
TreeHouse Foods, Inc. (a) |
112,100 |
7,340,308 |
|
Ulker Biskuvi Sanayi A/S |
728,525 |
5,583,089 |
|
Unilever NV (NY Reg.) |
1,121,550 |
45,736,809 |
|
Want Want China Holdings Ltd. |
1,511,000 |
2,222,229 |
|
WhiteWave Foods Co. Class A |
143,605 |
2,504,471 |
|
|
195,086,817 |
||
TOTAL FOOD PRODUCTS |
275,980,581 |
||
HOUSEHOLD DURABLES - 0.3% |
|||
Housewares & Specialties - 0.3% |
|||
Tupperware Brands Corp. |
81,400 |
6,591,772 |
|
HOUSEHOLD PRODUCTS - 13.7% |
|||
Household Products - 13.7% |
|||
Colgate-Palmolive Co. |
850,584 |
49,197,779 |
|
Procter & Gamble Co. |
3,750,258 |
287,869,804 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
202,600 |
5,062,438 |
|
|
342,130,021 |
||
PERSONAL PRODUCTS - 2.5% |
|||
Personal Products - 2.5% |
|||
Hengan International Group Co. Ltd. |
604,500 |
6,684,921 |
|
Herbalife Ltd. |
128,590 |
6,001,295 |
|
L'Oreal SA |
187,400 |
31,749,760 |
|
Natura Cosmeticos SA |
62,600 |
1,476,294 |
|
Nu Skin Enterprises, Inc. Class A (d) |
298,105 |
17,528,574 |
|
|
63,440,844 |
||
PHARMACEUTICALS - 1.7% |
|||
Pharmaceuticals - 1.7% |
|||
Johnson & Johnson |
503,697 |
42,401,213 |
|
TOBACCO - 24.8% |
|||
Tobacco - 24.8% |
|||
Altria Group, Inc. |
3,489,999 |
125,988,964 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
British American Tobacco PLC sponsored ADR (d) |
3,300,343 |
$ 362,278,648 |
|
Imperial Tobacco Group PLC |
183,812 |
6,621,823 |
|
ITC Ltd. |
1,160,425 |
6,965,803 |
|
Japan Tobacco, Inc. |
205,300 |
6,986,977 |
|
Lorillard, Inc. |
403,133 |
17,108,965 |
|
Philip Morris International, Inc. |
926,132 |
84,194,660 |
|
Souza Cruz SA |
614,600 |
8,272,910 |
|
|
618,418,750 |
||
TOTAL COMMON STOCKS (Cost $1,801,308,684) |
|
||
Money Market Funds - 2.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.12% (b) |
54,604,430 |
54,604,430 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
12,881,825 |
12,881,825 |
|
TOTAL MONEY MARKET FUNDS (Cost $67,486,255) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,868,794,939) |
2,510,786,472 |
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(14,681,402) |
||
NET ASSETS - 100% |
$ 2,496,105,070 |
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 |
$ 43,454 |
Fidelity Securities Lending Cash Central Fund |
179,627 |
Total |
$ 223,081 |
Other Information |
The following is a summary of the inputs used, as of May 31, 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 |
$ 2,443,300,217 |
$ 2,338,895,020 |
$ 104,405,197 |
$ - |
Money Market Funds |
67,486,255 |
67,486,255 |
- |
- |
Total Investments in Securities: |
$ 2,510,786,472 |
$ 2,406,381,275 |
$ 104,405,197 |
$ - |
Income Tax Information |
At May 31, 2013, the cost of investment securities for income tax purposes was $1,871,564,188. Net unrealized appreciation aggregated $639,222,284, of which $644,247,439 related to appreciated investment securities and $5,025,155 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 Management & Research Company (FMR) 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. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Item 2. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 3. Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
By: |
/s/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
July 30, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
July 30, 2013 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
July 30, 2013 |
Exhibit EX-99.CERT
I, Kenneth B. Robins, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 30, 2013
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 30, 2013
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |