N-Q 1 parta_select.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

Fidelity Select Portfolios
 (Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

 

 

Date of reporting period:

April 30, 2014

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Telecom and
Utilities Fund

April 30, 2014 

1.800364.110

UIF-QTLY-0614

Investments April 30, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 2.4%

Media - 2.4%

DISH Network Corp. Class A (a)

245,300

$ 13,948

Liberty Global PLC:

Class A (a)

130,900

5,212

Class C

130,900

5,030

 

24,190

ENERGY - 10.8%

Oil, Gas & Consumable Fuels - 10.8%

Cheniere Energy Partners LP Holdings LLC

1,147,600

25,247

Cheniere Energy, Inc. (a)

370,400

20,909

Enable Midstream Partners LP

59,400

1,470

Energen Corp.

192,300

14,982

Energy Transfer Equity LP

648,174

30,198

Plains GP Holdings LP Class A

653,200

18,009

 

110,815

TELECOMMUNICATION SERVICES - 33.7%

Diversified Telecommunication Services - 27.7%

FairPoint Communications, Inc. (a)

432,711

5,902

Level 3 Communications, Inc. (a)

353,736

15,221

TW Telecom, Inc. (a)

672,364

20,635

Verizon Communications, Inc.

5,170,212

241,606

 

283,364

Wireless Telecommunication Services - 6.0%

Sprint Corp. (a)

1,710,257

14,537

T-Mobile U.S., Inc. (a)

739,348

21,656

Telephone & Data Systems, Inc.

581,060

15,799

Vodafone Group PLC sponsored ADR

260,900

9,904

 

61,896

TOTAL TELECOMMUNICATION SERVICES

345,260

UTILITIES - 53.0%

Electric Utilities - 28.4%

American Electric Power Co., Inc.

507,100

27,287

Edison International

493,320

27,902

Exelon Corp.

572,300

20,048

ITC Holdings Corp.

214,500

7,930

NextEra Energy, Inc.

970,700

96,924

NRG Yield, Inc. Class A (d)

501,746

21,495

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

OGE Energy Corp.

1,313,008

$ 49,015

PPL Corp.

1,205,700

40,198

 

290,799

Independent Power Producers & Energy Traders - 7.6%

Calpine Corp. (a)

1,172,020

26,874

Dynegy, Inc. (a)

256,500

7,297

NRG Energy, Inc.

1,332,401

43,596

 

77,767

Multi-Utilities - 17.0%

CenterPoint Energy, Inc.

475,700

11,778

Dominion Resources, Inc.

925,961

67,169

NiSource, Inc.

494,603

17,964

PG&E Corp.

408,008

18,597

Sempra Energy

596,010

58,773

 

174,281

TOTAL UTILITIES

542,847

TOTAL COMMON STOCKS

(Cost $888,797)


1,023,112

Money Market Funds - 2.1%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

3,055,238

3,055

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)

18,040,000

18,040

TOTAL MONEY MARKET FUNDS

(Cost $21,095)


21,095

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $909,892)

1,044,207

NET OTHER ASSETS (LIABILITIES) - (2.0)%

(20,591)

NET ASSETS - 100%

$ 1,023,616

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 2

Fidelity Securities Lending Cash Central Fund

6

Total

$ 8

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 April 30, 2014, the cost of investment securities for income tax purposes was $910,198,000. Net unrealized appreciation aggregated $134,009,000, of which $151,472,000 related to appreciated investment securities and $17,463,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Select Portfolios

By:

/s/Adrien E. Deberghes

 

Adrien E. Deberghes

 

President and Treasurer

 

 

Date:

June 27, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Adrien E. Deberghes

 

Adrien E. Deberghes

 

President and Treasurer

 

 

Date:

June 27, 2014

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 27, 2014