UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-3114
Fidelity Select Portfolios
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | February 28 |
|
|
Date of reporting period: | May 31, 2016 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Air Transportation Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.8% | |||
Shares | Value | ||
Aerospace & Defense - 25.2% | |||
Aerospace & Defense - 25.2% | |||
BE Aerospace, Inc. | 239,500 | $11,409,780 | |
Bombardier, Inc. Class B (sub. vtg.) (a) | 1,031,900 | 1,550,191 | |
Moog, Inc. Class A (a) | 46,100 | 2,486,173 | |
Rockwell Collins, Inc. | 36,000 | 3,182,400 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 377,200 | 17,645,416 | |
Textron, Inc. | 348,900 | 13,279,134 | |
The Boeing Co. | 189,700 | 23,930,655 | |
TransDigm Group, Inc. (a) | 6,800 | 1,792,072 | |
Triumph Group, Inc. | 224,900 | 8,485,477 | |
83,761,298 | |||
Air Freight & Logistics - 26.6% | |||
Air Freight & Logistics - 26.6% | |||
Air Transport Services Group, Inc. (a) | 269,300 | 3,406,645 | |
Atlas Air Worldwide Holdings, Inc. (a) | 70,947 | 3,110,316 | |
C.H. Robinson Worldwide, Inc. | 256,500 | 19,232,370 | |
Expeditors International of Washington, Inc. | 78,400 | 3,806,320 | |
FedEx Corp. | 102,600 | 16,925,922 | |
Forward Air Corp. | 131,000 | 5,959,190 | |
Hub Group, Inc. Class A (a) | 43,978 | 1,760,000 | |
Park-Ohio Holdings Corp. | 76,790 | 2,345,935 | |
United Parcel Service, Inc. Class B | 309,000 | 31,854,811 | |
88,401,509 | |||
Airlines - 41.9% | |||
Airlines - 41.9% | |||
Air Canada (a) | 898,300 | 6,596,735 | |
Alaska Air Group, Inc. | 63,500 | 4,216,400 | |
Allegiant Travel Co. | 21,900 | 3,044,538 | |
American Airlines Group, Inc. | 498,500 | 15,907,135 | |
Chorus Aviation, Inc. Class B | 958,746 | 4,584,083 | |
Dart Group PLC | 94,086 | 883,707 | |
Delta Air Lines, Inc. | 314,302 | 13,659,565 | |
Exchange Income Corp. (b) | 187,300 | 4,484,859 | |
Hawaiian Holdings, Inc. (a) | 158,300 | 6,404,818 | |
JetBlue Airways Corp. (a) | 329,723 | 5,911,933 | |
Ryanair Holdings PLC sponsored ADR | 92,200 | 8,058,280 | |
SkyWest, Inc. | 224,100 | 5,288,760 | |
Southwest Airlines Co. | 708,700 | 30,105,576 | |
Spirit Airlines, Inc. (a) | 300,500 | 13,062,735 | |
United Continental Holdings, Inc. (a) | 174,885 | 7,885,565 | |
Virgin America, Inc. (a) | 42,800 | 2,395,944 | |
WestJet Airlines Ltd. | 379,900 | 6,819,572 | |
139,310,205 | |||
Machinery - 0.4% | |||
Industrial Machinery - 0.4% | |||
Global Brass & Copper Holdings, Inc. | 54,687 | 1,492,408 | |
Transportation Infrastructure - 0.7% | |||
Airport Services - 0.7% | |||
Wesco Aircraft Holdings, Inc. (a) | 176,500 | 2,486,885 | |
TOTAL COMMON STOCKS | |||
(Cost $261,527,949) | 315,452,305 | ||
Nonconvertible Preferred Stocks - 1.9% | |||
Aerospace & Defense - 1.9% | |||
Aerospace & Defense - 1.9% | |||
Embraer SA sponsored ADR | |||
(Cost $7,702,981) | 301,000 | 6,266,820 | |
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 0.40% (c) | 5,678,000 | 5,678,000 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 3,780,000 | 3,780,000 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,458,000) | 9,458,000 | ||
TOTAL INVESTMENT PORTFOLIO - 99.5% | |||
(Cost $278,688,930) | 331,177,125 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 1,612,207 | ||
NET ASSETS - 100% | $332,789,332 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $9,045 |
Fidelity Securities Lending Cash Central Fund | 5,472 |
Total | $14,517 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $280,955,816. Net unrealized appreciation aggregated $50,221,309, of which $60,584,139 related to appreciated investment securities and $10,362,830 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Automotive Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
Auto Components - 32.5% | |||
Auto Parts & Equipment - 32.5% | |||
BorgWarner, Inc. | 91,710 | $3,120,891 | |
Continental AG | 6,200 | 1,330,017 | |
Delphi Automotive PLC | 56,158 | 3,816,498 | |
Magna International, Inc. Class A (sub. vtg.) | 51,168 | 2,077,779 | |
NGK Spark Plug Co. Ltd. | 141,200 | 2,709,910 | |
Schaeffler AG | 104,300 | 1,682,716 | |
Stoneridge, Inc. (a) | 63,540 | 1,042,691 | |
Tenneco, Inc. (a) | 57,806 | 3,105,338 | |
Visteon Corp. | 33,140 | 2,484,837 | |
21,370,677 | |||
Automobiles - 54.4% | |||
Automobile Manufacturers - 53.4% | |||
Ford Motor Co. | 395,031 | 5,328,968 | |
General Motors Co. | 317,014 | 9,916,199 | |
Honda Motor Co. Ltd. sponsored ADR (b) | 43,895 | 1,228,182 | |
Renault SA | 34,300 | 3,218,743 | |
Tata Motors Ltd. sponsored ADR (a) | 68,240 | 2,285,358 | |
Tesla Motors, Inc. (a)(b) | 30,200 | 6,741,546 | |
Toyota Motor Corp. sponsored ADR (b) | 62,017 | 6,413,178 | |
35,132,174 | |||
Motorcycle Manufacturers - 1.0% | |||
Harley-Davidson, Inc. | 14,820 | 687,500 | |
TOTAL AUTOMOBILES | 35,819,674 | ||
Commercial Services & Supplies - 2.1% | |||
Diversified Support Services - 2.1% | |||
KAR Auction Services, Inc. | 33,280 | 1,365,811 | |
Electronic Equipment & Components - 1.5% | |||
Electronic Equipment & Instruments - 1.5% | |||
Research Frontiers, Inc. (a)(b) | 234,250 | 953,398 | |
Household Durables - 4.2% | |||
Consumer Electronics - 4.2% | |||
Harman International Industries, Inc. | 35,640 | 2,788,474 | |
Software - 4.1% | |||
Application Software - 4.1% | |||
Mobileye NV (a)(b) | 71,600 | 2,718,652 | |
TOTAL COMMON STOCKS | |||
(Cost $47,169,076) | 65,016,686 | ||
Money Market Funds - 24.9% | |||
Fidelity Cash Central Fund, 0.40% (c) | 668,265 | 668,265 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 15,699,550 | 15,699,550 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $16,367,815) | 16,367,815 | ||
TOTAL INVESTMENT PORTFOLIO - 123.7% | |||
(Cost $63,536,891) | 81,384,501 | ||
NET OTHER ASSETS (LIABILITIES) - (23.7)% | (15,586,040) | ||
NET ASSETS - 100% | $65,798,461 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $1,516 |
Fidelity Securities Lending Cash Central Fund | 86,331 |
Total | $87,847 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $65,016,686 | $62,306,776 | $2,709,910 | $-- |
Money Market Funds | 16,367,815 | 16,367,815 | -- | -- |
Total Investments in Securities: | $81,384,501 | $78,674,591 | $2,709,910 | $-- |
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. The Board of Trustees Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $64,035,910. Net unrealized appreciation aggregated $17,348,591, of which $20,074,142 related to appreciated investment securities and $2,725,551 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Banking Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% | |||
Shares | Value | ||
Banks - 81.8% | |||
Diversified Banks - 36.1% | |||
Aldermore Group PLC (a) | 1,030,600 | $3,225,659 | |
Bank of America Corp. | 2,395,100 | 35,423,529 | |
Citigroup, Inc. | 674,700 | 31,420,779 | |
Comerica, Inc. | 221,100 | 10,413,810 | |
JPMorgan Chase & Co. | 492,200 | 32,125,894 | |
Lloyds Banking Group PLC | 5,707,300 | 5,941,005 | |
U.S. Bancorp | 1,128,000 | 48,300,960 | |
Wells Fargo & Co. | 1,258,192 | 63,815,499 | |
230,667,135 | |||
Regional Banks - 45.7% | |||
1st Source Corp. | 200,760 | 6,803,756 | |
Bank of the Ozarks, Inc. | 627,400 | 24,412,134 | |
Bryn Mawr Bank Corp. | 133,500 | 3,903,540 | |
C1 Financial, Inc. (a) | 50,300 | 1,199,655 | |
Camden National Corp. | 50,084 | 2,154,614 | |
Central Valley Community Bancorp | 58,832 | 808,352 | |
CIT Group, Inc. | 134,500 | 4,607,970 | |
Commerce Bancshares, Inc. | 219,854 | 10,757,456 | |
Community Trust Bancorp, Inc. | 175,850 | 6,344,668 | |
CVB Financial Corp. | 542,400 | 9,519,120 | |
First Citizen Bancshares, Inc. | 37,000 | 9,585,220 | |
Hilltop Holdings, Inc. (a) | 231,600 | 4,733,904 | |
Huntington Bancshares, Inc. | 2,257,800 | 23,594,010 | |
M&T Bank Corp. | 245,900 | 29,385,050 | |
PacWest Bancorp | 295,836 | 12,330,444 | |
PNC Financial Services Group, Inc. | 123,541 | 11,086,569 | |
Preferred Bank, Los Angeles | 231,055 | 7,606,331 | |
Prosperity Bancshares, Inc. | 261,700 | 14,092,545 | |
Regions Financial Corp. | 2,476,000 | 24,339,080 | |
SunTrust Banks, Inc. | 744,600 | 32,628,372 | |
SVB Financial Group (a) | 138,000 | 15,207,600 | |
Valley National Bancorp | 661,800 | 6,306,954 | |
WesBanco, Inc. | 260,400 | 8,504,664 | |
Wilshire Bancorp, Inc. | 1,018,800 | 11,644,884 | |
Zions Bancorporation | 363,950 | 10,197,879 | |
291,754,771 | |||
TOTAL BANKS | 522,421,906 | ||
Capital Markets - 3.4% | |||
Asset Management & Custody Banks - 1.6% | |||
Northern Trust Corp. | 87,800 | 6,505,980 | |
The Blackstone Group LP | 132,700 | 3,475,413 | |
9,981,393 | |||
Diversified Capital Markets - 0.6% | |||
UBS Group AG | 248,200 | 3,819,798 | |
Investment Banking & Brokerage - 1.2% | |||
Goldman Sachs Group, Inc. | 49,400 | 7,878,312 | |
TOTAL CAPITAL MARKETS | 21,679,503 | ||
Consumer Finance - 7.1% | |||
Consumer Finance - 7.1% | |||
Capital One Financial Corp. | 303,100 | 22,199,044 | |
Discover Financial Services | 249,200 | 14,157,052 | |
SLM Corp. (a) | 540,000 | 3,709,800 | |
Synchrony Financial (a) | 161,700 | 5,045,040 | |
45,110,936 | |||
Diversified Financial Services - 0.7% | |||
Specialized Finance - 0.7% | |||
Element Financial Corp. (b) | 385,600 | 4,522,460 | |
Insurance - 1.5% | |||
Property & Casualty Insurance - 1.5% | |||
First American Financial Corp. | 117,100 | 4,477,904 | |
FNF Group | 148,800 | 5,200,560 | |
9,678,464 | |||
Thrifts & Mortgage Finance - 1.9% | |||
Thrifts & Mortgage Finance - 1.9% | |||
Essent Group Ltd. (a) | 241,600 | 5,281,376 | |
Meridian Bancorp, Inc. | 470,265 | 7,053,975 | |
12,335,351 | |||
Trading Companies & Distributors - 0.8% | |||
Trading Companies & Distributors - 0.8% | |||
AerCap Holdings NV (a) | 129,900 | 5,077,791 | |
TOTAL COMMON STOCKS | |||
(Cost $538,176,595) | 620,826,411 | ||
Money Market Funds - 2.6% | |||
Fidelity Cash Central Fund, 0.40% (c) | 14,355,031 | 14,355,031 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 2,336,160 | 2,336,160 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $16,691,191) | 16,691,191 | ||
TOTAL INVESTMENT PORTFOLIO - 99.8% | |||
(Cost $554,867,786) | 637,517,602 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 1,520,802 | ||
NET ASSETS - 100% | $639,038,404 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $7,400 |
Fidelity Securities Lending Cash Central Fund | 8,234 |
Total | $15,634 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $620,826,411 | $614,885,406 | $5,941,005 | $-- |
Money Market Funds | 16,691,191 | 16,691,191 | -- | -- |
Total Investments in Securities: | $637,517,602 | $631,576,597 | $5,941,005 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $557,789,435 Net unrealized appreciation aggregated $79,728,167, of which $92,917,696 related to appreciated investment securities and $13,189,529 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Biotechnology Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
Biotechnology - 86.5% | |||
Biotechnology - 86.5% | |||
ACADIA Pharmaceuticals, Inc. (a)(b) | 4,780,980 | $169,390,121 | |
Acceleron Pharma, Inc. (a)(c) | 3,430,732 | 117,365,342 | |
Achillion Pharmaceuticals, Inc. (a)(b) | 6,597,300 | 61,684,755 | |
Acorda Therapeutics, Inc. (a)(c) | 2,492,411 | 70,909,093 | |
Actelion Ltd. | 549,423 | 90,151,802 | |
Adamas Pharmaceuticals, Inc. (a)(c) | 1,978,833 | 33,283,971 | |
Adaptimmune Therapeutics PLC sponsored ADR (b) | 3,497,755 | 35,991,899 | |
ADMA Biologics, Inc. (a) | 372,800 | 2,889,200 | |
Aduro Biotech, Inc. (a) | 1,015,637 | 12,482,179 | |
Aduro Biotech, Inc. (d) | 1,711,378 | 21,032,836 | |
Adverum Biotechnologies, Inc. (a) | 657,857 | 2,973,514 | |
Aegerion Pharmaceuticals, Inc. (a)(b)(c) | 1,880,749 | 3,347,733 | |
Agenus, Inc. (a)(b) | 2,100,518 | 8,864,186 | |
Agenus, Inc. warrants 1/9/18 (a) | 1,548,000 | 5,588 | |
Agios Pharmaceuticals, Inc. (a) | 287,590 | 16,090,661 | |
Aimmune Therapeutics, Inc. (a)(b)(c) | 1,035,027 | 15,887,664 | |
Aimmune Therapeutics, Inc. (c)(d) | 2,173,892 | 33,369,242 | |
Akebia Therapeutics, Inc. (a)(b) | 1,663,778 | 14,824,262 | |
Alder Biopharmaceuticals, Inc. (a)(b)(c) | 3,213,343 | 96,625,224 | |
Aldeyra Therapeutics, Inc. (a)(b)(c) | 1,211,252 | 7,037,374 | |
Alexion Pharmaceuticals, Inc. (a) | 3,954,503 | 596,734,503 | |
Alkermes PLC (a) | 2,521,111 | 117,004,762 | |
Alnylam Pharmaceuticals, Inc. (a) | 1,811,378 | 129,912,030 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 1,697,477 | 36,393,907 | |
Amarin Corp. PLC ADR (a)(b) | 1,661,031 | 3,454,944 | |
Amgen, Inc. | 34,486 | 5,447,064 | |
Amicus Therapeutics, Inc. (a)(b) | 3,953,862 | 27,993,343 | |
Anacor Pharmaceuticals, Inc. (a) | 1,614,553 | 160,325,113 | |
Applied Genetic Technologies Corp. (a)(c) | 1,270,994 | 21,861,097 | |
Ardelyx, Inc. (a)(b)(c) | 3,024,348 | 27,672,784 | |
ARIAD Pharmaceuticals, Inc. (a)(b) | 3,096,651 | 27,405,361 | |
Array BioPharma, Inc. (a) | 2,467,696 | 9,303,214 | |
Ascendis Pharma A/S sponsored ADR (a) | 142,632 | 1,959,764 | |
Asterias Biotherapeutics, Inc. (a)(b) | 596,713 | 1,873,679 | |
Asterias Biotherapeutics, Inc. warrants 9/30/16 (a) | 119,342 | 66,832 | |
Atara Biotherapeutics, Inc. (a)(b)(c) | 1,946,020 | 35,242,422 | |
aTyr Pharma, Inc. (a)(b) | 201,820 | 668,024 | |
aTyr Pharma, Inc. (d) | 675,659 | 2,236,431 | |
Axovant Sciences Ltd. (a) | 777,209 | 10,266,931 | |
Biogen, Inc. (a) | 1,511,888 | 438,039,310 | |
BioMarin Pharmaceutical, Inc. (a) | 4,615,990 | 413,823,504 | |
BioTime, Inc. warrants 10/1/18 (a) | 30,113 | 14,183 | |
bluebird bio, Inc. (a) | 251,619 | 11,385,760 | |
Blueprint Medicines Corp. | 1,265,944 | 24,040,277 | |
Calithera Biosciences, Inc. (a)(b)(c) | 1,637,600 | 8,581,024 | |
Cara Therapeutics, Inc. (a)(b) | 309,737 | 2,000,901 | |
Catabasis Pharmaceuticals, Inc. (b) | 552,198 | 3,727,337 | |
Catalyst Pharmaceutical Partners, Inc.: | |||
warrants 5/2/17 (a) | 141,443 | 1,547 | |
warrants 5/30/17 (a) | 282,100 | 8,570 | |
Celator Pharmaceuticals, Inc. (a)(b) | 944,587 | 28,413,177 | |
Celgene Corp. (a) | 4,371,068 | 461,235,095 | |
Cell Therapeutics, Inc. warrants 7/6/16 (a) | 835,596 | 8 | |
Celldex Therapeutics, Inc. (a)(b) | 4,745,256 | 21,733,272 | |
Cepheid, Inc. (a) | 538,300 | 15,077,783 | |
Cerulean Pharma, Inc. (a) | 1,335,222 | 3,231,237 | |
Chiasma, Inc. (a)(c) | 127,365 | 408,842 | |
Chiasma, Inc. (c)(d) | 1,530,734 | 4,913,656 | |
Chiasma, Inc. warrants (c) | 382,683 | 399,724 | |
Chimerix, Inc. (a) | 1,485,567 | 7,279,278 | |
Cidara Therapeutics, Inc. (a)(c) | 86,800 | 1,025,976 | |
Cidara Therapeutics, Inc. (c)(d) | 1,066,786 | 12,609,411 | |
Clovis Oncology, Inc. (a)(b) | 593,024 | 9,980,594 | |
Corvus Pharmaceuticals, Inc. | 97,500 | 1,369,875 | |
Corvus Pharmaceuticals, Inc. | 747,748 | 9,455,273 | |
CTI BioPharma Corp. (a)(b) | 12,568,370 | 5,602,979 | |
Cytokinetics, Inc. (a)(b) | 1,403,178 | 11,435,901 | |
Cytokinetics, Inc. warrants 6/25/17 (a) | 3,828,480 | 2,091,652 | |
CytomX Therapeutics, Inc. (d) | 287,485 | 3,104,838 | |
DBV Technologies SA sponsored ADR (a) | 1,147,600 | 38,479,028 | |
Dicerna Pharmaceuticals, Inc. (a) | 659,421 | 2,453,046 | |
Dynavax Technologies Corp. (a)(b) | 1,390,016 | 23,060,365 | |
Edge Therapeutics, Inc. (a) | 168,343 | 1,393,880 | |
Editas Medicine, Inc. | 651,053 | 24,147,556 | |
Editas Medicine, Inc. | 226,465 | 7,979,608 | |
Emergent BioSolutions, Inc. (a) | 336,186 | 14,751,842 | |
Enanta Pharmaceuticals, Inc. (a)(b) | 474,928 | 11,649,984 | |
Epirus Biopharmaceuticals, Inc. (a)(b) | 550,740 | 336,833 | |
Epizyme, Inc. (a)(b)(c) | 5,583,926 | 61,758,222 | |
Esperion Therapeutics, Inc. (a)(b) | 857,972 | 14,688,481 | |
Exact Sciences Corp. (a)(b) | 2,061,002 | 13,685,053 | |
Exelixis, Inc. (a)(b) | 5,125,140 | 33,262,159 | |
Fate Therapeutics, Inc. (a)(c) | 1,760,366 | 2,693,360 | |
Fibrocell Science, Inc. (a)(c) | 2,432,240 | 5,618,474 | |
FibroGen, Inc. (a) | 331,439 | 6,184,652 | |
Foundation Medicine, Inc. (a)(b) | 449,000 | 8,463,650 | |
Galapagos Genomics NV sponsored ADR (b) | 1,138,988 | 65,856,286 | |
Genmab A/S (a) | 909,732 | 164,398,740 | |
Genomic Health, Inc. (a) | 471,028 | 12,623,550 | |
Geron Corp. (a)(b)(c) | 15,808,751 | 46,793,903 | |
Gilead Sciences, Inc. | 3,794,765 | 330,372,241 | |
Global Blood Therapeutics, Inc. (a)(b)(c) | 2,663,005 | 63,699,080 | |
Halozyme Therapeutics, Inc. (a)(b) | 4,910,742 | 49,402,065 | |
Heron Therapeutics, Inc. (a) | 691,195 | 14,791,573 | |
Histogenics Corp. (a)(c) | 1,132,386 | 2,083,590 | |
Ignyta, Inc. (a) | 1,271,959 | 8,630,242 | |
Immune Design Corp. (a)(b) | 689,913 | 8,658,408 | |
ImmunoGen, Inc. (a)(b) | 2,730,337 | 15,399,101 | |
Immunomedics, Inc. (a)(b)(c) | 8,636,064 | 41,798,550 | |
Incyte Corp. (a) | 3,750,182 | 316,552,863 | |
Infinity Pharmaceuticals, Inc. (a) | 1,650,733 | 8,748,885 | |
Insys Therapeutics, Inc. (a)(b) | 896,690 | 14,033,199 | |
Intellia Therapeutics, Inc. (a) | 212,580 | 6,285,991 | |
Intellia Therapeutics, Inc. | 328,993 | 8,755,491 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 1,193,868 | 177,122,256 | |
Intrexon Corp. (a)(b) | 867,653 | 26,671,653 | |
Ionis Pharmaceuticals, Inc. (a) | 2,568,377 | 58,276,474 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 4,282,310 | 53,486,052 | |
Juno Therapeutics, Inc. (a) | 43,603 | 1,893,678 | |
Juno Therapeutics, Inc. (d) | 1,158,952 | 50,333,285 | |
Karyopharm Therapeutics, Inc. (a)(b)(c) | 3,571,115 | 34,175,571 | |
Keryx Biopharmaceuticals, Inc. (a)(b) | 2,638,025 | 15,854,530 | |
Kite Pharma, Inc. (a)(b) | 1,725,208 | 88,416,910 | |
Kura Oncology, Inc. (a)(c) | 1,894,217 | 5,606,882 | |
La Jolla Pharmaceutical Co. (a)(b)(c) | 1,385,004 | 22,298,564 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 5,001,703 | 71,074,200 | |
Ligand Pharmaceuticals, Inc. Class B (a)(b) | 840,801 | 100,551,392 | |
Lion Biotechnologies, Inc. (a)(b) | 1,783,882 | 10,524,904 | |
Loxo Oncology, Inc. (a)(c) | 1,709,762 | 46,163,574 | |
Macrogenics, Inc. (a)(c) | 2,747,753 | 70,232,567 | |
MediciNova, Inc. (a)(b)(c) | 1,821,698 | 11,859,254 | |
Medivation, Inc. (a) | 4,715,000 | 285,068,900 | |
Merrimack Pharmaceuticals, Inc. (a)(b) | 2,377,458 | 15,857,645 | |
MiMedx Group, Inc. (a)(b) | 918,364 | 7,227,525 | |
Minerva Neurosciences, Inc. (a)(b)(c) | 2,583,514 | 31,777,222 | |
Mirna Therapeutics, Inc. (a)(b)(c) | 1,126,047 | 4,842,002 | |
Momenta Pharmaceuticals, Inc. (a) | 1,062,677 | 12,518,335 | |
Myriad Genetics, Inc. (a)(b) | 774,443 | 26,245,873 | |
NantKwest, Inc. (a)(b) | 778,943 | 5,935,546 | |
Neurocrine Biosciences, Inc. (a) | 3,582,851 | 177,888,552 | |
NewLink Genetics Corp. (a)(b) | 766,947 | 8,996,288 | |
Nivalis Therapeutics, Inc. | 81,400 | 406,186 | |
Novavax, Inc. (a)(b)(c) | 16,470,821 | 100,307,300 | |
Novelos Therapeutics, Inc. warrants 12/6/16 (a) | 2,362,400 | 24 | |
OncoMed Pharmaceuticals, Inc. (a)(b) | 778,433 | 11,528,593 | |
Ophthotech Corp. (a)(c) | 2,934,298 | 157,571,803 | |
Opko Health, Inc. (a)(b) | 1,717,609 | 18,258,184 | |
Oragenics, Inc. (a)(b)(c) | 2,312,263 | 1,317,990 | |
Osiris Therapeutics, Inc. (b) | 1,703,695 | 8,526,993 | |
OvaScience, Inc. (a) | 969,025 | 7,161,095 | |
Portola Pharmaceuticals, Inc. (a) | 2,607,191 | 71,645,609 | |
Progenics Pharmaceuticals, Inc. (a)(b) | 3,000,336 | 15,076,688 | |
ProNai Therapeutics, Inc. (a)(c) | 1,620,396 | 10,176,087 | |
Proteon Therapeutics, Inc. (a)(b) | 368,617 | 2,351,776 | |
Prothena Corp. PLC (a) | 726,935 | 35,285,425 | |
PTC Therapeutics, Inc. (a)(b) | 966,033 | 7,882,829 | |
Puma Biotechnology, Inc. (a)(b) | 1,332,725 | 50,363,678 | |
Radius Health, Inc. (a)(b)(c) | 4,136,959 | 150,006,133 | |
Raptor Pharmaceutical Corp. (a) | 3,664,279 | 20,263,463 | |
Regeneron Pharmaceuticals, Inc. (a) | 1,873,613 | 747,440,431 | |
REGENXBIO, Inc. (a)(b)(c) | 1,586,219 | 19,605,667 | |
Regulus Therapeutics, Inc. (a)(b) | 1,944,641 | 11,940,096 | |
Repligen Corp. (a) | 1,354,115 | 32,444,595 | |
Retrophin, Inc. (a)(b) | 1,425,974 | 25,353,818 | |
Sage Therapeutics, Inc. (a) | 1,442,993 | 47,488,900 | |
Sangamo Biosciences, Inc. (a)(b) | 2,588,031 | 17,857,414 | |
Sarepta Therapeutics, Inc. (a)(b) | 1,429,300 | 29,915,249 | |
Seattle Genetics, Inc. (a)(b) | 5,249,305 | 212,229,401 | |
Seres Therapeutics, Inc. (b)(c) | 1,028,440 | 31,295,429 | |
Seres Therapeutics, Inc. (c)(d) | 1,292,035 | 39,316,625 | |
Spark Therapeutics, Inc. (a)(b) | 1,446,320 | 80,921,604 | |
Spectrum Pharmaceuticals, Inc. (a)(c) | 3,903,900 | 29,240,211 | |
Stemline Therapeutics, Inc. (a)(c) | 1,513,299 | 12,590,648 | |
Sunesis Pharmaceuticals, Inc. (a)(b) | 1,681,629 | 840,815 | |
Syndax Pharmaceuticals, Inc. (c) | 1,153,417 | 14,263,155 | |
Syndax Pharmaceuticals, Inc. (c) | 528,900 | 7,267,086 | |
TESARO, Inc. (a)(b) | 1,105,549 | 51,186,919 | |
TG Therapeutics, Inc. (a)(b)(c) | 3,806,668 | 28,626,143 | |
Threshold Pharmaceuticals, Inc. (a)(b) | 366,950 | 171,549 | |
Tobira Therapeutics, Inc. (a)(c) | 1,132,297 | 10,473,747 | |
Tokai Pharmaceuticals, Inc. (a)(b) | 441,700 | 3,202,325 | |
Trevena, Inc. (a) | 1,070,360 | 7,835,035 | |
Ultragenyx Pharmaceutical, Inc. (a)(c) | 1,976,978 | 144,517,092 | |
uniQure B.V. (a)(b) | 870,789 | 11,794,837 | |
United Therapeutics Corp. (a) | 929,109 | 110,629,009 | |
Versartis, Inc. (a)(b)(c) | 2,163,970 | 19,930,164 | |
Vertex Pharmaceuticals, Inc. (a) | 5,058,145 | 471,166,207 | |
Vical, Inc. (a)(c) | 540,384 | 2,253,401 | |
Vitae Pharmaceuticals, Inc. (a)(c) | 1,699,371 | 17,044,691 | |
Vital Therapies, Inc. (a)(b)(c) | 1,943,750 | 15,802,688 | |
Voyager Therapeutics, Inc. (a)(b)(c) | 1,388,700 | 19,275,156 | |
Voyager Therapeutics, Inc. (d) | 1,286,274 | 17,853,483 | |
Xencor, Inc. (a)(b)(c) | 2,043,642 | 28,876,661 | |
XOMA Corp. (a)(b) | 475,013 | 325,431 | |
Zafgen, Inc. (a)(c) | 2,712,346 | 19,149,163 | |
ZIOPHARM Oncology, Inc. (a)(b) | 2,047,791 | 15,952,292 | |
9,425,616,413 | |||
Capital Markets - 0.1% | |||
Asset Management & Custody Banks - 0.1% | |||
RPI International Holdings LP (e) | 54,958 | 7,374,264 | |
Health Care Equipment & Supplies - 0.2% | |||
Health Care Equipment - 0.2% | |||
Bellerophon Therapeutics, Inc. (a)(b)(c) | 980,370 | 1,147,033 | |
Novocure Ltd. (a)(b) | 664,972 | 7,401,138 | |
Novocure Ltd. (d) | 701,713 | 7,810,066 | |
Vermillion, Inc. (a)(b)(c) | 4,260,663 | 4,942,369 | |
Zosano Pharma Corp. (a)(c) | 1,185,524 | 2,240,640 | |
23,541,246 | |||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
JHL Biotech, Inc. (a) | 2,112,254 | 5,445,938 | |
Transgenomic, Inc. (a) | 236,500 | 151,360 | |
Transgenomic, Inc. warrants 2/3/17 (a) | 1,419,000 | 14 | |
5,597,312 | |||
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
MYOS Corp. (a) | 33,334 | 53,334 | |
Pharmaceuticals - 10.7% | |||
Pharmaceuticals - 10.7% | |||
Achaogen, Inc. (a) | 822,482 | 2,697,741 | |
Adimab LLC unit (a)(e)(f) | 1,954,526 | 37,429,173 | |
Aradigm Corp. (a)(b) | 159,954 | 706,997 | |
Auris Medical Holding AG (a) | 1,282,100 | 4,282,214 | |
Avexis, Inc. | 171,801 | 7,384,007 | |
Axsome Therapeutics, Inc. (a)(b)(c) | 1,787,107 | 14,028,790 | |
Cempra, Inc. (a)(b)(c) | 4,396,674 | 82,613,504 | |
Dermira, Inc. (a)(c) | 2,118,491 | 67,240,904 | |
Egalet Corp. (a)(b)(c) | 2,505,947 | 14,334,017 | |
GW Pharmaceuticals PLC ADR (a)(b) | 939,866 | 83,760,858 | |
Horizon Pharma PLC (a)(c) | 8,597,702 | 148,138,405 | |
Intra-Cellular Therapies, Inc. (a) | 1,753,982 | 67,879,103 | |
Jazz Pharmaceuticals PLC (a) | 1,299,413 | 196,939,034 | |
MyoKardia, Inc. (a)(c) | 379,000 | 4,684,440 | |
MyoKardia, Inc. (c)(d) | 2,241,490 | 27,704,816 | |
Nektar Therapeutics (a) | 1,307,171 | 20,182,720 | |
NeurogesX, Inc. (a)(c) | 2,550,000 | 12,750 | |
Ocular Therapeutix, Inc. (a)(b)(c) | 1,531,128 | 18,373,536 | |
Pacira Pharmaceuticals, Inc. (a)(b) | 1,666,810 | 77,523,333 | |
Paratek Pharmaceuticals, Inc. (a)(c) | 1,315,532 | 21,272,152 | |
Parnell Pharmaceuticals Holdings Ltd. (a)(b) | 692,482 | 1,101,046 | |
Reata Pharmaceuticals, Inc. | 436,900 | 6,051,065 | |
Repros Therapeutics, Inc. (a)(b) | 1,021,590 | 1,889,942 | |
SCYNEXIS, Inc. (a) | 383,888 | 1,516,358 | |
Sun Pharmaceutical Industries Ltd. | 2,049,946 | 23,251,609 | |
Tetraphase Pharmaceuticals, Inc. (a)(b) | 1,590,203 | 7,076,403 | |
The Medicines Company (a)(b) | 2,317,208 | 87,150,193 | |
TherapeuticsMD, Inc. (a) | 7,282,942 | 65,109,501 | |
Theravance Biopharma, Inc. (a)(b) | 1,507,800 | 34,679,400 | |
WAVE Life Sciences (a) | 510,228 | 8,107,523 | |
WAVE Life Sciences (d) | 982,333 | 15,609,271 | |
Zogenix, Inc. (a)(b)(c) | 2,118,627 | 21,355,760 | |
Zogenix, Inc. warrants 7/27/17 (a)(c) | 498,465 | 10,398 | |
1,170,096,963 | |||
TOTAL COMMON STOCKS | |||
(Cost $8,785,296,131) | 10,632,279,532 | ||
Preferred Stocks - 1.9% | |||
Convertible Preferred Stocks - 1.9% | |||
Biotechnology - 1.3% | |||
Biotechnology - 1.3% | |||
23andMe, Inc. Series E (e) | 1,505,457 | 13,353,404 | |
AC Immune SA Series E (e) | 409,750 | 3,949,990 | |
Gensight Biologics Series B (e) | 333,187 | 1,560,734 | |
Immunocore Ltd. Series A (e) | 73,318 | 18,739,371 | |
Jounce Therapeutics, Inc. Series B (a)(e) | 7,257,779 | 9,972,188 | |
Moderna LLC: | |||
Series D, 8.00% (a)(e) | 207,494 | 9,598,257 | |
Series E (a)(e) | 269,897 | 12,484,895 | |
Ovid Therapeutics, Inc. Series B (e) | 1,039,201 | 3,867,906 | |
Pronutria Biosciences, Inc. Series C (a)(e) | 1,642,272 | 28,230,656 | |
RaNA Therapeutics LLC Series B (e) | 5,634,091 | 3,200,164 | |
Scholar Rock LLC Series B (e) | 4,276,340 | 9,100,052 | |
Twist Bioscience Corp.: | |||
Series C (e) | 8,133,875 | 17,452,856 | |
Series D (e) | 1,976,343 | 4,240,639 | |
135,751,112 | |||
Health Care Providers & Services - 0.1% | |||
Health Care Services - 0.1% | |||
Allena Pharmaceuticals, Inc. Series C (e) | 6,041,631 | 10,760,145 | |
Health Care Technology - 0.1% | |||
Health Care Technology - 0.1% | |||
Codiak Biosciences, Inc.: | |||
Series A (e) | 856,366 | 1,862,596 | |
Series B (e) | 2,783,187 | 6,053,432 | |
7,916,028 | |||
Pharmaceuticals - 0.4% | |||
Pharmaceuticals - 0.4% | |||
Afferent Pharmaceuticals, Inc. Series C (e) | 8,274,568 | 11,634,043 | |
Kolltan Pharmaceuticals, Inc. Series D (a)(e) | 10,639,609 | 8,405,291 | |
Stemcentrx, Inc. Series G (e) | 876,163 | 24,206,536 | |
Syros Pharmaceuticals, Inc. Series B, 6.00% (a)(e) | 1,138,582 | 2,869,227 | |
47,115,097 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 201,542,382 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Biotechnology - 0.0% | |||
Biotechnology - 0.0% | |||
Yumanity Holdings LLC Class A (e) | 588,700 | 4,544,764 | |
TOTAL PREFERRED STOCKS | |||
(Cost $216,372,207) | 206,087,146 | ||
Money Market Funds - 10.5% | |||
Fidelity Cash Central Fund, 0.40% (g) | 78,272,481 | 78,272,481 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (g)(h) | 1,060,358,287 | 1,060,358,287 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,138,630,768) | 1,138,630,768 | ||
TOTAL INVESTMENT PORTFOLIO - 109.9% | |||
(Cost $10,140,299,106) | 11,976,997,446 | ||
NET OTHER ASSETS (LIABILITIES) - (9.9)% | (1,074,676,671) | ||
NET ASSETS - 100% | $10,902,320,775 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) 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 $235,893,960 or 2.2% of net assets.
(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 $250,890,583 or 2.3% of net assets.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) 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.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series E | 6/18/15 | $16,299,991 |
AC Immune SA Series E | 10/19/15 | $3,948,449 |
Adimab LLC unit | 9/17/14 - 6/5/15 | $31,094,459 |
Afferent Pharmaceuticals, Inc. Series C | 7/1/15 | $20,299,998 |
Allena Pharmaceuticals, Inc. Series C | 11/25/15 | $16,010,322 |
Codiak Biosciences, Inc. Series A | 11/12/15 | $856,366 |
Codiak Biosciences, Inc. Series B | 11/12/15 | $8,349,561 |
Gensight Biologics Series B | 7/2/15 | $2,567,478 |
Immunocore Ltd. Series A | 7/27/15 | $13,796,921 |
Jounce Therapeutics, Inc. Series B | 4/17/15 | $16,402,581 |
Kolltan Pharmaceuticals, Inc. Series D | 3/13/14 | $10,639,609 |
Moderna LLC Series D, 8.00% | 11/6/13 | $4,425,847 |
Moderna LLC Series E | 12/18/14 | $16,644,548 |
Ovid Therapeutics, Inc. Series B | 8/10/15 | $6,474,222 |
Pronutria Biosciences, Inc. Series C | 1/30/15 | $16,554,102 |
RaNA Therapeutics LLC Series B | 7/17/15 | $6,084,818 |
RPI International Holdings LP | 5/21/15 | $6,479,548 |
Scholar Rock LLC Series B | 12/17/15 | $12,829,020 |
Stemcentrx, Inc. Series G | 8/14/15 | $20,186,796 |
Syros Pharmaceuticals, Inc. Series B, 6.00% | 10/9/14 - 1/12/16 | $3,582,093 |
Twist Bioscience Corp. Series C | 5/29/15 | $12,199,999 |
Twist Bioscience Corp. Series D | 1/8/16 | $4,240,639 |
Yumanity Holdings LLC Class A | 2/8/16 | $3,978,847 |
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 | $71,774 |
Fidelity Securities Lending Cash Central Fund | 5,843,642 |
Total | $5,915,416 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Acceleron Pharma, Inc. | $86,934,749 | $-- | $-- | $-- | $117,365,342 |
Achillion Pharmaceuticals, Inc. | 53,428,222 | -- | 4,569,620 | -- | -- |
Acorda Therapeutics, Inc. | 122,669,402 | -- | 33,565,648 | -- | 70,909,093 |
Adamas Pharmaceuticals, Inc. | 25,329,062 | -- | -- | -- | 33,283,971 |
Aegerion Pharmaceuticals, Inc. | 16,037,442 | -- | 4,442,388 | -- | 3,347,733 |
Aimmune Therapeutics, Inc. | 30,194,416 | -- | 12,277,540 | -- | 15,887,664 |
Aimmune Therapeutics, Inc. | 34,782,272 | -- | -- | -- | 33,369,242 |
Akebia Therapeutics, Inc. | 15,126,410 | -- | 3,386,421 | -- | -- |
Alder Biopharmaceuticals, Inc. | 61,021,384 | -- | -- | -- | 96,625,224 |
Aldeyra Therapeutics, Inc. | 4,698,688 | 1,261,680 | -- | -- | 7,037,374 |
Anacor Pharmaceuticals, Inc. | 166,052,633 | -- | 98,346,121 | -- | -- |
Applied Genetic Technologies Corp. | 19,086,161 | -- | 2,351,803 | -- | 21,861,097 |
Ardelyx, Inc. | 32,015,636 | -- | 2,141,894 | -- | 27,672,784 |
Atara Biotherapeutics, Inc. | 34,013,045 | 1,178,832 | 3,138,539 | -- | 35,242,422 |
Axsome Therapeutics, Inc. | 14,869,527 | -- | 1,240,964 | -- | 14,028,790 |
Bellerophon Therapeutics, Inc. | 2,363,614 | -- | 190,169 | -- | 1,147,033 |
Biodel, Inc. | 1,108,019 | -- | 1,147,921 | -- | -- |
Calithera Biosciences, Inc. | 10,659,924 | -- | 904,527 | -- | 8,581,024 |
Carbylan Therapeutics, Inc. | 1,623,902 | -- | 1,691,270 | -- | -- |
Cempra, Inc. | 73,996,023 | -- | -- | -- | 82,613,504 |
Cerulean Pharma, Inc. | 5,109,587 | -- | 3,847,322 | -- | -- |
Chiasma, Inc. | 1,257,093 | -- | -- | -- | 408,842 |
Chiasma, Inc. | 15,108,345 | -- | -- | -- | 4,913,656 |
Chiasma, Inc. warrants | 2,225,547 | -- | -- | -- | 399,724 |
Cidara Therapeutics, Inc. | 869,736 | -- | -- | -- | 1,025,976 |
Cidara Therapeutics, Inc. | 10,689,196 | -- | -- | -- | 12,609,411 |
CTI BioPharma Corp. | 11,419,512 | -- | 4,170,527 | -- | -- |
Dermira, Inc. | 65,407,176 | -- | 14,175,444 | -- | 67,240,904 |
Dynavax Technologies Corp. | 32,117,262 | 3,307,054 | 12,673,157 | -- | -- |
Egalet Corp. | 16,940,202 | -- | -- | -- | 14,334,017 |
Epirus Biopharmaceuticals, Inc. | 3,259,269 | -- | 690,544 | -- | -- |
Epizyme, Inc. | 48,400,904 | 844,792 | -- | -- | 61,758,222 |
Esperion Therapeutics, Inc. | 19,886,474 | -- | 8,064,326 | -- | -- |
Fate Therapeutics, Inc. | 3,098,244 | -- | -- | -- | 2,693,360 |
Fibrocell Science, Inc. | 7,518,206 | -- | 2,260,702 | -- | 5,618,474 |
Geron Corp. | 38,099,090 | -- | -- | -- | 46,793,903 |
Global Blood Therapeutics, Inc. | 42,720,642 | -- | 3,159,201 | -- | 63,699,080 |
Histogenics Corp. | 3,226,564 | -- | 218,992 | -- | 2,083,590 |
Horizon Pharma PLC | 161,679,838 | -- | 12,951,719 | -- | 148,138,405 |
Immune Design Corp. | 13,130,527 | -- | 8,728,166 | -- | -- |
ImmunoGen, Inc. | 35,142,584 | -- | 12,550,375 | -- | -- |
Immunomedics, Inc. | 21,388,559 | -- | 2,077,494 | -- | 41,798,550 |
Karyopharm Therapeutics, Inc. | 21,069,579 | -- | -- | -- | 34,175,571 |
Kura Oncology, Inc. | 8,510,850 | -- | 628,687 | -- | 5,606,882 |
La Jolla Pharmaceutical Co. | 23,359,004 | -- | 2,736,422 | -- | 22,298,564 |
Loxo Oncology, Inc. | 30,277,492 | 2,115,600 | -- | -- | 46,163,574 |
Macrogenics, Inc. | 48,118,225 | -- | 4,329,743 | -- | 70,232,567 |
MediciNova, Inc. | 14,935,920 | -- | 4,679,382 | -- | 11,859,254 |
Minerva Neurosciences, Inc. | 8,980,027 | 8,385,812 | -- | -- | 31,777,222 |
Mirna Therapeutics, Inc. | 4,977,112 | -- | 90,624 | -- | 4,842,002 |
MyoKardia, Inc. | 2,690,900 | -- | -- | -- | 4,684,440 |
MyoKardia, Inc. | 15,118,850 | -- | -- | -- | 27,704,816 |
NeurogesX, Inc. | 22,950 | -- | -- | -- | 12,750 |
Novavax, Inc. | 71,812,780 | -- | -- | -- | 100,307,300 |
Ocular Therapeutix, Inc. | 13,205,293 | -- | 1,298,378 | -- | 18,373,536 |
Ophthotech Corp. | 151,145,142 | -- | 19,098,597 | -- | 157,571,803 |
Oragenics, Inc. | 2,697,973 | -- | 205,539 | -- | 1,317,990 |
Orexigen Therapeutics, Inc. | 6,796,515 | -- | 4,606,358 | -- | -- |
Osiris Therapeutics, Inc. | 13,330,344 | -- | 816,763 | -- | -- |
Paratek Pharmaceuticals, Inc. | 26,894,817 | -- | 6,685,763 | -- | 21,272,152 |
Parnell Pharmaceuticals Holdings Ltd. | 2,042,822 | -- | -- | -- | -- |
Portola Pharmaceuticals, Inc. | 82,839,265 | -- | 9,764,064 | -- | -- |
Progenics Pharmaceuticals, Inc. | 18,619,620 | -- | 5,670,505 | -- | -- |
ProNai Therapeutics, Inc. | 9,544,132 | -- | -- | -- | 10,176,087 |
ProQR Therapeutics BV | 6,555,071 | -- | 5,490,020 | -- | -- |
Radius Health, Inc. | 121,212,899 | -- | -- | -- | 150,006,133 |
REGENXBIO, Inc. | 21,085,809 | -- | 1,681,459 | -- | 19,605,667 |
Repligen Corp. | 45,843,527 | -- | 11,256,839 | -- | -- |
Repros Therapeutics, Inc. | 1,438,077 | -- | 649,861 | -- | -- |
Seres Therapeutics, Inc. | 23,767,248 | -- | -- | -- | 31,295,429 |
Seres Therapeutics, Inc. | 29,858,929 | -- | -- | -- | 39,316,625 |
Sophiris Bio, Inc. | 2,292,687 | -- | 1,723,488 | -- | -- |
Spark Therapeutics, Inc. | 46,079,755 | -- | -- | -- | -- |
Spectrum Pharmaceuticals, Inc. | 17,645,628 | -- | -- | -- | 29,240,211 |
Stemline Therapeutics, Inc. | 7,278,968 | -- | -- | -- | 12,590,648 |
Sunesis Pharmaceuticals, Inc. | 3,189,821 | -- | 1,434,767 | -- | -- |
Syndax Pharmaceuticals, Inc. | -- | -- | -- | -- | 14,263,155 |
Syndax Pharmaceuticals, Inc. | -- | 6,346,800 | -- | -- | 7,267,086 |
TESARO, Inc. | 86,982,891 | -- | 45,778,787 | -- | -- |
TG Therapeutics, Inc. | 41,935,144 | -- | 9,743,933 | -- | 28,626,143 |
Tobira Therapeutics, Inc. | 8,784,843 | -- | 868,820 | -- | 10,473,747 |
Ultragenyx Pharmaceutical, Inc. | 120,575,888 | -- | -- | -- | 144,517,092 |
Vermillion, Inc. | 7,038,842 | -- | 133,239 | -- | 4,942,369 |
Versartis, Inc. | 14,217,283 | -- | -- | -- | 19,930,164 |
Vical, Inc. | 2,152,591 | -- | 202,951 | -- | 2,253,401 |
Vitae Pharmaceuticals, Inc. | 19,712,228 | -- | 2,449,597 | -- | 17,044,691 |
Vital Therapies, Inc. | 22,394,637 | -- | 6,568,568 | -- | 15,802,688 |
Voyager Therapeutics, Inc. | 12,605,575 | 910,725 | -- | -- | 19,275,156 |
Voyager Therapeutics, Inc. | 11,694,160 | -- | -- | -- | -- |
WAVE Life Sciences | 14,044,906 | -- | -- | -- | -- |
WAVE Life Sciences | 10,380,406 | -- | 2,650,244 | -- | -- |
Xencor, Inc. | 25,227,675 | -- | 3,043,409 | -- | 28,876,661 |
Xenon Pharmaceuticals, Inc. | 5,871,198 | -- | 5,437,113 | -- | -- |
XOMA Corp. | 5,748,718 | -- | 5,884,200 | -- | -- |
Zafgen, Inc. | 16,979,286 | -- | -- | -- | 19,149,163 |
Zogenix, Inc. | 25,410,172 | -- | 2,657,645 | -- | 21,355,760 |
Zogenix, Inc. warrants 7/27/17 | 17,676 | -- | -- | -- | 10,398 |
Zosano Pharma Corp. | 2,871,696 | -- | 25,588 | -- | 2,240,640 |
Total | $2,722,588,934 | $24,351,295 | $423,254,147 | $-- | $2,248,947,948 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $10,632,279,532 | $10,544,492,293 | $42,971,052 | $44,816,187 |
Preferred Stocks | 206,087,146 | -- | -- | 206,087,146 |
Money Market Funds | 1,138,630,768 | 1,138,630,768 | -- | -- |
Total Investments in Securities: | $11,976,997,446 | $11,683,123,061 | $42,971,052 | $250,903,333 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Preferred Stocks | |
Beginning Balance | $181,689,140 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 27,069,274 |
Cost of Purchases | -- |
Proceeds of Sales | (2,671,268) |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $206,087,146 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2016 | $27,069,275 |
Other Investments in Securities | |
Beginning Balance | $44,969,441 |
Total Realized Gain (Loss) | (446,345) |
Total Unrealized Gain (Loss) | 241,600 |
Cost of Purchases | 28,541 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | 22,950 |
Transfers out of Level 3 | -- |
Ending Balance | $44,816,187 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2016 | $(204,714) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 05/31/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input* |
Equities | $250,903,333 | Discounted cash flow | Discount rate | 3.5% - 15.0% / 10.1% | Decrease |
Discount for lack of marketability | 10.0% | Decrease | |||
Probability rate | 6.3% - 31.7% / 15.4% | Increase | |||
Entity valuation | Entity valuation | $136.18 | Increase | ||
Income payment | $2.00 | Decrease | |||
Last transaction price | Transaction price | $0.00 - $150.00 / $28.91 | Increase | ||
Premium rate | 15.0% | Increase | |||
Market comparable | EV/Sales multiple | 1.9 | Increase | ||
Discount rate | 23.0% | Decrease | |||
Proxy adjustment | Discount for industry performance | 19.9% - 47.4% / 29.1% | Decrease | ||
Premium for industry performance | 21.5% | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $10,175,867,379. Net unrealized appreciation aggregated $1,801,130,067, of which $3,348,858,475 related to appreciated investment securities and $1,547,728,408 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Brokerage and Investment Management Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value | ||
Capital Markets - 92.4% | |||
Asset Management & Custody Banks - 53.8% | |||
Affiliated Managers Group, Inc. (a) | 63,800 | $11,070,576 | |
Ameriprise Financial, Inc. | 25,600 | 2,602,752 | |
Bank of New York Mellon Corp. | 394,147 | 16,577,823 | |
BlackRock, Inc. Class A | 80,100 | 29,144,385 | |
Cohen & Steers, Inc. | 193,200 | 7,455,588 | |
Diamond Hill Investment Group, Inc. | 50,000 | 9,013,000 | |
Franklin Resources, Inc. | 235,700 | 8,803,395 | |
GAMCO Investors, Inc. Class A | 75,813 | 2,780,063 | |
Invesco Ltd. | 1,000,000 | 31,399,999 | |
Legg Mason, Inc. | 560,542 | 19,338,699 | |
Northern Trust Corp. | 173,400 | 12,848,940 | |
NorthStar Asset Management Group, Inc. | 618,800 | 7,741,188 | |
OM Asset Management Ltd. | 12,356 | 187,564 | |
Pzena Investment Management, Inc. | 408,200 | 3,571,750 | |
State Street Corp. | 72,900 | 4,597,074 | |
T. Rowe Price Group, Inc. | 133,800 | 10,310,628 | |
WisdomTree Investments, Inc. (b) | 297,200 | 3,685,280 | |
181,128,704 | |||
Investment Banking & Brokerage - 38.6% | |||
BGC Partners, Inc. Class A | 1,207,300 | 11,215,817 | |
Charles Schwab Corp. | 535,300 | 16,369,474 | |
E*TRADE Financial Corp. (a) | 845,300 | 23,575,417 | |
Goldman Sachs Group, Inc. | 52,600 | 8,388,648 | |
Interactive Brokers Group, Inc. | 170,600 | 6,854,708 | |
Investment Technology Group, Inc. | 899,600 | 16,588,624 | |
Lazard Ltd. Class A | 83,700 | 2,944,566 | |
LPL Financial (b) | 151,700 | 4,230,913 | |
Morgan Stanley | 639,100 | 17,492,167 | |
TD Ameritrade Holding Corp. | 340,800 | 11,133,936 | |
Virtu Financial, Inc. Class A | 635,200 | 11,312,912 | |
130,107,182 | |||
TOTAL CAPITAL MARKETS | 311,235,886 | ||
Consumer Finance - 1.3% | |||
Consumer Finance - 1.3% | |||
OneMain Holdings, Inc. (a) | 140,500 | 4,392,030 | |
Diversified Financial Services - 4.0% | |||
Other Diversified Financial Services - 0.0% | |||
Bats Global Markets, Inc. | 900 | 25,020 | |
Specialized Finance - 4.0% | |||
CBOE Holdings, Inc. | 24,400 | 1,553,060 | |
CME Group, Inc. | 79,900 | 7,821,411 | |
The NASDAQ OMX Group, Inc. | 63,100 | 4,165,231 | |
13,539,702 | |||
TOTAL DIVERSIFIED FINANCIAL SERVICES | 13,564,722 | ||
TOTAL COMMON STOCKS | |||
(Cost $302,118,716) | 329,192,638 | ||
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund, 0.40% (c) | 6,294,507 | 6,294,507 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 5,041,500 | 5,041,500 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $11,336,007) | 11,336,007 | ||
TOTAL INVESTMENT PORTFOLIO - 101.1% | |||
(Cost $313,454,723) | 340,528,645 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (3,687,526) | ||
NET ASSETS - 100% | $336,841,119 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $9,994 |
Fidelity Securities Lending Cash Central Fund | 20,980 |
Total | $30,974 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $314,656,691. Net unrealized appreciation aggregated $25,871,954, of which $43,135,726 related to appreciated investment securities and $17,263,772 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Chemicals Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.3% | |||
Shares | Value | ||
Chemicals - 87.4% | |||
Commodity Chemicals - 11.4% | |||
Axiall Corp. | 453,687 | $10,566,370 | |
LyondellBasell Industries NV Class A | 1,056,322 | 85,942,358 | |
Olin Corp. | 1,094,611 | 25,186,999 | |
Trinseo SA (a) | 185,069 | 8,714,899 | |
Westlake Chemical Partners LP | 591,329 | 13,594,654 | |
144,005,280 | |||
Diversified Chemicals - 28.1% | |||
E.I. du Pont de Nemours & Co. | 2,307,900 | 150,959,739 | |
Eastman Chemical Co. | 708,157 | 51,950,398 | |
LSB Industries, Inc. (a) | 18,516 | 243,485 | |
The Dow Chemical Co. | 2,978,206 | 152,960,662 | |
356,114,284 | |||
Fertilizers & Agricultural Chemicals - 11.4% | |||
AgroFresh Solutions, Inc. (a)(b) | 560,338 | 2,812,897 | |
American Vanguard Corp. (a) | 8,902 | 116,616 | |
CF Industries Holdings, Inc. | 88,524 | 2,448,574 | |
Monsanto Co. | 1,192,559 | 134,127,111 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 16,200 | 355,752 | |
The Scotts Miracle-Gro Co. Class A | 57,328 | 3,984,296 | |
143,845,246 | |||
Industrial Gases - 2.6% | |||
Air Products & Chemicals, Inc. | 233,708 | 33,336,109 | |
Specialty Chemicals - 33.9% | |||
Albemarle Corp. U.S. | 639,808 | 50,224,928 | |
Ashland, Inc. | 392,006 | 44,437,800 | |
Celanese Corp. Class A | 98,832 | 6,965,679 | |
Ecolab, Inc. | 526,830 | 61,765,549 | |
International Flavors & Fragrances, Inc. | 77,144 | 9,951,576 | |
Kraton Performance Polymers, Inc. (a) | 222,755 | 6,056,708 | |
Platform Specialty Products Corp. (a)(b) | 608,076 | 5,770,641 | |
PPG Industries, Inc. | 730,600 | 78,671,008 | |
Quaker Chemical Corp. | 25,667 | 2,217,885 | |
Sensient Technologies Corp. | 377,906 | 25,780,747 | |
Sherwin-Williams Co. | 132,753 | 38,643,071 | |
Valspar Corp. | 527,100 | 57,095,472 | |
W.R. Grace & Co. | 526,800 | 40,900,752 | |
428,481,816 | |||
TOTAL CHEMICALS | 1,105,782,735 | ||
Diversified Consumer Services - 1.8% | |||
Specialized Consumer Services - 1.8% | |||
ServiceMaster Global Holdings, Inc. (a) | 590,100 | 22,565,424 | |
Oil, Gas & Consumable Fuels - 3.9% | |||
Oil & Gas Storage & Transport - 3.9% | |||
Targa Resources Corp. | 480,300 | 20,571,249 | |
Williams Partners LP | 894,000 | 28,536,480 | |
49,107,729 | |||
Pharmaceuticals - 0.2% | |||
Pharmaceuticals - 0.2% | |||
Bayer AG | 32,200 | 3,066,621 | |
TOTAL COMMON STOCKS | |||
(Cost $886,837,479) | 1,180,522,509 | ||
Principal Amount | Value | ||
Nonconvertible Bonds - 0.6% | |||
Chemicals - 0.5% | |||
Commodity Chemicals - 0.5% | |||
Blue Cube Spinco, Inc. 9.75% 10/15/23 (c) | 4,850,000 | 5,601,750 | |
Energy Equipment & Services - 0.1% | |||
Oil & Gas Drilling - 0.1% | |||
DCP Midstream LLC 5.85% 5/21/43 (c)(d) | 2,321,000 | 1,578,280 | |
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $6,246,438) | 7,180,030 | ||
Shares | Value | ||
Money Market Funds - 5.1% | |||
Fidelity Cash Central Fund, 0.40% (e) | 62,339,471 | 62,339,471 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (e)(f) | 1,640,175 | 1,640,175 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $63,979,646) | 63,979,646 | ||
TOTAL INVESTMENT PORTFOLIO - 99.0% | |||
(Cost $957,063,563) | 1,251,682,185 | ||
NET OTHER ASSETS (LIABILITIES) - 1.0% | 12,966,470 | ||
NET ASSETS - 100% | $1,264,648,655 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $7,180,030 or 0.6% of net assets.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
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 | $63,621 |
Fidelity Securities Lending Cash Central Fund | 9,010 |
Total | $72,631 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,180,522,509 | $1,177,455,888 | $3,066,621 | $-- |
Nonconvertible Bonds | 7,180,030 | -- | 7,180,030 | -- |
Money Market Funds | 63,979,646 | 63,979,646 | -- | -- |
Total Investments in Securities: | $1,251,682,185 | $1,241,435,534 | $10,246,651 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $961,609,333. Net unrealized appreciation aggregated $290,072,852, of which $298,597,382 related to appreciated investment securities and $8,524,530 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Communications Equipment Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
Communications Equipment - 73.2% | |||
Communications Equipment - 73.2% | |||
ADTRAN, Inc. | 73,200 | $1,423,740 | |
Arris International PLC (a) | 124,645 | 3,003,945 | |
AudioCodes Ltd. (a) | 3,600 | 13,680 | |
Brocade Communications Systems, Inc. | 905,050 | 8,199,753 | |
Calix Networks, Inc. (a) | 15,400 | 104,104 | |
Ciena Corp. (a) | 7,700 | 134,442 | |
Cisco Systems, Inc. | 1,197,276 | 34,780,866 | |
CommScope Holding Co., Inc. (a) | 324,000 | 10,092,600 | |
EchoStar Holding Corp. Class A (a) | 7,200 | 288,288 | |
Extreme Networks, Inc. (a) | 23,100 | 85,239 | |
F5 Networks, Inc. (a) | 105,535 | 11,629,957 | |
Finisar Corp. (a) | 153,900 | 2,588,598 | |
Harris Corp. | 106,800 | 8,412,636 | |
Infinera Corp. (a) | 59,814 | 784,162 | |
InterDigital, Inc. | 41,100 | 2,396,130 | |
Ixia (a) | 144,600 | 1,469,136 | |
Juniper Networks, Inc. | 343,812 | 8,048,639 | |
Lumentum Holdings, Inc. (a) | 36,320 | 920,349 | |
Mitel Networks Corp. (a)(b) | 47,300 | 323,532 | |
Motorola Solutions, Inc. | 34,259 | 2,373,121 | |
NETGEAR, Inc. (a) | 16,250 | 731,250 | |
NetScout Systems, Inc. (a) | 130,500 | 3,165,930 | |
Nokia Corp. sponsored ADR (b) | 1,411,503 | 8,045,567 | |
Oclaro, Inc. (a)(b) | 140,000 | 701,400 | |
Palo Alto Networks, Inc. (a) | 11,300 | 1,474,198 | |
Plantronics, Inc. | 34,500 | 1,535,940 | |
Polycom, Inc. (a) | 147,263 | 1,767,156 | |
Radware Ltd. (a) | 248,500 | 2,977,030 | |
Sandvine Corp. (U.K.) | 167,700 | 358,074 | |
Sonus Networks, Inc. (a) | 102,860 | 942,198 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,019,480 | 7,880,580 | |
Viavi Solutions, Inc. (a) | 204,100 | 1,394,003 | |
128,046,243 | |||
Diversified Financial Services - 0.5% | |||
Other Diversified Financial Services - 0.5% | |||
Broadcom Ltd. | 5,773 | 891,120 | |
Diversified Telecommunication Services - 0.2% | |||
Alternative Carriers - 0.2% | |||
Vonage Holdings Corp. (a) | 78,000 | 359,580 | |
Electronic Equipment & Components - 1.5% | |||
Electronic Components - 0.3% | |||
II-VI, Inc. (a) | 21,400 | 436,132 | |
Electronic Equipment & Instruments - 0.6% | |||
Keysight Technologies, Inc. (a) | 36,800 | 1,127,184 | |
Electronic Manufacturing Services - 0.1% | |||
TE Connectivity Ltd. | 4,300 | 258,000 | |
Technology Distributors - 0.5% | |||
CDW Corp. | 18,500 | 787,360 | |
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 2,608,676 | ||
Internet Software & Services - 1.8% | |||
Internet Software & Services - 1.8% | |||
Alphabet, Inc.: | |||
Class A | 1,750 | 1,310,488 | |
Class C | 1,305 | 960,115 | |
Rackspace Hosting, Inc. (a) | 11,100 | 277,500 | |
Web.com Group, Inc. (a) | 40,900 | 694,073 | |
3,242,176 | |||
Semiconductors & Semiconductor Equipment - 18.1% | |||
Semiconductors - 18.1% | |||
Acacia Communications, Inc. | 6,100 | 239,608 | |
GSI Technology, Inc. (a) | 56,485 | 225,940 | |
Marvell Technology Group Ltd. | 66,400 | 679,272 | |
Maxim Integrated Products, Inc. | 16,100 | 611,156 | |
Qorvo, Inc. (a) | 15,100 | 769,647 | |
Qualcomm, Inc. | 522,019 | 28,669,283 | |
Semtech Corp. (a) | 18,800 | 442,552 | |
31,637,458 | |||
Technology Hardware, Storage & Peripherals - 3.2% | |||
Technology Hardware, Storage & Peripherals - 3.2% | |||
BlackBerry Ltd. (a) | 318,100 | 2,314,160 | |
EMC Corp. | 53,800 | 1,503,710 | |
HP, Inc. | 79,900 | 1,069,062 | |
Samsung Electronics Co. Ltd. | 673 | 730,373 | |
5,617,305 | |||
TOTAL COMMON STOCKS | |||
(Cost $170,200,610) | 172,402,558 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 0.40% (c) | 1,297,340 | 1,297,340 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 1,645,100 | 1,645,100 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,942,440) | 2,942,440 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $173,143,050) | 175,344,998 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (328,907) | ||
NET ASSETS - 100% | $175,016,091 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $2,189 |
Fidelity Securities Lending Cash Central Fund | 17,794 |
Total | $19,983 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $174,784,378. Net unrealized appreciation aggregated $560,620, of which $15,763,049 related to appreciated investment securities and $15,202,429 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Computers Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.1% | |||
Shares | Value | ||
Electronic Equipment & Components - 2.3% | |||
Electronic Manufacturing Services - 2.3% | |||
QLogic Corp. (a) | 666,059 | $9,231,578 | |
Internet & Catalog Retail - 0.4% | |||
Internet Retail - 0.4% | |||
Amazon.com, Inc. (a) | 2,000 | 1,445,580 | |
Internet Software & Services - 12.2% | |||
Internet Software & Services - 12.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 57,012 | 4,674,984 | |
Alphabet, Inc.: | |||
Class A | 23,900 | 17,897,515 | |
Class C | 8,557 | 6,295,556 | |
Facebook, Inc. Class A (a) | 162,056 | 19,253,873 | |
48,121,928 | |||
IT Services - 8.0% | |||
Data Processing & Outsourced Services - 2.4% | |||
MasterCard, Inc. Class A | 39,200 | 3,759,280 | |
Visa, Inc. Class A | 73,700 | 5,817,878 | |
9,577,158 | |||
IT Consulting & Other Services - 5.6% | |||
IBM Corp. | 126,090 | 19,385,077 | |
Teradata Corp. (a) | 100,857 | 2,858,287 | |
22,243,364 | |||
TOTAL IT SERVICES | 31,820,522 | ||
Semiconductors & Semiconductor Equipment - 2.2% | |||
Semiconductors - 2.2% | |||
Micron Technology, Inc. (a) | 344,400 | 4,380,768 | |
Qualcomm, Inc. | 79,271 | 4,353,563 | |
8,734,331 | |||
Technology Hardware, Storage & Peripherals - 70.0% | |||
Technology Hardware, Storage & Peripherals - 70.0% | |||
3D Systems Corp. (a)(b) | 77,600 | 1,039,064 | |
Apple, Inc. | 848,043 | 84,685,575 | |
BlackBerry Ltd. (a) | 205,093 | 1,491,026 | |
Canon, Inc. sponsored ADR (b) | 464,585 | 13,403,277 | |
Cray, Inc. (a) | 13,800 | 459,816 | |
Diebold, Inc. | 172,221 | 4,451,913 | |
Eastman Kodak Co. (a) | 444,409 | 5,826,202 | |
Electronics for Imaging, Inc. (a) | 86,696 | 3,799,886 | |
EMC Corp. | 1,406,277 | 39,305,442 | |
Hewlett Packard Enterprise Co. | 1,072,056 | 19,800,874 | |
HP, Inc. | 2,132,400 | 28,531,512 | |
Lexmark International, Inc. Class A | 326,318 | 12,354,399 | |
NCR Corp. (a) | 328,753 | 10,151,893 | |
NetApp, Inc. | 263,949 | 6,738,618 | |
Nimble Storage, Inc. (a)(b) | 878,823 | 7,847,889 | |
Seagate Technology LLC | 724,531 | 16,345,419 | |
Super Micro Computer, Inc. (a) | 28,200 | 739,968 | |
Western Digital Corp. | 434,422 | 20,218,000 | |
277,190,773 | |||
TOTAL COMMON STOCKS | |||
(Cost $285,099,649) | 376,544,712 | ||
Money Market Funds - 4.7% | |||
Fidelity Cash Central Fund, 0.40% (c) | 12,690,727 | 12,690,727 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 5,926,050 | 5,926,050 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $18,616,777) | 18,616,777 | ||
TOTAL INVESTMENT PORTFOLIO - 99.8% | |||
(Cost $303,716,426) | 395,161,489 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 626,814 | ||
NET ASSETS - 100% | $395,788,303 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $8,269 |
Fidelity Securities Lending Cash Central Fund | 23,335 |
Total | $31,604 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $306,357,078. Net unrealized appreciation aggregated $88,804,411, of which $109,571,478 related to appreciated investment securities and $20,767,067 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Construction and Housing Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value | ||
Building Products - 13.7% | |||
Building Products - 13.7% | |||
A.O. Smith Corp. | 181,726 | $14,956,050 | |
Apogee Enterprises, Inc. | 182,837 | 8,267,889 | |
Builders FirstSource, Inc. (a) | 903,484 | 10,624,972 | |
Continental Building Products, Inc. (a) | 430,751 | 9,868,505 | |
Fortune Brands Home & Security, Inc. | 294,150 | 17,257,781 | |
Lennox International, Inc. | 79,500 | 10,919,325 | |
Tarkett SA | 50,000 | 1,680,380 | |
73,574,902 | |||
Construction & Engineering - 6.5% | |||
Construction & Engineering - 6.5% | |||
Dycom Industries, Inc. (a)(b) | 168,558 | 14,308,889 | |
Fluor Corp. | 187,400 | 9,890,972 | |
Quanta Services, Inc. (a) | 441,250 | 10,603,238 | |
34,803,099 | |||
Construction Materials - 7.3% | |||
Construction Materials - 7.3% | |||
Eagle Materials, Inc. | 153,628 | 12,032,145 | |
Headwaters, Inc. (a) | 260,700 | 4,950,693 | |
Martin Marietta Materials, Inc. | 104,360 | 19,728,214 | |
Summit Materials, Inc. | 134,717 | 2,930,095 | |
39,641,147 | |||
Household Durables - 16.7% | |||
Home Furnishings - 1.7% | |||
Mohawk Industries, Inc. (a) | 46,200 | 9,087,078 | |
Homebuilding - 13.2% | |||
Cairn Homes PLC (a) | 3,699,692 | 4,456,070 | |
CalAtlantic Group, Inc. | 256,207 | 9,477,097 | |
D.R. Horton, Inc. | 460,600 | 14,075,936 | |
New Home Co. LLC (a)(b) | 563,585 | 5,709,116 | |
PulteGroup, Inc. | 613,977 | 11,518,209 | |
Taylor Morrison Home Corp. (a) | 408,365 | 6,084,639 | |
Toll Brothers, Inc. (a) | 406,250 | 11,842,188 | |
William Lyon Homes, Inc. (a)(b) | 492,711 | 7,991,772 | |
71,155,027 | |||
Household Appliances - 1.8% | |||
Whirlpool Corp. | 54,408 | 9,500,725 | |
TOTAL HOUSEHOLD DURABLES | 89,742,830 | ||
Real Estate Investment Trusts - 17.6% | |||
Diversified REITs - 1.5% | |||
Forest City Realty Trust, Inc. | 349,200 | 7,965,252 | |
Residential REITs - 14.9% | |||
AvalonBay Communities, Inc. | 181,878 | 32,716,215 | |
Essex Property Trust, Inc. | 23,609 | 5,364,673 | |
Mid-America Apartment Communities, Inc. | 186,176 | 19,174,266 | |
UDR, Inc. | 636,900 | 22,947,507 | |
80,202,661 | |||
Specialized REITs - 1.2% | |||
Extra Space Storage, Inc. | 69,897 | 6,498,324 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS | 94,666,237 | ||
Real Estate Management & Development - 4.3% | |||
Real Estate Development - 1.7% | |||
Howard Hughes Corp. (a) | 83,000 | 9,068,580 | |
Real Estate Services - 2.6% | |||
Foxtons Group PLC | 1,967,449 | 4,659,022 | |
RE/MAX Holdings, Inc. | 124,139 | 5,013,974 | |
Realogy Holdings Corp. (a) | 136,099 | 4,464,047 | |
14,137,043 | |||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 23,205,623 | ||
Specialty Retail - 31.2% | |||
Home Improvement Retail - 31.2% | |||
Home Depot, Inc. | 839,760 | 110,949,090 | |
Lowe's Companies, Inc. | 666,434 | 53,401,356 | |
Lumber Liquidators Holdings, Inc. (a)(b) | 277,274 | 3,632,289 | |
167,982,735 | |||
TOTAL COMMON STOCKS | |||
(Cost $380,391,647) | 523,616,573 | ||
Convertible Preferred Stocks - 0.6% | |||
Household Durables - 0.6% | |||
Homebuilding - 0.6% | |||
Blu Homes, Inc. Series A, 5.00% (a)(c) | |||
(Cost $4,000,001) | 865,801 | 3,437,230 | |
Money Market Funds - 4.6% | |||
Fidelity Cash Central Fund, 0.40% (d) | 11,912,098 | 11,912,098 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 12,778,600 | 12,778,600 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $24,690,698) | 24,690,698 | ||
TOTAL INVESTMENT PORTFOLIO - 102.5% | |||
(Cost $409,082,346) | 551,744,501 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (13,506,495) | ||
NET ASSETS - 100% | $538,238,006 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,437,230 or 0.6% of net assets.
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 | $4,000,001 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $8,757 |
Fidelity Securities Lending Cash Central Fund | 27,942 |
Total | $36,699 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $523,616,573 | $523,616,573 | $-- | $-- |
Convertible Preferred Stocks | 3,437,230 | -- | -- | 3,437,230 |
Money Market Funds | 24,690,698 | 24,690,698 | -- | -- |
Total Investments in Securities: | $551,744,501 | $548,307,271 | $-- | $3,437,230 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $410,999,794. Net unrealized appreciation aggregated $140,744,707, of which $153,229,884 related to appreciated investment securities and $12,485,177 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Consumer Discretionary Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% | |||
Shares | Value | ||
Auto Components - 2.4% | |||
Auto Parts & Equipment - 2.4% | |||
Tenneco, Inc. (a) | 353,314 | $18,980,028 | |
Visteon Corp. | 109,200 | 8,187,816 | |
27,167,844 | |||
Automobiles - 0.2% | |||
Automobile Manufacturers - 0.2% | |||
Tesla Motors, Inc. (a) | 12,000 | 2,678,760 | |
Beverages - 2.0% | |||
Distillers & Vintners - 1.0% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 71,800 | 10,996,170 | |
Soft Drinks - 1.0% | |||
Monster Beverage Corp. | 79,420 | 11,913,000 | |
TOTAL BEVERAGES | 22,909,170 | ||
Commercial Services & Supplies - 0.1% | |||
Diversified Support Services - 0.1% | |||
KAR Auction Services, Inc. | 27,600 | 1,132,704 | |
Food & Staples Retailing - 0.8% | |||
Hypermarkets & Super Centers - 0.8% | |||
Costco Wholesale Corp. | 60,420 | 8,988,683 | |
Hotels, Restaurants & Leisure - 15.1% | |||
Casinos & Gaming - 2.1% | |||
Las Vegas Sands Corp. | 530,770 | 24,542,805 | |
Hotels, Resorts & Cruise Lines - 4.5% | |||
Accor SA | 167,430 | 7,284,909 | |
Hilton Worldwide Holdings, Inc. | 2,138,578 | 44,439,651 | |
51,724,560 | |||
Leisure Facilities - 1.8% | |||
Vail Resorts, Inc. | 152,789 | 20,053,556 | |
Restaurants - 6.7% | |||
Buffalo Wild Wings, Inc. (a) | 32,200 | 4,681,558 | |
Del Frisco's Restaurant Group, Inc. (a) | 137,657 | 2,128,177 | |
Domino's Pizza, Inc. | 35,700 | 4,315,416 | |
McDonald's Corp. | 98,960 | 12,079,058 | |
Starbucks Corp. | 958,900 | 52,634,021 | |
75,838,230 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 172,159,151 | ||
Household Durables - 1.1% | |||
Home Furnishings - 0.4% | |||
Tempur Sealy International, Inc. (a) | 75,160 | 4,375,815 | |
Household Appliances - 0.7% | |||
Techtronic Industries Co. Ltd. | 1,875,500 | 7,542,306 | |
TOTAL HOUSEHOLD DURABLES | 11,918,121 | ||
Household Products - 1.4% | |||
Household Products - 1.4% | |||
Spectrum Brands Holdings, Inc. | 135,100 | 15,748,607 | |
Internet & Catalog Retail - 16.2% | |||
Internet Retail - 16.2% | |||
Amazon.com, Inc. (a) | 222,480 | 160,806,321 | |
Netflix, Inc. (a) | 73,400 | 7,528,638 | |
Ocado Group PLC (a)(b) | 4,125,718 | 16,163,683 | |
184,498,642 | |||
Leisure Products - 0.8% | |||
Leisure Products - 0.8% | |||
Mattel, Inc. | 273,300 | 8,712,804 | |
Media - 24.1% | |||
Advertising - 2.6% | |||
Interpublic Group of Companies, Inc. | 1,255,900 | 30,016,010 | |
Broadcasting - 1.0% | |||
ITV PLC | 3,518,300 | 10,916,993 | |
Cable & Satellite - 10.7% | |||
Charter Communications, Inc. (a) | 349,999 | 76,628,781 | |
Comcast Corp. Class A | 488,600 | 30,928,380 | |
Naspers Ltd. Class N | 98,300 | 14,463,442 | |
122,020,603 | |||
Movies & Entertainment - 9.8% | |||
The Walt Disney Co. | 931,747 | 92,447,937 | |
Time Warner, Inc. | 245,200 | 18,551,832 | |
110,999,769 | |||
TOTAL MEDIA | 273,953,375 | ||
Multiline Retail - 0.9% | |||
General Merchandise Stores - 0.9% | |||
B&M European Value Retail S.A. | 2,363,449 | 10,645,845 | |
Software - 0.5% | |||
Application Software - 0.5% | |||
Mobileye NV (a)(b) | 149,600 | 5,680,312 | |
Specialty Retail - 24.0% | |||
Apparel Retail - 10.1% | |||
Inditex SA | 199,497 | 6,739,889 | |
L Brands, Inc. | 661,625 | 45,354,394 | |
Ross Stores, Inc. | 854,759 | 45,644,131 | |
TJX Companies, Inc. | 211,995 | 16,137,059 | |
Zumiez, Inc. (a) | 56,898 | 846,642 | |
114,722,115 | |||
Automotive Retail - 4.9% | |||
AutoZone, Inc. (a) | 47,580 | 36,265,476 | |
O'Reilly Automotive, Inc. (a) | 73,086 | 19,326,131 | |
55,591,607 | |||
Home Improvement Retail - 8.7% | |||
Home Depot, Inc. | 746,500 | 98,627,580 | |
Specialty Stores - 0.3% | |||
Sally Beauty Holdings, Inc. (a) | 130,400 | 3,745,088 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 1,900 | 442,719 | |
4,187,807 | |||
TOTAL SPECIALTY RETAIL | 273,129,109 | ||
Textiles, Apparel & Luxury Goods - 7.5% | |||
Apparel, Accessories & Luxury Goods - 2.2% | |||
G-III Apparel Group Ltd. (a) | 182,426 | 7,136,505 | |
Regina Miracle International Holdings Ltd. (a)(b) | 608,606 | 836,459 | |
VF Corp. | 275,900 | 17,194,088 | |
25,167,052 | |||
Footwear - 5.3% | |||
NIKE, Inc. Class B | 1,076,150 | 59,425,003 | |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 84,592,055 | ||
TOTAL COMMON STOCKS | |||
(Cost $930,544,949) | 1,103,915,182 | ||
Money Market Funds - 4.0% | |||
Fidelity Cash Central Fund, 0.40% (c) | 30,126,592 | 30,126,592 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 15,263,883 | 15,263,883 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $45,390,475) | 45,390,475 | ||
TOTAL INVESTMENT PORTFOLIO - 101.1% | |||
(Cost $975,935,424) | 1,149,305,657 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (12,006,626) | ||
NET ASSETS - 100% | $1,137,299,031 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $25,253 |
Fidelity Securities Lending Cash Central Fund | 557,866 |
Total | $583,119 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,103,915,182 | $1,071,794,858 | $32,120,324 | $-- |
Money Market Funds | 45,390,475 | 45,390,475 | -- | -- |
Total Investments in Securities: | $1,149,305,657 | $1,117,185,333 | $32,120,324 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2016. 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 section:
Transfers | Total |
Level 1 to Level 2 | $36,604,294 |
Level 2 to Level 1 | $0 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $977,392,993. Net unrealized appreciation aggregated $171,912,664, of which $212,483,543 related to appreciated investment securities and $40,570,879 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Consumer Finance Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
Consumer Finance - 39.8% | |||
Consumer Finance - 39.8% | |||
Ally Financial, Inc. (a) | 208,500 | $3,740,490 | |
American Express Co. | 59,600 | 3,919,296 | |
Capital One Financial Corp. | 70,600 | 5,170,744 | |
Cash America International, Inc. | 11,919 | 432,302 | |
Credit Acceptance Corp. (a)(b) | 9,775 | 1,831,249 | |
Discover Financial Services | 95,700 | 5,436,717 | |
First Cash Financial Services, Inc. | 10,200 | 445,638 | |
Navient Corp. | 272,200 | 3,731,862 | |
Nelnet, Inc. Class A | 22,500 | 825,300 | |
OneMain Holdings, Inc. (a) | 80,000 | 2,500,800 | |
Santander Consumer U.S.A. Holdings, Inc. (a) | 167,800 | 2,157,908 | |
SLM Corp. (a) | 338,900 | 2,328,243 | |
Synchrony Financial (a) | 172,100 | 5,369,520 | |
37,890,069 | |||
Diversified Financial Services - 0.5% | |||
Specialized Finance - 0.5% | |||
Element Financial Corp. | 40,500 | 474,999 | |
IT Services - 28.2% | |||
Data Processing & Outsourced Services - 28.2% | |||
Alliance Data Systems Corp. (a) | 4,300 | 955,417 | |
Blackhawk Network Holdings, Inc. (a) | 45,800 | 1,576,436 | |
Euronet Worldwide, Inc. (a) | 9,100 | 726,271 | |
EVERTEC, Inc. | 5,800 | 88,798 | |
Fiserv, Inc. (a) | 5,600 | 589,848 | |
FleetCor Technologies, Inc. (a) | 6,200 | 923,118 | |
Global Payments, Inc. | 58,000 | 4,506,020 | |
MasterCard, Inc. Class A | 70,400 | 6,751,360 | |
Total System Services, Inc. | 56,500 | 3,034,050 | |
Visa, Inc. Class A | 88,536 | 6,989,031 | |
Worldline SA (a)(c) | 20,700 | 635,219 | |
26,775,568 | |||
Professional Services - 1.0% | |||
Research & Consulting Services - 1.0% | |||
Equifax, Inc. | 7,700 | 968,121 | |
Real Estate Investment Trusts - 15.6% | |||
Mortgage REITs - 15.6% | |||
Altisource Residential Corp. Class B | 28,900 | 289,578 | |
American Capital Agency Corp. | 173,800 | 3,283,082 | |
Annaly Capital Management, Inc. | 395,600 | 4,185,448 | |
Capstead Mortgage Corp. | 35,000 | 338,100 | |
Chimera Investment Corp. | 121,480 | 1,820,985 | |
Hatteras Financial Corp. | 27,400 | 440,866 | |
Invesco Mortgage Capital, Inc. | 47,857 | 688,184 | |
MFA Financial, Inc. | 182,000 | 1,312,220 | |
New Residential Investment Corp. | 97,950 | 1,330,161 | |
PennyMac Mortgage Investment Trust | 29,200 | 449,388 | |
Redwood Trust, Inc. | 51,800 | 738,150 | |
14,876,162 | |||
Thrifts & Mortgage Finance - 14.0% | |||
Thrifts & Mortgage Finance - 14.0% | |||
Astoria Financial Corp. | 15,500 | 247,690 | |
BofI Holding, Inc. (a)(b) | 26,000 | 488,020 | |
Capitol Federal Financial, Inc. | 29,100 | 395,178 | |
EverBank Financial Corp. | 42,700 | 654,164 | |
Kearny Financial Corp. | 43,900 | 574,651 | |
Meridian Bancorp, Inc. | 67,000 | 1,005,000 | |
MGIC Investment Corp. (a) | 201,228 | 1,418,657 | |
Nationstar Mortgage Holdings, Inc. (a)(b) | 17,000 | 216,920 | |
New York Community Bancorp, Inc. | 86,000 | 1,353,640 | |
Northfield Bancorp, Inc. | 200 | 3,110 | |
PHH Corp. (a) | 18,000 | 257,040 | |
Provident Financial Services, Inc. | 8,000 | 163,360 | |
Radian Group, Inc. | 112,465 | 1,395,691 | |
TFS Financial Corp. | 179,700 | 3,315,465 | |
Washington Federal, Inc. | 40,900 | 1,022,091 | |
WSFS Financial Corp. | 22,700 | 805,169 | |
13,315,846 | |||
TOTAL COMMON STOCKS | |||
(Cost $80,524,357) | 94,300,765 | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 0.40% (d) | 1,103,918 | 1,103,918 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 1,697,096 | 1,697,096 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,801,014) | 2,801,014 | ||
TOTAL INVESTMENT PORTFOLIO - 102.1% | |||
(Cost $83,325,371) | 97,101,779 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (1,977,484) | ||
NET ASSETS - 100% | $95,124,295 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $635,219 or 0.7% of net assets.
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
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 | $325 |
Fidelity Securities Lending Cash Central Fund | 36,065 |
Total | $36,390 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $83,790,155. Net unrealized appreciation aggregated $13,311,624, of which $18,623,082 related to appreciated investment securities and $5,311,458 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Consumer Staples Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% | |||
Shares | Value | ||
Beverages - 16.9% | |||
Brewers - 1.0% | |||
Anheuser-Busch InBev SA NV | 190,290 | $24,051,887 | |
China Resources Beer Holdings Co. Ltd. | 3,880,000 | 8,408,352 | |
32,460,239 | |||
Distillers & Vintners - 1.9% | |||
Kweichow Moutai Co. Ltd. | 432,853 | 17,390,000 | |
Pernod Ricard SA | 238,600 | 25,992,979 | |
Remy Cointreau SA (a) | 254,976 | 21,175,297 | |
64,558,276 | |||
Soft Drinks - 14.0% | |||
Britvic PLC | 361,500 | 3,536,773 | |
Coca-Cola Bottling Co. Consolidated | 162,559 | 20,076,037 | |
Coca-Cola Central Japan Co. Ltd. | 342,700 | 6,566,149 | |
Coca-Cola FEMSA S.A.B. de CV sponsored ADR (a) | 47,529 | 3,816,103 | |
Coca-Cola Icecek Sanayi A/S | 915,162 | 11,160,134 | |
Embotelladora Andina SA ADR | 431,927 | 7,545,765 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 65,787 | 5,965,565 | |
Monster Beverage Corp. | 781,800 | 117,270,000 | |
PepsiCo, Inc. | 1,602,518 | 162,126,746 | |
The Coca-Cola Co. | 2,989,018 | 133,310,203 | |
471,373,475 | |||
TOTAL BEVERAGES | 568,391,990 | ||
Food & Staples Retailing - 24.5% | |||
Drug Retail - 14.1% | |||
CVS Health Corp. | 3,123,703 | 301,281,154 | |
Drogasil SA | 439,700 | 7,025,758 | |
Walgreens Boots Alliance, Inc. | 2,100,524 | 162,580,558 | |
470,887,470 | |||
Food Distributors - 0.4% | |||
Chefs' Warehouse Holdings (b) | 526,020 | 7,984,984 | |
United Natural Foods, Inc. (b) | 186,281 | 6,940,830 | |
14,925,814 | |||
Food Retail - 7.5% | |||
Kroger Co. | 6,118,538 | 218,798,919 | |
Sprouts Farmers Market LLC (b) | 1,183,829 | 29,311,606 | |
SUPERVALU, Inc. (b) | 578,500 | 2,678,455 | |
250,788,980 | |||
Hypermarkets & Super Centers - 2.5% | |||
Costco Wholesale Corp. | 209,800 | 31,211,946 | |
Wal-Mart Stores, Inc. | 748,956 | 53,011,106 | |
84,223,052 | |||
TOTAL FOOD & STAPLES RETAILING | 820,825,316 | ||
Food Products - 11.1% | |||
Agricultural Products - 1.9% | |||
Bunge Ltd. | 881,788 | 59,141,521 | |
SLC Agricola SA | 1,290,200 | 5,341,319 | |
64,482,840 | |||
Packaged Foods & Meats - 9.2% | |||
Amplify Snack Brands, Inc. (a) | 488,495 | 6,374,860 | |
Blue Buffalo Pet Products, Inc. (a)(b) | 570,876 | 14,751,436 | |
Dean Foods Co. | 209,172 | 3,823,664 | |
Mead Johnson Nutrition Co. Class A | 1,452,016 | 119,471,876 | |
Mondelez International, Inc. | 1,438,500 | 63,998,865 | |
Nestle SA | 343,935 | 25,416,689 | |
The Hain Celestial Group, Inc. (b) | 597,573 | 29,544,009 | |
TreeHouse Foods, Inc. (b) | 392,300 | 37,150,810 | |
Ulker Biskuvi Sanayi A/S | 1,010,525 | 7,304,835 | |
307,837,044 | |||
TOTAL FOOD PRODUCTS | 372,319,884 | ||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
Diplomat Pharmacy, Inc. (a)(b) | 230,548 | 7,511,254 | |
Hotels, Restaurants & Leisure - 1.3% | |||
Restaurants - 1.3% | |||
ARAMARK Holdings Corp. | 1,360,128 | 45,278,661 | |
Household Products - 16.3% | |||
Household Products - 16.3% | |||
Colgate-Palmolive Co. | 1,259,688 | 88,694,632 | |
Kimberly-Clark Corp. | 124,900 | 15,867,296 | |
Procter & Gamble Co. | 5,219,865 | 423,017,860 | |
Spectrum Brands Holdings, Inc. | 157,005 | 18,302,073 | |
545,881,861 | |||
Personal Products - 1.9% | |||
Personal Products - 1.9% | |||
Avon Products, Inc. | 4,891,004 | 19,074,916 | |
Coty, Inc. Class A (a) | 180,500 | 4,754,370 | |
Estee Lauder Companies, Inc. Class A | 58,008 | 5,323,974 | |
Herbalife Ltd. (b) | 365,110 | 21,136,218 | |
L'Oreal SA | 43,400 | 8,156,014 | |
Ontex Group NV | 142,800 | 4,646,633 | |
63,092,125 | |||
Pharmaceuticals - 0.6% | |||
Pharmaceuticals - 0.6% | |||
Perrigo Co. PLC | 198,000 | 18,976,320 | |
Tobacco - 23.9% | |||
Tobacco - 23.9% | |||
Altria Group, Inc. | 2,122,645 | 135,085,128 | |
British American Tobacco PLC sponsored ADR | 3,058,165 | 372,025,772 | |
ITC Ltd. | 1,820,070 | 9,501,353 | |
Philip Morris International, Inc. | 1,222,668 | 120,652,878 | |
Reynolds American, Inc. | 3,276,023 | 162,818,343 | |
800,083,474 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,492,256,241) | 3,242,360,885 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Beverages - 0.1% | |||
Brewers - 0.1% | |||
Ambev SA sponsored ADR | |||
(Cost $2,103,197) | 673,710 | 3,543,715 | |
Money Market Funds - 4.3% | |||
Fidelity Cash Central Fund, 0.40% (c) | 109,740,865 | 109,740,865 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 33,933,843 | 33,933,843 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $143,674,708) | 143,674,708 | ||
TOTAL INVESTMENT PORTFOLIO - 101.1% | |||
(Cost $2,638,034,146) | 3,389,579,308 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (38,077,462) | ||
NET ASSETS - 100% | $3,351,501,846 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $87,099 |
Fidelity Securities Lending Cash Central Fund | 209,920 |
Total | $297,019 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $3,242,360,885 | $3,186,326,160 | $56,034,725 | $-- |
Nonconvertible Preferred Stocks | 3,543,715 | 3,543,715 | -- | -- |
Money Market Funds | 143,674,708 | 143,674,708 | -- | -- |
Total Investments in Securities: | $3,389,579,308 | $3,333,544,583 | $56,034,725 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $2,647,041,662. Net unrealized appreciation aggregated $742,537,646, of which $795,230,237 related to appreciated investment securities and $52,692,591 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Defense and Aerospace Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value | ||
Aerospace & Defense - 97.8% | |||
Aerospace & Defense - 97.8% | |||
Astronics Corp. (a) | 315,800 | $12,158,300 | |
Astronics Corp. Class B | 49,177 | 1,884,463 | |
BWX Technologies, Inc. | 892,900 | 31,403,293 | |
Elbit Systems Ltd. | 2,472 | 232,417 | |
Engility Holdings, Inc. (a) | 780,834 | 18,373,024 | |
Esterline Technologies Corp. (a) | 150,399 | 10,138,397 | |
General Dynamics Corp. | 497,400 | 70,566,138 | |
HEICO Corp. | 354,247 | 23,575,138 | |
HEICO Corp. Class A | 293,342 | 16,183,678 | |
Hexcel Corp. | 758,700 | 33,132,429 | |
Honeywell International, Inc. | 704,276 | 80,167,737 | |
Huntington Ingalls Industries, Inc. | 302,274 | 46,371,854 | |
L-3 Communications Holdings, Inc. | 38,320 | 5,257,887 | |
Lockheed Martin Corp. | 201,800 | 47,671,214 | |
Mercury Systems, Inc. (a) | 67,400 | 1,432,250 | |
Moog, Inc. Class A (a) | 387,058 | 20,874,038 | |
Northrop Grumman Corp. | 385,000 | 81,877,950 | |
Orbital ATK, Inc. | 370,780 | 32,268,983 | |
Raytheon Co. | 323,906 | 42,000,891 | |
Rockwell Collins, Inc. | 451,967 | 39,953,883 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 583,900 | 27,314,842 | |
Teledyne Technologies, Inc. (a) | 367,326 | 36,045,700 | |
Textron, Inc. | 869,731 | 33,101,962 | |
The Boeing Co. | 505,731 | 63,797,966 | |
TransDigm Group, Inc. (a) | 183,833 | 48,447,349 | |
United Technologies Corp. | 1,266,701 | 127,404,787 | |
(Cost $692,083,268) | 951,636,570 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 0.40% (b) | |||
(Cost $16,314,089) | 16,314,089 | 16,314,089 | |
TOTAL INVESTMENT PORTFOLIO - 99.5% | |||
(Cost $708,397,357) | 967,950,659 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 4,505,168 | ||
NET ASSETS - 100% | $972,455,827 |
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 | $13,790 |
Fidelity Securities Lending Cash Central Fund | 2,812 |
Total | $16,602 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $709,069,770. Net unrealized appreciation aggregated $258,880,889, of which $270,700,231 related to appreciated investment securities and $11,819,342 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Electronics Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.1% | |||
Shares | Value | ||
Biotechnology - 0.0% | |||
Biotechnology - 0.0% | |||
Arrowhead Pharmaceuticals, Inc. warrants 5/21/17 (a) | 285,468 | $3 | |
Commercial Services & Supplies - 0.5% | |||
Office Services & Supplies - 0.5% | |||
West Corp. | 401,200 | 8,465,320 | |
Diversified Financial Services - 8.1% | |||
Other Diversified Financial Services - 8.1% | |||
Broadcom Ltd. | 803,200 | 123,981,952 | |
Electronic Equipment & Components - 6.5% | |||
Electronic Components - 0.2% | |||
InvenSense, Inc. (a)(b) | 369,600 | 2,284,128 | |
Electronic Manufacturing Services - 6.3% | |||
Jabil Circuit, Inc. | 3,043,932 | 58,078,223 | |
TTM Technologies, Inc. (a) | 4,870,454 | 38,135,655 | |
96,213,878 | |||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 98,498,006 | ||
Internet Software & Services - 0.4% | |||
Internet Software & Services - 0.4% | |||
Rackspace Hosting, Inc. (a) | 240,000 | 6,000,000 | |
IT Services - 0.1% | |||
Data Processing & Outsourced Services - 0.1% | |||
EVERTEC, Inc. | 104,712 | 1,603,141 | |
Semiconductors & Semiconductor Equipment - 74.3% | |||
Semiconductor Equipment - 9.5% | |||
Amkor Technology, Inc. (a) | 669,567 | 4,224,968 | |
Applied Materials, Inc. | 2,443,200 | 59,662,944 | |
Lam Research Corp. (b) | 848,473 | 70,262,049 | |
PDF Solutions, Inc. (a) | 258,400 | 3,801,064 | |
SunEdison Semiconductor Ltd. (a) | 637,400 | 3,633,180 | |
Xcerra Corp. (a) | 350,900 | 2,291,377 | |
143,875,582 | |||
Semiconductors - 64.8% | |||
Advanced Micro Devices, Inc. (a)(b) | 663,500 | 3,032,195 | |
Ambarella, Inc. (a)(b) | 124,200 | 5,134,428 | |
ams AG | 79,940 | 2,199,556 | |
Analog Devices, Inc. | 165,589 | 9,686,957 | |
Applied Micro Circuits Corp. (a) | 712,338 | 4,687,184 | |
Cavium, Inc. (a) | 532,000 | 26,467,000 | |
Cree, Inc. (a) | 216,900 | 5,222,952 | |
Dialog Semiconductor PLC (a) | 184,221 | 5,847,894 | |
Diodes, Inc. (a) | 557,500 | 10,737,450 | |
Exar Corp. (a) | 53,100 | 362,673 | |
Intel Corp. | 7,840,671 | 247,686,795 | |
Intersil Corp. Class A | 2,561,098 | 34,626,045 | |
Lattice Semiconductor Corp. (a) | 631,311 | 3,674,230 | |
Marvell Technology Group Ltd. | 2,957,296 | 30,253,138 | |
Maxim Integrated Products, Inc. | 1,738,125 | 65,979,225 | |
Microchip Technology, Inc. (b) | 611,600 | 31,607,488 | |
Micron Technology, Inc. (a) | 3,305,640 | 42,047,741 | |
NVIDIA Corp. | 552,092 | 25,793,738 | |
NXP Semiconductors NV (a) | 398,304 | 37,635,745 | |
ON Semiconductor Corp. (a) | 6,772,150 | 66,163,906 | |
Qorvo, Inc. (a) | 766,200 | 39,053,214 | |
Qualcomm, Inc. | 3,537,184 | 194,262,145 | |
Semtech Corp. (a) | 1,752,575 | 41,255,616 | |
Skyworks Solutions, Inc. | 784,000 | 52,339,840 | |
Xilinx, Inc. | 30,100 | 1,426,439 | |
987,183,594 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,131,059,176 | ||
Technology Hardware, Storage & Peripherals - 4.2% | |||
Technology Hardware, Storage & Peripherals - 4.2% | |||
Lenovo Group Ltd. | 10,760,000 | 6,604,922 | |
Nimble Storage, Inc. (a)(b) | 645,445 | 5,763,824 | |
Seagate Technology LLC | 1,033,400 | 23,313,504 | |
Western Digital Corp. | 602,200 | 28,026,388 | |
63,708,638 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,319,971,002) | 1,433,316,236 | ||
Principal Amount | |||
Nonconvertible Bonds - 0.4% | |||
Semiconductors & Semiconductor Equipment - 0.4% | |||
Semiconductors - 0.4% | |||
Advanced Micro Devices, Inc.: | |||
7% 7/1/24 | 4,785,000 | 3,780,150 | |
7.75% 8/1/20 | 2,270,000 | 1,974,900 | |
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $6,003,082) | 5,755,050 | ||
Shares | Value | ||
Money Market Funds - 9.7% | |||
Fidelity Cash Central Fund, 0.40% (c) | 69,783,546 | 69,783,546 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 78,613,500 | 78,613,500 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $148,397,046) | 148,397,046 | ||
TOTAL INVESTMENT PORTFOLIO - 104.2% | |||
(Cost $1,474,371,130) | 1,587,468,332 | ||
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (64,636,357) | ||
NET ASSETS - 100% | $1,522,831,975 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $55,425 |
Fidelity Securities Lending Cash Central Fund | 62,599 |
Total | $118,024 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,433,316,236 | $1,433,316,233 | $3 | $-- |
Nonconvertible Bonds | 5,755,050 | -- | 5,755,050 | -- |
Money Market Funds | 148,397,046 | 148,397,046 | -- | -- |
Total Investments in Securities: | $1,587,468,332 | $1,581,713,279 | $5,755,053 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,500,994,800. Net unrealized appreciation aggregated $86,473,532, of which $165,308,063 related to appreciated investment securities and $78,834,531 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Energy Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% | |||
Shares | Value | ||
Chemicals - 0.7% | |||
Commodity Chemicals - 0.7% | |||
LyondellBasell Industries NV Class A | 205,400 | $16,711,344 | |
Energy Equipment & Services - 17.3% | |||
Oil & Gas Drilling - 1.3% | |||
Nabors Industries Ltd. | 2,634,100 | 24,760,540 | |
Odfjell Drilling A/S (a) | 1,539,580 | 864,974 | |
Transocean Partners LLC | 122,400 | 1,368,432 | |
Trinidad Drilling Ltd. | 759,700 | 1,367,211 | |
Xtreme Drilling & Coil Services Corp. (a) | 2,252,600 | 4,294,429 | |
32,655,586 | |||
Oil & Gas Equipment & Services - 16.0% | |||
Baker Hughes, Inc. | 2,194,500 | 101,780,910 | |
Bristow Group, Inc. | 70,000 | 938,700 | |
Dril-Quip, Inc. (a) | 366,453 | 22,364,627 | |
Exterran Corp. (a) | 140,800 | 1,764,224 | |
Frank's International NV | 1,748,000 | 27,985,480 | |
Halliburton Co. | 556,100 | 23,456,298 | |
Newpark Resources, Inc. (a) | 2,208,602 | 10,137,483 | |
Oceaneering International, Inc. | 566,227 | 18,719,465 | |
RigNet, Inc. (a) | 245,000 | 3,045,350 | |
Schlumberger Ltd. | 2,202,358 | 168,039,912 | |
Superior Energy Services, Inc. | 333,300 | 5,746,092 | |
Tesco Corp. | 579,600 | 4,242,672 | |
Total Energy Services, Inc. | 100,500 | 1,085,969 | |
389,307,182 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 421,962,768 | ||
Independent Power and Renewable Electricity Producers - 0.8% | |||
Renewable Electricity - 0.8% | |||
NextEra Energy Partners LP | 656,700 | 18,735,651 | |
Metals & Mining - 0.1% | |||
Diversified Metals & Mining - 0.1% | |||
Hi-Crush Partners LP | 403,549 | 3,518,947 | |
Oil, Gas & Consumable Fuels - 79.8% | |||
Coal & Consumable Fuels - 0.3% | |||
CONSOL Energy, Inc. (b) | 499,385 | 7,670,554 | |
Integrated Oil & Gas - 8.1% | |||
Cenovus Energy, Inc. | 163,000 | 2,457,399 | |
Chevron Corp. | 945,823 | 95,528,123 | |
Exxon Mobil Corp. | 768,248 | 68,389,437 | |
Occidental Petroleum Corp. | 346,300 | 26,124,872 | |
Suncor Energy, Inc. | 182,600 | 5,043,483 | |
197,543,314 | |||
Oil & Gas Exploration & Production - 59.5% | |||
Anadarko Petroleum Corp. | 1,961,315 | 101,713,796 | |
Apache Corp. | 924,200 | 52,808,788 | |
ARC Resources Ltd. | 149,700 | 2,462,370 | |
Bankers Petroleum Ltd. (a) | 811,300 | 1,268,285 | |
Black Stone Minerals LP | 315,868 | 4,854,891 | |
Cabot Oil & Gas Corp. | 719,100 | 17,236,827 | |
California Resources Corp. | 1,071,204 | 1,628,230 | |
Callon Petroleum Co. (a) | 1,051,900 | 11,981,141 | |
Carrizo Oil & Gas, Inc. (a) | 1,088,100 | 41,891,850 | |
Cimarex Energy Co. | 666,745 | 77,529,109 | |
Concho Resources, Inc. (a) | 430,100 | 52,188,334 | |
ConocoPhillips Co. | 1,308,900 | 57,316,731 | |
Continental Resources, Inc. (a)(b) | 803,400 | 33,791,004 | |
Denbury Resources, Inc. | 469,500 | 1,882,695 | |
Devon Energy Corp. | 933,200 | 33,679,188 | |
Diamondback Energy, Inc. | 903,300 | 82,155,135 | |
EOG Resources, Inc. | 1,861,064 | 151,416,167 | |
EQT Corp. | 35,200 | 2,578,400 | |
Evolution Petroleum Corp. | 109,743 | 613,463 | |
Gran Tierra Energy, Inc. (Canada) (a) | 1,013,200 | 2,982,386 | |
Gulfport Energy Corp. (a) | 274,000 | 8,422,760 | |
Hess Corp. | 1,448,500 | 86,808,605 | |
Jones Energy, Inc. (a) | 133,300 | 506,540 | |
Marathon Oil Corp. | 2,919,600 | 38,159,172 | |
Matador Resources Co. (a)(b) | 53,200 | 1,208,704 | |
Murphy Oil Corp. | 330,400 | 10,212,664 | |
Newfield Exploration Co. (a) | 2,703,300 | 110,213,541 | |
Noble Energy, Inc. | 3,237,388 | 115,736,621 | |
Oasis Petroleum, Inc. (a) | 793,400 | 7,965,736 | |
Parsley Energy, Inc. Class A (a) | 1,279,000 | 33,343,530 | |
PDC Energy, Inc. (a) | 993,551 | 57,675,636 | |
Pioneer Natural Resources Co. | 335,199 | 53,739,104 | |
QEP Resources, Inc. | 887,800 | 16,539,714 | |
Range Resources Corp. (b) | 124,700 | 5,310,973 | |
Rice Energy, Inc. (a) | 1,555,300 | 31,494,825 | |
Ring Energy, Inc. (a) | 735,422 | 5,949,564 | |
RSP Permian, Inc. (a) | 643,400 | 21,187,162 | |
Sanchez Energy Corp. (a)(b) | 154,300 | 1,209,712 | |
Seven Generations Energy Ltd. (a) | 1,239,700 | 24,957,548 | |
SM Energy Co. (b) | 1,508,800 | 47,557,376 | |
Southwestern Energy Co. (a) | 325,800 | 4,453,686 | |
TAG Oil Ltd. (a) | 883,775 | 559,373 | |
Whiting Petroleum Corp. (a) | 3,111,600 | 38,428,260 | |
1,453,619,596 | |||
Oil & Gas Refining & Marketing - 3.6% | |||
Keyera Corp. (b) | 323,700 | 9,656,571 | |
Valero Energy Corp. | 1,276,981 | 69,850,861 | |
World Fuel Services Corp. | 192,015 | 8,826,930 | |
88,334,362 | |||
Oil & Gas Storage & Transport - 8.3% | |||
Cheniere Energy Partners LP Holdings LLC | 521,670 | 10,407,317 | |
Cheniere Energy, Inc. (a) | 972,100 | 31,233,573 | |
Enterprise Products Partners LP | 1,160,723 | 32,221,670 | |
Gener8 Maritime, Inc. (a) | 202,900 | 1,466,967 | |
Golar LNG Ltd. (b) | 429,700 | 7,476,780 | |
Kinder Morgan, Inc. | 3,114,000 | 56,301,120 | |
Magellan Midstream Partners LP | 122,119 | 8,554,436 | |
Rice Midstream Partners LP | 336,900 | 6,161,901 | |
Shell Midstream Partners LP | 226,400 | 7,641,000 | |
Targa Resources Corp. | 544,500 | 23,320,935 | |
Teekay LNG Partners LP | 173,900 | 2,429,383 | |
The Williams Companies, Inc. | 378,800 | 8,394,208 | |
Williams Partners LP | 171,200 | 5,464,704 | |
201,073,994 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 1,948,241,820 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,098,376,842) | 2,409,170,530 | ||
Money Market Funds - 2.7% | |||
Fidelity Cash Central Fund, 0.40% (c) | 25,749,363 | 25,749,363 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 40,324,096 | 40,324,096 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $66,073,459) | 66,073,459 | ||
TOTAL INVESTMENT PORTFOLIO - 101.4% | |||
(Cost $2,164,450,301) | 2,475,243,989 | ||
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (33,559,802) | ||
NET ASSETS - 100% | $2,441,684,187 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $24,676 |
Fidelity Securities Lending Cash Central Fund | 63,413 |
Total | $88,089 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $2,232,360,368. Net unrealized appreciation aggregated $242,883,621, of which $412,080,370 related to appreciated investment securities and $169,196,749 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Energy Service Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9% | |||
Shares | Value | ||
Construction & Engineering - 0.3% | |||
Construction & Engineering - 0.3% | |||
Enterprise Group, Inc. (a)(b) | 5,565,237 | $1,506,584 | |
Energy Equipment & Services - 96.0% | |||
Oil & Gas Drilling - 15.1% | |||
Independence Contract Drilling, Inc. (a)(b) | 2,609,853 | 10,439,412 | |
Nabors Industries Ltd. | 2,982,200 | 28,032,680 | |
Odfjell Drilling A/S (a)(c) | 6,705,592 | 3,767,367 | |
Rowan Companies PLC | 179,280 | 3,035,210 | |
Transocean Partners LLC | 442,000 | 4,941,560 | |
Trinidad Drilling Ltd. | 9,152,300 | 16,471,139 | |
Xtreme Drilling & Coil Services Corp. (a)(b) | 5,670,217 | 10,809,885 | |
77,497,253 | |||
Oil & Gas Equipment & Services - 80.9% | |||
Archrock, Inc. (a) | 52,600 | 401,338 | |
Baker Hughes, Inc. | 2,102,922 | 97,533,522 | |
Bristow Group, Inc. | 27,500 | 368,775 | |
BW Offshore Ltd. (c) | 9,215,465 | 1,068,543 | |
CSI Compressco LP | 525,990 | 4,833,848 | |
Dril-Quip, Inc. (a) | 537,900 | 32,828,037 | |
Era Group, Inc. (a) | 299,000 | 2,861,430 | |
Exterran Corp. (a) | 589,700 | 7,388,941 | |
FMC Technologies, Inc. (a) | 470,862 | 12,821,572 | |
Forbes Energy Services Ltd. (a)(b) | 2,190,141 | 935,190 | |
Frank's International NV (c) | 1,026,086 | 16,427,637 | |
Halliburton Co. | 550,734 | 23,229,960 | |
McCoy Global, Inc. | 1,050,250 | 1,361,517 | |
National Oilwell Varco, Inc. | 545,662 | 17,979,563 | |
Newpark Resources, Inc. (a) | 3,515,050 | 16,134,080 | |
Oceaneering International, Inc. | 641,000 | 21,191,460 | |
Oil States International, Inc. (a) | 70,300 | 2,310,058 | |
RigNet, Inc. (a)(b)(c) | 1,149,030 | 14,282,443 | |
Schlumberger Ltd. | 1,209,711 | 92,300,949 | |
Spectrum ASA | 2,295,708 | 7,903,365 | |
Superior Drilling Products, Inc. (a)(b) | 1,371,373 | 2,468,471 | |
Tenaris SA sponsored ADR (c) | 51,200 | 1,353,216 | |
Tesco Corp. (b) | 2,430,794 | 17,793,412 | |
TETRA Technologies, Inc. (a) | 1,915,385 | 10,477,156 | |
Weatherford International Ltd. (a) | 1,750,366 | 9,819,553 | |
416,074,036 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 493,571,289 | ||
Machinery - 0.1% | |||
Industrial Machinery - 0.1% | |||
Energy Recovery, Inc. (a)(c) | 21,800 | 234,350 | |
Metals & Mining - 0.2% | |||
Diversified Metals & Mining - 0.2% | |||
Hi-Crush Partners LP | 138,600 | 1,208,592 | |
Oil, Gas & Consumable Fuels - 3.3% | |||
Oil & Gas Exploration & Production - 0.7% | |||
Devon Energy Corp. | 42,000 | 1,515,780 | |
Encana Corp. | 250,900 | 1,991,741 | |
3,507,521 | |||
Oil & Gas Storage & Transport - 2.6% | |||
Golar LNG Ltd. | 80,233 | 1,396,054 | |
StealthGas, Inc. (a)(b) | 2,432,662 | 11,409,185 | |
Teekay LNG Partners LP | 62,000 | 866,140 | |
13,671,379 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 17,178,900 | ||
TOTAL COMMON STOCKS | |||
(Cost $592,300,751) | 513,699,715 | ||
Money Market Funds - 1.6% | |||
Fidelity Cash Central Fund, 0.40% (d) | 519,370 | 519,370 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 7,464,735 | 7,464,735 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $7,984,105) | 7,984,105 | ||
TOTAL INVESTMENT PORTFOLIO - 101.5% | |||
(Cost $600,284,856) | 521,683,820 | ||
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (7,569,983) | ||
NET ASSETS - 100% | $514,113,837 |
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
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 | $3,910 |
Fidelity Securities Lending Cash Central Fund | 24,745 |
Total | $28,655 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Enterprise Group, Inc. | $966,615 | $-- | $-- | $-- | $1,506,584 |
Forbes Energy Services Ltd. | 644,120 | -- | -- | -- | 935,190 |
Independence Contract Drilling, Inc. | 3,431,324 | 6,292,407 | -- | -- | 10,439,412 |
RigNet, Inc. | 3,792,360 | 11,646,430 | -- | -- | 14,282,443 |
StealthGas, Inc. | 7,258,706 | 358,945 | -- | -- | 11,409,185 |
Superior Drilling Products, Inc. | 2,449,544 | 234,880 | -- | -- | 2,468,471 |
Tesco Corp. | 18,331,231 | 1,013,076 | 2,106,842 | -- | 17,793,412 |
Xtreme Drilling & Coil Services Corp. | 6,357,158 | 180,420 | -- | -- | 10,809,885 |
Total | $43,231,058 | $19,726,158 | $2,106,842 | $-- | $69,644,582 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $609,453,042. Net unrealized depreciation aggregated $87,769,222, of which $75,105,544 related to appreciated investment securities and $162,874,766 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Environment and Alternative Energy Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% | |||
Shares | Value | ||
Energy Efficiency - 49.3% | |||
Buildings Energy Efficiency - 8.2% | |||
A.O. Smith Corp. | 43,440 | $3,575,112 | |
Johnson Controls, Inc. | 51,820 | 2,287,853 | |
Lennox International, Inc. | 8,380 | 1,150,993 | |
7,013,958 | |||
Diversified Energy Efficiency - 15.7% | |||
Honeywell International, Inc. | 96,220 | 10,952,721 | |
Linear Technology Corp. | 52,280 | 2,473,890 | |
13,426,611 | |||
Industrial Energy Efficiency - 13.2% | |||
EMCOR Group, Inc. | 15,460 | 735,123 | |
EnerSys | 53,870 | 3,238,664 | |
ON Semiconductor Corp. (a) | 92,160 | 900,403 | |
Praxair, Inc. | 15,870 | 1,743,478 | |
Regal Beloit Corp. | 3,000 | 171,390 | |
Rockwell Automation, Inc. | 32,280 | 3,746,094 | |
VMware, Inc. Class A (a)(b) | 12,750 | 772,140 | |
11,307,292 | |||
Transport Energy Efficiency - 12.2% | |||
BorgWarner, Inc. | 68,150 | 2,319,145 | |
Delphi Automotive PLC | 71,310 | 4,846,228 | |
Innospec, Inc. | 68,397 | 3,321,358 | |
10,486,731 | |||
TOTAL ENERGY EFFICIENCY | 42,234,592 | ||
Environmental Support Services - 7.1% | |||
Diversified Environmental - 6.1% | |||
3M Co. | 13,020 | 2,191,526 | |
MKS Instruments, Inc. | 8,570 | 351,199 | |
Parker Hannifin Corp. | 23,070 | 2,649,359 | |
5,192,084 | |||
Environmental Consultancies - 1.0% | |||
AECOM (a) | 26,920 | 864,401 | |
TOTAL ENVIRONMENTAL SUPPORT SERVICES | 6,056,485 | ||
Food Agriculture & Forestry - 8.6% | |||
Sustainable and Efficient Agriculture - 7.3% | |||
Deere & Co. | 75,850 | 6,241,697 | |
Sustainable Forestry and Plantations - 1.3% | |||
Potlatch Corp. | 32,050 | 1,095,469 | |
TOTAL FOOD AGRICULTURE & FORESTRY | 7,337,166 | ||
Miscellaneous Environmental - 0.7% | |||
Other Environmental - 0.7% | |||
IBM Corp. | 4,090 | 628,797 | |
Pollution Control - 10.1% | |||
Pollution Control Solutions - 10.1% | |||
Cummins, Inc. | 31,640 | 3,621,831 | |
Tenneco, Inc. (a) | 92,740 | 4,981,993 | |
8,603,824 | |||
Renewable & Alternative Energy - 12.5% | |||
Other Renewables Equipment - 3.8% | |||
Andritz AG | 64,960 | 3,308,514 | |
Renewable Energy Developers and Independent Power Producers (IPPs) - 8.2% | |||
Iberdrola SA | 465,944 | 3,160,365 | |
IDACORP, Inc. | 22,900 | 1,676,509 | |
Portland General Electric Co. | 32,650 | 1,344,527 | |
Wabtec Corp. | 10,600 | 820,228 | |
7,001,629 | |||
Solar Energy Generation Equipment - 0.5% | |||
First Solar, Inc. (a) | 8,560 | 425,004 | |
TOTAL RENEWABLE & ALTERNATIVE ENERGY | 10,735,147 | ||
Waste Management & Technologies - 1.9% | |||
Recycling and Value Added Waste Processing - 1.9% | |||
Copart, Inc. (a) | 33,220 | 1,644,722 | |
Water Infrastructure & Technologies - 5.6% | |||
Water Infrastructure - 5.6% | |||
Crane Co. | 31,500 | 1,808,100 | |
Roper Technologies, Inc. | 4,848 | 829,396 | |
Valmont Industries, Inc. | 15,860 | 2,193,755 | |
4,831,251 | |||
TOTAL COMMON STOCKS | |||
(Cost $78,658,867) | 82,071,984 | ||
Money Market Funds - 3.9% | |||
Fidelity Cash Central Fund, 0.40% (c) | 3,181,556 | 3,181,556 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 164,700 | 164,700 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,346,256) | 3,346,256 | ||
TOTAL INVESTMENT PORTFOLIO - 99.7% | |||
(Cost $82,005,123) | 85,418,240 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 271,025 | ||
NET ASSETS - 100% | $85,689,265 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $3,056 |
Fidelity Securities Lending Cash Central Fund | 2,167 |
Total | $5,223 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2016. 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 section:
Transfers | Total |
Level 1 to Level 2 | $0 |
Level 2 to Level 1 | $2,821,069 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $82,172,408. Net unrealized appreciation aggregated $3,245,832, of which $6,868,555 related to appreciated investment securities and $3,622,723 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Financial Services Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9% | |||
Shares | Value | ||
Banks - 25.2% | |||
Diversified Banks - 19.9% | |||
Bank of America Corp. | 3,073,517 | $45,457,316 | |
Citigroup, Inc. | 1,014,580 | 47,248,991 | |
Comerica, Inc. | 157,300 | 7,408,830 | |
JPMorgan Chase & Co. | 584,810 | 38,170,549 | |
U.S. Bancorp | 944,084 | 40,425,677 | |
Wells Fargo & Co. | 852,801 | 43,254,067 | |
221,965,430 | |||
Regional Banks - 5.3% | |||
CoBiz, Inc. | 399,565 | 5,054,497 | |
Huntington Bancshares, Inc. | 1,037,100 | 10,837,695 | |
M&T Bank Corp. | 152,800 | 18,259,600 | |
Popular, Inc. | 338,000 | 10,592,920 | |
Preferred Bank, Los Angeles | 36,701 | 1,208,197 | |
SunTrust Banks, Inc. | 294,700 | 12,913,754 | |
58,866,663 | |||
TOTAL BANKS | 280,832,093 | ||
Capital Markets - 6.8% | |||
Asset Management & Custody Banks - 3.5% | |||
Affiliated Managers Group, Inc. (a) | 39,283 | 6,816,386 | |
Invesco Ltd. | 292,210 | 9,175,394 | |
Northern Trust Corp. | 181,900 | 13,478,790 | |
Oaktree Capital Group LLC Class A | 214,700 | 9,837,554 | |
39,308,124 | |||
Investment Banking & Brokerage - 3.3% | |||
E*TRADE Financial Corp. (a) | 343,644 | 9,584,231 | |
Goldman Sachs Group, Inc. | 138,300 | 22,056,084 | |
Virtu Financial, Inc. Class A | 278,400 | 4,958,304 | |
36,598,619 | |||
TOTAL CAPITAL MARKETS | 75,906,743 | ||
Consumer Finance - 6.2% | |||
Consumer Finance - 6.2% | |||
American Express Co. | 204,700 | 13,461,072 | |
Capital One Financial Corp. | 449,616 | 32,929,876 | |
OneMain Holdings, Inc. (a) | 160,913 | 5,030,140 | |
Synchrony Financial (a) | 566,700 | 17,681,040 | |
69,102,128 | |||
Diversified Consumer Services - 1.1% | |||
Specialized Consumer Services - 1.1% | |||
H&R Block, Inc. | 544,072 | 11,621,378 | |
Diversified Financial Services - 8.8% | |||
Multi-Sector Holdings - 5.5% | |||
Berkshire Hathaway, Inc. Class B (a) | 434,090 | 61,007,009 | |
Specialized Finance - 3.3% | |||
CME Group, Inc. | 113,800 | 11,139,882 | |
IntercontinentalExchange, Inc. | 94,447 | 25,606,471 | |
36,746,353 | |||
TOTAL DIVERSIFIED FINANCIAL SERVICES | 97,753,362 | ||
Insurance - 18.3% | |||
Insurance Brokers - 4.2% | |||
Brown & Brown, Inc. | 527,400 | 19,018,044 | |
Marsh & McLennan Companies, Inc. | 417,464 | 27,581,846 | |
46,599,890 | |||
Life & Health Insurance - 2.2% | |||
Torchmark Corp. | 404,600 | 24,935,498 | |
Multi-Line Insurance - 0.5% | |||
American Financial Group, Inc. | 70,400 | 5,158,912 | |
Property & Casualty Insurance - 10.4% | |||
Allied World Assurance Co. Holdings AG | 449,600 | 16,671,168 | |
Allstate Corp. | 405,800 | 27,395,558 | |
Chubb Ltd. | 360,790 | 45,679,622 | |
FNF Group | 744,000 | 26,002,800 | |
115,749,148 | |||
Reinsurance - 1.0% | |||
Reinsurance Group of America, Inc. | 112,400 | 11,143,336 | |
TOTAL INSURANCE | 203,586,784 | ||
IT Services - 5.6% | |||
Data Processing & Outsourced Services - 5.6% | |||
MasterCard, Inc. Class A | 169,100 | 16,216,690 | |
PayPal Holdings, Inc. (a) | 136,700 | 5,165,893 | |
The Western Union Co. | 670,872 | 13,048,460 | |
Visa, Inc. Class A | 359,700 | 28,394,718 | |
62,825,761 | |||
Professional Services - 0.8% | |||
Research & Consulting Services - 0.8% | |||
Verisk Analytics, Inc. (a) | 113,200 | 8,986,948 | |
Real Estate Investment Trusts - 20.9% | |||
Diversified REITs - 1.4% | |||
Store Capital Corp. | 81,400 | 2,078,142 | |
VEREIT, Inc. | 1,357,200 | 13,015,548 | |
15,093,690 | |||
Health Care REIT's - 2.3% | |||
Ventas, Inc. | 393,400 | 26,094,222 | |
Industrial REITs - 0.7% | |||
DCT Industrial Trust, Inc. | 184,400 | 7,953,172 | |
Mortgage REITs - 2.5% | |||
Altisource Residential Corp. Class B | 378,813 | 3,795,706 | |
American Capital Agency Corp. | 614,300 | 11,604,127 | |
American Capital Mortgage Investment Corp. | 229,900 | 3,639,317 | |
Redwood Trust, Inc. (b) | 605,086 | 8,622,476 | |
27,661,626 | |||
Office REITs - 3.1% | |||
Boston Properties, Inc. | 175,400 | 22,035,502 | |
Douglas Emmett, Inc. | 364,300 | 12,346,127 | |
34,381,629 | |||
Residential REITs - 4.1% | |||
American Campus Communities, Inc. | 292,200 | 13,739,244 | |
Equity Residential (SBI) | 224,800 | 15,558,408 | |
Essex Property Trust, Inc. | 22,500 | 5,112,675 | |
UDR, Inc. | 318,400 | 11,471,952 | |
45,882,279 | |||
Specialized REITs - 6.8% | |||
American Tower Corp. | 372,372 | 39,389,510 | |
Outfront Media, Inc. | 420,829 | 9,359,237 | |
Public Storage | 107,900 | 27,375,309 | |
76,124,056 | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 233,190,674 | ||
Real Estate Management & Development - 1.3% | |||
Real Estate Services - 1.3% | |||
Realogy Holdings Corp. (a) | 450,900 | 14,789,520 | |
Thrifts & Mortgage Finance - 0.5% | |||
Thrifts & Mortgage Finance - 0.5% | |||
MGIC Investment Corp. (a) | 522,200 | 3,681,510 | |
Radian Group, Inc. | 150,700 | 1,870,187 | |
5,551,697 | |||
Trading Companies & Distributors - 0.4% | |||
Trading Companies & Distributors - 0.4% | |||
AerCap Holdings NV (a) | 112,000 | 4,378,080 | |
TOTAL COMMON STOCKS | |||
(Cost $951,837,776) | 1,068,525,168 | ||
Money Market Funds - 3.9% | |||
Fidelity Cash Central Fund, 0.40% (c) | 40,627,792 | 40,627,792 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 3,045,875 | 3,045,875 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $43,673,667) | 43,673,667 | ||
TOTAL INVESTMENT PORTFOLIO - 99.8% | |||
(Cost $995,511,443) | 1,112,198,835 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 2,073,763 | ||
NET ASSETS - 100% | $1,114,272,598 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $58,897 |
Fidelity Securities Lending Cash Central Fund | 4,950 |
Total | $63,847 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,002,002,175. Net unrealized appreciation aggregated $110,196,660, of which $137,298,733 related to appreciated investment securities and $27,102,073 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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.
Consolidated Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Gold Portfolio
May 31, 2016
Consolidated Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.3% | |||
Shares | Value | ||
Australia - 7.6% | |||
Metals & Mining - 7.6% | |||
Gold - 7.6% | |||
Evolution Mining Ltd. | 2,781,543 | $4,081,031 | |
Medusa Mining Ltd. (a) | 1,228,595 | 577,179 | |
Newcrest Mining Ltd. (a) | 5,860,053 | 80,768,187 | |
Northern Star Resources Ltd. | 4,351,118 | 13,553,961 | |
Perseus Mining Ltd.: | |||
(Australia) (a) | 1,717,134 | 601,913 | |
(Canada) (a) | 1,300,000 | 451,062 | |
Regis Resources Ltd. | 2,107,191 | 4,447,079 | |
Resolute Mng Ltd. (a) | 2,390,161 | 1,537,465 | |
Saracen Mineral Holdings Ltd. (a) | 9,862,787 | 8,019,370 | |
Silver Lake Resources Ltd. (a) | 4,145,985 | 1,318,465 | |
St Barbara Ltd. (a) | 2,297,000 | 4,366,212 | |
119,721,924 | |||
Bailiwick of Jersey - 6.6% | |||
Metals & Mining - 6.6% | |||
Gold - 6.6% | |||
Randgold Resources Ltd. sponsored ADR | 1,233,695 | 104,012,825 | |
Bermuda - 0.0% | |||
Metals & Mining - 0.0% | |||
Steel - 0.0% | |||
African Minerals Ltd. (a)(b) | 1,718,700 | 25 | |
Canada - 55.6% | |||
Metals & Mining - 55.6% | |||
Diversified Metals & Mining - 0.3% | |||
Ivanhoe Mines Ltd. (a) | 4,342,200 | 3,178,794 | |
Turquoise Hill Resources Ltd. (a) | 610,400 | 1,726,910 | |
4,905,704 | |||
Gold - 54.1% | |||
Agnico Eagle Mines Ltd. (Canada) | 2,024,301 | 90,860,836 | |
Alacer Gold Corp. (a) | 1,656,963 | 3,752,759 | |
Alamos Gold, Inc. | 2,232,987 | 14,286,621 | |
Argonaut Gold, Inc. (a) | 6,313,462 | 12,373,201 | |
B2Gold Corp. (a) | 28,570,793 | 52,725,298 | |
Barrick Gold Corp. | 5,475,669 | 91,529,084 | |
Centerra Gold, Inc. | 604,700 | 3,163,337 | |
Continental Gold, Inc. (a)(c) | 7,493,900 | 14,172,320 | |
Detour Gold Corp. (a) | 1,912,000 | 37,777,802 | |
Detour Gold Corp. (a)(d) | 785,900 | 15,528,020 | |
Eldorado Gold Corp. | 9,183,335 | 39,076,531 | |
Franco-Nevada Corp. | 1,335,400 | 84,461,110 | |
Goldcorp, Inc. | 4,571,000 | 76,860,144 | |
Guyana Goldfields, Inc. (a) | 4,382,500 | 24,864,300 | |
Guyana Goldfields, Inc. (a)(d) | 155,000 | 879,399 | |
IAMGOLD Corp. (a) | 837,100 | 2,725,754 | |
Integra Gold Corp. (a) | 422,500 | 206,200 | |
Kinross Gold Corp. (a) | 2,463,891 | 10,559,399 | |
Kirkland Lake Gold, Inc. (a) | 1,961,200 | 15,329,470 | |
Klondex Mines Ltd. (a) | 259,500 | 886,537 | |
New Gold, Inc. (a) | 9,310,575 | 35,641,962 | |
Novagold Resources, Inc. (a) | 1,559,100 | 8,381,938 | |
OceanaGold Corp. | 9,469,832 | 28,741,321 | |
Osisko Gold Royalties Ltd. | 670,493 | 7,874,017 | |
Pilot Gold, Inc. (a) | 1,418,150 | 757,010 | |
Premier Gold Mines Ltd. (a)(c) | 12,155,222 | 28,271,192 | |
Pretium Resources, Inc. (a) | 1,558,383 | 11,337,152 | |
Pretium Resources, Inc. (a)(d) | 225,000 | 1,636,863 | |
Primero Mining Corp. (a) | 2,287,100 | 3,906,740 | |
Richmont Mines, Inc. (a) | 438,200 | 3,408,426 | |
Sandstorm Gold Ltd. (a) | 1,355,975 | 4,880,621 | |
Seabridge Gold, Inc. (a) | 908,707 | 10,931,745 | |
SEMAFO, Inc. (a) | 5,748,100 | 22,004,394 | |
Tahoe Resources, Inc. | 2,389,538 | 28,535,605 | |
Teranga Gold Corp. (a) | 85,000 | 60,281 | |
Teranga Gold Corp. CDI unit (a) | 3,338,072 | 2,340,214 | |
Torex Gold Resources, Inc. (a) | 25,643,000 | 36,958,303 | |
Yamana Gold, Inc. | 6,445,920 | 27,182,627 | |
854,868,533 | |||
Precious Metals & Minerals - 0.2% | |||
Gold Standard Ventures Corp. (a) | 2,489,500 | 3,891,772 | |
Silver - 1.0% | |||
MAG Silver Corp. (a) | 431,700 | 5,283,704 | |
Silver Wheaton Corp. | 525,900 | 9,805,357 | |
15,089,061 | |||
TOTAL METALS & MINING | 878,755,070 | ||
Cayman Islands - 0.8% | |||
Metals& Mining - 0.8% | |||
Gold - 0.8% | |||
Endeavour Mining Corp. (a) | 884,840 | 12,071,367 | |
China - 0.7% | |||
Metals & Mining - 0.7% | |||
Gold - 0.7% | |||
Zijin Mining Group Co. Ltd. (H Shares) | 41,026,000 | 11,826,174 | |
Mexico - 0.4% | |||
Metals & Mining - 0.4% | |||
Precious Metals & Minerals - 0.4% | |||
Industrias Penoles SA de CV | 366,018 | 5,837,885 | |
Peru - 0.9% | |||
Metals & Mining - 0.9% | |||
Gold - 0.9% | |||
Compania de Minas Buenaventura SA sponsored ADR (a) | 1,493,428 | 14,277,172 | |
South Africa - 5.4% | |||
Metals & Mining - 5.4% | |||
Gold - 5.4% | |||
AngloGold Ashanti Ltd. sponsored ADR (a) | 3,277,908 | 44,022,304 | |
Gold Fields Ltd. sponsored ADR | 4,726,126 | 16,635,964 | |
Harmony Gold Mining Co. Ltd. (a) | 1,484,000 | 4,396,228 | |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 1,910,900 | 5,847,354 | |
Sibanye Gold Ltd. ADR | 1,308,306 | 15,320,263 | |
86,222,113 | |||
United Kingdom - 1.2% | |||
Metals & Mining - 1.2% | |||
Gold - 0.8% | |||
Acacia Mining PLC | 2,803,594 | 12,405,088 | |
Precious Metals & Minerals - 0.4% | |||
Fresnillo PLC | 478,100 | 6,986,882 | |
TOTAL METALS & MINING | 19,391,970 | ||
United States of America - 9.1% | |||
Metals & Mining - 9.1% | |||
Gold - 9.1% | |||
McEwen Mining, Inc. | 579,110 | 1,291,415 | |
Newmont Mining Corp. | 3,218,100 | 104,298,620 | |
Royal Gold, Inc. | 683,213 | 38,348,746 | |
143,938,781 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,388,271,428) | 1,396,055,306 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Brazil - 0.1% | |||
Metals & Mining - 0.1% | |||
Steel - 0.1% | |||
Vale SA (PN-A) sponsored ADR | |||
(Cost $2,189,449) | 540,200 | 1,663,816 | |
Troy Ounces | |||
Commodities - 11.2% | |||
Gold Bullion(a) | 83,510 | 101,465,485 | |
Silver Bullion(a) | 4,722,000 | 75,488,253 | |
TOTAL COMMODITIES | |||
(Cost $185,391,977) | 176,953,738 | ||
Shares | |||
Money Market Funds - 0.4% | |||
Fidelity Cash Central Fund, 0.40% (e) | 5,731,881 | 5,731,881 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (e)(f) | 77,291 | 77,291 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $5,809,172) | 5,809,172 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $1,581,662,026) | 1,580,482,032 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 44,319 | ||
NET ASSETS - 100% | $1,580,526,351 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) 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 $18,044,282 or 1.1% of net assets.
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
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 | $15,880 |
Fidelity Securities Lending Cash Central Fund | 7,320 |
Total | $23,200 |
Consolidated Subsidiary
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Fidelity Select Cayman Gold Ltd. | $185,320,085 | $48,048,532 | $55,362,000 | $-- | $176,853,894 |
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2016, the Fund held $176,853,894 in the Subsidiary, representing 11.2% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Continental Gold, Inc. | $7,779,166 | $760,978 | $-- | $-- | $14,172,320 |
Premier Gold Mines Ltd. | 25,711,502 | 3,420,714 | -- | -- | 28,271,192 |
Total | $33,490,668 | $4,181,692 | $-- | $-- | $42,443,512 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,396,055,306 | $1,391,659,053 | $4,396,228 | $25 |
Nonconvertible Preferred Stocks | 1,663,816 | 1,663,816 | -- | -- |
Commodities | 176,953,738 | 176,953,738 | -- | -- |
Money Market Funds | 5,809,172 | 5,809,172 | -- | -- |
Total Investments in Securities: | $1,580,482,032 | $1,576,085,779 | $4,396,228 | $25 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2016. 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 section:
Transfers | Total |
Level 1 to Level 2 | $0 |
Level 2 to Level 1 | $72,999,912 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $1,716,462,628. Net unrealized depreciation aggregated $136,080,441, of which $284,769,306 related to appreciated investment securities and $420,849,747 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Health Care Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Biotechnology - 30.0% | |||
Biotechnology - 30.0% | |||
AbbVie, Inc. | 850,000 | $53,490,500 | |
Ablynx NV (a) | 2,000,000 | 31,877,423 | |
Acceleron Pharma, Inc. (a) | 600,000 | 20,526,000 | |
Acorda Therapeutics, Inc. (a) | 1,200,000 | 34,140,000 | |
Actelion Ltd. | 300,000 | 49,225,352 | |
Advanced Accelerator Applications SA sponsored ADR | 329,182 | 9,809,624 | |
Advaxis, Inc. (a)(b) | 1,676,051 | 15,520,232 | |
Alexion Pharmaceuticals, Inc. (a) | 1,280,000 | 193,152,000 | |
Alnylam Pharmaceuticals, Inc. (a) | 535,377 | 38,397,238 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 400,000 | 8,576,000 | |
Amgen, Inc. | 3,040,000 | 480,168,000 | |
Amicus Therapeutics, Inc. (a) | 2,300,000 | 16,284,000 | |
Anacor Pharmaceuticals, Inc. (a) | 900,000 | 89,370,000 | |
Arena Pharmaceuticals, Inc. (a)(b) | 9,000,000 | 16,290,000 | |
Array BioPharma, Inc. (a)(b) | 4,000,000 | 15,080,000 | |
BeiGene Ltd. ADR | 207,895 | 5,873,034 | |
Biogen, Inc. (a) | 390,000 | 112,994,700 | |
BioMarin Pharmaceutical, Inc. (a) | 480,000 | 43,032,000 | |
bluebird bio, Inc. (a) | 135,800 | 6,144,950 | |
Blueprint Medicines Corp. | 700,000 | 13,293,000 | |
Celgene Corp. (a) | 500,000 | 52,760,000 | |
Cellectis SA sponsored ADR (a)(b) | 700,000 | 22,946,000 | |
Curis, Inc. (a) | 5,472,100 | 9,576,175 | |
CytomX Therapeutics, Inc. (a)(b) | 439,077 | 4,742,032 | |
Galapagos Genomics NV sponsored ADR | 431,256 | 24,935,222 | |
Gilead Sciences, Inc. | 1,900,000 | 165,414,000 | |
Heron Therapeutics, Inc. (a)(b) | 568,130 | 12,157,982 | |
Incyte Corp. (a) | 220,000 | 18,570,200 | |
Insmed, Inc. (a) | 2,870,370 | 33,870,366 | |
Intercept Pharmaceuticals, Inc. (a) | 260,500 | 38,647,780 | |
Mirati Therapeutics, Inc. (a) | 800,000 | 14,504,000 | |
Neurocrine Biosciences, Inc. (a) | 840,000 | 41,706,000 | |
ProNai Therapeutics, Inc. (a) | 700,000 | 4,396,000 | |
Prothena Corp. PLC (a) | 382,517 | 18,567,375 | |
Puma Biotechnology, Inc. (a)(b) | 1,170,000 | 44,214,300 | |
Regeneron Pharmaceuticals, Inc. (a) | 280,000 | 111,700,400 | |
Spark Therapeutics, Inc. (a) | 479,983 | 26,855,049 | |
TESARO, Inc. (a) | 720,000 | 33,336,000 | |
Ultragenyx Pharmaceutical, Inc. (a) | 634,301 | 46,367,403 | |
United Therapeutics Corp. (a) | 90,000 | 10,716,300 | |
Vertex Pharmaceuticals, Inc. (a) | 2,900,000 | 270,135,000 | |
Xencor, Inc. (a) | 1,000,000 | 14,130,000 | |
2,273,491,637 | |||
Capital Markets - 0.4% | |||
Asset Management & Custody Banks - 0.4% | |||
RPI International Holdings LP (c) | 199,753 | 26,802,858 | |
Diversified Consumer Services - 0.3% | |||
Specialized Consumer Services - 0.3% | |||
Carriage Services, Inc. (d) | 850,000 | 20,009,000 | |
Health Care Equipment & Supplies - 25.0% | |||
Health Care Equipment - 22.7% | |||
Atricure, Inc. (a)(d) | 1,850,000 | 26,806,500 | |
Boston Scientific Corp. (a) | 16,280,000 | 369,718,800 | |
DexCom, Inc. (a) | 1,020,000 | 65,779,800 | |
Edwards Lifesciences Corp. (a) | 900,000 | 88,650,000 | |
Genmark Diagnostics, Inc. (a)(d) | 2,682,506 | 20,199,270 | |
HeartWare International, Inc. (a) | 800,000 | 23,520,000 | |
Insulet Corp. (a) | 710,400 | 21,326,208 | |
Integra LifeSciences Holdings Corp. (a) | 700,000 | 52,297,000 | |
Intuitive Surgical, Inc. (a) | 184,000 | 116,786,640 | |
Medtronic PLC | 8,560,000 | 688,908,802 | |
Neovasc, Inc. (a)(d) | 3,524,220 | 1,382,199 | |
Nevro Corp. (a)(b) | 840,000 | 58,564,800 | |
Novocure Ltd. (a)(b) | 291,803 | 3,247,767 | |
ResMed, Inc. | 600,000 | 35,436,000 | |
Wright Medical Group NV (a) | 3,769,002 | 72,892,499 | |
Zeltiq Aesthetics, Inc. (a)(b) | 1,200,000 | 34,152,000 | |
Zimmer Biomet Holdings, Inc. | 361,700 | 44,167,187 | |
1,723,835,472 | |||
Health Care Supplies - 2.3% | |||
Penumbra, Inc. (a) | 1,140,000 | 60,180,600 | |
The Cooper Companies, Inc. | 460,000 | 74,892,600 | |
The Spectranetics Corp. (a)(d) | 2,200,000 | 40,304,000 | |
175,377,200 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 1,899,212,672 | ||
Health Care Providers & Services - 16.2% | |||
Health Care Distributors & Services - 4.1% | |||
Amplifon SpA | 2,800,000 | 27,415,696 | |
EBOS Group Ltd. | 3,280,000 | 37,061,442 | |
McKesson Corp. | 1,330,000 | 243,576,200 | |
308,053,338 | |||
Health Care Facilities - 3.0% | |||
Brookdale Senior Living, Inc. (a) | 1,600,000 | 28,704,000 | |
HCA Holdings, Inc. (a) | 1,000,000 | 78,020,000 | |
Surgical Care Affiliates, Inc. (a) | 1,080,000 | 48,351,600 | |
Universal Health Services, Inc. Class B | 550,000 | 74,173,000 | |
229,248,600 | |||
Health Care Services - 1.5% | |||
Adeptus Health, Inc. Class A (a)(b) | 400,000 | 28,600,000 | |
American Renal Associates Holdings, Inc. | 800,000 | 22,392,000 | |
Envision Healthcare Holdings, Inc. (a) | 1,711,900 | 42,472,239 | |
United Drug PLC (United Kingdom) | 2,800,000 | 24,007,849 | |
117,472,088 | |||
Managed Health Care - 7.6% | |||
Aetna, Inc. | 400,000 | 45,292,000 | |
Anthem, Inc. | 800,000 | 105,728,000 | |
Cigna Corp. | 1,440,000 | 184,478,400 | |
Humana, Inc. | 140,000 | 24,151,400 | |
UnitedHealth Group, Inc. | 1,600,000 | 213,872,000 | |
573,521,800 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 1,228,295,826 | ||
Health Care Technology - 3.4% | |||
Health Care Technology - 3.4% | |||
athenahealth, Inc. (a)(b) | 900,000 | 114,183,000 | |
Castlight Health, Inc. (a) | 1,875,650 | 7,896,487 | |
Castlight Health, Inc. Class B (a)(b) | 1,667,544 | 7,020,360 | |
Connecture, Inc. (a)(b)(d) | 2,000,000 | 2,800,000 | |
Evolent Health, Inc. (b) | 822,388 | 12,598,984 | |
HealthStream, Inc. (a)(d) | 2,000,000 | 46,980,000 | |
Medidata Solutions, Inc. (a) | 1,500,000 | 68,910,000 | |
260,388,831 | |||
Life Sciences Tools & Services - 2.2% | |||
Life Sciences Tools & Services - 2.2% | |||
Agilent Technologies, Inc. | 2,900,000 | 133,081,000 | |
Bruker Corp. | 717,741 | 18,948,362 | |
PRA Health Sciences, Inc.(a) | 399,500 | 18,868,385 | |
170,897,747 | |||
Pharmaceuticals - 20.9% | |||
Pharmaceuticals - 20.9% | |||
Allergan PLC (a) | 1,880,000 | 443,210,000 | |
Astellas Pharma, Inc. | 2,800,000 | 38,046,482 | |
Bristol-Myers Squibb Co. | 3,250,000 | 233,025,000 | |
Catalent, Inc. (a) | 1,994,800 | 56,093,776 | |
Dechra Pharmaceuticals PLC | 2,000,000 | 34,094,159 | |
Eisai Co. Ltd. | 700,000 | 43,175,190 | |
Endo International PLC (a) | 1,000,000 | 15,810,000 | |
GlaxoSmithKline PLC | 2,500,000 | 52,247,090 | |
Horizon Pharma PLC (a) | 2,000,000 | 34,460,000 | |
Jazz Pharmaceuticals PLC (a) | 400,000 | 60,624,000 | |
Jiangsu Hengrui Medicine Co. Ltd. | 5,000,000 | 34,893,436 | |
Mylan N.V. | 600,000 | 26,004,000 | |
Pfizer, Inc. | 1,900,000 | 65,930,000 | |
Prestige Brands Holdings, Inc. (a) | 500,000 | 27,020,000 | |
Sun Pharmaceutical Industries Ltd. | 3,000,000 | 34,027,641 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 5,800,000 | 300,846,000 | |
The Medicines Company (a) | 919,000 | 34,563,590 | |
TherapeuticsMD, Inc. (a)(b) | 6,100,000 | 54,534,000 | |
1,588,604,364 | |||
Professional Services - 0.9% | |||
Human Resource & Employment Services - 0.9% | |||
WageWorks, Inc. (a) | 1,200,000 | 67,260,000 | |
TOTAL COMMON STOCKS | |||
(Cost $6,475,371,857) | 7,534,962,935 | ||
Convertible Preferred Stocks - 0.5% | |||
Biotechnology - 0.1% | |||
Biotechnology - 0.1% | |||
10X Genomics, Inc. Series C (c) | 2,233,040 | 10,000,000 | |
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
1Life Healthcare, Inc. Series G (a)(c) | 1,639,892 | 13,889,885 | |
Software - 0.2% | |||
Application Software - 0.2% | |||
Outset Medical, Inc. Series B (a)(c) | 8,159,125 | 11,749,140 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $39,300,001) | 35,639,025 | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund, 0.40% (e) | 5,532,299 | 5,532,299 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (e)(f) | 143,727,929 | 143,727,929 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $149,260,228) | 149,260,228 | ||
TOTAL INVESTMENT PORTFOLIO - 101.8% | |||
(Cost $6,663,932,086) | 7,719,862,188 | ||
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (133,137,778) | ||
NET ASSETS - 100% | $7,586,724,410 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $62,441,883 or 0.8% of net assets.
(d) Affiliated company
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
10X Genomics, Inc. Series C | 2/23/16 | $10,000,000 |
1Life Healthcare, Inc. Series G | 4/10/14 | $10,800,001 |
Outset Medical, Inc. Series B | 5/5/15 | $18,500,000 |
RPI International Holdings LP | 5/21/15 - 3/23/16 | $26,504,031 |
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 | $55,769 |
Fidelity Securities Lending Cash Central Fund | 667,230 |
Total | $722,999 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Atricure, Inc. | $-- | $31,133,519 | $-- | $-- | $26,806,500 |
Carriage Services, Inc. | 17,518,500 | -- | -- | 21,250 | 20,009,000 |
Connecture, Inc. | 5,980,000 | -- | -- | -- | 2,800,000 |
Curis, Inc. | 10,726,504 | -- | 3,676,932 | -- | -- |
Genmark Diagnostics, Inc. | 11,413,314 | 2,246,424 | -- | -- | 20,199,270 |
HealthStream, Inc. | 41,340,000 | -- | -- | -- | 46,980,000 |
Neovasc, Inc. | 16,758,000 | -- | 271,348 | -- | 1,382,199 |
The Spectranetics Corp. | 28,360,000 | 3,423,046 | -- | -- | 40,304,000 |
Total | $132,096,318 | $36,802,989 | $3,948,280 | $21,250 | $158,480,969 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $7,534,962,935 | $7,374,691,315 | $133,468,762 | $26,802,858 |
Convertible Preferred Stocks | 35,639,025 | -- | -- | 35,639,025 |
Money Market Funds | 149,260,228 | 149,260,228 | -- | -- |
Total Investments in Securities: | $7,719,862,188 | $7,523,951,543 | $133,468,762 | $62,441,883 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $6,688,160,520. Net unrealized appreciation aggregated $1,031,701,668, of which $1,618,403,835 related to appreciated investment securities and $586,702,167 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Health Care Services Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
Food & Staples Retailing - 0.8% | |||
Drug Retail - 0.8% | |||
CVS Health Corp. | 77,000 | $7,426,650 | |
Health Care Providers & Services - 97.5% | |||
Health Care Distributors & Services - 14.6% | |||
AmerisourceBergen Corp. | 220,000 | 16,495,600 | |
Cardinal Health, Inc. | 420,000 | 33,159,000 | |
Henry Schein, Inc. (a) | 55,000 | 9,555,150 | |
McKesson Corp. | 385,000 | 70,508,900 | |
129,718,650 | |||
Health Care Facilities - 16.6% | |||
Acadia Healthcare Co., Inc. (a) | 70,000 | 4,120,900 | |
AmSurg Corp. (a) | 228,000 | 17,052,120 | |
Brookdale Senior Living, Inc. (a) | 500,000 | 8,970,000 | |
Community Health Systems, Inc. (a)(b) | 100,000 | 1,344,000 | |
HCA Holdings, Inc. (a) | 564,000 | 44,003,280 | |
HealthSouth Corp. | 228,000 | 9,192,960 | |
LifePoint Hospitals, Inc. (a) | 110,000 | 7,291,900 | |
Surgical Care Affiliates, Inc. (a) | 161,467 | 7,228,878 | |
Tenet Healthcare Corp. (a) | 120,000 | 3,472,800 | |
U.S. Physical Therapy, Inc. | 110,000 | 6,354,700 | |
Universal Health Services, Inc. Class B | 246,000 | 33,175,560 | |
VCA, Inc. (a) | 85,000 | 5,519,050 | |
147,726,148 | |||
Health Care Services - 21.3% | |||
Adeptus Health, Inc. Class A (a)(b) | 88,000 | 6,292,000 | |
American Renal Associates Holdings, Inc. | 200,000 | 5,598,000 | |
Chemed Corp. | 20,000 | 2,608,200 | |
DaVita HealthCare Partners, Inc. (a) | 400,000 | 30,928,000 | |
Envision Healthcare Holdings, Inc. (a) | 228,000 | 5,656,680 | |
Express Scripts Holding Co. (a) | 620,000 | 46,841,000 | |
Fresenius SE & Co. KGaA | 64,800 | 4,890,524 | |
Laboratory Corp. of America Holdings (a) | 290,000 | 37,105,500 | |
MEDNAX, Inc. (a) | 280,000 | 19,166,000 | |
Providence Service Corp. (a) | 105,000 | 4,993,800 | |
Quest Diagnostics, Inc. | 290,000 | 22,379,300 | |
Quorum Health Corp. (a) | 57,500 | 761,875 | |
Team Health Holdings, Inc. (a) | 50,000 | 2,398,500 | |
189,619,379 | |||
Managed Health Care - 45.0% | |||
Aetna, Inc. | 385,000 | 43,593,550 | |
Anthem, Inc. | 345,000 | 45,595,200 | |
Centene Corp. (a) | 350,000 | 21,822,500 | |
Cigna Corp. | 410,000 | 52,525,100 | |
Humana, Inc. | 246,000 | 42,437,460 | |
Molina Healthcare, Inc. (a) | 30,000 | 1,452,900 | |
UnitedHealth Group, Inc. | 1,415,000 | 189,143,050 | |
Wellcare Health Plans, Inc. (a) | 28,000 | 2,839,760 | |
399,409,520 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 866,473,697 | ||
Pharmaceuticals - 0.7% | |||
Pharmaceuticals - 0.7% | |||
Catalent, Inc. (a) | 220,000 | 6,186,400 | |
Professional Services - 0.8% | |||
Human Resource & Employment Services - 0.8% | |||
WageWorks, Inc. (a) | 128,000 | 7,174,400 | |
TOTAL COMMON STOCKS | |||
(Cost $555,621,209) | 887,261,147 | ||
Money Market Funds - 0.8% | |||
Fidelity Cash Central Fund, 0.40% (c) | 188,860 | 188,860 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 7,076,250 | 7,076,250 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $7,265,110) | 7,265,110 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% | |||
(Cost $562,886,319) | 894,526,257 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (5,670,054) | ||
NET ASSETS - 100% | $888,856,203 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $3,786 |
Fidelity Securities Lending Cash Central Fund | 66,832 |
Total | $70,618 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $566,101,529. Net unrealized appreciation aggregated $328,424,728, of which $347,793,260 related to appreciated investment securities and $19,368,532 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Industrial Equipment Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Aerospace & Defense - 28.9% | |||
Aerospace & Defense - 28.9% | |||
BWX Technologies, Inc. | 12,010 | $422,392 | |
Curtiss-Wright Corp. | 28,300 | 2,355,126 | |
General Dynamics Corp. | 44,100 | 6,256,467 | |
Honeywell International, Inc. | 118,400 | 13,477,472 | |
Huntington Ingalls Industries, Inc. | 11,600 | 1,779,556 | |
Lockheed Martin Corp. | 16,000 | 3,779,680 | |
Northrop Grumman Corp. | 40,100 | 8,528,067 | |
Raytheon Co. | 46,800 | 6,068,556 | |
The Boeing Co. | 27,200 | 3,431,280 | |
TransDigm Group, Inc. (a) | 3,000 | 790,620 | |
United Technologies Corp. | 99,700 | 10,027,826 | |
56,917,042 | |||
Building Products - 3.1% | |||
Building Products - 3.1% | |||
A.O. Smith Corp. | 19,700 | 1,621,310 | |
Fortune Brands Home & Security, Inc. | 33,100 | 1,941,977 | |
Lennox International, Inc. | 17,800 | 2,444,830 | |
6,008,117 | |||
Construction & Engineering - 1.6% | |||
Construction & Engineering - 1.6% | |||
AECOM (a) | 99,693 | 3,201,142 | |
Electrical Equipment - 8.5% | |||
Electrical Components & Equipment - 8.5% | |||
Acuity Brands, Inc. | 12,900 | 3,341,616 | |
AMETEK, Inc. | 139,700 | 6,680,454 | |
Eaton Corp. PLC | 92,800 | 5,719,264 | |
Regal Beloit Corp. | 18,928 | 1,081,357 | |
16,822,691 | |||
Industrial Conglomerates - 26.2% | |||
Industrial Conglomerates - 26.2% | |||
3M Co. | 50,300 | 8,466,496 | |
Danaher Corp. | 127,800 | 12,570,408 | |
General Electric Co. | 784,255 | 23,708,029 | |
Roper Technologies, Inc. | 40,400 | 6,911,632 | |
51,656,565 | |||
Machinery - 25.8% | |||
Agricultural & Farm Machinery - 1.4% | |||
Deere & Co. | 33,500 | 2,756,715 | |
Construction Machinery & Heavy Trucks - 6.8% | |||
Caterpillar, Inc. | 67,100 | 4,865,421 | |
Cummins, Inc. | 18,500 | 2,117,695 | |
Joy Global, Inc. (b) | 5,500 | 93,665 | |
Wabtec Corp. | 80,700 | 6,244,566 | |
13,321,347 | |||
Industrial Machinery - 17.6% | |||
IDEX Corp. | 62,000 | 5,167,080 | |
Illinois Tool Works, Inc. | 52,600 | 5,577,178 | |
Ingersoll-Rand PLC | 87,400 | 5,839,194 | |
Pentair PLC | 114,200 | 6,879,408 | |
Rexnord Corp. (a) | 137,914 | 2,860,336 | |
Xylem, Inc. | 187,800 | 8,387,148 | |
34,710,344 | |||
TOTAL MACHINERY | 50,788,406 | ||
Trading Companies & Distributors - 3.9% | |||
Trading Companies & Distributors - 3.9% | |||
HD Supply Holdings, Inc. (a) | 102,600 | 3,621,780 | |
MRC Global, Inc. (a) | 149,400 | 2,119,986 | |
MSC Industrial Direct Co., Inc. Class A | 24,500 | 1,836,275 | |
7,578,041 | |||
TOTAL COMMON STOCKS | |||
(Cost $170,369,508) | 192,972,004 | ||
Money Market Funds - 2.6% | |||
Fidelity Cash Central Fund, 0.40% (c) | 4,968,458 | 4,968,458 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 93,500 | 93,500 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $5,061,958) | 5,061,958 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% | |||
(Cost $175,431,466) | 198,033,962 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (1,092,778) | ||
NET ASSETS - 100% | $196,941,184 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $4,440 |
Fidelity Securities Lending Cash Central Fund | 1,491 |
Total | $5,931 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $176,157,330. Net unrealized appreciation aggregated $21,876,632, of which $23,564,009 related to appreciated investment securities and $1,687,377 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Industrials Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
Aerospace & Defense - 29.6% | |||
Aerospace & Defense - 29.6% | |||
BWX Technologies, Inc. | 362,556 | $12,751,095 | |
General Dynamics Corp. | 304,197 | 43,156,428 | |
Hexcel Corp. | 297,800 | 13,004,926 | |
Honeywell International, Inc. | 551,959 | 62,829,493 | |
Northrop Grumman Corp. | 187,100 | 39,790,557 | |
Orbital ATK, Inc. | 126,261 | 10,988,495 | |
Raytheon Co. | 314,900 | 40,833,083 | |
Rockwell Collins, Inc. | 93,300 | 8,247,720 | |
Teledyne Technologies, Inc. (a) | 298,921 | 29,333,118 | |
Textron, Inc. | 419,919 | 15,982,117 | |
United Technologies Corp. | 519,371 | 52,238,335 | |
329,155,367 | |||
Air Freight & Logistics - 1.2% | |||
Air Freight & Logistics - 1.2% | |||
C.H. Robinson Worldwide, Inc. | 181,300 | 13,593,874 | |
Airlines - 4.7% | |||
Airlines - 4.7% | |||
Southwest Airlines Co. | 1,235,600 | 52,488,288 | |
Building Products - 3.7% | |||
Building Products - 3.7% | |||
A.O. Smith Corp. | 302,139 | 24,866,040 | |
Fortune Brands Home & Security, Inc. | 275,100 | 16,140,117 | |
41,006,157 | |||
Commercial Services & Supplies - 3.4% | |||
Commercial Printing - 0.7% | |||
Deluxe Corp. | 126,200 | 8,219,406 | |
Office Services & Supplies - 2.7% | |||
Regus PLC | 2,469,700 | 11,292,557 | |
West Corp. | 860,305 | 18,152,436 | |
29,444,993 | |||
TOTAL COMMERCIAL SERVICES & SUPPLIES | 37,664,399 | ||
Construction & Engineering - 4.4% | |||
Construction & Engineering - 4.4% | |||
AECOM (a) | 1,535,700 | 49,311,327 | |
Construction Materials - 0.5% | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 73,300 | 5,740,856 | |
Diversified Consumer Services - 1.0% | |||
Specialized Consumer Services - 1.0% | |||
ServiceMaster Global Holdings, Inc. (a) | 277,600 | 10,615,424 | |
Electrical Equipment - 5.4% | |||
Electrical Components & Equipment - 5.4% | |||
AMETEK, Inc. | 582,054 | 27,833,822 | |
Eaton Corp. PLC | 403,700 | 24,880,031 | |
Regal Beloit Corp. | 120,400 | 6,878,452 | |
59,592,305 | |||
Energy Equipment & Services - 0.1% | |||
Oil & Gas Equipment & Services - 0.1% | |||
Aspen Aerogels, Inc. (a) | 225,598 | 904,648 | |
Industrial Conglomerates - 20.5% | |||
Industrial Conglomerates - 20.5% | |||
Danaher Corp. | 812,521 | 79,919,566 | |
General Electric Co. | 4,923,584 | 148,839,944 | |
228,759,510 | |||
Machinery - 11.7% | |||
Agricultural & Farm Machinery - 0.0% | |||
Deere & Co. | 7,000 | 576,030 | |
Construction Machinery & Heavy Trucks - 4.3% | |||
Caterpillar, Inc. | 273,400 | 19,824,234 | |
Trinity Industries, Inc. | 279,200 | 5,042,352 | |
Wabtec Corp. | 294,000 | 22,749,720 | |
47,616,306 | |||
Industrial Machinery - 7.4% | |||
Flowserve Corp. | 61,800 | 2,974,434 | |
IDEX Corp. | 236,198 | 19,684,741 | |
Ingersoll-Rand PLC | 377,900 | 25,247,499 | |
Pentair PLC | 298,000 | 17,951,520 | |
Rexnord Corp. (a) | 316,800 | 6,570,432 | |
Snap-On, Inc. | 62,600 | 10,129,932 | |
82,558,558 | |||
TOTAL MACHINERY | 130,750,894 | ||
Professional Services - 2.6% | |||
Research & Consulting Services - 2.6% | |||
CEB, Inc. | 189,200 | 12,063,392 | |
Verisk Analytics, Inc. (a) | 216,950 | 17,223,661 | |
29,287,053 | |||
Road & Rail - 5.3% | |||
Trucking - 5.3% | |||
J.B. Hunt Transport Services, Inc. | 559,220 | 46,258,678 | |
Old Dominion Freight Lines, Inc. (a) | 194,700 | 12,528,945 | |
58,787,623 | |||
Trading Companies & Distributors - 4.4% | |||
Trading Companies & Distributors - 4.4% | |||
AerCap Holdings NV (a) | 299,300 | 11,699,637 | |
HD Supply Holdings, Inc. (a) | 741,148 | 26,162,524 | |
Wolseley PLC | 197,910 | 11,588,467 | |
49,450,628 | |||
TOTAL COMMON STOCKS | |||
(Cost $932,589,640) | 1,097,108,353 | ||
Money Market Funds - 1.8% | |||
Fidelity Cash Central Fund, 0.40% (b) | |||
(Cost $19,551,917) | 19,551,917 | 19,551,917 | |
TOTAL INVESTMENT PORTFOLIO - 100.3% | |||
(Cost $952,141,557) | 1,116,660,270 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (3,113,770) | ||
NET ASSETS - 100% | $1,113,546,500 |
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 | $25,008 |
Total | $25,008 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,097,108,353 | $1,085,519,886 | $11,588,467 | $-- |
Money Market Funds | 19,551,917 | 19,551,917 | -- | -- |
Total Investments in Securities: | $1,116,660,270 | $1,105,071,803 | $11,588,467 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $955,733,023. Net unrealized appreciation aggregated $160,927,247, of which $185,178,953 related to appreciated investment securities and $24,251,706 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Insurance Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.2% | |||
Shares | Value | ||
Banks - 0.3% | |||
Regional Banks - 0.3% | |||
Hilltop Holdings, Inc. (a) | 500 | $10,220 | |
Huntington Bancshares, Inc. | 126,800 | 1,325,060 | |
1,335,280 | |||
Capital Markets - 1.1% | |||
Asset Management & Custody Banks - 1.1% | |||
Apollo Global Management LLC Class A | 153,444 | 2,519,550 | |
Ares Management LP | 254,949 | 3,594,781 | |
6,114,331 | |||
Consumer Finance - 0.3% | |||
Consumer Finance - 0.3% | |||
J.G. Wentworth Co. (a)(b) | 179,100 | 103,896 | |
OneMain Holdings, Inc. (a) | 51,100 | 1,597,386 | |
1,701,282 | |||
Diversified Financial Services - 2.5% | |||
Multi-Sector Holdings - 2.3% | |||
Berkshire Hathaway, Inc. Class B (a) | 89,500 | 12,578,330 | |
Other Diversified Financial Services - 0.2% | |||
Voya Financial, Inc. | 41,200 | 1,353,832 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 13,932,162 | ||
Hotels, Restaurants & Leisure - 0.0% | |||
Restaurants - 0.0% | |||
J. Alexanders Holdings, Inc. (a) | 3,678 | 38,251 | |
Insurance - 90.0% | |||
Insurance Brokers - 14.8% | |||
Aon PLC | 169,100 | 18,477,557 | |
Arthur J. Gallagher & Co. | 199,900 | 9,661,167 | |
Brown & Brown, Inc. | 340,700 | 12,285,642 | |
Marsh & McLennan Companies, Inc. | 447,100 | 29,539,897 | |
Willis Group Holdings PLC | 85,628 | 10,962,097 | |
80,926,360 | |||
Life & Health Insurance - 25.3% | |||
AFLAC, Inc. | 386,100 | 26,818,506 | |
CNO Financial Group, Inc. | 206,300 | 4,185,827 | |
FBL Financial Group, Inc. Class A | 300 | 18,873 | |
Genworth Financial, Inc. Class A (a) | 568,300 | 2,102,710 | |
Lincoln National Corp. | 53,300 | 2,443,805 | |
MetLife, Inc. | 793,175 | 36,129,121 | |
Pricoa Global Funding I | 327,789 | 25,977,278 | |
Primerica, Inc. | 50,700 | 2,844,777 | |
Principal Financial Group, Inc. | 402,400 | 17,930,944 | |
Sony Financial Holdings, Inc. | 133,800 | 1,619,183 | |
Torchmark Corp. | 115,600 | 7,124,428 | |
Unum Group | 307,661 | 11,358,844 | |
138,554,296 | |||
Multi-Line Insurance - 15.0% | |||
American International Group, Inc. | 1,041,500 | 60,282,020 | |
Assurant, Inc. | 51,800 | 4,526,802 | |
Hartford Financial Services Group, Inc. | 267,500 | 12,082,975 | |
Loews Corp. | 114,500 | 4,634,960 | |
Zurich Insurance Group AG | 3,737 | 904,436 | |
82,431,193 | |||
Property & Casualty Insurance - 32.0% | |||
Allied World Assurance Co. Holdings AG | 237,100 | 8,791,668 | |
Allstate Corp. | 316,700 | 21,380,417 | |
AmTrust Financial Services, Inc. | 74,800 | 1,983,696 | |
Arch Capital Group Ltd. (a) | 53,600 | 3,894,576 | |
Argo Group International Holdings, Ltd. | 17,281 | 909,845 | |
Aspen Insurance Holdings Ltd. | 55,500 | 2,655,675 | |
Assured Guaranty Ltd. | 119,000 | 3,199,910 | |
Axis Capital Holdings Ltd. | 15,900 | 876,885 | |
Beazley PLC | 20,596 | 108,910 | |
Chubb Ltd. | 445,805 | 56,443,371 | |
Employers Holdings, Inc. | 800 | 23,880 | |
esure Group PLC | 174,900 | 719,925 | |
First American Financial Corp. | 71,400 | 2,730,336 | |
FNF Group | 126,000 | 4,403,700 | |
FNFV Group (a) | 21,299 | 256,014 | |
Hanover Insurance Group, Inc. | 51,300 | 4,446,684 | |
Hiscox Ltd. | 143,820 | 2,048,647 | |
Markel Corp. (a) | 9,400 | 8,958,200 | |
MBIA, Inc. (a) | 96,000 | 691,200 | |
Mercury General Corp. | 200 | 10,514 | |
OneBeacon Insurance Group Ltd. | 115,900 | 1,509,018 | |
ProAssurance Corp. | 60,900 | 3,196,641 | |
Progressive Corp. | 205,000 | 6,826,500 | |
Selective Insurance Group, Inc. | 23,900 | 887,885 | |
The Travelers Companies, Inc. | 233,700 | 26,674,518 | |
W.R. Berkley Corp. | 25,000 | 1,425,750 | |
White Mountains Insurance Group Ltd. | 400 | 322,152 | |
XL Group PLC Class A | 288,000 | 9,892,800 | |
175,269,317 | |||
Reinsurance - 2.9% | |||
Alleghany Corp. (a) | 4,125 | 2,247,424 | |
Everest Re Group Ltd. | 3,200 | 573,152 | |
Maiden Holdings Ltd. | 700 | 9,184 | |
Muenchener Rueckversicherungs AG | 8,400 | 1,579,228 | |
Reinsurance Group of America, Inc. | 88,133 | 8,737,506 | |
Third Point Reinsurance Ltd. (a) | 46,300 | 541,710 | |
Validus Holdings Ltd. | 50,500 | 2,458,845 | |
16,147,049 | |||
TOTAL INSURANCE | 493,328,215 | ||
TOTAL COMMON STOCKS | |||
(Cost $400,656,397) | 516,449,521 | ||
Money Market Funds - 5.5% | |||
Fidelity Cash Central Fund, 0.40% (c) | 29,950,850 | 29,950,850 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 53,600 | 53,600 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $30,004,450) | 30,004,450 | ||
TOTAL INVESTMENT PORTFOLIO - 99.7% | |||
(Cost $430,660,847) | 546,453,971 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 1,469,743 | ||
NET ASSETS - 100% | $547,923,714 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $28,959 |
Fidelity Securities Lending Cash Central Fund | 297 |
Total | $29,256 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $516,449,521 | $512,346,674 | $4,102,847 | $-- |
Money Market Funds | 30,004,450 | 30,004,450 | -- | -- |
Total Investments in Securities: | $546,453,971 | $542,351,124 | $4,102,847 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $432,912,605. Net unrealized appreciation aggregated $113,541,366, of which $120,476,367 related to appreciated investment securities and $6,935,001 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
IT Services Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
Diversified Consumer Services - 0.4% | |||
Specialized Consumer Services - 0.4% | |||
H&R Block, Inc. | 383,325 | $8,187,822 | |
Electronic Equipment & Components - 0.9% | |||
Electronic Equipment & Instruments - 0.9% | |||
VeriFone Systems, Inc. (a) | 722,400 | 19,071,360 | |
Internet Software & Services - 5.4% | |||
Internet Software & Services - 5.4% | |||
Endurance International Group Holdings, Inc. (a)(b) | 3,339,432 | 31,457,449 | |
GoDaddy, Inc. (a)(b) | 1,734,427 | 56,420,910 | |
Marketo, Inc. (a) | 210,470 | 7,414,858 | |
Q2 Holdings, Inc. (a) | 412,620 | 10,307,248 | |
Rightside Group Ltd. (a) | 9,454 | 85,559 | |
Shopify, Inc. Class A | 145,122 | 4,250,623 | |
Web.com Group, Inc. (a) | 8 | 136 | |
Wix.com Ltd. (a) | 188,817 | 5,222,678 | |
115,159,461 | |||
IT Services - 90.0% | |||
Data Processing & Outsourced Services - 60.9% | |||
Alliance Data Systems Corp. (a) | 479,348 | 106,506,332 | |
Amadeus IT Holding SA Class A | 47,500 | 2,200,446 | |
Automatic Data Processing, Inc. | 100,200 | 8,801,568 | |
Black Knight Financial Services, Inc. Class A | 30,800 | 1,078,000 | |
Broadridge Financial Solutions, Inc. | 7,800 | 500,682 | |
Cardtronics, Inc. (a) | 851,900 | 33,471,151 | |
Cass Information Systems, Inc. | 1,852 | 88,989 | |
Convergys Corp. | 85,000 | 2,396,150 | |
CoreLogic, Inc. (a) | 190,100 | 7,085,027 | |
CSG Systems International, Inc. | 100,070 | 4,253,976 | |
DST Systems, Inc. | 41,600 | 5,030,272 | |
Euronet Worldwide, Inc. (a) | 285,600 | 22,793,736 | |
Everi Holdings, Inc. (a) | 1,204,700 | 1,722,721 | |
EVERTEC, Inc. | 417,600 | 6,393,456 | |
ExlService Holdings, Inc. (a) | 919,470 | 47,628,546 | |
Fidelity National Information Services, Inc. | 918,900 | 68,246,703 | |
First Data Corp. Class A (a) | 1,149,700 | 14,405,741 | |
Fiserv, Inc. (a) | 672,300 | 70,813,359 | |
FleetCor Technologies, Inc. (a) | 241,000 | 35,882,490 | |
Global Payments, Inc. | 618,581 | 48,057,558 | |
Jack Henry & Associates, Inc. | 1,600 | 135,088 | |
MasterCard, Inc. Class A | 2,014,400 | 193,180,960 | |
Maximus, Inc. | 552,100 | 31,828,565 | |
MoneyGram International, Inc. (a) | 1,309,749 | 8,500,271 | |
Paychex, Inc. | 1,800 | 97,596 | |
PayPal Holdings, Inc. (a) | 2,121,500 | 80,171,485 | |
Sabre Corp. | 1,468,600 | 41,370,462 | |
Sykes Enterprises, Inc. (a) | 37,200 | 1,109,304 | |
Syntel, Inc. (a) | 82,500 | 3,801,600 | |
Teletech Holdings, Inc. | 2,000 | 54,600 | |
The Western Union Co. | 5,100 | 99,195 | |
Total System Services, Inc. | 177,800 | 9,547,860 | |
Travelport Worldwide Ltd. | 1,417,324 | 18,765,370 | |
Vantiv, Inc. (a) | 484,000 | 26,024,680 | |
Visa, Inc. Class A | 4,342,448 | 342,792,843 | |
WEX, Inc. (a) | 229,200 | 21,145,992 | |
WNS Holdings Ltd. sponsored ADR (a) | 999,029 | 30,470,385 | |
1,296,453,159 | |||
IT Consulting & Other Services - 29.1% | |||
Accenture PLC Class A | 1,124,200 | 133,746,074 | |
Acxiom Corp. (a) | 235,500 | 4,987,890 | |
Booz Allen Hamilton Holding Corp. Class A | 1,585,200 | 46,398,804 | |
CACI International, Inc. Class A (a) | 11,800 | 1,189,086 | |
Capgemini SA (b) | 330,700 | 31,533,603 | |
Cognizant Technology Solutions Corp. Class A (a) | 2,185,732 | 134,291,374 | |
Computer Sciences Corp. | 96,600 | 4,752,720 | |
CSRA, Inc. | 52,900 | 1,310,333 | |
EPAM Systems, Inc. (a) | 755,200 | 57,780,352 | |
Forrester Research, Inc. | 130,400 | 4,800,024 | |
Gartner, Inc. Class A (a) | 419,076 | 42,586,503 | |
IBM Corp. | 615,150 | 94,573,161 | |
Leidos Holdings, Inc. | 27,525 | 1,359,735 | |
Luxoft Holding, Inc. (a) | 384,050 | 24,940,207 | |
Perficient, Inc. (a) | 28,300 | 592,885 | |
Science Applications International Corp. | 70,800 | 3,863,556 | |
Teradata Corp. (a) | 3,500 | 99,190 | |
Unisys Corp. (a) | 273,390 | 2,307,412 | |
Virtusa Corp. (a) | 811,198 | 28,578,506 | |
619,691,415 | |||
TOTAL IT SERVICES | 1,916,144,574 | ||
Professional Services - 1.7% | |||
Human Resource & Employment Services - 0.7% | |||
TriNet Group, Inc. (a) | 719,600 | 14,499,940 | |
Research & Consulting Services - 1.0% | |||
ICF International, Inc. (a) | 527,911 | 21,528,211 | |
TOTAL PROFESSIONAL SERVICES | 36,028,151 | ||
Software - 0.6% | |||
Application Software - 0.6% | |||
Globant SA (a) | 334,871 | 13,441,722 | |
Technology Hardware, Storage & Peripherals - 0.1% | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Nimble Storage, Inc. (a)(b) | 283,100 | 2,528,083 | |
TOTAL COMMON STOCKS | |||
(Cost $1,676,505,333) | 2,110,561,173 | ||
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund, 0.40% (c) | 16,926,202 | 16,926,202 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 55,868,565 | 55,868,565 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $72,794,767) | 72,794,767 | ||
TOTAL INVESTMENT PORTFOLIO - 102.5% | |||
(Cost $1,749,300,100) | 2,183,355,940 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (53,160,363) | ||
NET ASSETS - 100% | $2,130,195,577 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $15,809 |
Fidelity Securities Lending Cash Central Fund | 64,811 |
Total | $80,620 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,752,746,957. Net unrealized appreciation aggregated $430,608,983, of which $494,765,532 related to appreciated investment securities and $64,156,549 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Leisure Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9% | |||
Shares | Value | ||
Automobiles - 0.3% | |||
Automobile Manufacturers - 0.3% | |||
General Motors Co. | 34,000 | $1,063,520 | |
Commercial Services & Supplies - 0.9% | |||
Diversified Support Services - 0.9% | |||
KAR Auction Services, Inc. | 87,000 | 3,570,480 | |
Diversified Consumer Services - 5.7% | |||
Education Services - 2.2% | |||
2U, Inc. (a) | 94,885 | 2,641,598 | |
Houghton Mifflin Harcourt Co. (a) | 367,932 | 6,328,430 | |
8,970,028 | |||
Specialized Consumer Services - 3.5% | |||
H&R Block, Inc. | 267,500 | 5,713,800 | |
ServiceMaster Global Holdings, Inc. (a) | 221,234 | 8,459,988 | |
14,173,788 | |||
TOTAL DIVERSIFIED CONSUMER SERVICES | 23,143,816 | ||
Food Products - 0.7% | |||
Packaged Foods & Meats - 0.7% | |||
Amplify Snack Brands, Inc. (b) | 59,700 | 779,085 | |
Greencore Group PLC | 372,300 | 1,858,694 | |
2,637,779 | |||
Hotels, Restaurants & Leisure - 89.4% | |||
Casinos & Gaming - 8.8% | |||
Boyd Gaming Corp. (a) | 25,800 | 487,878 | |
Las Vegas Sands Corp. | 540,776 | 25,005,482 | |
MGM Mirage, Inc. (a) | 450,800 | 10,300,780 | |
35,794,140 | |||
Hotels, Resorts & Cruise Lines - 14.6% | |||
Extended Stay America, Inc. unit (b) | 291,551 | 4,157,517 | |
Hilton Worldwide Holdings, Inc. | 714,193 | 14,840,931 | |
Marriott International, Inc. Class A (b) | 291,196 | 19,230,584 | |
Royal Caribbean Cruises Ltd. | 46,100 | 3,567,679 | |
Wyndham Worldwide Corp. | 260,402 | 17,548,491 | |
59,345,202 | |||
Leisure Facilities - 3.9% | |||
Cedar Fair LP (depositary unit) | 55,543 | 3,334,246 | |
Vail Resorts, Inc. | 94,092 | 12,349,575 | |
15,683,821 | |||
Restaurants - 62.1% | |||
Buffalo Wild Wings, Inc. (a) | 47,434 | 6,896,429 | |
Chipotle Mexican Grill, Inc. (a) | 39,010 | 17,240,860 | |
Dave & Buster's Entertainment, Inc. (a) | 76,014 | 2,966,826 | |
Del Frisco's Restaurant Group, Inc. (a) | 181,600 | 2,807,536 | |
Domino's Pizza, Inc. | 70,800 | 8,558,304 | |
Dunkin' Brands Group, Inc. | 104,200 | 4,510,818 | |
El Pollo Loco Holdings, Inc. (a)(b) | 76,526 | 851,734 | |
Fiesta Restaurant Group, Inc. (a) | 197,908 | 4,973,428 | |
Habit Restaurants, Inc. Class A (a)(b) | 12,200 | 218,258 | |
Jack in the Box, Inc. | 140,287 | 11,952,452 | |
McDonald's Corp. | 396,010 | 48,336,981 | |
Panera Bread Co. Class A (a) | 37,886 | 8,302,717 | |
Papa John's International, Inc. (b) | 80,443 | 5,095,260 | |
Restaurant Brands International, Inc. | 14,300 | 597,037 | |
Ruth's Hospitality Group, Inc. | 237,819 | 3,950,174 | |
Sonic Corp. | 280,963 | 8,369,888 | |
Starbucks Corp. | 1,501,000 | 82,389,890 | |
Whitbread PLC | 22,726 | 1,386,388 | |
Wingstop, Inc. (b) | 73,250 | 2,043,675 | |
Yum! Brands, Inc. | 377,936 | 31,024,766 | |
252,473,421 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 363,296,584 | ||
Household Durables - 0.1% | |||
Household Appliances - 0.1% | |||
Helen of Troy Ltd. (a) | 4,700 | 483,301 | |
Internet & Catalog Retail - 0.3% | |||
Internet Retail - 0.3% | |||
Amazon.com, Inc. (a) | 1,700 | 1,228,743 | |
Internet Software & Services - 0.8% | |||
Internet Software & Services - 0.8% | |||
Facebook, Inc. Class A (a) | 17,300 | 2,055,413 | |
JUST EAT Ltd. (a) | 181,400 | 1,194,374 | |
3,249,787 | |||
IT Services - 0.3% | |||
Data Processing & Outsourced Services - 0.3% | |||
Visa, Inc. Class A | 13,200 | 1,042,008 | |
Leisure Products - 0.3% | |||
Leisure Products - 0.3% | |||
Vista Outdoor, Inc. (a) | 22,600 | 1,134,068 | |
Media - 0.5% | |||
Cable & Satellite - 0.2% | |||
Charter Communications, Inc. (a) | 3,888 | 851,239 | |
Movies & Entertainment - 0.3% | |||
The Walt Disney Co. | 12,200 | 1,210,484 | |
TOTAL MEDIA | 2,061,723 | ||
Personal Products - 0.1% | |||
Personal Products - 0.1% | |||
Nu Skin Enterprises, Inc. Class A (b) | 14,724 | 580,862 | |
Specialty Retail - 0.4% | |||
Apparel Retail - 0.2% | |||
L Brands, Inc. | 15,500 | 1,062,525 | |
Specialty Stores - 0.2% | |||
Sally Beauty Holdings, Inc. (a) | 25,600 | 735,232 | |
TOTAL SPECIALTY RETAIL | 1,797,757 | ||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Apparel, Accessories & Luxury Goods - 0.1% | |||
PVH Corp. | 4,465 | 418,817 | |
TOTAL COMMON STOCKS | |||
(Cost $271,907,970) | 405,709,245 | ||
Money Market Funds - 6.0% | |||
Fidelity Cash Central Fund, 0.40% (c) | 888,850 | 888,850 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 23,641,815 | 23,641,815 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $24,530,665) | 24,530,665 | ||
TOTAL INVESTMENT PORTFOLIO - 105.9% | |||
(Cost $296,438,635) | 430,239,910 | ||
NET OTHER ASSETS (LIABILITIES) - (5.9)% | (23,977,725) | ||
NET ASSETS - 100% | $406,262,185 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $12,350 |
Fidelity Securities Lending Cash Central Fund | 46,985 |
Total | $59,335 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $301,283,679. Net unrealized appreciation aggregated $128,956,231, of which $150,002,902 related to appreciated investment securities and $21,046,671 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Materials Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2% | |||
Shares | Value | ||
Chemicals - 71.2% | |||
Commodity Chemicals - 8.4% | |||
LyondellBasell Industries NV Class A | 900,096 | $73,231,811 | |
Olin Corp. | 793,100 | 18,249,231 | |
Orion Engineered Carbons SA | 1,134,034 | 17,997,120 | |
Trinseo SA (a)(b) | 301,100 | 14,178,799 | |
123,656,961 | |||
Diversified Chemicals - 28.3% | |||
E.I. du Pont de Nemours & Co. | 3,379,000 | 221,020,388 | |
Eastman Chemical Co. | 1,496,548 | 109,786,761 | |
Ingevity Corp. (a) | 607,519 | 17,703,104 | |
The Dow Chemical Co. | 1,385,700 | 71,169,552 | |
419,679,805 | |||
Fertilizers & Agricultural Chemicals - 12.3% | |||
Agrium, Inc. | 146,500 | 13,221,699 | |
CF Industries Holdings, Inc. | 1,250,310 | 34,583,575 | |
Monsanto Co. | 1,040,130 | 116,983,421 | |
Potash Corp. of Saskatchewan, Inc. | 1,041,500 | 16,996,302 | |
181,784,997 | |||
Specialty Chemicals - 22.2% | |||
Albemarle Corp. U.S. | 10,700 | 839,950 | |
Ashland, Inc. | 524,600 | 59,468,656 | |
Ecolab, Inc. | 605,820 | 71,026,337 | |
Frutarom Industries Ltd. | 270,296 | 13,168,572 | |
NewMarket Corp. | 58,129 | 23,542,245 | |
PPG Industries, Inc. | 667,500 | 71,876,400 | |
Symrise AG | 58,000 | 3,639,055 | |
Valspar Corp. | 222,600 | 24,112,032 | |
W.R. Grace & Co. | 796,640 | 61,851,130 | |
329,524,377 | |||
TOTAL CHEMICALS | 1,054,646,140 | ||
Construction Materials - 4.6% | |||
Construction Materials - 4.6% | |||
Eagle Materials, Inc. | 881,515 | 69,040,255 | |
Containers & Packaging - 19.9% | |||
Metal & Glass Containers - 5.0% | |||
Ball Corp. | 1,015,391 | 73,412,769 | |
Paper Packaging - 14.9% | |||
Graphic Packaging Holding Co. | 6,258,495 | 83,863,833 | |
Sealed Air Corp. | 553,500 | 25,704,540 | |
WestRock Co. | 2,816,519 | 111,562,318 | |
221,130,691 | |||
TOTAL CONTAINERS & PACKAGING | 294,543,460 | ||
Energy Equipment & Services - 0.1% | |||
Oil & Gas Equipment & Services - 0.1% | |||
Aspen Aerogels, Inc. (a) | 340,453 | 1,365,217 | |
Metals & Mining - 3.4% | |||
Diversified Metals & Mining - 3.4% | |||
Compass Minerals International, Inc. | 366,700 | 28,584,265 | |
Rio Tinto PLC | 791,100 | 22,046,158 | |
50,630,423 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,265,266,290) | 1,470,225,495 | ||
Money Market Funds - 1.1% | |||
Fidelity Cash Central Fund, 0.40% (c) | 16,176,095 | 16,176,095 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 82,875 | 82,875 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $16,258,970) | 16,258,970 | ||
TOTAL INVESTMENT PORTFOLIO - 100.3% | |||
(Cost $1,281,525,260) | 1,486,484,465 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (4,415,961) | ||
NET ASSETS - 100% | $1,482,068,504 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $19,947 |
Fidelity Securities Lending Cash Central Fund | 22,088 |
Total | $42,035 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,470,225,495 | $1,448,179,337 | $22,046,158 | $-- |
Money Market Funds | 16,258,970 | 16,258,970 | -- | -- |
Total Investments in Securities: | $1,486,484,465 | $1,464,438,307 | $22,046,158 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,287,864,156. Net unrealized appreciation aggregated $198,620,309, of which $252,715,747 related to appreciated investment securities and $54,095,438 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Medical Equipment and Systems Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value | ||
Biotechnology - 1.1% | |||
Biotechnology - 1.1% | |||
Puma Biotechnology, Inc. (a) | 160,761 | $6,075,158 | |
Vertex Pharmaceuticals, Inc. (a) | 200,000 | 18,630,000 | |
24,705,158 | |||
Health Care Equipment & Supplies - 91.1% | |||
Health Care Equipment - 81.9% | |||
Abbott Laboratories | 2,050,000 | 81,241,500 | |
Atricure, Inc. (a) | 1,400,000 | 20,286,000 | |
Becton, Dickinson & Co. | 140,000 | 23,303,000 | |
Boston Scientific Corp. (a) | 10,800,000 | 245,268,000 | |
Cardiovascular Systems, Inc. (a) | 500,000 | 8,445,000 | |
CONMED Corp. | 280,000 | 11,149,600 | |
DexCom, Inc. (a) | 800,000 | 51,592,000 | |
Edwards Lifesciences Corp. (a) | 1,073,000 | 105,690,500 | |
Fukuda Denshi Co. Ltd. | 262,200 | 13,400,634 | |
Genmark Diagnostics, Inc. (a) | 1,385,780 | 10,434,923 | |
HeartWare International, Inc. (a) | 396,181 | 11,647,721 | |
Inogen, Inc. (a) | 400,000 | 19,096,000 | |
Insulet Corp. (a) | 532,500 | 15,985,650 | |
Integra LifeSciences Holdings Corp. (a) | 720,000 | 53,791,200 | |
Intuitive Surgical, Inc. (a) | 235,000 | 149,156,850 | |
Invuity, Inc. (b) | 520,000 | 3,250,000 | |
K2M Group Holdings, Inc. (a) | 600,000 | 7,500,000 | |
LDR Holding Corp. (a) | 900,000 | 18,927,000 | |
LivaNova PLC (a) | 400,000 | 19,524,000 | |
Masimo Corp. (a) | 330,000 | 16,414,200 | |
Medtronic PLC | 6,370,000 | 512,657,601 | |
Natus Medical, Inc. (a) | 460,000 | 14,871,800 | |
Neovasc, Inc. (a) | 2,500,000 | 980,500 | |
Nevro Corp. (a)(b) | 360,000 | 25,099,200 | |
NxStage Medical, Inc. (a) | 1,100,000 | 20,790,000 | |
ResMed, Inc. | 800,000 | 47,248,000 | |
St. Jude Medical, Inc. | 400,000 | 31,344,000 | |
Steris PLC | 280,000 | 19,440,400 | |
Stryker Corp. | 640,000 | 71,142,400 | |
Teleflex, Inc. | 135,000 | 21,748,500 | |
Wright Medical Group NV (a) | 2,316,774 | 44,806,409 | |
Zeltiq Aesthetics, Inc. (a)(b) | 506,256 | 14,408,046 | |
Zimmer Biomet Holdings, Inc. | 928,000 | 113,318,080 | |
1,823,958,714 | |||
Health Care Supplies - 9.2% | |||
Alere, Inc. (a) | 41,552 | 1,784,658 | |
ASAHI INTECC Co. Ltd. | 228,000 | 11,458,279 | |
Endologix, Inc. (a)(b) | 1,279,999 | 16,217,587 | |
ICU Medical, Inc. (a) | 275,000 | 28,597,250 | |
Penumbra, Inc. (a)(b) | 410,000 | 21,643,900 | |
The Cooper Companies, Inc. | 440,000 | 71,636,400 | |
The Spectranetics Corp. (a)(b) | 2,000,000 | 36,640,000 | |
Vascular Solutions, Inc. (a) | 450,000 | 17,140,500 | |
205,118,574 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 2,029,077,288 | ||
Health Care Providers & Services - 0.8% | |||
Health Care Services - 0.8% | |||
Miraca Holdings, Inc. | 260,000 | 10,920,739 | |
Teladoc, Inc. | 650,000 | 7,429,500 | |
18,350,239 | |||
Health Care Technology - 1.1% | |||
Health Care Technology - 1.1% | |||
athenahealth, Inc. (a) | 4,400 | 558,228 | |
Castlight Health, Inc. (a) | 999,300 | 4,207,053 | |
Castlight Health, Inc. Class B (a) | 700,000 | 2,947,000 | |
HTG Molecular Diagnostics (c) | 673,461 | 1,946,302 | |
Medidata Solutions, Inc. (a) | 333,500 | 15,320,990 | |
24,979,573 | |||
Life Sciences Tools & Services - 2.1% | |||
Life Sciences Tools & Services - 2.1% | |||
Agilent Technologies, Inc. | 800,000 | 36,712,000 | |
Bruker Corp. | 350,000 | 9,240,000 | |
45,952,000 | |||
Pharmaceuticals - 2.0% | |||
Pharmaceuticals - 2.0% | |||
Allergan PLC (a) | 100,000 | 23,575,000 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 400,000 | 20,748,000 | |
44,323,000 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,655,576,597) | 2,187,387,258 | ||
Preferred Stocks - 1.2% | |||
Convertible Preferred Stocks - 0.4% | |||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
1Life Healthcare, Inc. Series G (a)(d) | 455,526 | 3,858,305 | |
Software - 0.2% | |||
Application Software - 0.2% | |||
Outset Medical, Inc. Series B (a)(d) | 3,307,754 | 4,763,166 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 8,621,471 | ||
Nonconvertible Preferred Stocks - 0.8% | |||
Health Care Equipment & Supplies - 0.8% | |||
Health Care Equipment - 0.8% | |||
Sartorius AG (non-vtg.) | 69,000 | 19,058,860 | |
TOTAL PREFERRED STOCKS | |||
(Cost $16,432,148) | 27,680,331 | ||
Money Market Funds - 3.7% | |||
Fidelity Cash Central Fund, 0.40% (e) | 23,831,676 | 23,831,676 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (e)(f) | 58,067,575 | 58,067,575 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $81,899,251) | 81,899,251 | ||
TOTAL INVESTMENT PORTFOLIO - 103.1% | |||
(Cost $1,753,907,996) | 2,296,966,840 | ||
NET OTHER ASSETS (LIABILITIES) - (3.1)% | (68,901,813) | ||
NET ASSETS - 100% | $2,228,065,027 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) 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 $8,621,471 or 0.4% of net assets.
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
1Life Healthcare, Inc. Series G | 4/10/14 | $3,000,003 |
Outset Medical, Inc. Series B | 5/5/15 - 6/5/15 | $7,500,001 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $9,701 |
Fidelity Securities Lending Cash Central Fund | 60,278 |
Total | $69,979 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
HTG Molecular Diagnostics | $1,939,568 | $-- | $-- | $-- | $1,946,302 |
Total | $1,939,568 | $-- | $-- | $-- | $1,946,302 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $2,187,387,258 | $2,151,607,606 | $35,779,652 | $-- |
Preferred Stocks | 27,680,331 | 19,058,860 | -- | 8,621,471 |
Money Market Funds | 81,899,251 | 81,899,251 | -- | -- |
Total Investments in Securities: | $2,296,966,840 | $2,252,565,717 | $35,779,652 | $8,621,471 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,758,791,395. Net unrealized appreciation aggregated $538,175,445, of which $629,760,686 related to appreciated investment securities and $91,585,241 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Multimedia Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2% | |||
Shares | Value | ||
Internet & Catalog Retail - 7.0% | |||
Internet Retail - 7.0% | |||
Expedia, Inc. | 76,400 | $8,498,736 | |
Netflix, Inc. (a) | 182,000 | 18,667,740 | |
Wayfair LLC Class A (a)(b) | 315,200 | 12,979,936 | |
40,146,412 | |||
Internet Software & Services - 6.6% | |||
Internet Software & Services - 6.6% | |||
Alphabet, Inc.: | |||
Class A | 10,900 | 8,162,465 | |
Class C | 11,114 | 8,176,792 | |
Facebook, Inc. Class A (a) | 184,200 | 21,884,802 | |
38,224,059 | |||
Media - 85.6% | |||
Advertising - 3.8% | |||
Interpublic Group of Companies, Inc. | 638,600 | 15,262,540 | |
Omnicom Group, Inc. | 78,600 | 6,549,738 | |
21,812,278 | |||
Broadcasting - 3.0% | |||
CBS Corp. Class B | 236,300 | 13,043,760 | |
Cumulus Media, Inc. Class A (a) | 210 | 67 | |
Discovery Communications, Inc.: | |||
Class A (a) | 450 | 12,533 | |
Class C (non-vtg.) (a) | 158,500 | 4,243,045 | |
Entercom Communications Corp. Class A | 3,053 | 38,773 | |
17,338,178 | |||
Cable & Satellite - 39.3% | |||
AMC Networks, Inc. Class A (a) | 198,100 | 12,666,514 | |
Charter Communications, Inc. (a) | 199,771 | 43,737,863 | |
Comcast Corp. Class A | 1,814,750 | 114,873,675 | |
DISH Network Corp. Class A (a) | 232,300 | 11,591,770 | |
Liberty Broadband Corp.: | |||
Class A (a) | 35,623 | 2,059,009 | |
Class C (a) | 92,640 | 5,357,371 | |
Liberty Global PLC: | |||
Class A (a) | 26,938 | 1,006,134 | |
Class C (a) | 532,047 | 19,222,858 | |
Sirius XM Holdings, Inc. (a)(b) | 898,800 | 3,613,176 | |
Starz Series A (a) | 480,600 | 12,976,200 | |
227,104,570 | |||
Movies & Entertainment - 39.5% | |||
AMC Entertainment Holdings, Inc. Class A | 12,185 | 350,197 | |
Liberty Media Corp.: | |||
rights 6/16/16 (a) | 9,822 | 21,510 | |
Liberty Braves Class C (a)(b) | 20,898 | 313,470 | |
Liberty Media Class C (a) | 52,246 | 990,062 | |
Liberty SiriusXM Class C (a) | 211,186 | 6,641,800 | |
Lions Gate Entertainment Corp. (b) | 694,177 | 15,480,147 | |
Live Nation Entertainment, Inc. (a) | 464,100 | 11,208,015 | |
The Madison Square Garden Co. (a) | 65,899 | 11,040,059 | |
The Walt Disney Co. | 1,306,804 | 129,661,094 | |
Time Warner, Inc. | 381,082 | 28,832,664 | |
Twenty-First Century Fox, Inc. Class A | 593,707 | 17,146,258 | |
Viacom, Inc. Class B (non-vtg.) | 137,800 | 6,114,186 | |
227,799,462 | |||
Publishing - 0.0% | |||
Gannett Co., Inc. | 6,937 | 108,356 | |
TOTAL MEDIA | 494,162,844 | ||
TOTAL COMMON STOCKS | |||
(Cost $352,840,904) | 572,533,315 | ||
Money Market Funds - 4.6% | |||
Fidelity Cash Central Fund, 0.40% (c) | 148,959 | 148,959 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 26,730,700 | 26,730,700 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $26,879,659) | 26,879,659 | ||
TOTAL INVESTMENT PORTFOLIO - 103.8% | |||
(Cost $379,720,563) | 599,412,974 | ||
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (22,044,707) | ||
NET ASSETS - 100% | $577,368,267 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $1,224 |
Fidelity Securities Lending Cash Central Fund | 342,330 |
Total | $343,554 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $380,932,936. Net unrealized appreciation aggregated $218,480,038, of which $237,341,553 related to appreciated investment securities and $18,861,515 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Natural Gas Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% | |||
Shares | Value | ||
Energy Equipment & Services - 23.8% | |||
Oil & Gas Drilling - 1.3% | |||
Archer (a)(b) | 471,159 | $362,707 | |
Patterson-UTI Energy, Inc. | 259,800 | 4,834,878 | |
5,197,585 | |||
Oil & Gas Equipment & Services - 22.5% | |||
Baker Hughes, Inc. | 793,700 | 36,811,809 | |
Era Group, Inc. (a) | 196,500 | 1,880,505 | |
Exterran Corp. (a) | 246,200 | 3,084,886 | |
Forum Energy Technologies, Inc. (a) | 176,900 | 2,968,382 | |
Halliburton Co. | 301,300 | 12,708,834 | |
National Oilwell Varco, Inc. | 61,100 | 2,013,245 | |
Oil States International, Inc. (a) | 64,800 | 2,129,328 | |
Schlumberger Ltd. | 263,632 | 20,115,122 | |
U.S. Silica Holdings, Inc. (b) | 104,600 | 2,984,238 | |
Weatherford International Ltd. (a) | 652,700 | 3,661,647 | |
88,357,996 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 93,555,581 | ||
Gas Utilities - 2.8% | |||
Gas Utilities - 2.8% | |||
Atmos Energy Corp. | 112,230 | 8,181,567 | |
Southwest Gas Corp. | 41,900 | 2,909,117 | |
11,090,684 | |||
Oil, Gas & Consumable Fuels - 69.7% | |||
Oil & Gas Exploration & Production - 58.8% | |||
Advantage Oil & Gas Ltd. (a) | 1,039,300 | 6,110,499 | |
Anadarko Petroleum Corp. | 350,800 | 18,192,488 | |
Cabot Oil & Gas Corp. | 71,824 | 1,721,621 | |
Cimarex Energy Co. | 74,400 | 8,651,232 | |
ConocoPhillips Co. | 325,400 | 14,249,266 | |
Continental Resources, Inc. (a) | 76,500 | 3,217,590 | |
Crescent Point Energy Corp. | 462,200 | 7,824,639 | |
Crew Energy, Inc. (a) | 2,956,100 | 12,420,872 | |
Crown Point Energy, Inc. (a)(c) | 181,658 | 6,926 | |
Devon Energy Corp. | 915,046 | 33,024,010 | |
Encana Corp. | 3,873,100 | 30,746,155 | |
EQT Corp. | 95,500 | 6,995,375 | |
Gulfport Energy Corp. (a) | 159,500 | 4,903,030 | |
Hess Corp. | 341,200 | 20,448,116 | |
Lekoil Ltd. (a)(b) | 5,574,900 | 1,473,579 | |
Marathon Oil Corp. | 1,610,300 | 21,046,621 | |
Noble Energy, Inc. | 167,600 | 5,991,700 | |
Northern Blizzard Resources, Inc. (b) | 1,960,600 | 6,847,560 | |
Oasis Petroleum, Inc. (a) | 224,000 | 2,248,960 | |
Savannah Petroleum PLC (a) | 2,400,000 | 821,214 | |
Southwestern Energy Co. (a)(b) | 401,300 | 5,485,771 | |
Surge Energy, Inc. (b) | 4,377,200 | 8,411,594 | |
Whiting Petroleum Corp. (a)(b) | 886,200 | 10,944,570 | |
231,783,388 | |||
Oil & Gas Storage & Transport - 10.9% | |||
Boardwalk Pipeline Partners, LP | 1,168,300 | 20,632,178 | |
ONEOK, Inc. | 102,100 | 4,415,825 | |
Spectra Energy Corp. | 100,700 | 3,208,302 | |
Teekay Tankers Ltd. | 658,400 | 2,330,736 | |
The Williams Companies, Inc. | 159,000 | 3,523,440 | |
TransCanada Corp. | 149,700 | 6,203,300 | |
TransCanada Corp. rights | 61,900 | 2,548,504 | |
42,862,285 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 274,645,673 | ||
TOTAL COMMON STOCKS | |||
(Cost $528,532,746) | 379,291,938 | ||
Money Market Funds - 10.6% | |||
Fidelity Cash Central Fund, 0.40% (d) | 17,095,212 | 17,095,212 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 24,659,202 | 24,659,202 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $41,754,414) | 41,754,414 | ||
TOTAL INVESTMENT PORTFOLIO - 106.9% | |||
(Cost $570,287,160) | 421,046,352 | ||
NET OTHER ASSETS (LIABILITIES) - (6.9)% | (27,192,686) | ||
NET ASSETS - 100% | $393,853,666 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $6,926 or 0.0% of net assets.
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
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 | $11,750 |
Fidelity Securities Lending Cash Central Fund | 65,873 |
Total | $77,623 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $379,291,938 | $378,470,724 | $-- | $821,214 |
Money Market Funds | 41,754,414 | 41,754,414 | -- | -- |
Total Investments in Securities: | $421,046,352 | $420,225,138 | $-- | $821,214 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $574,812,126. Net unrealized depreciation aggregated $153,765,774, of which $28,819,561 related to appreciated investment securities and $182,585,335 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Natural Resources Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
Chemicals - 1.3% | |||
Commodity Chemicals - 0.6% | |||
LyondellBasell Industries NV Class A | 62,700 | $5,101,272 | |
Diversified Chemicals - 0.7% | |||
Eastman Chemical Co. | 54,800 | 4,020,128 | |
Ingevity Corp. (a) | 42,650 | 1,242,821 | |
5,262,949 | |||
TOTAL CHEMICALS | 10,364,221 | ||
Containers & Packaging - 4.9% | |||
Metal & Glass Containers - 2.0% | |||
Ball Corp. (b) | 165,500 | 11,965,650 | |
Berry Plastics Group, Inc. (a) | 90,800 | 3,556,636 | |
15,522,286 | |||
Paper Packaging - 2.9% | |||
Graphic Packaging Holding Co. | 400,900 | 5,372,060 | |
Packaging Corp. of America | 110,400 | 7,532,592 | |
WestRock Co. | 255,900 | 10,136,199 | |
23,040,851 | |||
TOTAL CONTAINERS & PACKAGING | 38,563,137 | ||
Energy Equipment & Services - 17.3% | |||
Oil & Gas Drilling - 1.3% | |||
Nabors Industries Ltd. | 785,700 | 7,385,580 | |
Odfjell Drilling A/S (a) | 701,200 | 393,951 | |
Trinidad Drilling Ltd. | 220,400 | 396,648 | |
Xtreme Drilling & Coil Services Corp. (a) | 1,009,400 | 1,924,353 | |
10,100,532 | |||
Oil & Gas Equipment & Services - 16.0% | |||
Baker Hughes, Inc. | 733,100 | 34,001,178 | |
Bristow Group, Inc. | 20,600 | 276,246 | |
Dril-Quip, Inc. (a) | 109,425 | 6,678,208 | |
Exterran Corp. (a) | 21,000 | 263,130 | |
Frank's International NV | 426,900 | 6,834,669 | |
Halliburton Co. | 180,300 | 7,605,054 | |
Newpark Resources, Inc. (a) | 660,300 | 3,030,777 | |
Oceaneering International, Inc. | 187,200 | 6,188,832 | |
RigNet, Inc. (a) | 66,800 | 830,324 | |
Schlumberger Ltd. | 768,465 | 58,633,879 | |
Superior Energy Services, Inc. | 48,000 | 827,520 | |
Tesco Corp. | 197,700 | 1,447,164 | |
Total Energy Services, Inc. | 100,800 | 1,089,210 | |
127,706,191 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 137,806,723 | ||
Independent Power and Renewable Electricity Producers - 0.7% | |||
Renewable Electricity - 0.7% | |||
NextEra Energy Partners LP | 200,900 | 5,731,677 | |
Metals & Mining - 1.8% | |||
Diversified Metals & Mining - 0.1% | |||
Hi-Crush Partners LP | 113,900 | 993,208 | |
Gold - 1.7% | |||
B2Gold Corp. (a) | 887,500 | 1,637,816 | |
Franco-Nevada Corp. | 28,500 | 1,802,562 | |
Randgold Resources Ltd. sponsored ADR | 119,280 | 10,056,497 | |
13,496,875 | |||
TOTAL METALS & MINING | 14,490,083 | ||
Oil, Gas & Consumable Fuels - 72.4% | |||
Coal & Consumable Fuels - 0.3% | |||
CONSOL Energy, Inc. (b) | 154,200 | 2,368,512 | |
Integrated Oil & Gas - 2.4% | |||
Cenovus Energy, Inc. | 46,300 | 698,022 | |
Chevron Corp. | 59,000 | 5,959,000 | |
Exxon Mobil Corp. | 66,900 | 5,955,438 | |
Occidental Petroleum Corp. | 68,600 | 5,175,184 | |
Suncor Energy, Inc. | 59,200 | 1,635,127 | |
19,422,771 | |||
Oil & Gas Exploration & Production - 57.1% | |||
Anadarko Petroleum Corp. | 532,600 | 27,620,636 | |
Apache Corp. | 261,400 | 14,936,396 | |
Bankers Petroleum Ltd. (a) | 411,800 | 643,756 | |
Black Stone Minerals LP | 104,196 | 1,601,493 | |
Cabot Oil & Gas Corp. | 241,400 | 5,786,358 | |
California Resources Corp. | 217,960 | 331,299 | |
Callon Petroleum Co. (a) | 324,000 | 3,690,360 | |
Canadian Natural Resources Ltd. | 406,900 | 12,092,037 | |
Carrizo Oil & Gas, Inc. (a) | 370,600 | 14,268,100 | |
Cimarex Energy Co. | 204,300 | 23,756,004 | |
Concho Resources, Inc. (a) | 172,600 | 20,943,284 | |
ConocoPhillips Co. | 252,900 | 11,074,491 | |
Continental Resources, Inc. (a)(b) | 282,800 | 11,894,568 | |
Denbury Resources, Inc. | 62,700 | 251,427 | |
Devon Energy Corp. | 277,600 | 10,018,584 | |
Diamondback Energy, Inc. | 295,200 | 26,848,440 | |
EOG Resources, Inc. | 636,900 | 51,818,184 | |
EQT Corp. | 10,200 | 747,150 | |
Evolution Petroleum Corp. | 78,400 | 438,256 | |
Gran Tierra Energy, Inc. (Canada) (a) | 310,800 | 914,850 | |
Gulfport Energy Corp. (a) | 86,850 | 2,669,769 | |
Hess Corp. | 412,600 | 24,727,118 | |
Marathon Oil Corp. | 920,800 | 12,034,856 | |
Matador Resources Co. (a)(b) | 15,400 | 349,888 | |
Murphy Oil Corp. | 96,600 | 2,985,906 | |
Newfield Exploration Co. (a) | 808,900 | 32,978,853 | |
Noble Energy, Inc. | 911,800 | 32,596,850 | |
Oasis Petroleum, Inc. (a) | 259,700 | 2,607,388 | |
Parsley Energy, Inc. Class A (a) | 386,100 | 10,065,627 | |
PDC Energy, Inc. (a) | 283,000 | 16,428,150 | |
Pioneer Natural Resources Co. | 77,600 | 12,440,832 | |
QEP Resources, Inc. | 291,900 | 5,438,097 | |
Range Resources Corp. | 41,100 | 1,750,449 | |
Rice Energy, Inc. (a) | 534,700 | 10,827,675 | |
Ring Energy, Inc. (a) | 243,900 | 1,973,151 | |
RSP Permian, Inc. (a) | 201,200 | 6,625,516 | |
Seven Generations Energy Ltd. (a) | 423,200 | 8,519,831 | |
SM Energy Co. (b) | 524,000 | 16,516,480 | |
Southwestern Energy Co. (a) | 94,800 | 1,295,916 | |
TAG Oil Ltd. (a) | 615,100 | 389,319 | |
Whiting Petroleum Corp. (a) | 923,100 | 11,400,285 | |
454,297,629 | |||
Oil & Gas Refining & Marketing - 4.2% | |||
Keyera Corp. (b) | 120,700 | 3,600,705 | |
Valero Energy Corp. | 475,000 | 25,982,500 | |
World Fuel Services Corp. | 81,200 | 3,732,764 | |
33,315,969 | |||
Oil & Gas Storage & Transport - 8.4% | |||
Cheniere Energy Partners LP Holdings LLC | 170,300 | 3,397,485 | |
Cheniere Energy, Inc. (a) | 343,400 | 11,033,442 | |
Enterprise Products Partners LP | 344,000 | 9,549,440 | |
Gener8 Maritime, Inc. (a) | 59,600 | 430,908 | |
Golar LNG Ltd. (b) | 167,000 | 2,905,800 | |
Kinder Morgan, Inc. | 928,300 | 16,783,664 | |
Magellan Midstream Partners LP | 71,000 | 4,973,550 | |
Rice Midstream Partners LP | 125,500 | 2,295,395 | |
Shell Midstream Partners LP | 79,000 | 2,666,250 | |
Targa Resources Corp. | 178,300 | 7,636,589 | |
Teekay LNG Partners LP | 50,500 | 705,485 | |
The Williams Companies, Inc. | 124,600 | 2,761,136 | |
Williams Partners LP | 56,400 | 1,800,288 | |
66,939,432 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 576,344,313 | ||
TOTAL COMMON STOCKS | |||
(Cost $715,756,913) | 783,300,154 | ||
Money Market Funds - 6.3% | |||
Fidelity Cash Central Fund, 0.40% (c) | 11,653,091 | 11,653,091 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 38,305,105 | 38,305,105 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $49,958,196) | 49,958,196 | ||
TOTAL INVESTMENT PORTFOLIO - 104.7% | |||
(Cost $765,715,109) | 833,258,350 | ||
NET OTHER ASSETS (LIABILITIES) - (4.7)% | (37,151,657) | ||
NET ASSETS - 100% | $796,106,693 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $11,364 |
Fidelity Securities Lending Cash Central Fund | 42,881 |
Total | $54,245 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $786,397,225. Net unrealized appreciation aggregated $46,861,125, of which $109,243,871 related to appreciated investment securities and $62,382,746 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Pharmaceuticals Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Biotechnology - 10.0% | |||
Biotechnology - 10.0% | |||
AbbVie, Inc. | 685,490 | $43,137,886 | |
Ablynx NV (a)(b) | 560,900 | 8,940,023 | |
Acorda Therapeutics, Inc. (a) | 125,800 | 3,579,010 | |
Advanced Accelerator Applications SA sponsored ADR | 55,240 | 1,646,152 | |
Affimed NV (a) | 630,900 | 2,246,004 | |
Alexion Pharmaceuticals, Inc. (a) | 54,986 | 8,297,387 | |
Alnylam Pharmaceuticals, Inc. (a) | 38,500 | 2,761,220 | |
Amgen, Inc. | 152,200 | 24,039,990 | |
Atara Biotherapeutics, Inc. (a) | 93,000 | 1,684,230 | |
BeiGene Ltd. ADR | 47,333 | 1,337,157 | |
Bellicum Pharmaceuticals, Inc. (a)(b) | 177,000 | 2,065,590 | |
Biogen, Inc. (a) | 25,400 | 7,359,142 | |
BioMarin Pharmaceutical, Inc. (a) | 50,200 | 4,500,430 | |
bluebird bio, Inc. (a) | 600 | 27,150 | |
Celator Pharmaceuticals, Inc. (a)(b) | 164,700 | 4,954,176 | |
Corvus Pharmaceuticals, Inc. (b) | 133,000 | 1,868,650 | |
Cytokinetics, Inc. (a)(b) | 293,700 | 2,393,655 | |
Eagle Pharmaceuticals, Inc. (a)(b) | 69,500 | 3,303,335 | |
Five Prime Therapeutics, Inc. (a) | 53,700 | 2,455,164 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 26,100 | 3,121,299 | |
Loxo Oncology, Inc. (a) | 118,886 | 3,209,922 | |
Macrogenics, Inc. (a) | 142,500 | 3,642,300 | |
Pfenex, Inc. (a) | 33,109 | 230,439 | |
ProNai Therapeutics, Inc. (a)(b) | 294,294 | 1,848,166 | |
Spark Therapeutics, Inc. (a) | 800 | 44,760 | |
TESARO, Inc. (a) | 63,900 | 2,958,570 | |
Trevena, Inc. (a) | 250,000 | 1,830,000 | |
Ultragenyx Pharmaceutical, Inc. (a) | 500 | 36,550 | |
uniQure B.V. (a) | 125,000 | 1,693,125 | |
Vertex Pharmaceuticals, Inc. (a) | 114,700 | 10,684,305 | |
Xencor, Inc. (a) | 208,100 | 2,940,453 | |
158,836,240 | |||
Chemicals - 0.3% | |||
Specialty Chemicals - 0.3% | |||
Codexis, Inc. (a) | 1,337,621 | 5,082,960 | |
Food & Staples Retailing - 0.4% | |||
Drug Retail - 0.4% | |||
Tsuruha Holdings, Inc. | 64,400 | 6,669,608 | |
Food Products - 0.7% | |||
Packaged Foods & Meats - 0.7% | |||
Mead Johnson Nutrition Co. Class A | 139,200 | 11,453,376 | |
Health Care Equipment & Supplies - 0.0% | |||
Health Care Equipment - 0.0% | |||
LivaNova PLC (a) | 1 | 49 | |
Health Care Providers & Services - 1.0% | |||
Health Care Distributors & Services - 1.0% | |||
McKesson Corp. | 83,800 | 15,347,132 | |
Household Products - 0.8% | |||
Household Products - 0.8% | |||
Reckitt Benckiser Group PLC | 127,918 | 12,735,430 | |
Life Sciences Tools & Services - 1.2% | |||
Life Sciences Tools & Services - 1.2% | |||
Agilent Technologies, Inc. | 354,500 | 16,268,005 | |
Nanostring Technologies, Inc. (a) | 120,000 | 1,629,600 | |
17,897,605 | |||
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
MYOS Corp. (a) | 40,000 | 64,000 | |
Pharmaceuticals - 84.9% | |||
Pharmaceuticals - 84.9% | |||
Akorn, Inc. (a)(b) | 292,400 | 8,739,836 | |
Allergan PLC (a) | 371,638 | 87,613,659 | |
Amphastar Pharmaceuticals, Inc. (a) | 803,200 | 12,634,336 | |
ANI Pharmaceuticals, Inc. (a)(b) | 83,200 | 4,505,280 | |
Astellas Pharma, Inc. | 694,200 | 9,432,810 | |
AstraZeneca PLC sponsored ADR | 233,200 | 6,926,040 | |
Bristol-Myers Squibb Co. | 1,113,110 | 79,809,987 | |
Catalent, Inc. (a) | 446,344 | 12,551,193 | |
Cempra, Inc. (a) | 103,600 | 1,946,644 | |
DepoMed, Inc. (a)(b) | 374,700 | 7,655,121 | |
Eisai Co. Ltd. | 132,100 | 8,147,775 | |
Eli Lilly & Co. | 1,028,200 | 77,145,846 | |
Endo International PLC (a) | 1,176,900 | 18,606,789 | |
GlaxoSmithKline PLC sponsored ADR | 2,975,000 | 126,050,750 | |
Horizon Pharma PLC (a) | 995,600 | 17,154,188 | |
Impax Laboratories, Inc. (a) | 310,500 | 10,603,575 | |
Intra-Cellular Therapies, Inc. (a) | 4,000 | 154,800 | |
Jazz Pharmaceuticals PLC (a) | 249,000 | 37,738,440 | |
Jiangsu Hengrui Medicine Co. Ltd. | 954,177 | 6,658,903 | |
Johnson & Johnson | 1,385,800 | 156,165,801 | |
Mallinckrodt PLC (a) | 490,600 | 31,084,416 | |
Merck & Co., Inc. | 639,836 | 35,997,173 | |
Mylan N.V. | 1,132,900 | 49,099,886 | |
Novartis AG sponsored ADR | 651,098 | 51,768,802 | |
Novo Nordisk A/S Series B sponsored ADR | 941,500 | 52,761,660 | |
Pacira Pharmaceuticals, Inc. (a) | 20,300 | 944,153 | |
Perrigo Co. PLC | 26,752 | 2,563,912 | |
Pfizer, Inc. | 2,267,788 | 78,692,244 | |
Prestige Brands Holdings, Inc. (a) | 354,600 | 19,162,584 | |
Recordati SpA | 394,300 | 11,643,573 | |
Sagent Pharmaceuticals, Inc. (a) | 59,100 | 764,754 | |
Sanofi SA sponsored ADR | 2,629,222 | 108,323,946 | |
Shionogi & Co. Ltd. | 122,800 | 6,865,322 | |
Shire PLC sponsored ADR (b) | 347,100 | 64,616,136 | |
Supernus Pharmaceuticals, Inc. (a) | 713,800 | 13,926,238 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,268,889 | 65,817,272 | |
The Medicines Company (a) | 161,916 | 6,089,661 | |
TherapeuticsMD, Inc. (a)(b) | 1,970,300 | 17,614,482 | |
Theravance Biopharma, Inc. (a) | 600,992 | 13,822,816 | |
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 517,527 | 14,723,644 | |
Zoetis, Inc. Class A | 164,500 | 7,800,590 | |
1,344,325,037 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,390,705,284) | 1,572,411,437 | ||
Convertible Preferred Stocks - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Living Proof, Inc. 8.00% (a)(c) | |||
(Cost $200,000) | 112,714 | 249,098 | |
Money Market Funds - 6.8% | |||
Fidelity Cash Central Fund, 0.40% (d) | 2,478,954 | 2,478,954 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 105,953,673 | 105,953,673 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $108,432,627) | 108,432,627 | ||
TOTAL INVESTMENT PORTFOLIO - 106.1% | |||
(Cost $1,499,337,911) | 1,681,093,162 | ||
NET OTHER ASSETS (LIABILITIES) - (6.1)% | (97,280,077) | ||
NET ASSETS - 100% | $1,583,813,085 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $249,098 or 0.0% of net assets.
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Living Proof, Inc. 8.00% | 2/13/13 | $200,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $4,338 |
Fidelity Securities Lending Cash Central Fund | 225,617 |
Total | $229,955 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,572,411,437 | $1,528,560,492 | $43,850,945 | $-- |
Convertible Preferred Stocks | 249,098 | -- | -- | 249,098 |
Money Market Funds | 108,432,627 | 108,432,627 | -- | -- |
Total Investments in Securities: | $1,681,093,162 | $1,636,993,119 | $43,850,945 | $249,098 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,511,568,109. Net unrealized appreciation aggregated $169,525,053, of which $296,211,136 related to appreciated investment securities and $126,686,083 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Retailing Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value | ||
Food & Staples Retailing - 1.5% | |||
Drug Retail - 0.7% | |||
CVS Health Corp. | 146,700 | $14,149,215 | |
Hypermarkets & Super Centers - 0.8% | |||
Costco Wholesale Corp. | 113,543 | 16,891,792 | |
TOTAL FOOD & STAPLES RETAILING | 31,041,007 | ||
Food Products - 0.9% | |||
Packaged Foods & Meats - 0.9% | |||
Associated British Foods PLC | 453,300 | 19,328,451 | |
Hotels, Restaurants & Leisure - 2.2% | |||
Restaurants - 2.2% | |||
Chipotle Mexican Grill, Inc. (a) | 16,900 | 7,469,124 | |
Dave & Buster's Entertainment, Inc. (a) | 361,800 | 14,121,054 | |
Starbucks Corp. | 413,100 | 22,675,059 | |
44,265,237 | |||
Household Durables - 1.6% | |||
Home Furnishings - 0.4% | |||
Tempur Sealy International, Inc. (a) | 130,700 | 7,609,354 | |
Household Appliances - 1.2% | |||
Techtronic Industries Co. Ltd. | 6,183,500 | 24,866,889 | |
TOTAL HOUSEHOLD DURABLES | 32,476,243 | ||
Internet & Catalog Retail - 33.4% | |||
Internet Retail - 33.4% | |||
Amazon.com, Inc. (a) | 666,080 | 481,435,961 | |
Netflix, Inc. (a) | 987,200 | 101,257,104 | |
Priceline Group, Inc. (a) | 79,920 | 101,045,254 | |
683,738,319 | |||
Internet Software & Services - 1.9% | |||
Internet Software & Services - 1.9% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 198,200 | 16,252,400 | |
Facebook, Inc. Class A (a) | 187,000 | 22,217,470 | |
38,469,870 | |||
Multiline Retail - 1.0% | |||
Department Stores - 0.6% | |||
Macy's, Inc. | 353,800 | 11,749,698 | |
General Merchandise Stores - 0.4% | |||
B&M European Value Retail S.A. | 1,745,251 | 7,861,254 | |
TOTAL MULTILINE RETAIL | 19,610,952 | ||
Specialty Retail - 47.5% | |||
Apparel Retail - 12.3% | |||
Inditex SA | 638,645 | 21,576,248 | |
L Brands, Inc. | 797,683 | 54,681,170 | |
Ross Stores, Inc. | 1,176,500 | 62,825,100 | |
TJX Companies, Inc. | 1,477,100 | 112,436,852 | |
251,519,370 | |||
Automotive Retail - 9.5% | |||
AutoZone, Inc. (a) | 127,163 | 96,923,639 | |
O'Reilly Automotive, Inc. (a) | 370,686 | 98,020,499 | |
194,944,138 | |||
Home Improvement Retail - 20.3% | |||
Home Depot, Inc. | 2,891,700 | 382,051,404 | |
Lowe's Companies, Inc. | 406,400 | 32,564,832 | |
414,616,236 | |||
Homefurnishing Retail - 0.2% | |||
Restoration Hardware Holdings, Inc. (a) | 102,100 | 3,395,846 | |
Specialty Stores - 5.2% | |||
Signet Jewelers Ltd. | 253,500 | 25,088,895 | |
Tiffany & Co., Inc. | 78,500 | 4,863,860 | |
Tractor Supply Co. | 233,100 | 22,400,910 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 236,100 | 55,013,661 | |
107,367,326 | |||
TOTAL SPECIALTY RETAIL | 971,842,916 | ||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Apple, Inc. | 89,500 | 8,937,470 | |
Textiles, Apparel & Luxury Goods - 7.4% | |||
Apparel, Accessories & Luxury Goods - 6.2% | |||
adidas AG | 39,300 | 5,031,122 | |
Coach, Inc. | 93,500 | 3,685,770 | |
G-III Apparel Group Ltd. (a) | 1,044,426 | 40,857,945 | |
Kate Spade & Co. (a) | 754,200 | 16,486,812 | |
lululemon athletica, Inc. (a) | 279,957 | 18,205,604 | |
PVH Corp. | 113,900 | 10,683,820 | |
Under Armour, Inc. (a) | 259,200 | 9,064,224 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(b) | 259,200 | 9,779,616 | |
VF Corp. | 215,800 | 13,448,656 | |
127,243,569 | |||
Footwear - 1.2% | |||
NIKE, Inc. Class B | 438,840 | 24,232,745 | |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 151,476,314 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,466,269,744) | 2,001,186,779 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.1% | |||
Software - 0.1% | |||
Home Entertainment Software - 0.1% | |||
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (Cost $1,000,000) | 1,000,000 | 2,038,125 | |
Shares | Value | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 0.40% (c) | 39,221,566 | 39,221,566 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 10,137,325 | 10,137,325 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $49,358,891) | 49,358,891 | ||
TOTAL INVESTMENT PORTFOLIO - 100.3% | |||
(Cost $1,516,628,635) | 2,052,583,795 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (5,854,650) | ||
NET ASSETS - 100% | $2,046,729,145 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $52,612 |
Fidelity Securities Lending Cash Central Fund | 18,947 |
Total | $71,559 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $2,001,186,779 | $1,974,579,409 | $26,607,370 | $-- |
Convertible Bonds | 2,038,125 | -- | 2,038,125 | -- |
Money Market Funds | 49,358,891 | 49,358,891 | -- | -- |
Total Investments in Securities: | $2,052,583,795 | $2,023,938,300 | $28,645,495 | $-- |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $1,518,431,321. Net unrealized appreciation aggregated $534,152,474, of which $596,951,162 related to appreciated investment securities and $62,798,688 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Software and IT Services Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% | |||
Shares | Value | ||
Commercial Services & Supplies - 0.2% | |||
Security & Alarm Services - 0.2% | |||
Mix Telematics Ltd. | 27,875,481 | $5,498,385 | |
Consumer Finance - 0.7% | |||
Consumer Finance - 0.7% | |||
American Express Co. | 354,900 | 23,338,224 | |
Diversified Consumer Services - 0.1% | |||
Education Services - 0.1% | |||
Chegg, Inc. (a)(b) | 936,200 | 4,568,656 | |
Electronic Equipment & Components - 0.2% | |||
Electronic Equipment & Instruments - 0.2% | |||
Fitbit, Inc. (b) | 578,600 | 8,204,548 | |
Health Care Technology - 0.4% | |||
Health Care Technology - 0.4% | |||
Medidata Solutions, Inc. (a) | 277,600 | 12,752,944 | |
Internet & Catalog Retail - 1.4% | |||
Internet Retail - 1.4% | |||
Amazon.com, Inc. (a) | 28,600 | 20,671,794 | |
TripAdvisor, Inc. (a) | 381,400 | 25,836,036 | |
46,507,830 | |||
Internet Software & Services - 40.4% | |||
Internet Software & Services - 40.4% | |||
Actua Corp. (a) | 422,789 | 4,105,281 | |
Akamai Technologies, Inc. (a) | 709,600 | 38,729,968 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 280,100 | 22,968,200 | |
Alphabet, Inc.: | |||
Class A | 377,100 | 282,391,335 | |
Class C | 460,060 | 338,475,343 | |
Bazaarvoice, Inc. (a) | 1,179,900 | 4,389,228 | |
Cvent, Inc. (a) | 220,200 | 7,885,362 | |
Demandware, Inc. (a)(b) | 575,350 | 27,611,047 | |
Endurance International Group Holdings, Inc. (a) | 1,183,700 | 11,150,454 | |
Facebook, Inc. Class A (a) | 3,010,100 | 357,629,981 | |
inContact, Inc. (a) | 1,008,656 | 14,000,145 | |
LinkedIn Corp. Class A (a) | 398,000 | 54,327,000 | |
Marketo, Inc. (a) | 491,400 | 17,312,022 | |
New Relic, Inc. (a)(b) | 261,400 | 7,883,824 | |
NIC, Inc. | 552,300 | 10,963,155 | |
Opower, Inc. (a) | 503,500 | 5,181,015 | |
Pandora Media, Inc. (a)(b) | 1,014,700 | 11,963,313 | |
Rackspace Hosting, Inc. (a) | 948,800 | 23,720,000 | |
SciQuest, Inc. (a) | 412,857 | 7,282,797 | |
Twitter, Inc. (a)(b) | 1,909,900 | 29,068,678 | |
Web.com Group, Inc. (a) | 581,734 | 9,872,026 | |
Yahoo!, Inc. (a) | 1,932,659 | 73,325,082 | |
1,360,235,256 | |||
IT Services - 20.6% | |||
Data Processing & Outsourced Services - 16.8% | |||
Alliance Data Systems Corp. (a) | 317,900 | 70,634,201 | |
EVERTEC, Inc. | 1,014,500 | 15,531,995 | |
Fidelity National Information Services, Inc. | 875,600 | 65,030,812 | |
Global Payments, Inc. | 106,600 | 8,281,754 | |
MasterCard, Inc. Class A | 1,442,000 | 138,287,800 | |
PayPal Holdings, Inc. (a) | 325,200 | 12,289,308 | |
The Western Union Co. | 862,100 | 16,767,845 | |
Visa, Inc. Class A | 2,751,620 | 217,212,883 | |
WEX, Inc. (a) | 240,400 | 22,179,304 | |
566,215,902 | |||
IT Consulting & Other Services - 3.8% | |||
Cognizant Technology Solutions Corp. Class A (a) | 528,100 | 32,446,464 | |
IBM Corp. | 533,800 | 82,066,412 | |
Lionbridge Technologies, Inc. (a)(c) | 3,436,225 | 14,947,579 | |
129,460,455 | |||
TOTAL IT SERVICES | 695,676,357 | ||
Media - 0.1% | |||
Advertising - 0.1% | |||
Aimia, Inc. (b) | 725,500 | 4,669,402 | |
Professional Services - 0.7% | |||
Research & Consulting Services - 0.7% | |||
ICF International, Inc. (a) | 567,036 | 23,123,728 | |
Semiconductors & Semiconductor Equipment - 1.9% | |||
Semiconductors - 1.9% | |||
Qualcomm, Inc. | 1,170,500 | 64,283,860 | |
Software - 28.9% | |||
Application Software - 11.6% | |||
Adobe Systems, Inc. (a) | 863,500 | 85,892,345 | |
Autodesk, Inc. (a) | 858,400 | 50,018,968 | |
Citrix Systems, Inc. (a) | 419,700 | 35,640,924 | |
Parametric Technology Corp. (a) | 1,136,900 | 40,632,806 | |
RealPage, Inc. (a) | 425,400 | 9,252,450 | |
Salesforce.com, Inc. (a) | 1,216,626 | 101,843,762 | |
Workday, Inc. Class A (a) | 683,100 | 51,806,304 | |
Zendesk, Inc. (a) | 680,200 | 16,658,098 | |
391,745,657 | |||
Home Entertainment Software - 2.5% | |||
Activision Blizzard, Inc. | 705,700 | 27,705,782 | |
Electronic Arts, Inc. (a) | 722,900 | 55,482,575 | |
83,188,357 | |||
Systems Software - 14.8% | |||
Fleetmatics Group PLC (a) | 88,600 | 3,623,740 | |
Infoblox, Inc. (a) | 133,100 | 2,503,611 | |
Microsoft Corp. | 6,770,400 | 358,831,201 | |
NetSuite, Inc. (a)(b) | 407,600 | 32,326,756 | |
Oracle Corp. | 595,700 | 23,947,140 | |
Tableau Software, Inc. (a) | 982,200 | 50,524,368 | |
VMware, Inc. Class A (a)(b) | 430,100 | 26,046,856 | |
497,803,672 | |||
TOTAL SOFTWARE | 972,737,686 | ||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Apple, Inc. | 409,700 | 40,912,642 | |
TOTAL COMMON STOCKS | |||
(Cost $2,250,597,592) | 3,262,509,518 | ||
Convertible Preferred Stocks - 0.0% | |||
Software - 0.0% | |||
Application Software - 0.0% | |||
Deem, Inc. (a)(d) | |||
(Cost $8,064,516) | 2,497,881 | 124,894 | |
Money Market Funds - 5.5% | |||
Fidelity Cash Central Fund, 0.40% (e) | 103,405,450 | 103,405,450 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (e)(f) | 82,894,210 | 82,894,210 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $186,299,660) | 186,299,660 | ||
TOTAL INVESTMENT PORTFOLIO - 102.3% | |||
(Cost $2,444,961,768) | 3,448,934,072 | ||
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (77,651,426) | ||
NET ASSETS - 100% | $3,371,282,646 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) 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 $124,894 or 0.0% of net assets.
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Deem, Inc. | 9/19/13 | $8,064,516 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $53,856 |
Fidelity Securities Lending Cash Central Fund | 244,250 |
Total | $298,106 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
ICF International, Inc. | $38,900,339 | $-- | $22,462,333 | $-- | $-- |
Lionbridge Technologies, Inc. | 22,485,157 | -- | 7,666,782 | -- | 14,947,579 |
Total | $61,385,496 | $-- | $30,129,115 | $-- | $14,947,579 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $3,262,509,518 | $3,262,509,518 | $-- | $-- |
Convertible Preferred Stocks | 124,894 | -- | -- | 124,894 |
Money Market Funds | 186,299,660 | 186,299,660 | -- | -- |
Total Investments in Securities: | $3,448,934,072 | $3,448,809,178 | $-- | $124,894 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $2,446,751,440. Net unrealized appreciation aggregated $1,002,182,632, of which $1,141,260,440 related to appreciated investment securities and $139,077,808 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Technology Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% | |||
Shares | Value | ||
Auto Components - 0.0% | |||
Auto Parts & Equipment - 0.0% | |||
Weifu High-Technology Co. Ltd. (B Shares) | 98,200 | $203,458 | |
Automobiles - 1.4% | |||
Automobile Manufacturers - 1.4% | |||
Tesla Motors, Inc. (a)(b) | 185,956 | 41,510,958 | |
Biotechnology - 0.2% | |||
Biotechnology - 0.2% | |||
BeiGene Ltd. ADR | 87,436 | 2,470,067 | |
Genscript Biotech Corp. | 29,430,000 | 4,582,608 | |
7,052,675 | |||
Chemicals - 0.2% | |||
Specialty Chemicals - 0.2% | |||
Duk San Neolux Co. Ltd. (a) | 337,094 | 7,107,088 | |
Communications Equipment - 1.0% | |||
Communications Equipment - 1.0% | |||
Ciena Corp. (a) | 152,500 | 2,662,650 | |
CommScope Holding Co., Inc. (a) | 192,500 | 5,996,375 | |
F5 Networks, Inc. (a) | 69,100 | 7,614,820 | |
Palo Alto Networks, Inc. (a) | 50,600 | 6,601,276 | |
Radware Ltd. (a) | 1,163 | 13,933 | |
Wistron NeWeb Corp. | 2,869,000 | 6,885,459 | |
29,774,513 | |||
Consumer Finance - 0.0% | |||
Consumer Finance - 0.0% | |||
LendingClub Corp. (a)(b) | 1,100 | 5,236 | |
Diversified Consumer Services - 1.3% | |||
Education Services - 1.3% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR | 850,339 | 35,926,823 | |
TAL Education Group ADR (a) | 72,000 | 3,846,240 | |
39,773,063 | |||
Specialized Consumer Services - 0.0% | |||
LifeLock, Inc. (a) | 1,500 | 19,605 | |
TOTAL DIVERSIFIED CONSUMER SERVICES | 39,792,668 | ||
Diversified Financial Services - 2.2% | |||
Other Diversified Financial Services - 2.0% | |||
Broadcom Ltd. | 404,600 | 62,454,056 | |
Specialized Finance - 0.2% | |||
MSCI, Inc. Class A | 62,200 | 4,962,938 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 67,416,994 | ||
Diversified Telecommunication Services - 0.2% | |||
Alternative Carriers - 0.0% | |||
8x8, Inc. (a) | 2,400 | 30,648 | |
Integrated Telecommunication Services - 0.2% | |||
Bharti Infratel Ltd. | 987,878 | 5,502,265 | |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 5,532,913 | ||
Electrical Equipment - 0.1% | |||
Electrical Components & Equipment - 0.1% | |||
Lumenpulse, Inc. (a) | 40,300 | 507,380 | |
Nidec Corp. | 19,800 | 1,516,758 | |
2,024,138 | |||
Electronic Equipment & Components - 4.5% | |||
Electronic Components - 2.3% | |||
Alps Electric Co. Ltd. | 377,400 | 7,538,538 | |
InvenSense, Inc. (a)(b) | 366,800 | 2,266,824 | |
Japan Aviation Electronics Industry Ltd. | 1,000 | 13,290 | |
Largan Precision Co. Ltd. | 243,000 | 20,284,802 | |
Ledlink Optics, Inc. | 1,567,914 | 2,218,292 | |
Murata Manufacturing Co. Ltd. | 64,100 | 7,401,387 | |
Samsung SDI Co. Ltd. | 108,228 | 10,227,256 | |
Sunny Optical Technology Group Co. Ltd. | 1,645,000 | 5,683,911 | |
Universal Display Corp. (a) | 65,600 | 4,405,040 | |
Yageo Corp. | 4,613,217 | 7,772,699 | |
Yaskawa Electric Corp. | 1,900 | 23,865 | |
67,835,904 | |||
Electronic Equipment & Instruments - 0.4% | |||
Chroma ATE, Inc. | 4,316,644 | 10,359,734 | |
Cognex Corp. | 62,900 | 2,709,103 | |
13,068,837 | |||
Electronic Manufacturing Services - 1.8% | |||
Trimble Navigation Ltd. (a) | 2,120,121 | 54,232,695 | |
Technology Distributors - 0.0% | |||
Digital China Holdings Ltd. (H Shares) | 42,000 | 34,591 | |
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 135,172,027 | ||
Health Care Equipment & Supplies - 0.2% | |||
Health Care Equipment - 0.2% | |||
Intai Technology Corp. | 987,000 | 5,422,078 | |
Olympus Corp. | 8,000 | 336,311 | |
5,758,389 | |||
Health Care Providers & Services - 0.0% | |||
Managed Health Care - 0.0% | |||
HealthEquity, Inc. (a) | 21,700 | 560,077 | |
Health Care Technology - 1.7% | |||
Health Care Technology - 1.7% | |||
athenahealth, Inc. (a) | 127,560 | 16,183,537 | |
Inovalon Holdings, Inc. Class A (a)(b) | 396,600 | 7,372,794 | |
M3, Inc. | 56,600 | 1,616,280 | |
Medidata Solutions, Inc. (a) | 476,800 | 21,904,192 | |
Veeva Systems, Inc. Class A (a) | 161,200 | 5,311,540 | |
52,388,343 | |||
Hotels, Restaurants & Leisure - 0.4% | |||
Casinos & Gaming - 0.3% | |||
500.com Ltd. sponsored ADR Class A (a)(b) | 494,229 | 8,564,989 | |
Hotels, Resorts & Cruise Lines - 0.1% | |||
Tuniu Corp. Class A sponsored ADR (a)(b) | 411,921 | 3,808,210 | |
TOTAL HOTELS, RESTAURANTS & LEISURE | 12,373,199 | ||
Household Durables - 0.6% | |||
Consumer Electronics - 0.6% | |||
Sony Corp. | 451,600 | 12,556,771 | |
Sony Corp. sponsored ADR | 169,400 | 4,719,484 | |
17,276,255 | |||
Internet & Catalog Retail - 2.4% | |||
Catalog Retail - 0.0% | |||
Liberty Interactive Corp. QVC Group Series A (a) | 588 | 15,864 | |
Internet Retail - 2.4% | |||
Amazon.com, Inc. (a) | 28,000 | 20,238,120 | |
Ctrip.com International Ltd. ADR (a) | 226,800 | 10,378,368 | |
Groupon, Inc. Class A (a)(b) | 308,800 | 1,093,152 | |
JD.com, Inc. sponsored ADR (a) | 245,100 | 6,031,911 | |
Jumei International Holding Ltd. sponsored ADR (a) | 987,878 | 5,097,450 | |
MySale Group PLC (a) | 42,200 | 41,256 | |
Priceline Group, Inc. (a) | 100 | 126,433 | |
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) | 480,669 | 15,612,129 | |
Vipshop Holdings Ltd. ADR (a) | 1,234,300 | 14,404,281 | |
73,023,100 | |||
TOTAL INTERNET & CATALOG RETAIL | 73,038,964 | ||
Internet Software & Services - 27.0% | |||
Internet Software & Services - 27.0% | |||
58.com, Inc. ADR (a) | 1,157,564 | 62,566,334 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 371,200 | 30,438,400 | |
Alphabet, Inc.: | |||
Class A | 220,803 | 165,348,327 | |
Class C | 235,368 | 173,164,945 | |
Benefitfocus, Inc. (a)(b) | 93,600 | 3,436,056 | |
Box, Inc. Class A (a) | 113,500 | 1,425,560 | |
ChannelAdvisor Corp. (a) | 6,244 | 77,426 | |
Cornerstone OnDemand, Inc. (a) | 278,086 | 11,126,221 | |
Cvent, Inc. (a) | 133,064 | 4,765,022 | |
Demandware, Inc. (a)(b) | 269,074 | 12,912,861 | |
DeNA Co. Ltd. | 379,400 | 7,579,000 | |
eBay, Inc. (a) | 52,600 | 1,286,596 | |
Endurance International Group Holdings, Inc. (a)(b) | 1,193,620 | 11,243,900 | |
Envestnet, Inc. (a) | 434 | 14,665 | |
Facebook, Inc. Class A (a) | 1,460,474 | 173,518,916 | |
Hortonworks, Inc. (a)(b) | 409,500 | 4,782,960 | |
Instructure, Inc. (a)(b) | 171,600 | 2,977,260 | |
LogMeIn, Inc. (a) | 24,400 | 1,494,988 | |
MINDBODY, Inc. | 113,300 | 1,517,087 | |
NetEase, Inc. sponsored ADR | 10,400 | 1,849,536 | |
New Relic, Inc. (a) | 251,000 | 7,570,160 | |
Q2 Holdings, Inc. (a) | 1,400 | 34,972 | |
Rackspace Hosting, Inc. (a) | 331,841 | 8,296,025 | |
Renren, Inc. ADR (a) | 532,300 | 1,187,029 | |
SciQuest, Inc. (a) | 546,742 | 9,644,529 | |
Shopify, Inc. | 6,256 | 183,238 | |
Shopify, Inc. Class A | 64,300 | 1,883,347 | |
SINA Corp. (a) | 147,000 | 7,939,470 | |
SouFun Holdings Ltd. ADR (a) | 520,700 | 2,827,401 | |
Tencent Holdings Ltd. | 419,500 | 9,348,078 | |
Twitter, Inc. (a) | 51,000 | 776,220 | |
Web.com Group, Inc. (a) | 308,298 | 5,231,817 | |
Weibo Corp. sponsored ADR (a)(b) | 1,600 | 42,544 | |
Xunlei Ltd. sponsored ADR (a) | 1,182,055 | 7,541,511 | |
Yahoo!, Inc. (a) | 2,186,300 | 82,948,222 | |
Zillow Group, Inc.: | |||
Class A (a) | 1,298 | 37,954 | |
Class C (a)(b) | 1,496 | 42,905 | |
817,061,482 | |||
IT Services - 5.6% | |||
Data Processing & Outsourced Services - 5.5% | |||
Amadeus IT Holding SA Class A | 323,200 | 14,972,299 | |
Fidelity National Information Services, Inc. | 70,768 | 5,255,939 | |
Fiserv, Inc. (a) | 124,623 | 13,126,541 | |
FleetCor Technologies, Inc. (a) | 9,800 | 1,459,122 | |
Global Payments, Inc. | 245,500 | 19,072,895 | |
PayPal Holdings, Inc. (a) | 152,200 | 5,751,638 | |
Paysafe Group PLC (a) | 2,551,741 | 15,226,754 | |
Sabre Corp. | 102,700 | 2,893,059 | |
Total System Services, Inc. | 61,699 | 3,313,236 | |
Travelport Worldwide Ltd. | 635,000 | 8,407,400 | |
Vantiv, Inc. (a) | 53,100 | 2,855,187 | |
Visa, Inc. Class A | 931,200 | 73,508,928 | |
165,842,998 | |||
IT Consulting & Other Services - 0.1% | |||
Cognizant Technology Solutions Corp. Class A (a) | 4,912 | 301,793 | |
EPAM Systems, Inc. (a) | 40,205 | 3,076,085 | |
Virtusa Corp. (a) | 600 | 21,138 | |
3,399,016 | |||
TOTAL IT SERVICES | 169,242,014 | ||
Life Sciences Tools & Services - 0.1% | |||
Life Sciences Tools & Services - 0.1% | |||
JHL Biotech, Inc. (a) | 1,015,442 | 2,618,073 | |
Machinery - 0.2% | |||
Industrial Machinery - 0.2% | |||
Harmonic Drive Systems, Inc. (b) | 96,700 | 2,493,790 | |
King Slide Works Co. Ltd. | 57,000 | 603,517 | |
Minebea Mitsumi, Inc. | 231,000 | 1,834,391 | |
4,931,698 | |||
Media - 0.7% | |||
Advertising - 0.0% | |||
iCar Asia Ltd. (a)(b) | 2,268,088 | 1,376,979 | |
Cable & Satellite - 0.5% | |||
Naspers Ltd. Class N | 106,102 | 15,611,395 | |
Publishing - 0.2% | |||
NEXT Co. Ltd. | 39,300 | 403,908 | |
Schibsted ASA: | |||
(A Shares) | 40,666 | 1,263,885 | |
(B Shares) | 94,653 | 2,806,008 | |
4,473,801 | |||
TOTAL MEDIA | 21,462,175 | ||
Professional Services - 0.5% | |||
Human Resource & Employment Services - 0.4% | |||
51job, Inc. sponsored ADR (a) | 800 | 24,808 | |
WageWorks, Inc. (a) | 195,432 | 10,953,964 | |
10,978,772 | |||
Research & Consulting Services - 0.1% | |||
ICF International, Inc. (a) | 61,500 | 2,507,970 | |
Verisk Analytics, Inc. (a) | 400 | 31,756 | |
2,539,726 | |||
TOTAL PROFESSIONAL SERVICES | 13,518,498 | ||
Semiconductors & Semiconductor Equipment - 17.7% | |||
Semiconductor Equipment - 1.1% | |||
Amkor Technology, Inc. (a) | 2,057,620 | 12,983,582 | |
Applied Materials, Inc. | 1,700 | 41,514 | |
ASM Pacific Technology Ltd. | 65,200 | 479,094 | |
EO Technics Co. Ltd. | 135,507 | 11,188,766 | |
Hermes Microvision, Inc. | 164,000 | 5,813,283 | |
Nanometrics, Inc. (a) | 21,591 | 402,024 | |
Rubicon Technology, Inc. (a) | 1,141,191 | 776,010 | |
SolarEdge Technologies, Inc. (a)(b) | 112,700 | 2,462,495 | |
SunEdison, Inc. (a) | 1,300 | 202 | |
34,146,970 | |||
Semiconductors - 16.6% | |||
Advanced Micro Devices, Inc. (a)(b) | 705,100 | 3,222,307 | |
Advanced Semiconductor Engineering, Inc. | 30,458,330 | 34,995,904 | |
Advanced Semiconductor Engineering, Inc. sponsored ADR | 2,724,044 | 15,363,608 | |
Ambarella, Inc. (a)(b) | 289,900 | 11,984,466 | |
ams AG | 20,430 | 562,133 | |
Cavium, Inc. (a) | 210,000 | 10,447,500 | |
Chipbond Technology Corp. | 5,970,000 | 7,392,877 | |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 585,247 | 11,043,611 | |
Cirrus Logic, Inc. (a) | 41,000 | 1,476,000 | |
Dialog Semiconductor PLC (a) | 255,500 | 8,110,568 | |
Everlight Electronics Co. Ltd. | 2,161,000 | 3,087,238 | |
Himax Technologies, Inc. sponsored ADR (b) | 844,491 | 8,267,567 | |
Hua Hong Semiconductor Ltd. | 6,440,000 | 6,016,717 | |
Infineon Technologies AG | 216,100 | 3,235,935 | |
Inphi Corp. (a) | 21,600 | 673,704 | |
Integrated Device Technology, Inc. (a) | 139,400 | 3,254,990 | |
Intersil Corp. Class A | 630,685 | 8,526,861 | |
Lextar Electronics Corp. | 810,000 | 405,199 | |
M/A-COM Technology Solutions Holdings, Inc. (a) | 110,500 | 3,978,000 | |
MagnaChip Semiconductor Corp. (a)(b) | 295,035 | 1,637,444 | |
Marvell Technology Group Ltd. | 5,909,454 | 60,453,714 | |
Maxim Integrated Products, Inc. | 524,500 | 19,910,020 | |
Melexis NV | 567 | 34,307 | |
Micron Technology, Inc. (a) | 3,748,700 | 47,683,464 | |
Microsemi Corp. (a) | 317,800 | 10,751,174 | |
Monolithic Power Systems, Inc. | 167,995 | 11,479,098 | |
NXP Semiconductors NV (a) | 343,708 | 32,476,969 | |
ON Semiconductor Corp. (a) | 605,300 | 5,913,781 | |
Power Integrations, Inc. | 90,600 | 4,520,034 | |
Qorvo, Inc. (a) | 594,517 | 30,302,531 | |
Qualcomm, Inc. | 1,173,500 | 64,448,620 | |
Sanken Electric Co. Ltd. | 704,000 | 2,087,008 | |
Semiconductor Manufacturing International Corp. (a) | 32,101,000 | 2,685,153 | |
Semtech Corp. (a) | 915,876 | 21,559,721 | |
Silicon Laboratories, Inc. (a) | 141,700 | 7,049,575 | |
Silicon Motion Technology Corp. sponsored ADR | 178,400 | 7,929,880 | |
Siliconware Precision Industries Co. Ltd. sponsored ADR | 163,457 | 1,310,925 | |
Sitronix Technology Corp. | 596,000 | 1,816,315 | |
SK Hynix, Inc. | 311,884 | 7,518,686 | |
Skyworks Solutions, Inc. | 280,200 | 18,706,152 | |
STMicroelectronics NV | 2,860 | 17,193 | |
Vanguard International Semiconductor Corp. | 192,000 | 315,247 | |
Xilinx, Inc. | 600 | 28,434 | |
502,680,630 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 536,827,600 | ||
Software - 17.1% | |||
Application Software - 7.5% | |||
Adobe Systems, Inc. (a) | 411,839 | 40,965,625 | |
ANSYS, Inc. (a) | 314 | 27,977 | |
Autodesk, Inc. (a) | 654,500 | 38,137,715 | |
Blackbaud, Inc. | 32,000 | 2,005,440 | |
Callidus Software, Inc. (a) | 270,000 | 5,011,200 | |
Citrix Systems, Inc. (a) | 56,507 | 4,798,574 | |
Guidewire Software, Inc. (a) | 411 | 24,126 | |
HubSpot, Inc. (a) | 17,300 | 826,248 | |
Intuit, Inc. | 180,300 | 19,230,798 | |
Kingdee International Software Group Co. Ltd. | 707,600 | 242,218 | |
Linx SA | 1,400 | 18,209 | |
Mobileye NV (a)(b) | 433,600 | 16,463,792 | |
Parametric Technology Corp. (a) | 900 | 32,166 | |
Paylocity Holding Corp. (a)(b) | 189,628 | 6,961,244 | |
Qlik Technologies, Inc. (a) | 700 | 20,090 | |
RealPage, Inc. (a) | 16,400 | 356,700 | |
Salesforce.com, Inc. (a) | 688,592 | 57,642,036 | |
Splunk, Inc. (a) | 133,400 | 7,663,830 | |
SS&C Technologies Holdings, Inc. | 70,200 | 4,323,618 | |
Ultimate Software Group, Inc. (a) | 117 | 23,924 | |
Workday, Inc. Class A (a) | 125,100 | 9,487,584 | |
Workiva, Inc. (a) | 1,900 | 26,220 | |
Zendesk, Inc. (a) | 548,175 | 13,424,806 | |
227,714,140 | |||
Home Entertainment Software - 2.9% | |||
Activision Blizzard, Inc. | 604,100 | 23,716,966 | |
Electronic Arts, Inc. (a) | 118,400 | 9,087,200 | |
NCSOFT Corp. | 88,379 | 17,853,819 | |
NHN Entertainment Corp. (a) | 168,228 | 8,775,196 | |
Nintendo Co. Ltd. | 119,100 | 17,494,029 | |
Nintendo Co. Ltd. ADR | 340,200 | 6,238,928 | |
Take-Two Interactive Software, Inc. (a) | 79,600 | 3,097,236 | |
86,263,374 | |||
Systems Software - 6.7% | |||
Allot Communications Ltd. (a) | 528,072 | 2,640,360 | |
CommVault Systems, Inc. (a) | 600 | 27,168 | |
CyberArk Software Ltd. (a)(b) | 229,700 | 10,432,974 | |
Fleetmatics Group PLC (a) | 706,487 | 28,895,318 | |
Imperva, Inc. (a) | 126,061 | 4,813,009 | |
Infoblox, Inc. (a) | 1,700 | 31,977 | |
Microsoft Corp. | 2,112,040 | 111,938,120 | |
NetSuite, Inc. (a)(b) | 287,814 | 22,826,528 | |
Oracle Corp. | 7,200 | 289,440 | |
Progress Software Corp. (a) | 95,300 | 2,509,249 | |
Proofpoint, Inc. (a) | 282,600 | 16,566,012 | |
Rapid7, Inc. (a)(b) | 4,600 | 59,110 | |
ServiceNow, Inc. (a) | 4,650 | 333,080 | |
Tableau Software, Inc. (a) | 6,500 | 334,360 | |
VMware, Inc. Class A (a)(b) | 34,800 | 2,107,488 | |
203,804,193 | |||
TOTAL SOFTWARE | 517,781,707 | ||
Technology Hardware, Storage & Peripherals - 11.0% | |||
Technology Hardware, Storage & Peripherals - 11.0% | |||
Apple, Inc. | 3,093,297 | 308,896,637 | |
BlackBerry Ltd. (a) | 2,700 | 19,642 | |
Catcher Technology Co. Ltd. | 632,000 | 4,810,214 | |
EMC Corp. | 278,600 | 7,786,870 | |
HTC Corp. | 3,306,000 | 8,624,171 | |
Nimble Storage, Inc. (a) | 3,700 | 33,041 | |
Silicon Graphics International Corp. (a) | 439,166 | 2,310,013 | |
Stratasys Ltd. (a) | 300 | 6,846 | |
332,487,434 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,371,182,197) | 2,912,918,576 | ||
Preferred Stocks - 1.7% | |||
Convertible Preferred Stocks - 1.4% | |||
Internet & Catalog Retail - 0.5% | |||
Internet Retail - 0.5% | |||
China Internet Plus Holdings Ltd. Series B (c) | 3,918,573 | 15,128,435 | |
Internet Software & Services - 0.8% | |||
Internet Software & Services - 0.8% | |||
Uber Technologies, Inc. Series D, 8.00% (a)(c) | 515,696 | 25,151,643 | |
IT Services - 0.1% | |||
Data Processing & Outsourced Services - 0.1% | |||
Nutanix, Inc. Series E (a)(c) | 72,872 | 1,071,218 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 41,351,296 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Internet & Catalog Retail - 0.3% | |||
Internet Retail - 0.3% | |||
China Internet Plus Holdings Ltd. Series A-11 (c) | 2,802,162 | 10,818,307 | |
TOTAL PREFERRED STOCKS | |||
(Cost $32,961,897) | 52,169,603 | ||
Money Market Funds - 4.9% | |||
Fidelity Cash Central Fund, 0.40% (d) | 12,735,231 | 12,735,231 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 135,034,349 | 135,034,349 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $147,769,580) | 147,769,580 | ||
TOTAL INVESTMENT PORTFOLIO - 102.9% | |||
(Cost $2,551,913,674) | 3,112,857,759 | ||
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (86,549,857) | ||
NET ASSETS - 100% | $3,026,307,902 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $52,169,603 or 1.7% of net assets.
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
China Internet Plus Holdings Ltd. Series A-11 | 1/26/15 | $8,857,214 |
China Internet Plus Holdings Ltd. Series B | 12/11/15 | $15,128,435 |
Nutanix, Inc. Series E | 8/26/14 | $976,230 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $8,000,018 |
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 | $70,717 |
Fidelity Securities Lending Cash Central Fund | 1,017,327 |
Total | $1,088,044 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $2,912,918,576 | $2,786,814,745 | $126,103,831 | $-- |
Preferred Stocks | 52,169,603 | -- | -- | 52,169,603 |
Money Market Funds | 147,769,580 | 147,769,580 | -- | -- |
Total Investments in Securities: | $3,112,857,759 | $2,934,584,325 | $126,103,831 | $52,169,603 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Preferred Stocks | |
Beginning Balance | $51,907,993 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 261,610 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $52,169,603 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2016 | $261,610 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities and identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 05/31/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input*(a) |
Equities | $52,169,603 | Last transaction price | Transaction price | $3.86 - $48.77 / $25.97 | Increase |
Market comparable | EV/Sales multiple | 3.1 | Increase | ||
Discount rate | 10.0% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $2,573,047,723. Net unrealized appreciation aggregated $539,810,036, of which $668,013,783 related to appreciated investment securities and $128,203,747 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Telecommunications Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Communications Equipment - 0.2% | |||
Communications Equipment - 0.2% | |||
NetScout Systems, Inc. (a) | 87,100 | $2,113,046 | |
Diversified Financial Services - 0.5% | |||
Other Diversified Financial Services - 0.5% | |||
Broadcom Ltd. | 32,800 | 5,063,008 | |
Diversified Telecommunication Services - 71.3% | |||
Alternative Carriers - 19.6% | |||
8x8, Inc. (a) | 1,533,186 | 19,578,785 | |
Cogent Communications Group, Inc. | 919,768 | 36,625,162 | |
Globalstar, Inc. (a)(b) | 7,957,722 | 17,347,834 | |
Iliad SA | 16,103 | 3,528,754 | |
Iridium Communications, Inc. (a)(b) | 1,253,298 | 10,941,292 | |
Level 3 Communications, Inc. (a) | 806,167 | 43,492,710 | |
Lumos Networks Corp. (a)(c) | 1,420,978 | 18,287,987 | |
Vonage Holdings Corp. (a) | 1,503,871 | 6,932,845 | |
Zayo Group Holdings, Inc. (a) | 1,039,500 | 28,877,310 | |
185,612,679 | |||
Integrated Telecommunication Services - 51.7% | |||
AT&T, Inc. | 5,500,720 | 215,353,188 | |
Atlantic Tele-Network, Inc. | 216,600 | 16,134,534 | |
Bharti Infratel Ltd. | 806,384 | 4,491,383 | |
CenturyLink, Inc. | 1,009,378 | 27,374,331 | |
Cincinnati Bell, Inc. (a) | 3,646,714 | 14,513,922 | |
Consolidated Communications Holdings, Inc. (b) | 415,998 | 10,225,231 | |
FairPoint Communications, Inc. (a) | 283,800 | 3,845,490 | |
Frontier Communications Corp. (b) | 5,739,383 | 29,672,610 | |
General Communications, Inc. Class A (a) | 327,794 | 5,110,308 | |
IDT Corp. Class B | 83,781 | 1,245,823 | |
SBA Communications Corp. Class A (a) | 471,656 | 46,882,606 | |
Spark New Zealand Ltd. | 2,102,023 | 5,262,246 | |
Verizon Communications, Inc. | 2,155,197 | 109,699,527 | |
Windstream Holdings, Inc. (b) | 3,480 | 29,197 | |
489,840,396 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 675,453,075 | ||
Internet Software & Services - 1.2% | |||
Internet Software & Services - 1.2% | |||
Gogo, Inc. (a)(b) | 756,100 | 8,498,564 | |
GTT Communications, Inc. (a) | 94,800 | 1,776,552 | |
Rackspace Hosting, Inc. (a) | 43,300 | 1,082,500 | |
11,357,616 | |||
Media - 6.6% | |||
Cable & Satellite - 6.2% | |||
Altice NV Class A (a)(b) | 555,797 | 9,579,133 | |
Charter Communications, Inc. (a) | 108,775 | 23,815,199 | |
Comcast Corp. Class A | 229,100 | 14,502,030 | |
Liberty Global PLC Class C (a) | 87,636 | 3,166,289 | |
Megacable Holdings S.A.B. de CV unit | 725,400 | 3,045,959 | |
NOS SGPS SA | 637,700 | 4,736,868 | |
58,845,478 | |||
Movies & Entertainment - 0.4% | |||
Twenty-First Century Fox, Inc. Class A | 131,300 | 3,791,944 | |
TOTAL MEDIA | 62,637,422 | ||
Real Estate Investment Trusts - 6.3% | |||
Specialized REITs - 6.3% | |||
American Tower Corp. | 524,590 | 55,491,130 | |
Crown Castle International Corp. | 21,300 | 1,934,253 | |
CyrusOne, Inc. | 37,000 | 1,824,470 | |
59,249,853 | |||
Software - 0.6% | |||
Application Software - 0.6% | |||
Synchronoss Technologies, Inc. (a) | 152,900 | 5,392,783 | |
Wireless Telecommunication Services - 11.9% | |||
Wireless Telecommunication Services - 11.9% | |||
KDDI Corp. | 242,600 | 7,037,992 | |
Leap Wireless International, Inc. rights (a) | 400 | 1,032 | |
Millicom International Cellular SA (a) | 44,500 | 2,705,600 | |
Shenandoah Telecommunications Co. | 327,052 | 10,462,393 | |
Sprint Corp. (a)(b) | 3,568,385 | 13,559,863 | |
T-Mobile U.S., Inc. (a) | 1,157,097 | 49,477,468 | |
Telephone & Data Systems, Inc. | 835,664 | 24,058,767 | |
U.S. Cellular Corp. (a) | 131,000 | 4,949,180 | |
112,252,295 | |||
TOTAL COMMON STOCKS | |||
(Cost $812,627,457) | 933,519,098 | ||
Money Market Funds - 6.3% | |||
Fidelity Cash Central Fund, 0.40% (d) | 12,326,347 | 12,326,347 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (d)(e) | 47,692,097 | 47,692,097 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $60,018,444) | 60,018,444 | ||
TOTAL INVESTMENT PORTFOLIO - 104.9% | |||
(Cost $872,645,901) | 993,537,542 | ||
NET OTHER ASSETS (LIABILITIES) - (4.9)% | (46,278,728) | ||
NET ASSETS - 100% | $947,258,814 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
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 | $19,777 |
Fidelity Securities Lending Cash Central Fund | 174,079 |
Total | $193,856 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Lumos Networks Corp. | $11,351,399 | $6,289,185 | $-- | $-- | $18,287,987 |
Total | $11,351,399 | $6,289,185 | $-- | $-- | $18,287,987 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $933,519,098 | $926,480,074 | $7,037,992 | $1,032 |
Money Market Funds | 60,018,444 | 60,018,444 | -- | -- |
Total Investments in Securities: | $993,537,542 | $986,498,518 | $7,037,992 | $1,032 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $877,994,484. Net unrealized appreciation aggregated $115,543,058, of which $131,649,872 related to appreciated investment securities and $16,106,814 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Transportation Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% | |||
Shares | Value | ||
Air Freight & Logistics - 29.8% | |||
Air Freight & Logistics - 29.8% | |||
Air Transport Services Group, Inc. (a) | 176,400 | $2,231,460 | |
Atlas Air Worldwide Holdings, Inc. (a) | 45,900 | 2,012,256 | |
C.H. Robinson Worldwide, Inc. | 265,996 | 19,944,380 | |
FedEx Corp. | 152,800 | 25,207,416 | |
Forward Air Corp. | 69,600 | 3,166,104 | |
Park-Ohio Holdings Corp. | 112,970 | 3,451,234 | |
United Parcel Service, Inc. Class B | 642,700 | 66,255,943 | |
122,268,793 | |||
Airlines - 27.9% | |||
Airlines - 27.9% | |||
Alaska Air Group, Inc. | 50,100 | 3,326,640 | |
Allegiant Travel Co. | 12,700 | 1,765,554 | |
American Airlines Group, Inc. | 532,200 | 16,982,502 | |
Delta Air Lines, Inc. | 587,902 | 25,550,221 | |
Hawaiian Holdings, Inc. (a) | 98,100 | 3,969,126 | |
JetBlue Airways Corp. (a) | 360,076 | 6,456,163 | |
SkyWest, Inc. | 121,599 | 2,869,736 | |
Southwest Airlines Co. | 727,500 | 30,904,200 | |
Spirit Airlines, Inc. (a) | 277,359 | 12,056,796 | |
United Continental Holdings, Inc. (a) | 237,936 | 10,728,534 | |
114,609,472 | |||
Machinery - 0.4% | |||
Industrial Machinery - 0.4% | |||
Global Brass & Copper Holdings, Inc. | 58,300 | 1,591,007 | |
Marine - 1.0% | |||
Marine - 1.0% | |||
Matson, Inc. | 129,900 | 4,329,567 | |
Road & Rail - 35.8% | |||
Railroads - 24.3% | |||
CSX Corp. | 782,519 | 20,681,977 | |
Genesee & Wyoming, Inc. Class A (a) | 99,800 | 5,994,986 | |
Norfolk Southern Corp. | 218,300 | 18,350,298 | |
Union Pacific Corp. | 648,895 | 54,630,470 | |
99,657,731 | |||
Trucking - 11.5% | |||
AMERCO | 15,600 | 5,875,896 | |
ArcBest Corp. | 9,100 | 156,793 | |
Avis Budget Group, Inc. (a) | 71,300 | 2,139,000 | |
Celadon Group, Inc. | 183,300 | 1,811,004 | |
Hertz Global Holdings, Inc. (a) | 577,600 | 5,596,944 | |
J.B. Hunt Transport Services, Inc. | 22,300 | 1,844,656 | |
Landstar System, Inc. | 88,300 | 5,991,155 | |
Marten Transport Ltd. | 141,400 | 2,802,548 | |
Roadrunner Transportation Systems, Inc. (a) | 160,100 | 1,288,805 | |
Ryder System, Inc. | 106,200 | 7,393,644 | |
Saia, Inc. (a) | 174,688 | 4,554,116 | |
Swift Transporation Co. (a)(b) | 438,800 | 6,836,504 | |
Universal Logistics Holdings I | 74,290 | 1,072,748 | |
47,363,813 | |||
TOTAL ROAD & RAIL | 147,021,544 | ||
Transportation Infrastructure - 1.9% | |||
Airport Services - 1.9% | |||
Macquarie Infrastructure Co. LLC | 36,500 | 2,613,765 | |
Wesco Aircraft Holdings, Inc. (a) | 369,000 | 5,199,210 | |
7,812,975 | |||
TOTAL COMMON STOCKS | |||
(Cost $305,561,186) | 397,633,358 | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 0.40% (c) | 6,106,369 | 6,106,369 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 3,604,352 | 3,604,352 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,710,721) | 9,710,721 | ||
TOTAL INVESTMENT PORTFOLIO - 99.2% | |||
(Cost $315,271,907) | 407,344,079 | ||
NET OTHER ASSETS (LIABILITIES) - 0.8% | 3,458,932 | ||
NET ASSETS - 100% | $410,803,011 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $8,854 |
Fidelity Securities Lending Cash Central Fund | 4,023 |
Total | $12,877 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $320,398,810. Net unrealized appreciation aggregated $86,945,269, of which $98,006,480 related to appreciated investment securities and $11,061,211 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Utilities Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2% | |||
Shares | Value | ||
Electric Utilities - 45.3% | |||
Electric Utilities - 45.3% | |||
American Electric Power Co., Inc. | 335,406 | $21,710,830 | |
Edison International | 493,112 | 35,321,613 | |
Exelon Corp. | 1,405,592 | 48,169,638 | |
FirstEnergy Corp. | 852,100 | 27,957,401 | |
ITC Holdings Corp. | 544,549 | 24,243,321 | |
NextEra Energy, Inc. | 1,186,685 | 142,544,602 | |
OGE Energy Corp. | 403,185 | 12,172,155 | |
PG&E Corp. | 1,241,654 | 74,598,572 | |
PNM Resources, Inc. | 429,066 | 14,090,527 | |
PPL Corp. | 918,842 | 35,412,171 | |
Westar Energy, Inc. | 156,200 | 8,798,746 | |
445,019,576 | |||
Gas Utilities - 0.8% | |||
Gas Utilities - 0.8% | |||
South Jersey Industries, Inc. | 290,200 | 8,383,878 | |
Independent Power and Renewable Electricity Producers - 9.0% | |||
Independent Power Producers & Energy Traders - 6.3% | |||
Calpine Corp. (a) | 2,312,787 | 34,229,248 | |
Dynegy, Inc. (a) | 949,606 | 17,890,577 | |
NRG Yield, Inc. Class C (b) | 616,770 | 9,535,264 | |
Talen Energy Corp. (a) | 73,168 | 841,432 | |
62,496,521 | |||
Renewable Electricity - 2.7% | |||
NextEra Energy Partners LP | 612,830 | 17,484,040 | |
Pattern Energy Group, Inc. (b) | 403,622 | 8,790,887 | |
26,274,927 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 88,771,448 | ||
Media - 1.0% | |||
Cable & Satellite - 1.0% | |||
Charter Communications, Inc. (a) | 44,600 | 9,764,724 | |
Multi-Utilities - 36.4% | |||
Multi-Utilities - 36.4% | |||
Ameren Corp. | 172,782 | 8,561,348 | |
Avangrid, Inc. | 1,334,600 | 56,079,892 | |
Black Hills Corp. (b) | 375,750 | 22,747,905 | |
CenterPoint Energy, Inc. | 629,694 | 14,187,006 | |
Dominion Resources, Inc. | 1,252,715 | 90,508,659 | |
DTE Energy Co. | 464,770 | 42,145,344 | |
NiSource, Inc. | 533,723 | 12,734,631 | |
Sempra Energy | 1,031,027 | 110,443,612 | |
357,408,397 | |||
Oil, Gas & Consumable Fuels - 0.7% | |||
Oil & Gas Storage & Transport - 0.7% | |||
Cheniere Energy Partners LP Holdings LLC | 351,642 | 7,015,258 | |
TOTAL COMMON STOCKS | |||
(Cost $783,430,792) | 916,363,281 | ||
Money Market Funds - 8.0% | |||
Fidelity Cash Central Fund, 0.40% (c) | 65,738,614 | 65,738,614 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 12,347,207 | 12,347,207 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $78,085,821) | 78,085,821 | ||
TOTAL INVESTMENT PORTFOLIO - 101.2% | |||
(Cost $861,516,613) | 994,449,102 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (11,627,180) | ||
NET ASSETS - 100% | $982,821,922 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $41,796 |
Fidelity Securities Lending Cash Central Fund | 19,557 |
Total | $61,353 |
Investment Valuation
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. Additional information on valuation inputs is provided later in this section.
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $865,639,208. Net unrealized appreciation aggregated $128,809,894, of which $141,149,111 related to appreciated investment securities and $12,339,217 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 Holdings Report
for
Fidelity® Select Portfolio®
Wireless Portfolio
May 31, 2016
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
Communications Equipment - 3.6% | |||
Communications Equipment - 3.6% | |||
CommScope Holding Co., Inc. (a) | 59,700 | $1,859,655 | |
Harris Corp. | 17,000 | 1,339,090 | |
Motorola Solutions, Inc. | 10,968 | 759,753 | |
NETGEAR, Inc. (a) | 14,900 | 670,500 | |
Nokia Corp. sponsored ADR | 285,200 | 1,625,640 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,900 | 14,687 | |
Telit Communications PLC | 400,000 | 1,310,757 | |
ViaSat, Inc. (a) | 1 | 69 | |
7,580,151 | |||
Diversified Financial Services - 0.5% | |||
Other Diversified Financial Services - 0.5% | |||
Broadcom Ltd. | 7,067 | 1,090,862 | |
Diversified Telecommunication Services - 31.9% | |||
Alternative Carriers - 0.3% | |||
Iliad SA | 3,397 | 744,406 | |
Integrated Telecommunication Services - 31.6% | |||
AT&T, Inc. | 705,300 | 27,612,495 | |
BT Group PLC sponsored ADR | 287,100 | 9,316,395 | |
Cellnex Telecom Sau | 105,200 | 1,697,236 | |
Chunghwa Telecom Co. Ltd. sponsored ADR (b) | 44,600 | 1,512,386 | |
Deutsche Telekom AG | 37,000 | 653,337 | |
Euskaltel, S.A. | 89,000 | 896,184 | |
Manitoba Telecom Services, Inc. | 15,000 | 432,379 | |
Nippon Telegraph & Telephone Corp. sponsored ADR | 60,800 | 2,661,824 | |
Numericable Group SA | 71,800 | 2,231,679 | |
Orange SA | 316,300 | 5,503,682 | |
SBA Communications Corp. Class A (a) | 32,900 | 3,270,260 | |
Telecom Italia SpA (a) | 2,394,900 | 2,268,210 | |
Telefonica SA sponsored ADR | 19,194 | 200,193 | |
TELUS Corp. | 109,400 | 3,467,997 | |
Verizon Communications, Inc. | 103,797 | 5,283,267 | |
67,007,524 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 67,751,930 | ||
Internet & Catalog Retail - 0.0% | |||
Internet Retail - 0.0% | |||
Netflix, Inc. (a) | 1 | 103 | |
Internet Software & Services - 6.8% | |||
Internet Software & Services - 6.8% | |||
Alphabet, Inc. Class C | 8,752 | 6,439,021 | |
Endurance International Group Holdings, Inc. (a)(b) | 342,701 | 3,228,243 | |
Facebook, Inc. Class A (a) | 11,100 | 1,318,791 | |
GoDaddy, Inc. (a) | 107,900 | 3,509,987 | |
14,496,042 | |||
Media - 3.0% | |||
Cable & Satellite - 3.0% | |||
Altice NV: | |||
Class A (a) | 55,575 | 957,832 | |
Class B (a) | 271,634 | 4,696,710 | |
NOS SGPS SA | 105,900 | 786,631 | |
6,441,173 | |||
Real Estate Investment Trusts - 10.8% | |||
Specialized REITs - 10.8% | |||
American Tower Corp. | 146,892 | 15,538,236 | |
Crown Castle International Corp. | 81,600 | 7,410,096 | |
22,948,332 | |||
Semiconductors & Semiconductor Equipment - 13.9% | |||
Semiconductors - 13.9% | |||
Marvell Technology Group Ltd. | 230,300 | 2,355,969 | |
Maxim Integrated Products, Inc. | 17,000 | 645,320 | |
NXP Semiconductors NV (a) | 71,500 | 6,756,035 | |
Qorvo, Inc. (a) | 72,125 | 3,676,211 | |
Qualcomm, Inc. | 239,350 | 13,145,102 | |
Skyworks Solutions, Inc. | 45,100 | 3,010,876 | |
29,589,513 | |||
Software - 0.1% | |||
Application Software - 0.1% | |||
RingCentral, Inc. (a) | 4,700 | 92,778 | |
Technology Hardware, Storage & Peripherals - 14.6% | |||
Technology Hardware, Storage & Peripherals - 14.6% | |||
Apple, Inc. | 309,200 | 30,876,712 | |
BlackBerry Ltd. (a) | 1,001 | 7,282 | |
30,883,994 | |||
Wireless Telecommunication Services - 12.7% | |||
Wireless Telecommunication Services - 12.7% | |||
America Movil S.A.B. de CV Series L sponsored ADR (b) | 109,100 | 1,336,475 | |
China Mobile Ltd. sponsored ADR | 73,800 | 4,166,010 | |
Leap Wireless International, Inc. rights (a) | 16,600 | 42,828 | |
NTT DOCOMO, Inc. sponsored ADR | 1,300 | 32,552 | |
Rogers Communications, Inc. Class B (non-vtg.) | 62,700 | 2,390,666 | |
Spok Holdings, Inc. | 1 | 18 | |
Sprint Corp. (a) | 32 | 122 | |
T-Mobile U.S., Inc. (a) | 139,375 | 5,959,675 | |
Telephone & Data Systems, Inc. | 55,614 | 1,601,127 | |
Telesites S.A.B. de C.V. (a) | 5,555 | 3,582 | |
U.S. Cellular Corp. (a) | 3,600 | 136,008 | |
Vodafone Group PLC sponsored ADR | 329,281 | 11,192,261 | |
26,861,324 | |||
TOTAL COMMON STOCKS | |||
(Cost $187,562,258) | 207,736,202 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 0.40% (c) | 841,977 | 841,977 | |
Fidelity Securities Lending Cash Central Fund, 0.44% (c)(d) | 5,190,310 | 5,190,310 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,032,287) | 6,032,287 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $193,594,545) | 213,768,489 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (1,468,896) | ||
NET ASSETS - 100% | $212,299,593 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
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 | $442 |
Fidelity Securities Lending Cash Central Fund | 19,141 |
Total | $19,583 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $207,736,202 | $199,921,482 | $7,771,892 | $42,828 |
Money Market Funds | 6,032,287 | 6,032,287 | -- | -- |
Total Investments in Securities: | $213,768,489 | $205,953,769 | $7,771,892 | $42,828 |
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.
Other Information
Income Tax Information
At May 31, 2016, the cost of investment securities for income tax purposes was $196,224,077. Net unrealized appreciation aggregated $17,544,412, of which $33,021,251 related to appreciated investment securities and $15,476,839 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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.
Item 2.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolioss (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts 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: | July 28, 2016 |
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: | July 28, 2016 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | July 28, 2016 |
Exhibit EX-99.CERT
I, Adrien E. Deberghes, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants 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 28, 2016
/s/Adrien E. Deberghes |
Adrien E. Deberghes |
President and Treasurer |
I, Howard J. Galligan III, 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants 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 28, 2016
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |