N-Q 1 filing995.htm PRIMARY DOCUMENT

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:

July 31


Date of reporting period:

October 31, 2016


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® International Real Estate Fund

October 31, 2016







IRE-QTLY-1216
1.809077.113





Investments October 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%   
 Shares Value 
Australia - 10.2%   
360 Capital Group Ltd. unit 3,166,759 $2,276,461 
Abacus Property Group unit 2,877,449 6,128,851 
ALE Property Group 320,214 1,049,859 
Arena (REIT) unit 2,204,934 3,245,563 
Hotel Property Investments unit 968,982 2,078,635 
Mirvac Group unit 6,108,031 9,710,932 
National Storage (REIT) unit 1,807,411 1,993,601 
Propertylink Group unit 6,216,800 3,452,257 
Rural Funds Group unit 946,503 1,177,208 
Westfield Corp. unit (a) 1,901,930 12,876,504 
TOTAL AUSTRALIA  43,989,871 
Austria - 3.1%   
Buwog-Gemeinnuetzige Wohnung 544,372 13,155,820 
Belgium - 0.7%   
Warehouses de Pauw 33,737 3,106,478 
Bermuda - 4.3%   
Great Eagle Holdings Ltd. 507,080 2,252,439 
Hongkong Land Holdings Ltd. 1,347,500 9,028,250 
Tai Cheung Holdings Ltd. 8,480,000 7,227,444 
TOTAL BERMUDA  18,508,133 
Cayman Islands - 5.4%   
Cheung Kong Property Holdings Ltd. 3,157,000 23,385,788 
France - 3.8%   
Altarea SCA 44,757 8,548,967 
Societe Fonciere Lyonnaise SA 115,768 6,582,968 
Terreis 29,200 1,105,873 
TOTAL FRANCE  16,237,808 
Germany - 7.7%   
alstria office REIT-AG 445,000 5,742,303 
DIC Asset AG 482,700 4,630,656 
LEG Immobilien AG 48,627 4,101,741 
Vonovia SE 535,990 18,878,269 
TOTAL GERMANY  33,352,969 
Greece - 0.2%   
Grivalia Properties REIC 140,391 1,081,882 
Hong Kong - 7.3%   
Henderson Land Development Co. Ltd. 1,956,000 11,588,888 
Hysan Development Co. Ltd. 1,879,703 8,676,801 
Magnificent Hotel Investment Ltd. 74,279,000 1,743,110 
Sino Land Ltd. 4,148,394 7,060,595 
Sun Hung Kai Properties Ltd. 151,044 2,255,275 
TOTAL HONG KONG  31,324,669 
Ireland - 1.8%   
Dalata Hotel Group PLC (a) 381,500 1,708,670 
Hibernia (REIT) PLC 4,326,049 6,092,865 
TOTAL IRELAND  7,801,535 
Israel - 0.8%   
Azrieli Group 83,300 3,548,007 
Italy - 0.5%   
Immobiliare Grande Distribuzione SpA 3,048,088 2,345,573 
Japan - 21.0%   
Advance Residence Investment Corp. 3,318 9,282,933 
Comforia Residential REIT, Inc. 1,433 3,223,464 
Daibiru Corp. 222,000 1,930,619 
Fukuoka (REIT) Investment Fund 464 804,379 
Goldcrest Co. Ltd. 339,300 6,182,915 
Ichigo, Inc. (b) 256,900 1,117,063 
Japan Rental Housing Investment, Inc. 5,257 4,065,440 
Japan Senior Living Investment Corp. 3,222 4,421,148 
Kenedix, Inc. 783,100 3,300,565 
Kyushu Railway Co. 37,900 1,116,725 
Mitsubishi Estate Co. Ltd. 1,578,000 31,320,752 
Mitsui Fudosan Co. Ltd. 796,000 18,144,732 
Ship Healthcare Holdings, Inc. 37,000 1,084,915 
Tokyu Fudosan Holdings Corp. 434,900 2,459,194 
Uchiyama Holdings Co. Ltd. 550,900 2,195,825 
TOTAL JAPAN  90,650,669 
Netherlands - 0.6%   
VastNed Retail NV 69,618 2,675,575 
Norway - 3.0%   
Olav Thon Eiendomsselskap A/S 490,800 9,652,823 
Selvaag Bolig ASA 641,300 3,127,971 
TOTAL NORWAY  12,780,794 
Singapore - 7.2%   
Parkway Life REIT 4,705,100 8,657,722 
UOL Group Ltd. 3,067,622 12,502,007 
Wing Tai Holdings Ltd. 8,011,981 9,761,228 
TOTAL SINGAPORE  30,920,957 
Spain - 1.8%   
Inmobiliaria Colonial SA 1,087,170 7,677,405 
Sweden - 4.1%   
Castellum AB 275,500 3,733,463 
D. Carnegie & Co. AB (a) 335,200 3,766,855 
Hufvudstaden AB Series A 220,350 3,410,587 
Klovern AB (B Shares) 1,359,722 1,433,917 
Kungsleden AB 340,600 2,149,455 
Victoria Park AB 457,300 1,129,055 
Wallenstam AB (B Shares) 278,300 2,142,985 
TOTAL SWEDEN  17,766,317 
Switzerland - 1.4%   
PSP Swiss Property AG 65,482 5,856,356 
United Kingdom - 10.1%   
Assura PLC 4,192,870 3,017,659 
Big Yellow Group PLC 230,400 1,951,506 
Empiric Student Property PLC 1,368,627 1,855,283 
Grainger Trust PLC 1,158,431 3,133,602 
Hammerson PLC 888,600 5,992,932 
Hansteen Holdings PLC (b) 2,188,900 2,880,155 
Helical Bar PLC 1,102,527 3,569,409 
Land Securities Group PLC 668,385 8,172,851 
Safestore Holdings PLC 1,248,292 5,474,499 
St. Modwen Properties PLC 480,725 1,605,175 
Unite Group PLC 446,790 3,026,931 
Workspace Group PLC 343,300 2,645,154 
TOTAL UNITED KINGDOM  43,325,156 
TOTAL COMMON STOCKS   
(Cost $440,212,639)  409,491,762 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 0.41% (c) 19,325,063 19,330,861 
Fidelity Securities Lending Cash Central Fund 0.48% (c)(d) 381,592 381,668 
TOTAL MONEY MARKET FUNDS   
(Cost $19,709,912)  19,712,529 
TOTAL INVESTMENT PORTFOLIO - 99.6%   
(Cost $459,922,551)  429,204,291 
NET OTHER ASSETS (LIABILITIES) - 0.4%  1,836,819 
NET ASSETS - 100%  $431,041,110 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $28,261 
Fidelity Securities Lending Cash Central Fund 6,900 
Total $35,161 

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 October 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 $86,864,613 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 Fund’s 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 October 31, 2016, the cost of investment securities for income tax purposes was $467,542,668. Net unrealized depreciation aggregated $38,338,377, of which $11,740,344 related to appreciated investment securities and $50,078,721 related to depreciated investment securities.

For additional information on the Fund's 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® Real Estate Investment Portfolio

October 31, 2016







REA-QTLY-1216
1.809107.113





Investments October 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value (000s) 
Equity Real Estate Investment Trusts (REITs) - 99.1%   
REITs - Apartments - 15.9%   
American Campus Communities, Inc. 973,193 $50,713 
American Homes 4 Rent Class A 2,527,300 53,351 
Apartment Investment & Management Co. Class A 2,004,974 88,359 
AvalonBay Communities, Inc. 507,600 86,891 
Camden Property Trust (SBI) 933,600 76,032 
Equity Residential (SBI) 1,491,500 92,100 
Essex Property Trust, Inc. 596,200 127,640 
Monogram Residential Trust, Inc. 2,591,800 27,318 
UDR, Inc. 5,288,041 184,923 
  787,327 
REITs - Diversified - 10.4%   
Cousins Properties, Inc. 4,745,200 36,870 
Digital Realty Trust, Inc. (a) 1,545,200 144,368 
Duke Realty LP 9,091,900 237,753 
Forest City Realty Trust, Inc. 4,312,900 93,116 
  512,107 
REITs - Health Care - 9.0%   
Medical Properties Trust, Inc. 2,329,800 32,477 
Ventas, Inc. 3,458,054 234,283 
Welltower, Inc. 2,596,640 177,948 
  444,708 
REITs - Hotels - 6.0%   
DiamondRock Hospitality Co. 4,736,700 43,341 
FelCor Lodging Trust, Inc. 1,103,000 7,048 
Host Hotels & Resorts, Inc. 12,568,905 194,567 
RLJ Lodging Trust 2,454,800 48,409 
  293,365 
REITs - Manufactured Homes - 4.3%   
Equity Lifestyle Properties, Inc. 1,620,887 122,928 
Sun Communities, Inc. 1,182,663 90,982 
  213,910 
REITs - Office Property - 12.8%   
Boston Properties, Inc. 1,582,200 190,623 
Brandywine Realty Trust (SBI) 4,460,200 69,133 
Douglas Emmett, Inc. 1,677,100 61,214 
Highwoods Properties, Inc. (SBI) 823,623 40,876 
Hudson Pacific Properties, Inc. 1,507,650 50,687 
New York (REIT), Inc. 4,373,203 41,196 
Parkway, Inc. (b) 593,150 10,689 
Piedmont Office Realty Trust, Inc. Class A 2,498,100 51,161 
SL Green Realty Corp. 730,846 71,784 
VEREIT, Inc. 4,894,900 46,012 
  633,375 
REITs - Regional Malls - 12.5%   
General Growth Properties, Inc. 6,633,900 165,516 
Simon Property Group, Inc. 1,805,972 335,840 
The Macerich Co. 1,629,500 115,336 
  616,692 
REITs - Shopping Centers - 10.3%   
Acadia Realty Trust (SBI) 1,830,823 61,680 
Brixmor Property Group, Inc. 4,017,896 102,135 
Cedar Shopping Centers, Inc. 1,131,448 7,660 
DDR Corp. 6,742,567 103,094 
Kimco Realty Corp. 4,145,890 110,322 
Kite Realty Group Trust 2,341,150 58,365 
Ramco-Gershenson Properties Trust (SBI) 1,949,124 33,798 
Urban Edge Properties 1,270,200 32,784 
  509,838 
REITs - Storage - 8.8%   
Extra Space Storage, Inc. 1,499,940 109,721 
Public Storage 1,525,900 326,115 
  435,836 
REITs - Warehouse/Industrial - 9.1%   
Chambers Street Properties 3,833,766 35,347 
DCT Industrial Trust, Inc. 2,288,373 106,981 
Prologis, Inc. 5,535,300 288,721 
Terreno Realty Corp. 768,376 20,055 
  451,104 
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)   
(Cost $3,761,651)  4,898,262 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund, 0.41% (c) 44,912,525 44,926 
Fidelity Securities Lending Cash Central Fund 0.48% (c)(d) 14,722,304 14,725 
TOTAL MONEY MARKET FUNDS   
(Cost $59,649)  59,651 
TOTAL INVESTMENT PORTFOLIO - 100.3%   
(Cost $3,821,300)  4,957,913 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (14,445) 
NET ASSETS - 100%  $4,943,468 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $54 
Fidelity Securities Lending Cash Central Fund 70 
Total $124 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 Fund’s 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 October 31, 2016, the cost of investment securities for income tax purposes was $3,851,153,000. Net unrealized appreciation aggregated $1,106,760,000, of which $1,254,177,000 related to appreciated investment securities and $147,417,000 related to depreciated investment securities.

For additional information on the Fund's 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 Portfolios’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 3.

Exhibits


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




SIGNATURES


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


Fidelity Select Portfolios



By:

/s/Adrien E. Deberghes


Adrien E. Deberghes


President and Treasurer



Date:

December 29, 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:

December 29, 2016



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

December 29, 2016