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, 2017 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Medical Equipment and Systems Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value | ||
Biotechnology - 4.8% | |||
Biotechnology - 4.8% | |||
Amgen, Inc. | 700,000 | $108,668,000 | |
Puma Biotechnology, Inc. (a) | 280,000 | 21,420,000 | |
Vertex Pharmaceuticals, Inc. (a) | 380,000 | 46,968,000 | |
177,056,000 | |||
Health Care Equipment & Supplies - 80.0% | |||
Health Care Equipment - 77.2% | |||
Abbott Laboratories | 1,770,000 | 80,818,200 | |
Angiodynamics, Inc. (a) | 800,000 | 12,064,000 | |
Atricure, Inc.(a)(b) | 1,700,000 | 35,513,000 | |
Becton, Dickinson & Co. | 1,400,000 | 264,922,000 | |
Boston Scientific Corp. (a) | 14,000,000 | 378,420,000 | |
Danaher Corp. | 1,550,000 | 131,657,000 | |
DexCom, Inc. (a) | 1,500,000 | 100,260,000 | |
Edwards Lifesciences Corp. (a) | 280,000 | 32,219,600 | |
Fisher & Paykel Healthcare Corp. | 1,323,941 | 10,036,731 | |
Genmark Diagnostics, Inc. (a) | 1,850,000 | 23,939,000 | |
Inogen, Inc. (a) | 150,000 | 13,296,000 | |
Insulet Corp. (a) | 1,192,000 | 50,028,240 | |
Integra LifeSciences Holdings Corp. (a) | 1,060,000 | 53,371,000 | |
Intuitive Surgical, Inc. (a) | 344,000 | 314,649,920 | |
iRhythm Technologies, Inc. | 140,000 | 4,855,200 | |
LivaNova PLC (a) | 111,251 | 6,323,507 | |
Masimo Corp. (a) | 40,000 | 3,481,600 | |
Medtronic PLC | 8,700,000 | 733,236,000 | |
Nakanishi, Inc. | 400,000 | 16,252,822 | |
Nevro Corp. (a)(c) | 720,000 | 49,557,600 | |
NxStage Medical, Inc. (a) | 1,950,000 | 42,237,000 | |
Penumbra, Inc. (a)(c) | 412,125 | 34,144,556 | |
ResMed, Inc. | 500,000 | 35,550,000 | |
Steris PLC | 720,000 | 55,843,200 | |
Stryker Corp. | 1,000,000 | 142,960,000 | |
Teleflex, Inc. | 77,000 | 15,401,540 | |
Varian Medical Systems, Inc. (a) | 900,000 | 89,118,000 | |
Wright Medical Group NV (a) | 3,050,000 | 81,496,000 | |
Zimmer Biomet Holdings, Inc. | 428,000 | 51,021,880 | |
2,862,673,596 | |||
Health Care Supplies - 2.8% | |||
Sartorius Stedim Biotech | 325,000 | 25,570,816 | |
The Cooper Companies, Inc. | 90,000 | 19,687,500 | |
The Spectranetics Corp. (a) | 2,100,000 | 56,700,000 | |
101,958,316 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 2,964,631,912 | ||
Health Care Providers & Services - 3.9% | |||
Health Care Services - 1.6% | |||
Premier, Inc. (a) | 513,100 | 17,712,212 | |
Teladoc, Inc. (a)(c) | 1,294,972 | 39,626,143 | |
57,338,355 | |||
Managed Health Care - 2.3% | |||
Aetna, Inc. | 170,000 | 24,626,200 | |
UnitedHealth Group, Inc. | 350,000 | 61,313,000 | |
85,939,200 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 143,277,555 | ||
Health Care Technology - 2.4% | |||
Health Care Technology - 2.4% | |||
athenahealth, Inc. (a) | 163,547 | 21,912,027 | |
Castlight Health, Inc. (a) | 999,300 | 3,497,550 | |
Castlight Health, Inc. Class B (a)(c) | 1,139,602 | 3,988,607 | |
Evolent Health, Inc. (a)(c) | 900,000 | 20,655,000 | |
HealthStream, Inc. (a) | 641,096 | 17,867,346 | |
HTG Molecular Diagnostics(a)(b)(c) | 673,461 | 2,330,175 | |
Medidata Solutions, Inc. (a) | 260,000 | 18,506,800 | |
88,757,505 | |||
Internet Software & Services - 0.8% | |||
Internet Software & Services - 0.8% | |||
Benefitfocus, Inc. (a)(c) | 1,000,000 | 31,800,000 | |
Life Sciences Tools & Services - 2.4% | |||
Life Sciences Tools & Services - 2.4% | |||
Agilent Technologies, Inc. | 840,000 | 50,685,600 | |
Bruker Corp. | 1,400,000 | 38,094,000 | |
88,779,600 | |||
Pharmaceuticals - 2.9% | |||
Pharmaceuticals - 2.9% | |||
Allergan PLC | 360,000 | 80,550,000 | |
Catalent, Inc. (a) | 800,000 | 28,424,000 | |
108,974,000 | |||
Professional Services - 0.5% | |||
Human Resource & Employment Services - 0.5% | |||
WageWorks, Inc. (a) | 240,000 | 16,980,000 | |
TOTAL COMMON STOCKS | |||
(Cost $2,788,415,974) | 3,620,256,572 | ||
Preferred Stocks - 1.5% | |||
Convertible Preferred Stocks - 0.3% | |||
Health Care Providers & Services - 0.1% | |||
Health Care Services - 0.1% | |||
1Life Healthcare, Inc. Series G (a)(d) | 455,526 | 3,434,666 | |
Software - 0.2% | |||
Application Software - 0.2% | |||
Outset Medical, Inc. Series B (a)(d) | 3,307,754 | 8,572,044 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 12,006,710 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Health Care Equipment & Supplies - 1.2% | |||
Health Care Equipment - 1.2% | |||
Sartorius AG (non-vtg.) | 440,000 | 44,855,365 | |
TOTAL PREFERRED STOCKS | |||
(Cost $29,116,255) | 56,862,075 | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 0.86% (e) | 37,614,428 | 37,621,951 | |
Fidelity Securities Lending Cash Central Fund 0.87% (e)(f) | 72,708,892 | 72,716,163 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $110,334,024) | 110,338,114 | ||
TOTAL INVESTMENT PORTFOLIO - 102.2% | |||
(Cost $2,927,866,253) | 3,787,456,761 | ||
NET OTHER ASSETS (LIABILITIES) - (2.2)% | (80,023,127) | ||
NET ASSETS - 100% | $3,707,433,634 |
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(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 $12,006,710 or 0.3% 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 | $91,940 |
Fidelity Securities Lending Cash Central Fund | 209,194 |
Total | $301,134 |
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. | $27,375,000 | $3,737,534 | $-- | $-- | $35,513,000 |
Avinger, Inc. | 3,570,000 | -- | 1,157,058 | -- | -- |
HTG Molecular Diagnostics | 1,838,549 | -- | -- | -- | 2,330,175 |
Total | $32,783,549 | $3,737,534 | $1,157,058 | $-- | $37,843,175 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $3,620,256,572 | $3,620,256,572 | $-- | $-- |
Preferred Stocks | 56,862,075 | 44,855,365 | -- | 12,006,710 |
Money Market Funds | 110,338,114 | 110,338,114 | -- | -- |
Total Investments in Securities: | $3,787,456,761 | $3,775,450,051 | $-- | $12,006,710 |
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 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, 2017 the cost of investment securities for income tax purposes was $2,932,363,428. Net unrealized appreciation aggregated $855,093,333, of which $902,384,960 related to appreciated investment securities and $47,291,627 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® Select Portfolio®
Defense and Aerospace Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% | |||
Shares | Value | ||
Aerospace & Defense - 92.4% | |||
Aerospace & Defense - 92.4% | |||
AeroVironment, Inc. (a) | 107,900 | $3,349,216 | |
Airbus Group NV | 102,400 | 8,421,464 | |
Arconic, Inc. | 462,600 | 12,707,622 | |
Astronics Corp. (a) | 833,554 | 25,506,752 | |
Astronics Corp. Class B | 113,234 | 3,471,754 | |
Axon Enterprise, Inc. (a)(b) | 1,100,003 | 26,411,072 | |
BAE Systems PLC | 3,635,100 | 31,289,331 | |
BWX Technologies, Inc. | 132,901 | 6,458,989 | |
Elbit Systems Ltd. | 275,985 | 33,719,847 | |
Elbit Systems Ltd. (Israel) (b) | 24,000 | 2,918,149 | |
Engility Holdings, Inc. (a) | 1,020,277 | 26,863,893 | |
General Dynamics Corp. | 849,500 | 172,660,875 | |
HEICO Corp. (b) | 461,558 | 34,252,219 | |
HEICO Corp. Class A | 768,110 | 48,122,092 | |
Hexcel Corp. | 1,034,500 | 53,204,335 | |
Huntington Ingalls Industries, Inc. | 388,674 | 76,106,256 | |
KEYW Holding Corp. (a) | 213,054 | 1,962,227 | |
KLX, Inc. (a) | 196,685 | 9,517,587 | |
L3 Technologies, Inc. | 11,420 | 1,925,298 | |
Lockheed Martin Corp. | 158,915 | 44,675,774 | |
Moog, Inc. Class A (a) | 519,587 | 36,391,873 | |
Northrop Grumman Corp. | 744,450 | 192,976,330 | |
Orbital ATK, Inc. | 634,930 | 64,546,984 | |
Raytheon Co. | 544,626 | 89,324,110 | |
Rockwell Collins, Inc. | 1,287,070 | 140,354,984 | |
Sparton Corp. (a) | 245,187 | 4,207,409 | |
Spirit AeroSystems Holdings, Inc. Class A | 266,950 | 14,546,106 | |
Teledyne Technologies, Inc. (a) | 565,651 | 74,388,763 | |
Textron, Inc. | 631,231 | 30,172,842 | |
The Boeing Co. | 633,719 | 118,904,696 | |
TransDigm Group, Inc. (b) | 399,276 | 107,037,910 | |
United Technologies Corp. | 1,351,801 | 163,946,425 | |
1,660,343,184 | |||
Construction & Engineering - 0.2% | |||
Construction & Engineering - 0.2% | |||
KBR, Inc. | 285,800 | 3,895,454 | |
Containers & Packaging - 0.4% | |||
Metal & Glass Containers - 0.4% | |||
Ball Corp. | 158,400 | 6,478,560 | |
Diversified Telecommunication Services - 0.1% | |||
Alternative Carriers - 0.1% | |||
Iridium Communications, Inc. (a) | 233,500 | 2,311,650 | |
IT Services - 1.6% | |||
IT Consulting & Other Services - 1.6% | |||
CSRA, Inc. | 383,820 | 11,576,011 | |
Leidos Holdings, Inc. | 315,030 | 17,503,067 | |
29,079,078 | |||
Metals & Mining - 0.1% | |||
Steel - 0.1% | |||
Carpenter Technology Corp. | 43,800 | 1,597,386 | |
Trading Companies & Distributors - 0.7% | |||
Trading Companies & Distributors - 0.7% | |||
Air Lease Corp. Class A | 350,820 | 12,952,274 | |
TOTAL COMMON STOCKS | |||
(Cost $1,226,389,310) | 1,716,657,586 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
Aerospace & Defense - 1.1% | |||
Aerospace & Defense - 1.1% | |||
Embraer SA sponsored ADR | |||
(Cost $20,932,285) | 953,150 | 18,834,244 | |
Money Market Funds - 11.3% | |||
Fidelity Cash Central Fund, 0.86% (c) | 71,485,415 | 71,499,712 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 131,483,582 | 131,496,731 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $202,991,781) | 202,996,443 | ||
TOTAL INVESTMENT PORTFOLIO - 107.9% | |||
(Cost $1,450,313,376) | 1,938,488,273 | ||
NET OTHER ASSETS (LIABILITIES) - (7.9)% | (141,161,731) | ||
NET ASSETS - 100% | $1,797,326,542 |
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 | $124,050 |
Fidelity Securities Lending Cash Central Fund | 42,669 |
Total | $166,719 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $1,716,657,586 | $1,676,946,791 | $39,710,795 | $-- |
Nonconvertible Preferred Stocks | 18,834,244 | 18,834,244 | -- | -- |
Money Market Funds | 202,996,443 | 202,996,443 | -- | -- |
Total Investments in Securities: | $1,938,488,273 | $1,898,777,478 | $39,710,795 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $1,450,736,734. Net unrealized appreciation aggregated $487,751,539, of which $503,007,820 related to appreciated investment securities and $15,256,281 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® Select Portfolio®
Air Transportation Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% | |||
Shares | Value | ||
Aerospace & Defense - 28.9% | |||
Aerospace & Defense - 28.9% | |||
Astronics Corp. (a) | 85,700 | $2,622,420 | |
Astronics Corp. Class B | 4,755 | 145,788 | |
CAE, Inc. | 175,000 | 2,826,739 | |
Hexcel Corp. | 153,200 | 7,879,076 | |
Moog, Inc. Class A (a) | 153,500 | 10,751,140 | |
Rockwell Collins, Inc. | 223,100 | 24,329,055 | |
Spirit AeroSystems Holdings, Inc. Class A | 206,400 | 11,246,736 | |
Textron, Inc. | 63,200 | 3,020,960 | |
The Boeing Co. | 53,400 | 10,019,442 | |
TransDigm Group, Inc. (b) | 43,900 | 11,768,712 | |
United Technologies Corp. | 222,500 | 26,984,800 | |
111,594,868 | |||
Air Freight & Logistics - 23.2% | |||
Air Freight & Logistics - 23.2% | |||
Air Transport Services Group, Inc. (a) | 286,000 | 6,821,100 | |
Atlas Air Worldwide Holdings, Inc. (a) | 100,200 | 4,879,740 | |
Expeditors International of Washington, Inc. | 352,800 | 18,832,464 | |
FedEx Corp. | 50,900 | 9,866,456 | |
Forward Air Corp. | 85,350 | 4,449,296 | |
Park-Ohio Holdings Corp. | 19,390 | 719,369 | |
United Parcel Service, Inc. Class B | 412,800 | 43,744,415 | |
89,312,840 | |||
Airlines - 37.2% | |||
Airlines - 37.2% | |||
Air Canada (a) | 738,400 | 9,729,815 | |
Alaska Air Group, Inc. | 202,500 | 17,627,625 | |
Allegiant Travel Co. | 5,000 | 685,000 | |
American Airlines Group, Inc. | 460,100 | 22,273,441 | |
Dart Group PLC | 107,586 | 866,370 | |
Delta Air Lines, Inc. | 732,602 | 35,992,736 | |
Hawaiian Holdings, Inc. (a) | 120,800 | 6,052,080 | |
SkyWest, Inc. | 257,600 | 8,835,680 | |
Southwest Airlines Co. | 586,600 | 35,248,794 | |
Spirit Airlines, Inc. (a) | 48,700 | 2,585,970 | |
United Continental Holdings, Inc. (a) | 43,200 | 3,441,744 | |
143,339,255 | |||
Industrial Conglomerates - 1.4% | |||
Industrial Conglomerates - 1.4% | |||
General Electric Co. | 190,700 | 5,221,366 | |
Internet Software & Services - 0.8% | |||
Internet Software & Services - 0.8% | |||
Gogo, Inc. (a) | 86,000 | 1,111,980 | |
Stamps.com, Inc. (a) | 15,000 | 2,068,500 | |
3,180,480 | |||
Machinery - 0.7% | |||
Industrial Machinery - 0.7% | |||
Global Brass & Copper Holdings, Inc. | 59,587 | 1,805,486 | |
TriMas Corp. (a) | 41,600 | 906,880 | |
2,712,366 | |||
Road & Rail - 4.9% | |||
Railroads - 4.9% | |||
Genesee & Wyoming, Inc. Class A (a) | 42,900 | 2,809,950 | |
Norfolk Southern Corp. | 33,700 | 4,179,811 | |
Union Pacific Corp. | 107,600 | 11,868,280 | |
18,858,041 | |||
TOTAL COMMON STOCKS | |||
(Cost $290,313,318) | 374,219,216 | ||
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund, 0.86% (c) | 11,134,881 | 11,137,108 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 6,305,487 | 6,306,118 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $17,442,524) | 17,443,226 | ||
TOTAL INVESTMENT PORTFOLIO - 101.6% | |||
(Cost $307,755,842) | 391,662,442 | ||
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (6,137,476) | ||
NET ASSETS - 100% | $385,524,966 |
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 | $23,808 |
Fidelity Securities Lending Cash Central Fund | 2,925 |
Total | $26,733 |
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 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, 2017, the cost of investment securities for income tax purposes was $308,237,200. Net unrealized appreciation aggregated $83,425,242, of which $87,409,681 related to appreciated investment securities and $3,984,439 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® Select Portfolio®
Consumer Discretionary Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Automobiles - 0.2% | |||
Automobile Manufacturers - 0.2% | |||
Ferrari NV | 15,900 | $1,378,848 | |
Beverages - 1.3% | |||
Soft Drinks - 1.3% | |||
Monster Beverage Corp. (a) | 199,220 | 10,072,563 | |
Hotels, Restaurants & Leisure - 12.2% | |||
Casinos & Gaming - 1.5% | |||
Las Vegas Sands Corp. | 192,770 | 11,398,490 | |
Hotels, Resorts & Cruise Lines - 5.4% | |||
Hilton Grand Vacations, Inc. (a) | 135,187 | 4,835,639 | |
Marriott International, Inc. Class A | 108,044 | 11,630,937 | |
Park Hotels & Resorts, Inc. | 223,949 | 5,764,447 | |
Wyndham Worldwide Corp. | 196,900 | 19,884,931 | |
42,115,954 | |||
Leisure Facilities - 1.1% | |||
International Speedway Corp. Class A | 64,000 | 2,259,200 | |
Vail Resorts, Inc. | 30,289 | 6,478,817 | |
8,738,017 | |||
Restaurants - 4.2% | |||
Darden Restaurants, Inc. | 52,300 | 4,651,039 | |
Del Frisco's Restaurant Group, Inc. (a) | 57,998 | 985,966 | |
Jack in the Box, Inc. | 48,201 | 5,137,263 | |
Starbucks Corp. | 298,200 | 18,968,502 | |
U.S. Foods Holding Corp. | 88,267 | 2,644,479 | |
32,387,249 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 94,639,710 | ||
Household Durables - 0.9% | |||
Home Furnishings - 0.1% | |||
Nien Made Enterprise Co. Ltd. | 97,000 | 1,005,640 | |
Household Appliances - 0.8% | |||
Techtronic Industries Co. Ltd. | 1,291,500 | 6,107,343 | |
TOTAL HOUSEHOLD DURABLES | 7,112,983 | ||
Household Products - 1.6% | |||
Household Products - 1.6% | |||
Spectrum Brands Holdings, Inc. | 89,402 | 12,020,099 | |
Internet & Direct Marketing Retail - 22.9% | |||
Internet & Direct Marketing Retail - 22.9% | |||
Amazon.com, Inc. (a) | 127,800 | 127,112,432 | |
Duluth Holdings, Inc. (a)(b) | 5,900 | 115,168 | |
Liberty Interactive Corp. QVC Group Series A (a) | 446,810 | 10,482,163 | |
Netflix, Inc. (a) | 57,300 | 9,343,911 | |
Ocado Group PLC (a)(b) | 2,040,207 | 8,272,534 | |
Priceline Group, Inc. (a) | 12,040 | 22,600,164 | |
177,926,372 | |||
Leisure Products - 2.3% | |||
Leisure Products - 2.3% | |||
Hasbro, Inc. | 82,853 | 8,721,107 | |
Mattel, Inc. | 384,200 | 8,802,022 | |
17,523,129 | |||
Media - 24.2% | |||
Advertising - 3.0% | |||
Interpublic Group of Companies, Inc. | 937,057 | 23,360,831 | |
Cable & Satellite - 10.7% | |||
Charter Communications, Inc. Class A (a) | 148,069 | 51,165,243 | |
Comcast Corp. Class A | 678,500 | 28,286,665 | |
Naspers Ltd. Class N | 18,400 | 3,812,848 | |
83,264,756 | |||
Movies & Entertainment - 10.5% | |||
The Walt Disney Co. | 647,947 | 69,939,399 | |
Time Warner, Inc. | 111,900 | 11,132,931 | |
81,072,330 | |||
TOTAL MEDIA | 187,697,917 | ||
Multiline Retail - 4.9% | |||
General Merchandise Stores - 4.9% | |||
B&M European Value Retail S.A. | 1,498,107 | 7,031,850 | |
Dollar Tree, Inc. (a) | 397,421 | 30,879,612 | |
37,911,462 | |||
Personal Products - 0.5% | |||
Personal Products - 0.5% | |||
Avon Products, Inc. (a) | 336,400 | 1,143,760 | |
Herbalife Ltd. (a) | 36,200 | 2,598,436 | |
3,742,196 | |||
Specialty Retail - 20.6% | |||
Apparel Retail - 9.0% | |||
Burlington Stores, Inc. (a) | 6,800 | 665,380 | |
Cia. Hering SA | 452,500 | 3,034,426 | |
Inditex SA | 33,747 | 1,382,923 | |
L Brands, Inc. | 537,625 | 27,741,450 | |
Ross Stores, Inc. | 224,559 | 14,353,811 | |
TJX Companies, Inc. | 271,809 | 20,442,755 | |
Zumiez, Inc. (a) | 134,324 | 1,914,117 | |
69,534,862 | |||
Automotive Retail - 2.2% | |||
O'Reilly Automotive, Inc. (a) | 71,498 | 17,308,236 | |
Home Improvement Retail - 9.4% | |||
Home Depot, Inc. | 477,200 | 73,254,972 | |
TOTAL SPECIALTY RETAIL | 160,098,070 | ||
Textiles, Apparel & Luxury Goods - 6.4% | |||
Apparel, Accessories & Luxury Goods - 0.1% | |||
Regina Miracle International Holdings Ltd. (b) | 1,289,606 | 979,714 | |
Footwear - 6.3% | |||
NIKE, Inc. Class B | 919,050 | 48,700,460 | |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 49,680,174 | ||
TOTAL COMMON STOCKS | |||
(Cost $593,939,531) | 759,803,523 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.5% | |||
Media - 0.5% | |||
Cable & Satellite - 0.5% | |||
DISH Network Corp. 3.375% 8/15/26(c) | |||
(Cost $2,780,000) | 2,780,000 | 3,379,438 | |
Shares | Value | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 0.86% (d) | 6,555,430 | 6,556,741 | |
Fidelity Securities Lending Cash Central Fund 0.87% (d)(e) | 6,847,159 | 6,847,844 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $13,403,916) | 13,404,585 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $610,123,447) | 776,587,546 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (1,214,527) | ||
NET ASSETS - 100% | $775,373,019 |
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 $3,379,438 or 0.4% 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 | $11,965 |
Fidelity Securities Lending Cash Central Fund | 78,035 |
Total | $90,000 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $759,803,523 | $754,607,752 | $5,195,771 | $-- |
Convertible Bonds | 3,379,438 | -- | 3,379,438 | -- |
Money Market Funds | 13,404,585 | 13,404,585 | -- | -- |
Total Investments in Securities: | $776,587,546 | $768,012,337 | $8,575,209 | $-- |
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, 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, 2017, the cost of investment securities for income tax purposes was $610,363,695. Net unrealized appreciation aggregated $166,223,851, of which $189,353,178 related to appreciated investment securities and $23,129,327 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® Select Portfolio®
Industrial Equipment Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9% | |||
Shares | Value | ||
Aerospace & Defense - 29.1% | |||
Aerospace & Defense - 29.1% | |||
Arconic, Inc. | 26,700 | $733,449 | |
Elbit Systems Ltd. | 5,300 | 647,554 | |
General Dynamics Corp. | 36,100 | 7,337,325 | |
HEICO Corp. Class A | 16,100 | 1,008,665 | |
Huntington Ingalls Industries, Inc. | 7,100 | 1,390,251 | |
Lockheed Martin Corp. | 16,200 | 4,554,306 | |
Northrop Grumman Corp. | 19,800 | 5,132,556 | |
Raytheon Co. | 36,400 | 5,969,964 | |
Rockwell Collins, Inc. | 16,400 | 1,788,420 | |
The Boeing Co. | 51,300 | 9,625,419 | |
TransDigm Group, Inc. | 2,900 | 777,432 | |
United Technologies Corp. | 73,400 | 8,901,952 | |
47,867,293 | |||
Building Products - 1.7% | |||
Building Products - 1.7% | |||
Allegion PLC | 14,600 | 1,147,998 | |
Fortune Brands Home & Security, Inc. | 24,800 | 1,564,880 | |
2,712,878 | |||
Chemicals - 0.0% | |||
Diversified Chemicals - 0.0% | |||
AdvanSix, Inc. (a) | 1 | 29 | |
Construction & Engineering - 0.8% | |||
Construction & Engineering - 0.8% | |||
AECOM (a) | 15,093 | 484,636 | |
Dycom Industries, Inc. (a) | 3,100 | 260,989 | |
KBR, Inc. | 45,900 | 625,617 | |
1,371,242 | |||
Electrical Equipment - 13.3% | |||
Electrical Components & Equipment - 13.3% | |||
Acuity Brands, Inc. | 3,300 | 537,603 | |
AMETEK, Inc. | 196,200 | 11,972,124 | |
Eaton Corp. PLC | 60,300 | 4,666,014 | |
Fortive Corp. | 75,500 | 4,714,975 | |
21,890,716 | |||
Industrial Conglomerates - 21.5% | |||
Industrial Conglomerates - 21.5% | |||
3M Co. | 25,900 | 5,295,773 | |
General Electric Co. | 623,655 | 17,075,674 | |
Honeywell International, Inc. | 70,200 | 9,335,898 | |
Roper Technologies, Inc. | 15,900 | 3,612,480 | |
35,319,825 | |||
Machinery - 27.5% | |||
Agricultural & Farm Machinery - 2.3% | |||
Deere & Co. | 31,000 | 3,796,260 | |
Construction Machinery & Heavy Trucks - 7.7% | |||
Allison Transmission Holdings, Inc. | 500 | 19,360 | |
Caterpillar, Inc. | 49,300 | 5,197,699 | |
Cummins, Inc. | 15,000 | 2,365,500 | |
Wabtec Corp. (b) | 60,800 | 4,970,400 | |
12,552,959 | |||
Industrial Machinery - 17.5% | |||
Colfax Corp. (a) | 22,400 | 908,544 | |
Flowserve Corp. | 181,808 | 8,817,688 | |
IDEX Corp. | 11,800 | 1,279,946 | |
Parker Hannifin Corp. | 38,500 | 6,062,595 | |
Pentair PLC | 86,315 | 5,715,779 | |
Rexnord Corp. (a) | 140,814 | 3,210,559 | |
SPX Flow, Inc. (a) | 200 | 7,466 | |
Xylem, Inc. | 52,800 | 2,752,992 | |
28,755,569 | |||
TOTAL MACHINERY | 45,104,788 | ||
Trading Companies & Distributors - 6.0% | |||
Trading Companies & Distributors - 6.0% | |||
HD Supply Holdings, Inc. (a) | 174,600 | 7,045,110 | |
MRC Global, Inc. (a) | 131,900 | 2,380,795 | |
United Rentals, Inc. (a) | 4,300 | 467,539 | |
9,893,444 | |||
TOTAL COMMON STOCKS | |||
(Cost $134,063,750) | 164,160,215 | ||
Money Market Funds - 2.8% | |||
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | |||
(Cost $4,591,294) | 4,590,834 | 4,591,294 | |
TOTAL INVESTMENT PORTFOLIO - 102.7% | |||
(Cost $138,655,044) | 168,751,509 | ||
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (4,506,214) | ||
NET ASSETS - 100% | $164,245,295 |
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 | $1,037 |
Fidelity Securities Lending Cash Central Fund | 3,670 |
Total | $4,707 |
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 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, 2017, the cost of investment securities for income tax purposes was $138,826,494. Net unrealized appreciation aggregated $29,925,015, of which $30,390,327 related to appreciated investment securities and $465,312 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® Select Portfolio®
Biotechnology Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% | |||
Shares | Value | ||
Biotechnology - 88.5% | |||
Biotechnology - 88.5% | |||
AbbVie, Inc. (a) | 272,340 | $17,979,887 | |
AC Immune SA | 539,464 | 4,801,230 | |
AC Immune SA (a) | 409,751 | 3,646,784 | |
ACADIA Pharmaceuticals, Inc. (b)(c) | 3,930,880 | 101,062,925 | |
Acceleron Pharma, Inc. (b)(c)(d) | 3,669,602 | 93,611,547 | |
Achillion Pharmaceuticals, Inc. (b) | 1,122,520 | 4,995,214 | |
Acorda Therapeutics, Inc. (b) | 2,149,311 | 29,660,492 | |
Adamas Pharmaceuticals, Inc. (b)(c)(d) | 1,553,933 | 23,899,490 | |
Adaptimmune Therapeutics PLC sponsored ADR (b)(c) | 2,859,225 | 15,096,708 | |
ADMA Biologics, Inc. (b) | 342,600 | 1,267,620 | |
Aduro Biotech, Inc. (b)(c) | 1,724,515 | 17,245,150 | |
Advanced Accelerator Applications SA sponsored ADR (b) | 301,947 | 11,407,558 | |
Advaxis, Inc. (b) | 586,452 | 4,732,668 | |
Adverum Biotechnologies, Inc. (b) | 640,557 | 1,633,420 | |
Agenus, Inc. (b)(c) | 1,209,118 | 4,014,272 | |
Agenus, Inc. warrants 1/9/18 (b) | 1,548,000 | 15 | |
Agios Pharmaceuticals, Inc. (b) | 347,490 | 16,217,358 | |
Aimmune Therapeutics, Inc. (b)(c) | 1,630,515 | 27,066,549 | |
Akebia Therapeutics, Inc. (b) | 758,978 | 10,170,305 | |
Alder Biopharmaceuticals, Inc. (b)(c)(d) | 2,945,843 | 45,365,982 | |
Aldeyra Therapeutics, Inc. (b)(d) | 1,114,052 | 5,625,963 | |
Alexion Pharmaceuticals, Inc. (b) | 3,408,055 | 334,091,632 | |
Alkermes PLC (b) | 2,521,111 | 145,619,371 | |
Alnylam Pharmaceuticals, Inc. (b)(c) | 1,811,378 | 118,572,804 | |
AMAG Pharmaceuticals, Inc. (b) | 706,177 | 12,216,862 | |
Amarin Corp. PLC ADR (b)(c) | 1,661,031 | 4,883,431 | |
Amgen, Inc. | 5,309,863 | 824,303,126 | |
Amicus Therapeutics, Inc. (b)(c) | 3,953,862 | 31,709,973 | |
Applied Genetic Technologies Corp. (b) | 403,865 | 2,100,098 | |
Aptevo Therapeutics, Inc. (b) | 101,833 | 214,868 | |
AquaBounty Technologies, Inc. (b)(c) | 7,555 | 62,102 | |
Ardelyx, Inc. (b) | 1,835,888 | 8,628,674 | |
Argenx SE sponsored ADR (c) | 590,392 | 12,309,673 | |
Array BioPharma, Inc. (b)(c) | 6,834,403 | 51,804,775 | |
Ascendis Pharma A/S sponsored ADR (b) | 142,632 | 3,401,773 | |
Asterias Biotherapeutics, Inc. (b)(c) | 596,713 | 1,819,975 | |
Asterias Biotherapeutics, Inc. warrants 9/29/17 (b) | 119,342 | 54,897 | |
Atara Biotherapeutics, Inc. (b)(c)(d) | 1,523,383 | 20,184,825 | |
aTyr Pharma, Inc. (b)(c) | 201,820 | 655,915 | |
aTyr Pharma, Inc. (a)(b) | 675,659 | 2,195,892 | |
Audentes Therapeutics, Inc. | 254,900 | 3,637,423 | |
Axovant Sciences Ltd. (b) | 1,152,860 | 24,659,675 | |
Bellicum Pharmaceuticals, Inc. (b)(c)(d) | 2,063,817 | 21,855,822 | |
BioCryst Pharmaceuticals, Inc. (b) | 2,165,253 | 11,151,053 | |
Biogen, Inc. (b) | 1,127,904 | 279,460,774 | |
Biohaven Pharmaceutical Holding Co. Ltd. | 751,723 | 18,950,937 | |
BioMarin Pharmaceutical, Inc. (b) | 1,911,634 | 167,535,604 | |
BioTime, Inc. warrants 10/1/18 (b) | 30,113 | 8,974 | |
bluebird bio, Inc. (b) | 310,119 | 23,367,467 | |
Blueprint Medicines Corp. (b) | 1,581,444 | 56,742,211 | |
Calithera Biosciences, Inc. (b)(c) | 1,152,161 | 17,916,104 | |
Cara Therapeutics, Inc. (b)(c) | 958,475 | 15,872,346 | |
Catalyst Pharmaceutical Partners, Inc. (b) | 282,100 | 598,052 | |
Celgene Corp. (b) | 4,216,680 | 482,430,359 | |
Celldex Therapeutics, Inc. (b)(c) | 4,415,966 | 12,497,184 | |
Chiasma, Inc. (b)(c)(d) | 1,607,399 | 2,330,729 | |
Chiasma, Inc. warrants (b)(d) | 382,683 | 80,027 | |
Chimerix, Inc. (b) | 1,871,867 | 8,385,964 | |
Cidara Therapeutics, Inc. (b)(d) | 146,000 | 876,000 | |
Cidara Therapeutics, Inc. (a)(b)(d) | 1,066,786 | 6,400,716 | |
Clovis Oncology, Inc. (b) | 963,300 | 49,764,078 | |
Corbus Pharmaceuticals Holdings, Inc. (b)(c) | 726,400 | 4,503,680 | |
Corvus Pharmaceuticals, Inc. (b)(c) | 845,248 | 8,587,720 | |
Cytokinetics, Inc. (b)(d) | 2,884,658 | 39,087,116 | |
CytomX Therapeutics, Inc. (a)(b) | 287,485 | 4,050,664 | |
DBV Technologies SA sponsored ADR (b) | 634,500 | 21,065,400 | |
Dicerna Pharmaceuticals, Inc. (b)(c) | 683,098 | 2,117,604 | |
Dynavax Technologies Corp. (b)(c) | 935,916 | 5,147,538 | |
Eagle Pharmaceuticals, Inc. (b)(c) | 253,208 | 18,471,524 | |
Edge Therapeutics, Inc. (b)(c) | 40,343 | 395,361 | |
Editas Medicine, Inc. (b)(c) | 851,718 | 11,634,468 | |
Emergent BioSolutions, Inc. (b) | 120,767 | 3,856,090 | |
Enanta Pharmaceuticals, Inc. (b) | 233,028 | 7,009,482 | |
Epizyme, Inc. (b)(c)(d) | 4,727,653 | 67,605,438 | |
Esperion Therapeutics, Inc. (b)(c) | 1,063,972 | 34,068,383 | |
Exact Sciences Corp. (b)(c) | 1,537,045 | 56,056,031 | |
Exelixis, Inc. (b) | 5,527,240 | 103,414,660 | |
Fate Therapeutics, Inc. (b) | 1,760,366 | 5,932,433 | |
Fibrocell Science, Inc. (b)(d) | 794,463 | 1,700,151 | |
FibroGen, Inc. (b) | 855,311 | 22,494,679 | |
Five Prime Therapeutics, Inc. (b) | 461,000 | 13,023,250 | |
Foundation Medicine, Inc. (b)(c) | 73,100 | 2,777,800 | |
Galapagos Genomics NV sponsored ADR (b)(c) | 928,188 | 76,417,718 | |
Genmab A/S (b) | 284,774 | 60,770,022 | |
Genocea Biosciences, Inc. (b) | 21,563 | 131,534 | |
Genomic Health, Inc. (b) | 214,728 | 6,819,761 | |
GenSight Biologics SA | 446,320 | 3,334,134 | |
Geron Corp. (b)(c)(d) | 15,808,751 | 42,051,278 | |
Gilead Sciences, Inc. | 975,310 | 63,287,866 | |
Global Blood Therapeutics, Inc. (b)(c) | 2,033,105 | 54,893,835 | |
Halozyme Therapeutics, Inc. (b)(c) | 4,646,150 | 54,824,570 | |
Heron Therapeutics, Inc. (b) | 929,179 | 12,450,999 | |
Histogenics Corp. (b)(d) | 1,132,386 | 1,811,818 | |
Idera Pharmaceuticals, Inc. (b)(c) | 2,582,662 | 4,209,739 | |
Ignyta, Inc. (b) | 325,659 | 2,295,896 | |
Immune Design Corp. (b) | 343,041 | 2,555,655 | |
ImmunoGen, Inc. (b)(c) | 2,989,397 | 13,781,120 | |
Immunomedics, Inc. (b)(c) | 3,658,279 | 27,620,006 | |
Incyte Corp. (b) | 1,695,654 | 219,298,932 | |
Insys Therapeutics, Inc. (b)(c) | 179,090 | 2,632,623 | |
Intellia Therapeutics, Inc. (b)(c) | 611,061 | 7,002,759 | |
Intercept Pharmaceuticals, Inc. (b)(c) | 1,073,568 | 120,132,259 | |
Intrexon Corp. (b)(c) | 234,053 | 4,990,010 | |
Ionis Pharmaceuticals, Inc. (b)(c) | 2,570,377 | 117,697,563 | |
Ironwood Pharmaceuticals, Inc. Class A (b)(c) | 4,112,010 | 72,823,697 | |
Jounce Therapeutics, Inc. (d) | 1,966,877 | 37,837,796 | |
Juno Therapeutics, Inc. (b)(c) | 1,428,427 | 33,182,359 | |
Karyopharm Therapeutics, Inc. (b)(c)(d) | 3,165,815 | 25,706,418 | |
Keryx Biopharmaceuticals, Inc. (b)(c) | 1,918,225 | 12,257,458 | |
Kite Pharma, Inc. (b)(c) | 492,678 | 35,630,473 | |
Kura Oncology, Inc. (b)(c)(d) | 1,894,217 | 16,858,531 | |
La Jolla Pharmaceutical Co. (b)(c)(d) | 1,189,798 | 34,028,223 | |
Lexicon Pharmaceuticals, Inc. (b)(c) | 2,563,804 | 35,508,685 | |
Ligand Pharmaceuticals, Inc. Class B (b)(c) | 359,501 | 38,926,768 | |
Lion Biotechnologies, Inc. (b) | 1,172,782 | 6,039,827 | |
Loxo Oncology, Inc. (b)(c)(d) | 1,954,436 | 89,220,003 | |
Macrogenics, Inc. (b)(d) | 2,940,497 | 52,193,822 | |
MediciNova, Inc. (b)(c) | 794,520 | 4,624,106 | |
Merrimack Pharmaceuticals, Inc. (c) | 2,833,462 | 5,142,734 | |
MiMedx Group, Inc. (b)(c) | 45,164 | 617,844 | |
Minerva Neurosciences, Inc. (b)(c)(d) | 3,320,214 | 27,391,766 | |
Miragen Therapeutics, Inc. (b)(d) | 2,466,347 | 26,932,509 | |
Mirna Therapeutics, Inc. (b) | 105,000 | 157,500 | |
Momenta Pharmaceuticals, Inc. (b) | 1,169,645 | 16,959,853 | |
NantKwest, Inc. (b)(c) | 279,543 | 1,025,923 | |
Neurocrine Biosciences, Inc. (b) | 2,646,151 | 115,028,184 | |
NewLink Genetics Corp. (b)(c) | 603,400 | 7,699,384 | |
Novavax, Inc. (b)(c) | 9,408,321 | 8,667,886 | |
Novelion Therapeutics, Inc. (b) | 462,707 | 3,863,603 | |
Opko Health, Inc. (b)(c) | 1,038,767 | 6,378,029 | |
Oragenics, Inc. (b) | 1,558,058 | 746,310 | |
Osiris Therapeutics, Inc. (b)(c) | 64,395 | 386,370 | |
OvaScience, Inc. (b) | 677,491 | 867,188 | |
Ovid Therapeutics, Inc. | 508,600 | 6,484,650 | |
Ovid Therapeutics, Inc. | 483,349 | 5,546,430 | |
Portola Pharmaceuticals, Inc. (b) | 2,704,725 | 99,669,116 | |
Progenics Pharmaceuticals, Inc. (b)(c) | 2,054,548 | 13,087,471 | |
Protagonist Therapeutics, Inc. | 572,963 | 6,399,997 | |
Proteostasis Therapeutics, Inc. (b) | 674,200 | 2,669,832 | |
Prothena Corp. PLC (b) | 769,935 | 39,274,384 | |
PTC Therapeutics, Inc. (b)(c) | 540,928 | 6,777,828 | |
Puma Biotechnology, Inc. (b)(c) | 1,188,125 | 90,891,563 | |
Radius Health, Inc. (b)(c)(d) | 2,977,615 | 103,085,031 | |
Regeneron Pharmaceuticals, Inc. (b) | 1,202,163 | 551,864,947 | |
REGENXBIO, Inc. (b) | 1,321,108 | 22,590,947 | |
Regulus Therapeutics, Inc. (b)(c) | 1,944,641 | 2,722,497 | |
Repligen Corp. (b) | 950,386 | 37,293,147 | |
Retrophin, Inc. (b) | 1,505,603 | 23,863,808 | |
Sage Therapeutics, Inc. (b) | 1,506,493 | 99,594,252 | |
Sangamo Therapeutics, Inc. (b)(c) | 1,373,531 | 9,340,011 | |
Sarepta Therapeutics, Inc. (b)(c) | 861,486 | 25,706,742 | |
Seattle Genetics, Inc. (b) | 2,545,790 | 162,879,644 | |
Selecta Biosciences, Inc. | 226,900 | 3,103,992 | |
Seres Therapeutics, Inc. (b)(d) | 1,028,440 | 9,379,373 | |
Seres Therapeutics, Inc. (a)(b)(d) | 1,292,035 | 11,783,359 | |
Spark Therapeutics, Inc. (b)(c) | 1,446,320 | 73,661,078 | |
Spectrum Pharmaceuticals, Inc. (b) | 1,170,100 | 6,622,766 | |
Stemline Therapeutics, Inc. (b)(c)(d) | 2,032,699 | 16,058,322 | |
Syndax Pharmaceuticals, Inc. (b)(c) | 1,068,245 | 12,968,494 | |
Syros Pharmaceuticals, Inc. | 557,661 | 8,922,576 | |
Syros Pharmaceuticals, Inc. (a) | 303,621 | 4,857,936 | |
TESARO, Inc. (b)(c) | 996,407 | 148,773,529 | |
TG Therapeutics, Inc. (b)(c)(d) | 5,049,511 | 56,806,999 | |
Threshold Pharmaceuticals, Inc. (b)(c) | 366,950 | 167,696 | |
Tocagen, Inc. | 626,700 | 10,020,933 | |
Trevena, Inc. (b) | 1,105,549 | 2,575,929 | |
Ultragenyx Pharmaceutical, Inc. (b)(c) | 1,777,721 | 95,730,276 | |
United Therapeutics Corp. (b) | 295,625 | 35,738,106 | |
Vanda Pharmaceuticals, Inc. (b) | 1,263,492 | 17,373,015 | |
Versartis, Inc. (b)(d) | 2,451,170 | 37,625,460 | |
Vertex Pharmaceuticals, Inc. (b) | 2,876,008 | 355,474,589 | |
Vical, Inc. (b) | 496,584 | 1,206,699 | |
Vital Therapies, Inc. (b)(c)(d) | 2,369,791 | 6,279,946 | |
Voyager Therapeutics, Inc. (b)(c)(d) | 2,463,174 | 21,823,722 | |
Xencor, Inc. (b) | 1,577,548 | 32,339,734 | |
Zafgen, Inc. (b)(d) | 2,712,346 | 9,194,853 | |
7,555,797,799 | |||
Capital Markets - 0.1% | |||
Asset Management & Custody Banks - 0.1% | |||
RPI International Holdings LP (b)(e) | 54,958 | 7,436,092 | |
Diversified Financial Services - 0.2% | |||
Other Diversified Financial Services - 0.2% | |||
Bioverativ, Inc. | 329,791 | 18,168,186 | |
Health Care Equipment & Supplies - 0.3% | |||
Health Care Equipment - 0.3% | |||
Bellerophon Therapeutics, Inc. (b)(c) | 900,970 | 1,198,290 | |
Novocure Ltd. (b)(c) | 424,789 | 5,331,102 | |
Novocure Ltd. (a)(b) | 701,713 | 8,806,498 | |
Vermillion, Inc. (b)(c)(d) | 4,260,663 | 7,285,734 | |
Zosano Pharma Corp. (b)(c) | 1,177,516 | 1,730,949 | |
24,352,573 | |||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
G1 Therapeutics, Inc. | 840,300 | 15,377,490 | |
Health Care Technology - 0.0% | |||
Health Care Technology - 0.0% | |||
NantHealth, Inc. (c) | 107,900 | 333,411 | |
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Transgenomic, Inc. (b) | 236,500 | 59,125 | |
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
MYOS Corp. (b) | 33,334 | 67,335 | |
Pharmaceuticals - 7.8% | |||
Pharmaceuticals - 7.8% | |||
Achaogen, Inc. (b)(c) | 1,553,725 | 31,354,171 | |
Adimab LLC (b)(e)(f) | 1,954,526 | 48,315,883 | |
Afferent Pharmaceuticals, Inc. rights 12/31/24 (b) | 8,274,568 | 8,109,077 | |
Aradigm Corp. (b)(c) | 159,954 | 223,936 | |
Avexis, Inc. (b)(c) | 1,119,481 | 79,203,281 | |
Axsome Therapeutics, Inc. (b)(c) | 1,060,752 | 4,083,895 | |
Cempra, Inc. (b)(c)(d) | 4,040,674 | 15,354,561 | |
Corcept Therapeutics, Inc. (b) | 185,022 | 2,092,599 | |
Dermira, Inc. (b) | 1,835,591 | 50,331,905 | |
Egalet Corp. (b)(c) | 1,207,531 | 2,584,116 | |
GW Pharmaceuticals PLC ADR (b)(c) | 736,798 | 72,655,651 | |
Horizon Pharma PLC (b) | 892,940 | 8,929,400 | |
Intra-Cellular Therapies, Inc. (b) | 529,782 | 5,430,266 | |
Jazz Pharmaceuticals PLC (b) | 471,513 | 68,633,432 | |
Kolltan Pharmaceuticals, Inc. rights (b) | 10,639,609 | 1,702,337 | |
MyoKardia, Inc. (b)(c)(d) | 1,937,633 | 24,995,466 | |
Nektar Therapeutics (b) | 90,271 | 1,794,587 | |
NeurogesX, Inc. (b)(d) | 2,550,000 | 26 | |
Ocular Therapeutix, Inc. (b)(c) | 1,084,328 | 11,060,146 | |
Pacira Pharmaceuticals, Inc. (b) | 478,635 | 21,251,394 | |
Paratek Pharmaceuticals, Inc. (b) | 1,315,832 | 26,382,432 | |
Reata Pharmaceuticals, Inc. (c) | 169,797 | 4,691,491 | |
Repros Therapeutics, Inc. (b)(c) | 938,890 | 441,278 | |
Stemcentrx, Inc. rights 12/31/21 (b) | 876,163 | 2,479,541 | |
Tetraphase Pharmaceuticals, Inc. (b) | 989,003 | 6,814,231 | |
The Medicines Company (b)(c) | 1,707,508 | 67,907,593 | |
TherapeuticsMD, Inc. (b) | 6,331,942 | 26,277,559 | |
Theravance Biopharma, Inc. (b)(c) | 858,800 | 31,346,200 | |
UroGen Pharma Ltd. (d) | 602,330 | 10,751,591 | |
WAVE Life Sciences (b)(c)(d) | 1,421,761 | 26,871,283 | |
Zogenix, Inc. (b)(c) | 768,113 | 9,755,035 | |
Zogenix, Inc. warrants 7/27/17 (b) | 498,465 | 334 | |
671,824,697 | |||
TOTAL COMMON STOCKS | |||
(Cost $6,513,656,160) | 8,293,416,708 | ||
Preferred Stocks - 1.9% | |||
Convertible Preferred Stocks - 1.8% | |||
Biotechnology - 1.5% | |||
Biotechnology - 1.5% | |||
23andMe, Inc. Series E (b)(e) | 1,505,457 | 16,213,772 | |
Axcella Health, Inc. Series C (b)(e) | 1,642,272 | 16,554,102 | |
Immunocore Ltd. Series A (b)(e) | 73,318 | 20,301,812 | |
Moderna Therapeutics, Inc.: | |||
Series D (e) | 2,074,940 | 12,034,652 | |
Series E (e) | 2,698,970 | 15,654,026 | |
RaNA Therapeutics LLC Series B (b)(e) | 5,634,091 | 13,352,796 | |
Scholar Rock LLC Series B (b)(e) | 4,276,340 | 11,032,957 | |
Twist Bioscience Corp.: | |||
Series C (b)(e) | 8,133,875 | 17,452,856 | |
Series D (b)(e) | 1,976,343 | 4,240,639 | |
126,837,612 | |||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
Allena Pharmaceuticals, Inc. Series C (b)(e) | 6,041,631 | 13,049,923 | |
Health Care Technology - 0.1% | |||
Health Care Technology - 0.1% | |||
Codiak Biosciences, Inc.: | |||
Series A (b)(e) | 856,366 | 2,260,806 | |
Series B (b)(e) | 2,783,187 | 7,347,614 | |
9,608,420 | |||
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Afferent Pharmaceuticals, Inc. Series C (b)(e) | 8,274,568 | 3,971,793 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 153,467,748 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Biotechnology - 0.1% | |||
Biotechnology - 0.1% | |||
Yumanity Holdings LLC Class A (b)(e) | 588,700 | 5,492,571 | |
TOTAL PREFERRED STOCKS | |||
(Cost $135,994,537) | 158,960,319 | ||
Money Market Funds - 12.9% | |||
Fidelity Cash Central Fund, 0.86% (g) | 28,546,059 | 28,551,768 | |
Fidelity Securities Lending Cash Central Fund 0.87% (g)(h) | 1,071,482,166 | 1,071,589,314 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,100,039,164) | 1,100,141,082 | ||
TOTAL INVESTMENT PORTFOLIO - 111.9% | |||
(Cost $7,749,689,861) | 9,552,518,109 | ||
NET OTHER ASSETS (LIABILITIES) - (11.9)% | (1,014,639,065) | ||
NET ASSETS - 100% | $8,537,879,044 |
Legend
(a) 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 $59,721,736 or 0.7% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated company
(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 $214,712,294 or 2.5% 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 |
Adimab LLC | 9/17/14 - 6/5/15 | $31,094,459 |
Afferent Pharmaceuticals, Inc. Series C | 7/1/15 | $3,723,556 |
Allena Pharmaceuticals, Inc. Series C | 11/25/15 | $16,010,322 |
Axcella Health, Inc. Series C | 1/30/15 | $16,554,102 |
Codiak Biosciences, Inc. Series A | 11/12/15 | $856,366 |
Codiak Biosciences, Inc. Series B | 11/12/15 | $8,349,561 |
Immunocore Ltd. Series A | 7/27/15 | $13,796,921 |
Moderna Therapeutics, Inc. Series D | 11/6/13 | $9,158,071 |
Moderna Therapeutics, Inc. Series E | 12/18/14 | $11,912,324 |
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 |
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 | $83,269 |
Fidelity Securities Lending Cash Central Fund | 2,545,269 |
Total | $2,628,538 |
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. | $98,051,765 | $-- | $-- | $-- | $93,611,547 |
Acorda Therapeutics, Inc. | 62,530,736 | -- | 5,478,998 | -- | -- |
Adamas Pharmaceuticals, Inc. | 32,978,322 | -- | 4,043,994 | -- | 23,899,490 |
Alder Biopharmaceuticals, Inc. | 67,312,513 | -- | -- | -- | 45,365,982 |
Aldeyra Therapeutics, Inc. | 5,663,057 | -- | 141,595 | -- | 5,625,963 |
Atara Biotherapeutics, Inc. | 28,569,877 | -- | 6,239,942 | -- | 20,184,825 |
Avexis, Inc. | 89,004,815 | -- | 25,019,141 | -- | -- |
Axsome Therapeutics, Inc. | 6,093,929 | -- | 1,211,372 | -- | -- |
Bellicum Pharmaceuticals, Inc. | 12,222,396 | 13,883,147 | -- | -- | 21,855,822 |
Cempra, Inc. | 14,107,872 | -- | 411,563 | -- | 15,354,561 |
Chiasma, Inc. | 2,641,278 | -- | 63,934 | -- | 2,330,729 |
Chiasma, Inc. warrants | 105,173 | -- | -- | -- | 80,027 |
Cidara Therapeutics, Inc. | 1,051,200 | -- | -- | -- | 876,000 |
Cidara Therapeutics, Inc. | 7,680,859 | -- | -- | -- | 6,400,716 |
Cytokinetics, Inc. | 23,813,727 | 3,369,062 | -- | -- | 39,087,116 |
Cytokinetics, Inc. warrants 6/25/17 | 3,409,874 | -- | -- | -- | -- |
Egalet Corp. | 10,675,696 | -- | 4,421,617 | -- | -- |
Epizyme, Inc. | 81,256,291 | -- | 16,432,459 | -- | 67,605,438 |
Fibrocell Science, Inc. | 1,702,568 | -- | 38,656 | -- | 1,700,151 |
Geron Corp. | 33,988,815 | -- | -- | -- | 42,051,278 |
Global Blood Therapeutics, Inc. | 68,660,137 | -- | 13,297,539 | -- | -- |
Histogenics Corp. | 1,891,085 | -- | -- | -- | 1,811,818 |
Jounce Therapeutics, Inc. | 35,864,035 | -- | -- | -- | 37,837,796 |
Karyopharm Therapeutics, Inc. | 32,829,502 | -- | -- | -- | 25,706,418 |
Kura Oncology, Inc. | 15,816,712 | -- | -- | -- | 16,858,531 |
La Jolla Pharmaceutical Co. | 38,332,223 | 1,652,643 | -- | -- | 34,028,223 |
Loxo Oncology, Inc. | 86,708,884 | 140,955 | -- | -- | 89,220,003 |
Macrogenics, Inc. | 62,162,107 | -- | -- | -- | 52,193,822 |
Minerva Neurosciences, Inc. | 29,051,873 | -- | -- | -- | 27,391,766 |
Miragen Therapeutics, Inc. | 32,333,809 | -- | -- | -- | 26,932,509 |
MyoKardia, Inc. | 32,129,339 | -- | 9,483,267 | -- | 24,995,466 |
NeurogesX, Inc. | 26 | -- | -- | -- | 26 |
Paratek Pharmaceuticals, Inc. | 19,671,688 | -- | -- | -- | -- |
Radius Health, Inc. | 133,725,306 | -- | 8,314,845 | -- | 103,085,031 |
Seres Therapeutics, Inc. | 12,506,899 | -- | -- | -- | 11,783,359 |
Seres Therapeutics, Inc. | 9,955,299 | -- | -- | -- | 9,379,373 |
Stemline Therapeutics, Inc. | 14,228,893 | -- | -- | -- | 16,058,322 |
Syndax Pharmaceuticals, Inc. | 11,352,881 | 930,086 | -- | -- | -- |
TG Therapeutics, Inc. | 16,717,918 | 21,596,708 | -- | -- | 56,806,999 |
UroGen Pharma Ltd. | -- | 7,830,290 | -- | -- | 10,751,591 |
Vermillion, Inc. | 9,842,132 | -- | -- | -- | 7,285,734 |
Versartis, Inc. | 58,725,590 | -- | 4,659,780 | -- | 37,625,460 |
Vital Therapies, Inc. | 5,541,828 | 4,712,000 | -- | -- | 6,279,946 |
Voyager Therapeutics, Inc. | 34,640,913 | -- | 2,386,028 | -- | 21,823,722 |
WAVE Life Sciences | 42,795,006 | -- | -- | -- | 26,871,283 |
Zafgen, Inc. | 10,768,014 | -- | -- | -- | 9,194,853 |
Zosano Pharma Corp. | 3,155,743 | -- | -- | -- | -- |
Total | $1,402,268,605 | $54,114,891 | $101,644,730 | $-- | $1,039,951,696 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $8,293,416,708 | $8,181,909,150 | $43,464,602 | $68,042,956 |
Preferred Stocks | 158,960,319 | -- | -- | 158,960,319 |
Money Market Funds | 1,100,141,082 | 1,100,141,082 | -- | -- |
Total Investments in Securities: | $9,552,518,109 | $9,282,050,232 | $43,464,602 | $227,003,275 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $67,962,514 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 66,442 |
Cost of Purchases | 14,000 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $68,042,956 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2017 | $66,442 |
Preferred Stocks | |
Beginning Balance | $178,837,945 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | (13,403,404) |
Cost of Purchases | -- |
Proceeds of Sales | (6,474,222) |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $158,960,319 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2017 | $(12,863,019) |
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 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 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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $227,003,275 | Market comparable | Enterprise value/Sales multiple (EV/S) | 2.7 | Increase |
Transaction price | $1.98 - $150.00/ $37.70 | Increase | |||
Discount rate | 16.0% - 25.0% / 20.5% | Decrease | |||
Premium rate | 15.0% | Increase | |||
Proxy discount | 12.0% - 18.5% / 15.2% | Decrease | |||
Probability rate | 77.0% | Increase | |||
Proxy premium | 19.6% - 46.9% / 24.6% | Increase | |||
Market approach | Transaction price | $2.15 - $5.80/ $4.19 | Increase | ||
Recovery value | Recovery value | 0.0% | Increase | ||
Discount cash flow | Discount rate | 8.0% - 14.4% / 11.4% | Decrease | ||
Discount for lack of marketability (DLOM) | 10.0% | Decrease | |||
Probability rate | 6.3% | Increase |
(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, 2017, the cost of investment securities for income tax purposes was $7,763,942,931. Net unrealized appreciation aggregated $1,788,575,178, of which $2,923,518,973 related to appreciated investment securities and $1,134,943,795 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® Select Portfolio®
Energy Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9% | |||
Shares | Value | ||
Chemicals - 1.4% | |||
Commodity Chemicals - 1.4% | |||
LyondellBasell Industries NV Class A | 338,300 | $27,239,916 | |
Energy Equipment & Services - 18.8% | |||
Oil & Gas Drilling - 1.6% | |||
Hess Midstream Partners LP | 54,600 | 1,268,904 | |
Nabors Industries Ltd. | 564,900 | 4,971,120 | |
Odfjell Drilling A/S (a) | 1,434,080 | 3,445,472 | |
Shelf Drilling Ltd. (a) | 1,791,500 | 13,993,940 | |
Trinidad Drilling Ltd. (a) | 2,361,600 | 3,444,018 | |
Xtreme Drilling & Coil Services Corp. (a) | 2,111,600 | 3,626,540 | |
30,749,994 | |||
Oil & Gas Equipment & Services - 17.2% | |||
Baker Hughes, Inc. | 1,632,200 | 90,015,830 | |
C&J Energy Services, Inc. (a) | 124,100 | 4,189,616 | |
Dril-Quip, Inc. (a) | 338,453 | 16,787,269 | |
Frank's International NV (b) | 989,400 | 7,400,712 | |
Halliburton Co. | 1,936,700 | 87,519,473 | |
National Oilwell Varco, Inc. | 577,000 | 18,850,590 | |
NCS Multistage Holdings, Inc. | 189,188 | 4,964,293 | |
Newpark Resources, Inc. (a) | 1,902,102 | 14,075,555 | |
Oceaneering International, Inc. | 530,827 | 12,941,562 | |
RigNet, Inc. (a) | 343,232 | 5,749,136 | |
Schlumberger Ltd. | 881,358 | 61,333,703 | |
Smart Sand, Inc. | 287,100 | 2,796,354 | |
Tesco Corp. (a) | 410,200 | 1,907,430 | |
TETRA Technologies, Inc. (a) | 1,066,000 | 3,293,940 | |
Total Energy Services, Inc. | 94,100 | 975,238 | |
332,800,701 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 363,550,695 | ||
Gas Utilities - 0.4% | |||
Gas Utilities - 0.4% | |||
Indraprastha Gas Ltd. | 445,664 | 7,422,091 | |
Machinery - 0.2% | |||
Industrial Machinery - 0.2% | |||
ProPetro Holding Corp. | 312,500 | 4,140,625 | |
Oil, Gas & Consumable Fuels - 78.1% | |||
Integrated Oil & Gas - 16.7% | |||
Chevron Corp. | 1,471,123 | 152,231,808 | |
Exxon Mobil Corp. | 1,875,948 | 151,013,814 | |
Suncor Energy, Inc. | 567,100 | 17,749,556 | |
320,995,178 | |||
Oil & Gas Exploration & Production - 46.9% | |||
Anadarko Petroleum Corp. | 1,434,715 | 72,496,149 | |
Cabot Oil & Gas Corp. | 787,000 | 17,463,530 | |
Callon Petroleum Co. (a) | 2,320,000 | 26,262,400 | |
Centennial Resource Development, Inc. Class A | 115,200 | 1,795,968 | |
Cimarex Energy Co. | 331,045 | 35,607,200 | |
Concho Resources, Inc. (a) | 283,100 | 35,891,418 | |
ConocoPhillips Co. | 463,600 | 20,718,284 | |
Continental Resources, Inc. (a) | 1,091,000 | 41,021,600 | |
Devon Energy Corp. | 503,900 | 17,122,522 | |
Diamondback Energy, Inc. (a) | 803,200 | 74,504,832 | |
Encana Corp. | 2,450,800 | 23,821,301 | |
EOG Resources, Inc. | 1,420,064 | 128,245,980 | |
Extraction Oil & Gas, Inc.(b) | 1,214,629 | 17,296,317 | |
Hess Corp. | 497,100 | 22,811,919 | |
Jones Energy, Inc. | 1 | 2 | |
Marathon Oil Corp. | 985,900 | 12,836,418 | |
Newfield Exploration Co. (a) | 971,900 | 31,567,312 | |
Noble Energy, Inc. | 797,488 | 22,879,931 | |
Parsley Energy, Inc. Class A (a) | 1,397,400 | 41,432,910 | |
PDC Energy, Inc. (a) | 537,551 | 26,694,783 | |
Pioneer Natural Resources Co. | 562,799 | 93,908,641 | |
Range Resources Corp. | 378,300 | 8,723,598 | |
Resolute Energy Corp.(a)(b) | 274,560 | 10,762,752 | |
Rice Energy, Inc. (a) | 1,362,129 | 27,242,580 | |
Ring Energy, Inc. (a) | 632,022 | 8,203,646 | |
RSP Permian, Inc. (a) | 1,077,000 | 38,330,430 | |
Seven Generations Energy Ltd. (a) | 916,300 | 16,435,540 | |
Viper Energy Partners LP | 459,900 | 7,827,498 | |
WPX Energy, Inc. (a) | 1,931,900 | 20,903,158 | |
902,808,619 | |||
Oil & Gas Refining & Marketing - 5.8% | |||
Alon U.S.A. Energy, Inc. | 588,800 | 7,271,680 | |
Delek U.S. Holdings, Inc. | 1,097,200 | 26,903,344 | |
Marathon Petroleum Corp. | 657,900 | 34,237,116 | |
Phillips 66 Co. | 417,873 | 31,804,314 | |
Reliance Industries Ltd. (a) | 494,305 | 10,273,054 | |
World Fuel Services Corp. | 59,241 | 2,093,577 | |
112,583,085 | |||
Oil & Gas Storage & Transport - 8.7% | |||
Cheniere Energy, Inc. (a) | 103,900 | 5,062,008 | |
Enterprise Products Partners LP | 116,300 | 3,118,003 | |
GasLog Partners LP | 284,200 | 6,223,980 | |
Gener8 Maritime, Inc. (a) | 2,559,010 | 13,562,753 | |
Golar LNG Ltd. (b) | 424,400 | 9,873,666 | |
Kinder Morgan, Inc. | 2,529,000 | 47,444,040 | |
Noble Midstream Partners LP | 271,000 | 12,463,290 | |
Plains All American Pipeline LP | 848,400 | 22,465,632 | |
Targa Resources Corp. | 351,900 | 16,162,767 | |
Teekay LNG Partners LP | 163,000 | 2,477,600 | |
The Williams Companies, Inc. | 1,014,100 | 29,003,260 | |
167,856,999 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 1,504,243,881 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,798,314,458) | 1,906,597,208 | ||
Money Market Funds - 2.2% | |||
Fidelity Cash Central Fund, 0.86% (c) | 19,970,031 | 19,974,025 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 21,562,447 | 21,564,603 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $41,536,472) | 41,538,628 | ||
TOTAL INVESTMENT PORTFOLIO - 101.1% | |||
(Cost $1,839,850,930) | 1,948,135,836 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (20,980,684) | ||
NET ASSETS - 100% | $1,927,155,152 |
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 | $19,258 |
Fidelity Securities Lending Cash Central Fund | 116,661 |
Total | $135,919 |
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 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, 2017, the cost of investment securities for income tax purposes was $1,845,973,524. Net unrealized appreciation aggregated $102,162,312, of which $251,423,843 related to appreciated investment securities and $149,261,531 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® Select Portfolio®
Financial Services Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
Banks - 38.0% | |||
Diversified Banks - 19.3% | |||
Bank of America Corp. | 2,087,300 | $46,776,393 | |
Citigroup, Inc. | 847,490 | 51,307,045 | |
JPMorgan Chase & Co. | 371,700 | 30,535,155 | |
U.S. Bancorp | 300,000 | 15,267,000 | |
Wells Fargo & Co. | 575,000 | 29,405,500 | |
173,291,093 | |||
Regional Banks - 18.7% | |||
Bank of the Ozarks, Inc. | 253,900 | 11,222,380 | |
CIT Group, Inc. | 325,000 | 14,641,250 | |
CoBiz, Inc. | 375,000 | 5,902,500 | |
East West Bancorp, Inc. | 100,000 | 5,473,000 | |
First Republic Bank | 100,000 | 9,210,000 | |
Huntington Bancshares, Inc. | 3,346,300 | 41,962,602 | |
M&T Bank Corp. | 50,000 | 7,823,500 | |
PNC Financial Services Group, Inc. | 253,600 | 30,102,320 | |
Popular, Inc. | 257,100 | 9,564,120 | |
Preferred Bank, Los Angeles | 40,000 | 1,996,400 | |
Regions Financial Corp. | 650,000 | 8,996,000 | |
SunTrust Banks, Inc. | 250,000 | 13,342,500 | |
SVB Financial Group (a) | 40,000 | 6,820,000 | |
167,056,572 | |||
TOTAL BANKS | 340,347,665 | ||
Capital Markets - 21.9% | |||
Asset Management & Custody Banks - 6.0% | |||
Affiliated Managers Group, Inc. | 77,800 | 11,969,530 | |
BlackRock, Inc. Class A | 46,500 | 19,029,660 | |
Northern Trust Corp. | 254,100 | 22,218,504 | |
53,217,694 | |||
Financial Exchanges & Data - 5.1% | |||
CBOE Holdings, Inc. | 265,000 | 22,888,050 | |
IntercontinentalExchange, Inc. | 375,000 | 22,571,250 | |
45,459,300 | |||
Investment Banking & Brokerage - 10.8% | |||
E*TRADE Financial Corp. (a) | 725,000 | 25,092,250 | |
Goldman Sachs Group, Inc. | 180,000 | 38,026,800 | |
Investment Technology Group, Inc. | 250,000 | 4,982,500 | |
TD Ameritrade Holding Corp. | 775,000 | 28,954,000 | |
97,055,550 | |||
TOTAL CAPITAL MARKETS | 195,732,544 | ||
Consumer Finance - 8.2% | |||
Consumer Finance - 8.2% | |||
Capital One Financial Corp. | 653,700 | 50,282,604 | |
Synchrony Financial | 875,000 | 23,493,750 | |
73,776,354 | |||
Diversified Financial Services - 5.2% | |||
Multi-Sector Holdings - 5.2% | |||
Berkshire Hathaway, Inc. Class B (a) | 282,000 | 46,608,960 | |
Insurance - 20.7% | |||
Insurance Brokers - 1.2% | |||
Willis Group Holdings PLC | 75,000 | 10,997,250 | |
Life & Health Insurance - 2.1% | |||
Torchmark Corp. | 252,100 | 19,033,550 | |
Multi-Line Insurance - 3.1% | |||
American International Group, Inc. | 215,000 | 13,680,450 | |
Hartford Financial Services Group, Inc. | 275,000 | 13,582,250 | |
27,262,700 | |||
Property & Casualty Insurance - 12.6% | |||
Allstate Corp. | 290,000 | 25,038,600 | |
Chubb Ltd. | 244,900 | 35,067,231 | |
FNF Group | 414,100 | 17,644,801 | |
The Travelers Companies, Inc. | 276,800 | 34,558,480 | |
112,309,112 | |||
Reinsurance - 1.7% | |||
Reinsurance Group of America, Inc. | 125,000 | 15,563,750 | |
TOTAL INSURANCE | 185,166,362 | ||
IT Services - 3.2% | |||
Data Processing & Outsourced Services - 3.2% | |||
Visa, Inc. Class A | 140,000 | 13,332,200 | |
WEX, Inc. (a) | 145,000 | 14,813,200 | |
28,145,400 | |||
Thrifts & Mortgage Finance - 0.7% | |||
Thrifts & Mortgage Finance - 0.7% | |||
MGIC Investment Corp. (a) | 369,800 | 3,912,484 | |
Radian Group, Inc. | 152,500 | 2,449,150 | |
6,361,634 | |||
TOTAL COMMON STOCKS | |||
(Cost $742,930,609) | 876,138,919 | ||
Money Market Funds - 2.1% | |||
Fidelity Cash Central Fund, 0.86% (b) | |||
(Cost $18,846,288) | 18,842,520 | 18,846,288 | |
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $761,776,897) | 894,985,207 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 73,125 | ||
NET ASSETS - 100% | $895,058,332 |
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 | $30,711 |
Fidelity Securities Lending Cash Central Fund | 380 |
Total | $31,091 |
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 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, 2017, the cost of investment securities for income tax purposes was $765,325,732. Net unrealized appreciation aggregated $129,659,475, of which $145,357,051 related to appreciated investment securities and $15,697,576 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® Select Portfolio®
Construction and Housing Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2% | |||
Shares | Value | ||
Building Products - 16.4% | |||
Building Products - 16.4% | |||
A.O. Smith Corp. | 169,284 | $9,288,613 | |
Builders FirstSource, Inc. (a) | 290,108 | 3,962,875 | |
Continental Building Products, Inc. (a) | 117,573 | 2,868,781 | |
Fortune Brands Home & Security, Inc. | 197,684 | 12,473,860 | |
Gibraltar Industries, Inc. (a) | 97,152 | 3,021,427 | |
Johnson Controls International PLC | 268,154 | 11,198,111 | |
Masco Corp. | 31,400 | 1,169,650 | |
Masonite International Corp. (a) | 73,000 | 5,376,450 | |
Owens Corning | 157,643 | 9,836,923 | |
Patrick Industries, Inc. (a) | 50,500 | 3,343,100 | |
Simpson Manufacturing Co. Ltd. | 49,900 | 2,004,982 | |
Trex Co., Inc. (a) | 58,000 | 3,727,660 | |
68,272,432 | |||
Construction & Engineering - 8.1% | |||
Construction & Engineering - 8.1% | |||
Chicago Bridge & Iron Co. NV (b) | 21,616 | 408,975 | |
EMCOR Group, Inc. | 102,828 | 6,480,221 | |
Fluor Corp. | 139,924 | 6,276,991 | |
Jacobs Engineering Group, Inc. | 127,302 | 6,673,171 | |
KBR, Inc. | 324,554 | 4,423,671 | |
MasTec, Inc. (a) | 109,800 | 4,655,520 | |
Valmont Industries, Inc. | 32,800 | 4,801,920 | |
33,720,469 | |||
Construction Materials - 7.1% | |||
Construction Materials - 7.1% | |||
Martin Marietta Materials, Inc. | 52,444 | 11,752,700 | |
Summit Materials, Inc. | 157,810 | 4,238,777 | |
Vulcan Materials Co. | 108,031 | 13,466,064 | |
29,457,541 | |||
Equity Real Estate Investment Trusts (REITs) - 19.6% | |||
Residential REITs - 17.8% | |||
American Homes 4 Rent Class A | 176,869 | 3,974,246 | |
AvalonBay Communities, Inc. | 144,198 | 27,576,426 | |
Camden Property Trust (SBI) | 163,522 | 13,623,018 | |
Equity Lifestyle Properties, Inc. | 97,800 | 8,254,320 | |
Equity Residential (SBI) | 86,250 | 5,614,013 | |
UDR, Inc. | 395,700 | 15,277,977 | |
74,320,000 | |||
Specialized REITs - 1.8% | |||
Extra Space Storage, Inc. | 97,582 | 7,559,678 | |
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 81,879,678 | ||
Household Durables - 12.2% | |||
Home Furnishings - 1.4% | |||
Mohawk Industries, Inc. (a) | 24,553 | 5,875,533 | |
Homebuilding - 10.8% | |||
CalAtlantic Group, Inc. | 81,577 | 2,940,035 | |
Lennar Corp. Class A | 225,010 | 11,545,263 | |
M/I Homes, Inc. | 74,800 | 2,108,612 | |
NVR, Inc. (a) | 4,689 | 10,702,080 | |
Taylor Morrison Home Corp. (a) | 166,215 | 3,864,499 | |
Toll Brothers, Inc. | 184,375 | 6,805,281 | |
TopBuild Corp. (a) | 133,500 | 7,148,925 | |
45,114,695 | |||
TOTAL HOUSEHOLD DURABLES | 50,990,228 | ||
Real Estate Management & Development - 2.3% | |||
Real Estate Development - 1.1% | |||
Howard Hughes Corp. (a) | 34,692 | 4,446,127 | |
Real Estate Operating Companies - 0.3% | |||
The RMR Group, Inc. | 29,300 | 1,438,630 | |
Real Estate Services - 0.9% | |||
Invitation Homes, Inc. | 164,600 | 3,542,192 | |
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 9,426,949 | ||
Specialty Retail - 32.8% | |||
Home Improvement Retail - 32.8% | |||
Home Depot, Inc. | 563,760 | 86,542,796 | |
Lowe's Companies, Inc. | 634,170 | 49,953,571 | |
136,496,367 | |||
Trading Companies & Distributors - 0.7% | |||
Trading Companies & Distributors - 0.7% | |||
HD Supply Holdings, Inc. (a) | 77,700 | 3,135,195 | |
TOTAL COMMON STOCKS | |||
(Cost $293,661,020) | 413,378,859 | ||
Convertible Preferred Stocks - 0.0% | |||
Household Durables - 0.0% | |||
Homebuilding - 0.0% | |||
Blu Homes, Inc. Series A, 5.00% (a)(c) | |||
(Cost $4,000,001) | 865,801 | 8,658 | |
Money Market Funds - 0.8% | |||
Fidelity Cash Central Fund, 0.86% (d) | 3,081,721 | 3,082,338 | |
Fidelity Securities Lending Cash Central Fund 0.87% (d)(e) | 31,197 | 31,200 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,113,538) | 3,113,538 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $300,774,559) | 416,501,055 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 156,243 | ||
NET ASSETS - 100% | $416,657,298 |
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 $8,658 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 |
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 | $6,105 |
Fidelity Securities Lending Cash Central Fund | 163 |
Total | $6,268 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $413,378,859 | $413,378,859 | $-- | $-- |
Convertible Preferred Stocks | 8,658 | -- | -- | 8,658 |
Money Market Funds | 3,113,538 | 3,113,538 | -- | -- |
Total Investments in Securities: | $416,501,055 | $416,492,397 | $-- | $8,658 |
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 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, 2017, the cost of investment securities for income tax purposes was $301,090,081. Net unrealized appreciation aggregated $115,410,974, of which $124,552,144 related to appreciated investment securities and $9,141,170 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® Select Portfolio®
Automotive Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% | |||
Shares | Value | ||
Auto Components - 17.1% | |||
Auto Parts & Equipment - 16.7% | |||
Adient PLC | 2,600 | $178,178 | |
Autoliv, Inc. (a) | 2,600 | 288,392 | |
BorgWarner, Inc. | 5,800 | 246,558 | |
Dana Holding Corp. | 57,000 | 1,203,840 | |
Delphi Automotive PLC | 24,558 | 2,160,367 | |
Gentex Corp. | 8,100 | 153,738 | |
Lear Corp. | 2,000 | 298,080 | |
Magna International, Inc. Class A (sub. vtg.) | 22,700 | 1,016,152 | |
NGK Spark Plug Co. Ltd. | 19,400 | 394,306 | |
Stoneridge, Inc. (b) | 23,540 | 363,928 | |
Tenneco, Inc. | 13,506 | 767,816 | |
Valeo SA | 6,400 | 445,530 | |
Visteon Corp. (b) | 7,940 | 796,303 | |
8,313,188 | |||
Tires & Rubber - 0.4% | |||
The Goodyear Tire & Rubber Co. | 6,200 | 199,764 | |
TOTAL AUTO COMPONENTS | 8,512,952 | ||
Automobiles - 51.6% | |||
Automobile Manufacturers - 51.1% | |||
EDAG Engineering Group AG | 46,900 | 856,397 | |
Ferrari NV | 12,800 | 1,110,016 | |
Fiat Chrysler Automobiles NV (b) | 80,500 | 850,885 | |
Ford Motor Co. | 381,331 | 4,240,401 | |
General Motors Co. | 126,514 | 4,292,620 | |
Honda Motor Co. Ltd. sponsored ADR | 119,895 | 3,348,667 | |
Tata Motors Ltd. sponsored ADR | 40 | 1,473 | |
Tesla, Inc. (a)(b) | 18,000 | 6,138,180 | |
Toyota Motor Corp. sponsored ADR | 43,117 | 4,636,802 | |
25,475,441 | |||
Motorcycle Manufacturers - 0.5% | |||
Harley-Davidson, Inc. | 5,000 | 265,050 | |
TOTAL AUTOMOBILES | 25,740,491 | ||
Commercial Services & Supplies - 5.5% | |||
Diversified Support Services - 5.5% | |||
Copart, Inc. (b) | 21,800 | 679,942 | |
KAR Auction Services, Inc. | 47,780 | 2,081,775 | |
2,761,717 | |||
Distributors - 3.0% | |||
Distributors - 3.0% | |||
Genuine Parts Co. | 4,500 | 416,790 | |
LKQ Corp. (b) | 34,000 | 1,070,660 | |
1,487,450 | |||
Machinery - 2.6% | |||
Construction Machinery & Heavy Trucks - 2.6% | |||
Allison Transmission Holdings, Inc. | 33,100 | 1,281,632 | |
Software - 2.1% | |||
Application Software - 2.1% | |||
Mobileye NV (b) | 16,700 | 1,033,730 | |
Specialty Retail - 14.2% | |||
Automotive Retail - 14.2% | |||
Advance Auto Parts, Inc. | 2,300 | 307,349 | |
AutoZone, Inc. (b) | 3,604 | 2,183,736 | |
CarMax, Inc. (a)(b) | 35,700 | 2,243,031 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 200 | 18,170 | |
O'Reilly Automotive, Inc. (b) | 9,700 | 2,348,176 | |
7,100,462 | |||
Trading Companies & Distributors - 1.1% | |||
Trading Companies & Distributors - 1.1% | |||
Rush Enterprises, Inc. Class A (b) | 14,700 | 526,995 | |
TOTAL COMMON STOCKS | |||
(Cost $36,836,485) | 48,445,429 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Automobiles - 1.2% | |||
Automobile Manufacturers - 1.2% | |||
Volkswagen AG | |||
(Cost $549,632) | 4,000 | 600,992 | |
Money Market Funds - 17.4% | |||
Fidelity Cash Central Fund, 0.86% (c) | 134,654 | 134,681 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 8,517,881 | 8,518,732 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $8,653,347) | 8,653,413 | ||
TOTAL INVESTMENT PORTFOLIO - 115.8% | |||
(Cost $46,039,464) | 57,699,834 | ||
NET OTHER ASSETS (LIABILITIES) - (15.8)% | (7,865,229) | ||
NET ASSETS - 100% | $49,834,605 |
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 | $1,662 |
Fidelity Securities Lending Cash Central Fund | 19,066 |
Total | $20,728 |
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 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, 2017, the cost of investment securities for income tax purposes was $46,384,321. Net unrealized appreciation aggregated $11,315,513, of which $12,689,594 related to appreciated investment securities and $1,374,081 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® Select Portfolio®
Environment and Alternative Energy Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% | |||
Shares | Value | ||
Energy Efficiency - 29.9% | |||
Buildings Energy Efficiency - 15.5% | |||
A.O. Smith Corp. | 22,692 | $1,245,110 | |
Apogee Enterprises, Inc. | 66,040 | 3,518,611 | |
Carlisle Companies, Inc. | 28,915 | 2,929,957 | |
Comfort Systems U.S.A., Inc. | 68,440 | 2,357,758 | |
Ingersoll-Rand PLC | 70,310 | 6,299,776 | |
Lennox International, Inc. | 21,671 | 3,837,934 | |
Owens Corning | 61,640 | 3,846,336 | |
24,035,482 | |||
Diversified Energy Efficiency - 8.2% | |||
Honeywell International, Inc. | 96,527 | 12,837,126 | |
Industrial Energy Efficiency - 2.6% | |||
EMCOR Group, Inc. | 24,048 | 1,515,505 | |
EnerSys | 3,170 | 234,770 | |
Regal Beloit Corp. | 25,584 | 2,026,253 | |
VMware, Inc. Class A (a)(b) | 2,553 | 248,024 | |
4,024,552 | |||
Transport Energy Efficiency - 3.6% | |||
Hexcel Corp. | 45,660 | 2,348,294 | |
Innospec, Inc. | 52,097 | 3,334,208 | |
5,682,502 | |||
TOTAL ENERGY EFFICIENCY | 46,579,662 | ||
Environmental Support Services - 11.1% | |||
Diversified Environmental - 11.1% | |||
3M Co. | 85,062 | 17,392,626 | |
Food Agriculture & Forestry - 8.4% | |||
Logistics, Food Safety and Packing - 4.7% | |||
Bemis Co., Inc. | 52,250 | 2,332,440 | |
Bunge Ltd. | 23,280 | 1,861,702 | |
Sealed Air Corp. | 70,270 | 3,121,393 | |
7,315,535 | |||
Sustainable and Efficient Agriculture - 3.7% | |||
Deere & Co. | 47,318 | 5,794,562 | |
TOTAL FOOD AGRICULTURE & FORESTRY | 13,110,097 | ||
Miscellaneous Environmental - 7.7% | |||
Other Environmental - 7.7% | |||
Alphabet, Inc. Class C (a) | 1,600 | 1,543,776 | |
Apple, Inc. | 10,130 | 1,547,459 | |
IBM Corp. | 10,135 | 1,546,905 | |
Johnson & Johnson | 12,240 | 1,569,780 | |
Philips Lighting NV | 42,740 | 1,584,395 | |
Whirlpool Corp. | 8,620 | 1,599,355 | |
Whole Foods Market, Inc. | 77,850 | 2,723,972 | |
12,115,642 | |||
Pollution Control - 6.0% | |||
Environmental Testing and Gas - 1.5% | |||
PerkinElmer, Inc. | 37,160 | 2,343,310 | |
Pollution Control Solutions - 4.5% | |||
Cummins, Inc. | 24,762 | 3,904,967 | |
Tenneco, Inc. | 56,468 | 3,210,206 | |
7,115,173 | |||
TOTAL POLLUTION CONTROL | 9,458,483 | ||
Renewable & Alternative Energy - 24.4% | |||
Biofuels - 0.7% | |||
Cosan SA Industria e Comercio | 94,640 | 1,053,749 | |
Other Renewables Equipment - 3.3% | |||
Andritz AG | 85,012 | 5,100,560 | |
Renewable Energy Developers and Independent Power Producers (IPPs) - 18.1% | |||
Centrais Eletricas Brasileiras SA (Electrobras) (a) | 108,180 | 459,672 | |
China Power Intl Development Ltd. | 1,012,910 | 386,054 | |
Electric Power Development Co. Ltd. | 25,350 | 673,177 | |
Empresa Nacional de Electricidad SA | 334,290 | 256,998 | |
Empresa Nacional de Electricidad SA sponsored ADR | 33,100 | 766,265 | |
Enel Chile Sa | 5,338,162 | 589,432 | |
Energias de Portugal SA | 300,470 | 1,105,083 | |
Enersis SA | 3,004,130 | 569,171 | |
Enersis SA sponsored | 212,260 | 1,993,121 | |
ENGIE Brasil Energia SA | 216,770 | 2,221,994 | |
Graphic Packaging Holding Co. | 253,090 | 3,419,246 | |
Grupo Acciona SA | 19,090 | 1,830,524 | |
Hollysys Automation Technologies Ltd. | 63,691 | 1,018,419 | |
Iberdrola SA | 723,842 | 5,771,582 | |
IDACORP, Inc. | 39,584 | 3,455,683 | |
NHPC Ltd. (a) | 944,530 | 442,909 | |
PNOC Energy Development Corp. | 3,345,500 | 409,910 | |
Portland General Electric Co. | 62,451 | 2,956,430 | |
28,325,670 | |||
Wind Power Generation Equipment - 2.3% | |||
China High Speed Transmission Equipment Group Co. Ltd. | 244,480 | 250,047 | |
Nordex Se (a)(b) | 28,440 | 407,018 | |
Vestas Wind Systems A/S | 32,270 | 2,868,087 | |
3,525,152 | |||
TOTAL RENEWABLE & ALTERNATIVE ENERGY | 38,005,131 | ||
Waste Management & Technologies - 5.8% | |||
Hazardous Waste Management - 1.6% | |||
Stericycle, Inc. (a) | 29,480 | 2,410,580 | |
Recycling and Value Added Waste Processing - 4.2% | |||
Copart, Inc. (a) | 66,048 | 2,060,037 | |
Darling International, Inc. (a) | 45,090 | 706,560 | |
Interface, Inc. | 127,063 | 2,611,145 | |
Steel Dynamics, Inc. | 34,260 | 1,164,497 | |
6,542,239 | |||
TOTAL WASTE MANAGEMENT & TECHNOLOGIES | 8,952,819 | ||
Water Infrastructure & Technologies - 5.0% | |||
Diversified Water Infrastructure - 2.6% | |||
Danaher Corp. | 47,810 | 4,060,981 | |
Water Infrastructure - 2.4% | |||
Crane Co. | 49,227 | 3,819,031 | |
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES | 7,880,012 | ||
TOTAL COMMON STOCKS | |||
(Cost $130,632,838) | 153,494,472 | ||
Cash Equivalents - 2.4% | |||
Fidelity Cash Central Fund, 0.86% (c) | 2,314,307 | 2,314,770 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 1,371,443 | 1,371,580 | |
TOTAL CASH EQUIVALENTS | |||
(Cost $3,686,134) | 3,686,350 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $134,318,972) | 157,180,822 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (1,108,195) | ||
NET ASSETS - 100% | $156,072,627 |
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 | $8,355 |
Fidelity Securities Lending Cash Central Fund | 8,779 |
Total | $17,134 |
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, 2017. 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 | $3,349,088 |
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 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, 2017, the cost of investment securities for income tax purposes was $134,519,606. Net unrealized appreciation aggregated $22,661,216, of which $24,241,974 related to appreciated investment securities and $1,580,758 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® Select Portfolio®
Industrials Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
Aerospace & Defense - 22.6% | |||
Aerospace & Defense - 22.6% | |||
Astronics Corp. (a) | 87,817 | $2,687,200 | |
Astronics Corp. Class B | 8,732 | 267,723 | |
Axon Enterprise, Inc. (a) | 193,500 | 4,645,935 | |
Elbit Systems Ltd. | 22,700 | 2,773,486 | |
General Dynamics Corp. | 187,597 | 38,129,090 | |
Hexcel Corp. | 76,400 | 3,929,252 | |
Huntington Ingalls Industries, Inc. | 29,700 | 5,815,557 | |
Northrop Grumman Corp. | 139,200 | 36,083,424 | |
Raytheon Co. | 130,500 | 21,403,305 | |
Rockwell Collins, Inc. | 125,700 | 13,707,585 | |
Teledyne Technologies, Inc. (a) | 96,221 | 12,654,024 | |
TransDigm Group, Inc. | 56,300 | 15,092,904 | |
United Technologies Corp. | 396,771 | 48,120,387 | |
205,309,872 | |||
Air Freight & Logistics - 0.5% | |||
Air Freight & Logistics - 0.5% | |||
XPO Logistics, Inc. (a) | 81,600 | 4,292,160 | |
Airlines - 3.2% | |||
Airlines - 3.2% | |||
Allegiant Travel Co. | 25,100 | 3,438,700 | |
Ryanair Holdings PLC sponsored ADR (a) | 24,500 | 2,615,130 | |
Southwest Airlines Co. | 384,100 | 23,080,569 | |
29,134,399 | |||
Building Products - 3.8% | |||
Building Products - 3.8% | |||
A.O. Smith Corp. | 221,378 | 12,147,011 | |
Fortune Brands Home & Security, Inc. | 167,300 | 10,556,630 | |
Masco Corp. | 310,700 | 11,573,575 | |
34,277,216 | |||
Commercial Services & Supplies - 3.0% | |||
Diversified Support Services - 2.5% | |||
Cintas Corp. | 88,600 | 11,152,968 | |
KAR Auction Services, Inc. | 258,500 | 11,262,845 | |
22,415,813 | |||
Environmental & Facility Services - 0.5% | |||
Stericycle, Inc. (a) | 60,500 | 4,947,085 | |
TOTAL COMMERCIAL SERVICES & SUPPLIES | 27,362,898 | ||
Construction & Engineering - 5.2% | |||
Construction & Engineering - 5.2% | |||
AECOM (a) | 769,298 | 24,702,159 | |
Dycom Industries, Inc. (a)(b) | 100,500 | 8,461,095 | |
Fluor Corp. | 102,800 | 4,611,608 | |
KBR, Inc. | 733,900 | 10,003,057 | |
47,777,919 | |||
Electrical Equipment - 8.1% | |||
Electrical Components & Equipment - 7.3% | |||
AMETEK, Inc. | 381,854 | 23,300,731 | |
Eaton Corp. PLC | 284,200 | 21,991,396 | |
Fortive Corp. | 337,110 | 21,052,520 | |
66,344,647 | |||
Heavy Electrical Equipment - 0.8% | |||
TPI Composites, Inc. | 427,857 | 7,282,126 | |
TOTAL ELECTRICAL EQUIPMENT | 73,626,773 | ||
Industrial Conglomerates - 14.3% | |||
Industrial Conglomerates - 14.3% | |||
General Electric Co. | 2,995,684 | 82,021,827 | |
Honeywell International, Inc. | 359,059 | 47,751,256 | |
129,773,083 | |||
Machinery - 21.3% | |||
Construction Machinery & Heavy Trucks - 9.5% | |||
Allison Transmission Holdings, Inc. | 572,600 | 22,171,072 | |
Caterpillar, Inc. | 399,200 | 42,087,656 | |
PACCAR, Inc. | 162,100 | 10,205,816 | |
Wabtec Corp. (b) | 142,800 | 11,673,900 | |
86,138,444 | |||
Industrial Machinery - 11.8% | |||
CIRCOR International, Inc. | 1,600 | 103,136 | |
Colfax Corp. (a) | 215,200 | 8,728,512 | |
Flowserve Corp. | 328,700 | 15,941,950 | |
IDEX Corp. | 113,198 | 12,278,587 | |
Ingersoll-Rand PLC | 193,200 | 17,310,720 | |
Middleby Corp. (a) | 17,700 | 2,271,972 | |
Nordson Corp. | 57,700 | 6,686,276 | |
Parker Hannifin Corp. | 62,500 | 9,841,875 | |
Pentair PLC | 142,135 | 9,412,180 | |
Rexnord Corp. (a) | 493,900 | 11,260,920 | |
Snap-On, Inc. | 77,500 | 12,528,650 | |
TriMas Corp. (a) | 73,346 | 1,598,943 | |
107,963,721 | |||
TOTAL MACHINERY | 194,102,165 | ||
Professional Services - 3.3% | |||
Human Resource & Employment Services - 1.1% | |||
Recruit Holdings Co. Ltd. | 17,000 | 901,038 | |
Robert Half International, Inc. | 195,800 | 9,102,742 | |
10,003,780 | |||
Research & Consulting Services - 2.2% | |||
IHS Markit Ltd. (a) | 395,200 | 18,119,920 | |
Nielsen Holdings PLC | 59,500 | 2,289,560 | |
20,409,480 | |||
TOTAL PROFESSIONAL SERVICES | 30,413,260 | ||
Road & Rail - 9.2% | |||
Railroads - 6.6% | |||
Norfolk Southern Corp. | 183,000 | 22,697,490 | |
Union Pacific Corp. | 341,700 | 37,689,510 | |
60,387,000 | |||
Trucking - 2.6% | |||
J.B. Hunt Transport Services, Inc. | 139,320 | 11,895,142 | |
Old Dominion Freight Lines, Inc. | 126,700 | 11,316,844 | |
23,211,986 | |||
TOTAL ROAD & RAIL | 83,598,986 | ||
Trading Companies & Distributors - 4.6% | |||
Trading Companies & Distributors - 4.6% | |||
HD Supply Holdings, Inc. (a) | 307,048 | 12,389,387 | |
MSC Industrial Direct Co., Inc. Class A | 147,400 | 12,372,756 | |
Univar, Inc. (a) | 401,300 | 12,207,546 | |
Wolseley PLC | 78,050 | 5,150,843 | |
42,120,532 | |||
Water Utilities - 0.7% | |||
Water Utilities - 0.7% | |||
AquaVenture Holdings Ltd. (b) | 351,700 | 5,961,315 | |
TOTAL COMMON STOCKS | |||
(Cost $735,903,752) | 907,750,578 | ||
Money Market Funds - 2.1% | |||
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | |||
(Cost $19,571,465) | 19,569,508 | 19,571,465 | |
TOTAL INVESTMENT PORTFOLIO - 101.9% | |||
(Cost $755,475,217) | 927,322,043 | ||
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (17,524,667) | ||
NET ASSETS - 100% | $909,797,376 |
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 | $10,052 |
Fidelity Securities Lending Cash Central Fund | 14,411 |
Total | $24,463 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $907,750,578 | $902,599,735 | $5,150,843 | $-- |
Money Market Funds | 19,571,465 | 19,571,465 | -- | -- |
Total Investments in Securities: | $927,322,043 | $922,171,200 | $5,150,843 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $756,719,208. Net unrealized appreciation aggregated $170,602,835, of which $179,154,597 related to appreciated investment securities and $8,551,762 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® Select Portfolio®
Materials Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Chemicals - 65.8% | |||
Commodity Chemicals - 8.4% | |||
LyondellBasell Industries NV Class A | 1,054,296 | $84,891,914 | |
Olin Corp. | 564,500 | 16,562,430 | |
Tronox Ltd. Class A | 666,557 | 10,131,666 | |
Westlake Chemical Corp. | 302,500 | 18,591,650 | |
130,177,660 | |||
Diversified Chemicals - 25.3% | |||
E.I. du Pont de Nemours & Co. | 3,133,200 | 247,272,143 | |
Eastman Chemical Co. | 572,048 | 45,826,765 | |
The Chemours Co. LLC | 991,400 | 39,646,086 | |
The Dow Chemical Co. | 967,500 | 59,946,300 | |
392,691,294 | |||
Fertilizers & Agricultural Chemicals - 9.5% | |||
Agrium, Inc. | 215,100 | 19,875,472 | |
CF Industries Holdings, Inc. | 835,010 | 22,461,769 | |
Monsanto Co. | 669,730 | 78,639,697 | |
The Scotts Miracle-Gro Co. Class A | 310,331 | 26,877,768 | |
147,854,706 | |||
Industrial Gases - 3.3% | |||
Air Products & Chemicals, Inc. | 355,400 | 51,198,924 | |
Specialty Chemicals - 19.3% | |||
Axalta Coating Systems (a) | 902,800 | 28,257,640 | |
Ecolab, Inc. | 434,520 | 57,721,637 | |
Frutarom Industries Ltd. | 173,396 | 11,273,727 | |
Platform Specialty Products Corp. (a) | 1,770,900 | 22,100,832 | |
PPG Industries, Inc. | 612,400 | 65,134,864 | |
Sherwin-Williams Co. | 197,900 | 65,657,283 | |
W.R. Grace & Co. | 690,540 | 49,504,813 | |
299,650,796 | |||
TOTAL CHEMICALS | 1,021,573,380 | ||
Construction Materials - 2.9% | |||
Construction Materials - 2.9% | |||
Eagle Materials, Inc. | 464,715 | 43,822,625 | |
Summit Materials, Inc. | 58,000 | 1,557,880 | |
45,380,505 | |||
Containers & Packaging - 17.8% | |||
Metal & Glass Containers - 6.7% | |||
Ardagh Group SA | 221,000 | 5,301,790 | |
Ball Corp. | 1,954,584 | 79,942,486 | |
Berry Global Group, Inc. (a) | 318,400 | 18,464,016 | |
103,708,292 | |||
Paper Packaging - 11.1% | |||
Avery Dennison Corp. | 121,400 | 10,229,164 | |
Graphic Packaging Holding Co. | 4,924,695 | 66,532,629 | |
Packaging Corp. of America | 217,500 | 22,219,800 | |
WestRock Co. | 1,338,619 | 72,847,646 | |
171,829,239 | |||
TOTAL CONTAINERS & PACKAGING | 275,537,531 | ||
Metals & Mining - 10.6% | |||
Copper - 2.3% | |||
Freeport-McMoRan, Inc. (a) | 3,122,600 | 35,878,674 | |
Diversified Metals & Mining - 3.3% | |||
Alcoa Corp. | 579,400 | 19,085,436 | |
Glencore Xstrata PLC | 3,587,482 | 13,178,152 | |
Ivanhoe Mines Ltd. (a) | 1,027,400 | 2,935,755 | |
Rio Tinto PLC | 381,500 | 15,234,740 | |
50,434,083 | |||
Gold - 3.1% | |||
Franco-Nevada Corp. | 224,800 | 16,786,154 | |
Newmont Mining Corp. | 466,500 | 15,930,975 | |
Randgold Resources Ltd. sponsored ADR (b) | 168,200 | 15,948,724 | |
48,665,853 | |||
Steel - 1.9% | |||
JFE Holdings, Inc. | 240,100 | 4,003,112 | |
Reliance Steel & Aluminum Co. | 191,700 | 13,984,515 | |
Steel Dynamics, Inc. | 341,400 | 11,604,186 | |
29,591,813 | |||
TOTAL METALS & MINING | 164,570,423 | ||
Trading Companies & Distributors - 1.9% | |||
Trading Companies & Distributors - 1.9% | |||
Nexeo Solutions, Inc. (a) | 633,614 | 5,575,803 | |
Univar, Inc. (a) | 782,100 | 23,791,482 | |
29,367,285 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,218,031,872) | 1,536,429,124 | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund, 0.86% (c) | 38,667,966 | 38,675,699 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 8,607,842 | 8,608,703 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $47,283,541) | 47,284,402 | ||
TOTAL INVESTMENT PORTFOLIO - 102.1% | |||
(Cost $1,265,315,413) | 1,583,713,526 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (32,138,114) | ||
NET ASSETS - 100% | $1,551,575,412 |
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 | $23,584 |
Fidelity Securities Lending Cash Central Fund | 23,416 |
Total | $47,000 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $1,536,429,124 | $1,521,194,384 | $15,234,740 | $-- |
Money Market Funds | 47,284,402 | 47,284,402 | -- | -- |
Total Investments in Securities: | $1,583,713,526 | $1,568,478,786 | $15,234,740 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $1,268,752,033. Net unrealized appreciation aggregated $314,961,493, of which $337,383,554 related to appreciated investment securities and $22,422,061 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® Select Portfolio®
Brokerage and Investment Management Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6% | |||
Shares | Value | ||
Capital Markets - 97.9% | |||
Asset Management & Custody Banks - 37.7% | |||
Affiliated Managers Group, Inc. | 77,600 | $11,938,760 | |
Ameriprise Financial, Inc. | 48,900 | 5,906,631 | |
Apollo Global Management LLC Class A | 354,100 | 9,571,323 | |
Bank of New York Mellon Corp. | 207,147 | 9,760,767 | |
BlackRock, Inc. Class A | 62,700 | 25,659,348 | |
Cohen & Steers, Inc. | 77,200 | 3,026,240 | |
Diamond Hill Investment Group, Inc. | 12,591 | 2,546,152 | |
Eaton Vance Corp. (non-vtg.) | 265,600 | 12,368,992 | |
Fifth Street Asset Management, Inc. Class A | 165,518 | 620,693 | |
Financial Engines, Inc. | 52,200 | 1,978,380 | |
Invesco Ltd. | 395,000 | 12,521,500 | |
Janus Henderson Group PLC (a) | 128,356 | 4,014,976 | |
Legg Mason, Inc. | 356,642 | 13,149,391 | |
Northern Trust Corp. | 185,100 | 16,185,144 | |
Pzena Investment Management, Inc. | 466,400 | 4,043,688 | |
State Street Corp. | 97,000 | 7,901,620 | |
The Blackstone Group LP | 35,900 | 1,180,392 | |
Virtus Investment Partners, Inc. | 24,700 | 2,487,290 | |
WisdomTree Investments, Inc. (b) | 248,800 | 2,366,088 | |
147,227,375 | |||
Financial Exchanges & Data - 29.7% | |||
CBOE Holdings, Inc. | 299,038 | 25,827,910 | |
CME Group, Inc. | 164,300 | 19,270,747 | |
Deutsche Borse AG | 90,300 | 9,381,033 | |
IntercontinentalExchange, Inc. | 298,800 | 17,984,772 | |
MarketAxess Holdings, Inc. | 23,700 | 4,516,746 | |
Moody's Corp. | 77,400 | 9,168,030 | |
MSCI, Inc. | 64,400 | 6,551,412 | |
S&P Global, Inc. | 163,100 | 23,292,311 | |
115,992,961 | |||
Investment Banking & Brokerage - 30.5% | |||
BGC Partners, Inc. Class A | 871,600 | 10,276,164 | |
Charles Schwab Corp. | 492,100 | 19,068,875 | |
Goldman Sachs Group, Inc. | 35,800 | 7,563,108 | |
Investment Technology Group, Inc. | 97,900 | 1,951,147 | |
Lazard Ltd. Class A | 84,300 | 3,751,350 | |
Morgan Stanley | 530,900 | 22,159,766 | |
PJT Partners, Inc. | 335,212 | 12,962,648 | |
Raymond James Financial, Inc. | 162,000 | 11,707,740 | |
TD Ameritrade Holding Corp. | 449,700 | 16,800,792 | |
Tullett Prebon PLC | 513,100 | 3,155,448 | |
Virtu Financial, Inc. Class A (b) | 596,400 | 9,721,320 | |
119,118,358 | |||
TOTAL CAPITAL MARKETS | 382,338,694 | ||
Diversified Financial Services - 1.7% | |||
Other Diversified Financial Services - 1.7% | |||
NEX Group PLC | 783,700 | 6,507,892 | |
TOTAL COMMON STOCKS | |||
(Cost $341,252,824) | 388,846,586 | ||
Money Market Funds - 3.3% | |||
Fidelity Cash Central Fund, 0.86% (c) | 4,220,987 | 4,221,831 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 8,712,241 | 8,713,113 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $12,934,714) | 12,934,944 | ||
TOTAL INVESTMENT PORTFOLIO - 102.9% | |||
(Cost $354,187,538) | 401,781,530 | ||
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (11,389,213) | ||
NET ASSETS - 100% | $390,392,317 |
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 | $11,253 |
Fidelity Securities Lending Cash Central Fund | 7,451 |
Total | $18,704 |
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 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, 2017, the cost of investment securities for income tax purposes was $355,411,908. Net unrealized appreciation aggregated $46,369,622, of which $53,933,126 related to appreciated investment securities and $7,563,504 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® Select Portfolio®
Insurance Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.7% | |||
Shares | Value | ||
Banks - 0.3% | |||
Regional Banks - 0.3% | |||
Hilltop Holdings, Inc. | 500 | $12,495 | |
Huntington Bancshares, Inc. | 122,600 | 1,537,404 | |
1,549,899 | |||
Capital Markets - 1.3% | |||
Asset Management & Custody Banks - 1.3% | |||
Apollo Global Management LLC Class A | 148,444 | 4,012,441 | |
Ares Management LP | 208,614 | 3,765,483 | |
7,777,924 | |||
Consumer Finance - 0.1% | |||
Consumer Finance - 0.1% | |||
J.G. Wentworth Co. (a)(b) | 179,100 | 35,820 | |
OneMain Holdings, Inc. (a) | 29,000 | 654,240 | |
690,060 | |||
Diversified Financial Services - 3.5% | |||
Multi-Sector Holdings - 2.6% | |||
Berkshire Hathaway, Inc. Class B (a) | 90,700 | 14,990,896 | |
Other Diversified Financial Services - 0.9% | |||
Voya Financial, Inc. | 161,800 | 5,530,324 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 20,521,220 | ||
Insurance - 90.5% | |||
Insurance Brokers - 15.5% | |||
Aon PLC | 171,900 | 22,503,429 | |
Arthur J. Gallagher & Co. | 203,700 | 11,555,901 | |
Brown & Brown, Inc. | 248,700 | 10,801,041 | |
Marsh & McLennan Companies, Inc. | 428,200 | 33,211,192 | |
Willis Group Holdings PLC | 87,328 | 12,804,905 | |
90,876,468 | |||
Life & Health Insurance - 22.6% | |||
AFLAC, Inc. | 309,600 | 23,337,648 | |
CNO Financial Group, Inc. | 235,300 | 4,821,297 | |
FBL Financial Group, Inc. Class A | 300 | 18,885 | |
Genworth Financial, Inc. Class A (a) | 444,100 | 1,625,406 | |
MetLife, Inc. | 737,175 | 37,293,683 | |
Primerica, Inc. | 49,100 | 3,545,020 | |
Principal Financial Group, Inc. | 320,600 | 20,168,946 | |
Prudential Financial, Inc. | 147,289 | 15,443,252 | |
Sony Financial Holdings, Inc. | 286,000 | 4,402,980 | |
Torchmark Corp. | 121,400 | 9,165,700 | |
Unum Group | 273,461 | 12,300,276 | |
132,123,093 | |||
Multi-Line Insurance - 13.7% | |||
American International Group, Inc. | 921,600 | 58,641,408 | |
Hartford Financial Services Group, Inc. | 300,100 | 14,821,939 | |
Loews Corp. | 114,100 | 5,380,956 | |
Zurich Insurance Group AG | 3,616 | 1,062,904 | |
79,907,207 | |||
Property & Casualty Insurance - 36.5% | |||
Allied World Assurance Co. Holdings AG | 254,200 | 13,363,294 | |
Allstate Corp. | 303,800 | 26,230,092 | |
AmTrust Financial Services, Inc. | 87,900 | 1,155,006 | |
Arch Capital Group Ltd. (a) | 76,000 | 7,391,000 | |
Argo Group International Holdings, Ltd. | 16,681 | 1,032,554 | |
Aspen Insurance Holdings Ltd. | 78,500 | 3,987,800 | |
Assured Guaranty Ltd. | 115,200 | 4,499,712 | |
Axis Capital Holdings Ltd. | 14,700 | 964,026 | |
Beazley PLC | 20,596 | 125,307 | |
Chubb Ltd. | 457,305 | 65,481,502 | |
Employers Holdings, Inc. | 800 | 32,040 | |
esure Group PLC | 174,900 | 610,022 | |
First American Financial Corp. | 69,100 | 3,007,232 | |
FNF Group | 122,800 | 5,232,508 | |
FNFV Group (a) | 21,299 | 297,121 | |
Hanover Insurance Group, Inc. | 43,900 | 3,660,821 | |
Hiscox Ltd. | 139,220 | 2,202,762 | |
Markel Corp. (a) | 8,600 | 8,404,350 | |
MBIA, Inc. (a) | 92,900 | 760,851 | |
Mercury General Corp. | 200 | 11,200 | |
OneBeacon Insurance Group Ltd. | 112,200 | 2,058,870 | |
Progressive Corp. | 109,800 | 4,658,814 | |
The Travelers Companies, Inc. | 376,500 | 47,006,025 | |
XL Group Ltd. | 271,000 | 11,839,990 | |
214,012,899 | |||
Reinsurance - 2.2% | |||
Maiden Holdings Ltd. | 700 | 7,385 | |
Muenchener Rueckversicherungs AG | 8,100 | 1,599,433 | |
Reinsurance Group of America, Inc. | 86,633 | 10,786,675 | |
Third Point Reinsurance Ltd. (a) | 46,300 | 608,845 | |
13,002,338 | |||
TOTAL INSURANCE | 529,922,005 | ||
IT Services - 0.0% | |||
Data Processing & Outsourced Services - 0.0% | |||
Gocompare.com Group PLC (a) | 174,900 | 210,702 | |
TOTAL COMMON STOCKS | |||
(Cost $370,757,704) | 560,671,810 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Insurance - 0.0% | |||
Life & Health Insurance - 0.0% | |||
Torchmark Corp. 6.125% | |||
(Cost $76,079) | 3,059 | 81,033 | |
Money Market Funds - 3.5% | |||
Fidelity Cash Central Fund, 0.86% (c) | 20,426,749 | 20,430,834 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 12,399 | 12,400 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $20,441,850) | 20,443,234 | ||
TOTAL INVESTMENT PORTFOLIO - 99.2% | |||
(Cost $391,275,633) | 581,196,077 | ||
NET OTHER ASSETS (LIABILITIES) - 0.8% | 4,452,291 | ||
NET ASSETS - 100% | $585,648,368 |
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 | $33,112 |
Fidelity Securities Lending Cash Central Fund | 70 |
Total | $33,182 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $560,671,810 | $559,072,377 | $1,599,433 | $-- |
Nonconvertible Preferred Stocks | 81,033 | 81,033 | -- | -- |
Money Market Funds | 20,443,234 | 20,443,234 | -- | -- |
Total Investments in Securities: | $581,196,077 | $579,596,644 | $1,599,433 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $393,058,310. Net unrealized appreciation aggregated $188,137,767, of which $190,268,603 related to appreciated investment securities and $2,130,836, 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® Select Portfolio®
Computers Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Electronic Equipment & Components - 4.7% | |||
Technology Distributors - 4.7% | |||
Dell Technologies, Inc. (a) | 385,433 | $26,745,196 | |
Internet Software & Services - 9.5% | |||
Internet Software & Services - 9.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 25,200 | 24,874,668 | |
Class C (a) | 1,957 | 1,888,231 | |
Facebook, Inc. Class A (a) | 177,311 | 26,855,524 | |
53,618,423 | |||
IT Services - 4.0% | |||
Data Processing & Outsourced Services - 2.2% | |||
MasterCard, Inc. Class A | 41,300 | 5,074,944 | |
Visa, Inc. Class A | 77,700 | 7,399,371 | |
12,474,315 | |||
IT Consulting & Other Services - 1.8% | |||
DXC Technology Co. | 85,012 | 6,590,130 | |
IBM Corp. | 425 | 64,868 | |
Teradata Corp. (a)(b) | 118,257 | 3,223,686 | |
9,878,684 | |||
TOTAL IT SERVICES | 22,352,999 | ||
Semiconductors & Semiconductor Equipment - 4.9% | |||
Semiconductor Equipment - 1.4% | |||
ASML Holding NV | 57,466 | 7,584,937 | |
Semiconductors - 3.5% | |||
Qualcomm, Inc. | 345,769 | 19,802,191 | |
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 27,387,128 | ||
Technology Hardware, Storage & Peripherals - 75.5% | |||
Technology Hardware, Storage & Peripherals - 75.5% | |||
3D Systems Corp. (a)(b) | 86,300 | 1,764,835 | |
Apple, Inc. | 755,511 | 115,411,862 | |
BlackBerry Ltd. (a) | 228,193 | 2,412,000 | |
Canon, Inc. sponsored ADR (b) | 525,719 | 18,305,536 | |
Cray, Inc. (a) | 789,864 | 14,020,086 | |
Diebold Nixdorf, Inc. (b) | 272,321 | 7,202,890 | |
Eastman Kodak Co. (a)(b) | 1,080,227 | 9,992,100 | |
Electronics for Imaging, Inc. (a) | 38,259 | 1,814,242 | |
Hewlett Packard Enterprise Co. | 1,491,772 | 28,060,231 | |
HP, Inc. | 3,208,520 | 60,191,835 | |
NCR Corp. (a) | 506,822 | 19,527,852 | |
NetApp, Inc. | 684,510 | 27,715,810 | |
Quantum Corp. (a) | 203,086 | 1,724,200 | |
Samsung Electronics Co. Ltd. | 30,311 | 60,512,887 | |
Seagate Technology LLC | 294,119 | 12,814,765 | |
Super Micro Computer, Inc. (a) | 67,654 | 1,664,288 | |
Western Digital Corp. | 480,105 | 43,238,256 | |
426,373,675 | |||
TOTAL COMMON STOCKS | |||
(Cost $366,172,341) | 556,477,421 | ||
Money Market Funds - 6.4% | |||
Fidelity Cash Central Fund, 0.86% (c) | 11,475,158 | 11,477,453 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 24,767,887 | 24,770,363 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $36,247,844) | 36,247,816 | ||
TOTAL INVESTMENT PORTFOLIO - 105.0% | |||
(Cost $402,420,185) | 592,725,237 | ||
NET OTHER ASSETS (LIABILITIES) - (5.0)% | (28,338,735) | ||
NET ASSETS - 100% | $564,386,502 |
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 | $30,496 |
Fidelity Securities Lending Cash Central Fund | 45,682 |
Total | $76,178 |
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 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, 2017, the cost of investment securities for income tax purposes was $403,796,713. Net unrealized appreciation aggregated $188,928,524, of which $200,927,965 related to appreciated investment securities and $11,999,441 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® Select Portfolio®
IT Services Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Electronic Equipment & Components - 0.4% | |||
Electronic Manufacturing Services - 0.4% | |||
Cardtronics PLC | 188,600 | $6,459,550 | |
Internet Software & Services - 2.8% | |||
Internet Software & Services - 2.8% | |||
Endurance International Group Holdings, Inc. (a) | 1,709,958 | 12,910,183 | |
GoDaddy, Inc. (a) | 872,427 | 35,891,647 | |
Wix.com Ltd. (a) | 17 | 1,253 | |
48,803,083 | |||
IT Services - 95.1% | |||
Data Processing & Outsourced Services - 61.4% | |||
Alliance Data Systems Corp. | 259,548 | 62,584,809 | |
Amadeus IT Holding SA Class A | 800 | 46,597 | |
Automatic Data Processing, Inc. | 397,318 | 40,673,444 | |
Black Knight Financial Services, Inc. Class A (a) | 9,100 | 362,635 | |
Broadridge Financial Solutions, Inc. | 7,800 | 591,942 | |
Cass Information Systems, Inc. | 1,852 | 113,416 | |
Convergys Corp. | 8,200 | 199,342 | |
CoreLogic, Inc. (a) | 2,700 | 116,910 | |
CSG Systems International, Inc. | 4,170 | 166,341 | |
DST Systems, Inc. | 200 | 24,164 | |
Euronet Worldwide, Inc. (a) | 187,000 | 16,312,010 | |
Everi Holdings, Inc. (a) | 583,800 | 3,905,622 | |
EVERTEC, Inc. | 13,800 | 227,700 | |
ExlService Holdings, Inc. (a) | 311,870 | 16,332,632 | |
Fidelity National Information Services, Inc. | 752,200 | 64,591,414 | |
First Data Corp. Class A (a) | 633,300 | 10,848,429 | |
Fiserv, Inc. (a) | 242,400 | 30,367,872 | |
FleetCor Technologies, Inc. (a) | 305,500 | 44,080,595 | |
Genpact Ltd. | 207,500 | 5,668,900 | |
Global Payments, Inc. | 492,381 | 45,107,023 | |
Jack Henry & Associates, Inc. | 1,600 | 169,936 | |
MasterCard, Inc. Class A | 1,578,800 | 194,002,944 | |
Maximus, Inc. | 45,500 | 2,824,640 | |
Paychex, Inc. | 1,800 | 106,614 | |
PayPal Holdings, Inc. (a) | 1,995,700 | 104,195,497 | |
Sabre Corp. (b) | 652,800 | 14,642,304 | |
Sykes Enterprises, Inc. (a) | 8,100 | 269,973 | |
Syntel, Inc. (b) | 82,500 | 1,442,100 | |
Teletech Holdings, Inc. | 2,000 | 85,100 | |
The Western Union Co. | 5,100 | 97,002 | |
Total System Services, Inc. | 477,900 | 28,458,945 | |
Travelport Worldwide Ltd. | 705,324 | 9,521,874 | |
Vantiv, Inc. (a) | 247,600 | 15,529,472 | |
Visa, Inc. Class A | 3,259,448 | 310,397,232 | |
WEX, Inc. (a) | 51,600 | 5,271,456 | |
WNS Holdings Ltd. sponsored ADR (a) | 1,094,392 | 36,443,254 | |
1,065,780,140 | |||
IT Consulting & Other Services - 33.7% | |||
Accenture PLC Class A | 758,900 | 94,460,283 | |
Acxiom Corp. (a) | 6,100 | 159,820 | |
Booz Allen Hamilton Holding Corp. Class A | 895,400 | 35,314,576 | |
CACI International, Inc. Class A (a) | 4,600 | 566,260 | |
Capgemini SA | 248,100 | 25,685,281 | |
Cognizant Technology Solutions Corp. Class A | 2,137,832 | 143,042,339 | |
CSRA, Inc. | 52,900 | 1,595,464 | |
DXC Technology Co. | 571,900 | 44,333,688 | |
EPAM Systems, Inc. (a) | 739,300 | 62,012,484 | |
Forrester Research, Inc. | 4,500 | 177,300 | |
Gartner, Inc. (a) | 97,176 | 11,622,250 | |
IBM Corp. | 552,350 | 84,305,181 | |
Leidos Holdings, Inc. | 58,725 | 3,262,761 | |
Luxoft Holding, Inc. (a) | 605,650 | 39,124,990 | |
Perficient, Inc. (a) | 28,300 | 488,741 | |
Science Applications International Corp. | 800 | 60,792 | |
Teradata Corp. (a) | 3,500 | 95,410 | |
Unisys Corp. (a) | 155,390 | 1,833,602 | |
Virtusa Corp. (a) | 1,279,151 | 37,120,962 | |
585,262,184 | |||
TOTAL IT SERVICES | 1,651,042,324 | ||
Professional Services - 0.0% | |||
Research & Consulting Services - 0.0% | |||
ICF International, Inc. (a) | 11 | 518 | |
Software - 1.0% | |||
Application Software - 1.0% | |||
Globant SA (a)(b) | 136,171 | 5,332,456 | |
Intuit, Inc. | 83,700 | 11,771,568 | |
17,104,024 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,122,284,374) | 1,723,409,499 | ||
Money Market Funds - 1.6% | |||
Fidelity Cash Central Fund, 0.86% (c) | 13,649,356 | 13,652,086 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 14,266,134 | 14,267,560 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $27,919,304) | 27,919,646 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% | |||
(Cost $1,150,203,678) | 1,751,329,145 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (15,550,727) | ||
NET ASSETS - 100% | $1,735,778,418 |
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 | $20,816 |
Fidelity Securities Lending Cash Central Fund | 14,293 |
Total | $35,109 |
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, 2017. 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 | $22,740,632 |
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 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, 2017, the cost of investment securities for income tax purposes was $1,152,008,939. Net unrealized appreciation aggregated $599,320,206, of which $622,898,987 related to appreciated investment securities and $23,578,781 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® Select Portfolio®
Energy Service Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9% | |||
Shares | Value | ||
Construction & Engineering - 0.2% | |||
Construction & Engineering - 0.2% | |||
Enterprise Group, Inc. (a)(b) | 5,565,237 | $1,235,941 | |
Energy Equipment & Services - 96.9% | |||
Oil & Gas Drilling - 16.8% | |||
Borr Drilling Ltd. (a) | 4,906,760 | 17,421,893 | |
Independence Contract Drilling, Inc. (a) | 874,000 | 3,338,680 | |
Nabors Industries Ltd. | 1,188,300 | 10,457,040 | |
Odfjell Drilling A/S (a) | 6,663,192 | 16,008,758 | |
Parker Drilling Co. (a)(b) | 6,960,356 | 9,396,481 | |
Shelf Drilling Ltd. (a) | 1,115,203 | 8,711,183 | |
Trinidad Drilling Ltd. (a) | 9,569,600 | 13,955,740 | |
Xtreme Drilling & Coil Services Corp. (a)(b) | 5,731,713 | 9,843,857 | |
89,133,632 | |||
Oil & Gas Equipment & Services - 80.1% | |||
Baker Hughes, Inc. | 961,473 | 53,025,236 | |
BW Offshore Ltd. (a)(c) | 2,460,214 | 5,969,061 | |
C&J Energy Services, Inc. (a) | 448,800 | 15,151,488 | |
CSI Compressco LP | 1,025,671 | 5,641,191 | |
Dril-Quip, Inc. (a)(c) | 473,900 | 23,505,440 | |
Fairmount Santrol Holidings, Inc. (a)(c) | 419,200 | 1,995,392 | |
Frank's International NV (c) | 1,653,479 | 12,368,023 | |
Halliburton Co. | 1,388,934 | 62,765,927 | |
Helix Energy Solutions Group, Inc. (a) | 1,296,729 | 6,457,710 | |
McCoy Global, Inc. (a) | 1,050,250 | 1,578,271 | |
National Oilwell Varco, Inc. | 346,062 | 11,305,846 | |
Newpark Resources, Inc. (a) | 1,645,118 | 12,173,873 | |
Oceaneering International, Inc. | 994,707 | 24,250,957 | |
RigNet, Inc. (a)(b)(c) | 1,395,860 | 23,380,655 | |
Schlumberger Ltd. | 1,191,711 | 82,931,169 | |
Smart Sand, Inc. (c) | 852,500 | 8,303,350 | |
Spectrum ASA (a) | 2,083,620 | 9,370,902 | |
Superior Drilling Products, Inc. (a)(b)(c) | 2,409,569 | 2,024,038 | |
Superior Energy Services, Inc. (a) | 257,400 | 2,669,238 | |
TechnipFMC PLC (a) | 239,262 | 6,926,635 | |
Tesco Corp. (a)(b) | 3,282,680 | 15,264,462 | |
TETRA Technologies, Inc. (a)(b) | 8,699,794 | 26,882,363 | |
TETRA Technologies, Inc. warrants 12/14/21 (a)(b) | 300,100 | 192,814 | |
Weatherford International PLC (a) | 2,587,166 | 12,418,397 | |
426,552,438 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 515,686,070 | ||
Oil, Gas & Consumable Fuels - 2.5% | |||
Oil & Gas Refining & Marketing - 0.5% | |||
Alon U.S.A. Partners LP | 215,897 | 2,389,980 | |
Oil & Gas Storage & Transport - 2.0% | |||
Golar LNG Ltd. | 87,533 | 2,036,455 | |
StealthGas, Inc. (a)(b) | 2,310,091 | 7,600,199 | |
Teekay LNG Partners LP | 77,900 | 1,184,080 | |
10,820,734 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 13,210,714 | ||
Water Utilities - 0.3% | |||
Water Utilities - 0.3% | |||
Select Energy Services, Inc. Class A (c) | 93,077 | 1,412,909 | |
TOTAL COMMON STOCKS | |||
(Cost $605,183,140) | 531,545,634 | ||
Money Market Funds - 4.1% | |||
Fidelity Securities Lending Cash Central Fund 0.87% (d)(e) | |||
(Cost $22,180,790) | 22,179,735 | 22,181,953 | |
TOTAL INVESTMENT PORTFOLIO - 104.0% | |||
(Cost $627,363,930) | 553,727,587 | ||
NET OTHER ASSETS (LIABILITIES) - (4.0)% | (21,508,469) | ||
NET ASSETS - 100% | $532,219,118 |
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 | $343 |
Fidelity Securities Lending Cash Central Fund | 146,884 |
Total | $147,227 |
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 |
Borr Drilling Ltd. | $23,110,873 | $-- | $5,297,486 | $-- | $-- |
Enterprise Group, Inc. | 1,340,819 | -- | -- | -- | 1,235,941 |
Forbes Energy Services Ltd. | 62,930 | -- | 16,345 | -- | -- |
Parker Drilling Co. | 10,581,966 | 3,102,027 | 779,581 | 9,396,481 | |
RigNet, Inc. | 27,747,812 | 867,990 | 4,709,714 | -- | 23,380,655 |
StealthGas, Inc. | 10,668,491 | -- | 488,777 | -- | 7,600,199 |
Superior Drilling Products, Inc. | 2,481,856 | -- | -- | -- | 2,024,038 |
Tesco Corp. | 22,842,845 | 3,896,832 | 1,085,845 | -- | 15,264,462 |
TETRA Technologies, Inc. | 33,925,982 | 5,761,195 | 1,852,875 | -- | 26,882,363 |
TETRA Technologies, Inc. warrants 12/14/21 | 435,145 | -- | -- | -- | 192,814 |
Xtreme Drilling & Coil Services Corp. | 10,443,266 | -- | -- | -- | 9,843,857 |
Total | $143,641,985 | $13,628,044 | $14,230,623 | $-- | $95,820,810 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $531,545,634 | $531,352,820 | $192,814 | $-- |
Money Market Funds | 22,181,953 | 22,181,953 | -- | -- |
Total Investments in Securities: | $553,727,587 | $553,534,773 | $192,814 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $633,214,936. Net unrealized depreciation aggregated $79,487,349, of which $70,388,374 related to appreciated investment securities and $149,875,723 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® Select Portfolio®
Leisure Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value | ||
Beverages - 0.3% | |||
Distillers & Vintners - 0.3% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 9,100 | $1,663,025 | |
Commercial Services & Supplies - 0.7% | |||
Diversified Support Services - 0.7% | |||
KAR Auction Services, Inc. | 82,500 | 3,594,525 | |
Diversified Consumer Services - 2.0% | |||
Education Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 6,600 | 473,022 | |
Specialized Consumer Services - 1.9% | |||
Service Corp. International | 108,500 | 3,458,980 | |
ServiceMaster Global Holdings, Inc. (a) | 170,534 | 6,446,185 | |
9,905,165 | |||
TOTAL DIVERSIFIED CONSUMER SERVICES | 10,378,187 | ||
Food & Staples Retailing - 1.1% | |||
Food Distributors - 0.9% | |||
Performance Food Group Co. (a) | 170,800 | 4,833,640 | |
Hypermarkets & Super Centers - 0.2% | |||
Costco Wholesale Corp. | 3,700 | 667,591 | |
TOTAL FOOD & STAPLES RETAILING | 5,501,231 | ||
Hotels, Restaurants & Leisure - 85.4% | |||
Casinos & Gaming - 12.3% | |||
Boyd Gaming Corp. | 73,200 | 1,860,012 | |
Caesars Entertainment Corp. (a)(b) | 64,000 | 700,800 | |
Churchill Downs, Inc. | 3,423 | 573,866 | |
Las Vegas Sands Corp. | 504,308 | 29,819,732 | |
Melco Crown Entertainment Ltd. sponsored ADR | 137,820 | 3,111,976 | |
MGM Mirage, Inc. | 567,900 | 18,013,788 | |
Penn National Gaming, Inc. (a) | 60,800 | 1,175,264 | |
Wynn Resorts Ltd. | 74,000 | 9,523,800 | |
64,779,238 | |||
Hotels, Resorts & Cruise Lines - 19.4% | |||
Extended Stay America, Inc. unit | 165,451 | 3,011,208 | |
Hilton Grand Vacations, Inc. (a) | 3,012 | 107,739 | |
Hilton, Inc. | 219,097 | 14,563,378 | |
ILG, Inc. | 206,512 | 5,563,433 | |
Marriott International, Inc. Class A | 294,496 | 31,702,494 | |
Marriott Vacations Worldwide Corp. | 18,059 | 2,104,235 | |
Royal Caribbean Cruises Ltd. | 211,190 | 23,268,914 | |
Wyndham Worldwide Corp. | 211,214 | 21,330,502 | |
101,651,903 | |||
Leisure Facilities - 3.2% | |||
Cedar Fair LP (depositary unit) | 52,043 | 3,696,094 | |
Vail Resorts, Inc. | 61,229 | 13,096,883 | |
16,792,977 | |||
Restaurants - 50.5% | |||
ARAMARK Holdings Corp. | 75,000 | 2,794,500 | |
Chipotle Mexican Grill, Inc. (a)(b) | 30,472 | 14,545,809 | |
Darden Restaurants, Inc. | 41,000 | 3,646,130 | |
Dave & Buster's Entertainment, Inc. (a) | 66,914 | 4,463,164 | |
Del Frisco's Restaurant Group, Inc. (a) | 86,362 | 1,468,154 | |
Del Taco Restaurants, Inc. (a) | 190,949 | 2,449,876 | |
Domino's Pizza, Inc. | 27,500 | 5,822,300 | |
Dunkin' Brands Group, Inc. | 89,200 | 5,219,092 | |
Habit Restaurants, Inc. Class A (a) | 12,200 | 226,310 | |
Jack in the Box, Inc. | 116,080 | 12,371,806 | |
McDonald's Corp. | 531,910 | 80,259,900 | |
Papa John's International, Inc. | 88,043 | 7,093,625 | |
Red Robin Gourmet Burgers, Inc. (a) | 200 | 14,415 | |
Restaurant Brands International, Inc. | 39,500 | 2,416,756 | |
Ruth's Hospitality Group, Inc. | 59,823 | 1,292,177 | |
Shake Shack, Inc. Class A (a)(b) | 12,700 | 470,154 | |
Starbucks Corp. | 1,359,000 | 86,445,989 | |
Texas Roadhouse, Inc. Class A | 82,900 | 4,055,468 | |
U.S. Foods Holding Corp. | 124,733 | 3,737,001 | |
Wendy's Co. | 28,800 | 465,696 | |
Wingstop, Inc. (b) | 66,550 | 1,897,341 | |
Yum! Brands, Inc. | 335,036 | 24,337,015 | |
265,492,678 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 448,716,796 | ||
Household Durables - 0.1% | |||
Household Appliances - 0.1% | |||
Helen of Troy Ltd. (a) | 4,500 | 409,500 | |
Household Products - 0.2% | |||
Household Products - 0.2% | |||
Spectrum Brands Holdings, Inc. | 9,200 | 1,236,940 | |
Internet & Direct Marketing Retail - 1.4% | |||
Internet & Direct Marketing Retail - 1.4% | |||
Amazon.com, Inc. (a) | 2,400 | 2,387,088 | |
Liberty Interactive Corp. QVC Group Series A (a) | 67,500 | 1,583,550 | |
Priceline Group, Inc. (a) | 1,700 | 3,191,053 | |
7,161,691 | |||
Internet Software & Services - 1.5% | |||
Internet Software & Services - 1.5% | |||
2U, Inc. (a) | 76,685 | 3,278,284 | |
Alphabet, Inc. Class A (a) | 2,400 | 2,369,016 | |
Facebook, Inc. Class A (a) | 14,200 | 2,150,732 | |
7,798,032 | |||
IT Services - 0.5% | |||
Data Processing & Outsourced Services - 0.5% | |||
Global Payments, Inc. | 15,700 | 1,438,277 | |
Visa, Inc. Class A | 13,200 | 1,257,036 | |
2,695,313 | |||
Media - 0.5% | |||
Cable & Satellite - 0.2% | |||
Charter Communications, Inc. Class A (a) | 3,288 | 1,136,168 | |
Movies & Entertainment - 0.3% | |||
Liberty Media Corp. Liberty Media Class C (a) | 13,400 | 446,220 | |
The Walt Disney Co. | 10,100 | 1,090,194 | |
1,536,414 | |||
TOTAL MEDIA | 2,672,582 | ||
Multiline Retail - 2.0% | |||
General Merchandise Stores - 2.0% | |||
Dollar Tree, Inc. (a) | 135,500 | 10,528,350 | |
Personal Products - 0.1% | |||
Personal Products - 0.1% | |||
Herbalife Ltd. (a) | 7,900 | 567,062 | |
Specialty Retail - 1.4% | |||
Apparel Retail - 0.7% | |||
Burlington Stores, Inc. (a) | 17,200 | 1,683,020 | |
TJX Companies, Inc. | 27,000 | 2,030,670 | |
3,713,690 | |||
Automotive Retail - 0.4% | |||
AutoZone, Inc. (a) | 3,200 | 1,938,944 | |
Home Improvement Retail - 0.3% | |||
Home Depot, Inc. | 10,500 | 1,611,855 | |
TOTAL SPECIALTY RETAIL | 7,264,489 | ||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Apple, Inc. | 13,600 | 2,077,536 | |
Textiles, Apparel & Luxury Goods - 0.2% | |||
Apparel, Accessories & Luxury Goods - 0.2% | |||
LVMH Moet Hennessy - Louis Vuitton SA | 5,005 | 1,279,289 | |
TOTAL COMMON STOCKS | |||
(Cost $302,494,035) | 513,544,548 | ||
Money Market Funds - 7.3% | |||
Fidelity Cash Central Fund, 0.86% (c) | 24,206,007 | 24,210,848 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 14,414,851 | 14,416,292 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $38,626,999) | 38,627,140 | ||
TOTAL INVESTMENT PORTFOLIO - 105.1% | |||
(Cost $341,121,034) | 552,171,688 | ||
NET OTHER ASSETS (LIABILITIES) - (5.1)% | (26,856,707) | ||
NET ASSETS - 100% | $525,314,981 |
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 | $15,500 |
Fidelity Securities Lending Cash Central Fund | 8,788 |
Total | $24,288 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $513,544,548 | $512,265,259 | $1,279,289 | $-- |
Money Market Funds | 38,627,140 | 38,627,140 | -- | -- |
Total Investments in Securities: | $552,171,688 | $550,892,399 | $1,279,289 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $345,388,690. Net unrealized appreciation aggregated $206,782,998, of which $208,339,686 related to appreciated investment securities and $1,556,688 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® Select Portfolio®
Pharmaceuticals Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
Biotechnology - 6.4% | |||
Biotechnology - 6.4% | |||
Ablynx NV (a)(b) | 263,300 | $3,312,714 | |
AC Immune SA (b) | 137,200 | 1,221,080 | |
Advanced Accelerator Applications SA sponsored ADR (a) | 80,600 | 3,045,068 | |
Advaxis, Inc. (a) | 153,900 | 1,241,973 | |
Alnylam Pharmaceuticals, Inc. (a) | 38,500 | 2,520,210 | |
Amgen, Inc. | 116,800 | 18,132,032 | |
Cytokinetics, Inc. (a) | 140,700 | 1,906,485 | |
Olivo Labs (c) | 6,851 | 8,290 | |
Ovid Therapeutics, Inc. | 97,500 | 1,243,125 | |
Repligen Corp. (a) | 144,800 | 5,681,952 | |
Shire PLC sponsored ADR | 61,500 | 10,622,280 | |
uniQure B.V. (a)(b) | 280,618 | 1,554,624 | |
Vertex Pharmaceuticals, Inc. (a) | 58,600 | 7,242,960 | |
Xencor, Inc. (a) | 146,268 | 2,998,494 | |
60,731,287 | |||
Chemicals - 0.5% | |||
Specialty Chemicals - 0.5% | |||
Codexis, Inc. (a) | 1,266,559 | 5,066,236 | |
Health Care Equipment & Supplies - 2.4% | |||
Health Care Equipment - 2.4% | |||
Becton, Dickinson & Co. | 53,600 | 10,142,728 | |
Danaher Corp. | 98,800 | 8,392,072 | |
Insulet Corp. (a) | 105,100 | 4,411,047 | |
22,945,847 | |||
Health Care Providers & Services - 3.7% | |||
Managed Health Care - 3.7% | |||
Anthem, Inc. | 56,400 | 10,284,540 | |
Humana, Inc. | 44,600 | 10,358,796 | |
UnitedHealth Group, Inc. | 84,600 | 14,820,228 | |
35,463,564 | |||
Household Products - 1.1% | |||
Household Products - 1.1% | |||
Reckitt Benckiser Group PLC | 100,262 | 10,283,305 | |
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
MYOS Corp. (a) | 40,000 | 80,800 | |
Pharmaceuticals - 84.4% | |||
Pharmaceuticals - 84.4% | |||
Aclaris Therapeutics, Inc. (a) | 352,700 | 8,387,206 | |
Aerie Pharmaceuticals, Inc. (a) | 102,700 | 5,694,715 | |
Allergan PLC | 268,538 | 60,085,378 | |
AstraZeneca PLC sponsored ADR (b) | 1,683,500 | 57,895,565 | |
Bayer AG | 135,100 | 17,951,103 | |
Bristol-Myers Squibb Co. | 728,110 | 39,281,535 | |
Dermira, Inc. (a)(b) | 234,700 | 6,435,474 | |
Endo International PLC (a) | 636,400 | 8,387,752 | |
GlaxoSmithKline PLC sponsored ADR | 2,054,500 | 90,870,535 | |
Horizon Pharma PLC (a) | 123,900 | 1,239,000 | |
Impax Laboratories, Inc. (a) | 420,000 | 6,405,000 | |
Innoviva, Inc. (a)(b) | 563,400 | 6,884,748 | |
Jazz Pharmaceuticals PLC (a) | 158,700 | 23,100,372 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 1,427,399 | 10,436,076 | |
Johnson & Johnson | 915,500 | 117,412,873 | |
Lannett Co., Inc. (a)(b) | 216,200 | 4,345,620 | |
Mallinckrodt PLC (a) | 271,000 | 11,688,230 | |
Merck & Co., Inc. | 526,136 | 34,256,715 | |
Merck KGaA | 41,200 | 4,973,003 | |
Mylan N.V. (a) | 200,000 | 7,796,000 | |
Nektar Therapeutics (a) | 144,400 | 2,870,672 | |
Novartis AG sponsored ADR | 567,698 | 46,420,665 | |
Novo Nordisk A/S Series B sponsored ADR | 222,000 | 9,406,140 | |
Pfizer, Inc. | 1,838,888 | 60,039,693 | |
Prestige Brands Holdings, Inc. (a) | 201,800 | 10,166,684 | |
Reata Pharmaceuticals, Inc. | 200 | 5,526 | |
Revance Therapeutics, Inc. (a)(b) | 342,100 | 7,611,725 | |
Roche Holding AG (participation certificate) | 90,490 | 24,843,941 | |
Sanofi SA sponsored ADR | 1,857,522 | 92,114,516 | |
Supernus Pharmaceuticals, Inc. (a) | 104,100 | 3,914,160 | |
Teligent, Inc. (a)(b) | 681,800 | 5,645,304 | |
The Medicines Company (a)(b) | 176,884 | 7,034,677 | |
Theravance Biopharma, Inc. (a)(b) | 322,997 | 11,789,391 | |
805,389,994 | |||
TOTAL COMMON STOCKS | |||
(Cost $766,349,694) | 939,961,033 | ||
Nonconvertible Preferred Stocks - 0.7% | |||
Health Care Equipment & Supplies - 0.7% | |||
Health Care Equipment - 0.7% | |||
Sartorius AG (non-vtg.) | |||
(Cost $5,270,691) | 71,700 | 7,309,386 | |
Money Market Funds - 6.2% | |||
Fidelity Securities Lending Cash Central Fund 0.87% (d)(e) | |||
(Cost $59,135,810) | 59,132,257 | 59,138,170 | |
TOTAL INVESTMENT PORTFOLIO - 105.4% | |||
(Cost $830,756,195) | 1,006,408,589 | ||
NET OTHER ASSETS (LIABILITIES) - (5.4)% | (51,826,665) | ||
NET ASSETS - 100% | $954,581,924 |
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 $8,290 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 |
Olivo Labs | 2/8/17 | $8,290 |
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 | $7,171 |
Fidelity Securities Lending Cash Central Fund | 253,222 |
Total | $260,393 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $939,961,033 | $886,874,394 | $53,078,349 | $8,290 |
Nonconvertible Preferred Stocks | 7,309,386 | 7,309,386 | -- | -- |
Money Market Funds | 59,138,170 | 59,138,170 | -- | -- |
Total Investments in Securities: | $1,006,408,589 | $953,321,950 | $53,078,349 | $8,290 |
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 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, 2017, the cost of investment securities for income tax purposes was $834,748,729. Net unrealized appreciation aggregated $171,659,860, of which $190,549,683 related to appreciated investment securities and $18,889,823 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® Select Portfolio®
Telecommunications Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
Diversified Telecommunication Services - 67.8% | |||
Alternative Carriers - 18.4% | |||
Cogent Communications Group, Inc. | 405,339 | $15,970,357 | |
Globalstar, Inc. (a)(b) | 3,587,348 | 7,102,949 | |
Iliad SA | 7,321 | 1,898,932 | |
Iridium Communications, Inc. (a)(b) | 1,620,011 | 16,038,109 | |
Level 3 Communications, Inc. (a) | 441,467 | 26,276,116 | |
Lumos Networks Corp. (a) | 308,678 | 5,531,510 | |
ORBCOMM, Inc. (a) | 313,749 | 3,074,740 | |
Vonage Holdings Corp. (a) | 1,825,371 | 12,613,314 | |
Zayo Group Holdings, Inc. (a) | 368,300 | 11,844,528 | |
100,350,555 | |||
Integrated Telecommunication Services - 49.4% | |||
AT&T, Inc. | 1,607,220 | 61,926,187 | |
Atlantic Tele-Network, Inc. | 156,200 | 10,221,728 | |
CenturyLink, Inc. (b) | 734,078 | 18,315,246 | |
Cincinnati Bell, Inc. (a) | 696,902 | 11,847,334 | |
Consolidated Communications Holdings, Inc. (b) | 144,398 | 2,876,408 | |
FairPoint Communications, Inc. (a) | 275,400 | 3,965,760 | |
Frontier Communications Corp. (b) | 5,039,134 | 6,601,266 | |
General Communications, Inc. Class A (a) | 421,443 | 15,589,177 | |
Verizon Communications, Inc. | 2,819,297 | 131,492,008 | |
Windstream Holdings, Inc. (b) | 1,475,230 | 6,269,728 | |
269,104,842 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 369,455,397 | ||
Equity Real Estate Investment Trusts (REITs) - 2.0% | |||
Specialized REITs - 2.0% | |||
American Tower Corp. | 83,390 | 10,939,934 | |
Internet & Direct Marketing Retail - 0.7% | |||
Internet & Direct Marketing Retail - 0.7% | |||
Liberty Interactive Corp. QVC Group Series A (a) | 169,700 | 3,981,162 | |
Internet Software & Services - 1.7% | |||
Internet Software & Services - 1.7% | |||
Akamai Technologies, Inc. (a) | 62,500 | 2,946,875 | |
Gogo, Inc. (a)(b) | 504,647 | 6,525,086 | |
9,471,961 | |||
Media - 10.7% | |||
Broadcasting - 1.4% | |||
CBS Corp. Class B | 76,400 | 4,668,804 | |
Nexstar Broadcasting Group, Inc. Class A | 49,800 | 2,848,560 | |
7,517,364 | |||
Cable & Satellite - 8.4% | |||
Altice NV Class A (a) | 224,666 | 5,591,447 | |
Comcast Corp. Class A | 77,400 | 3,226,806 | |
DISH Network Corp. Class A (a) | 97,700 | 6,230,329 | |
Liberty Broadband Corp. Class A (a) | 118,300 | 10,439,975 | |
Liberty Global PLC: | |||
Class C (a) | 567,136 | 16,855,282 | |
LiLAC Class C (a) | 67,834 | 1,421,801 | |
Megacable Holdings S.A.B. de CV unit | 519,400 | 1,999,492 | |
45,765,132 | |||
Movies & Entertainment - 0.9% | |||
The Walt Disney Co. | 47,700 | 5,148,738 | |
TOTAL MEDIA | 58,431,234 | ||
Semiconductors & Semiconductor Equipment - 0.7% | |||
Semiconductors - 0.7% | |||
Qorvo, Inc. (a) | 51,400 | 4,006,630 | |
Software - 0.2% | |||
Application Software - 0.2% | |||
Synchronoss Technologies, Inc. (a) | 67,948 | 868,375 | |
Technology Hardware, Storage & Peripherals - 0.8% | |||
Technology Hardware, Storage & Peripherals - 0.8% | |||
Apple, Inc. | 27,400 | 4,185,624 | |
Wireless Telecommunication Services - 15.1% | |||
Wireless Telecommunication Services - 15.1% | |||
Millicom International Cellular SA | 34,400 | 1,995,200 | |
NII Holdings, Inc. (a) | 1,216,126 | 690,760 | |
Shenandoah Telecommunications Co. | 223,067 | 6,837,004 | |
Sprint Corp. (a)(b) | 1,713,485 | 14,547,488 | |
T-Mobile U.S., Inc. (a) | 578,497 | 39,002,268 | |
Telephone & Data Systems, Inc. | 452,664 | 12,914,504 | |
U.S. Cellular Corp. (a) | 161,000 | 6,433,560 | |
82,420,784 | |||
TOTAL COMMON STOCKS | |||
(Cost $461,221,424) | 543,761,101 | ||
Money Market Funds - 13.3% | |||
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | |||
(Cost $72,580,116) | 72,578,103 | 72,585,361 | |
TOTAL INVESTMENT PORTFOLIO - 113.0% | |||
(Cost $533,801,540) | 616,346,462 | ||
NET OTHER ASSETS (LIABILITIES) - (13.0)% | (71,133,577) | ||
NET ASSETS - 100% | $545,212,885 |
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 | $2,321 |
Fidelity Securities Lending Cash Central Fund | 382,166 |
Total | $384,487 |
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 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, 2017 the cost of investment securities for income tax purposes was $537,931,601. Net unrealized appreciation aggregated $78,414,861, of which $110,710,081 related to appreciated investment securities and $32,295,220 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® Select Portfolio®
Semiconductors Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% | |||
Shares | Value | ||
Commercial Services & Supplies - 0.6% | |||
Office Services & Supplies - 0.6% | |||
West Corp. | 830,900 | $19,251,953 | |
Communications Equipment - 0.3% | |||
Communications Equipment - 0.3% | |||
Cisco Systems, Inc. | 197,100 | 6,214,563 | |
Finisar Corp. (a) | 210,300 | 5,185,998 | |
11,400,561 | |||
Electrical Equipment - 0.1% | |||
Electrical Components & Equipment - 0.1% | |||
Sensata Technologies Holding BV (a) | 120,200 | 4,859,686 | |
Electronic Equipment & Components - 5.1% | |||
Electronic Manufacturing Services - 2.6% | |||
Flextronics International Ltd. (a) | 944,500 | 16,302,070 | |
Jabil Circuit, Inc. | 1,619,955 | 48,469,054 | |
Park Electrochemical Corp. | 48,563 | 820,715 | |
Plexus Corp. (a) | 344,000 | 17,881,120 | |
83,472,959 | |||
Technology Distributors - 2.5% | |||
Avnet, Inc. | 2,115,100 | 77,581,868 | |
SYNNEX Corp. | 29,000 | 3,226,540 | |
80,808,408 | |||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 164,281,367 | ||
Industrial Conglomerates - 0.3% | |||
Industrial Conglomerates - 0.3% | |||
Toshiba Corp. (a)(b) | 3,925,000 | 8,930,926 | |
Internet Software & Services - 2.3% | |||
Internet Software & Services - 2.3% | |||
Akamai Technologies, Inc. (a) | 214,000 | 10,090,100 | |
Alphabet, Inc. Class A (a) | 57,450 | 56,708,321 | |
Nutanix, Inc. Class A (a)(b) | 303,000 | 5,650,950 | |
SecureWorks Corp. (a) | 174,556 | 1,899,169 | |
74,348,540 | |||
IT Services - 0.3% | |||
Data Processing & Outsourced Services - 0.3% | |||
EVERTEC, Inc. | 474,412 | 7,827,798 | |
Travelport Worldwide Ltd. | 231,200 | 3,121,200 | |
10,948,998 | |||
Semiconductors & Semiconductor Equipment - 86.0% | |||
Semiconductor Equipment - 1.0% | |||
Applied Materials, Inc. | 531,900 | 24,403,572 | |
Lam Research Corp. | 51,973 | 8,064,650 | |
32,468,222 | |||
Semiconductors - 85.0% | |||
Acacia Communications, Inc. (b) | 404,100 | 19,008,864 | |
Analog Devices, Inc. | 1,820,961 | 156,165,615 | |
Broadcom Ltd. | 1,364,600 | 326,794,408 | |
Cavium, Inc. (a) | 602,500 | 43,964,425 | |
Cree, Inc. (a) | 2,328,700 | 55,527,852 | |
Cypress Semiconductor Corp. (b) | 3,143,100 | 43,971,969 | |
Dialog Semiconductor PLC (a) | 134,900 | 6,439,689 | |
Diodes, Inc. (a) | 330,320 | 8,459,495 | |
Himax Technologies, Inc. sponsored ADR (b) | 1,204,400 | 8,262,184 | |
Inphi Corp. (a)(b) | 858,600 | 34,069,248 | |
Integrated Device Technology, Inc. (a) | 2,743,400 | 70,176,172 | |
Intel Corp. | 18,494,471 | 667,835,346 | |
Marvell Technology Group Ltd. | 6,218,396 | 107,205,147 | |
Maxim Integrated Products, Inc. | 2,176,225 | 104,023,555 | |
MediaTek, Inc. | 1,160,000 | 8,851,290 | |
Mellanox Technologies Ltd. (a) | 664,600 | 31,568,500 | |
Microchip Technology, Inc. (b) | 272,400 | 22,690,920 | |
Micron Technology, Inc. (a) | 5,219,940 | 160,617,554 | |
NVIDIA Corp. | 447,992 | 64,667,645 | |
ON Semiconductor Corp. (a) | 10,024,946 | 155,186,164 | |
Qorvo, Inc. (a) | 445,428 | 34,721,113 | |
Qualcomm, Inc. | 8,511,384 | 487,446,962 | |
Sanken Electric Co. Ltd. | 754,000 | 3,104,506 | |
Semtech Corp. (a) | 2,216,475 | 84,669,345 | |
Silicon Motion Technology Corp. sponsored ADR | 99,600 | 5,204,100 | |
SMART Global Holdings, Inc. | 936,800 | 12,272,080 | |
Synaptics, Inc. (a) | 311,900 | 17,329,164 | |
Texas Instruments, Inc. | 171,700 | 14,163,533 | |
2,754,396,845 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,786,865,067 | ||
Technology Hardware, Storage & Peripherals - 1.1% | |||
Technology Hardware, Storage & Peripherals - 1.1% | |||
Cray, Inc. (a) | 182,500 | 3,239,375 | |
Lenovo Group Ltd. | 32,278,000 | 21,125,023 | |
Samsung Electronics Co. Ltd. | 2,446 | 4,883,195 | |
Western Digital Corp. | 54,400 | 4,899,264 | |
34,146,857 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,549,781,578) | 3,115,033,955 | ||
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund, 0.86% (c) | 96,545,195 | 96,564,504 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 50,874,656 | 50,879,744 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $147,431,119) | 147,444,248 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% | |||
(Cost $2,697,212,697) | 3,262,478,203 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (20,184,322) | ||
NET ASSETS - 100% | $3,242,293,881 |
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 | $206,279 |
Fidelity Securities Lending Cash Central Fund | 685,099 |
Total | $891,378 |
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 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, 2017, the cost of investment securities for income tax purposes was $2,716,945,125. Net unrealized appreciation aggregated $545,533,078, of which $593,345,279 related to appreciated investment securities and $47,812,201 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® Select Portfolio®
Natural Resources Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6% | |||
Shares | Value | ||
Chemicals - 1.7% | |||
Commodity Chemicals - 1.7% | |||
LyondellBasell Industries NV Class A | 179,100 | $14,421,132 | |
Containers & Packaging - 5.9% | |||
Metal & Glass Containers - 2.2% | |||
Ball Corp. | 315,400 | 12,899,860 | |
Berry Global Group, Inc. (a) | 90,800 | 5,265,492 | |
18,165,352 | |||
Paper Packaging - 3.7% | |||
Graphic Packaging Holding Co. | 400,900 | 5,416,159 | |
Packaging Corp. of America | 118,500 | 12,105,960 | |
WestRock Co. | 243,900 | 13,273,038 | |
30,795,157 | |||
TOTAL CONTAINERS & PACKAGING | 48,960,509 | ||
Energy Equipment & Services - 18.8% | |||
Oil & Gas Drilling - 1.7% | |||
Hess Midstream Partners LP | 22,500 | 522,900 | |
Nabors Industries Ltd. | 308,300 | 2,713,040 | |
Odfjell Drilling A/S (a) | 696,800 | 1,674,108 | |
Shelf Drilling Ltd. (a) | 759,800 | 5,935,024 | |
Trinidad Drilling Ltd. (a) | 856,400 | 1,248,923 | |
Xtreme Drilling & Coil Services Corp. (a) | 1,009,400 | 1,733,581 | |
13,827,576 | |||
Oil & Gas Equipment & Services - 17.1% | |||
Baker Hughes, Inc. | 736,900 | 40,640,035 | |
C&J Energy Services, Inc. (a) | 47,800 | 1,613,728 | |
Dril-Quip, Inc. (a) | 107,825 | 5,348,120 | |
Frank's International NV (b) | 311,500 | 2,330,020 | |
Halliburton Co. | 855,500 | 38,660,045 | |
National Oilwell Varco, Inc. | 198,100 | 6,471,927 | |
NCS Multistage Holdings, Inc. | 81,000 | 2,125,440 | |
Newpark Resources, Inc. (a) | 747,600 | 5,532,240 | |
Oceaneering International, Inc. | 187,200 | 4,563,936 | |
RigNet, Inc. (a) | 111,400 | 1,865,950 | |
Schlumberger Ltd. | 430,065 | 29,928,223 | |
Smart Sand, Inc. | 117,300 | 1,142,502 | |
Tesco Corp. (a) | 139,000 | 646,350 | |
TETRA Technologies, Inc. (a) | 408,600 | 1,262,574 | |
Total Energy Services, Inc. | 100,600 | 1,042,603 | |
143,173,693 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 157,001,269 | ||
Gas Utilities - 0.3% | |||
Gas Utilities - 0.3% | |||
Indraprastha Gas Ltd. | 178,348 | 2,970,209 | |
Machinery - 0.2% | |||
Industrial Machinery - 0.2% | |||
ProPetro Holding Corp. | 127,600 | 1,690,700 | |
Metals & Mining - 5.2% | |||
Gold - 3.8% | |||
B2Gold Corp. (a) | 1,178,500 | 2,957,482 | |
Franco-Nevada Corp. | 28,500 | 2,128,138 | |
New Gold, Inc. (a) | 2,284,500 | 6,595,514 | |
Randgold Resources Ltd. sponsored ADR (b) | 134,273 | 12,731,766 | |
Tahoe Resources, Inc. (b) | 829,600 | 7,345,017 | |
31,757,917 | |||
Silver - 1.4% | |||
Wheaton Precious Metals Corp. | 566,900 | 11,582,663 | |
TOTAL METALS & MINING | 43,340,580 | ||
Oil, Gas & Consumable Fuels - 67.5% | |||
Integrated Oil & Gas - 8.8% | |||
Chevron Corp. | 358,500 | 37,097,580 | |
Exxon Mobil Corp. | 199,700 | 16,075,850 | |
Suncor Energy, Inc. | 647,300 | 20,259,721 | |
73,433,151 | |||
Oil & Gas Exploration & Production - 42.1% | |||
Anadarko Petroleum Corp. | 469,100 | 23,703,623 | |
Cabot Oil & Gas Corp. | 312,300 | 6,929,937 | |
Callon Petroleum Co. (a) | 911,500 | 10,318,180 | |
Centennial Resource Development, Inc. Class A | 38,300 | 597,097 | |
Cimarex Energy Co. | 152,000 | 16,349,120 | |
Concho Resources, Inc. (a) | 148,900 | 18,877,542 | |
Continental Resources, Inc. (a) | 496,900 | 18,683,440 | |
Devon Energy Corp. | 221,100 | 7,512,978 | |
Diamondback Energy, Inc. (a) | 345,500 | 32,048,580 | |
Encana Corp. | 1,369,600 | 13,312,246 | |
EOG Resources, Inc. | 623,200 | 56,281,191 | |
Extraction Oil & Gas, Inc. | 520,347 | 7,409,741 | |
Hess Corp. | 66,000 | 3,028,740 | |
Marathon Oil Corp. | 469,300 | 6,110,286 | |
Newfield Exploration Co. (a) | 252,600 | 8,204,448 | |
Noble Energy, Inc. | 218,900 | 6,280,241 | |
Parsley Energy, Inc. Class A (a) | 600,500 | 17,804,825 | |
PDC Energy, Inc. (a) | 156,300 | 7,761,858 | |
Pioneer Natural Resources Co. | 202,500 | 33,789,150 | |
PrairieSky Royalty Ltd. | 8,038 | 173,393 | |
Range Resources Corp. | 153,500 | 3,539,710 | |
Resolute Energy Corp. (a)(b) | 106,657 | 4,180,954 | |
Rice Energy, Inc. (a) | 599,699 | 11,993,980 | |
Ring Energy, Inc. (a) | 232,700 | 3,020,446 | |
RSP Permian, Inc. (a) | 459,200 | 16,342,928 | |
Seven Generations Energy Ltd. (a) | 303,400 | 5,442,042 | |
Viper Energy Partners LP | 177,100 | 3,014,242 | |
WPX Energy, Inc. (a) | 846,100 | 9,154,802 | |
351,865,720 | |||
Oil & Gas Refining & Marketing - 6.2% | |||
Alon U.S.A. Energy, Inc. | 226,200 | 2,793,570 | |
Delek U.S. Holdings, Inc. | 449,500 | 11,021,740 | |
Marathon Petroleum Corp. | 365,700 | 19,031,028 | |
Phillips 66 Co. | 181,716 | 13,830,405 | |
Reliance Industries Ltd. (a) | 211,577 | 4,397,168 | |
World Fuel Services Corp. | 20,606 | 728,216 | |
51,802,127 | |||
Oil & Gas Storage & Transport - 10.4% | |||
Cheniere Energy, Inc. (a) | 170,400 | 8,301,888 | |
Enterprise Products Partners LP | 48,600 | 1,302,966 | |
GasLog Partners LP | 110,000 | 2,409,000 | |
Gener8 Maritime, Inc. (a) | 1,023,026 | 5,422,038 | |
Golar LNG Ltd. (b) | 175,400 | 4,080,681 | |
Kinder Morgan, Inc. | 1,119,100 | 20,994,316 | |
Noble Midstream Partners LP | 112,100 | 5,155,479 | |
Plains All American Pipeline LP | 660,400 | 17,487,392 | |
Targa Resources Corp. | 182,700 | 8,391,411 | |
Teekay LNG Partners LP | 50,500 | 767,600 | |
The Williams Companies, Inc. | 441,200 | 12,618,320 | |
86,931,091 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 564,032,089 | ||
TOTAL COMMON STOCKS | |||
(Cost $812,250,737) | 832,416,488 | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund, 0.86% (c) | 3,453,521 | 3,454,212 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 22,065,932 | 22,068,138 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $25,520,207) | 25,522,350 | ||
TOTAL INVESTMENT PORTFOLIO - 102.7% | |||
(Cost $837,770,944) | 857,938,838 | ||
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (22,475,774) | ||
NET ASSETS - 100% | $835,463,064 |
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 which are not covered by the Fund's Report of Independent Registered Public Accounting Firm 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 | $16,931 |
Fidelity Securities Lending Cash Central Fund | 60,543 |
Total | $77,474 |
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 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, 2017, the cost of investment securities for income tax purposes was $841,340,443. Net unrealized appreciation aggregated $16,598,395, of which $96,341,459 related to appreciated investment securities and $79,743,064 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® Select Portfolio®
Technology Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% | |||
Shares | Value | ||
Automobiles - 4.7% | |||
Automobile Manufacturers - 4.7% | |||
Tesla, Inc. (a)(b) | 758,256 | $258,572,879 | |
Biotechnology - 0.1% | |||
Biotechnology - 0.1% | |||
BeiGene Ltd. ADR (a) | 107,300 | 3,943,275 | |
Chemicals - 0.6% | |||
Industrial Gases - 0.1% | |||
SK Materials Co., Ltd. | 43,112 | 7,563,272 | |
Specialty Chemicals - 0.5% | |||
Duk San Neolux Co. Ltd. (a) | 364,204 | 15,062,456 | |
Soulbrain Co. Ltd. | 188,288 | 11,083,531 | |
26,145,987 | |||
TOTAL CHEMICALS | 33,709,259 | ||
Communications Equipment - 0.6% | |||
Communications Equipment - 0.6% | |||
Cisco Systems, Inc. | 1,003,300 | 31,634,049 | |
Diversified Consumer Services - 1.4% | |||
Education Services - 1.4% | |||
China Online Education Group sponsored ADR (a)(b) | 7,115 | 118,251 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 543,495 | 38,952,287 | |
TAL Education Group ADR | 324,514 | 37,796,146 | |
76,866,684 | |||
Diversified Financial Services - 0.1% | |||
Other Diversified Financial Services - 0.1% | |||
GDS Holdings Ltd. ADR | 787,800 | 6,113,328 | |
Diversified Telecommunication Services - 0.1% | |||
Integrated Telecommunication Services - 0.1% | |||
Bharti Infratel Ltd. | 951,441 | 5,406,887 | |
Electrical Equipment - 0.2% | |||
Electrical Components & Equipment - 0.2% | |||
Rockwell Automation, Inc. | 65,000 | 10,316,800 | |
Electronic Equipment & Components - 7.1% | |||
Electronic Components - 1.6% | |||
Genius Electronic Optical Co. Ltd. (a) | 456,000 | 4,235,880 | |
Largan Precision Co. Ltd. | 113,000 | 17,807,083 | |
Ledlink Optics, Inc. | 1,646,309 | 2,364,939 | |
Lens Technology Co. Ltd. Class A | 2,828,300 | 14,577,474 | |
Sunny Optical Technology Group Co. Ltd. | 4,049,000 | 31,539,650 | |
Universal Display Corp. | 144,544 | 16,391,290 | |
86,916,316 | |||
Electronic Equipment & Instruments - 4.6% | |||
Anritsu Corp. | 2,745,500 | 23,748,885 | |
Chroma ATE, Inc. | 10,567,644 | 33,060,590 | |
Cognex Corp. | 232,700 | 21,294,377 | |
Hexagon AB (B Shares) (b) | 596,300 | 26,119,084 | |
National Instruments Corp. | 294,700 | 11,242,805 | |
Topcon Corp. | 1,809,200 | 33,047,509 | |
Trimble, Inc. (a) | 2,915,621 | 105,078,981 | |
253,592,231 | |||
Electronic Manufacturing Services - 0.2% | |||
Merry Electronics Co. Ltd. | 2,463,000 | 13,768,450 | |
Technology Distributors - 0.7% | |||
Dell Technologies, Inc. (a) | 575,852 | 39,958,370 | |
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 394,235,367 | ||
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
athenahealth, Inc. (a) | 138,126 | 18,506,121 | |
Household Durables - 1.0% | |||
Consumer Electronics - 1.0% | |||
Sony Corp. | 710,500 | 25,943,221 | |
Sony Corp. sponsored ADR | 767,300 | 28,098,526 | |
54,041,747 | |||
Internet & Direct Marketing Retail - 3.0% | |||
Internet & Direct Marketing Retail - 3.0% | |||
Amazon.com, Inc. (a) | 54,000 | 53,709,480 | |
China Internet Plus Holdings Ltd. (c) | 759,582 | 3,904,251 | |
Cogobuy Group (a) | 547,000 | 419,768 | |
JD.com, Inc. sponsored ADR (a) | 2,607,200 | 104,366,216 | |
162,399,715 | |||
Internet Software & Services - 24.4% | |||
Internet Software & Services - 24.4% | |||
58.com, Inc. ADR (a)(b) | 857,636 | 36,878,348 | |
Akamai Technologies, Inc. (a) | 644,100 | 30,369,315 | |
Alphabet, Inc.: | |||
Class A (a) | 303,503 | 299,584,776 | |
Class C (a) | 310,168 | 299,268,696 | |
Benefitfocus, Inc. (a) | 93,600 | 2,976,480 | |
CoStar Group, Inc. (a) | 169,800 | 44,414,586 | |
DeNA Co. Ltd. | 436,300 | 9,647,844 | |
Endurance International Group Holdings, Inc. (a) | 1,193,620 | 9,011,831 | |
Envestnet, Inc. (a) | 434 | 15,559 | |
Facebook, Inc. Class A (a) | 2,234,274 | 338,403,140 | |
GoDaddy, Inc. (a) | 384,500 | 15,818,330 | |
Hortonworks, Inc. (a) | 409,500 | 5,061,420 | |
LogMeIn, Inc. | 479,669 | 53,243,259 | |
NetEase, Inc. ADR | 146,900 | 41,834,182 | |
New Relic, Inc. (a) | 251,000 | 10,961,170 | |
Nutanix, Inc. Class B (d) | 72,872 | 1,359,063 | |
Pandora Media, Inc. (a) | 312,300 | 2,779,470 | |
Shopify, Inc. (a) | 6,256 | 574,676 | |
Shopify, Inc. Class A (a) | 64,300 | 5,906,598 | |
SMS Co., Ltd. | 1,011,900 | 27,958,591 | |
Tencent Holdings Ltd. | 750,200 | 25,782,401 | |
Xunlei Ltd. sponsored ADR (a)(b) | 1,303,205 | 4,561,218 | |
Yahoo!, Inc. (a) | 1,159,100 | 58,325,912 | |
Yandex NV Series A (a) | 758,300 | 20,079,784 | |
1,344,816,649 | |||
IT Services - 4.4% | |||
Data Processing & Outsourced Services - 2.2% | |||
Fidelity National Information Services, Inc. | 220,268 | 18,914,413 | |
Fiserv, Inc. (a) | 153,900 | 19,280,592 | |
FleetCor Technologies, Inc. (a) | 241,000 | 34,773,890 | |
Global Payments, Inc. | 223,300 | 20,456,513 | |
Paysafe Group PLC (a) | 2,576,735 | 16,616,571 | |
Total System Services, Inc. | 124,799 | 7,431,780 | |
WEX, Inc. (a) | 71,000 | 7,253,360 | |
124,727,119 | |||
IT Consulting & Other Services - 2.2% | |||
Cognizant Technology Solutions Corp. Class A | 1,177,012 | 78,753,873 | |
CSRA, Inc. | 125,400 | 3,782,064 | |
DXC Technology Co. | 487,900 | 37,822,008 | |
120,357,945 | |||
TOTAL IT SERVICES | 245,085,064 | ||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
JHL Biotech, Inc. (a) | 1,015,442 | 2,054,971 | |
Machinery - 1.5% | |||
Industrial Machinery - 1.5% | |||
HIWIN Technologies Corp. | 3,159,000 | 21,170,042 | |
Minebea Mitsumi, Inc. | 3,823,519 | 62,384,640 | |
83,554,682 | |||
Media - 0.0% | |||
Advertising - 0.0% | |||
iCar Asia Ltd. (a) | 3,611,616 | 778,247 | |
Professional Services - 1.0% | |||
Human Resource & Employment Services - 0.9% | |||
Recruit Holdings Co. Ltd. | 863,300 | 45,756,849 | |
WageWorks, Inc. (a) | 87,200 | 6,169,400 | |
51,926,249 | |||
Research & Consulting Services - 0.1% | |||
ICF International, Inc. (a) | 61,500 | 2,893,575 | |
TOTAL PROFESSIONAL SERVICES | 54,819,824 | ||
Semiconductors & Semiconductor Equipment - 17.0% | |||
Semiconductor Equipment - 4.8% | |||
ASM Pacific Technology Ltd. | 5,103,100 | 73,214,362 | |
Lam Research Corp. | 350,300 | 54,356,051 | |
Rubicon Technology, Inc. (a)(b) | 114,119 | 1,141,190 | |
Siltronic AG (a) | 614,152 | 55,033,933 | |
Sino-American Silicon Products, Inc. | 4,532,000 | 7,111,673 | |
SolarEdge Technologies, Inc. (a) | 112,700 | 2,096,220 | |
Sumco Corp. | 4,299,300 | 71,079,172 | |
264,032,601 | |||
Semiconductors - 12.2% | |||
Acacia Communications, Inc. | 104,200 | 4,901,568 | |
Advanced Micro Devices, Inc. (a)(b) | 2,210,700 | 24,737,733 | |
Advanced Semiconductor Engineering, Inc. | 23,394,653 | 29,937,977 | |
ams AG | 732,209 | 47,891,632 | |
Analog Devices, Inc. | 152,500 | 13,078,400 | |
ASPEED Tech, Inc. | 399,000 | 10,020,503 | |
Broadcom Ltd. | 277,000 | 66,335,960 | |
Cavium, Inc. (a) | 129,700 | 9,464,209 | |
ChipMOS TECHNOLOGIES, Inc. sponsored ADR | 401,467 | 8,105,619 | |
Cirrus Logic, Inc. (a) | 41,000 | 2,703,950 | |
Cypress Semiconductor Corp. | 612,000 | 8,561,880 | |
Dialog Semiconductor PLC (a) | 208,500 | 9,953,114 | |
GlobalWafers Co. Ltd. | 11,334,200 | 91,561,009 | |
Himax Technologies, Inc. sponsored ADR (b) | 2,845,291 | 19,518,696 | |
Hua Hong Semiconductor Ltd. | 4,964,000 | 6,523,071 | |
Inphi Corp. (a)(b) | 444,200 | 17,625,856 | |
Integrated Device Technology, Inc. (a) | 416,400 | 10,651,512 | |
Marvell Technology Group Ltd. | 1,353,254 | 23,330,099 | |
Mellanox Technologies Ltd. (a) | 833,754 | 39,603,315 | |
Micron Technology, Inc. (a) | 1,360,900 | 41,874,893 | |
Monolithic Power Systems, Inc. | 167,995 | 16,497,109 | |
NVIDIA Corp. | 346,850 | 50,067,798 | |
ON Semiconductor Corp. (a) | 489,300 | 7,574,364 | |
Qualcomm, Inc. | 901,000 | 51,600,270 | |
Semtech Corp. (a) | 599,476 | 22,899,983 | |
Silergy Corp. | 233,000 | 4,591,590 | |
Silicon Laboratories, Inc. (a) | 141,200 | 10,561,760 | |
Silicon Motion Technology Corp. sponsored ADR | 208,900 | 10,915,025 | |
STMicroelectronics NV (NY Shares) unit (b) | 431,400 | 7,105,158 | |
Win Semiconductors Corp. | 1,511,000 | 6,616,969 | |
674,811,022 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 938,843,623 | ||
Software - 18.6% | |||
Application Software - 8.8% | |||
Adobe Systems, Inc. (a) | 376,439 | 53,401,637 | |
Aspen Technology, Inc. (a) | 68,900 | 4,213,924 | |
Autodesk, Inc. (a) | 1,661,700 | 185,728,209 | |
Callidus Software, Inc. (a) | 586,428 | 14,015,629 | |
Ellie Mae, Inc. (a) | 123,100 | 13,486,836 | |
HubSpot, Inc. (a) | 20,100 | 1,449,210 | |
iFlytek Co. Ltd. | 833,018 | 3,647,638 | |
Intuit, Inc. | 180,300 | 25,357,392 | |
Parametric Technology Corp. (a) | 904,710 | 52,093,202 | |
Paylocity Holding Corp. (a) | 107,528 | 5,037,687 | |
RealPage, Inc. (a) | 16,400 | 567,440 | |
Salesforce.com, Inc. (a) | 582,992 | 52,259,403 | |
SS&C Technologies Holdings, Inc. | 266,600 | 10,018,828 | |
Ultimate Software Group, Inc. (a) | 171,817 | 37,926,885 | |
Workday, Inc. Class A (a) | 49,500 | 4,949,010 | |
Zendesk, Inc. (a) | 758,275 | 19,699,985 | |
483,852,915 | |||
Home Entertainment Software - 4.5% | |||
Activision Blizzard, Inc. | 1,251,400 | 73,307,012 | |
Electronic Arts, Inc. (a) | 699,700 | 79,297,001 | |
Nintendo Co. Ltd. | 177,600 | 53,842,372 | |
Nintendo Co. Ltd. ADR | 412,200 | 15,593,526 | |
Take-Two Interactive Software, Inc. (a) | 319,100 | 24,487,734 | |
246,527,645 | |||
Systems Software - 5.3% | |||
Imperva, Inc. (a) | 125,761 | 6,212,593 | |
Microsoft Corp. | 3,615,440 | 252,502,330 | |
Tableau Software, Inc. (a) | 592,700 | 36,753,327 | |
295,468,250 | |||
TOTAL SOFTWARE | 1,025,848,810 | ||
Technology Hardware, Storage & Peripherals - 10.6% | |||
Technology Hardware, Storage & Peripherals - 10.6% | |||
Apple, Inc. | 3,826,897 | 584,596,784 | |
TOTAL COMMON STOCKS | |||
(Cost $3,705,159,537) | 5,336,144,765 | ||
Convertible Preferred Stocks - 1.1% | |||
Internet & Direct Marketing Retail - 0.6% | |||
Internet & Direct Marketing Retail - 0.6% | |||
China Internet Plus Holdings Ltd.: | |||
Series A-11 (a)(c) | 2,802,162 | 14,403,113 | |
Series B (a)(c) | 3,918,573 | 20,141,465 | |
34,544,578 | |||
Internet Software & Services - 0.5% | |||
Internet Software & Services - 0.5% | |||
Uber Technologies, Inc. Series D, 8.00% (a)(c) | 515,696 | 25,151,643 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $31,985,667) | 59,696,221 | ||
Money Market Funds - 7.9% | |||
Fidelity Cash Central Fund, 0.86% (e) | 170,843,332 | 170,877,500 | |
Fidelity Securities Lending Cash Central Fund 0.87% (e)(f) | 265,504,228 | 265,530,778 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $436,400,562) | 436,408,278 | ||
TOTAL INVESTMENT PORTFOLIO - 105.7% | |||
(Cost $4,173,545,766) | 5,832,249,264 | ||
NET OTHER ASSETS (LIABILITIES) - (5.7)% | (312,129,624) | ||
NET ASSETS - 100% | $5,520,119,640 |
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 $63,600,472 or 1.2% of net assets.
(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 $1,359,063 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 |
China Internet Plus Holdings Ltd. | 11/16/16 | $2,140,730 |
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 |
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 | $240,435 |
Fidelity Securities Lending Cash Central Fund | 619,036 |
Total | $859,471 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $5,336,144,765 | $5,196,734,543 | $135,505,971 | $3,904,251 |
Convertible Preferred Stocks | 59,696,221 | -- | -- | 59,696,221 |
Money Market Funds | 436,408,278 | 436,408,278 | -- | -- |
Total Investments in Securities: | $5,832,249,264 | $5,633,142,821 | $135,505,971 | $63,600,472 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Convertible Preferred Stocks | |
Beginning Balance | $55,642,687 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 4,053,534 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $59,696,221 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2017 | $4,053,534 |
Other Investments in Securities | |
Beginning Balance | $3,344,212 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 560,039 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $3,904,251 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2017 | $560,039 |
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 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 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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $63,600,472 | Market comparable | Enterprise value/Gross Profit multiple (EV/GP) | 13.8 | Increase |
Discount rate | 2.3% | Decrease | |||
Discount for lack of marketability (DLOM) | 15.0% | Decrease | |||
Market approach | Transaction price | $48.77 | Increase |
(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, 2017 the cost of investment securities for income tax purposes was $4,175,318,480. Net unrealized appreciation aggregated $1,656,930,784, of which $1,706,208,067 related to appreciated investment securities and $49,277,283 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® Select Portfolio®
Health Care Services Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Health Care REITs - 0.3% | |||
Medical Properties Trust, Inc. | 164,500 | $2,130,275 | |
Food & Staples Retailing - 0.2% | |||
Drug Retail - 0.2% | |||
CVS Health Corp. | 24,200 | 1,859,286 | |
Health Care Equipment & Supplies - 0.3% | |||
Health Care Supplies - 0.3% | |||
Sartorius Stedim Biotech | 28,400 | 2,234,496 | |
Health Care Providers & Services - 95.7% | |||
Health Care Distributors & Services - 7.1% | |||
AmerisourceBergen Corp. | 35,600 | 3,267,012 | |
Cardinal Health, Inc. | 235,600 | 17,502,724 | |
Henry Schein, Inc. (a) | 16,500 | 3,035,505 | |
McKesson Corp. | 181,900 | 29,666,071 | |
53,471,312 | |||
Health Care Facilities - 13.6% | |||
Acadia Healthcare Co., Inc. (a)(b) | 334,200 | 13,815,828 | |
Brookdale Senior Living, Inc. (a) | 499,900 | 6,868,626 | |
HCA Holdings, Inc. (a) | 393,400 | 32,223,394 | |
HealthSouth Corp. | 228,000 | 10,335,240 | |
Tenet Healthcare Corp. (a)(b) | 224,200 | 3,708,268 | |
U.S. Physical Therapy, Inc. | 100,000 | 6,325,000 | |
Universal Health Services, Inc. Class B | 263,100 | 29,903,946 | |
103,180,302 | |||
Health Care Services - 20.4% | |||
Almost Family, Inc. (a) | 109,800 | 6,302,520 | |
American Renal Associates Holdings, Inc. (a)(b) | 568,543 | 9,210,397 | |
Chemed Corp. | 20,000 | 4,093,200 | |
DaVita HealthCare Partners, Inc. (a) | 168,000 | 11,131,680 | |
Envision Healthcare Corp. (a) | 357,400 | 19,517,614 | |
Express Scripts Holding Co. (a) | 413,100 | 24,682,725 | |
Laboratory Corp. of America Holdings (a) | 191,300 | 26,590,700 | |
MEDNAX, Inc. (a) | 151,300 | 8,215,590 | |
Premier, Inc. (a) | 363,900 | 12,561,828 | |
Providence Service Corp. (a) | 105,000 | 4,907,700 | |
Quest Diagnostics, Inc. | 103,800 | 11,290,326 | |
Teladoc, Inc. (a)(b) | 508,900 | 15,572,340 | |
154,076,620 | |||
Managed Health Care - 54.6% | |||
Aetna, Inc. | 251,400 | 36,417,804 | |
Anthem, Inc. | 399,302 | 72,812,720 | |
Centene Corp. (a) | 65,400 | 4,750,002 | |
Cigna Corp. | 302,200 | 48,723,706 | |
Humana, Inc. | 243,300 | 56,508,858 | |
Molina Healthcare, Inc. (a) | 110,900 | 7,160,813 | |
UnitedHealth Group, Inc. | 1,061,900 | 186,023,641 | |
412,397,544 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 723,125,778 | ||
Health Care Technology - 0.5% | |||
Health Care Technology - 0.5% | |||
Evolent Health, Inc. (a) | 154,300 | 3,541,185 | |
Professional Services - 0.9% | |||
Human Resource & Employment Services - 0.9% | |||
WageWorks, Inc. (a) | 92,100 | 6,516,075 | |
TOTAL COMMON STOCKS | |||
(Cost $414,571,519) | 739,407,095 | ||
Money Market Funds - 6.8% | |||
Fidelity Cash Central Fund, 0.86% (c) | 18,009,287 | 18,012,889 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 33,495,096 | 33,498,446 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $51,510,491) | 51,511,335 | ||
TOTAL INVESTMENT PORTFOLIO - 104.7% | |||
(Cost $466,082,010) | 790,918,430 | ||
NET OTHER ASSETS (LIABILITIES) - (4.7)% | (35,359,974) | ||
NET ASSETS - 100% | $755,558,456 |
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 | $13,566 |
Fidelity Securities Lending Cash Central Fund | 44,669 |
Total | $58,235 |
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 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, 2017, the cost of investment securities for income tax purposes was $468,421,758. Net unrealized appreciation aggregated $322,496,672, of which $331,811,486 related to appreciated investment securities and $9,314,814 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® Select Portfolio®
Chemicals Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
Building Products - 0.5% | |||
Building Products - 0.5% | |||
GCP Applied Technologies, Inc. (a) | 282,600 | $8,506,260 | |
Chemicals - 94.5% | |||
Commodity Chemicals - 22.5% | |||
Ciner Resources LP | 285,435 | 7,706,745 | |
LyondellBasell Industries NV Class A | 2,181,522 | 175,656,151 | |
Olin Corp. | 1,627,911 | 47,762,909 | |
Orion Engineered Carbons SA (a) | 564,800 | 9,855,760 | |
Trinseo SA | 664,446 | 42,823,545 | |
Tronox Ltd. Class A | 2,838,700 | 43,148,240 | |
Westlake Chemical Corp. | 492,646 | 30,278,023 | |
357,231,373 | |||
Diversified Chemicals - 39.3% | |||
Ashland Global Holdings, Inc. | 194,206 | 12,922,467 | |
E.I. du Pont de Nemours & Co. | 3,678,129 | 290,277,941 | |
Eastman Chemical Co. | 446,757 | 35,789,703 | |
Huntsman Corp. | 684,100 | 16,349,990 | |
LSB Industries, Inc. (a)(b) | 315,200 | 2,770,608 | |
The Chemours Co. LLC | 1,712,000 | 68,462,880 | |
The Dow Chemical Co. | 3,211,794 | 199,002,756 | |
625,576,345 | |||
Fertilizers & Agricultural Chemicals - 9.7% | |||
AgroFresh Solutions, Inc. (a)(b) | 537,038 | 3,775,377 | |
CVR Partners LP | 1,058,200 | 4,052,906 | |
FMC Corp. | 664,000 | 50,045,680 | |
Monsanto Co. | 710,859 | 83,469,064 | |
The Scotts Miracle-Gro Co. Class A | 152,512 | 13,209,064 | |
154,552,091 | |||
Industrial Gases - 1.3% | |||
Air Products & Chemicals, Inc. | 139,108 | 20,039,898 | |
Specialty Chemicals - 21.7% | |||
Axalta Coating Systems (a) | 363,500 | 11,377,550 | |
Celanese Corp. Class A | 629,200 | 54,457,260 | |
Ecolab, Inc. | 316,330 | 42,021,277 | |
Kraton Performance Polymers, Inc. (a) | 759,092 | 24,518,672 | |
Platform Specialty Products Corp. (a) | 4,062,490 | 50,699,875 | |
PolyOne Corp. | 313,500 | 11,706,090 | |
PPG Industries, Inc. | 564,800 | 60,072,128 | |
Sherwin-Williams Co. | 223,053 | 74,002,294 | |
W.R. Grace & Co. | 226,100 | 16,209,109 | |
345,064,255 | |||
TOTAL CHEMICALS | 1,502,463,962 | ||
Diversified Financial Services - 0.7% | |||
Other Diversified Financial Services - 0.7% | |||
Valvoline, Inc. | 529,705 | 11,849,501 | |
Trading Companies & Distributors - 3.1% | |||
Trading Companies & Distributors - 3.1% | |||
Univar, Inc. (a) | 1,599,280 | 48,650,098 | |
TOTAL COMMON STOCKS | |||
(Cost $1,172,273,252) | 1,571,469,821 | ||
Nonconvertible Preferred Stocks - 1.0% | |||
Chemicals - 1.0% | |||
Commodity Chemicals - 1.0% | |||
Braskem SA (PN-A) | |||
(Cost $16,511,916) | 1,578,600 | 16,161,875 | |
Money Market Funds - 0.4% | |||
Fidelity Cash Central Fund, 0.86% (c) | 3,067,485 | 3,068,098 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 3,350,695 | 3,351,030 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,419,036) | 6,419,128 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $1,195,204,204) | 1,594,050,824 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (3,924,265) | ||
NET ASSETS - 100% | $1,590,126,559 |
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 | $37,698 |
Fidelity Securities Lending Cash Central Fund | 9,542 |
Total | $47,240 |
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 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, 2017 the cost of investment securities for income tax purposes was $1,198,190,981. Net unrealized appreciation aggregated $395,859,843, of which $414,693,942 related to appreciated investment securities and $18,834,099 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® Select Portfolio®
Natural Gas Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
Energy Equipment & Services - 24.1% | |||
Oil & Gas Drilling - 3.8% | |||
Ensco PLC Class A | 317,100 | $1,978,704 | |
Nabors Industries Ltd. | 366,500 | 3,225,200 | |
Patterson-UTI Energy, Inc. | 177,900 | 3,792,828 | |
Precision Drilling Corp. (a) | 759,700 | 2,755,695 | |
11,752,427 | |||
Oil & Gas Equipment & Services - 20.3% | |||
Baker Hughes, Inc. | 350,300 | 19,319,045 | |
Era Group, Inc. (a) | 210,900 | 1,773,669 | |
Exterran Corp. (a) | 135,100 | 3,809,820 | |
Forum Energy Technologies, Inc. (a) | 120,600 | 1,959,750 | |
Halliburton Co. | 33,900 | 1,531,941 | |
National Oilwell Varco, Inc. | 158,900 | 5,191,263 | |
Pason Systems, Inc. | 113,100 | 1,632,639 | |
Schlumberger Ltd. | 288,332 | 20,065,024 | |
Superior Energy Services, Inc. (a) | 199,200 | 2,065,704 | |
Weatherford International PLC (a) | 940,100 | 4,512,480 | |
61,861,335 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 73,613,762 | ||
Gas Utilities - 7.9% | |||
Gas Utilities - 7.9% | |||
Atmos Energy Corp. | 67,600 | 5,631,756 | |
Southwest Gas Holdings, Inc. | 93,500 | 7,439,795 | |
Spire, Inc. | 99,100 | 7,021,235 | |
Valener, Inc. (b) | 232,200 | 3,908,819 | |
24,001,605 | |||
Multi-Utilities - 1.4% | |||
Multi-Utilities - 1.4% | |||
NiSource, Inc. | 162,000 | 4,223,340 | |
Oil, Gas & Consumable Fuels - 65.0% | |||
Integrated Oil & Gas - 2.8% | |||
Occidental Petroleum Corp. | 65,700 | 3,871,701 | |
Suncor Energy, Inc. | 151,900 | 4,754,290 | |
8,625,991 | |||
Oil & Gas Exploration & Production - 47.7% | |||
Advantage Oil & Gas Ltd. (a) | 452,800 | 2,852,521 | |
Anadarko Petroleum Corp. | 430,300 | 21,743,059 | |
Cimarex Energy Co. | 55,400 | 5,958,824 | |
Concho Resources, Inc. (a) | 16,400 | 2,079,192 | |
ConocoPhillips Co. | 669,600 | 29,924,423 | |
Crew Energy, Inc. (a) | 1,122,100 | 3,330,955 | |
Crown Point Energy, Inc. (a)(c) | 181,658 | 8,741 | |
Devon Energy Corp. | 200,946 | 6,828,145 | |
Encana Corp. | 973,000 | 9,457,371 | |
EOG Resources, Inc. | 130,700 | 11,803,517 | |
Gulfport Energy Corp. (a) | 216,700 | 3,109,645 | |
Lekoil Ltd. (a) | 6,233,200 | 1,385,376 | |
Marathon Oil Corp. | 483,300 | 6,292,566 | |
Noble Energy, Inc. | 270,500 | 7,760,645 | |
Northern Blizzard Resources, Inc. (b) | 1,333,000 | 3,147,848 | |
PDC Energy, Inc. (a) | 65,900 | 3,272,594 | |
Pioneer Natural Resources Co. | 27,700 | 4,622,022 | |
Range Resources Corp. | 51,200 | 1,180,672 | |
Rice Energy, Inc. (a) | 369,100 | 7,382,000 | |
Savannah Petroleum PLC (a) | 4,767,600 | 2,503,197 | |
SM Energy Co. | 124,900 | 2,119,553 | |
Surge Energy, Inc. (b) | 2,184,900 | 3,623,034 | |
Whiting Petroleum Corp. (a) | 669,300 | 4,725,258 | |
145,111,158 | |||
Oil & Gas Refining & Marketing - 1.2% | |||
Keyera Corp. | 126,000 | 3,749,639 | |
Oil & Gas Storage & Transport - 13.3% | |||
Boardwalk Pipeline Partners, LP | 642,500 | 11,609,975 | |
Enbridge, Inc. | 79,000 | 3,041,048 | |
Kinder Morgan, Inc. | 930,700 | 17,459,932 | |
Sunoco Logistics Partners LP | 160,950 | 3,502,272 | |
TransCanada Corp. | 106,000 | 4,920,798 | |
40,534,025 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 198,020,813 | ||
TOTAL COMMON STOCKS | |||
(Cost $426,844,215) | 299,859,520 | ||
Money Market Funds - 5.0% | |||
Fidelity Cash Central Fund, 0.86% (d) | 4,038,274 | 4,039,082 | |
Fidelity Securities Lending Cash Central Fund 0.87% (d)(e) | 11,109,697 | 11,110,808 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $15,150,931) | 15,149,890 | ||
TOTAL INVESTMENT PORTFOLIO - 103.4% | |||
(Cost $441,995,146) | 315,009,410 | ||
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (10,374,619) | ||
NET ASSETS - 100% | $304,634,791 |
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 $8,741 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 | $3,494 |
Fidelity Securities Lending Cash Central Fund | 35,827 |
Total | $39,321 |
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 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, 2017, the cost of investment securities for income tax purposes was $446,187,774. Net unrealized depreciation aggregated $131,178,364, of which $3,169,909 related to appreciated investment securities and $134,348,273 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® Select Portfolio®
Consumer Finance Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
Banks - 2.8% | |||
Diversified Banks - 1.8% | |||
Wells Fargo & Co. | 32,200 | $1,646,708 | |
Regional Banks - 1.0% | |||
Huntington Bancshares, Inc. | 36,500 | 457,710 | |
SVB Financial Group (a) | 2,700 | 460,350 | |
918,060 | |||
TOTAL BANKS | 2,564,768 | ||
Consumer Finance - 34.7% | |||
Consumer Finance - 34.7% | |||
Ally Financial, Inc. | 252,600 | 4,683,204 | |
American Express Co. | 35,300 | 2,715,982 | |
Capital One Financial Corp. | 84,300 | 6,484,356 | |
Credit Acceptance Corp. (a)(b) | 7,275 | 1,564,271 | |
Discover Financial Services | 32,100 | 1,884,270 | |
First Cash Financial Services, Inc. | 4,811 | 258,110 | |
Navient Corp. | 175,800 | 2,536,794 | |
Nelnet, Inc. Class A | 7,400 | 290,894 | |
OneMain Holdings, Inc. (a) | 82,700 | 1,865,712 | |
Santander Consumer U.S.A. Holdings, Inc. (a) | 138,600 | 1,548,162 | |
SLM Corp. (a) | 264,000 | 2,742,960 | |
Synchrony Financial | 204,500 | 5,490,825 | |
32,065,540 | |||
IT Services - 23.8% | |||
Data Processing & Outsourced Services - 23.8% | |||
Blackhawk Network Holdings, Inc. (a) | 11,600 | 502,860 | |
FleetCor Technologies, Inc. (a) | 12,000 | 1,731,480 | |
Global Payments, Inc. | 31,900 | 2,922,359 | |
MasterCard, Inc. Class A | 43,800 | 5,382,144 | |
PayPal Holdings, Inc. (a) | 43,000 | 2,245,030 | |
Square, Inc. (a) | 15,700 | 360,943 | |
Total System Services, Inc. | 21,500 | 1,280,325 | |
Vantiv, Inc. (a) | 8,100 | 508,032 | |
Visa, Inc. Class A | 73,636 | 7,012,355 | |
21,945,528 | |||
Mortgage Real Estate Investment Trusts - 18.0% | |||
Mortgage REITs - 18.0% | |||
Agnc Investment Corp. | 285,500 | 5,935,545 | |
Annaly Capital Management, Inc. | 184,615 | 2,211,688 | |
Capstead Mortgage Corp. | 100 | 1,054 | |
Chimera Investment Corp. | 39,700 | 738,420 | |
Invesco Mortgage Capital, Inc. | 118,657 | 1,915,124 | |
MFA Financial, Inc. | 114,700 | 954,304 | |
New Residential Investment Corp. | 213,450 | 3,434,411 | |
Redwood Trust, Inc. | 83,700 | 1,416,204 | |
16,606,750 | |||
Professional Services - 0.8% | |||
Research & Consulting Services - 0.8% | |||
Equifax, Inc. | 5,100 | 697,680 | |
Thrifts & Mortgage Finance - 19.6% | |||
Thrifts & Mortgage Finance - 19.6% | |||
Astoria Financial Corp. | 37,200 | 688,944 | |
BofI Holding, Inc. (a)(b) | 25,600 | 568,320 | |
Capitol Federal Financial, Inc. | 70,500 | 974,310 | |
EverBank Financial Corp. | 58,000 | 1,128,100 | |
Flagstar Bancorp, Inc. (a) | 13,900 | 401,571 | |
Meridian Bancorp, Inc. Maryland | 18,100 | 293,220 | |
MGIC Investment Corp. (a) | 178,828 | 1,892,000 | |
Nationstar Mortgage Holdings, Inc. (a)(b) | 63,100 | 1,029,792 | |
New York Community Bancorp, Inc. | 211,200 | 2,728,704 | |
Northwest Bancshares, Inc. | 38,600 | 594,054 | |
PHH Corp. (a) | 18,000 | 242,100 | |
Provident Financial Services, Inc. | 33,600 | 784,224 | |
Radian Group, Inc. | 96,265 | 1,546,016 | |
TFS Financial Corp. | 197,000 | 3,077,140 | |
Washington Federal, Inc. | 40,400 | 1,290,780 | |
WSFS Financial Corp. | 19,400 | 855,540 | |
18,094,815 | |||
TOTAL COMMON STOCKS | |||
(Cost $74,734,301) | 91,975,081 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund, 0.86% (c) | 456,615 | 456,706 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 1,840,769 | 1,840,953 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,297,502) | 2,297,659 | ||
TOTAL INVESTMENT PORTFOLIO - 102.2% | |||
(Cost $77,031,803) | 94,272,740 | ||
NET OTHER ASSETS (LIABILITIES) - (2.2)% | (1,996,545) | ||
NET ASSETS - 100% | $92,276,195 |
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 | $1,320 |
Fidelity Securities Lending Cash Central Fund | 22,282 |
Total | $23,602 |
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 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 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, 2017, the cost of investment securities for income tax purposes was $77,430,913. Net unrealized appreciation aggregated $16,841,827, of which $20,194,861 related to appreciated investment securities and $3,353,034 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® Select Portfolio®
Wireless Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% | |||
Shares | Value | ||
Communications Equipment - 4.7% | |||
Communications Equipment - 4.7% | |||
CommScope Holding Co., Inc. (a) | 72,900 | $2,696,571 | |
Harris Corp. | 23,100 | 2,590,896 | |
Motorola Solutions, Inc. | 12,968 | 1,083,736 | |
NETGEAR, Inc. (a) | 19,400 | 813,830 | |
Nokia Corp. sponsored ADR (b) | 145,000 | 916,400 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 926,900 | 6,710,756 | |
Telit Communications PLC (b) | 187,600 | 804,301 | |
ViaSat, Inc. (a) | 1 | 65 | |
15,616,555 | |||
Diversified Telecommunication Services - 36.5% | |||
Alternative Carriers - 0.4% | |||
Iliad SA | 3,823 | 991,616 | |
ORBCOMM, Inc. (a) | 37,000 | 362,600 | |
1,354,216 | |||
Integrated Telecommunication Services - 36.1% | |||
AT&T, Inc. | 438,200 | 16,883,846 | |
BCE, Inc. | 105,100 | 4,762,313 | |
BT Group PLC sponsored ADR | 364,400 | 7,277,068 | |
Chunghwa Telecom Co. Ltd. sponsored ADR (b) | 52,900 | 1,904,929 | |
Deutsche Telekom AG | 143,100 | 2,849,318 | |
Euskaltel, S.A. | 309,800 | 3,410,536 | |
Masmovil Ibercom SA (a) | 111,230 | 7,378,311 | |
Nippon Telegraph & Telephone Corp. sponsored ADR | 152,300 | 7,337,814 | |
Orange SA | 333,600 | 5,861,433 | |
SFR Group SA (a) | 122,600 | 4,320,361 | |
TDC A/S | 387,998 | 2,316,345 | |
Telecom Italia SpA (a) | 3,883,400 | 3,645,545 | |
Telecom Italia SpA sponsored ADR (a)(b) | 25,400 | 240,284 | |
Telefonica Deutschland Holding AG | 1,055,089 | 5,248,217 | |
Telefonica SA sponsored ADR (b) | 591,597 | 6,637,718 | |
Verizon Communications, Inc. | 876,501 | 40,880,007 | |
120,954,045 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 122,308,261 | ||
Equity Real Estate Investment Trusts (REITs) - 5.3% | |||
Specialized REITs - 5.3% | |||
American Tower Corp. | 108,292 | 14,206,827 | |
Crown Castle International Corp. | 1 | 102 | |
SBA Communications Corp. Class A (a) | 26,500 | 3,661,770 | |
17,868,699 | |||
Internet Software & Services - 1.3% | |||
Internet Software & Services - 1.3% | |||
Akamai Technologies, Inc. (a) | 29,800 | 1,405,070 | |
Alphabet, Inc. Class C (a) | 3,052 | 2,944,753 | |
4,349,823 | |||
Media - 5.8% | |||
Cable & Satellite - 5.8% | |||
Altice NV: | |||
Class A (a) | 137,075 | 3,411,498 | |
Class B (a) | 205,622 | 5,126,723 | |
Liberty Global PLC Class A (a) | 352,400 | 10,776,392 | |
19,314,613 | |||
Semiconductors & Semiconductor Equipment - 9.0% | |||
Semiconductors - 9.0% | |||
Marvell Technology Group Ltd. | 135,100 | 2,329,124 | |
Qorvo, Inc. (a) | 68,125 | 5,310,344 | |
Qualcomm, Inc. | 323,550 | 18,529,709 | |
Skyworks Solutions, Inc. | 31,700 | 3,373,831 | |
STMicroelectronics NV (NY Shares) unit (b) | 35,700 | 587,979 | |
30,130,987 | |||
Software - 0.6% | |||
Application Software - 0.6% | |||
RingCentral, Inc. (a) | 55,500 | 1,892,550 | |
Technology Hardware, Storage & Peripherals - 20.9% | |||
Technology Hardware, Storage & Peripherals - 20.9% | |||
Apple, Inc. | 431,605 | 65,931,978 | |
BlackBerry Ltd. (a) | 1,101 | 11,639 | |
Samsung Electronics Co. Ltd. | 2,014 | 4,020,750 | |
69,964,367 | |||
Wireless Telecommunication Services - 11.4% | |||
Wireless Telecommunication Services - 11.4% | |||
China Mobile Ltd. sponsored ADR | 166,000 | 9,148,260 | |
Millicom International Cellular SA | 27,500 | 1,595,000 | |
NTT DOCOMO, Inc. sponsored ADR | 1,400 | 34,440 | |
Rogers Communications, Inc. Class B (non-vtg.) | 6,900 | 321,797 | |
Spok Holdings, Inc. | 1 | 17 | |
Sprint Corp. (a) | 32 | 272 | |
T-Mobile U.S., Inc. (a) | 224,475 | 15,134,105 | |
Telephone & Data Systems, Inc. | 31,614 | 901,947 | |
U.S. Cellular Corp. (a) | 5,800 | 231,768 | |
Vodafone Group PLC sponsored ADR | 363,781 | 11,008,013 | |
38,375,619 | |||
TOTAL COMMON STOCKS | |||
(Cost $272,801,116) | 319,821,474 | ||
Nonconvertible Preferred Stocks - 1.9% | |||
Diversified Telecommunication Services - 1.2% | |||
Integrated Telecommunication Services - 1.2% | |||
Telefonica Brasil SA | 274,700 | 3,972,855 | |
Wireless Telecommunication Services - 0.7% | |||
Wireless Telecommunication Services - 0.7% | |||
TIM Participacoes SA sponsored ADR | 160,200 | 2,439,846 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $6,153,737) | 6,412,701 | ||
Money Market Funds - 2.2% | |||
Fidelity Cash Central Fund, 0.86% (c) | 5,365,989 | 5,367,063 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 2,105,994 | 2,106,204 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $7,473,057) | 7,473,267 | ||
TOTAL INVESTMENT PORTFOLIO - 99.6% | |||
(Cost $286,427,910) | 333,707,442 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 1,250,184 | ||
NET ASSETS - 100% | $334,957,626 |
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 | $10,707 |
Fidelity Securities Lending Cash Central Fund | 42,533 |
Total | $53,240 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $319,821,474 | $310,314,496 | $9,506,978 | $-- |
Nonconvertible Preferred Stocks | 6,412,701 | 6,412,701 | -- | -- |
Money Market Funds | 7,473,267 | 7,473,267 | -- | -- |
Total Investments in Securities: | $333,707,442 | $324,200,464 | $9,506,978 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2017. 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 | $5,093,361 |
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 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, 2017, the cost of investment securities for income tax purposes was $288,565,914. Net unrealized appreciation aggregated $45,141,528, of which $55,172,880 related to appreciated investment securities and $10,031,352 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® Select Portfolio®
Health Care Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
Biotechnology - 26.6% | |||
Biotechnology - 26.6% | |||
Ablynx NV (a)(b) | 2,060,000 | $25,917,931 | |
AC Immune SA (b) | 600,000 | 5,340,000 | |
ACADIA Pharmaceuticals, Inc. (a) | 200,000 | 5,142,000 | |
Acorda Therapeutics, Inc. (a) | 1,400,000 | 19,320,000 | |
Advanced Accelerator Applications SA sponsored ADR (a) | 506,500 | 19,135,570 | |
Advaxis, Inc. (a)(b) | 1,800,000 | 14,526,000 | |
Alexion Pharmaceuticals, Inc. (a) | 1,200,000 | 117,636,000 | |
Alnylam Pharmaceuticals, Inc. (a) | 599,531 | 39,245,299 | |
Amgen, Inc. | 3,700,000 | 574,387,997 | |
Amicus Therapeutics, Inc. (a)(b) | 3,700,000 | 29,674,000 | |
Ascendis Pharma A/S sponsored ADR (a) | 671,696 | 16,019,950 | |
BeiGene Ltd. ADR (a)(b) | 275,857 | 10,137,745 | |
BioMarin Pharmaceutical, Inc. (a) | 1,200,000 | 105,168,000 | |
bluebird bio, Inc. (a) | 181,100 | 13,645,885 | |
Blueprint Medicines Corp. (a) | 700,000 | 25,116,000 | |
Calithera Biosciences, Inc. (a) | 732,286 | 11,387,047 | |
Cellectis SA sponsored ADR (a)(b) | 684,400 | 16,295,564 | |
China Biologic Products, Inc. (a) | 220,000 | 25,036,000 | |
Curis, Inc. (a) | 3,800,000 | 6,498,000 | |
Cytokinetics, Inc. (a) | 900,000 | 12,195,000 | |
CytomX Therapeutics, Inc. (a) | 428,177 | 6,033,014 | |
Five Prime Therapeutics, Inc. (a) | 357,600 | 10,102,200 | |
Galapagos Genomics NV sponsored ADR (a) | 36,600 | 3,013,278 | |
Heron Therapeutics, Inc. (a)(b) | 690,143 | 9,247,916 | |
Insmed, Inc. (a) | 2,600,000 | 40,092,000 | |
Intercept Pharmaceuticals, Inc. (a) | 262,882 | 29,416,496 | |
La Jolla Pharmaceutical Co. (a) | 159,500 | 4,561,700 | |
Loxo Oncology, Inc. (a) | 171,866 | 7,845,683 | |
Momenta Pharmaceuticals, Inc. (a) | 20,702 | 300,179 | |
Neurocrine Biosciences, Inc. (a) | 824,800 | 35,854,056 | |
Proteostasis Therapeutics, Inc. (a) | 573,400 | 2,270,664 | |
Prothena Corp. PLC (a) | 418,350 | 21,340,034 | |
Puma Biotechnology, Inc. (a)(b) | 550,000 | 42,075,000 | |
Regeneron Pharmaceuticals, Inc. (a) | 128,000 | 58,759,680 | |
Spark Therapeutics, Inc. (a) | 497,538 | 25,339,610 | |
TESARO, Inc. (a) | 600,000 | 89,586,000 | |
Ultragenyx Pharmaceutical, Inc. (a) | 350,000 | 18,847,500 | |
Vertex Pharmaceuticals, Inc. (a) | 1,530,000 | 189,108,000 | |
Xencor, Inc. (a) | 909,988 | 18,654,754 | |
1,704,271,752 | |||
Capital Markets - 0.4% | |||
Asset Management & Custody Banks - 0.4% | |||
RPI International Holdings LP (a)(c) | 199,753 | 27,027,580 | |
Diversified Consumer Services - 0.3% | |||
Specialized Consumer Services - 0.3% | |||
Carriage Services, Inc. | 736,400 | 19,359,956 | |
Diversified Financial Services - 0.0% | |||
Other Diversified Financial Services - 0.0% | |||
Bioverativ, Inc. | 38,100 | 2,098,929 | |
Food & Staples Retailing - 0.6% | |||
Drug Retail - 0.6% | |||
CVS Health Corp. | 500,000 | 38,415,000 | |
Health Care Equipment & Supplies - 24.8% | |||
Health Care Equipment - 24.2% | |||
Atricure, Inc. (a) | 1,600,000 | 33,424,000 | |
Becton, Dickinson & Co. | 770,000 | 145,707,100 | |
Boston Scientific Corp. (a) | 12,000,000 | 324,360,000 | |
DexCom, Inc. (a) | 1,238,000 | 82,747,920 | |
Genmark Diagnostics, Inc. (a) | 2,500,000 | 32,350,000 | |
Insulet Corp. (a) | 1,500,000 | 62,955,000 | |
Integra LifeSciences Holdings Corp. (a) | 800,000 | 40,280,000 | |
Intuitive Surgical, Inc. (a) | 272,000 | 248,792,960 | |
Medtronic PLC | 4,800,000 | 404,544,000 | |
NxStage Medical, Inc. (a) | 1,280,000 | 27,724,800 | |
Penumbra, Inc. (a)(b) | 900,000 | 74,565,000 | |
Wright Medical Group NV (a) | 2,660,000 | 71,075,200 | |
1,548,525,980 | |||
Health Care Supplies - 0.6% | |||
The Spectranetics Corp. (a) | 1,400,000 | 37,800,000 | |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 1,586,325,980 | ||
Health Care Providers & Services - 21.5% | |||
Health Care Distributors & Services - 1.0% | |||
Amplifon SpA | 1,600,000 | 22,790,525 | |
EBOS Group Ltd. | 3,060,000 | 37,810,095 | |
Oriola-KD Oyj | 850,145 | 3,476,238 | |
64,076,858 | |||
Health Care Facilities - 1.9% | |||
HCA Holdings, Inc. (a) | 800,000 | 65,528,000 | |
Universal Health Services, Inc. Class B | 460,000 | 52,283,600 | |
117,811,600 | |||
Health Care Services - 3.2% | |||
American Renal Associates Holdings, Inc. (a) | 1,440,000 | 23,328,000 | |
Envision Healthcare Corp. (a) | 720,000 | 39,319,200 | |
Premier, Inc. (a) | 1,060,000 | 36,591,200 | |
Teladoc, Inc. (a)(b) | 2,500,000 | 76,500,000 | |
United Drug PLC (United Kingdom) | 2,700,000 | 28,404,525 | |
204,142,925 | |||
Managed Health Care - 15.4% | |||
Aetna, Inc. | 1,280,000 | 185,420,800 | |
Anthem, Inc. | 404,000 | 73,669,400 | |
Cigna Corp. | 1,000,000 | 161,230,000 | |
Humana, Inc. | 600,000 | 139,356,000 | |
UnitedHealth Group, Inc. | 2,440,000 | 427,439,200 | |
987,115,400 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 1,373,146,783 | ||
Health Care Technology - 3.4% | |||
Health Care Technology - 3.4% | |||
athenahealth, Inc. (a)(b) | 691,528 | 92,650,921 | |
Castlight Health, Inc. (a) | 1,875,650 | 6,564,775 | |
Castlight Health, Inc. Class B (a)(b) | 2,768,464 | 9,689,624 | |
Evolent Health, Inc. (a)(b) | 1,400,000 | 32,130,000 | |
HealthStream, Inc. (a) | 1,360,000 | 37,903,200 | |
Medidata Solutions, Inc. (a) | 520,000 | 37,013,600 | |
215,952,120 | |||
Internet Software & Services - 0.9% | |||
Internet Software & Services - 0.9% | |||
Benefitfocus, Inc. (a)(b)(d) | 1,720,000 | 54,696,000 | |
Life Sciences Tools & Services - 1.0% | |||
Life Sciences Tools & Services - 1.0% | |||
Agilent Technologies, Inc. | 1,100,000 | 66,374,000 | |
Pharmaceuticals - 18.4% | |||
Pharmaceuticals - 18.4% | |||
Aclaris Therapeutics, Inc. (a) | 500,000 | 11,890,000 | |
Allergan PLC | 2,000,000 | 447,500,000 | |
Bristol-Myers Squibb Co. | 4,000,000 | 215,800,000 | |
Catalent, Inc. (a) | 1,600,000 | 56,848,000 | |
Dechra Pharmaceuticals PLC | 1,999,300 | 50,077,403 | |
Eisai Co. Ltd. | 700,000 | 36,886,682 | |
GlaxoSmithKline PLC | 5,280,000 | 115,574,843 | |
Jazz Pharmaceuticals PLC (a) | 720,000 | 104,803,200 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 5,280,000 | 38,603,417 | |
The Medicines Company (a)(b) | 670,000 | 26,645,900 | |
TherapeuticsMD, Inc. (a)(b) | 5,900,000 | 24,485,000 | |
Theravance Biopharma, Inc. (a)(b) | 1,280,000 | 46,720,000 | |
1,175,834,445 | |||
Professional Services - 0.5% | |||
Human Resource & Employment Services - 0.5% | |||
WageWorks, Inc. (a) | 440,000 | 31,130,000 | |
TOTAL COMMON STOCKS | |||
(Cost $4,972,815,236) | 6,294,632,545 | ||
Convertible Preferred Stocks - 0.7% | |||
Biotechnology - 0.2% | |||
Biotechnology - 0.2% | |||
10X Genomics, Inc. Series C (a)(c) | 2,958,778 | 13,250,000 | |
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
1Life Healthcare, Inc. Series G (a)(c) | 1,639,892 | 12,364,786 | |
Software - 0.3% | |||
Application Software - 0.3% | |||
Outset Medical, Inc. Series B (a)(c) | 8,159,125 | 21,144,372 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $42,550,001) | 46,759,158 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 0.86% (e) | 3,430,563 | 3,431,249 | |
Fidelity Securities Lending Cash Central Fund 0.87% (e)(f) | 178,781,551 | 178,799,429 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $182,219,115) | 182,230,678 | ||
TOTAL INVESTMENT PORTFOLIO - 101.9% | |||
(Cost $5,197,584,352) | 6,523,622,381 | ||
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (123,765,683) | ||
NET ASSETS - 100% | $6,399,856,698 |
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 $73,786,738 or 1.2% 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 - 4/3/17 | $13,250,000 |
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 | $83,058 |
Fidelity Securities Lending Cash Central Fund | 733,449 |
Total | $816,507 |
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 |
Benefitfocus, Inc. | $26,550,000 | $21,325,790 | $-- | $-- | $54,696,000 |
Genmark Diagnostics, Inc. | 28,300,000 | -- | -- | -- | -- |
Total | $54,850,000 | $21,325,790 | $-- | $-- | $54,696,000 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $6,294,632,545 | $6,152,030,122 | $115,574,843 | $27,027,580 |
Convertible Preferred Stocks | 46,759,158 | -- | -- | 46,759,158 |
Money Market Funds | 182,230,678 | 182,230,678 | -- | -- |
Total Investments in Securities: | $6,523,622,381 | $6,334,260,800 | $115,574,843 | $73,786,738 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Investments in Securities | |
Beginning Balance | $67,022,431 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 3,514,307 |
Cost of Purchases | 3,250,000 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $73,786,738 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2017 | $3,514,307 |
The information used in the above reconciliation 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 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 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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $73,786,738 | Market comparable | Enterprise value/Sales multiple (EV/S) | 3.4 | Increase |
Discount rate | 25.0% | Decrease | |||
Premium rate | 86.5% | Increase | |||
Market approach | Transaction price | $2.59 - $4.48 / $3.32 | Increase | ||
Discount cash flow | Discount rate | 8.0% | 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, 2017, the cost of investment securities for income tax purposes was $5,225,877,672. Net unrealized appreciation aggregated $1,297,744,709, of which $1,537,369,102 related to appreciated investment securities and $239,624,393 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® Select Portfolio®
Banking Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.4% | |||
Shares | Value | ||
Banks - 85.9% | |||
Diversified Banks - 28.6% | |||
Bank of America Corp. | 2,642,276 | $59,213,405 | |
Citigroup, Inc. | 965,200 | 58,433,208 | |
Comerica, Inc. | 200 | 13,712 | |
JPMorgan Chase & Co. | 539,900 | 44,352,785 | |
The Bank of NT Butterfield & Son Ltd. | 125,400 | 4,135,692 | |
U.S. Bancorp | 1,099,800 | 55,968,822 | |
Wells Fargo & Co. | 1,258,192 | 64,343,939 | |
286,461,563 | |||
Regional Banks - 57.3% | |||
1st Source Corp. | 267,460 | 12,182,803 | |
Bank of the Ozarks, Inc. | 862,100 | 38,104,820 | |
BB&T Corp. | 852,300 | 35,498,295 | |
Camden National Corp. | 96,332 | 3,872,546 | |
CIT Group, Inc. | 520,200 | 23,435,010 | |
Commerce Bancshares, Inc. | 323,726 | 17,329,053 | |
Community Trust Bancorp, Inc. | 295,750 | 12,273,625 | |
ConnectOne Bancorp, Inc. | 159,900 | 3,485,820 | |
Cullen/Frost Bankers, Inc. | 176,500 | 16,177,990 | |
CVB Financial Corp. | 661,900 | 13,436,570 | |
East West Bancorp, Inc. | 437,500 | 23,944,375 | |
First Citizen Bancshares, Inc. | 59,600 | 19,751,440 | |
Hilltop Holdings, Inc. | 329,200 | 8,226,708 | |
Hope Bancorp, Inc. | 896,220 | 15,603,190 | |
Huntington Bancshares, Inc. | 4,493,000 | 56,342,220 | |
Investors Bancorp, Inc. | 1,193,400 | 15,788,682 | |
Lakeland Financial Corp. | 191,200 | 8,112,616 | |
M&T Bank Corp. | 84,290 | 13,188,856 | |
Northrim Bancorp, Inc. | 44,500 | 1,321,650 | |
PacWest Bancorp | 362,236 | 16,905,554 | |
PNC Financial Services Group, Inc. | 491,791 | 58,375,592 | |
Popular, Inc. | 267,500 | 9,951,000 | |
Prosperity Bancshares, Inc. | 173,800 | 10,886,832 | |
Regions Financial Corp. | 1,719,900 | 23,803,416 | |
Signature Bank (a) | 162,900 | 23,297,958 | |
SunTrust Banks, Inc. | 574,500 | 30,661,065 | |
SVB Financial Group (a) | 84,100 | 14,339,050 | |
Univest Corp. of Pennsylvania | 185,000 | 5,096,750 | |
Valley National Bancorp | 1,119,400 | 12,626,832 | |
WesBanco, Inc. | 363,900 | 13,522,524 | |
Zions Bancorporation | 379,750 | 15,216,583 | |
572,759,425 | |||
TOTAL BANKS | 859,220,988 | ||
Capital Markets - 2.3% | |||
Asset Management & Custody Banks - 1.6% | |||
Northern Trust Corp. | 127,400 | 11,139,856 | |
The Blackstone Group LP | 162,600 | 5,346,288 | |
16,486,144 | |||
Investment Banking & Brokerage - 0.7% | |||
Goldman Sachs Group, Inc. | 31,300 | 6,612,438 | |
TOTAL CAPITAL MARKETS | 23,098,582 | ||
Consumer Finance - 5.3% | |||
Consumer Finance - 5.3% | |||
Capital One Financial Corp. | 391,800 | 30,137,256 | |
Discover Financial Services | 125,400 | 7,360,980 | |
Synchrony Financial | 587,400 | 15,771,690 | |
53,269,926 | |||
Insurance - 1.3% | |||
Property & Casualty Insurance - 1.3% | |||
First American Financial Corp. | 151,800 | 6,606,336 | |
FNF Group | 136,100 | 5,799,221 | |
12,405,557 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Textiles - 0.3% | |||
Cadence Bancorp | 117,900 | 2,577,294 | |
Thrifts & Mortgage Finance - 3.5% | |||
Thrifts & Mortgage Finance - 3.5% | |||
Beneficial Bancorp, Inc. | 658,800 | 9,651,420 | |
Essent Group Ltd. (a) | 64,700 | 2,346,669 | |
Meridian Bancorp, Inc. Maryland | 650,665 | 10,540,773 | |
TFS Financial Corp. | 794,200 | 12,405,404 | |
34,944,266 | |||
Trading Companies & Distributors - 0.8% | |||
Trading Companies & Distributors - 0.8% | |||
AerCap Holdings NV (a) | 188,800 | 8,310,976 | |
TOTAL COMMON STOCKS | |||
(Cost $819,176,050) | 993,827,589 | ||
Money Market Funds - 0.1% | |||
Fidelity Cash Central Fund, 0.86% (b) | |||
(Cost $1,341,117) | 1,340,849 | 1,341,117 | |
TOTAL INVESTMENT PORTFOLIO - 99.5% | |||
(Cost $820,517,167) | 995,168,706 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 5,045,139 | ||
NET ASSETS - 100% | $1,000,213,845 |
(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 | $21,997 |
Fidelity Securities Lending Cash Central Fund | 1,800 |
Total | $23,797 |
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 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, 2017, the cost of investment securities for income tax purposes was $822,665,596. Net unrealized appreciation aggregated $172,503,110, of which $195,482,685 related to appreciated investment securities and $22,979,575 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® Select Portfolio®
Consumer Staples Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.7% | |||
Shares | Value | ||
Beverages - 15.7% | |||
Brewers - 2.6% | |||
Anheuser-Busch InBev SA NV | 598,890 | $69,984,653 | |
China Resources Beer Holdings Co. Ltd. | 2,982,000 | 7,523,355 | |
77,508,008 | |||
Distillers & Vintners - 2.8% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 203,300 | 37,153,075 | |
Kweichow Moutai Co. Ltd. (A Shares) | 223,053 | 14,507,837 | |
Pernod Ricard SA | 181,776 | 24,687,547 | |
Wuliangye Yibin Co. Ltd. Class A | 1,057,009 | 7,431,603 | |
83,780,062 | |||
Soft Drinks - 10.3% | |||
Britvic PLC | 1,584,564 | 14,291,420 | |
Coca-Cola Bottling Co. Consolidated | 89,638 | 20,414,158 | |
Coca-Cola FEMSA S.A.B. de CV sponsored ADR | 64,529 | 5,187,486 | |
Coca-Cola Icecek Sanayi A/S | 611,162 | 6,409,760 | |
Embotelladora Andina SA Series A sponsored ADR Series A | 250,277 | 5,503,591 | |
Monster Beverage Corp. (a) | 2,041,702 | 103,228,453 | |
The Coca-Cola Co. | 3,253,718 | 147,946,557 | |
302,981,425 | |||
TOTAL BEVERAGES | 464,269,495 | ||
Food & Staples Retailing - 18.1% | |||
Drug Retail - 12.0% | |||
CVS Health Corp. | 3,158,803 | 242,690,834 | |
Drogasil SA (a) | 333,600 | 7,422,612 | |
Rite Aid Corp. (a) | 9,482,200 | 32,334,302 | |
Walgreens Boots Alliance, Inc. | 893,324 | 72,377,110 | |
354,824,858 | |||
Food Retail - 6.1% | |||
Kroger Co. | 6,036,970 | 179,780,967 | |
TOTAL FOOD & STAPLES RETAILING | 534,605,825 | ||
Food Products - 9.5% | |||
Agricultural Products - 2.5% | |||
Archer Daniels Midland Co. | 85,600 | 3,559,248 | |
Bunge Ltd. | 896,735 | 71,711,898 | |
75,271,146 | |||
Packaged Foods & Meats - 7.0% | |||
Amplify Snack Brands, Inc. (a) | 284,838 | 2,606,268 | |
Blue Buffalo Pet Products, Inc. (a)(b) | 680,771 | 15,991,311 | |
Conyers Park Acquisition Corp. Class A (a) | 200 | 2,316 | |
Dean Foods Co. | 139,700 | 2,548,128 | |
Mondelez International, Inc. | 1,374,458 | 64,035,998 | |
Nestle SA (Reg. S) | 211,033 | 18,018,334 | |
The Hain Celestial Group, Inc. (a) | 1,177,666 | 41,135,873 | |
TreeHouse Foods, Inc. (a) | 807,859 | 62,350,558 | |
206,688,786 | |||
TOTAL FOOD PRODUCTS | 281,959,932 | ||
Hotels, Restaurants & Leisure - 0.5% | |||
Restaurants - 0.5% | |||
U.S. Foods Holding Corp. | 519,616 | 15,567,695 | |
Household Products - 8.8% | |||
Household Products - 8.8% | |||
Colgate-Palmolive Co. | 1,737,752 | 132,694,743 | |
Kimberly-Clark Corp. | 109,054 | 14,147,575 | |
Procter & Gamble Co. | 1,032,250 | 90,930,903 | |
Spectrum Brands Holdings, Inc. | 172,805 | 23,233,632 | |
261,006,853 | |||
Personal Products - 9.8% | |||
Personal Products - 9.8% | |||
Avon Products, Inc. (a) | 6,284,000 | 21,365,600 | |
Coty, Inc. Class A (b) | 3,748,197 | 70,990,851 | |
Estee Lauder Companies, Inc. Class A | 1,496,439 | 140,874,767 | |
Herbalife Ltd. (a)(b) | 243,410 | 17,471,970 | |
L'Oreal SA | 68,600 | 14,676,422 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 295,700 | 16,844,445 | |
Unilever PLC sponsored ADR | 108,400 | 6,029,208 | |
288,253,263 | |||
Tobacco - 33.3% | |||
Tobacco - 33.3% | |||
Altria Group, Inc. | 1,151,145 | 86,842,379 | |
British American Tobacco PLC sponsored ADR (b) | 4,189,239 | 302,127,917 | |
ITC Ltd. | 1,902,347 | 9,194,726 | |
Philip Morris International, Inc. | 3,214,291 | 385,072,064 | |
Reynolds American, Inc. | 3,028,769 | 203,684,715 | |
986,921,801 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,083,556,414) | 2,832,584,864 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Beverages - 0.2% | |||
Brewers - 0.2% | |||
Ambev SA sponsored ADR | |||
(Cost $3,965,278) | 1,022,310 | 5,837,390 | |
Money Market Funds - 14.8% | |||
Fidelity Cash Central Fund, 0.86% (c) | 114,650,272 | 114,673,202 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 323,487,489 | 323,519,838 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $438,192,358) | 438,193,040 | ||
TOTAL INVESTMENT PORTFOLIO - 110.7% | |||
(Cost $2,525,714,050) | 3,276,615,294 | ||
NET OTHER ASSETS (LIABILITIES) - (10.7)% | (316,080,448) | ||
NET ASSETS - 100% | $2,960,534,846 |
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 | $159,938 |
Fidelity Securities Lending Cash Central Fund | 2,219,302 |
Total | $2,379,240 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $2,832,584,864 | $2,727,737,432 | $104,847,432 | $-- |
Nonconvertible Preferred Stocks | 5,837,390 | 5,837,390 | -- | -- |
Money Market Funds | 438,193,040 | 438,193,040 | -- | -- |
Total Investments in Securities: | $3,276,615,294 | $3,171,767,862 | $104,847,432 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $2,531,450,970. Net unrealized appreciation aggregated $745,164,324, of which $793,759,269 related to appreciated investment securities and $48,594,945 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® Select Portfolio®
Multimedia Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.7% | |||
Shares | Value | ||
Internet & Direct Marketing Retail - 3.6% | |||
Internet & Direct Marketing Retail - 3.6% | |||
Netflix, Inc. (a) | 85,500 | $13,942,485 | |
Priceline Group, Inc. (a) | 5,300 | 9,948,577 | |
23,891,062 | |||
Internet Software & Services - 6.5% | |||
Internet Software & Services - 6.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 10,200 | 10,068,318 | |
Class C (a) | 10,414 | 10,048,052 | |
Facebook, Inc. Class A (a) | 151,300 | 22,915,898 | |
43,032,268 | |||
Media - 81.2% | |||
Advertising - 1.6% | |||
Interpublic Group of Companies, Inc. | 145,900 | 3,637,287 | |
Omnicom Group, Inc. | 79,000 | 6,613,880 | |
10,251,167 | |||
Broadcasting - 2.3% | |||
CBS Corp. Class B | 249,800 | 15,265,278 | |
Cumulus Media, Inc. Class A (a) | 26 | 15 | |
Discovery Communications, Inc. Class A (a) | 450 | 11,925 | |
Entercom Communications Corp. Class A (b) | 3,053 | 31,446 | |
15,308,664 | |||
Cable & Satellite - 41.6% | |||
Charter Communications, Inc. Class A (a) | 159,671 | 55,174,314 | |
Comcast Corp. Class A | 3,531,500 | 147,228,233 | |
DISH Network Corp. Class A (a) | 188,700 | 12,033,399 | |
Liberty Broadband Corp.: | |||
Class A (a) | 156,923 | 13,848,455 | |
Class C (a) | 93,640 | 8,349,879 | |
Liberty Global PLC: | |||
Class A (a) | 17,338 | 530,196 | |
Class C (a) | 902,747 | 26,829,641 | |
Sirius XM Holdings, Inc. (b) | 2,095,100 | 10,999,275 | |
274,993,392 | |||
Movies & Entertainment - 35.7% | |||
Cinemark Holdings, Inc. | 301,100 | 11,914,527 | |
Liberty Media Corp.: | |||
Liberty Media Class A (a) | 62,062 | 1,979,778 | |
Liberty SiriusXM Class A (a) | 63,500 | 2,646,045 | |
Liberty SiriusXM Class C (a) | 213,786 | 8,908,463 | |
Lions Gate Entertainment Corp. Class B (a) | 720,934 | 18,232,421 | |
Live Nation Entertainment, Inc. (a) | 194,400 | 6,704,856 | |
The Madison Square Garden Co. (a) | 52,099 | 10,180,666 | |
The Walt Disney Co. | 995,404 | 107,443,908 | |
Time Warner, Inc. | 322,482 | 32,083,734 | |
Twenty-First Century Fox, Inc.: | |||
Class A | 736,007 | 19,960,510 | |
Class B | 197,700 | 5,318,130 | |
Viacom, Inc. Class B (non-vtg.) | 296,800 | 10,325,672 | |
235,698,710 | |||
Publishing - 0.0% | |||
Gannett Co., Inc. | 6,937 | 54,455 | |
TOTAL MEDIA | 536,306,388 | ||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 101,100 | 15,444,036 | |
TOTAL COMMON STOCKS | |||
(Cost $319,615,305) | 618,673,754 | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund, 0.86% (c) | 2,320,234 | 2,320,698 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 18,465,885 | 18,467,732 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $20,787,717) | 20,788,430 | ||
TOTAL INVESTMENT PORTFOLIO - 96.8% | |||
(Cost $340,403,022) | 639,462,184 | ||
NET OTHER ASSETS (LIABILITIES) - 3.2% | 20,881,407 | ||
NET ASSETS - 100% | $660,343,591 |
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 | $8,835 |
Fidelity Securities Lending Cash Central Fund | 102,788 |
Total | $111,623 |
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 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, 2017, the cost of investment securities for income tax purposes was $344,243,370. Net unrealized appreciation aggregated $295,218,814, of which $299,295,104 related to appreciated investment securities and $4,076,290 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® Select Portfolio®
Utilities Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
Electric Utilities - 45.7% | |||
Electric Utilities - 45.7% | |||
Exelon Corp. | 951,392 | $34,545,044 | |
FirstEnergy Corp. | 902,200 | 26,380,328 | |
Great Plains Energy, Inc. | 1,351,268 | 38,821,930 | |
NextEra Energy, Inc. | 918,485 | 129,910,517 | |
OGE Energy Corp. | 424,785 | 15,135,090 | |
PG&E Corp. | 909,204 | 62,171,370 | |
PNM Resources, Inc. | 370,066 | 14,247,541 | |
321,211,820 | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
Specialized REITs - 0.2% | |||
InfraReit, Inc. | 74,300 | 1,433,247 | |
Gas Utilities - 1.1% | |||
Gas Utilities - 1.1% | |||
South Jersey Industries, Inc. | 212,495 | 7,736,943 | |
Independent Power and Renewable Electricity Producers - 9.4% | |||
Independent Power Producers & Energy Traders - 5.7% | |||
Calpine Corp. (a) | 306,565 | 3,939,360 | |
Dynegy, Inc. (a)(b) | 400,328 | 3,310,713 | |
NRG Energy, Inc. | 1,014,502 | 16,292,902 | |
NRG Yield, Inc. Class C | 741,170 | 13,118,709 | |
The AES Corp. | 313,304 | 3,659,391 | |
40,321,075 | |||
Renewable Electricity - 3.7% | |||
NextEra Energy Partners LP | 558,286 | 19,283,198 | |
Pattern Energy Group, Inc. | 290,362 | 6,550,567 | |
25,833,765 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 66,154,840 | ||
Multi-Utilities - 38.5% | |||
Multi-Utilities - 38.5% | |||
Avangrid, Inc. | 762,141 | 34,624,066 | |
Black Hills Corp. | 278,128 | 19,341,021 | |
CenterPoint Energy, Inc. | 1,028,126 | 29,414,685 | |
CMS Energy Corp. | 92,800 | 4,399,648 | |
Dominion Resources, Inc. | 425,968 | 34,405,435 | |
DTE Energy Co. | 315,870 | 34,594,082 | |
SCANA Corp. | 298,700 | 20,371,340 | |
Sempra Energy | 802,327 | 93,463,072 | |
270,613,349 | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
Oil & Gas Storage & Transport - 2.6% | |||
Cheniere Energy Partners LP Holdings LLC | 323,342 | 8,681,733 | |
Cheniere Energy, Inc. (a) | 193,289 | 9,417,040 | |
18,098,773 | |||
TOTAL COMMON STOCKS | |||
(Cost $535,015,611) | 685,248,972 | ||
Money Market Funds - 1.8% | |||
Fidelity Cash Central Fund, 0.86% (c) | 10,987,901 | 10,990,099 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 1,391,117 | 1,391,256 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $12,381,355) | 12,381,355 | ||
TOTAL INVESTMENT PORTFOLIO - 99.3% | |||
(Cost $547,396,966) | 697,630,327 | ||
NET OTHER ASSETS (LIABILITIES) - 0.7% | 5,151,738 | ||
NET ASSETS - 100% | $702,782,065 |
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 | $20,783 |
Fidelity Securities Lending Cash Central Fund | 909 |
Total | $21,692 |
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 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, 2017, the cost of investment securities for income tax purposes was $548,698,678. Net unrealized appreciation aggregated $148,931,649, of which $157,451,624 related to appreciated investment securities and $8,519,975 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® Select Portfolio®
Transportation Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
Aerospace & Defense - 0.6% | |||
Aerospace & Defense - 0.6% | |||
Rockwell Collins, Inc. | 28,200 | $3,075,210 | |
Air Freight & Logistics - 30.0% | |||
Air Freight & Logistics - 30.0% | |||
Air Transport Services Group, Inc. (a) | 200,500 | 4,781,925 | |
Atlas Air Worldwide Holdings, Inc. (a) | 81,600 | 3,973,920 | |
C.H. Robinson Worldwide, Inc. | 90,596 | 6,070,838 | |
Expeditors International of Washington, Inc. | 302,600 | 16,152,788 | |
FedEx Corp. | 189,600 | 36,752,064 | |
Forward Air Corp. | 32,044 | 1,670,454 | |
Park-Ohio Holdings Corp. | 53,570 | 1,987,447 | |
United Parcel Service, Inc. Class B | 772,700 | 81,883,019 | |
XPO Logistics, Inc. (a) | 175,200 | 9,215,520 | |
162,487,975 | |||
Airlines - 21.5% | |||
Airlines - 21.5% | |||
Alaska Air Group, Inc. | 234,700 | 20,430,635 | |
Allegiant Travel Co. | 15,900 | 2,178,300 | |
American Airlines Group, Inc. | 553,800 | 26,809,458 | |
Delta Air Lines, Inc. | 536,402 | 26,353,430 | |
Hawaiian Holdings, Inc. (a) | 109,800 | 5,500,980 | |
SkyWest, Inc. | 362,300 | 12,426,890 | |
Southwest Airlines Co. | 331,200 | 19,901,808 | |
Spirit Airlines, Inc. (a) | 51,059 | 2,711,233 | |
116,312,734 | |||
Auto Components - 0.0% | |||
Auto Parts & Equipment - 0.0% | |||
Hertz Global Holdings, Inc. (a)(b) | 16,600 | 169,486 | |
Internet Software & Services - 0.6% | |||
Internet Software & Services - 0.6% | |||
Stamps.com, Inc. (a) | 24,700 | 3,406,130 | |
Machinery - 1.4% | |||
Construction Machinery & Heavy Trucks - 0.9% | |||
Allison Transmission Holdings, Inc. | 118,800 | 4,599,936 | |
Industrial Machinery - 0.5% | |||
Global Brass & Copper Holdings, Inc. | 47,500 | 1,439,250 | |
TriMas Corp. (a) | 60,500 | 1,318,900 | |
2,758,150 | |||
TOTAL MACHINERY | 7,358,086 | ||
Marine - 0.3% | |||
Marine - 0.3% | |||
Matson, Inc. | 61,300 | 1,793,638 | |
Road & Rail - 41.9% | |||
Railroads - 35.8% | |||
CSX Corp. | 493,019 | 26,706,839 | |
Genesee & Wyoming, Inc. Class A (a) | 315,400 | 20,658,700 | |
Kansas City Southern | 95,000 | 9,044,000 | |
Norfolk Southern Corp. | 272,100 | 33,748,563 | |
Union Pacific Corp. | 937,895 | 103,449,817 | |
193,607,919 | |||
Trucking - 6.1% | |||
AMERCO | 2,800 | 1,033,900 | |
Avis Budget Group, Inc. (a)(b) | 162,700 | 3,724,203 | |
Celadon Group, Inc. (b) | 150,100 | 300,200 | |
J.B. Hunt Transport Services, Inc. | 119,700 | 10,219,986 | |
Landstar System, Inc. | 18,000 | 1,503,900 | |
Marten Transport Ltd. | 129,300 | 3,200,175 | |
Roadrunner Transportation Systems, Inc. (a) | 258,300 | 1,640,205 | |
Ryder System, Inc. | 49,100 | 3,261,222 | |
Saia, Inc. (a) | 115,288 | 5,326,306 | |
Universal Logistics Holdings, Inc. | 64,390 | 888,582 | |
YRC Worldwide, Inc. (a) | 237,400 | 2,181,706 | |
33,280,385 | |||
TOTAL ROAD & RAIL | 226,888,304 | ||
Transportation Infrastructure - 0.7% | |||
Airport Services - 0.7% | |||
Macquarie Infrastructure Co. LLC | 50,200 | 3,910,580 | |
TOTAL COMMON STOCKS | |||
(Cost $376,558,000) | 525,402,143 | ||
Money Market Funds - 2.7% | |||
Fidelity Cash Central Fund, 0.86% (c) | 12,936,034 | 12,938,622 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 1,424,026 | 1,424,169 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $14,362,791) | 14,362,791 | ||
TOTAL INVESTMENT PORTFOLIO - 99.7% | |||
(Cost $390,920,791) | 539,764,934 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 1,798,237 | ||
NET ASSETS - 100% | $541,563,171 |
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 | $26,202 |
Fidelity Securities Lending Cash Central Fund | 583 |
Total | $26,785 |
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 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, 2017, the cost of investment securities for income tax purposes was $392,610,171. Net unrealized appreciation aggregated $147,154,763, of which $158,018,149 related to appreciated investment securities and $10,863,386 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® Select Portfolio®
Communications Equipment Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9% | |||
Shares | Value | ||
Communications Equipment - 87.6% | |||
Communications Equipment - 87.6% | |||
ADTRAN, Inc. | 134,300 | $2,585,275 | |
Arista Networks, Inc. (a)(b) | 15,200 | 2,240,176 | |
Arris International PLC (a) | 103,545 | 2,903,402 | |
Brocade Communications Systems, Inc. | 414,050 | 5,229,452 | |
Calix Networks, Inc. (a) | 216,021 | 1,414,938 | |
Ciena Corp. (a) | 18,400 | 432,032 | |
Cisco Systems, Inc. | 1,379,199 | 43,486,143 | |
CommScope Holding Co., Inc. (a) | 347,171 | 12,841,855 | |
Comtech Telecommunications Corp. | 35,100 | 506,493 | |
EchoStar Holding Corp. Class A (a) | 23,000 | 1,358,150 | |
Extreme Networks, Inc. (a) | 26,800 | 258,084 | |
F5 Networks, Inc. (a) | 73,735 | 9,447,666 | |
Finisar Corp. (a) | 172,500 | 4,253,850 | |
Harris Corp. | 110,800 | 12,427,328 | |
Infinera Corp. (a) | 123,314 | 1,198,612 | |
InterDigital, Inc. | 42,100 | 3,410,100 | |
Juniper Networks, Inc. | 316,012 | 9,268,632 | |
Lumentum Holdings, Inc. (a) | 51,220 | 2,922,101 | |
Mitel Networks Corp. (a)(b) | 184,400 | 1,307,396 | |
Motorola Solutions, Inc. | 38,059 | 3,180,591 | |
NETGEAR, Inc. (a) | 36,650 | 1,537,468 | |
NetScout Systems, Inc. (a) | 66,500 | 2,433,900 | |
Nokia Corp. sponsored ADR (b) | 2,578,803 | 16,298,035 | |
Oclaro, Inc. (a)(b) | 123,700 | 1,098,456 | |
Palo Alto Networks, Inc. (a) | 32,600 | 3,866,034 | |
Plantronics, Inc. | 25,434 | 1,345,967 | |
Radware Ltd. (a) | 50,191 | 883,864 | |
Sandvine Corp. (U.K.) (b) | 724,400 | 2,080,669 | |
ShoreTel, Inc. (a) | 360,400 | 2,090,320 | |
Sierra Wireless, Inc. (a) | 2,300 | 62,333 | |
Sonus Networks, Inc. (a) | 191,260 | 1,291,005 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,443,980 | 10,454,415 | |
ViaSat, Inc. (a)(b) | 8,300 | 541,575 | |
Viavi Solutions, Inc. (a) | 352,400 | 3,957,452 | |
168,613,769 | |||
Electronic Equipment & Components - 2.3% | |||
Electronic Components - 0.1% | |||
II-VI, Inc. (a) | 9,100 | 273,000 | |
Electronic Manufacturing Services - 1.1% | |||
Fabrinet (a) | 22,400 | 789,152 | |
Jabil Circuit, Inc. | 35,000 | 1,047,200 | |
TE Connectivity Ltd. | 4,600 | 362,710 | |
2,199,062 | |||
Technology Distributors - 1.1% | |||
CDW Corp. | 18,100 | 1,089,258 | |
Dell Technologies, Inc. (a) | 13,559 | 940,859 | |
2,030,117 | |||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 4,502,179 | ||
Internet Software & Services - 2.0% | |||
Internet Software & Services - 2.0% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,680 | 1,658,311 | |
Class C (a) | 1,505 | 1,452,114 | |
Web.com Group, Inc. (a) | 28,800 | 655,200 | |
3,765,625 | |||
IT Services - 0.8% | |||
IT Consulting & Other Services - 0.8% | |||
Cognizant Technology Solutions Corp. Class A | 10,450 | 699,210 | |
Presidio, Inc. | 59,600 | 916,052 | |
1,615,262 | |||
Semiconductors & Semiconductor Equipment - 4.6% | |||
Semiconductors - 4.6% | |||
Acacia Communications, Inc. | 12,000 | 564,480 | |
Broadcom Ltd. | 4,873 | 1,166,986 | |
Maxim Integrated Products, Inc. | 21,400 | 1,022,920 | |
NXP Semiconductors NV (a) | 13,000 | 1,428,700 | |
ON Semiconductor Corp. (a) | 62,100 | 961,308 | |
Qualcomm, Inc. | 63,319 | 3,626,279 | |
8,770,673 | |||
Software - 0.7% | |||
Systems Software - 0.7% | |||
Check Point Software Technologies Ltd. (a) | 12,400 | 1,389,420 | |
Technology Hardware, Storage & Peripherals - 0.9% | |||
Technology Hardware, Storage & Peripherals - 0.9% | |||
HP, Inc. | 43,911 | 823,770 | |
Samsung Electronics Co. Ltd. | 432 | 862,445 | |
1,686,215 | |||
TOTAL COMMON STOCKS | |||
(Cost $152,450,003) | 190,343,143 | ||
Money Market Funds - 7.3% | |||
Fidelity Cash Central Fund, 0.86% (c) | 1,409,869 | 1,410,151 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 12,768,294 | 12,769,571 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $14,179,255) | 14,179,722 | ||
TOTAL INVESTMENT PORTFOLIO - 106.2% | |||
(Cost $166,629,258) | 204,522,865 | ||
NET OTHER ASSETS (LIABILITIES) - (6.2)% | (12,007,411) | ||
NET ASSETS - 100% | $192,515,454 |
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 | $3,027 |
Fidelity Securities Lending Cash Central Fund | 56,978 |
Total | $60,005 |
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 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, 2017, the cost of investment securities for income tax purposes was $168,521,631. Net unrealized appreciation aggregated $36,001,234, of which $40,447,400 related to appreciated investment securities and $4,446,166 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® Select Portfolio®
Retailing Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% | |||
Shares | Value | ||
Distributors - 0.9% | |||
Distributors - 0.9% | |||
LKQ Corp. (a) | 541,400 | $17,048,686 | |
Food & Staples Retailing - 0.9% | |||
Hypermarkets & Super Centers - 0.9% | |||
Costco Wholesale Corp. | 102,543 | 18,501,833 | |
Health Care Providers & Services - 0.3% | |||
Health Care Facilities - 0.3% | |||
Ryman Healthcare Group Ltd. | 941,196 | 5,554,755 | |
Hotels, Restaurants & Leisure - 0.7% | |||
Restaurants - 0.7% | |||
Dave & Buster's Entertainment, Inc. (a) | 213,200 | 14,220,440 | |
Household Durables - 0.5% | |||
Household Appliances - 0.5% | |||
Techtronic Industries Co. Ltd. | 2,257,000 | 10,673,072 | |
Internet & Direct Marketing Retail - 38.5% | |||
Internet & Direct Marketing Retail - 38.5% | |||
Amazon.com, Inc. (a) | 490,430 | 487,791,488 | |
Expedia, Inc. | 247,500 | 35,585,550 | |
Liberty Interactive Corp. QVC Group Series A (a) | 1,351,400 | 31,703,844 | |
Netflix, Inc. (a) | 657,400 | 107,202,218 | |
Priceline Group, Inc. (a) | 51,320 | 96,332,259 | |
758,615,359 | |||
Leisure Products - 0.4% | |||
Leisure Products - 0.4% | |||
Mattel, Inc. | 377,600 | 8,650,816 | |
Multiline Retail - 6.0% | |||
Department Stores - 1.0% | |||
Macy's, Inc. | 816,500 | 19,187,750 | |
General Merchandise Stores - 5.0% | |||
B&M European Value Retail S.A. | 2,233,396 | 10,483,166 | |
Dollar General Corp. | 791,600 | 58,095,524 | |
Dollar Tree, Inc. (a) | 390,700 | 30,357,390 | |
98,936,080 | |||
TOTAL MULTILINE RETAIL | 118,123,830 | ||
Personal Products - 0.5% | |||
Personal Products - 0.5% | |||
Coty, Inc. Class A | 527,600 | 9,992,744 | |
Specialty Retail - 43.8% | |||
Apparel Retail - 10.5% | |||
DSW, Inc. Class A | 408,500 | 6,875,055 | |
Inditex SA | 498,570 | 20,430,963 | |
L Brands, Inc. | 650,683 | 33,575,243 | |
Ross Stores, Inc. | 885,900 | 56,626,728 | |
TJX Companies, Inc. | 1,195,800 | 89,936,118 | |
207,444,107 | |||
Automotive Retail - 7.4% | |||
AutoZone, Inc. (a) | 116,763 | 70,749,037 | |
O'Reilly Automotive, Inc. (a) | 305,086 | 73,855,219 | |
144,604,256 | |||
Home Improvement Retail - 19.7% | |||
Home Depot, Inc. | 2,462,200 | 377,972,322 | |
Lowe's Companies, Inc. | 129,200 | 10,177,084 | |
388,149,406 | |||
Homefurnishing Retail - 0.3% | |||
RH (a)(b) | 89,800 | 5,038,678 | |
Specialty Stores - 5.9% | |||
Sally Beauty Holdings, Inc. (a) | 836,400 | 15,071,928 | |
Signet Jewelers Ltd. | 278,100 | 13,376,610 | |
Tiffany & Co., Inc. | 367,200 | 31,931,712 | |
Tractor Supply Co. | 338,600 | 18,673,790 | |
Ulta Beauty, Inc. (a) | 121,900 | 37,159,996 | |
116,214,036 | |||
TOTAL SPECIALTY RETAIL | 861,450,483 | ||
Technology Hardware, Storage & Peripherals - 0.8% | |||
Technology Hardware, Storage & Peripherals - 0.8% | |||
Apple, Inc. | 95,900 | 14,649,684 | |
Textiles, Apparel & Luxury Goods - 2.2% | |||
Apparel, Accessories & Luxury Goods - 1.6% | |||
G-III Apparel Group Ltd. (a) | 205,126 | 4,014,316 | |
lululemon athletica, Inc. (a) | 119,957 | 5,790,324 | |
Luxottica Group SpA | 149,700 | 9,072,528 | |
Prada SpA | 2,847,500 | 12,003,821 | |
30,880,989 | |||
Footwear - 0.6% | |||
NIKE, Inc. Class B | 217,840 | 11,543,342 | |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 42,424,331 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,141,079,753) | 1,879,906,033 | ||
Money Market Funds - 1.1% | |||
Fidelity Cash Central Fund, 0.86% (c) | 16,941,005 | 16,944,393 | |
Fidelity Securities Lending Cash Central Fund 0.87% (c)(d) | 3,601,486 | 3,601,846 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $20,545,925) | 20,546,239 | ||
TOTAL INVESTMENT PORTFOLIO - 96.6% | |||
(Cost $1,161,625,678) | 1,900,452,272 | ||
NET OTHER ASSETS (LIABILITIES) - 3.4% | 67,777,899 | ||
NET ASSETS - 100% | $1,968,230,171 |
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 | $86,194 |
Fidelity Securities Lending Cash Central Fund | 58,724 |
Total | $144,918 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $1,879,906,033 | $1,859,475,070 | $20,430,963 | $-- |
Money Market Funds | 20,546,239 | 20,546,239 | -- | -- |
Total Investments in Securities: | $1,900,452,272 | $1,880,021,309 | $20,430,963 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes was $1,162,289,882. Net unrealized appreciation aggregated $738,162,390, of which $808,524,502 related to appreciated investment securities and $70,362,112 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.
Consolidated Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Gold Portfolio
May 31, 2017
Consolidated Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.1% | |||
Shares | Value | ||
Australia - 5.6% | |||
Metals & Mining - 5.6% | |||
Gold - 5.6% | |||
Evolution Mining Ltd. | 3,711,243 | $6,645,910 | |
Gold Road Resources Ltd. (a) | 1,080,000 | 549,708 | |
Newcrest Mining Ltd. | 3,539,162 | 55,593,429 | |
Northern Star Resources Ltd. | 1,013,118 | 3,553,203 | |
Perseus Mining Ltd.: | |||
(Australia) (a) | 1,717,134 | 363,636 | |
(Canada) (a) | 1,300,000 | 283,895 | |
Resolute Mng Ltd. | 3,935,161 | 3,391,865 | |
Saracen Mineral Holdings Ltd. (a) | 7,252,787 | 5,631,697 | |
Silver Lake Resources Ltd. (a) | 2,840,985 | 960,502 | |
St Barbara Ltd. (a) | 2,007,257 | 4,295,498 | |
81,269,343 | |||
Bailiwick of Jersey - 8.2% | |||
Metals & Mining - 8.2% | |||
Diversified Metals & Mining - 0.1% | |||
Glencore Xstrata PLC | 381,600 | 1,401,758 | |
Gold - 8.1% | |||
Randgold Resources Ltd. sponsored ADR | 1,259,095 | 119,387,386 | |
TOTAL METALS & MINING | 120,789,144 | ||
Canada - 59.3% | |||
Metals & Mining - 59.3% | |||
Copper - 0.5% | |||
First Quantum Minerals Ltd. | 769,400 | 6,487,372 | |
Diversified Metals & Mining - 0.5% | |||
Arizona Mining, Inc. (a)(b) | 1,073,000 | 1,691,890 | |
Ivanhoe Mines Ltd. (a) | 2,154,900 | 6,157,541 | |
7,849,431 | |||
Gold - 56.6% | |||
Agnico Eagle Mines Ltd. (Canada) | 1,712,301 | 82,759,842 | |
Alacer Gold Corp. (a) | 2,078,663 | 3,046,787 | |
Alamos Gold, Inc. | 3,595,287 | 24,193,033 | |
Alio Gold Corp. (a) | 37,150 | 171,608 | |
Argonaut Gold, Inc. (a) | 6,306,462 | 8,963,547 | |
B2Gold Corp. (a) | 28,695,793 | 72,012,983 | |
Barrick Gold Corp. | 6,053,369 | 100,109,015 | |
Belo Sun Mining Corp. (a) | 159,800 | 66,246 | |
Centerra Gold, Inc. | 522,500 | 2,966,706 | |
Continental Gold, Inc. (a) | 8,876,700 | 22,539,202 | |
Detour Gold Corp. (a) | 2,649,800 | 34,288,414 | |
Detour Gold Corp. (a)(c) | 785,900 | 10,169,547 | |
Eldorado Gold Corp. | 9,165,935 | 27,751,915 | |
Franco-Nevada Corp. | 989,400 | 73,879,985 | |
Goldcorp, Inc. | 3,017,100 | 41,029,076 | |
Guyana Goldfields, Inc. (a) | 4,476,400 | 17,927,471 | |
Guyana Goldfields, Inc. (a)(c) | 155,000 | 620,757 | |
IAMGOLD Corp. (a) | 1,274,000 | 5,677,522 | |
Kinross Gold Corp. (a) | 3,415,391 | 14,765,432 | |
Kirkland Lake Gold Ltd. | 1,016,919 | 7,904,393 | |
Klondex Mines Ltd. (a) | 1,854,478 | 5,546,205 | |
Liberty Gold Corp. (a) | 1,418,150 | 482,917 | |
Lundin Gold, Inc. (a) | 13,800 | 62,725 | |
New Gold, Inc. (a) | 10,135,675 | 29,262,414 | |
Novagold Resources, Inc. (a) | 1,729,700 | 6,799,206 | |
OceanaGold Corp. | 9,921,932 | 33,419,544 | |
Osisko Gold Royalties Ltd. | 1,222,593 | 12,906,079 | |
Premier Gold Mines Ltd. (a)(d) | 16,670,522 | 34,060,511 | |
Pretium Resources, Inc. (a) | 1,687,083 | 15,124,237 | |
Pretium Resources, Inc. (a)(c) | 225,000 | 2,017,063 | |
Primero Mining Corp. (a) | 1,812,100 | 670,726 | |
Richmont Mines, Inc. (a) | 993,643 | 7,017,326 | |
Rubicon Minerals Corp. (a) | 1,000 | 1,133 | |
Sandstorm Gold Ltd. (a) | 1,765,475 | 5,985,769 | |
Seabridge Gold, Inc. (a) | 1,419,090 | 14,545,670 | |
SEMAFO, Inc. (a) | 7,330,000 | 14,922,086 | |
Silver Standard Resources, Inc. (a) | 1,303,700 | 12,382,182 | |
Tahoe Resources, Inc. | 3,565,538 | 31,568,149 | |
Teranga Gold Corp. (a) | 246,000 | 548,144 | |
Teranga Gold Corp. CDI unit (a) | 667,614 | 1,532,858 | |
Torex Gold Resources, Inc. (a) | 2,566,400 | 42,898,406 | |
Yamana Gold, Inc. | 2,955,620 | 7,657,897 | |
830,254,728 | |||
Precious Metals & Minerals - 0.6% | |||
Dalradian Resources, Inc. (a) | 569,500 | 632,380 | |
Gold Standard Ventures Corp. (a) | 2,870,300 | 4,759,575 | |
Osisko Mining, Inc. (a) | 813,900 | 2,892,046 | |
8,284,001 | |||
Silver - 1.1% | |||
MAG Silver Corp. (a) | 400,400 | 4,819,561 | |
Wheaton Precious Metals Corp. | 571,700 | 11,680,734 | |
16,500,295 | |||
TOTAL METALS & MINING | 869,375,827 | ||
Cayman Islands - 1.1% | |||
Metals & Mining - 1.1% | |||
Gold - 1.1% | |||
Endeavour Mining Corp. (a) | 997,240 | 15,724,331 | |
China - 0.2% | |||
Metals & Mining - 0.2% | |||
Gold - 0.2% | |||
Zijin Mng Group Co. Ltd. (H Shares) | 10,388,000 | 3,412,654 | |
Peru - 1.4% | |||
Metals & Mining - 1.4% | |||
Gold - 1.4% | |||
Compania de Minas Buenaventura SA sponsored ADR | 1,694,997 | 21,085,763 | |
South Africa - 4.7% | |||
Metals & Mining - 4.7% | |||
Gold - 4.7% | |||
AngloGold Ashanti Ltd. sponsored ADR | 3,629,508 | 41,340,096 | |
DRDGOLD Ltd. sponsored ADR | 1,000 | 3,000 | |
Gold Fields Ltd. sponsored ADR | 4,314,426 | 15,445,645 | |
Harmony Gold Mining Co. Ltd. | 1,484,000 | 2,992,081 | |
Harmony Gold Mining Co. Ltd. sponsored ADR | 1,460,400 | 2,920,800 | |
Sibanye Gold Ltd.: | |||
rights 6/6/17 (a) | 1 | 2 | |
sponsored ADR | 1,320,306 | 6,680,748 | |
69,382,372 | |||
United Kingdom - 1.4% | |||
Metals & Mining - 1.4% | |||
Diversified Metals & Mining - 0.2% | |||
Rio Tinto PLC | 89,800 | 3,586,054 | |
Gold - 0.9% | |||
Acacia Mining PLC | 3,181,536 | 11,781,245 | |
Pan African Resources PLC | 550,000 | 115,155 | |
Solgold PLC (a)(b) | 1,614,742 | 962,238 | |
12,858,638 | |||
Precious Metals & Minerals - 0.3% | |||
Fresnillo PLC | 192,700 | 3,912,961 | |
TOTAL METALS & MINING | 20,357,653 | ||
United States of America - 12.2% | |||
Metals & Mining - 12.2% | |||
Copper - 0.1% | |||
Freeport-McMoRan, Inc. (a) | 139,600 | 1,604,004 | |
Gold - 12.1% | |||
McEwen Mining, Inc. | 1,041,410 | 2,655,596 | |
Newmont Mining Corp. | 3,399,700 | 116,099,755 | |
Royal Gold, Inc. | 727,213 | 58,482,469 | |
177,237,820 | |||
TOTAL METALS & MINING | 178,841,824 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,341,713,386) | 1,380,238,911 | ||
Troy Ounces | Value | ||
Commodities - 5.5% | |||
Gold Bullion (a) | 11,510 | 14,597,903 | |
Silver Bullion (a) | 3,822,000 | 66,227,998 | |
TOTAL COMMODITIES | |||
(Cost $76,316,910) | 80,825,901 | ||
Shares | Value | ||
Money Market Funds - 0.3% | |||
Fidelity Cash Central Fund, 0.86% (e) | 3,370,984 | 3,371,658 | |
Fidelity Securities Lending Cash Central Fund 0.87% (e)(f) | 469,525 | 469,572 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,841,228) | 3,841,230 | ||
TOTAL INVESTMENT PORTFOLIO - 99.9% | |||
(Cost $1,421,871,524) | 1,464,906,042 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 1,590,088 | ||
NET ASSETS - 100% | $1,466,496,130 |
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 $12,807,367 or 0.9% 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.
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 | $12,742 |
Fidelity Securities Lending Cash Central Fund | 4,098 |
Total | $16,840 |
Consolidated Subsidiary
Consolidated Subsidiary | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Fidelity Select Cayman Gold Ltd. | $87,787,763 | $8,692,524 | $12,181,500 | $-- | $80,786,478 |
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2017, the Fund held $80,786,478 in the Subsidiary, representing 5.5% 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. | $26,033,941 | $2,824,196 | $-- | $-- | $-- |
Premier Gold Mines Ltd. | 29,885,078 | 2,666,090 | -- | -- | 34,060,511 |
Total | $55,919,019 | $5,490,286 | $-- | $-- | $34,060,511 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $1,380,238,911 | $1,373,660,776 | $6,578,135 | $-- |
Commodities | 80,825,901 | 80,825,901 | -- | -- |
Money Market Funds | 3,841,230 | 3,841,230 | -- | -- |
Total Investments in Securities: | $1,464,906,042 | $1,458,327,907 | $6,578,135 | $-- |
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 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, 2017, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $1,605,455,734. Net unrealized depreciation aggregated $140,589,115, of which $292,236,893 related to appreciated investment securities and $432,826,008 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® Select Portfolio®
Software and IT Services Portfolio
May 31, 2017
Investments May 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value | ||
Communications Equipment - 0.3% | |||
Communications Equipment - 0.3% | |||
F5 Networks, Inc. (a) | 85,100 | $10,903,863 | |
Electronic Equipment & Components - 0.6% | |||
Technology Distributors - 0.6% | |||
Dell Technologies, Inc. (a) | 403,500 | 27,998,865 | |
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
Inovalon Holdings, Inc. Class A (a)(b) | 834,200 | 11,345,120 | |
Internet & Direct Marketing Retail - 1.5% | |||
Internet & Direct Marketing Retail - 1.5% | |||
Amazon.com, Inc. (a) | 25,000 | 24,865,500 | |
TripAdvisor, Inc. (a) | 1,060,300 | 40,832,153 | |
65,697,653 | |||
Internet Software & Services - 38.8% | |||
Internet Software & Services - 38.8% | |||
Actua Corp. (a) | 354,789 | 4,967,046 | |
Akamai Technologies, Inc. (a) | 2,580,800 | 121,684,720 | |
Alphabet, Inc.: | |||
Class A (a) | 392,600 | 387,531,534 | |
Class C (a) | 516,060 | 497,925,652 | |
Bazaarvoice, Inc. (a) | 1,417,100 | 6,447,805 | |
Facebook, Inc. Class A (a) | 3,248,500 | 492,017,810 | |
Mix Telematics Ltd. | 27,823,896 | 7,328,418 | |
New Relic, Inc. (a) | 261,400 | 11,415,338 | |
NIC, Inc. | 844,900 | 17,109,225 | |
Pandora Media, Inc. (a)(b) | 2,055,800 | 18,296,620 | |
SecureWorks Corp. (a) | 350,904 | 3,817,836 | |
Shutterstock, Inc. (a)(b) | 659,831 | 30,721,731 | |
SPS Commerce, Inc. (a) | 352,800 | 20,518,848 | |
Twilio, Inc. Class A (b) | 471,700 | 11,467,027 | |
Twitter, Inc. (a) | 893,700 | 16,372,584 | |
Yahoo!, Inc. (a) | 816,959 | 41,109,377 | |
1,688,731,571 | |||
IT Services - 23.0% | |||
Data Processing & Outsourced Services - 17.6% | |||
Alliance Data Systems Corp. | 207,300 | 49,986,249 | |
EVERTEC, Inc. | 535,800 | 8,840,700 | |
Fidelity National Information Services, Inc. | 550,400 | 47,262,848 | |
FleetCor Technologies, Inc. (a) | 508,100 | 73,313,749 | |
Global Payments, Inc. | 344,100 | 31,523,001 | |
MasterCard, Inc. Class A | 1,151,600 | 141,508,608 | |
PayPal Holdings, Inc. (a) | 2,090,400 | 109,139,784 | |
Sabre Corp. (b) | 840,900 | 18,861,387 | |
The Western Union Co. | 830,400 | 15,794,208 | |
Total System Services, Inc. | 873,100 | 51,993,105 | |
Visa, Inc. Class A | 2,288,320 | 217,916,714 | |
766,140,353 | |||
IT Consulting & Other Services - 5.4% | |||
Accenture PLC Class A | 216,100 | 26,897,967 | |
Cognizant Technology Solutions Corp. Class A | 1,768,300 | 118,316,953 | |
CSRA, Inc. | 654,300 | 19,733,688 | |
IBM Corp. | 461,000 | 70,362,430 | |
235,311,038 | |||
TOTAL IT SERVICES | 1,001,451,391 | ||
Media - 0.0% | |||
Advertising - 0.0% | |||
Aimia, Inc. | 1,186,100 | 2,072,174 | |
Semiconductors & Semiconductor Equipment - 1.4% | |||
Semiconductors - 1.4% | |||
Qualcomm, Inc. | 1,059,200 | 60,660,384 | |
Software - 29.5% | |||
Application Software - 13.3% | |||
Adobe Systems, Inc. (a) | 1,263,600 | 179,254,296 | |
Autodesk, Inc. (a) | 355,800 | 39,767,766 | |
Citrix Systems, Inc. (a) | 214,300 | 17,688,322 | |
Deem, Inc. (a)(c) | 124,895 | 23,730 | |
MobileIron, Inc. (a) | 1,719,200 | 9,283,680 | |
Monotype Imaging Holdings, Inc. | 1,478,300 | 28,900,765 | |
Paylocity Holding Corp. (a)(b) | 449,400 | 21,054,390 | |
RingCentral, Inc. (a) | 335,300 | 11,433,730 | |
Salesforce.com, Inc. (a) | 1,469,726 | 131,746,239 | |
Synchronoss Technologies, Inc. (a) | 82,400 | 1,053,072 | |
Ultimate Software Group, Inc. (a) | 199,000 | 43,927,260 | |
Workday, Inc. Class A (a) | 761,500 | 76,134,770 | |
Zendesk, Inc. (a) | 680,200 | 17,671,596 | |
577,939,616 | |||
Home Entertainment Software - 1.2% | |||
Activision Blizzard, Inc. | 342,700 | 20,075,366 | |
Electronic Arts, Inc. (a) | 289,900 | 32,854,367 | |
52,929,733 | |||
Systems Software - 15.0% | |||
Microsoft Corp. | 8,017,500 | 559,942,197 | |
Red Hat, Inc. (a) | 461,100 | 41,300,727 | |
Tableau Software, Inc. (a) | 800,000 | 49,608,000 | |
650,850,924 | |||
TOTAL SOFTWARE | 1,281,720,273 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,438,938,641) | 4,150,581,294 | ||
Money Market Funds - 5.7% | |||
Fidelity Cash Central Fund, 0.86% (d) | 206,441,115 | 206,482,404 | |
Fidelity Securities Lending Cash Central Fund 0.87% (d)(e) | 42,095,609 | 42,099,819 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $248,568,352) | 248,582,223 | ||
TOTAL INVESTMENT PORTFOLIO - 101.1% | |||
(Cost $2,687,506,993) | 4,399,163,517 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (49,802,343) | ||
NET ASSETS - 100% | $4,349,361,174 |
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 $23,730 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 |
Deem, Inc. | 10/3/16 | $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 | $256,670 |
Fidelity Securities Lending Cash Central Fund | 144,784 |
Total | $401,454 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2017, 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 | $4,150,581,294 | $4,143,229,146 | $7,328,418 | $23,730 |
Money Market Funds | 248,582,223 | 248,582,223 | -- | -- |
Total Investments in Securities: | $4,399,163,517 | $4,391,811,369 | $7,328,418 | $23,730 |
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 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, 2017, the cost of investment securities for income tax purposes was $2,690,011,034. Net unrealized appreciation aggregated $1,709,152,483, of which $1,786,197,660 related to appreciated investment securities and $77,045,177 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’ (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: | July 28, 2017 |
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, 2017 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | July 28, 2017 |
Exhibit EX-99.CERT
I, Adrien E. Deberghes, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
July 28, 2017
/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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
July 28, 2017
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |