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, 2018 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Computers Portfolio
May 31, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value | ||
Electronic Equipment & Components - 5.0% | |||
Technology Distributors - 5.0% | |||
Dell Technologies, Inc. (a) | 324,635 | $26,185,059 | |
Household Durables - 13.4% | |||
Consumer Electronics - 13.4% | |||
Sony Corp. | 1,499,106 | 70,726,175 | |
Internet Software & Services - 7.2% | |||
Internet Software & Services - 7.2% | |||
Alphabet, Inc.: | |||
Class A (a) | 22,027 | 24,229,700 | |
Class C (a) | 19 | 20,615 | |
Facebook, Inc. Class A (a) | 72,850 | 13,971,173 | |
38,221,488 | |||
IT Services - 4.0% | |||
Data Processing & Outsourced Services - 4.0% | |||
MasterCard, Inc. Class A | 41,717 | 7,931,236 | |
PayPal Holdings, Inc. (a) | 65,249 | 5,354,985 | |
Visa, Inc. Class A | 60,726 | 7,938,103 | |
21,224,324 | |||
Semiconductors & Semiconductor Equipment - 3.5% | |||
Semiconductor Equipment - 0.5% | |||
ASML Holding NV | 13,678 | 2,689,779 | |
Semiconductors - 3.0% | |||
Mellanox Technologies Ltd. (a) | 186,801 | 15,952,805 | |
Qualcomm, Inc. | 325 | 18,889 | |
15,971,694 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 18,661,473 | ||
Software - 1.4% | |||
Systems Software - 1.4% | |||
Microsoft Corp. | 75,893 | 7,501,264 | |
Technology Hardware, Storage & Peripherals - 65.0% | |||
Technology Hardware, Storage & Peripherals - 65.0% | |||
Apple, Inc. | 654,999 | 122,399,665 | |
Canon, Inc. | 227,698 | 7,764,384 | |
Cray, Inc. (a) | 23,289 | 579,896 | |
Fujifilm Holdings Corp. | 133,108 | 5,093,545 | |
Hewlett Packard Enterprise Co. | 742,827 | 11,320,683 | |
HP, Inc. | 1,177,753 | 25,945,899 | |
Logitech International SA (Reg.) | 232,811 | 9,500,465 | |
NCR Corp. (a) | 124,104 | 3,735,530 | |
NetApp, Inc. | 375,720 | 25,669,190 | |
Quanta Computer, Inc. | 8,887,735 | 15,706,115 | |
Samsung Electronics Co. Ltd. | 1,514,950 | 71,105,318 | |
Seagate Technology LLC | 353,531 | 19,921,472 | |
Super Micro Computer, Inc. (a) | 27,847 | 671,113 | |
Western Digital Corp. | 243,405 | 20,326,752 | |
Xerox Corp. | 160,869 | 4,372,419 | |
344,112,446 | |||
TOTAL COMMON STOCKS | |||
(Cost $302,519,645) | 526,632,229 | ||
Money Market Funds - 0.1% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $424,246) | 424,161 | 424,246 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $302,943,891) | 527,056,475 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 2,107,240 | ||
NET ASSETS - 100% | $529,163,715 |
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 | $9,951 |
Total | $9,951 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $526,632,229 | $443,048,125 | $83,584,104 | $-- |
Money Market Funds | 424,246 | 424,246 | -- | -- |
Total Investments in Securities: | $527,056,475 | $443,472,371 | $83,584,104 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $0 |
Level 2 to Level 1 | $86,251,471 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the 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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value | ||
Communications Equipment - 1.9% | |||
Communications Equipment - 1.9% | |||
Finisar Corp. (a)(b) | 2,006,800 | $32,530,228 | |
Quantenna Communications, Inc. (a)(c) | 2,524,095 | 40,385,520 | |
72,915,748 | |||
Electronic Equipment & Components - 4.4% | |||
Electronic Manufacturing Services - 4.0% | |||
Flextronics International Ltd. (a) | 1,396,800 | 19,401,552 | |
Jabil, Inc. | 2,845,837 | 80,480,270 | |
TTM Technologies, Inc. (a) | 2,845,598 | 51,306,132 | |
151,187,954 | |||
Technology Distributors - 0.4% | |||
Arrow Electronics, Inc. (a) | 76,500 | 5,670,180 | |
Tech Data Corp. (a) | 91,200 | 7,917,072 | |
13,587,252 | |||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 164,775,206 | ||
Internet Software & Services - 0.4% | |||
Internet Software & Services - 0.4% | |||
Alphabet, Inc. Class A (a) | 14,100 | 15,510,000 | |
Semiconductors & Semiconductor Equipment - 88.2% | |||
Semiconductor Equipment - 3.6% | |||
Applied Materials, Inc. | 1,389,000 | 70,533,420 | |
Lam Research Corp. | 218,473 | 43,296,979 | |
PDF Solutions, Inc. (a) | 816,320 | 10,318,285 | |
Xperi Corp. | 484,000 | 9,559,000 | |
133,707,684 | |||
Semiconductors - 84.6% | |||
Acacia Communications, Inc. (a)(b) | 803,000 | 25,969,020 | |
Advanced Micro Devices, Inc. (a)(b) | 3,393,800 | 46,596,874 | |
Alpha & Omega Semiconductor Ltd. (a) | 823,700 | 12,792,061 | |
Analog Devices, Inc. | 1,950,196 | 189,520,047 | |
Broadcom, Inc. | 1,607,400 | 405,177,318 | |
Cavium, Inc. (a) | 2,226,466 | 186,154,822 | |
Cirrus Logic, Inc. (a) | 1,026,300 | 38,465,724 | |
Cypress Semiconductor Corp. | 1,301,700 | 21,425,982 | |
Inphi Corp. (a)(b) | 1,576,795 | 53,264,135 | |
Integrated Device Technology, Inc. (a) | 60,667 | 2,016,571 | |
Intel Corp. | 11,917,271 | 657,833,361 | |
MACOM Technology Solutions Holdings, Inc. (a)(b) | 2,833,800 | 63,902,190 | |
Marvell Technology Group Ltd. | 8,581,746 | 184,850,809 | |
Maxim Integrated Products, Inc. | 189,925 | 11,139,101 | |
MaxLinear, Inc. Class A (a) | 3,186,431 | 58,471,009 | |
Microchip Technology, Inc. | 847,200 | 82,500,336 | |
Micron Technology, Inc. (a) | 3,592,540 | 206,894,379 | |
NVIDIA Corp. | 1,072,392 | 270,446,538 | |
NXP Semiconductors NV (a) | 1,312,569 | 149,632,866 | |
O2Micro International Ltd. sponsored ADR (a) | 739,800 | 1,183,680 | |
ON Semiconductor Corp. (a) | 3,222,546 | 80,982,581 | |
Qorvo, Inc. (a) | 369,428 | 29,646,597 | |
Qualcomm, Inc. | 5,712,684 | 332,021,194 | |
Renesas Electronics Corp. (a) | 1,140,925 | 11,347,896 | |
Semtech Corp. (a) | 300,725 | 14,555,090 | |
SK Hynix, Inc. | 150,760 | 13,035,534 | |
Synaptics, Inc. (a) | 267,600 | 11,249,904 | |
Xilinx, Inc. | 298,757 | 20,348,339 | |
3,181,423,958 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,315,131,642 | ||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Samsung Electronics Co. Ltd. | 1,314,495 | 61,696,812 | |
Super Micro Computer, Inc. (a) | 875,700 | 21,104,370 | |
Western Digital Corp. | 68,200 | 5,695,382 | |
88,496,564 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,710,660,452) | 3,656,829,160 | ||
Money Market Funds - 6.2% | |||
Fidelity Cash Central Fund, 1.76% (d) | 93,270,854 | 93,289,509 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 140,303,877 | 140,317,907 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $233,607,416) | 233,607,416 | ||
TOTAL INVESTMENT IN SECURITIES - 103.5% | |||
(Cost $2,944,267,868) | 3,890,436,576 | ||
NET OTHER ASSETS (LIABILITIES) - (3.5)% | (130,046,128) | ||
NET ASSETS - 100% | $3,760,390,448 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $247,573 |
Fidelity Securities Lending Cash Central Fund | 455,651 |
Total | $703,224 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
MACOM Technology Solutions Holdings, Inc. | $73,590,990 | $-- | $12,958,868 | $-- | $(9,053,783) | $12,323,851 | $-- |
Quantenna Communications, Inc. | 48,428,806 | -- | 14,595,052 | -- | (2,123,122) | 8,674,888 | 40,385,520 |
Total | $122,019,796 | $-- | $27,553,920 | $-- | $(11,176,905) | $20,998,739 | $40,385,520 |
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, 2018. 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 | $107,256,020 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
Beverages - 29.0% | |||
Brewers - 1.1% | |||
Beijing Yanjing Brewery Co. Ltd. Class A | 10,571,440 | $14,182,547 | |
China Resources Beer Holdings Co. Ltd. | 140,000 | 677,073 | |
Molson Coors Brewing Co. Class B | 55,100 | 3,396,915 | |
18,256,535 | |||
Distillers & Vintners - 2.7% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 146,300 | 32,636,604 | |
Kweichow Moutai Co. Ltd. (A Shares) | 13,453 | 1,576,362 | |
Pernod Ricard SA | 48,400 | 8,130,836 | |
42,343,802 | |||
Soft Drinks - 25.2% | |||
Britvic PLC | 453,974 | 4,885,254 | |
Coca-Cola Bottling Co. Consolidated | 80,244 | 10,223,888 | |
Coca-Cola European Partners PLC | 629,653 | 23,907,924 | |
Coca-Cola FEMSA S.A.B. de CV sponsored ADR | 71,000 | 4,150,660 | |
Coca-Cola West Co. Ltd. | 42,900 | 1,808,122 | |
Dr. Pepper Snapple Group, Inc. | 250,000 | 29,825,000 | |
Fever-Tree Drinks PLC | 55,476 | 2,215,361 | |
Monster Beverage Corp. (a) | 1,178,502 | 60,292,162 | |
PepsiCo, Inc. | 1,010,000 | 101,252,500 | |
The Coca-Cola Co. | 3,821,618 | 164,329,576 | |
402,890,447 | |||
TOTAL BEVERAGES | 463,490,784 | ||
Chemicals - 0.2% | |||
Specialty Chemicals - 0.2% | |||
Frutarom Industries Ltd. | 26,600 | 2,604,222 | |
Food & Staples Retailing - 9.7% | |||
Drug Retail - 2.1% | |||
Rite Aid Corp. (a)(b) | 1,367,770 | 2,188,432 | |
Walgreens Boots Alliance, Inc. | 492,424 | 30,722,333 | |
32,910,765 | |||
Food Distributors - 1.6% | |||
Sysco Corp. | 361,500 | 23,508,345 | |
United Natural Foods, Inc. (a) | 52,100 | 2,374,718 | |
25,883,063 | |||
Food Retail - 1.0% | |||
Kroger Co. | 354,670 | 8,629,121 | |
Sprouts Farmers Market LLC (a) | 309,100 | 6,707,470 | |
15,336,591 | |||
Hypermarkets & Super Centers - 5.0% | |||
Costco Wholesale Corp. | 297,500 | 58,976,400 | |
Walmart, Inc. | 262,700 | 21,683,258 | |
80,659,658 | |||
TOTAL FOOD & STAPLES RETAILING | 154,790,077 | ||
Food Products - 20.1% | |||
Agricultural Products - 1.7% | |||
Bunge Ltd. | 188,135 | 13,084,789 | |
Darling International, Inc. (a) | 500,800 | 9,410,032 | |
Ingredion, Inc. | 44,300 | 4,934,577 | |
27,429,398 | |||
Packaged Foods & Meats - 18.4% | |||
ConAgra Foods, Inc. | 606,600 | 22,480,596 | |
Danone SA | 185,791 | 14,227,288 | |
JBS SA | 4,970,800 | 11,919,615 | |
Kellogg Co. | 350,100 | 22,542,939 | |
Mondelez International, Inc. | 1,589,658 | 62,425,870 | |
Post Holdings, Inc. (a) | 126,200 | 9,700,994 | |
The Hain Celestial Group, Inc. (a) | 482,399 | 12,310,822 | |
The Hershey Co. | 131,900 | 11,876,276 | |
The J.M. Smucker Co. | 267,700 | 28,777,750 | |
The Kraft Heinz Co. | 801,400 | 46,064,472 | |
The Simply Good Foods Co. | 1,735,900 | 23,000,675 | |
TreeHouse Foods, Inc. (a) | 602,259 | 28,854,229 | |
294,181,526 | |||
TOTAL FOOD PRODUCTS | 321,610,924 | ||
Health Care Providers & Services - 0.9% | |||
Health Care Services - 0.9% | |||
CVS Health Corp. | 224,303 | 14,218,567 | |
Hotels, Restaurants & Leisure - 1.3% | |||
Restaurants - 1.3% | |||
Compass Group PLC | 49,911 | 1,073,198 | |
U.S. Foods Holding Corp. (a) | 535,516 | 19,107,211 | |
20,180,409 | |||
Household Durables - 0.1% | |||
Housewares & Specialties - 0.1% | |||
Newell Brands, Inc. | 79,000 | 1,862,820 | |
Household Products - 14.3% | |||
Household Products - 14.3% | |||
Colgate-Palmolive Co. | 403,180 | 25,436,626 | |
Essity AB Class B | 443,000 | 11,251,942 | |
Procter & Gamble Co. | 1,591,550 | 116,453,714 | |
Reckitt Benckiser Group PLC | 81,700 | 6,253,579 | |
Spectrum Brands Holdings, Inc. (b) | 861,399 | 68,644,886 | |
228,040,747 | |||
Internet & Direct Marketing Retail - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
Amazon.com, Inc. (a) | 600 | 977,772 | |
Multiline Retail - 0.3% | |||
General Merchandise Stores - 0.3% | |||
Dollar Tree, Inc. (a) | 55,200 | 4,558,968 | |
Personal Products - 9.2% | |||
Personal Products - 9.2% | |||
Avon Products, Inc. (a) | 8,840,335 | 15,912,603 | |
Coty, Inc. Class A | 4,448,097 | 58,937,285 | |
Estee Lauder Companies, Inc. Class A | 129,639 | 19,373,252 | |
Herbalife Nutrition Ltd. (a) | 93,520 | 4,748,010 | |
Ontex Group NV | 243,300 | 6,627,216 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 734,830 | 40,980,613 | |
146,578,979 | |||
Tobacco - 14.6% | |||
Tobacco - 14.6% | |||
Altria Group, Inc. | 1,248,445 | 69,588,324 | |
British American Tobacco PLC sponsored ADR | 663,726 | 33,982,771 | |
Philip Morris International, Inc. | 1,643,091 | 130,691,458 | |
234,262,553 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,562,077,671) | 1,593,176,822 | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 1.76% (c) | 471,033 | 471,127 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 48,036,904 | 48,041,707 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $48,513,018) | 48,512,834 | ||
TOTAL INVESTMENT IN SECURITIES - 102.7% | |||
(Cost $1,610,590,689) | 1,641,689,656 | ||
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (43,092,477) | ||
NET ASSETS - 100% | $1,598,597,179 |
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 | $5,653 |
Fidelity Securities Lending Cash Central Fund | 52,370 |
Total | $58,023 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $1,593,176,822 | $1,531,038,269 | $62,138,553 | $-- |
Money Market Funds | 48,512,834 | 48,512,834 | -- | -- |
Total Investments in Securities: | $1,641,689,656 | $1,579,551,103 | $62,138,553 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $69,269,915 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value | ||
Electronic Equipment & Components - 0.7% | |||
Technology Distributors - 0.7% | |||
Dell Technologies, Inc. (a) | 532,200 | $42,927,252 | |
Health Care Technology - 0.2% | |||
Health Care Technology - 0.2% | |||
Inovalon Holdings, Inc. Class A (a)(b) | 1,009,800 | 10,501,920 | |
Household Durables - 0.2% | |||
Household Appliances - 0.2% | |||
iRobot Corp. (a)(b) | 215,800 | 13,468,078 | |
Internet & Direct Marketing Retail - 0.6% | |||
Internet & Direct Marketing Retail - 0.6% | |||
The Booking Holdings, Inc. (a) | 15,400 | 32,477,368 | |
Internet Software & Services - 34.3% | |||
Internet Software & Services - 34.3% | |||
Akamai Technologies, Inc. (a) | 1,683,100 | 126,872,078 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 144,600 | 28,632,246 | |
Alphabet, Inc.: | |||
Class A (a) | 439,500 | 483,450,000 | |
Class C (a) | 524,560 | 569,142,354 | |
Facebook, Inc. Class A (a) | 3,461,000 | 663,750,580 | |
Instructure, Inc. (a) | 282,381 | 12,142,383 | |
MercadoLibre, Inc. | 115,900 | 33,707,197 | |
Mix Telematics Ltd. | 11,982,476 | 8,800,954 | |
NIC, Inc. | 2,441,399 | 37,475,475 | |
Shutterstock, Inc. (a) | 198,700 | 9,416,393 | |
SPS Commerce, Inc. (a) | 674,000 | 50,165,820 | |
Twitter, Inc. (a) | 110,600 | 3,837,820 | |
2,027,393,300 | |||
IT Services - 19.0% | |||
Data Processing & Outsourced Services - 12.7% | |||
Alliance Data Systems Corp. | 285,400 | 60,168,028 | |
ExlService Holdings, Inc. (a) | 307,518 | 17,433,195 | |
Fidelity National Information Services, Inc. | 395,300 | 40,407,566 | |
FleetCor Technologies, Inc. (a) | 340,100 | 67,798,935 | |
Global Payments, Inc. | 163,700 | 18,196,892 | |
MasterCard, Inc. Class A | 672,500 | 127,855,700 | |
PayPal Holdings, Inc. (a) | 1,534,600 | 125,944,622 | |
The Western Union Co. | 730,300 | 14,525,667 | |
Total System Services, Inc. | 689,000 | 58,695,910 | |
Visa, Inc. Class A | 1,716,720 | 224,409,638 | |
755,436,153 | |||
IT Consulting & Other Services - 6.3% | |||
Capgemini SA | 323,900 | 42,655,519 | |
Cognizant Technology Solutions Corp. Class A | 1,682,500 | 126,776,375 | |
Conduent, Inc. (a) | 178,700 | 3,439,975 | |
Gartner, Inc. (a) | 362,400 | 48,104,976 | |
IBM Corp. | 755,800 | 106,802,098 | |
Leidos Holdings, Inc. | 718,800 | 43,171,128 | |
370,950,071 | |||
TOTAL IT SERVICES | 1,126,386,224 | ||
Semiconductors & Semiconductor Equipment - 1.1% | |||
Semiconductors - 1.1% | |||
Qualcomm, Inc. | 1,107,100 | 64,344,652 | |
Software - 40.2% | |||
Application Software - 13.8% | |||
Adobe Systems, Inc. (a) | 1,157,600 | 288,566,528 | |
Autodesk, Inc. (a) | 450,000 | 58,095,000 | |
Citrix Systems, Inc. (a) | 495,250 | 52,308,305 | |
Constellation Software, Inc. | 36,200 | 28,511,618 | |
Deem, Inc. (a)(c)(d) | 124,895 | 62,448 | |
Micro Focus International PLC | 1,885,700 | 33,408,014 | |
Monotype Imaging Holdings, Inc. | 1,434,700 | 30,989,520 | |
Salesforce.com, Inc. (a) | 1,532,626 | 198,214,521 | |
Ultimate Software Group, Inc. (a) | 213,400 | 55,942,810 | |
Workday, Inc. Class A (a) | 538,900 | 70,574,344 | |
816,673,108 | |||
Home Entertainment Software - 3.1% | |||
Activision Blizzard, Inc. | 1,243,500 | 88,176,585 | |
Electronic Arts, Inc. (a) | 751,300 | 98,352,683 | |
186,529,268 | |||
Systems Software - 23.3% | |||
Check Point Software Technologies Ltd. (a) | 380,300 | 37,026,008 | |
Microsoft Corp. | 11,387,600 | 1,125,550,384 | |
Oracle Corp. | 2,344,300 | 109,525,696 | |
Red Hat, Inc. (a) | 299,100 | 48,579,822 | |
Symantec Corp. | 2,702,600 | 56,160,028 | |
1,376,841,938 | |||
TOTAL SOFTWARE | 2,380,044,314 | ||
Technology Hardware, Storage & Peripherals - 0.6% | |||
Technology Hardware, Storage & Peripherals - 0.6% | |||
Apple, Inc. | 188,700 | 35,262,369 | |
TOTAL COMMON STOCKS | |||
(Cost $3,098,970,622) | 5,732,805,477 | ||
Money Market Funds - 3.3% | |||
Fidelity Cash Central Fund, 1.76% (e) | 177,450,440 | 177,485,930 | |
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) | 19,391,063 | 19,393,002 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $196,866,426) | 196,878,932 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $3,295,837,048) | 5,929,684,409 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (10,794,723) | ||
NET ASSETS - 100% | $5,918,889,686 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $62,448 or 0.0% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Deem, Inc. | 9/19/13 | $8,064,516 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $802,270 |
Fidelity Securities Lending Cash Central Fund | 30,683 |
Total | $832,953 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $5,732,805,477 | $5,699,335,015 | $33,408,014 | $62,448 |
Money Market Funds | 196,878,932 | 196,878,932 | -- | -- |
Total Investments in Securities: | $5,929,684,409 | $5,896,213,947 | $33,408,014 | $62,448 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
Aerospace & Defense - 31.6% | |||
Aerospace & Defense - 31.6% | |||
Astronics Corp. (a) | 38,600 | $1,358,720 | |
Astronics Corp. Class B (a) | 4,755 | 169,326 | |
Bombardier, Inc. Class B (sub. vtg.) (a) | 2,442,700 | 9,193,565 | |
CAE, Inc. | 376,200 | 7,923,818 | |
Hexcel Corp. | 166,400 | 11,786,112 | |
Moog, Inc. Class A | 102,900 | 8,389,437 | |
Spirit AeroSystems Holdings, Inc. Class A | 168,500 | 14,273,635 | |
Textron, Inc. | 64,000 | 4,261,120 | |
The Boeing Co. | 46,610 | 16,414,178 | |
TransDigm Group, Inc. | 21,800 | 7,283,598 | |
United Technologies Corp. | 182,900 | 22,829,578 | |
103,883,087 | |||
Air Freight & Logistics - 22.2% | |||
Air Freight & Logistics - 22.2% | |||
Air Transport Services Group, Inc. (a) | 155,400 | 3,263,400 | |
Atlas Air Worldwide Holdings, Inc. (a) | 5,600 | 381,640 | |
C.H. Robinson Worldwide, Inc. | 20,200 | 1,757,400 | |
Expeditors International of Washington, Inc. | 244,400 | 18,202,912 | |
FedEx Corp. | 49,200 | 12,256,704 | |
Forward Air Corp. | 101,950 | 6,047,674 | |
United Parcel Service, Inc. Class B | 268,000 | 31,120,160 | |
73,029,890 | |||
Airlines - 38.5% | |||
Airlines - 38.5% | |||
Air Canada (a) | 263,900 | 4,675,137 | |
Alaska Air Group, Inc. | 195,900 | 11,912,679 | |
Allegiant Travel Co. | 4,600 | 696,210 | |
American Airlines Group, Inc. | 356,000 | 15,500,240 | |
Dart Group PLC | 94,386 | 1,013,187 | |
Delta Air Lines, Inc. | 657,202 | 35,521,766 | |
Hawaiian Holdings, Inc. | 56,300 | 2,083,100 | |
JetBlue Airways Corp. (a) | 225,500 | 4,259,695 | |
SkyWest, Inc. | 181,700 | 10,356,900 | |
Southwest Airlines Co. | 538,400 | 27,501,472 | |
Spirit Airlines, Inc. (a) | 216,000 | 7,925,040 | |
United Continental Holdings, Inc. (a) | 75,700 | 5,267,963 | |
126,713,389 | |||
Internet Software & Services - 1.3% | |||
Internet Software & Services - 1.3% | |||
Stamps.com, Inc. (a) | 17,000 | 4,263,600 | |
Machinery - 0.4% | |||
Industrial Machinery - 0.4% | |||
Global Brass & Copper Holdings, Inc. | 25,987 | 815,992 | |
Park-Ohio Holdings Corp. | 16,990 | 670,256 | |
1,486,248 | |||
Road & Rail - 2.6% | |||
Railroads - 2.6% | |||
Genesee & Wyoming, Inc. Class A (a) | 29,800 | 2,327,678 | |
Norfolk Southern Corp. | 33,500 | 5,080,275 | |
Union Pacific Corp. | 8,100 | 1,156,356 | |
8,564,309 | |||
Trading Companies & Distributors - 0.4% | |||
Trading Companies & Distributors - 0.4% | |||
HD Supply Holdings, Inc. (a) | 28,700 | 1,168,951 | |
TOTAL COMMON STOCKS | |||
(Cost $217,826,940) | 319,109,474 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $9,395,289) | 9,394,112 | 9,395,991 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $227,222,229) | 328,505,465 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 625,595 | ||
NET ASSETS - 100% | $329,131,060 |
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 | $38,747 |
Total | $38,747 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
Capital Markets - 0.2% | |||
Investment Banking & Brokerage - 0.2% | |||
TPG Pace Energy Holdings Corp. (a) | 458,700 | $4,816,350 | |
Chemicals - 1.5% | |||
Commodity Chemicals - 1.5% | |||
LG Chemical Ltd. | 11,325 | 3,548,891 | |
LyondellBasell Industries NV Class A | 220,600 | 24,733,672 | |
28,282,563 | |||
Energy Equipment & Services - 12.1% | |||
Oil & Gas Drilling - 2.4% | |||
Nabors Industries Ltd. | 2,419,236 | 18,071,693 | |
Odfjell Drilling Ltd. (a) | 1,143,380 | 5,023,343 | |
Precision Drilling Corp. (a) | 1,217,900 | 4,208,077 | |
Shelf Drilling Ltd. (a)(b) | 1,563,913 | 13,378,703 | |
Trinidad Drilling Ltd. (a) | 1,575,700 | 2,138,849 | |
Xtreme Drilling & Coil Services Corp. (a) | 1,801,400 | 2,723,079 | |
45,543,744 | |||
Oil & Gas Equipment & Services - 9.7% | |||
Baker Hughes, a GE Co. Class A | 1,485,000 | 51,366,150 | |
C&J Energy Services, Inc. (a) | 84,200 | 2,266,664 | |
Dril-Quip, Inc. (a) | 192,553 | 9,252,172 | |
Halliburton Co. | 1,218,300 | 60,598,242 | |
Liberty Oilfield Services, Inc. Class A (a)(c) | 318,800 | 6,777,688 | |
NCS Multistage Holdings, Inc. (a) | 367,200 | 5,588,784 | |
Oceaneering International, Inc. | 376,127 | 8,963,106 | |
RigNet, Inc. (a) | 490,096 | 5,807,638 | |
Schlumberger Ltd. | 309,758 | 21,271,082 | |
Smart Sand, Inc. (a)(c) | 212,200 | 1,298,664 | |
TechnipFMC PLC | 296,300 | 9,229,745 | |
Weatherford International PLC (a)(c) | 700,500 | 2,374,695 | |
184,794,630 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 230,338,374 | ||
Gas Utilities - 0.3% | |||
Gas Utilities - 0.3% | |||
Indraprastha Gas Ltd. (a) | 1,460,597 | 5,740,148 | |
Machinery - 0.8% | |||
Industrial Machinery - 0.8% | |||
Apergy Corp. (a) | 98,458 | 4,252,401 | |
Cactus, Inc. (a) | 107,800 | 3,635,016 | |
Gardner Denver Holdings, Inc. | 143,500 | 4,716,845 | |
ProPetro Holding Corp. (a) | 206,600 | 3,361,382 | |
15,965,644 | |||
Oil, Gas & Consumable Fuels - 83.6% | |||
Coal & Consumable Fuels - 0.2% | |||
Peabody Energy Corp. | 114,300 | 4,945,761 | |
Integrated Oil & Gas - 15.1% | |||
Chevron Corp. | 1,048,523 | 130,331,409 | |
Exxon Mobil Corp. | 902,548 | 73,323,000 | |
Occidental Petroleum Corp. | 633,800 | 53,365,960 | |
Suncor Energy, Inc. | 773,600 | 30,810,353 | |
287,830,722 | |||
Oil & Gas Exploration & Production - 45.4% | |||
Anadarko Petroleum Corp. | 1,015,815 | 70,903,887 | |
Cabot Oil & Gas Corp. | 1,653,500 | 37,782,475 | |
California Resources Corp. (a)(c) | 61,900 | 2,274,206 | |
Callon Petroleum Co. (a) | 593,517 | 7,027,241 | |
Centennial Resource Development, Inc.: | |||
Class A (a) | 115,200 | 2,027,520 | |
Class A (a) | 602,039 | 10,595,886 | |
Cimarex Energy Co. | 210,445 | 19,554,549 | |
Concho Resources, Inc. (a) | 148,300 | 20,363,073 | |
ConocoPhillips Co. | 174,000 | 11,725,860 | |
Continental Resources, Inc. (a) | 842,200 | 56,713,748 | |
Devon Energy Corp. | 1,253,100 | 52,091,367 | |
Diamondback Energy, Inc. | 507,600 | 61,297,776 | |
Encana Corp. | 3,624,000 | 46,117,538 | |
EOG Resources, Inc. | 1,068,364 | 125,863,963 | |
Extraction Oil & Gas, Inc. (a)(c) | 752,412 | 12,760,908 | |
GeoPark Ltd. (a) | 120,800 | 1,886,896 | |
Gran Tierra Energy, Inc. (U.S.) (a) | 1,721,200 | 5,628,324 | |
Hess Corp. | 376,700 | 22,760,214 | |
Noble Energy, Inc. | 549,700 | 19,624,290 | |
Parex Resources, Inc. (a) | 555,600 | 10,031,310 | |
Parsley Energy, Inc. Class A (a) | 1,602,200 | 47,232,856 | |
PDC Energy, Inc. (a) | 206,351 | 12,482,172 | |
Pioneer Natural Resources Co. | 429,099 | 82,859,017 | |
PrairieSky Royalty Ltd. (c) | 136,400 | 2,811,948 | |
Ring Energy, Inc. (a) | 414,722 | 5,727,311 | |
RSP Permian, Inc. (a) | 999,500 | 43,718,130 | |
Seven Generations Energy Ltd. (a) | 147,200 | 1,904,995 | |
Viper Energy Partners LP | 739,900 | 24,105,942 | |
Whiting Petroleum Corp. (a) | 545,100 | 28,574,142 | |
WildHorse Resource Development Corp. (a) | 229,900 | 6,175,114 | |
WPX Energy, Inc. (a) | 741,700 | 13,506,357 | |
866,129,015 | |||
Oil & Gas Refining & Marketing - 17.4% | |||
Andeavor | 244,100 | 35,255,363 | |
Delek U.S. Holdings, Inc. | 1,729,955 | 96,496,890 | |
HollyFrontier Corp. | 176,200 | 13,599,116 | |
Marathon Petroleum Corp. | 129,600 | 10,242,288 | |
Phillips 66 Co. | 676,473 | 78,802,340 | |
Reliance Industries Ltd. | 395,832 | 5,408,569 | |
Valero Energy Corp. | 760,000 | 92,112,000 | |
331,916,566 | |||
Oil & Gas Storage & Transport - 5.5% | |||
Cheniere Energy, Inc. (a) | 359,100 | 23,923,242 | |
Enterprise Products Partners LP | 680,700 | 19,672,230 | |
GasLog Partners LP | 233,500 | 5,709,075 | |
Gener8 Maritime, Inc. (a) | 1,201,790 | 8,027,957 | |
Golar LNG Ltd. | 370,500 | 9,625,590 | |
Noble Midstream Partners LP | 119,327 | 6,153,693 | |
Noble Midstream Partners LP (d) | 101,027 | 5,209,962 | |
Plains GP Holdings LP Class A | 346,549 | 8,514,709 | |
Teekay LNG Partners LP | 142,300 | 2,461,790 | |
The Williams Companies, Inc. | 584,662 | 15,704,021 | |
105,002,269 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 1,595,824,333 | ||
Semiconductors & Semiconductor Equipment - 0.3% | |||
Semiconductor Equipment - 0.3% | |||
SolarEdge Technologies, Inc. (a) | 94,792 | 5,294,133 | |
TOTAL COMMON STOCKS | |||
(Cost $1,483,239,970) | 1,886,261,545 | ||
Money Market Funds - 1.6% | |||
Fidelity Cash Central Fund, 1.76% (e) | 21,018,129 | 21,022,332 | |
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) | 9,939,148 | 9,940,142 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $30,962,497) | 30,962,474 | ||
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $1,514,202,467) | 1,917,224,019 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (7,772,768) | ||
NET ASSETS - 100% | $1,909,451,251 |
Legend
(a) Non-income producing
(b) 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 $13,378,703 or 0.7% of net assets.
(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 $5,209,962 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 |
Noble Midstream Partners LP | 6/21/17 | $4,086,542 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $71,369 |
Fidelity Securities Lending Cash Central Fund | 26,037 |
Total | $97,406 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $40,309,609 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
Diversified Consumer Services - 4.1% | |||
Education Services - 1.9% | |||
Adtalem Global Education, Inc. (a) | 65,900 | $3,146,725 | |
Grand Canyon Education, Inc. (a) | 57,100 | 6,343,810 | |
9,490,535 | |||
Specialized Consumer Services - 2.2% | |||
ServiceMaster Global Holdings, Inc. (a) | 98,034 | 5,601,663 | |
Weight Watchers International, Inc. (a) | 74,200 | 5,588,744 | |
11,190,407 | |||
TOTAL DIVERSIFIED CONSUMER SERVICES | 20,680,942 | ||
Food & Staples Retailing - 0.6% | |||
Food Distributors - 0.6% | |||
Performance Food Group Co. (a) | 80,100 | 2,863,575 | |
Hotels, Restaurants & Leisure - 92.5% | |||
Casinos & Gaming - 14.2% | |||
Boyd Gaming Corp. | 120,100 | 4,533,775 | |
Caesars Entertainment Corp. (a) | 300,200 | 3,647,430 | |
Eldorado Resorts, Inc. (a) | 226,800 | 10,251,360 | |
Las Vegas Sands Corp. | 328,708 | 26,497,152 | |
MGM Mirage, Inc. | 344,400 | 10,831,380 | |
Penn National Gaming, Inc. (a) | 164,149 | 5,594,198 | |
Pinnacle Entertainment, Inc. (a) | 30,400 | 1,030,864 | |
Scientific Games Corp. Class A (a) | 46,100 | 2,733,730 | |
Wynn Resorts Ltd. | 33,300 | 6,527,133 | |
71,647,022 | |||
Hotels, Resorts & Cruise Lines - 32.0% | |||
Bluegreen Vacations Corp. | 43,300 | 870,330 | |
Carnival Corp. | 338,200 | 21,063,096 | |
Greentree Hospitality Group Ltd. ADR (a) | 62,100 | 1,162,512 | |
Hilton Grand Vacations, Inc. (a) | 365,612 | 14,536,733 | |
Hilton Worldwide Holdings, Inc. | 257,997 | 20,822,938 | |
Hyatt Hotels Corp. Class A | 72,700 | 5,941,771 | |
Marriott International, Inc. Class A | 309,493 | 41,892,972 | |
Marriott Vacations Worldwide Corp. | 71,297 | 8,572,751 | |
Norwegian Cruise Line Holdings Ltd. (a) | 137,200 | 7,181,048 | |
Royal Caribbean Cruises Ltd. | 226,490 | 23,776,920 | |
Wyndham Worldwide Corp. | 143,414 | 15,551,814 | |
161,372,885 | |||
Leisure Facilities - 4.3% | |||
Planet Fitness, Inc. (a) | 298,200 | 11,817,666 | |
Vail Resorts, Inc. | 40,778 | 9,818,935 | |
21,636,601 | |||
Restaurants - 42.0% | |||
ARAMARK Holdings Corp. | 143,650 | 5,576,493 | |
Chipotle Mexican Grill, Inc. (a) | 24,600 | 10,582,428 | |
Darden Restaurants, Inc. | 11,800 | 1,031,438 | |
Del Frisco's Restaurant Group, Inc. (a) | 34,500 | 457,125 | |
DineEquity, Inc. | 23,900 | 1,516,455 | |
Domino's Pizza, Inc. | 19,200 | 4,828,416 | |
Dunkin' Brands Group, Inc. (b) | 166,500 | 10,660,995 | |
McDonald's Corp. | 672,058 | 107,536,001 | |
Red Robin Gourmet Burgers, Inc. (a) | 8,600 | 433,010 | |
Restaurant Brands International, Inc. | 79,800 | 4,712,545 | |
Shake Shack, Inc. Class A (a)(b) | 21,000 | 1,252,020 | |
Starbucks Corp. | 861,800 | 48,838,206 | |
U.S. Foods Holding Corp. (a) | 108,633 | 3,876,025 | |
Wendy's Co. | 327,900 | 5,282,469 | |
Yum! Brands, Inc. | 61,636 | 5,012,856 | |
211,596,482 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 466,252,990 | ||
Internet & Direct Marketing Retail - 1.4% | |||
Internet & Direct Marketing Retail - 1.4% | |||
Amazon.com, Inc. (a) | 1,000 | 1,629,620 | |
The Booking Holdings, Inc. (a) | 2,500 | 5,272,300 | |
6,901,920 | |||
Internet Software & Services - 0.7% | |||
Internet Software & Services - 0.7% | |||
2U, Inc. (a) | 17,424 | 1,651,795 | |
Alphabet, Inc. Class A (a) | 1,800 | 1,980,000 | |
3,631,795 | |||
Multiline Retail - 0.2% | |||
General Merchandise Stores - 0.2% | |||
Dollar Tree, Inc. (a) | 12,700 | 1,048,893 | |
Textiles, Apparel & Luxury Goods - 0.2% | |||
Apparel, Accessories & Luxury Goods - 0.2% | |||
LVMH Moet Hennessy - Louis Vuitton SA | 3,242 | 1,128,860 | |
TOTAL COMMON STOCKS | |||
(Cost $321,229,260) | 502,508,975 | ||
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund, 1.76% (c) | 616,228 | 616,351 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 5,995,950 | 5,996,550 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,612,901) | 6,612,901 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% | |||
(Cost $327,842,161) | 509,121,876 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (5,180,266) | ||
NET ASSETS - 100% | $503,941,610 |
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 | $3,201 |
Fidelity Securities Lending Cash Central Fund | 9,366 |
Total | $12,567 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $502,508,975 | $501,380,115 | $1,128,860 | $-- |
Money Market Funds | 6,612,901 | 6,612,901 | -- | -- |
Total Investments in Securities: | $509,121,876 | $507,993,016 | $1,128,860 | $-- |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value | ||
Biotechnology - 25.8% | |||
Biotechnology - 25.8% | |||
Abeona Therapeutics, Inc. (a)(b) | 1,550,000 | $27,435,000 | |
AC Immune SA (a)(b) | 1,000,000 | 10,480,000 | |
Acceleron Pharma, Inc. (a) | 400,000 | 14,216,000 | |
Acorda Therapeutics, Inc. (a) | 986,928 | 25,906,860 | |
Alexion Pharmaceuticals, Inc. (a) | 1,180,000 | 137,033,400 | |
Alnylam Pharmaceuticals, Inc. (a) | 548,300 | 54,539,401 | |
Amgen, Inc. | 1,000,000 | 179,620,000 | |
AnaptysBio, Inc. (a) | 437,162 | 34,011,204 | |
Argenx SE ADR | 522,900 | 49,936,950 | |
Ascendis Pharma A/S sponsored ADR (a) | 620,000 | 44,652,400 | |
Atara Biotherapeutics, Inc. (a) | 1,080,000 | 53,784,000 | |
Audentes Therapeutics, Inc. (a) | 580,000 | 21,982,000 | |
BeiGene Ltd. ADR (a) | 463,300 | 92,715,596 | |
Biogen, Inc. (a) | 280,000 | 82,308,800 | |
bluebird bio, Inc. (a) | 232,200 | 41,575,410 | |
Blueprint Medicines Corp. (a) | 751,100 | 63,152,488 | |
Cellectis SA sponsored ADR (a) | 674,000 | 20,179,560 | |
CytomX Therapeutics, Inc. (a) | 415,020 | 10,653,563 | |
Five Prime Therapeutics, Inc. (a) | 600,000 | 10,536,000 | |
Global Blood Therapeutics, Inc. (a) | 460,000 | 22,149,000 | |
GlycoMimetics, Inc. (a) | 1,120,000 | 20,014,400 | |
Heron Therapeutics, Inc. (a) | 800,000 | 26,080,000 | |
Insmed, Inc. (a) | 2,525,205 | 70,352,211 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 366,200 | 25,710,902 | |
La Jolla Pharmaceutical Co. (a) | 500,000 | 15,600,000 | |
Loxo Oncology, Inc. (a) | 290,000 | 51,425,700 | |
Momenta Pharmaceuticals, Inc. (a) | 75,107 | 1,772,525 | |
Neurocrine Biosciences, Inc. (a) | 1,099,549 | 105,842,587 | |
Sage Therapeutics, Inc. (a) | 16,609 | 2,536,028 | |
Sarepta Therapeutics, Inc. (a)(b) | 1,290,000 | 121,066,500 | |
Spark Therapeutics, Inc. (a) | 300,000 | 23,937,000 | |
TESARO, Inc. (a)(b) | 690,000 | 31,581,300 | |
uniQure B.V. (a)(b) | 521,238 | 18,264,180 | |
Vertex Pharmaceuticals, Inc. (a) | 1,228,391 | 189,172,214 | |
Xencor, Inc. (a) | 1,053,412 | 42,147,014 | |
Zai Lab Ltd. ADR (b) | 609,300 | 14,269,806 | |
1,756,639,999 | |||
Diversified Consumer Services - 0.2% | |||
Specialized Consumer Services - 0.2% | |||
Carriage Services, Inc. | 651,800 | 16,392,770 | |
Health Care Equipment & Supplies - 30.8% | |||
Health Care Equipment - 30.0% | |||
Atricure, Inc. (a) | 1,500,000 | 35,565,000 | |
Baxter International, Inc. | 2,660,000 | 188,434,400 | |
Becton, Dickinson & Co. | 2,020,000 | 447,611,800 | |
Boston Scientific Corp. (a) | 14,000,000 | 425,460,000 | |
Danaher Corp. | 360,000 | 35,740,800 | |
DexCom, Inc. (a) | 800,000 | 70,392,000 | |
Edwards Lifesciences Corp. (a) | 660,000 | 90,624,600 | |
Genmark Diagnostics, Inc. (a) | 2,500,000 | 18,325,000 | |
Insulet Corp. (a) | 1,092,514 | 102,466,888 | |
Integra LifeSciences Holdings Corp. (a) | 1,440,000 | 92,937,600 | |
Intuitive Surgical, Inc. (a) | 386,000 | 177,432,620 | |
Penumbra, Inc. (a) | 600,000 | 96,540,000 | |
Stryker Corp. | 1,000,000 | 174,020,000 | |
Wright Medical Group NV (a) | 3,300,000 | 82,368,000 | |
2,037,918,708 | |||
Health Care Supplies - 0.8% | |||
Align Technology, Inc. (a) | 172,238 | 57,174,404 | |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 2,095,093,112 | ||
Health Care Providers & Services - 22.7% | |||
Health Care Distributors & Services - 1.9% | |||
Amplifon SpA | 1,000,000 | 18,026,751 | |
EBOS Group Ltd. | 2,816,478 | 35,615,451 | |
Henry Schein, Inc. (a) | 1,060,000 | 73,352,000 | |
126,994,202 | |||
Health Care Facilities - 1.8% | |||
HCA Holdings, Inc. | 1,200,000 | 123,768,000 | |
Health Care Services - 1.5% | |||
Diplomat Pharmacy, Inc. (a) | 1,000,000 | 23,540,000 | |
G1 Therapeutics, Inc. | 700,000 | 30,317,000 | |
Premier, Inc. (a) | 600,000 | 19,572,000 | |
United Drug PLC (United Kingdom) (b) | 2,550,000 | 30,474,684 | |
103,903,684 | |||
Managed Health Care - 17.5% | |||
Cigna Corp. | 800,000 | 135,496,000 | |
Humana, Inc. | 1,200,000 | 349,176,000 | |
Molina Healthcare, Inc. (a) | 640,000 | 54,355,200 | |
Notre Dame Intermedica Participacoes SA | 1,721,400 | 9,938,132 | |
UnitedHealth Group, Inc. | 2,640,000 | 637,586,401 | |
1,186,551,733 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 1,541,217,619 | ||
Health Care Technology - 1.9% | |||
Health Care Technology - 1.9% | |||
Castlight Health, Inc. (a) | 1,875,650 | 6,752,340 | |
Castlight Health, Inc. Class B (a) | 3,040,500 | 10,945,800 | |
Teladoc, Inc. (a)(b) | 2,120,000 | 107,908,000 | |
125,606,140 | |||
Internet Software & Services - 0.7% | |||
Internet Software & Services - 0.7% | |||
Benefitfocus, Inc. (a)(b) | 1,420,000 | 47,641,000 | |
Life Sciences Tools & Services - 0.8% | |||
Life Sciences Tools & Services - 0.8% | |||
Hangzhou Tigermed Consulting Co. Ltd. Class A | 1,800,000 | 16,044,803 | |
Lonza Group AG | 140,000 | 37,485,929 | |
53,530,732 | |||
Pharmaceuticals - 14.8% | |||
Pharmaceuticals - 14.8% | |||
Allergan PLC | 560,000 | 84,448,000 | |
Amneal Pharmaceuticals, Inc. (a) | 140,000 | 2,763,600 | |
Amneal Pharmaceuticals, Inc. (c) | 1,621,622 | 32,010,818 | |
AstraZeneca PLC (United Kingdom) | 3,000,000 | 218,867,806 | |
Bristol-Myers Squibb Co. | 800,000 | 42,096,000 | |
CymaBay Therapeutics, Inc. (a) | 480,000 | 6,225,600 | |
Dechra Pharmaceuticals PLC | 2,020,000 | 74,973,213 | |
Indivior PLC (a) | 6,093,100 | 38,952,239 | |
Jazz Pharmaceuticals PLC (a) | 200,000 | 33,800,000 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 5,200,000 | 61,756,236 | |
Mylan NV (a) | 290,000 | 11,153,400 | |
MyoKardia, Inc. (a) | 307,200 | 14,622,720 | |
Nektar Therapeutics (a) | 1,641,300 | 131,747,151 | |
Perrigo Co. PLC | 540,000 | 39,506,400 | |
Roche Holding AG (participation certificate) | 440,000 | 94,341,206 | |
RPI International Holdings LP (c)(d) | 199,753 | 29,014,123 | |
The Medicines Company (a)(b) | 1,000,000 | 33,860,000 | |
Theravance Biopharma, Inc. (a)(b) | 1,238,666 | 30,149,130 | |
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | 7,200,000 | 29,528,727 | |
1,009,816,369 | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Textiles - 0.0% | |||
Scholar Rock Holding Corp. (b) | 30,500 | 533,445 | |
TOTAL COMMON STOCKS | |||
(Cost $4,723,292,053) | 6,646,471,186 | ||
Convertible Preferred Stocks - 1.5% | |||
Biotechnology - 0.7% | |||
Biotechnology - 0.7% | |||
10X Genomics, Inc.: | |||
Series C (a)(c)(d) | 2,958,778 | 28,315,505 | |
Series D (c)(d) | 60,000 | 574,200 | |
BioNTech AG Series A (c)(d) | 78,748 | 16,803,776 | |
45,693,481 | |||
Health Care Equipment & Supplies - 0.1% | |||
Health Care Equipment - 0.1% | |||
Shockwave Medical, Inc. Series C (c)(d) | 7,425,890 | 10,173,469 | |
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
1Life Healthcare, Inc. Series G (a)(c)(d) | 1,639,892 | 11,528,441 | |
Software - 0.3% | |||
Application Software - 0.3% | |||
Outset Medical, Inc. Series B (a)(c)(d) | 8,159,125 | 23,171,915 | |
Textiles, Apparel & Luxury Goods - 0.2% | |||
Textiles - 0.2% | |||
Generation Bio Series B (c)(d) | 130,800 | 1,196,258 | |
Harmony Biosciences II, Inc. Series A (c)(d) | 10,935,215 | 10,935,215 | |
12,131,473 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $80,002,165) | 102,698,779 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund, 1.76% (e) | 26,762,739 | 26,768,092 | |
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) | 143,243,957 | 143,258,281 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $170,023,693) | 170,026,373 | ||
TOTAL INVESTMENT IN SECURITIES - 101.7% | |||
(Cost $4,973,317,911) | 6,919,196,338 | ||
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (113,046,400) | ||
NET ASSETS - 100% | $6,806,149,938 |
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 $163,723,720 or 2.4% of net assets.
(d) Level 3 security
(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 |
10X Genomics, Inc. Series D | 4/10/18 | $574,200 |
1Life Healthcare, Inc. Series G | 4/10/14 | $10,800,001 |
Amneal Pharmaceuticals, Inc. | 5/4/18 | $29,594,602 |
BioNTech AG Series A | 12/29/17 | $17,246,491 |
Generation Bio Series B | 2/21/18 | $1,196,258 |
Harmony Biosciences II, Inc. Series A | 9/22/17 | $10,935,215 |
Outset Medical, Inc. Series B | 5/5/15 | $18,500,000 |
RPI International Holdings LP | 5/21/15 - 3/23/16 | $26,504,031 |
Shockwave Medical, Inc. Series C | 9/27/17 | $7,500,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $257,139 |
Fidelity Securities Lending Cash Central Fund | 524,818 |
Total | $781,957 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Benefitfocus, Inc. | $43,414,800 | $1,261,419 | $10,220,979 | $-- | $(2,232,822) | $15,418,582 | $-- |
Total | $43,414,800 | $1,261,419 | $10,220,979 | $-- | $(2,232,822) | $15,418,582 | $-- |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $6,646,471,186 | $6,266,762,122 | $350,694,941 | $29,014,123 |
Convertible Preferred Stocks | 102,698,779 | -- | -- | 102,698,779 |
Money Market Funds | 170,026,373 | 170,026,373 | -- | -- |
Total Investments in Securities: | $6,919,196,338 | $6,436,788,495 | $350,694,941 | $131,712,902 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $231,060,617 |
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 | $85,231,129 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 16,893,450 |
Cost of Purchases | 574,200 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $102,698,779 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $16,893,450 |
Other Investments in Securities | |
Beginning Balance | $28,424,852 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 589,271 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $29,014,123 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $589,271 |
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 | $131,712,902 | Market approach | Transaction price | $9.57 - $145.24 / $77.56 | Increase |
Market comparable | Transaction price | $1.00 - $213.39 / $124.68 | Increase | ||
Enterprise value/Sales multiple (EV/S) | 3.7 - 5.1 / 4.4 | Increase | |||
Discount rate | 20.0% - 24.0% / 21.2% | Decrease | |||
Enterprise value/Revenue multiple (EV/R) | 4.9 | Increase | |||
Premium rate | 86.0% | 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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
Air Freight & Logistics - 0.2% | |||
Air Freight & Logistics - 0.2% | |||
Best, Inc. ADR (a) | 959,400 | $11,503,206 | |
Automobiles - 4.0% | |||
Automobile Manufacturers - 4.0% | |||
Tesla, Inc. (a)(b) | 887,256 | 252,628,401 | |
Biotechnology - 0.3% | |||
Biotechnology - 0.3% | |||
BeiGene Ltd. ADR (b) | 88,200 | 17,650,584 | |
Communications Equipment - 1.6% | |||
Communications Equipment - 1.6% | |||
Applied Optoelectronics, Inc. (a)(b) | 118,900 | 5,560,953 | |
Cisco Systems, Inc. | 544,400 | 23,251,324 | |
CommScope Holding Co., Inc. (b) | 715,600 | 20,981,392 | |
Hytera Communications Corp. Ltd. Class A | 12,182,500 | 18,852,534 | |
Lumentum Holdings, Inc. (a)(b) | 108,600 | 6,380,250 | |
Palo Alto Networks, Inc. (b) | 81,400 | 16,938,526 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,176,300 | 8,481,123 | |
100,446,102 | |||
Diversified Consumer Services - 1.0% | |||
Education Services - 1.0% | |||
China Online Education Group sponsored ADR (a)(b) | 5,848 | 68,363 | |
TAL Education Group ADR | 1,522,684 | 64,653,163 | |
64,721,526 | |||
Diversified Financial Services - 0.2% | |||
Other Diversified Financial Services - 0.2% | |||
Jianpu Technology, Inc. ADR (a)(b) | 1,744,900 | 10,312,359 | |
Electrical Equipment - 0.1% | |||
Electrical Components & Equipment - 0.1% | |||
BizLink Holding, Inc. | 806,505 | 5,674,026 | |
Electronic Equipment & Components - 3.6% | |||
Electronic Components - 1.1% | |||
E Ink Holdings, Inc. | 12,374,000 | 14,130,987 | |
Ledlink Optics, Inc. | 1,055,624 | 1,341,022 | |
LG Innotek Co. Ltd. | 288,548 | 38,465,943 | |
Samsung Electro-Mechanics Co. Ltd. | 111,960 | 13,888,761 | |
67,826,713 | |||
Electronic Equipment & Instruments - 1.6% | |||
Chroma ATE, Inc. | 10,534,644 | 52,512,521 | |
Hitachi High-Technologies Corp. | 211,300 | 9,643,834 | |
Trimble, Inc. (b) | 1,114,921 | 36,859,288 | |
99,015,643 | |||
Technology Distributors - 0.9% | |||
Dell Technologies, Inc. (b) | 740,952 | 59,765,188 | |
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 226,607,544 | ||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Diversified REITs - 0.4% | |||
Ant International Co. Ltd. (c)(d)(e) | 4,366,389 | 24,495,442 | |
Internet & Direct Marketing Retail - 1.5% | |||
Internet & Direct Marketing Retail - 1.5% | |||
Amazon.com, Inc. (b) | 27,100 | 44,162,702 | |
China Internet Plus Holdings Ltd. Class B (b)(d)(e) | 759,582 | 3,759,931 | |
Netflix, Inc. (b) | 133,100 | 46,797,960 | |
94,720,593 | |||
Internet Software & Services - 12.5% | |||
Internet Software & Services - 12.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 831,900 | 164,724,519 | |
Alphabet, Inc.: | |||
Class A (b) | 78,303 | 86,133,300 | |
Class C (b) | 81,168 | 88,066,468 | |
eBay, Inc. (b) | 721,000 | 27,196,120 | |
Envestnet, Inc. (b) | 334 | 17,669 | |
Facebook, Inc. Class A (b) | 227,474 | 43,624,964 | |
GoDaddy, Inc. (b) | 756,800 | 54,179,312 | |
LogMeIn, Inc. | 406,069 | 43,814,845 | |
MercadoLibre, Inc. | 131,000 | 38,098,730 | |
MongoDB, Inc. Class A (a) | 13,352 | 629,280 | |
NetEase, Inc. ADR | 149,500 | 34,133,840 | |
New Relic, Inc. (b) | 202,000 | 20,521,180 | |
Nutanix, Inc.: | |||
Class A (b) | 549,300 | 29,360,085 | |
Class B (b)(f) | 72,872 | 3,895,008 | |
Okta, Inc. (b) | 152,300 | 8,560,783 | |
SMS Co., Ltd. | 831,800 | 31,235,032 | |
Tencent Holdings Ltd. | 904,300 | 46,166,439 | |
Xunlei Ltd. sponsored ADR (a)(b) | 2,502,605 | 30,957,224 | |
Yandex NV Series A (b) | 1,016,200 | 34,063,024 | |
785,377,822 | |||
IT Services - 5.7% | |||
Data Processing & Outsourced Services - 4.2% | |||
FleetCor Technologies, Inc. (b) | 361,400 | 72,045,090 | |
Global Payments, Inc. | 183,600 | 20,408,976 | |
PayPal Holdings, Inc. (b) | 1,616,700 | 132,682,569 | |
Square, Inc. (b) | 660,600 | 38,479,950 | |
263,616,585 | |||
IT Consulting & Other Services - 1.5% | |||
Cognizant Technology Solutions Corp. Class A | 827,106 | 62,322,437 | |
DXC Technology Co. | 343,900 | 31,676,629 | |
93,999,066 | |||
TOTAL IT SERVICES | 357,615,651 | ||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
JHL Biotech, Inc. (b)(e) | 1,015,442 | 2,082,246 | |
Machinery - 0.8% | |||
Industrial Machinery - 0.8% | |||
Minebea Mitsumi, Inc. | 2,588,819 | 48,855,133 | |
Media - 0.5% | |||
Advertising - 0.0% | |||
iCar Asia Ltd. (b) | 3,353,382 | 595,959 | |
Cable & Satellite - 0.4% | |||
Naspers Ltd. Class N | 93,686 | 22,269,744 | |
Publishing - 0.1% | |||
China Literature Ltd. (b)(f) | 490,796 | 4,560,026 | |
TOTAL MEDIA | 27,425,729 | ||
Semiconductors & Semiconductor Equipment - 23.5% | |||
Semiconductor Equipment - 3.7% | |||
ASM Pacific Technology Ltd. | 3,602,500 | 46,995,786 | |
ASML Holding NV | 63,600 | 12,506,940 | |
Ferrotec Holdings Corp. | 730,700 | 14,824,240 | |
KLA-Tencor Corp. | 351,900 | 39,845,637 | |
Lam Research Corp. | 153,600 | 30,440,448 | |
Screen Holdings Co. Ltd. | 229,600 | 19,403,436 | |
Sino-American Silicon Products, Inc. | 15,189,000 | 71,408,532 | |
235,425,019 | |||
Semiconductors - 19.8% | |||
Acacia Communications, Inc. (b) | 85,700 | 2,771,538 | |
Advanced Micro Devices, Inc. (a)(b) | 2,604,100 | 35,754,293 | |
ams AG | 900,889 | 77,804,050 | |
ASPEED Tech, Inc. | 135,775 | 4,078,932 | |
Broadcom, Inc. | 412,500 | 103,978,875 | |
ChipMOS TECHNOLOGIES, Inc. sponsored ADR (a) | 283,218 | 4,092,500 | |
Cree, Inc. (b) | 408,800 | 19,058,256 | |
Global Unichip Corp. | 960,000 | 8,162,313 | |
Himax Technologies, Inc. sponsored ADR (a) | 6,303,283 | 46,959,458 | |
Inphi Corp. (b) | 405,707 | 13,704,782 | |
Intel Corp. | 1,118,500 | 61,741,200 | |
International Quantum Epitaxy PLC (a)(b) | 13,520,470 | 19,698,887 | |
MACOM Technology Solutions Holdings, Inc. (a)(b) | 1,579,000 | 35,606,450 | |
Marvell Technology Group Ltd. | 3,362,554 | 72,429,413 | |
Micron Technology, Inc. (b) | 561,200 | 32,319,508 | |
Monolithic Power Systems, Inc. | 74,495 | 9,819,186 | |
Nanya Technology Corp. | 30,480,000 | 101,222,280 | |
NVIDIA Corp. | 1,268,650 | 319,940,844 | |
NXP Semiconductors NV (b) | 484,900 | 55,278,600 | |
Qorvo, Inc. (b) | 222,761 | 17,876,570 | |
Qualcomm, Inc. | 2,762,900 | 160,579,748 | |
Renesas Electronics Corp. (b) | 439,400 | 4,370,371 | |
Semtech Corp. (b) | 337,476 | 16,333,838 | |
Silicon Laboratories, Inc. (b) | 116,100 | 12,260,160 | |
Silicon Motion Technology Corp. sponsored ADR | 9,700 | 471,711 | |
Win Semiconductors Corp. | 830,000 | 6,738,743 | |
1,243,052,506 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,478,477,525 | ||
Software - 39.3% | |||
Application Software - 17.9% | |||
Adobe Systems, Inc. (b) | 742,039 | 184,975,482 | |
Atlassian Corp. PLC (b) | 4,825 | 307,787 | |
Autodesk, Inc. (b) | 1,039,400 | 134,186,540 | |
Ceridian HCM Holding, Inc. | 19,900 | 686,948 | |
Citrix Systems, Inc. (b) | 1,031,048 | 108,899,290 | |
Ellie Mae, Inc. (a)(b) | 293,600 | 31,206,744 | |
HubSpot, Inc. (b) | 16,500 | 1,999,800 | |
Intuit, Inc. | 355,000 | 71,568,000 | |
Parametric Technology Corp. (b) | 2,098,132 | 180,942,904 | |
Pivotal Software, Inc. | 12,000 | 215,880 | |
RealPage, Inc. (b) | 13,500 | 793,125 | |
Salesforce.com, Inc. (b) | 1,268,492 | 164,054,070 | |
Snap, Inc. Class A (a)(b) | 1,480,700 | 16,865,173 | |
Splunk, Inc. (b) | 303,100 | 33,586,511 | |
SS&C Technologies Holdings, Inc. | 10,800 | 549,828 | |
Ultimate Software Group, Inc. (b) | 495,101 | 129,790,727 | |
Workday, Inc. Class A (b) | 210,700 | 27,593,272 | |
Zendesk, Inc. (b) | 633,375 | 35,399,329 | |
1,123,621,410 | |||
Home Entertainment Software - 7.0% | |||
Activision Blizzard, Inc. | 2,178,800 | 154,498,708 | |
Electronic Arts, Inc. (b) | 1,174,200 | 153,714,522 | |
Nintendo Co. Ltd. | 164,200 | 67,212,975 | |
Nintendo Co. Ltd. ADR | 553,800 | 28,265,952 | |
Take-Two Interactive Software, Inc. (b) | 339,500 | 38,051,160 | |
441,743,317 | |||
Systems Software - 14.4% | |||
Microsoft Corp. | 7,805,640 | 771,509,460 | |
Oracle Corp. | 995,800 | 46,523,776 | |
Red Hat, Inc. (b) | 460,900 | 74,859,378 | |
ServiceNow, Inc. (b) | 72,200 | 12,823,442 | |
905,716,056 | |||
TOTAL SOFTWARE | 2,471,080,783 | ||
Technology Hardware, Storage & Peripherals - 2.3% | |||
Technology Hardware, Storage & Peripherals - 2.3% | |||
Apple, Inc. | 750,797 | 140,301,435 | |
Samsung Electronics Co. Ltd. | 96,090 | 4,510,056 | |
144,811,491 | |||
TOTAL COMMON STOCKS | |||
(Cost $4,915,801,430) | 6,124,486,163 | ||
Convertible Preferred Stocks - 1.1% | |||
Food & Staples Retailing - 0.3% | |||
Food Retail - 0.3% | |||
Roofoods Ltd. Series F (d)(e) | 41,041 | 15,078,053 | |
Internet & Direct Marketing Retail - 0.5% | |||
Internet & Direct Marketing Retail - 0.5% | |||
China Internet Plus Holdings Ltd.: | |||
Series A-11 (b)(d)(e) | 2,802,162 | 13,870,702 | |
Series B (b)(d)(e) | 3,918,573 | 19,396,936 | |
33,267,638 | |||
Internet Software & Services - 0.3% | |||
Internet Software & Services - 0.3% | |||
Uber Technologies, Inc. Series D, 8.00% (b)(d)(e) | 515,696 | 20,627,840 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $46,496,557) | 68,973,531 | ||
Money Market Funds - 7.1% | |||
Fidelity Cash Central Fund, 1.76% (g) | 93,982,725 | 94,001,521 | |
Fidelity Securities Lending Cash Central Fund 1.76% (g)(h) | 353,746,710 | 353,782,085 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $447,783,606) | 447,783,606 | ||
TOTAL INVESTMENT IN SECURITIES - 105.7% | |||
(Cost $5,410,081,593) | 6,641,243,300 | ||
NET OTHER ASSETS (LIABILITIES) - (5.7)% | (356,267,289) | ||
NET ASSETS - 100% | $6,284,976,011 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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 $97,228,904 or 1.5% of net assets.
(e) Level 3 security
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,455,034 or 0.1% of net assets.
(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 |
Ant International Co. Ltd. | 5/16/18 | $24,495,442 |
China Internet Plus Holdings Ltd. Class B | 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 |
Roofoods Ltd. Series F | 9/12/17 | $14,510,890 |
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 | $292,598 |
Fidelity Securities Lending Cash Central Fund | 2,926,458 |
Total | $3,219,056 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $6,124,486,163 | $5,860,954,749 | $233,193,795 | $30,337,619 |
Convertible Preferred Stocks | 68,973,531 | -- | -- | 68,973,531 |
Money Market Funds | 447,783,606 | 447,783,606 | -- | -- |
Total Investments in Securities: | $6,641,243,300 | $6,308,738,355 | $233,193,795 | $99,311,150 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $669,451,028 |
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 | $6,373,324 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | (531,147) |
Cost of Purchases | 24,495,442 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $30,337,619 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $(531,147) |
Convertible Preferred Stocks | |
Beginning Balance | $70,174,412 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | (1,200,881) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $68,973,531 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $(1,200,881) |
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 | $97,228,904 | Market approach | Transaction price | $5.61 - $40.00 / $21.33 | Increase |
Market comparable | Enterprise value/Sales multiple (EV/S) | 1.8 | Increase | ||
Discount rate | 57.0% - 73.0% / 61.6% | Decrease | |||
Discount for lack of marketability | 15.0% | Decrease | |||
Enterprise value/Gross Profit multiple (EV/GP) | 4.1 | 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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
Diversified Telecommunication Services - 0.5% | |||
Integrated Telecommunication Services - 0.5% | |||
Verizon Communications, Inc. | 68,400 | $3,260,628 | |
Electric Utilities - 48.1% | |||
Electric Utilities - 48.1% | |||
American Electric Power Co., Inc. | 248,900 | 16,912,755 | |
Edison International | 193,000 | 11,996,880 | |
El Paso Electric Co. | 131,455 | 7,703,263 | |
Eversource Energy | 439,700 | 25,098,076 | |
Exelon Corp. | 1,121,392 | 46,414,415 | |
FirstEnergy Corp. | 1,204,903 | 41,472,761 | |
Great Plains Energy, Inc. | 754,982 | 25,624,089 | |
NextEra Energy, Inc. | 384,132 | 63,692,926 | |
PG&E Corp. | 437,107 | 18,939,846 | |
PPL Corp. | 592,868 | 16,197,154 | |
Vistra Energy Corp. (a) | 1,029,507 | 25,253,807 | |
Westar Energy, Inc. | 406,868 | 23,069,416 | |
322,375,388 | |||
Equity Real Estate Investment Trusts (REITs) - 2.0% | |||
Specialized REITs - 2.0% | |||
InfraReit, Inc. | 618,420 | 13,209,451 | |
Gas Utilities - 2.5% | |||
Gas Utilities - 2.5% | |||
South Jersey Industries, Inc. | 507,400 | 16,805,088 | |
Independent Power and Renewable Electricity Producers - 12.7% | |||
Independent Power Producers & Energy Traders - 10.4% | |||
NRG Energy, Inc. | 919,402 | 31,471,130 | |
NRG Yield, Inc. Class C | 298,300 | 5,220,250 | |
The AES Corp. | 2,556,904 | 32,600,526 | |
69,291,906 | |||
Renewable Electricity - 2.3% | |||
NextEra Energy Partners LP | 344,916 | 15,507,423 | |
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 84,799,329 | ||
Media - 7.2% | |||
Cable & Satellite - 2.0% | |||
Comcast Corp. Class A | 427,206 | 13,320,283 | |
Movies & Entertainment - 5.2% | |||
Time Warner, Inc. | 371,367 | 34,967,917 | |
TOTAL MEDIA | 48,288,200 | ||
Multi-Utilities - 19.8% | |||
Multi-Utilities - 19.8% | |||
Ameren Corp. | 41,998 | 2,485,862 | |
Avangrid, Inc. | 262,431 | 13,932,462 | |
Dominion Resources, Inc. | 595,300 | 38,212,307 | |
Public Service Enterprise Group, Inc. | 831,570 | 44,056,579 | |
SCANA Corp. | 167,018 | 6,062,753 | |
Sempra Energy | 259,942 | 27,691,621 | |
132,441,584 | |||
Oil, Gas & Consumable Fuels - 5.7% | |||
Oil & Gas Storage & Transport - 5.7% | |||
Boardwalk Pipeline Partners, LP | 1,626,700 | 17,226,753 | |
Cheniere Energy Partners LP Holdings LLC | 274,042 | 8,284,290 | |
Cheniere Energy, Inc. (a) | 142,909 | 9,520,598 | |
The Williams Companies, Inc. | 122,000 | 3,276,920 | |
38,308,561 | |||
TOTAL COMMON STOCKS | |||
(Cost $550,097,365) | 659,488,229 | ||
Money Market Funds - 0.4% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $2,860,471) | 2,859,899 | 2,860,471 | |
TOTAL INVESTMENT IN SECURITIES - 98.9% | |||
(Cost $552,957,836) | 662,348,700 | ||
NET OTHER ASSETS (LIABILITIES) - 1.1% | 7,382,711 | ||
NET ASSETS - 100% | $669,731,411 |
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 | $52,946 |
Fidelity Securities Lending Cash Central Fund | 946 |
Total | $53,892 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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{^^, 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.
Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Banks - 34.9% | |||
Diversified Banks - 16.1% | |||
Bank of America Corp. | 1,679,000 | $48,758,161 | |
Citigroup, Inc. | 548,590 | 36,585,467 | |
JPMorgan Chase & Co. | 200,000 | 21,402,000 | |
Wells Fargo & Co. | 310,400 | 16,758,496 | |
123,504,124 | |||
Regional Banks - 18.8% | |||
Bank of the Ozarks, Inc. | 186,700 | 8,875,718 | |
CoBiz, Inc. | 230,000 | 5,133,600 | |
East West Bancorp, Inc. | 140,000 | 9,727,200 | |
First Citizen Bancshares, Inc. | 3,700 | 1,625,373 | |
First Hawaiian, Inc. | 63,600 | 1,862,208 | |
First Horizon National Corp. | 268,100 | 4,970,574 | |
First Republic Bank | 30,000 | 2,988,000 | |
Huntington Bancshares, Inc. | 2,274,300 | 33,818,841 | |
M&T Bank Corp. | 50,000 | 8,604,000 | |
PNC Financial Services Group, Inc. | 189,500 | 27,176,195 | |
Popular, Inc. | 124,500 | 5,632,380 | |
Preferred Bank, Los Angeles | 31,100 | 1,981,070 | |
Signature Bank (a) | 79,000 | 10,071,710 | |
SunTrust Banks, Inc. | 270,000 | 18,227,700 | |
United Community Bank, Inc. | 28,000 | 908,880 | |
Wintrust Financial Corp. | 20,000 | 1,842,200 | |
143,445,649 | |||
TOTAL BANKS | 266,949,773 | ||
Capital Markets - 24.1% | |||
Asset Management & Custody Banks - 5.8% | |||
Apollo Global Management LLC Class A | 170,000 | 5,324,400 | |
BlackRock, Inc. Class A | 32,600 | 17,415,898 | |
Northern Trust Corp. | 192,000 | 19,683,840 | |
Oaktree Capital Group LLC Class A | 50,000 | 2,047,500 | |
44,471,638 | |||
Financial Exchanges & Data - 3.2% | |||
Cboe Global Markets, Inc. | 115,000 | 11,219,400 | |
IntercontinentalExchange, Inc. | 190,000 | 13,469,100 | |
24,688,500 | |||
Investment Banking & Brokerage - 15.1% | |||
E*TRADE Financial Corp. (a) | 500,000 | 31,675,000 | |
Goldman Sachs Group, Inc. | 130,000 | 29,364,400 | |
Greenhill & Co., Inc. (b) | 31,100 | 819,485 | |
Hamilton Lane, Inc. Class A | 87,100 | 4,072,796 | |
Investment Technology Group, Inc. | 217,300 | 4,767,562 | |
Lazard Ltd. Class A | 75,000 | 3,858,000 | |
PJT Partners, Inc. | 65,000 | 3,592,550 | |
TD Ameritrade Holding Corp. | 625,000 | 37,000,000 | |
115,149,793 | |||
TOTAL CAPITAL MARKETS | 184,309,931 | ||
Consumer Finance - 10.8% | |||
Consumer Finance - 10.8% | |||
Capital One Financial Corp. | 420,000 | 39,480,000 | |
Discover Financial Services | 15,000 | 1,107,900 | |
OneMain Holdings, Inc. (a) | 250,000 | 8,132,500 | |
SLM Corp. (a) | 1,050,000 | 12,001,500 | |
Synchrony Financial | 635,000 | 21,990,050 | |
82,711,950 | |||
Diversified Financial Services - 3.2% | |||
Multi-Sector Holdings - 3.2% | |||
Berkshire Hathaway, Inc. Class B (a) | 130,000 | 24,898,900 | |
Insurance - 20.6% | |||
Life & Health Insurance - 5.5% | |||
MetLife, Inc. | 552,800 | 25,423,272 | |
Torchmark Corp. | 192,700 | 16,346,741 | |
41,770,013 | |||
Multi-Line Insurance - 5.7% | |||
American International Group, Inc. | 335,000 | 17,684,650 | |
Hartford Financial Services Group, Inc. | 489,600 | 25,620,768 | |
43,305,418 | |||
Property & Casualty Insurance - 7.4% | |||
Aspen Insurance Holdings Ltd. | 20,000 | 868,000 | |
Axis Capital Holdings Ltd. | 31,100 | 1,768,035 | |
Chubb Ltd. | 90,000 | 11,762,100 | |
FNF Group | 293,800 | 10,858,848 | |
Hiscox Ltd. | 225,000 | 4,492,538 | |
The Travelers Companies, Inc. | 211,700 | 27,207,684 | |
56,957,205 | |||
Reinsurance - 2.0% | |||
Reinsurance Group of America, Inc. | 105,000 | 15,691,200 | |
TOTAL INSURANCE | 157,723,836 | ||
IT Services - 2.2% | |||
Data Processing & Outsourced Services - 2.2% | |||
Visa, Inc. Class A | 66,600 | 8,705,952 | |
WEX, Inc. (a) | 46,700 | 8,210,327 | |
16,916,279 | |||
Mortgage Real Estate Investment Trusts - 0.5% | |||
Mortgage REITs - 0.5% | |||
AGNC Investment Corp. | 186,700 | 3,513,694 | |
Software - 0.6% | |||
Application Software - 0.6% | |||
Black Knight, Inc. (a) | 93,300 | 4,720,980 | |
Thrifts & Mortgage Finance - 1.1% | |||
Thrifts & Mortgage Finance - 1.1% | |||
MGIC Investment Corp. (a) | 525,000 | 5,454,750 | |
NMI Holdings, Inc. (a) | 62,200 | 1,035,630 | |
Radian Group, Inc. | 100,000 | 1,590,000 | |
8,080,380 | |||
TOTAL COMMON STOCKS | |||
(Cost $612,273,729) | 749,825,723 | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund, 1.76% (c) | 15,563,086 | 15,566,198 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 145,766 | 145,780 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $15,711,978) | 15,711,978 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $627,985,707) | 765,537,701 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (260,852) | ||
NET ASSETS - 100% | $765,276,849 |
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 | $64,281 |
Fidelity Securities Lending Cash Central Fund | 1,276 |
Total | $65,557 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
Aerospace & Defense - 95.9% | |||
Aerospace & Defense - 95.9% | |||
Airbus Group NV | 102,400 | $11,682,179 | |
Astronics Corp. (a) | 1,764,053 | 62,094,666 | |
Astronics Corp. Class B (a) | 144,569 | 5,148,102 | |
BAE Systems PLC | 5,476,550 | 46,489,661 | |
Bombardier, Inc. Class B (sub. vtg.) (a) | 22,941,700 | 86,345,439 | |
Elbit Systems Ltd. | 549,085 | 64,819,484 | |
Elbit Systems Ltd. (Israel) | 30,000 | 3,601,936 | |
Engility Holdings, Inc. (a) | 1,151,009 | 36,187,723 | |
FACC AG (a) | 235,920 | 4,594,866 | |
General Dynamics Corp. | 1,248,600 | 251,855,106 | |
Harris Corp. | 132,800 | 19,982,416 | |
HEICO Corp. | 300,928 | 27,643,246 | |
HEICO Corp. Class A | 1,577,182 | 119,944,691 | |
Hexcel Corp. | 1,306,500 | 92,539,395 | |
Huntington Ingalls Industries, Inc. | 632,375 | 139,799,141 | |
KEYW Holding Corp. (a) | 247,582 | 2,339,650 | |
KLX, Inc. (a) | 1,157,283 | 85,442,204 | |
Kongsberg Gruppen ASA | 70,500 | 1,487,076 | |
Leonardo SpA | 1,108,243 | 11,302,740 | |
Lockheed Martin Corp. | 248,515 | 78,167,908 | |
Magellan Aerospace Corp. | 99,600 | 1,332,763 | |
Moog, Inc. Class A | 944,017 | 76,965,706 | |
Northrop Grumman Corp. | 1,030,050 | 337,083,863 | |
Raytheon Co. | 504,226 | 105,635,347 | |
Saab AB (B Shares) | 130,200 | 5,376,834 | |
Senior Engineering Group PLC | 2,783,000 | 11,557,491 | |
Spirit AeroSystems Holdings, Inc. Class A | 1,367,050 | 115,802,806 | |
Teledyne Technologies, Inc. (a) | 746,700 | 150,430,182 | |
Textron, Inc. | 125,831 | 8,377,828 | |
The Boeing Co. | 1,274,519 | 448,834,611 | |
TransDigm Group, Inc. | 443,476 | 148,169,766 | |
United Technologies Corp. | 2,254,101 | 281,356,887 | |
2,842,391,713 | |||
Construction & Engineering - 0.2% | |||
Construction & Engineering - 0.2% | |||
KBR, Inc. | 307,400 | 5,662,308 | |
Industrial Conglomerates - 0.2% | |||
Industrial Conglomerates - 0.2% | |||
General Electric Co. | 500,000 | 7,040,000 | |
IT Services - 1.3% | |||
IT Consulting & Other Services - 1.3% | |||
Leidos Holdings, Inc. | 622,030 | 37,359,122 | |
Machinery - 0.7% | |||
Industrial Machinery - 0.7% | |||
Woodward, Inc. | 257,500 | 19,510,775 | |
Trading Companies & Distributors - 0.5% | |||
Trading Companies & Distributors - 0.5% | |||
Air Lease Corp. Class A | 359,820 | 15,979,606 | |
TOTAL COMMON STOCKS | |||
(Cost $2,057,715,939) | 2,927,943,524 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Aerospace & Defense - 0.2% | |||
Aerospace & Defense - 0.2% | |||
Embraer SA sponsored ADR | |||
(Cost $5,816,197) | 296,450 | 7,132,587 | |
Money Market Funds - 0.8% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $22,357,348) | 22,352,943 | 22,357,413 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $2,085,889,484) | 2,957,433,524 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 5,542,760 | ||
NET ASSETS - 100% | $2,962,976,284 |
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 | $126,588 |
Fidelity Securities Lending Cash Central Fund | 21,632 |
Total | $148,220 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $2,927,943,524 | $2,869,771,684 | $58,171,840 | $-- |
Nonconvertible Preferred Stocks | 7,132,587 | 7,132,587 | -- | -- |
Money Market Funds | 22,357,413 | 22,357,413 | -- | -- |
Total Investments in Securities: | $2,957,433,524 | $2,899,261,684 | $58,171,840 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $35,002,194 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 100.3% | |||
Shares | Value | ||
Capital Markets - 100.3% | |||
Asset Management & Custody Banks - 32.1% | |||
Affiliated Managers Group, Inc. | 32,300 | $5,144,098 | |
Ameriprise Financial, Inc. | 121,300 | 16,815,819 | |
Apollo Global Management LLC Class A | 437,300 | 13,696,236 | |
BlackRock, Inc. Class A | 61,100 | 32,641,454 | |
Eaton Vance Corp. (non-vtg.) | 167,700 | 9,022,260 | |
Invesco Ltd. | 451,100 | 12,324,052 | |
Legg Mason, Inc. | 289,942 | 10,806,138 | |
State Street Corp. | 163,800 | 15,742,818 | |
T. Rowe Price Group, Inc. | 149,900 | 18,200,858 | |
134,393,733 | |||
Financial Exchanges & Data - 21.7% | |||
Cboe Global Markets, Inc. | 144,938 | 14,140,151 | |
CME Group, Inc. | 92,000 | 14,986,800 | |
MarketAxess Holdings, Inc. | 21,300 | 4,550,745 | |
Moody's Corp. | 52,000 | 8,869,640 | |
MSCI, Inc. | 51,800 | 8,421,126 | |
S&P Global, Inc. | 159,000 | 31,402,500 | |
The NASDAQ OMX Group, Inc. | 95,500 | 8,772,630 | |
91,143,592 | |||
Investment Banking & Brokerage - 46.5% | |||
Charles Schwab Corp. | 514,980 | 28,643,188 | |
E*TRADE Financial Corp. (a) | 204,400 | 12,948,740 | |
Gain Capital Holdings, Inc. (b) | 650,200 | 5,351,146 | |
Goldman Sachs Group, Inc. | 89,200 | 20,148,496 | |
Lazard Ltd. Class A | 89,200 | 4,588,448 | |
LPL Financial | 279,800 | 19,241,846 | |
Moelis & Co. Class A | 179,800 | 10,653,150 | |
Morgan Stanley | 517,700 | 25,957,478 | |
PJT Partners, Inc. | 228,112 | 12,607,750 | |
Raymond James Financial, Inc. | 110,100 | 10,631,256 | |
TD Ameritrade Holding Corp. | 488,600 | 28,925,120 | |
Virtu Financial, Inc. Class A | 481,900 | 14,962,995 | |
194,659,613 | |||
TOTAL COMMON STOCK | |||
(Cost $323,779,073) | 420,196,938 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund, 1.76% (c) | 1,005,258 | 1,005,459 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 3,296,097 | 3,296,426 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,301,885) | 4,301,885 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
(Cost $328,080,958) | 424,498,823 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (5,535,846) | ||
NET ASSETS - 100% | $418,962,977 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $7,984 |
Fidelity Securities Lending Cash Central Fund | 26,466 |
Total | $34,450 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
Biotechnology - 0.2% | |||
Biotechnology - 0.2% | |||
Calyxt, Inc. | 187,310 | $3,534,540 | |
Building Products - 0.5% | |||
Building Products - 0.5% | |||
GCP Applied Technologies, Inc. (a) | 270,300 | 8,554,995 | |
Chemicals - 92.6% | |||
Commodity Chemicals - 27.5% | |||
Alpek SA de CV | 4,880,400 | 7,279,742 | |
Cabot Corp. | 361,800 | 21,798,450 | |
Ciner Resources LP | 301,818 | 8,146,068 | |
LG Chemical Ltd. | 21,998 | 6,893,467 | |
LyondellBasell Industries NV Class A | 1,438,498 | 161,284,396 | |
Olin Corp. | 3,447,641 | 111,462,234 | |
Orion Engineered Carbons SA | 704,000 | 20,204,800 | |
Tronox Ltd. Class A | 2,879,866 | 52,903,138 | |
Westlake Chemical Corp. | 583,403 | 67,517,229 | |
457,489,524 | |||
Diversified Chemicals - 36.1% | |||
Ashland Global Holdings, Inc. | 201,495 | 15,660,191 | |
DowDuPont, Inc. | 6,105,980 | 391,454,377 | |
Eastman Chemical Co. | 400,757 | 41,802,963 | |
Huntsman Corp. | 395,600 | 12,647,332 | |
LSB Industries, Inc. (a)(b) | 351,697 | 1,783,104 | |
The Chemours Co. LLC | 2,765,400 | 135,476,946 | |
598,824,913 | |||
Fertilizers & Agricultural Chemicals - 6.5% | |||
CF Industries Holdings, Inc. | 368,600 | 15,164,204 | |
CVR Partners LP | 1,058,200 | 3,100,526 | |
FMC Corp. | 603,800 | 52,584,942 | |
The Mosaic Co. | 1,010,000 | 27,764,900 | |
The Scotts Miracle-Gro Co. Class A | 117,212 | 9,978,258 | |
108,592,830 | |||
Industrial Gases - 9.5% | |||
Air Products & Chemicals, Inc. | 476,611 | 76,929,782 | |
Linde AG | 351,300 | 80,494,704 | |
157,424,486 | |||
Specialty Chemicals - 13.0% | |||
Axalta Coating Systems Ltd. (a) | 670,400 | 20,856,144 | |
Celanese Corp. Class A | 380,400 | 42,954,768 | |
Covestro AG (c) | 55,700 | 5,075,148 | |
KMG Chemicals, Inc. | 51,500 | 3,442,775 | |
Platform Specialty Products Corp. (a) | 5,787,490 | 69,797,129 | |
Sherwin-Williams Co. | 163,153 | 61,875,775 | |
Venator Materials PLC | 676,500 | 11,919,930 | |
215,921,669 | |||
TOTAL CHEMICALS | 1,538,253,422 | ||
Metals & Mining - 0.4% | |||
Diversified Metals & Mining - 0.4% | |||
Elkem ASA (a)(c) | 1,694,900 | 7,332,477 | |
Trading Companies & Distributors - 2.8% | |||
Trading Companies & Distributors - 2.8% | |||
Univar, Inc. (a) | 1,712,394 | 46,696,984 | |
TOTAL COMMON STOCKS | |||
(Cost $1,158,860,919) | 1,604,372,418 | ||
Nonconvertible Preferred Stocks - 2.7% | |||
Chemicals - 2.7% | |||
Commodity Chemicals - 2.7% | |||
Braskem SA (PN-A) | |||
(Cost $52,956,442) | 3,619,700 | 44,127,866 | |
Money Market Funds - 0.3% | |||
Fidelity Cash Central Fund, 1.76% (d) | 3,967,584 | 3,968,377 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 1,332,106 | 1,332,239 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $5,300,616) | 5,300,616 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% | |||
(Cost $1,217,117,977) | 1,653,800,900 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 7,836,311 | ||
NET ASSETS - 100% | $1,661,637,211 |
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 $12,407,625 or 0.7% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $96,390 |
Fidelity Securities Lending Cash Central Fund | 2,809 |
Total | $99,199 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $128,921,222 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
Communications Equipment - 1.0% | |||
Communications Equipment - 1.0% | |||
Quantenna Communications, Inc. (a) | 177,200 | $2,835,200 | |
Diversified Telecommunication Services - 63.0% | |||
Alternative Carriers - 16.6% | |||
Cogent Communications Group, Inc. | 198,639 | 10,170,317 | |
Globalstar, Inc. (a)(b) | 2,517,148 | 1,365,049 | |
Iliad SA | 23,167 | 3,925,736 | |
Iridium Communications, Inc. (a)(b) | 728,911 | 11,079,447 | |
ORBCOMM, Inc. (a) | 187,749 | 1,813,655 | |
Vonage Holdings Corp. (a) | 854,571 | 9,784,838 | |
Zayo Group Holdings, Inc. (a) | 205,900 | 7,165,320 | |
45,304,362 | |||
Integrated Telecommunication Services - 46.4% | |||
AT&T, Inc. | 1,397,720 | 45,174,310 | |
Atlantic Tele-Network, Inc. | 76,200 | 4,101,846 | |
Bandwidth, Inc. (a) | 19,700 | 735,007 | |
Cincinnati Bell, Inc. (a) | 318,802 | 3,921,265 | |
Consolidated Communications Holdings, Inc. (b) | 375,600 | 4,210,476 | |
Frontier Communications Corp. (b) | 330,975 | 2,459,144 | |
Verizon Communications, Inc. | 1,364,697 | 65,055,109 | |
Windstream Holdings, Inc. (b) | 173,646 | 956,789 | |
126,613,946 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 171,918,308 | ||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
Specialized REITs - 1.6% | |||
American Tower Corp. | 31,290 | 4,329,597 | |
Internet Software & Services - 0.6% | |||
Internet Software & Services - 0.6% | |||
Gogo, Inc. (a)(b) | 307,047 | 1,575,151 | |
Media - 15.0% | |||
Cable & Satellite - 13.4% | |||
Altice NV Class A (a) | 237,222 | 840,293 | |
Altice U.S.A., Inc. Class A | 98,755 | 1,931,648 | |
Comcast Corp. Class A | 285,300 | 8,895,654 | |
DISH Network Corp. Class A (a) | 88,100 | 2,603,355 | |
GCI Liberty, Inc. (a) | 57,000 | 2,382,600 | |
Liberty Broadband Corp. Class A (a) | 110,000 | 7,511,900 | |
Liberty Global PLC Class C (a) | 346,036 | 9,578,276 | |
Liberty Latin America Ltd. (a) | 68,734 | 1,476,406 | |
Megacable Holdings S.A.B. de CV unit | 280,100 | 1,193,729 | |
36,413,861 | |||
Movies & Entertainment - 1.6% | |||
Time Warner, Inc. | 46,600 | 4,387,856 | |
TOTAL MEDIA | 40,801,717 | ||
Software - 2.0% | |||
Home Entertainment Software - 2.0% | |||
Activision Blizzard, Inc. | 77,600 | 5,502,616 | |
Wireless Telecommunication Services - 16.6% | |||
Wireless Telecommunication Services - 16.6% | |||
Millicom International Cellular SA | 19,500 | 1,236,495 | |
Shenandoah Telecommunications Co. | 175,667 | 5,603,777 | |
Sprint Corp. (a)(b) | 1,211,385 | 6,226,519 | |
T-Mobile U.S., Inc. (a) | 352,397 | 19,628,513 | |
Telephone & Data Systems, Inc. | 295,164 | 7,541,440 | |
U.S. Cellular Corp. (a) | 136,600 | 4,906,672 | |
45,143,416 | |||
TOTAL COMMON STOCKS | |||
(Cost $259,209,854) | 272,106,005 | ||
Money Market Funds - 4.6% | |||
Fidelity Cash Central Fund, 1.76% (c) | 1,140,340 | 1,140,568 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 11,488,429 | 11,489,577 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $12,629,192) | 12,630,145 | ||
TOTAL INVESTMENT IN SECURITIES - 104.4% | |||
(Cost $271,839,046) | 284,736,150 | ||
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (12,021,942) | ||
NET ASSETS - 100% | $272,714,208 |
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 | $5,482 |
Fidelity Securities Lending Cash Central Fund | 152,233 |
Total | $157,715 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $5,515,374 |
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.
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, 2018
Consolidated Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.6% | |||
Shares | Value | ||
Australia - 4.5% | |||
Metals & Mining - 4.5% | |||
Gold - 4.5% | |||
Dacian Gold Ltd. (a) | 72,596 | $158,114 | |
Evolution Mining Ltd. | 1,791,243 | 4,416,086 | |
Gold Road Resources Ltd. (a) | 1,080,000 | 616,646 | |
Newcrest Mining Ltd. | 2,199,162 | 34,526,294 | |
Northern Star Resources Ltd. | 548,118 | 2,599,004 | |
Perseus Mining Ltd.: | |||
(Australia) (a) | 1,717,134 | 577,869 | |
(Canada) (a) | 1,300,000 | 411,075 | |
Resolute Mng Ltd. | 4,791,949 | 4,493,650 | |
Saracen Mineral Holdings Ltd. (a) | 2,987,787 | 4,880,550 | |
Silver Lake Resources Ltd. (a) | 2,840,985 | 1,289,097 | |
St Barbara Ltd. | 797,257 | 2,881,984 | |
56,850,369 | |||
Bailiwick of Jersey - 6.9% | |||
Metals & Mining - 6.9% | |||
Diversified Metals & Mining - 0.1% | |||
Glencore Xstrata PLC | 265,500 | 1,313,122 | |
Gold - 6.8% | |||
Randgold Resources Ltd. sponsored ADR | 1,087,895 | 86,509,410 | |
TOTAL METALS & MINING | 87,822,532 | ||
Canada - 61.4% | |||
Metals & Mining - 61.4% | |||
Copper - 0.2% | |||
First Quantum Minerals Ltd. | 128,600 | 2,018,363 | |
Lundin Mining Corp. | 40,000 | 250,810 | |
2,269,173 | |||
Diversified Metals & Mining - 0.9% | |||
Arizona Mining, Inc. (a) | 1,320,622 | 4,206,516 | |
Ivanhoe Mines Ltd. (a) | 3,070,000 | 7,742,480 | |
Sabina Gold & Silver Corp. (a) | 65,500 | 82,847 | |
12,031,843 | |||
Gold - 58.4% | |||
Agnico Eagle Mines Ltd. (Canada) | 1,857,801 | 83,376,091 | |
Alacer Gold Corp. (a) | 2,594,063 | 4,761,584 | |
Alamos Gold, Inc. | 4,926,012 | 27,240,094 | |
Argonaut Gold, Inc. (a) | 5,916,462 | 10,768,819 | |
B2Gold Corp. (a) | 28,175,793 | 77,143,348 | |
Barrick Gold Corp. | 5,935,669 | 78,144,277 | |
Centerra Gold, Inc. (a) | 472,500 | 2,481,664 | |
Continental Gold, Inc. (a)(b) | 9,596,700 | 27,015,236 | |
Detour Gold Corp. (a) | 2,565,600 | 20,281,814 | |
Detour Gold Corp. (a)(c) | 785,900 | 6,212,768 | |
Eldorado Gold Corp. (a) | 8,095,935 | 9,178,640 | |
First Mining Finance Corp. (a) | 170,000 | 66,867 | |
Franco-Nevada Corp. | 878,400 | 61,940,546 | |
Gold Standard Ventures Corp. (a) | 3,114,300 | 4,851,832 | |
Goldcorp, Inc. | 3,301,900 | 47,188,190 | |
Guyana Goldfields, Inc. (a) | 4,735,800 | 17,860,606 | |
Guyana Goldfields, Inc. (a)(c) | 155,000 | 584,567 | |
IAMGOLD Corp. (a) | 2,807,000 | 17,535,632 | |
Kinross Gold Corp. (a) | 5,031,291 | 18,160,143 | |
Kirkland Lake Gold Ltd. | 799,319 | 14,696,718 | |
Liberty Gold Corp. (a) | 1,418,150 | 459,373 | |
Lundin Gold, Inc. (a) | 3,800 | 14,947 | |
New Gold, Inc. (a) | 5,441,375 | 12,631,913 | |
Novagold Resources, Inc. (a) | 1,899,500 | 9,185,458 | |
OceanaGold Corp. | 9,871,932 | 24,287,724 | |
Osisko Gold Royalties Ltd. | 1,220,293 | 12,489,039 | |
Premier Gold Mines Ltd. (a)(b) | 16,800,022 | 34,983,850 | |
Pretium Resources, Inc. (a) | 1,787,683 | 12,932,644 | |
Pretium Resources, Inc. (a)(c) | 225,000 | 1,627,719 | |
Sandstorm Gold Ltd. (a) | 1,880,475 | 8,556,843 | |
Seabridge Gold, Inc. (a) | 1,449,090 | 16,084,899 | |
SEMAFO, Inc. (a) | 7,560,000 | 20,582,138 | |
Ssr Mining, Inc. (a) | 1,328,700 | 13,598,526 | |
Tahoe Resources, Inc. | 2,854,438 | 14,948,044 | |
Teranga Gold Corp. (a) | 1,050,814 | 4,360,157 | |
Torex Gold Resources, Inc. (a) | 2,637,600 | 25,753,522 | |
Wesdome Gold Mines, Inc. (a) | 140,000 | 240,784 | |
Yamana Gold, Inc. | 1,480,620 | 4,305,057 | |
746,532,073 | |||
Precious Metals & Minerals - 0.3% | |||
Dalradian Resources, Inc. (a) | 1,414,500 | 1,036,384 | |
Osisko Mining, Inc. (a) | 1,864,800 | 3,336,677 | |
4,373,061 | |||
Silver - 1.6% | |||
MAG Silver Corp. (a) | 608,901 | 7,095,862 | |
Pan American Silver Corp. | 70,900 | 1,254,221 | |
Wheaton Precious Metals Corp. | 545,300 | 11,918,712 | |
20,268,795 | |||
TOTAL METALS & MINING | 785,474,945 | ||
Cayman Islands - 1.7% | |||
Metals & Mining - 1.7% | |||
Gold - 1.7% | |||
Endeavour Mining Corp. (a) | 1,235,940 | 21,437,830 | |
China - 0.3% | |||
Metals & Mining - 0.3% | |||
Gold - 0.3% | |||
Zijin Mng Group Co. Ltd. (H Shares) | 9,052,000 | 3,745,255 | |
Mexico - 0.0% | |||
Metals & Mining - 0.0% | |||
Precious Metals & Minerals - 0.0% | |||
Industrias Penoles SA de CV | 10,000 | 168,907 | |
Peru - 1.7% | |||
Metals & Mining - 1.7% | |||
Gold - 1.7% | |||
Compania de Minas Buenaventura SA sponsored ADR | 1,423,697 | 22,024,593 | |
South Africa - 3.9% | |||
Metals & Mining - 3.9% | |||
Gold - 3.9% | |||
AngloGold Ashanti Ltd. sponsored ADR | 3,425,808 | 29,530,465 | |
Gold Fields Ltd. sponsored ADR | 3,289,426 | 11,743,251 | |
Harmony Gold Mining Co. Ltd. | 1,484,000 | 2,478,198 | |
Harmony Gold Mining Co. Ltd. sponsored ADR | 1,460,400 | 2,482,680 | |
Sibanye-Stillwater ADR | 1,506,660 | 3,887,183 | |
50,121,777 | |||
United Kingdom - 0.4% | |||
Metals & Mining - 0.4% | |||
Gold - 0.4% | |||
Acacia Mining PLC | 1,851,536 | 3,177,589 | |
Pan African Resources PLC | 550,000 | 54,105 | |
Solgold PLC (a) | 4,152,758 | 1,402,199 | |
4,633,893 | |||
Precious Metals & Minerals - 0.0% | |||
Fresnillo PLC | 34,000 | 600,454 | |
TOTAL METALS & MINING | 5,234,347 | ||
United States of America - 11.8% | |||
Metals & Mining - 11.8% | |||
Copper - 0.1% | |||
Freeport-McMoRan, Inc. | 76,900 | 1,299,610 | |
Gold - 11.7% | |||
McEwen Mining, Inc. | 1,216,410 | 2,736,923 | |
Newmont Mining Corp. | 2,918,678 | 113,624,136 | |
Royal Gold, Inc. | 364,867 | 32,713,975 | |
149,075,034 | |||
TOTAL METALS & MINING | 150,374,644 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,192,236,319) | 1,183,255,199 | ||
Troy Ounces | |||
Commodities - 6.8% | |||
Gold Bullion(a) | 12,010 | 15,604,593 | |
Silver Bullion (a) | 4,372,000 | 71,807,914 | |
TOTAL COMMODITIES | |||
(Cost $86,155,758) | 87,412,507 | ||
Shares | Value | ||
Money Market Funds - 0.5% | |||
Fidelity Cash Central Fund, 1.76% (d) | 6,569,767 | 6,571,081 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 44,597 | 44,601 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,615,678) | 6,615,682 | ||
TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
(Cost $1,285,007,755) | 1,277,283,388 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 1,313,696 | ||
NET ASSETS - 100% | $1,278,597,084 |
Legend
(a) Non-income producing
(b) Affiliated company
(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 $8,425,054 or 0.7% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $32,596 |
Fidelity Securities Lending Cash Central Fund | 541 |
Total | $33,137 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Consolidated Subsidiary
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (Loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Select Cayman Gold Ltd. | $85,477,120 | $6,693,193 | $4,521,619 | $-- | $(220,759) | $(100,104) | $87,327,831 |
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2018, the Fund held $87,327,831 in the Subsidiary, representing 6.8% 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Continental Gold, Inc. | $28,390,023 | $95,681 | $-- | $-- | $-- | $(1,470,468) | $27,015,236 |
Premier Gold Mines Ltd. | 40,731,717 | 320,755 | -- | -- | -- | (6,068,622) | 34,983,850 |
Total | $69,121,740 | $416,436 | $-- | $-- | $-- | $(7,539,090) | $61,999,086 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $1,183,255,199 | $1,177,031,746 | $6,223,453 | $-- |
Commodities | 87,412,507 | 87,412,507 | -- | -- |
Money Market Funds | 6,615,682 | 6,615,682 | -- | -- |
Total Investments in Securities: | $1,277,283,388 | $1,271,059,935 | $6,223,453 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $62,311,687 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
Biotechnology - 87.6% | |||
Biotechnology - 87.6% | |||
AbbVie, Inc. | 3,269,546 | $323,488,881 | |
Abeona Therapeutics, Inc. (a) | 1,211,873 | 21,450,152 | |
AC Immune SA (a) | 726,514 | 7,613,867 | |
ACADIA Pharmaceuticals, Inc. (a)(b) | 2,882,880 | 52,180,128 | |
Acceleron Pharma, Inc. (a) | 1,035,083 | 36,786,850 | |
Achaogen, Inc. (a)(b) | 1,323,077 | 16,406,155 | |
Achillion Pharmaceuticals, Inc. (a) | 1,171,620 | 3,971,792 | |
Acorda Therapeutics, Inc. (a) | 1,828,214 | 47,990,618 | |
Adamas Pharmaceuticals, Inc. (a)(b) | 800,469 | 22,925,432 | |
Adaptimmune Therapeutics PLC sponsored ADR (a)(b) | 1,602,642 | 21,218,980 | |
ADMA Biologics, Inc. (a) | 183,926 | 996,879 | |
Aduro Biotech, Inc. (a) | 2,525,864 | 22,227,603 | |
Adverum Biotechnologies, Inc. (a) | 837,115 | 5,231,969 | |
Agenus, Inc. (a)(b) | 650,018 | 2,177,560 | |
Agios Pharmaceuticals, Inc. (a) | 413,890 | 38,698,715 | |
Aimmune Therapeutics, Inc. (a) | 1,473,571 | 48,760,464 | |
Akebia Therapeutics, Inc. (a) | 674,878 | 6,627,302 | |
Albireo Pharma, Inc. (a) | 481,000 | 15,069,730 | |
Alder Biopharmaceuticals, Inc. (a) | 777,334 | 13,564,478 | |
Aldeyra Therapeutics, Inc. (a)(c) | 1,076,452 | 9,042,197 | |
Alexion Pharmaceuticals, Inc. (a) | 1,677,064 | 194,757,442 | |
Alkermes PLC (a) | 1,577,474 | 74,456,773 | |
Allena Pharmaceuticals, Inc. (a)(c) | 183,277 | 2,628,192 | |
Allena Pharmaceuticals, Inc. (c)(d) | 1,447,443 | 20,756,333 | |
Alnylam Pharmaceuticals, Inc. (a) | 1,485,678 | 147,780,391 | |
AMAG Pharmaceuticals, Inc. (a) | 378,377 | 9,251,318 | |
Amarin Corp. PLC ADR (a) | 772,831 | 2,558,071 | |
Amgen, Inc. | 3,063,777 | 550,315,620 | |
Amicus Therapeutics, Inc. (a) | 3,953,862 | 66,820,268 | |
AnaptysBio, Inc. (a) | 438,170 | 34,089,626 | |
Apellis Pharmaceuticals, Inc. (a) | 640,834 | 13,079,422 | |
Applied Genetic Technologies Corp. (a) | 84,044 | 378,198 | |
Ardelyx, Inc. (a) | 65,581 | 260,684 | |
Arena Pharmaceuticals, Inc. (a) | 1,632,373 | 74,632,094 | |
Argenx SE ADR | 814,892 | 77,822,186 | |
Array BioPharma, Inc. (a) | 9,071,503 | 148,319,074 | |
Arsanis, Inc. (a)(b) | 681,900 | 11,742,318 | |
Ascendis Pharma A/S sponsored ADR (a) | 265,232 | 19,102,009 | |
Atara Biotherapeutics, Inc. (a)(b) | 1,993,860 | 99,294,228 | |
aTyr Pharma, Inc. (a) | 294,729 | 265,993 | |
aTyr Pharma, Inc. (a)(d) | 675,659 | 609,782 | |
Audentes Therapeutics, Inc. (a) | 769,214 | 29,153,211 | |
Bellicum Pharmaceuticals, Inc. (a)(b) | 1,342,278 | 10,845,606 | |
BioCryst Pharmaceuticals, Inc. (a) | 3,287,837 | 21,140,792 | |
Biogen, Inc. (a) | 1,350,744 | 397,064,706 | |
Biohaven Pharmaceutical Holding Co. Ltd. | 1,015,590 | 35,545,650 | |
BioMarin Pharmaceutical, Inc. (a) | 1,423,535 | 128,602,152 | |
BioTime, Inc. warrants 10/1/18 (a) | 30,113 | 2,108 | |
bluebird bio, Inc. (a) | 398,386 | 71,331,013 | |
Blueprint Medicines Corp. (a) | 1,709,411 | 143,727,277 | |
Calithera Biosciences, Inc. (a) | 489,722 | 2,522,068 | |
Cara Therapeutics, Inc. (a)(b) | 534,675 | 8,362,317 | |
Celgene Corp. (a) | 3,563,743 | 280,395,299 | |
Chimerix, Inc. (a) | 1,871,867 | 8,554,432 | |
Cidara Therapeutics, Inc. (a)(c) | 146,000 | 817,600 | |
Cidara Therapeutics, Inc. (a)(c)(d) | 1,066,786 | 5,974,002 | |
Clovis Oncology, Inc. (a) | 898,851 | 42,210,043 | |
Corbus Pharmaceuticals Holdings, Inc. (a)(b)(c) | 3,366,167 | 20,870,235 | |
Corvus Pharmaceuticals, Inc. (a)(c) | 1,980,356 | 27,190,288 | |
CRISPR Therapeutics AG (a)(b) | 127,836 | 8,809,179 | |
CTI BioPharma Corp. (a) | 1,073,300 | 4,615,190 | |
Cytokinetics, Inc. (a) | 1,216,664 | 10,949,976 | |
CytomX Therapeutics, Inc. (a)(d) | 287,485 | 7,379,740 | |
Deciphera Pharmaceuticals, Inc. (a) | 598,920 | 15,404,222 | |
Denali Therapeutics, Inc. (a)(b) | 470,790 | 9,053,292 | |
Dicerna Pharmaceuticals, Inc. (a) | 1,122,298 | 15,975,912 | |
Dynavax Technologies Corp. (a)(b) | 1,274,698 | 20,140,228 | |
Eagle Pharmaceuticals, Inc. (a)(b) | 253,208 | 17,068,751 | |
Editas Medicine, Inc. (a) | 407,718 | 15,623,754 | |
Emergent BioSolutions, Inc. (a) | 75,549 | 3,895,306 | |
Enanta Pharmaceuticals, Inc. (a) | 284,367 | 28,376,983 | |
Epizyme, Inc. (a)(c) | 4,010,822 | 69,988,844 | |
Esperion Therapeutics, Inc. (a)(b) | 703,574 | 27,080,563 | |
Evelo Biosciences, Inc. | 125,000 | 1,986,250 | |
Exact Sciences Corp. (a) | 1,504,200 | 89,560,068 | |
Exelixis, Inc. (a) | 2,534,240 | 52,534,795 | |
Fate Therapeutics, Inc. (a)(c) | 2,819,387 | 30,872,288 | |
FibroGen, Inc. (a) | 2,005,619 | 108,102,864 | |
Five Prime Therapeutics, Inc. (a) | 651,600 | 11,442,096 | |
Foundation Medicine, Inc. (a) | 101,450 | 10,058,768 | |
Galapagos Genomics NV sponsored ADR (a) | 624,949 | 63,638,557 | |
Genmab A/S (a) | 68,861 | 10,361,625 | |
Genomic Health, Inc. (a) | 114,023 | 4,551,798 | |
GenSight Biologics SA (a)(b)(d) | 446,320 | 1,654,012 | |
Geron Corp. (a)(b)(c) | 13,215,965 | 53,524,658 | |
Gilead Sciences, Inc. | 3,485,278 | 234,907,737 | |
Global Blood Therapeutics, Inc. (a) | 1,224,918 | 58,979,802 | |
GlycoMimetics, Inc. (a) | 175,150 | 3,129,931 | |
GTx, Inc. (a)(b) | 700,200 | 14,144,040 | |
Halozyme Therapeutics, Inc. (a) | 1,929,050 | 35,494,520 | |
Heron Therapeutics, Inc. (a) | 995,679 | 32,459,135 | |
Histogenics Corp. (a) | 1,132,386 | 2,615,812 | |
Idera Pharmaceuticals, Inc. (a)(b) | 3,506,352 | 7,188,022 | |
Immune Design Corp. (a) | 941,657 | 4,237,457 | |
ImmunoGen, Inc. (a) | 4,099,275 | 46,977,692 | |
Immunomedics, Inc. (a)(b) | 6,243,083 | 137,722,411 | |
Incyte Corp. (a) | 877,359 | 59,897,299 | |
Infinity Pharmaceuticals, Inc. (a)(b) | 2,793,474 | 5,670,752 | |
Insmed, Inc. (a) | 85,600 | 2,384,816 | |
Insys Therapeutics, Inc. (a)(b) | 177,279 | 1,155,859 | |
Intellia Therapeutics, Inc. (a)(b) | 198,532 | 5,380,217 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 804,525 | 56,485,700 | |
Intrexon Corp. (a)(b) | 258,553 | 4,286,809 | |
Ionis Pharmaceuticals, Inc. (a) | 2,524,877 | 117,785,512 | |
Iovance Biotherapeutics, Inc. (a) | 1,202,700 | 17,559,420 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 3,649,312 | 67,804,217 | |
Jounce Therapeutics, Inc. (a)(b) | 1,091,874 | 12,283,583 | |
Karyopharm Therapeutics, Inc. (a) | 1,175,343 | 21,837,873 | |
Keryx Biopharmaceuticals, Inc. (a)(b) | 1,045,725 | 5,510,971 | |
Kiniksa Pharmaceuticals Ltd. (b) | 156,955 | 2,685,500 | |
Krystal Biotech, Inc. (b)(c) | 935,400 | 9,625,266 | |
Kura Oncology, Inc. (a)(c) | 2,380,817 | 39,640,603 | |
La Jolla Pharmaceutical Co. (a)(b) | 1,189,798 | 37,121,698 | |
Leap Therapeutics, Inc. (a)(c) | 840,724 | 7,818,733 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 1,978,704 | 22,952,966 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 238,198 | 45,788,802 | |
Loxo Oncology, Inc. (a) | 1,282,834 | 227,484,953 | |
Macrogenics, Inc. (a)(c) | 2,301,024 | 52,302,276 | |
Madrigal Pharmaceuticals, Inc. (a) | 19,441 | 5,163,724 | |
MannKind Corp. (a)(b) | 1,402,861 | 2,805,722 | |
MediciNova, Inc. (a)(b) | 468,902 | 4,342,033 | |
Merrimack Pharmaceuticals, Inc. | 283,346 | 2,484,944 | |
Minerva Neurosciences, Inc. (a)(c) | 3,150,614 | 27,725,403 | |
Miragen Therapeutics, Inc. (a)(c) | 2,888,656 | 20,422,798 | |
Mirati Therapeutics, Inc. (a) | 274,847 | 11,680,998 | |
Molecular Templates, Inc. (a) | 33,358 | 210,489 | |
Momenta Pharmaceuticals, Inc. (a) | 1,203,956 | 28,413,362 | |
NantKwest, Inc. (a) | 170,843 | 625,285 | |
Neurocrine Biosciences, Inc. (a) | 2,060,351 | 198,329,387 | |
Novavax, Inc. (a)(b) | 3,364,321 | 5,483,843 | |
Novelion Therapeutics, Inc. (a)(b) | 462,707 | 1,943,369 | |
Opko Health, Inc. (a)(b) | 217,967 | 845,712 | |
Oragenics, Inc. (a) | 155,805 | 233,708 | |
Ovid Therapeutics, Inc. | 792,107 | 6,249,724 | |
Pharming Group NV (a)(b) | 19,512,456 | 31,502,042 | |
Portola Pharmaceuticals, Inc. (a) | 926,803 | 37,211,140 | |
Progenics Pharmaceuticals, Inc. (a) | 1,103,848 | 8,389,245 | |
Protagonist Therapeutics, Inc. (a) | 630,863 | 4,592,683 | |
Proteostasis Therapeutics, Inc. (a)(b) | 452,098 | 2,188,154 | |
Prothena Corp. PLC (a) | 769,935 | 10,386,423 | |
PTC Therapeutics, Inc. (a) | 864,245 | 29,297,906 | |
Puma Biotechnology, Inc. (a) | 822,723 | 43,563,183 | |
Ra Pharmaceuticals, Inc. (a) | 64,588 | 445,657 | |
Radius Health, Inc. (a)(b) | 1,578,215 | 44,979,128 | |
Regeneron Pharmaceuticals, Inc. (a) | 570,263 | 171,261,384 | |
REGENXBIO, Inc. (a) | 1,162,008 | 62,980,834 | |
Regulus Therapeutics, Inc. (a)(b) | 4,440,151 | 3,243,530 | |
Repligen Corp. (a) | 719,686 | 31,435,884 | |
Retrophin, Inc. (a) | 797,045 | 22,325,230 | |
Rigel Pharmaceuticals, Inc. (a) | 907,400 | 2,949,050 | |
Sage Therapeutics, Inc. (a) | 931,593 | 142,244,935 | |
Sangamo Therapeutics, Inc. (a) | 3,249,762 | 53,458,585 | |
Sarepta Therapeutics, Inc. (a) | 1,346,003 | 126,322,382 | |
Seattle Genetics, Inc. (a) | 1,249,890 | 75,605,846 | |
Selecta Biosciences, Inc. (a)(b) | 330,979 | 3,961,819 | |
Seres Therapeutics, Inc. (a)(c) | 1,028,440 | 8,278,942 | |
Seres Therapeutics, Inc. (a)(c)(d) | 1,292,035 | 10,400,882 | |
Sienna Biopharmaceuticals, Inc. (b) | 211,031 | 3,163,355 | |
Spark Therapeutics, Inc. (a)(b) | 1,446,320 | 115,401,873 | |
Spectrum Pharmaceuticals, Inc. (a) | 3,919,300 | 75,603,297 | |
Stemline Therapeutics, Inc. (a)(c) | 1,795,948 | 35,290,378 | |
Surface Oncology, Inc. | 333,334 | 4,580,009 | |
Syndax Pharmaceuticals, Inc. (a) | 394,253 | 3,441,829 | |
Syros Pharmaceuticals, Inc. (a) | 617,861 | 7,680,012 | |
Syros Pharmaceuticals, Inc. (a)(d) | 303,621 | 3,774,009 | |
TESARO, Inc. (a)(b) | 446,207 | 20,422,894 | |
TG Therapeutics, Inc. (a)(b) | 3,179,537 | 42,605,796 | |
Tocagen, Inc. (a)(b) | 453,405 | 4,252,939 | |
Trevena, Inc. (a) | 1,105,549 | 2,067,377 | |
Ultragenyx Pharmaceutical, Inc. (a) | 1,433,037 | 104,898,308 | |
uniQure B.V. (a) | 229,162 | 8,029,836 | |
United Therapeutics Corp. (a) | 153,925 | 16,405,327 | |
UNITY Biotechnology, Inc. (b) | 92,800 | 1,382,720 | |
Vanda Pharmaceuticals, Inc. (a) | 1,013,092 | 17,830,419 | |
Verastem, Inc. (a) | 3,101,997 | 17,340,163 | |
Vertex Pharmaceuticals, Inc. (a) | 1,514,608 | 233,249,632 | |
Vital Therapies, Inc. (a)(b) | 603,691 | 3,078,824 | |
Voyager Therapeutics, Inc. (a)(c) | 1,689,062 | 33,561,662 | |
Xencor, Inc. (a) | 1,543,843 | 61,769,158 | |
Zafgen, Inc. (a)(c) | 2,712,346 | 19,176,286 | |
Zealand Pharma A/S (a)(b) | 400,644 | 6,047,433 | |
7,678,667,577 | |||
Capital Markets - 0.1% | |||
Asset Management & Custody Banks - 0.1% | |||
Arix Bioscience PLC (a)(d) | 2,049,700 | 5,653,895 | |
Health Care Equipment & Supplies - 0.6% | |||
Health Care Equipment - 0.6% | |||
Bellerophon Therapeutics, Inc. (a)(b) | 487,970 | 1,078,414 | |
Novocure Ltd. (a) | 646,289 | 20,325,789 | |
Novocure Ltd. (a)(d) | 701,713 | 22,068,874 | |
Vermillion, Inc. (a) | 3,368,863 | 3,469,929 | |
46,943,006 | |||
Health Care Providers & Services - 0.4% | |||
Health Care Services - 0.4% | |||
G1 Therapeutics, Inc. | 789,800 | 34,206,238 | |
OptiNose, Inc. (b) | 153,915 | 3,550,819 | |
37,757,057 | |||
Life Sciences Tools & Services - 0.3% | |||
Life Sciences Tools & Services - 0.3% | |||
Morphosys AG (a)(b) | 141,175 | 14,696,868 | |
Morphosys AG sponsored ADR | 466,069 | 12,346,168 | |
27,043,036 | |||
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
MYOS Corp. (a) | 33,334 | 46,001 | |
Pharmaceuticals - 8.1% | |||
Pharmaceuticals - 8.1% | |||
AcelRx Pharmaceuticals, Inc. (a) | 226,844 | 771,270 | |
Aclaris Therapeutics, Inc. (a) | 585,786 | 10,585,153 | |
Adimab LLC (e)(f)(g) | 1,954,526 | 79,412,391 | |
Aerie Pharmaceuticals, Inc. (a) | 405,700 | 20,812,410 | |
Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(g) | 8,274,568 | 11,667,141 | |
Akcea Therapeutics, Inc. (b) | 610,000 | 14,786,400 | |
Aradigm Corp. (a)(b) | 11,945 | 16,604 | |
Aradigm Corp. (a) | 148,009 | 205,733 | |
Assembly Biosciences, Inc. (a) | 62,000 | 2,621,980 | |
Axsome Therapeutics, Inc. (a) | 470,252 | 1,575,344 | |
BioXcel Therapeutics, Inc. (a)(c) | 1,277,566 | 14,040,450 | |
Chiasma, Inc. (a)(c) | 1,553,299 | 2,329,949 | |
Chiasma, Inc. warrants 12/16/24 (a) | 382,683 | 70,227 | |
Clearside Biomedical, Inc. (a)(b) | 316,386 | 3,119,566 | |
Clementia Pharmaceuticals, Inc. (b) | 390,500 | 5,533,385 | |
Corcept Therapeutics, Inc. (a) | 185,022 | 3,422,907 | |
CymaBay Therapeutics, Inc. (a) | 620,100 | 8,042,697 | |
Dova Pharmaceuticals, Inc. (b) | 1,231,972 | 27,091,064 | |
Endocyte, Inc. (a) | 806,715 | 11,027,794 | |
GW Pharmaceuticals PLC ADR (a)(b) | 198,974 | 32,032,824 | |
Horizon Pharma PLC (a) | 314,040 | 5,118,852 | |
InflaRx NV (a) | 2,500 | 95,350 | |
Intra-Cellular Therapies, Inc. (a) | 723,648 | 16,846,525 | |
Jazz Pharmaceuticals PLC (a) | 34,713 | 5,866,497 | |
Kala Pharmaceuticals, Inc. | 358,600 | 5,465,064 | |
Kolltan Pharmaceuticals, Inc. rights (a)(g) | 10,639,609 | 106 | |
Melinta Therapeutics, Inc. (a)(b)(c) | 4,252,074 | 27,851,085 | |
MyoKardia, Inc. (a) | 1,152,901 | 54,878,088 | |
Nektar Therapeutics (a) | 1,070,351 | 85,917,075 | |
NeurogesX, Inc. (a)(g) | 2,550,000 | 26 | |
ObsEva SA (a) | 916,805 | 11,955,137 | |
Ocular Therapeutix, Inc. (a)(b)(c) | 2,394,399 | 16,210,081 | |
Odonate Therapeutics, Inc. (a) | 655,700 | 15,730,243 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 569,432 | 5,950,564 | |
Reata Pharmaceuticals, Inc. (a) | 343,197 | 12,180,062 | |
resTORbio, Inc. (a) | 647,221 | 6,336,294 | |
Rhythm Pharmaceuticals, Inc. | 488,818 | 15,705,722 | |
RPI International Holdings LP (a)(f)(g) | 54,958 | 7,982,650 | |
scPharmaceuticals, Inc. (a)(b) | 115,800 | 1,151,052 | |
Spero Therapeutics, Inc. (a)(b) | 622,000 | 6,618,080 | |
Stemcentrx, Inc. rights 12/31/21 (a)(g) | 876,163 | 1,717,279 | |
The Medicines Company (a)(b) | 977,308 | 33,091,649 | |
TherapeuticsMD, Inc. (a)(b) | 1,917,967 | 11,335,185 | |
Theravance Biopharma, Inc. (a)(b) | 416,300 | 10,132,742 | |
UroGen Pharma Ltd. (b) | 629,563 | 37,849,328 | |
WAVE Life Sciences (a)(b) | 709,212 | 33,013,819 | |
Zogenix, Inc. (a) | 762,002 | 32,423,185 | |
710,587,029 | |||
Software - 0.0% | |||
Application Software - 0.0% | |||
Precipio, Inc. (f) | 7,883 | 3,587 | |
Textiles, Apparel & Luxury Goods - 0.4% | |||
Textiles - 0.4% | |||
Homology Medicines, Inc. (a)(b) | 563,667 | 11,346,617 | |
Scholar Rock Holding Corp. (b) | 39,000 | 682,110 | |
Scholar Rock Holding Corp. | 1,497,946 | 23,579,168 | |
35,607,895 | |||
TOTAL COMMON STOCKS | |||
(Cost $5,522,680,298) | 8,542,309,083 | ||
Preferred Stocks - 1.9% | |||
Convertible Preferred Stocks - 1.9% | |||
Biotechnology - 1.7% | |||
Biotechnology - 1.7% | |||
23andMe, Inc. Series E (a)(f)(g) | 1,505,457 | 23,485,129 | |
Axcella Health, Inc. Series C (a)(f)(g) | 1,642,272 | 21,218,154 | |
Immunocore Ltd. Series A (a)(f)(g) | 73,318 | 25,557,347 | |
Moderna Therapeutics, Inc.: | |||
Series D (a)(f)(g) | 2,074,940 | 20,873,896 | |
Series E (a)(f)(g) | 2,698,970 | 27,151,638 | |
Translate Bio Series B(a)(f)(g) | 5,634,091 | 11,155,500 | |
Twist Bioscience Corp.: | |||
Series C (a)(f)(g) | 8,133,875 | 17,487,831 | |
Series D (a)(f)(g) | 1,976,343 | 4,249,137 | |
151,178,632 | |||
Health Care Technology - 0.2% | |||
Health Care Technology - 0.2% | |||
Codiak Biosciences, Inc.: | |||
Series A 8.00% (a)(f)(g) | 856,366 | 3,243,572 | |
Series B 8.00% (a)(f)(g) | 2,783,187 | 10,541,599 | |
13,785,171 | |||
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Afferent Pharmaceuticals, Inc. Series C (a)(f)(g) | 8,274,568 | 83 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 164,963,886 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Biotechnology - 0.0% | |||
Biotechnology - 0.0% | |||
Yumanity Holdings LLC Class A (a)(f)(g) | 588,700 | 4,939,193 | |
TOTAL PREFERRED STOCKS | |||
(Cost $103,431,639) | 169,903,079 | ||
Money Market Funds - 7.5% | |||
Fidelity Cash Central Fund, 1.76% (h) | 49,970,684 | 49,980,678 | |
Fidelity Securities Lending Cash Central Fund 1.76% (h)(i) | 606,702,199 | 606,762,870 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $656,697,180) | 656,743,548 | ||
TOTAL INVESTMENT IN SECURITIES - 106.9% | |||
(Cost $6,282,809,117) | 9,368,955,710 | ||
NET OTHER ASSETS (LIABILITIES) - (6.9)% | (606,100,792) | ||
NET ASSETS - 100% | $8,762,854,918 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $78,271,529 or 0.9% of net assets.
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $257,301,707 or 2.9% of net assets.
(g) Level 3 security
(h) 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.
(i) 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 | $0 |
Axcella Health, Inc. Series C | 1/30/15 | $16,554,102 |
Codiak Biosciences, Inc. Series A 8.00% | 11/12/15 | $856,366 |
Codiak Biosciences, Inc. Series B 8.00% | 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 |
Precipio, Inc. | 2/3/12 | $2,828,200 |
RPI International Holdings LP | 5/21/15 | $6,479,548 |
Translate Bio Series B | 7/17/15 | $6,084,818 |
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 | $209,902 |
Fidelity Securities Lending Cash Central Fund | 2,923,211 |
Total | $3,133,113 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Aldeyra Therapeutics, Inc. | $8,880,729 | $-- | $-- | $-- | $-- | $161,468 | $9,042,197 |
Allena Pharmaceuticals, Inc. | 2,253,708 | -- | 1,994,643 | -- | (72,653) | 2,441,780 | 2,628,192 |
Allena Pharmaceuticals, Inc. | 9,364,232 | -- | -- | -- | -- | 11,392,101 | 20,756,333 |
Arena Pharmaceuticals, Inc. | 87,894,769 | 6,144,168 | 30,232,362 | -- | 6,729,517 | 4,096,002 | -- |
Atara Biotherapeutics, Inc. | 76,813,457 | -- | -- | -- | -- | 22,480,771 | -- |
Bellicum Pharmaceuticals, Inc. | 11,972,188 | -- | 2,926,882 | -- | (3,432,624) | 5,232,924 | -- |
BioXcel Therapeutics, Inc. | -- | 14,053,226 | -- | -- | -- | (12,776) | 14,040,450 |
Chiasma, Inc. | 2,407,613 | -- | -- | -- | -- | (77,664) | 2,329,949 |
Chiasma, Inc. warrants 12/16/24 | 80,670 | -- | -- | -- | -- | (10,443) | -- |
Cidara Therapeutics, Inc. | 978,200 | -- | -- | -- | -- | (160,600) | 817,600 |
Cidara Therapeutics, Inc. | 7,147,466 | -- | -- | -- | -- | (1,173,464) | 5,974,002 |
Corbus Pharmaceuticals Holdings, Inc. | 24,909,636 | -- | -- | -- | -- | (4,039,401) | 20,870,235 |
Corvus Pharmaceuticals, Inc. | -- | 7,671,845 | -- | -- | -- | 10,691,376 | 27,190,288 |
Epizyme, Inc. | 70,991,549 | -- | -- | -- | -- | (1,002,705) | 69,988,844 |
Fate Therapeutics, Inc. | 31,591,720 | 174,170 | -- | -- | -- | (893,602) | 30,872,288 |
Geron Corp. | 35,032,769 | -- | 7,101,641 | -- | (3,587,011) | 29,180,541 | 53,524,658 |
Infinity Pharmaceuticals, Inc. | 5,251,731 | -- | -- | -- | -- | 419,021 | -- |
Karyopharm Therapeutics, Inc. | 42,678,077 | -- | 24,594,744 | -- | (16,665,982) | 20,420,522 | -- |
Krystal Biotech, Inc. | 8,961,132 | -- | -- | -- | -- | 664,134 | 9,625,266 |
Kura Oncology, Inc. | 53,806,464 | -- | -- | -- | -- | (14,165,861) | 39,640,603 |
Leap Therapeutics, Inc. | -- | 6,310,377 | -- | -- | -- | 1,508,356 | 7,818,733 |
Macrogenics, Inc. | 61,866,847 | -- | 4,549,452 | -- | (929,532) | (4,085,587) | 52,302,276 |
Melinta Therapeutics, Inc. | -- | 17,355,501 | -- | -- | -- | 772,458 | 27,851,085 |
Minerva Neurosciences, Inc. | 16,540,724 | -- | -- | -- | -- | 11,184,679 | 27,725,403 |
Miragen Therapeutics, Inc. | 16,032,041 | -- | -- | -- | -- | 4,390,757 | 20,422,798 |
NeurogesX, Inc. | 26 | -- | -- | -- | -- | -- | -- |
Ocular Therapeutix, Inc. | 12,522,707 | -- | -- | -- | -- | 3,687,374 | 16,210,081 |
Seres Therapeutics, Inc. | 9,770,180 | -- | -- | -- | -- | (1,491,238) | 8,278,942 |
Seres Therapeutics, Inc. | 12,274,333 | -- | -- | -- | -- | (1,873,451) | 10,400,882 |
Stemline Therapeutics, Inc. | 30,800,508 | -- | -- | -- | -- | 4,489,870 | 35,290,378 |
Vermillion, Inc. | 5,391,860 | -- | 345,383 | -- | (97,009) | (1,479,539) | -- |
Voyager Therapeutics, Inc. | 65,380,114 | -- | 11,627,661 | -- | 3,415,093 | (23,605,884) | 33,561,662 |
Zafgen, Inc. | 21,319,040 | -- | -- | -- | -- | (2,142,754) | 19,176,286 |
Total | $732,914,490 | $51,709,287 | $83,372,768 | $-- | $(14,640,201) | $76,999,165 | $566,339,431 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $8,542,309,083 | $8,417,880,095 | $23,649,395 | $100,779,593 |
Preferred Stocks | 169,903,079 | -- | -- | 169,903,079 |
Money Market Funds | 656,743,548 | 656,743,548 | -- | -- |
Total Investments in Securities: | $9,368,955,710 | $9,074,623,643 | $23,649,395 | $270,682,672 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Common Stocks | |
Beginning Balance | $95,437,618 |
Total Realized Gain (Loss) | 5,403,067 |
Total Unrealized Gain (Loss) | 12,953,978 |
Cost of Purchases | 600 |
Proceeds of Sales | (13,015,670) |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $100,779,593 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $12,953,978 |
Preferred Stocks | |
Beginning Balance | $178,519,654 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 4,212,445 |
Cost of Purchases | -- |
Proceeds of Sales | (12,829,020) |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $169,903,079 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $6,778,250 |
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 | $270,682,672 | Market approach | Transaction price | $2.15 - $145.25 / $40.62 | Increase |
Market comparable | Transaction price | $1.98 - $234.59 / $54.61 | Increase | ||
Enterprise value/Sales multiple (EV/S) | 3.10 | Increase | |||
Discount rate | 23.0% | Decrease | |||
Premium rate | 15.0% | Increase | |||
Proxy premium | 28.2% - 48.6% / 39.3% | Increase | |||
Recovery value | Recovery value | 0.0% | Increase | ||
Discount cash flow | Discount rate | 8.0% | Decrease | ||
Discount for lack of marketability | 10.0% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 100.6% | |||
Shares | Value | ||
Construction & Engineering - 0.6% | |||
Construction & Engineering - 0.6% | |||
Enterprise Group, Inc. (a)(b) | 5,501,837 | $2,418,670 | |
Diversified Financial Services - 1.5% | |||
Multi-Sector Holdings - 1.5% | |||
National Energy Services Reunited Corp. (a) | 662,000 | 6,745,780 | |
Energy Equipment & Services - 96.9% | |||
Oil & Gas Drilling - 17.0% | |||
Borr Drilling Ltd. (a)(c) | 487,064 | 2,499,992 | |
Independence Contract Drilling, Inc. (a) | 902,530 | 3,844,778 | |
Nabors Industries Ltd. | 1,639,178 | 12,244,660 | |
Odfjell Drilling Ltd. (a) | 2,531,294 | 11,121,026 | |
Parker Drilling Co. (a) | 4,426,744 | 1,947,767 | |
Patterson-UTI Energy, Inc. | 266,800 | 5,517,424 | |
Rowan Companies PLC (a) | 256,400 | 3,999,840 | |
Shelf Drilling Ltd. (a)(d) | 1,115,203 | 9,540,153 | |
Trinidad Drilling Ltd. (a)(b) | 14,360,300 | 19,492,618 | |
Xtreme Drilling & Coil Services Corp. (a)(b) | 4,212,131 | 6,367,250 | |
76,575,508 | |||
Oil & Gas Equipment & Services - 79.9% | |||
Archrock, Inc. | 617,400 | 7,130,970 | |
Baker Hughes, a GE Co. Class A | 915,946 | 31,682,572 | |
C&J Energy Services, Inc. (a) | 554,551 | 14,928,513 | |
CSI Compressco LP | 1,272,763 | 7,496,574 | |
Dril-Quip, Inc. (a) | 280,700 | 13,487,635 | |
Exterran Corp. (a) | 16,400 | 451,984 | |
Forum Energy Technologies, Inc. (a) | 547,600 | 7,748,540 | |
Frank's International NV (c) | 1,988,483 | 14,675,005 | |
Halliburton Co. | 1,078,934 | 53,666,177 | |
Helix Energy Solutions Group, Inc. (a) | 748,329 | 5,687,300 | |
Key Energy Services, Inc. (a)(c) | 9,297 | 157,398 | |
McCoy Global, Inc. (a) | 1,049,550 | 1,092,775 | |
McDermott International, Inc. (a)(c) | 360,099 | 7,824,951 | |
NCS Multistage Holdings, Inc. (a) | 598,364 | 9,107,100 | |
Oceaneering International, Inc. | 983,025 | 23,425,486 | |
Ranger Energy Services, Inc. Class A | 753,911 | 7,388,328 | |
RigNet, Inc. (a)(c) | 797,303 | 9,448,041 | |
Schlumberger Ltd. | 1,394,611 | 95,767,938 | |
Smart Sand, Inc. (a)(b)(c) | 2,110,683 | 12,917,380 | |
Superior Drilling Products, Inc. (a)(b) | 2,409,569 | 4,976,242 | |
Superior Energy Services, Inc. (a) | 462,600 | 5,056,218 | |
TechnipFMC PLC | 313,862 | 9,776,801 | |
TETRA Technologies, Inc. (a) | 1,753,461 | 7,399,605 | |
TETRA Technologies, Inc. warrants 12/14/21 (a) | 300,100 | 324,048 | |
Weatherford International PLC (a)(c) | 2,323,666 | 7,877,228 | |
359,494,809 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 436,070,317 | ||
Oil, Gas & Consumable Fuels - 1.6% | |||
Oil & Gas Storage & Transport - 1.6% | |||
Golar LNG Ltd. | 72,833 | 1,892,201 | |
StealthGas, Inc. (a) | 1,352,670 | 5,370,100 | |
7,262,301 | |||
TOTAL COMMON STOCKS | |||
(Cost $454,839,094) | 452,497,068 | ||
Money Market Funds - 7.1% | |||
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) | |||
(Cost $31,847,895) | 31,845,108 | 31,848,293 | |
TOTAL INVESTMENT IN SECURITIES - 107.7% | |||
(Cost $486,686,989) | 484,345,361 | ||
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (34,469,646) | ||
NET ASSETS - 100% | $449,875,715 |
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(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 $9,540,153 or 2.1% of net assets.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $965 |
Fidelity Securities Lending Cash Central Fund | 33,734 |
Total | $34,699 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Enterprise Group, Inc. | $1,669,745 | $-- | $24,112 | $-- | $(137,331) | $910,368 | $2,418,670 |
RigNet, Inc. | 12,615,390 | 2,115,203 | 3,989,000 | -- | 243,460 | (1,537,012) | -- |
Smart Sand, Inc. | 9,281,173 | 5,939,776 | 627,423 | -- | (205,467) | (1,470,679) | 12,917,380 |
Superior Drilling Products, Inc. | 3,662,545 | -- | -- | -- | -- | 1,313,697 | 4,976,242 |
Trinidad Drilling Ltd. | 15,876,309 | 4,676,931 | 167,194 | -- | (7,451) | (885,977) | 19,492,618 |
Xtreme Drilling & Coil Services Corp. | 7,164,828 | 22,835 | -- | -- | -- | (820,413) | 6,367,250 |
Total | $50,269,990 | $12,754,745 | $4,807,729 | $-- | $(106,789) | $(2,490,016) | $46,172,160 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $452,497,068 | $452,173,020 | $324,048 | $-- |
Money Market Funds | 31,848,293 | 31,848,293 | -- | -- |
Total Investments in Securities: | $484,345,361 | $484,021,313 | $324,048 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $24,850,765 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% | |||
Shares | Value | ||
Banks - 0.0% | |||
Regional Banks - 0.0% | |||
Hilltop Holdings, Inc. | 500 | $11,725 | |
Capital Markets - 3.2% | |||
Asset Management & Custody Banks - 3.2% | |||
Apollo Global Management LLC Class A | 81,044 | 2,538,298 | |
Ares Management LP | 231,514 | 5,128,035 | |
Brighthouse Financial, Inc. | 18,306 | 862,396 | |
8,528,729 | |||
Consumer Finance - 0.3% | |||
Consumer Finance - 0.3% | |||
OneMain Holdings, Inc. (a) | 21,900 | 712,407 | |
Diversified Financial Services - 5.7% | |||
Multi-Sector Holdings - 4.3% | |||
Berkshire Hathaway, Inc. Class B (a) | 58,900 | 11,281,117 | |
Other Diversified Financial Services - 1.4% | |||
Cannae Holdings, Inc. (a) | 16,099 | 321,819 | |
Voya Financial, Inc. | 62,400 | 3,241,056 | |
3,562,875 | |||
TOTAL DIVERSIFIED FINANCIAL SERVICES | 14,843,992 | ||
Insurance - 86.8% | |||
Insurance Brokers - 14.6% | |||
Aon PLC | 47,000 | 6,573,890 | |
Arthur J. Gallagher & Co. | 105,300 | 6,979,284 | |
Brown & Brown, Inc. | 232,500 | 6,458,850 | |
Marsh & McLennan Companies, Inc. | 169,800 | 13,646,826 | |
Willis Group Holdings PLC | 29,628 | 4,478,272 | |
38,137,122 | |||
Life & Health Insurance - 25.1% | |||
AFLAC, Inc. | 177,200 | 7,984,632 | |
CNO Financial Group, Inc. | 133,400 | 2,670,668 | |
FBL Financial Group, Inc. Class A | 300 | 23,580 | |
Genworth Financial, Inc. Class A (a) | 282,100 | 970,424 | |
MetLife, Inc. | 426,475 | 19,613,585 | |
Primerica, Inc. | 31,300 | 3,078,355 | |
Principal Financial Group, Inc. | 137,200 | 7,655,760 | |
Prudential Financial, Inc. | 94,289 | 9,130,947 | |
Sony Financial Holdings, Inc. | 328,600 | 6,016,151 | |
Torchmark Corp. | 56,700 | 4,809,861 | |
Unum Group | 95,261 | 3,697,079 | |
65,651,042 | |||
Multi-Line Insurance - 12.4% | |||
American International Group, Inc. | 421,000 | 22,224,590 | |
Hartford Financial Services Group, Inc. | 123,600 | 6,467,988 | |
Loews Corp. | 63,400 | 3,098,358 | |
Zurich Insurance Group AG | 2,296 | 680,449 | |
32,471,385 | |||
Property & Casualty Insurance - 31.6% | |||
Allstate Corp. | 85,100 | 7,955,148 | |
AmTrust Financial Services, Inc. | 55,800 | 745,488 | |
Arch Capital Group Ltd. (a) | 41,400 | 3,247,830 | |
Argo Group International Holdings, Ltd. | 12,168 | 739,206 | |
Aspen Insurance Holdings Ltd. | 65,600 | 2,847,040 | |
Assured Guaranty Ltd. | 68,100 | 2,416,869 | |
Axis Capital Holdings Ltd. | 11,100 | 631,035 | |
Chubb Ltd. | 230,205 | 30,085,492 | |
First American Financial Corp. | 58,200 | 3,031,056 | |
FNF Group | 66,800 | 2,468,928 | |
Hanover Insurance Group, Inc. | 27,900 | 3,382,596 | |
Markel Corp. (a) | 3,000 | 3,291,240 | |
MBIA, Inc. (a)(b) | 59,000 | 482,620 | |
Mercury General Corp. | 200 | 9,422 | |
The Travelers Companies, Inc. | 165,000 | 21,205,800 | |
82,539,770 | |||
Reinsurance - 3.1% | |||
Everest Re Group Ltd. | 3,400 | 765,986 | |
Maiden Holdings Ltd. | 700 | 6,125 | |
Muenchener Rueckversicherungs AG | 9,500 | 1,952,825 | |
Reinsurance Group of America, Inc. | 33,033 | 4,936,452 | |
Third Point Reinsurance Ltd. (a) | 29,400 | 392,490 | |
8,053,878 | |||
TOTAL INSURANCE | 226,853,197 | ||
Software - 0.4% | |||
Application Software - 0.4% | |||
Black Knight, Inc. (a) | 20,457 | 1,035,124 | |
TOTAL COMMON STOCKS | |||
(Cost $145,347,996) | 251,985,174 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Insurance - 0.0% | |||
Life & Health Insurance - 0.0% | |||
Torchmark Corp. 6.125% | |||
(Cost $76,079) | 3,059 | 79,840 | |
Money Market Funds - 3.6% | |||
Fidelity Cash Central Fund, 1.76% (c) | 8,794,020 | 8,795,778 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 443,681 | 443,726 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,238,825) | 9,239,504 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $154,662,900) | 261,304,518 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 107,304 | ||
NET ASSETS - 100% | $261,411,822 |
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 | $38,791 |
Fidelity Securities Lending Cash Central Fund | 11,345 |
Total | $50,136 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $251,985,174 | $243,335,749 | $8,649,425 | $-- |
Nonconvertible Preferred Stocks | 79,840 | 79,840 | -- | -- |
Money Market Funds | 9,239,504 | 9,239,504 | -- | -- |
Total Investments in Securities: | $261,304,518 | $252,655,093 | $8,649,425 | $-- |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2% | |||
Shares | Value | ||
Distributors - 1.0% | |||
Distributors - 1.0% | |||
LKQ Corp. (a) | 776,800 | $24,678,936 | |
Food & Staples Retailing - 1.7% | |||
Food Retail - 0.4% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 240,400 | 10,037,989 | |
Hypermarkets & Super Centers - 1.3% | |||
Costco Wholesale Corp. | 79,243 | 15,709,132 | |
Walmart, Inc. | 219,100 | 18,084,514 | |
33,793,646 | |||
TOTAL FOOD & STAPLES RETAILING | 43,831,635 | ||
Health Care Providers & Services - 0.4% | |||
Health Care Facilities - 0.4% | |||
Ryman Healthcare Group Ltd. | 1,203,809 | 9,603,651 | |
Hotels, Restaurants & Leisure - 3.6% | |||
Casinos & Gaming - 0.4% | |||
MGM Mirage, Inc. | 347,200 | 10,919,440 | |
Hotels, Resorts & Cruise Lines - 0.1% | |||
Hilton Grand Vacations, Inc. (a) | 101,100 | 4,019,736 | |
Leisure Facilities - 0.6% | |||
Cedar Fair LP (depositary unit) | 217,400 | 14,452,752 | |
Restaurants - 2.5% | |||
Compass Group PLC | 824,600 | 17,730,744 | |
Dunkin' Brands Group, Inc. | 269,300 | 17,243,279 | |
McDonald's Corp. | 60,700 | 9,712,607 | |
U.S. Foods Holding Corp. (a) | 545,600 | 19,467,008 | |
64,153,638 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 93,545,566 | ||
Internet & Direct Marketing Retail - 37.8% | |||
Internet & Direct Marketing Retail - 37.8% | |||
Amazon.com, Inc. (a) | 369,030 | 601,378,667 | |
Expedia, Inc. | 212,700 | 25,743,081 | |
Liberty Interactive Corp. QVC Group Series A (a) | 1,777,600 | 36,138,608 | |
Netflix, Inc. (a) | 501,100 | 176,186,760 | |
The Booking Holdings, Inc. (a) | 62,280 | 131,343,538 | |
970,790,654 | |||
Leisure Products - 0.4% | |||
Leisure Products - 0.4% | |||
Mattel, Inc. (b) | 580,000 | 9,001,600 | |
Media - 0.8% | |||
Cable & Satellite - 0.5% | |||
Comcast Corp. Class A | 405,400 | 12,640,372 | |
Movies & Entertainment - 0.3% | |||
Cinemark Holdings, Inc. | 255,600 | 8,631,612 | |
TOTAL MEDIA | 21,271,984 | ||
Multiline Retail - 6.3% | |||
Department Stores - 1.3% | |||
Macy's, Inc. | 966,000 | 33,723,060 | |
General Merchandise Stores - 5.0% | |||
Dollar General Corp. | 726,600 | 63,562,968 | |
Dollar Tree, Inc. (a) | 606,100 | 50,057,799 | |
Target Corp. | 209,200 | 15,248,588 | |
128,869,355 | |||
TOTAL MULTILINE RETAIL | 162,592,415 | ||
Personal Products - 0.3% | |||
Personal Products - 0.3% | |||
Coty, Inc. Class A | 527,600 | 6,990,700 | |
Specialty Retail - 37.9% | |||
Apparel Retail - 8.3% | |||
Burlington Stores, Inc. (a) | 4,094 | 598,748 | |
Inditex SA | 408,126 | 12,900,451 | |
L Brands, Inc. | 616,583 | 20,908,330 | |
Ross Stores, Inc. | 864,200 | 68,168,096 | |
The Children's Place Retail Stores, Inc. | 49,700 | 6,398,875 | |
TJX Companies, Inc. | 1,161,900 | 104,942,808 | |
213,917,308 | |||
Automotive Retail - 5.6% | |||
Advance Auto Parts, Inc. | 181,100 | 23,293,082 | |
AutoZone, Inc. (a) | 88,463 | 57,440,795 | |
Monro, Inc. | 55,000 | 3,085,500 | |
O'Reilly Automotive, Inc. (a) | 224,186 | 60,397,950 | |
144,217,327 | |||
Home Improvement Retail - 19.0% | |||
Home Depot, Inc. | 1,962,900 | 366,178,995 | |
Lowe's Companies, Inc. | 1,287,400 | 122,315,874 | |
488,494,869 | |||
Specialty Stores - 5.0% | |||
Signet Jewelers Ltd. | 563,800 | 24,243,400 | |
Tiffany & Co., Inc. | 313,800 | 41,038,764 | |
Tractor Supply Co. | 338,600 | 25,161,366 | |
Ulta Beauty, Inc. (a) | 153,300 | 37,851,303 | |
128,294,833 | |||
TOTAL SPECIALTY RETAIL | 974,924,337 | ||
Textiles, Apparel & Luxury Goods - 2.4% | |||
Apparel, Accessories & Luxury Goods - 2.4% | |||
lululemon athletica, Inc. (a) | 84,957 | 8,924,733 | |
Luxottica Group SpA | 17,968 | 1,119,173 | |
Prada SpA | 3,401,500 | 17,847,174 | |
PVH Corp. | 130,400 | 20,864,000 | |
Tapestry, Inc. | 284,700 | 12,447,084 | |
61,202,164 | |||
Trading Companies & Distributors - 0.6% | |||
Trading Companies & Distributors - 0.6% | |||
Bunzl PLC | 547,500 | 16,667,058 | |
TOTAL COMMON STOCKS | |||
(Cost $1,282,406,179) | 2,395,100,700 | ||
Money Market Funds - 6.5% | |||
Fidelity Cash Central Fund, 1.76% (c) | 157,128,668 | 157,160,093 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 9,125,258 | 9,126,170 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $166,286,263) | 166,286,263 | ||
TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
(Cost $1,448,692,442) | 2,561,386,963 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 8,788,447 | ||
NET ASSETS - 100% | $2,570,175,410 |
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 | $496,759 |
Fidelity Securities Lending Cash Central Fund | 10,783 |
Total | $507,542 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $2,395,100,700 | $2,364,353,075 | $30,747,625 | $-- |
Money Market Funds | 166,286,263 | 166,286,263 | -- | -- |
Total Investments in Securities: | $2,561,386,963 | $2,530,639,338 | $30,747,625 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $35,397,641 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Biotechnology - 12.7% | |||
Biotechnology - 12.7% | |||
Abeona Therapeutics, Inc. (a)(b) | 134,400 | $2,378,880 | |
AC Immune SA (a)(b) | 143,400 | 1,502,832 | |
Acceleron Pharma, Inc. (a) | 81,200 | 2,885,848 | |
Alnylam Pharmaceuticals, Inc. (a) | 37,800 | 3,759,966 | |
Amgen, Inc. | 91,600 | 16,453,192 | |
AnaptysBio, Inc. (a) | 16,400 | 1,275,920 | |
Argenx SE (a) | 34,900 | 3,370,067 | |
Ascendis Pharma A/S sponsored ADR (a) | 58,200 | 4,191,564 | |
Atara Biotherapeutics, Inc. (a) | 59,400 | 2,958,120 | |
Blueprint Medicines Corp. (a) | 61,500 | 5,170,920 | |
CRISPR Therapeutics AG (a)(b) | 30,400 | 2,094,864 | |
Cytokinetics, Inc. (a) | 86,800 | 781,200 | |
Epizyme, Inc. (a) | 88,500 | 1,544,325 | |
Global Blood Therapeutics, Inc. (a) | 116,600 | 5,614,290 | |
Leap Therapeutics, Inc. (a) | 80,100 | 744,930 | |
Loxo Oncology, Inc. (a) | 26,200 | 4,646,046 | |
Momenta Pharmaceuticals, Inc. (a) | 4,700 | 110,920 | |
Neurocrine Biosciences, Inc. (a) | 51,420 | 4,949,689 | |
Olivo Labs (a)(c)(d) | 6,851 | 0 | |
Sage Therapeutics, Inc. (a) | 2,400 | 366,456 | |
Sarepta Therapeutics, Inc. (a) | 142,641 | 13,386,858 | |
Shire PLC sponsored ADR | 48,800 | 8,014,912 | |
uniQure B.V. (a) | 80,118 | 2,807,335 | |
Xencor, Inc. (a) | 65,468 | 2,619,375 | |
91,628,509 | |||
Health Care Equipment & Supplies - 5.0% | |||
Health Care Equipment - 5.0% | |||
Becton, Dickinson & Co. | 75,500 | 16,730,045 | |
Boston Scientific Corp. (a) | 522,600 | 15,881,814 | |
Insulet Corp. (a) | 33,800 | 3,170,102 | |
35,781,961 | |||
Life Sciences Tools & Services - 0.5% | |||
Life Sciences Tools & Services - 0.5% | |||
Morphosys AG (a) | 8,500 | 884,883 | |
Morphosys AG sponsored ADR | 114,000 | 3,019,860 | |
3,904,743 | |||
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
MYOS Corp. (a) | 40,000 | 55,200 | |
Pharmaceuticals - 81.1% | |||
Pharmaceuticals - 81.1% | |||
Aclaris Therapeutics, Inc. (a)(b) | 125,500 | 2,267,785 | |
Akorn, Inc. (a) | 199,700 | 2,789,809 | |
Allergan PLC | 184,038 | 27,752,930 | |
Amneal Pharmaceuticals, Inc. (a) | 800 | 15,792 | |
Amneal Pharmaceuticals, Inc. (c) | 243,243 | 4,801,617 | |
AstraZeneca PLC sponsored ADR | 2,073,800 | 76,792,814 | |
Bristol-Myers Squibb Co. | 576,380 | 30,329,116 | |
Eli Lilly & Co. | 428,500 | 36,439,640 | |
Endo International PLC (a) | 50,000 | 314,500 | |
GlaxoSmithKline PLC sponsored ADR | 702,300 | 28,457,196 | |
Indivior PLC (a) | 432,300 | 2,763,627 | |
Jazz Pharmaceuticals PLC (a) | 22,500 | 3,802,500 | |
Johnson & Johnson | 777,050 | 92,950,721 | |
Mallinckrodt PLC (a) | 65,900 | 1,110,415 | |
Merck & Co., Inc. | 439,036 | 26,135,813 | |
Mithra Pharmaceuticals SA (a)(b) | 70,400 | 2,543,105 | |
Mylan NV (a) | 265,000 | 10,191,900 | |
MyoKardia, Inc. (a) | 127,100 | 6,049,960 | |
Nektar Therapeutics (a) | 229,800 | 18,446,046 | |
Novartis AG sponsored ADR | 559,698 | 41,708,695 | |
Ocular Therapeutix, Inc. (a) | 182,000 | 1,232,140 | |
Perrigo Co. PLC | 119,000 | 8,706,040 | |
Pfizer, Inc. | 1,552,288 | 55,773,708 | |
Reata Pharmaceuticals, Inc. (a)(b) | 85,500 | 3,034,395 | |
Revance Therapeutics, Inc. (a) | 117,700 | 3,283,830 | |
Roche Holding AG (participation certificate) | 160,837 | 34,485,356 | |
Sanofi SA sponsored ADR | 1,155,122 | 44,206,519 | |
Sosei Group Corp. (a)(b) | 26,900 | 1,802,647 | |
The Medicines Company (a)(b) | 176,884 | 5,989,292 | |
TherapeuticsMD, Inc. (a) | 165,700 | 979,287 | |
Theravance Biopharma, Inc. (a)(b) | 68,697 | 1,672,085 | |
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | 740,280 | 3,036,045 | |
WAVE Life Sciences (a)(b) | 104,100 | 4,845,855 | |
584,711,180 | |||
TOTAL COMMON STOCKS | |||
(Cost $587,811,825) | 716,081,593 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 1.76% (e) | 1,581,208 | 1,581,524 | |
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) | 18,689,331 | 18,691,200 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $20,272,724) | 20,272,724 | ||
TOTAL INVESTMENT IN SECURITIES - 102.1% | |||
(Cost $608,084,549) | 736,354,317 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (15,135,866) | ||
NET ASSETS - 100% | $721,218,451 |
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 $4,801,617 or 0.7% of net assets.
(d) Level 3 security
(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 |
Amneal Pharmaceuticals, Inc. | 5/4/18 | $4,439,185 |
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 | $14,185 |
Fidelity Securities Lending Cash Central Fund | 129,183 |
Total | $143,368 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $716,081,593 | $681,596,237 | $34,485,356 | $0 |
Money Market Funds | 20,272,724 | 20,272,724 | -- | -- |
Total Investments in Securities: | $736,354,317 | $701,868,961 | $34,485,356 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the 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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
Banks - 9.6% | |||
Diversified Banks - 6.4% | |||
Bank of America Corp. | 32,400 | $940,896 | |
JPMorgan Chase & Co. | 33,700 | 3,606,237 | |
Wells Fargo & Co. | 34,700 | 1,873,453 | |
6,420,586 | |||
Regional Banks - 3.2% | |||
Huntington Bancshares, Inc. | 91,500 | 1,360,605 | |
Signature Bank (a) | 11,700 | 1,491,633 | |
SVB Financial Group (a) | 1,000 | 312,130 | |
3,164,368 | |||
TOTAL BANKS | 9,584,954 | ||
Consumer Finance - 46.4% | |||
Consumer Finance - 46.4% | |||
Ally Financial, Inc. | 271,600 | 6,966,540 | |
American Express Co. | 400 | 39,320 | |
Capital One Financial Corp. | 78,300 | 7,360,200 | |
Credit Acceptance Corp. (a)(b) | 9,175 | 3,238,867 | |
Discover Financial Services | 103,600 | 7,651,896 | |
First Cash Financial Services, Inc. | 25,011 | 2,269,748 | |
LendingClub Corp. (a) | 80,800 | 265,832 | |
Navient Corp. | 104,600 | 1,444,526 | |
Nelnet, Inc. Class A | 300 | 18,432 | |
OneMain Holdings, Inc. (a) | 97,500 | 3,171,675 | |
Santander Consumer U.S.A. Holdings, Inc. | 145,700 | 2,609,487 | |
SLM Corp. (a) | 319,700 | 3,654,171 | |
Synchrony Financial | 223,500 | 7,739,805 | |
46,430,499 | |||
IT Services - 19.8% | |||
Data Processing & Outsourced Services - 19.8% | |||
Alliance Data Systems Corp. | 2,200 | 463,804 | |
Fidelity National Information Services, Inc. | 7,200 | 735,984 | |
FleetCor Technologies, Inc. (a) | 12,000 | 2,392,200 | |
MasterCard, Inc. Class A | 37,800 | 7,186,536 | |
PayPal Holdings, Inc. (a) | 14,400 | 1,181,808 | |
Total System Services, Inc. | 7,400 | 630,406 | |
Visa, Inc. Class A | 46,736 | 6,109,330 | |
Wirecard AG | 1,900 | 293,531 | |
Worldpay, Inc. (a) | 9,500 | 754,965 | |
19,748,564 | |||
Mortgage Real Estate Investment Trusts - 11.0% | |||
Mortgage REITs - 11.0% | |||
AGNC Investment Corp. | 205,200 | 3,861,864 | |
Annaly Capital Management, Inc. | 25,015 | 260,906 | |
Capstead Mortgage Corp. | 100 | 915 | |
Invesco Mortgage Capital, Inc. | 84,457 | 1,370,737 | |
MFA Financial, Inc. | 237,700 | 1,849,306 | |
New Residential Investment Corp. | 191,650 | 3,426,702 | |
Redwood Trust, Inc. | 16,000 | 261,760 | |
11,032,190 | |||
Thrifts & Mortgage Finance - 12.0% | |||
Thrifts& Mortgage Finance - 12.0% | |||
BofI Holding, Inc. (a) | 49,900 | 2,056,379 | |
Dime Community Bancshares, Inc. | 23,400 | 476,190 | |
Flagstar Bancorp, Inc. (a) | 100 | 3,479 | |
Meridian Bancorp, Inc. Maryland | 63,200 | 1,235,560 | |
MGIC Investment Corp. (a) | 263,928 | 2,742,212 | |
New York Community Bancorp, Inc. | 22,300 | 258,457 | |
Northwest Bancshares, Inc. | 30,700 | 529,268 | |
Oritani Financial Corp. | 29,600 | 470,640 | |
Radian Group, Inc. | 59,365 | 943,904 | |
TFS Financial Corp. | 120,200 | 1,923,200 | |
Washington Federal, Inc. | 42,400 | 1,375,880 | |
12,015,169 | |||
TOTAL COMMON STOCKS | |||
(Cost $73,402,107) | 98,811,376 | ||
Money Market Funds - 3.8% | |||
Fidelity Cash Central Fund, 1.76% (c) | 1,309,899 | 1,310,161 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 2,449,529 | 2,449,774 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,759,935) | 3,759,935 | ||
TOTAL INVESTMENT IN SECURITIES - 102.6% | |||
(Cost $77,162,042) | 102,571,311 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (2,555,461) | ||
NET ASSETS - 100% | $100,015,850 |
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 | $3,112 |
Fidelity Securities Lending Cash Central Fund | 3,496 |
Total | $6,608 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Internet Software & Services - 4.6% | |||
Internet Software & Services - 4.6% | |||
DocuSign, Inc. | 6,700 | $333,727 | |
Endurance International Group Holdings, Inc. (a) | 642,558 | 5,750,894 | |
GoDaddy, Inc. (a) | 1,125,327 | 80,562,160 | |
Wix.com Ltd. (a) | 306,717 | 26,669,043 | |
113,315,824 | |||
IT Services - 87.5% | |||
Data Processing & Outsourced Services - 58.5% | |||
Alliance Data Systems Corp. | 315,048 | 66,418,419 | |
Amadeus IT Holding SA Class A | 800 | 63,503 | |
Automatic Data Processing, Inc. | 221,100 | 28,747,422 | |
Convergys Corp. | 8,200 | 193,848 | |
CoreLogic, Inc. (a) | 2,700 | 141,561 | |
Euronet Worldwide, Inc. (a) | 2,800 | 234,668 | |
EVERTEC, Inc. | 13,800 | 300,840 | |
ExlService Holdings, Inc. (a) | 3,570 | 202,383 | |
Fidelity National Information Services, Inc. | 493,300 | 50,425,126 | |
First Data Corp. Class A (a) | 2,494,830 | 47,401,770 | |
Fiserv, Inc. (a) | 401,600 | 29,156,160 | |
FleetCor Technologies, Inc. (a) | 397,100 | 79,161,885 | |
Genpact Ltd. | 1,532,050 | 46,007,462 | |
Global Payments, Inc. | 335,581 | 37,303,184 | |
Jack Henry & Associates, Inc. | 1,600 | 200,096 | |
MasterCard, Inc. Class A | 1,718,200 | 326,664,184 | |
Paychex, Inc. | 134,600 | 8,827,068 | |
PayPal Holdings, Inc. (a) | 1,708,300 | 140,200,181 | |
Syntel, Inc. (a) | 7,700 | 242,550 | |
The Western Union Co. | 5,000 | 99,450 | |
Total System Services, Inc. | 190,600 | 16,237,214 | |
Travelport Worldwide Ltd. | 405,824 | 7,118,153 | |
Ttec Holdings, Inc. | 2,000 | 70,600 | |
Visa, Inc. Class A | 3,391,248 | 443,303,939 | |
WEX, Inc. (a) | 700 | 123,067 | |
WNS Holdings Ltd. sponsored ADR (a) | 884,692 | 45,243,149 | |
Worldpay, Inc. (a) | 826,000 | 65,642,220 | |
1,439,730,102 | |||
IT Consulting & Other Services - 29.0% | |||
Accenture PLC Class A | 751,680 | 117,066,643 | |
Acxiom Corp. (a) | 6,100 | 178,669 | |
Booz Allen Hamilton Holding Corp. Class A | 1,291,400 | 58,229,226 | |
Capgemini SA | 305,100 | 40,179,681 | |
Cognizant Technology Solutions Corp. Class A | 2,252,932 | 169,758,426 | |
DXC Technology Co. | 594,700 | 54,777,817 | |
EPAM Systems, Inc. (a) | 618,600 | 76,199,148 | |
IBM Corp. | 808,250 | 114,213,808 | |
Leidos Holdings, Inc. | 114,925 | 6,902,396 | |
Luxoft Holding, Inc. (a) | 803,692 | 28,932,912 | |
Science Applications International Corp. | 800 | 70,760 | |
Teradata Corp. (a) | 3,500 | 139,545 | |
Virtusa Corp. (a) | 981,151 | 47,634,881 | |
714,283,912 | |||
TOTAL IT SERVICES | 2,154,014,014 | ||
Professional Services - 1.1% | |||
Research & Consulting Services - 1.1% | |||
ICF International, Inc. | 287,311 | 20,298,522 | |
SR Teleperformance SA | 36,100 | 5,705,806 | |
26,004,328 | |||
Software - 6.1% | |||
Application Software - 6.1% | |||
Adobe Systems, Inc. (a) | 133,469 | 33,271,152 | |
Black Knight, Inc. (a) | 1,021,800 | 51,703,080 | |
Ceridian HCM Holding, Inc. | 193,173 | 6,668,332 | |
Intuit, Inc. | 292,100 | 58,887,360 | |
150,529,924 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,386,893,542) | 2,443,864,090 | ||
Money Market Funds - 0.7% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $17,325,362) | 17,321,898 | 17,325,362 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $1,404,218,904) | 2,461,189,452 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 997,751 | ||
NET ASSETS - 100% | $2,462,187,203 |
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 | $75,884 |
Fidelity Securities Lending Cash Central Fund | 1,324 |
Total | $77,208 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $40,044,950 |
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.
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®
Medical Technology and Devices Portfolio
May 31, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value | ||
Biotechnology - 0.6% | |||
Biotechnology - 0.6% | |||
Calyxt, Inc. (a) | 641,236 | $12,100,123 | |
Genscript Biotech Corp. | 1,720,000 | 6,342,819 | |
Sarepta Therapeutics, Inc. (b) | 74,200 | 6,963,670 | |
25,406,612 | |||
Health Care Equipment & Supplies - 78.2% | |||
Health Care Equipment - 74.1% | |||
Abbott Laboratories | 300,000 | 18,459,000 | |
Atricure, Inc. (b)(c) | 2,000,000 | 47,420,000 | |
Baxter International, Inc. | 3,250,000 | 230,230,000 | |
Becton, Dickinson & Co. | 2,500,000 | 553,975,001 | |
Boston Scientific Corp. (b) | 16,100,000 | 489,279,000 | |
Danaher Corp. | 1,480,000 | 146,934,400 | |
DexCom, Inc. (b) | 1,000,000 | 87,990,000 | |
Edwards Lifesciences Corp. (b) | 1,150,000 | 157,906,500 | |
Fisher & Paykel Healthcare Corp. | 4,200,000 | 39,032,045 | |
Genmark Diagnostics, Inc. (b) | 2,090,000 | 15,319,700 | |
Hologic, Inc. (b) | 440,000 | 16,671,600 | |
IDEXX Laboratories, Inc. (b) | 170,000 | 35,395,700 | |
Inogen, Inc. (b) | 100,000 | 18,269,000 | |
Inspire Medical Systems, Inc. | 370,000 | 11,100,000 | |
Insulet Corp. (b) | 1,080,300 | 101,321,337 | |
Integra LifeSciences Holdings Corp. (b) | 1,720,000 | 111,008,800 | |
Intuitive Surgical, Inc. (b) | 600,000 | 275,802,000 | |
LivaNova PLC (b) | 286,000 | 26,898,300 | |
Masimo Corp. (b) | 450,000 | 44,572,500 | |
Medtronic PLC | 2,200,000 | 189,904,000 | |
Nakanishi, Inc. | 1,200,000 | 25,371,145 | |
Nevro Corp. (b) | 500,000 | 39,345,000 | |
Penumbra, Inc. (b) | 500,000 | 80,450,000 | |
ResMed, Inc. | 950,000 | 97,669,500 | |
Steris PLC | 500,000 | 51,920,000 | |
Stryker Corp. | 1,690,000 | 294,093,800 | |
Teleflex, Inc. | 216,000 | 57,706,560 | |
Varian Medical Systems, Inc. (b) | 120,000 | 14,144,400 | |
Wright Medical Group NV (a)(b) | 4,400,000 | 109,824,000 | |
3,388,013,288 | |||
Health Care Supplies - 4.1% | |||
Align Technology, Inc. (b) | 414,272 | 137,517,590 | |
Nanosonics Ltd. (a)(b) | 12,000,000 | 24,139,500 | |
Sartorius Stedim Biotech | 240,000 | 23,792,506 | |
185,449,596 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 3,573,462,884 | ||
Health Care Providers & Services - 6.4% | |||
Health Care Distributors & Services - 1.0% | |||
Henry Schein, Inc. (b) | 640,000 | 44,288,000 | |
Managed Health Care - 5.4% | |||
Humana, Inc. | 440,000 | 128,031,200 | |
UnitedHealth Group, Inc. | 500,000 | 120,755,000 | |
248,786,200 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 293,074,200 | ||
Health Care Technology - 3.4% | |||
Health Care Technology - 3.4% | |||
Castlight Health, Inc. (b) | 999,300 | 3,597,480 | |
Castlight Health, Inc. Class B (b) | 1,464,435 | 5,271,966 | |
Cerner Corp. (b) | 200,000 | 11,936,000 | |
HTG Molecular Diagnostics (a)(b)(c) | 2,392,976 | 9,165,098 | |
Teladoc, Inc. (a)(b) | 1,600,000 | 81,440,000 | |
Veeva Systems, Inc. Class A (b) | 580,000 | 44,868,800 | |
156,279,344 | |||
Internet Software & Services - 0.7% | |||
Internet Software & Services - 0.7% | |||
Benefitfocus, Inc. (a)(b) | 1,000,000 | 33,550,000 | |
Life Sciences Tools & Services - 8.6% | |||
Life Sciences Tools & Services - 8.6% | |||
Agilent Technologies, Inc. | 360,000 | 22,291,200 | |
Bruker Corp. | 1,080,000 | 32,691,600 | |
Hangzhou Tigermed Consulting Co. Ltd. Class A | 2,300,000 | 20,501,693 | |
Lonza Group AG | 240,000 | 64,261,592 | |
PerkinElmer, Inc. | 600,000 | 44,598,000 | |
Thermo Fisher Scientific, Inc. | 1,000,000 | 208,270,000 | |
392,614,085 | |||
Pharmaceuticals - 0.3% | |||
Pharmaceuticals - 0.3% | |||
Nektar Therapeutics (b) | 183,500 | 14,729,545 | |
TOTAL COMMON STOCKS | |||
(Cost $3,285,087,689) | 4,489,116,670 | ||
Preferred Stocks - 1.1% | |||
Convertible Preferred Stocks - 0.5% | |||
Health Care Equipment & Supplies - 0.2% | |||
Health Care Equipment - 0.2% | |||
Shockwave Medical, Inc. Series C (d)(e) | 7,425,890 | 10,173,469 | |
Health Care Providers & Services - 0.1% | |||
Health Care Services - 0.1% | |||
1Life Healthcare, Inc. Series G (b)(d)(e) | 455,526 | 3,202,348 | |
Software - 0.2% | |||
Application Software - 0.2% | |||
Outset Medical, Inc. Series B (b)(d)(e) | 3,307,754 | 9,394,021 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 22,769,838 | ||
Nonconvertible Preferred Stocks - 0.6% | |||
Health Care Equipment & Supplies - 0.6% | |||
Health Care Equipment - 0.6% | |||
Sartorius AG (non-vtg.) | 200,000 | 29,296,393 | |
TOTAL PREFERRED STOCKS | |||
(Cost $22,289,952) | 52,066,231 | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 1.76% (f) | 25,429,279 | 25,434,365 | |
Fidelity Securities Lending Cash Central Fund 1.76% (f)(g) | 60,004,450 | 60,010,450 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $85,444,815) | 85,444,815 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% | |||
(Cost $3,392,822,456) | 4,626,627,716 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (53,907,554) | ||
NET ASSETS - 100% | $4,572,720,162 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Affiliated company
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,769,838 or 0.5% of net assets.
(e) Level 3 security
(f) 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.
(g) 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 |
Shockwave Medical, Inc. Series C | 9/27/17 | $7,500,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $100,667 |
Fidelity Securities Lending Cash Central Fund | 131,582 |
Total | $232,249 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Atricure, Inc. | $34,668,540 | $729,403 | $-- | $-- | $-- | $12,022,057 | $47,420,000 |
HTG Molecular Diagnostics | 10,983,760 | -- | -- | -- | -- | (1,818,662) | 9,165,098 |
Total | $45,652,300 | $729,403 | $-- | $-- | $-- | $10,203,395 | $56,585,098 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $4,489,116,670 | $4,418,512,259 | $70,604,411 | $-- |
Preferred Stocks | 52,066,231 | 29,296,393 | -- | 22,769,838 |
Money Market Funds | 85,444,815 | 85,444,815 | -- | -- |
Total Investments in Securities: | $4,626,627,716 | $4,533,253,467 | $70,604,411 | $22,769,838 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $138,666,018 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% | |||
Shares | Value | ||
Auto Components - 22.8% | |||
Auto Parts & Equipment - 22.2% | |||
Adient PLC | 6,000 | $319,440 | |
Aptiv PLC | 25,858 | 2,521,155 | |
Autoliv, Inc. (a) | 5,100 | 754,647 | |
BorgWarner, Inc. | 12,500 | 609,750 | |
Dana Holding Corp. | 21,000 | 468,300 | |
Delphi Technologies PLC | 11,552 | 578,755 | |
Gentex Corp. | 36,200 | 869,886 | |
Lear Corp. | 8,400 | 1,663,200 | |
Magna International, Inc. Class A (sub. vtg.) | 35,400 | 2,269,903 | |
Stoneridge, Inc. (b) | 7,440 | 234,583 | |
Tenneco, Inc. | 6 | 265 | |
Visteon Corp. (b) | 4,440 | 554,822 | |
10,844,706 | |||
Tires & Rubber - 0.6% | |||
The Goodyear Tire & Rubber Co. | 12,400 | 302,932 | |
TOTAL AUTO COMPONENTS | 11,147,638 | ||
Automobiles - 53.0% | |||
Automobile Manufacturers - 52.5% | |||
Ferrari NV | 12,100 | 1,589,335 | |
Fiat Chrysler Automobiles NV | 107,400 | 2,494,902 | |
Ford Motor Co. | 302,731 | 3,496,543 | |
General Motors Co. | 139,714 | 5,965,789 | |
Honda Motor Co. Ltd. sponsored ADR | 143,595 | 4,560,577 | |
Subaru Corp. | 6,500 | 198,224 | |
Tesla, Inc. (a)(b) | 12,500 | 3,559,125 | |
Toyota Motor Corp. sponsored ADR (a) | 29,717 | 3,802,884 | |
25,667,379 | |||
Motorcycle Manufacturers - 0.5% | |||
Harley-Davidson, Inc. | 5,500 | 225,940 | |
TOTAL AUTOMOBILES | 25,893,319 | ||
Chemicals - 0.1% | |||
Specialty Chemicals - 0.1% | |||
Umicore SA | 1,009 | 57,091 | |
Commercial Services & Supplies - 6.1% | |||
Diversified Support Services - 6.1% | |||
Copart, Inc. (b) | 33,600 | 1,842,288 | |
KAR Auction Services, Inc. | 21,280 | 1,122,946 | |
2,965,234 | |||
Distributors - 3.0% | |||
Distributors - 3.0% | |||
Genuine Parts Co. | 5,700 | 517,503 | |
LKQ Corp. (b) | 30,200 | 959,454 | |
1,476,957 | |||
Electronic Equipment & Components - 0.2% | |||
Electronic Manufacturing Services - 0.2% | |||
CTS Corp. | 3,200 | 104,000 | |
Household Durables - 0.4% | |||
Consumer Electronics - 0.4% | |||
Panasonic Corp. | 13,500 | 183,053 | |
Machinery - 1.4% | |||
Construction Machinery & Heavy Trucks - 1.4% | |||
Allison Transmission Holdings, Inc. | 15,700 | 648,567 | |
Specialty Retail - 11.7% | |||
Automotive Retail - 11.7% | |||
Advance Auto Parts, Inc. | 1,900 | 244,378 | |
AutoZone, Inc. (b) | 2,957 | 1,920,039 | |
CarMax, Inc. (b) | 17,500 | 1,206,100 | |
O'Reilly Automotive, Inc. (b) | 8,700 | 2,343,867 | |
5,714,384 | |||
Trading Companies & Distributors - 0.0% | |||
Trading Companies & Distributors - 0.0% | |||
Rush Enterprises, Inc. Class A (b) | 100 | 4,303 | |
TOTAL COMMON STOCKS | |||
(Cost $34,118,571) | 48,194,546 | ||
Nonconvertible Preferred Stocks - 0.9% | |||
Automobiles - 0.9% | |||
Automobile Manufacturers - 0.9% | |||
Volkswagen AG | |||
(Cost $320,528) | 2,300 | 432,738 | |
Money Market Funds - 8.9% | |||
Fidelity Cash Central Fund, 1.76% (c) | 105,140 | 105,161 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 4,262,521 | 4,262,948 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,368,109) | 4,368,109 | ||
TOTAL INVESTMENT IN SECURITIES - 108.5% | |||
(Cost $38,807,208) | 52,995,393 | ||
NET OTHER ASSETS (LIABILITIES) - (8.5)% | (4,155,204) | ||
NET ASSETS - 100% | $48,840,189 |
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 | $527 |
Fidelity Securities Lending Cash Central Fund | 23,103 |
Total | $23,630 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $48,194,546 | $47,813,269 | $381,277 | $-- |
Nonconvertible Preferred Stocks | 432,738 | 432,738 | -- | -- |
Money Market Funds | 4,368,109 | 4,368,109 | -- | -- |
Total Investments in Securities: | $52,995,393 | $52,614,116 | $381,277 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $582,131 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9% | |||
Shares | Value | ||
Household Durables - 0.0% | |||
Consumer Electronics - 0.0% | |||
Roku, Inc. Class A | 5,600 | $209,776 | |
Internet & Direct Marketing Retail - 7.1% | |||
Internet & Direct Marketing Retail - 7.1% | |||
Netflix, Inc. (a) | 54,000 | 18,986,400 | |
The Booking Holdings, Inc. (a) | 5,200 | 10,966,384 | |
29,952,784 | |||
Internet Software & Services - 7.7% | |||
Internet Software & Services - 7.7% | |||
Alphabet, Inc.: | |||
Class A (a) | 9,000 | 9,900,000 | |
Class C (a) | 9,014 | 9,780,100 | |
Facebook, Inc. Class A (a) | 67,900 | 13,021,862 | |
32,701,962 | |||
Media - 82.7% | |||
Advertising - 2.0% | |||
Interpublic Group of Companies, Inc. | 136,100 | 3,075,860 | |
Omnicom Group, Inc. | 71,500 | 5,153,720 | |
8,229,580 | |||
Broadcasting - 2.3% | |||
CBS Corp. Class B | 191,738 | 9,657,843 | |
Cumulus Media, Inc. Class A (a) | 26 | 1 | |
Discovery Communications, Inc. Class A (a) | 450 | 9,491 | |
9,667,335 | |||
Cable & Satellite - 32.0% | |||
Charter Communications, Inc. Class A (a) | 67,771 | 17,690,942 | |
Comcast Corp. Class A | 2,727,000 | 85,027,860 | |
Liberty Broadband Corp.: | |||
Class A (a) | 136,823 | 9,343,643 | |
Class C (a) | 84,640 | 5,829,157 | |
Sirius XM Holdings, Inc. (b) | 2,459,400 | 17,461,740 | |
135,353,342 | |||
Movies & Entertainment - 46.4% | |||
Liberty Media Corp.: | |||
Liberty Media Class A (a)(b) | 310,962 | 9,412,820 | |
Liberty SiriusXM Series A (a) | 59,200 | 2,738,000 | |
Liberty SiriusXM Series C (a) | 193,286 | 8,927,880 | |
Lions Gate Entertainment Corp. Class B | 629,834 | 13,749,276 | |
Live Nation Entertainment, Inc. (a) | 333,300 | 14,208,579 | |
The Madison Square Garden Co. (a) | 46,499 | 12,184,598 | |
The Walt Disney Co. | 880,104 | 87,543,944 | |
Time Warner, Inc. | 203,582 | 19,169,281 | |
Twenty-First Century Fox, Inc.: | |||
Class A | 561,107 | 21,630,675 | |
Class B | 178,700 | 6,820,979 | |
196,386,032 | |||
Publishing - 0.0% | |||
China Literature Ltd. (a)(c) | 6,800 | 63,179 | |
TOTAL MEDIA | 349,699,468 | ||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 54,900 | 10,259,163 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Textiles - 0.0% | |||
Despegar.com Corp. (b) | 4,716 | 109,836 | |
TOTAL COMMON STOCKS | |||
(Cost $208,329,132) | 422,932,989 | ||
Money Market Funds - 5.1% | |||
Fidelity Cash Central Fund, 1.76% (d) | 1,211,385 | 1,211,628 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 20,283,243 | 20,285,271 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $21,497,424) | 21,496,899 | ||
TOTAL INVESTMENT IN SECURITIES - 105.0% | |||
(Cost $229,826,556) | 444,429,888 | ||
NET OTHER ASSETS (LIABILITIES) - (5.0)% | (21,320,260) | ||
NET ASSETS - 100% | $423,109,628 |
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 $63,179 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 | $7,096 |
Fidelity Securities Lending Cash Central Fund | 160,882 |
Total | $167,978 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $422,932,989 | $422,869,810 | $63,179 | $-- |
Money Market Funds | 21,496,899 | 21,496,899 | -- | -- |
Total Investments in Securities: | $444,429,888 | $444,366,709 | $63,179 | $-- |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Diversified Consumer Services - 0.5% | |||
Specialized Consumer Services - 0.5% | |||
Service Corp. International | 111,300 | $4,083,597 | |
Health Care Equipment & Supplies - 0.4% | |||
Health Care Supplies - 0.4% | |||
Sartorius Stedim Biotech | 31,000 | 3,073,199 | |
Health Care Providers & Services - 95.0% | |||
Health Care Distributors & Services - 6.8% | |||
AmerisourceBergen Corp. | 385,200 | 31,640,328 | |
Henry Schein, Inc. (a) | 72,200 | 4,996,240 | |
McKesson Corp. | 134,465 | 19,085,962 | |
55,722,530 | |||
Health Care Facilities - 9.8% | |||
Brookdale Senior Living, Inc. (a) | 919,900 | 7,239,613 | |
HCA Holdings, Inc. | 288,800 | 29,786,832 | |
Surgery Partners, Inc. (a)(b) | 336,000 | 5,460,000 | |
U.S. Physical Therapy, Inc. | 76,400 | 7,131,940 | |
Universal Health Services, Inc. Class B | 273,400 | 31,435,532 | |
81,053,917 | |||
Health Care Services - 17.3% | |||
Amedisys, Inc. (a) | 128,600 | 9,818,610 | |
Chemed Corp. | 38,000 | 12,388,000 | |
CVS Health Corp. | 621,000 | 39,365,190 | |
Diplomat Pharmacy, Inc. (a) | 383,400 | 9,025,236 | |
Envision Healthcare Corp. (a) | 317,100 | 13,597,248 | |
Express Scripts Holding Co. (a) | 351,500 | 26,647,215 | |
Laboratory Corp. of America Holdings (a) | 28,800 | 5,200,992 | |
LHC Group, Inc. (a) | 156,044 | 12,010,707 | |
Premier, Inc. (a) | 232,000 | 7,567,840 | |
Providence Service Corp. (a) | 98,800 | 7,113,600 | |
142,734,638 | |||
Managed Health Care - 61.1% | |||
Aetna, Inc. | 212,100 | 37,357,173 | |
Anthem, Inc. | 228,002 | 50,484,203 | |
Centene Corp. (a) | 345,100 | 40,431,916 | |
Cigna Corp. | 348,900 | 59,093,193 | |
Humana, Inc. | 257,800 | 75,014,644 | |
Molina Healthcare, Inc. (a) | 400,900 | 34,048,437 | |
Notre Dame Intermedica Participacoes SA | 243,300 | 1,404,640 | |
UnitedHealth Group, Inc. | 852,700 | 205,935,577 | |
503,769,783 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 783,280,868 | ||
Health Care Technology - 2.9% | |||
Health Care Technology - 2.9% | |||
Evolent Health, Inc. (a)(b) | 289,100 | 5,912,095 | |
Teladoc, Inc. (a)(b) | 348,729 | 17,750,306 | |
23,662,401 | |||
Professional Services - 0.5% | |||
Human Resource & Employment Services - 0.5% | |||
WageWorks, Inc. (a) | 91,700 | 4,351,165 | |
TOTAL COMMON STOCKS | |||
(Cost $476,956,523) | 818,451,230 | ||
Money Market Funds - 4.4% | |||
Fidelity Cash Central Fund, 1.76% (c) | 10,555,387 | 10,557,498 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 25,989,289 | 25,991,888 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $36,549,538) | 36,549,386 | ||
TOTAL INVESTMENT IN SECURITIES - 103.7% | |||
(Cost $513,506,061) | 855,000,616 | ||
NET OTHER ASSETS (LIABILITIES) - (3.7)% | (30,263,270) | ||
NET ASSETS - 100% | $824,737,346 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $25,153 |
Fidelity Securities Lending Cash Central Fund | 106,294 |
Total | $131,447 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
Banks - 83.9% | |||
Diversified Banks - 24.6% | |||
Bank of America Corp. | 1,770,076 | $51,403,007 | |
Citigroup, Inc. | 295,100 | 19,680,219 | |
JPMorgan Chase & Co. | 84,400 | 9,031,644 | |
The Bank of NT Butterfield & Son Ltd. | 42,800 | 2,043,700 | |
U.S. Bancorp | 696,700 | 34,828,033 | |
Wells Fargo & Co. | 1,014,292 | 54,761,624 | |
171,748,227 | |||
Regional Banks - 59.3% | |||
1st Source Corp. | 114,760 | 6,102,937 | |
Associated Banc-Corp. | 45,200 | 1,247,520 | |
Bank of the Ozarks, Inc. | 502,400 | 23,884,096 | |
BayCom Corp. | 92,882 | 2,231,026 | |
BB&T Corp. | 110,700 | 5,811,750 | |
Camden National Corp. | 96,332 | 4,404,299 | |
CIT Group, Inc. | 206,500 | 10,310,545 | |
Commerce Bancshares, Inc. | 1,172 | 75,688 | |
Community Trust Bancorp, Inc. | 151,376 | 7,727,745 | |
ConnectOne Bancorp, Inc. | 135,400 | 3,554,250 | |
Cullen/Frost Bankers, Inc. | 36,484 | 4,167,567 | |
CVB Financial Corp. | 154,700 | 3,587,493 | |
East West Bancorp, Inc. | 209,400 | 14,549,112 | |
First Citizen Bancshares, Inc. | 32,600 | 14,320,854 | |
First Hawaiian, Inc. | 529,600 | 15,506,688 | |
First Horizon National Corp. | 657,900 | 12,197,466 | |
Great Western Bancorp, Inc. | 210,200 | 9,162,618 | |
Hanmi Financial Corp. | 227,400 | 6,810,630 | |
Hilltop Holdings, Inc. | 326,600 | 7,658,770 | |
Hope Bancorp, Inc. | 506,820 | 9,117,692 | |
Huntington Bancshares, Inc. | 2,874,600 | 42,745,302 | |
Investors Bancorp, Inc. | 553,700 | 7,386,358 | |
Lakeland Financial Corp. | 119,400 | 5,825,526 | |
M&T Bank Corp. | 102,500 | 17,638,200 | |
Northrim Bancorp, Inc. | 44,500 | 1,766,650 | |
PacWest Bancorp | 161,336 | 8,560,488 | |
PNC Financial Services Group, Inc. | 238,791 | 34,245,017 | |
Popular, Inc. | 155,537 | 7,036,494 | |
Preferred Bank, Los Angeles | 110,400 | 7,032,480 | |
Prosperity Bancshares, Inc. | 131,700 | 9,539,031 | |
Regions Financial Corp. | 453,600 | 8,273,664 | |
Signature Bank (a) | 140,100 | 17,861,349 | |
SunTrust Banks, Inc. | 323,400 | 21,832,734 | |
SVB Financial Group (a) | 12,400 | 3,870,412 | |
Trico Bancshares | 101,171 | 3,937,575 | |
UMB Financial Corp. | 136,800 | 10,540,440 | |
Univest Corp. of Pennsylvania | 146,900 | 4,274,790 | |
Valley National Bancorp | 662,500 | 8,420,375 | |
WesBanco, Inc. | 228,400 | 10,641,156 | |
Wintrust Financial Corp. | 91,400 | 8,418,854 | |
Zions Bancorporation | 228,850 | 12,543,269 | |
414,818,910 | |||
TOTAL BANKS | 586,567,137 | ||
Capital Markets - 1.7% | |||
Asset Management & Custody Banks - 1.7% | |||
Northern Trust Corp. | 33,300 | 3,413,916 | |
State Street Corp. | 88,500 | 8,505,735 | |
11,919,651 | |||
Consumer Finance - 7.0% | |||
Consumer Finance - 7.0% | |||
Capital One Financial Corp. | 237,800 | 22,353,200 | |
Discover Financial Services | 49,200 | 3,633,912 | |
OneMain Holdings, Inc. (a) | 356,400 | 11,593,692 | |
SLM Corp. (a) | 487,500 | 5,572,125 | |
Synchrony Financial | 167,900 | 5,814,377 | |
48,967,306 | |||
Insurance - 0.3% | |||
Property & Casualty Insurance - 0.3% | |||
FNF Group | 56,800 | 2,099,328 | |
Textiles, Apparel & Luxury Goods - 0.8% | |||
Textiles - 0.8% | |||
Cadence Bancorp | 187,100 | 5,465,191 | |
Thrifts & Mortgage Finance - 5.6% | |||
Thrifts & Mortgage Finance - 5.6% | |||
Beneficial Bancorp, Inc. | 601,153 | 9,828,852 | |
Essent Group Ltd. (a) | 249,500 | 8,557,850 | |
Meridian Bancorp, Inc. Maryland | 195,265 | 3,817,431 | |
MGIC Investment Corp. (a) | 295,500 | 3,070,245 | |
NMI Holdings, Inc. (a) | 699,214 | 11,641,913 | |
TFS Financial Corp. | 139,800 | 2,236,800 | |
39,153,091 | |||
Trading Companies & Distributors - 0.5% | |||
Trading Companies & Distributors - 0.5% | |||
AerCap Holdings NV (a) | 67,100 | 3,711,301 | |
TOTAL COMMON STOCKS | |||
(Cost $502,434,258) | 697,883,005 | ||
Money Market Funds - 0.2% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $1,316,327) | 1,316,064 | 1,316,327 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $503,750,585) | 699,199,332 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (45,408) | ||
NET ASSETS - 100% | $699,153,924 |
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 | $16,793 |
Fidelity Securities Lending Cash Central Fund | 20 |
Total | $16,813 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Building Products - 0.3% | |||
Building Products - 0.3% | |||
GCP Applied Technologies, Inc. (a) | 137,700 | $4,358,205 | |
Chemicals - 71.2% | |||
Commodity Chemicals - 18.5% | |||
Alpek SA de CV | 3,067,700 | 4,575,867 | |
Cabot Corp. | 135,256 | 8,149,174 | |
Ciner Resources LP | 136,500 | 3,684,135 | |
LG Chemical Ltd. | 24,131 | 7,561,881 | |
LyondellBasell Industries NV Class A | 1,048,015 | 117,503,442 | |
Olin Corp. | 2,189,561 | 70,788,507 | |
Orion Engineered Carbons SA | 399,000 | 11,451,300 | |
Tronox Ltd. Class A | 1,354,003 | 24,873,035 | |
Westlake Chemical Corp. | 444,767 | 51,472,885 | |
300,060,226 | |||
Diversified Chemicals - 32.4% | |||
Ashland Global Holdings, Inc. | 114,800 | 8,922,256 | |
DowDuPont, Inc. | 5,700,483 | 365,457,963 | |
Eastman Chemical Co. | 241,848 | 25,227,165 | |
Huntsman Corp. | 211,600 | 6,764,852 | |
The Chemours Co. LLC | 2,443,931 | 119,728,180 | |
526,100,416 | |||
Fertilizers & Agricultural Chemicals - 3.3% | |||
FMC Corp. | 352,200 | 30,673,098 | |
The Mosaic Co. | 624,300 | 17,162,007 | |
The Scotts Miracle-Gro Co. Class A | 75,731 | 6,446,980 | |
54,282,085 | |||
Industrial Gases - 8.1% | |||
Air Products & Chemicals, Inc. | 402,600 | 64,983,666 | |
Linde AG | 287,611 | 65,901,401 | |
130,885,067 | |||
Specialty Chemicals - 8.9% | |||
Axalta Coating Systems Ltd. (a) | 398,600 | 12,400,446 | |
Celanese Corp. Class A | 238,700 | 26,954,004 | |
Covestro AG (b) | 62,700 | 5,712,958 | |
Frutarom Industries Ltd. | 73,796 | 7,224,856 | |
KMG Chemicals, Inc. | 25,200 | 1,684,620 | |
Platform Specialty Products Corp. (a) | 3,405,900 | 41,075,154 | |
Sherwin-Williams Co. | 111,100 | 42,134,675 | |
Venator Materials PLC | 450,300 | 7,934,286 | |
145,120,999 | |||
TOTAL CHEMICALS | 1,156,448,793 | ||
Construction Materials - 2.9% | |||
Construction Materials - 2.9% | |||
CRH PLC sponsored ADR | 221,800 | 8,204,382 | |
Martin Marietta Materials, Inc. | 111,000 | 24,738,570 | |
Summit Materials, Inc. | 489,828 | 13,920,912 | |
46,863,864 | |||
Containers & Packaging - 8.8% | |||
Metal & Glass Containers - 2.0% | |||
Aptargroup, Inc. | 111,600 | 10,302,912 | |
Ball Corp. | 200,800 | 7,419,560 | |
Berry Global Group, Inc. (a) | 221,100 | 10,676,919 | |
Silgan Holdings, Inc. | 140,900 | 3,835,298 | |
32,234,689 | |||
Paper Packaging - 6.8% | |||
Avery Dennison Corp. | 74,100 | 7,782,723 | |
Graphic Packaging Holding Co. | 1,734,395 | 25,114,040 | |
Packaging Corp. of America | 296,000 | 34,780,000 | |
WestRock Co. | 729,018 | 42,924,580 | |
110,601,343 | |||
TOTAL CONTAINERS & PACKAGING | 142,836,032 | ||
Energy Equipment & Services - 0.6% | |||
Oil & Gas Equipment & Services - 0.6% | |||
Tenaris SA sponsored ADR (c) | 266,500 | 9,567,350 | |
Metals & Mining - 12.8% | |||
Copper - 2.6% | |||
Freeport-McMoRan, Inc. | 2,486,300 | 42,018,470 | |
Diversified Metals & Mining - 2.1% | |||
Alcoa Corp. (a) | 328,500 | 15,790,995 | |
Elkem ASA (a)(b) | 1,367,200 | 5,914,781 | |
Glencore Xstrata PLC | 2,113,296 | 10,452,038 | |
Ivanhoe Mines Ltd. (a) | 1,168,300 | 2,946,430 | |
35,104,244 | |||
Gold - 2.9% | |||
Newmont Mining Corp. | 934,000 | 36,360,620 | |
Royal Gold, Inc. | 123,300 | 11,055,078 | |
47,415,698 | |||
Steel - 5.2% | |||
Commercial Metals Co. | 729,900 | 17,254,836 | |
Nucor Corp. | 205,100 | 13,165,369 | |
Ryerson Holding Corp. (a) | 931,003 | 11,497,887 | |
Steel Dynamics, Inc. | 850,300 | 42,030,329 | |
83,948,421 | |||
TOTAL METALS & MINING | 208,486,833 | ||
Trading Companies & Distributors - 1.4% | |||
Trading Companies & Distributors - 1.4% | |||
Univar, Inc. (a) | 828,733 | 22,599,549 | |
TOTAL COMMON STOCKS | |||
(Cost $1,320,077,309) | 1,591,160,626 | ||
Nonconvertible Preferred Stocks - 1.6% | |||
Chemicals - 1.6% | |||
Commodity Chemicals - 1.6% | |||
Braskem SA (PN-A) | |||
(Cost $33,068,058) | 2,164,900 | 26,392,358 | |
Money Market Funds - 0.1% | |||
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | |||
(Cost $669,633) | 669,566 | 669,633 | |
TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
(Cost $1,353,815,000) | 1,618,222,617 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 5,243,365 | ||
NET ASSETS - 100% | $1,623,465,982 |
Legend
(a) Non-income producing
(b) 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 $11,627,739 or 0.7% of net assets.
(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 | $31, 349 |
Fidelity Securities Lending Cash Central Fund | 2,887 |
Total | $34,236 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $127,729,156 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Building Products - 15.4% | |||
Building Products - 15.4% | |||
A.O. Smith Corp. | 96,284 | $6,072,632 | |
Allegion PLC | 70,200 | 5,365,386 | |
Armstrong World Industries, Inc. (a) | 56,700 | 3,436,020 | |
Johnson Controls International PLC | 194,854 | 6,539,300 | |
Masco Corp. | 262,300 | 9,775,921 | |
Masonite International Corp. (a) | 32,500 | 2,148,250 | |
Owens Corning | 82,143 | 5,193,080 | |
Patrick Industries, Inc. (a) | 49,800 | 3,017,880 | |
Simpson Manufacturing Co. Ltd. | 36,900 | 2,336,139 | |
43,884,608 | |||
Construction & Engineering - 7.9% | |||
Construction & Engineering - 7.9% | |||
EMCOR Group, Inc. | 42,028 | 3,191,186 | |
Granite Construction, Inc. | 54,400 | 3,093,728 | |
Jacobs Engineering Group, Inc. | 89,802 | 5,819,170 | |
KBR, Inc. | 125,054 | 2,303,495 | |
Quanta Services, Inc. (a) | 145,600 | 5,243,056 | |
Valmont Industries, Inc. | 18,400 | 2,689,160 | |
22,339,795 | |||
Construction Materials - 5.6% | |||
Construction Materials - 5.6% | |||
Martin Marietta Materials, Inc. | 16,196 | 3,609,603 | |
Vulcan Materials Co. | 96,831 | 12,369,192 | |
15,978,795 | |||
Equity Real Estate Investment Trusts (REITs) - 17.0% | |||
Residential REITs - 15.2% | |||
American Homes 4 Rent Class A | 220,900 | 4,400,328 | |
AvalonBay Communities, Inc. | 82,998 | 13,739,489 | |
Education Realty Trust, Inc. | 70,500 | 2,576,070 | |
Equity Lifestyle Properties, Inc. | 53,887 | 4,898,328 | |
Equity Residential (SBI) | 276,600 | 17,699,634 | |
43,313,849 | |||
Specialized REITs - 1.8% | |||
Equinix, Inc. | 12,600 | 5,000,310 | |
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 48,314,159 | ||
Household Durables - 15.3% | |||
Home Furnishings - 1.9% | |||
Mohawk Industries, Inc. (a) | 25,953 | 5,295,450 | |
Homebuilding - 13.4% | |||
Lennar Corp. Class A | 266,910 | 13,809,923 | |
NVR, Inc. (a) | 2,877 | 8,603,784 | |
PulteGroup, Inc. | 242,000 | 7,320,500 | |
Taylor Morrison Home Corp. (a) | 179,501 | 3,859,272 | |
TRI Pointe Homes, Inc. (a) | 261,800 | 4,518,668 | |
38,112,147 | |||
TOTAL HOUSEHOLD DURABLES | 43,407,597 | ||
Real Estate Management & Development - 1.1% | |||
Real Estate Development - 1.1% | |||
Howard Hughes Corp. (a) | 25,792 | 3,255,724 | |
Specialty Retail - 36.6% | |||
Home Improvement Retail - 36.6% | |||
Home Depot, Inc. | 322,231 | 60,112,192 | |
Lowe's Companies, Inc. | 461,470 | 43,844,265 | |
103,956,457 | |||
Trading Companies & Distributors - 0.4% | |||
Trading Companies & Distributors - 0.4% | |||
BMC Stock Holdings, Inc. (a) | 61,345 | 1,248,371 | |
TOTAL COMMON STOCKS | |||
(Cost $188,327,130) | 282,385,506 | ||
Convertible Preferred Stocks - 0.0% | |||
Household Durables - 0.0% | |||
Homebuilding - 0.0% | |||
Blu Homes, Inc. Series A, 5.00% (a)(b)(c) | |||
(Cost $4,000,001) | 865,801 | 17,316 | |
Money Market Funds - 0.7% | |||
Fidelity Cash Central Fund, 1.76% (d) | |||
(Cost $2,081,939) | 2,081,523 | 2,081,939 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $194,409,070) | 284,484,761 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (123,107) | ||
NET ASSETS - 100% | $284,361,654 |
Legend
(a) Non-income producing
(b) 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 $17,316 or 0.0% of net assets.
(c) Level 3 security
(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.
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 | $7,357 |
Total | $7,357 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $282,385,506 | $282,385,506 | $-- | $-- |
Convertible Preferred Stocks | 17,316 | -- | -- | 17,316 |
Money Market Funds | 2,081,939 | 2,081,939 | -- | -- |
Total Investments in Securities: | $284,484,761 | $284,467,445 | $-- | $17,316 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% | |||
Shares | Value | ||
Air Freight & Logistics - 26.7% | |||
Air Freight & Logistics - 26.7% | |||
Air Transport Services Group, Inc. (a) | 23,000 | $483,000 | |
Atlas Air Worldwide Holdings, Inc. (a) | 27,200 | 1,853,680 | |
C.H. Robinson Worldwide, Inc. | 163,896 | 14,258,952 | |
Echo Global Logistics, Inc. (a) | 156,900 | 4,361,820 | |
Expeditors International of Washington, Inc. | 212,700 | 15,841,896 | |
FedEx Corp. | 144,150 | 35,910,648 | |
Forward Air Corp. | 28,544 | 1,693,230 | |
Hub Group, Inc. Class A (a) | 35,600 | 1,778,220 | |
United Parcel Service, Inc. Class B | 448,600 | 52,091,432 | |
128,272,878 | |||
Airlines - 23.1% | |||
Airlines - 23.1% | |||
Alaska Air Group, Inc. | 205,200 | 12,478,212 | |
American Airlines Group, Inc. | 527,900 | 22,984,766 | |
Delta Air Lines, Inc. | 484,002 | 26,160,308 | |
Hawaiian Holdings, Inc. | 32,200 | 1,191,400 | |
JetBlue Airways Corp. (a) | 93,200 | 1,760,548 | |
SkyWest, Inc. | 233,200 | 13,292,400 | |
Southwest Airlines Co. | 408,300 | 20,855,964 | |
Spirit Airlines, Inc. (a) | 235,100 | 8,625,819 | |
United Continental Holdings, Inc. (a) | 49,300 | 3,430,787 | |
110,780,204 | |||
Auto Components - 0.5% | |||
Auto Parts & Equipment - 0.5% | |||
Hertz Global Holdings, Inc. (a) | 161,000 | 2,429,490 | |
Machinery - 1.3% | |||
Construction Machinery & Heavy Trucks - 0.9% | |||
Allison Transmission Holdings, Inc. | 105,600 | 4,362,336 | |
Industrial Machinery - 0.4% | |||
Park-Ohio Holdings Corp. | 46,470 | 1,833,242 | |
TOTAL MACHINERY | 6,195,578 | ||
Marine - 1.6% | |||
Marine - 1.6% | |||
Kirby Corp. (a) | 36,100 | 3,274,270 | |
Matson, Inc. | 133,800 | 4,581,312 | |
7,855,582 | |||
Road & Rail - 43.2% | |||
Railroads - 35.9% | |||
CSX Corp. | 811,519 | 52,464,703 | |
Genesee & Wyoming, Inc. Class A (a) | 220,400 | 17,215,444 | |
Kansas City Southern | 87,000 | 9,322,050 | |
Norfolk Southern Corp. | 150,700 | 22,853,655 | |
Union Pacific Corp. | 492,895 | 70,365,691 | |
172,221,543 | |||
Trucking - 7.3% | |||
AMERCO | 6,400 | 2,066,816 | |
Avis Budget Group, Inc. (a) | 71,600 | 2,791,684 | |
J.B. Hunt Transport Services, Inc. | 59,200 | 7,583,520 | |
Knight-Swift Transportation Holdings, Inc. Class A | 76,600 | 3,116,088 | |
Landstar System, Inc. | 78,500 | 8,901,900 | |
Old Dominion Freight Lines, Inc. | 17,700 | 2,760,492 | |
Roadrunner Transportation Systems, Inc. (a) | 486,700 | 880,927 | |
Ryder System, Inc. | 50,200 | 3,367,416 | |
Universal Logistics Holdings, Inc. | 43,890 | 1,092,861 | |
YRC Worldwide, Inc. (a) | 238,900 | 2,561,008 | |
35,122,712 | |||
TOTAL ROAD & RAIL | 207,344,255 | ||
Transportation Infrastructure - 0.3% | |||
Airport Services - 0.3% | |||
Macquarie Infrastructure Co. LLC (b) | 42,600 | 1,648,620 | |
TOTAL COMMON STOCKS | |||
(Cost $285,686,802) | 464,526,607 | ||
Money Market Funds - 3.3% | |||
Fidelity Cash Central Fund, 1.76% (c) | 14,311,048 | 14,313,910 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 1,550,161 | 1,550,316 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $15,864,226) | 15,864,226 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $301,551,028) | 480,390,833 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (61,183) | ||
NET ASSETS - 100% | $480,329,650 |
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 | $56,054 |
Fidelity Securities Lending Cash Central Fund | 2,032 |
Total | $58,086 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
Capital Markets - 0.2% | |||
Investment Banking & Brokerage - 0.2% | |||
TPG Pace Energy Holdings Corp. (a) | 47,600 | $499,800 | |
Diversified Financial Services - 1.0% | |||
Multi-Sector Holdings - 1.0% | |||
National Energy Services Reunited Corp. (a) | 285,000 | 2,904,150 | |
Energy Equipment & Services - 17.8% | |||
Oil & Gas Drilling - 1.6% | |||
Borr Drilling Ltd. (a) | 24,000 | 123,187 | |
Nabors Industries Ltd. | 313,500 | 2,341,845 | |
Patterson-UTI Energy, Inc. | 2,400 | 49,632 | |
Trinidad Drilling Ltd. (a) | 1,484,300 | 2,014,783 | |
4,529,447 | |||
Oil & Gas Equipment & Services - 16.2% | |||
Archrock, Inc. | 24,600 | 284,130 | |
Baker Hughes, a GE Co. Class A | 352,300 | 12,186,057 | |
C&J Energy Services, Inc. (a) | 71,700 | 1,930,164 | |
Dril-Quip, Inc. (a) | 9,800 | 470,890 | |
Forum Energy Technologies, Inc. (a) | 6,400 | 90,560 | |
Halliburton Co. | 15,900 | 790,866 | |
McDermott International, Inc. (a) | 23,866 | 518,608 | |
NCS Multistage Holdings, Inc. (a) | 10,700 | 162,854 | |
Oceaneering International, Inc. | 86,700 | 2,066,061 | |
Pason Systems, Inc. | 17,000 | 263,798 | |
RigNet, Inc. (a) | 532,934 | 6,315,268 | |
Schlumberger Ltd. | 263,832 | 18,117,343 | |
Smart Sand, Inc. (a) | 8,600 | 52,632 | |
Superior Energy Services, Inc. (a) | 59,600 | 651,428 | |
Weatherford International PLC (a)(b) | 288,600 | 978,354 | |
44,879,013 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 49,408,460 | ||
Gas Utilities - 8.1% | |||
Gas Utilities - 8.1% | |||
Atmos Energy Corp. | 48,078 | 4,289,038 | |
South Jersey Industries, Inc. | 208,200 | 6,895,584 | |
Southwest Gas Holdings, Inc. | 84,200 | 6,373,940 | |
Spire, Inc. | 20,500 | 1,460,625 | |
Valener, Inc. | 217,900 | 3,440,084 | |
22,459,271 | |||
Multi-Utilities - 2.5% | |||
Multi-Utilities - 2.5% | |||
CenterPoint Energy, Inc. | 104,700 | 2,735,811 | |
NiSource, Inc. | 162,900 | 4,121,370 | |
6,857,181 | |||
Oil, Gas & Consumable Fuels - 69.5% | |||
Integrated Oil & Gas - 5.6% | |||
Occidental Petroleum Corp. | 183,000 | 15,408,600 | |
Oil & Gas Exploration & Production - 44.2% | |||
Advantage Oil & Gas Ltd. (a) | 715,700 | 2,136,171 | |
Anadarko Petroleum Corp. | 265,820 | 18,554,236 | |
Cabot Oil & Gas Corp. | 55,400 | 1,265,890 | |
Cimarex Energy Co. | 55,000 | 5,110,600 | |
Concho Resources, Inc. (a) | 16,400 | 2,251,884 | |
ConocoPhillips Co. | 197,400 | 13,302,786 | |
Crew Energy, Inc. (a) | 249,800 | 464,305 | |
Crown Point Energy, Inc. (a)(c) | 18,166 | 5,604 | |
Devon Energy Corp. | 336,187 | 13,975,294 | |
Encana Corp. | 703,600 | 8,953,725 | |
EOG Resources, Inc. | 174,300 | 20,534,283 | |
EQT Corp. | 44,723 | 2,305,023 | |
Extraction Oil & Gas, Inc. (a) | 59,089 | 1,002,149 | |
Gulfport Energy Corp. (a) | 181,500 | 2,016,465 | |
Lekoil Ltd. (a) | 5,613,100 | 1,503,548 | |
Marathon Oil Corp. | 124,700 | 2,672,321 | |
Newfield Exploration Co. (a) | 32,100 | 938,604 | |
Noble Energy, Inc. | 229,000 | 8,175,300 | |
Parsley Energy, Inc. Class A (a) | 68,500 | 2,019,380 | |
PDC Energy, Inc. (a) | 116,600 | 7,053,134 | |
Range Resources Corp. | 164,500 | 2,605,680 | |
Savannah Petroleum PLC (a) | 4,290,700 | 1,699,745 | |
Surge Energy, Inc. (b) | 1,408,500 | 2,628,852 | |
WPX Energy, Inc. (a) | 73,200 | 1,332,972 | |
122,507,951 | |||
Oil & Gas Refining & Marketing - 0.1% | |||
World Fuel Services Corp. | 15,900 | 331,992 | |
Oil & Gas Storage & Transport - 19.6% | |||
Boardwalk Pipeline Partners, LP | 1,040,612 | 11,020,081 | |
Cheniere Energy, Inc. (a) | 14,500 | 965,990 | |
Enbridge, Inc. | 301,600 | 9,371,791 | |
EnLink Midstream LLC | 15,700 | 274,750 | |
Enterprise Products Partners LP | 52,200 | 1,508,580 | |
Keyera Corp. | 49,500 | 1,387,726 | |
Kinder Morgan, Inc. | 734,900 | 12,258,132 | |
Pembina Pipeline Corp. | 25,300 | 880,017 | |
The Williams Companies, Inc. | 396,400 | 10,647,304 | |
TransCanada Corp. | 135,300 | 5,664,109 | |
TransCanada Corp. | 8,100 | 338,823 | |
54,317,303 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 192,565,846 | ||
TOTAL COMMON STOCKS | |||
(Cost $329,172,104) | 274,694,708 | ||
Money Market Funds - 1.6% | |||
Fidelity Cash Central Fund, 1.76% (d) | 2,086,779 | 2,087,197 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 2,314,481 | 2,314,713 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,402,128) | 4,401,910 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $333,574,232) | 279,096,618 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (1,981,879) | ||
NET ASSETS - 100% | $277,114,739 |
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 $5,604 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 | $4,520 |
Fidelity Securities Lending Cash Central Fund | 11,251 |
Total | $15,771 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $3,000,310 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Capital Markets - 0.5% | |||
Investment Banking & Brokerage - 0.5% | |||
TPG Pace Energy Holdings Corp. (a) | 515,100 | $5,408,550 | |
Chemicals - 1.9% | |||
Commodity Chemicals - 1.9% | |||
LyondellBasell Industries NV Class A | 180,700 | 20,260,084 | |
Construction Materials - 1.6% | |||
Construction Materials - 1.6% | |||
Eagle Materials, Inc. | 66,800 | 7,239,784 | |
Summit Materials, Inc. | 333,300 | 9,472,386 | |
16,712,170 | |||
Containers & Packaging - 5.4% | |||
Metal & Glass Containers - 1.1% | |||
Ball Corp. | 329,200 | 12,163,940 | |
Paper Packaging - 4.3% | |||
Avery Dennison Corp. | 115,700 | 12,151,971 | |
Graphic Packaging Holding Co. | 328,300 | 4,753,784 | |
Packaging Corp. of America | 125,300 | 14,722,750 | |
WestRock Co. | 234,000 | 13,777,920 | |
45,406,425 | |||
TOTAL CONTAINERS & PACKAGING | 57,570,365 | ||
Energy Equipment & Services - 11.8% | |||
Oil & Gas Drilling - 1.5% | |||
Nabors Industries Ltd. | 517,520 | 3,865,874 | |
Odfjell Drilling Ltd. (a) | 590,700 | 2,595,190 | |
Shelf Drilling Ltd. (a)(b) | 759,800 | 6,499,811 | |
Trinidad Drilling Ltd. (a) | 856,400 | 1,162,474 | |
Xtreme Drilling & Coil Services Corp. (a) | 1,059,900 | 1,602,193 | |
15,725,542 | |||
Oil & Gas Equipment & Services - 10.3% | |||
Baker Hughes, a GE Co. Class A | 850,300 | 29,411,877 | |
Dril-Quip, Inc. (a) | 113,925 | 5,474,096 | |
Halliburton Co. | 746,700 | 37,140,858 | |
Liberty Oilfield Services, Inc. Class A (a)(c) | 19,500 | 414,570 | |
National Oilwell Varco, Inc. | 209,400 | 8,673,348 | |
NCS Multistage Holdings, Inc. (a) | 122,500 | 1,864,450 | |
Oceaneering International, Inc. | 187,200 | 4,460,976 | |
RigNet, Inc. (a) | 270,230 | 3,202,226 | |
Schlumberger Ltd. | 182,565 | 12,536,739 | |
Tenaris SA sponsored ADR | 202,000 | 7,251,800 | |
110,430,940 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 126,156,482 | ||
Machinery - 0.2% | |||
Industrial Machinery - 0.2% | |||
ProPetro Holding Corp. (a) | 108,200 | 1,760,414 | |
Metals & Mining - 6.4% | |||
Copper - 0.5% | |||
Freeport-McMoRan, Inc. | 344,400 | 5,820,360 | |
Gold - 5.9% | |||
Agnico Eagle Mines Ltd. (Canada) | 460,500 | 20,666,740 | |
Franco-Nevada Corp. | 391,700 | 27,620,801 | |
Randgold Resources Ltd. sponsored ADR | 186,673 | 14,844,237 | |
63,131,778 | |||
TOTAL METALS & MINING | 68,952,138 | ||
Oil, Gas & Consumable Fuels - 70.7% | |||
Coal & Consumable Fuels - 0.1% | |||
Pinnacle Renewable Holds, Inc. | 157,200 | 1,710,699 | |
Integrated Oil & Gas - 15.7% | |||
Cenovus Energy, Inc. | 1,961,500 | 20,695,141 | |
Chevron Corp. | 710,798 | 88,352,192 | |
Suncor Energy, Inc. | 1,477,600 | 58,848,731 | |
167,896,064 | |||
Oil & Gas Exploration & Production - 36.5% | |||
Anadarko Petroleum Corp. | 689,100 | 48,099,180 | |
Cabot Oil & Gas Corp. | 659,100 | 15,060,435 | |
Callon Petroleum Co. (a) | 301,600 | 3,570,944 | |
Canadian Natural Resources Ltd. | 904,400 | 31,311,519 | |
Centennial Resource Development, Inc.: | |||
Class A (a) | 38,300 | 674,080 | |
Class A (a) | 338,800 | 5,962,880 | |
Cimarex Energy Co. | 130,900 | 12,163,228 | |
Continental Resources, Inc. (a) | 331,400 | 22,316,476 | |
Devon Energy Corp. | 821,800 | 34,162,226 | |
Diamondback Energy, Inc. | 178,600 | 21,567,736 | |
Encana Corp. | 2,030,000 | 25,832,948 | |
EOG Resources, Inc. | 456,400 | 53,768,484 | |
EQT Corp. | 336,200 | 17,327,748 | |
Extraction Oil & Gas, Inc. (a)(c) | 477,632 | 8,100,639 | |
Newfield Exploration Co. (a) | 208,100 | 6,084,844 | |
Parsley Energy, Inc. Class A (a) | 630,900 | 18,598,932 | |
PDC Energy, Inc. (a) | 135,300 | 8,184,297 | |
Pioneer Natural Resources Co. | 208,000 | 40,164,800 | |
PrairieSky Royalty Ltd. (c) | 231,238 | 4,767,077 | |
Viper Energy Partners LP | 380,600 | 12,399,948 | |
390,118,421 | |||
Oil & Gas Refining & Marketing - 9.2% | |||
Andeavor | 113,100 | 16,335,033 | |
Delek U.S. Holdings, Inc. | 648,604 | 36,179,131 | |
Phillips 66 Co. | 344,916 | 40,179,265 | |
Reliance Industries Ltd. | 447,286 | 6,111,626 | |
98,805,055 | |||
Oil & Gas Storage & Transport - 9.2% | |||
Boardwalk Pipeline Partners, LP | 259,300 | 2,745,987 | |
Cheniere Energy, Inc. (a) | 310,100 | 20,658,862 | |
Enterprise Products Partners LP | 716,200 | 20,698,180 | |
GasLog Partners LP | 93,200 | 2,278,740 | |
Golar LNG Ltd. | 185,400 | 4,816,692 | |
Noble Midstream Partners LP | 155,737 | 8,031,357 | |
Noble Midstream Partners LP (d) | 43,718 | 2,254,537 | |
Teekay LNG Partners LP | 50,500 | 873,650 | |
The Williams Companies, Inc. | 1,331,600 | 35,766,776 | |
98,124,781 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 756,655,020 | ||
Paper & Forest Products - 0.5% | |||
Forest Products - 0.5% | |||
Western Forest Products, Inc. | 2,625,200 | 5,628,610 | |
TOTAL COMMON STOCKS | |||
(Cost $910,044,088) | 1,059,103,833 | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 1.76% (e) | 9,519,031 | 9,520,935 | |
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) | 10,356,777 | 10,357,813 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $19,878,748) | 19,878,748 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% | |||
(Cost $929,922,836) | 1,078,982,581 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (9,685,559) | ||
NET ASSETS - 100% | $1,069,297,022 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,499,811 or 0.6% of net assets.
(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 $2,254,537 or 0.2% 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 |
Noble Midstream Partners LP | 6/21/17 | $1,768,393 |
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 | $50,613 |
Fidelity Securities Lending Cash Central Fund | 8,022 |
Total | $58,635 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $15,458,768 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Aerospace & Defense - 28.0% | |||
Aerospace & Defense - 28.0% | |||
Bombardier, Inc. Class B (sub. vtg.) (a) | 2,558,800 | $9,630,529 | |
General Dynamics Corp. | 146,197 | 29,489,397 | |
Huntington Ingalls Industries, Inc. | 39,900 | 8,820,693 | |
Moog, Inc. Class A | 53,200 | 4,337,396 | |
Northrop Grumman Corp. | 98,400 | 32,201,400 | |
Raytheon Co. | 88,600 | 18,561,700 | |
Spirit AeroSystems Holdings, Inc. Class A | 85,500 | 7,242,705 | |
Teledyne Technologies, Inc. (a) | 27,240 | 5,487,770 | |
Textron, Inc. | 118,400 | 7,883,072 | |
The Boeing Co. | 83,500 | 29,405,360 | |
TransDigm Group, Inc. | 24,500 | 8,185,695 | |
United Technologies Corp. | 366,571 | 45,755,392 | |
207,001,109 | |||
Air Freight & Logistics - 4.3% | |||
Air Freight & Logistics - 4.3% | |||
FedEx Corp. | 92,900 | 23,143,248 | |
XPO Logistics, Inc. (a) | 86,000 | 9,051,500 | |
32,194,748 | |||
Airlines - 4.4% | |||
Airlines - 4.4% | |||
Allegiant Travel Co. | 16,396 | 2,481,535 | |
Delta Air Lines, Inc. | 236,000 | 12,755,800 | |
Southwest Airlines Co. | 217,800 | 11,125,224 | |
Spirit Airlines, Inc. (a) | 172,900 | 6,343,701 | |
32,706,260 | |||
Building Products - 2.2% | |||
Building Products - 2.2% | |||
A.O. Smith Corp. | 94,178 | 5,939,806 | |
Masco Corp. | 272,800 | 10,167,256 | |
16,107,062 | |||
Commercial Services & Supplies - 3.3% | |||
Diversified Support Services - 1.6% | |||
Cintas Corp. | 63,600 | 11,591,100 | |
Environmental & Facility Services - 1.7% | |||
Waste Connection, Inc. (United States) | 163,100 | 12,539,128 | |
TOTAL COMMERCIAL SERVICES & SUPPLIES | 24,130,228 | ||
Construction & Engineering - 3.8% | |||
Construction & Engineering - 3.8% | |||
Fluor Corp. | 187,000 | 9,114,380 | |
Jacobs Engineering Group, Inc. | 190,600 | 12,350,880 | |
KBR, Inc. | 364,600 | 6,715,932 | |
28,181,192 | |||
Electrical Equipment - 6.9% | |||
Electrical Components & Equipment - 6.4% | |||
Acuity Brands, Inc. | 27,000 | 3,192,750 | |
AMETEK, Inc. | 132,754 | 9,695,025 | |
Emerson Electric Co. | 210,700 | 14,925,988 | |
Fortive Corp. | 268,510 | 19,517,992 | |
47,331,755 | |||
Heavy Electrical Equipment - 0.5% | |||
Melrose Industries PLC | 1,090,518 | 3,421,245 | |
TOTAL ELECTRICAL EQUIPMENT | 50,753,000 | ||
Electronic Equipment & Components - 0.3% | |||
Electronic Equipment & Instruments - 0.3% | |||
ADT, Inc. (b) | 267,800 | 2,013,856 | |
Household Durables - 0.4% | |||
Homebuilding - 0.4% | |||
TRI Pointe Homes, Inc. (a) | 171,700 | 2,963,542 | |
Industrial Conglomerates - 11.2% | |||
Industrial Conglomerates - 11.2% | |||
3M Co. | 3,700 | 729,751 | |
General Electric Co. | 2,686,839 | 37,830,693 | |
Honeywell International, Inc. | 245,059 | 36,246,677 | |
ITT, Inc. | 159,000 | 8,207,580 | |
83,014,701 | |||
Machinery - 20.1% | |||
Agricultural & Farm Machinery - 1.8% | |||
Deere & Co. | 91,300 | 13,650,263 | |
Construction Machinery & Heavy Trucks - 6.4% | |||
Allison Transmission Holdings, Inc. | 364,900 | 15,074,019 | |
Caterpillar, Inc. | 135,900 | 20,644,569 | |
WABCO Holdings, Inc. (a) | 41,600 | 5,030,688 | |
Wabtec Corp. (b) | 69,700 | 6,796,447 | |
47,545,723 | |||
Industrial Machinery - 11.9% | |||
Flowserve Corp. | 125,308 | 5,180,233 | |
Gardner Denver Holdings, Inc. | 420,600 | 13,825,122 | |
IDEX Corp. | 37,698 | 5,227,959 | |
Ingersoll-Rand PLC | 237,100 | 20,755,734 | |
Lincoln Electric Holdings, Inc. | 54,200 | 4,856,320 | |
Parker Hannifin Corp. | 74,000 | 12,646,600 | |
Snap-On, Inc. | 100,600 | 14,870,692 | |
The Weir Group PLC | 128,300 | 3,736,873 | |
Xylem, Inc. | 93,700 | 6,596,480 | |
87,696,013 | |||
TOTAL MACHINERY | 148,891,999 | ||
Professional Services - 3.2% | |||
Research & Consulting Services - 3.2% | |||
IHS Markit Ltd. (a) | 311,908 | 15,370,826 | |
Nielsen Holdings PLC | 277,000 | 8,357,090 | |
23,727,916 | |||
Road & Rail - 8.2% | |||
Railroads - 6.9% | |||
Genesee & Wyoming, Inc. Class A (a) | 60,300 | 4,710,033 | |
Norfolk Southern Corp. | 95,700 | 14,512,905 | |
Union Pacific Corp. | 223,500 | 31,906,860 | |
51,129,798 | |||
Trucking - 1.3% | |||
J.B. Hunt Transport Services, Inc. | 39,520 | 5,062,512 | |
Knight-Swift Transportation Holdings, Inc. Class A | 119,000 | 4,840,920 | |
9,903,432 | |||
TOTAL ROAD & RAIL | 61,033,230 | ||
Specialty Retail - 1.1% | |||
Home Improvement Retail - 1.1% | |||
Lowe's Companies, Inc. | 84,200 | 7,999,842 | |
Trading Companies & Distributors - 1.9% | |||
Trading Companies & Distributors - 1.9% | |||
Bunzl PLC | 192,000 | 5,844,886 | |
Univar, Inc. (a) | 296,700 | 8,091,009 | |
13,935,895 | |||
TOTAL COMMON STOCKS | |||
(Cost $606,936,461) | 734,654,580 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Airlines - 0.2% | |||
Airlines - 0.2% | |||
Azul SA (a) | |||
(Cost $2,618,220) | 244,300 | 1,739,073 | |
Money Market Funds - 1.5% | |||
Fidelity Cash Central Fund, 1.76% (c) | 3,131,772 | 3,132,398 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 7,937,061 | 7,937,855 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $11,070,253) | 11,070,253 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% | |||
(Cost $620,624,934) | 747,463,906 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (7,233,931) | ||
NET ASSETS - 100% | $740,229,975 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $22,391 |
Fidelity Securities Lending Cash Central Fund | 10,121 |
Total | $32,512 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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, 2018. 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 | $8,860,617 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Energy Efficiency - 35.3% | |||
Auto Parts & Equipment - 0.7% | |||
Delphi Technologies PLC | 22,380 | $1,121,238 | |
Building Products - 0.7% | |||
Apogee Enterprises, Inc. | 24,540 | 1,071,171 | |
Buildings Energy Efficiency - 2.5% | |||
Hubbell, Inc. Class B | 25,910 | 2,790,248 | |
Owens Corning | 18,170 | 1,148,707 | |
3,938,955 | |||
Construction & Engineering - 2.5% | |||
Comfort Systems U.S.A., Inc. | 82,190 | 3,850,602 | |
Electrical Components & Equipment - 4.5% | |||
Acuity Brands, Inc. | 14,470 | 1,711,078 | |
Eaton Corp. PLC | 70,670 | 5,411,909 | |
7,122,987 | |||
Industrial Energy Efficiency - 4.1% | |||
EMCOR Group, Inc. | 32,048 | 2,433,405 | |
Minerals Technologies, Inc. | 21,810 | 1,592,130 | |
Regal Beloit Corp. | 31,184 | 2,477,569 | |
6,503,104 | |||
Industrial Machinery - 3.5% | |||
Ingersoll-Rand PLC | 62,960 | 5,511,518 | |
Renewable Energy Developers an - 11.5% | |||
EnerSys | 20,500 | 1,638,155 | |
Honeywell International, Inc. | 91,547 | 13,540,717 | |
Lennox International, Inc. | 14,311 | 2,909,569 | |
18,088,441 | |||
Semiconductors - 1.4% | |||
ON Semiconductor Corp. (a) | 87,580 | 2,200,885 | |
Transport Energy Efficiency - 3.9% | |||
BorgWarner, Inc. | 36,630 | 1,786,811 | |
Innospec, Inc. | 57,607 | 4,418,457 | |
6,205,268 | |||
TOTAL ENERGY EFFICIENCY | 55,614,169 | ||
Environmental Support Services - 15.7% | |||
Diversified Environmental - 14.2% | |||
3M Co. | 72,672 | 14,333,097 | |
Air Products & Chemicals, Inc. | 25,810 | 4,165,992 | |
Dover Corp. | 50,230 | 3,878,258 | |
22,377,347 | |||
Semiconductor Equipment - 1.5% | |||
MKS Instruments, Inc. | 21,180 | 2,376,396 | |
TOTAL ENVIRONMENTAL SUPPORT SERVICES | 24,753,743 | ||
Food Agriculture & Forestry - 4.9% | |||
Food Distributors - 0.9% | |||
United Natural Foods, Inc. (a) | 30,000 | 1,367,400 | |
Paper Packaging - 1.2% | |||
Bemis Co., Inc. | 43,890 | 1,856,547 | |
Pharmaceuticals - 2.8% | |||
Zoetis, Inc. Class A | 53,000 | 4,436,100 | |
TOTAL FOOD AGRICULTURE & FORESTRY | 7,660,047 | ||
Miscellaneous Environmental - 3.0% | |||
Electronic Manufacturing Services - 0.7% | |||
Philips Lighting NV (b) | 37,880 | 1,081,849 | |
Household Appliances - 0.7% | |||
Whirlpool Corp. | 8,320 | 1,204,320 | |
IT Consulting & Other Services - 0.8% | |||
IBM Corp. | 8,765 | 1,238,582 | |
Pharmaceuticals - 0.8% | |||
Johnson & Johnson | 10,830 | 1,295,485 | |
TOTAL MISCELLANEOUS ENVIRONMENTAL | 4,820,236 | ||
Pollution Control - 5.8% | |||
Environmental Testing and Gas - 1.6% | |||
Thermo Fisher Scientific, Inc. | 12,050 | 2,509,654 | |
Pollution Control Solutions - 4.2% | |||
Cummins, Inc. | 28,282 | 4,027,074 | |
Tenneco, Inc. | 60,468 | 2,671,476 | |
6,698,550 | |||
TOTAL POLLUTION CONTROL | 9,208,204 | ||
Renewable & Alternative Energy - 16.7% | |||
Agricultural Products - 0.1% | |||
China Agri-Industries Holdings Ltd. | 599,880 | 253,902 | |
Diversified Chemicals - 0.3% | |||
Oci Co. Ltd. | 3,820 | 468,571 | |
Electric Utilities - 2.5% | |||
BKW AG | 20,470 | 1,291,836 | |
Enersis SA sponsored | 238,060 | 2,304,421 | |
Mercury Nz Ltd. | 141,470 | 319,772 | |
3,916,029 | |||
Electrical Components & Equipment - 1.9% | |||
Fortive Corp. | 41,700 | 3,031,173 | |
Electronic Equipment & Instruments - 1.4% | |||
Enel Chile SA sponsored ADR | 146,630 | 783,004 | |
Hollysys Automation Technologies Ltd. | 57,771 | 1,378,994 | |
2,161,998 | |||
Electronic Manufacturing Services - 3.3% | |||
TE Connectivity Ltd. | 56,440 | 5,253,435 | |
Heavy Electrical Equipment - 1.8% | |||
Vestas Wind Systems A/S | 42,470 | 2,782,717 | |
Independent Power Producers & Energy Traders - 1.0% | |||
Colbun SA | 6,716,660 | 1,566,574 | |
Oil & Gas Refining & Marketing - 0.5% | |||
Cosan SA Industria e Comercio | 83,340 | 868,300 | |
Other Renewables Equipment - 1.6% | |||
Andritz AG | 51,232 | 2,557,421 | |
Renewable Electricity - 0.3% | |||
NHPC Ltd. | 1,106,516 | 434,861 | |
Renewable Energy Developers an - 0.7% | |||
Empresa Nacional de Electricidad SA sponsored ADR (c) | 50,790 | 1,108,238 | |
Semiconductor Equipment - 1.3% | |||
Advanced Energy Industries, Inc. (a) | 30,810 | 2,018,979 | |
TOTAL RENEWABLE & ALTERNATIVE ENERGY | 26,422,198 | ||
Waste Management & Technologies - 8.5% | |||
Environmental & Facility Services - 3.3% | |||
Waste Management, Inc. | 63,160 | 5,223,964 | |
Office Services & Supplies - 1.9% | |||
Interface, Inc. | 129,443 | 2,938,356 | |
Recycling and Value Added Wast - 1.1% | |||
Copart, Inc. (a) | 32,448 | 1,779,124 | |
Steel - 2.2% | |||
Steel Dynamics, Inc. | 68,950 | 3,408,199 | |
TOTAL WASTE MANAGEMENT & TECHNOLOGIES | 13,349,643 | ||
Water Infrastructure & Technologies - 8.7% | |||
Diversified Water Infrastructu - 5.4% | |||
Danaher Corp. | 85,520 | 8,490,426 | |
Trading Companies & Distributors - 1.0% | |||
HD Supply Holdings, Inc. (a) | 37,310 | 1,519,636 | |
Water Infrastructure - 2.3% | |||
Crane Co. | 44,417 | 3,691,497 | |
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES | 13,701,559 | ||
TOTAL COMMON STOCKS | |||
(Cost $138,610,775) | 155,529,799 | ||
Cash Equivalents - 1.2% | |||
Fidelity Cash Central Fund, 1.76% (d) | 1,878,823 | 1,879,199 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 9,127 | 9,128 | |
TOTAL CASH EQUIVALENTS | |||
(Cost $1,888,327) | 1,888,327 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $140,499,102) | 157,418,126 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 274,381 | ||
NET ASSETS - 100% | $157,692,507 |
Legend
(a) Non-income producing
(b) 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 $1,081,849 or 0.7% of net assets.
(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 | $10,227 |
Fidelity Securities Lending Cash Central Fund | 2,182 |
Total | $12,409 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $155,529,799 | $152,493,180 | $3,036,619 | $-- |
Money Market Funds | 1,888,327 | 1,888,327 | -- | -- |
Total Investments in Securities: | $157,418,126 | $154,381,507 | $3,036,619 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $6,996,096 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Air Freight & Logistics - 0.1% | |||
Air Freight & Logistics - 0.1% | |||
XPO Logistics, Inc. (a) | 3,600 | $378,900 | |
Auto Components - 0.2% | |||
Auto Parts & Equipment - 0.2% | |||
Aptiv PLC | 7,600 | 741,000 | |
Tenneco, Inc. | 400 | 17,672 | |
758,672 | |||
Automobiles - 2.4% | |||
Automobile Manufacturers - 2.4% | |||
Ferrari NV | 5,100 | 669,885 | |
General Motors Co. | 50,900 | 2,173,430 | |
Tesla, Inc. (a)(b) | 18,100 | 5,153,613 | |
Thor Industries, Inc. | 12,600 | 1,166,760 | |
9,163,688 | |||
Beverages - 0.8% | |||
Distillers & Vintners - 0.6% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 10,600 | 2,364,648 | |
Soft Drinks - 0.2% | |||
Monster Beverage Corp. (a) | 12,320 | 630,291 | |
TOTAL BEVERAGES | 2,994,939 | ||
Building Products - 0.1% | |||
Building Products - 0.1% | |||
Masco Corp. | 12,900 | 480,783 | |
Chemicals - 0.1% | |||
Specialty Chemicals - 0.1% | |||
Sherwin-Williams Co. | 800 | 303,400 | |
Commercial Services & Supplies - 0.2% | |||
Diversified Support Services - 0.2% | |||
Copart, Inc. (a) | 13,000 | 712,790 | |
Distributors - 0.6% | |||
Distributors - 0.6% | |||
LKQ Corp. (a) | 55,700 | 1,769,589 | |
Pool Corp. | 4,129 | 590,117 | |
2,359,706 | |||
Diversified Consumer Services - 1.1% | |||
Education Services - 0.6% | |||
Adtalem Global Education, Inc. (a) | 9,200 | 439,300 | |
Grand Canyon Education, Inc. (a) | 14,100 | 1,566,510 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 3,800 | 377,986 | |
2,383,796 | |||
Specialized Consumer Services - 0.5% | |||
Service Corp. International | 4,300 | 157,767 | |
ServiceMaster Global Holdings, Inc. (a) | 9,400 | 537,116 | |
Weight Watchers International, Inc. (a) | 15,400 | 1,159,928 | |
1,854,811 | |||
TOTAL DIVERSIFIED CONSUMER SERVICES | 4,238,607 | ||
Electronic Equipment & Components - 0.0% | |||
Electronic Equipment & Instruments - 0.0% | |||
ADT, Inc. (b) | 30,600 | 230,112 | |
Food & Staples Retailing - 1.1% | |||
Food Distributors - 0.8% | |||
Performance Food Group Co. (a) | 85,600 | 3,060,200 | |
Hypermarkets & Super Centers - 0.3% | |||
Costco Wholesale Corp. | 2,600 | 515,424 | |
Walmart, Inc. | 7,500 | 619,050 | |
1,134,474 | |||
TOTAL FOOD & STAPLES RETAILING | 4,194,674 | ||
Health Care Providers & Services - 0.0% | |||
Health Care Services - 0.0% | |||
National Vision Holdings, Inc. | 3,500 | 127,400 | |
Hotels, Restaurants & Leisure - 23.3% | |||
Casinos & Gaming - 3.8% | |||
Boyd Gaming Corp. | 17,600 | 664,400 | |
Caesars Entertainment Corp. (a) | 71,200 | 865,080 | |
Churchill Downs, Inc. | 1,700 | 508,980 | |
Eldorado Resorts, Inc. (a) | 51,700 | 2,336,840 | |
Las Vegas Sands Corp. | 74,452 | 6,001,576 | |
Melco Crown Entertainment Ltd. sponsored ADR | 9,300 | 303,738 | |
MGM Mirage, Inc. | 84,800 | 2,666,960 | |
Penn National Gaming, Inc. (a) | 29,823 | 1,016,368 | |
PlayAGS, Inc. (a) | 11,600 | 293,712 | |
Wynn Resorts Ltd. | 1,100 | 215,611 | |
14,873,265 | |||
Hotels, Resorts & Cruise Lines - 8.2% | |||
Accor SA | 5,500 | 300,978 | |
Bluegreen Vacations Corp. | 32,000 | 643,200 | |
Carnival Corp. | 50,300 | 3,132,684 | |
Hilton Grand Vacations, Inc. (a) | 47,387 | 1,884,107 | |
Hilton Worldwide Holdings, Inc. | 79,600 | 6,424,516 | |
Hyatt Hotels Corp. Class A | 11,300 | 923,549 | |
ILG, Inc. | 2,200 | 75,328 | |
Marriott International, Inc. Class A | 48,533 | 6,569,427 | |
Marriott Vacations Worldwide Corp. | 15,106 | 1,816,345 | |
Royal Caribbean Cruises Ltd. | 54,025 | 5,671,545 | |
Wyndham Worldwide Corp. | 37,400 | 4,055,656 | |
31,497,335 | |||
Leisure Facilities - 1.3% | |||
Cedar Fair LP (depositary unit) | 6,800 | 452,064 | |
Drive Shack, Inc. (a) | 62,990 | 411,325 | |
Planet Fitness, Inc. (a) | 25,800 | 1,022,454 | |
Vail Resorts, Inc. | 12,889 | 3,103,542 | |
4,989,385 | |||
Restaurants - 10.0% | |||
ARAMARK Holdings Corp. | 44,100 | 1,711,962 | |
Chipotle Mexican Grill, Inc. (a) | 600 | 258,108 | |
Compass Group PLC | 12,000 | 258,027 | |
Darden Restaurants, Inc. | 18,500 | 1,617,085 | |
Del Frisco's Restaurant Group, Inc. (a) | 20,800 | 275,600 | |
Del Taco Restaurants, Inc. (a) | 10,128 | 121,941 | |
DineEquity, Inc. | 4,700 | 298,215 | |
Domino's Pizza, Inc. | 8,100 | 2,036,988 | |
Dunkin' Brands Group, Inc. | 27,300 | 1,748,019 | |
Jack in the Box, Inc. | 5,377 | 433,763 | |
McDonald's Corp. | 91,800 | 14,688,918 | |
Papa John's International, Inc. | 7,600 | 390,260 | |
Restaurant Brands International, Inc. | 30,310 | 1,789,940 | |
Ruth's Hospitality Group, Inc. | 11,728 | 311,378 | |
Shake Shack, Inc. Class A (a) | 5,600 | 333,872 | |
Starbucks Corp. | 139,768 | 7,920,653 | |
Texas Roadhouse, Inc. Class A | 11,000 | 681,670 | |
U.S. Foods Holding Corp. (a) | 61,667 | 2,200,279 | |
Wendy's Co. | 11,500 | 185,265 | |
Wingstop, Inc. | 9,232 | 467,232 | |
Yum! Brands, Inc. | 9,300 | 756,369 | |
38,485,544 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 89,845,529 | ||
Household Durables - 2.9% | |||
Home Furnishings - 0.3% | |||
Mohawk Industries, Inc. (a) | 5,105 | 1,041,624 | |
Homebuilding - 2.5% | |||
Cavco Industries, Inc. (a) | 3,800 | 788,880 | |
D.R. Horton, Inc. | 70,300 | 2,967,363 | |
Lennar Corp.: | |||
Class A | 45,900 | 2,374,866 | |
Class B | 458 | 18,952 | |
LGI Homes, Inc. (a) | 3,300 | 201,003 | |
New Home Co. LLC (a) | 13,700 | 138,233 | |
NVR, Inc. (a) | 741 | 2,215,990 | |
Taylor Morrison Home Corp. (a) | 10,100 | 217,150 | |
TopBuild Corp. (a) | 1,200 | 100,740 | |
TRI Pointe Homes, Inc. (a) | 42,800 | 738,728 | |
9,761,905 | |||
Household Appliances - 0.1% | |||
Techtronic Industries Co. Ltd. | 82,500 | 490,784 | |
TOTAL HOUSEHOLD DURABLES | 11,294,313 | ||
Internet & Direct Marketing Retail - 25.8% | |||
Internet & Direct Marketing Retail - 25.8% | |||
Amazon.com, Inc. (a) | 43,400 | 70,725,509 | |
Boohoo.Com PLC (a) | 57,800 | 156,669 | |
Liberty Interactive Corp. QVC Group Series A (a) | 65,010 | 1,321,653 | |
Netflix, Inc. (a) | 45,479 | 15,990,416 | |
Start Today Co. Ltd. | 3,500 | 121,777 | |
The Booking Holdings, Inc. (a) | 5,242 | 11,054,959 | |
Wayfair LLC Class A (a) | 1,600 | 147,760 | |
Zalando SE (a)(c) | 1,900 | 101,175 | |
99,619,918 | |||
Internet Software & Services - 0.7% | |||
Internet Software & Services - 0.7% | |||
2U, Inc. (a) | 10,500 | 995,400 | |
Alphabet, Inc. Class A (a) | 1,600 | 1,760,000 | |
CarGurus, Inc. Class A | 500 | 16,580 | |
MINDBODY, Inc. (a) | 3,100 | 122,140 | |
2,894,120 | |||
IT Services - 0.4% | |||
Data Processing& Outsourced Services - 0.4% | |||
Global Payments, Inc. | 4,400 | 489,104 | |
PayPal Holdings, Inc. (a) | 11,200 | 919,184 | |
1,408,288 | |||
Leisure Products - 0.6% | |||
Leisure Products - 0.6% | |||
Mattel, Inc. (b) | 139,200 | 2,160,384 | |
Media - 10.6% | |||
Advertising - 0.0% | |||
Interpublic Group of Companies, Inc. | 5,000 | 113,000 | |
Broadcasting - 0.2% | |||
CBS Corp. Class B | 14,200 | 715,254 | |
Cable & Satellite - 5.6% | |||
Charter Communications, Inc. Class A (a) | 36,669 | 9,572,076 | |
Comcast Corp. Class A | 360,647 | 11,244,973 | |
Naspers Ltd. Class N | 3,600 | 855,742 | |
21,672,791 | |||
Movies & Entertainment - 4.8% | |||
Cinemark Holdings, Inc. | 38,581 | 1,302,880 | |
Liberty Media Corp. Liberty Formula One Group Series C (a) | 8,200 | 258,956 | |
Lions Gate Entertainment Corp. Class B | 1,300 | 28,379 | |
Live Nation Entertainment, Inc. (a) | 15,000 | 639,450 | |
The Walt Disney Co. | 139,247 | 13,850,899 | |
Time Warner, Inc. | 20,100 | 1,892,616 | |
Twenty-First Century Fox, Inc. Class A | 9,900 | 381,645 | |
18,354,825 | |||
TOTAL MEDIA | 40,855,870 | ||
Multiline Retail - 4.2% | |||
Department Stores - 0.6% | |||
Future Retail Ltd. (a) | 36,410 | 318,095 | |
Kohl's Corp. | 6,000 | 400,500 | |
Macy's, Inc. | 47,800 | 1,668,698 | |
2,387,293 | |||
General Merchandise Stores - 3.6% | |||
B&M European Value Retail S.A. | 79,737 | 427,173 | |
Dollar General Corp. | 47,500 | 4,155,300 | |
Dollar Tree, Inc. (a) | 98,521 | 8,136,849 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 5,100 | 360,570 | |
Target Corp. | 10,800 | 787,212 | |
13,867,104 | |||
TOTAL MULTILINE RETAIL | 16,254,397 | ||
Personal Products - 0.0% | |||
Personal Products - 0.0% | |||
Estee Lauder Companies, Inc. Class A | 1,200 | 179,328 | |
Real Estate Management & Development - 0.1% | |||
Real Estate Services - 0.1% | |||
Redfin Corp. (b) | 14,000 | 309,400 | |
Software - 0.2% | |||
Application Software - 0.1% | |||
Adobe Systems, Inc. (a) | 1,400 | 348,992 | |
Home Entertainment Software - 0.1% | |||
Activision Blizzard, Inc. | 5,000 | 354,550 | |
TOTAL SOFTWARE | 703,542 | ||
Specialty Retail - 17.7% | |||
Apparel Retail - 5.1% | |||
Burlington Stores, Inc. (a) | 41,600 | 6,084,000 | |
Inditex SA | 12,388 | 391,572 | |
Ross Stores, Inc. | 77,780 | 6,135,286 | |
The Children's Place Retail Stores, Inc. | 6,000 | 772,500 | |
TJX Companies, Inc. | 71,609 | 6,467,725 | |
19,851,083 | |||
Automotive Retail - 2.0% | |||
AutoZone, Inc. (a) | 4,400 | 2,857,008 | |
Monro, Inc. | 8,700 | 488,070 | |
O'Reilly Automotive, Inc. (a) | 15,498 | 4,175,316 | |
7,520,394 | |||
Home Improvement Retail - 10.0% | |||
Floor & Decor Holdings, Inc. Class A (a) | 7,700 | 361,900 | |
Home Depot, Inc. | 148,700 | 27,739,985 | |
Lowe's Companies, Inc. | 111,900 | 10,631,619 | |
38,733,504 | |||
Specialty Stores - 0.6% | |||
Five Below, Inc. (a) | 500 | 35,355 | |
Tiffany & Co., Inc. | 2,600 | 340,028 | |
Ulta Beauty, Inc. (a) | 7,000 | 1,728,370 | |
2,103,753 | |||
TOTAL SPECIALTY RETAIL | 68,208,734 | ||
Technology Hardware, Storage & Peripherals - 0.2% | |||
Technology Hardware, Storage & Peripherals - 0.2% | |||
Apple, Inc. | 5,100 | 953,037 | |
Textiles, Apparel & Luxury Goods - 5.4% | |||
Apparel, Accessories & Luxury Goods - 3.0% | |||
adidas AG | 3,348 | 757,746 | |
Canada Goose Holdings, Inc. (a) | 9,200 | 387,981 | |
Carter's, Inc. | 9,700 | 1,057,397 | |
G-III Apparel Group Ltd. (a) | 10,400 | 435,760 | |
Kering SA | 800 | 457,987 | |
lululemon athletica, Inc. (a) | 2,200 | 231,110 | |
LVMH Moet Hennessy - Louis Vuitton SA | 3,127 | 1,088,817 | |
Michael Kors Holdings Ltd. (a) | 5,600 | 321,384 | |
Prada SpA | 68,800 | 360,984 | |
PVH Corp. | 33,100 | 5,296,000 | |
Swatch Group AG (Bearer) | 440 | 213,482 | |
Tapestry, Inc. | 16,100 | 703,892 | |
VF Corp. | 4,600 | 373,336 | |
11,685,876 | |||
Footwear - 2.4% | |||
NIKE, Inc. Class B | 127,750 | 9,172,450 | |
Puma AG | 66 | 40,045 | |
9,212,495 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 20,898,371 | ||
Tobacco - 0.2% | |||
Tobacco - 0.2% | |||
Philip Morris International, Inc. | 7,900 | 628,366 | |
TOTAL COMMON STOCKS | |||
(Cost $284,793,420) | 382,157,268 | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 1.76% (d) | 914,966 | 915,149 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 8,179,397 | 8,180,215 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,095,364) | 9,095,364 | ||
TOTAL INVESTMENT IN SECURITIES - 101.4% | |||
(Cost $293,888,784) | 391,252,632 | ||
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (5,380,366) | ||
NET ASSETS - 100% | $385,872,266 |
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 $101,175 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 | $3,573 |
Fidelity Securities Lending Cash Central Fund | 43,883 |
Total | $47,456 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $382,157,268 | $379,825,111 | $2,332,157 | $-- |
Money Market Funds | 9,095,364 | 9,095,364 | -- | -- |
Total Investments in Securities: | $391,252,632 | $388,920,475 | $2,332,157 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $8,720,162 |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
Aerospace & Defense - 0.5% | |||
Aerospace & Defense - 0.5% | |||
Harris Corp. | 8,000 | $1,203,760 | |
Communications Equipment - 83.0% | |||
Communications Equipment - 83.0% | |||
ADTRAN, Inc. | 257,600 | 3,593,520 | |
ADVA Optical Networking SE (a)(b) | 9,113 | 65,519 | |
Arista Networks, Inc. (a) | 23,000 | 5,785,880 | |
Arris International PLC (a) | 164,635 | 4,161,973 | |
Calix Networks, Inc. (a) | 75,321 | 512,183 | |
Ciena Corp. (a) | 34,600 | 797,530 | |
Cisco Systems, Inc. | 1,218,499 | 52,042,091 | |
CommScope Holding Co., Inc. (a) | 416,971 | 12,225,590 | |
Comtech Telecommunications Corp. | 27,300 | 854,490 | |
EchoStar Holding Corp. Class A (a) | 40,400 | 1,900,416 | |
Extreme Networks, Inc. (a) | 43,700 | 376,257 | |
F5 Networks, Inc. (a) | 83,235 | 14,408,811 | |
Finisar Corp. (a)(b) | 259,000 | 4,198,390 | |
Infinera Corp. (a) | 275,114 | 2,421,003 | |
InterDigital, Inc. | 52,400 | 4,131,740 | |
Juniper Networks, Inc. | 393,812 | 10,491,152 | |
Lumentum Holdings, Inc. (a)(b) | 86,320 | 5,071,300 | |
Mitel Networks Corp. (a) | 388,700 | 4,291,248 | |
Motorola Solutions, Inc. | 59,759 | 6,414,531 | |
NETGEAR, Inc. (a) | 30,150 | 1,822,568 | |
NetScout Systems, Inc. (a) | 93,900 | 2,535,300 | |
Nokia Corp. sponsored ADR (b) | 3,052,403 | 17,673,413 | |
Oclaro, Inc. (a) | 414,800 | 3,550,688 | |
Palo Alto Networks, Inc. (a) | 41,300 | 8,594,117 | |
Plantronics, Inc. | 43,634 | 3,178,737 | |
Quantenna Communications, Inc. (a) | 209,600 | 3,353,600 | |
Radware Ltd. (a) | 35,891 | 837,337 | |
Sierra Wireless, Inc. (a)(b) | 32,500 | 534,147 | |
Sonus Networks, Inc. (a) | 464,760 | 2,816,446 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,567,580 | 11,302,252 | |
ViaSat, Inc. (a)(b) | 24,600 | 1,540,206 | |
Viavi Solutions, Inc. (a) | 493,700 | 4,695,087 | |
196,177,522 | |||
Electronic Equipment & Components - 3.0% | |||
Electronic Components - 0.3% | |||
Corning, Inc. | 23,800 | 646,646 | |
Electronic Manufacturing Services - 1.8% | |||
Fabrinet | 63,500 | 2,230,755 | |
Jabil, Inc. | 42,800 | 1,210,384 | |
TE Connectivity Ltd. | 9,000 | 837,720 | |
4,278,859 | |||
Technology Distributors - 0.9% | |||
CDW Corp. | 14,400 | 1,152,720 | |
Dell Technologies, Inc. (a) | 12,859 | 1,037,207 | |
2,189,927 | |||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 7,115,432 | ||
Internet Software & Services - 2.5% | |||
Internet Software & Services - 2.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 3,040 | 3,344,000 | |
Class C (a) | 1,305 | 1,415,912 | |
LogMeIn, Inc. | 10,308 | 1,112,233 | |
5,872,145 | |||
IT Services - 1.6% | |||
Data Processing & Outsourced Services - 0.4% | |||
WNS Holdings Ltd. sponsored ADR (a) | 18,700 | 956,318 | |
IT Consulting & Other Services - 1.2% | |||
Amdocs Ltd. | 16,700 | 1,126,582 | |
Cognizant Technology Solutions Corp. Class A | 8,650 | 651,778 | |
Presidio, Inc. (a) | 80,900 | 1,082,442 | |
2,860,802 | |||
TOTAL IT SERVICES | 3,817,120 | ||
Media - 0.5% | |||
Cable & Satellite - 0.5% | |||
Comcast Corp. Class A | 40,800 | 1,272,144 | |
Semiconductors & Semiconductor Equipment - 5.3% | |||
Semiconductors - 5.3% | |||
Acacia Communications, Inc. (a)(b) | 116,000 | 3,751,440 | |
Analog Devices, Inc. | 8,100 | 787,158 | |
Broadcom, Inc. | 5,623 | 1,417,390 | |
Cavium, Inc. (a) | 5,800 | 484,938 | |
Maxim Integrated Products, Inc. | 6,500 | 381,225 | |
NXP Semiconductors NV (a) | 6,700 | 763,800 | |
ON Semiconductor Corp. (a) | 34,200 | 859,446 | |
Qualcomm, Inc. | 69,319 | 4,028,820 | |
12,474,217 | |||
Software - 1.9% | |||
Application Software - 0.9% | |||
Citrix Systems, Inc. (a) | 10,000 | 1,056,200 | |
Micro Focus International PLC | 57,400 | 1,016,927 | |
SailPoint Technologies Holding, Inc. (a) | 2,300 | 60,007 | |
2,133,134 | |||
Systems Software - 1.0% | |||
Check Point Software Technologies Ltd. (a) | 11,000 | 1,070,960 | |
Oracle Corp. | 25,800 | 1,205,376 | |
2,276,336 | |||
TOTAL SOFTWARE | 4,409,470 | ||
Technology Hardware, Storage & Peripherals - 0.8% | |||
Technology Hardware, Storage & Peripherals - 0.8% | |||
HP, Inc. | 51,211 | 1,128,178 | |
Samsung Electronics Co. Ltd. | 14,400 | 675,875 | |
1,804,053 | |||
TOTAL COMMON STOCKS | |||
(Cost $185,290,336) | 234,145,863 | ||
Money Market Funds - 12.2% | |||
Fidelity Cash Central Fund, 1.76% (c) | 2,209,960 | 2,210,402 | |
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) | 26,755,531 | 26,758,207 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $28,968,609) | 28,968,609 | ||
TOTAL INVESTMENT IN SECURITIES - 111.3% | |||
(Cost $214,258,945) | 263,114,472 | ||
NET OTHER ASSETS (LIABILITIES) - (11.3)% | (26,799,946) | ||
NET ASSETS - 100% | $236,314,526 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $9,814 |
Fidelity Securities Lending Cash Central Fund | 73,021 |
Total | $82,835 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $234,145,863 | $233,128,936 | $1,016,927 | $-- |
Money Market Funds | 28,968,609 | 28,968,609 | -- | -- |
Total Investments in Securities: | $263,114,472 | $262,097,545 | $1,016,927 | $-- |
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.
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, 2018
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value | ||
Aerospace & Defense - 1.4% | |||
Aerospace & Defense - 1.4% | |||
Harris Corp. | 22,100 | $3,325,387 | |
Communications Equipment - 4.5% | |||
Communications Equipment - 4.5% | |||
CommScope Holding Co., Inc. (a) | 65,300 | 1,914,596 | |
Motorola Solutions, Inc. | 11,468 | 1,230,975 | |
Nokia Corp. sponsored ADR (b) | 391,700 | 2,267,943 | |
Quantenna Communications, Inc. (a) | 207,800 | 3,324,800 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 323,900 | 2,335,319 | |
ViaSat, Inc. (a) | 1 | 63 | |
11,073,696 | |||
Diversified Telecommunication Services - 25.9% | |||
Alternative Carriers - 1.8% | |||
Iliad SA | 25,595 | 4,337,170 | |
Integrated Telecommunication Services - 24.1% | |||
AT&T, Inc. | 528,200 | 17,071,424 | |
BCE, Inc. | 94,100 | 3,919,745 | |
BT Group PLC sponsored ADR (b) | 381,200 | 5,180,508 | |
Chunghwa Telecom Co. Ltd. sponsored ADR (b) | 12,900 | 467,367 | |
Euskaltel, S.A. (c) | 390,900 | 3,648,998 | |
Masmovil Ibercom SA (a) | 18,070 | 2,480,044 | |
Telecom Italia SpA (a) | 2,505,500 | 2,016,248 | |
Telecom Italia SpA sponsored ADR (a)(b) | 25,400 | 205,232 | |
Telefonica SA sponsored ADR (b) | 509,997 | 4,487,974 | |
Verizon Communications, Inc. | 410,401 | 19,563,816 | |
59,041,356 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 63,378,526 | ||
Equity Real Estate Investment Trusts (REITs) - 7.3% | |||
Specialized REITs - 7.3% | |||
American Tower Corp. | 128,492 | 17,779,438 | |
Crown Castle International Corp. | 1 | 104 | |
17,779,542 | |||
Internet Software & Services - 5.1% | |||
Internet Software & Services - 5.1% | |||
Alphabet, Inc. Class A (a) | 10,300 | 11,330,000 | |
Gogo, Inc. (a)(b) | 222,600 | 1,141,938 | |
12,471,938 | |||
Media - 5.0% | |||
Cable & Satellite - 5.0% | |||
Altice NV Class A (a) | 134,099 | 1,566,954 | |
DISH Network Corp. Class A (a) | 82,100 | 2,426,055 | |
Liberty Global PLC Class A (a) | 214,400 | 6,112,544 | |
Telenet Group Holding NV (a) | 40,479 | 2,047,149 | |
12,152,702 | |||
Semiconductors & Semiconductor Equipment - 13.4% | |||
Semiconductors - 13.4% | |||
Marvell Technology Group Ltd. | 126,200 | 2,718,348 | |
Qorvo, Inc. (a) | 69,525 | 5,579,381 | |
Qualcomm, Inc. | 354,750 | 20,618,070 | |
Skyworks Solutions, Inc. | 30,300 | 2,987,883 | |
STMicroelectronics NV (NY Shares) unit | 33,500 | 799,645 | |
32,703,327 | |||
Software - 4.0% | |||
Application Software - 1.6% | |||
RingCentral, Inc. (a) | 53,400 | 4,045,050 | |
Home Entertainment Software - 2.0% | |||
Activision Blizzard, Inc. | 69,900 | 4,956,609 | |
Systems Software - 0.4% | |||
BlackBerry Ltd. (a) | 77,101 | 912,772 | |
TOTAL SOFTWARE | 9,914,431 | ||
Technology Hardware, Storage & Peripherals - 19.0% | |||
Technology Hardware, Storage & Peripherals - 19.0% | |||
Apple, Inc. | 248,505 | 46,438,128 | |
Wireless Telecommunication Services - 12.1% | |||
Wireless Telecommunication Services - 12.1% | |||
China Mobile Ltd. sponsored ADR | 90,400 | 4,060,768 | |
Millicom International Cellular SA | 24,400 | 1,547,204 | |
Rogers Communications, Inc. Class B (non-vtg.) | 6,900 | 323,820 | |
Shenandoah Telecommunications Co. | 10,100 | 322,190 | |
SoftBank Corp. | 49,100 | 3,484,143 | |
Spok Holdings, Inc. | 1 | 15 | |
Sprint Corp. (a) | 32 | 164 | |
T-Mobile U.S., Inc. (a) | 203,075 | 11,311,278 | |
U.S. Cellular Corp. (a) | 5,800 | 208,336 | |
Vodafone Group PLC sponsored ADR | 319,681 | 8,289,328 | |
29,547,246 | |||
TOTAL COMMON STOCKS | |||
(Cost $202,556,561) | 238,784,923 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Diversified Telecommunication Services - 1.2% | |||
Integrated Telecommunication Services - 1.2% | |||
Telefonica Brasil SA | |||
(Cost $3,403,491) | 248,800 | 3,039,809 | |
Money Market Funds - 4.8% | |||
Fidelity Cash Central Fund, 1.76% (d) | 1,282,701 | 1,282,957 | |
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e) | 10,387,091 | 10,388,130 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $11,671,087) | 11,671,087 | ||
TOTAL INVESTMENT IN SECURITIES - 103.7% | |||
(Cost $217,631,139) | 253,495,819 | ||
NET OTHER ASSETS (LIABILITIES) - (3.7)% | (9,158,826) | ||
NET ASSETS - 100% | $244,336,993 |
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 $3,648,998 or 1.5% 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 | $5,143 |
Fidelity Securities Lending Cash Central Fund | 59,732 |
Total | $64,875 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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 | $238,784,923 | $233,284,532 | $5,500,391 | $-- |
Nonconvertible Preferred Stocks | 3,039,809 | 3,039,809 | -- | -- |
Money Market Funds | 11,671,087 | 11,671,087 | -- | -- |
Total Investments in Securities: | $253,495,819 | $247,995,428 | $5,500,391 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2018. 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 | $25,236,480 |
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.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Item 2.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 3.
Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 27, 2018 |
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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 27, 2018 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | July 27, 2018 |
Exhibit EX-99.CERT
I, Stacie M. Smith, 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 27, 2018
/s/Stacie M. Smith |
Stacie M. Smith |
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 27, 2018
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |