N-Q 1 select.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Scott C. Goebel, Secretary

245 Summer St.

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

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

Date of fiscal year end:

July 31

 

 

Date of reporting period:

April 30, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

April 30, 2013 

1.815812.108

IRE-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%

Shares

Value

Australia - 14.6%

Abacus Property Group unit

3,021,022

$ 7,328,631

ALE Property Group

834,109

2,256,921

Charter Hall Group unit

1,274,305

5,627,767

Goodman Group unit

1,703,126

9,198,936

Mirvac Group unit

7,027,021

12,894,295

Westfield Group unit

2,552,621

30,829,420

TOTAL AUSTRALIA

68,135,970

Bailiwick of Jersey - 1.7%

Atrium European Real Estate Ltd.

1,332,333

7,951,919

Belgium - 1.1%

Warehouses de Pauw (d)

80,235

5,124,776

Bermuda - 4.3%

CSI Properties Ltd.

20,750,000

975,980

Great Eagle Holdings Ltd.

1,095,088

4,642,745

Hongkong Land Holdings Ltd.

1,626,000

11,804,760

Tai Cheung Holdings Ltd.

3,166,000

2,529,487

TOTAL BERMUDA

19,952,972

Brazil - 1.1%

BHG SA (Brazil Hospitality Group) (a)

189,600

1,641,320

Even Construtora e Incorporadora SA

428,300

2,007,974

Multiplan Empreendimentos Imobiliarios SA

49,000

1,398,671

TOTAL BRAZIL

5,047,965

Cayman Islands - 0.7%

KWG Property Holding Ltd.

5,007,500

3,458,722

Chile - 0.2%

Parque Arauco SA

403,611

1,043,758

Finland - 1.0%

Sponda Oyj

835,100

4,454,129

France - 4.7%

Altarea

14,100

2,618,228

Klepierre SA

111,200

4,715,524

Societe de la Tour Eiffel

32,724

2,163,413

Societe Fonciere Lyonnaise SA (d)

131,386

6,921,152

Unibail-Rodamco

20,557

5,373,899

TOTAL FRANCE

21,792,216

Germany - 2.4%

Deutsche EuroShop AG

100,153

4,291,252

IVG Immobilien AG (a)(d)

545,000

457,917

Common Stocks - continued

Shares

Value

Germany - continued

LEG Immobilien AG

50,570

$ 2,783,803

Patrizia Immobilien AG (a)

376,877

3,816,267

TOTAL GERMANY

11,349,239

Hong Kong - 11.7%

Hang Lung Properties Ltd.

2,055,500

7,999,343

Hysan Development Co. Ltd.

1,060,703

5,255,572

Lai Sun Development Co. Ltd. (a)

34,167,000

1,025,871

Magnificent Estates Ltd.

61,744,000

3,580,446

Sun Hung Kai Properties Ltd.

1,705,133

24,653,637

Wheelock and Co. Ltd.

2,209,000

12,297,288

TOTAL HONG KONG

54,812,157

Italy - 1.0%

Beni Stabili SpA SIIQ

6,923,133

4,877,820

Japan - 25.9%

Advance Residence Investment Corp.

3,468

8,310,759

BLife Investment Corp.

2,919

12,472,562

Fukuoka (REIT) Investment Fund

1,031

8,734,321

Goldcrest Co. Ltd.

70,700

2,325,654

Mitsui Fudosan Co. Ltd.

1,265,000

43,051,775

Nomura Real Estate Holdings, Inc.

419,200

11,269,704

Sumitomo Realty & Development Co. Ltd.

483,000

22,827,233

Tokyo Tatemono Co. Ltd.

529,000

4,902,793

United Urban Investment Corp.

4,198

6,916,221

TOTAL JAPAN

120,811,022

Mexico - 0.2%

Corporacion Inmobiliaria Vesta S.A.B. de CV

494,803

1,140,195

Netherlands - 0.7%

VastNed Retail NV

71,972

3,212,688

Singapore - 9.1%

Global Logistic Properties Ltd.

4,318,000

9,675,798

Parkway Life REIT

5,058,000

10,964,407

UOL Group Ltd.

2,172,000

12,573,159

Wing Tai Holdings Ltd.

4,493,181

7,952,533

Yanlord Land Group Ltd.

1,165,000

1,333,645

TOTAL SINGAPORE

42,499,542

Sweden - 2.3%

Castellum AB

254,300

3,806,035

Common Stocks - continued

Shares

Value

Sweden - continued

Hufvudstaden AB Series A

296,700

$ 3,877,534

Wihlborgs Fastigheter AB (d)

184,200

3,041,081

TOTAL SWEDEN

10,724,650

United Kingdom - 12.5%

Big Yellow Group PLC

1,187,500

7,442,974

Derwent London PLC

246,300

8,834,005

Hammerson PLC

874,329

7,055,532

Helical Bar PLC

3,004,627

11,574,749

Quintain Estates & Development PLC (a)

2,524,500

2,539,127

Safestore Holdings PLC

3,654,600

7,777,316

Segro PLC

1,194,500

4,942,990

St. Modwen Properties PLC

915,000

3,800,597

Unite Group PLC

843,900

4,559,213

TOTAL UNITED KINGDOM

58,526,503

TOTAL COMMON STOCKS

(Cost $385,032,017)


444,916,243

Money Market Funds - 7.0%

 

 

 

 

Fidelity Cash Central Fund, 0.13% (b)

28,159,481

28,159,481

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

4,551,168

4,551,168

TOTAL MONEY MARKET FUNDS

(Cost $32,710,649)


32,710,649

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $417,742,666)

477,626,892

NET OTHER ASSETS (LIABILITIES) - (2.2)%

(10,333,650)

NET ASSETS - 100%

$ 467,293,242

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 25,715

Fidelity Securities Lending Cash Central Fund

70,887

Total

$ 96,602

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, 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. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 7,229,740

$ 7,229,740

$ -

$ -

Financials

437,686,503

316,875,481

120,811,022

-

Money Market Funds

32,710,649

32,710,649

-

-

Total Investments in Securities:

$ 477,626,892

$ 356,815,870

$ 120,811,022

$ -

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $421,993,243. Net unrealized appreciation aggregated $55,633,649, of which $70,497,660 related to appreciated investment securities and $14,864,011 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Real Estate Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2013

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity International Real Estate Fund 

1.847932.106

AIRE-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%

Shares

Value

Australia - 14.6%

Abacus Property Group unit

3,021,022

$ 7,328,631

ALE Property Group

834,109

2,256,921

Charter Hall Group unit

1,274,305

5,627,767

Goodman Group unit

1,703,126

9,198,936

Mirvac Group unit

7,027,021

12,894,295

Westfield Group unit

2,552,621

30,829,420

TOTAL AUSTRALIA

68,135,970

Bailiwick of Jersey - 1.7%

Atrium European Real Estate Ltd.

1,332,333

7,951,919

Belgium - 1.1%

Warehouses de Pauw (d)

80,235

5,124,776

Bermuda - 4.3%

CSI Properties Ltd.

20,750,000

975,980

Great Eagle Holdings Ltd.

1,095,088

4,642,745

Hongkong Land Holdings Ltd.

1,626,000

11,804,760

Tai Cheung Holdings Ltd.

3,166,000

2,529,487

TOTAL BERMUDA

19,952,972

Brazil - 1.1%

BHG SA (Brazil Hospitality Group) (a)

189,600

1,641,320

Even Construtora e Incorporadora SA

428,300

2,007,974

Multiplan Empreendimentos Imobiliarios SA

49,000

1,398,671

TOTAL BRAZIL

5,047,965

Cayman Islands - 0.7%

KWG Property Holding Ltd.

5,007,500

3,458,722

Chile - 0.2%

Parque Arauco SA

403,611

1,043,758

Finland - 1.0%

Sponda Oyj

835,100

4,454,129

France - 4.7%

Altarea

14,100

2,618,228

Klepierre SA

111,200

4,715,524

Societe de la Tour Eiffel

32,724

2,163,413

Societe Fonciere Lyonnaise SA (d)

131,386

6,921,152

Unibail-Rodamco

20,557

5,373,899

TOTAL FRANCE

21,792,216

Germany - 2.4%

Deutsche EuroShop AG

100,153

4,291,252

IVG Immobilien AG (a)(d)

545,000

457,917

Common Stocks - continued

Shares

Value

Germany - continued

LEG Immobilien AG

50,570

$ 2,783,803

Patrizia Immobilien AG (a)

376,877

3,816,267

TOTAL GERMANY

11,349,239

Hong Kong - 11.7%

Hang Lung Properties Ltd.

2,055,500

7,999,343

Hysan Development Co. Ltd.

1,060,703

5,255,572

Lai Sun Development Co. Ltd. (a)

34,167,000

1,025,871

Magnificent Estates Ltd.

61,744,000

3,580,446

Sun Hung Kai Properties Ltd.

1,705,133

24,653,637

Wheelock and Co. Ltd.

2,209,000

12,297,288

TOTAL HONG KONG

54,812,157

Italy - 1.0%

Beni Stabili SpA SIIQ

6,923,133

4,877,820

Japan - 25.9%

Advance Residence Investment Corp.

3,468

8,310,759

BLife Investment Corp.

2,919

12,472,562

Fukuoka (REIT) Investment Fund

1,031

8,734,321

Goldcrest Co. Ltd.

70,700

2,325,654

Mitsui Fudosan Co. Ltd.

1,265,000

43,051,775

Nomura Real Estate Holdings, Inc.

419,200

11,269,704

Sumitomo Realty & Development Co. Ltd.

483,000

22,827,233

Tokyo Tatemono Co. Ltd.

529,000

4,902,793

United Urban Investment Corp.

4,198

6,916,221

TOTAL JAPAN

120,811,022

Mexico - 0.2%

Corporacion Inmobiliaria Vesta S.A.B. de CV

494,803

1,140,195

Netherlands - 0.7%

VastNed Retail NV

71,972

3,212,688

Singapore - 9.1%

Global Logistic Properties Ltd.

4,318,000

9,675,798

Parkway Life REIT

5,058,000

10,964,407

UOL Group Ltd.

2,172,000

12,573,159

Wing Tai Holdings Ltd.

4,493,181

7,952,533

Yanlord Land Group Ltd.

1,165,000

1,333,645

TOTAL SINGAPORE

42,499,542

Sweden - 2.3%

Castellum AB

254,300

3,806,035

Common Stocks - continued

Shares

Value

Sweden - continued

Hufvudstaden AB Series A

296,700

$ 3,877,534

Wihlborgs Fastigheter AB (d)

184,200

3,041,081

TOTAL SWEDEN

10,724,650

United Kingdom - 12.5%

Big Yellow Group PLC

1,187,500

7,442,974

Derwent London PLC

246,300

8,834,005

Hammerson PLC

874,329

7,055,532

Helical Bar PLC

3,004,627

11,574,749

Quintain Estates & Development PLC (a)

2,524,500

2,539,127

Safestore Holdings PLC

3,654,600

7,777,316

Segro PLC

1,194,500

4,942,990

St. Modwen Properties PLC

915,000

3,800,597

Unite Group PLC

843,900

4,559,213

TOTAL UNITED KINGDOM

58,526,503

TOTAL COMMON STOCKS

(Cost $385,032,017)


444,916,243

Money Market Funds - 7.0%

 

 

 

 

Fidelity Cash Central Fund, 0.13% (b)

28,159,481

28,159,481

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

4,551,168

4,551,168

TOTAL MONEY MARKET FUNDS

(Cost $32,710,649)


32,710,649

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $417,742,666)

477,626,892

NET OTHER ASSETS (LIABILITIES) - (2.2)%

(10,333,650)

NET ASSETS - 100%

$ 467,293,242

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 25,715

Fidelity Securities Lending Cash Central Fund

70,887

Total

$ 96,602

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, 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. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 7,229,740

$ 7,229,740

$ -

$ -

Financials

437,686,503

316,875,481

120,811,022

-

Money Market Funds

32,710,649

32,710,649

-

-

Total Investments in Securities:

$ 477,626,892

$ 356,815,870

$ 120,811,022

$ -

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $421,993,243. Net unrealized appreciation aggregated $55,633,649, of which $70,497,660 related to appreciated investment securities and $14,864,011 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate
Investment Portfolio

April 30, 2013 

1.800348.109


REA-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

HEALTH CARE PROVIDERS & SERVICES - 0.5%

Health Care Facilities - 0.5%

Brookdale Senior Living, Inc. (a)

925,000

$ 23,856

REAL ESTATE INVESTMENT TRUSTS - 96.2%

REITs - Apartments - 15.3%

American Campus Communities, Inc.

1,109,900

49,546

Apartment Investment & Management Co. Class A

2,974,974

92,551

AvalonBay Communities, Inc.

848,700

112,911

Camden Property Trust (SBI)

948,100

68,586

Education Realty Trust, Inc.

2,150,060

23,629

Equity Residential (SBI)

3,115,600

180,892

Home Properties, Inc.

596,500

38,450

Post Properties, Inc.

811,300

40,103

UDR, Inc.

2,562,341

62,982

TOTAL REITS - APARTMENTS

669,650

REITs - Factory Outlets - 1.6%

Tanger Factory Outlet Centers, Inc.

1,862,300

69,129

REITs - Health Care Facilities - 13.6%

HCP, Inc.

4,737,600

252,514

Ventas, Inc.

4,309,454

343,162

TOTAL REITS - HEALTH CARE FACILITIES

595,676

REITs - Hotels - 5.9%

Chesapeake Lodging Trust

509,985

12,066

Host Hotels & Resorts, Inc.

11,304,005

206,524

Sunstone Hotel Investors, Inc. (a)

3,052,500

37,882

TOTAL REITS - HOTELS

256,472

REITs - Industrial Buildings - 18.6%

DCT Industrial Trust, Inc.

3,941,300

30,860

Duke Realty LP

4,696,800

82,852

DuPont Fabros Technology, Inc.

880,000

22,123

Extra Space Storage, Inc.

995,700

43,393

First Industrial Realty Trust, Inc.

1,582,500

28,390

First Potomac Realty Trust

944,600

15,114

Prologis, Inc.

5,577,200

233,964

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Industrial Buildings - continued

Public Storage

2,147,300

$ 354,305

Terreno Realty Corp.

323,100

6,081

TOTAL REITS - INDUSTRIAL BUILDINGS

817,082

REITs - Malls - 18.2%

CBL & Associates Properties, Inc.

1,765,850

42,628

General Growth Properties, Inc.

5,051,000

114,759

Simon Property Group, Inc.

3,099,272

551,885

The Macerich Co.

1,285,800

90,070

TOTAL REITS - MALLS

799,342

REITs - Management/Investment - 2.2%

Digital Realty Trust, Inc. (d)

1,265,500

89,243

Lexington Corporate Properties Trust

407,573

5,221

TOTAL REITS - MANAGEMENT/INVESTMENT

94,464

REITs - Mobile Home Parks - 0.8%

Sun Communities, Inc.

725,300

37,099

REITs - Mortgage - 0.7%

CapLease, Inc.

370,000

2,597

Newcastle Investment Corp.

2,558,000

28,982

TOTAL REITS - MORTGAGE

31,579

REITs - Office Buildings - 10.7%

BioMed Realty Trust, Inc.

1,722,500

38,773

Boston Properties, Inc.

1,060,300

116,029

Brandywine Realty Trust (SBI)

2,720,100

40,611

Cousins Properties, Inc.

1,205,000

13,159

Douglas Emmett, Inc.

1,469,200

38,449

Highwoods Properties, Inc. (SBI)

1,336,123

54,821

Hudson Pacific Properties, Inc.

125,000

2,851

Piedmont Office Realty Trust, Inc. Class A

1,700,000

34,884

SL Green Realty Corp.

1,408,446

127,746

TOTAL REITS - OFFICE BUILDINGS

467,323

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Shopping Centers - 8.6%

Cedar Shopping Centers, Inc.

1,028,405

$ 6,592

DDR Corp.

6,213,167

113,949

Excel Trust, Inc.

520,200

7,923

Federal Realty Investment Trust (SBI)

228,800

26,772

Glimcher Realty Trust

2,466,979

30,936

Kimco Realty Corp.

5,378,800

127,908

Kite Realty Group Trust

1,090,000

7,194

Ramco-Gershenson Properties Trust (SBI)

802,124

14,013

Vornado Realty Trust

501,071

43,874

TOTAL REITS - SHOPPING CENTERS

379,161

TOTAL REAL ESTATE INVESTMENT TRUSTS

4,216,977

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.5%

Real Estate Operating Companies - 1.5%

Forest City Enterprises, Inc. Class A (a)

3,478,400

64,942

TOTAL COMMON STOCKS

(Cost $3,297,842)


4,305,775

Money Market Funds - 3.3%

 

 

 

 

Fidelity Cash Central Fund, 0.13% (b)

121,632,479

121,632

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

21,450,000

21,450

TOTAL MONEY MARKET FUNDS

(Cost $143,082)


143,082

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $3,440,924)

4,448,857

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(64,603)

NET ASSETS - 100%

$ 4,384,254

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 63

Fidelity Securities Lending Cash Central Fund

43

Total

$ 106

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $3,576,706,000. Net unrealized appreciation aggregated $872,151,000, of which $1,118,021,000 related to appreciated investment securities and $245,870,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 28, 2013

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 28, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 28, 2013