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Fidelity Select Portfolios – ‘NSAR-A/A’ for 1/31/14

On:  Thursday, 10/2/14, at 3:38pm ET   ·   Effective:  10/2/14   ·   For:  1/31/14   ·   Accession #:  320351-14-158   ·   File #:  811-03114

Previous ‘NSAR-A’:  ‘NSAR-A’ on 9/26/14 for 7/31/14   ·   Next:  ‘NSAR-A’ on 10/29/14 for 8/31/14   ·   Latest:  ‘NSAR-A’ on 3/28/18 for 1/31/18

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  As Of               Filer                 Filing    For·On·As Docs:Size

10/02/14  Fidelity Select Portfolios        NSAR-A/A    1/31/14    6:138K
          → Fidelity International Real Estate Fund 6 Classes/ContractsFidelity Real Estate Investment Portfolio FRESX

Amendment to Semi-Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A/A    Amended Answer File                                   16     67K 
 6: EX-99.77K CHNG ACCNT  Certified Accountant                      HTML      7K 
 4: EX-99.77Q1 OTHR EXHB  Mgmt Contract 1                           HTML     26K 
 5: EX-99.77Q1 OTHR EXHB  Mgmt Contract 2                           HTML     26K 
 2: EX-99.77Q1 OTHR EXHB  Sub Custodian Bbh                         HTML     42K 
 3: EX-99.77Q1 OTHR EXHB  Sub Custodian Mellon                      HTML     31K 


‘NSAR-A/A’   —   Amended Answer File




SEC Info rendering:  Data from the Answer File, which may only contain updates to a prior Form N-SAR


Form N-SAR
 
Semi-Annual Report by an Open-End Investment Company
 
Report 
 
      Registrant:   Fidelity Select PortfoliosList all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  1/31/14

Were there any Answer File errors in the Filing?  None Found
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  Yes
Is this a change to a previous Report?      No
 
Registrant 
 
 1.SEC CIK:      320351
SEC File #:   811-03114

Telephone #:  603-791-7481
 
 2.Address:      245 Summer Street
              Boston, MA  02210
 
 3.Is this the first Form N-SAR filed by the Registrant?  No
 
 4.Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series Top of Form N-SAR 
                                                                                    
 7.Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  2
The number of separate Funds/Series (portfolios) reported here: 2...

N-SAR S#      Fund/Series — Filings for F/S#… Symbols 
 
Information Common to All 
Series 50:    Fidelity International Real Estate FundS#39314  FIRAX & 5 more
Series 49:    Fidelity Real Estate Investment PortfolioS#39313  FRESX
 
Family of Investment Companies 
 
19.Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  496

The Identification Code of the family for Form N-SAR Filings:  FIDELITYZZ
 
Investment Company Type 
 
27.Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77K:  Letter re: a Change in Certified Public AccountantYes

EX-99.77Q1: Other DisclosureYes
 
Subsidiaries 
 
78.Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All SeriesList of 2 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: Principal Underwriter 
 
11.1Name:         Fidelity Distributors Corp.
SEC File #:   008-08775
Location:     Smithfield, RI
 
 All: Shareholder Servicing/Transfer Agent 
 
12.1Name:         Fidelity Investments Instit. Operations Co.
SEC File #:   084-01839
Location:     Boston, MA
 
 All: Independent Public Accountant 
 
13.1Name:         Pricewaterhousecoopers LLP
Location:     Boston, MA
 
 All: Affiliated Broker/Dealer 
 
14.1Name:         Fidelity Distributors Corp.
SEC File #:   008-08775
 
14.2Name:         Fidelity Brokerage Services LLC
SEC File #:   008-23292
 
14.3Name:         National Financial Services LLC
SEC File #:   008-26740
 
14.4Name:         Fidelity Investments Canada Ltd.
 
14.5Name:         Fidelity Brokerage Services Japan LLC
 
 All: Custodian 
 
18.Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: Brokerage Commissions Paid on Portfolio Transactions 
 
20.The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1Broker:       Citigroup, Inc.
IRS #:        04-3531811
Commissions paid ($000s)117
 
20.2Broker:       UBS AG
IRS #:        13-3873456
Commissions paid ($000s)78
 
20.3Broker:       Goldman Sachs Group, Inc.
IRS #:        13-5108880
Commissions paid ($000s)75
 
20.4Broker:       Deutsche Bank AG
IRS #:        36-6843535
Commissions paid ($000s)53
 
20.5Broker:       Morgan Stanley
IRS #:        13-2655998
Commissions paid ($000s)46
 
20.6Broker:       Bank of America Corp.
IRS #:        04-3410012
Commissions paid ($000s)43
 
20.7Broker:       Credit Suisse Group
IRS #:        13-5659485
Commissions paid ($000s)39
 
20.8Broker:       Barclays plc
IRS #:        13-4942190
Commissions paid ($000s)35
 
20.9Broker:       JPMorgan Chase & Co.
IRS #:        13-3224016
Commissions paid ($000s)27
 
20.10Broker:       Royal Bank of Canada
IRS #:        66-0178435
Commissions paid ($000s)14
 
21.Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s)670
 
 All: Portfolio Transactions with Entities Acting as Principals 
 
22.The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1Entity:       Fidelity Cash Central Fund
IRS #:        04-3331103
Registrant’s purchases ($000s)295,245
Registrant’s sales ($000s)284,849
 
22.2Entity:       Fidelity Series Equity-Income Fund
IRS #:        46-1115496
Registrant’s sales ($000s)11,476
 
22.3Entity:       Fidelity Series Stock Selctr LRG Cap Val Fd
IRS #:        46-1180150
Registrant’s purchases ($000s)7,609
Registrant’s sales ($000s)1,848
 
22.4Entity:       Fidelity Series Real Estate Equity Fund
IRS #:        45-3016014
Registrant’s purchases ($000s)3,416
Registrant’s sales ($000s)4,210
 
22.5Entity:       Fidelity Equity-Income Fund
IRS #:        04-6133142
Registrant’s sales ($000s)7,127
 
22.6Entity:       Bank of America Corp.
IRS #:        04-3410012
Registrant’s purchases ($000s)7,108
 
22.7Entity:       Fidelity Value Fund
IRS #:        04-2657680
Registrant’s purchases ($000s)4,363
Registrant’s sales ($000s)1,680
 
22.8Entity:       Wells Fargo & Co.
IRS #:        41-0449260
Registrant’s purchases ($000s)5,988
 
22.9Entity:       Fidelity Strategic Dividend & Income Fund
IRS #:        20-0337805
Registrant’s purchases ($000s)2,307
Registrant’s sales ($000s)3,310
 
22.10Entity:       Fidelity Small Cap Stock Fund
IRS #:        04-3409709
Registrant’s purchases ($000s)3,162
Registrant’s sales ($000s)2,173
 
23.Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s)369,687
   Aggregate sales ($000s)350,142
 
 All: Considerations which Affected the Participation of Brokers or Dealers 
 
26.Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  Yes
Broker or Dealer which is an affiliated person .........................  Yes
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  Yes
Other ..................................................................  No
 
 Series 49Information Common to All Funds/Series  List of 2 Funds/Series 
 
 7.Name:         Fidelity Real Estate Investment PortfolioS#39313  FRESX

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S49: Investment Adviser 
 
 8.1Name:         Fidelity Selectco, LLC
Role:         Adviser
SEC File #:   801-77635
Location:     Denver, CO
 
 8.2Name:         FMR Co., Inc. (FMRC)
Role:         Sub-Adviser
SEC File #:   801-03447
Location:     Boston, MA
 
 8.3Name:         Fidelity Management & Research (U.K.), Inc.
Role:         Sub-Adviser
SEC File #:   801-28773
Location:     Boston, MA
 
 8.4Name:         Fidelity Management & Research (Japan) Inc.
Role:         Sub-Adviser
SEC File #:   801-69571
Location:     Boston, MA
 
 8.5Name:         Fidelity Management & Research (Hong Kong) Ltd
Role:         Sub-Adviser
SEC File #:   801-69507
Location:     Hong Kong
              Hong Kong, Sar
 
 S49: Custodian 
 
15.1Name:         Brown Brothers Harriman & Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
15.2Name:         JPMorgan Chase & Co.
Role:         Custodian
Location:     New York, NY

Type of custody:  Section 17(f)(1) — Bank
 
15.3Name:         Brown Brothers Harriman & Co.
Role:         Sub-Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
15.4Name:         The Bank of New York Co., Inc.
Role:         Custodian
Location:     New York, NY

Type of custody:  Section 17(f)(1) — Bank
 
 S49: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S49: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
42,831
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 151,427
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
29,043
      Reinvestment of dividends and distributions ................ 20,258
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 114,893
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
45,118
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 106,390
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
40,058
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 117,486
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
43,974
      Reinvestment of dividends and distributions ................ 29,563
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 118,818
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
47,043
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 102,772

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
248,067
      Reinvestment of dividends and distributions ................ 49,821
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 711,786

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)0
 
 S49: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  No
 
34.Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)198
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S49: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  No
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s)2
 
 S49: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  No
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  Yes
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  Yes
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  Yes
Other ..................................................................  Yes
 
 S49: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S49: Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $2,500
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  No
    Growth?                           No
    Growth and income?                Yes
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S49: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes to both
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        
Short selling?                                           Yes      No
 
 S49: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)220,499
Sales ($000s):      620,502

Monthly average Value of portfolio ($000s)3,549,950

Percent turnover (lesser of Purchases or Sales, divided by Value):  6%
 
 S49: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
Net dividend income .............................................. 47,696
Account maintenance fees .........................................
Net other income ................................................. 155

Expenses  ($000s)
Advisory fees ....................................................
9,852
Administrator fees ...............................................
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 3,878
Custodian fees ................................................... 21
Postage ..........................................................
Printing expenses ................................................
Directors’ fees .................................................. 50
Registration fees ................................................ 42
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 517
Auditing fees .................................................... 44
Legal fees ....................................................... 71
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 26
Total expenses ................................................... 14,501

Expense reimbursements ($000s):   51

Net investment income ($000s):    33,401

Realized capital gains ($000s):   23,002
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)0
Net unrealized depreciation during the period ($000s)120,268

Total income dividends for which the record date passed during the
period ($000s)52,568

Total capital gains distributions for which the record date passed
during the period ($000s)2,117
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.4840

Distribution of capital gains:  $0.0200
Other distributions:            $0.0000
 
 S49: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash .............................................................
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock ..................................................... 3,398,690
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 132,345
Receivables from portfolio instruments sold ...................... 15,427
Receivables from affiliated persons .............................. 33
Other receivables ................................................ 4,025
All other assets ................................................. 26
Total assets ..................................................... 3,550,546

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
35,500
Amounts owed to affiliated persons ............................... 2,255
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 85,351

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 3,427,440

Number of shares outstanding (000s):   103,722

Net Asset Value (NAV) per share (to nearest cent):  $33.04

Total number of shareholder accounts:  396,735

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)3,574,685
 
 Series 50Information Common to All Funds/Series  List of 2 Funds/Series 
 
 7.Name:         Fidelity International Real Estate FundS#39314  FIRAX & 5 more

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S50: Investment Adviser 
 
 8.1Name:         Fidelity Selectco, LLC
Role:         Adviser
SEC File #:   801-77635
Location:     Denver, CO
 
 8.2Name:         FMR Co., Inc. (FMRC)
Role:         Sub-Adviser
SEC File #:   801-03447
Location:     Boston, MA
 
 8.3Name:         Fidelity Management & Research (U.K.), Inc.
Role:         Sub-Adviser
SEC File #:   801-28773
Location:     Boston, MA
 
 8.4Name:         Fil Investments (Japan) Ltd. (Fij)
Role:         Sub-Adviser
SEC File #:   801-45731
Location:     Tokyo
              Japan
 
 8.5Name:         Fil Investment Advisors
Role:         Sub-Adviser
SEC File #:   801-21347
Location:     Pembroke
              Bermuda
 
 8.6Name:         Fil Investment Advisors (Uk) Ltd.
Role:         Sub-Adviser
SEC File #:   801-23620
Location:     Hildenborough
              United Kingdom
 
 8.7Name:         Fidelity Management & Research (Hong Kong) Ltd
Role:         Sub-Adviser
SEC File #:   801-69507
Location:     Hong Kong
              Hong Kong, Sar
 
 8.8Name:         Fidelity Management & Research (Japan) Inc.
Role:         Sub-Adviser
SEC File #:   801-69571
Location:     Boston, MA
 
 S50: Custodian 
 
15.1Name:         The Bank of New York Mellon
Role:         Custodian
Location:     New York, NY
 
15.2Name:         JPMorgan Chase Bank, N.A.
Role:         Custodian
Location:     New York, NY

Type of custody:  Section 17(f)(1) — Bank
 
15.3Name:         The Bank of New York Mellon
Role:         Sub-Custodian
Location:     New York, NY

Type of custody:  Section 17(f)(1) — Bank
 
 S50: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S50: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
4,552
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 20,168
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
6,084
      Reinvestment of dividends and distributions ................ 12,043
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 13,844
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
12,065
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,907
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
7,616
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 21,815
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
12,560
      Reinvestment of dividends and distributions ................ 6,678
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 16,105
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
10,783
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 19,646

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
53,660
      Reinvestment of dividends and distributions ................ 18,721
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 102,485

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)290
 
 S50: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s)14

The maximum sales load rate in effect at period end as a percentage of
the offering price:  5.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s)5

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s)0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s)9
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s)0
 
34.Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s)1
 
36.Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)64
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S50: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
Printing & mailing of prospectuses to other than current shareholders ..
Payments to underwriters ............................................... 100
Payments to brokers or dealers .........................................
Direct payments to sales personnel .....................................
Payments to banks and savings & loans ..................................
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
Unallocated payments made for a combination of such services ...........
 
43.Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s)63
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s)7
 
 S50: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  No
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  Yes
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  Yes
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  Yes
Other ..................................................................  Yes
 
 S50: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S50: Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $2,500
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  Yes
 
69.Is the Registrant/Series an index Fund?  No
 
 S50: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes to both
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        
Short selling?                                           Yes      No
 
 S50: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)85,807
Sales ($000s):      132,958

Monthly average Value of portfolio ($000s)368,625

Percent turnover (lesser of Purchases or Sales, divided by Value):  23%
 
 S50: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
Net dividend income .............................................. 4,713
Account maintenance fees .........................................
Net other income ................................................. 18

Expenses  ($000s)
Advisory fees ....................................................
1,365
Administrator fees ...............................................
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 582
Custodian fees ................................................... 83
Postage ..........................................................
Printing expenses ................................................
Directors’ fees .................................................. 5
Registration fees ................................................ 46
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 101
Auditing fees .................................................... 49
Legal fees ....................................................... 7
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 63
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 11
Total expenses ................................................... 2,312

Expense reimbursements ($000s):   5

Net investment income ($000s):    2,424

Realized capital gains ($000s):   14,881
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)0
Net unrealized depreciation during the period ($000s)8,042

Total income dividends for which the record date passed during the
period ($000s)6,613
Dividends for a second class of shares ($000s)146

Total capital gains distributions for which the record date passed
during the period ($000s)13,003
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S50: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash .............................................................
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock ..................................................... 345,594
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 19,767
Receivables from portfolio instruments sold ...................... 8,097
Receivables from affiliated persons .............................. 4
Other receivables ................................................ 1,317
All other assets ................................................. 3
Total assets ..................................................... 374,782

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
10,579
Amounts owed to affiliated persons ............................... 338
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 1,647

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 362,218

Number of shares outstanding (000s):   35,839
Number of shares outstanding of a second class of shares (000s)789

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  112,372

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)388,989
 
 Signature  Top of Form N-SAR 
                                                                                    
/s/      Adrien E. Deberghes      
Name:   Adrien E. Deberghes
Title:  President & Treasurer

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