Contents

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Chemicals Portfolio	79.15%	6.32%	11.63%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Chemicals Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

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Annual Report

Chemicals Portfolio

Management's Discussion of Fund Performance

Comments from Matthew Schuldt, Portfolio Manager of Select Chemicals Portfolio during the period covered by this report: The fund returned 79.15% during the past year, solidly outperforming the S&P 500 and the 68.99% return of the MSCI®U.S. IM Chemicals 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Security selection within specialty, diversified and commodity chemicals and within fertilizers/agricultural chemicals fueled much of the fund's outperformance versus the MSCI index. Additionally, a slight underweighting in fertilizers/agricultural chemicals and an overweighting in commodity chemicals helped. Detractors included underweightings in diversified chemicals and specialty chemicals, and a modest cash position in a rising market. Commodity chemicals company Celanese was the top contributor, boosted partly by better-than-expected profits. Diversified chemicals firm Solutia saw its shares jump higher thanks to some positive earnings surprises, while specialty chemicals firm W.R. Grace rose on successful cost cutting and improved earnings. Individual detractors included an underweighting in major index component Dow Chemical early in the period, as shares of the diversified chemicals producer increased on aggressive debt-reduction and cost-cutting measures. An underweighting in diversified chemicals maker PPG hurt as well, as this firm also benefited from cost cuts. Some holdings mentioned in this review were sold by period end.

Note to shareholders: Mahmoud Sharaf will become Portfolio Manager of the fund on April 1, 2010, replacing Matthew Schuldt.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other personin the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Actual	.93%	$ 1,000.00	$ 1,128.20	$ 4.91
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.18	$ 4.66

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Portfolio/Sector

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Monsanto Co.	15.3	18.2
Dow Chemical Co.	11.6	10.7
E.I. du Pont de Nemours & Co.	8.8	9.6
Praxair, Inc.	7.3	11.0
Air Products & Chemicals, Inc.	4.6	4.9
Albemarle Corp.	4.2	3.3
The Mosaic Co.	4.1	3.8
Celanese Corp. Class A	3.9	3.7
Ecolab, Inc.	3.5	1.8
CF Industries Holdings, Inc.	3.5	1.0
	66.8

Top Industries (% of fund's net assets)
As of February 28, 2010
	Chemicals	93.0%
	Food Products	1.7%
	Metals & Mining	1.1%
	Building Products	0.8%
	Containers & Packaging	0.4%
	All Others*	3.0%

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As of August 31, 2009
	Chemicals	92.1%
	Food Products	3.3%
	Metals & Mining	0.7%
	Road & Rail	0.5%
	All Others*	3.4%

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* Includes short-term investments and net other assets.

Annual Report

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
Masco Corp.	250,400		$ 3,347,848
CHEMICALS - 92.2%
Commodity Chemicals - 3.9%
Calgon Carbon Corp. (a)	30		465
Celanese Corp. Class A	526,061		16,407,843
			16,408,308
Diversified Chemicals - 31.7%
Ashland, Inc.	206,500		9,722,020
Cabot Corp.	79,500		2,310,270
Dow Chemical Co.	1,705,138		48,272,457
E.I. du Pont de Nemours & Co.	1,088,000		36,687,360
FMC Corp.	237,426		13,573,644
Huntsman Corp.	235,000		3,226,550
Orica Ltd.	85,000		1,904,336
PPG Industries, Inc.	108,900		6,701,706
Solutia, Inc. (a)	715,313		10,064,454
			132,462,797
Fertilizers & Agricultural Chemicals - 25.6%
CF Industries Holdings, Inc.	137,200		14,576,128
Fertilizantes Heringer SA (a)	319,900		2,039,260
Monsanto Co.	902,740		63,778,582
Terra Industries, Inc.	129,000		5,310,930
The Mosaic Co.	297,090		17,347,085
Yara International ASA	90,000		3,706,662
			106,758,647
Industrial Gases - 13.5%
Air Products & Chemicals, Inc.	278,400		19,092,672
Airgas, Inc.	108,200		6,939,948
Praxair, Inc.	404,060		30,361,068
			56,393,688
Specialty Chemicals - 17.5%
Albemarle Corp.	468,000		17,545,320
Cytec Industries, Inc.	50,000		2,133,500
Ecolab, Inc.	350,400		14,765,856
Ferro Corp.	559,400		4,581,486
H.B. Fuller Co.	90,000		1,889,100
Innophos Holdings, Inc.	165,000		3,831,300
Kraton Performance Polymers, Inc.	152,600		2,058,574
Lubrizol Corp.	90,700		7,166,207
Nalco Holding Co.	50,000		1,163,000
OM Group, Inc. (a)	1		34
OMNOVA Solutions, Inc. (a)	2		12
Valspar Corp.	162,500		4,446,000
W.R. Grace & Co. (a)	461,997		13,379,433
Zep, Inc.	46		1,016
			72,960,838
TOTAL CHEMICALS			384,984,278

	Shares		Value
CONTAINERS & PACKAGING - 0.4%
Metal & Glass Containers - 0.4%
Owens-Illinois, Inc. (a)	55,000		$ 1,630,200
FOOD PRODUCTS - 1.7%
Agricultural Products - 1.5%
Bunge Ltd.	85,000		5,065,150
Origin Agritech Ltd. (a)	110,000		973,500
			6,038,650
Packaged Foods & Meats - 0.2%
Westway Group, Inc.	200,000		900,000
TOTAL FOOD PRODUCTS			6,938,650
METALS & MINING - 1.1%
Diversified Metals & Mining - 1.1%
Globe Specialty Metals, Inc.	254,306		2,609,180
Gulf Resources, Inc. (a)(c)	219,500		2,122,565
			4,731,745
OIL, GAS & CONSUMABLE FUELS - 0.3%
Oil & Gas Refining & Marketing - 0.3%
CVR Energy, Inc. (a)	175,000		1,438,500
TOTAL COMMON STOCKS (Cost $425,711,673)		403,071,221

Floating Rate Loans - 0.8%
	Principal Amount
MATERIALS - 0.8%
Chemicals - 0.8%
Lyondell Chemical Co. term loan 5.7973% 12/20/13 (d)	$ 5,140,460		3,624,024
TOTAL FLOATING RATE LOANS (Cost $3,991,956)		3,624,024

Money Market Funds - 3.7%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (e)	15,005,989		$ 15,005,989
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	369,000		369,000
TOTAL MONEY MARKET FUNDS (Cost $15,374,989)		15,374,989

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $445,078,618)

422,070,234

NET OTHER ASSETS - (1.0)%			(4,308,754)
NET ASSETS - 100%		$ 417,761,480

Legend

(a) Non-income producing

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

(d) The coupon rate shown on floating or adjustable rate securities represents the rate 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	$ 40,383
Fidelity Securities Lending Cash Central Fund	12,890
Total	$ 53,273

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 403,071,221	$ 403,071,221	$ -	$ -
Floating Rate Loans	3,624,024	-	3,624,024	-
Money Market Funds	15,374,989	15,374,989	-	-
Total Investments in Securities:	$ 422,070,234	$ 418,446,210	$ 3,624,024	$ -

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $359,033) - See accompanying schedule: Unaffiliated issuers (cost $429,703,629)	$ 406,695,245
Fidelity Central Funds (cost $15,374,989)	15,374,989
Total Investments (cost $445,078,618)		$ 422,070,234
Cash		197,132
Receivable for investments sold		6,096,343
Receivable for fund shares sold		3,561,888
Dividends receivable		619,123
Interest receivable		44,740
Distributions receivable from Fidelity Central Funds		2,452
Prepaid expenses		1,227
Other receivables		7,687
Total assets		432,600,826

Liabilities
Payable for investments purchased	$ 13,741,889
Payable for fund shares redeemed	390,733
Accrued management fee	189,841
Other affiliated payables	113,216
Other payables and accrued expenses	34,667
Collateral on securities loaned, at value	369,000
Total liabilities		14,839,346

Net Assets		$ 417,761,480
Net Assets consist of:
Paid in capital		$ 467,134,065
Undistributed net investment income		273,032
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(26,637,168)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(23,008,449)
Net Assets, for 5,538,585 shares outstanding		$ 417,761,480
Net Asset Value, offering price and redemption price per share ($417,761,480 ÷ 5,538,585 shares)		$ 75.43

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 7,346,362
Special dividends		1,016,220
Interest		506,414
Income from Fidelity Central Funds		53,273
Total income		8,922,269

Expenses
Management fee	$ 2,023,685
Transfer agent fees	1,147,662
Accounting and security lending fees	140,519
Custodian fees and expenses	31,063
Independent trustees' compensation	2,378
Registration fees	38,925
Audit	47,895
Legal	1,779
Miscellaneous	6,619
Total expenses before reductions	3,440,525
Expense reductions	(31,323)	3,409,202
Net investment income (loss)		5,513,067
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	89,461,337
Foreign currency transactions	(18,862)
Total net realized gain (loss)		89,442,475
Change in net unrealized appreciation (depreciation) on: Investment securities	90,229,319
Assets and liabilities in foreign currencies	7,000
Total change in net unrealized appreciation (depreciation)		90,236,319
Net gain (loss)		179,678,794
Net increase (decrease) in net assets resulting from operations		$ 185,191,861

See accompanying notes which are an integral part of the financial statements.

Annual Report

Chemicals Portfolio
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,513,067	$ 4,173,903
Net realized gain (loss)	89,442,475	(109,648,533)
Change in net unrealized appreciation (depreciation)	90,236,319	(161,755,269)
Net increase (decrease) in net assets resulting from operations	185,191,861	(267,229,899)
Distributions to shareholders from net investment income	(5,851,052)	(3,797,773)
Distributions to shareholders from net realized gain	-	(85,400)
Total distributions	(5,851,052)	(3,883,173)
Share transactions Proceeds from sales of shares	175,471,010	540,452,849
Reinvestment of distributions	5,679,451	3,770,991
Cost of shares redeemed	(185,896,303)	(350,954,109)
Net increase (decrease) in net assets resulting from share transactions	(4,745,842)	193,269,731
Redemption fees	22,053	152,793
Total increase (decrease) in net assets	174,617,020	(77,690,548)

Net Assets
Beginning of period	243,144,460	320,835,008
End of period (including undistributed net investment income of $273,032 and undistributed net investment income of $593,361, respectively)	$ 417,761,480	$ 243,144,460
Other Information Shares
Sold	2,723,419	6,725,611
Issued in reinvestment of distributions	79,491	78,641
Redeemed	(2,953,275)	(5,061,028)
Net increase (decrease)	(150,365)	1,743,224

Financial Highlights


Years ended February 28,	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 42.74	$ 81.31	$ 70.60	$ 69.50	$ 71.52
Income from Investment Operations
Net investment income (loss)^C	1.00^F	.73	.85	.82^G	.52
Net realized and unrealized gain (loss)	32.77	(38.63)	12.80	11.08	(.33)
Total from investment operations	33.77	(37.90)	13.65	11.90	.19
Distributions from net investment income	(1.08)	(.68)	(.49)	(.87)	(.52)
Distributions from net realized gain	-	(.02)	(2.46)	(9.96)	(1.72)
Total distributions	(1.08)	(.70)	(2.95)	(10.83)	(2.24)
Redemption fees added to paid in capital^C	-^J	.03	.01	.03	.03
Net asset value, end of period	$ 75.43	$ 42.74	$ 81.31	$ 70.60	$ 69.50
Total Return^{A, B}	79.15%	(46.68)%	19.40%	18.51%	.51%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	.96%	.91%	.93%	1.06%	1.04%
Expenses net of fee waivers, if any	.96%	.91%	.93%	1.06%	1.04%
Expenses net of all reductions	.95%	.90%	.93%	1.06%	.99%
Net investment income (loss)	1.53%^F	1.05%	1.08%	1.19%^G	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 417,761	$ 243,144	$ 320,835	$ 119,675	$ 114,729
Portfolio turnover rate^E	228%	201%	65%	90%	141%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.18 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%. ^G Investment income per share reflects a special dividend which amounted to $.26 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .82%. ^H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^I For the year ended February 29. ^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

Chemicals Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For floating rate loans, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, defaulted bonds, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 14,188,110
Gross unrealized depreciation	$ (74,146,722)
Net unrealized appreciation (depreciation)	$ (59,958,612)

Tax Cost	$ 482,028,846

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 364,550
Undistributed long-term capital gain	$ 10,221,633
Net unrealized appreciation (depreciation)	$ (59,958,677)

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009

Ordinary Income	$ 5,851,052	$ 3,883,173

4. Operating Policies.

Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $783,222,683 and $791,474,708, respectively.

6. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .32% of average net assets.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,241 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

8. Security Lending.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $31,163 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $160.

10. Other.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Gold Portfolio	35.52%	17.69%	17.64%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Gold Portfolio, a class of the fund, on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

fid303

Annual Report

Gold Portfolio

Management's Discussion of Fund Performance

Comments from S. Joseph Wickwire II, Portfolio Manager of Select Gold Portfolio: During the past year, the fund's Retail Class shares returned 35.52%, trailing the S&P 500 but beating the 32.34% mark of the S&P® Global BMI Gold Capped Index, which was adopted in December 2009 as a better representation of the fund's investment universe. Versus its industry index, the fund was aided most by its diversification outside the gold market, especially its out-of-index investments in non-gold precious metals, coal and steel producers. These securities and their underlying commodities outperformed gold bullion and gold equities for a majority of the period. In absolute terms, our foreign holdings were bolstered by weakness in the U.S. dollar versus most major currencies, especially the Canadian dollar. At the stock level, out-of-index positions in Impala Platinum and Aquarius Platinum - both with operations in South Africa - provided strong performance, as that metal's two primary end-markets, jewelry and automobile catalytic converters, rebounded on improving demand and tightening supply. Other contributors were coal producer Massey Energy and diversified metals/mining holding Buenaventura, the latter based in Peru. Randgold Resources - a U.K.-based company with most of its assets in West Africa - and Aquiline Resources, a miner with projects in South America that was acquired on very favorable terms, also aided performance. Impala, Aquarius and Massey were reduced or sold by period end. Underweighting three large index constituents also benefited performance, as Newmont Mining and Canadian holdings Goldcorp and Barrick Gold all underperformed our industry benchmark. In the case of Goldcorp, I felt the company's potential improved significantly, leading me to make that stock the fund's largest position by period end. Conversely, underweighted exposure to outperforming emerging market and exploration gold names, such as SEMAFO and Centerra Gold, with operations in West Africa and Asia, respectively, and Russia-based Polyus Gold, detracted from our results. Another area of relative underperformance came from the fund's out-of-index exposure to gold bullion. While our bullion holdings delivered a return of approximately 18%, that result lagged the return of gold equities.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.16%
Actual		$ 1,000.00	$ 1,113.50	$ 6.08
Hypothetical^A		$ 1,000.00	$ 1,019.04	$ 5.81
Class T	1.47%
Actual		$ 1,000.00	$ 1,111.70	$ 7.70
Hypothetical^A		$ 1,000.00	$ 1,017.50	$ 7.35
Class B	1.96%
Actual		$ 1,000.00	$ 1,109.00	$ 10.25
Hypothetical^A		$ 1,000.00	$ 1,015.08	$ 9.79
Class C	1.91%
Actual		$ 1,000.00	$ 1,109.30	$ 9.99
Hypothetical^A		$ 1,000.00	$ 1,015.32	$ 9.54
Gold	.93%
Actual		$ 1,000.00	$ 1,114.60	$ 4.88
Hypothetical^A		$ 1,000.00	$ 1,020.18	$ 4.66
Institutional Class	.90%
Actual		$ 1,000.00	$ 1,115.00	$ 4.72
Hypothetical^A		$ 1,000.00	$ 1,020.33	$ 4.51

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Goldcorp, Inc.	9.8	9.9
Newmont Mining Corp.	7.8	4.7
AngloGold Ashanti Ltd. sponsored ADR	7.2	7.1
Newcrest Mining Ltd.	6.8	7.1
Agnico-Eagle Mines Ltd. (Canada)	6.1	6.7
Randgold Resources Ltd. sponsored ADR	5.2	4.5
Barrick Gold Corp.	4.9	10.0
Kinross Gold Corp.	4.9	4.8
Eldorado Gold Corp.	3.5	2.4
Yamana Gold, Inc.	3.5	4.2
	59.7

Top Industries (% of fund's net assets)
As of February 28, 2010
	Gold	92.6%
	Precious Metals & Minerals	4.5%
	Coal & Consumable Fuels	0.4%
	Diversified Metals & Mining	0.1%
	Oil & Gas Exploration & Production	0.0%
	All Others*	2.4%

fid311

As of August 31, 2009
	Gold	92.2%
	Precious Metals & Minerals	3.3%
	Diversified Metals & Mining	2.4%
	Coal & Consumable Fuels	0.5%
	Steel	0.3%
	All Others*	1.3%

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* Includes short-term investments and net other assets.

Annual Report

Consolidated Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 90.8%
	Shares		Value
Australia - 8.3%
METALS & MINING - 8.3%
Gold - 8.3%
Andean Resources Ltd. (a)	4,807,514		$ 11,067,888
Avoca Resources Ltd. (a)	2,035,474		3,263,846
Centamin Egypt Ltd. (a)	4,197,000		7,440,982
Dominion Mining Ltd.	595,594		1,392,521
Kingsgate Consolidated NL	1,260,123		9,944,888
Mineral Deposits Ltd. (a)	3,151,255		2,681,750
Newcrest Mining Ltd.	7,350,648		206,364,826
Perseus Mining Ltd. (c)	1,939,308		3,040,156
Resolute Mining Ltd. (a)	2,052,147		1,709,631
St Barbara Ltd. (a)	14,110,000		2,780,742
Troy Resources NL (a)(d)	2,300,000		4,043,716
			253,730,946
Bailiwick of Jersey - 5.2%
METALS & MINING - 5.2%
Gold - 5.2%
Randgold Resources Ltd. sponsored ADR (c)	2,203,667		158,686,061
Bermuda - 0.4%
METALS & MINING - 0.4%
Precious Metals & Minerals - 0.4%
Aquarius Platinum Ltd. (United Kingdom)	1,981,752		10,974,225
Canada - 49.1%
METALS & MINING - 49.0%
Diversified Metals & Mining - 0.1%
Anatolia Minerals Development Ltd. (a)	70,000		239,487
Clifton Star Resources, Inc. (a)	5,000		37,254
Kimber Resources, Inc. (a)	16,100		16,219
Kimber Resources, Inc. (a)(d)	3,888,000		3,916,636
Kimber Resources, Inc. warrants 3/11/10 (a)(d)	1,944,000		29,962
			4,239,558
Gold - 45.6%
Agnico-Eagle Mines Ltd. (Canada)	3,232,900		186,677,124
Alamos Gold, Inc. (a)	2,143,800		26,016,941
Aurizon Mines Ltd. (a)	2,234,600		8,982,996
B2Gold Corp. (a)(c)	880,000		1,145,735
Barrick Gold Corp.	3,924,519		147,880,426
Centerra Gold, Inc. (a)	280,000		3,408,696
Colossus Minerals, Inc. (a)	370,000		1,860,109
Crocodile Gold Corp. (a)	10,000		19,482
Detour Gold Corp. (a)(d)	615,000		9,953,386
Eldorado Gold Corp. (a)	8,475,213		107,042,605
European Goldfields Ltd. (a)	1,229,600		6,800,924
Exeter Resource Corp. (a)	233,000		1,882,157
Franco-Nevada Corp.	1,529,300		39,793,047
Gammon Gold, Inc. (a)	1,207,500		11,831,148
Gleichen Resources Ltd. (a)	230,000		209,836

	Shares		Value
Goldcorp, Inc.	7,880,300		$ 298,211,970
Golden Star Resources Ltd. (a)	3,375,769		10,522,711
Great Basin Gold Ltd. (a)(c)	5,107,900		8,349,335
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		246,377
Greystar Resources Ltd. (a)	75,000		360,656
Guyana Goldfields, Inc. (a)	878,000		5,440,304
Guyana Goldfields, Inc. (a)(d)	155,000		960,418
IAMGOLD Corp.	5,009,000		73,689,066
International Tower Hill Mines Ltd. (a)	236,700		1,561,129
Jaguar Mining, Inc. (a)	1,105,500		10,443,022
Kinross Gold Corp.	8,150,100		147,704,830
Lake Shore Gold Corp. (a)	500,000		1,458,779
Minefinders Corp. Ltd. (a)	1,060,000		10,476,598
New Gold, Inc. (a)	4,826,900		21,330,563
New Gold, Inc. warrants 4/3/12 (a)(d)	2,928,500		97,408
Northgate Minerals Corp. (a)	2,874,900		7,868,579
Novagold Resources, Inc. (a)	50,000		288,430
Osisko Mining Corp. (a)	682,000		5,800,808
Osisko Mining Corp. (a)(d)	3,000,000		25,516,750
Premier Gold Mines Ltd. (a)	460,200		1,640,057
Rainy River Resources Ltd. (a)	40,000		188,168
Red Back Mining, Inc. (a)	2,753,100		53,060,459
Red Back Mining, Inc. (a)(d)	270,000		5,203,706
Romarco Minerals, Inc. (a)	125,000		198,384
Rubicon Minerals Corp. (a)	914,500		3,936,978
San Gold Corp. (a)	1,581,400		5,470,464
Seabridge Gold, Inc. (a)	631,105		15,367,408
SEMAFO, Inc. (a)	786,100		3,608,328
Ventana Gold Corp. (a)	943,300		7,413,724
Yamana Gold, Inc.	10,050,900		106,120,693
			1,386,040,714
Precious Metals & Minerals - 3.3%
Etruscan Resources, Inc. (a)	1,216,800		474,115
Etruscan Resources, Inc. (a)(d)	1,549,400		603,710
Etruscan Resources, Inc. warrants 11/2/10 (a)(d)	774,700		7,362
Pan American Silver Corp.	1,029,987		22,144,725
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,312,639
Silver Standard Resources, Inc. (a)	976,800		16,615,375
Silver Wheaton Corp. (a)	3,970,000		60,592,255
			101,750,181
TOTAL METALS & MINING			1,492,030,453
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Fronteer Development Group, Inc. (a)	500,000		2,228,558
Common Stocks - continued
	Shares		Value
Canada - continued
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - 0.0%
Comaplex Minerals Corp. (a)	7,000		$ 52,488
TOTAL OIL, GAS & CONSUMABLE FUELS			2,281,046
TOTAL CANADA			1,494,311,499
China - 1.3%
METALS & MINING - 1.3%
Gold - 1.3%
Zhaojin Mining Industry Co. Ltd. (H Shares) (c)	7,800,500		15,616,677
Zijin Mining Group Co. Ltd. (H Shares)	28,818,000		24,651,712
			40,268,389
Papua New Guinea - 3.4%
METALS & MINING - 3.4%
Gold - 3.4%
Lihir Gold Ltd.	43,495,881		103,253,567
Peru - 0.8%
METALS & MINING - 0.8%
Precious Metals & Minerals - 0.8%
Compania de Minas Buenaventura SA sponsored ADR	750,000		25,207,500
Russia - 0.9%
METALS & MINING - 0.9%
Gold - 0.9%
Polyus Gold OJSC sponsored ADR	941,566		25,281,047
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		605,781
TOTAL METALS & MINING			25,886,828
South Africa - 11.7%
METALS & MINING - 11.7%
Gold - 11.7%
AngloGold Ashanti Ltd. sponsored ADR (c)	6,012,452		218,733,004
Gold Fields Ltd. sponsored ADR	7,553,659		86,791,542
Harmony Gold Mining Co. Ltd.	1,549,000		13,978,909
Harmony Gold Mining Co. Ltd. sponsored ADR (c)	4,126,800		37,677,684
			357,181,139
United Kingdom - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Petropavlovsk PLC	640,000		9,214,044

	Shares		Value
United States of America - 9.4%
METALS & MINING - 9.1%
Gold - 9.1%
Allied Nevada Gold Corp. (a)(c)	592,800		$ 8,156,928
Newmont Mining Corp.	4,801,450		236,615,456
Royal Gold, Inc. (c)	649,413		29,184,620
US Gold Corp. (a)	1,165,900		3,136,271
			277,093,275
Precious Metals & Minerals - 0.0%
Hecla Mining Co. (a)(c)	150,000		780,000
TOTAL METALS & MINING			277,873,275
OIL, GAS & CONSUMABLE FUELS - 0.3%
Coal & Consumable Fuels - 0.3%
Arch Coal, Inc.	325,000		7,309,250
TOTAL UNITED STATES OF AMERICA			285,182,525
TOTAL COMMON STOCKS (Cost $2,241,570,065)		2,763,896,723
Commodities - 6.8%
	Troy Ounces
Gold Bullion (a) (Cost $162,322,900)	185,500		207,184,950
Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.16% (e)	884,915		884,915
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	67,460,954		67,460,954
TOTAL MONEY MARKET FUNDS (Cost $68,345,869)		68,345,869

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $2,472,238,834)

3,039,427,542

NET OTHER ASSETS - 0.1%			3,906,479
NET ASSETS - 100%		$ 3,043,334,021

Legend

(a) Non-income producing

(b) 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	$ 180,857
Fidelity Securities Lending Cash Central Fund	499,028
Total	$ 679,885

Other Affiliated Issuers

Consolidated Subsidiary	Value, Beginning of Period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 154,880,326	$ 42,460,530	$ 27,469,000	$ -	$ 207,130,454

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 2,763,896,723	$ 2,746,715,104	$ 17,181,619	$ -
Commodities	207,184,950	207,184,950	-	-
Money Market Funds	68,345,869	68,345,869	-	-
Total Investments:	$ 3,039,427,542	$ 3,022,245,923	$ 17,181,619	$ -

The following is a reconciliation of Investments for which Level 3 inputs were used in determining value:

Investments:
Beginning Balance	$ 30,448
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(23,086)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	(7,362)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments 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 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Investment or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $12,954,352 all of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $66,348,802) - See accompanying schedule: Unaffiliated issuers (cost $2,241,570,065)	$ 2,763,896,723
Fidelity Central Funds (cost $68,345,869)	68,345,869
Commodities (cost $162,322,900)	207,184,950
Total Investments (cost $2,472,238,834)		$ 3,039,427,542
Cash		6,462
Receivable for investments sold		156,345,630
Receivable for fund shares sold		4,261,845
Dividends receivable		1,520,832
Distributions receivable from Fidelity Central Funds		16,298
Prepaid expenses		8,347
Receivable from investment adviser for expense reductions		53,706
Other receivables		65,565
Total assets		3,201,706,227

Liabilities
Payable for investments purchased	$ 85,096,066
Payable for fund shares redeemed	3,239,466
Accrued management fee	1,447,456
Distribution fees payable	74,328
Other affiliated payables	918,135
Other payables and accrued expenses	135,801
Collateral on securities loaned, at value	67,460,954
Total liabilities		158,372,206

Net Assets		$ 3,043,334,021
Net Assets consist of:
Paid in capital		$ 2,601,815,526
Accumulated net investment loss		(919)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(125,663,002)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		567,182,416
Net Assets		$ 3,043,334,021

Consolidated Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($82,413,184 ÷ 2,034,982 shares)		$ 40.50

Maximum offering price per share (100/94.25 of $40.50)		$ 42.97
Class T: Net Asset Value and redemption price per share ($26,255,993 ÷ 650,903 shares)		$ 40.34

Maximum offering price per share (100/96.50 of $40.34)		$ 41.80
Class B: Net Asset Value and offering price per share ($18,339,955 ÷ 459,977 shares) ^A		$ 39.87

Class C: Net Asset Value and offering price per share ($38,623,968 ÷ 971,562 shares) ^A		$ 39.75

Gold: Net Asset Value, offering price and redemption price per share ($2,839,663,728 ÷ 69,515,870 shares)		$ 40.85

Institutional Class: Net Asset Value, offering price and redemption price per share ($38,037,193 ÷ 932,902 shares)		$ 40.77

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Consolidated Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 14,179,836
Interest		74
Income from Fidelity Central Funds		679,885
Total income		14,859,795

Expenses
Management fee	$ 16,105,508
Transfer agent fees	8,951,189
Distribution fees	717,754
Accounting and security lending fees	1,212,567
Custodian fees and expenses	323,942
Independent trustees' compensation	17,951
Registration fees	289,277
Audit	71,070
Legal	13,823
Miscellaneous	34,226
Total expenses before reductions	27,737,307
Expense reductions	(1,109,754)	26,627,553
Net investment income (loss)		(11,767,758)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investments:
Unaffiliated issuers	137,360,027
Commodities	4,098,700
Foreign currency transactions	276,376
Capital gain distribution from Fidelity Central Funds	4,434
Total net realized gain (loss)		141,739,537
Change in net unrealized appreciation (depreciation) on: Investments	548,783,486
Assets and liabilities in foreign currencies	(41,908)
Commodities	33,817,640
Total change in net unrealized appreciation (depreciation)		582,559,218
Net gain (loss)		724,298,755
Net increase (decrease) in net assets resulting from operations		$ 712,530,997

Consolidated Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (11,767,758)	$ (2,690,363)
Net realized gain (loss)	141,739,537	(179,917,786)
Change in net unrealized appreciation (depreciation)	582,559,218	(711,142,287)
Net increase (decrease) in net assets resulting from operations	712,530,997	(893,750,436)
Distributions to shareholders from net realized gain	(56,010,412)	(9,542,341)
Share transactions - net increase (decrease)	418,234,847	430,558,697
Redemption fees	514,829	852,427
Total increase (decrease) in net assets	1,075,270,261	(471,881,653)

Net Assets
Beginning of period	1,968,063,760	2,439,945,413
End of period (including accumulated net investment loss of $919 and accumulated net investment loss of $714, respectively)	$ 3,043,334,021	$ 1,968,063,760

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.45	$ 46.19	$ 36.53	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.25)	(.15)	(.15)	(.01)
Net realized and unrealized gain (loss)	11.00	(15.44)	15.00	(.07)
Total from investment operations	10.75	(15.59)	14.85	(.08)
Distributions from net investment income	-	-	(.19)	-
Distributions from net realized gain	(.71)	(.17)	(5.01)	-
Total distributions	(.71)	(.17)	(5.20)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 40.50	$ 30.45	$ 46.19	$ 36.53
Total Return^{B, C, D}	35.19%	(33.81)%	44.59%	(.19)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.21%	1.21%	1.17%	1.13%^A
Expenses net of fee waivers, if any	1.19%	1.19%	1.17%	1.13%^A
Expenses net of all reductions	1.17%	1.15%	1.13%	1.10%^A
Net investment income (loss)	(.63)%	(.45)%	(.37)%	(.18)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 82,413	$ 39,144	$ 26,620	$ 1,857
Portfolio turnover rate^G	46%	42%	55%	85%

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.36	$ 46.17	$ 36.49	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.36)	(.24)	(.25)	(.03)
Net realized and unrealized gain (loss)	10.96	(15.42)	15.05	(.09)
Total from investment operations	10.60	(15.66)	14.80	(.12)
Distributions from net investment income	-	-	(.16)	-
Distributions from net realized gain	(.63)	(.17)	(4.97)	-
Total distributions	(.63)	(.17)	(5.13)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 40.34	$ 30.36	$ 46.17	$ 36.49
Total Return^{B, C, D}	34.79%	(33.98)%	44.45%	(.30)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.51%	1.47%	1.43%	1.46%^A
Expenses net of fee waivers, if any	1.49%	1.45%	1.43%	1.46%^A
Expenses net of all reductions	1.47%	1.41%	1.39%	1.43%^A
Net investment income (loss)	(.93)%	(.71)%	(.63)%	(.40)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 26,256	$ 15,284	$ 11,334	$ 1,093
Portfolio turnover rate^G	46%	42%	55%	85%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.08	$ 45.97	$ 36.46	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.55)	(.40)	(.45)	(.07)
Net realized and unrealized gain (loss)	10.84	(15.34)	14.95	(.08)
Total from investment operations	10.29	(15.74)	14.50	(.15)
Distributions from net investment income	-	-	(.16)	-
Distributions from net realized gain	(.51)	(.17)	(4.84)	-
Total distributions	(.51)	(.17)	(5.00)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 39.87	$ 30.08	$ 45.97	$ 36.46
Total Return^{B, C, D}	34.12%	(34.30)%	43.53%	(.38)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.00%	1.97%	1.93%	1.96%^A
Expenses net of fee waivers, if any	1.98%	1.95%	1.93%	1.96%^A
Expenses net of all reductions	1.96%	1.89%	1.90%	1.93%^A
Net investment income (loss)	(1.42)%	(1.20)%	(1.14)%	(.93)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 18,340	$ 8,421	$ 6,869	$ 902
Portfolio turnover rate^G	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.00	$ 45.85	$ 36.44	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.53)	(.39)	(.45)	(.07)
Net realized and unrealized gain (loss)	10.80	(15.30)	14.91	(.10)
Total from investment operations	10.27	(15.69)	14.46	(.17)
Distributions from net investment income	-	-	(.17)	-
Distributions from net realized gain	(.53)	(.17)	(4.89)	-
Total distributions	(.53)	(.17)	(5.06)	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 39.75	$ 30.00	$ 45.85	$ 36.44
Total Return^{B, C, D}	34.15%	(34.30)%	43.49%	(.44)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.97%	1.97%	1.92%	2.02%^A
Expenses net of fee waivers, if any	1.95%	1.95%	1.92%	2.02%^A
Expenses net of all reductions	1.93%	1.89%	1.89%	1.99%^A
Net investment income (loss)	(1.39)%	(1.20)%	(1.12)%	(1.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,624	$ 17,544	$ 10,835	$ 437
Portfolio turnover rate^G	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Gold


Years ended February 28,	2010	2009	2008^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46
Income from Investment Operations
Net investment income (loss)^C	(.16)	(.04)	(.02)	.22^F	.04
Net realized and unrealized gain (loss)	11.10	(15.51)	15.05	5.49	12.21
Total from investment operations	10.94	(15.55)	15.03	5.71	12.25
Distributions from net investment income	-	-	(.18)	(.02)	(.02)
Distributions from net realized gain	(.77)	(.17)	(5.03)	(5.10)	(3.84)
Total distributions	(.77)	(.17)	(5.21)	(5.12)	(3.86)
Redemption fees added to paid in capital^C	.01	.02	.01	.04	.06
Net asset value, end of period	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91
Total Return^{A, B}	35.52%	(33.59)%	45.10%	16.19%	48.84%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	.98%	.89%	.85%	.90%	.97%
Expenses net of fee waivers, if any	.96%	.87%	.85%	.90%	.97%
Expenses net of all reductions	.94%	.86%	.81%	.87%	.82%
Net investment income (loss)	(.40)%	(.13)%	(.05)%	.62% ^F	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,839,664	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665
Portfolio turnover rate^E	46%	42%	55%	85%	108%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H For the year ended February 29.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 30.65	$ 46.34	$ 36.54	$ 36.60
Income from Investment Operations
Net investment income (loss)^D	(.15)	(.05)	(.01)	.01
Net realized and unrealized gain (loss)	11.08	(15.49)	15.03	(.08)
Total from investment operations	10.93	(15.54)	15.02	(.07)
Distributions from net investment income	-	-	(.19)	-
Distributions from net realized gain	(.82)	(.17)	(5.04)	-
Total distributions	(.82)	(.17)	(5.23)	-
Redemption fees added to paid in capital^D	.01	.02	.01	.01
Net asset value, end of period	$ 40.77	$ 30.65	$ 46.34	$ 36.54
Total Return^{B, C}	35.50%	(33.59)%	45.10%	(.16)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.95%	.91%	.83%	.94%^A
Expenses net of fee waivers, if any	.93%	.89%	.83%	.94%^A
Expenses net of all reductions	.91%	.86%	.79%	.91%^A
Net investment income (loss)	(.37)%	(.14)%	(.03)%	.12%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,037	$ 6,070	$ 3,174	$ 385
Portfolio turnover rate^F	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Consolidated Financial Statements

For the period ended February 28, 2010

1. Organization.

Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class T, Class B, Class C, Gold and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investment in Subsidiary.

The Fund may invest in certain precious metals through its investment in the Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). The Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of the Fund. As of February 28, 2010, the Fund held $207,130,454 in the Subsidiary, representing 6.8% of the Fund's net assets.

3. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

4. Significant Accounting Policies.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Consolidated Financial Statements - continued

4. Significant Accounting Policies - continued

Security Valuation - continued

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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in commodities are valued at their last traded price at 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 Money Market Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of February 28, 2010, the Fund did not have any unrecognized tax benefits in the accompanying consolidated financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Annual Report

4. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporation, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 587,307,975
Gross unrealized depreciation	(162,095,828)
Net unrealized appreciation (depreciation)	$ 425,212,147

Tax Cost	$ 2,614,215,395

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 29,267,911
Capital loss carryforward	$ (12,954,352)
Net unrealized appreciation (depreciation)	$ 425,205,855

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 56,010,412	$ -
Long-term Capital Gains	-	9,542,341
Total	$ 56,010,412	$ 9,542,341

5. Operating Policies.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Consolidated Schedule of Investments.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,666,765,327 and $1,222,401,265, respectively.

7. Fees and Other Transactions with Affiliates.

FMR and its affiliates also provide investment management related services to the Subsidiary. The Subsidiary pays FMR a monthly management fee at the annual rate of .30% of its average net assets. FMR has agreed to reimburse the Fund's management fee in an amount equal to the management fee of the Subsidiary. For the period, FMR reimbursed the Fund $617,017.

Annual Report

Notes to Consolidated Financial Statements - continued

7. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 165,404	$ 12,406
Class T	.25%	.25%	109,284	706
Class B	.75%	.25%	148,843	111,714
Class C	.75%	.25%	294,223	150,118
			$ 717,754	$ 274,944

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 128,737
Class T	17,837
Class B*	40,323
Class C*	21,509
	$ 208,406

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 201,509	.31
Class T	77,008	.35
Class B	50,520	.34
Class C	88,998	.30
Gold	8,484,126	.33
Institutional Class	49,028	.29
	$ 8,951,189

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9,533 and is reflected in Miscellaneous Expense on the Consolidated Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $499,028.

10. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $492,362 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $375.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net realized gain
Class A	$ 1,356,457	$ 120,234
Class T	386,094	52,921
Class B	226,465	30,037
Class C	480,176	48,372
Gold	53,033,502	9,277,078
Institutional Class	527,718	13,699
Total	$ 56,010,412	$ 9,542,341

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	1,548,727	1,309,698	$ 60,979,204	$ 44,660,266
Reinvestment of distributions	28,941	2,750	1,258,667	115,078
Shares redeemed	(828,099)	(603,399)	(32,946,669)	(19,759,071)
Net increase (decrease)	749,569	709,049	$ 29,291,202	$ 25,016,273
Class T
Shares sold	410,718	490,596	$ 16,022,649	$ 16,725,703
Reinvestment of distributions	8,602	1,250	372,822	52,336
Shares redeemed	(271,824)	(233,926)	(10,198,558)	(7,642,955)
Net increase (decrease)	147,496	257,920	$ 6,196,913	$ 9,135,084
Class B
Shares sold	271,111	268,687	$ 10,287,423	$ 9,041,240
Reinvestment of distributions	4,654	619	199,620	25,767
Shares redeemed	(95,719)	(138,798)	(3,721,090)	(4,716,395)
Net increase (decrease)	180,046	130,508	$ 6,765,953	$ 4,350,612
Class C
Shares sold	698,249	585,858	$ 27,513,842	$ 18,965,561
Reinvestment of distributions	9,039	1,077	386,528	44,699
Shares redeemed	(320,512)	(238,490)	(12,323,085)	(7,504,831)
Net increase (decrease)	386,776	348,445	$ 15,577,285	$ 11,505,429

Annual Report

Notes to Consolidated Financial Statements - continued

12. Share Transactions - continued

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Gold
Shares sold	40,468,485	46,487,078	$ 1,581,099,363	$ 1,611,564,135
Reinvestment of distributions	1,174,296	212,477	51,481,173	8,930,407
Shares redeemed	(33,470,388)	(36,708,151)	(1,303,757,681)	(1,244,304,895)
Net increase (decrease)	8,172,393	9,991,404	$ 328,822,855	$ 376,189,647
Institutional Class
Shares sold	933,259	256,180	$ 39,237,749	$ 8,523,938
Reinvestment of distributions	10,089	259	441,486	10,894
Shares redeemed	(208,491)	(126,881)	(8,098,596)	(4,173,180)
Net increase (decrease)	734,857	129,558	$ 31,580,639	$ 4,361,652

13. Other.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Materials Portfolio^A	91.77%	9.44%	13.24%

^APrior to October 1, 2006, Materials operated under certain different investment policies. The historical performance for this fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Materials Portfolio, a class of the fund, on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

fid321

Annual Report

Materials Portfolio

Management's Discussion of Fund Performance

Comments from Tobias Welo, Portfolio Manager of Select Materials Portfolio: For the 12 months ending February 28, 2010, the fund's Retail Class shares returned 91.77%, significantly outperforming the S&P 500 and the 73.30% return of the MSCI® U.S. IM Materials 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Security selection boosted results relative to the MSCI index, particularly within specialty chemicals, paper packaging, commodity and diversified chemicals, and coal/consumable fuels. An underweighting in fertilizers/agricultural chemicals and an overweighting in commodity chemicals also helped. Conversely, an underweighting in paper products and lack of exposure to the aluminum group detracted, as did a modest cash position in a rising market. Specialty chemicals firm W.R. Grace was the top contributor, helped by better-than-expected earnings. Commodity chemicals firm Celanese rose sharply on improved earnings and an uptick in demand, while paper packaging company Temple-Inland jumped due to the firm's stable earnings. Detractors included underweightings in International Paper, whose stock rose on improved profit margins thanks to aggressive cost-cutting, and steel concern Cliffs Natural Resources, which rose on brightening prospects for the iron ore and coal industries. Some holdings mentioned in this update were sold by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.20%
Actual		$ 1,000.00	$ 1,125.60	$ 6.32
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Class T	1.51%
Actual		$ 1,000.00	$ 1,123.90	$ 7.95
Hypothetical^A		$ 1,000.00	$ 1,017.31	$ 7.55
Class B	2.01%
Actual		$ 1,000.00	$ 1,121.20	$ 10.57
Hypothetical^A		$ 1,000.00	$ 1,014.83	$ 10.04
Class C	1.99%
Actual		$ 1,000.00	$ 1,121.40	$ 10.47
Hypothetical^A		$ 1,000.00	$ 1,014.93	$ 9.94
Materials	.92%
Actual		$ 1,000.00	$ 1,127.30	$ 4.85
Hypothetical^A		$ 1,000.00	$ 1,020.23	$ 4.61
Institutional Class	.91%
Actual		$ 1,000.00	$ 1,127.40	$ 4.80
Hypothetical^A		$ 1,000.00	$ 1,020.28	$ 4.56

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	9.3	7.5
Monsanto Co.	9.3	5.1
E.I. du Pont de Nemours & Co.	8.1	7.9
Praxair, Inc.	5.9	5.8
Freeport-McMoRan Copper & Gold, Inc.	5.0	7.6
Air Products & Chemicals, Inc.	4.1	4.4
Newmont Mining Corp.	3.7	1.2
Weyerhaeuser Co.	3.5	2.7
Nucor Corp.	3.3	4.2
Owens-Illinois, Inc.	3.1	2.6
	55.3

Top Industries (% of fund's net assets)
As of February 28, 2010
	Chemicals	56.9%
	Metals & Mining	24.7%
	Containers & Packaging	4.6%
	Paper & Forest Products	4.0%
	Construction Materials	3.4%
	All Others*	6.4%

fid329

As of August 31, 2009
	Chemicals	52.9%
	Metals & Mining	22.3%
	Containers & Packaging	8.6%
	Construction Materials	4.0%
	Paper & Forest Products	3.6%
	All Others*	8.6%

fid337

* Includes short-term investments and net other assets.

Annual Report

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
BUILDING PRODUCTS - 1.8%
Building Products - 1.8%
Masco Corp.	954,300		$ 12,758,991
CHEMICALS - 56.9%
Commodity Chemicals - 3.1%
Celanese Corp. Class A	709,406		22,126,373
Diversified Chemicals - 22.6%
Ashland, Inc.	275,036		12,948,695
Dow Chemical Co.	2,351,618		66,574,305
E.I. du Pont de Nemours & Co.	1,711,400		57,708,408
FMC Corp.	179,800		10,279,166
Huntsman Corp.	589,100		8,088,343
Solutia, Inc. (a)	447,713		6,299,322
			161,898,239
Fertilizers & Agricultural Chemicals - 14.1%
CF Industries Holdings, Inc.	76,300		8,106,112
Monsanto Co.	941,744		66,534,214
Potash Corp. of Saskatchewan, Inc.	16,300		1,796,911
The Mosaic Co.	357,300		20,862,747
Yara International ASA	87,900		3,620,173
			100,920,157
Industrial Gases - 10.0%
Air Products & Chemicals, Inc.	424,400		29,105,352
Praxair, Inc.	560,541		42,119,051
			71,224,403
Specialty Chemicals - 7.1%
Albemarle Corp.	401,535		15,053,547
Ferro Corp.	1,055,300		8,642,907
Innophos Holdings, Inc.	231,500		5,375,430
Johnson Matthey PLC	74,505		1,804,406
Kraton Performance Polymers, Inc.	111,300		1,501,437
W.R. Grace & Co. (a)	637,900		18,473,584
			50,851,311
TOTAL CHEMICALS			407,020,483
CONSTRUCTION MATERIALS - 3.4%
Construction Materials - 3.4%
Cemex SA de CV sponsored ADR	564,700		5,398,532
HeidelbergCement AG	89,810		4,576,191
Martin Marietta Materials, Inc. (c)	69,322		5,491,689
Vulcan Materials Co. (c)	197,000		8,551,770
			24,018,182
CONTAINERS & PACKAGING - 4.6%
Metal & Glass Containers - 4.6%
Crown Holdings, Inc. (a)	388,599		10,616,525
Owens-Illinois, Inc. (a)	764,600		22,662,744
			33,279,269

	Shares		Value
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Bunge Ltd.	120,400		$ 7,174,637
MARINE - 0.2%
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	279,390		1,441,652
METALS & MINING - 24.7%
Diversified Metals & Mining - 7.9%
Anglo American PLC (United Kingdom) (a)	125,151		4,561,740
Freeport-McMoRan Copper & Gold, Inc.	474,865		35,690,853
RTI International Metals, Inc. (a)	219,600		5,276,988
Teck Resources Ltd. Class B (sub. vtg.) (a)	98,400		3,618,988
Vale SA sponsored ADR	258,450		7,200,417
			56,348,986
Gold - 7.0%
Agnico-Eagle Mines Ltd. (Canada)	117,300		6,773,246
AngloGold Ashanti Ltd. sponsored ADR	301,020		10,951,108
Newcrest Mining Ltd.	95,764		2,688,514
Newmont Mining Corp.	531,000		26,167,680
Randgold Resources Ltd. sponsored ADR	50,300		3,622,103
			50,202,651
Precious Metals & Minerals - 0.6%
Aquarius Platinum Ltd. (United Kingdom)	264,400		1,464,152
Impala Platinum Holdings Ltd.	63,155		1,536,247
Pan American Silver Corp.	75,200		1,616,800
			4,617,199
Steel - 9.2%
Allegheny Technologies, Inc.	248,500		10,849,510
Carpenter Technology Corp.	202,800		6,057,636
Commercial Metals Co.	441,355		7,238,222
Nucor Corp.	568,400		23,531,760
Reliance Steel & Aluminum Co.	194,900		8,641,866
Steel Dynamics, Inc.	412,700		6,739,391
Ternium SA sponsored ADR (a)(c)	71,600		2,450,868
			65,509,253
TOTAL METALS & MINING			176,678,089
OIL, GAS & CONSUMABLE FUELS - 0.4%
Coal & Consumable Fuels - 0.4%
Centennial Coal Co. Ltd.	894,316		2,924,118
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 4.0%
Forest Products - 4.0%
Louisiana-Pacific Corp. (a)	502,700		$ 3,825,547
Weyerhaeuser Co.	619,400		25,023,760
			28,849,307
TOTAL COMMON STOCKS (Cost $645,126,262)		694,144,728
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.16% (d)	37,931,793		37,931,793
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	11,995,375		11,995,375
TOTAL MONEY MARKET FUNDS (Cost $49,927,168)		49,927,168

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $695,053,430)

744,071,896

NET OTHER ASSETS - (4.0)%			(28,856,109)
NET ASSETS - 100%		$ 715,215,787

Legend

(a) Non-income producing

(b) 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	$ 47,364
Fidelity Securities Lending Cash Central Fund	15,907
Total	$ 63,271

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 694,144,728	$ 694,144,727	$ -	$ -
Money Market Funds	49,927,168	49,927,168	-	-
Total Investments in Securities:	$ 744,071,896	$ 744,071,895	$ -	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	89.5%
Canada	1.9%
South Africa	1.7%
Bermuda	1.2%
Brazil	1.0%
Others (individually less than 1%)	4.7%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $22,356,874 of which $21,745,565 and $611,309 will expire on February 28, 2017 and 2018, respectively.

A capital loss carryforward of approximately $5,315,874 was acquired from Paper and Forest Products Portfolio, of which $4,704,565 and $611,309 will expire on February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $11,487,690) - See accompanying schedule: Unaffiliated issuers (cost $645,126,262)	$ 694,144,728
Fidelity Central Funds (cost $49,927,168)	49,927,168
Total Investments (cost $695,053,430)		$ 744,071,896
Receivable for investments sold		4,649,528
Receivable for fund shares sold		3,258,849
Dividends receivable		866,889
Distributions receivable from Fidelity Central Funds		4,218
Prepaid expenses		1,392
Other receivables		12,590
Total assets		752,865,362

Liabilities
Payable for investments purchased	$ 22,498,973
Payable for fund shares redeemed	2,560,693
Accrued management fee	326,982
Distribution fees payable	40,913
Other affiliated payables	178,872
Other payables and accrued expenses	47,767
Collateral on securities loaned, at value	11,995,375
Total liabilities		37,649,575

Net Assets		$ 715,215,787
Net Assets consist of:
Paid in capital		$ 694,034,904
Undistributed net investment income		21,306
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(27,857,336)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		49,016,913
Net Assets		$ 715,215,787

Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($52,351,766 ÷ 996,350 shares)		$ 52.54

Maximum offering price per share (100/94.25 of $52.54)		$ 55.75
Class T: Net Asset Value and redemption price per share ($14,711,630 ÷ 281,003 shares)		$ 52.35

Maximum offering price per share (100/96.50 of $52.35)		$ 54.25
Class B: Net Asset Value and offering price per share ($9,538,132 ÷ 183,927 shares) ^A		$ 51.86

Class C: Net Asset Value and offering price per share ($20,468,795 ÷ 395,238 shares) ^A		$ 51.79

Materials: Net Asset Value, offering price and redemption price per share ($604,475,227 ÷ 11,490,743 shares)		$ 52.61

Institutional Class: Net Asset Value, offering price and redemption price per share ($13,670,237 ÷ 260,005 shares)		$ 52.58

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 7,172,926
Special dividends		960,460
Interest		10,741
Income from Fidelity Central Funds		63,271
Total income		8,207,398

Expenses
Management fee	$ 2,489,211
Transfer agent fees	1,294,368
Distribution fees	335,450
Accounting and security lending fees	172,078
Custodian fees and expenses	46,360
Independent trustees' compensation	2,554
Registration fees	147,450
Audit	52,688
Legal	7,458
Miscellaneous	10,834
Total expenses before reductions	4,558,451
Expense reductions	(46,718)	4,511,733
Net investment income (loss)		3,695,665
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	54,971,145
Foreign currency transactions	(17,050)
Total net realized gain (loss)		54,954,095
Change in net unrealized appreciation (depreciation) on: Investment securities	118,180,912
Assets and liabilities in foreign currencies	(969)
Total change in net unrealized appreciation (depreciation)		118,179,943
Net gain (loss)		173,134,038
Net increase (decrease) in net assets resulting from operations		$ 176,829,703

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,695,665	$ 2,259,809
Net realized gain (loss)	54,954,095	(75,667,547)
Change in net unrealized appreciation (depreciation)	118,179,943	(119,409,812)
Net increase (decrease) in net assets resulting from operations	176,829,703	(192,817,550)
Distributions to shareholders from net investment income	(4,024,717)	(976,789)
Share transactions - net increase (decrease)	390,197,683	(41,426,103)
Redemption fees	93,068	46,748
Total increase (decrease) in net assets	563,095,737	(235,173,694)

Net Assets
Beginning of period	152,120,050	387,293,744
End of period (including undistributed net investment income of $21,306 and undistributed net investment income of $350,358, respectively)	$ 715,215,787	$ 152,120,050

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.65	$ 57.00	$ 51.01	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.30^H	.22	.46	.17
Net realized and unrealized gain (loss)	24.90	(29.46)	8.05	3.93
Total from investment operations	25.20	(29.24)	8.51	4.10
Distributions from net investment income	(.32)	(.12)	(.32)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.32)	(.12)	(2.53)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 52.54	$ 27.65	$ 57.00	$ 51.01
Total Return^{B, C, D}	91.25%	(51.30)%	16.79%	8.76%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.23%	1.21%	1.21%	1.50%^A
Expenses net of fee waivers, if any	1.23%	1.21%	1.21%	1.40%^A
Expenses net of all reductions	1.22%	1.20%	1.21%	1.38%^A
Net investment income (loss)	.65%^H	.47%	.83%	1.76%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 52,352	$ 10,796	$ 12,522	$ 1,018
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.532 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.56	$ 56.80	$ 50.89	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.16^H	.10	.32	.11
Net realized and unrealized gain (loss)	24.81	(29.32)	8.00	3.87
Total from investment operations	24.97	(29.22)	8.32	3.98
Distributions from net investment income	(.19)	(.03)	(.21)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.19)	(.03)	(2.42)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 52.35	$ 27.56	$ 56.80	$ 50.89
Total Return^{B, C, D}	90.70%	(51.43)%	16.45%	8.51%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.52%	1.46%	1.46%	1.80%^A
Expenses net of fee waivers, if any	1.52%	1.46%	1.46%	1.65%^A
Expenses net of all reductions	1.51%	1.46%	1.46%	1.62%^A
Net investment income (loss)	.35%^H	.22%	.57%	1.18%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,712	$ 4,944	$ 6,850	$ 707
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .14%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.417 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.35	$ 56.59	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	(.07)^H	(.12)	.04	.06
Net realized and unrealized gain (loss)	24.61	(29.13)	7.98	3.84
Total from investment operations	24.54	(29.25)	8.02	3.90
Distributions from net investment income	(.04)	-	(.04)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.04)	-	(2.25)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 51.86	$ 27.35	$ 56.59	$ 50.81
Total Return^{B, C, D}	89.79%	(51.67)%	15.89%	8.34%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	2.02%	1.95%	1.97%	2.26%^A
Expenses net of fee waivers, if any	2.02%	1.95%	1.97%	2.15%^A
Expenses net of all reductions	2.01%	1.95%	1.96%	2.12%^A
Net investment income (loss)	(.15)%^H	(.27)%	.07%	.60%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,538	$ 2,601	$ 4,173	$ 662
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.253 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.31	$ 56.50	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	(.06)^H	(.13)	.04	.09
Net realized and unrealized gain (loss)	24.57	(29.07)	7.97	3.81
Total from investment operations	24.51	(29.20)	8.01	3.90
Distributions from net investment income	(.04)	-	(.12)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.04)	-	(2.33)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 51.79	$ 27.31	$ 56.50	$ 50.81
Total Return^{B, C, D}	89.82%	(51.66)%	15.87%	8.34%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	2.01%	1.95%	1.96%	2.31%^A
Expenses net of fee waivers, if any	2.01%	1.95%	1.96%	2.15%^A
Expenses net of all reductions	2.00%	1.95%	1.96%	2.13%^A
Net investment income (loss)	(.13)%^H	(.27)%	.07%	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,469	$ 5,509	$ 8,743	$ 547
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.35)%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.334 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Materials


Years ended February 28,	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78
Income from Investment Operations
Net investment income (loss)^C	.43^F	.38	.64	.42	.32
Net realized and unrealized gain (loss)	24.91	(29.54)	8.01	9.36	6.40
Total from investment operations	25.34	(29.16)	8.65	9.78	6.72
Distributions from net investment income	(.40)	(.20)	(.36)	(.48)	(.25)
Distributions from net realized gain	-	-	(2.21)	(4.79)	(.93)
Total distributions	(.40)	(.20)	(2.57)^J	(5.27)	(1.18)
Redemption fees added to paid in capital^C	.01	.01	.01	.06	.03
Net asset value, end of period	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35
Total Return^{A, B}	91.77%	(51.15)%	17.10%	22.29%	17.01%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	.96%	.90%	.91%	1.01%	1.05%
Expenses net of fee waivers, if any	.96%	.90%	.90%	.98%	1.05%
Expenses net of all reductions	.94%	.90%	.89%	.96%	1.01%
Net investment income (loss)	.92%^F	.78%	1.14%	.87%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 604,475	$ 127,551	$ 353,185	$ 230,147	$ 169,523
Portfolio turnover rate^E	104%^H	117%	77%	185%	124%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .70%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H The portfolio turnover rate does not include the assets acquired in the merger. ^I For the year ended February 29. ^J Total distributions of $2.573 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008^K	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 27.66	$ 57.00	$ 50.91	$ 46.90
Income from Investment Operations
Net investment income (loss)^D	.46^G	.38	.64	.08
Net realized and unrealized gain (loss)	24.89	(29.53)	8.00	3.92
Total from investment operations	25.35	(29.15)	8.64	4.00
Distributions from net investment income	(.44)	(.20)	(.36)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.44)	(.20)	(2.56)^L	-
Redemption fees added to paid in capital^D	.01	.01	.01	.01
Net asset value, end of period	$ 52.58	$ 27.66	$ 57.00	$ 50.91
Total Return^{B, C}	91.79%	(51.15)%	17.08%	8.55%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.94%	.90%	.89%	1.06%^A
Expenses net of fee waivers, if any	.94%	.90%	.89%	1.06%^A
Expenses net of all reductions	.93%	.90%	.89%	1.04%^A
Net investment income (loss)	.94%^G	.78%	1.14%	.79%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,670	$ 719	$ 1,820	$ 119
Portfolio turnover rate^F	104%^J	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .72%. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J The portfolio turnover rate does not include the assets acquired in the merger. ^K For the year ended February 29. ^L Total distributions of $2.565 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class T, Class B, Class C, Materials and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 81,661,128
Gross unrealized depreciation	(38,497,461)
Net unrealized appreciation (depreciation)	$ 43,163,667

Tax Cost	$ 700,908,229

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 375,642
Capital loss carryforward	$ (22,356,874)
Net unrealized appreciation (depreciation)	$ 43,162,114

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009

Ordinary Income	$ 4,024,717	$ 976,789

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $801,356,820 and $441,665,671, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 79,488	$ 2,143
Class T	.25%	.25%	54,942	277
Class B	.75%	.25%	62,120	46,655
Class C	.75%	.25%	138,900	49,199
			$ 335,450	$ 98,274

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 92,688
Class T	9,956
Class B*	8,978
Class C*	4,361
	$ 115,983

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 98,217	.31
Class T	38,681	.35
Class B	21,492	.35
Class C	46,333	.34
Materials	1,076,261	.29
Institutional Class	13,384	.27
	$ 1,294,368

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,333 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $46,675 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $43.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 238,202	$ 43,307
Class T	47,220	5,182
Class B	5,848	-
Class C	12,908	-
Materials	3,662,178	923,202
Institutional Class	58,361	5,098
Total	$ 4,024,717	$ 976,789

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	858,136	400,579	$ 40,135,680	$ 21,052,656
Reinvestment of distributions	4,377	1,376	220,619	40,415
Shares redeemed	(256,610)	(231,192)	(11,780,339)	(9,966,206)
Net increase (decrease)	605,903	170,763	$ 28,575,960	$ 11,126,865
Class T
Shares sold	167,992	127,856	$ 7,326,294	$ 6,586,988
Reinvestment of distributions	941	169	45,756	4,976
Shares redeemed	(67,330)	(69,236)	(3,005,643)	(3,081,211)
Net increase (decrease)	101,603	58,789	$ 4,366,407	$ 3,510,753
Class B
Shares sold	131,820	70,236	$ 5,954,562	$ 3,670,456
Reinvestment of distributions	103	-	4,824	-
Shares redeemed	(43,087)	(48,886)	(1,785,370)	(2,112,869)
Net increase (decrease)	88,836	21,350	$ 4,174,016	$ 1,557,587
Class C
Shares sold	299,617	186,111	$ 13,304,163	$ 9,519,248
Reinvestment of distributions	234	(8)	10,972	(480)
Shares redeemed	(106,334)	(139,135)	(4,538,206)	(5,956,182)
Net increase (decrease)	193,517	46,968	$ 8,776,929	$ 3,562,586
Materials
Shares sold	11,253,841	3,524,569	$ 539,188,177	$ 186,250,882
Issued in exchange for shares of Paper and Forest Products Portfolio	337,332	-	13,304,373	-
Reinvestment of distributions	68,039	29,537	3,440,550	866,336
Shares redeemed	(4,780,310)	(5,137,192)	(223,285,260)	(248,168,306)
Net increase (decrease)	6,878,902	(1,583,086)	$ 332,647,840	$ (61,051,088)
Institutional Class
Shares sold	269,782	41,845	$ 13,383,120	$ 2,204,347
Reinvestment of distributions	839	156	43,347	4,588
Shares redeemed	(36,606)	(47,942)	(1,769,936)	(2,341,741)
Net increase (decrease)	234,015	(5,941)	$ 11,656,531	$ (132,806)

Annual Report

11. Other.

12. Merger Information.

On June 19, 2009, the Fund acquired all of the assets and assumed all of the liabilities of Paper and Forest Products Portfolio ("Target Fund") pursuant to an agreement and plan of reorganization approved by the Board of Trustees ("The Board") on November 18, 2008. The reorganization provides shareholders access to a larger portfolio with better historical performance and lower expenses. The acquisition was accomplished by an exchange of 337,332 shares of Materials (the original retail class shares of the Fund), for 697,705 shares then outstanding (valued at $19.07) of the Target Fund. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund net assets, including securities of $13,445,190, unrealized depreciation of $3,465,168, cash of $45,230 and net other liabilities of $186,047 were combined with the Fund's net assets of $314,623,676 for total net assets after the acquisition of $327,928,049.

Pro forma results of operations of the combined entity for the entire year ended February 28, 2010, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$ 3,777,997
Total net realized gain (loss)	51,950,136
Total change in net unrealized appreciation (depreciation)	125,269,592
Net increase (decrease) in net assets resulting from operations	$ 180,997,725

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since June 19, 2009.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Select Portfolios and the Shareholders of Chemicals Portfolio, Gold Portfolio, and Materials Portfolio:

In our opinion, the accompanying statements of assets and liabilities (consolidated statement of assets and liabilities for Gold Portfolio) including the schedules of investments (consolidated schedule of investments for Gold Portfolio), and the related statements of operations (consolidated statement of operations for Gold Portfolio) and of changes in net assets (consolidated changes in net assets for Gold Portfolio) and the financial highlights present fairly, in all material respects, the financial position of Chemical Portfolio, Gold Portfolio and Materials Portfolio (funds of Fidelity Select Portfolios) and Gold Portfolio's wholly owned subsidiary at February 28, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Select Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 19, 2010

Annual Report

Trustees and Officers

Annual Report

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1980 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (66)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment, 2008-present) and was previously a Partner of Clayton, Dubilier & Rice, Inc. (1998-2008). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (66)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (41)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments.
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Chemicals Portfolio	04/12/10	04/09/10	$0.045	$1.895
Gold Portfolio	04/12/10	04/09/10	$0.00	$0.397
Materials Portfolio	04/12/10	04/09/10	$0.002	$0.03

Chemicals Portfolio

$10,221,633

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

	April 2009	December 2009
Chemicals Portfolio	100%	100%
Gold Portfolio	-	-
Materials Portfolio	100%	100%

	April 2009	December 2009
Chemicals Portfolio	100%	100%
Gold Portfolio	-	15%
Materials Portfolio	100%	100%

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Gold Portfolio	12/14/2009	$.088	$.0062

The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Japan) Inc.

Fidelity Management & Research
(Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) fid247 1-800-544-5555

Automated line for quickest service

fid250

SELMT-UANNPRO-0410
1.910424.100

Fidelity®
Select Portfolios®

Information Technology Sector

Communications Equipment Portfolio

Computers Portfolio

Electronics Portfolio

IT Services Portfolio

Software and Computer Services Portfolio

Technology Portfolio

Annual Report

February 28, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>
Note to shareholders	<Click Here>
Shareholder Expense Example	<Click Here>
Fund Updates*
Information Technology Sector
Communications Equipment Portfolio	<Click Here>
Computers Portfolio	<Click Here>
Electronics Portfolio	<Click Here>
IT Services Portfolio	<Click Here>
Software and Computer Services Portfolio	<Click Here>
Technology Portfolio	<Click Here>
Notes to Financial Statements	<Click Here>
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Prospectus	P-1

* Fund Updates for each Select Portfolio include: Performance, Management's Discussion of Fund Performance, Investment Changes, Investments, and Financial Statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Annual Report

Note to shareholders

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 toFebruary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Communications Equipment Portfolio	.95%
Actual		$ 1,000.00	$ 1,141.70	$ 5.04
Hypothetical ^A		$ 1,000.00	$ 1,020.08	$ 4.76
Computers Portfolio	.91%
Actual		$ 1,000.00	$ 1,120.60	$ 4.78
Hypothetical ^A		$ 1,000.00	$ 1,020.28	$ 4.56
Electronics Portfolio	.89%
Actual		$ 1,000.00	$ 1,081.60	$ 4.59
Hypothetical ^A		$ 1,000.00	$ 1,020.38	$ 4.46
IT Services Portfolio	.95%
Actual		$ 1,000.00	$ 1,147.10	$ 5.06
Hypothetical ^A		$ 1,000.00	$ 1,020.08	$ 4.76
Software and Computer Services Portfolio	.86%
Actual		$ 1,000.00	$ 1,150.40	$ 4.59
Hypothetical ^A		$ 1,000.00	$ 1,020.53	$ 4.31
Technology Portfolio	.88%
Actual		$ 1,000.00	$ 1,153.10	$ 4.70
Hypothetical ^A		$ 1,000.00	$ 1,020.43	$ 4.41

^A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Communications Equipment Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Communications Equipment Portfolio^A	94.47%	3.45%	-9.05%

^APrior to October 1, 2006, Communications Equipment Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Communications Equipment Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

cjc355

Annual Report

Communications Equipment Portfolio

Management's Discussion of Fund Performance

Comments from Charlie Chai, Portfolio Manager of Select Communications Equipment Portfolio: During the past year, the fund returned 94.47%, far exceeding the S&P 500 and the 62.43% mark of the S&P® Custom Communications Equipment Index, which was adopted in January 2010 as a better representation of the fund's investment universe. Relative to our industry index, favorable stock selection in communications equipment alone accounted for more than 20 percentage points of outperformance. Out-of-index stakes in semiconductors, Internet software and services, application software, and electronic manufacturing services also added materially to our results. QUALCOMM was the fund's top relative contributor due to the fund's large underweighting and the stock's relatively lackluster performance. Other contributors included an out-of-index position in German chip maker Infineon Technologies; ADC Telecommunications, a maker of broadband infrastructure products and services; Acme Packet, which makes session border controllers that facilitate interactive voice and video communications over Internet Protocol networks for telecom carriers and enterprise customers; and longtime holding Starent Networks, a provider of infrastructure hardware and software products for cellular service providers that was acquired on favorable terms in December. Fortunately, the negative factors had a relatively muted impact on fund performance. A small cash position worked against us in a strongly advancing market. Moreover, positions in wireless telecommunication services and advertising - both out-of-index groups - and electronic components detracted modestly. Our much-lighter-than-index weighting in communications infrastructure kingpin Cisco Systems, which beat the industry benchmark, made it the fund's biggest relative detractor. LM Ericsson, another maker of infrastructure equipment that hampered our results, didn't do much after I increased the fund's position. My timing in Finnish cellular handset maker Nokia could have been better. The fund did not own Nokia at period end. Additionally, the shares of communications network software provider Tekelec did well but lagged the extremely robust performance of our benchmark.

Annual Report

Communications Equipment Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Cisco Systems, Inc.	12.2	17.7
QUALCOMM, Inc.	8.5	8.9
Research In Motion Ltd.	6.7	0.0
Juniper Networks, Inc.	5.9	4.8
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	4.7	0.0
Polycom, Inc.	4.2	3.2
Acme Packet, Inc.	3.1	1.3
F5 Networks, Inc.	2.9	2.9
Adtran, Inc.	2.8	3.2
Motorola, Inc.	2.4	2.8
	53.4

Top Industries (% of fund's net assets)
As of February 28, 2010
	Communications Equipment	78.3%
	Semiconductors & Semiconductor Equipment	6.6%
	Software	4.3%
	Wireless Telecommunication Services	2.9%
	Electronic Equipment & Components	2.5%
	All Others*	5.4%

fid363

As of August 31, 2009
	Communications Equipment	76.5%
	Semiconductors & Semiconductor Equipment	9.9%
	Software	5.5%
	Internet Software & Services	3.5%
	Wireless Telecommunication Services	1.5%
	All Others*	3.1%

fid371

* Includes short-term investments and net other assets.

Annual Report

Communications Equipment Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 78.1%
Communications Equipment - 78.1%
Acme Packet, Inc. (a)	631,421		$ 10,525,788
ADC Telecommunications, Inc. (a)(c)	336,400		2,132,776
Adtran, Inc.	401,500		9,387,070
ADVA AG Optical Networking (a)	217,060		830,431
Alcatel-Lucent SA sponsored ADR (a)(c)	246,100		748,144
Arris Group, Inc. (a)	61,029		629,819
Aruba Networks, Inc. (a)	22,349		262,154
AudioCodes Ltd. (a)	114,390		398,077
Aviat Networks, Inc. (a)	74,065		455,500
BigBand Networks, Inc. (a)	419,200		1,207,296
Black Box Corp.	9,800		283,514
Blue Coat Systems, Inc. (a)	168,500		4,883,130
Brocade Communications Systems, Inc. (a)	1,172,991		6,826,808
BYD Electronic International Co. Ltd. (a)	626,000		517,755
Ceragon Networks Ltd. (a)	150,200		1,751,332
Ciena Corp. (a)(c)	72,641		1,041,672
Cisco Systems, Inc. (a)	1,685,631		41,011,403
CommScope, Inc. (a)	293,700		7,486,413
Comverse Technology, Inc. (a)	89,910		773,226
DragonWave, Inc. (a)(c)	204,000		2,502,865
EchoStar Holding Corp. Class A (a)	52,180		1,050,905
Emulex Corp. (a)	344,300		4,372,610
F5 Networks, Inc. (a)	173,470		9,679,626
Finisar Corp. (a)(c)	214,599		2,688,925
Harmonic, Inc. (a)	889,700		5,836,432
Infinera Corp. (a)	54,774		415,187
JDS Uniphase Corp. (a)	545,687		5,855,222
Juniper Networks, Inc. (a)	707,486		19,795,458
Motorola, Inc. (a)	1,180,309		7,978,889
Oclaro, Inc. (a)	225,900		438,246
Oplink Communications, Inc. (a)	102,826		1,587,633
Opnext, Inc. (a)	541,899		1,105,474
Palm, Inc. (a)	41,700		254,370
Polycom, Inc. (a)	546,300		14,263,893
QUALCOMM, Inc.	778,880		28,577,107
Research In Motion Ltd. (a)	317,500		22,504,400
Riverbed Technology, Inc. (a)	229,321		6,248,997
Sandvine Corp. (a)	440,684		678,459
Sandvine Corp. (U.K.) (a)	1,993,800		3,010,337
ShoreTel, Inc. (a)	272,796		1,636,776
Sierra Wireless, Inc. (a)	133,400		1,097,880
Sonus Networks, Inc. (a)	439,432		935,990
Tekelec (a)	361,200		5,967,024
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (c)	1,574,500		15,760,745
Tellabs, Inc.	1,106,333		7,644,761
			263,040,519
COMPUTERS & PERIPHERALS - 0.0%
Computer Hardware - 0.0%
Compal Electronics, Inc.	1,250		1,790

	Shares		Value
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	600		$ 4,434
TOTAL COMPUTERS & PERIPHERALS			6,224
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
A123 Systems, Inc.	1,400		23,058
ELECTRONIC EQUIPMENT & COMPONENTS - 2.5%
Electronic Components - 0.2%
BYD Co. Ltd. (H Shares) (a)	102,500		793,622
Electronic Manufacturing Services - 2.3%
Foxconn International Holdings Ltd. (a)	99,000		101,523
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,716		6,783
Plexus Corp.	27,200		938,128
Trimble Navigation Ltd. (a)	249,300		6,698,691
			7,745,125
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			8,538,747
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	400		14,736
INTERNET SOFTWARE & SERVICES - 0.6%
Internet Software & Services - 0.6%
DivX, Inc. (a)	500		3,020
Equinix, Inc. (a)	500		47,235
OpenTable, Inc.	100		3,408
Tencent Holdings Ltd.	96,000		1,882,353
			1,936,016
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.1%
NeuStar, Inc. Class A (a)	16,400		380,152
IT Consulting & Other Services - 0.1%
Yucheng Technologies Ltd. (a)	60,300		217,080
TOTAL IT SERVICES			597,232
MEDIA - 0.4%
Advertising - 0.4%
VisionChina Media, Inc. ADR (a)(c)	182,369		1,404,241
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6%
Semiconductor Equipment - 0.3%
Tessera Technologies, Inc. (a)	45,800		822,568
Semiconductors - 6.3%
Actel Corp. (a)	19,449		249,142
Applied Micro Circuits Corp. (a)	143,550		1,283,337
Avago Technologies Ltd.	143,300		2,600,895
Cavium Networks, Inc. (a)	184,546		4,410,649
Ceva, Inc. (a)	57,200		668,668
CSR PLC (a)	154,780		1,121,261
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Cypress Semiconductor Corp. (a)	32,800		$ 388,352
Exar Corp. (a)	6,701		49,520
Hittite Microwave Corp. (a)	54,300		2,266,482
Ikanos Communications, Inc. (a)	183,615		464,546
Infineon Technologies AG (a)	6,084		33,219
LSI Corp. (a)	78,000		420,420
Netlogic Microsystems, Inc. (a)(c)	38,484		2,085,448
ON Semiconductor Corp. (a)	316,257		2,517,406
Pericom Semiconductor Corp. (a)	45,400		426,306
Pixelplus Co. Ltd. ADR (a)	30,925		17,009
PLX Technology, Inc. (a)	21,500		97,610
Standard Microsystems Corp. (a)	55,597		1,085,253
Volterra Semiconductor Corp. (a)	49,300		1,076,219
			21,261,742
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			22,084,310
SOFTWARE - 4.3%
Application Software - 3.5%
AsiaInfo Holdings, Inc. (a)	45,400		1,108,668
Citrix Systems, Inc. (a)	54,708		2,352,991
NetScout Systems, Inc. (a)	41,800		609,862
Nuance Communications, Inc. (a)	119,400		1,718,166
Smith Micro Software, Inc. (a)	65,032		569,680
SolarWinds, Inc. (c)	79,900		1,502,919
Synchronoss Technologies, Inc. (a)	69,800		1,215,218
Taleo Corp. Class A (a)	1,800		42,372
Ulticom, Inc.	159,400		1,538,210
Voltaire Ltd. (a)	208,700		1,066,457
			11,724,543
Home Entertainment Software - 0.1%
Giant Interactive Group, Inc. ADR	50,800		394,208
Systems Software - 0.7%
Allot Communications Ltd. (a)	11,800		47,200
Opnet Technologies, Inc.	14,100		209,103
Rovi Corp. (a)	27,200		911,200
TeleCommunication Systems, Inc. Class A (a)	166,423		1,268,143
			2,435,646
TOTAL SOFTWARE			14,554,397

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 2.9%
Wireless Telecommunication Services - 2.9%
American Tower Corp. Class A (a)	39,110		$ 1,668,433
Crown Castle International Corp. (a)	43,700		1,651,860
SBA Communications Corp. Class A (a)	48,364		1,710,151
SOFTBANK CORP.	17,400		455,838
Sprint Nextel Corp. (a)	599,400		1,996,002
Syniverse Holdings, Inc. (a)	138,179		2,324,171
			9,806,455
TOTAL COMMON STOCKS (Cost $329,071,233)		322,005,935

Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $930,000)	$ 930,000	758,415

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 0.16% (d)	13,672,786		13,672,786
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	22,872,680		22,872,680
TOTAL MONEY MARKET FUNDS (Cost $36,545,466)		36,545,466
TOTAL INVESTMENT PORTFOLIO - 106.6% (Cost $366,546,699)			359,309,816
NET OTHER ASSETS - (6.6)%			(22,399,800)
NET ASSETS - 100%		$ 336,910,016

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,428
Fidelity Securities Lending Cash Central Fund	104,130
Total	$ 116,558

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 322,005,935	$ 321,955,707	$ 33,219	$ 17,009
Convertible Bonds	758,415	-	758,415	-
Money Market Funds	36,545,466	36,545,466	-	-
Total Investments in Securities:	$ 359,309,816	$ 358,501,173	$ 791,634	$ 17,009

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	16,390
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	619
Ending Balance	$ 17,009
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ 16,390

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.4%
Canada	8.8%
Sweden	4.7%
Others (individually less than 1%)	4.1%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $387,660,109 of which $355,447,951, $3,347,694, $1,904,449, $13,297,103 and $13,662,912 will expire on February 28, 2011, February 29, 2012, February 28, 2015, February 29, 2016, and February 28, 2017, respectively.

A capital loss carryforward of approximately $17,899,915 was acquired from the Networking and Infrastructure Portfolio, of which $3,347,694, $1,904,449, $8,250,126 and $4,397,646 will expire on February 29, 2012, February 28, 2015, February 29, 2016 and February 28, 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Communications Equipment Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $22,268,834) - See accompanying schedule: Unaffiliated issuers (cost $330,001,233)	$ 322,764,350
Fidelity Central Funds (cost $36,545,466)	36,545,466
Total Investments (cost $366,546,699)		$ 359,309,816
Receivable for investments sold		279,049
Receivable for fund shares sold		1,116,441
Dividends receivable		132,409
Interest receivable		769
Distributions receivable from Fidelity Central Funds		4,225
Prepaid expenses		1,254
Other receivables		12,258
Total assets		360,856,221

Liabilities
Payable for fund shares redeemed	$ 787,476
Accrued management fee	150,544
Other affiliated payables	99,888
Other payables and accrued expenses	35,617
Collateral on securities loaned, at value	22,872,680
Total liabilities		23,946,205

Net Assets		$ 336,910,016
Net Assets consist of:
Paid in capital		$ 739,157,237
Accumulated net investment loss		(1,821,419)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(393,188,919)
Net unrealized appreciation (depreciation) on investments		(7,236,883)
Net Assets, for 16,209,140 shares outstanding		$ 336,910,016
Net Asset Value, offering price and redemption price per share ($336,910,016 ÷ 16,209,140 shares)		$ 20.79

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 865,726
Special dividends		672,552
Interest		2,150
Income from Fidelity Central Funds (including $104,130 from security lending)		116,558
Total income		1,656,986

Expenses
Management fee	$ 1,717,569
Transfer agent fees	1,000,498
Accounting and security lending fees	122,609
Custodian fees and expenses	26,695
Independent trustees' compensation	2,116
Registration fees	26,188
Audit	47,826
Legal	10,060
Interest	1,386
Miscellaneous	14,817
Total expenses before reductions	2,969,764
Expense reductions	(52,902)	2,916,862
Net investment income (loss)		(1,259,876)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	54,600,371
Investment not meeting investment restrictions	(384)
Foreign currency transactions	(118)
Payment from investment advisor for loss on investment not meeting investment restrictions	384
Total net realized gain (loss)		54,600,253
Change in net unrealized appreciation (depreciation) on investment securities		100,949,585
Net gain (loss)		155,549,838
Net increase (decrease) in net assets resulting from operations		$ 154,289,962

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fund Name
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (1,259,876)	$ 510,576
Net realized gain (loss)	54,600,253	(47,042,536)
Change in net unrealized appreciation (depreciation)	100,949,585	(61,760,318)
Net increase (decrease) in net assets resulting from operations	154,289,962	(108,292,278)
Distributions to shareholders from net investment income	(937,682)	(497,720)
Share transactions
Proceeds from sales of shares	227,078,826	90,532,492
Net asset value of shares issued in exchange for the net assets of Networking and Infrastructure Portfolio (note 12)	66,583,971	-
Reinvestment of distributions	900,738	477,121
Cost of shares redeemed	(236,954,161)	(97,531,101)
Net increase (decrease) in net assets resulting from share transactions	57,609,374	(6,521,488)
Redemption fees	30,144	16,560
Total increase (decrease) in net assets	210,991,798	(115,294,926)

Net Assets
Beginning of period	125,918,218	241,213,144
End of period (including accumulated net investment loss of $1,821,419 and accumulated net investment loss of $67, respectively)	$ 336,910,016	$ 125,918,218
Other Information Shares
Sold	13,101,569	4,763,695
Issued in exchange for the shares of Networking and Infrastructure Portfolio (note 12)	3,975,162	-
Issued in reinvestment of distributions	44,790	45,106
Redeemed	(12,657,351)	(5,434,215)
Net increase (decrease)	4,464,170	(625,414)

Financial Highlights

Years ended February 28,	2010	2009	2008 ^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 10.72	$ 19.50	$ 20.64	$ 21.67	$ 17.67
Income from Investment Operations
Net investment income (loss) ^C	(.07) ^F	.04	(.12)	(.13)	(.09)
Net realized and unrealized gain (loss)	10.20	(8.77)	(1.02)	(.90)	4.09
Total from investment operations	10.13	(8.73)	(1.14)	(1.03)	4.00
Distributions from net investment income	(.06)	(.05)	-	-	-
Redemption fees added to paid in capital ^C,I	-	-	-	-	-
Net asset value, end of period	$ 20.79	$ 10.72	$ 19.50	$ 20.64	$ 21.67
Total Return ^A,B	94.47%	(44.79)%	(5.52)%	(4.75)%	22.64%
Ratios to Average Net Assets ^D,G
Expenses before reductions	.97%	.95%	.93%	1.01%	1.06%
Expenses net of fee waivers, if any	.97%	.95%	.93%	1.01%	1.06%
Expenses net of all reductions	.95%	.94%	.93%	1.00%	.94%
Net investment income (loss)	(.41)% ^F	.25%	(.55)%	(.63)%	(.48)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 336,910	$ 125,918	$ 241,213	$ 321,967	$ 480,127
Portfolio turnover rate ^E	143%^J	120%	39%	122%	167%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.63)%. ^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^H For the year ended February 29. ^I Amount represents less than $.01 per share. ^J The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Computers Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Computers Portfolio	85.96%	4.70%	-7.20%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Computers Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

cjc373

Annual Report

Computers Portfolio

Management's Discussion of Fund Performance

Comments from Heather Lawrence Carrillo, who managed Select Computers Portfolio during the period covered by this report: During the past year, the fund returned 85.96%, well ahead of the S&P 500 and the 79.89% mark of the S&P® Custom Computers & Peripherals Index, which was adopted in January 2010 as a better representation of the fund's investment universe. Compared with our industry-specific benchmark, favorable stock picking in computer storage/peripherals and computer hardware bolstered performance, as did our representation in the out-of-index area of semiconductors. Lesser - but still significant - contributions came from overweighting computer storage/peripherals, markedly underweighting computer hardware and a small position in technology distributors. Our top contributor by far was International Business Machines (IBM), in which the fund had a large underweighting. While IBM performed well, it lagged our benchmark's result by a considerable margin. A trio of companies tied to the computer disk-drive market - Hutchinson Technology, Seagate Technology and Western Digital - lifted the fund's performance. Advanced Micro Devices also had a positive impact. In this case, the fund owned a position in the common stock and the convertible bonds, both of which recorded triple-digit gains and were sold. Micron Technology, which makes DRAM computer memory, was in financial distress early in the period but subsequently made a comeback. Advanced Micro Devices and Micron Technology were out-of-index positions. Conversely, our gains were limited by holding even a small cash position in a strongly rising market. Positions in communications equipment, semiconductor equipment and systems software also worked against us. Unrewarding timing in computer maker and major index component Hewlett-Packard detracted from performance, although the stock was our second-largest contributor in absolute terms. Likewise, underweighted exposure to smart phone and computer manufacturer Apple hurt versus the industry benchmark but helped on an absolute basis. Silicon Graphics International and Super Micro Computer are relatively small benchmark components that hurt because we didn't own them and they performed well during the first two months of 2010.

Note to shareholders: Matthew Schuldt will become Portfolio Manager of Select Computers Portfolio on April 1, 2010.

Annual Report

Computers Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	13.4	24.4
Hewlett-Packard Co.	13.0	23.9
International Business Machines Corp.	10.2	4.3
Dell, Inc.	5.9	5.0
EMC Corp.	5.1	4.5
Seagate Technology	4.3	2.9
NetApp, Inc.	4.1	1.4
Western Digital Corp.	3.5	2.0
SanDisk Corp.	3.2	0.8
Teradata Corp.	3.1	0.0
	65.8

Top Industries (% of fund's net assets)
As of February 28, 2010
	Computers & Peripherals	80.0%
	Semiconductors & Semiconductor Equipment	6.2%
	Software	4.3%
	Electronic Equipment & Components	3.8%
	Internet Software & Services	2.3%
	All Others*	3.4%

fid381

As of August 31, 2009
	Computers & Peripherals	75.7%
	Semiconductors & Semiconductor Equipment	11.4%
	Electronic Equipment & Components	4.3%
	Software	3.0%
	Communications Equipment	2.0%
	All Others*	3.6%

fid389

* Includes short-term investments and net other assets.

Annual Report

Computers Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.3%
Communications Equipment - 1.3%
Adtran, Inc.	38,000		$ 888,440
Cisco Systems, Inc. (a)	107,200		2,608,176
Emulex Corp. (a)	219,200		2,783,840
Palm, Inc. (a)	83,800		511,180
			6,791,636
COMPUTERS & PERIPHERALS - 80.0%
Computer Hardware - 50.1%
3PAR, Inc. (a)(c)	112,500		1,038,375
Apple, Inc. (a)	329,600		67,442,751
Avid Technology, Inc. (a)	203,600		2,738,420
Dell, Inc. (a)	2,227,707		29,472,564
Diebold, Inc.	169,700		4,914,512
Hewlett-Packard Co.	1,286,255		65,328,891
International Business Machines Corp.	401,248		51,022,696
NCR Corp. (a)	861,300		10,869,606
Stratasys, Inc. (a)	117,831		3,107,203
Teradata Corp. (a)	515,800		15,726,742
			251,661,760
Computer Storage & Peripherals - 29.9%
Compellent Technologies, Inc. (a)	334,100		5,188,573
Electronics for Imaging, Inc. (a)	203,024		2,407,865
EMC Corp. (a)	1,479,678		25,879,568
Hutchinson Technology, Inc. (a)	232,583		1,535,048
Hypercom Corp. (a)	793,600		2,753,792
Intevac, Inc. (a)	170,100		2,410,317
Lexmark International, Inc. Class A (a)	461,300		15,550,423
NetApp, Inc. (a)	686,900		20,613,869
Netezza Corp. (a)	244,000		2,230,160
QLogic Corp. (a)	135,000		2,457,000
Quantum Corp. (a)	2,279,800		5,653,904
SanDisk Corp. (a)	543,300		15,826,329
Seagate Technology	1,075,500		21,413,205
SIMPLO Technology Co. Ltd.	425,000		2,228,836
STEC, Inc. (a)(c)	139,800		1,437,144
Western Digital Corp. (a)	449,184		17,351,978
Xyratex Ltd. (a)	423,000		5,587,830
			150,525,841
TOTAL COMPUTERS & PERIPHERALS			402,187,601
ELECTRONIC EQUIPMENT & COMPONENTS - 3.8%
Electronic Equipment & Instruments - 0.3%
Agilent Technologies, Inc. (a)	43,200		1,359,072
Electronic Manufacturing Services - 0.9%
Flextronics International Ltd. (a)	357,300		2,486,808
Hon Hai Precision Industry Co. Ltd. (Foxconn)	550,000		2,173,981
			4,660,789
Technology Distributors - 2.6%
Arrow Electronics, Inc. (a)	66,300		1,870,323

	Shares		Value
Avnet, Inc. (a)	45,000		$ 1,242,450
Digital China Holdings Ltd. (H Shares)	3,118,000		4,900,621
Ingram Micro, Inc. Class A (a)	139,000		2,460,300
Tech Data Corp. (a)	58,800		2,518,992
			12,992,686
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			19,012,547
INTERNET SOFTWARE & SERVICES - 2.3%
Internet Software & Services - 2.3%
NetEase.com, Inc. sponsored ADR (a)	68,800		2,673,568
Open Text Corp. (a)	77,600		3,804,594
Rackspace Hosting, Inc. (a)	262,900		5,213,307
			11,691,469
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.2%
Semiconductor Equipment - 2.8%
Aixtron AG	89,000		2,617,348
Amkor Technology, Inc. (a)	374,500		2,254,490
ASML Holding NV (NY Shares)	71,900		2,216,677
Cymer, Inc. (a)	58,500		1,832,220
Novellus Systems, Inc. (a)	117,000		2,588,040
Ultratech, Inc. (a)	172,200		2,221,380
			13,730,155
Semiconductors - 3.4%
Altera Corp.	105,700		2,582,251
Applied Micro Circuits Corp. (a)	248,100		2,218,014
Avago Technologies Ltd.	5,400		98,010
Intel Corp.	183,400		3,765,202
MediaTek, Inc.	147,000		2,310,458
Micron Technology, Inc. (a)	275,000		2,491,500
NVIDIA Corp. (a)	152,100		2,464,020
Xilinx, Inc.	50,200		1,296,666
			17,226,121
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			30,956,276
SOFTWARE - 4.3%
Application Software - 2.2%
Informatica Corp. (a)	151,500		3,866,280
Magma Design Automation, Inc. (a)	1,212,700		2,995,369
Salesforce.com, Inc. (a)	26,300		1,787,085
Taleo Corp. Class A (a)	15,200		357,808
TIBCO Software, Inc. (a)	216,500		1,985,305
			10,991,847
Systems Software - 2.1%
Microsoft Corp.	84,200		2,413,172
Oracle Corp.	52,400		1,291,660
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - continued
Red Hat, Inc. (a)	145,600		$ 4,084,080
VMware, Inc. Class A (a)	59,000		2,921,090
			10,710,002
TOTAL SOFTWARE			21,701,849
TOTAL COMMON STOCKS (Cost $487,997,585)		492,341,378
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 0.16% (d)	7,784,182		7,784,182
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	2,241,125		2,241,125
TOTAL MONEY MARKET FUNDS (Cost $10,025,307)		10,025,307
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $498,022,892)			502,366,685
NET OTHER ASSETS - 0.1%			341,410
NET ASSETS - 100%		$ 502,708,095

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 26,728
Fidelity Securities Lending Cash Central Fund	272,993
Total	$ 299,721

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Hutchinson Technology, Inc.	$ 466,920	$ 6,724,579	$ 12,781,397	$ -	$ -
Total	$ 466,920	$ 6,724,579	$ 12,781,397	$ -	$ -

Other Information

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $275,475,001 of which $251,780,199 and $23,694,802 will expire on February 28, 2011 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Computers Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $2,159,420) - See accompanying schedule: Unaffiliated issuers (cost $487,997,585)	$ 492,341,378
Fidelity Central Funds (cost $10,025,307)	10,025,307
Total Investments (cost $498,022,892)		$ 502,366,685
Receivable for investments sold		2,459,151
Receivable for fund shares sold		662,117
Dividends receivable		319,654
Distributions receivable from Fidelity Central Funds		16,851
Prepaid expenses		1,349
Other receivables		214,840
Total assets		506,040,647

Liabilities
Payable for fund shares redeemed	$ 694,849
Accrued management fee	230,890
Other affiliated payables	132,020
Other payables and accrued expenses	33,668
Collateral on securities loaned, at value	2,241,125
Total liabilities		3,332,552

Net Assets		$ 502,708,095
Net Assets consist of:
Paid in capital		$ 796,806,260
Accumulated net investment loss		(128)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(298,409,628)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,311,591
Net Assets, for 11,532,287 shares outstanding		$ 502,708,095
Net Asset Value, offering price and redemption price per share ($502,708,095 ÷ 11,532,287 shares)		$ 43.59

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 1,734,393
Interest		1,003,843
Income from Fidelity Central Funds (including $272,993 from security lending)		299,721
Total income		3,037,957

Expenses
Management fee	$ 2,315,117
Transfer agent fees	1,260,795
Accounting and security lending fees	162,537
Custodian fees and expenses	32,650
Independent trustees' compensation	2,751
Registration fees	32,438
Audit	58,181
Legal	31,390
Interest	119
Miscellaneous	6,080
Total expenses before reductions	3,902,058
Expense reductions	(121,283)	3,780,775
Net investment income (loss)		(742,818)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	94,983,915
Other affiliated issuers	6,839,587
Foreign currency transactions	(122,774)
Total net realized gain (loss)		101,700,728
Change in net unrealized appreciation (depreciation) on: Investment securities	112,079,881
Assets and liabilities in foreign currencies	18,842
Total change in net unrealized appreciation (depreciation)		112,098,723
Net gain (loss)		213,799,451
Net increase (decrease) in net assets resulting from operations		$ 213,056,633

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (742,818)	$ (187,044)
Net realized gain (loss)	101,700,728	(88,261,786)
Change in net unrealized appreciation (depreciation)	112,098,723	(62,424,997)
Net increase (decrease) in net assets resulting from operations	213,056,633	(150,873,827)
Share transactions Proceeds from sales of shares	207,562,448	52,960,888
Cost of shares redeemed	(125,093,210)	(132,192,597)
Net increase (decrease) in net assets resulting from share transactions	82,469,238	(79,231,709)
Redemption fees	19,148	17,677
Total increase (decrease) in net assets	295,545,019	(230,087,859)

Net Assets
Beginning of period	207,163,076	437,250,935
End of period (including accumulated net investment loss of $128 and undistributed net investment income of $29,684, respectively)	$ 502,708,095	$ 207,163,076
Other Information Shares
Sold	5,953,260	1,486,599
Redeemed	(3,259,453)	(3,507,997)
Net increase (decrease)	2,693,807	(2,021,398)

Financial Highlights

Years ended February 28,	2010	2009	2008 ^G	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 23.44	$ 40.26	$ 39.29	$ 37.55	$ 34.65
Income from Investment Operations
Net investment income (loss) ^C	(.07)	(.02)	(.12)	(.10)	(.20)
Net realized and unrealized gain (loss)	20.22	(16.80)	1.09	1.83	3.10
Total from investment operations	20.15	(16.82)	.97	1.73	2.90
Redemption fees added to paid in capital ^C	- ^H	- ^H	- ^H	.01	- ^H
Net asset value, end of period	$ 43.59	$ 23.44	$ 40.26	$ 39.29	$ 37.55
Total Return ^A,B	85.96%	(41.78)%	2.47%	4.63%	8.37%
Ratios to Average Net Assets^D,F
Expenses before reductions	.95%	.92%	.92%	1.02%	1.04%
Expenses net of fee waivers, if any	.95%	.92%	.92%	1.02%	1.04%
Expenses net of all reductions	.92%	.91%	.91%	1.00%	.98%
Net investment income (loss)	(.18)%	(.05)%	(.26)%	(.28)%	(.56)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 502,708	$ 207,163	$ 437,251	$ 460,532	$ 531,707
Portfolio turnover rate ^E	269%	183%	234%	214%	112%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Electronics Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Electronics Portfolio	89.51%	0.89%	-8.21%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Electronics Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

cjc391

Annual Report

Electronics Portfolio

Management's Discussion of Fund Performance

Comments from Stephen Barwikowski and Christopher Lin, Co-Portfolio Managers of Select Electronics Portfolio: During the past year, the fund returned 89.51%, handily beating the S&P 500 and the 72.37% mark of the MSCI® U.S. IM Semiconductors & Semiconductor Equipment 25/50 Index, which was adopted in January 2010 as a better representation of the fund's investment universe. Relative to the MSCI index, favorable stock selection in semiconductors accounted for more than 11 percentage points of the fund's outperformance. Stock picking and an overweighting in semiconductor equipment also was beneficial. Additionally, our security selection in several out-of-index groups - particularly electronic manufacturing services, computer storage/peripherals and electronic components - aided the fund's results. The share price of chip maker Infineon Technologies bounced back nicely following the company's near-death experience earlier in the year, when a shaky balance sheet and tight credit markets threatened to drive the German firm out of business. Underweighting index heavyweight and personal computer chip maker Intel had a positive impact on performance, in view of the stock's failure to keep pace with the MSCI index. Other contributors included Fairchild Semiconductor International, Amkor Technology, which offers subcontracted chip packaging and test services, Marvell Technology Group, a chip manufacturer for the PC disk-drive and cellular handset markets, and Germany's Aixtron, a semiconductor equipment maker with a rapidly growing business in equipment for manufacturing light-emitting diode (LED) lights. Infineon and Aixtron were out-of-index holdings, and both stocks were sold by period end. On the negative side, holdings in communications equipment dampened the fund's gain, as did a modest cash position against the backdrop of a strongly advancing market. Our largest relative detractor was a benchmark component in which the fund had a large underweighting: LED maker Cree. Despite what we thought was a rich valuation, the stock posted a triple-digit gain amid growing demand for LEDs in the general lighting, display backlighting and automotive markets. A large out-of-benchmark stake in wireless infrastructure provider QUALCOMM also detracted, as did holdings in chip maker Atmel and an underweighting in PC chip manufacturer Advanced Micro Devices.

Annual Report

Electronics Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Intel Corp.	23.1	24.0
Texas Instruments, Inc.	6.4	8.8
Applied Materials, Inc.	5.4	5.3
Micron Technology, Inc.	4.9	3.6
Marvell Technology Group Ltd.	4.5	3.6
Altera Corp.	3.3	0.8
Fairchild Semiconductor International, Inc.	3.2	2.1
Xilinx, Inc.	3.0	1.6
Avago Technologies Ltd.	2.7	0.8
Amkor Technology, Inc.	2.7	1.7
	59.2

Top Industries (% of fund's net assets)
As of February 28, 2010
	Semiconductors & Semiconductor Equipment	91.1%
	Electronic Equipment & Components	3.8%
	Computers & Peripherals	2.5%
	Communications Equipment	1.8%
	Electrical Equipment	0.3%
	All Others*	0.5%

fid399

As of August 31, 2009
	Semiconductors & Semiconductor Equipment	87.5%
	Electronic Equipment & Components	4.0%
	Computers & Peripherals	2.9%
	Communications Equipment	1.9%
	Software	0.6%
	All Others*	3.1%

fid407

* Includes short-term investments and net other assets.

Annual Report

Electronics Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.8%
Communications Equipment - 1.8%
QUALCOMM, Inc.	545,824		$ 20,026,283
COMPUTERS & PERIPHERALS - 2.5%
Computer Hardware - 0.1%
Hewlett-Packard Co.	24,375		1,238,006
Computer Storage & Peripherals - 2.4%
SanDisk Corp. (a)	292,800		8,529,264
Seagate Technology	464,313		9,244,472
Western Digital Corp. (a)	209,800		8,104,574
			25,878,310
TOTAL COMPUTERS & PERIPHERALS			27,116,316
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
Motech Industries, Inc.	1		4
SunPower Corp. Class B (a)	237,000		3,870,210
			3,870,214
ELECTRONIC EQUIPMENT & COMPONENTS - 3.8%
Electronic Components - 0.2%
Vishay Intertechnology, Inc. (a)	204,001		2,091,010
Electronic Manufacturing Services - 3.1%
Benchmark Electronics, Inc. (a)	248,935		4,928,913
DDi Corp. (a)	976,434		4,930,992
Flextronics International Ltd. (a)	2,047,093		14,247,767
Jabil Circuit, Inc.	288,372		4,374,603
TTM Technologies, Inc. (a)	258,158		2,204,669
Tyco Electronics Ltd.	145,600		3,731,728
			34,418,672
Technology Distributors - 0.5%
Arrow Electronics, Inc. (a)	71,100		2,005,731
Avnet, Inc. (a)	120,431		3,325,100
			5,330,831
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			41,840,513
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)	285,468		3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 91.0%
Semiconductor Equipment - 17.8%
Advanced Energy Industries, Inc. (a)	14,100		204,732
Amkor Technology, Inc. (a)(c)	4,971,805		29,930,266
Applied Materials, Inc.	4,891,300		59,869,512
ASM International NV (NASDAQ) (a)	175,800		4,126,026
ASML Holding NV (NY Shares)	293,800		9,057,854
ATMI, Inc. (a)	86,400		1,454,976
Brooks Automation, Inc. (a)	26,400		228,096
Cabot Microelectronics Corp. (a)	11,300		400,020

	Shares		Value
Cohu, Inc.	9,700		$ 129,980
Cymer, Inc. (a)	249,071		7,800,904
Entegris, Inc. (a)	445,239		1,994,671
FEI Co. (a)	9,700		206,416
KLA-Tencor Corp.	192,500		5,607,525
Kulicke & Soffa Industries, Inc. (a)	890,835		5,861,694
Lam Research Corp. (a)	609,200		20,657,972
Mattson Technology, Inc. (a)	562,070		2,074,038
MEMC Electronic Materials, Inc. (a)	1,177,764		14,262,722
Novellus Systems, Inc. (a)	62,700		1,386,924
Teradyne, Inc. (a)(c)	871,500		8,706,285
Tessera Technologies, Inc. (a)	307,054		5,514,690
Ultratech, Inc. (a)	13,600		175,440
Varian Semiconductor Equipment Associates, Inc. (a)	361,800		10,882,944
Verigy Ltd. (a)	569,200		5,669,232
			196,202,919
Semiconductors - 73.2%
Actel Corp. (a)	10,400		133,224
Advanced Analogic Technologies, Inc. (a)	447,661		1,468,328
Advanced Micro Devices, Inc. (a)	2,310,506		18,276,102
Altera Corp.	1,485,162		36,282,508
Analog Devices, Inc.	55,300		1,616,972
Applied Micro Circuits Corp. (a)	813,972		7,276,910
ARM Holdings PLC sponsored ADR	287,500		2,670,875
Atheros Communications, Inc. (a)	110,522		3,966,635
Atmel Corp. (a)	4,690,329		21,153,384
Avago Technologies Ltd.	1,666,103		30,239,769
Broadcom Corp. Class A	816,110		25,560,565
Cree, Inc. (a)	11,200		759,696
Cypress Semiconductor Corp. (a)	131,000		1,551,040
Diodes, Inc. (a)	12,200		239,242
Exar Corp. (a)	15,000		110,850
Fairchild Semiconductor International, Inc. (a)	3,466,946		35,778,883
Himax Technologies, Inc. sponsored ADR	1,116,400		3,271,052
Integrated Device Technology, Inc. (a)	1,117,400		6,112,178
Intel Corp.	12,436,932		255,330,214
International Rectifier Corp. (a)	448,537		9,073,904
Intersil Corp. Class A	1,002,840		14,882,146
Linear Technology Corp.	2,100		57,057
LSI Corp. (a)	746,697		4,024,697
Marvell Technology Group Ltd. (a)	2,594,086		50,117,742
Micron Technology, Inc. (a)	5,991,738		54,285,146
Microsemi Corp. (a)	354,734		5,501,924
Monolithic Power Systems, Inc. (a)	260,432		5,289,374
National Semiconductor Corp.	1,299,632		18,818,671
NVIDIA Corp. (a)	1,785,270		28,921,374
O2Micro International Ltd. sponsored ADR (a)	213,200		1,277,068
Omnivision Technologies, Inc. (a)	437,100		6,351,063
ON Semiconductor Corp. (a)	2,156,141		17,162,882
PMC-Sierra, Inc. (a)	800,500		6,644,150
RF Micro Devices, Inc. (a)	762,114		3,208,500
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Samsung Electronics Co. Ltd.	8,180		$ 5,246,483
Silicon Storage Technology, Inc. (a)	39,300		125,367
Skyworks Solutions, Inc. (a)	622,524		9,505,941
Standard Microsystems Corp. (a)	315,383		6,156,276
STATS ChipPAC Ltd. (a)	2,479,000		1,834,076
Texas Instruments, Inc.	2,921,559		71,227,608
Volterra Semiconductor Corp. (a)	165,905		3,621,706
Xilinx, Inc.	1,279,500		33,049,485
Zoran Corp. (a)	63,300		717,822
			808,898,889
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,005,101,808
TOTAL COMMON STOCKS (Cost $1,190,160,066)		1,097,955,137

Convertible Bonds - 0.1%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
SunPower Corp. 4.75% 4/15/14	$ 470,000		462,997
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 6% 4/15/14 (d)	610,000		1,329,068
TOTAL CONVERTIBLE BONDS (Cost $1,080,000)		1,792,065

Money Market Funds - 1.7%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (e)	784		$ 784
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	18,372,375		18,372,375
TOTAL MONEY MARKET FUNDS (Cost $18,373,159)		18,373,159
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,209,613,225)			1,118,120,361
NET OTHER ASSETS - (1.2)%			(13,579,206)
NET ASSETS - 100%		$ 1,104,541,155

Legend

(a) Non-income producing

(b) 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	$ 56,022
Fidelity Securities Lending Cash Central Fund	91,497
Total	$ 147,519

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,097,955,137	$ 1,097,955,134	$ -	$ 3
Convertible Bonds	1,792,065	-	1,792,065	-
Money Market Funds	18,373,159	18,373,159	-	-
Total Investments in Securities:	$ 1,118,120,361	$ 1,116,328,293	$ 1,792,065	$ 3

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(75,776)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	75,779
Ending Balance	$ 3
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ (75,776)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.3%
Singapore	4.7%
Bermuda	4.5%
Cayman Islands	1.3%
Netherlands	1.2%
Others (individually less than 1%)	1.0%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $1,912,166,439 of which $1,514,779,921, $67,503,898, $258,803,490 and $71,079,130 will expire on February 28, 2011, February 29, 2012, February 28, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Electronics Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $17,724,634) - See accompanying schedule: Unaffiliated issuers (cost $1,191,240,066)	$ 1,099,747,202
Fidelity Central Funds (cost $18,373,159)	18,373,159
Total Investments (cost $1,209,613,225)		$ 1,118,120,361
Receivable for investments sold		12,480,269
Receivable for fund shares sold		260,069
Dividends receivable		2,943,952
Interest receivable		22,097
Distributions receivable from Fidelity Central Funds		2,202
Prepaid expenses		3,388
Other receivables		41,243
Total assets		1,133,873,581

Liabilities
Payable to custodian bank	$ 774,816
Payable for investments purchased	7,413,438
Payable for fund shares redeemed	1,902,687
Accrued management fee	512,880
Other affiliated payables	284,494
Other payables and accrued expenses	71,736
Collateral on securities loaned, at value	18,372,375
Total liabilities		29,332,426

Net Assets		$ 1,104,541,155
Net Assets consist of:
Paid in capital		$ 3,125,608,706
Undistributed net investment income		1,608,523
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,931,183,651)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(91,492,423)
Net Assets, for 27,849,258 shares outstanding		$ 1,104,541,155
Net Asset Value, offering price and redemption price per share ($1,104,541,155 ÷ 27,849,258 shares)		$ 39.66

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 13,882,207
Interest		3,662,816
Income from Fidelity Central Funds (including $91,497 from security lending)		147,519
Total income		17,692,542

Expenses
Management fee	$ 5,426,701
Transfer agent fees	2,888,149
Accounting and security lending fees	368,713
Custodian fees and expenses	82,588
Independent trustees' compensation	6,680
Appreciation in deferred trustee compensation account	90
Registration fees	48,236
Audit	42,529
Legal	8,043
Interest	213
Miscellaneous	16,403
Total expenses before reductions	8,888,345
Expense reductions	(63,502)	8,824,843
Net investment income (loss)		8,867,699
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	103,595,563
Foreign currency transactions	(1,621)
Capital gain distributions from Fidelity Central Funds	1,070
Total net realized gain (loss)		103,595,012
Change in net unrealized appreciation (depreciation) on: Investment securities	401,700,722
Assets and liabilities in foreign currencies	25,992
Total change in net unrealized appreciation (depreciation)		401,726,714
Net gain (loss)		505,321,726
Net increase (decrease) in net assets resulting from operations		$ 514,189,425

See accompanying notes which are an integral part of the financial statements.

Annual Report

Electronics Portfolio
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 8,867,699	$ 10,153,348
Net realized gain (loss)	103,595,012	(338,107,375)
Change in net unrealized appreciation (depreciation)	401,726,714	(139,562,154)
Net increase (decrease) in net assets resulting from operations	514,189,425	(467,516,181)
Distributions to shareholders from net investment income	(9,465,569)	(5,135,720)
Distributions to shareholders from net realized gain	(285,675)	-
Total distributions	(9,751,244)	(5,135,720)
Share transactions Proceeds from sales of shares	344,238,190	85,955,651
Reinvestment of distributions	9,290,540	4,870,280
Cost of shares redeemed	(316,936,032)	(256,580,265)
Net increase (decrease) in net assets resulting from share transactions	36,592,698	(165,754,334)
Redemption fees	56,833	35,043
Total increase (decrease) in net assets	541,087,712	(638,371,192)

Net Assets
Beginning of period	563,453,443	1,201,824,635
End of period (including undistributed net investment income of $1,608,523 and undistributed net investment income of $2,316,529, respectively)	$ 1,104,541,155	$ 563,453,443
Other Information Shares
Sold	9,995,209	2,625,746
Issued in reinvestment of distributions	258,297	236,536
Redeemed	(9,071,377)	(8,528,536)
Net increase (decrease)	1,182,129	(5,666,254)

Financial Highlights

Years ended February 28,	2010	2009	2008 ^G	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 21.13	$ 37.17	$ 46.14	$ 46.60	$ 38.93
Income from Investment Operations
Net investment income (loss) ^C	.31	.34	.17	.05	(.07)
Net realized and unrealized gain (loss)	18.57	(16.19)	(8.85)	(.48)	7.73
Total from investment operations	18.88	(15.85)	(8.68)	(.43)	7.66
Distributions from net investment income	(.34)	(.19)	(.17)	(.03)	-
Distributions from net realized gain	(.01)	-	(.12)	-	-
Total distributions	(.35)	(.19)	(.29)	(.03)	-
Redemption fees added to paid in capital ^C	- ^H	- ^H	- ^H	- ^H	.01
Net asset value, end of period	$ 39.66	$ 21.13	$ 37.17	$ 46.14	$ 46.60
Total Return^A,B	89.51%	(42.63)%	(18.95)%	(.92)%	19.70%
Ratios to Average Net Assets ^D,F
Expenses before reductions	.92%	.89%	.87%	.91%	.95%
Expenses net of fee waivers, if any	.92%	.89%	.87%	.91%	.95%
Expenses net of all reductions	.91%	.88%	.86%	.89%	.88%
Net investment income (loss)	.92%	1.05%	.36%	.11%	(.17)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,104,541	$ 563,453	$ 1,201,825	$ 1,944,223	$ 2,840,570
Portfolio turnover rate ^E	71%	91%	87%	97%	80%

See accompanying notes which are an integral part of the financial statements.

Annual Report

IT Services Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
IT Services Portfolio ^A	60.83%	7.68%	6.14%

^A Prior to October 1, 2006, IT Services Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in IT Services Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

cjc409

Annual Report

IT Services Portfolio

Management's Discussion of Fund Performance

Comments from Kyle Weaver, Portfolio Manager of Select IT Services Portfolio: During the past year, the fund returned 60.83%, well ahead of the S&P 500 and the 50.24% return of the MSCI® U.S. IM IT Services 25/50 Index, which was adopted in January 2010 as a better representation of the fund's investment universe. Favorable stock selection in data processing/outsourced services was the primary reason the fund topped the MSCI index, although my picks in two out-of-index groups - application software and technology distributors - also helped. Large underweightings in two benchmark components, payroll processor Automatic Data Processing and money transfer agent Western Union, aided fund performance, as both stocks posted nice gains but significantly underperformed the benchmark. An overweighted position in Alliance Data Systems, which offers a variety of outsourced marketing, credit and customer-loyalty solutions, also lifted performance, as did electronic bill payment processing provider Metavante Technologies, which was acquired during the period at a healthy premium to its market price. Other contributors included VeriFone Holdings, which supplies electronic point-of-sale (POS) terminals, and VanceInfo Technologies, a pure play on the Chinese information technology (IT) services industry. Conversely, having a modest cash position detracted. My security selection in Internet software/services and in IT consulting/other services also hurt a bit. Individual detractors included Yucheng Technologies, which was hurt by changing regulations regarding the deployment of POS terminals in China. Other detractors were Affiliated Computer Services, which provides outsourced services to corporations as well as state and local governments, networking and data communications holding TNS and Fidelity National Information Services, a provider of bank payment processing technology and related solutions, which acquired Metavante.

Annual Report

IT Services Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Visa, Inc. Class A	13.9	18.2
MasterCard, Inc. Class A	11.0	4.9
Accenture PLC Class A	9.5	10.5
Cognizant Technology Solutions Corp. Class A	6.3	5.6
Fidelity National Information Services, Inc.	5.6	5.0
Alliance Data Systems Corp.	4.9	5.9
Automatic Data Processing, Inc.	4.1	3.9
Fiserv, Inc.	3.7	1.7
TNS, Inc.	2.9	2.2
Wright Express Corp.	2.6	1.6
	64.5

Top Industries (% of fund's net assets)
As of February 28, 2010
	IT Services	90.2%
	Software	5.1%
	Office Electronics	2.3%
	Internet Software & Services	2.1%
	Electronic Equipment & Components	0.9%
	All Others*	(0.6)%^†

fid418

As of August 31, 2009
	IT Services	95.3%
	Software	2.9%
	Internet Software & Services	1.1%
	Wireless Telecommunication Services	0.4%
	All Others*	0.3%

fid426

* Includes short-term investments and net other assets.

^† Short-term Investments and Net Other Assets are not included in the pie chart.

Annual Report

IT Services Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 100.9%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Coinstar, Inc. (a)	9,300		$ 276,024
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9%
Technology Distributors - 0.9%
Digital China Holdings Ltd. (H Shares)	544,000		855,015
INTERNET SOFTWARE & SERVICES - 2.1%
Internet Software & Services - 2.1%
j2 Global Communications, Inc. (a)	75,500		1,638,350
LivePerson, Inc. (a)	54,500		379,865
			2,018,215
IT SERVICES - 90.2%
Data Processing & Outsourced Services - 66.4%
Alliance Data Systems Corp. (a)(c)	85,448		4,737,237
Automatic Data Processing, Inc.	94,600		3,936,306
Cass Information Systems, Inc.	2,200		66,594
Convergys Corp. (a)	84,600		1,043,964
CSG Systems International, Inc. (a)	13,100		263,572
CyberSource Corp. (a)	62,100		1,063,773
DST Systems, Inc. (a)	9,100		349,713
Euronet Worldwide, Inc. (a)	18,200		329,784
ExlService Holdings, Inc. (a)	29,000		498,800
Fidelity National Information Services, Inc.	238,500		5,375,790
Fiserv, Inc. (a)	74,900		3,612,427
Genpact Ltd. (a)	138,900		2,096,001
Global Cash Access Holdings, Inc. (a)	13,800		103,362
Heartland Payment Systems, Inc.	56,800		868,472
Hewitt Associates, Inc. Class A (a)	58,800		2,233,812
infoGROUP, Inc. (a)	162,700		1,306,481
MasterCard, Inc. Class A	47,215		10,593,630
NeuStar, Inc. Class A (a)	26,000		602,680
Syntel, Inc.	45,000		1,525,500
Teletech Holdings, Inc. (a)	14,900		260,601
The Western Union Co.	155,800		2,458,524
TNS, Inc. (a)	118,000		2,788,340
VeriFone Holdings, Inc. (a)	56,800		1,096,240
Visa, Inc. Class A (c)	157,612		13,441,151
WNS Holdings Ltd. sponsored ADR (a)(c)	62,200		927,402
Wright Express Corp. (a)	89,700		2,540,304
			64,120,460
IT Consulting & Other Services - 23.8%
Accenture PLC Class A	229,600		9,177,112
Acxiom Corp. (a)	84,400		1,422,984
China Information Security Technology, Inc. (a)(c)	154,600		760,632
Ciber, Inc. (a)	34,500		128,685
Cognizant Technology Solutions Corp. Class A (a)	126,116		6,069,963
Computer Task Group, Inc. (a)	47,500		359,575
iGate Corp.	6,900		63,066

	Shares		Value
Integral Systems, Inc. (a)	140,700		$ 1,204,392
ManTech International Corp. Class A (a)	200		9,876
Maximus, Inc.	5,800		333,964
NCI, Inc. Class A (a)	2,200		61,974
Ness Technologies, Inc. (a)	256,400		1,461,480
RightNow Technologies, Inc. (a)	6,400		99,584
Sapient Corp.	69,700		628,694
SRA International, Inc. Class A (a)	13,400		255,404
Unisys Corp. (a)	12,520		437,073
Yucheng Technologies Ltd. (a)	153,800		553,680
			23,028,138
TOTAL IT SERVICES			87,148,598
OFFICE ELECTRONICS - 2.3%
Office Electronics - 2.3%
Xerox Corp.	238,921		2,238,690
SOFTWARE - 5.1%
Application Software - 4.6%
AsiaInfo Holdings, Inc. (a)	3,500		85,470
Epicor Software Corp. (a)	62,900		539,053
Longtop Financial Technologies Ltd. ADR (a)	32,450		1,077,340
Monotype Imaging Holdings, Inc. (a)	58,200		553,482
Pegasystems, Inc.	13,400		482,400
VanceInfo Technologies, Inc. ADR (a)(c)	86,900		1,719,751
			4,457,496
Systems Software - 0.5%
MICROS Systems, Inc. (a)	15,800		474,632
TOTAL SOFTWARE			4,932,128
WIRELESS TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
Syniverse Holdings, Inc. (a)	600		10,092
TOTAL COMMON STOCKS (Cost $87,019,966)		97,478,762
Money Market Funds - 19.8%

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d) (Cost $19,178,800)	19,178,800		19,178,800
TOTAL INVESTMENT PORTFOLIO - 120.7% (Cost $106,198,766)			116,657,562
NET OTHER ASSETS - (20.7)%			(20,026,516)
NET ASSETS - 100%		$ 96,631,046

Legend

(a) Non-income producing

(b) 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	$ 4,795
Fidelity Securities Lending Cash Central Fund	35,838
Total	$ 40,633

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.9%
Ireland	9.5%
Cayman Islands	2.9%
Bermuda	2.2%
Bailiwick of Jersey	1.0%
Others (individually less than 1%)	1.5%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $8,570,233 of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

IT Services Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $18,800,790) - See accompanying schedule: Unaffiliated issuers (cost $87,019,966)	$ 97,478,762
Fidelity Central Funds (cost $19,178,800)	19,178,800
Total Investments (cost $106,198,766)		$ 116,657,562
Cash		16,629
Receivable for investments sold		2,178,950
Receivable for fund shares sold		59,925
Dividends receivable		44,618
Distributions receivable from Fidelity Central Funds		1,936
Prepaid expenses		231
Other receivables		10,315
Total assets		118,970,166

Liabilities
Payable for fund shares redeemed	$ 3,056,198
Accrued management fee	48,066
Other affiliated payables	26,552
Other payables and accrued expenses	29,504
Collateral on securities loaned, at value	19,178,800
Total liabilities		22,339,120

Net Assets		$ 96,631,046
Net Assets consist of:
Paid in capital		$ 96,034,655
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,861,390)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		10,457,781
Net Assets, for 5,656,743 shares outstanding		$ 96,631,046
Net Asset Value, offering price and redemption price per share ($96,631,046 ÷ 5,656,743 shares)		$ 17.08

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 487,469
Income from Fidelity Central Funds (including $35,838 from security lending)		40,633
Total income		528,102

Expenses
Management fee	$ 437,725
Transfer agent fees	227,144
Accounting and security lending fees	31,781
Custodian fees and expenses	9,034
Independent trustees' compensation	481
Registration fees	23,967
Audit	36,579
Legal	328
Miscellaneous	1,030
Total expenses before reductions	768,069
Expense reductions	(1,679)	766,390
Net investment income (loss)		(238,288)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	9,622,292
Foreign currency transactions	(134)
Total net realized gain (loss)		9,622,158
Change in net unrealized appreciation (depreciation) on: Investment securities	20,861,625
Assets and liabilities in foreign currencies	925
Total change in net unrealized appreciation (depreciation)		20,862,550
Net gain (loss)		30,484,708
Net increase (decrease) in net assets resulting from operations		$ 30,246,420

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fund Name
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (238,288)	$ (78,729)
Net realized gain (loss)	9,622,158	(17,667,815)
Change in net unrealized appreciation (depreciation)	20,862,550	(8,351,839)
Net increase (decrease) in net assets resulting from operations	30,246,420	(26,098,383)
Share transactions Proceeds from sales of shares	73,302,554	94,940,325
Cost of shares redeemed	(54,961,487)	(59,676,679)
Net increase (decrease) in net assets resulting from share transactions	18,341,067	35,263,646
Redemption fees	5,004	30,945
Total increase (decrease) in net assets	48,592,491	9,196,208

Net Assets
Beginning of period	48,038,555	38,842,347
End of period	$ 96,631,046	$ 48,038,555
Other Information Shares
Sold	4,765,050	6,271,982
Redeemed	(3,632,823)	(4,378,124)
Net increase (decrease)	1,132,227	1,893,858

Financial Highlights

Years ended February 28,	2010	2009	2008 ^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 10.62	$ 14.77	$ 17.40	$ 17.43	$ 15.50
Income from Investment Operations
Net investment income (loss) ^C	(.05)	(.02)	(.06)	(.07)	(.03) ^F
Net realized and unrealized gain (loss)	6.51	(4.14)	(.25)	1.73	2.59
Total from investment operations	6.46	(4.16)	(.31)	1.66	2.56
Distributions from net realized gain	-	-	(2.32)	(1.70)	(.63)
Redemption fees added to paid in capital ^C	- ^I	.01	- ^I	.01	- ^I
Net asset value, end of period	$ 17.08	$ 10.62	$ 14.77	$ 17.40	$ 17.43
Total Return^A,B	60.83%	(28.10)%	(2.94)%	10.11%	17.14%
Ratios to Average Net Assets^D,G
Expenses before reductions	.99%	1.00%	1.06%	1.19%	1.22%
Expenses net of fee waivers, if any	.99%	1.00%	1.06%	1.16%	1.22%
Expenses net of all reductions	.99%	1.00%	1.06%	1.15%	1.18%
Net investment income (loss)	(.31)%	(.14)%	(.32)%	(.42)%	(.17)% ^F
Supplemental Data
Net assets, end of period (000 omitted)	$ 96,631	$ 48,039	$ 38,842	$ 34,104	$ 39,392
Portfolio turnover rate ^E	131%	140%	212%	200%	73%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.50)%. ^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^H For the year ended February 29. ^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Software and Computer Services Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Software and Computer Services Portfolio	62.89%	8.72%	0.48%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Software and Computer Services Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

fid428

Annual Report

Software and Computer Services Portfolio

Management's Discussion of Fund Performance

Comments from Brian Lempel, Portfolio Manager of Select Software and Computer Services Portfolio: The fund gained 62.89% during the past year, beating the S&P 500 and the 61.54% return of the MSCI® U.S. IM Software & Services 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Stock selection drove the fund's outperformance of the MSCI index, with particularly strong results coming from our holdings in information technology (IT) consulting/other services and data processing/outsourced services. The fund also gained from underweighting data processing/outsourced services stocks, which lagged the benchmark. Conversely, security selection in systems software offset some of the fund's gains. The two biggest individual contributors relative to the index were Cognizant Technology Solutions and out-of-index firm WNS Holdings. Both outsourcing services providers were attractively valued and had very strong results. Another positive was underweighting money-transfer firm Western Union, whose fortunes are closely tied to employment, which continued to lag. Taleo's stock had a strong bounce-back after this maker of talent management software resolved accounting problems. Underweightings in weak-performing Internet giant Yahoo! and payroll service provider Automatic Data Processing also helped. The No. 1 detractor was a large overweighting in business management software maker BMC Software. Not owning strong-performing index component Salesforce.com also hurt results, as did Japanese video-game maker Nintendo - an out-of-benchmark position - and application software firms Adobe Systems and Epiq Systems. I sold Nintendo during the period.

Annual Report

Software & Computer Services Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp.	24.4	25.0
Google, Inc. Class A	12.4	13.7
Oracle Corp.	7.5	9.8
BMC Software, Inc.	3.7	3.7
Visa, Inc. Class A	3.5	3.9
eBay, Inc.	3.3	3.2
Cognizant Technology Solutions Corp. Class A	3.1	3.8
Adobe Systems, Inc.	3.0	3.8
Citrix Systems, Inc.	3.0	2.0
Nuance Communications, Inc.	2.8	1.5
	66.7

Top Industries (% of fund's net assets)
As of February 28, 2010
	Software	66.1%
	Internet Software & Services	18.6%
	IT Services	14.1%
	Media	0.6%
	Computers & Peripherals	0.4%
	All Others*	0.2%

cjc436

As of August 31, 2009
	Software	62.5%
	Internet Software & Services	18.6%
	IT Services	18.5%
	Specialty Retail	0.2%
	Media	0.1%
	All Others*	0.1%

cjc444

* Includes short-term investments and net other assets.

Annual Report

Software & Computer Services Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
COMPUTERS & PERIPHERALS - 0.4%
Computer Storage & Peripherals - 0.4%
EMC Corp. (a)	201,300		$ 3,520,737
INTERNET SOFTWARE & SERVICES - 18.6%
Internet Software & Services - 18.6%
Akamai Technologies, Inc. (a)	197,400		5,191,620
Baidu.com, Inc. sponsored ADR (a)	1,000		518,680
Constant Contact, Inc. (a)(c)	279,250		5,213,598
eBay, Inc. (a)	1,415,500		32,584,810
Google, Inc. Class A (a)	232,400		122,428,320
NetEase.com, Inc. sponsored ADR (a)	26,100		1,014,246
Rackspace Hosting, Inc. (a)	119,600		2,371,668
Saba Software, Inc. (a)(c)	685,158		3,466,899
Sina Corp. (a)	52,800		1,996,896
Tencent Holdings Ltd.	147,800		2,898,039
VeriSign, Inc. (a)	79,400		1,978,648
Yahoo!, Inc. (a)	242,700		3,715,737
			183,379,161
IT SERVICES - 14.1%
Data Processing & Outsourced Services - 8.7%
Alliance Data Systems Corp. (a)	54,600		3,027,024
Automatic Data Processing, Inc.	2,800		116,508
Fidelity National Information Services, Inc.	552,600		12,455,604
Fiserv, Inc. (a)	140,400		6,771,492
Genpact Ltd. (a)	148,100		2,234,829
Lender Processing Services, Inc.	60,548		2,311,723
MasterCard, Inc. Class A	89,700		20,125,989
The Western Union Co.	200		3,156
Visa, Inc. Class A	401,900		34,274,032
WNS Holdings Ltd. sponsored ADR (a)	280,402		4,180,794
			85,501,151
IT Consulting & Other Services - 5.4%
Accenture PLC Class A	410,000		16,387,700
Cognizant Technology Solutions Corp. Class A (a)	643,500		30,971,655
Infosys Technologies Ltd. sponsored ADR	1,400		79,660
Patni Computer Systems Ltd. sponsored ADR	900		18,693
RightNow Technologies, Inc. (a)	199,800		3,108,888
Sapient Corp.	182,800		1,648,856
Yucheng Technologies Ltd. (a)	198,800		715,680
			52,931,132
TOTAL IT SERVICES			138,432,283

	Shares		Value
MEDIA - 0.6%
Advertising - 0.6%
Focus Media Holding Ltd. ADR (a)(c)	157,200		$ 2,425,596
VisionChina Media, Inc. ADR (a)	503,200		3,874,640
			6,300,236
OFFICE ELECTRONICS - 0.0%
Office Electronics - 0.0%
Xerox Corp.	49		459
SOFTWARE - 66.1%
Application Software - 19.3%
Adobe Systems, Inc. (a)	865,400		29,986,110
ANSYS, Inc. (a)	26,300		1,153,518
Autodesk, Inc. (a)	1,700		47,396
Autonomy Corp. PLC (a)	25,477		594,481
Blackboard, Inc. (a)(c)	185,200		7,237,616
Citrix Systems, Inc. (a)	675,500		29,053,255
EPIQ Systems, Inc. (a)	1,900		22,078
Informatica Corp. (a)	663,200		16,924,864
Kenexa Corp. (a)	227,700		2,247,399
Longtop Financial Technologies Ltd. ADR (a)	18,500		614,200
Magma Design Automation, Inc. (a)(c)(d)	4,844,500		11,965,915
Mentor Graphics Corp. (a)	1,603,900		13,344,448
Nuance Communications, Inc. (a)	1,945,300		27,992,867
Parametric Technology Corp. (a)	312,900		5,447,589
Quest Software, Inc. (a)	1,114		18,771
Taleo Corp. Class A (a)	1,170,554		27,554,841
TIBCO Software, Inc. (a)	1,429,200		13,105,764
VanceInfo Technologies, Inc. ADR (a)	165,400		3,273,266
			190,584,378
Home Entertainment Software - 0.9%
Activision Blizzard, Inc.	604,800		6,429,024
Electronic Arts, Inc. (a)	4,100		67,978
Giant Interactive Group, Inc. ADR (c)	201,100		1,560,536
Take-Two Interactive Software, Inc. (a)(c)	80,200		771,524
			8,829,062
Systems Software - 45.9%
Ariba, Inc. (a)	2,174,600		26,116,946
BMC Software, Inc. (a)	999,100		36,806,844
CA, Inc.	90,300		2,031,750
CommVault Systems, Inc. (a)	43,400		950,460
Fortinet, Inc.	2,800		48,104
McAfee, Inc. (a)	66,900		2,655,261
Microsoft Corp.	8,366,700		239,789,622
Novell, Inc. (a)	637,800		2,991,282
Oracle Corp.	3,014,700		74,312,355
Phoenix Technologies Ltd. (a)	71,547		198,185
Progress Software Corp. (a)	54,100		1,515,882
Radiant Systems, Inc. (a)	500,637		5,592,115
Red Hat, Inc. (a)	402,700		11,295,735
Rovi Corp. (a)	609,600		20,421,600
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - continued
Sybase, Inc. (a)	163,400		$ 7,253,326
Symantec Corp. (a)	726,200		12,018,610
VMware, Inc. Class A (a)	158,200		7,832,482
			451,830,559
TOTAL SOFTWARE			651,243,999
SPECIALTY RETAIL - 0.0%
Computer & Electronics Retail - 0.0%
Gamestop Corp. Class A (a)	2,300		39,560
TOTAL COMMON STOCKS (Cost $796,642,390)		982,916,435
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 0.16% (e)	704,334		704,334
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	19,556,000		19,556,000
TOTAL MONEY MARKET FUNDS (Cost $20,260,334)		20,260,334
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $816,902,724)			1,003,176,769
NET OTHER ASSETS - (1.9)%			(18,374,033)
NET ASSETS - 100%		$ 984,802,736

Legend

(a) Non-income producing

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

(d) Affiliated company

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	$ 44,899
Fidelity Securities Lending Cash Central Fund	60,636
Total	$ 105,535

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Magma Design Automation, Inc.	$ -	$ 11,061,477	$ 124,287	$ -	$ 11,965,915
Total	$ -	$ 11,061,477	$ 124,287	$ -	$ 11,965,915

Other Information

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $83,477,756 of which $10,982,618, $29,206,865 and $43,288,273 will expire on February 28, 2011, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Software and Computer Services Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $19,226,674) - See accompanying schedule: Unaffiliated issuers (cost $785,707,055)	$ 970,950,520
Fidelity Central Funds (cost $20,260,334)	20,260,334
Other affiliated issuers (cost $10,935,335)	11,965,915
Total Investments (cost $816,902,724)		$ 1,003,176,769
Receivable for investments sold		3,958,353
Receivable for fund shares sold		678,554
Dividends receivable		1,296,221
Distributions receivable from Fidelity Central Funds		10,333
Prepaid expenses		2,352
Other receivables		179,926
Total assets		1,009,302,508

Liabilities
Payable for investments purchased	$ 3,459,585
Payable for fund shares redeemed	778,434
Accrued management fee	451,371
Other affiliated payables	222,857
Other payables and accrued expenses	31,525
Collateral on securities loaned, at value	19,556,000
Total liabilities		24,499,772

Net Assets		$ 984,802,736
Net Assets consist of:
Paid in capital		$ 882,839,877
Accumulated net investment loss		(286)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(84,288,252)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		186,251,397
Net Assets, for 13,623,756 shares outstanding		$ 984,802,736
Net Asset Value, offering price and redemption price per share ($984,802,736 ÷ 13,623,756 shares)		$ 72.29

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 6,202,038
Interest		4
Income from Fidelity Central Funds (including $60,636 from security lending)		105,535
Total income		6,307,577

Expenses
Management fee	$ 4,316,595
Transfer agent fees	2,063,617
Accounting and security lending fees	297,317
Custodian fees and expenses	22,581
Independent trustees' compensation	5,043
Registration fees	55,172
Audit	60,793
Legal	34,927
Interest	87
Miscellaneous	11,637
Total expenses before reductions	6,867,769
Expense reductions	(22,962)	6,844,807
Net investment income (loss)		(537,230)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	9,665,626
Other affiliated issuers	(1,854)
Foreign currency transactions	7,238
Total net realized gain (loss)		9,671,010
Change in net unrealized appreciation (depreciation) on: Investment securities	312,184,610
Assets and liabilities in foreign currencies	16,989
Total change in net unrealized appreciation (depreciation)		312,201,599
Net gain (loss)		321,872,609
Net increase (decrease) in net assets resulting from operations		$ 321,335,379

See accompanying notes which are an integral part of the financial statements.

Annual Report

Software and Computer Services Portfolio
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (537,230)	$ (792,362)
Net realized gain (loss)	9,671,010	(79,375,953)
Change in net unrealized appreciation (depreciation)	312,201,599	(166,741,891)
Net increase (decrease) in net assets resulting from operations	321,335,379	(246,910,206)
Share transactions Proceeds from sales of shares	388,679,187	173,674,255
Cost of shares redeemed	(214,224,835)	(205,589,713)
Net increase (decrease) in net assets resulting from share transactions	174,454,352	(31,915,458)
Redemption fees	32,753	29,126
Total increase (decrease) in net assets	495,822,484	(278,796,538)

Net Assets
Beginning of period	488,980,252	767,776,790
End of period (including accumulated net investment loss of $286 and accumulated net investment loss of $177, respectively)	$ 984,802,736	$ 488,980,252
Other Information Shares
Sold	5,962,082	2,890,908
Redeemed	(3,355,441)	(3,372,645)
Net increase (decrease)	2,606,641	(481,737)

Financial Highlights

Years ended February 28,	2010	2009	2008 ^G	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 44.38	$ 66.77	$ 65.47	$ 53.94	$ 47.60
Income from Investment Operations
Net investment income (loss) ^C	(.04)	(.07)	(.20)	(.21)	(.25)
Net realized and unrealized gain (loss)	27.95	(22.32)	1.49	11.73	6.58
Total from investment operations	27.91	(22.39)	1.29	11.52	6.33
Redemption fees added to paid in capital ^C	- ^H	- ^H	.01	.01	.01
Net asset value, end of period	$ 72.29	$ 44.38	$ 66.77	$ 65.47	$ 53.94
Total Return^A,B	62.89%	(33.53)%	1.99%	21.38%	13.32%
Ratios to Average Net Assets^D,F
Expenses before reductions	.90%	.87%	.86%	.92%	.96%
Expenses net of fee waivers, if any	.90%	.87%	.86%	.92%	.96%
Expenses net of all reductions	.89%	.87%	.86%	.91%	.91%
Net investment income (loss)	(.07)%	(.12)%	(.27)%	(.34)%	(.49)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 984,803	$ 488,980	$ 767,777	$ 924,664	$ 563,799
Portfolio turnover rate ^E	56%	49%	38%	139%	59%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Technology Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Technology Portfolio	94.61%	4.69%	-8.07%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Technology Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

cjc446

Annual Report

Technology Portfolio

Management's Discussion of Fund Performance

Comments from Charlie Chai, Portfolio Manager of Select Technology Portfolio: During the past year, the fund returned 94.61%, far exceeding the S&P 500 and the 68.09% mark of the MSCI® U.S. IM Information Technology 25/50 Index, which was adopted in January 2010 as a better representation of the fund's investment universe. Favorable stock selection was responsible for virtually all of our outperformance of the MSCI index. The semiconductors group alone added more than nine percentage points, with solid picks in semiconductor equipment, communications equipment, computer hardware, Internet software and services, and application software adding value. At the stock level, not owning major index component International Business Machines (IBM) bolstered performance the most. Although the stock performed well, it lagged the extremely robust result of our benchmark. Similar comments apply to another contributor, wireless infrastructure provider QUALCOMM. An out-of-index position in German chip maker Infineon Technologies performed well. Out-of-index positions in two Chinese Internet companies - Tencent Holdings and Baidu - lifted our results. Disk-drive maker Seagate Technology benefited from tight supply and firming demand in its market. On the negative side, security selection in some out-of-index groups - notably, electrical components/equipment and advertising - modestly detracted from performance, as did an overweighting in home entertainment software and a small cash position in a strong market. Among our individual holdings, underweighting Microsoft detracted, as the stock was aided by the successful launch of the Windows 7 upgrade of its flagship computer operating system. I increased our stake in Microsoft, making it our largest holding by period end. BMC Software posted a gain but trailed the MSCI index, which hurt performance because of the fund's overweighted exposure. Underweighting the resurgent shares of computer maker Hewlett-Packard was costly. Meanwhile, our out-of-index stake in solar products company SunPower was hurt by sluggish demand and allegations of accounting irregularities. An out-of-index position in VisionChina Media, which uses technology to deliver advertising messages on buses and subways, also disappointed.

Annual Report

Technology Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp.	10.6	5.6
Apple, Inc.	9.7	8.1
Google, Inc. Class A	4.3	4.7
Hewlett-Packard Co.	4.1	3.0
Cisco Systems, Inc.	4.1	5.7
Oracle Corp.	3.1	3.0
Intel Corp.	2.5	4.8
BMC Software, Inc.	1.9	2.0
SanDisk Corp.	1.5	0.9
ASML Holding NV (NY Shares)	1.4	1.2
	43.2

Top Industries (% of fund's net assets)
As of February 28, 2010
	Software	28.1%
	Semiconductors & Semiconductor Equipment	19.1%
	Computers & Peripherals	18.4%
	Communications Equipment	10.0%
	Internet Software & Services	9.4%
	All Others*	15.0%

cjc454

As of August 31, 2009
	Semiconductors & Semiconductor Equipment	24.6%
	Software	23.4%
	Computers & Peripherals	15.4%
	Communications Equipment	13.3%
	Internet Software & Services	10.9%
	All Others*	12.4%

cjc462

* Includes short-term investments and net other assets.

Annual Report

Technology Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value
CHEMICALS - 0.1%
Specialty Chemicals - 0.1%
Shin-Etsu Chemical Co., Ltd.	35,800		$ 1,926,530
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Commercial Printing - 0.0%
Nissha Printing Co. Ltd. (c)	17,600		623,158
COMMUNICATIONS EQUIPMENT - 10.0%
Communications Equipment - 10.0%
Acme Packet, Inc. (a)	281,900		4,699,273
Adtran, Inc.	190,200		4,446,876
Brocade Communications Systems, Inc. (a)	369,600		2,151,072
Cisco Systems, Inc. (a)	3,354,900		81,624,717
Comverse Technology, Inc. (a)	105,800		909,880
Emulex Corp. (a)	171,066		2,172,538
F5 Networks, Inc. (a)	220,000		12,276,000
Infinera Corp. (a)	206,300		1,563,754
Juniper Networks, Inc. (a)	730,200		20,430,996
Motorola, Inc. (a)	866,800		5,859,568
Netronix, Inc. (a)	300,000		914,099
Palm, Inc. (a)	301,900		1,841,590
Polycom, Inc. (a)	438,400		11,446,624
QUALCOMM, Inc.	527,311		19,347,041
Research In Motion Ltd. (a)	97,700		6,924,976
Riverbed Technology, Inc. (a)	320,700		8,739,075
Sandvine Corp. (a)	3,066,216		4,720,618
Sandvine Corp. (U.K.) (a)	1,941,200		2,930,919
Tekelec (a)	337,900		5,582,108
			198,581,724
COMPUTERS & PERIPHERALS - 18.4%
Computer Hardware - 14.2%
3PAR, Inc. (a)	236,176		2,179,904
Apple, Inc. (a)	945,930		193,556,197
Hewlett-Packard Co.	1,629,500		82,762,305
Stratasys, Inc. (a)(c)	176,315		4,649,427
Toshiba Corp. (a)	194,000		971,911
			284,119,744
Computer Storage & Peripherals - 4.2%
EMC Corp. (a)	598,500		10,467,765
NetApp, Inc. (a)	117,500		3,526,175
Netezza Corp. (a)	170,300		1,556,542
SanDisk Corp. (a)	1,061,600		30,924,408
Seagate Technology	1,096,800		21,837,288
SIMPLO Technology Co. Ltd.	220,000		1,153,750
Synaptics, Inc. (a)	287,195		7,668,107
Western Digital Corp. (a)	171,800		6,636,634
			83,770,669
TOTAL COMPUTERS & PERIPHERALS			367,890,413

	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)(c)	2,792		$ 218,306
ELECTRICAL EQUIPMENT - 1.2%
Electrical Components & Equipment - 1.2%
A123 Systems, Inc. (c)	50,600		833,382
Canadian Solar, Inc. (a)	125,200		2,393,824
centrotherm photovoltaics AG (a)	62,038		2,506,491
Energy Conversion Devices, Inc. (a)(c)	125,649		904,673
First Solar, Inc. (a)	1,500		158,850
GT Solar International, Inc. (a)(c)	743,600		4,424,420
JA Solar Holdings Co. Ltd. ADR (a)	46,200		229,152
Q-Cells SE (a)	100		954
Roth & Rau AG (a)	47,977		1,610,808
SunPower Corp. Class B (a)	244,783		3,997,306
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(c)	9,500		125,970
Trina Solar Ltd. ADR (a)(c)	313,700		6,901,400
			24,087,230
ELECTRONIC EQUIPMENT & COMPONENTS - 6.9%
Electronic Components - 2.3%
Amphenol Corp. Class A	4,200		174,930
BYD Co. Ltd. (H Shares) (a)(c)	296,500		2,295,696
Corning, Inc.	855,750		15,086,873
DTS, Inc. (a)	64,900		2,076,800
Prime View International Co. Ltd. (a)	8,915,000		17,508,139
Prime View International Co. Ltd. sponsored GDR (a)(d)	14,900		293,141
TDK Corp.	31,300		1,931,033
Vishay Intertechnology, Inc. (a)	639,700		6,556,925
			45,923,537
Electronic Equipment & Instruments - 1.4%
Agilent Technologies, Inc. (a)	320,000		10,067,200
Cando Corp. (a)	1,267,896		1,077,297
China Security & Surveillance Technology, Inc. warrants 8/25/10 (a)(f)	126,425		76,717
Chroma ATE, Inc.	2,589,407		5,117,564
Itron, Inc. (a)	47,300		3,166,735
National Instruments Corp.	210,700		6,662,334
Wasion Group Holdings Ltd.	3,104,000		2,223,370
			28,391,217
Electronic Manufacturing Services - 2.0%
Benchmark Electronics, Inc. (a)	96,700		1,914,660
Flextronics International Ltd. (a)	1,194,400		8,313,024
Ju Teng International Holdings Ltd.	1,000,000		847,698
Trimble Navigation Ltd. (a)	1,051,963		28,266,246
			39,341,628
Technology Distributors - 1.2%
Digital China Holdings Ltd. (H Shares)	9,411,000		14,791,451
Inspur International Ltd.	8,592,000		1,195,455
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Technology Distributors - continued
Supreme Electronics Co. Ltd. (a)	2,051,000		$ 1,704,379
Synnex Technology International Corp.	877,800		1,846,850
WPG Holding Co. Ltd.	3,155,000		5,076,673
			24,614,808
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			138,271,190
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
China Medical Technologies, Inc. sponsored ADR (c)	5,306		73,382
Mindray Medical International Ltd. sponsored ADR (c)	63,100		2,407,896
Mingyuan Medicare Development Co. Ltd. (a)	890,000		138,736
			2,620,014
HEALTH CARE TECHNOLOGY - 0.3%
Health Care Technology - 0.3%
athenahealth, Inc. (a)	1,500		55,260
Cerner Corp. (a)	74,600		6,188,070
			6,243,330
HOTELS, RESTAURANTS & LEISURE - 0.7%
Hotels, Resorts & Cruise Lines - 0.7%
Ctrip.com International Ltd. sponsored ADR (a)	353,000		13,495,190
eLong, Inc. sponsored ADR (a)	100		1,101
			13,496,291
HOUSEHOLD DURABLES - 0.5%
Consumer Electronics - 0.5%
Sharp Corp.	322,000		3,733,859
Sony Corp. sponsored ADR	173,925		5,932,582
TomTom Group BV (a)	160		1,250
			9,667,691
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0%
Independent Power Producers & Energy Traders - 0.0%
GCL-Poly Energy Holdings Ltd.	641,000		156,901
INTERNET & CATALOG RETAIL - 1.3%
Internet Retail - 1.3%
Amazon.com, Inc. (a)	119,364		14,132,698
Priceline.com, Inc. (a)	48,100		10,907,156
			25,039,854
INTERNET SOFTWARE & SERVICES - 9.4%
Internet Software & Services - 9.4%
Akamai Technologies, Inc. (a)	112,000		2,945,600
Alibaba.com Ltd.	1,780,500		3,899,474
Art Technology Group, Inc. (a)	248,306		985,775

	Shares		Value
Baidu.com, Inc. sponsored ADR (a)	15,000		$ 7,780,200
Blinkx PLC (a)	500,000		108,663
DealerTrack Holdings, Inc. (a)	7,000		99,540
eBay, Inc. (a)	1,050,300		24,177,906
Google, Inc. Class A (a)	161,312		84,979,162
GREE, Inc.	52,000		3,202,252
LogMeIn, Inc.	11,700		219,492
LoopNet, Inc. (a)	150,000		1,417,500
Mercadolibre, Inc. (a)(c)	145,345		5,979,493
NetEase.com, Inc. sponsored ADR (a)	116,600		4,531,076
NHN Corp. (a)	12,423		1,938,416
Open Text Corp. (a)	195,400		9,580,125
OpenTable, Inc.	1,100		37,488
Rackspace Hosting, Inc. (a)	47,600		943,908
Saba Software, Inc. (a)	10,000		50,600
Tencent Holdings Ltd.	547,600		10,737,255
VeriSign, Inc. (a)	413,800		10,311,896
VistaPrint Ltd. (a)(c)	219,200		12,652,224
Vocus, Inc. (a)	30,000		426,900
			187,004,945
IT SERVICES - 2.1%
Data Processing & Outsourced Services - 1.0%
MasterCard, Inc. Class A	12,200		2,737,314
Visa, Inc. Class A	186,400		15,896,192
WNS Holdings Ltd. sponsored ADR (a)	41,900		624,729
			19,258,235
IT Consulting & Other Services - 1.1%
Accenture PLC Class A	47,400		1,894,578
Atos Origin SA (a)	68,489		3,191,405
Cognizant Technology Solutions Corp. Class A (a)	165,200		7,951,076
RightNow Technologies, Inc. (a)	566,900		8,820,964
Yucheng Technologies Ltd. (a)	294,800		1,061,280
			22,919,303
TOTAL IT SERVICES			42,177,538
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Life Technologies Corp. (a)	19,400		984,744
MACHINERY - 0.3%
Industrial Machinery - 0.3%
CKD Corp.	242,500		1,861,920
Meyer Burger Technology AG (a)	39,700		846,175
Shin Zu Shing Co. Ltd.	647,778		2,419,339
			5,127,434
MEDIA - 0.7%
Advertising - 0.7%
AirMedia Group, Inc. ADR (a)	388,000		2,545,280
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Advertising - continued
Focus Media Holding Ltd. ADR (a)(c)	341,300		$ 5,266,259
VisionChina Media, Inc. ADR (a)	708,947		5,458,892
			13,270,431
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Globe Specialty Metals, Inc.	65,600		673,056
Timminco Ltd. (a)	13,700		16,535
			689,591
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.1%
Semiconductor Equipment - 3.9%
Aixtron AG	132,700		3,902,495
Amkor Technology, Inc. (a)(c)	910,600		5,481,812
ASM International NV (NASDAQ) (a)	41,200		966,964
ASML Holding NV (NY Shares)	933,605		28,783,042
ATMI, Inc. (a)	11,200		188,608
Cymer, Inc. (a)	52,522		1,644,989
Lam Research Corp. (a)	232,475		7,883,227
LTX-Credence Corp. (a)	1,191,690		3,706,156
MEMC Electronic Materials, Inc. (a)	204,300		2,474,073
Photronics, Inc. (a)(c)	206,900		910,360
Sumco Corp.	118,200		2,143,768
Tessera Technologies, Inc. (a)	549,966		9,877,389
Varian Semiconductor Equipment Associates, Inc. (a)	316,100		9,508,288
Veeco Instruments, Inc. (a)	29,400		1,002,540
			78,473,711
Semiconductors - 15.2%
Advanced Micro Devices, Inc. (a)	773,600		6,119,176
Altera Corp.	593,600		14,501,648
ANADIGICS, Inc. (a)	100		411
Applied Micro Circuits Corp. (a)	19,125		170,978
Atmel Corp. (a)	695,086		3,134,838
Avago Technologies Ltd.	1,513,800		27,475,470
Broadcom Corp. Class A	643,600		20,157,552
Cavium Networks, Inc. (a)	781,893		18,687,243
Cree, Inc. (a)	281,300		19,080,579
CSR PLC (a)	632,141		4,579,372
Cypress Semiconductor Corp. (a)	636,800		7,539,712
Epistar Corp.	651,000		1,744,510
Fairchild Semiconductor International, Inc. (a)	236,200		2,437,584
Global Unichip Corp.	547,608		2,411,657
Hittite Microwave Corp. (a)	130,900		5,463,766
Hynix Semiconductor, Inc. (a)	200,800		3,635,173
Infineon Technologies AG (a)	360,132		1,966,321
Inotera Memories, Inc. (a)	3,628,846		2,490,385
Integrated Device Technology, Inc. (a)	701,633		3,837,933
Intel Corp.	2,411,606		49,510,271
International Rectifier Corp. (a)	365,245		7,388,906

	Shares		Value
Intersil Corp. Class A	430,300		$ 6,385,652
LSI Corp. (a)	374,300		2,017,477
Marvell Technology Group Ltd. (a)	1,035,700		20,009,724
MediaTek, Inc.	52,104		818,939
Micron Technology, Inc. (a)	1,567,715		14,203,498
Microsemi Corp. (a)	13,100		203,181
Monolithic Power Systems, Inc. (a)	156,900		3,186,639
Netlogic Microsystems, Inc. (a)(c)	65,700		3,560,283
NVIDIA Corp. (a)	1,345,700		21,800,340
O2Micro International Ltd. sponsored ADR (a)	100		599
Omnivision Technologies, Inc. (a)	144,100		2,093,773
Power Integrations, Inc.	34,200		1,229,832
Radiant Opto-Electronics Corp.	898,160		1,097,192
Rambus, Inc. (a)	117,400		2,576,930
RF Micro Devices, Inc. (a)	100		421
Silicon Laboratories, Inc. (a)	130,000		5,907,200
Skyworks Solutions, Inc. (a)	152,000		2,321,040
Spreadtrum Communications, Inc. ADR (a)(c)	371,600		2,433,980
Standard Microsystems Corp. (a)	246,500		4,811,680
TriQuint Semiconductor, Inc. (a)	100		719
Volterra Semiconductor Corp. (a)	39,400		860,102
Xilinx, Inc.	164,800		4,256,784
YoungTek Electronics Corp.	250,000		552,443
			302,661,913
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			381,135,624
SOFTWARE - 28.1%
Application Software - 9.4%
Adobe Systems, Inc. (a)	207,000		7,172,550
ANSYS, Inc. (a)	2,700		118,422
AsiaInfo Holdings, Inc. (a)	95,800		2,339,436
Citrix Systems, Inc. (a)	479,400		20,618,994
Concur Technologies, Inc. (a)	208,700		8,210,258
Epicor Software Corp. (a)	620,200		5,315,114
Informatica Corp. (a)	682,400		17,414,848
Intuit, Inc. (a)	6,500		210,340
JDA Software Group, Inc. (a)	170,600		4,827,980
Kingdee International Software Group Co. Ltd.	38,022,000		10,237,559
Longtop Financial Technologies Ltd. ADR (a)	156,900		5,209,080
Manhattan Associates, Inc. (a)	43,300		1,094,191
Mentor Graphics Corp. (a)	484,000		4,026,880
MicroStrategy, Inc. Class A (a)	75,034		6,654,765
Nuance Communications, Inc. (a)	739,645		10,643,492
Parametric Technology Corp. (a)	806,300		14,037,683
Pegasystems, Inc.	155,100		5,583,600
Salesforce.com, Inc. (a)	392,100		26,643,195
Smith Micro Software, Inc. (a)	393,882		3,450,406
SolarWinds, Inc.	7,600		142,956
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
SuccessFactors, Inc. (a)	565,000		$ 10,232,150
Synchronoss Technologies, Inc. (a)	232,806		4,053,152
Synopsys, Inc. (a)	100		2,190
Taleo Corp. Class A (a)	380,736		8,962,525
TIBCO Software, Inc. (a)	850,400		7,798,168
Ulticom, Inc.	37,455		361,441
VanceInfo Technologies, Inc. ADR (a)	74,600		1,476,334
			186,837,709
Home Entertainment Software - 0.6%
Activision Blizzard, Inc.	197,600		2,100,488
Changyou.com Ltd. (A Shares) ADR	2,000		66,400
Giant Interactive Group, Inc. ADR	100,000		776,000
NCsoft Corp.	71,099		8,151,868
Neowiz Games Corp.	10,551		310,163
			11,404,919
Systems Software - 18.1%
Ariba, Inc. (a)	455,551		5,471,168
BMC Software, Inc. (a)	1,031,300		37,993,092
Check Point Software Technologies Ltd. (a)	61,900		2,017,940
CommVault Systems, Inc. (a)	8,800		192,720
Fortinet, Inc.	29,400		505,092
Insyde Software Corp.	825,267		2,992,331
Microsoft Corp.	7,365,804		211,103,940
Oracle Corp.	2,481,700		61,173,905
Red Hat, Inc. (a)	839,300		23,542,365
Rovi Corp. (a)	97,900		3,279,650
TeleCommunication Systems, Inc. Class A (a)	105,200		801,624
VMware, Inc. Class A (a)	267,674		13,252,540
			362,326,367
TOTAL SOFTWARE			560,568,995
WIRELESS TELECOMMUNICATION SERVICES - 1.0%
Wireless Telecommunication Services - 1.0%
American Tower Corp. Class A (a)	72,700		3,101,382
Crown Castle International Corp. (a)	83,100		3,141,180
SBA Communications Corp. Class A (a)	89,353		3,159,522

	Shares		Value
Sprint Nextel Corp. (a)	1,547,000		$ 5,151,510
Syniverse Holdings, Inc. (a)	294,470		4,952,985
			19,506,579
TOTAL COMMON STOCKS (Cost $1,767,262,015)		1,999,288,513
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.16% (e)	3,759,893		3,759,893
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	33,195,614		33,195,614
TOTAL MONEY MARKET FUNDS (Cost $36,955,507)		36,955,507
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $1,804,217,522)			2,036,244,020
NET OTHER ASSETS - (2.1)%			(41,350,445)
NET ASSETS - 100%		$ 1,994,893,575

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
China Security & Surveillance Technology, Inc. warrants 8/25/10	8/25/09	$ 13

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	$ 49,490
Fidelity Securities Lending Cash Central Fund	657,046
Total	$ 706,536

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,999,288,513	$ 1,997,245,475	$ 2,043,038	$ -
Money Market Funds	36,955,507	36,955,507	-	-
Total Investments in Securities:	$ 2,036,244,020	$ 2,034,200,982	$ 2,043,038	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 698,400
Total Realized Gain (Loss)	(1,464,114)
Total Unrealized Gain (Loss)	1,589,758
Cost of Purchases	-
Proceeds of Sales	(824,044)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	81.8%
Cayman Islands	4.2%
Taiwan	2.4%
China	2.2%
Singapore	1.8%
Bermuda	1.6%
Netherlands	1.4%
Canada	1.4%
Japan	1.2%
Others (individually less than 1%)	2.0%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $1,100,044,786 of which $778,450,488, $266,401,775 and $55,192,523 will expire on February 28, 2011, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Technology Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $32,639,413) - See accompanying schedule: Unaffiliated issuers (cost $1,767,262,015)	$ 1,999,288,513
Fidelity Central Funds (cost $36,955,507)	36,955,507
Total Investments (cost $1,804,217,522)		$ 2,036,244,020
Receivable for investments sold		44,114,867
Receivable for fund shares sold		1,791,483
Dividends receivable		1,734,714
Distributions receivable from Fidelity Central Funds		34,621
Prepaid expenses		5,129
Other receivables		54,072
Total assets		2,083,978,906

Liabilities
Payable for investments purchased	$ 50,781,840
Payable for fund shares redeemed	3,647,791
Accrued management fee	913,266
Other affiliated payables	486,173
Other payables and accrued expenses	60,647
Collateral on securities loaned, at value	33,195,614
Total liabilities		89,085,331

Net Assets		$ 1,994,893,575
Net Assets consist of:
Paid in capital		$ 2,876,534,976
Accumulated net investment loss		(260)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,113,667,676)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		232,026,535
Net Assets, for 27,615,113 shares outstanding		$ 1,994,893,575
Net Asset Value, offering price and redemption price per share ($1,994,893,575 ÷ 27,615,113 shares)		$ 72.24

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 8,476,408
Interest		1,557,280
Income from Fidelity Central Funds (including $657,046 from security lending)		706,536
Total income		10,740,224

Expenses
Management fee	$ 8,791,333
Transfer agent fees	4,577,032
Accounting and security lending fees	547,671
Custodian fees and expenses	172,113
Independent trustees' compensation	10,051
Registration fees	103,696
Audit	47,992
Legal	7,896
Interest	2,713
Miscellaneous	22,493
Total expenses before reductions	14,282,990
Expense reductions	(339,124)	13,943,866
Net investment income (loss)		(3,203,642)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	213,510,138
Foreign currency transactions	21,161
Capital gain distributions from Fidelity Central Funds	2,921
Total net realized gain (loss)		213,534,220
Change in net unrealized appreciation (depreciation) on: Investment securities	610,429,976
Assets and liabilities in foreign currencies	7,747
Total change in net unrealized appreciation (depreciation)		610,437,723
Net gain (loss)		823,971,943
Net increase (decrease) in net assets resulting from operations		$ 820,768,301

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (3,203,642)	$ 3,283,277
Net realized gain (loss)	213,534,220	(544,028,819)
Change in net unrealized appreciation (depreciation)	610,437,723	(83,891,340)
Net increase (decrease) in net assets resulting from operations	820,768,301	(624,636,882)
Distributions to shareholders from net investment income	-	(2,183,683)
Share transactions Proceeds from sales of shares	925,056,280	334,156,743
Reinvestment of distributions	-	2,090,398
Cost of shares redeemed	(524,406,625)	(485,622,379)
Net increase (decrease) in net assets resulting from share transactions	400,649,655	(149,375,238)
Redemption fees	102,995	69,235
Total increase (decrease) in net assets	1,221,520,951	(776,126,568)

Net Assets
Beginning of period	773,372,624	1,549,499,192
End of period (including accumulated net investment loss of $260 and undistributed net investment income of $579,532, respectively)	$ 1,994,893,575	$ 773,372,624
Other Information Shares
Sold	14,932,330	5,606,157
Issued in reinvestment of distributions	-	56,186
Redeemed	(8,150,557)	(8,076,996)
Net increase (decrease)	6,781,773	(2,414,653)

Financial Highlights

Years ended February 28,	2010	2009	2008 ^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 37.12	$ 66.65	$ 69.84	$ 65.24	$ 57.62
Income from Investment Operations
Net investment income (loss) ^C	(.13)	.15	(.36) ^F	(.15)	(.27)
Net realized and unrealized gain (loss)	35.25	(29.57)	(2.84)	4.75	7.88
Total from investment operations	35.12	(29.42)	(3.20)	4.60	7.61
Distributions from net investment income	-	(.11)	-	-	-
Redemption fees added to paid in capital ^C	- ^I	- ^I	.01	- ^I	.01
Net asset value, end of period	$ 72.24	$ 37.12	$ 66.65	$ 69.84	$ 65.24
Total Return^A,B	94.61%	(44.15)%	(4.57)%	7.05%	13.22%
Ratios to Average Net Assets^D,G
Expenses before reductions	.92%	.90%	.89%	.95%	.99%
Expenses net of fee waivers, if any	.92%	.90%	.89%	.95%	.99%
Expenses net of all reductions	.89%	.89%	.88%	.95%	.93%
Net investment income (loss)	(.21)%	.26%	(.47)% ^F	(.24)%	(.44)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,994,894	$ 773,373	$ 1,549,499	$ 1,696,389	$ 1,923,316
Portfolio turnover rate ^E	127%	235%	204%	113%	100%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.53)%. ^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^H For the year ended February 29. ^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

Communications Equipment Portfolio, Computers Portfolio, Electronics Portfolio, IT Services Portfolio, Software and Computer Services Portfolio, and Technology Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Certain Funds investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, as well as a roll forward of Level 3 securities, is included at the end of each Fund's Schedule of Investments. Valuation techniques used to value each 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Electronics Portfolio, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Book-tax differences are primarily due to short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, deferred trustees compensation, market discount, net operating losses, non-taxable dividends, capital loss carryforwards, expiring capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Communications Equipment Portfolio	$ 371,323,693	$ 36,147,997	$ (48,161,874)	$ (12,013,877)
Computers Portfolio	520,751,652	33,716,183	(52,101,150)	(18,384,967)
Electronics Portfolio	1,228,630,437	123,048,137	(233,558,213)	(110,510,076)
IT Services Portfolio	107,489,923	11,612,767	(2,445,128)	9,167,639
Software and Computer Services Portfolio	817,713,220	197,177,782	(11,714,233)	185,463,549
Technology Portfolio	1,817,840,412	321,449,481	(103,045,873)	218,403,608

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Capital loss carryforward	Net unrealized appreciation (depreciation)
Communications Equipment Portfolio	$ -	$ (387,660,109)	$ (12,013,877)
Computers Portfolio	-	(275,475,001)	(18,417,169)
Electronics Portfolio	1,638,385	(1,912,166,439)	(110,509,635)
IT Services Portfolio	-	(8,570,233)	9,167,639
Software and Computer Services Portfolio	-	(83,477,756)	185,440,901
Technology Portfolio	-	(1,100,044,786)	218,403,645

The tax character of distributions paid was as follows:

February 28, 2010
	Ordinary Income	Total
Communications Equipment Portfolio	$ 937,682	$ 937,682
Electronics Portfolio	9,751,244	9,751,244
February 28, 2009
	Ordinary Income	Total
Communications Equipment Portfolio	$ 497,720	$ 497,720
Electronics Portfolio	5,135,720	5,135,720
Technology Portfolio	2,183,683	2,183,683

4. Operating Policies.

Annual Report

Notes to Financial Statements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Communications Equipment Portfolio	415,816,056	432,703,364
Computers Portfolio	1,143,729,471	1,067,162,386
Electronics Portfolio	718,858,204	664,594,240
IT Services Portfolio	119,577,849	99,582,488
Software and Computer Services Portfolio	671,190,193	420,463,546
Technology Portfolio	2,339,995,789	1,933,486,662

The Communications Equipment Portfolio realized a loss on the sale of an investment not meeting the investment restrictions of the Fund. The loss was fully reimbursed by the Fund's investment advisor.

6. Fees and Other Transactions with Affiliates.

	Individual Rate	Group Rate	Total
Communications Equipment Portfolio	.30%	.26%	.56%
Computers Portfolio	.30%	.26%	.56%
Electronics Portfolio	.30%	.26%	.56%
IT Services Portfolio	.30%	.26%	.56%
Software and Computer Services Portfolio	.30%	.26%	.56%
Technology Portfolio	.30%	.26%	.56%

Communications Equipment Portfolio	.33%
Computers Portfolio	.31%
Electronics Portfolio	.30%
IT Services Portfolio	.29%
Software and Computer Services Portfolio	.27%
Technology Portfolio	.29%

	Amount
Communications Equipment Portfolio	$ 10,041
Computers Portfolio	12,132
Electronics Portfolio	43,027
IT Services Portfolio	6,772
Software and Computer Services Portfolio	11,943
Technology Portfolio	37,189

Annual Report

6. Fees and Other Transactions with Affiliates - continued

	Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Communications Equipment Portfolio	Borrower	$ 3,877,333	.44%	$ 1,136
Computers Portfolio	Borrower	$ 5,942,000	.36%	$ 119
Electronics Portfolio	Borrower	$ 4,034,000	.38%	$ 213
Software and Computer Services Portfolio	Borrower	$ 8,132,000	.38%	$ 87
Technology Portfolio	Borrower	$ 10,108,846	.37%	$ 2,713

7. Committed Line of Credit.

Communications Equipment Portfolio	$ 1,044
Computers Portfolio	1,376
Electronics Portfolio	3,274
IT Services Portfolio	254
Software and Computer Services Portfolio	2,551
Technology Portfolio	5,128

During the period, there were no borrowings on this line of credit.

8. Security Lending.

9. Bank Borrowings.

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable Fund's activity in this program during the period for which loans were outstanding was as follows:

	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Communications Equipment Portfolio	$ 3,430,250	.66%	$ 250

Annual Report

Notes to Financial Statements - continued

10. Expense Reductions.

	Brokerage Service reduction
Communications Equipment Portfolio	$ 52,902
Computers Portfolio	121,283
Electronics Portfolio	63,502
IT Services Portfolio	1,679
Software and Computer Services Portfolio	22,962
Technology Portfolio	339,124

11. Other.

At the end of the period, PAS U.S. Opportunity Fidelity Fund of Funds was the owner of record of approximately 12% of the total outstanding shares of IT Services Portfolio.

12. Merger Information.

On June 19, 2009, the Communications Equipment Portfolio acquired all of the assets and assumed all of the liabilities of the Networking and Infrastructure Portfolio pursuant to an agreement and plan of reorganization approved by the Board of Trustees ("The Board") on November 18, 2008. The reorganization provides shareholders access to a larger portfolio with better historical performance and lower expenses. The acquisition was accomplished by an exchange of 3,975,162 shares of Communications Equipment Portfolio, for 35,599,072 shares then outstanding (valued at $1.87) of Networking and Infrastructure Portfolio. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Networking and Infrastructure Portfolio's net assets, including securities of $66,819,352, unrealized depreciation of $4,096,065, and net other liabilities of $235,381 were combined with Communications Equipment Portfolio's net assets of $279,957,975 for total net assets after the acquisition of $346,541,946.

Net investment income (loss)	$ (944,355)
Total net realized gain (loss)	$ 55,930,441
Total change in net unrealized appreciation (depreciation)	$ 121,087,210
Net increase (decrease) in net assets resulting from operations	$ 176,073,296

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Select Portfolios and the Shareholders of Communications Equipment Portfolio, Computers Portfolio, Electronics Portfolio, IT Services Portfolio, Software and Computer Services Portfolio and Technology Portfolio:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of Communications Equipment Portfolio, Computers Portfolio, Electronics Portfolio, IT Services Portfolio, Software and Computer Services Portfolio and Technology Portfolio (funds of Fidelity Select Portfolios) at February 28, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Select Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts
April 16, 2010

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1980 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (66)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment, 2008-present) and was previously a Partner of Clayton, Dubilier & Rice, Inc. (1998-2008). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (66)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010- present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004- present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (41)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments.
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of the North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

	April 2009	December 2009
Communications Equipment Portfolio	-	100%
Electronics Portfolio	100%	100%

	April 2009	December 2009
Communications Equipment Portfolio	-	100%
Electronics Portfolio	100%	100%

The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

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Fidelity®
Select Portfolios®

Telecommunications Services Sector

Telecommunications Portfolio

Wireless Portfolio

Annual Report

February 28, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Note to shareholders	<Click Here>	An explanation of the changes to the fund.
Telecommunications Portfolio	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Wireless Portfolio	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Prospectus	P-1

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Annual Report

Note to shareholders

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Telecommunications Portfolio	42.43%	2.86%	-7.76%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Telecommunications Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

cjc486

Annual Report

Telecommunications Portfolio

Management's Discussion of Fund Performance

Comments from Kristina Salen, Portfolio Manager of Select Telecommunications Portfolio: The fund's Retail Class shares returned 42.43% for the 12-month period ending February 28, 2010, handily beating the 18.67% return of the MSCI® U.S. IM Telecommunications Services 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe - but underperforming the S&P 500. Versus the MSCI index, the fund benefited from being well-positioned in smaller-cap companies that performed strongly when the market rallied between March and June 2009. Most notably, the fund was helped by an out-of-benchmark stake and strong stock selection in the cable and satellite group, especially U.K.-based Virgin Media. An early-period overweighting in wireless telecom services company Sprint Nextel also helped. In addition, the fund got a boost from being significantly underweighted in the integrated telecom services group, specifically in AT&T and Verizon Communications, which grew at a much lower rate than other telecom subsectors. AT&T and Verizon made up almost three-quarters of the MSCI index during the period. In addition, the fund benefited from holding an out-of-index position in Gameloft, a French company and dominant player in mobile gaming. Conversely, performance was hampered by unfavorable positioning in a few stocks. Specifically, it was hurt by holding an underweighted position in CenturyTel, a rural integrated telecom services provider that did well during the market rally and benefited from acquiring Embarq, another rural phone company, in the summer. British wireless telecom giant Vodafone Group also disappointed during the rally when large, liquid stocks fell out of favor as people invested in smaller, more growth-oriented names. Underweighting Level 3 Communications also dragged down performance.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.24%
Actual		$ 1,000.00	$ 1,078.40	$ 6.39
Hypothetical^A		$ 1,000.00	$ 1,018.65	$ 6.21
Class T	1.53%
Actual		$ 1,000.00	$ 1,076.60	$ 7.88
Hypothetical^A		$ 1,000.00	$ 1,017.21	$ 7.65
Class B	2.00%
Actual		$ 1,000.00	$ 1,074.30	$ 10.29
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Class C	2.00%
Actual		$ 1,000.00	$ 1,074.20	$ 10.29
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Telecommunications	.96%
Actual		$ 1,000.00	$ 1,079.70	$ 4.95
Hypothetical^A		$ 1,000.00	$ 1,020.03	$ 4.81
Institutional Class	.83%
Actual		$ 1,000.00	$ 1,080.50	$ 4.28
Hypothetical^A		$ 1,000.00	$ 1,020.68	$ 4.16

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Telecommunications Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	13.0	23.5
Verizon Communications, Inc.	12.9	17.4
Sprint Nextel Corp.	6.3	4.7
American Tower Corp. Class A	6.3	4.8
Crown Castle International Corp.	5.9	2.5
Qwest Communications International, Inc.	5.2	3.0
SBA Communications Corp. Class A	3.9	1.4
NII Holdings, Inc.	3.7	1.6
tw telecom, inc.	2.9	2.7
CenturyTel, Inc.	2.5	0.3
	62.6

Top Industries (% of fund's net assets)
As of February 28, 2010
	Diversified Telecommunication Services	48.5%
	Wireless Telecommunication Services	36.5%
	Media	9.4%
	Software	1.0%
	Communications Equipment	0.3%
	All Others*	4.3%

cjc494

As of August 31, 2009
	Diversified Telecommunication Services	61.9%
	Wireless Telecommunication Services	23.7%
	Media	9.3%
	Communications Equipment	2.1%
	Software	1.2%
	All Others*	1.8%

fid502

* Includes short-term investments and net other assets.

Annual Report

Telecommunications Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Aruba Networks, Inc. (a)	392		$ 4,598
F5 Networks, Inc. (a)	1,600		89,280
Infinera Corp. (a)(c)	75,300		570,774
Juniper Networks, Inc. (a)	2,100		58,758
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	1,700		44,387
Sandvine Corp. (a)	3,200		4,927
Sonus Networks, Inc. (a)	56,800		120,984
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		6,006
			899,714
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		3,695
NetApp, Inc. (a)	700		21,007
Synaptics, Inc. (a)	450		12,015
			36,717
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.5%
Alternative Carriers - 5.7%
Cable & Wireless PLC	19,405		40,367
Cogent Communications Group, Inc. (a)	64,802		637,652
Global Crossing Ltd. (a)	280,586		3,998,351
Iliad Group SA (c)	26,973		2,856,740
Level 3 Communications, Inc. (a)(c)	7,976		12,682
PAETEC Holding Corp. (a)	73,600		291,456
tw telecom, inc. (a)	532,857		8,467,098
			16,304,346
Integrated Telecommunication Services - 42.8%
AT&T, Inc.	1,514,019		37,562,805
BT Group PLC	5,351		9,386
Cbeyond, Inc. (a)(c)	165,098		2,047,215
CenturyTel, Inc.	210,190		7,203,211
China Telecom Corp. Ltd. sponsored ADR	50,600		2,226,906
China Unicom (Hong Kong) Ltd. sponsored ADR	317,800		3,867,626
Cincinnati Bell, Inc. (a)	225,000		666,000
Deutsche Telekom AG (Reg.)	92,923		1,196,848
FairPoint Communications, Inc. (a)	34,149		905
Frontier Communications Corp. (c)	366,900		2,858,151
Hellenic Telecommunications Organization SA	163		1,900
PT Telkomunikasi Indonesia Tbk Series B	3,375,400		3,001,167
Qwest Communications International, Inc.	3,263,989		14,883,790
Telecom Italia SpA sponsored ADR	226		3,214
Telefonica SA	400		9,379
Telefonica SA sponsored ADR	85,300		5,986,354
Telenor ASA (a)	4,400		55,615
Telenor ASA sponsored ADR (a)	53,300		2,025,400
Telkom SA Ltd.	4,400		19,116

	Shares		Value
Verizon Communications, Inc.	1,292,624		$ 37,395,612
Vimpel Communications sponsored ADR	109,000		2,021,950
Windstream Corp.	73,415		743,694
			123,786,244
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			140,090,590
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		14,510
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
Google, Inc. Class A (a)	90		47,412
SAVVIS, Inc.	26,799		377,598
			425,010
MEDIA - 9.4%
Broadcasting - 0.8%
Ten Network Holdings Ltd. (a)	1,539,470		2,392,664
Cable & Satellite - 8.4%
Cablevision Systems Corp. - NY Group Class A	170,900		4,115,272
Comcast Corp. Class A	299,600		4,925,424
DIRECTV (a)	128,909		4,363,570
Dish TV India Ltd. (a)	5,888		4,744
Liberty Global, Inc. Class A (a)(c)	153,200		4,118,016
Net Servicos de Comunicacao SA sponsored ADR (c)	191,500		2,357,365
Virgin Media, Inc.	270,000		4,374,000
			24,258,391
Movies & Entertainment - 0.2%
Madison Square Garden, Inc. Class A (a)	22,925		447,038
TOTAL MEDIA			27,098,093
SOFTWARE - 1.0%
Application Software - 1.0%
Gameloft (a)	648,786		2,791,298
Nuance Communications, Inc. (a)	800		11,512
Synchronoss Technologies, Inc. (a)	5,863		102,075
			2,904,885
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	113,614		104,525
TOTAL SOFTWARE			3,009,410
WIRELESS TELECOMMUNICATION SERVICES - 36.5%
Wireless Telecommunication Services - 36.5%
America Movil SAB de CV Series L sponsored ADR	300		13,371
American Tower Corp. Class A (a)	424,700		18,117,702
Axiata Group Bhd	1,126,600		1,234,948
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
China Mobile (Hong Kong) Ltd. sponsored ADR	42,100		$ 2,081,003
Clearwire Corp.:
rights 6/21/10 (a)(c)	1,029,741		298,625
Class A (a)(c)	1,029,741		6,549,153
Crown Castle International Corp. (a)	449,983		17,009,357
Idea Cellular Ltd. (a)	3,710		4,917
Leap Wireless International, Inc. (a)(c)	364,158		5,196,535
MetroPCS Communications, Inc. (a)	400		2,468
Millicom International Cellular SA	19,400		1,643,956
MTN Group Ltd.	478,225		6,929,541
NII Holdings, Inc. (a)	289,300		10,825,606
NTELOS Holdings Corp.	632		10,795
PT Indosat Tbk	1,600		874
Rogers Communications, Inc. Class B (non-vtg.)	2,200		72,487
SBA Communications Corp. Class A (a)	317,382		11,222,628
Sprint Nextel Corp. (a)	5,503,750		18,327,488
Syniverse Holdings, Inc. (a)	30,468		512,472
Telephone & Data Systems, Inc.	15,045		469,554
TIM Participacoes SA sponsored ADR (non-vtg.)	53,700		1,524,543
Vivo Participacoes SA sponsored ADR	75,225		2,035,589
Vodafone Group PLC sponsored ADR	66,400		1,445,528
			105,529,140
TOTAL COMMON STOCKS (Cost $314,829,544)		277,103,184
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (d)	11,655,757		$ 11,655,757
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	21,925,413		21,925,413
TOTAL MONEY MARKET FUNDS (Cost $33,581,170)		33,581,170

TOTAL INVESTMENT PORTFOLIO - 107.5%

(Cost $348,410,714)

310,684,354

NET OTHER ASSETS - (7.5)%			(21,692,974)
NET ASSETS - 100%		$ 288,991,380

Legend

(a) Non-income producing

(b) 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	$ 22,187
Fidelity Securities Lending Cash Central Fund	147,071
Total	$ 169,258

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 277,103,184	$ 275,887,571	$ 1,215,613	$ -
Money Market Funds	33,581,170	33,581,170	-	-
Total Investments in Securities:	$ 310,684,354	$ 309,468,741	$ 1,215,613	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(666)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	666
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ (666)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.2%
South Africa	2.4%
Spain	2.1%
Hong Kong	2.0%
Brazil	2.0%
France	2.0%
Bermuda	1.4%
Indonesia	1.0%
Others (individually less than 1%)	4.9%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $238,175,641 of which $161,866,685, $11,764,473, $52,002,796 and $12,541,687 will expire on February 28, 2011, 2012, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $20,670,597) - See accompanying schedule: Unaffiliated issuers (cost $314,829,544)	$ 277,103,184
Fidelity Central Funds (cost $33,581,170)	33,581,170
Total Investments (cost $348,410,714)		$ 310,684,354
Receivable for fund shares sold		209,095
Dividends receivable		273,897
Distributions receivable from Fidelity Central Funds		11,455
Prepaid expenses		911
Other receivables		83,241
Total assets		311,262,953

Liabilities
Payable for fund shares redeemed	$ 92,136
Accrued management fee	130,795
Distribution fees payable	3,919
Other affiliated payables	84,912
Other payables and accrued expenses	34,398
Collateral on securities loaned, at value	21,925,413
Total liabilities		22,271,573

Net Assets		$ 288,991,380
Net Assets consist of:
Paid in capital		$ 570,869,864
Undistributed net investment income		1,935,664
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(246,075,965)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(37,738,183)
Net Assets		$ 288,991,380

Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,342,605 ÷ 88,816 shares)		$ 37.64

Maximum offering price per share (100/94.25 of $37.64)		$ 39.94

Class T: Net Asset Value and redemption price per share ($2,051,322 ÷ 54,627 shares)		$ 37.55

Maximum offering price per share (100/96.50 of $37.55)		$ 38.91

Class B: Net Asset Value and offering price per share ($641,094 ÷ 17,050 shares)^A		$ 37.60

Class C: Net Asset Value and offering price per share ($2,150,689 ÷ 57,185 shares)^A		$ 37.61

Telecommunications: Net Asset Value, offering price and redemption price per share ($279,704,189 ÷ 7,413,796 shares)		$ 37.73

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,101,481 ÷ 29,225 shares)		$ 37.69

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 8,611,898
Income from Fidelity Central Funds (including $147,071 from security lending)		169,258
Total income		8,781,156

Expenses
Management fee	$ 1,575,725
Transfer agent fees	937,080
Distribution fees	40,496
Accounting and security lending fees	113,619
Custodian fees and expenses	17,680
Independent trustees' compensation	1,966
Registration fees	76,311
Audit	50,145
Legal	5,426
Interest	157
Miscellaneous	4,318
Total expenses before reductions	2,822,923
Expense reductions	(38,062)	2,784,861
Net investment income (loss)		5,996,295
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,404,701
Foreign currency transactions	7,671
Capital gain distributions from Fidelity Central Funds	1,225
Total net realized gain (loss)		5,413,597
Change in net unrealized appreciation (depreciation) on: Investment securities	79,570,497
Assets and liabilities in foreign currencies	1,940
Total change in net unrealized appreciation (depreciation)		79,572,437
Net gain (loss)		84,986,034
Net increase (decrease) in net assets resulting from operations		$ 90,982,329

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,996,295	$ 2,191,887
Net realized gain (loss)	5,413,597	(72,731,263)
Change in net unrealized appreciation (depreciation)	79,572,437	(37,714,452)
Net increase (decrease) in net assets resulting from operations	90,982,329	(108,253,828)
Distributions to shareholders from net investment income	(2,355,415)	(2,892,731)
Distributions to shareholders from net realized gain	(402,567)	(1,435,678)
Total distributions	(2,757,982)	(4,328,409)
Share transactions - net increase (decrease)	989,027	(28,183,681)
Redemption fees	12,272	6,604
Total increase (decrease) in net assets	89,225,646	(140,759,314)

Net Assets
Beginning of period	199,765,734	340,525,048
End of period (including undistributed net investment income of $1,935,664 and distributions in excess of net investment income of $1,700,123, respectively)	$ 288,991,380	$ 199,765,734

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.66	$ 42.56	$ 50.89	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.67	.22	.26	- ^K
Net realized and unrealized gain (loss)	10.55	(15.60)	(8.08)	3.15
Total from investment operations	11.22	(15.38)	(7.82)	3.15
Distributions from net investment income	(.19)	(.35) ^M	(.51)	-
Distributions from net realized gain	(.05)	(.18) ^M	-	-
Total distributions	(.24) ^N	(.52) ^L	(.51)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.64	$ 26.66	$ 42.56	$ 50.89
Total Return ^{B, C, D}	42.07%	(36.16)%	(15.55)%	6.60%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.26%	1.21%	1.20%	1.23% ^A
Expenses net of fee waivers, if any	1.26%	1.21%	1.20%	1.23% ^A
Expenses net of all reductions	1.24%	1.21%	1.19%	1.22% ^A
Net investment income (loss)	1.89%	.61%	.49%	(.03)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,343	$ 2,112	$ 2,791	$ 658
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.52 per share is comprised of distributions from net investment income of $.347 and distributions from net realized gain of $.175 per share. ^M The amount shown reflects certain reclassifications related to book to tax differences. ^N Total distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.048 per share.

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.68	$ 42.49	$ 50.86	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.57	.12	.12	(.02)
Net realized and unrealized gain (loss)	10.54	(15.56)	(8.07)	3.14
Total from investment operations	11.11	(15.44)	(7.95)	3.12
Distributions from net investment income	(.22)	(.24) ^M	(.42)	-
Distributions from net realized gain	(.03)	(.13) ^M	-	-
Total distributions	(.24) ^N	(.37) ^L	(.42)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.55	$ 26.68	$ 42.49	$ 50.86
Total Return ^{B, C, D}	41.64%	(36.34)%	(15.78)%	6.54%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55%	1.49%	1.46%	1.54% ^A
Expenses net of fee waivers, if any	1.55%	1.49%	1.46%	1.54% ^A
Expenses net of all reductions	1.53%	1.48%	1.45%	1.53% ^A
Net investment income (loss)	1.60%	.33%	.23%	(.24)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,051	$ 620	$ 1,270	$ 560
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.37 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.127 per share. ^M The amount shown reflects certain reclassifications related to book to tax differences. ^N Total distributions of $.24 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.028 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.71	$ 42.42	$ 50.80	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.40	(.05)	(.14)	(.05)
Net realized and unrealized gain (loss)	10.54	(15.49)	(8.04)	3.11
Total from investment operations	10.94	(15.54)	(8.18)	3.06
Distributions from net investment income	(.04)	(.11) ^M	(.20)	-
Distributions from net realized gain	(.01)	(.06) ^M	-	-
Total distributions	(.05) ^N	(.17) ^L	(.20)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.60	$ 26.71	$ 42.42	$ 50.80
Total Return ^{B, C, D}	40.97%	(36.64)%	(16.18)%	6.41%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.01%	1.97%	1.95%	2.05% ^A
Expenses net of fee waivers, if any	2.01%	1.97%	1.95%	2.05% ^A
Expenses net of all reductions	2.00%	1.96%	1.94%	2.05% ^A
Net investment income (loss)	1.13%	(.15)%	(.26)%	(.49)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 641	$ 363	$ 741	$ 291
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.17 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.063 per share. ^M The amount shown reflects certain reclassifications due to book to tax differences. ^N Total distributions of $.05 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.009 per share.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.76	$ 42.42	$ 50.81	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.41	(.05)	(.14)	(.07)
Net realized and unrealized gain (loss)	10.56	(15.50)	(8.03)	3.14
Total from investment operations	10.97	(15.55)	(8.17)	3.07
Distributions from net investment income	(.10)	(.07) ^M	(.22)	-
Distributions from net realized gain	(.02)	(.05) ^M	-	-
Total distributions	(.12) ^N	(.11) ^L	(.22)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.61	$ 26.76	$ 42.42	$ 50.81
Total Return ^{B, C, D}	41.00%	(36.64)%	(16.17)%	6.43%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.01%	1.97%	1.95%	2.07% ^A
Expenses net of fee waivers, if any	2.01%	1.97%	1.95%	2.07% ^A
Expenses net of all reductions	2.00%	1.96%	1.94%	2.06% ^A
Net investment income (loss)	1.13%	(.14)%	(.26)%	(.65)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,151	$ 371	$ 902	$ 332
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.11 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.046 per share. ^M The amount shown reflects certain reclassifications related to book to tax differences. ^N Total distributions of $.12 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.023 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Telecommunications


Years ended February 28,	2010	2009	2008 ^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 26.74	$ 42.70	$ 50.91	$ 41.97	$ 34.83
Income from Investment Operations
Net investment income (loss) ^C	.76	.30	.43	.61 ^F	.36
Net realized and unrealized gain (loss)	10.59	(15.65)	(8.12)	8.85	7.11
Total from investment operations	11.35	(15.35)	(7.69)	9.46	7.47
Distributions from net investment income	(.31)	(.41) ^K	(.52)	(.53)	(.33)
Distributions from net realized gain	(.05)	(.20) ^K	-	-	-
Total distributions	(.36) ^L	(.61) ^J	(.52)	(.53)	(.33)
Redemption fees added to paid in capital ^C	- ^I	- ^I	- ^I	.01	- ^I
Net asset value, end of period	$ 37.73	$ 26.74	$ 42.70	$ 50.91	$ 41.97
Total Return ^{A, B}	42.43%	(36.00)%	(15.30)%	22.69%	21.54%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	.99%	.97%	.91%	.99%	1.05%
Expenses net of fee waivers, if any	.99%	.97%	.90%	.97%	1.05%
Expenses net of all reductions	.98%	.96%	.90%	.97%	.96%
Net investment income (loss)	2.15%	.85%	.79%	1.34% ^F	.96%
Supplemental Data
Net assets, end of period (000 omitted)	$ 279,704	$ 196,231	$ 334,565	$ 624,427	$ 402,334
Portfolio turnover rate ^E	90%	168%	134%	162%	148%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H For the year ended February 29. ^I Amount represents less than $.01 per share. ^J Total distributions of $.61 per share is comprised of distributions from net investment income of $.408 and distributions from net realized gain of $.202 per share. ^K The amount shown reflects certain reclassifications related to book to tax differences. ^L Total distributions of $.36 per share is comprised of distributions from net investment income of $.310 and distributions from net realized gain of $.048 per share.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 26.73	$ 42.65	$ 50.91	$ 47.74
Income from Investment Operations
Net investment income (loss) ^D	.84	.34	.45	.16
Net realized and unrealized gain (loss)	10.55	(15.67)	(8.09)	3.01
Total from investment operations	11.39	(15.33)	(7.64)	3.17
Distributions from net investment income	(.38)	(.40) ^L	(.62)	-
Distributions from net realized gain	(.05)	(.20) ^L	-	-
Total distributions	(.43) ^M	(.59) ^K	(.62)	-
Redemption fees added to paid in capital ^{D, J}	-	-	-	-
Net asset value, end of period	$ 37.69	$ 26.73	$ 42.65	$ 50.91
Total Return ^{B, C}	42.59%	(35.99)%	(15.23)%	6.64%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.86%	.91%	.83%	.98% ^A
Expenses net of fee waivers, if any	.86%	.91%	.83%	.98% ^A
Expenses net of all reductions	.84%	.90%	.83%	.97% ^A
Net investment income (loss)	2.29%	.91%	.86%	1.52% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,101	$ 68	$ 256	$ 114
Portfolio turnover rate ^F	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.59 per share is comprised of distributions from net investment income of $.395 and distributions from net realized gain of $.197 per share. ^L The amount shown reflects certain reclassifications related to book to tax differences. ^M Total distributions of $.43 per share is comprised of distributions from net investment income of $.379 per share and distributions from net realized gain of $.051 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

Telecommunications Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class T, Class B, Class C, Telecommunications, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties, and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, deferred trustees compensation, capital loss carryforwards, expiring capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 22,492,418
Gross unrealized depreciation	(66,549,245)
Net unrealized appreciation (depreciation)	$ (44,056,827)

Tax Cost	$ 354,741,181

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 1,935,859
Capital loss carryforward	$ (238,175,641)
Net unrealized appreciation (depreciation)	$ (44,068,650)

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 2,757,982	$ 4,328,409

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $245,737,983 and $242,388,135, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 8,842	$ 348
Class T	.25%	.25%	7,956	10
Class B	.75%	.25%	6,292	4,720
Class C	.75%	.25%	17,406	6,228
			$ 40,496	$ 11,306

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 7,518
Class T	1,778
Class B*	3,551
Class C*	587
	$ 13,434

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets
Class A	$ 12,356	.35
Class T	6,117	.39
Class B	2,209	.35
Class C	6,068	.35
Telecommunications	908,946	.33
Institutional Class	1,384	.20
	$ 937,080

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,365,000	.44%	$ 157

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $996 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $38,001 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $61.

Annual Report

Notes to Financial Statements - continued

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 15,094	$ 25,664
Class T	11,817	8,592
Class B	821	2,117
Class C	5,697	1,365
Telecommunications	2,311,098	4,183,665
Institutional Class	10,888	1,823
Total	$ 2,355,415	$ 4,223,226
From net realized gain
Class A	$ 4,245	$ 735
Class T	827	357
Class B	139	203
Class C	504	204
Telecommunications	396,621	103,644
Institutional Class	231	40
Total	$ 402,567	$ 105,183

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	88,778	74,621	$ 3,085,616	$ 2,094,308
Reinvestment of distributions	476	895	17,722	24,776
Shares redeemed	(79,650)	(61,881)	(2,900,645)	(2,346,705)
Net increase (decrease)	9,604	13,635	$ 202,693	$ (227,621)
Class T
Shares sold	45,905	9,634	$ 1,589,430	$ 334,058
Reinvestment of distributions	314	320	12,167	8,637
Shares redeemed	(14,845)	(16,594)	(532,433)	(641,649)
Net increase (decrease)	31,374	(6,640)	$ 1,069,164	$ (298,954)
Class B
Shares sold	15,431	4,801	$ 522,557	$ 166,647
Reinvestment of distributions	22	82	836	2,207
Shares redeemed	(11,987)	(8,780)	(408,765)	(330,007)
Net increase (decrease)	3,466	(3,897)	$ 114,628	$ (161,153)
Class C
Shares sold	62,598	5,551	$ 2,159,620	$ 174,242
Reinvestment of distributions	129	51	5,000	1,354
Shares redeemed	(19,418)	(12,987)	(702,765)	(456,301)
Net increase (decrease)	43,309	(7,385)	$ 1,461,855	$ (280,705)
Telecommunications
Shares sold	3,331,732	1,724,964	$ 111,276,252	$ 54,824,085
Reinvestment of distributions	68,653	146,701	2,606,513	4,105,779
Shares redeemed	(3,325,834)	(2,367,928)	(116,676,048)	(86,013,313)
Net increase (decrease)	74,551	(496,263)	$ (2,793,283)	$ (27,083,449)
Institutional Class
Shares sold	35,372	477	$ 1,243,451	$ 15,601
Reinvestment of distributions	37	51	1,435	1,477
Shares redeemed	(8,744)	(3,964)	(310,916)	(148,877)
Net increase (decrease)	26,665	(3,436)	$ 933,970	$ (131,799)

Annual Report

11. Other.

Annual Report

Wireless Portfolio

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Life of fund ^A
Wireless Portfolio	47.06%	5.01%	-3.31%

^A From September 21, 2000.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Wireless Portfolio on September 21, 2000, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.

fid504

Annual Report

Wireless Portfolio

Management's Discussion of Fund Performance

Comments from Gavin Baker and Kyle Weaver, Lead Portfolio Manager and Co-Portfolio Manager, respectively, of Select Wireless Portfolio: Select Wireless Portfolio returned 47.06% for the 12-month period ending February 28, 2010, trailing the S&P 500 but outperforming the 35.81% gain of the S&P® Custom Wireless Index, which was adopted in December 2009 as a better representation of the fund's investment universe. The fund performed strongly versus its industry benchmark because it was well-positioned when the market started rebounding in March 2009 and as it continued to do relatively well for the rest of the period. The fund was overweighted and held out-of-index positions in a number of highly leveraged, smaller-cap companies that were strong performers during this time. The best-performing of these holdings was French application software company Gameloft, a dominant player in mobile gaming. Semiconductor company NVIDIA also performed well for the fund, as did Starent Networks, which was tied to the fast-growing mobile data trend and was acquired by Cisco Systems during the period. All three companies were out-of-index positions. The fund also benefited from holding underweighted stakes in wireless telecom services providers MetroPCS Communications and China Mobile, both of which underperformed. In general, the fund benefited from foreign holdings, bolstered in part by a weaker dollar. Conversely, the fund's performance was hampered by a small cash position and some weak stock picks. Specifically, it was hurt by untimely ownership of Motorola, being underweighted when the stock did well and overweighted when it did poorly. Another decision that detracted was overweighting poor-performing Leap Wireless. Emerging-markets play Orascom Telecom, in which the fund held an out-of-benchmark position, also dragged down performance.

Annual Report

Wireless Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Actual	.94%	$ 1,000.00	$ 1,075.70	$ 4.84
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.13	$ 4.71

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Wireless Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC sponsored ADR	12.0	5.8
Sprint Nextel Corp.	6.8	7.8
NII Holdings, Inc.	6.3	1.8
Research In Motion Ltd.	6.1	4.9
QUALCOMM, Inc.	5.7	6.5
China Mobile (Hong Kong) Ltd. sponsored ADR	4.7	0.0
China Unicom (Hong Kong) Ltd. sponsored ADR	4.4	8.2
American Tower Corp. Class A	4.4	4.8
Verizon Communications, Inc.	4.2	4.6
Telefonica SA sponsored ADR	4.1	0.7
	58.7

Top Industries (% of fund's net assets)
As of February 28, 2010
	Wireless Telecommunication Services	52.3%
	Communications Equipment	20.6%
	Diversified Telecommunication Services	12.9%
	Semiconductors & Semiconductor Equipment	7.7%
	Software	2.3%
	All Others*	4.2%

fid512

As of August 31, 2009
	Wireless Telecommunication Services	37.5%
	Communications Equipment	29.0%
	Diversified Telecommunication Services	21.5%
	Software	5.4%
	Computers & Peripherals	2.6%
	All Others*	4.0%

fid520

* Includes short-term investments and net other assets.

Annual Report

Wireless Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 20.6%
Communications Equipment - 20.6%
Airvana, Inc. (a)	102,600		$ 782,838
Aruba Networks, Inc. (a)	75,484		885,427
Aviat Networks, Inc. (a)	10,532		64,772
Harris Corp.	100,300		4,535,566
Motorola, Inc. (a)	420,680		2,843,797
Nokia Corp. sponsored ADR	372,200		5,013,534
Palm, Inc. (a)(c)	257,555		1,571,086
Powerwave Technologies, Inc. (a)	24,600		28,782
QUALCOMM, Inc.	469,650		17,231,459
Research In Motion Ltd. (a)	264,300		18,733,584
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (c)	303,000		3,033,030
ViaSat, Inc. (a)	165,200		5,022,080
ZTE Corp. (H Shares) (c)	498,820		3,084,610
			62,830,565
COMPUTERS & PERIPHERALS - 2.2%
Computer Hardware - 2.1%
Apple, Inc. (a)	30,400		6,220,448
Computer Storage & Peripherals - 0.1%
Synaptics, Inc. (a)	15,800		421,860
TOTAL COMPUTERS & PERIPHERALS			6,642,308
DIVERSIFIED TELECOMMUNICATION SERVICES - 12.9%
Alternative Carriers - 0.0%
Neutral Tandem, Inc. (a)	1,900		30,628
Integrated Telecommunication Services - 12.9%
China Unicom (Hong Kong) Ltd. sponsored ADR	1,109,500		13,502,615
Deutsche Telekom AG (Reg.)	100		1,288
PT Telkomunikasi Indonesia Tbk Series B	448,000		398,330
Telefonica SA sponsored ADR (c)	177,000		12,421,860
Telenor ASA (a)	1,000		12,640
Telkom SA Ltd.	6,400		27,804
Verizon Communications, Inc.	442,300		12,795,739
			39,160,276
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			39,190,904
ELECTRICAL EQUIPMENT - 1.1%
Electrical Components & Equipment - 1.1%
Fushi Copperweld, Inc. (a)	364,900		3,331,537
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Components - 0.0%
Prime View International Co. Ltd. sponsored GDR (a)(d)	2,700		53,119
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
Openwave Systems, Inc. (a)	15,641		40,510

	Shares		Value
IT SERVICES - 0.6%
IT Consulting & Other Services - 0.6%
Integral Systems, Inc. (a)	199,600		$ 1,708,576
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7%
Semiconductors - 7.7%
Atheros Communications, Inc. (a)	93,400		3,352,126
Avago Technologies Ltd.	88,500		1,606,275
Cree, Inc. (a)	11,500		780,045
Himax Technologies, Inc. sponsored ADR	51,600		151,188
Marvell Technology Group Ltd. (a)	159,800		3,087,336
NVIDIA Corp. (a)	581,300		9,417,060
RF Micro Devices, Inc. (a)	771,700		3,248,857
Skyworks Solutions, Inc. (a)	120,200		1,835,454
			23,478,341
SOFTWARE - 2.3%
Application Software - 2.3%
Gameloft (a)	1,650,862		7,102,570
Smith Micro Software, Inc. (a)	3,900		34,164
			7,136,734
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	28,623		26,333
TOTAL SOFTWARE			7,163,067
WIRELESS TELECOMMUNICATION SERVICES - 52.3%
Wireless Telecommunication Services - 52.3%
America Movil SAB de CV Series L sponsored ADR	400		17,828
American Tower Corp. Class A (a)	313,892		13,390,633
China Mobile (Hong Kong) Ltd. sponsored ADR (c)	291,500		14,408,845
Clearwire Corp.:
rights 6/21/10 (a)(c)	1,097,800		318,362
Class A (a)(c)	952,000		6,054,720
Crown Castle International Corp. (a)	199,000		7,522,200
Idea Cellular Ltd. (a)	81,905		108,543
KDDI Corp.	6		32,018
Leap Wireless International, Inc. (a)(c)	311,250		4,441,538
Millicom International Cellular SA	143,700		12,177,138
NII Holdings, Inc. (a)	516,500		19,327,430
NTELOS Holdings Corp.	75,500		1,289,540
NTT DoCoMo, Inc.	2,501		3,863,285
Orascom Telecom Holding SAE GDR	361,620		1,923,818
PT Indosat Tbk	2,700		1,475
SBA Communications Corp. Class A (a)	227,000		8,026,720
SOFTBANK CORP.	7,300		191,242
Sprint Nextel Corp. (a)	6,263,031		20,855,893
Syniverse Holdings, Inc. (a)	119,500		2,009,990
Telephone & Data Systems, Inc.	72,627		2,266,689
U.S. Cellular Corp. (a)	39,800		1,457,874
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Vivo Participacoes SA sponsored ADR	119,050		$ 3,221,493
Vodafone Group PLC sponsored ADR	1,678,600		36,543,122
			159,450,396
TOTAL COMMON STOCKS (Cost $324,436,938)		303,889,323
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.16% (e)	750,752		750,752
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	22,679,088		22,679,088
TOTAL MONEY MARKET FUNDS (Cost $23,429,840)		23,429,840

TOTAL INVESTMENT PORTFOLIO - 107.4%

(Cost $347,866,778)

327,319,163

NET OTHER ASSETS - (7.4)%			(22,423,552)
NET ASSETS - 100%		$ 304,895,611

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 28,086
Fidelity Securities Lending Cash Central Fund	383,786
Total	$ 411,872

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 303,889,323	$ 298,100,932	$ 5,788,391	$ -
Money Market Funds	23,429,840	23,429,840	-	-
Total Investments in Securities:	$ 327,319,163	$ 321,530,772	$ 5,788,391	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	54.0%
United Kingdom	12.0%
Hong Kong	9.1%
Canada	6.1%
Spain	4.1%
Luxembourg	4.0%
France	2.3%
Finland	1.6%
Japan	1.4%
Brazil	1.1%
Bermuda	1.0%
China	1.0%
Sweden	1.0%
Others (individually less than 1%)	1.3%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $26,624,026 all of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Wireless Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $21,394,711) - See accompanying schedule: Unaffiliated issuers (cost $324,436,938)	$ 303,889,323
Fidelity Central Funds (cost $23,429,840)	23,429,840
Total Investments (cost $347,866,778)		$ 327,319,163
Receivable for investments sold		590,994
Receivable for fund shares sold		126,935
Dividends receivable		115,873
Distributions receivable from Fidelity Central Funds		16,450
Prepaid expenses		1,224
Other receivables		34,531
Total assets		328,205,170

Liabilities
Payable for fund shares redeemed	$ 358,196
Accrued management fee	142,437
Other affiliated payables	94,086
Other payables and accrued expenses	35,752
Collateral on securities loaned, at value	22,679,088
Total liabilities		23,309,559

Net Assets		$ 304,895,611
Net Assets consist of:
Paid in capital		$ 360,381,492
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(34,935,855)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(20,550,026)
Net Assets, for 47,154,578 shares outstanding		$ 304,895,611
Net Asset Value, offering price and redemption price per share ($304,895,611 ÷ 47,154,578 shares)		$ 6.47

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 5,789,697
Interest		284
Income from Fidelity Central Funds (including $383,786 from security lending)		411,872
Total income		6,201,853

Expenses
Management fee	$ 1,893,749
Transfer agent fees	1,088,662
Accounting and security lending fees	139,222
Custodian fees and expenses	33,097
Independent trustees' compensation	2,188
Registration fees	39,613
Audit	51,391
Legal	1,629
Interest	400
Miscellaneous	5,117
Total expenses before reductions	3,255,068
Expense reductions	(94,149)	3,160,919
Net investment income (loss)		3,040,934
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	53,300,720
Other affiliated issuers	(2,214,595)
Foreign currency transactions	(8,237)
Capital gain distributions from Fidelity Central Funds	2,322
Total net realized gain (loss)		51,080,210
Change in net unrealized appreciation (depreciation) on: Investment securities	56,892,004
Assets and liabilities in foreign currencies	(2,450)
Total change in net unrealized appreciation (depreciation)		56,889,554
Net gain (loss)		107,969,764
Net increase (decrease) in net assets resulting from operations		$ 111,010,698

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,040,934	$ 2,385,843
Net realized gain (loss)	51,080,210	(54,284,168)
Change in net unrealized appreciation (depreciation)	56,889,554	(70,651,848)
Net increase (decrease) in net assets resulting from operations	111,010,698	(122,550,173)
Distributions to shareholders from net investment income	(3,156,705)	(2,419,895)
Share transactions Proceeds from sales of shares	237,928,725	54,809,550
Reinvestment of distributions	3,059,703	2,321,962
Cost of shares redeemed	(225,090,166)	(185,981,995)
Net increase (decrease) in net assets resulting from share transactions	15,898,262	(128,850,483)
Redemption fees	29,313	18,968
Total increase (decrease) in net assets	123,781,568	(253,801,583)

Net Assets
Beginning of period	181,114,043	434,915,626
End of period	$ 304,895,611	$ 181,114,043
Other Information Shares
Sold	41,992,382	9,268,630
Issued in reinvestment of distributions	468,561	570,468
Redeemed	(36,067,880)	(29,194,679)
Net increase (decrease)	6,393,063	(19,355,581)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights


Years ended February 28,	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 4.44	$ 7.23	$ 7.13	$ 7.20	$ 5.69
Income from Investment Operations
Net investment income (loss)^C	.06	.05	.03^F	.05^G	-^J
Net realized and unrealized gain (loss)	2.03	(2.78)	.36	.32	1.51
Total from investment operations	2.09	(2.73)	.39	.37	1.51
Distributions from net investment income	(.06)	(.06)	(.03)	-	-
Distributions from net realized gain	-	-	(.26)	(.44)	-
Total distributions	(.06)	(.06)	(.29)	(.44)	-
Redemption fees added to paid in capital^{C, J}	-	-	-	-	-
Net asset value, end of period	$ 6.47	$ 4.44	$ 7.23	$ 7.13	$ 7.20
Total Return^{A, B}	47.06%	(37.68)%	4.71%	5.16%	26.54%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	.96%	.95%	.91%	.97%	1.00%
Expenses net of fee waivers, if any	.96%	.95%	.91%	.97%	1.00%
Expenses net of all reductions	.94%	.94%	.91%	.96%	.89%
Net investment income (loss)	.90%	.85%	.32%^F	.69%^G	.04%
Supplemental Data
Net assets, end of period (000 omitted)	$ 304,896	$ 181,114	$ 434,916	$ 278,371	$ 502,702
Portfolio turnover rate^E	154%	191%	191%	124%	162%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .19%. ^G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .30%. ^H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^I For the year ended February 29. ^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

Wireless Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund's investments is emerging markets can be subject to social, economic, regulatory and political uncertainties, and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 20,811,759
Gross unrealized depreciation	(49,671,204)
Net unrealized appreciation (depreciation)	$ (28,859,445)

Tax Cost	$ 356,178,608

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (26,624,026)
Net unrealized appreciation (depreciation)	$ (28,861,856)

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 3,156,705	$ 2,419,895

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $511,170,313 and $494,855,172, respectively.

6. Fees and Other Transactions with Affiliates.

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 4,941,000	.36%	$ 400

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,209 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Annual Report

8. Security Lending - continued

loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

9. Expense Reductions.

10. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Select Portfolios and the Shareholders of Telecommunications Portfolio and Wireless Portfolio:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Telecommunications Portfolio and Wireless Portfolio (funds of Fidelity Select Portfolios) at February 28, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Select Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 19, 2010

Annual Report

Trustees and Officers

Annual Report

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1980 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (66)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment, 2008-present) and was previously a Partner of Clayton, Dubilier & Rice, Inc. (1998-2008). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (66)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (41)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments.
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Telecommunications designates 100% and 100% of the dividends distributed in April and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Telecommunications designates 100% and 100% of the dividends distributed in April and December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Distributions (Unaudited)

Wireless designates 39% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Wireless designates 100% of the dividends distributed in December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
1-800-544-8888

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) fid247 1-800-544-5555

Automated line for quickest service

fid250

SELTS-UANNPRO-0410
1.910426.100

Fidelity®
Select Portfolios®

Utilities Sector

Utilities Portfolio

Annual Report

February 28, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>
Note to shareholders	<Click Here>
Performance	<Click Here>
Management's Discussion	<Click Here>
Shareholder Expense Example	<Click Here>
Investment Changes	<Click Here>
Investments	<Click Here>
Financial Statements	<Click Here>
Notes to Financial Statements	<Click Here>
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Prospectus	P-1

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Annual Report

Note to shareholders

Annual Report

Utilities Portfolio

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Utilities Portfolio^A	24.50%	3.16%	-1.92%

^A Prior to October 1, 2006, Utilities Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Utilities Portfolio on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.

fid537

Annual Report

Utilities Portfolio

Management's Discussion of Fund Performance

Market Recap: The U.S. stock market began one of its most dramatic turnarounds ever in March 2009, finishing the 12-month period ending February 28, 2010, with impressive gains as the economy inched its way toward recovery and the credit crisis eased. By the close of the period, the Great Recession that began in 2007 appeared nearer to an end, as many companies posted positive earnings in the wake of cost-cutting measures and unprecedented government intervention. Most major indexes declined in only two months - October, when unemployment hit 10.1%, and January, when European debt worries crimped returns. For the full year, the S&P 500 Index rose 53.62%, its largest 12-month gain in 27 years. The technology-laden Nasdaq Composite®Index rose 63.98% and the Dow Jones U.S. Total Stock Market Index^SM, which is the broadest gauge of U.S. stocks, climbed 56.16%. All 10 sectors of the market - as represented by the S&P 500 - reported double-digit gains in the period, led by financials, which rose 98%. The consumer discretionary and industrials sectors also finished strong, followed by materials and information technology. Groups that posted weaker results still gained, with the worst performer - telecommunication services - returning almost 13%.

Comments from Douglas Simmons, Portfolio Manager of Select Utilities Portfolio: For the 12 months ending February 28, 2010, the fund returned 24.50%, underperforming the S&P 500 but outperforming the 22.31% return of the MSCI®U.S. IM Utilities 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Strong stock selection in the independent power/energy trade and multi-utilities groups helped the fund a lot versus the MSCI index, as did overweighting the former area. Unfavorable security selection and a significant underweighting in gas utilities dampened relative performance. Contributions came from Maryland-based independent power producer Constellation Energy Group; underweighting and timely ownership of Chicago-headquartered electric utility Exelon; TECO Energy, a multi-utility located in Florida; electric utility American Electric Power, based in Ohio; and CenterPoint Energy and CMS Energy, multi-utilities with operations in Houston and Mississippi, respectively. Among the detractors were FirstEnergy, an electric utility serving Ohio and Pennsylvania; underweighting and untimely ownership of Dominion Resources, a Virginia-based multi-utility that outperformed; Florida electric utility FPL Group; Allegheny Energy, a coal-based electric utility in Pennsylvania; and untimely ownership of Salt Lake City gas utility Questar. Some of the stocks mentioned in this report were not held at period end.

Annual Report

Utilities Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to February 28, 2010).

Actual Expenses

The first line of the accompanying tableprovides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying tableprovides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Actual	.93%	$ 1,000.00	$ 1,007.00	$ 4.63
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.18	$ 4.66

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Utilities Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
American Electric Power Co., Inc.	9.3	13.5
Entergy Corp.	9.3	4.6
PG&E Corp.	8.8	4.9
FirstEnergy Corp.	8.0	12.2
CenterPoint Energy, Inc.	7.3	6.2
Wisconsin Energy Corp.	7.0	0.0
CMS Energy Corp.	5.0	3.4
TECO Energy, Inc.	4.9	4.8
UGI Corp.	4.8	0.0
Alliant Energy Corp.	4.7	0.0
	69.1

Top Industries (% of fund's net assets)
As of February 28, 2010
	Electric Utilities	37.9%
	Multi-utilities	37.7%
	Independent Power Producers & Energy Traders	10.9%
	Gas Utilities	7.5%
	Oil, Gas & Consumable Fuels	2.1%
	All Others*	3.9%

cjc545


As of August 31, 2009
	Electric Utilities	49.0%
	Multi-utilities	30.3%
	Independent Power Producers & Energy Traders	18.5%
	Commercial Services & Supplies	1.3%
	Gas Utilities	0.0%
	All Others*	0.9%

fid554

* Includes short-term investments and net other assets.

Annual Report

Utilities Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
ELECTRIC UTILITIES - 37.9%
Electric Utilities - 37.9%
American Electric Power Co., Inc.	932,479		$ 31,349,943
Entergy Corp.	409,451		31,105,992
FirstEnergy Corp.	693,522		26,804,625
FPL Group, Inc.	91,283		4,232,793
ITC Holdings Corp.	242,678		12,954,152
NV Energy, Inc.	1,405,584		15,616,038
Pinnacle West Capital Corp.	147,658		5,376,228
			127,439,771
GAS UTILITIES - 7.5%
Gas Utilities - 7.5%
ONEOK, Inc.	100		4,433
Questar Corp.	216,500		9,090,835
UGI Corp.	636,933		15,955,172
			25,050,440
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.9%
Independent Power Producers & Energy Traders - 10.9%
AES Corp.	778,059		9,095,510
Calpine Corp. (a)	1,176,400		12,869,816
Constellation Energy Group, Inc.	422,200		14,806,554
			36,771,880
MULTI-UTILITIES - 37.7%
Multi-Utilities - 37.7%
Alliant Energy Corp.	504,000		15,941,520
CenterPoint Energy, Inc.	1,823,300		24,395,754
CMS Energy Corp. (c)	1,094,800		16,717,596
PG&E Corp.	708,051		29,681,498
TECO Energy, Inc. (c)	1,074,120		16,466,260
Wisconsin Energy Corp.	487,500		23,609,625
			126,812,253

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 2.1%
Oil & Gas Storage & Transport - 2.1%
Southern Union Co.	289,800		$ 6,937,812
TOTAL COMMON STOCKS (Cost $315,184,761)		323,012,156
Money Market Funds - 12.5%

Fidelity Cash Central Fund, 0.16% (d)	970,639		970,639
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	40,970,500		40,970,500
TOTAL MONEY MARKET FUNDS (Cost $41,941,139)		41,941,139

TOTAL INVESTMENT PORTFOLIO - 108.6%

(Cost $357,125,900)

364,953,295

NET OTHER ASSETS - (8.6)%

(28,961,443)

NET ASSETS - 100%

$ 335,991,852

Legend

(a) Non-income producing

(b) 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	$ 17,705
Fidelity Securities Lending Cash Central Fund	10,211
Total	$ 27,916

Other Information

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $125,668,839 of which $15,561,006, $65,442,149 and $44,665,684 will expire on February 28, 2011, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Utilities Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $39,710,250) - See accompanying schedule: Unaffiliated issuers (cost $315,184,761)	$ 323,012,156
Fidelity Central Funds (cost $41,941,139)	41,941,139
Total Investments (cost $357,125,900)		$ 364,953,295
Receivable for investments sold		13,677,310
Receivable for fund shares sold		361,364
Dividends receivable		2,079,260
Distributions receivable from Fidelity Central Funds		3,000
Prepaid expenses		1,090
Other receivables		17,992
Total assets		381,093,311

Liabilities
Payable for investments purchased	$ 3,361,564
Payable for fund shares redeemed	483,902
Accrued management fee	157,173
Other affiliated payables	97,863
Other payables and accrued expenses	30,457
Collateral on securities loaned, at value	40,970,500
Total liabilities		45,101,459

Net Assets		$ 335,991,852
Net Assets consist of:
Paid in capital		$ 463,427,630
Undistributed net investment income		1,464,587
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(136,727,760)
Net unrealized appreciation (depreciation) on investments		7,827,395
Net Assets, for 7,953,741 shares outstanding		$ 335,991,852
Net Asset Value, offering price and redemption price per share ($335,991,852 ÷ 7,953,741 shares)		$ 42.24

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 12,648,134
Interest		5,790
Income from Fidelity Central Funds		27,916
Total income		12,681,840

Expenses
Management fee	$ 1,820,350
Transfer agent fees	1,051,028
Accounting and security lending fees	127,398
Custodian fees and expenses	15,406
Independent trustees' compensation	2,290
Registration fees	28,718
Audit	39,796
Legal	3,879
Miscellaneous	6,652
Total expenses before reductions	3,095,517
Expense reductions	(74,400)	3,021,117
Net investment income (loss)		9,660,723
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(5,006,481)
Foreign currency transactions	12,595
Capital gain distributions from Fidelity Central Funds	1,335
Total net realized gain (loss)		(4,992,551)
Change in net unrealized appreciation (depreciation) on investment securities		62,908,435
Net gain (loss)		57,915,884
Net increase (decrease) in net assets resulting from operations		$ 67,576,607

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,660,723	$ 9,172,298
Net realized gain (loss)	(4,992,551)	(110,218,004)
Change in net unrealized appreciation (depreciation)	62,908,435	(85,736,012)
Net increase (decrease) in net assets resulting from operations	67,576,607	(186,781,718)
Distributions to shareholders from net investment income	(9,685,916)	(7,699,468)
Share transactions Proceeds from sales of shares	90,279,207	157,164,187
Reinvestment of distributions	9,242,809	7,340,518
Cost of shares redeemed	(122,958,619)	(274,609,977)
Net increase (decrease) in net assets resulting from share transactions	(23,436,603)	(110,105,272)
Redemption fees	8,819	32,052
Total increase (decrease) in net assets	34,462,907	(304,554,406)

Net Assets
Beginning of period	301,528,945	606,083,351
End of period (including undistributed net investment income of $1,464,587 and undistributed net investment income of $1,471,324, respectively)	$ 335,991,852	$ 301,528,945
Other Information Shares
Sold	2,151,894	3,346,843
Issued in reinvestment of distributions	220,108	187,785
Redeemed	(3,048,247)	(5,521,130)
Net increase (decrease)	(676,245)	(1,986,502)

Financial Highlights

Years ended February 28,	2010	2009	2008^G	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 34.94	$ 57.09	$ 58.27	$ 46.44	$ 40.04
Income from Investment Operations
Net investment income (loss)^C	1.21	.99	.84	1.00	.73
Net realized and unrealized gain (loss)	7.34	(22.29)	(.82)	11.45	6.59
Total from investment operations	8.55	(21.30)	.02	12.45	7.32
Distributions from net investment income	(1.25)	(.85)	(1.21)	(.64)	(.93)
Redemption fees added to paid in capital^C	-^H	-^H	.01	.02	.01
Net asset value, end of period	$ 42.24	$ 34.94	$ 57.09	$ 58.27	$ 46.44
Total Return^{A, B}	24.50%	(37.47)%	(.22)%	26.95%	18.48%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.95%	.89%	.88%	.93%	.97%
Expenses net of fee waivers, if any	.95%	.89%	.88%	.93%	.97%
Expenses net of all reductions	.93%	.89%	.87%	.93%	.92%
Net investment income (loss)	2.98%	1.95%	1.35%	1.93%	1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$ 335,992	$ 301,529	$ 606,083	$ 795,683	$ 298,371
Portfolio turnover rate^E	226%	167%	121%	107%	101%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the former sales charges.

^C Calculated based on average shares outstanding during the period.

^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

Fidelity Select Utilities Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010 is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 18,752,900
Gross unrealized depreciation	(21,998,356)
Net unrealized appreciation (depreciation)	$ (3,245,456)

Tax Cost	$ 368,198,751

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 1,478,834
Capital loss carryforward	$ (125,668,839)
Net unrealized appreciation (depreciation)	$ (3,245,456)

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 9,685,916	$ 7,699,468

Annual Report

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $717,387,792 and $744,660,027, respectively.

5. Fees and Other Transactions with Affiliates.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,151 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Annual Report

Notes to Financial Statements - continued

9. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Select Portfolios and the Shareholders of Fidelity Select Utilities Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Select Utilities Portfolio (a fund of Fidelity Select Portfolios) at February 28, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Select Utilities Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 12, 2010

Annual Report

Trustees and Officers

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Edward C. Johnson 3d is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1980 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (66)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment, 2008-present) and was previously a Partner of Clayton, Dubilier & Rice, Inc. (1998-2008). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (66)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (41)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments.
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The fund designates 100% and 100% of the dividends distributed in April and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% and 100% of the dividends distributed in April and December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
1-800-544-8888

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) fid247 1-800-544-5555

Automated line for quickest service

fid250

SELUTL-UANNPRO-0410
1.910427.100

fid559

Fidelity Advisor
Focus Funds®

Class A, Class T, Class B and Class C

Fidelity Advisor Consumer Staples Fund

Fidelity Advisor Gold Fund

Fidelity Advisor Materials Fund

Fidelity Advisor Telecommunications Fund

Each Advisor fund listed above is a class
of the Fidelity® Select Portfolios®.

Annual Report

February 28, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders
Note to Shareholders	<Click Here>
Consumer Staples	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Gold	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Consolidated Investments
	<Click Here>	Consolidated Financial Statements
	<Click Here>	Notes to the Consolidated Financial Statements
Materials	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Telecommunications	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Annual Report

Note to shareholders

In December 2009 and January 2010, Fidelity adopted capped benchmarks for most of its sector and industry funds, including the Advisor Focus Funds. The capped benchmarks, which limit the weightings of individual issuers, better represent the investment opportunities available to the funds and will provide shareholders with more-meaningful performance comparisons. These changes do not affect the investment policies of any of the funds, and the primary benchmark for all of the funds remains the S&P 500® Index.

Annual Report

Fidelity Advisor Consumer Staples Fund - Class A, T, B and C

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) ^A	32.58%	6.21%	9.75%
Class T (incl. 3.50% sales charge) ^B	35.33%	6.50%	9.90%
Class B (incl. contingent deferred sales charge) ^C	34.48%	6.60%	10.11%
Class C (incl. contingent deferred sales charge) ^D	38.59%	6.94%	10.12%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Consumer Staples Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^BClass T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Consumer Staples Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^CClass B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Consumer Staples Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^DClass C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Consumer Staples Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Prior to October 1, 2006, the fund operated under certain different investment policies. The historical performance of the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Consumer Staples Fund - Class A on February 29, 2000, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. The initial offering of Class A took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Class A.

fid594

Annual Report

Fidelity Advisor Consumer Staples Fund

Management's Discussion of Fund Performance

Comments from Robert Lee, Portfolio Manager of Fidelity Advisor Consumer Staples Portfolio: During the past year, the fund's Class A, Class T, Class B and Class C shares returned 40.66%, 40.24%, 39.48% and 39.59%, respectively (excluding sales charges), trailing the S&P 500 but outperforming the 37.17% gain of the MSCI® U.S. IM Consumer Staples 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Leading the way in terms of performance relative to the MSCI index was strong stock picking and a modest underweighting in the soft drink industry, including stakes in bottlers Coca-Cola Enterprises and Mexico's Coca-Cola FEMSA, as well as Canada's private-label manufacturer Cott. Stock choices within packaged food/meats were significant contributors, particularly out-of-index holdings in Anglo-Dutch firm Unilever and Switzerland's Nestlé. Good stock selection in brewers also helped, including an out-of-index stake in Belgian brewer Anheuser-Busch InBev, which posted solid gains in response to the successful merger between two major brewers. Underweighting major index component Wal-Mart Stores also was a positive, when the stock lagged for much of the period. On the negative side, underweighting the strong-performing tobacco group - and index constituents within, including Philip Morris International - detracted, as did an overweighting and weak stock selection within food retailing, including an outsized stake in major grocery chain Kroger. Weak stock selection in the distillers and vintners industry also hurt, including a position in Constellation Brands. In other areas, not owning global cosmetic manufacturer and index component Estee Lauder was a negative when the stock performed very well near the end of the period.

Annual Report

Consumer Staples Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to February 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.11%
Actual		$ 1,000.00	$ 1,086.90	$ 5.74
Hypothetical^A		$ 1,000.00	$ 1,019.29	$ 5.56
Class T	1.41%
Actual		$ 1,000.00	$ 1,085.40	$ 7.29
Hypothetical^A		$ 1,000.00	$ 1,017.80	$ 7.05
Class B	1.95%
Actual		$ 1,000.00	$ 1,082.50	$ 10.07
Hypothetical^A		$ 1,000.00	$ 1,015.12	$ 9.74
Class C	1.87%
Actual		$ 1,000.00	$ 1,082.70	$ 9.66
Hypothetical^A		$ 1,000.00	$ 1,015.52	$ 9.35
Consumer Staples	.88%
Actual		$ 1,000.00	$ 1,088.20	$ 4.56
Hypothetical^A		$ 1,000.00	$ 1,020.43	$ 4.41
Institutional Class	.84%
Actual		$ 1,000.00	$ 1,088.30	$ 4.35
Hypothetical^A		$ 1,000.00	$ 1,020.63	$ 4.21

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Consumer Staples Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	14.6	11.5
CVS Caremark Corp.	6.4	8.0
The Coca-Cola Co.	5.8	6.6
British American Tobacco PLC sponsored ADR	5.0	4.9
Wal-Mart Stores, Inc.	4.6	5.0
Walgreen Co.	4.3	2.7
PepsiCo, Inc.	4.3	6.9
Altria Group, Inc.	3.9	3.5
Avon Products, Inc.	3.6	2.7
Safeway, Inc.	3.3	2.5
	55.8

Top Industries (% of fund's net assets)
As of February 28, 2010
	Beverages	24.8%
	Food & Staples Retailing	22.0%
	Household Products	17.9%
	Food Products	13.1%
	Tobacco	11.5%
	All Others*	10.7%

fid602

As of August 31, 2009
	Beverages	29.5%
	Food & Staples Retailing	21.4%
	Food Products	14.7%
	Household Products	14.6%
	Tobacco	11.9%
	All Others*	7.9%

fid610

* Includes short-term investments and net other assets.

Annual Report

Consumer Staples Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
BEVERAGES - 24.8%
Brewers - 6.0%
Anadolu Efes Biracilik ve Malt Sanyii AS	277,611		$ 2,799,982
Anheuser-Busch InBev SA NV	566,622		28,358,717
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	65,200		6,321,140
Molson Coors Brewing Co. Class B	953,715		38,511,012
			75,990,851
Distillers & Vintners - 4.1%
Brown-Forman Corp. Class B (non-vtg.)	128,521		6,729,360
Constellation Brands, Inc. Class A (sub. vtg.) (a)	2,066,373		31,078,250
Diageo PLC sponsored ADR	217,663		14,209,041
			52,016,651
Soft Drinks - 14.7%
Coca-Cola Bottling Co. Consolidated	37,504		2,087,098
Coca-Cola Enterprises, Inc.	781,200		19,959,660
Coca-Cola FEMSA SAB de CV sponsored ADR	101,029		6,487,072
Coca-Cola Icecek AS	373,332		3,475,775
Cott Corp. (a)	21,000		151,076
Dr Pepper Snapple Group, Inc.	546,131		17,339,659
Embotelladora Andina SA sponsored ADR (c)	323,541		6,347,874
Fomento Economico Mexicano SAB de CV sponsored ADR	72,490		3,102,572
PepsiCo, Inc.	873,327		54,556,738
The Coca-Cola Co.	1,395,715		73,582,095
			187,089,619
TOTAL BEVERAGES			315,097,121
FOOD & STAPLES RETAILING - 22.0%
Drug Retail - 10.7%
CVS Caremark Corp.	2,404,926		81,166,253
Walgreen Co.	1,557,718		54,893,982
			136,060,235
Food Retail - 5.0%
Kroger Co.	878,068		19,405,303
Safeway, Inc.	1,681,396		41,900,388
Susser Holdings Corp. (a)	70,300		589,114
The Pantry, Inc. (a)	162,909		2,134,108
			64,028,913
Hypermarkets & Super Centers - 6.3%
BJ's Wholesale Club, Inc. (a)	586,299		21,206,435
Wal-Mart Stores, Inc.	1,076,480		58,205,274
			79,411,709
TOTAL FOOD & STAPLES RETAILING			279,500,857

	Shares		Value
FOOD PRODUCTS - 13.1%
Agricultural Products - 3.3%
Archer Daniels Midland Co.	609,253		$ 17,887,668
Bunge Ltd.	198,072		11,803,110
Corn Products International, Inc.	187,577		6,111,259
SLC Agricola SA	364,400		3,123,457
Viterra, Inc. (a)	331,300		3,060,334
			41,985,828
Packaged Foods & Meats - 9.8%
Ausnutria Dairy Hunan Co. Ltd. Class H	4,155,000		2,960,134
Brasil Foods SA	1,000		24,447
Cermaq ASA (a)	304,000		3,394,981
Cosan Ltd. Class A (a)	91,200		827,184
Danone	101,220		5,918,984
Dean Foods Co. (a)	1,918,268		27,987,530
General Mills, Inc.	116,923		8,419,625
Kraft Foods, Inc. Class A	310,062		8,815,063
Lindt & Spruengli AG (c)	109		2,535,792
Nestle SA (Reg.)	655,642		32,617,335
Tyson Foods, Inc. Class A	321,761		5,482,807
Unilever NV (NY Shares)	837,612		25,203,745
			124,187,627
TOTAL FOOD PRODUCTS			166,173,455
HOUSEHOLD PRODUCTS - 17.9%
Household Products - 17.9%
Colgate-Palmolive Co.	230,514		19,118,831
Energizer Holdings, Inc. (a)	390,266		22,615,915
Procter & Gamble Co.	2,928,338		185,305,226
			227,039,972
PERSONAL PRODUCTS - 4.1%
Personal Products - 4.1%
Avon Products, Inc.	1,496,306		45,547,555
Mead Johnson Nutrition Co. Class A	86,926		4,111,600
Natura Cosmeticos SA	164,500		3,033,030
			52,692,185
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Johnson & Johnson	595,924		37,543,212
Perrigo Co.	1,000		49,570
			37,592,782
TOBACCO - 11.5%
Tobacco - 11.5%
Altria Group, Inc.	2,442,510		49,143,301
British American Tobacco PLC sponsored ADR	934,941		63,482,494
KT&G Corp.	56,270		3,114,254
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	540,657		$ 26,481,380
Souza Cruz Industria Comerico	92,300		3,156,429
			145,377,858
TOTAL COMMON STOCKS (Cost $1,133,829,769)		1,223,474,230
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.16% (d)	42,479,890		42,479,890
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	830,658		830,658
TOTAL MONEY MARKET FUNDS (Cost $43,310,548)		43,310,548
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $1,177,140,317)		1,266,784,778
NET OTHER ASSETS - 0.2%			2,782,497
NET ASSETS - 100%		$ 1,269,567,275

Legend

(a) Non-income producing

(b) 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	$ 73,704
Fidelity Securities Lending Cash Central Fund	140,195
Total	$ 213,899

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	81.4%
United Kingdom	6.1%
Switzerland	2.8%
Belgium	2.3%
Netherlands	2.0%
Brazil	1.3%
Bermuda	1.0%
Others (individually less than 1%)	3.1%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $2,242,566 all of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Consumer Staples Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010
Assets
Investment in securities, at value (including securities loaned of $803,687) - See accompanying schedule: Unaffiliated issuers (cost $1,133,829,769)	$ 1,223,474,230
Fidelity Central Funds (cost $43,310,548)	43,310,548
Total Investments (cost $1,177,140,317)		$ 1,266,784,778
Foreign currency held at value (cost $108)		108
Receivable for investments sold		12,862,525
Receivable for fund shares sold		1,923,204
Dividends receivable		1,615,280
Distributions receivable from Fidelity Central Funds		10,510
Prepaid expenses		3,545
Other receivables		3,944
Total assets		1,283,203,894

Liabilities
Payable for investments purchased	$ 10,325,644
Payable for fund shares redeemed	1,419,802
Accrued management fee	577,290
Distribution fees payable	124,205
Other affiliated payables	294,964
Other payables and accrued expenses	64,056
Collateral on securities loaned, at value	830,658
Total liabilities		13,636,619

Net Assets		$ 1,269,567,275
Net Assets consist of:
Paid in capital		$ 1,194,469,877
Undistributed net investment income		1,438,918
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,985,104)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		89,643,584
Net Assets		$ 1,269,567,275

Statement of Assets and Liabilities - continued

	February 28, 2010
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($162,370,196 ÷ 2,659,064 shares)		$ 61.06

Maximum offering price per share (100/94.25 of $61.06)		$ 64.79

Class T: Net Asset Value and redemption price per share ($29,661,556 ÷ 488,111 shares)		$ 60.77

Maximum offering price per share (100/96.50 of $60.77)		$ 62.97

Class B: Net Asset Value and offering price per share ($21,098,770 ÷ 349,507 shares) ^A		$ 60.37

Class C: Net Asset Value and offering price per share ($73,829,241 ÷ 1,224,471 shares) ^A		$ 60.29

Consumer Staples: Net Asset Value, offering price and redemption price per share ($946,455,301 ÷ 15,429,571 shares)		$ 61.34

Institutional Class: Net Asset Value, offering price and redemption price per share ($36,152,211 ÷ 590,119 shares)		$ 61.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 28,762,013
Interest		5
Income from Fidelity Central Funds		213,899
Total income		28,975,917

Expenses
Management fee	$ 6,157,861
Transfer agent fees	3,057,955
Distribution fees	1,411,256
Accounting and security lending fees	411,499
Custodian fees and expenses	127,130
Independent trustees' compensation	7,233
Registration fees	135,457
Audit	42,554
Legal	5,574
Miscellaneous	16,951
Total expenses before reductions	11,373,470
Expense reductions	(27,975)	11,345,495
Net investment income (loss)		17,630,422
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	34,385,671
Foreign currency transactions	(33,750)
Total net realized gain (loss)		34,351,921
Change in net unrealized appreciation (depreciation) on: Investment securities	298,588,712
Assets and liabilities in foreign currencies	1,251
Total change in net unrealized appreciation (depreciation)		298,589,963
Net gain (loss)		332,941,884
Net increase (decrease) in net assets resulting from operations		$ 350,572,306

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 17,630,422	$ 12,665,686
Net realized gain (loss)	34,351,921	(44,836,625)
Change in net unrealized appreciation (depreciation)	298,589,963	(269,141,455)
Net increase (decrease) in net assets resulting from operations	350,572,306	(301,312,394)
Distributions to shareholders from net investment income	(15,962,478)	(11,887,776)
Distributions to shareholders from net realized gain	-	(334,486)
Total distributions	(15,962,478)	(12,222,262)
Share transactions - net increase (decrease)	33,089,434	494,877,505
Redemption fees	34,831	113,075
Total increase (decrease) in net assets	367,734,093	181,455,924

Net Assets
Beginning of period	901,833,182	720,377,258
End of period (including undistributed net investment income of $1,438,918 and undistributed net investment income of $512,356, respectively)	$ 1,269,567,275	$ 901,833,182

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.94	$ 63.13	$ 58.16	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.84	.67	.53	(.01)
Net realized and unrealized gain (loss)	17.02	(19.19)	7.29	1.28
Total from investment operations	17.86	(18.52)	7.82	1.27
Distributions from net investment income	(.74)	(.66)	(.42)	-
Distributions from net realized gain	-	(.02)	(2.44)	-
Total distributions	(.74)	(.68) ^L	(2.86)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 61.06	$ 43.94	$ 63.13	$ 58.16
Total Return ^{B, C, D}	40.66%	(29.43)%	13.38%	2.23%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.13%	1.19%	1.19%	1.29% ^A
Expenses net of fee waivers, if any	1.13%	1.19%	1.19%	1.29% ^A
Expenses net of all reductions	1.13%	1.18%	1.19%	1.28% ^A
Net investment income (loss)	1.51%	1.27%	.83%	(.11)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 162,370	$ 121,193	$ 23,796	$ 986
Portfolio turnover rate ^G	69%	70%	71%	99%

Financial Highlights - Class T

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.75	$ 62.93	$ 58.06	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.66	.53	.36	(.01)
Net realized and unrealized gain (loss)	16.95	(19.12)	7.29	1.18
Total from investment operations	17.61	(18.59)	7.65	1.17
Distributions from net investment income	(.59)	(.60)	(.35)	-
Distributions from net realized gain	-	-	(2.44)	-
Total distributions	(.59)	(.60) ^L	(2.79)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 60.77	$ 43.75	$ 62.93	$ 58.06
Total Return ^{B, C, D}	40.24%	(29.61)%	13.11%	2.06%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.44%	1.46%	1.46%	1.61% ^A
Expenses net of fee waivers, if any	1.44%	1.46%	1.46%	1.61% ^A
Expenses net of all reductions	1.44%	1.46%	1.46%	1.60% ^A
Net investment income (loss)	1.21%	.99%	.56%	(.11)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 29,662	$ 22,624	$ 6,298	$ 529
Portfolio turnover rate ^G	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.60 per share is comprised of distributions from net investment income of $.599 and distributions from net realized gain of $.000 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.53	$ 62.69	$ 58.00	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.37	.26	.04	(.07)
Net realized and unrealized gain (loss)	16.82	(19.01)	7.27	1.18
Total from investment operations	17.19	(18.75)	7.31	1.11
Distributions from net investment income	(.35)	(.42)	(.19)	-
Distributions from net realized gain	-	-	(2.44)	-
Total distributions	(.35)	(.42) ^L	(2.63)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 60.37	$ 43.53	$ 62.69	$ 58.00
Total Return ^{B, C, D}	39.48%	(29.96)%	12.53%	1.95%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.97%	1.96%	1.96%	2.09% ^A
Expenses net of fee waivers, if any	1.97%	1.96%	1.96%	2.09% ^A
Expenses net of all reductions	1.97%	1.96%	1.96%	2.09% ^A
Net investment income (loss)	.68%	.50%	.06%	(.59)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,099	$ 14,929	$ 4,884	$ 226
Portfolio turnover rate ^G	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.000 per share.

Financial Highlights - Class C

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.46	$ 62.61	$ 57.99	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.41	.28	.06	(.08)
Net realized and unrealized gain (loss)	16.80	(19.00)	7.28	1.18
Total from investment operations	17.21	(18.72)	7.34	1.10
Distributions from net investment income	(.38)	(.44)	(.29)	-
Distributions from net realized gain	-	-	(2.44)	-
Total distributions	(.38)	(.44) ^L	(2.73)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 60.29	$ 43.46	$ 62.61	$ 57.99
Total Return ^{B, C, D}	39.59%	(29.94)%	12.58%	1.93%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.90%	1.93%	1.93%	2.14% ^A
Expenses net of fee waivers, if any	1.90%	1.93%	1.93%	2.14% ^A
Expenses net of all reductions	1.89%	1.93%	1.92%	2.14% ^A
Net investment income (loss)	.75%	.52%	.09%	(.66)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 73,829	$ 54,902	$ 19,791	$ 178
Portfolio turnover rate ^G	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.44 per share is comprised of distributions from net investment income of $.443 and distributions from net realized gain of $.000 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Consumer Staples

Years ended February 28,	2010	2009	2008 ^G	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 44.14	$ 63.25	$ 58.13	$ 52.18	$ 51.42
Income from Investment Operations
Net investment income (loss) ^C	.96	.88	.71	.56	.50
Net realized and unrealized gain (loss)	17.11	(19.31)	7.30	8.88	3.25
Total from investment operations	18.07	(18.43)	8.01	9.44	3.75
Distributions from net investment income	(.87)	(.67)	(.46)	(.32)	(.44)
Distributions from net realized gain	-	(.03)	(2.44)	(3.18)	(2.56)
Total distributions	(.87)	(.69) ^I	(2.90)	(3.50)	(3.00)
Redemption fees added to paid in capital ^C	- ^H	.01	.01	.01	.01
Net asset value, end of period	$ 61.34	$ 44.14	$ 63.25	$ 58.13	$ 52.18
Total Return ^{A, B}	40.96%	(29.23)%	13.72%	18.43%	7.50%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	.92%	.91%	.91%	1.01%	1.04%
Expenses net of fee waivers, if any	.92%	.91%	.90%	.99%	1.04%
Expenses net of all reductions	.91%	.90%	.90%	.98%	1.03%
Net investment income (loss)	1.73%	1.55%	1.12%	.99%	.97%
Supplemental Data
Net assets, end of period (000 omitted)	$ 946,455	$ 657,263	$ 655,224	$ 374,930	$ 125,007
Portfolio turnover rate ^E	69%	70%	71%	99%	75%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G For the year ended February 29. ^H Amount represents less than $.01 per share. ^I Total distributions of $.69 per share is comprised of distributions from net investment income of $.668 and distributions from net realized gain of $.025 per share.

Financial Highlights - Institutional Class

Years ended February 28,	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 44.07	$ 63.22	$ 58.12	$ 56.89
Income from Investment Operations
Net investment income (loss) ^D	.98	.82	.74	.07
Net realized and unrealized gain (loss)	17.09	(19.23)	7.30	1.16
Total from investment operations	18.07	(18.41)	8.04	1.23
Distributions from net investment income	(.88)	(.73)	(.51)	-
Distributions from net realized gain	-	(.03)	(2.44)	-
Total distributions	(.88)	(.75) ^K	(2.95)	-
Redemption fees added to paid in capital ^D	- ^J	.01	.01	- ^J
Net asset value, end of period	$ 61.26	$ 44.07	$ 63.22	$ 58.12
Total Return ^{B, C}	41.03%	(29.22)%	13.77%	2.16%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.86%	.91%	.85%	1.00% ^A
Expenses net of fee waivers, if any	.86%	.91%	.85%	1.00% ^A
Expenses net of all reductions	.86%	.91%	.84%	1.00% ^A
Net investment income (loss)	1.78%	1.54%	1.17%	.57% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,152	$ 30,922	$ 10,384	$ 132
Portfolio turnover rate ^F	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.75 per share is comprised of distributions from net investment income of $.726 and distributions from net realized gain of $.025 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 117,013,594
Gross unrealized depreciation	(40,330,590)
Net unrealized appreciation (depreciation)	$ 76,683,004

Tax Cost	$ 1,190,101,774

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 1,439,085
Capital loss carryforward	$ (2,242,566)
Net unrealized appreciation (depreciation)	$ 76,682,972

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 15,962,478	$ 12,222,262

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $749,813,665 and $739,748,758, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 396,506	$ 13,397
Class T	.25%	.25%	133,350	561
Class B	.75%	.25%	193,963	145,659
Class C	.75%	.25%	687,437	308,759
			$ 1,411,256	$ 468,376

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 109,547
Class T	12,607
Class B*	51,810
Class C*	24,728
	$ 198,692

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets
Class A	$ 402,842	.25
Class T	82,383	.31
Class B	65,652	.34
Class C	180,801	.26
Consumer Staples	2,245,942	.28
Institutional Class	80,335	.23
	$ 3,057,955

6. Committed Line of Credit.

7. Security Lending.

8. Expense Reductions.

Annual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 2,068,687	$ 1,409,006
Class T	279,551	273,000
Class B	121,683	118,536
Class C	461,837	437,729
Consumer Staples	12,515,444	9,279,861
Institutional Class	515,276	369,644
Total	$ 15,962,478	$ 11,887,776
From net realized gain
Class A	$ -	$ 11,953
Consumer Staples	-	317,666
Institutional Class	-	4,867
Total	$ -	$ 334,486

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	1,132,943	2,896,213	$ 59,482,737	$ 154,503,507
Reinvestment of distributions	31,495	27,496	1,903,559	1,327,859
Shares redeemed	(1,263,286)	(542,745)	(70,043,896)	(28,294,587)
Net increase (decrease)	(98,848)	2,380,964	$ (8,657,600)	$ 127,536,779
Class T
Shares sold	173,895	520,546	$ 9,112,154	$ 27,382,626
Reinvestment of distributions	4,329	5,430	262,823	260,678
Shares redeemed	(207,203)	(108,963)	(10,599,980)	(5,646,618)
Net increase (decrease)	(28,979)	417,013	$ (1,225,003)	$ 21,996,686
Class B
Shares sold	104,786	323,554	$ 5,439,880	$ 17,593,411
Reinvestment of distributions	1,610	1,967	97,230	94,022
Shares redeemed	(99,879)	(60,442)	(5,370,134)	(3,153,125)
Net increase (decrease)	6,517	265,079	$ 166,976	$ 14,534,308
Class C
Shares sold	378,183	1,133,018	$ 19,816,576	$ 59,347,217
Reinvestment of distributions	5,180	6,095	312,378	290,992
Shares redeemed	(422,141)	(191,974)	(22,614,834)	(10,093,420)
Net increase (decrease)	(38,778)	947,139	$ (2,485,880)	$ 49,544,789
Consumer Staples
Shares sold	6,969,074	13,482,265	$ 390,940,582	$ 765,828,751
Reinvestment of distributions	198,030	185,893	11,983,104	9,096,289
Shares redeemed	(6,628,713)	(9,136,327)	(351,735,799)	(521,761,725)
Net increase (decrease)	538,391	4,531,831	$ 51,187,887	$ 253,163,315
Institutional Class
Shares sold	333,805	760,504	$ 17,656,120	$ 40,084,673
Reinvestment of distributions	4,184	4,038	251,491	196,481
Shares redeemed	(449,527)	(227,140)	(23,804,557)	(12,179,526)
Net increase (decrease)	(111,538)	537,402	$ (5,896,946)	$ 28,101,628

11. Other.

Annual Report

Fidelity Advisor Gold Fund - Class A, T, B and C

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) ^A	27.42%	16.09%	16.84%
Class T (incl. 3.50% sales charge) ^B	30.07%	16.46%	17.02%
Class B (incl. contingent deferred sales charge) ^C	29.12%	16.68%	17.24%
Class C (incl. contingent deferred sales charge) ^D	33.15%	16.88%	17.23%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Gold Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^BClass T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Gold Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^CClass B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Gold Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^DClass C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Gold Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Gold Fund - Class A on February 29, 2000, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period. The initial offering of Class A took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Class A.

fid612

Annual Report

Fidelity Advisor Gold Fund

Management's Discussion of Fund Performance

Comments from S. Joseph Wickwire II, Portfolio Manager of Select Gold Portfolio: During the past year, the fund's Class A, Class T, Class B and Class C shares returned 35.19%, 34.79%, 34.12%, 34.15%, respectively (excluding sales charges), trailing the S&P 500 but beating the 32.34% mark of the S&P® Global BMI Gold Capped Index, which was adopted in December 2009 as a better representation of the fund's investment universe. Versus its industry index, the fund was aided most by its diversification outside the gold market, especially its out-of-index investments in non-gold precious metals, coal and steel producers. These securities and their underlying commodities outperformed gold bullion and gold equities for a majority of the period. In absolute terms, our foreign holdings were bolstered by weakness in the U.S. dollar versus most major currencies, especially the Canadian dollar. At the stock level, out-of-index positions in Impala Platinum and Aquarius Platinum - both with operations in South Africa - provided strong performance, as that metal's two primary end-markets, jewelry and automobile catalytic converters, rebounded on improving demand and tightening supply. Other contributors were coal producer Massey Energy and diversified metals/mining holding Buenaventura, the latter based in Peru. Randgold Resources - a U.K.-based company with most of its assets in West Africa - and Aquiline Resources, a miner with projects in South America that was acquired on very favorable terms, also aided performance. Impala, Aquarius and Massey were reduced or sold by period end. Underweighting three large index constituents also benefited performance, as Newmont Mining and Canadian holdings Goldcorp and Barrick Gold all underperformed our industry benchmark. In the case of Goldcorp, I felt the company's potential improved significantly, leading me to make that stock the fund's largest position by period end. Conversely, underweighted exposure to outperforming emerging market and exploration gold names, such as SEMAFO and Centerra Gold, with operations in West Africa and Asia, respectively, and Russia-based Polyus Gold, detracted from our results. Another area of relative underperformance came from the fund's out-of-index exposure to gold bullion. While our bullion holdings delivered a return of approximately 18%, that result lagged the return of gold equities.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.16%
Actual		$ 1,000.00	$ 1,113.50	$ 6.08
Hypothetical^A		$ 1,000.00	$ 1,019.04	$ 5.81
Class T	1.47%
Actual		$ 1,000.00	$ 1,111.70	$ 7.70
Hypothetical^A		$ 1,000.00	$ 1,017.50	$ 7.35
Class B	1.96%
Actual		$ 1,000.00	$ 1,109.00	$ 10.25
Hypothetical^A		$ 1,000.00	$ 1,015.08	$ 9.79
Class C	1.91%
Actual		$ 1,000.00	$ 1,109.30	$ 9.99
Hypothetical^A		$ 1,000.00	$ 1,015.32	$ 9.54
Gold	.93%
Actual		$ 1,000.00	$ 1,114.60	$ 4.88
Hypothetical^A		$ 1,000.00	$ 1,020.18	$ 4.66
Institutional Class	.90%
Actual		$ 1,000.00	$ 1,115.00	$ 4.72
Hypothetical^A		$ 1,000.00	$ 1,020.33	$ 4.51

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Goldcorp, Inc.	9.8	9.9
Newmont Mining Corp.	7.8	4.7
AngloGold Ashanti Ltd. sponsored ADR	7.2	7.1
Newcrest Mining Ltd.	6.8	7.1
Agnico-Eagle Mines Ltd. (Canada)	6.1	6.7
Randgold Resources Ltd. sponsored ADR	5.2	4.5
Barrick Gold Corp.	4.9	10.0
Kinross Gold Corp.	4.9	4.8
Eldorado Gold Corp.	3.5	2.4
Yamana Gold, Inc.	3.5	4.2
	59.7

Top Industries (% of fund's net assets)
As of February 28, 2010
	Gold	92.6%
	Precious Metals & Minerals	4.5%
	Coal & Consumable Fuels	0.4%
	Diversified Metals & Mining	0.1%
	Oil & Gas Exploration & Production	0.0%
	All Others*	2.4%

fid620

As of August 31, 2009
	Gold	92.2%
	Precious Metals & Minerals	3.3%
	Diversified Metals & Mining	2.4%
	Coal & Consumable Fuels	0.5%
	Steel	0.3%
	All Others*	1.3%

fid628

* Includes short-term investments and net other assets.

Annual Report

Consolidated Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 90.8%
	Shares		Value
Australia - 8.3%
METALS & MINING - 8.3%
Gold - 8.3%
Andean Resources Ltd. (a)	4,807,514		$ 11,067,888
Avoca Resources Ltd. (a)	2,035,474		3,263,846
Centamin Egypt Ltd. (a)	4,197,000		7,440,982
Dominion Mining Ltd.	595,594		1,392,521
Kingsgate Consolidated NL	1,260,123		9,944,888
Mineral Deposits Ltd. (a)	3,151,255		2,681,750
Newcrest Mining Ltd.	7,350,648		206,364,826
Perseus Mining Ltd. (c)	1,939,308		3,040,156
Resolute Mining Ltd. (a)	2,052,147		1,709,631
St Barbara Ltd. (a)	14,110,000		2,780,742
Troy Resources NL (a)(d)	2,300,000		4,043,716
			253,730,946
Bailiwick of Jersey - 5.2%
METALS & MINING - 5.2%
Gold - 5.2%
Randgold Resources Ltd. sponsored ADR (c)	2,203,667		158,686,061
Bermuda - 0.4%
METALS & MINING - 0.4%
Precious Metals & Minerals - 0.4%
Aquarius Platinum Ltd. (United Kingdom)	1,981,752		10,974,225
Canada - 49.1%
METALS & MINING - 49.0%
Diversified Metals & Mining - 0.1%
Anatolia Minerals Development Ltd. (a)	70,000		239,487
Clifton Star Resources, Inc. (a)	5,000		37,254
Kimber Resources, Inc. (a)	16,100		16,219
Kimber Resources, Inc. (a)(d)	3,888,000		3,916,636
Kimber Resources, Inc. warrants 3/11/10 (a)(d)	1,944,000		29,962
			4,239,558
Gold - 45.6%
Agnico-Eagle Mines Ltd. (Canada)	3,232,900		186,677,124
Alamos Gold, Inc. (a)	2,143,800		26,016,941
Aurizon Mines Ltd. (a)	2,234,600		8,982,996
B2Gold Corp. (a)(c)	880,000		1,145,735
Barrick Gold Corp.	3,924,519		147,880,426
Centerra Gold, Inc. (a)	280,000		3,408,696
Colossus Minerals, Inc. (a)	370,000		1,860,109
Crocodile Gold Corp. (a)	10,000		19,482
Detour Gold Corp. (a)(d)	615,000		9,953,386
Eldorado Gold Corp. (a)	8,475,213		107,042,605
European Goldfields Ltd. (a)	1,229,600		6,800,924
Exeter Resource Corp. (a)	233,000		1,882,157
Franco-Nevada Corp.	1,529,300		39,793,047
Gammon Gold, Inc. (a)	1,207,500		11,831,148
Gleichen Resources Ltd. (a)	230,000		209,836

	Shares		Value
Goldcorp, Inc.	7,880,300		$ 298,211,970
Golden Star Resources Ltd. (a)	3,375,769		10,522,711
Great Basin Gold Ltd. (a)(c)	5,107,900		8,349,335
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		246,377
Greystar Resources Ltd. (a)	75,000		360,656
Guyana Goldfields, Inc. (a)	878,000		5,440,304
Guyana Goldfields, Inc. (a)(d)	155,000		960,418
IAMGOLD Corp.	5,009,000		73,689,066
International Tower Hill Mines Ltd. (a)	236,700		1,561,129
Jaguar Mining, Inc. (a)	1,105,500		10,443,022
Kinross Gold Corp.	8,150,100		147,704,830
Lake Shore Gold Corp. (a)	500,000		1,458,779
Minefinders Corp. Ltd. (a)	1,060,000		10,476,598
New Gold, Inc. (a)	4,826,900		21,330,563
New Gold, Inc. warrants 4/3/12 (a)(d)	2,928,500		97,408
Northgate Minerals Corp. (a)	2,874,900		7,868,579
Novagold Resources, Inc. (a)	50,000		288,430
Osisko Mining Corp. (a)	682,000		5,800,808
Osisko Mining Corp. (a)(d)	3,000,000		25,516,750
Premier Gold Mines Ltd. (a)	460,200		1,640,057
Rainy River Resources Ltd. (a)	40,000		188,168
Red Back Mining, Inc. (a)	2,753,100		53,060,459
Red Back Mining, Inc. (a)(d)	270,000		5,203,706
Romarco Minerals, Inc. (a)	125,000		198,384
Rubicon Minerals Corp. (a)	914,500		3,936,978
San Gold Corp. (a)	1,581,400		5,470,464
Seabridge Gold, Inc. (a)	631,105		15,367,408
SEMAFO, Inc. (a)	786,100		3,608,328
Ventana Gold Corp. (a)	943,300		7,413,724
Yamana Gold, Inc.	10,050,900		106,120,693
			1,386,040,714
Precious Metals & Minerals - 3.3%
Etruscan Resources, Inc. (a)	1,216,800		474,115
Etruscan Resources, Inc. (a)(d)	1,549,400		603,710
Etruscan Resources, Inc. warrants 11/2/10 (a)(d)	774,700		7,362
Pan American Silver Corp.	1,029,987		22,144,725
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,312,639
Silver Standard Resources, Inc. (a)	976,800		16,615,375
Silver Wheaton Corp. (a)	3,970,000		60,592,255
			101,750,181
TOTAL METALS & MINING			1,492,030,453
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Fronteer Development Group, Inc. (a)	500,000		2,228,558
Common Stocks - continued
	Shares		Value
Canada - continued
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - 0.0%
Comaplex Minerals Corp. (a)	7,000		$ 52,488
TOTAL OIL, GAS & CONSUMABLE FUELS			2,281,046
TOTAL CANADA			1,494,311,499
China - 1.3%
METALS & MINING - 1.3%
Gold - 1.3%
Zhaojin Mining Industry Co. Ltd. (H Shares) (c)	7,800,500		15,616,677
Zijin Mining Group Co. Ltd. (H Shares)	28,818,000		24,651,712
			40,268,389
Papua New Guinea - 3.4%
METALS & MINING - 3.4%
Gold - 3.4%
Lihir Gold Ltd.	43,495,881		103,253,567
Peru - 0.8%
METALS & MINING - 0.8%
Precious Metals & Minerals - 0.8%
Compania de Minas Buenaventura SA sponsored ADR	750,000		25,207,500
Russia - 0.9%
METALS & MINING - 0.9%
Gold - 0.9%
Polyus Gold OJSC sponsored ADR	941,566		25,281,047
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		605,781
TOTAL METALS & MINING			25,886,828
South Africa - 11.7%
METALS & MINING - 11.7%
Gold - 11.7%
AngloGold Ashanti Ltd. sponsored ADR (c)	6,012,452		218,733,004
Gold Fields Ltd. sponsored ADR	7,553,659		86,791,542
Harmony Gold Mining Co. Ltd.	1,549,000		13,978,909
Harmony Gold Mining Co. Ltd. sponsored ADR (c)	4,126,800		37,677,684
			357,181,139
United Kingdom - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Petropavlovsk PLC	640,000		9,214,044

	Shares		Value
United States of America - 9.4%
METALS & MINING - 9.1%
Gold - 9.1%
Allied Nevada Gold Corp. (a)(c)	592,800		$ 8,156,928
Newmont Mining Corp.	4,801,450		236,615,456
Royal Gold, Inc. (c)	649,413		29,184,620
US Gold Corp. (a)	1,165,900		3,136,271
			277,093,275
Precious Metals & Minerals - 0.0%
Hecla Mining Co. (a)(c)	150,000		780,000
TOTAL METALS & MINING			277,873,275
OIL, GAS & CONSUMABLE FUELS - 0.3%
Coal & Consumable Fuels - 0.3%
Arch Coal, Inc.	325,000		7,309,250
TOTAL UNITED STATES OF AMERICA			285,182,525
TOTAL COMMON STOCKS (Cost $2,241,570,065)		2,763,896,723
Commodities - 6.8%
	Troy Ounces
Gold Bullion (a) (Cost $162,322,900)	185,500		207,184,950
Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.16% (e)	884,915		884,915
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	67,460,954		67,460,954
TOTAL MONEY MARKET FUNDS (Cost $68,345,869)		68,345,869

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $2,472,238,834)

3,039,427,542

NET OTHER ASSETS - 0.1%			3,906,479
NET ASSETS - 100%		$ 3,043,334,021

Legend

(a) Non-income producing

(b) 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	$ 180,857
Fidelity Securities Lending Cash Central Fund	499,028
Total	$ 679,885

Other Affiliated Issuers

Consolidated Subsidiary	Value, Beginning of Period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 154,880,326	$ 42,460,530	$ 27,469,000	$ -	$ 207,130,454

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 2,763,896,723	$ 2,746,715,104	$ 17,181,619	$ -
Commodities	207,184,950	207,184,950	-	-
Money Market Funds	68,345,869	68,345,869	-	-
Total Investments:	$ 3,039,427,542	$ 3,022,245,923	$ 17,181,619	$ -

The following is a reconciliation of Investments for which Level 3 inputs were used in determining value:

Investments:
Beginning Balance	$ 30,448
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(23,086)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	(7,362)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ -

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $12,954,352 all of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $66,348,802) - See accompanying schedule: Unaffiliated issuers (cost $2,241,570,065)	$ 2,763,896,723
Fidelity Central Funds (cost $68,345,869)	68,345,869
Commodities (cost $162,322,900)	207,184,950
Total Investments (cost $2,472,238,834)		$ 3,039,427,542
Cash		6,462
Receivable for investments sold		156,345,630
Receivable for fund shares sold		4,261,845
Dividends receivable		1,520,832
Distributions receivable from Fidelity Central Funds		16,298
Prepaid expenses		8,347
Receivable from investment adviser for expense reductions		53,706
Other receivables		65,565
Total assets		3,201,706,227

Liabilities
Payable for investments purchased	$ 85,096,066
Payable for fund shares redeemed	3,239,466
Accrued management fee	1,447,456
Distribution fees payable	74,328
Other affiliated payables	918,135
Other payables and accrued expenses	135,801
Collateral on securities loaned, at value	67,460,954
Total liabilities		158,372,206

Net Assets		$ 3,043,334,021
Net Assets consist of:
Paid in capital		$ 2,601,815,526
Accumulated net investment loss		(919)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(125,663,002)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		567,182,416
Net Assets		$ 3,043,334,021

Consolidated Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($82,413,184 ÷ 2,034,982 shares)		$ 40.50

Maximum offering price per share (100/94.25 of $40.50)		$ 42.97
Class T: Net Asset Value and redemption price per share ($26,255,993 ÷ 650,903 shares)		$ 40.34

Maximum offering price per share (100/96.50 of $40.34)		$ 41.80
Class B: Net Asset Value and offering price per share ($18,339,955 ÷ 459,977 shares) ^A		$ 39.87

Class C: Net Asset Value and offering price per share ($38,623,968 ÷ 971,562 shares) ^A		$ 39.75

Gold: Net Asset Value, offering price and redemption price per share ($2,839,663,728 ÷ 69,515,870 shares)		$ 40.85

Institutional Class: Net Asset Value, offering price and redemption price per share ($38,037,193 ÷ 932,902 shares)		$ 40.77

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Gold Portfolio
Financial Statements - continued

Consolidated Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 14,179,836
Interest		74
Income from Fidelity Central Funds		679,885
Total income		14,859,795

Expenses
Management fee	$ 16,105,508
Transfer agent fees	8,951,189
Distribution fees	717,754
Accounting and security lending fees	1,212,567
Custodian fees and expenses	323,942
Independent trustees' compensation	17,951
Registration fees	289,277
Audit	71,070
Legal	13,823
Miscellaneous	34,226
Total expenses before reductions	27,737,307
Expense reductions	(1,109,754)	26,627,553
Net investment income (loss)		(11,767,758)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investments:
Unaffiliated issuers	137,360,027
Commodities	4,098,700
Foreign currency transactions	276,376
Capital gain distribution from Fidelity Central Funds	4,434
Total net realized gain (loss)		141,739,537
Change in net unrealized appreciation (depreciation) on: Investments	548,783,486
Assets and liabilities in foreign currencies	(41,908)
Commodities	33,817,640
Total change in net unrealized appreciation (depreciation)		582,559,218
Net gain (loss)		724,298,755
Net increase (decrease) in net assets resulting from operations		$ 712,530,997

Consolidated Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (11,767,758)	$ (2,690,363)
Net realized gain (loss)	141,739,537	(179,917,786)
Change in net unrealized appreciation (depreciation)	582,559,218	(711,142,287)
Net increase (decrease) in net assets resulting from operations	712,530,997	(893,750,436)
Distributions to shareholders from net realized gain	(56,010,412)	(9,542,341)
Share transactions - net increase (decrease)	418,234,847	430,558,697
Redemption fees	514,829	852,427
Total increase (decrease) in net assets	1,075,270,261	(471,881,653)

Net Assets
Beginning of period	1,968,063,760	2,439,945,413
End of period (including accumulated net investment loss of $919 and accumulated net investment loss of $714, respectively)	$ 3,043,334,021	$ 1,968,063,760

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.45	$ 46.19	$ 36.53	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.25)	(.15)	(.15)	(.01)
Net realized and unrealized gain (loss)	11.00	(15.44)	15.00	(.07)
Total from investment operations	10.75	(15.59)	14.85	(.08)
Distributions from net investment income	-	-	(.19)	-
Distributions from net realized gain	(.71)	(.17)	(5.01)	-
Total distributions	(.71)	(.17)	(5.20)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 40.50	$ 30.45	$ 46.19	$ 36.53
Total Return^{B, C, D}	35.19%	(33.81)%	44.59%	(.19)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.21%	1.21%	1.17%	1.13%^A
Expenses net of fee waivers, if any	1.19%	1.19%	1.17%	1.13%^A
Expenses net of all reductions	1.17%	1.15%	1.13%	1.10%^A
Net investment income (loss)	(.63)%	(.45)%	(.37)%	(.18)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 82,413	$ 39,144	$ 26,620	$ 1,857
Portfolio turnover rate^G	46%	42%	55%	85%

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.36	$ 46.17	$ 36.49	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.36)	(.24)	(.25)	(.03)
Net realized and unrealized gain (loss)	10.96	(15.42)	15.05	(.09)
Total from investment operations	10.60	(15.66)	14.80	(.12)
Distributions from net investment income	-	-	(.16)	-
Distributions from net realized gain	(.63)	(.17)	(4.97)	-
Total distributions	(.63)	(.17)	(5.13)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 40.34	$ 30.36	$ 46.17	$ 36.49
Total Return^{B, C, D}	34.79%	(33.98)%	44.45%	(.30)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.51%	1.47%	1.43%	1.46%^A
Expenses net of fee waivers, if any	1.49%	1.45%	1.43%	1.46%^A
Expenses net of all reductions	1.47%	1.41%	1.39%	1.43%^A
Net investment income (loss)	(.93)%	(.71)%	(.63)%	(.40)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 26,256	$ 15,284	$ 11,334	$ 1,093
Portfolio turnover rate^G	46%	42%	55%	85%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.08	$ 45.97	$ 36.46	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.55)	(.40)	(.45)	(.07)
Net realized and unrealized gain (loss)	10.84	(15.34)	14.95	(.08)
Total from investment operations	10.29	(15.74)	14.50	(.15)
Distributions from net investment income	-	-	(.16)	-
Distributions from net realized gain	(.51)	(.17)	(4.84)	-
Total distributions	(.51)	(.17)	(5.00)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 39.87	$ 30.08	$ 45.97	$ 36.46
Total Return^{B, C, D}	34.12%	(34.30)%	43.53%	(.38)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.00%	1.97%	1.93%	1.96%^A
Expenses net of fee waivers, if any	1.98%	1.95%	1.93%	1.96%^A
Expenses net of all reductions	1.96%	1.89%	1.90%	1.93%^A
Net investment income (loss)	(1.42)%	(1.20)%	(1.14)%	(.93)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 18,340	$ 8,421	$ 6,869	$ 902
Portfolio turnover rate^G	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.00	$ 45.85	$ 36.44	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.53)	(.39)	(.45)	(.07)
Net realized and unrealized gain (loss)	10.80	(15.30)	14.91	(.10)
Total from investment operations	10.27	(15.69)	14.46	(.17)
Distributions from net investment income	-	-	(.17)	-
Distributions from net realized gain	(.53)	(.17)	(4.89)	-
Total distributions	(.53)	(.17)	(5.06)	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 39.75	$ 30.00	$ 45.85	$ 36.44
Total Return^{B, C, D}	34.15%	(34.30)%	43.49%	(.44)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.97%	1.97%	1.92%	2.02%^A
Expenses net of fee waivers, if any	1.95%	1.95%	1.92%	2.02%^A
Expenses net of all reductions	1.93%	1.89%	1.89%	1.99%^A
Net investment income (loss)	(1.39)%	(1.20)%	(1.12)%	(1.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,624	$ 17,544	$ 10,835	$ 437
Portfolio turnover rate^G	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Gold


Years ended February 28,	2010	2009	2008^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46
Income from Investment Operations
Net investment income (loss)^C	(.16)	(.04)	(.02)	.22^F	.04
Net realized and unrealized gain (loss)	11.10	(15.51)	15.05	5.49	12.21
Total from investment operations	10.94	(15.55)	15.03	5.71	12.25
Distributions from net investment income	-	-	(.18)	(.02)	(.02)
Distributions from net realized gain	(.77)	(.17)	(5.03)	(5.10)	(3.84)
Total distributions	(.77)	(.17)	(5.21)	(5.12)	(3.86)
Redemption fees added to paid in capital^C	.01	.02	.01	.04	.06
Net asset value, end of period	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91
Total Return^{A, B}	35.52%	(33.59)%	45.10%	16.19%	48.84%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	.98%	.89%	.85%	.90%	.97%
Expenses net of fee waivers, if any	.96%	.87%	.85%	.90%	.97%
Expenses net of all reductions	.94%	.86%	.81%	.87%	.82%
Net investment income (loss)	(.40)%	(.13)%	(.05)%	.62% ^F	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,839,664	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665
Portfolio turnover rate^E	46%	42%	55%	85%	108%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H For the year ended February 29.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 30.65	$ 46.34	$ 36.54	$ 36.60
Income from Investment Operations
Net investment income (loss)^D	(.15)	(.05)	(.01)	.01
Net realized and unrealized gain (loss)	11.08	(15.49)	15.03	(.08)
Total from investment operations	10.93	(15.54)	15.02	(.07)
Distributions from net investment income	-	-	(.19)	-
Distributions from net realized gain	(.82)	(.17)	(5.04)	-
Total distributions	(.82)	(.17)	(5.23)	-
Redemption fees added to paid in capital^D	.01	.02	.01	.01
Net asset value, end of period	$ 40.77	$ 30.65	$ 46.34	$ 36.54
Total Return^{B, C}	35.50%	(33.59)%	45.10%	(.16)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.95%	.91%	.83%	.94%^A
Expenses net of fee waivers, if any	.93%	.89%	.83%	.94%^A
Expenses net of all reductions	.91%	.86%	.79%	.91%^A
Net investment income (loss)	(.37)%	(.14)%	(.03)%	.12%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,037	$ 6,070	$ 3,174	$ 385
Portfolio turnover rate^F	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Consolidated Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investment in Subsidiary.

3. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

4. Significant Accounting Policies.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Consolidated Financial Statements - continued

4. Significant Accounting Policies - continued

Security Valuation - continued

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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of February 28, 2010, the Fund did not have any unrecognized tax benefits in the accompanying consolidated financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Annual Report

4. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporation, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 587,307,975
Gross unrealized depreciation	(162,095,828)
Net unrealized appreciation (depreciation)	$ 425,212,147

Tax Cost	$ 2,614,215,395

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 29,267,911
Capital loss carryforward	$ (12,954,352)
Net unrealized appreciation (depreciation)	$ 425,205,855

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 56,010,412	$ -
Long-term Capital Gains	-	9,542,341
Total	$ 56,010,412	$ 9,542,341

5. Operating Policies.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,666,765,327 and $1,222,401,265, respectively.

7. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Consolidated Financial Statements - continued

7. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 165,404	$ 12,406
Class T	.25%	.25%	109,284	706
Class B	.75%	.25%	148,843	111,714
Class C	.75%	.25%	294,223	150,118
			$ 717,754	$ 274,944

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 128,737
Class T	17,837
Class B*	40,323
Class C*	21,509
	$ 208,406

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 201,509	.31
Class T	77,008	.35
Class B	50,520	.34
Class C	88,998	.30
Gold	8,484,126	.33
Institutional Class	49,028	.29
	$ 8,951,189

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9,533 and is reflected in Miscellaneous Expense on the Consolidated Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $499,028.

10. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $492,362 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $375.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net realized gain
Class A	$ 1,356,457	$ 120,234
Class T	386,094	52,921
Class B	226,465	30,037
Class C	480,176	48,372
Gold	53,033,502	9,277,078
Institutional Class	527,718	13,699
Total	$ 56,010,412	$ 9,542,341

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	1,548,727	1,309,698	$ 60,979,204	$ 44,660,266
Reinvestment of distributions	28,941	2,750	1,258,667	115,078
Shares redeemed	(828,099)	(603,399)	(32,946,669)	(19,759,071)
Net increase (decrease)	749,569	709,049	$ 29,291,202	$ 25,016,273
Class T
Shares sold	410,718	490,596	$ 16,022,649	$ 16,725,703
Reinvestment of distributions	8,602	1,250	372,822	52,336
Shares redeemed	(271,824)	(233,926)	(10,198,558)	(7,642,955)
Net increase (decrease)	147,496	257,920	$ 6,196,913	$ 9,135,084
Class B
Shares sold	271,111	268,687	$ 10,287,423	$ 9,041,240
Reinvestment of distributions	4,654	619	199,620	25,767
Shares redeemed	(95,719)	(138,798)	(3,721,090)	(4,716,395)
Net increase (decrease)	180,046	130,508	$ 6,765,953	$ 4,350,612
Class C
Shares sold	698,249	585,858	$ 27,513,842	$ 18,965,561
Reinvestment of distributions	9,039	1,077	386,528	44,699
Shares redeemed	(320,512)	(238,490)	(12,323,085)	(7,504,831)
Net increase (decrease)	386,776	348,445	$ 15,577,285	$ 11,505,429

Annual Report

Notes to Consolidated Financial Statements - continued

12. Share Transactions - continued

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Gold
Shares sold	40,468,485	46,487,078	$ 1,581,099,363	$ 1,611,564,135
Reinvestment of distributions	1,174,296	212,477	51,481,173	8,930,407
Shares redeemed	(33,470,388)	(36,708,151)	(1,303,757,681)	(1,244,304,895)
Net increase (decrease)	8,172,393	9,991,404	$ 328,822,855	$ 376,189,647
Institutional Class
Shares sold	933,259	256,180	$ 39,237,749	$ 8,523,938
Reinvestment of distributions	10,089	259	441,486	10,894
Shares redeemed	(208,491)	(126,881)	(8,098,596)	(4,173,180)
Net increase (decrease)	734,857	129,558	$ 31,580,639	$ 4,361,652

13. Other.

Annual Report

Fidelity Advisor Materials Fund - Class A, T, B and C

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) ^A	80.25%	8.01%	12.50%
Class T (incl. 3.50% sales charge) ^B	84.03%	8.28%	12.64%
Class B (incl. contingent deferred sales charge) ^C	84.79%	8.42%	12.86%
Class C (incl. contingent deferred sales charge) ^D	88.82%	8.71%	12.86%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Materials Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^BClass T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Materials Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^CClass B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Materials Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^DClass C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Materials Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Prior to October 1, 2006, the fund operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Materials Fund - Class A on February 29, 2000, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period. The initial offering of Class A took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Class A.

fid630

Annual Report

Fidelity Advisor Materials Fund

Management's Discussion of Fund Performance

Market Recap: The U.S. stock market began one of its most dramatic turnarounds ever in March 2009, finishing the 12-month period ending February 28, 2010, with impressive gains as the economy inched its way toward recovery and the credit crisis eased. By the close of the period, the Great Recession that began in 2007 appeared nearer to an end, as many companies posted positive earnings in the wake of cost-cutting measures and unprecedented government intervention. Most major indexes declined in only two months - October, when unemployment hit 10.1%, and January, when European debt worries crimped returns. For the full year, the S&P 500® Index rose 53.62%, its largest 12-month gain in 27 years. The technology-laden Nasdaq Composite®Index rose 63.98% and the Dow Jones U.S. Total Stock Market Index^SM - the broadest gauge of U.S. stocks - climbed 56.16%. All 10 sectors of the market - as represented by the S&P 500® - reported double-digit gains in the period, led by financials, which rose 98%. The consumer discretionary and industrials sectors also finished strong, followed by materials and information technology. Groups that posted weaker results still gained, with the worst performer - telecommunication services - returning almost 13%.

Comments from Tobias Welo, Portfolio Manager of Fidelity Advisor Materials Fund: For the 12 months ending February 28, 2010, the fund's Class A, Class T, Class B and Class C shares returned 91.25%, 90.70%, 89.79% and 89.82%, respectively (excluding sales charges), significantly outperforming the S&P 500 and the 73.30% return of the MSCI® U.S. IM Materials 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Security selection boosted results relative to the MSCI index, particularly within specialty chemicals, paper packaging, commodity and diversified chemicals, and coal/consumable fuels. An underweighting in fertilizers/agricultural chemicals and an overweighting in commodity chemicals also helped. Conversely, an underweighting in paper products and lack of exposure to the aluminum group detracted, as did a modest cash position in a rising market. Specialty chemicals firm W.R. Grace was the top contributor, helped by better-than-expected earnings. Commodity chemicals firm Celanese rose sharply on improved earnings and an uptick in demand, while paper packaging company Temple-Inland jumped due to the firm's stable earnings. Detractors included underweightings in International Paper, whose stock rose on improved profit margins thanks to aggressive cost-cutting, and steel concern Cliffs Natural Resources, which rose on brightening prospects for the iron ore and coal industries. Some holdings mentioned in this update were sold by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.20%
Actual		$ 1,000.00	$ 1,125.60	$ 6.32
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Class T	1.51%
Actual		$ 1,000.00	$ 1,123.90	$ 7.95
Hypothetical^A		$ 1,000.00	$ 1,017.31	$ 7.55
Class B	2.01%
Actual		$ 1,000.00	$ 1,121.20	$ 10.57
Hypothetical^A		$ 1,000.00	$ 1,014.83	$ 10.04
Class C	1.99%
Actual		$ 1,000.00	$ 1,121.40	$ 10.47
Hypothetical^A		$ 1,000.00	$ 1,014.93	$ 9.94
Materials	.92%
Actual		$ 1,000.00	$ 1,127.30	$ 4.85
Hypothetical^A		$ 1,000.00	$ 1,020.23	$ 4.61
Institutional Class	.91%
Actual		$ 1,000.00	$ 1,127.40	$ 4.80
Hypothetical^A		$ 1,000.00	$ 1,020.28	$ 4.56

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	9.3	7.5
Monsanto Co.	9.3	5.1
E.I. du Pont de Nemours & Co.	8.1	7.9
Praxair, Inc.	5.9	5.8
Freeport-McMoRan Copper & Gold, Inc.	5.0	7.6
Air Products & Chemicals, Inc.	4.1	4.4
Newmont Mining Corp.	3.7	1.2
Weyerhaeuser Co.	3.5	2.7
Nucor Corp.	3.3	4.2
Owens-Illinois, Inc.	3.1	2.6
	55.3

Top Industries (% of fund's net assets)
As of February 28, 2010
	Chemicals	56.9%
	Metals & Mining	24.7%
	Containers & Packaging	4.6%
	Paper & Forest Products	4.0%
	Construction Materials	3.4%
	All Others*	6.4%

fid638

As of August 31, 2009
	Chemicals	52.9%
	Metals & Mining	22.3%
	Containers & Packaging	8.6%
	Construction Materials	4.0%
	Paper & Forest Products	3.6%
	All Others*	8.6%

fid646

* Includes short-term investments and net other assets.

Annual Report

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
BUILDING PRODUCTS - 1.8%
Building Products - 1.8%
Masco Corp.	954,300		$ 12,758,991
CHEMICALS - 56.9%
Commodity Chemicals - 3.1%
Celanese Corp. Class A	709,406		22,126,373
Diversified Chemicals - 22.6%
Ashland, Inc.	275,036		12,948,695
Dow Chemical Co.	2,351,618		66,574,305
E.I. du Pont de Nemours & Co.	1,711,400		57,708,408
FMC Corp.	179,800		10,279,166
Huntsman Corp.	589,100		8,088,343
Solutia, Inc. (a)	447,713		6,299,322
			161,898,239
Fertilizers & Agricultural Chemicals - 14.1%
CF Industries Holdings, Inc.	76,300		8,106,112
Monsanto Co.	941,744		66,534,214
Potash Corp. of Saskatchewan, Inc.	16,300		1,796,911
The Mosaic Co.	357,300		20,862,747
Yara International ASA	87,900		3,620,173
			100,920,157
Industrial Gases - 10.0%
Air Products & Chemicals, Inc.	424,400		29,105,352
Praxair, Inc.	560,541		42,119,051
			71,224,403
Specialty Chemicals - 7.1%
Albemarle Corp.	401,535		15,053,547
Ferro Corp.	1,055,300		8,642,907
Innophos Holdings, Inc.	231,500		5,375,430
Johnson Matthey PLC	74,505		1,804,406
Kraton Performance Polymers, Inc.	111,300		1,501,437
W.R. Grace & Co. (a)	637,900		18,473,584
			50,851,311
TOTAL CHEMICALS			407,020,483
CONSTRUCTION MATERIALS - 3.4%
Construction Materials - 3.4%
Cemex SA de CV sponsored ADR	564,700		5,398,532
HeidelbergCement AG	89,810		4,576,191
Martin Marietta Materials, Inc. (c)	69,322		5,491,689
Vulcan Materials Co. (c)	197,000		8,551,770
			24,018,182
CONTAINERS & PACKAGING - 4.6%
Metal & Glass Containers - 4.6%
Crown Holdings, Inc. (a)	388,599		10,616,525
Owens-Illinois, Inc. (a)	764,600		22,662,744
			33,279,269

	Shares		Value
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Bunge Ltd.	120,400		$ 7,174,637
MARINE - 0.2%
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	279,390		1,441,652
METALS & MINING - 24.7%
Diversified Metals & Mining - 7.9%
Anglo American PLC (United Kingdom) (a)	125,151		4,561,740
Freeport-McMoRan Copper & Gold, Inc.	474,865		35,690,853
RTI International Metals, Inc. (a)	219,600		5,276,988
Teck Resources Ltd. Class B (sub. vtg.) (a)	98,400		3,618,988
Vale SA sponsored ADR	258,450		7,200,417
			56,348,986
Gold - 7.0%
Agnico-Eagle Mines Ltd. (Canada)	117,300		6,773,246
AngloGold Ashanti Ltd. sponsored ADR	301,020		10,951,108
Newcrest Mining Ltd.	95,764		2,688,514
Newmont Mining Corp.	531,000		26,167,680
Randgold Resources Ltd. sponsored ADR	50,300		3,622,103
			50,202,651
Precious Metals & Minerals - 0.6%
Aquarius Platinum Ltd. (United Kingdom)	264,400		1,464,152
Impala Platinum Holdings Ltd.	63,155		1,536,247
Pan American Silver Corp.	75,200		1,616,800
			4,617,199
Steel - 9.2%
Allegheny Technologies, Inc.	248,500		10,849,510
Carpenter Technology Corp.	202,800		6,057,636
Commercial Metals Co.	441,355		7,238,222
Nucor Corp.	568,400		23,531,760
Reliance Steel & Aluminum Co.	194,900		8,641,866
Steel Dynamics, Inc.	412,700		6,739,391
Ternium SA sponsored ADR (a)(c)	71,600		2,450,868
			65,509,253
TOTAL METALS & MINING			176,678,089
OIL, GAS & CONSUMABLE FUELS - 0.4%
Coal & Consumable Fuels - 0.4%
Centennial Coal Co. Ltd.	894,316		2,924,118
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 4.0%
Forest Products - 4.0%
Louisiana-Pacific Corp. (a)	502,700		$ 3,825,547
Weyerhaeuser Co.	619,400		25,023,760
			28,849,307
TOTAL COMMON STOCKS (Cost $645,126,262)		694,144,728
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.16% (d)	37,931,793		37,931,793
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	11,995,375		11,995,375
TOTAL MONEY MARKET FUNDS (Cost $49,927,168)		49,927,168

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $695,053,430)

744,071,896

NET OTHER ASSETS - (4.0)%			(28,856,109)
NET ASSETS - 100%		$ 715,215,787

Legend

(a) Non-income producing

(b) 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	$ 47,364
Fidelity Securities Lending Cash Central Fund	15,907
Total	$ 63,271

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 694,144,728	$ 694,144,727	$ -	$ -
Money Market Funds	49,927,168	49,927,168	-	-
Total Investments in Securities:	$ 744,071,896	$ 744,071,895	$ -	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	89.5%
Canada	1.9%
South Africa	1.7%
Bermuda	1.2%
Brazil	1.0%
Others (individually less than 1%)	4.7%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $22,356,874 of which $21,745,565 and $611,309 will expire on February 28, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $11,487,690) - See accompanying schedule: Unaffiliated issuers (cost $645,126,262)	$ 694,144,728
Fidelity Central Funds (cost $49,927,168)	49,927,168
Total Investments (cost $695,053,430)		$ 744,071,896
Receivable for investments sold		4,649,528
Receivable for fund shares sold		3,258,849
Dividends receivable		866,889
Distributions receivable from Fidelity Central Funds		4,218
Prepaid expenses		1,392
Other receivables		12,590
Total assets		752,865,362

Liabilities
Payable for investments purchased	$ 22,498,973
Payable for fund shares redeemed	2,560,693
Accrued management fee	326,982
Distribution fees payable	40,913
Other affiliated payables	178,872
Other payables and accrued expenses	47,767
Collateral on securities loaned, at value	11,995,375
Total liabilities		37,649,575

Net Assets		$ 715,215,787
Net Assets consist of:
Paid in capital		$ 694,034,904
Undistributed net investment income		21,306
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(27,857,336)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		49,016,913
Net Assets		$ 715,215,787

Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($52,351,766 ÷ 996,350 shares)		$ 52.54

Maximum offering price per share (100/94.25 of $52.54)		$ 55.75
Class T: Net Asset Value and redemption price per share ($14,711,630 ÷ 281,003 shares)		$ 52.35

Maximum offering price per share (100/96.50 of $52.35)		$ 54.25
Class B: Net Asset Value and offering price per share ($9,538,132 ÷ 183,927 shares) ^A		$ 51.86

Class C: Net Asset Value and offering price per share ($20,468,795 ÷ 395,238 shares) ^A		$ 51.79

Materials: Net Asset Value, offering price and redemption price per share ($604,475,227 ÷ 11,490,743 shares)		$ 52.61

Institutional Class: Net Asset Value, offering price and redemption price per share ($13,670,237 ÷ 260,005 shares)		$ 52.58

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 7,172,926
Special dividends		960,460
Interest		10,741
Income from Fidelity Central Funds		63,271
Total income		8,207,398

Expenses
Management fee	$ 2,489,211
Transfer agent fees	1,294,368
Distribution fees	335,450
Accounting and security lending fees	172,078
Custodian fees and expenses	46,360
Independent trustees' compensation	2,554
Registration fees	147,450
Audit	52,688
Legal	7,458
Miscellaneous	10,834
Total expenses before reductions	4,558,451
Expense reductions	(46,718)	4,511,733
Net investment income (loss)		3,695,665
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	54,971,145
Foreign currency transactions	(17,050)
Total net realized gain (loss)		54,954,095
Change in net unrealized appreciation (depreciation) on: Investment securities	118,180,912
Assets and liabilities in foreign currencies	(969)
Total change in net unrealized appreciation (depreciation)		118,179,943
Net gain (loss)		173,134,038
Net increase (decrease) in net assets resulting from operations		$ 176,829,703

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,695,665	$ 2,259,809
Net realized gain (loss)	54,954,095	(75,667,547)
Change in net unrealized appreciation (depreciation)	118,179,943	(119,409,812)
Net increase (decrease) in net assets resulting from operations	176,829,703	(192,817,550)
Distributions to shareholders from net investment income	(4,024,717)	(976,789)
Share transactions - net increase (decrease)	390,197,683	(41,426,103)
Redemption fees	93,068	46,748
Total increase (decrease) in net assets	563,095,737	(235,173,694)

Net Assets
Beginning of period	152,120,050	387,293,744
End of period (including undistributed net investment income of $21,306 and undistributed net investment income of $350,358, respectively)	$ 715,215,787	$ 152,120,050

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.65	$ 57.00	$ 51.01	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.30^H	.22	.46	.17
Net realized and unrealized gain (loss)	24.90	(29.46)	8.05	3.93
Total from investment operations	25.20	(29.24)	8.51	4.10
Distributions from net investment income	(.32)	(.12)	(.32)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.32)	(.12)	(2.53)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 52.54	$ 27.65	$ 57.00	$ 51.01
Total Return^{B, C, D}	91.25%	(51.30)%	16.79%	8.76%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.23%	1.21%	1.21%	1.50%^A
Expenses net of fee waivers, if any	1.23%	1.21%	1.21%	1.40%^A
Expenses net of all reductions	1.22%	1.20%	1.21%	1.38%^A
Net investment income (loss)	.65%^H	.47%	.83%	1.76%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 52,352	$ 10,796	$ 12,522	$ 1,018
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.532 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.56	$ 56.80	$ 50.89	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.16^H	.10	.32	.11
Net realized and unrealized gain (loss)	24.81	(29.32)	8.00	3.87
Total from investment operations	24.97	(29.22)	8.32	3.98
Distributions from net investment income	(.19)	(.03)	(.21)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.19)	(.03)	(2.42)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 52.35	$ 27.56	$ 56.80	$ 50.89
Total Return^{B, C, D}	90.70%	(51.43)%	16.45%	8.51%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.52%	1.46%	1.46%	1.80%^A
Expenses net of fee waivers, if any	1.52%	1.46%	1.46%	1.65%^A
Expenses net of all reductions	1.51%	1.46%	1.46%	1.62%^A
Net investment income (loss)	.35%^H	.22%	.57%	1.18%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,712	$ 4,944	$ 6,850	$ 707
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .14%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.417 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.35	$ 56.59	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	(.07)^H	(.12)	.04	.06
Net realized and unrealized gain (loss)	24.61	(29.13)	7.98	3.84
Total from investment operations	24.54	(29.25)	8.02	3.90
Distributions from net investment income	(.04)	-	(.04)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.04)	-	(2.25)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 51.86	$ 27.35	$ 56.59	$ 50.81
Total Return^{B, C, D}	89.79%	(51.67)%	15.89%	8.34%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	2.02%	1.95%	1.97%	2.26%^A
Expenses net of fee waivers, if any	2.02%	1.95%	1.97%	2.15%^A
Expenses net of all reductions	2.01%	1.95%	1.96%	2.12%^A
Net investment income (loss)	(.15)%^H	(.27)%	.07%	.60%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,538	$ 2,601	$ 4,173	$ 662
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.253 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.31	$ 56.50	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	(.06)^H	(.13)	.04	.09
Net realized and unrealized gain (loss)	24.57	(29.07)	7.97	3.81
Total from investment operations	24.51	(29.20)	8.01	3.90
Distributions from net investment income	(.04)	-	(.12)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.04)	-	(2.33)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 51.79	$ 27.31	$ 56.50	$ 50.81
Total Return^{B, C, D}	89.82%	(51.66)%	15.87%	8.34%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	2.01%	1.95%	1.96%	2.31%^A
Expenses net of fee waivers, if any	2.01%	1.95%	1.96%	2.15%^A
Expenses net of all reductions	2.00%	1.95%	1.96%	2.13%^A
Net investment income (loss)	(.13)%^H	(.27)%	.07%	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,469	$ 5,509	$ 8,743	$ 547
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.35)%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.334 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Materials


Years ended February 28,	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78
Income from Investment Operations
Net investment income (loss)^C	.43^F	.38	.64	.42	.32
Net realized and unrealized gain (loss)	24.91	(29.54)	8.01	9.36	6.40
Total from investment operations	25.34	(29.16)	8.65	9.78	6.72
Distributions from net investment income	(.40)	(.20)	(.36)	(.48)	(.25)
Distributions from net realized gain	-	-	(2.21)	(4.79)	(.93)
Total distributions	(.40)	(.20)	(2.57)^J	(5.27)	(1.18)
Redemption fees added to paid in capital^C	.01	.01	.01	.06	.03
Net asset value, end of period	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35
Total Return^{A, B}	91.77%	(51.15)%	17.10%	22.29%	17.01%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	.96%	.90%	.91%	1.01%	1.05%
Expenses net of fee waivers, if any	.96%	.90%	.90%	.98%	1.05%
Expenses net of all reductions	.94%	.90%	.89%	.96%	1.01%
Net investment income (loss)	.92%^F	.78%	1.14%	.87%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 604,475	$ 127,551	$ 353,185	$ 230,147	$ 169,523
Portfolio turnover rate^E	104%^H	117%	77%	185%	124%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .70%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H The portfolio turnover rate does not include the assets acquired in the merger. ^I For the year ended February 29. ^J Total distributions of $2.573 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008^K	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 27.66	$ 57.00	$ 50.91	$ 46.90
Income from Investment Operations
Net investment income (loss)^D	.46^G	.38	.64	.08
Net realized and unrealized gain (loss)	24.89	(29.53)	8.00	3.92
Total from investment operations	25.35	(29.15)	8.64	4.00
Distributions from net investment income	(.44)	(.20)	(.36)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.44)	(.20)	(2.56)^L	-
Redemption fees added to paid in capital^D	.01	.01	.01	.01
Net asset value, end of period	$ 52.58	$ 27.66	$ 57.00	$ 50.91
Total Return^{B, C}	91.79%	(51.15)%	17.08%	8.55%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.94%	.90%	.89%	1.06%^A
Expenses net of fee waivers, if any	.94%	.90%	.89%	1.06%^A
Expenses net of all reductions	.93%	.90%	.89%	1.04%^A
Net investment income (loss)	.94%^G	.78%	1.14%	.79%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,670	$ 719	$ 1,820	$ 119
Portfolio turnover rate^F	104%^J	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .72%. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J The portfolio turnover rate does not include the assets acquired in the merger. ^K For the year ended February 29. ^L Total distributions of $2.565 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 81,661,128
Gross unrealized depreciation	(38,497,461)
Net unrealized appreciation (depreciation)	$ 43,163,667

Tax Cost	$ 700,908,229

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 375,642
Capital loss carryforward	$ (22,356,874)
Net unrealized appreciation (depreciation)	$ 43,162,114

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009

Ordinary Income	$ 4,024,717	$ 976,789

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $801,356,820 and $441,665,671, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 79,488	$ 2,143
Class T	.25%	.25%	54,942	277
Class B	.75%	.25%	62,120	46,655
Class C	.75%	.25%	138,900	49,199
			$ 335,450	$ 98,274

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 92,688
Class T	9,956
Class B*	8,978
Class C*	4,361
	$ 115,983

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 98,217	.31
Class T	38,681	.35
Class B	21,492	.35
Class C	46,333	.34
Materials	1,076,261	.29
Institutional Class	13,384	.27
	$ 1,294,368

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,333 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $46,675 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $43.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 238,202	$ 43,307
Class T	47,220	5,182
Class B	5,848	-
Class C	12,908	-
Materials	3,662,178	923,202
Institutional Class	58,361	5,098
Total	$ 4,024,717	$ 976,789

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	858,136	400,579	$ 40,135,680	$ 21,052,656
Reinvestment of distributions	4,377	1,376	220,619	40,415
Shares redeemed	(256,610)	(231,192)	(11,780,339)	(9,966,206)
Net increase (decrease)	605,903	170,763	$ 28,575,960	$ 11,126,865
Class T
Shares sold	167,992	127,856	$ 7,326,294	$ 6,586,988
Reinvestment of distributions	941	169	45,756	4,976
Shares redeemed	(67,330)	(69,236)	(3,005,643)	(3,081,211)
Net increase (decrease)	101,603	58,789	$ 4,366,407	$ 3,510,753
Class B
Shares sold	131,820	70,236	$ 5,954,562	$ 3,670,456
Reinvestment of distributions	103	-	4,824	-
Shares redeemed	(43,087)	(48,886)	(1,785,370)	(2,112,869)
Net increase (decrease)	88,836	21,350	$ 4,174,016	$ 1,557,587
Class C
Shares sold	299,617	186,111	$ 13,304,163	$ 9,519,248
Reinvestment of distributions	234	(8)	10,972	(480)
Shares redeemed	(106,334)	(139,135)	(4,538,206)	(5,956,182)
Net increase (decrease)	193,517	46,968	$ 8,776,929	$ 3,562,586
Materials
Shares sold	11,253,841	3,524,569	$ 539,188,177	$ 186,250,882
Issued in exchange for shares of Paper and Forest Products Portfolio	337,332	-	13,304,373	-
Reinvestment of distributions	68,039	29,537	3,440,550	866,336
Shares redeemed	(4,780,310)	(5,137,192)	(223,285,260)	(248,168,306)
Net increase (decrease)	6,878,902	(1,583,086)	$ 332,647,840	$ (61,051,088)
Institutional Class
Shares sold	269,782	41,845	$ 13,383,120	$ 2,204,347
Reinvestment of distributions	839	156	43,347	4,588
Shares redeemed	(36,606)	(47,942)	(1,769,936)	(2,341,741)
Net increase (decrease)	234,015	(5,941)	$ 11,656,531	$ (132,806)

Annual Report

11. Other.

12. Merger Information.

Net investment income (loss)	$ 3,777,997
Total net realized gain (loss)	51,950,136
Total change in net unrealized appreciation (depreciation)	125,269,592
Net increase (decrease) in net assets resulting from operations	$ 180,997,725

Annual Report

Fidelity Advisor Telecommunications Fund - Class A, T, B and C

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) ^A	33.90%	1.48%	-8.38%
Class T (incl. 3.50% sales charge) ^B	36.69%	1.77%	-8.25%
Class B (incl. contingent deferred sales charge) ^C	35.97%	1.81%	-8.06%
Class C (incl. contingent deferred sales charge) ^D	40.00%	2.19%	-8.06%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Telecommunications Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^BClass T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Telecommunications Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower.

^CClass B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Telecommunications Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^DClass C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Telecommunications Portfolio, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to December 12, 2006 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Telecommunications Fund - Class A on February 29, 2000, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period. The initial offering of Class A took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Class A.

fid648

Annual Report

Fidelity Advisor Telecommunications Fund

Management's Discussion of Fund Performance

Comments from Kristina Salen, Portfolio Manager of Fidelity Advisor Telecommunications Fund: For the 12-month period ending February 28, 2010, the fund's Class A, Class T, Class B and Class C shares gained 42.07%, 41.64%, 40.97% and 41.00%, respectively (excluding sales charges), handily outperforming the 18.67% return of the MSCI® U.S. IM Telecommunications Services 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe - but underperforming the S&P 500. Versus the MSCI index, the fund benefited from being well-positioned in smaller-cap companies that performed strongly when the market rallied between March and June 2009. Most notably, the fund was helped by an out-of-benchmark stake and strong stock selection in the cable and satellite group, especially U.K.-based Virgin Media. An early-period overweighting in wireless telecom services company Sprint Nextel also helped. In addition, the fund got a boost from being significantly underweighted in the integrated telecom services group, specifically in AT&T and Verizon Communications, which grew at a much lower rate than other telecom subsectors. AT&T and Verizon made up almost three-quarters of the MSCI index during the period. In addition, the fund benefited from holding an out-of-index position in Gameloft, a French company and dominant player in mobile gaming. Conversely, performance was hampered by unfavorable positioning in a few stocks. Specifically, it was hurt by holding an underweighted position in CenturyTel, a rural integrated telecom services provider that did well during the market rally and benefited from acquiring Embarq, another rural phone company, in the summer. British wireless telecom giant Vodafone Group also disappointed during the rally when large, liquid stocks fell out of favor as people invested in smaller, more growth-oriented names. Underweighting Level 3 Communications also dragged down performance.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.24%
Actual		$ 1,000.00	$ 1,078.40	$ 6.39
Hypothetical^A		$ 1,000.00	$ 1,018.65	$ 6.21
Class T	1.53%
Actual		$ 1,000.00	$ 1,076.60	$ 7.88
Hypothetical^A		$ 1,000.00	$ 1,017.21	$ 7.65
Class B	2.00%
Actual		$ 1,000.00	$ 1,074.30	$ 10.29
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Class C	2.00%
Actual		$ 1,000.00	$ 1,074.20	$ 10.29
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Telecommunications	.96%
Actual		$ 1,000.00	$ 1,079.70	$ 4.95
Hypothetical^A		$ 1,000.00	$ 1,020.03	$ 4.81
Institutional Class	.83%
Actual		$ 1,000.00	$ 1,080.50	$ 4.28
Hypothetical^A		$ 1,000.00	$ 1,020.68	$ 4.16

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Telecommunications Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	13.0	23.5
Verizon Communications, Inc.	12.9	17.4
Sprint Nextel Corp.	6.3	4.7
American Tower Corp. Class A	6.3	4.8
Crown Castle International Corp.	5.9	2.5
Qwest Communications International, Inc.	5.2	3.0
SBA Communications Corp. Class A	3.9	1.4
NII Holdings, Inc.	3.7	1.6
tw telecom, inc.	2.9	2.7
CenturyTel, Inc.	2.5	0.3
	62.6

Top Industries (% of fund's net assets)
As of February 28, 2010
	Diversified Telecommunication Services	48.5%
	Wireless Telecommunication Services	36.5%
	Media	9.4%
	Software	1.0%
	Communications Equipment	0.3%
	All Others*	4.3%

fid656

As of August 31, 2009
	Diversified Telecommunication Services	61.9%
	Wireless Telecommunication Services	23.7%
	Media	9.3%
	Communications Equipment	2.1%
	Software	1.2%
	All Others*	1.8%

fid664

* Includes short-term investments and net other assets.

Annual Report

Telecommunications Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Aruba Networks, Inc. (a)	392		$ 4,598
F5 Networks, Inc. (a)	1,600		89,280
Infinera Corp. (a)(c)	75,300		570,774
Juniper Networks, Inc. (a)	2,100		58,758
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	1,700		44,387
Sandvine Corp. (a)	3,200		4,927
Sonus Networks, Inc. (a)	56,800		120,984
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		6,006
			899,714
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		3,695
NetApp, Inc. (a)	700		21,007
Synaptics, Inc. (a)	450		12,015
			36,717
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.5%
Alternative Carriers - 5.7%
Cable & Wireless PLC	19,405		40,367
Cogent Communications Group, Inc. (a)	64,802		637,652
Global Crossing Ltd. (a)	280,586		3,998,351
Iliad Group SA (c)	26,973		2,856,740
Level 3 Communications, Inc. (a)(c)	7,976		12,682
PAETEC Holding Corp. (a)	73,600		291,456
tw telecom, inc. (a)	532,857		8,467,098
			16,304,346
Integrated Telecommunication Services - 42.8%
AT&T, Inc.	1,514,019		37,562,805
BT Group PLC	5,351		9,386
Cbeyond, Inc. (a)(c)	165,098		2,047,215
CenturyTel, Inc.	210,190		7,203,211
China Telecom Corp. Ltd. sponsored ADR	50,600		2,226,906
China Unicom (Hong Kong) Ltd. sponsored ADR	317,800		3,867,626
Cincinnati Bell, Inc. (a)	225,000		666,000
Deutsche Telekom AG (Reg.)	92,923		1,196,848
FairPoint Communications, Inc. (a)	34,149		905
Frontier Communications Corp. (c)	366,900		2,858,151
Hellenic Telecommunications Organization SA	163		1,900
PT Telkomunikasi Indonesia Tbk Series B	3,375,400		3,001,167
Qwest Communications International, Inc.	3,263,989		14,883,790
Telecom Italia SpA sponsored ADR	226		3,214
Telefonica SA	400		9,379
Telefonica SA sponsored ADR	85,300		5,986,354
Telenor ASA (a)	4,400		55,615
Telenor ASA sponsored ADR (a)	53,300		2,025,400
Telkom SA Ltd.	4,400		19,116

	Shares		Value
Verizon Communications, Inc.	1,292,624		$ 37,395,612
Vimpel Communications sponsored ADR	109,000		2,021,950
Windstream Corp.	73,415		743,694
			123,786,244
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			140,090,590
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		14,510
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
Google, Inc. Class A (a)	90		47,412
SAVVIS, Inc.	26,799		377,598
			425,010
MEDIA - 9.4%
Broadcasting - 0.8%
Ten Network Holdings Ltd. (a)	1,539,470		2,392,664
Cable & Satellite - 8.4%
Cablevision Systems Corp. - NY Group Class A	170,900		4,115,272
Comcast Corp. Class A	299,600		4,925,424
DIRECTV (a)	128,909		4,363,570
Dish TV India Ltd. (a)	5,888		4,744
Liberty Global, Inc. Class A (a)(c)	153,200		4,118,016
Net Servicos de Comunicacao SA sponsored ADR (c)	191,500		2,357,365
Virgin Media, Inc.	270,000		4,374,000
			24,258,391
Movies & Entertainment - 0.2%
Madison Square Garden, Inc. Class A (a)	22,925		447,038
TOTAL MEDIA			27,098,093
SOFTWARE - 1.0%
Application Software - 1.0%
Gameloft (a)	648,786		2,791,298
Nuance Communications, Inc. (a)	800		11,512
Synchronoss Technologies, Inc. (a)	5,863		102,075
			2,904,885
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	113,614		104,525
TOTAL SOFTWARE			3,009,410
WIRELESS TELECOMMUNICATION SERVICES - 36.5%
Wireless Telecommunication Services - 36.5%
America Movil SAB de CV Series L sponsored ADR	300		13,371
American Tower Corp. Class A (a)	424,700		18,117,702
Axiata Group Bhd	1,126,600		1,234,948
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
China Mobile (Hong Kong) Ltd. sponsored ADR	42,100		$ 2,081,003
Clearwire Corp.:
rights 6/21/10 (a)(c)	1,029,741		298,625
Class A (a)(c)	1,029,741		6,549,153
Crown Castle International Corp. (a)	449,983		17,009,357
Idea Cellular Ltd. (a)	3,710		4,917
Leap Wireless International, Inc. (a)(c)	364,158		5,196,535
MetroPCS Communications, Inc. (a)	400		2,468
Millicom International Cellular SA	19,400		1,643,956
MTN Group Ltd.	478,225		6,929,541
NII Holdings, Inc. (a)	289,300		10,825,606
NTELOS Holdings Corp.	632		10,795
PT Indosat Tbk	1,600		874
Rogers Communications, Inc. Class B (non-vtg.)	2,200		72,487
SBA Communications Corp. Class A (a)	317,382		11,222,628
Sprint Nextel Corp. (a)	5,503,750		18,327,488
Syniverse Holdings, Inc. (a)	30,468		512,472
Telephone & Data Systems, Inc.	15,045		469,554
TIM Participacoes SA sponsored ADR (non-vtg.)	53,700		1,524,543
Vivo Participacoes SA sponsored ADR	75,225		2,035,589
Vodafone Group PLC sponsored ADR	66,400		1,445,528
			105,529,140
TOTAL COMMON STOCKS (Cost $314,829,544)		277,103,184
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (d)	11,655,757		$ 11,655,757
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	21,925,413		21,925,413
TOTAL MONEY MARKET FUNDS (Cost $33,581,170)		33,581,170

TOTAL INVESTMENT PORTFOLIO - 107.5%

(Cost $348,410,714)

310,684,354

NET OTHER ASSETS - (7.5)%			(21,692,974)
NET ASSETS - 100%		$ 288,991,380

Legend

(a) Non-income producing

(b) 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	$ 22,187
Fidelity Securities Lending Cash Central Fund	147,071
Total	$ 169,258

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 277,103,184	$ 275,887,571	$ 1,215,613	$ -
Money Market Funds	33,581,170	33,581,170	-	-
Total Investments in Securities:	$ 310,684,354	$ 309,468,741	$ 1,215,613	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(666)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	666
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ (666)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.2%
South Africa	2.4%
Spain	2.1%
Hong Kong	2.0%
Brazil	2.0%
France	2.0%
Bermuda	1.4%
Indonesia	1.0%
Others (individually less than 1%)	4.9%
	100.0%

Income Tax Information

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $20,670,597) - See accompanying schedule: Unaffiliated issuers (cost $314,829,544)	$ 277,103,184
Fidelity Central Funds (cost $33,581,170)	33,581,170
Total Investments (cost $348,410,714)		$ 310,684,354
Receivable for fund shares sold		209,095
Dividends receivable		273,897
Distributions receivable from Fidelity Central Funds		11,455
Prepaid expenses		911
Other receivables		83,241
Total assets		311,262,953

Liabilities
Payable for fund shares redeemed	$ 92,136
Accrued management fee	130,795
Distribution fees payable	3,919
Other affiliated payables	84,912
Other payables and accrued expenses	34,398
Collateral on securities loaned, at value	21,925,413
Total liabilities		22,271,573

Net Assets		$ 288,991,380
Net Assets consist of:
Paid in capital		$ 570,869,864
Undistributed net investment income		1,935,664
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(246,075,965)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(37,738,183)
Net Assets		$ 288,991,380

Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,342,605 ÷ 88,816 shares)		$ 37.64

Maximum offering price per share (100/94.25 of $37.64)		$ 39.94

Class T: Net Asset Value and redemption price per share ($2,051,322 ÷ 54,627 shares)		$ 37.55

Maximum offering price per share (100/96.50 of $37.55)		$ 38.91

Class B: Net Asset Value and offering price per share ($641,094 ÷ 17,050 shares)^A		$ 37.60

Class C: Net Asset Value and offering price per share ($2,150,689 ÷ 57,185 shares)^A		$ 37.61

Telecommunications: Net Asset Value, offering price and redemption price per share ($279,704,189 ÷ 7,413,796 shares)		$ 37.73

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,101,481 ÷ 29,225 shares)		$ 37.69

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Select Telecommunications Portfolio
Financial Statements - continued

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 8,611,898
Income from Fidelity Central Funds (including $147,071 from security lending)		169,258
Total income		8,781,156

Expenses
Management fee	$ 1,575,725
Transfer agent fees	937,080
Distribution fees	40,496
Accounting and security lending fees	113,619
Custodian fees and expenses	17,680
Independent trustees' compensation	1,966
Registration fees	76,311
Audit	50,145
Legal	5,426
Interest	157
Miscellaneous	4,318
Total expenses before reductions	2,822,923
Expense reductions	(38,062)	2,784,861
Net investment income (loss)		5,996,295
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,404,701
Foreign currency transactions	7,671
Capital gain distributions from Fidelity Central Funds	1,225
Total net realized gain (loss)		5,413,597
Change in net unrealized appreciation (depreciation) on: Investment securities	79,570,497
Assets and liabilities in foreign currencies	1,940
Total change in net unrealized appreciation (depreciation)		79,572,437
Net gain (loss)		84,986,034
Net increase (decrease) in net assets resulting from operations		$ 90,982,329

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,996,295	$ 2,191,887
Net realized gain (loss)	5,413,597	(72,731,263)
Change in net unrealized appreciation (depreciation)	79,572,437	(37,714,452)
Net increase (decrease) in net assets resulting from operations	90,982,329	(108,253,828)
Distributions to shareholders from net investment income	(2,355,415)	(2,892,731)
Distributions to shareholders from net realized gain	(402,567)	(1,435,678)
Total distributions	(2,757,982)	(4,328,409)
Share transactions - net increase (decrease)	989,027	(28,183,681)
Redemption fees	12,272	6,604
Total increase (decrease) in net assets	89,225,646	(140,759,314)

Net Assets
Beginning of period	199,765,734	340,525,048
End of period (including undistributed net investment income of $1,935,664 and distributions in excess of net investment income of $1,700,123, respectively)	$ 288,991,380	$ 199,765,734

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.66	$ 42.56	$ 50.89	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.67	.22	.26	- ^K
Net realized and unrealized gain (loss)	10.55	(15.60)	(8.08)	3.15
Total from investment operations	11.22	(15.38)	(7.82)	3.15
Distributions from net investment income	(.19)	(.35) ^M	(.51)	-
Distributions from net realized gain	(.05)	(.18) ^M	-	-
Total distributions	(.24) ^N	(.52) ^L	(.51)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.64	$ 26.66	$ 42.56	$ 50.89
Total Return ^{B, C, D}	42.07%	(36.16)%	(15.55)%	6.60%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.26%	1.21%	1.20%	1.23% ^A
Expenses net of fee waivers, if any	1.26%	1.21%	1.20%	1.23% ^A
Expenses net of all reductions	1.24%	1.21%	1.19%	1.22% ^A
Net investment income (loss)	1.89%	.61%	.49%	(.03)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,343	$ 2,112	$ 2,791	$ 658
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.52 per share is comprised of distributions from net investment income of $.347 and distributions from net realized gain of $.175 per share. ^M The amount shown reflects certain reclassifications related to book to tax differences. ^N Total distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.048 per share.

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.68	$ 42.49	$ 50.86	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.57	.12	.12	(.02)
Net realized and unrealized gain (loss)	10.54	(15.56)	(8.07)	3.14
Total from investment operations	11.11	(15.44)	(7.95)	3.12
Distributions from net investment income	(.22)	(.24) ^M	(.42)	-
Distributions from net realized gain	(.03)	(.13) ^M	-	-
Total distributions	(.24) ^N	(.37) ^L	(.42)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.55	$ 26.68	$ 42.49	$ 50.86
Total Return ^{B, C, D}	41.64%	(36.34)%	(15.78)%	6.54%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55%	1.49%	1.46%	1.54% ^A
Expenses net of fee waivers, if any	1.55%	1.49%	1.46%	1.54% ^A
Expenses net of all reductions	1.53%	1.48%	1.45%	1.53% ^A
Net investment income (loss)	1.60%	.33%	.23%	(.24)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,051	$ 620	$ 1,270	$ 560
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.37 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.127 per share. ^M The amount shown reflects certain reclassifications related to book to tax differences. ^N Total distributions of $.24 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.028 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.71	$ 42.42	$ 50.80	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.40	(.05)	(.14)	(.05)
Net realized and unrealized gain (loss)	10.54	(15.49)	(8.04)	3.11
Total from investment operations	10.94	(15.54)	(8.18)	3.06
Distributions from net investment income	(.04)	(.11) ^M	(.20)	-
Distributions from net realized gain	(.01)	(.06) ^M	-	-
Total distributions	(.05) ^N	(.17) ^L	(.20)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.60	$ 26.71	$ 42.42	$ 50.80
Total Return ^{B, C, D}	40.97%	(36.64)%	(16.18)%	6.41%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.01%	1.97%	1.95%	2.05% ^A
Expenses net of fee waivers, if any	2.01%	1.97%	1.95%	2.05% ^A
Expenses net of all reductions	2.00%	1.96%	1.94%	2.05% ^A
Net investment income (loss)	1.13%	(.15)%	(.26)%	(.49)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 641	$ 363	$ 741	$ 291
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.17 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.063 per share. ^M The amount shown reflects certain reclassifications due to book to tax differences. ^N Total distributions of $.05 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.009 per share.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 26.76	$ 42.42	$ 50.81	$ 47.74
Income from Investment Operations
Net investment income (loss) ^E	.41	(.05)	(.14)	(.07)
Net realized and unrealized gain (loss)	10.56	(15.50)	(8.03)	3.14
Total from investment operations	10.97	(15.55)	(8.17)	3.07
Distributions from net investment income	(.10)	(.07) ^M	(.22)	-
Distributions from net realized gain	(.02)	(.05) ^M	-	-
Total distributions	(.12) ^N	(.11) ^L	(.22)	-
Redemption fees added to paid in capital ^{E, K}	-	-	-	-
Net asset value, end of period	$ 37.61	$ 26.76	$ 42.42	$ 50.81
Total Return ^{B, C, D}	41.00%	(36.64)%	(16.17)%	6.43%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.01%	1.97%	1.95%	2.07% ^A
Expenses net of fee waivers, if any	2.01%	1.97%	1.95%	2.07% ^A
Expenses net of all reductions	2.00%	1.96%	1.94%	2.06% ^A
Net investment income (loss)	1.13%	(.14)%	(.26)%	(.65)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,151	$ 371	$ 902	$ 332
Portfolio turnover rate ^G	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.11 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.046 per share. ^M The amount shown reflects certain reclassifications related to book to tax differences. ^N Total distributions of $.12 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.023 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Telecommunications


Years ended February 28,	2010	2009	2008 ^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 26.74	$ 42.70	$ 50.91	$ 41.97	$ 34.83
Income from Investment Operations
Net investment income (loss) ^C	.76	.30	.43	.61 ^F	.36
Net realized and unrealized gain (loss)	10.59	(15.65)	(8.12)	8.85	7.11
Total from investment operations	11.35	(15.35)	(7.69)	9.46	7.47
Distributions from net investment income	(.31)	(.41) ^K	(.52)	(.53)	(.33)
Distributions from net realized gain	(.05)	(.20) ^K	-	-	-
Total distributions	(.36) ^L	(.61) ^J	(.52)	(.53)	(.33)
Redemption fees added to paid in capital ^C	- ^I	- ^I	- ^I	.01	- ^I
Net asset value, end of period	$ 37.73	$ 26.74	$ 42.70	$ 50.91	$ 41.97
Total Return ^{A, B}	42.43%	(36.00)%	(15.30)%	22.69%	21.54%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	.99%	.97%	.91%	.99%	1.05%
Expenses net of fee waivers, if any	.99%	.97%	.90%	.97%	1.05%
Expenses net of all reductions	.98%	.96%	.90%	.97%	.96%
Net investment income (loss)	2.15%	.85%	.79%	1.34% ^F	.96%
Supplemental Data
Net assets, end of period (000 omitted)	$ 279,704	$ 196,231	$ 334,565	$ 624,427	$ 402,334
Portfolio turnover rate ^E	90%	168%	134%	162%	148%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H For the year ended February 29. ^I Amount represents less than $.01 per share. ^J Total distributions of $.61 per share is comprised of distributions from net investment income of $.408 and distributions from net realized gain of $.202 per share. ^K The amount shown reflects certain reclassifications related to book to tax differences. ^L Total distributions of $.36 per share is comprised of distributions from net investment income of $.310 and distributions from net realized gain of $.048 per share.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 26.73	$ 42.65	$ 50.91	$ 47.74
Income from Investment Operations
Net investment income (loss) ^D	.84	.34	.45	.16
Net realized and unrealized gain (loss)	10.55	(15.67)	(8.09)	3.01
Total from investment operations	11.39	(15.33)	(7.64)	3.17
Distributions from net investment income	(.38)	(.40) ^L	(.62)	-
Distributions from net realized gain	(.05)	(.20) ^L	-	-
Total distributions	(.43) ^M	(.59) ^K	(.62)	-
Redemption fees added to paid in capital ^{D, J}	-	-	-	-
Net asset value, end of period	$ 37.69	$ 26.73	$ 42.65	$ 50.91
Total Return ^{B, C}	42.59%	(35.99)%	(15.23)%	6.64%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.86%	.91%	.83%	.98% ^A
Expenses net of fee waivers, if any	.86%	.91%	.83%	.98% ^A
Expenses net of all reductions	.84%	.90%	.83%	.97% ^A
Net investment income (loss)	2.29%	.91%	.86%	1.52% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,101	$ 68	$ 256	$ 114
Portfolio turnover rate ^F	90%	168%	134%	162%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.59 per share is comprised of distributions from net investment income of $.395 and distributions from net realized gain of $.197 per share. ^L The amount shown reflects certain reclassifications related to book to tax differences. ^M Total distributions of $.43 per share is comprised of distributions from net investment income of $.379 per share and distributions from net realized gain of $.051 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, deferred trustees compensation, capital loss carryforwards, expiring capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 22,492,418
Gross unrealized depreciation	(66,549,245)
Net unrealized appreciation (depreciation)	$ (44,056,827)

Tax Cost	$ 354,741,181

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 1,935,859
Capital loss carryforward	$ (238,175,641)
Net unrealized appreciation (depreciation)	$ (44,068,650)

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 2,757,982	$ 4,328,409

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $245,737,983 and $242,388,135, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 8,842	$ 348
Class T	.25%	.25%	7,956	10
Class B	.75%	.25%	6,292	4,720
Class C	.75%	.25%	17,406	6,228
			$ 40,496	$ 11,306

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 7,518
Class T	1,778
Class B*	3,551
Class C*	587
	$ 13,434

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets
Class A	$ 12,356	.35
Class T	6,117	.39
Class B	2,209	.35
Class C	6,068	.35
Telecommunications	908,946	.33
Institutional Class	1,384	.20
	$ 937,080

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,365,000	.44%	$ 157

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $996 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $38,001 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $61.

Annual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 15,094	$ 25,664
Class T	11,817	8,592
Class B	821	2,117
Class C	5,697	1,365
Telecommunications	2,311,098	4,183,665
Institutional Class	10,888	1,823
Total	$ 2,355,415	$ 4,223,226
From net realized gain
Class A	$ 4,245	$ 735
Class T	827	357
Class B	139	203
Class C	504	204
Telecommunications	396,621	103,644
Institutional Class	231	40
Total	$ 402,567	$ 105,183

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	88,778	74,621	$ 3,085,616	$ 2,094,308
Reinvestment of distributions	476	895	17,722	24,776
Shares redeemed	(79,650)	(61,881)	(2,900,645)	(2,346,705)
Net increase (decrease)	9,604	13,635	$ 202,693	$ (227,621)
Class T
Shares sold	45,905	9,634	$ 1,589,430	$ 334,058
Reinvestment of distributions	314	320	12,167	8,637
Shares redeemed	(14,845)	(16,594)	(532,433)	(641,649)
Net increase (decrease)	31,374	(6,640)	$ 1,069,164	$ (298,954)
Class B
Shares sold	15,431	4,801	$ 522,557	$ 166,647
Reinvestment of distributions	22	82	836	2,207
Shares redeemed	(11,987)	(8,780)	(408,765)	(330,007)
Net increase (decrease)	3,466	(3,897)	$ 114,628	$ (161,153)
Class C
Shares sold	62,598	5,551	$ 2,159,620	$ 174,242
Reinvestment of distributions	129	51	5,000	1,354
Shares redeemed	(19,418)	(12,987)	(702,765)	(456,301)
Net increase (decrease)	43,309	(7,385)	$ 1,461,855	$ (280,705)
Telecommunications
Shares sold	3,331,732	1,724,964	$ 111,276,252	$ 54,824,085
Reinvestment of distributions	68,653	146,701	2,606,513	4,105,779
Shares redeemed	(3,325,834)	(2,367,928)	(116,676,048)	(86,013,313)
Net increase (decrease)	74,551	(496,263)	$ (2,793,283)	$ (27,083,449)
Institutional Class
Shares sold	35,372	477	$ 1,243,451	$ 15,601
Reinvestment of distributions	37	51	1,435	1,477
Shares redeemed	(8,744)	(3,964)	(310,916)	(148,877)
Net increase (decrease)	26,665	(3,436)	$ 933,970	$ (131,799)

Annual Report

Notes to Financial Statements - continued

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Select Portfolios and the Shareholders of Consumer Staples Portfolio, Gold Portfolio, Materials Portfolio, and Telecommunications Portfolio:

In our opinion, the accompanying statements of assets and liabilities (consolidated statement of assets and liabilities for Gold Portfolio), including the schedules of investments (consolidated schedule of investments for Gold Portfolio), and the related statements of operations (consolidated statement of operations for Gold Portfolio) and of changes in net assets (consolidated changes in net assets for Gold Portfolio) and the financial highlights present fairly, in all material respects, the financial positions of Consumer Staples Portfolio, Gold Portfolio, Materials Portfolio, and Telecommunications Portfolio(funds of Fidelity Select Portfolios) at February 28, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Select Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts
April 19, 2010

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1980 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (66)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment, 2008-present) and was previously a Partner of Clayton, Dubilier & Rice, Inc. (1998-2008). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (66)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (41)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments.
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

Consumer Staples Portfolio	Pay Date	Record Date	Dividends	Capital Gains
Class A	04/12/10	04/09/10	$0.055	$0.00
Class T	04/12/10	04/09/10	$0.027	$0.00
Class B	04/12/10	04/09/10	$0.00	$0.00
Class C	04/12/10	04/09/10	$0.00	$0.00
Gold Portfolio
Class A	04/12/10	04/09/10	$0.00	$0.383
Class T	04/12/10	04/09/10	$0.00	$0.361
Class B	04/12/10	04/09/10	$0.00	$0.333
Class C	04/12/10	04/09/10	$0.00	$0.337
Materials Portfolio
Class A	04/12/10	04/09/10	$0.00	$0.01
Class T	04/12/10	04/09/10	$0.00	$0.00
Class B	04/12/10	04/09/10	$0.00	$0.00
Class C	04/12/10	04/09/10	$0.00	$0.00
Telecommunications Portfolio
Class A	04/12/10	04/09/10	$0.224	$0.00
Class T	04/12/10	04/09/10	$0.199	$0.00
Class B	04/12/10	04/09/10	$0.163	$0.00
Class C	04/12/10	04/09/10	$0.166	$0.00

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends-received deduction for corporate shareholders:

	April 2009	December 2009
Consumer Staples Portfolio
Class A	100%	100%
Class T	-	100%
Class B	-	100%
Class C	-	100%
Gold Portfolio
Class A	-	-
Class T	-	-
Class B	-	-
Class C	-	-
Materials Portfolio
Class A	100%	100%
Class T	100%	100%
Class B	100%	100%
Class C	100%	100%
Telecommunications Portfolio
Class A	100%	100%
Class T	100%	100%
Class B	100%	100%
Class C	100%	100%

Annual Report

Distributions - continued

	April 2009	December 2009
Consumer Staples Portfolio
Class A	100%	100%
Class T	-	100%
Class B	-	100%
Class C	-	100%
Gold Portfolio
Class A	-	16%
Class T	-	18%
Class B	-	21%
Class C	-	21%
Materials Portfolio
Class A	100%	100%
Class T	100%	100%
Class B	100%	100%
Class C	100%	100%
Telecommunications Portfolio
Class A	100%	100%
Class T	100%	100%
Class B	100%	100%
Class C	100%	100%

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

Gold Portfolio	Pay Date	Income	Taxes
Class A	12/14/2009	.082	.0062
Class T	12/14/2009	.072	.0062
Class B	12/14/2009	.059	.0062
Class C	12/14/2009	.061	.0062

The fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

ASGMT-UANN-0410
1.845779.103

fid666

fid559

Fidelity Advisor
Focus Funds®

Institutional Class

Fidelity Advisor Consumer Staples Fund

Fidelity Advisor Gold Fund

Fidelity Advisor Materials Fund

Fidelity Advisor Telecommunications Fund

Each Advisor fund listed above is a class
of the Fidelity® Select Portfolios®.

Annual Report

February 28, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders
Note to Shareholders	<Click Here>
Consumer Staples	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Gold	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Consolidated Investments
	<Click Here>	Consolidated Financial Statements
	<Click Here>	Notes to the Consolidated Financial Statements
Materials	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Telecommunications	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Annual Report

Note to shareholders

Annual Report

Fidelity Advisor Consumer Staples Fund - Institutional Class

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Institutional Class ^A	41.03%	7.65%	10.49%

^A The initial offering of Institutional Class shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Consumer Staples Portfolio, the original class of the fund.

Prior to October 1, 2006, the fund operated under certain different investment policies. The historical performance of the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Consumer Staples Fund - Institutional Class on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. The initial offering of Institutional Class took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Institutional Class.

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Annual Report

Fidelity Advisor Consumer Staples Fund

Management's Discussion of Fund Performance

Comments from Robert Lee, Portfolio Manager of Fidelity Advisor Consumer Staples Portfolio: During the past year, the fund's Institutional Class shares returned 41.03%, trailing the S&P 500 but outperforming the 37.17% gain of the MSCI® U.S. IM Consumer Staples 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Leading the way in terms of performance relative to the MSCI index was strong stock picking and a modest underweighting in the soft drink industry, including stakes in bottlers Coca-Cola Enterprises and Mexico's Coca-Cola FEMSA, as well as Canada's private-label manufacturer Cott. Stock choices within packaged food/meats were significant contributors, particularly out-of-index holdings in Anglo-Dutch firm Unilever and Switzerland's Nestlé. Good stock selection in brewers also helped, including an out-of-index stake in Belgian brewer Anheuser-Busch InBev, which posted solid gains in response to the successful merger between two major brewers. Underweighting major index component Wal-Mart Stores also was a positive, when the stock lagged for much of the period. On the negative side, underweighting the strong-performing tobacco group - and index constituents within, including Philip Morris International - detracted, as did an overweighting and weak stock selection within food retailing, including an outsized stake in major grocery chain Kroger. Weak stock selection in the distillers and vintners industry also hurt, including a position in Constellation Brands. In other areas, not owning global cosmetic manufacturer and index component Estee Lauder was a negative when the stock performed very well near the end of the period.

Annual Report

Consumer Staples Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to February 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.11%
Actual		$ 1,000.00	$ 1,086.90	$ 5.74
Hypothetical^A		$ 1,000.00	$ 1,019.29	$ 5.56
Class T	1.41%
Actual		$ 1,000.00	$ 1,085.40	$ 7.29
Hypothetical^A		$ 1,000.00	$ 1,017.80	$ 7.05
Class B	1.95%
Actual		$ 1,000.00	$ 1,082.50	$ 10.07
Hypothetical^A		$ 1,000.00	$ 1,015.12	$ 9.74
Class C	1.87%
Actual		$ 1,000.00	$ 1,082.70	$ 9.66
Hypothetical^A		$ 1,000.00	$ 1,015.52	$ 9.35
Consumer Staples	.88%
Actual		$ 1,000.00	$ 1,088.20	$ 4.56
Hypothetical^A		$ 1,000.00	$ 1,020.43	$ 4.41
Institutional Class	.84%
Actual		$ 1,000.00	$ 1,088.30	$ 4.35
Hypothetical^A		$ 1,000.00	$ 1,020.63	$ 4.21

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Consumer Staples Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	14.6	11.5
CVS Caremark Corp.	6.4	8.0
The Coca-Cola Co.	5.8	6.6
British American Tobacco PLC sponsored ADR	5.0	4.9
Wal-Mart Stores, Inc.	4.6	5.0
Walgreen Co.	4.3	2.7
PepsiCo, Inc.	4.3	6.9
Altria Group, Inc.	3.9	3.5
Avon Products, Inc.	3.6	2.7
Safeway, Inc.	3.3	2.5
	55.8

Top Industries (% of fund's net assets)
As of February 28, 2010
	Beverages	24.8%
	Food & Staples Retailing	22.0%
	Household Products	17.9%
	Food Products	13.1%
	Tobacco	11.5%
	All Others*	10.7%

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As of August 31, 2009
	Beverages	29.5%
	Food & Staples Retailing	21.4%
	Food Products	14.7%
	Household Products	14.6%
	Tobacco	11.9%
	All Others*	7.9%

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* Includes short-term investments and net other assets.

Annual Report

Consumer Staples Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
BEVERAGES - 24.8%
Brewers - 6.0%
Anadolu Efes Biracilik ve Malt Sanyii AS	277,611		$ 2,799,982
Anheuser-Busch InBev SA NV	566,622		28,358,717
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	65,200		6,321,140
Molson Coors Brewing Co. Class B	953,715		38,511,012
			75,990,851
Distillers & Vintners - 4.1%
Brown-Forman Corp. Class B (non-vtg.)	128,521		6,729,360
Constellation Brands, Inc. Class A (sub. vtg.) (a)	2,066,373		31,078,250
Diageo PLC sponsored ADR	217,663		14,209,041
			52,016,651
Soft Drinks - 14.7%
Coca-Cola Bottling Co. Consolidated	37,504		2,087,098
Coca-Cola Enterprises, Inc.	781,200		19,959,660
Coca-Cola FEMSA SAB de CV sponsored ADR	101,029		6,487,072
Coca-Cola Icecek AS	373,332		3,475,775
Cott Corp. (a)	21,000		151,076
Dr Pepper Snapple Group, Inc.	546,131		17,339,659
Embotelladora Andina SA sponsored ADR (c)	323,541		6,347,874
Fomento Economico Mexicano SAB de CV sponsored ADR	72,490		3,102,572
PepsiCo, Inc.	873,327		54,556,738
The Coca-Cola Co.	1,395,715		73,582,095
			187,089,619
TOTAL BEVERAGES			315,097,121
FOOD & STAPLES RETAILING - 22.0%
Drug Retail - 10.7%
CVS Caremark Corp.	2,404,926		81,166,253
Walgreen Co.	1,557,718		54,893,982
			136,060,235
Food Retail - 5.0%
Kroger Co.	878,068		19,405,303
Safeway, Inc.	1,681,396		41,900,388
Susser Holdings Corp. (a)	70,300		589,114
The Pantry, Inc. (a)	162,909		2,134,108
			64,028,913
Hypermarkets & Super Centers - 6.3%
BJ's Wholesale Club, Inc. (a)	586,299		21,206,435
Wal-Mart Stores, Inc.	1,076,480		58,205,274
			79,411,709
TOTAL FOOD & STAPLES RETAILING			279,500,857

	Shares		Value
FOOD PRODUCTS - 13.1%
Agricultural Products - 3.3%
Archer Daniels Midland Co.	609,253		$ 17,887,668
Bunge Ltd.	198,072		11,803,110
Corn Products International, Inc.	187,577		6,111,259
SLC Agricola SA	364,400		3,123,457
Viterra, Inc. (a)	331,300		3,060,334
			41,985,828
Packaged Foods & Meats - 9.8%
Ausnutria Dairy Hunan Co. Ltd. Class H	4,155,000		2,960,134
Brasil Foods SA	1,000		24,447
Cermaq ASA (a)	304,000		3,394,981
Cosan Ltd. Class A (a)	91,200		827,184
Danone	101,220		5,918,984
Dean Foods Co. (a)	1,918,268		27,987,530
General Mills, Inc.	116,923		8,419,625
Kraft Foods, Inc. Class A	310,062		8,815,063
Lindt & Spruengli AG (c)	109		2,535,792
Nestle SA (Reg.)	655,642		32,617,335
Tyson Foods, Inc. Class A	321,761		5,482,807
Unilever NV (NY Shares)	837,612		25,203,745
			124,187,627
TOTAL FOOD PRODUCTS			166,173,455
HOUSEHOLD PRODUCTS - 17.9%
Household Products - 17.9%
Colgate-Palmolive Co.	230,514		19,118,831
Energizer Holdings, Inc. (a)	390,266		22,615,915
Procter & Gamble Co.	2,928,338		185,305,226
			227,039,972
PERSONAL PRODUCTS - 4.1%
Personal Products - 4.1%
Avon Products, Inc.	1,496,306		45,547,555
Mead Johnson Nutrition Co. Class A	86,926		4,111,600
Natura Cosmeticos SA	164,500		3,033,030
			52,692,185
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Johnson & Johnson	595,924		37,543,212
Perrigo Co.	1,000		49,570
			37,592,782
TOBACCO - 11.5%
Tobacco - 11.5%
Altria Group, Inc.	2,442,510		49,143,301
British American Tobacco PLC sponsored ADR	934,941		63,482,494
KT&G Corp.	56,270		3,114,254
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	540,657		$ 26,481,380
Souza Cruz Industria Comerico	92,300		3,156,429
			145,377,858
TOTAL COMMON STOCKS (Cost $1,133,829,769)		1,223,474,230
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.16% (d)	42,479,890		42,479,890
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	830,658		830,658
TOTAL MONEY MARKET FUNDS (Cost $43,310,548)		43,310,548
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $1,177,140,317)		1,266,784,778
NET OTHER ASSETS - 0.2%			2,782,497
NET ASSETS - 100%		$ 1,269,567,275

Legend

(a) Non-income producing

(b) 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	$ 73,704
Fidelity Securities Lending Cash Central Fund	140,195
Total	$ 213,899

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	81.4%
United Kingdom	6.1%
Switzerland	2.8%
Belgium	2.3%
Netherlands	2.0%
Brazil	1.3%
Bermuda	1.0%
Others (individually less than 1%)	3.1%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $2,242,566 all of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Consumer Staples Portfolio

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010
Assets
Investment in securities, at value (including securities loaned of $803,687) - See accompanying schedule: Unaffiliated issuers (cost $1,133,829,769)	$ 1,223,474,230
Fidelity Central Funds (cost $43,310,548)	43,310,548
Total Investments (cost $1,177,140,317)		$ 1,266,784,778
Foreign currency held at value (cost $108)		108
Receivable for investments sold		12,862,525
Receivable for fund shares sold		1,923,204
Dividends receivable		1,615,280
Distributions receivable from Fidelity Central Funds		10,510
Prepaid expenses		3,545
Other receivables		3,944
Total assets		1,283,203,894

Liabilities
Payable for investments purchased	$ 10,325,644
Payable for fund shares redeemed	1,419,802
Accrued management fee	577,290
Distribution fees payable	124,205
Other affiliated payables	294,964
Other payables and accrued expenses	64,056
Collateral on securities loaned, at value	830,658
Total liabilities		13,636,619

Net Assets		$ 1,269,567,275
Net Assets consist of:
Paid in capital		$ 1,194,469,877
Undistributed net investment income		1,438,918
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,985,104)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		89,643,584
Net Assets		$ 1,269,567,275

Statement of Assets and Liabilities - continued

	February 28, 2010
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($162,370,196 ÷ 2,659,064 shares)		$ 61.06

Maximum offering price per share (100/94.25 of $61.06)		$ 64.79

Class T: Net Asset Value and redemption price per share ($29,661,556 ÷ 488,111 shares)		$ 60.77

Maximum offering price per share (100/96.50 of $60.77)		$ 62.97

Class B: Net Asset Value and offering price per share ($21,098,770 ÷ 349,507 shares) ^A		$ 60.37

Class C: Net Asset Value and offering price per share ($73,829,241 ÷ 1,224,471 shares) ^A		$ 60.29

Consumer Staples: Net Asset Value, offering price and redemption price per share ($946,455,301 ÷ 15,429,571 shares)		$ 61.34

Institutional Class: Net Asset Value, offering price and redemption price per share ($36,152,211 ÷ 590,119 shares)		$ 61.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 28,762,013
Interest		5
Income from Fidelity Central Funds		213,899
Total income		28,975,917

Expenses
Management fee	$ 6,157,861
Transfer agent fees	3,057,955
Distribution fees	1,411,256
Accounting and security lending fees	411,499
Custodian fees and expenses	127,130
Independent trustees' compensation	7,233
Registration fees	135,457
Audit	42,554
Legal	5,574
Miscellaneous	16,951
Total expenses before reductions	11,373,470
Expense reductions	(27,975)	11,345,495
Net investment income (loss)		17,630,422
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	34,385,671
Foreign currency transactions	(33,750)
Total net realized gain (loss)		34,351,921
Change in net unrealized appreciation (depreciation) on: Investment securities	298,588,712
Assets and liabilities in foreign currencies	1,251
Total change in net unrealized appreciation (depreciation)		298,589,963
Net gain (loss)		332,941,884
Net increase (decrease) in net assets resulting from operations		$ 350,572,306

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 17,630,422	$ 12,665,686
Net realized gain (loss)	34,351,921	(44,836,625)
Change in net unrealized appreciation (depreciation)	298,589,963	(269,141,455)
Net increase (decrease) in net assets resulting from operations	350,572,306	(301,312,394)
Distributions to shareholders from net investment income	(15,962,478)	(11,887,776)
Distributions to shareholders from net realized gain	-	(334,486)
Total distributions	(15,962,478)	(12,222,262)
Share transactions - net increase (decrease)	33,089,434	494,877,505
Redemption fees	34,831	113,075
Total increase (decrease) in net assets	367,734,093	181,455,924

Net Assets
Beginning of period	901,833,182	720,377,258
End of period (including undistributed net investment income of $1,438,918 and undistributed net investment income of $512,356, respectively)	$ 1,269,567,275	$ 901,833,182

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.94	$ 63.13	$ 58.16	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.84	.67	.53	(.01)
Net realized and unrealized gain (loss)	17.02	(19.19)	7.29	1.28
Total from investment operations	17.86	(18.52)	7.82	1.27
Distributions from net investment income	(.74)	(.66)	(.42)	-
Distributions from net realized gain	-	(.02)	(2.44)	-
Total distributions	(.74)	(.68) ^L	(2.86)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 61.06	$ 43.94	$ 63.13	$ 58.16
Total Return ^{B, C, D}	40.66%	(29.43)%	13.38%	2.23%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.13%	1.19%	1.19%	1.29% ^A
Expenses net of fee waivers, if any	1.13%	1.19%	1.19%	1.29% ^A
Expenses net of all reductions	1.13%	1.18%	1.19%	1.28% ^A
Net investment income (loss)	1.51%	1.27%	.83%	(.11)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 162,370	$ 121,193	$ 23,796	$ 986
Portfolio turnover rate ^G	69%	70%	71%	99%

Financial Highlights - Class T

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.75	$ 62.93	$ 58.06	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.66	.53	.36	(.01)
Net realized and unrealized gain (loss)	16.95	(19.12)	7.29	1.18
Total from investment operations	17.61	(18.59)	7.65	1.17
Distributions from net investment income	(.59)	(.60)	(.35)	-
Distributions from net realized gain	-	-	(2.44)	-
Total distributions	(.59)	(.60) ^L	(2.79)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 60.77	$ 43.75	$ 62.93	$ 58.06
Total Return ^{B, C, D}	40.24%	(29.61)%	13.11%	2.06%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.44%	1.46%	1.46%	1.61% ^A
Expenses net of fee waivers, if any	1.44%	1.46%	1.46%	1.61% ^A
Expenses net of all reductions	1.44%	1.46%	1.46%	1.60% ^A
Net investment income (loss)	1.21%	.99%	.56%	(.11)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 29,662	$ 22,624	$ 6,298	$ 529
Portfolio turnover rate ^G	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.60 per share is comprised of distributions from net investment income of $.599 and distributions from net realized gain of $.000 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.53	$ 62.69	$ 58.00	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.37	.26	.04	(.07)
Net realized and unrealized gain (loss)	16.82	(19.01)	7.27	1.18
Total from investment operations	17.19	(18.75)	7.31	1.11
Distributions from net investment income	(.35)	(.42)	(.19)	-
Distributions from net realized gain	-	-	(2.44)	-
Total distributions	(.35)	(.42) ^L	(2.63)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 60.37	$ 43.53	$ 62.69	$ 58.00
Total Return ^{B, C, D}	39.48%	(29.96)%	12.53%	1.95%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.97%	1.96%	1.96%	2.09% ^A
Expenses net of fee waivers, if any	1.97%	1.96%	1.96%	2.09% ^A
Expenses net of all reductions	1.97%	1.96%	1.96%	2.09% ^A
Net investment income (loss)	.68%	.50%	.06%	(.59)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,099	$ 14,929	$ 4,884	$ 226
Portfolio turnover rate ^G	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.000 per share.

Financial Highlights - Class C

Years ended February 28,	2010	2009	2008 ^J	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 43.46	$ 62.61	$ 57.99	$ 56.89
Income from Investment Operations
Net investment income (loss) ^E	.41	.28	.06	(.08)
Net realized and unrealized gain (loss)	16.80	(19.00)	7.28	1.18
Total from investment operations	17.21	(18.72)	7.34	1.10
Distributions from net investment income	(.38)	(.44)	(.29)	-
Distributions from net realized gain	-	-	(2.44)	-
Total distributions	(.38)	(.44) ^L	(2.73)	-
Redemption fees added to paid in capital ^E	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 60.29	$ 43.46	$ 62.61	$ 57.99
Total Return ^{B, C, D}	39.59%	(29.94)%	12.58%	1.93%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.90%	1.93%	1.93%	2.14% ^A
Expenses net of fee waivers, if any	1.90%	1.93%	1.93%	2.14% ^A
Expenses net of all reductions	1.89%	1.93%	1.92%	2.14% ^A
Net investment income (loss)	.75%	.52%	.09%	(.66)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 73,829	$ 54,902	$ 19,791	$ 178
Portfolio turnover rate ^G	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.44 per share is comprised of distributions from net investment income of $.443 and distributions from net realized gain of $.000 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Consumer Staples

Years ended February 28,	2010	2009	2008 ^G	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 44.14	$ 63.25	$ 58.13	$ 52.18	$ 51.42
Income from Investment Operations
Net investment income (loss) ^C	.96	.88	.71	.56	.50
Net realized and unrealized gain (loss)	17.11	(19.31)	7.30	8.88	3.25
Total from investment operations	18.07	(18.43)	8.01	9.44	3.75
Distributions from net investment income	(.87)	(.67)	(.46)	(.32)	(.44)
Distributions from net realized gain	-	(.03)	(2.44)	(3.18)	(2.56)
Total distributions	(.87)	(.69) ^I	(2.90)	(3.50)	(3.00)
Redemption fees added to paid in capital ^C	- ^H	.01	.01	.01	.01
Net asset value, end of period	$ 61.34	$ 44.14	$ 63.25	$ 58.13	$ 52.18
Total Return ^{A, B}	40.96%	(29.23)%	13.72%	18.43%	7.50%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	.92%	.91%	.91%	1.01%	1.04%
Expenses net of fee waivers, if any	.92%	.91%	.90%	.99%	1.04%
Expenses net of all reductions	.91%	.90%	.90%	.98%	1.03%
Net investment income (loss)	1.73%	1.55%	1.12%	.99%	.97%
Supplemental Data
Net assets, end of period (000 omitted)	$ 946,455	$ 657,263	$ 655,224	$ 374,930	$ 125,007
Portfolio turnover rate ^E	69%	70%	71%	99%	75%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G For the year ended February 29. ^H Amount represents less than $.01 per share. ^I Total distributions of $.69 per share is comprised of distributions from net investment income of $.668 and distributions from net realized gain of $.025 per share.

Financial Highlights - Institutional Class

Years ended February 28,	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 44.07	$ 63.22	$ 58.12	$ 56.89
Income from Investment Operations
Net investment income (loss) ^D	.98	.82	.74	.07
Net realized and unrealized gain (loss)	17.09	(19.23)	7.30	1.16
Total from investment operations	18.07	(18.41)	8.04	1.23
Distributions from net investment income	(.88)	(.73)	(.51)	-
Distributions from net realized gain	-	(.03)	(2.44)	-
Total distributions	(.88)	(.75) ^K	(2.95)	-
Redemption fees added to paid in capital ^D	- ^J	.01	.01	- ^J
Net asset value, end of period	$ 61.26	$ 44.07	$ 63.22	$ 58.12
Total Return ^{B, C}	41.03%	(29.22)%	13.77%	2.16%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.86%	.91%	.85%	1.00% ^A
Expenses net of fee waivers, if any	.86%	.91%	.85%	1.00% ^A
Expenses net of all reductions	.86%	.91%	.84%	1.00% ^A
Net investment income (loss)	1.78%	1.54%	1.17%	.57% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,152	$ 30,922	$ 10,384	$ 132
Portfolio turnover rate ^F	69%	70%	71%	99%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.75 per share is comprised of distributions from net investment income of $.726 and distributions from net realized gain of $.025 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 117,013,594
Gross unrealized depreciation	(40,330,590)
Net unrealized appreciation (depreciation)	$ 76,683,004

Tax Cost	$ 1,190,101,774

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 1,439,085
Capital loss carryforward	$ (2,242,566)
Net unrealized appreciation (depreciation)	$ 76,682,972

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 15,962,478	$ 12,222,262

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $749,813,665 and $739,748,758, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 396,506	$ 13,397
Class T	.25%	.25%	133,350	561
Class B	.75%	.25%	193,963	145,659
Class C	.75%	.25%	687,437	308,759
			$ 1,411,256	$ 468,376

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 109,547
Class T	12,607
Class B*	51,810
Class C*	24,728
	$ 198,692

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets
Class A	$ 402,842	.25
Class T	82,383	.31
Class B	65,652	.34
Class C	180,801	.26
Consumer Staples	2,245,942	.28
Institutional Class	80,335	.23
	$ 3,057,955

6. Committed Line of Credit.

7. Security Lending.

8. Expense Reductions.

Annual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 2,068,687	$ 1,409,006
Class T	279,551	273,000
Class B	121,683	118,536
Class C	461,837	437,729
Consumer Staples	12,515,444	9,279,861
Institutional Class	515,276	369,644
Total	$ 15,962,478	$ 11,887,776
From net realized gain
Class A	$ -	$ 11,953
Consumer Staples	-	317,666
Institutional Class	-	4,867
Total	$ -	$ 334,486

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	1,132,943	2,896,213	$ 59,482,737	$ 154,503,507
Reinvestment of distributions	31,495	27,496	1,903,559	1,327,859
Shares redeemed	(1,263,286)	(542,745)	(70,043,896)	(28,294,587)
Net increase (decrease)	(98,848)	2,380,964	$ (8,657,600)	$ 127,536,779
Class T
Shares sold	173,895	520,546	$ 9,112,154	$ 27,382,626
Reinvestment of distributions	4,329	5,430	262,823	260,678
Shares redeemed	(207,203)	(108,963)	(10,599,980)	(5,646,618)
Net increase (decrease)	(28,979)	417,013	$ (1,225,003)	$ 21,996,686
Class B
Shares sold	104,786	323,554	$ 5,439,880	$ 17,593,411
Reinvestment of distributions	1,610	1,967	97,230	94,022
Shares redeemed	(99,879)	(60,442)	(5,370,134)	(3,153,125)
Net increase (decrease)	6,517	265,079	$ 166,976	$ 14,534,308
Class C
Shares sold	378,183	1,133,018	$ 19,816,576	$ 59,347,217
Reinvestment of distributions	5,180	6,095	312,378	290,992
Shares redeemed	(422,141)	(191,974)	(22,614,834)	(10,093,420)
Net increase (decrease)	(38,778)	947,139	$ (2,485,880)	$ 49,544,789
Consumer Staples
Shares sold	6,969,074	13,482,265	$ 390,940,582	$ 765,828,751
Reinvestment of distributions	198,030	185,893	11,983,104	9,096,289
Shares redeemed	(6,628,713)	(9,136,327)	(351,735,799)	(521,761,725)
Net increase (decrease)	538,391	4,531,831	$ 51,187,887	$ 253,163,315
Institutional Class
Shares sold	333,805	760,504	$ 17,656,120	$ 40,084,673
Reinvestment of distributions	4,184	4,038	251,491	196,481
Shares redeemed	(449,527)	(227,140)	(23,804,557)	(12,179,526)
Net increase (decrease)	(111,538)	537,402	$ (5,896,946)	$ 28,101,628

11. Other.

Annual Report

Fidelity Advisor Gold Fund - Institutional Class

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Institutional Class ^A	35.50%	17.69%	17.64%

^A The initial offering of Institutional Class shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Gold Portfolio, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Gold Fund - Institutional Class on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period. The initial offering of Institutional Class shares took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Institutional Class.

fid720

Annual Report

Fidelity Advisor Gold Fund

Management's Discussion of Fund Performance

Comments from S. Joseph Wickwire II, Portfolio Manager of Select Gold Portfolio: During the past year, the fund's Institutional Class shares returned 35.50%, trailing the S&P 500 but beating the 32.34% mark of the S&P® Global BMI Gold Capped Index, which was adopted in December 2009 as a better representation of the fund's investment universe. Versus its industry index, the fund was aided most by its diversification outside the gold market, especially its out-of-index investments in non-gold precious metals, coal and steel producers. These securities and their underlying commodities outperformed gold bullion and gold equities for a majority of the period. In absolute terms, our foreign holdings were bolstered by weakness in the U.S. dollar versus most major currencies, especially the Canadian dollar. At the stock level, out-of-index positions in Impala Platinum and Aquarius Platinum - both with operations in South Africa - provided strong performance, as that metal's two primary end-markets, jewelry and automobile catalytic converters, rebounded on improving demand and tightening supply. Other contributors were coal producer Massey Energy and diversified metals/mining holding Buenaventura, the latter based in Peru. Randgold Resources - a U.K.-based company with most of its assets in West Africa - and Aquiline Resources, a miner with projects in South America that was acquired on very favorable terms, also aided performance. Impala, Aquarius and Massey were reduced or sold by period end. Underweighting three large index constituents also benefited performance, as Newmont Mining and Canadian holdings Goldcorp and Barrick Gold all underperformed our industry benchmark. In the case of Goldcorp, I felt the company's potential improved significantly, leading me to make that stock the fund's largest position by period end. Conversely, underweighted exposure to outperforming emerging market and exploration gold names, such as SEMAFO and Centerra Gold, with operations in West Africa and Asia, respectively, and Russia-based Polyus Gold, detracted from our results. Another area of relative underperformance came from the fund's out-of-index exposure to gold bullion. While our bullion holdings delivered a return of approximately 18%, that result lagged the return of gold equities.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.16%
Actual		$ 1,000.00	$ 1,113.50	$ 6.08
Hypothetical^A		$ 1,000.00	$ 1,019.04	$ 5.81
Class T	1.47%
Actual		$ 1,000.00	$ 1,111.70	$ 7.70
Hypothetical^A		$ 1,000.00	$ 1,017.50	$ 7.35
Class B	1.96%
Actual		$ 1,000.00	$ 1,109.00	$ 10.25
Hypothetical^A		$ 1,000.00	$ 1,015.08	$ 9.79
Class C	1.91%
Actual		$ 1,000.00	$ 1,109.30	$ 9.99
Hypothetical^A		$ 1,000.00	$ 1,015.32	$ 9.54
Gold	.93%
Actual		$ 1,000.00	$ 1,114.60	$ 4.88
Hypothetical^A		$ 1,000.00	$ 1,020.18	$ 4.66
Institutional Class	.90%
Actual		$ 1,000.00	$ 1,115.00	$ 4.72
Hypothetical^A		$ 1,000.00	$ 1,020.33	$ 4.51

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Goldcorp, Inc.	9.8	9.9
Newmont Mining Corp.	7.8	4.7
AngloGold Ashanti Ltd. sponsored ADR	7.2	7.1
Newcrest Mining Ltd.	6.8	7.1
Agnico-Eagle Mines Ltd. (Canada)	6.1	6.7
Randgold Resources Ltd. sponsored ADR	5.2	4.5
Barrick Gold Corp.	4.9	10.0
Kinross Gold Corp.	4.9	4.8
Eldorado Gold Corp.	3.5	2.4
Yamana Gold, Inc.	3.5	4.2
	59.7

Top Industries (% of fund's net assets)
As of February 28, 2010
	Gold	92.6%
	Precious Metals & Minerals	4.5%
	Coal & Consumable Fuels	0.4%
	Diversified Metals & Mining	0.1%
	Oil & Gas Exploration & Production	0.0%
	All Others*	2.4%

fid728

As of August 31, 2009
	Gold	92.2%
	Precious Metals & Minerals	3.3%
	Diversified Metals & Mining	2.4%
	Coal & Consumable Fuels	0.5%
	Steel	0.3%
	All Others*	1.3%

fid736

* Includes short-term investments and net other assets.

Annual Report

Consolidated Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 90.8%
	Shares		Value
Australia - 8.3%
METALS & MINING - 8.3%
Gold - 8.3%
Andean Resources Ltd. (a)	4,807,514		$ 11,067,888
Avoca Resources Ltd. (a)	2,035,474		3,263,846
Centamin Egypt Ltd. (a)	4,197,000		7,440,982
Dominion Mining Ltd.	595,594		1,392,521
Kingsgate Consolidated NL	1,260,123		9,944,888
Mineral Deposits Ltd. (a)	3,151,255		2,681,750
Newcrest Mining Ltd.	7,350,648		206,364,826
Perseus Mining Ltd. (c)	1,939,308		3,040,156
Resolute Mining Ltd. (a)	2,052,147		1,709,631
St Barbara Ltd. (a)	14,110,000		2,780,742
Troy Resources NL (a)(d)	2,300,000		4,043,716
			253,730,946
Bailiwick of Jersey - 5.2%
METALS & MINING - 5.2%
Gold - 5.2%
Randgold Resources Ltd. sponsored ADR (c)	2,203,667		158,686,061
Bermuda - 0.4%
METALS & MINING - 0.4%
Precious Metals & Minerals - 0.4%
Aquarius Platinum Ltd. (United Kingdom)	1,981,752		10,974,225
Canada - 49.1%
METALS & MINING - 49.0%
Diversified Metals & Mining - 0.1%
Anatolia Minerals Development Ltd. (a)	70,000		239,487
Clifton Star Resources, Inc. (a)	5,000		37,254
Kimber Resources, Inc. (a)	16,100		16,219
Kimber Resources, Inc. (a)(d)	3,888,000		3,916,636
Kimber Resources, Inc. warrants 3/11/10 (a)(d)	1,944,000		29,962
			4,239,558
Gold - 45.6%
Agnico-Eagle Mines Ltd. (Canada)	3,232,900		186,677,124
Alamos Gold, Inc. (a)	2,143,800		26,016,941
Aurizon Mines Ltd. (a)	2,234,600		8,982,996
B2Gold Corp. (a)(c)	880,000		1,145,735
Barrick Gold Corp.	3,924,519		147,880,426
Centerra Gold, Inc. (a)	280,000		3,408,696
Colossus Minerals, Inc. (a)	370,000		1,860,109
Crocodile Gold Corp. (a)	10,000		19,482
Detour Gold Corp. (a)(d)	615,000		9,953,386
Eldorado Gold Corp. (a)	8,475,213		107,042,605
European Goldfields Ltd. (a)	1,229,600		6,800,924
Exeter Resource Corp. (a)	233,000		1,882,157
Franco-Nevada Corp.	1,529,300		39,793,047
Gammon Gold, Inc. (a)	1,207,500		11,831,148
Gleichen Resources Ltd. (a)	230,000		209,836

	Shares		Value
Goldcorp, Inc.	7,880,300		$ 298,211,970
Golden Star Resources Ltd. (a)	3,375,769		10,522,711
Great Basin Gold Ltd. (a)(c)	5,107,900		8,349,335
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		246,377
Greystar Resources Ltd. (a)	75,000		360,656
Guyana Goldfields, Inc. (a)	878,000		5,440,304
Guyana Goldfields, Inc. (a)(d)	155,000		960,418
IAMGOLD Corp.	5,009,000		73,689,066
International Tower Hill Mines Ltd. (a)	236,700		1,561,129
Jaguar Mining, Inc. (a)	1,105,500		10,443,022
Kinross Gold Corp.	8,150,100		147,704,830
Lake Shore Gold Corp. (a)	500,000		1,458,779
Minefinders Corp. Ltd. (a)	1,060,000		10,476,598
New Gold, Inc. (a)	4,826,900		21,330,563
New Gold, Inc. warrants 4/3/12 (a)(d)	2,928,500		97,408
Northgate Minerals Corp. (a)	2,874,900		7,868,579
Novagold Resources, Inc. (a)	50,000		288,430
Osisko Mining Corp. (a)	682,000		5,800,808
Osisko Mining Corp. (a)(d)	3,000,000		25,516,750
Premier Gold Mines Ltd. (a)	460,200		1,640,057
Rainy River Resources Ltd. (a)	40,000		188,168
Red Back Mining, Inc. (a)	2,753,100		53,060,459
Red Back Mining, Inc. (a)(d)	270,000		5,203,706
Romarco Minerals, Inc. (a)	125,000		198,384
Rubicon Minerals Corp. (a)	914,500		3,936,978
San Gold Corp. (a)	1,581,400		5,470,464
Seabridge Gold, Inc. (a)	631,105		15,367,408
SEMAFO, Inc. (a)	786,100		3,608,328
Ventana Gold Corp. (a)	943,300		7,413,724
Yamana Gold, Inc.	10,050,900		106,120,693
			1,386,040,714
Precious Metals & Minerals - 3.3%
Etruscan Resources, Inc. (a)	1,216,800		474,115
Etruscan Resources, Inc. (a)(d)	1,549,400		603,710
Etruscan Resources, Inc. warrants 11/2/10 (a)(d)	774,700		7,362
Pan American Silver Corp.	1,029,987		22,144,725
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,312,639
Silver Standard Resources, Inc. (a)	976,800		16,615,375
Silver Wheaton Corp. (a)	3,970,000		60,592,255
			101,750,181
TOTAL METALS & MINING			1,492,030,453
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Fronteer Development Group, Inc. (a)	500,000		2,228,558
Common Stocks - continued
	Shares		Value
Canada - continued
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - 0.0%
Comaplex Minerals Corp. (a)	7,000		$ 52,488
TOTAL OIL, GAS & CONSUMABLE FUELS			2,281,046
TOTAL CANADA			1,494,311,499
China - 1.3%
METALS & MINING - 1.3%
Gold - 1.3%
Zhaojin Mining Industry Co. Ltd. (H Shares) (c)	7,800,500		15,616,677
Zijin Mining Group Co. Ltd. (H Shares)	28,818,000		24,651,712
			40,268,389
Papua New Guinea - 3.4%
METALS & MINING - 3.4%
Gold - 3.4%
Lihir Gold Ltd.	43,495,881		103,253,567
Peru - 0.8%
METALS & MINING - 0.8%
Precious Metals & Minerals - 0.8%
Compania de Minas Buenaventura SA sponsored ADR	750,000		25,207,500
Russia - 0.9%
METALS & MINING - 0.9%
Gold - 0.9%
Polyus Gold OJSC sponsored ADR	941,566		25,281,047
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		605,781
TOTAL METALS & MINING			25,886,828
South Africa - 11.7%
METALS & MINING - 11.7%
Gold - 11.7%
AngloGold Ashanti Ltd. sponsored ADR (c)	6,012,452		218,733,004
Gold Fields Ltd. sponsored ADR	7,553,659		86,791,542
Harmony Gold Mining Co. Ltd.	1,549,000		13,978,909
Harmony Gold Mining Co. Ltd. sponsored ADR (c)	4,126,800		37,677,684
			357,181,139
United Kingdom - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Petropavlovsk PLC	640,000		9,214,044

	Shares		Value
United States of America - 9.4%
METALS & MINING - 9.1%
Gold - 9.1%
Allied Nevada Gold Corp. (a)(c)	592,800		$ 8,156,928
Newmont Mining Corp.	4,801,450		236,615,456
Royal Gold, Inc. (c)	649,413		29,184,620
US Gold Corp. (a)	1,165,900		3,136,271
			277,093,275
Precious Metals & Minerals - 0.0%
Hecla Mining Co. (a)(c)	150,000		780,000
TOTAL METALS & MINING			277,873,275
OIL, GAS & CONSUMABLE FUELS - 0.3%
Coal & Consumable Fuels - 0.3%
Arch Coal, Inc.	325,000		7,309,250
TOTAL UNITED STATES OF AMERICA			285,182,525
TOTAL COMMON STOCKS (Cost $2,241,570,065)		2,763,896,723
Commodities - 6.8%
	Troy Ounces
Gold Bullion (a) (Cost $162,322,900)	185,500		207,184,950
Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.16% (e)	884,915		884,915
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)	67,460,954		67,460,954
TOTAL MONEY MARKET FUNDS (Cost $68,345,869)		68,345,869

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $2,472,238,834)

3,039,427,542

NET OTHER ASSETS - 0.1%			3,906,479
NET ASSETS - 100%		$ 3,043,334,021

Legend

(a) Non-income producing

(b) 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	$ 180,857
Fidelity Securities Lending Cash Central Fund	499,028
Total	$ 679,885

Other Affiliated Issuers

Consolidated Subsidiary	Value, Beginning of Period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 154,880,326	$ 42,460,530	$ 27,469,000	$ -	$ 207,130,454

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 2,763,896,723	$ 2,746,715,104	$ 17,181,619	$ -
Commodities	207,184,950	207,184,950	-	-
Money Market Funds	68,345,869	68,345,869	-	-
Total Investments:	$ 3,039,427,542	$ 3,022,245,923	$ 17,181,619	$ -

The following is a reconciliation of Investments for which Level 3 inputs were used in determining value:

Investments:
Beginning Balance	$ 30,448
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(23,086)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	(7,362)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ -

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $12,954,352 all of which will expire on February 28, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $66,348,802) - See accompanying schedule: Unaffiliated issuers (cost $2,241,570,065)	$ 2,763,896,723
Fidelity Central Funds (cost $68,345,869)	68,345,869
Commodities (cost $162,322,900)	207,184,950
Total Investments (cost $2,472,238,834)		$ 3,039,427,542
Cash		6,462
Receivable for investments sold		156,345,630
Receivable for fund shares sold		4,261,845
Dividends receivable		1,520,832
Distributions receivable from Fidelity Central Funds		16,298
Prepaid expenses		8,347
Receivable from investment adviser for expense reductions		53,706
Other receivables		65,565
Total assets		3,201,706,227

Liabilities
Payable for investments purchased	$ 85,096,066
Payable for fund shares redeemed	3,239,466
Accrued management fee	1,447,456
Distribution fees payable	74,328
Other affiliated payables	918,135
Other payables and accrued expenses	135,801
Collateral on securities loaned, at value	67,460,954
Total liabilities		158,372,206

Net Assets		$ 3,043,334,021
Net Assets consist of:
Paid in capital		$ 2,601,815,526
Accumulated net investment loss		(919)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(125,663,002)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		567,182,416
Net Assets		$ 3,043,334,021

Consolidated Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($82,413,184 ÷ 2,034,982 shares)		$ 40.50

Maximum offering price per share (100/94.25 of $40.50)		$ 42.97
Class T: Net Asset Value and redemption price per share ($26,255,993 ÷ 650,903 shares)		$ 40.34

Maximum offering price per share (100/96.50 of $40.34)		$ 41.80
Class B: Net Asset Value and offering price per share ($18,339,955 ÷ 459,977 shares) ^A		$ 39.87

Class C: Net Asset Value and offering price per share ($38,623,968 ÷ 971,562 shares) ^A		$ 39.75

Gold: Net Asset Value, offering price and redemption price per share ($2,839,663,728 ÷ 69,515,870 shares)		$ 40.85

Institutional Class: Net Asset Value, offering price and redemption price per share ($38,037,193 ÷ 932,902 shares)		$ 40.77

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Gold Portfolio
Financial Statements - continued

Consolidated Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 14,179,836
Interest		74
Income from Fidelity Central Funds		679,885
Total income		14,859,795

Expenses
Management fee	$ 16,105,508
Transfer agent fees	8,951,189
Distribution fees	717,754
Accounting and security lending fees	1,212,567
Custodian fees and expenses	323,942
Independent trustees' compensation	17,951
Registration fees	289,277
Audit	71,070
Legal	13,823
Miscellaneous	34,226
Total expenses before reductions	27,737,307
Expense reductions	(1,109,754)	26,627,553
Net investment income (loss)		(11,767,758)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investments:
Unaffiliated issuers	137,360,027
Commodities	4,098,700
Foreign currency transactions	276,376
Capital gain distribution from Fidelity Central Funds	4,434
Total net realized gain (loss)		141,739,537
Change in net unrealized appreciation (depreciation) on: Investments	548,783,486
Assets and liabilities in foreign currencies	(41,908)
Commodities	33,817,640
Total change in net unrealized appreciation (depreciation)		582,559,218
Net gain (loss)		724,298,755
Net increase (decrease) in net assets resulting from operations		$ 712,530,997

Consolidated Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (11,767,758)	$ (2,690,363)
Net realized gain (loss)	141,739,537	(179,917,786)
Change in net unrealized appreciation (depreciation)	582,559,218	(711,142,287)
Net increase (decrease) in net assets resulting from operations	712,530,997	(893,750,436)
Distributions to shareholders from net realized gain	(56,010,412)	(9,542,341)
Share transactions - net increase (decrease)	418,234,847	430,558,697
Redemption fees	514,829	852,427
Total increase (decrease) in net assets	1,075,270,261	(471,881,653)

Net Assets
Beginning of period	1,968,063,760	2,439,945,413
End of period (including accumulated net investment loss of $919 and accumulated net investment loss of $714, respectively)	$ 3,043,334,021	$ 1,968,063,760

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.45	$ 46.19	$ 36.53	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.25)	(.15)	(.15)	(.01)
Net realized and unrealized gain (loss)	11.00	(15.44)	15.00	(.07)
Total from investment operations	10.75	(15.59)	14.85	(.08)
Distributions from net investment income	-	-	(.19)	-
Distributions from net realized gain	(.71)	(.17)	(5.01)	-
Total distributions	(.71)	(.17)	(5.20)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 40.50	$ 30.45	$ 46.19	$ 36.53
Total Return^{B, C, D}	35.19%	(33.81)%	44.59%	(.19)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.21%	1.21%	1.17%	1.13%^A
Expenses net of fee waivers, if any	1.19%	1.19%	1.17%	1.13%^A
Expenses net of all reductions	1.17%	1.15%	1.13%	1.10%^A
Net investment income (loss)	(.63)%	(.45)%	(.37)%	(.18)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 82,413	$ 39,144	$ 26,620	$ 1,857
Portfolio turnover rate^G	46%	42%	55%	85%

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.36	$ 46.17	$ 36.49	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.36)	(.24)	(.25)	(.03)
Net realized and unrealized gain (loss)	10.96	(15.42)	15.05	(.09)
Total from investment operations	10.60	(15.66)	14.80	(.12)
Distributions from net investment income	-	-	(.16)	-
Distributions from net realized gain	(.63)	(.17)	(4.97)	-
Total distributions	(.63)	(.17)	(5.13)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 40.34	$ 30.36	$ 46.17	$ 36.49
Total Return^{B, C, D}	34.79%	(33.98)%	44.45%	(.30)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.51%	1.47%	1.43%	1.46%^A
Expenses net of fee waivers, if any	1.49%	1.45%	1.43%	1.46%^A
Expenses net of all reductions	1.47%	1.41%	1.39%	1.43%^A
Net investment income (loss)	(.93)%	(.71)%	(.63)%	(.40)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 26,256	$ 15,284	$ 11,334	$ 1,093
Portfolio turnover rate^G	46%	42%	55%	85%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.08	$ 45.97	$ 36.46	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.55)	(.40)	(.45)	(.07)
Net realized and unrealized gain (loss)	10.84	(15.34)	14.95	(.08)
Total from investment operations	10.29	(15.74)	14.50	(.15)
Distributions from net investment income	-	-	(.16)	-
Distributions from net realized gain	(.51)	(.17)	(4.84)	-
Total distributions	(.51)	(.17)	(5.00)	-
Redemption fees added to paid in capital^E	.01	.02	.01	.01
Net asset value, end of period	$ 39.87	$ 30.08	$ 45.97	$ 36.46
Total Return^{B, C, D}	34.12%	(34.30)%	43.53%	(.38)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.00%	1.97%	1.93%	1.96%^A
Expenses net of fee waivers, if any	1.98%	1.95%	1.93%	1.96%^A
Expenses net of all reductions	1.96%	1.89%	1.90%	1.93%^A
Net investment income (loss)	(1.42)%	(1.20)%	(1.14)%	(.93)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 18,340	$ 8,421	$ 6,869	$ 902
Portfolio turnover rate^G	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 30.00	$ 45.85	$ 36.44	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.53)	(.39)	(.45)	(.07)
Net realized and unrealized gain (loss)	10.80	(15.30)	14.91	(.10)
Total from investment operations	10.27	(15.69)	14.46	(.17)
Distributions from net investment income	-	-	(.17)	-
Distributions from net realized gain	(.53)	(.17)	(4.89)	-
Total distributions	(.53)	(.17)	(5.06)	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 39.75	$ 30.00	$ 45.85	$ 36.44
Total Return^{B, C, D}	34.15%	(34.30)%	43.49%	(.44)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.97%	1.97%	1.92%	2.02%^A
Expenses net of fee waivers, if any	1.95%	1.95%	1.92%	2.02%^A
Expenses net of all reductions	1.93%	1.89%	1.89%	1.99%^A
Net investment income (loss)	(1.39)%	(1.20)%	(1.12)%	(1.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,624	$ 17,544	$ 10,835	$ 437
Portfolio turnover rate^G	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Gold


Years ended February 28,	2010	2009	2008^H	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46
Income from Investment Operations
Net investment income (loss)^C	(.16)	(.04)	(.02)	.22^F	.04
Net realized and unrealized gain (loss)	11.10	(15.51)	15.05	5.49	12.21
Total from investment operations	10.94	(15.55)	15.03	5.71	12.25
Distributions from net investment income	-	-	(.18)	(.02)	(.02)
Distributions from net realized gain	(.77)	(.17)	(5.03)	(5.10)	(3.84)
Total distributions	(.77)	(.17)	(5.21)	(5.12)	(3.86)
Redemption fees added to paid in capital^C	.01	.02	.01	.04	.06
Net asset value, end of period	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91
Total Return^{A, B}	35.52%	(33.59)%	45.10%	16.19%	48.84%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	.98%	.89%	.85%	.90%	.97%
Expenses net of fee waivers, if any	.96%	.87%	.85%	.90%	.97%
Expenses net of all reductions	.94%	.86%	.81%	.87%	.82%
Net investment income (loss)	(.40)%	(.13)%	(.05)%	.62% ^F	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,839,664	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665
Portfolio turnover rate^E	46%	42%	55%	85%	108%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H For the year ended February 29.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 30.65	$ 46.34	$ 36.54	$ 36.60
Income from Investment Operations
Net investment income (loss)^D	(.15)	(.05)	(.01)	.01
Net realized and unrealized gain (loss)	11.08	(15.49)	15.03	(.08)
Total from investment operations	10.93	(15.54)	15.02	(.07)
Distributions from net investment income	-	-	(.19)	-
Distributions from net realized gain	(.82)	(.17)	(5.04)	-
Total distributions	(.82)	(.17)	(5.23)	-
Redemption fees added to paid in capital^D	.01	.02	.01	.01
Net asset value, end of period	$ 40.77	$ 30.65	$ 46.34	$ 36.54
Total Return^{B, C}	35.50%	(33.59)%	45.10%	(.16)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.95%	.91%	.83%	.94%^A
Expenses net of fee waivers, if any	.93%	.89%	.83%	.94%^A
Expenses net of all reductions	.91%	.86%	.79%	.91%^A
Net investment income (loss)	(.37)%	(.14)%	(.03)%	.12%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,037	$ 6,070	$ 3,174	$ 385
Portfolio turnover rate^F	46%	42%	55%	85%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Consolidated Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investment in Subsidiary.

3. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

4. Significant Accounting Policies.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Consolidated Financial Statements - continued

4. Significant Accounting Policies - continued

Security Valuation - continued

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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of February 28, 2010, the Fund did not have any unrecognized tax benefits in the accompanying consolidated financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Annual Report

4. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporation, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 587,307,975
Gross unrealized depreciation	(162,095,828)
Net unrealized appreciation (depreciation)	$ 425,212,147

Tax Cost	$ 2,614,215,395

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 29,267,911
Capital loss carryforward	$ (12,954,352)
Net unrealized appreciation (depreciation)	$ 425,205,855

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009
Ordinary Income	$ 56,010,412	$ -
Long-term Capital Gains	-	9,542,341
Total	$ 56,010,412	$ 9,542,341

5. Operating Policies.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,666,765,327 and $1,222,401,265, respectively.

7. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Consolidated Financial Statements - continued

7. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 165,404	$ 12,406
Class T	.25%	.25%	109,284	706
Class B	.75%	.25%	148,843	111,714
Class C	.75%	.25%	294,223	150,118
			$ 717,754	$ 274,944

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 128,737
Class T	17,837
Class B*	40,323
Class C*	21,509
	$ 208,406

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 201,509	.31
Class T	77,008	.35
Class B	50,520	.34
Class C	88,998	.30
Gold	8,484,126	.33
Institutional Class	49,028	.29
	$ 8,951,189

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9,533 and is reflected in Miscellaneous Expense on the Consolidated Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $499,028.

10. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $492,362 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $375.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net realized gain
Class A	$ 1,356,457	$ 120,234
Class T	386,094	52,921
Class B	226,465	30,037
Class C	480,176	48,372
Gold	53,033,502	9,277,078
Institutional Class	527,718	13,699
Total	$ 56,010,412	$ 9,542,341

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	1,548,727	1,309,698	$ 60,979,204	$ 44,660,266
Reinvestment of distributions	28,941	2,750	1,258,667	115,078
Shares redeemed	(828,099)	(603,399)	(32,946,669)	(19,759,071)
Net increase (decrease)	749,569	709,049	$ 29,291,202	$ 25,016,273
Class T
Shares sold	410,718	490,596	$ 16,022,649	$ 16,725,703
Reinvestment of distributions	8,602	1,250	372,822	52,336
Shares redeemed	(271,824)	(233,926)	(10,198,558)	(7,642,955)
Net increase (decrease)	147,496	257,920	$ 6,196,913	$ 9,135,084
Class B
Shares sold	271,111	268,687	$ 10,287,423	$ 9,041,240
Reinvestment of distributions	4,654	619	199,620	25,767
Shares redeemed	(95,719)	(138,798)	(3,721,090)	(4,716,395)
Net increase (decrease)	180,046	130,508	$ 6,765,953	$ 4,350,612
Class C
Shares sold	698,249	585,858	$ 27,513,842	$ 18,965,561
Reinvestment of distributions	9,039	1,077	386,528	44,699
Shares redeemed	(320,512)	(238,490)	(12,323,085)	(7,504,831)
Net increase (decrease)	386,776	348,445	$ 15,577,285	$ 11,505,429

Annual Report

Notes to Consolidated Financial Statements - continued

12. Share Transactions - continued

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Gold
Shares sold	40,468,485	46,487,078	$ 1,581,099,363	$ 1,611,564,135
Reinvestment of distributions	1,174,296	212,477	51,481,173	8,930,407
Shares redeemed	(33,470,388)	(36,708,151)	(1,303,757,681)	(1,244,304,895)
Net increase (decrease)	8,172,393	9,991,404	$ 328,822,855	$ 376,189,647
Institutional Class
Shares sold	933,259	256,180	$ 39,237,749	$ 8,523,938
Reinvestment of distributions	10,089	259	441,486	10,894
Shares redeemed	(208,491)	(126,881)	(8,098,596)	(4,173,180)
Net increase (decrease)	734,857	129,558	$ 31,580,639	$ 4,361,652

13. Other.

Annual Report

Fidelity Advisor Materials Fund - Institutional Class

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Institutional Class ^A	91.79%	9.43%	13.24%

^A The initial offering of Institutional Class shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Materials Portfolio, the original class of the fund.

Prior to October 1, 2006, the fund operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Materials Fund - Institutional Class on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period. The initial offering of Institutional Class shares took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Institutional Class.

fid738

Annual Report

Fidelity Advisor Materials Fund

Management's Discussion of Fund Performance

Market Recap: The U.S. stock market began one of its most dramatic turnarounds ever in March 2009, finishing the 12-month period ending February 28, 2010, with impressive gains as the economy inched its way toward recovery and the credit crisis eased. By the close of the period, the Great Recession that began in 2007 appeared nearer to an end, as many companies posted positive earnings in the wake of cost-cutting measures and unprecedented government intervention. Most major indexes declined in only two months - October, when unemployment hit 10.1%, and January, when European debt worries crimped returns. For the full year, the S&P 500® Index rose 53.62%, its largest 12-month gain in 27 years. The technology-laden Nasdaq Composite®Index rose 63.98% and the Dow Jones U.S. Total Stock Market Index^SM - the broadest gauge of U.S. stocks - climbed 56.16%. All 10 sectors of the market - as represented by the S&P 500® - reported double-digit gains in the period, led by financials, which rose 98%. The consumer discretionary and industrials sectors also finished strong, followed by materials and information technology. Groups that posted weaker results still gained, with the worst performer - telecommunication services - returning almost 13%.

Comments from Tobias Welo, Portfolio Manager of Fidelity Advisor Materials Fund: For the 12 months ending February 28, 2010, the fund's Institutional Class shares returned 91.79%, significantly outperforming the S&P 500 and the 73.30% return of the MSCI® U.S. IM Materials 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe. Security selection boosted results relative to the MSCI index, particularly within specialty chemicals, paper packaging, commodity and diversified chemicals, and coal/consumable fuels. An underweighting in fertilizers/agricultural chemicals and an overweighting in commodity chemicals also helped. Conversely, an underweighting in paper products and lack of exposure to the aluminum group detracted, as did a modest cash position in a rising market. Specialty chemicals firm W.R. Grace was the top contributor, helped by better-than-expected earnings. Commodity chemicals firm Celanese rose sharply on improved earnings and an uptick in demand, while paper packaging company Temple-Inland jumped due to the firm's stable earnings. Detractors included underweightings in International Paper, whose stock rose on improved profit margins thanks to aggressive cost-cutting, and steel concern Cliffs Natural Resources, which rose on brightening prospects for the iron ore and coal industries. Some holdings mentioned in this update were sold by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.20%
Actual		$ 1,000.00	$ 1,125.60	$ 6.32
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Class T	1.51%
Actual		$ 1,000.00	$ 1,123.90	$ 7.95
Hypothetical^A		$ 1,000.00	$ 1,017.31	$ 7.55
Class B	2.01%
Actual		$ 1,000.00	$ 1,121.20	$ 10.57
Hypothetical^A		$ 1,000.00	$ 1,014.83	$ 10.04
Class C	1.99%
Actual		$ 1,000.00	$ 1,121.40	$ 10.47
Hypothetical^A		$ 1,000.00	$ 1,014.93	$ 9.94
Materials	.92%
Actual		$ 1,000.00	$ 1,127.30	$ 4.85
Hypothetical^A		$ 1,000.00	$ 1,020.23	$ 4.61
Institutional Class	.91%
Actual		$ 1,000.00	$ 1,127.40	$ 4.80
Hypothetical^A		$ 1,000.00	$ 1,020.28	$ 4.56

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	9.3	7.5
Monsanto Co.	9.3	5.1
E.I. du Pont de Nemours & Co.	8.1	7.9
Praxair, Inc.	5.9	5.8
Freeport-McMoRan Copper & Gold, Inc.	5.0	7.6
Air Products & Chemicals, Inc.	4.1	4.4
Newmont Mining Corp.	3.7	1.2
Weyerhaeuser Co.	3.5	2.7
Nucor Corp.	3.3	4.2
Owens-Illinois, Inc.	3.1	2.6
	55.3

Top Industries (% of fund's net assets)
As of February 28, 2010
	Chemicals	56.9%
	Metals & Mining	24.7%
	Containers & Packaging	4.6%
	Paper & Forest Products	4.0%
	Construction Materials	3.4%
	All Others*	6.4%

fid746

As of August 31, 2009
	Chemicals	52.9%
	Metals & Mining	22.3%
	Containers & Packaging	8.6%
	Construction Materials	4.0%
	Paper & Forest Products	3.6%
	All Others*	8.6%

fid754

* Includes short-term investments and net other assets.

Annual Report

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
BUILDING PRODUCTS - 1.8%
Building Products - 1.8%
Masco Corp.	954,300		$ 12,758,991
CHEMICALS - 56.9%
Commodity Chemicals - 3.1%
Celanese Corp. Class A	709,406		22,126,373
Diversified Chemicals - 22.6%
Ashland, Inc.	275,036		12,948,695
Dow Chemical Co.	2,351,618		66,574,305
E.I. du Pont de Nemours & Co.	1,711,400		57,708,408
FMC Corp.	179,800		10,279,166
Huntsman Corp.	589,100		8,088,343
Solutia, Inc. (a)	447,713		6,299,322
			161,898,239
Fertilizers & Agricultural Chemicals - 14.1%
CF Industries Holdings, Inc.	76,300		8,106,112
Monsanto Co.	941,744		66,534,214
Potash Corp. of Saskatchewan, Inc.	16,300		1,796,911
The Mosaic Co.	357,300		20,862,747
Yara International ASA	87,900		3,620,173
			100,920,157
Industrial Gases - 10.0%
Air Products & Chemicals, Inc.	424,400		29,105,352
Praxair, Inc.	560,541		42,119,051
			71,224,403
Specialty Chemicals - 7.1%
Albemarle Corp.	401,535		15,053,547
Ferro Corp.	1,055,300		8,642,907
Innophos Holdings, Inc.	231,500		5,375,430
Johnson Matthey PLC	74,505		1,804,406
Kraton Performance Polymers, Inc.	111,300		1,501,437
W.R. Grace & Co. (a)	637,900		18,473,584
			50,851,311
TOTAL CHEMICALS			407,020,483
CONSTRUCTION MATERIALS - 3.4%
Construction Materials - 3.4%
Cemex SA de CV sponsored ADR	564,700		5,398,532
HeidelbergCement AG	89,810		4,576,191
Martin Marietta Materials, Inc. (c)	69,322		5,491,689
Vulcan Materials Co. (c)	197,000		8,551,770
			24,018,182
CONTAINERS & PACKAGING - 4.6%
Metal & Glass Containers - 4.6%
Crown Holdings, Inc. (a)	388,599		10,616,525
Owens-Illinois, Inc. (a)	764,600		22,662,744
			33,279,269

	Shares		Value
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Bunge Ltd.	120,400		$ 7,174,637
MARINE - 0.2%
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	279,390		1,441,652
METALS & MINING - 24.7%
Diversified Metals & Mining - 7.9%
Anglo American PLC (United Kingdom) (a)	125,151		4,561,740
Freeport-McMoRan Copper & Gold, Inc.	474,865		35,690,853
RTI International Metals, Inc. (a)	219,600		5,276,988
Teck Resources Ltd. Class B (sub. vtg.) (a)	98,400		3,618,988
Vale SA sponsored ADR	258,450		7,200,417
			56,348,986
Gold - 7.0%
Agnico-Eagle Mines Ltd. (Canada)	117,300		6,773,246
AngloGold Ashanti Ltd. sponsored ADR	301,020		10,951,108
Newcrest Mining Ltd.	95,764		2,688,514
Newmont Mining Corp.	531,000		26,167,680
Randgold Resources Ltd. sponsored ADR	50,300		3,622,103
			50,202,651
Precious Metals & Minerals - 0.6%
Aquarius Platinum Ltd. (United Kingdom)	264,400		1,464,152
Impala Platinum Holdings Ltd.	63,155		1,536,247
Pan American Silver Corp.	75,200		1,616,800
			4,617,199
Steel - 9.2%
Allegheny Technologies, Inc.	248,500		10,849,510
Carpenter Technology Corp.	202,800		6,057,636
Commercial Metals Co.	441,355		7,238,222
Nucor Corp.	568,400		23,531,760
Reliance Steel & Aluminum Co.	194,900		8,641,866
Steel Dynamics, Inc.	412,700		6,739,391
Ternium SA sponsored ADR (a)(c)	71,600		2,450,868
			65,509,253
TOTAL METALS & MINING			176,678,089
OIL, GAS & CONSUMABLE FUELS - 0.4%
Coal & Consumable Fuels - 0.4%
Centennial Coal Co. Ltd.	894,316		2,924,118
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 4.0%
Forest Products - 4.0%
Louisiana-Pacific Corp. (a)	502,700		$ 3,825,547
Weyerhaeuser Co.	619,400		25,023,760
			28,849,307
TOTAL COMMON STOCKS (Cost $645,126,262)		694,144,728
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.16% (d)	37,931,793		37,931,793
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	11,995,375		11,995,375
TOTAL MONEY MARKET FUNDS (Cost $49,927,168)		49,927,168

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $695,053,430)

744,071,896

NET OTHER ASSETS - (4.0)%			(28,856,109)
NET ASSETS - 100%		$ 715,215,787

Legend

(a) Non-income producing

(b) 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	$ 47,364
Fidelity Securities Lending Cash Central Fund	15,907
Total	$ 63,271

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 694,144,728	$ 694,144,727	$ -	$ -
Money Market Funds	49,927,168	49,927,168	-	-
Total Investments in Securities:	$ 744,071,896	$ 744,071,895	$ -	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	89.5%
Canada	1.9%
South Africa	1.7%
Bermuda	1.2%
Brazil	1.0%
Others (individually less than 1%)	4.7%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $22,356,874 of which $21,745,565 and $611,309 will expire on February 28, 2017 and 2018, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 28, 2010

Assets
Investment in securities, at value (including securities loaned of $11,487,690) - See accompanying schedule: Unaffiliated issuers (cost $645,126,262)	$ 694,144,728
Fidelity Central Funds (cost $49,927,168)	49,927,168
Total Investments (cost $695,053,430)		$ 744,071,896
Receivable for investments sold		4,649,528
Receivable for fund shares sold		3,258,849
Dividends receivable		866,889
Distributions receivable from Fidelity Central Funds		4,218
Prepaid expenses		1,392
Other receivables		12,590
Total assets		752,865,362

Liabilities
Payable for investments purchased	$ 22,498,973
Payable for fund shares redeemed	2,560,693
Accrued management fee	326,982
Distribution fees payable	40,913
Other affiliated payables	178,872
Other payables and accrued expenses	47,767
Collateral on securities loaned, at value	11,995,375
Total liabilities		37,649,575

Net Assets		$ 715,215,787
Net Assets consist of:
Paid in capital		$ 694,034,904
Undistributed net investment income		21,306
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(27,857,336)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		49,016,913
Net Assets		$ 715,215,787

Statement of Assets and Liabilities - continued

	February 28, 2010

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($52,351,766 ÷ 996,350 shares)		$ 52.54

Maximum offering price per share (100/94.25 of $52.54)		$ 55.75
Class T: Net Asset Value and redemption price per share ($14,711,630 ÷ 281,003 shares)		$ 52.35

Maximum offering price per share (100/96.50 of $52.35)		$ 54.25
Class B: Net Asset Value and offering price per share ($9,538,132 ÷ 183,927 shares) ^A		$ 51.86

Class C: Net Asset Value and offering price per share ($20,468,795 ÷ 395,238 shares) ^A		$ 51.79

Materials: Net Asset Value, offering price and redemption price per share ($604,475,227 ÷ 11,490,743 shares)		$ 52.61

Institutional Class: Net Asset Value, offering price and redemption price per share ($13,670,237 ÷ 260,005 shares)		$ 52.58

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 28, 2010

Investment Income
Dividends		$ 7,172,926
Special dividends		960,460
Interest		10,741
Income from Fidelity Central Funds		63,271
Total income		8,207,398

Expenses
Management fee	$ 2,489,211
Transfer agent fees	1,294,368
Distribution fees	335,450
Accounting and security lending fees	172,078
Custodian fees and expenses	46,360
Independent trustees' compensation	2,554
Registration fees	147,450
Audit	52,688
Legal	7,458
Miscellaneous	10,834
Total expenses before reductions	4,558,451
Expense reductions	(46,718)	4,511,733
Net investment income (loss)		3,695,665
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	54,971,145
Foreign currency transactions	(17,050)
Total net realized gain (loss)		54,954,095
Change in net unrealized appreciation (depreciation) on: Investment securities	118,180,912
Assets and liabilities in foreign currencies	(969)
Total change in net unrealized appreciation (depreciation)		118,179,943
Net gain (loss)		173,134,038
Net increase (decrease) in net assets resulting from operations		$ 176,829,703

Statement of Changes in Net Assets

	Year ended February 28, 2010	Year ended February 28, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,695,665	$ 2,259,809
Net realized gain (loss)	54,954,095	(75,667,547)
Change in net unrealized appreciation (depreciation)	118,179,943	(119,409,812)
Net increase (decrease) in net assets resulting from operations	176,829,703	(192,817,550)
Distributions to shareholders from net investment income	(4,024,717)	(976,789)
Share transactions - net increase (decrease)	390,197,683	(41,426,103)
Redemption fees	93,068	46,748
Total increase (decrease) in net assets	563,095,737	(235,173,694)

Net Assets
Beginning of period	152,120,050	387,293,744
End of period (including undistributed net investment income of $21,306 and undistributed net investment income of $350,358, respectively)	$ 715,215,787	$ 152,120,050

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.65	$ 57.00	$ 51.01	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.30^H	.22	.46	.17
Net realized and unrealized gain (loss)	24.90	(29.46)	8.05	3.93
Total from investment operations	25.20	(29.24)	8.51	4.10
Distributions from net investment income	(.32)	(.12)	(.32)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.32)	(.12)	(2.53)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 52.54	$ 27.65	$ 57.00	$ 51.01
Total Return^{B, C, D}	91.25%	(51.30)%	16.79%	8.76%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.23%	1.21%	1.21%	1.50%^A
Expenses net of fee waivers, if any	1.23%	1.21%	1.21%	1.40%^A
Expenses net of all reductions	1.22%	1.20%	1.21%	1.38%^A
Net investment income (loss)	.65%^H	.47%	.83%	1.76%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 52,352	$ 10,796	$ 12,522	$ 1,018
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.532 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class T


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.56	$ 56.80	$ 50.89	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.16^H	.10	.32	.11
Net realized and unrealized gain (loss)	24.81	(29.32)	8.00	3.87
Total from investment operations	24.97	(29.22)	8.32	3.98
Distributions from net investment income	(.19)	(.03)	(.21)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.19)	(.03)	(2.42)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 52.35	$ 27.56	$ 56.80	$ 50.89
Total Return^{B, C, D}	90.70%	(51.43)%	16.45%	8.51%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.52%	1.46%	1.46%	1.80%^A
Expenses net of fee waivers, if any	1.52%	1.46%	1.46%	1.65%^A
Expenses net of all reductions	1.51%	1.46%	1.46%	1.62%^A
Net investment income (loss)	.35%^H	.22%	.57%	1.18%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,712	$ 4,944	$ 6,850	$ 707
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .14%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.417 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.35	$ 56.59	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	(.07)^H	(.12)	.04	.06
Net realized and unrealized gain (loss)	24.61	(29.13)	7.98	3.84
Total from investment operations	24.54	(29.25)	8.02	3.90
Distributions from net investment income	(.04)	-	(.04)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.04)	-	(2.25)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 51.86	$ 27.35	$ 56.59	$ 50.81
Total Return^{B, C, D}	89.79%	(51.67)%	15.89%	8.34%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	2.02%	1.95%	1.97%	2.26%^A
Expenses net of fee waivers, if any	2.02%	1.95%	1.97%	2.15%^A
Expenses net of all reductions	2.01%	1.95%	1.96%	2.12%^A
Net investment income (loss)	(.15)%^H	(.27)%	.07%	.60%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,538	$ 2,601	$ 4,173	$ 662
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.253 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class C


Years ended February 28,	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 27.31	$ 56.50	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	(.06)^H	(.13)	.04	.09
Net realized and unrealized gain (loss)	24.57	(29.07)	7.97	3.81
Total from investment operations	24.51	(29.20)	8.01	3.90
Distributions from net investment income	(.04)	-	(.12)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.04)	-	(2.33)^M	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01
Net asset value, end of period	$ 51.79	$ 27.31	$ 56.50	$ 50.81
Total Return^{B, C, D}	89.82%	(51.66)%	15.87%	8.34%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	2.01%	1.95%	1.96%	2.31%^A
Expenses net of fee waivers, if any	2.01%	1.95%	1.96%	2.15%^A
Expenses net of all reductions	2.00%	1.95%	1.96%	2.13%^A
Net investment income (loss)	(.13)%^H	(.27)%	.07%	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,469	$ 5,509	$ 8,743	$ 547
Portfolio turnover rate^G	104%^K	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.35)%. ^I For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K The portfolio turnover rate does not include the assets acquired in the merger. ^L For the year ended February 29. ^M Total distributions of $2.334 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Materials


Years ended February 28,	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78
Income from Investment Operations
Net investment income (loss)^C	.43^F	.38	.64	.42	.32
Net realized and unrealized gain (loss)	24.91	(29.54)	8.01	9.36	6.40
Total from investment operations	25.34	(29.16)	8.65	9.78	6.72
Distributions from net investment income	(.40)	(.20)	(.36)	(.48)	(.25)
Distributions from net realized gain	-	-	(2.21)	(4.79)	(.93)
Total distributions	(.40)	(.20)	(2.57)^J	(5.27)	(1.18)
Redemption fees added to paid in capital^C	.01	.01	.01	.06	.03
Net asset value, end of period	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35
Total Return^{A, B}	91.77%	(51.15)%	17.10%	22.29%	17.01%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	.96%	.90%	.91%	1.01%	1.05%
Expenses net of fee waivers, if any	.96%	.90%	.90%	.98%	1.05%
Expenses net of all reductions	.94%	.90%	.89%	.96%	1.01%
Net investment income (loss)	.92%^F	.78%	1.14%	.87%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 604,475	$ 127,551	$ 353,185	$ 230,147	$ 169,523
Portfolio turnover rate^E	104%^H	117%	77%	185%	124%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Total returns do not include the effect of the former sales charges. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .70%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H The portfolio turnover rate does not include the assets acquired in the merger. ^I For the year ended February 29. ^J Total distributions of $2.573 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Institutional Class


Years ended February 28,	2010	2009	2008^K	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 27.66	$ 57.00	$ 50.91	$ 46.90
Income from Investment Operations
Net investment income (loss)^D	.46^G	.38	.64	.08
Net realized and unrealized gain (loss)	24.89	(29.53)	8.00	3.92
Total from investment operations	25.35	(29.15)	8.64	4.00
Distributions from net investment income	(.44)	(.20)	(.36)	-
Distributions from net realized gain	-	-	(2.21)	-
Total distributions	(.44)	(.20)	(2.56)^L	-
Redemption fees added to paid in capital^D	.01	.01	.01	.01
Net asset value, end of period	$ 52.58	$ 27.66	$ 57.00	$ 50.91
Total Return^{B, C}	91.79%	(51.15)%	17.08%	8.55%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.94%	.90%	.89%	1.06%^A
Expenses net of fee waivers, if any	.94%	.90%	.89%	1.06%^A
Expenses net of all reductions	.93%	.90%	.89%	1.04%^A
Net investment income (loss)	.94%^G	.78%	1.14%	.79%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,670	$ 719	$ 1,820	$ 119
Portfolio turnover rate^F	104%^J	117%	77%	185%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .72%. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J The portfolio turnover rate does not include the assets acquired in the merger. ^K For the year ended February 29. ^L Total distributions of $2.565 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.210 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2010

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

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. The aggregate value of investments by input level, as of February 28, 2010, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 81,661,128
Gross unrealized depreciation	(38,497,461)
Net unrealized appreciation (depreciation)	$ 43,163,667

Tax Cost	$ 700,908,229

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 375,642
Capital loss carryforward	$ (22,356,874)
Net unrealized appreciation (depreciation)	$ 43,162,114

The tax character of distributions paid was as follows:

	February 28, 2010	February 28, 2009

Ordinary Income	$ 4,024,717	$ 976,789

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $801,356,820 and $441,665,671, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 79,488	$ 2,143
Class T	.25%	.25%	54,942	277
Class B	.75%	.25%	62,120	46,655
Class C	.75%	.25%	138,900	49,199
			$ 335,450	$ 98,274

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 92,688
Class T	9,956
Class B*	8,978
Class C*	4,361
	$ 115,983

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 98,217	.31
Class T	38,681	.35
Class B	21,492	.35
Class C	46,333	.34
Materials	1,076,261	.29
Institutional Class	13,384	.27
	$ 1,294,368

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,333 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $46,675 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $43.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2010	2009
From net investment income
Class A	$ 238,202	$ 43,307
Class T	47,220	5,182
Class B	5,848	-
Class C	12,908	-
Materials	3,662,178	923,202
Institutional Class	58,361	5,098
Total	$ 4,024,717	$ 976,789

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2010	2009	2010	2009
Class A
Shares sold	858,136	400,579	$ 40,135,680	$ 21,052,656
Reinvestment of distributions	4,377	1,376	220,619	40,415
Shares redeemed	(256,610)	(231,192)	(11,780,339)	(9,966,206)
Net increase (decrease)	605,903	170,763	$ 28,575,960	$ 11,126,865
Class T
Shares sold	167,992	127,856	$ 7,326,294	$ 6,586,988
Reinvestment of distributions	941	169	45,756	4,976
Shares redeemed	(67,330)	(69,236)	(3,005,643)	(3,081,211)
Net increase (decrease)	101,603	58,789	$ 4,366,407	$ 3,510,753
Class B
Shares sold	131,820	70,236	$ 5,954,562	$ 3,670,456
Reinvestment of distributions	103	-	4,824	-
Shares redeemed	(43,087)	(48,886)	(1,785,370)	(2,112,869)
Net increase (decrease)	88,836	21,350	$ 4,174,016	$ 1,557,587
Class C
Shares sold	299,617	186,111	$ 13,304,163	$ 9,519,248
Reinvestment of distributions	234	(8)	10,972	(480)
Shares redeemed	(106,334)	(139,135)	(4,538,206)	(5,956,182)
Net increase (decrease)	193,517	46,968	$ 8,776,929	$ 3,562,586
Materials
Shares sold	11,253,841	3,524,569	$ 539,188,177	$ 186,250,882
Issued in exchange for shares of Paper and Forest Products Portfolio	337,332	-	13,304,373	-
Reinvestment of distributions	68,039	29,537	3,440,550	866,336
Shares redeemed	(4,780,310)	(5,137,192)	(223,285,260)	(248,168,306)
Net increase (decrease)	6,878,902	(1,583,086)	$ 332,647,840	$ (61,051,088)
Institutional Class
Shares sold	269,782	41,845	$ 13,383,120	$ 2,204,347
Reinvestment of distributions	839	156	43,347	4,588
Shares redeemed	(36,606)	(47,942)	(1,769,936)	(2,341,741)
Net increase (decrease)	234,015	(5,941)	$ 11,656,531	$ (132,806)

Annual Report

11. Other.

12. Merger Information.

Net investment income (loss)	$ 3,777,997
Total net realized gain (loss)	51,950,136
Total change in net unrealized appreciation (depreciation)	125,269,592
Net increase (decrease) in net assets resulting from operations	$ 180,997,725

Annual Report

Fidelity Advisor Telecommunications Fund - Institutional Class

Performance

Average Annual Total Returns

Periods ended February 28, 2010	Past 1 year	Past 5 years	Past 10 years
Institutional Class ^A	42.59%	2.90%	-7.74%

^A The initial offering of Institutional Class shares took place on December 12, 2006. Returns prior to December 12, 2006 are those of Telecommunications Portfolio, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Telecommunications Fund - Institutional Class on February 29, 2000. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period. The initial offering of Institutional Class shares took place on December 12, 2006. See the Average Annual Total Returns table for additional information regarding the performance of Institutional Class.

fid756

Annual Report

Fidelity Advisor Telecommunications Fund

Management's Discussion of Fund Performance

Comments from Kristina Salen, Portfolio Manager of Fidelity Advisor Telecommunications Fund: For the 12-month period ending February 28, 2010, the fund's Institutional Class shares returned 42.59%, handily outperforming the 18.67% return of the MSCI® U.S. IM Telecommunications Services 25/50 Index - which was adopted in January 2010 as a better representation of the fund's investment universe - but underperforming the S&P 500. Versus the MSCI index, the fund benefited from being well-positioned in smaller-cap companies that performed strongly when the market rallied between March and June 2009. Most notably, the fund was helped by an out-of-benchmark stake and strong stock selection in the cable and satellite group, especially U.K.-based Virgin Media. An early-period overweighting in wireless telecom services company Sprint Nextel also helped. In addition, the fund got a boost from being significantly underweighted in the integrated telecom services group, specifically in AT&T and Verizon Communications, which grew at a much lower rate than other telecom subsectors. AT&T and Verizon made up almost three-quarters of the MSCI index during the period. In addition, the fund benefited from holding an out-of-index position in Gameloft, a French company and dominant player in mobile gaming. Conversely, performance was hampered by unfavorable positioning in a few stocks. Specifically, it was hurt by holding an underweighted position in CenturyTel, a rural integrated telecom services provider that did well during the market rally and benefited from acquiring Embarq, another rural phone company, in the summer. British wireless telecom giant Vodafone Group also disappointed during the rally when large, liquid stocks fell out of favor as people invested in smaller, more growth-oriented names. Underweighting Level 3 Communications also dragged down performance.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 to Febru-ary 28, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value September 1, 2009	Ending Account Value February 28, 2010	Expenses Paid During Period* September 1, 2009 to February 28, 2010
Class A	1.24%
Actual		$ 1,000.00	$ 1,078.40	$ 6.39
Hypothetical^A		$ 1,000.00	$ 1,018.65	$ 6.21
Class T	1.53%
Actual		$ 1,000.00	$ 1,076.60	$ 7.88
Hypothetical^A		$ 1,000.00	$ 1,017.21	$ 7.65
Class B	2.00%
Actual		$ 1,000.00	$ 1,074.30	$ 10.29
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Class C	2.00%
Actual		$ 1,000.00	$ 1,074.20	$ 10.29
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Telecommunications	.96%
Actual		$ 1,000.00	$ 1,079.70	$ 4.95
Hypothetical^A		$ 1,000.00	$ 1,020.03	$ 4.81
Institutional Class	.83%
Actual		$ 1,000.00	$ 1,080.50	$ 4.28
Hypothetical^A		$ 1,000.00	$ 1,020.68	$ 4.16

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Telecommunications Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of February 28, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	13.0	23.5
Verizon Communications, Inc.	12.9	17.4
Sprint Nextel Corp.	6.3	4.7
American Tower Corp. Class A	6.3	4.8
Crown Castle International Corp.	5.9	2.5
Qwest Communications International, Inc.	5.2	3.0
SBA Communications Corp. Class A	3.9	1.4
NII Holdings, Inc.	3.7	1.6
tw telecom, inc.	2.9	2.7
CenturyTel, Inc.	2.5	0.3
	62.6

Top Industries (% of fund's net assets)
As of February 28, 2010
	Diversified Telecommunication Services	48.5%
	Wireless Telecommunication Services	36.5%
	Media	9.4%
	Software	1.0%
	Communications Equipment	0.3%
	All Others*	4.3%

fid764

As of August 31, 2009
	Diversified Telecommunication Services	61.9%
	Wireless Telecommunication Services	23.7%
	Media	9.3%
	Communications Equipment	2.1%
	Software	1.2%
	All Others*	1.8%

fid772

* Includes short-term investments and net other assets.

Annual Report

Telecommunications Portfolio

Investments February 28, 2010

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Aruba Networks, Inc. (a)	392		$ 4,598
F5 Networks, Inc. (a)	1,600		89,280
Infinera Corp. (a)(c)	75,300		570,774
Juniper Networks, Inc. (a)	2,100		58,758
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	1,700		44,387
Sandvine Corp. (a)	3,200		4,927
Sonus Networks, Inc. (a)	56,800		120,984
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		6,006
			899,714
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		3,695
NetApp, Inc. (a)	700		21,007
Synaptics, Inc. (a)	450		12,015
			36,717
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.5%
Alternative Carriers - 5.7%
Cable & Wireless PLC	19,405		40,367
Cogent Communications Group, Inc. (a)	64,802		637,652
Global Crossing Ltd. (a)	280,586		3,998,351
Iliad Group SA (c)	26,973		2,856,740
Level 3 Communications, Inc. (a)(c)	7,976		12,682
PAETEC Holding Corp. (a)	73,600		291,456
tw telecom, inc. (a)	532,857		8,467,098
			16,304,346
Integrated Telecommunication Services - 42.8%
AT&T, Inc.	1,514,019		37,562,805
BT Group PLC	5,351		9,386
Cbeyond, Inc. (a)(c)	165,098		2,047,215
CenturyTel, Inc.	210,190		7,203,211
China Telecom Corp. Ltd. sponsored ADR	50,600		2,226,906
China Unicom (Hong Kong) Ltd. sponsored ADR	317,800		3,867,626
Cincinnati Bell, Inc. (a)	225,000		666,000
Deutsche Telekom AG (Reg.)	92,923		1,196,848
FairPoint Communications, Inc. (a)	34,149		905
Frontier Communications Corp. (c)	366,900		2,858,151
Hellenic Telecommunications Organization SA	163		1,900
PT Telkomunikasi Indonesia Tbk Series B	3,375,400		3,001,167
Qwest Communications International, Inc.	3,263,989		14,883,790
Telecom Italia SpA sponsored ADR	226		3,214
Telefonica SA	400		9,379
Telefonica SA sponsored ADR	85,300		5,986,354
Telenor ASA (a)	4,400		55,615
Telenor ASA sponsored ADR (a)	53,300		2,025,400
Telkom SA Ltd.	4,400		19,116

	Shares		Value
Verizon Communications, Inc.	1,292,624		$ 37,395,612
Vimpel Communications sponsored ADR	109,000		2,021,950
Windstream Corp.	73,415		743,694
			123,786,244
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			140,090,590
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		14,510
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
Google, Inc. Class A (a)	90		47,412
SAVVIS, Inc.	26,799		377,598
			425,010
MEDIA - 9.4%
Broadcasting - 0.8%
Ten Network Holdings Ltd. (a)	1,539,470		2,392,664
Cable & Satellite - 8.4%
Cablevision Systems Corp. - NY Group Class A	170,900		4,115,272
Comcast Corp. Class A	299,600		4,925,424
DIRECTV (a)	128,909		4,363,570
Dish TV India Ltd. (a)	5,888		4,744
Liberty Global, Inc. Class A (a)(c)	153,200		4,118,016
Net Servicos de Comunicacao SA sponsored ADR (c)	191,500		2,357,365
Virgin Media, Inc.	270,000		4,374,000
			24,258,391
Movies & Entertainment - 0.2%
Madison Square Garden, Inc. Class A (a)	22,925		447,038
TOTAL MEDIA			27,098,093
SOFTWARE - 1.0%
Application Software - 1.0%
Gameloft (a)	648,786		2,791,298
Nuance Communications, Inc. (a)	800		11,512
Synchronoss Technologies, Inc. (a)	5,863		102,075
			2,904,885
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	113,614		104,525
TOTAL SOFTWARE			3,009,410
WIRELESS TELECOMMUNICATION SERVICES - 36.5%
Wireless Telecommunication Services - 36.5%
America Movil SAB de CV Series L sponsored ADR	300		13,371
American Tower Corp. Class A (a)	424,700		18,117,702
Axiata Group Bhd	1,126,600		1,234,948
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
China Mobile (Hong Kong) Ltd. sponsored ADR	42,100		$ 2,081,003
Clearwire Corp.:
rights 6/21/10 (a)(c)	1,029,741		298,625
Class A (a)(c)	1,029,741		6,549,153
Crown Castle International Corp. (a)	449,983		17,009,357
Idea Cellular Ltd. (a)	3,710		4,917
Leap Wireless International, Inc. (a)(c)	364,158		5,196,535
MetroPCS Communications, Inc. (a)	400		2,468
Millicom International Cellular SA	19,400		1,643,956
MTN Group Ltd.	478,225		6,929,541
NII Holdings, Inc. (a)	289,300		10,825,606
NTELOS Holdings Corp.	632		10,795
PT Indosat Tbk	1,600		874
Rogers Communications, Inc. Class B (non-vtg.)	2,200		72,487
SBA Communications Corp. Class A (a)	317,382		11,222,628
Sprint Nextel Corp. (a)	5,503,750		18,327,488
Syniverse Holdings, Inc. (a)	30,468		512,472
Telephone & Data Systems, Inc.	15,045		469,554
TIM Participacoes SA sponsored ADR (non-vtg.)	53,700		1,524,543
Vivo Participacoes SA sponsored ADR	75,225		2,035,589
Vodafone Group PLC sponsored ADR	66,400		1,445,528
			105,529,140
TOTAL COMMON STOCKS (Cost $314,829,544)		277,103,184
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (d)	11,655,757		$ 11,655,757
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d)	21,925,413		21,925,413
TOTAL MONEY MARKET FUNDS (Cost $33,581,170)		33,581,170

TOTAL INVESTMENT PORTFOLIO - 107.5%

(Cost $348,410,714)

310,684,354

NET OTHER ASSETS - (7.5)%			(21,692,974)
NET ASSETS - 100%		$ 288,991,380

Legend

(a) Non-income producing

(b) 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	$ 22,187
Fidelity Securities Lending Cash Central Fund	147,071
Total	$ 169,258

Other Information

The following is a summary of the inputs used, as of February 28, 2010, involving the Fund's assets and liabilities carried at 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 277,103,184	$ 275,887,571	$ 1,215,613	$ -
Money Market Funds	33,581,170	33,581,170	-	-
Total Investments in Securities:	$ 310,684,354	$ 309,468,741	$ 1,215,613	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(666)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	666
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2010	$ (666)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.2%
South Africa	2.4%
Spain	2.1%
Hong Kong	2.0%
Brazil	2.0%
France	2.0%
Bermuda	1.4%
Indonesia	1.0%
Others (individually less than 1%)	4.9%
	100.0%

Income Tax Information

See accompanying notes which are an integral part of the financial statements.

Annual Report