0000315700-12-000018.txt : 20120730 0000315700-12-000018.hdr.sgml : 20120730 20120730101006 ACCESSION NUMBER: 0000315700-12-000018 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120531 FILED AS OF DATE: 20120730 DATE AS OF CHANGE: 20120730 EFFECTIVENESS DATE: 20120730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 000000000 FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 12992306 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109

0000320351 S000007453 Air Tranportation Portfolio

C000020427 Air Transportation Portfolio FSAIX

0000320351 S000007454 Consumer Discretionary Portfolio

C000020428 Consumer Discretionary Portfolio FSCPX

0000320351 S000007455 Industrials Portfolio

C000020429 Industrials Portfolio FCYIX

0000320351 S000007456 Defense and Aerospace Portfolio

C000020430 Defense and Aerospace Portfolio FSDAX

0000320351 S000007457 Communications Equipment Portfolio

C000020431 Communications Equipment Portfolio FSDCX

0000320351 S000007458 Electronics Portfolio

C000020432 Electronics Portfolio FSELX

0000320351 S000007459 Energy Portfolio

C000020433 Energy Portfolio FSENX

0000320351 S000007460 Energy Service Portfolio

C000020434 Energy Service Portfolio FSESX

0000320351 S000007461 Environment and Alternative Energy Portfolio

C000020435 Environment and Alternative Energy Portfolio FSLEX

0000320351 S000007462 Financial Services Portfolio

C000020436 Financial Services Portfolio FIDSX

0000320351 S000007463 Consumer Staples Portfolio

C000020437 Consumer Staples Portfolio FDFAX

C000040616 Fidelity Advisor Consumer Staples Fund: Class A FDAGX

C000040617 Fidelity Advisor Consumer Staples Fund: Class B FDBGX

C000040618 Fidelity Advisor Consumer Staples Fund: Class C FDCGX

C000040619 Fidelity Advisor Consumer Staples Fund: Class T FDTGX

C000040620 Fidelity Advisor Consumer Staples Fund: Institutional Class FDIGX

0000320351 S000007464 Automotive Portfolio

C000020438 Automotive Portfolio FSAVX

0000320351 S000007465 Gold Portfolio

C000020439 Gold Portfolio FSAGX

C000040621 Fidelity Advisor Gold Fund: Institutional Class FGDIX

C000040622 Fidelity Advisor Gold Fund: Class A FGDAX

C000040623 Fidelity Advisor Gold Fund: Class B FGDBX

C000040624 Fidelity Advisor Gold Fund: Class C FGDCX

C000040625 Fidelity Advisor Gold Fund: Class T FGDTX

0000320351 S000007466 Health Care Portfolio

C000020440 Health Care Portfolio FSPHX

0000320351 S000007467 Consumer Finance Portfolio

C000020441 Consumer Finance Portfolio FSVLX

0000320351 S000007468 Industrial Equipment Portfolio

C000020442 Industrial Equipment Portfolio FSCGX

0000320351 S000007469 Materials Portfolio

C000020443 Materials Portfolio FSDPX

C000040626 Fidelity Advisor Materials Fund: Class A FMFAX

C000040627 Fidelity Advisor Materials Fund: Class B FMFBX

C000040628 Fidelity Advisor Materials Fund: Class C FMFCX

C000040629 Fidelity Advisor Materials Fund: Class T FMFTX

C000040630 Fidelity Advisor Materials Fund: Institutional Class FMFEX

0000320351 S000007470 Insurance Portfolio

C000020444 Insurance Portfolio FSPCX

0000320351 S000007471 Leisure Portfolio

C000020445 Leisure Portfolio FDLSX

0000320351 S000007472 Medical Delivery Portfolio

C000020446 Medical Delivery Portfolio FSHCX

0000320351 S000007473 Medical Equipment and Systems Portfolio

C000020447 Medical Equipment and Systems Portfolio FSMEX

0000320351 S000007475 Banking Portfolio

C000020449 Banking Portfolio FSRBX

0000320351 S000007476 Multimedia Portfolio

C000020450 Multimedia Portfolio FBMPX

0000320351 S000007477 Natural Gas Portfolio

C000020451 Natural Gas Portfolio FSNGX

0000320351 S000007478 Natural Resources Portfolio

C000020452 Natural Resources Portfolio FNARX

0000320351 S000007481 Pharmaceuticals Portfolio

C000020455 Pharmaceuticals Portfolio FPHAX

0000320351 S000007482 Retailing Portfolio

C000020456 Retailing Portfolio FSRPX

0000320351 S000007483 Software and Computer Services Portfolio

C000020457 Software and Computer Services Portfolio FSCSX

0000320351 S000007484 Technology Portfolio

C000020458 Technology Portfolio FSPTX

0000320351 S000007485 Telecommunications Portfolio

C000020459 Telecommunications Portfolio FSTCX

C000040631 Fidelity Advisor Telecommunications Fund: Class A FTUAX

C000040632 Fidelity Advisor Telecommunications Fund: Class B FTUBX

C000040633 Fidelity Advisor Telecommunications Fund: Class C FTUCX

C000040634 Fidelity Advisor Telecommunications Fund: Class T FTUTX

C000040635 Fidelity Advisor Telecommunications Fund: Institutional Class FTUIX

0000320351 S000007486 Biotechnology Portfolio

C000020460 Biotechnology Portfolio FBIOX

0000320351 S000007487 Transportation Portfolio

C000020461 Transportation Portfolio FSRFX

0000320351 S000007488 Utilities Portfolio

C000020462 Utilities Portfolio FSUTX

0000320351 S000007489 Wireless Portfolio

C000020463 Wireless Portfolio FWRLX

0000320351 S000007490 Brokerage and Investment Management Portfolio

C000020464 Brokerage and Investment Management Portfolio FSLBX

0000320351 S000007491 IT Services Portfolio

C000020465 IT Services Portfolio FBSOX

0000320351 S000007492 Chemicals Portfolio

C000020466 Chemicals Portfolio FSCHX

0000320351 S000007493 Computers Portfolio

C000020467 Computers Portfolio FDCPX

0000320351 S000007494 Construction and Housing Portfolio

C000020468 Construction and Housing Portfolio FSHOX

N-Q 1 sel.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

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

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2012

1.802153.108

AIR-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
AEROSPACE & DEFENSE - 29.9%
Aerospace & Defense - 29.9%
Bombardier, Inc. Class B (sub. vtg.)	130,600		$ 477,967
Embraer SA sponsored ADR	32,800		924,960
Goodrich Corp.	34,400		4,326,488
Meggitt PLC	59,845		349,592
Precision Castparts Corp.	19,900		3,307,579
Rockwell Collins, Inc.	66,300		3,339,531
Textron, Inc.	130,800		3,090,804
The Boeing Co.	48,800		3,396,968
TransDigm Group, Inc. (a)	4,000		492,000
United Technologies Corp.	13,500		1,000,485
			20,706,374
AIR FREIGHT & LOGISTICS - 29.5%
Air Freight & Logistics - 29.5%
Air Transport Services Group, Inc. (a)	66,200		335,634
C.H. Robinson Worldwide, Inc.	32,200		1,875,972
Expeditors International of Washington, Inc.	34,700		1,327,275
FedEx Corp.	38,700		3,449,718
Pacer International, Inc. (a)	83,400		470,376
United Parcel Service, Inc. Class B	137,500		10,304,251
UTI Worldwide, Inc.	172,900		2,704,156
			20,467,382
AIRLINES - 32.8%
Airlines - 32.8%
Alaska Air Group, Inc. (a)	55,400		1,900,220
Allegiant Travel Co. (a)	19,500		1,264,575
Copa Holdings SA Class A	15,500		1,286,810
Dart Group PLC	441,486		450,419
Delta Air Lines, Inc. (a)	318,902		3,858,714
JetBlue Airways Corp. (a)(d)	149,800		783,454
Ryanair Holdings PLC sponsored ADR (a)	101,400		3,112,980
SkyWest, Inc.	30,000		211,500
Southwest Airlines Co.	352,900		3,186,687
United Continental Holdings, Inc. (a)(d)	132,785		3,342,198
US Airways Group, Inc. (a)(d)	128,000		1,692,160
WestJet Airlines Ltd.	110,000		1,629,472
			22,719,189

	Shares		Value
MACHINERY - 0.4%
Construction & Farm Machinery & Heavy Trucks - 0.4%
ASL Marine Holdings Ltd.	562,000		$ 248,595
MEDIA - 0.2%
Movies & Entertainment - 0.2%
Advanced Inflight Alliance AG	26,100		121,643
ROAD & RAIL - 0.8%
Trucking - 0.8%
Tegma Gestao Logistica SA	40,200		587,996
TRANSPORTATION INFRASTRUCTURE - 1.1%
Airport Services - 1.1%
Wesco Aircraft Holdings, Inc. (a)	54,300		753,141
TOTAL COMMON STOCKS (Cost $54,543,621)		65,604,320
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.17% (b)	3,617,485		3,617,485
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,740,750		1,740,750
TOTAL MONEY MARKET FUNDS (Cost $5,358,235)		5,358,235

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $59,901,856)

70,962,555

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(1,643,401)

NET ASSETS - 100%

$ 69,319,154

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,364
Fidelity Securities Lending Cash Central Fund	865
Total	$ 2,229

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 65,604,320	$ 64,682,666	$ 921,654	$ -
Money Market Funds	5,358,235	5,358,235	-	-
Total Investments in Securities:	$ 70,962,555	$ 70,040,901	$ 921,654	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $60,045,350. Net unrealized appreciation aggregated $10,917,205, of which $12,416,188 related to appreciated investment securities and $1,498,983 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by 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 are generally 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2012

1.802157.108

BRO-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.6%
	Shares		Value
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
BAE Systems PLC	100		$ 423
CAPITAL MARKETS - 59.6%
Asset Management & Custody Banks - 41.7%
A.F.P. Provida SA sponsored ADR	148,539		10,889,394
Affiliated Managers Group, Inc. (a)	22,418		2,310,623
AllianceBernstein Holding LP	185,000		2,386,500
American Capital Ltd. (a)	677,400		6,272,724
Ameriprise Financial, Inc.	137,900		6,608,168
Apollo Global Management LLC Class A	660,532		7,708,408
Apollo Investment Corp.	76,543		569,480
Artio Global Investors, Inc. Class A (d)	239,385		730,124
Bank of New York Mellon Corp.	555,362		11,307,170
Bank Sarasin & Cie AG Series B (Reg.) (a)	1,380		36,961
BlackRock Kelso Capital Corp.	566,620		5,326,228
BlackRock, Inc. Class A	63,400		10,828,720
Calamos Asset Management, Inc. Class A	30,000		326,400
Cetip SA	124,200		1,792,012
Cetip SA rights 6/18/12 (a)	447		554
Cohen & Steers, Inc.	100		3,235
Eaton Vance Corp. (non-vtg.)	62,200		1,513,948
EFG International (d)	308,281		2,183,810
EFG International rights 5/31/12 (a)	22,812		0
Federated Investors, Inc. Class B (non-vtg.)	2,100		42,189
Fifth Street Finance Corp.	300		2,853
Fortress Investment Group LLC	2,022,019		6,248,039
Franklin Resources, Inc.	61,900		6,610,301
Invesco Ltd.	361,272		7,857,666
Janus Capital Group, Inc.	1,448,059		10,570,831
Julius Baer Group Ltd.	980		30,957
KKR & Co. LP	2,600		30,550
Legg Mason, Inc.	196,861		5,010,112
Man Group PLC	20,311		22,948
MCG Capital Corp.	95,707		422,068
MVC Capital, Inc.	17,300		216,942
Northern Trust Corp.	8,300		358,394
Oaktree Capital Group LLC	1,000		38,150
Och-Ziff Capital Management Group LLC Class A	649,449		4,708,505
PennantPark Investment Corp.	359,370		3,503,858
Pzena Investment Management, Inc.	36,849		151,818
SEI Investments Co.	60,090		1,076,212
State Street Corp.	158,700		6,540,027
T. Rowe Price Group, Inc.	1,300		74,867
The Blackstone Group LP	836,094		10,066,572
U.S. Global Investments, Inc. Class A	483,112		2,420,391
Waddell & Reed Financial, Inc. Class A	1,200		34,452
WisdomTree Investments, Inc. (a)	59,000		394,120
			137,227,281

	Shares		Value
Diversified Capital Markets - 1.2%
Credit Suisse Group sponsored ADR	1,500		$ 28,695
Deutsche Bank AG (NY Shares)	900		32,382
UBS AG	29,730		337,578
UBS AG (NY Shares)	304,985		3,470,729
			3,869,384
Investment Banking & Brokerage - 16.7%
BGC Partners, Inc. Class A	500		2,980
Charles Schwab Corp.	2,700		33,642
Cowen Group, Inc. Class A (a)	14,900		37,846
Duff & Phelps Corp. Class A	100		1,425
E*TRADE Financial Corp. (a)	188,700		1,602,063
Evercore Partners, Inc. Class A	603,815		14,920,269
GFI Group, Inc.	2,984,320		8,117,350
Gleacher & Co., Inc. (a)	179,254		152,366
Goldman Sachs Group, Inc.	34,900		3,339,930
Greenhill & Co., Inc.	1,020		35,567
ICAP PLC	59,200		311,655
Investment Technology Group, Inc. (a)	447,896		4,246,054
Jefferies Group, Inc.	61,949		827,639
KBW, Inc.	53,800		872,098
Knight Capital Group, Inc. Class A (a)	400		5,028
Lazard Ltd. Class A	1,400		32,284
LPL Investment Holdings, Inc.	26,700		864,546
Morgan Stanley	504,675		6,742,458
Nomura Holdings, Inc. sponsored ADR	8,800		28,600
Oppenheimer Holdings, Inc. Class A (non-vtg.)	1,600		22,432
Piper Jaffray Companies (a)	43,943		962,791
Raymond James Financial, Inc.	311,167		10,635,688
Stifel Financial Corp. (a)	1,100		34,969
SWS Group, Inc.	205,719		1,182,884
TD Ameritrade Holding Corp.	2,049		35,161
			55,047,725
TOTAL CAPITAL MARKETS			196,144,390
COMMERCIAL BANKS - 2.6%
Diversified Banks - 2.3%
Banco de Chile sponsored ADR	400		32,916
Banco Santander SA (Spain) sponsored ADR (d)	3,900		20,748
Banco Santander SA (Brasil) ADR	4,400		34,980
BanColombia SA sponsored ADR	118,400		7,010,464
Barclays PLC sponsored ADR	2,862		31,625
BNP Paribas SA	1,000		32,042
BPI-SGPS SA (a)(d)	302,300		138,511
Comerica, Inc.	1,506		45,813
ICICI Bank Ltd. sponsored ADR	1,207		33,977
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Diversified Banks - continued
Industrial & Commercial Bank of China Ltd. (H Shares)	214,000		$ 130,139
The Toronto-Dominion Bank	500		38,278
UniCredit SpA	630		1,944
United Overseas Bank Ltd.	3,000		41,184
			7,592,621
Regional Banks - 0.3%
CIT Group, Inc. (a)	1,200		41,028
Fifth Third Bancorp	2,800		37,380
First Interstate Bancsystem, Inc.	19,337		269,751
PNC Financial Services Group, Inc.	8,400		515,928
Regions Financial Corp.	7,284		45,816
SunTrust Banks, Inc.	2,000		45,840
			955,743
TOTAL COMMERCIAL BANKS			8,548,364
CONSUMER FINANCE - 0.0%
Consumer Finance - 0.0%
SLM Corp.	2,600		36,322
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
Sotheby's Class A (Ltd. vtg.)	1,100		33,550
DIVERSIFIED FINANCIAL SERVICES - 10.1%
Other Diversified Financial Services - 0.5%
Bank of America Corp.	4,854		35,677
Citigroup, Inc.	62,210		1,649,187
JPMorgan Chase & Co.	900		29,835
			1,714,699
Specialized Finance - 9.6%
BM&F Bovespa SA	301,300		1,426,688
Bursa Malaysia Bhd	51,100		95,216
CBOE Holdings, Inc.	502,300		12,683,075
CME Group, Inc.	25,500		6,568,035
Deutsche Boerse AG	6,500		311,028
FX Alliance, Inc. (d)	15,800		260,068
Hellenic Exchanges Holding SA	6,800		17,757
IntercontinentalExchange, Inc. (a)	26,426		3,235,864
MSCI, Inc. Class A (a)	2,200		74,382
NYSE Euronext	100		2,431
The NASDAQ Stock Market, Inc.	307,900		6,736,852
			31,411,396
TOTAL DIVERSIFIED FINANCIAL SERVICES			33,126,095

	Shares		Value
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Boyd Gaming Corp. (a)	4,900		$ 37,338
Las Vegas Sands Corp.	700		32,326
			69,664
Hotels, Resorts & Cruise Lines - 0.0%
Starwood Hotels & Resorts Worldwide, Inc.	700		36,995
TOTAL HOTELS, RESTAURANTS & LEISURE			106,659
INSURANCE - 0.3%
Insurance Brokers - 0.3%
National Financial Partners Corp. (a)	57,200		760,760
Life & Health Insurance - 0.0%
AFLAC, Inc.	800		32,064
Multi-Line Insurance - 0.0%
American International Group, Inc. (a)	1,400		40,852
Genworth Financial, Inc. Class A (a)	6,300		33,012
			73,864
Property & Casualty Insurance - 0.0%
Fidelity National Financial, Inc. Class A	2,487		46,855
TOTAL INSURANCE			913,543
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
China Finance Online Co. Ltd. ADR (a)	1,600		2,416
eBay, Inc. (a)	1,100		43,109
			45,525
IT SERVICES - 6.1%
Data Processing & Outsourced Services - 6.1%
Fidelity National Information Services, Inc.	2,100		68,838
Fiserv, Inc. (a)	400		26,972
Jack Henry & Associates, Inc.	12,300		406,023
MasterCard, Inc. Class A	100		40,651
Redecard SA	310,910		4,778,843
The Western Union Co.	637,610		10,456,804
Total System Services, Inc.	177,870		4,139,035
			19,917,166
MEDIA - 0.0%
Publishing - 0.0%
Morningstar, Inc.	700		39,158
PROFESSIONAL SERVICES - 0.0%
Research & Consulting Services - 0.0%
Equifax, Inc.	900		40,653
IHS, Inc. Class A (a)	500		49,495
			90,148
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 2.1%
Mortgage REITs - 1.9%
American Capital Agency Corp.	123,200		$ 4,024,944
Two Harbors Investment Corp. (d)	210,700		2,178,638
			6,203,582
Retail REITs - 0.2%
Federal Realty Investment Trust (SBI)	6,500		638,820
Specialized REITs - 0.0%
Big Yellow Group PLC	19,400		85,365
Strategic Hotel & Resorts, Inc. (a)	19,100		118,993
			204,358
TOTAL REAL ESTATE INVESTMENT TRUSTS			7,046,760
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
CBRE Group, Inc. (a)	22,437		369,089
Jones Lang LaSalle, Inc.	500		36,250
			405,339
ROAD & RAIL - 0.0%
Railroads - 0.0%
Canadian Pacific	100		7,349
SPECIALTY RETAIL - 0.7%
Computer & Electronics Retail - 0.7%
Rent-A-Center, Inc.	65,400		2,202,018
TRADING COMPANIES & DISTRIBUTORS - 0.0%
Trading Companies & Distributors - 0.0%
Noble Group Ltd.	75,000		64,896
TOTAL COMMON STOCKS (Cost $328,817,122)		268,727,705
Investment Companies - 5.8%
	Shares		Value
Ares Capital Corp.	1,194,005		$ 18,017,535
Solar Capital Ltd.	47,664		1,037,645
TOTAL INVESTMENT COMPANIES (Cost $20,269,892)		19,055,180
Money Market Funds - 13.4%

Fidelity Cash Central Fund, 0.17% (b)	42,784,471		42,784,471
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,215,500		1,215,500
TOTAL MONEY MARKET FUNDS (Cost $43,999,971)		43,999,971

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $393,086,985)

331,782,856

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(2,535,030)

NET ASSETS - 100%

$ 329,247,826

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,020
Fidelity Securities Lending Cash Central Fund	7,293
Total	$ 17,313

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 268,727,705	$ 265,216,726	$ 3,510,979	$ -
Investment Companies	19,055,180	19,055,180	-	-
Money Market Funds	43,999,971	43,999,971	-	-
Total Investments in Securities:	$ 331,782,856	$ 328,271,877	$ 3,510,979	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $402,417,322. Net unrealized depreciation aggregated $70,634,466, of which $2,396,655 related to appreciated investment securities and $73,031,121 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2012

1.802154.108

AUT-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.0%
	Shares		Value
AUTO COMPONENTS - 47.0%
Auto Parts & Equipment - 44.6%
American Axle & Manufacturing Holdings, Inc. (a)	131,000		$ 1,213,060
Amerigon, Inc. (a)	29,800		357,004
Autoliv, Inc.	67,955		3,928,479
BorgWarner, Inc. (a)(e)	72,000		5,166,000
Dana Holding Corp.	147,700		1,967,364
Delphi Automotive PLC	189,478		5,500,546
Dorman Products, Inc. (a)	16,100		775,054
Drew Industries, Inc. (a)	34,500		915,975
Exide Technologies (a)	194,500		451,240
Federal-Mogul Corp. Class A (a)	70,824		791,104
Fuel Systems Solutions, Inc. (a)(e)	24,700		370,500
Gentex Corp.	142,900		3,186,670
Johnson Controls, Inc.	244,470		7,368,326
Lear Corp.	75,000		2,988,750
Linamar Corp.	47,700		987,390
Magna International, Inc. Class A (sub. vtg.) (e)	88,084		3,560,543
Martinrea International, Inc. (a)	89,100		708,245
Modine Manufacturing Co. (a)	79,300		513,864
Motorcar Parts of America, Inc. (a)	49,000		211,680
Spartan Motors, Inc.	95,200		428,400
Standard Motor Products, Inc.	28,900		390,439
Stoneridge, Inc. (a)	56,789		400,362
Tenneco, Inc. (a)	116,246		3,156,079
Tower International, Inc. (a)	36,700		464,622
TRW Automotive Holdings Corp. (a)	132,800		5,122,096
Visteon Corp. (a)	21,500		860,000
			51,783,792
Tires & Rubber - 2.4%
Cooper Tire & Rubber Co.	74,400		1,151,712
The Goodyear Tire & Rubber Co. (a)	157,626		1,647,192
			2,798,904
TOTAL AUTO COMPONENTS			54,582,696
AUTOMOBILES - 45.1%
Automobile Manufacturers - 41.3%
Ford Motor Co.	1,079,061		11,394,884
General Motors Co. (a)	298,944		6,636,557
Honda Motor Co. Ltd. sponsored ADR	391,300		12,439,427
Thor Industries, Inc.	41,400		1,273,050
Toyota Motor Corp. sponsored ADR (e)	204,400		15,716,316
Winnebago Industries, Inc. (a)(e)	52,700		472,192
			47,932,426
Motorcycle Manufacturers - 3.8%
Harley-Davidson, Inc.	92,300		4,447,014
TOTAL AUTOMOBILES			52,379,440

	Shares		Value
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.3%
Harman International Industries, Inc.	10,700		$ 419,654
MACHINERY - 1.6%
Construction & Farm Machinery & Heavy Trucks - 1.6%
Meritor, Inc. (a)	108,800		588,608
Westport Innovations, Inc. (a)(e)	51,200		1,249,792
			1,838,400
TOTAL COMMON STOCKS (Cost $97,363,550)		109,220,190

Nonconvertible Bonds - 0.2%
	Principal Amount
AUTOMOBILES - 0.2%
Automobile Manufacturers - 0.2%
General Motors Corp. 6.75% 5/1/28 (d) (Cost $284,356)	$ 31,005,000	207,734

Money Market Funds - 15.4%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	6,058,057		6,058,057
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	11,853,412		11,853,412
TOTAL MONEY MARKET FUNDS (Cost $17,911,469)		17,911,469
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $115,559,375)		127,339,393
NET OTHER ASSETS (LIABILITIES) - (9.6)%		(11,199,540)
NET ASSETS - 100%		$ 116,139,853

Legend

(a) Non-income producing

(d) Non-income producing - Security is in default.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,664
Fidelity Securities Lending Cash Central Fund	20,413
Total	$ 23,077

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 109,220,190	$ 109,220,190	$ -	$ -
Nonconvertible Bonds	207,734	-	-	207,734
Money Market Funds	17,911,469	17,911,469	-	-
Total Investments in Securities:	$ 127,339,393	$ 127,131,659	$ -	$ 207,734

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

Investments in Securities:
Beginning Balance	$ 207,734
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 207,734
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $116,399,972. Net unrealized appreciation aggregated $10,939,421, of which $20,605,661 related to appreciated investment securities and $9,666,240 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, 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.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2012

1.802155.108

BAN-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
CAPITAL MARKETS - 0.9%
Asset Management & Custody Banks - 0.9%
State Street Corp.	103,400		$ 4,261,114
COMMERCIAL BANKS - 83.5%
Diversified Banks - 28.4%
Banco ABC Brasil SA	350,000		1,926,271
BanColombia SA sponsored ADR	57,400		3,398,654
Comerica, Inc.	489,500		14,890,590
U.S. Bancorp	1,821,900		56,679,309
Wells Fargo & Co.	1,713,492		54,917,419
			131,812,243
Regional Banks - 55.1%
American River Bankshares (a)	128,500		935,480
Bank of the Ozarks, Inc.	255,900		7,431,336
BB&T Corp.	643,100		19,434,482
BBCN Bancorp, Inc. (a)	582,012		6,279,909
CapitalSource, Inc.	509,300		3,223,869
Central Valley Community Bancorp (a)	133,300		1,029,076
Chemical Financial Corp.	91,300		1,856,129
CIT Group, Inc. (a)	331,000		11,316,890
City National Corp.	155,700		7,735,176
Columbia Banking Systems, Inc.	258,700		4,687,644
Commerce Bancshares, Inc.	227,500		8,813,350
Cullen/Frost Bankers, Inc.	157,200		8,943,108
CVB Financial Corp. (d)	556,300		6,058,107
East West Bancorp, Inc.	327,100		7,323,769
Fifth Third Bancorp	726,300		9,696,105
First Niagara Financial Group, Inc.	966,700		7,801,269
First Republic Bank (a)	155,500		4,882,700
Huntington Bancshares, Inc.	2,393,651		15,654,478
KeyCorp	503,900		3,779,250
M&T Bank Corp.	187,500		15,247,500
National Penn Bancshares, Inc.	663,100		5,908,221
Oriental Financial Group, Inc.	213,180		2,231,995
PacWest Bancorp	216,846		4,946,257
PNC Financial Services Group, Inc.	306,741		18,840,032
Regions Financial Corp.	1,774,300		11,160,347
Signature Bank (a)	33,800		2,075,658
SunTrust Banks, Inc.	503,900		11,549,388
Susquehanna Bancshares, Inc.	541,000		5,209,830
SVB Financial Group (a)	156,865		9,358,566
Texas Capital Bancshares, Inc. (a)	232,900		9,031,862
UMB Financial Corp.	162,800		7,939,756
West Coast Bancorp (a)	97,740		1,837,512
Western Alliance Bancorp. (a)	765,300		6,673,416
Wintrust Financial Corp. (d)	201,900		6,866,619
			255,759,086
TOTAL COMMERCIAL BANKS			387,571,329

	Shares		Value
CONSUMER FINANCE - 2.3%
Consumer Finance - 2.3%
Capital One Financial Corp.	118,600		$ 6,092,482
SLM Corp.	327,100		4,569,587
			10,662,069
DIVERSIFIED FINANCIAL SERVICES - 1.2%
Other Diversified Financial Services - 1.2%
Citigroup, Inc.	64,420		1,707,774
JPMorgan Chase & Co.	102,200		3,387,930
NBH Holdings Corp. Class A (a)(e)	13,300		239,400
			5,335,104
IT SERVICES - 1.6%
Data Processing & Outsourced Services - 1.6%
Fiserv, Inc. (a)	47,600		3,209,668
Visa, Inc. Class A	37,300		4,296,960
			7,506,628
THRIFTS & MORTGAGE FINANCE - 7.4%
Thrifts & Mortgage Finance - 7.4%
Flushing Financial Corp.	275,300		3,551,370
Ocwen Financial Corp. (a)	377,800		6,056,134
People's United Financial, Inc.	722,500		8,402,675
Trustco Bank Corp., New York	1,110,400		5,751,872
Washington Federal, Inc.	349,000		5,727,090
WSFS Financial Corp.	133,500		4,963,530
			34,452,671
TOTAL COMMON STOCKS (Cost $463,114,451)		449,788,915
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 0.17% (b)	11,129,048		11,129,048
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	5,646,825		5,646,825
TOTAL MONEY MARKET FUNDS (Cost $16,775,873)		16,775,873

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $479,890,324)

466,564,788

NET OTHER ASSETS (LIABILITIES) - (0.5)%			(2,491,153)
NET ASSETS - 100%		$ 464,073,635

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $239,400 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,365
Fidelity Securities Lending Cash Central Fund	2,803
Total	$ 9,168

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 449,788,915	$ 449,549,515	$ 239,400	$ -
Money Market Funds	16,775,873	16,775,873	-	-
Total Investments in Securities:	$ 466,564,788	$ 466,325,388	$ 239,400	$ -

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

Investments in Securities:
Beginning Balance	$ 216,125
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(216,125)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $520,664,683. Net unrealized depreciation aggregated $54,099,895, of which $22,452,981 related to appreciated investment securities and $76,552,876 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2012

1.802156.108

BIO-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
BIOTECHNOLOGY - 93.7%
Biotechnology - 93.7%
Acadia Pharmaceuticals, Inc. (a)(d)	2,450,726		$ 3,382,002
Achillion Pharmaceuticals, Inc. (a)(d)	750,608		5,389,365
Acorda Therapeutics, Inc. (a)	810,214		17,816,606
Aegerion Pharmaceuticals, Inc. (a)	736,409		11,200,781
Affymax, Inc. (a)	967,882		13,685,851
Agenus, Inc. (a)	150,089		783,465
Agenus, Inc. warrants 6/9/18 (a)(f)	1,548,000		657,180
Alexion Pharmaceuticals, Inc. (a)	636,819		57,676,697
Alkermes PLC (a)	923,548		14,425,820
Alnylam Pharmaceuticals, Inc. (a)	1,563,203		16,007,199
AMAG Pharmaceuticals, Inc. (a)	567,856		7,967,020
Amarin Corp. PLC ADR (a)(d)	1,245,095		14,754,376
Amgen, Inc.	995,895		69,234,620
Amicus Therapeutics, Inc. (a)	580,666		2,746,550
Amylin Pharmaceuticals, Inc. (a)	1,427,953		37,855,034
Anacor Pharmaceuticals, Inc. (a)(d)	359,358		1,796,790
Arena Pharmaceuticals, Inc. (a)(d)	5,458,773		36,519,191
ARIAD Pharmaceuticals, Inc. (a)	1,712,005		28,367,923
ArQule, Inc. (a)	1,456,494		8,651,574
AVEO Pharmaceuticals, Inc. (a)(d)	389,487		4,958,170
AVI BioPharma, Inc. (a)(d)	33,800		21,963
Biogen Idec, Inc. (a)	981,744		128,363,028
BioInvent International AB (a)(d)	557,920		1,054,994
BioMarin Pharmaceutical, Inc. (a)	1,345,202		47,942,999
Bionovo, Inc. (a)	714,685		22,870
Bionovo, Inc. warrants 2/2/16 (a)	1,043,150		28,686
Biospecifics Technologies Corp. (a)	21,004		357,068
BioTime, Inc. (a)(d)	547,683		2,201,686
Catalyst Pharmaceutical Partners, Inc. (a)(e)	1,722,318		981,721
Catalyst Pharmaceutical Partners, Inc.:
unit (a)	282,100		236,854
warrants 5/2/17 (a)(e)	141,443		47,974
Celgene Corp. (a)	1,577,414		107,658,506
Cell Therapeutics, Inc. (a)(d)	10,165,268		9,145,692
Cell Therapeutics, Inc. warrants 7/6/16 (a)	835,596		245,134
Celldex Therapeutics, Inc. (a)	1,104,900		4,607,433
Cepheid, Inc. (a)	537,200		20,322,276
Clovis Oncology, Inc. (d)	275,387		4,904,642
Codexis, Inc. (a)(d)	796,958		2,486,509
Cubist Pharmaceuticals, Inc. (a)	558,508		22,407,341
Dendreon Corp. (a)(d)	1,442,852		10,099,964
Dyax Corp. (a)	110,055		204,702
Dynavax Technologies Corp. (a)	2,495,512		9,408,080
Emergent BioSolutions, Inc. (a)	275,700		3,975,594
Enzon Pharmaceuticals, Inc. (a)(d)	468,666		3,013,522
Exact Sciences Corp. (a)	766,261		7,570,659
Exelixis, Inc. (a)(d)	1,142,168		5,288,238
Genomic Health, Inc. (a)(d)	281,585		9,514,757
Geron Corp. (a)	131,439		172,185

	Shares		Value
Gilead Sciences, Inc. (a)	3,891,789		$ 194,394,857
Halozyme Therapeutics, Inc. (a)	1,388,342		10,606,933
Horizon Pharma, Inc. (d)	507,400		2,029,600
Horizon Pharma, Inc. (f)	1,278,157		5,112,628
Horizon Pharma, Inc. warrants 2/28/17 (a)(f)	319,539		95,047
Human Genome Sciences, Inc. (a)	1,449,618		19,743,797
Idenix Pharmaceuticals, Inc. (a)(d)	984,849		8,903,035
ImmunoGen, Inc. (a)(d)	828,940		11,613,449
Immunomedics, Inc. (a)	564,485		1,874,090
Incyte Corp. (a)(d)	1,049,380		22,362,288
Infinity Pharmaceuticals, Inc. (a)	282,041		3,669,353
InterMune, Inc. (a)(d)	1,926,202		20,090,287
Ironwood Pharmaceuticals, Inc. Class A (a)	1,469,338		17,514,509
Isis Pharmaceuticals, Inc. (a)(d)	978,691		9,679,254
Keryx Biopharmaceuticals, Inc. (a)(d)	792,900		1,395,504
Lexicon Pharmaceuticals, Inc. (a)	7,531,523		11,975,122
Ligand Pharmaceuticals, Inc. Class B (a)	472,128		5,915,764
MannKind Corp. (a)(d)	839,622		1,528,112
Medivation, Inc. (a)	668,398		56,299,164
Merrimack Pharmaceuticals, Inc.	44,600		306,402
Metabolix, Inc. (a)(d)	958,844		1,917,688
Momenta Pharmaceuticals, Inc. (a)(d)	537,248		7,408,650
Myriad Genetics, Inc. (a)	774,018		18,677,054
Neurocrine Biosciences, Inc. (a)	730,369		4,886,169
NeurogesX, Inc. (a)	581,785		212,410
NeurogesX, Inc.	2,550,000		931,005
NewLink Genetics Corp.	316,700		4,041,092
Novavax, Inc. (a)(d)	6,006,281		7,627,977
Novelos Therapeutics, Inc. (a)(e)	2,334,890		3,969,313
Novelos Therapeutics, Inc. warrants 12/6/16 (a)(e)	2,362,400		2,656,651
NPS Pharmaceuticals, Inc. (a)	1,640,126		12,940,594
OncoGenex Pharmaceuticals, Inc. (a)	247,395		3,107,281
Oncothyreon, Inc. (a)(d)	216,310		785,205
ONYX Pharmaceuticals, Inc. (a)	567,861		25,996,677
Opko Health, Inc. (a)(d)	2,180,300		10,029,380
OREXIGEN Therapeutics, Inc. (a)	3,184,943		10,637,710
PDL BioPharma, Inc. (d)	1,368,233		8,879,832
Pharmacyclics, Inc. (a)(d)	605,503		19,024,904
PolyMedix, Inc. (a)(e)	5,775,434		2,136,911
PolyMedix, Inc. warrants 4/10/16 (a)(e)	2,961,167		763,551
Progenics Pharmaceuticals, Inc. (a)(e)	2,218,354		19,210,946
PROLOR Biotech, Inc. (a)(d)	1,232,084		6,271,308
Protalix BioTherapeutics, Inc. (a)(d)	1,226,342		7,922,169
Puma Biotechnology, Inc. (f)	522,668		7,056,018
Puma Biotechnology, Inc. warrants 10/4/21 (a)(f)	522,668		5
Raptor Pharmaceutical Corp. (a)(d)	1,595,879		8,569,870
Regeneron Pharmaceuticals, Inc. (a)	730,287		99,063,432
Rigel Pharmaceuticals, Inc. (a)	1,147,051		8,522,589
Sangamo Biosciences, Inc. (a)(d)	1,205,172		5,350,964
Common Stocks - continued
	Shares		Value
BIOTECHNOLOGY - CONTINUED
Biotechnology - continued
Savient Pharmaceuticals, Inc. (a)(d)	1,314,987		$ 952,445
Seattle Genetics, Inc. (a)(d)	860,619		16,764,858
SIGA Technologies, Inc. (a)(d)	1,726,114		3,987,323
Sophiris Bio, Inc. (a)	2,502,000		847,848
Sorrento Therapeutics, Inc. (f)	11,780,000		2,438,460
Spectrum Pharmaceuticals, Inc. (a)(d)	1,462,171		16,946,562
Sunesis Pharmaceuticals, Inc. (a)(d)	347,464		1,011,120
Synageva BioPharma Corp. (a)	197,000		7,684,970
Synergy Pharmaceuticals, Inc. (a)	708,800		3,033,664
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a)	354,400		779,680
Synta Pharmaceuticals Corp. (a)(d)	1,750,634		8,420,550
Targacept, Inc. (a)	594,796		2,468,403
Theravance, Inc. (a)(d)	714,253		14,777,895
Threshold Pharmaceuticals, Inc. (a)(d)	1,572,778		11,528,463
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a)	631,520		4,143,039
Trius Therapeutics, Inc. (a)	988,906		5,073,088
United Therapeutics Corp. (a)	559,951		24,772,232
Vanda Pharmaceuticals, Inc. (a)(e)	1,625,800		6,909,650
Verastem, Inc. (d)	135,900		1,364,436
Vertex Pharmaceuticals, Inc. (a)	1,828,575		109,787,643
Vical, Inc. (a)(d)	4,038,130		11,791,340
XOMA Corp. (a)(d)	2,423,778		5,792,829
ZIOPHARM Oncology, Inc. (a)(d)	2,149,292		11,047,361
		1,742,191,700
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Alsius Corp. (a)	314,300		3
Aradigm Corp. (a)	477,800		64,503
Aradigm Corp.	5,920,360		799,249
InVivo Therapeutics Holdings Corp. (a)	1,639,800		3,591,162
			4,454,917
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
OvaScience, Inc. (f)	212,300		1,167,650
LIFE SCIENCES TOOLS & SERVICES - 0.5%
Life Sciences Tools & Services - 0.5%
BG Medicine, Inc. (a)	722,017		3,862,791
ChromaDex, Inc. (a)	2,417,600		1,692,320
Transgenomic, Inc. (a)	554,882		466,101
Transgenomic, Inc. (f)	2,838,000		2,383,920
Transgenomic, Inc. warrants 2/3/17 (a)(f)	1,419,000		6,617
			8,411,749
PHARMACEUTICALS - 5.0%
Pharmaceuticals - 5.0%
AcelRx Pharmaceuticals, Inc. (a)(e)	1,041,900		3,073,605

	Shares		Value
Akorn, Inc. (a)	198,027		$ 2,703,069
Auxilium Pharmaceuticals, Inc. (a)	384,251		7,339,194
AVANIR Pharmaceuticals Class A (a)(d)	4,485,659		13,322,407
Corcept Therapeutics, Inc. (a)(d)	996,798		4,076,904
Elan Corp. PLC sponsored ADR (a)	666,230		9,300,571
Jazz Pharmaceuticals PLC (a)	106,217		4,588,574
Omeros Corp. (a)(d)	496,847		5,087,713
Optimer Pharmaceuticals, Inc. (a)(d)	392,661		5,866,355
Pacira Pharmaceuticals, Inc. (a)(d)	360,566		3,829,211
Santarus, Inc. (a)	710,475		4,731,764
TherapeuticsMD, Inc. (a)	1,409,900		3,820,829
Transcept Pharmaceuticals, Inc. (a)	94,000		665,520
Ventrus Biosciences, Inc. (a)(d)	437,701		4,425,157
ViroPharma, Inc. (a)	331,699		6,680,418
VIVUS, Inc. (a)(d)	222,050		5,504,620
XenoPort, Inc. (a)	862,004		5,068,584
Zogenix, Inc. (a)	2,105,408		3,789,734
			93,874,229
TOTAL COMMON STOCKS (Cost $1,551,784,475)		1,850,100,245
Convertible Preferred Stocks - 0.4%

BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Xenon Pharmaceuticals, Inc. Series E (a)(f)	981,626		3,416,058
PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Agios Pharmaceuticals, Inc. Series C (f)	229,509		1,127,142
KaloBios Pharmaceuticals, Inc. Series E (a)(f)	693,000		2,356,200
			3,483,342
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,207,480)		6,899,400
Money Market Funds - 13.3%

Fidelity Cash Central Fund, 0.17% (b)	9,959,859		9,959,859
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	237,568,662		237,568,662
TOTAL MONEY MARKET FUNDS (Cost $247,528,521)		247,528,521

TOTAL INVESTMENT PORTFOLIO - 113.2%

(Cost $1,809,520,476)

2,104,528,166

NET OTHER ASSETS (LIABILITIES) - (13.2)%		(245,846,749)
NET ASSETS - 100%		$ 1,858,681,417

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,816,925 or 1.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Agenus, Inc. warrants 6/9/18	1/9/08	$ 1,930,622
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 1,127,142
Horizon Pharma, Inc.	2/29/12	$ 4,588,584
Horizon Pharma, Inc. warrants 2/28/17	2/29/12	$ 39,942
KaloBios Pharmaceuticals, Inc. Series E	5/2/12	$ 2,356,200
OvaScience, Inc.	3/29/12	$ 1,167,650
Puma Biotechnology, Inc.	10/4/11	$ 1,959,999
Puma Biotechnology, Inc. warrants 10/4/21	10/4/11	$ 6
Sorrento Therapeutics, Inc.	5/15/12	$ 1,884,800
Transgenomic, Inc.	2/3/12	$ 2,828,200
Transgenomic, Inc. warrants 2/3/17	2/3/12	$ 9,800
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,897
Fidelity Securities Lending Cash Central Fund	1,298,033
Total	$ 1,300,930

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 5,217,290	$ -	$ 1,006,870	$ -	$ -
AcelRx Pharmaceuticals, Inc.	2,938,158	-	-	-	3,073,605
Catalyst Pharmaceutical Partners, Inc.	1,960,391	-	36,826	-	981,721
Catalyst Pharmaceutical Partners, Inc. warrants 5/2/17	72,699	-	-	-	47,974
Novelos Therapeutics, Inc.	1,181,200	-	54,744	-	3,969,313
Novelos Therapeutics, Inc. warrants 12/6/16	46,546	-	-	-	2,656,651
OREXIGEN Therapeutics, Inc.	12,734,873	-	247,587	-	-
PolyMedix, Inc.	7,699,034	-	151,839	-	2,136,911
PolyMedix, Inc. warrants 4/10/16	2,392,472	-	-	-	763,551
Progenics Pharmaceuticals, Inc.	21,224,629	1,112,643	698,061	-	19,210,946
Vanda Pharmaceuticals, Inc.	-	8,137,480	303,037	-	6,909,650
Ventrus Biosciences, Inc.	7,280,513	-	2,561,734	-	-
Total	$ 62,747,805	$ 9,250,123	$ 5,060,698	$ -	$ 39,750,322

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,850,100,245	$ 1,836,558,400	$ 12,374,187	$ 1,167,658
Convertible Preferred Stocks	6,899,400	-	-	6,899,400
Money Market Funds	247,528,521	247,528,521	-	-
Total Investments in Securities:	$ 2,104,528,166	$ 2,084,086,921	$ 12,374,187	$ 8,067,058

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

Investments in Securities:
Beginning Balance	$ 6,503,213
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	3,523,850
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(1,960,005)
Ending Balance	$ 8,067,058
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,830,795,928. Net unrealized appreciation aggregated $273,732,238, of which $439,403,008 related to appreciated investment securities and $165,670,770 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2012

1.802159.108

CHE-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%
	Shares		Value
CHEMICALS - 89.2%
Commodity Chemicals - 3.7%
Arkema SA (d)	50,000		$ 3,300,521
PetroLogistics LP	475,500		6,657,000
PT Chandra Asri Petrochemical Tbk	108,500		21,931
TPC Group, Inc. (a)	120,563		3,808,585
Westlake Chemical Corp. (d)	302,900		16,505,021
			30,293,058
Diversified Chemicals - 23.8%
Dow Chemical Co.	2,102,238		65,295,512
E.I. du Pont de Nemours & Co.	1,425,100		68,775,326
Eastman Chemical Co.	954,300		44,432,208
LSB Industries, Inc. (a)	9,193		255,749
PPG Industries, Inc.	172,100		17,802,024
			196,560,819
Fertilizers & Agricultural Chemicals - 15.7%
CF Industries Holdings, Inc.	227,453		38,885,365
Monsanto Co.	820,340		63,330,248
Rentech Nitrogen Partners LP	368,922		8,658,599
The Mosaic Co.	407,942		19,450,675
			130,324,887
Industrial Gases - 12.0%
Air Products & Chemicals, Inc.	370,200		29,260,608
Praxair, Inc.	657,407		69,842,920
			99,103,528
Specialty Chemicals - 34.0%
Albemarle Corp.	105,202		6,385,761
Ashland, Inc.	458,200		29,292,726
Celanese Corp. Class A	93,100		3,706,311
Cytec Industries, Inc.	270,143		16,332,846
Ecolab, Inc.	821,699		51,939,594
Ferro Corp. (a)	287,797		1,277,819
Innophos Holdings, Inc.	321,805		16,244,716
Kraton Performance Polymers, Inc. (a)	227,496		4,347,449
LyondellBasell Industries NV Class A	1,155,678		45,603,054
Rockwood Holdings, Inc. (a)	101,046		4,890,626
Sherwin-Williams Co.	289,200		37,491,888
Sigma Aldrich Corp.	406,400		28,191,968
Valspar Corp.	202,300		9,752,883
W.R. Grace & Co. (a)	491,984		25,829,160
			281,286,801
TOTAL CHEMICALS			737,569,093
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Environmental & Facility Services - 0.2%
Swisher Hygiene, Inc. (a)	549,240		983,689
Swisher Hygiene, Inc. (Canada) (a)	559,700		1,113,802
			2,097,491

	Shares		Value
ENERGY EQUIPMENT & SERVICES - 1.5%
Oil & Gas Drilling - 1.5%
Ocean Rig UDW, Inc. (United States)	540,424		$ 8,079,339
Seadrill Ltd.	120,600		4,032,864
			12,112,203
MARINE - 0.9%
Marine - 0.9%
DryShips, Inc. (a)(d)	3,238,820		7,157,792
OIL, GAS & CONSUMABLE FUELS - 1.2%
Oil & Gas Refining & Marketing - 0.7%
Rentech, Inc. (a)	2,867,376		5,390,667
Oil & Gas Storage & Transport - 0.5%
Atlas Energy LP	117,499		4,054,890
Cheniere Energy, Inc. (a)	25,400		356,616
			4,411,506
TOTAL OIL, GAS & CONSUMABLE FUELS			9,802,173
TOTAL COMMON STOCKS (Cost $672,932,247)		768,738,752

Convertible Bonds - 0.2%
	Principal Amount
MARINE - 0.2%
Marine - 0.2%
DryShips, Inc. 5% 12/1/14 (Cost $2,402,068)	$ 2,790,000	1,911,150

Money Market Funds - 9.7%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	53,862,393		53,862,393
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	26,770,738		26,770,738
TOTAL MONEY MARKET FUNDS (Cost $80,633,131)		80,633,131

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $755,967,446)

851,283,033

NET OTHER ASSETS (LIABILITIES) - (2.9)%

(24,262,342)

NET ASSETS - 100%

$ 827,020,691

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 17,691
Fidelity Securities Lending Cash Central Fund	78,330
Total	$ 96,021

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 768,738,752	$ 764,454,542	$ 4,284,210	$ -
Convertible Bonds	1,911,150	-	1,911,150	-
Money Market Funds	80,633,131	80,633,131	-	-
Total Investments in Securities:	$ 851,283,033	$ 845,087,673	$ 6,195,360	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $767,901,463. Net unrealized appreciation aggregated $83,381,570, of which $115,767,295 related to appreciated investment securities and $32,385,725 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

May 31, 2012

1.802166.108

DEV-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 87.0%
Communications Equipment - 87.0%
Acme Packet, Inc. (a)(d)	167,291		$ 3,827,618
ADTRAN, Inc.	171,600		5,015,868
Alcatel-Lucent SA sponsored ADR (a)(d)	862,543		1,354,193
Aruba Networks, Inc. (a)(d)	256,923		3,375,968
Brocade Communications Systems, Inc. (a)	1,656,741		7,703,846
Calix Networks, Inc. (a)(d)	82,400		661,672
Ciena Corp. (a)(d)	88,900		1,204,595
Cisco Systems, Inc.	2,828,276		46,185,747
Comtech Telecommunications Corp.	107,000		3,090,160
Comverse Technology, Inc. (a)	89,833		548,880
Emulex Corp. (a)	84,900		570,528
F5 Networks, Inc. (a)	29,035		3,004,542
Finisar Corp. (a)	225,652		3,238,106
Harris Corp.	154,500		6,146,010
Infinera Corp. (a)(d)	395,400		2,534,514
InterDigital, Inc. (d)	85,500		2,110,995
JDS Uniphase Corp. (a)	57,300		581,595
Juniper Networks, Inc. (a)	592,712		10,194,646
Motorola Solutions, Inc.	171,081		8,225,574
NETGEAR, Inc. (a)	114,250		3,586,308
Nokia Corp. sponsored ADR (d)	1,719,930		4,592,213
Plantronics, Inc.	57,000		1,715,130
Polycom, Inc. (a)	680,163		7,781,065
QUALCOMM, Inc.	815,319		46,725,930
Research In Motion Ltd. (a)	81,100		837,763
Riverbed Technology, Inc. (a)	345,042		5,658,689
Sycamore Networks, Inc. (a)	122,400		1,623,024
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	1,282,580		10,876,278
ViaSat, Inc. (a)	93,100		3,912,062
Wi-Lan, Inc.	259,200		1,269,838
			198,153,357
COMPUTERS & PERIPHERALS - 0.7%
Computer Hardware - 0.7%
Apple, Inc. (a)	2,600		1,502,098
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
Prysmian SpA	53,400		757,534
ELECTRONIC EQUIPMENT & COMPONENTS - 4.0%
Electronic Components - 0.3%
Vishay Intertechnology, Inc. (a)	61,800		656,316
Electronic Manufacturing Services - 3.7%
Fabrinet (a)	127,700		1,488,982
Flextronics International Ltd. (a)	564,500		3,624,090
TE Connectivity Ltd.	106,800		3,355,656
			8,468,728
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			9,125,044

	Shares		Value
MEDIA - 0.3%
Advertising - 0.3%
Digital Generation, Inc. (a)	75,700		$ 719,907
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3%
Semiconductor Equipment - 0.8%
ASML Holding NV	37,800		1,731,618
Semiconductors - 4.5%
Altera Corp.	79,600		2,659,436
Analog Devices, Inc.	120,500		4,382,585
GSI Technology, Inc. (a)	188,100		771,210
ON Semiconductor Corp. (a)	117,944		794,943
Texas Instruments, Inc.	58,600		1,668,928
			10,277,102
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			12,008,720
SOFTWARE - 1.5%
Application Software - 0.3%
BroadSoft, Inc. (a)(d)	25,000		682,750
Systems Software - 1.2%
Allot Communications Ltd. (a)	24,300		632,286
Oracle Corp.	83,300		2,204,951
			2,837,237
TOTAL SOFTWARE			3,519,987
TOTAL COMMON STOCKS (Cost $263,520,442)		225,786,647
Money Market Funds - 8.5%

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) (Cost $19,368,124)	19,368,124		19,368,124

TOTAL INVESTMENT PORTFOLIO - 107.6%

(Cost $282,888,566)

245,154,771

NET OTHER ASSETS (LIABILITIES) - (7.6)%			(17,343,502)
NET ASSETS - 100%		$ 227,811,269

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,846
Fidelity Securities Lending Cash Central Fund	122,870
Total	$ 124,716

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 225,786,647	$ 225,029,113	$ 757,534	$ -
Money Market Funds	19,368,124	19,368,124	-	-
Total Investments in Securities:	$ 245,154,771	$ 244,397,237	$ 757,534	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $287,838,794. Net unrealized depreciation aggregated $42,684,023, of which $8,259,476 related to appreciated investment securities and $50,943,499 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2012

1.802162.108

HOU-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BUILDING PRODUCTS - 5.3%
Building Products - 5.3%
Armstrong World Industries, Inc.	21,850		$ 1,017,992
Lennox International, Inc.	45,000		1,930,050
Masco Corp.	249,500		3,161,165
Owens Corning (a)	165,169		5,097,115
USG Corp. (a)(d)	32,000		493,440
			11,699,762
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Office Services & Supplies - 0.3%
Interface, Inc.	60,000		761,400
CONSTRUCTION & ENGINEERING - 15.5%
Construction & Engineering - 15.5%
AECOM Technology Corp. (a)	45,800		746,082
Dycom Industries, Inc. (a)	55,700		1,090,606
Fluor Corp.	214,200		10,041,696
Foster Wheeler AG (a)	156,400		2,797,996
Jacobs Engineering Group, Inc. (a)	121,000		4,297,920
KBR, Inc.	134,500		3,425,715
MasTec, Inc. (a)	71,600		1,170,660
Quanta Services, Inc. (a)	333,400		7,528,172
Shaw Group, Inc. (a)	48,650		1,235,710
URS Corp.	54,271		1,962,982
			34,297,539
CONSTRUCTION MATERIALS - 3.3%
Construction Materials - 3.3%
Eagle Materials, Inc.	64,900		2,083,290
Vulcan Materials Co.	153,800		5,329,170
			7,412,460
ENERGY EQUIPMENT & SERVICES - 0.2%
Oil & Gas Equipment & Services - 0.2%
McDermott International, Inc. (a)	50,000		507,500
HOUSEHOLD DURABLES - 14.8%
Homebuilding - 14.8%
D.R. Horton, Inc.	404,237		6,710,334
Lennar Corp. Class A (d)	233,978		6,385,260
PulteGroup, Inc. (a)	364,683		3,413,433
Ryland Group, Inc. (d)	231,070		5,166,725
Standard Pacific Corp. (a)	153,800		793,608
Toll Brothers, Inc. (a)	376,150		10,261,372
			32,730,732
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Snap-On, Inc.	11,500		695,865
REAL ESTATE INVESTMENT TRUSTS - 21.4%
Residential REITs - 20.2%
Apartment Investment & Management Co. Class A	118,071		3,196,182

	Shares		Value
AvalonBay Communities, Inc.	22,959		$ 3,208,520
BRE Properties, Inc.	79,000		3,889,170
Camden Property Trust (SBI)	70,400		4,583,744
Colonial Properties Trust (SBI)	20,600		436,926
Education Realty Trust, Inc.	67,100		739,442
Equity Lifestyle Properties, Inc.	14,700		968,142
Equity Residential (SBI)	285,892		17,468,001
Essex Property Trust, Inc.	14,200		2,136,532
Mid-America Apartment Communities, Inc.	18,890		1,272,997
Post Properties, Inc.	92,700		4,487,607
Sun Communities, Inc.	39,800		1,640,158
UDR, Inc.	31,138		806,474
			44,833,895
Retail REITs - 1.2%
CBL & Associates Properties, Inc.	147,500		2,575,350
TOTAL REAL ESTATE INVESTMENT TRUSTS			47,409,245
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
Real Estate Operating Companies - 1.2%
Forest City Enterprises, Inc. Class A (a)	195,300		2,615,067
SPECIALTY RETAIL - 35.9%
Home Improvement Retail - 35.9%
Home Depot, Inc.	948,890		46,818,233
Lowe's Companies, Inc.	1,219,934		32,596,636
			79,414,869
TOTAL COMMON STOCKS (Cost $209,253,699)		217,544,439
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.17% (b)	5,088,147		5,088,147
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	10,361,000		10,361,000
TOTAL MONEY MARKET FUNDS (Cost $15,449,147)		15,449,147

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $224,702,846)

232,993,586

NET OTHER ASSETS (LIABILITIES) - (5.2)%

(11,470,343)

NET ASSETS - 100%

$ 221,523,243

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,182
Fidelity Securities Lending Cash Central Fund	15,653
Total	$ 17,835

Other Information

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

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $229,254,033. Net unrealized appreciation aggregated $3,739,553, of which $19,117,810 related to appreciated investment securities and $15,378,257 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2012

1.802161.108

COM-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 3.3%
Communications Equipment - 3.3%
Acme Packet, Inc. (a)(d)	145,000		$ 3,317,600
Motorola Solutions, Inc.	325,000		15,626,000
Polycom, Inc. (a)	524,300		5,997,992
			24,941,592
COMPUTERS & PERIPHERALS - 70.8%
Computer Hardware - 44.1%
Apple, Inc. (a)	318,100		183,775,913
Avid Technology, Inc. (a)	445,700		3,182,298
Cray, Inc. (a)	767,500		8,196,900
Dell, Inc. (a)	1,641,907		20,244,713
Diebold, Inc.	344,300		12,742,543
Hewlett-Packard Co.	1,684,905		38,213,645
NCR Corp. (a)	1,965,200		42,094,584
Silicon Graphics International Corp. (a)(d)	393,800		2,319,482
Stratasys, Inc. (a)	352,531		16,752,273
Super Micro Computer, Inc. (a)	428,200		6,825,508
			334,347,859
Computer Storage & Peripherals - 26.7%
Catcher Technology Co. Ltd.	790,000		5,011,549
Electronics for Imaging, Inc. (a)	1,365,115		20,121,795
EMC Corp. (a)	1,961,178		46,774,095
Imation Corp. (a)	600,000		3,408,000
Immersion Corp. (a)	567,690		3,184,741
Intermec, Inc. (a)	736,500		4,352,715
Intevac, Inc. (a)	258,790		1,953,865
Lexmark International, Inc. Class A	190,800		4,771,908
NetApp, Inc. (a)	889,460		26,470,330
Novatel Wireless, Inc. (a)	826,424		1,710,698
OCZ Technology Group, Inc. (a)(d)	823,200		3,687,936
QLogic Corp. (a)	342,208		4,657,451
Quantum Corp. (a)	2,773,200		5,407,740
Rimage Corp.	185,000		1,420,800
SanDisk Corp. (a)	460,100		15,045,270
Seagate Technology	892,800		20,918,304
Smart Technologies, Inc. Class A (a)	50,000		64,500
STEC, Inc. (a)(d)	553,680		3,908,981
Synaptics, Inc. (a)(d)	292,200		7,836,804
Western Digital Corp. (a)	539,084		16,921,847
Xyratex Ltd.	375,800		4,299,152
			201,928,481
TOTAL COMPUTERS & PERIPHERALS			536,276,340
ELECTRONIC EQUIPMENT & COMPONENTS - 3.0%
Electronic Manufacturing Services - 1.3%
Flextronics International Ltd. (a)	1,500,000		9,630,000

	Shares		Value
Technology Distributors - 1.7%
Arrow Electronics, Inc. (a)	279,900		$ 9,491,409
BrightPoint, Inc. (a)	800,000		3,896,000
			13,387,409
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			23,017,409
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Active Network, Inc.	420,000		5,896,800
Velti PLC (a)(d)	518,600		3,785,780
			9,682,580
IT SERVICES - 16.6%
IT Consulting & Other Services - 16.6%
EPAM Systems, Inc.	273,800		4,791,500
IBM Corp.	482,448		93,064,219
Teradata Corp. (a)	421,557		28,025,109
			125,880,828
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
Semiconductors - 1.4%
RF Micro Devices, Inc. (a)	1,075,000		4,052,750
Skyworks Solutions, Inc. (a)	250,000		6,715,000
			10,767,750
SOFTWARE - 0.5%
Application Software - 0.5%
BroadSoft, Inc. (a)(d)	149,600		4,085,576
TOTAL COMMON STOCKS (Cost $671,714,299)		734,652,075
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 0.17% (b)	20,002,270		20,002,270
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	19,567,024		19,567,024
TOTAL MONEY MARKET FUNDS (Cost $39,569,294)		39,569,294

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $711,283,593)

774,221,369

NET OTHER ASSETS (LIABILITIES) - (2.1)%			(16,273,748)
NET ASSETS - 100%		$ 757,947,621

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,742
Fidelity Securities Lending Cash Central Fund	83,339
Total	$ 96,081

Other Information

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

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $744,026,882. Net unrealized appreciation aggregated $30,194,487, of which $123,658,458 related to appreciated investment securities and $93,463,971 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

May 31, 2012

1.802172.108

FOO-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
BEVERAGES - 30.9%
Brewers - 5.8%
Anheuser-Busch InBev SA NV (d)	858,528		$ 58,087,793
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	212,185		8,137,295
Compania Cervecerias Unidas SA sponsored ADR	67,500		4,385,475
Molson Coors Brewing Co. Class B	628,928		24,182,282
SABMiller PLC	204,900		7,572,722
			102,365,567
Distillers & Vintners - 8.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,899,220		36,635,954
Diageo PLC sponsored ADR	599,627		57,168,438
Pernod Ricard SA	328,901		32,123,899
Remy Cointreau SA	291,476		28,939,232
Thai Beverage PCL	6,002,000		1,560,352
Treasury Wine Estates Ltd.	634,073		2,730,015
			159,157,890
Soft Drinks - 16.2%
Coca-Cola Bottling Co. CONSOLIDATED	85,513		5,239,382
Coca-Cola FEMSA SAB de CV sponsored ADR	81,829		9,413,608
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	286,781		4,872,409
Coca-Cola Icecek A/S	361,842		4,773,462
Embotelladora Andina SA:
ADR	37,089		938,352
sponsored ADR	267,800		8,382,140
Fomento Economico Mexicano SAB de CV sponsored ADR	10,187		803,041
PepsiCo, Inc.	559,871		37,987,247
The Coca-Cola Co.	2,887,692		215,797,223
			288,206,864
TOTAL BEVERAGES			549,730,321
FOOD & STAPLES RETAILING - 12.4%
Drug Retail - 9.8%
CVS Caremark Corp.	3,049,863		137,060,843
Drogasil SA	613,400		5,672,167
Rite Aid Corp. (a)	2,073,600		2,695,680
Walgreen Co.	964,160		29,426,163
			174,854,853
Food Distributors - 0.1%
Chefs' Warehouse Holdings (a)	32,900		626,745
Sysco Corp.	33,400		932,194
			1,558,939
Food Retail - 0.3%
Fresh Market, Inc. (a)	11,800		685,816
The Pantry, Inc. (a)	422,370		5,452,797
			6,138,613

	Shares		Value
Hypermarkets & Super Centers - 2.2%
Wal-Mart Stores, Inc.	594,696		$ 39,142,891
TOTAL FOOD & STAPLES RETAILING			221,695,296
FOOD PRODUCTS - 8.8%
Agricultural Products - 2.9%
Archer Daniels Midland Co.	238,461		7,602,137
Bunge Ltd.	631,987		37,603,227
Cosan Ltd. Class A	60,400		722,988
First Resources Ltd.	1,467,000		1,895,511
SLC Agricola SA	313,300		3,019,834
			50,843,697
Packaged Foods & Meats - 5.9%
Annie's, Inc.	1,500		60,225
Calavo Growers, Inc.	92,773		2,541,052
Green Mountain Coffee Roasters, Inc. (a)	362,037		8,544,073
Lindt & Spruengli AG	121		4,193,974
Mead Johnson Nutrition Co. Class A	334,432		27,002,040
Nestle SA	383,063		21,736,698
Unilever NV (NY Reg.)	1,163,871		36,498,995
Want Want China Holdings Ltd.	3,977,000		4,555,215
			105,132,272
TOTAL FOOD PRODUCTS			155,975,969
HOUSEHOLD PRODUCTS - 19.6%
Household Products - 19.6%
Colgate-Palmolive Co.	539,871		53,069,319
Procter & Gamble Co.	4,530,558		282,208,455
Reckitt Benckiser Group PLC	87,100		4,634,996
Spectrum Brands Holdings, Inc. (a)	250,547		8,648,882
			348,561,652
PERSONAL PRODUCTS - 2.5%
Personal Products - 2.5%
Herbalife Ltd.	37,790		1,692,614
Hypermarcas SA	362,500		1,982,485
L'Oreal SA	207,200		23,328,997
Natura Cosmeticos SA	135,900		2,917,654
Nu Skin Enterprises, Inc. Class A	341,219		14,631,471
			44,553,221
PHARMACEUTICALS - 2.5%
Pharmaceuticals - 2.5%
Johnson & Johnson	724,160		45,209,309
SPECIALTY RETAIL - 0.0%
Specialty Stores - 0.0%
Teavana Holdings, Inc. (a)(d)	49,777		661,039
TOBACCO - 22.0%
Tobacco - 22.0%
Altria Group, Inc.	2,759,820		88,838,606
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
British American Tobacco PLC sponsored ADR (d)	2,583,391		$ 243,045,426
KT&G Corp.	35,760		2,381,031
Lorillard, Inc.	44,903		5,550,011
Philip Morris International, Inc.	535,883		45,287,472
Souza Cruz SA	455,200		6,093,859
			391,196,405
TOTAL COMMON STOCKS (Cost $1,452,574,181)		1,757,583,212
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.17% (b)	35,264,663		35,264,663
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	5,375,089		5,375,089
TOTAL MONEY MARKET FUNDS (Cost $40,639,752)		40,639,752
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,493,213,933)		1,798,222,964
NET OTHER ASSETS (LIABILITIES) - (1.0)%		(17,001,008)
NET ASSETS - 100%		$ 1,781,221,956

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 26,824
Fidelity Securities Lending Cash Central Fund	232,277
Total	$ 259,101

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,757,583,212	$ 1,576,964,901	$ 180,618,311	$ -
Money Market Funds	40,639,752	40,639,752	-	-
Total Investments in Securities:	$ 1,798,222,964	$ 1,617,604,653	$ 180,618,311	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,496,958,475. Net unrealized appreciation aggregated $301,264,489, of which $331,793,167 related to appreciated investment securities and $30,528,678 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

May 31, 2012

1.802163.108

CPR-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AUTOMOBILES - 1.0%
Motorcycle Manufacturers - 1.0%
Harley-Davidson, Inc.	60,200		$ 2,900,436
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Owens Corning (a)	45,330		1,398,884
CHEMICALS - 0.5%
Specialty Chemicals - 0.5%
Sherwin-Williams Co.	12,306		1,595,350
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Office Services & Supplies - 0.2%
Interface, Inc.	47,100		597,699
DISTRIBUTORS - 1.1%
Distributors - 1.1%
LKQ Corp. (a)	94,500		3,443,580
HOTELS, RESTAURANTS & LEISURE - 18.7%
Casinos & Gaming - 1.1%
Las Vegas Sands Corp.	73,165		3,378,760
Hotels, Resorts & Cruise Lines - 0.7%
Wyndham Worldwide Corp.	41,430		2,063,214
Restaurants - 16.9%
BJ's Restaurants, Inc. (a)	54,884		2,403,370
Buffalo Wild Wings, Inc. (a)	37,400		3,183,114
Chipotle Mexican Grill, Inc. (a)	8,493		3,508,204
Domino's Pizza, Inc.	93,500		2,871,385
Dunkin' Brands Group, Inc.	444		14,417
McDonald's Corp.	187,484		16,749,821
Panera Bread Co. Class A (a)	20,100		2,953,695
Starbucks Corp.	184,761		10,141,531
Texas Roadhouse, Inc. Class A	86,400		1,570,752
Yum! Brands, Inc.	111,271		7,829,028
			51,225,317
TOTAL HOTELS, RESTAURANTS & LEISURE			56,667,291
HOUSEHOLD DURABLES - 5.2%
Home Furnishings - 0.5%
Tempur-Pedic International, Inc. (a)	35,400		1,635,834
Homebuilding - 1.6%
Lennar Corp. Class A (d)	100,889		2,753,261
NVR, Inc. (a)	2,700		2,172,960
			4,926,221
Housewares & Specialties - 3.1%
Jarden Corp.	107,300		4,361,745
Newell Rubbermaid, Inc.	176,400		3,245,760
Tupperware Brands Corp.	30,800		1,664,740
			9,272,245
TOTAL HOUSEHOLD DURABLES			15,834,300

	Shares		Value
INTERNET & CATALOG RETAIL - 6.9%
Internet Retail - 6.9%
Amazon.com, Inc. (a)	66,295		$ 14,114,868
Priceline.com, Inc. (a)	10,600		6,630,194
			20,745,062
LEISURE EQUIPMENT & PRODUCTS - 1.3%
Leisure Products - 1.3%
Brunswick Corp.	72,100		1,578,990
Polaris Industries, Inc.	32,000		2,431,040
			4,010,030
MEDIA - 21.5%
Broadcasting - 2.6%
CBS Corp. Class B	128,132		4,089,973
Discovery Communications, Inc. (a)	76,700		3,842,670
			7,932,643
Cable & Satellite - 9.0%
Comcast Corp. Class A	735,360		21,259,258
DIRECTV (a)	102,928		4,575,150
Sirius XM Radio, Inc. (a)(d)	802,607		1,516,927
			27,351,335
Movies & Entertainment - 9.9%
News Corp. Class A	519,506		9,974,515
The Walt Disney Co.	433,820		19,829,912
			29,804,427
TOTAL MEDIA			65,088,405
MULTILINE RETAIL - 7.7%
Department Stores - 0.2%
PPR SA	4,900		697,904
General Merchandise Stores - 7.5%
Dollar General Corp. (a)	158,836		7,768,669
Dollar Tree, Inc. (a)	81,058		8,363,564
Target Corp.	110,819		6,417,528
			22,549,761
TOTAL MULTILINE RETAIL			23,247,665
SPECIALTY RETAIL - 30.1%
Apparel Retail - 6.7%
Abercrombie & Fitch Co. Class A	26,100		875,394
Limited Brands, Inc.	85,740		3,803,426
Ross Stores, Inc.	79,000		4,995,170
rue21, Inc. (a)	52,426		1,388,240
Tilly's, Inc. (a)	36,800		599,104
TJX Companies, Inc.	178,990		7,599,915
Urban Outfitters, Inc. (a)	32,731		915,486
			20,176,735
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Automotive Retail - 3.3%
AutoZone, Inc. (a)	12,025		$ 4,572,627
O'Reilly Automotive, Inc. (a)	56,900		5,450,451
			10,023,078
Home Improvement Retail - 8.1%
Home Depot, Inc.	326,386		16,103,885
Lowe's Companies, Inc.	321,543		8,591,629
			24,695,514
Homefurnishing Retail - 2.4%
Bed Bath & Beyond, Inc. (a)	79,231		5,724,440
Williams-Sonoma, Inc.	42,217		1,473,795
			7,198,235
Specialty Stores - 9.6%
Dick's Sporting Goods, Inc.	113,600		5,282,400
GNC Holdings, Inc.	65,300		2,516,009
Hibbett Sports, Inc. (a)	52,700		2,952,781
PetSmart, Inc.	71,100		4,581,684
Sally Beauty Holdings, Inc. (a)	145,600		3,848,208
Tractor Supply Co.	48,223		4,405,171
Ulta Salon, Cosmetics & Fragrance, Inc.	36,330		3,246,812
Vitamin Shoppe, Inc. (a)	47,173		2,336,007
			29,169,072
TOTAL SPECIALTY RETAIL			91,262,634
TEXTILES, APPAREL & LUXURY GOODS - 4.5%
Apparel, Accessories & Luxury Goods - 2.0%
Coach, Inc.	55,100		3,716,495
PVH Corp.	29,385		2,380,185
			6,096,680
Footwear - 2.5%
NIKE, Inc. Class B	70,781		7,657,089
TOTAL TEXTILES, APPAREL & LUXURY GOODS			13,753,769
TOTAL COMMON STOCKS (Cost $265,468,533)		300,545,105
Nonconvertible Preferred Stocks - 0.3%
	Shares		Value
AUTOMOBILES - 0.3%
Automobile Manufacturers - 0.3%
Volkswagen AG (Cost $1,215,202)	6,400		$ 1,026,870
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.17% (b)	1,573,910		1,573,910
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	4,065,596		4,065,596
TOTAL MONEY MARKET FUNDS (Cost $5,639,506)		5,639,506

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $272,323,241)

307,211,481

NET OTHER ASSETS (LIABILITIES) - (1.4)%			(4,273,590)
NET ASSETS - 100%		$ 302,937,891

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,319
Fidelity Securities Lending Cash Central Fund	53,616
Total	$ 54,935

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 300,545,105	$ 299,847,201	$ 697,904	$ -
Nonconvertible Preferred Stocks	1,026,870	-	1,026,870	-
Money Market Funds	5,639,506	5,639,506	-	-
Total Investments in Securities:	$ 307,211,481	$ 305,486,707	$ 1,724,774	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $274,206,286. Net unrealized appreciation aggregated $33,005,195, of which $42,405,946 related to appreciated investment securities and $9,400,751 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2012

1.802165.108

DEF-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
AEROSPACE & DEFENSE - 87.7%
Aerospace & Defense - 87.7%
BE Aerospace, Inc. (a)	143,969		$ 6,236,737
DigitalGlobe, Inc. (a)	332,345		5,370,695
Ducommun, Inc. (a)	42,449		383,314
Embraer SA sponsored ADR	198,700		5,603,340
Esterline Technologies Corp. (a)	396,934		25,637,967
General Dynamics Corp.	219,899		14,075,735
HEICO Corp. (d)	420,364		17,512,364
Honeywell International, Inc.	742,828		41,345,806
Lockheed Martin Corp.	99,638		8,250,026
Meggitt PLC	1,492,500		8,718,615
Moog, Inc. Class A (a)	287,431		10,928,127
MTU Aero Engines Holdings AG	55,312		4,068,129
Orbital Sciences Corp. (a)	965,511		10,804,068
Precision Castparts Corp.	261,737		43,503,307
Raytheon Co.	614,156		30,904,330
Rockwell Collins, Inc.	588,954		29,665,613
Rolls-Royce Group PLC	367,800		4,675,813
SIFCO Industries, Inc.	82,763		1,571,669
Teledyne Technologies, Inc. (a)	152,431		9,081,839
Textron, Inc.	1,168,466		27,610,852
The Boeing Co.	1,144,037		79,636,416
TransDigm Group, Inc. (a)	217,833		26,793,459
United Technologies Corp.	1,864,578		138,183,877
			550,562,098
ELECTRICAL EQUIPMENT - 0.9%
Electrical Components & Equipment - 0.9%
AMETEK, Inc.	109,343		5,544,784
ELECTRONIC EQUIPMENT & COMPONENTS - 0.8%
Electronic Equipment & Instruments - 0.8%
FLIR Systems, Inc.	224,500		4,788,585
HOUSEHOLD DURABLES - 0.4%
Household Appliances - 0.4%
iRobot Corp. (a)(d)	119,106		2,522,665
METALS & MINING - 2.2%
Diversified Metals & Mining - 0.4%
Titanium Metals Corp.	244,400		2,805,712
Steel - 1.8%
Carpenter Technology Corp.	163,700		7,376,322
Haynes International, Inc.	77,909		3,973,359
			11,349,681
TOTAL METALS & MINING			14,155,393

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 1.9%
Trading Companies & Distributors - 1.9%
AerCap Holdings NV (a)	560,207		$ 6,408,768
Air Lease Corp. Class A (a)(d)	263,800		5,521,334
			11,930,102
TRANSPORTATION INFRASTRUCTURE - 0.5%
Airport Services - 0.5%
Wesco Aircraft Holdings, Inc. (a)	207,066		2,872,005
TOTAL COMMON STOCKS (Cost $556,696,318)		592,375,632
Nonconvertible Preferred Stocks - 0.0%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Class C (Cost $62,919)	38,986,800		60,086
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 0.17% (b)	33,991,092		33,991,092
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	17,646,935		17,646,935
TOTAL MONEY MARKET FUNDS (Cost $51,638,027)		51,638,027
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $608,397,264)			644,073,745
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(16,530,913)
NET ASSETS - 100%		$ 627,542,832

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,834
Fidelity Securities Lending Cash Central Fund	20,671
Total	$ 29,505

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 592,375,632	$ 574,913,075	$ 17,462,557	$ -
Nonconvertible Preferred Stocks	60,086	60,086	-	-
Money Market Funds	51,638,027	51,638,027	-	-
Total Investments in Securities:	$ 644,073,745	$ 626,611,188	$ 17,462,557	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $613,332,268. Net unrealized appreciation aggregated $30,741,477, of which $66,324,059 related to appreciated investment securities and $35,582,582 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Select
Consumer Staples Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2012

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Consumer Staples Portfolio

1.851744.105

ACSF-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
BEVERAGES - 30.9%
Brewers - 5.8%
Anheuser-Busch InBev SA NV (d)	858,528		$ 58,087,793
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	212,185		8,137,295
Compania Cervecerias Unidas SA sponsored ADR	67,500		4,385,475
Molson Coors Brewing Co. Class B	628,928		24,182,282
SABMiller PLC	204,900		7,572,722
			102,365,567
Distillers & Vintners - 8.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,899,220		36,635,954
Diageo PLC sponsored ADR	599,627		57,168,438
Pernod Ricard SA	328,901		32,123,899
Remy Cointreau SA	291,476		28,939,232
Thai Beverage PCL	6,002,000		1,560,352
Treasury Wine Estates Ltd.	634,073		2,730,015
			159,157,890
Soft Drinks - 16.2%
Coca-Cola Bottling Co. CONSOLIDATED	85,513		5,239,382
Coca-Cola FEMSA SAB de CV sponsored ADR	81,829		9,413,608
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	286,781		4,872,409
Coca-Cola Icecek A/S	361,842		4,773,462
Embotelladora Andina SA:
ADR	37,089		938,352
sponsored ADR	267,800		8,382,140
Fomento Economico Mexicano SAB de CV sponsored ADR	10,187		803,041
PepsiCo, Inc.	559,871		37,987,247
The Coca-Cola Co.	2,887,692		215,797,223
			288,206,864
TOTAL BEVERAGES			549,730,321
FOOD & STAPLES RETAILING - 12.4%
Drug Retail - 9.8%
CVS Caremark Corp.	3,049,863		137,060,843
Drogasil SA	613,400		5,672,167
Rite Aid Corp. (a)	2,073,600		2,695,680
Walgreen Co.	964,160		29,426,163
			174,854,853
Food Distributors - 0.1%
Chefs' Warehouse Holdings (a)	32,900		626,745
Sysco Corp.	33,400		932,194
			1,558,939
Food Retail - 0.3%
Fresh Market, Inc. (a)	11,800		685,816
The Pantry, Inc. (a)	422,370		5,452,797
			6,138,613

	Shares		Value
Hypermarkets & Super Centers - 2.2%
Wal-Mart Stores, Inc.	594,696		$ 39,142,891
TOTAL FOOD & STAPLES RETAILING			221,695,296
FOOD PRODUCTS - 8.8%
Agricultural Products - 2.9%
Archer Daniels Midland Co.	238,461		7,602,137
Bunge Ltd.	631,987		37,603,227
Cosan Ltd. Class A	60,400		722,988
First Resources Ltd.	1,467,000		1,895,511
SLC Agricola SA	313,300		3,019,834
			50,843,697
Packaged Foods & Meats - 5.9%
Annie's, Inc.	1,500		60,225
Calavo Growers, Inc.	92,773		2,541,052
Green Mountain Coffee Roasters, Inc. (a)	362,037		8,544,073
Lindt & Spruengli AG	121		4,193,974
Mead Johnson Nutrition Co. Class A	334,432		27,002,040
Nestle SA	383,063		21,736,698
Unilever NV (NY Reg.)	1,163,871		36,498,995
Want Want China Holdings Ltd.	3,977,000		4,555,215
			105,132,272
TOTAL FOOD PRODUCTS			155,975,969
HOUSEHOLD PRODUCTS - 19.6%
Household Products - 19.6%
Colgate-Palmolive Co.	539,871		53,069,319
Procter & Gamble Co.	4,530,558		282,208,455
Reckitt Benckiser Group PLC	87,100		4,634,996
Spectrum Brands Holdings, Inc. (a)	250,547		8,648,882
			348,561,652
PERSONAL PRODUCTS - 2.5%
Personal Products - 2.5%
Herbalife Ltd.	37,790		1,692,614
Hypermarcas SA	362,500		1,982,485
L'Oreal SA	207,200		23,328,997
Natura Cosmeticos SA	135,900		2,917,654
Nu Skin Enterprises, Inc. Class A	341,219		14,631,471
			44,553,221
PHARMACEUTICALS - 2.5%
Pharmaceuticals - 2.5%
Johnson & Johnson	724,160		45,209,309
SPECIALTY RETAIL - 0.0%
Specialty Stores - 0.0%
Teavana Holdings, Inc. (a)(d)	49,777		661,039
TOBACCO - 22.0%
Tobacco - 22.0%
Altria Group, Inc.	2,759,820		88,838,606
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
British American Tobacco PLC sponsored ADR (d)	2,583,391		$ 243,045,426
KT&G Corp.	35,760		2,381,031
Lorillard, Inc.	44,903		5,550,011
Philip Morris International, Inc.	535,883		45,287,472
Souza Cruz SA	455,200		6,093,859
			391,196,405
TOTAL COMMON STOCKS (Cost $1,452,574,181)		1,757,583,212
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.17% (b)	35,264,663		35,264,663
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	5,375,089		5,375,089
TOTAL MONEY MARKET FUNDS (Cost $40,639,752)		40,639,752
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,493,213,933)		1,798,222,964
NET OTHER ASSETS (LIABILITIES) - (1.0)%		(17,001,008)
NET ASSETS - 100%		$ 1,781,221,956

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 26,824
Fidelity Securities Lending Cash Central Fund	232,277
Total	$ 259,101

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,757,583,212	$ 1,576,964,901	$ 180,618,311	$ -
Money Market Funds	40,639,752	40,639,752	-	-
Total Investments in Securities:	$ 1,798,222,964	$ 1,617,604,653	$ 180,618,311	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

May 31, 2012

1.802167.108

ELE-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)(f)	285,468		$ 3
COMMUNICATIONS EQUIPMENT - 3.8%
Communications Equipment - 3.8%
Acme Packet, Inc. (a)	125,200		2,864,576
Brocade Communications Systems, Inc. (a)	668,004		3,106,219
Cisco Systems, Inc.	220,103		3,594,282
Polycom, Inc. (a)	382,800		4,379,232
QUALCOMM, Inc.	392,328		22,484,318
Riverbed Technology, Inc. (a)	27,200		446,080
			36,874,707
COMPUTERS & PERIPHERALS - 2.3%
Computer Hardware - 0.6%
Hewlett-Packard Co.	269,530		6,112,940
Computer Storage & Peripherals - 1.7%
Fusion-io, Inc.	4,100		85,608
NetApp, Inc. (a)	97,053		2,888,297
SanDisk Corp. (a)	387,068		12,657,124
Synaptics, Inc. (a)	9,100		244,062
			15,875,091
TOTAL COMPUTERS & PERIPHERALS			21,988,031
ELECTRONIC EQUIPMENT & COMPONENTS - 7.9%
Electronic Components - 2.1%
Aeroflex Holding Corp. (a)	1,728,066		11,180,587
Amphenol Corp. Class A	7,000		372,330
Corning, Inc.	528,229		6,861,695
InvenSense, Inc. (d)	127,300		1,265,362
			19,679,974
Electronic Manufacturing Services - 5.4%
Benchmark Electronics, Inc. (a)	506,579		6,859,080
Fabrinet (a)	89,612		1,044,876
Flextronics International Ltd. (a)	2,579,161		16,558,214
Jabil Circuit, Inc.	879,451		16,823,898
Plexus Corp. (a)	18		504
TE Connectivity Ltd.	75,700		2,378,494
TTM Technologies, Inc. (a)	932,578		8,617,021
			52,282,087
Technology Distributors - 0.4%
Avnet, Inc. (a)	9,600		292,704
BrightPoint, Inc. (a)	724,100		3,526,367
			3,819,071
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			75,781,132

	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 85.5%
Semiconductor Equipment - 7.1%
Advanced Energy Industries, Inc. (a)	795		$ 10,852
Amkor Technology, Inc. (a)(d)	1,597,858		7,557,868
Applied Materials, Inc.	174,516		1,802,750
ASML Holding NV	230,760		10,571,116
Cabot Microelectronics Corp.	3,300		103,422
Cohu, Inc.	1,100		10,274
Cymer, Inc. (a)	268,150		14,525,686
Entegris, Inc. (a)	574,409		4,428,693
KLA-Tencor Corp.	71,000		3,253,930
Lam Research Corp. (a)(d)	525,073		19,585,223
MEMC Electronic Materials, Inc. (a)	630,958		1,053,700
Nanometrics, Inc. (a)	22,900		355,637
Nova Measuring Instruments Ltd. (a)	15,800		113,286
Teradyne, Inc. (a)	1,730		24,999
Tessera Technologies, Inc.	371,376		5,047,000
			68,444,436
Semiconductors - 78.4%
Advanced Micro Devices, Inc. (a)	4,634,387		28,177,073
Alpha & Omega Semiconductor Ltd. (a)	515,306		4,622,295
Altera Corp.	1,306,667		43,655,744
Analog Devices, Inc.	175,900		6,397,483
Applied Micro Circuits Corp. (a)	364,277		1,945,239
ARM Holdings PLC sponsored ADR	17		399
Atmel Corp. (a)	1,206,882		8,448,174
Avago Technologies Ltd.	958,417		31,723,603
BCD Semiconductor Manufacturing Ltd. ADR (a)(e)	1,198,901		5,718,758
Broadcom Corp. Class A	2,496,116		80,749,353
Cirrus Logic, Inc. (a)(d)	415,106		11,921,844
CSR PLC (d)	722,876		2,317,440
Cypress Semiconductor Corp.	953,609		12,578,103
Entropic Communications, Inc. (a)	713,018		2,866,332
Exar Corp. (a)	15,000		117,750
Fairchild Semiconductor International, Inc. (a)	478,351		6,319,017
First Solar, Inc. (a)	127,042		1,595,648
Freescale Semiconductor Holdings I Ltd. (d)	4,479,956		41,215,595
Inphi Corp. (a)	237,000		1,969,470
Intel Corp.	1,482,563		38,309,428
Intermolecular, Inc.	554,894		3,595,713
International Rectifier Corp. (a)	614,977		11,586,167
Intersil Corp. Class A	4,269,709		45,045,430
Linear Technology Corp.	2,100		60,942
LSI Corp. (a)	483,722		3,216,751
Marvell Technology Group Ltd.	5,965,902		74,752,752
Maxim Integrated Products, Inc.	145,800		3,668,328
MediaTek, Inc.	284,000		2,509,909
Micron Technology, Inc. (a)	3,969,812		23,183,702
Monolithic Power Systems, Inc. (a)	200		3,758
Motech Industries, Inc.	1		2
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
NVIDIA Corp. (a)	2,312,922		$ 28,749,620
NXP Semiconductors NV (a)	1,627,303		34,352,366
O2Micro International Ltd. sponsored ADR (a)	415,100		1,809,836
ON Semiconductor Corp. (a)	4,561,410		30,743,903
PMC-Sierra, Inc. (a)	2,022,670		12,904,635
RDA Microelectronics, Inc. sponsored ADR (a)	57,882		607,182
Renesas Electronics Corp. (a)(d)	517,600		1,644,278
RF Micro Devices, Inc. (a)	1,765,044		6,654,216
Samsung Electronics Co. Ltd.	857		879,164
Skyworks Solutions, Inc. (a)	874,944		23,500,996
Spansion, Inc. Class A (a)	718,553		7,760,372
STATS ChipPAC Ltd. (a)	6,981,000		2,139,916
STMicroelectronics NV (NY Shares) unit (d)	882,566		4,518,738
Texas Instruments, Inc.	3,455,167		98,403,154
TriQuint Semiconductor, Inc. (a)	298,677		1,556,107
Volterra Semiconductor Corp. (a)	16,900		469,482
Xilinx, Inc.	5,000		159,850
			755,126,017
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			823,570,453
SOFTWARE - 0.0%
Systems Software - 0.0%
Symantec Corp. (a)	9,800		145,432
TOTAL COMMON STOCKS (Cost $1,241,705,910)		958,359,758

Convertible Bonds - 0.1%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 6% 4/15/14 (Cost $610,000)	$ 610,000	1,032,913

Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	3,006,697		$ 3,006,697
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	60,029,555		60,029,555
TOTAL MONEY MARKET FUNDS (Cost $63,036,252)		63,036,252
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $1,305,352,162)			1,022,428,923
NET OTHER ASSETS (LIABILITIES) - (6.1)%			(58,767,806)
NET ASSETS - 100%		$ 963,661,117

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Arrowhead Research Corp. warrants 5/21/17	5/18/07	$ 1,033,745

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	$ 4,433
Fidelity Securities Lending Cash Central Fund	68,266
Total	$ 72,699

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
BCD Semiconductor Manufacturing Ltd. ADR	$ 7,544,993	$ -	$ 1,325,633	$ -	$ 5,718,758

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 958,359,758	$ 954,398,037	$ 3,961,718	$ 3
Convertible Bonds	1,032,913	-	1,032,913	-
Money Market Funds	63,036,252	63,036,252	-	-
Total Investments in Securities:	$ 1,022,428,923	$ 1,017,434,289	$ 4,994,631	$ 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	$ 3
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,315,673,222. Net unrealized depreciation aggregated $293,244,299, of which $12,578,319 related to appreciated investment securities and $305,822,618 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2012

1.802168.108

ENE-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CHEMICALS - 1.6%
Specialty Chemicals - 1.6%
LyondellBasell Industries NV Class A	753,241		$ 29,722,890
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Foster Wheeler AG (a)	508,600		9,098,854
ENERGY EQUIPMENT & SERVICES - 23.0%
Oil & Gas Drilling - 7.3%
Discovery Offshore S.A. (a)(e)	2,394,308		4,111,307
Ensco PLC Class A	770,473		34,601,942
Helmerich & Payne, Inc.	125,270		5,674,731
Noble Corp.	1,457,696		45,582,154
Northern Offshore Ltd.	1,076,682		1,824,830
Ocean Rig UDW, Inc. (United States)	553,900		8,280,805
Parker Drilling Co. (a)	1,741,782		8,517,314
Rowan Companies PLC (a)	682,084		20,462,520
Tuscany International Drilling, Inc. (a)	3,442,200		1,733,015
Vantage Drilling Co. (a)	3,038,700		4,558,050
			135,346,668
Oil & Gas Equipment & Services - 15.7%
Cal Dive International, Inc. (a)	536,955		1,379,974
Compagnie Generale de Geophysique SA (a)	426,081		9,316,172
Fugro NV (Certificaten Van Aandelen) unit	605,849		34,833,606
Gulfmark Offshore, Inc. Class A (a)	349,835		12,485,611
Halliburton Co.	828,083		24,892,175
Key Energy Services, Inc. (a)	486,021		4,816,468
McDermott International, Inc. (a)	546,700		5,549,005
National Oilwell Varco, Inc.	1,474,108		98,396,709
Oil States International, Inc. (a)	365,021		24,299,448
Schlumberger Ltd.	820,208		51,878,156
Schoeller-Bleckmann Oilfield Equipment AG	27,537		2,256,437
Superior Energy Services, Inc. (a)	285,176		6,171,209
Total Energy Services, Inc.	173,000		2,465,566
Weatherford International Ltd. (a)	1,082,096		12,995,973
			291,736,509
TOTAL ENERGY EQUIPMENT & SERVICES			427,083,177
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights (a)	215,902		2
OIL, GAS & CONSUMABLE FUELS - 74.2%
Coal & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)	450,022		4,716,231
Peabody Energy Corp.	1,030,725		24,077,736
			28,793,967

	Shares		Value
Integrated Oil & Gas - 40.3%
Chevron Corp.	3,288,097		$ 323,252,815
Exxon Mobil Corp.	1,567,502		123,252,682
Hess Corp.	1,533,355		67,007,614
InterOil Corp. (a)(d)	53,300		3,539,653
Murphy Oil Corp.	414,352		19,317,090
Occidental Petroleum Corp.	1,682,785		133,394,367
Royal Dutch Shell PLC Class A sponsored ADR	720,718		44,814,245
Suncor Energy, Inc.	1,223,600		33,206,669
			747,785,135
Oil & Gas Exploration & Production - 24.4%
Anadarko Petroleum Corp.	297,132		18,125,052
Apache Corp.	468,907		38,159,652
Atlas Resource Partners LP (a)	4,473		114,867
Bill Barrett Corp. (a)	86,000		1,660,660
BPZ Energy, Inc. (a)	807,923		2,496,482
C&C Energia Ltd. (a)	295,500		1,939,769
Cabot Oil & Gas Corp.	1,326,050		43,149,667
Carrizo Oil & Gas, Inc. (a)	84,400		1,866,084
Cobalt International Energy, Inc. (a)	460,500		10,430,325
Comstock Resources, Inc. (a)	688,660		10,295,467
EOG Resources, Inc.	437,979		43,491,315
EQT Corp.	785,210		36,418,040
EV Energy Partners LP	198,700		10,189,336
EXCO Resources, Inc. (d)	731,800		5,268,960
Gran Tierra Energy, Inc. (Canada) (a)	2,528,900		12,756,517
Halcon Resources Corp. (f)	1,010,000		8,553,690
Kodiak Oil & Gas Corp. (a)	254,600		2,064,806
Marathon Oil Corp.	1,577,124		39,286,159
Midstates Petroleum Co., Inc.	193,100		2,769,054
Noble Energy, Inc.	456,044		38,517,476
Oasis Petroleum, Inc. (a)	107,100		2,751,399
Painted Pony Petroleum Ltd. (a)(e)	15,500		118,405
Pioneer Natural Resources Co.	480,278		46,442,883
Plains Exploration & Production Co. (a)	377,134		13,497,626
QEP Resources, Inc.	128,800		3,390,016
Rosetta Resources, Inc. (a)	562,700		21,770,863
SM Energy Co.	586,965		31,748,937
Swift Energy Co. (a)	175,100		3,486,241
TAG Oil Ltd. (a)	220,600		1,997,008
TAG Oil Ltd. (e)	36,500		330,421
			453,087,177
Oil & Gas Refining & Marketing - 5.8%
Calumet Specialty Products Partners LP	395,699		8,832,002
Essar Energy PLC (a)(d)	2,495,196		5,277,080
HollyFrontier Corp.	212,015		6,250,202
Marathon Petroleum Corp.	1,046,706		37,754,685
Tesoro Corp. (a)	137,688		3,045,659
Valero Energy Corp.	2,227,367		46,997,444
			108,157,072
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - 2.1%
Atlas Energy LP	98,278		$ 3,391,574
Atlas Pipeline Partners, LP	363,458		10,903,740
Cheniere Energy, Inc. (a)	428,900		6,021,756
Markwest Energy Partners LP	73,300		3,514,002
Williams Companies, Inc.	499,960		15,263,779
			39,094,851
TOTAL OIL, GAS & CONSUMABLE FUELS			1,376,918,202
TOTAL COMMON STOCKS (Cost $1,775,125,451)		1,842,823,125
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 0.17% (b)	11,170,273		11,170,273
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	12,280,858		12,280,858
TOTAL MONEY MARKET FUNDS (Cost $23,451,131)		23,451,131
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,798,576,582)			1,866,274,256
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(11,183,113)
NET ASSETS - 100%		$ 1,855,091,143

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Halcon Resources Corp.	3/1/12	$ 9,090,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,894
Fidelity Securities Lending Cash Central Fund	119,998
Total	$ 121,892

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,842,823,125	$ 1,776,650,001	$ 62,061,815	$ 4,111,309
Money Market Funds	23,451,131	23,451,131	-	-
Total Investments in Securities:	$ 1,866,274,256	$ 1,800,101,132	$ 62,061,815	$ 4,111,309

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)	(64,550)
Cost of Purchases	2
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	4,175,857
Transfers out of Level 3	-
Ending Balance	$ 4,111,309
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ (64,550)

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,801,723,282. Net unrealized appreciation aggregated $64,550,974, of which $248,117,238 related to appreciated investment securities and $183,566,264 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environment and
Alternative Energy Portfolio

May 31, 2012

1.802170.108

ENV-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
Energy Efficiency - 30.9%
Buildings Energy Efficiency - 7.9%
Apogee Enterprises, Inc.	33,600		$ 496,608
Cree, Inc. (a)(d)	43,000		1,078,010
Hubbell, Inc. Class B	30,000		2,367,600
Lennox International, Inc.	24,000		1,029,360
TOTAL BUILDINGS ENERGY EFFICIENCY			4,971,578
Diversified Energy Efficiency - 2.8%
Corning, Inc.	115,200		1,496,448
Exide Technologies (a)	104,700		242,904
TOTAL DIVERSIFIED ENERGY EFFICIENCY			1,739,352
Industrial Energy Efficiency - 8.6%
Eaton Corp.	49,300		2,103,138
Fairchild Semiconductor International, Inc. (a)	71,900		949,799
Ingersoll-Rand PLC	58,500		2,416,635
TOTAL INDUSTRIAL ENERGY EFFICIENCY			5,469,572
Power Network Efficiency - 11.6%
Emerson Electric Co.	118,900		5,560,953
ESCO Technologies, Inc.	12,300		429,270
Quanta Services, Inc. (a)	17,400		392,892
Sensata Technologies Holding BV (a)	31,200		958,152
TOTAL POWER NETWORK EFFICIENCY			7,341,267
TOTAL ENERGY EFFICIENCY			19,521,769
Environmental Support Services - 13.4%
Carbon and Other Environmental Assets Trading - 0.7%
AECOM Technology Corp. (a)	25,500		415,395
Environmental Consultancies - 12.7%
Air Products & Chemicals, Inc.	39,400		3,114,176
Jacobs Engineering Group, Inc. (a)	52,300		1,857,696
Parker Hannifin Corp.	23,000		1,880,020
Praxair, Inc.	11,300		1,200,512
TOTAL ENVIRONMENTAL CONSULTANCIES			8,052,404
TOTAL ENVIRONMENTAL SUPPORT SERVICES			8,467,799
Pollution Control - 5.5%
Pollution Control Solutions - 5.5%
Ecolab, Inc.	55,100		3,482,871

	Shares		Value
Renewable & Alternative Energy - 13.9%
Biofuels - 2.9%
Amyris, Inc. (a)(d)	110,100		$ 298,371
Novozymes A/S Series B	37,800		1,017,208
Solazyme, Inc. (d)	48,800		534,848
TOTAL BIOFUELS			1,850,427
Renewable Energy Developers and Independent Power Producers - 11.0%
Empresa Nacional de Electricidad SA sponsored ADR	33,200		1,572,352
Enel SpA	841,670		2,400,509
Ormat Technologies, Inc. (d)	51,200		1,039,872
Tractebel Energia SA	117,800		1,953,745
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS			6,966,478
TOTAL RENEWABLE & ALTERNATIVE ENERGY			8,816,905
Waste Management & Technologies - 18.9%
Hazardous Waste Management - 8.1%
Republic Services, Inc.	193,500		5,100,660
Recycling and Value Added Waste Processing - 8.2%
EnergySolutions, Inc. (a)	276,000		971,520
Stericycle, Inc. (a)(d)	44,300		3,865,618
US Ecology, Inc.	20,600		354,526
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING			5,191,664
Waste Technology Equipment - 2.6%
Commercial Metals Co.	63,400		740,512
Interface, Inc.	31,300		397,197
Schnitzer Steel Inds, Inc. Class A	20,400		532,032
TOTAL WASTE TECHNOLOGY EQUIPMENT			1,669,741
TOTAL WASTE MANAGEMENT & TECHNOLOGIES			11,962,065
Water Infrastructure & Technologies - 16.0%
Water Infrastructure - 5.9%
Aegion Corp. (a)	58,400		920,968
Ashland, Inc.	43,600		2,787,348
TOTAL WATER INFRASTRUCTURE			3,708,316
Water Utilities - 10.1%
Danaher Corp.	123,600		6,423,491
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES			10,131,807
TOTAL COMMON STOCKS (Cost $66,200,225)		62,383,216
Convertible Bonds - 0.5%
	Principal Amount		Value
Energy Efficiency - 0.5%
Buildings Energy Efficiency - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $275,800)	$ 275,800		$ 275,800
Money Market Funds - 11.2%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	496,839		496,839
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	6,586,566		6,586,566
TOTAL MONEY MARKET FUNDS (Cost $7,083,405)		7,083,405

TOTAL INVESTMENT PORTFOLIO - 110.3%

(Cost $73,559,430)

69,742,421

NET OTHER ASSETS (LIABILITIES) - (10.3)%			(6,484,972)
NET ASSETS - 100%		$ 63,257,449

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $275,800 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 275,800

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	$ 169
Fidelity Securities Lending Cash Central Fund	10,022
Total	$ 10,191

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 62,383,216	$ 58,965,499	$ 3,417,717	$ -
Convertible Bonds	275,800	-	-	275,800
Money Market Funds	7,083,405	7,083,405	-	-
Total Investments in Securities:	$ 69,742,421	$ 66,048,904	$ 3,417,717	$ 275,800

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

Investments in Securities:
Beginning Balance	$ 275,800
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 275,800
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $74,363,640. Net unrealized depreciation aggregated $4,621,219, of which $4,148,653 related to appreciated investment securities and $8,769,872 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

May 31, 2012

1.802169.108

ENS-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Fluor Corp.	113,400		$ 5,316,192
ENERGY EQUIPMENT & SERVICES - 95.7%
Oil & Gas Drilling - 15.4%
Cathedral Energy Services Ltd.	914,900		5,004,778
Discovery Offshore S.A. (a)(e)	578,100		992,665
Ensco PLC Class A	674,400		30,287,304
Eurasia Drilling Co. Ltd. GDR (Reg. S)	260,200		6,548,706
Helmerich & Payne, Inc.	204,372		9,258,052
Noble Corp.	1,543,835		48,275,720
Ocean Rig UDW, Inc. (Norway)	1,500		25,021
Ocean Rig UDW, Inc. (United States)	679,900		10,161,909
PHX Energy Services Corp. (d)	106,700		876,038
Rowan Companies PLC (a)	822,700		24,681,000
Tuscany International Drilling, Inc. (a)(d)	10,295,700		5,183,486
Vantage Drilling Co. (a)	7,516,000		11,274,000
Western Energy Services Corp. (a)	259,800		1,936,835
Xtreme Drilling & Coil Services Corp. (a)	1,629,200		3,612,207
			158,117,721
Oil & Gas Equipment & Services - 80.3%
Anton Oilfield Services Group	10,186,000		1,548,593
Baker Hughes, Inc.	702,222		29,303,724
C&J Energy Services, Inc. (d)	257,600		4,605,888
Cameron International Corp. (a)	2,000,088		91,384,021
Core Laboratories NV	62,300		7,968,170
Dresser-Rand Group, Inc. (a)	689,600		30,259,648
Exterran Holdings, Inc. (a)(d)	437,000		5,042,980
FMC Technologies, Inc. (a)	1,099,662		44,250,399
Forum Energy Technologies, Inc. (d)	539,400		11,586,312
Global Geophysical Services, Inc. (a)	561,913		3,983,963
Halliburton Co.	4,167,099		125,262,996
Helix Energy Solutions Group, Inc. (a)	836,300		14,325,819
Hornbeck Offshore Services, Inc. (a)	303,200		10,123,848
ION Geophysical Corp. (a)	594,455		3,602,397
McDermott International, Inc. (a)	2,272,100		23,061,815
National Oilwell Varco, Inc.	1,705,862		113,866,289
Oceaneering International, Inc.	775,300		35,834,366
Oil States International, Inc. (a)	427,400		28,452,018
Petrofac Ltd.	289,200		6,941,330
RigNet, Inc. (a)	44,666		697,236
Schlumberger Ltd.	2,965,311		187,555,921
Schoeller-Bleckmann Oilfield Equipment AG	68,479		5,611,307

	Shares		Value
Tesco Corp. (a)	902,085		$ 10,843,062
Weatherford International Ltd. (a)	2,509,971		30,144,752
			826,256,854
TOTAL ENERGY EQUIPMENT & SERVICES			984,374,575
MACHINERY - 1.0%
Industrial Machinery - 1.0%
Rotork PLC	312,900		9,813,741
TOTAL COMMON STOCKS (Cost $938,297,512)		999,504,508
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.17% (b)	23,921,592		23,921,592
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	4,867,720		4,867,720
TOTAL MONEY MARKET FUNDS (Cost $28,789,312)		28,789,312
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $967,086,824)			1,028,293,820
NET OTHER ASSETS (LIABILITIES) - 0.0%			482,673
NET ASSETS - 100%		$ 1,028,776,493

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,363
Fidelity Securities Lending Cash Central Fund	7,885
Total	$ 24,248

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 999,504,508	$ 969,596,759	$ 28,915,084	$ 992,665
Money Market Funds	28,789,312	28,789,312	-	-
Total Investments in Securities:	$ 1,028,293,820	$ 998,386,071	$ 28,915,084	$ 992,665

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)	(15,586)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	1,008,251
Transfers out of Level 3	-
Ending Balance	$ 992,665
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ (15,586)

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $969,158,784. Net unrealized appreciation aggregated $59,135,036, of which $144,804,860 related to appreciated investment securities and $85,669,824 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2012

1.802171.108

FIN-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
CAPITAL MARKETS - 12.1%
Asset Management & Custody Banks - 8.8%
A.F.P. Provida SA sponsored ADR	16,700		$ 1,224,277
Affiliated Managers Group, Inc. (a)	14,598		1,504,616
Ameriprise Financial, Inc.	800		38,336
Apollo Global Management LLC Class A	434,673		5,072,634
Bank of New York Mellon Corp.	483,839		9,850,962
BlackRock, Inc. Class A	6,693		1,143,164
Cetip SA	183,500		2,647,619
Cetip SA rights 6/18/12 (a)	114		141
Fortress Investment Group LLC	203,500		628,815
Franklin Resources, Inc.	37,932		4,050,758
Invesco Ltd.	1,786		38,846
Julius Baer Group Ltd.	910		28,746
Legg Mason, Inc.	2,318		58,993
Northern Trust Corp.	27,493		1,187,148
State Street Corp.	25,173		1,037,379
The Blackstone Group LP	581,158		6,997,142
			35,509,576
Diversified Capital Markets - 0.5%
Credit Suisse Group sponsored ADR	1,638		31,335
HFF, Inc. (a)	23,200		303,456
UBS AG (NY Shares)	145,437		1,655,073
			1,989,864
Investment Banking & Brokerage - 2.8%
Charles Schwab Corp.	2,400		29,904
E*TRADE Financial Corp. (a)	4,464		37,899
Evercore Partners, Inc. Class A	237,913		5,878,830
GFI Group, Inc.	1,037,136		2,821,010
Goldman Sachs Group, Inc.	10,785		1,032,125
Greenhill & Co., Inc.	2,000		69,740
Investment Technology Group, Inc. (a)	4,400		41,712
Lazard Ltd. Class A	1,497		34,521
Macquarie Group Ltd.	1,078		28,321
Monex Beans Holdings, Inc.	116		17,748
Morgan Stanley	92,208		1,231,899
Nomura Holdings, Inc. sponsored ADR	9,700		31,525
			11,255,234
TOTAL CAPITAL MARKETS			48,754,674
COMMERCIAL BANKS - 18.0%
Diversified Banks - 5.9%
Banco ABC Brasil SA	34,600		190,426
Banco Bradesco SA (PN) sponsored ADR	1,900		27,816
Banco de Chile sponsored ADR	418		34,397
Banco Macro SA sponsored ADR	1,600		20,432
Banco Pine SA	570		3,640
Banco Santander Chile sponsored ADR	400		29,776
Banco Santander SA (Spain) sponsored ADR (d)	6,400		34,048
Banco Santander SA (Brasil) ADR	51,910		412,685
BanColombia SA sponsored ADR	169,700		10,047,937

	Shares		Value
Bangkok Bank Public Co. Ltd. (For. Reg.)	74,200		$ 437,225
Bank of Baroda	23,878		293,468
Bank of the Philippine Islands (BPI)	53,430		82,389
Barclays PLC sponsored ADR	3,344		36,951
BBVA Banco Frances SA sponsored ADR (d)	6,900		26,565
BNP Paribas SA	948		30,376
China CITIC Bank Corp. Ltd. (H Shares)	88,000		45,579
Comerica, Inc.	36,061		1,096,976
CorpBanca SA sponsored ADR	1,600		29,712
Credicorp Ltd. (NY Shares)	7,100		885,867
Credit Agricole SA	600		2,157
Development Credit Bank Ltd. (a)	95,718		65,588
Grupo Financiero Galicia SA sponsored ADR (d)	5,400		24,462
Guaranty Trust Bank PLC GDR (Reg. S)	14,800		79,730
Hana Financial Group, Inc.	11,260		354,835
Hong Leong Bank Bhd	12,100		46,847
HSBC Holdings PLC sponsored ADR	1,000		39,500
ICICI Bank Ltd. sponsored ADR	1,400		39,410
Industrial & Commercial Bank of China Ltd. (H Shares)	17,000		10,338
Intesa Sanpaolo SpA	30,559		38,177
Itau Unibanco Banco Multiplo SA sponsored ADR	1,875		27,131
KB Financial Group, Inc.	10,300		321,117
Malayan Banking Bhd	114,087		314,735
National Australia Bank Ltd.	697		15,263
Nordea Bank AB	3,400		25,281
PT Bank Bukopin Tbk	15,446,000		1,051,643
PT Bank Central Asia Tbk	37,000		27,553
Raiffeisen International Bank-Holding AG	3,700		102,153
Sberbank (Savings Bank of the Russian Federation) sponsored ADR	3,100		30,721
Standard Chartered PLC (United Kingdom)	6,945		140,623
Sumitomo Mitsui Financial Group, Inc.	5,900		171,906
Swedbank AB (A Shares)	2,600		37,159
The Jammu & Kashmir Bank Ltd.	20,167		334,173
The Toronto-Dominion Bank	5,400		413,398
U.S. Bancorp	65,837		2,048,189
UniCredit SpA	1,710		5,276
United Overseas Bank Ltd.	3,000		41,184
Wells Fargo & Co.	127,642		4,090,926
Yes Bank Ltd.	6,614		38,930
			23,704,670
Regional Banks - 12.1%
Alerus Financial Corp.	1,500		40,575
Banco Daycoval SA (PN)	55,000		268,612
Bancorp New Jersey, Inc.	300		2,889
BancTrust Financial Group, Inc. (a)	83,350		245,049
Bank of Hawaii Corp.	900		41,706
Bank of the Ozarks, Inc.	1,448		42,050
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Regional Banks - continued
BB&T Corp.	2,629		$ 79,448
Boston Private Financial Holdings, Inc.	6,000		54,120
Bridge Capital Holdings (a)	132,440		2,031,630
BS Financial Group, Inc.	206,930		2,033,417
Canadian Western Bank, Edmonton (d)	23,700		610,599
Cascade Bancorp (a)	2,530		13,915
CIT Group, Inc. (a)	32,305		1,104,508
Citizens & Northern Corp.	1,500		26,175
City Holding Co.	1,200		38,616
City National Corp.	872		43,321
CNB Financial Corp., Pennsylvania	2,300		34,339
CoBiz, Inc.	562,293		3,418,741
Cullen/Frost Bankers, Inc.	400		22,756
Fifth Third Bancorp	627,308		8,374,562
First Business Finance Services, Inc.	2,000		43,000
First Commonwealth Financial Corp.	71,700		449,559
First Interstate Bancsystem, Inc.	289,931		4,044,537
First Midwest Bancorp, Inc., Delaware	3,900		39,351
First Republic Bank (a)	35,326		1,109,236
FirstMerit Corp.	2,700		42,930
FNB Corp., Pennsylvania	4,000		42,480
Glacier Bancorp, Inc.	3,186		45,719
Huntington Bancshares, Inc.	622,837		4,073,354
KeyCorp	4,679		35,093
NBT Bancorp, Inc.	400		7,948
Northrim Bancorp, Inc.	6,100		132,614
Pacific Continental Corp.	92,452		832,068
PNC Financial Services Group, Inc.	197,462		12,128,116
PrivateBancorp, Inc.	3,000		44,190
PT Bank Tabungan Negara Tbk	4,918,000		627,830
Regions Financial Corp.	7,112		44,734
Sandy Spring Bancorp, Inc.	400		7,116
Savannah Bancorp, Inc. (a)	41,015		206,716
SCBT Financial Corp.	2,500		84,725
SunTrust Banks, Inc.	18,198		417,098
Susquehanna Bancshares, Inc.	147,875		1,424,036
SVB Financial Group (a)	698		41,643
Synovus Financial Corp.	82,201		157,004
TCF Financial Corp.	4,073		48,021
Texas Capital Bancshares, Inc. (a)	8,007		310,511
UMB Financial Corp.	10,600		516,962
Umpqua Holdings Corp.	400		5,132
Valley National Bancorp	14,490		162,143
Virginia Commerce Bancorp, Inc. (a)	9,600		79,200
Washington Trust Bancorp, Inc.	25,900		610,204
Webster Financial Corp.	63,600		1,289,172
Westamerica Bancorp.	100		4,471

	Shares		Value
Western Alliance Bancorp. (a)	165,861		$ 1,446,308
Zions Bancorporation	200		3,806
			49,084,055
TOTAL COMMERCIAL BANKS			72,788,725
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Support Services - 0.0%
Intrum Justitia AB	2,600		36,338
CONSUMER FINANCE - 3.7%
Consumer Finance - 3.7%
American Express Co.	73,125		4,082,569
Capital One Financial Corp.	95,588		4,910,356
Discover Financial Services	6,129		202,931
EZCORP, Inc. (non-vtg.) Class A (a)	63,004		1,486,894
First Cash Financial Services, Inc. (a)	16,028		600,409
Green Dot Corp. Class A (a)	27,156		576,793
International Personal Finance PLC	662		2,294
Nelnet, Inc. Class A	1,800		42,012
Netspend Holdings, Inc. (a)	3,724		27,595
PT Clipan Finance Indonesia Tbk	928,000		38,009
Regional Management Corp.	44,400		654,900
SLM Corp.	176,959		2,472,117
			15,096,879
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
Sotheby's Class A (Ltd. vtg.)	1,130		34,465
DIVERSIFIED FINANCIAL SERVICES - 8.8%
Other Diversified Financial Services - 3.1%
Bank of America Corp.	333,363		2,450,218
Citigroup, Inc.	151,998		4,029,467
JPMorgan Chase & Co.	184,424		6,113,656
			12,593,341
Specialized Finance - 5.7%
BM&F Bovespa SA	6,400		30,305
CBOE Holdings, Inc.	228,449		5,768,337
CME Group, Inc.	4,601		1,185,080
IntercontinentalExchange, Inc. (a)	13,247		1,622,095
MarketAxess Holdings, Inc.	3,800		122,702
Moody's Corp.	19,927		729,129
NYSE Euronext	1,300		31,603
PHH Corp. (a)(d)	362,287		6,003,096
The NASDAQ Stock Market, Inc.	334,913		7,327,896
			22,820,243
TOTAL DIVERSIFIED FINANCIAL SERVICES			35,413,584
ENERGY EQUIPMENT & SERVICES - 0.0%
Oil & Gas Equipment & Services - 0.0%
SBM Offshore NV	3,500		45,663
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.0%
Las Vegas Sands Corp.	829		$ 38,283
MGM Mirage, Inc. (a)	3,000		32,490
Wynn Resorts Ltd.	400		41,216
			111,989
Hotels, Resorts & Cruise Lines - 0.0%
Starwood Hotels & Resorts Worldwide, Inc.	849		44,870
Leisure Facilities - 0.1%
Cedar Fair LP (depository unit)	15,600		418,080
TOTAL HOTELS, RESTAURANTS & LEISURE			574,939
HOUSEHOLD DURABLES - 0.0%
Homebuilding - 0.0%
M.D.C. Holdings, Inc.	1,500		43,080
PulteGroup, Inc. (a)	5,200		48,672
			91,752
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
General Electric Co.	100		1,909
Keppel Corp. Ltd.	4,000		30,979
			32,888
INSURANCE - 13.1%
Insurance Brokers - 0.4%
Aon PLC	900		41,850
Brasil Insurance Participacoes e Administracao SA	52,600		445,973
Marsh & McLennan Companies, Inc.	29,200		933,816
National Financial Partners Corp. (a)	2,900		38,570
			1,460,209
Life & Health Insurance - 4.2%
AFLAC, Inc.	1,029		41,242
Citizens, Inc. Class A (a)	5,800		46,806
CNO Financial Group, Inc.	5,900		40,474
Delta Lloyd NV	2,800		34,667
FBL Financial Group, Inc. Class A	1,300		33,189
Lincoln National Corp.	58,300		1,205,061
MetLife, Inc.	324,418		9,476,250
Phoenix Companies, Inc. (a)	15,700		25,434
Ping An Insurance Group Co. China Ltd. (H Shares)	10,500		77,314
Prudential Financial, Inc.	129,224		6,002,455
Resolution Ltd.	8,700		25,975
StanCorp Financial Group, Inc.	900		31,329
Symetra Financial Corp.	3,000		33,900
Torchmark Corp.	900		41,994
Unum Group	1,900		37,905
			17,153,995

	Shares		Value
Multi-Line Insurance - 1.2%
American International Group, Inc. (a)	58,300		$ 1,701,194
Assurant, Inc.	35,800		1,195,004
Fairfax Financial Holdings Ltd. (sub. vtg.)	579		228,158
Genworth Financial, Inc. Class A (a)	188,554		988,023
Hartford Financial Services Group, Inc.	16,800		282,576
Loews Corp.	9,000		350,010
Porto Seguro SA	6,600		58,544
			4,803,509
Property & Casualty Insurance - 4.6%
ACE Ltd.	177,857		12,864,397
Allied World Assurance Co. Holdings Ltd.	5,900		453,710
Allstate Corp.	28,975		983,412
Assured Guaranty Ltd.	2,600		31,044
Axis Capital Holdings Ltd.	35,600		1,171,240
Berkshire Hathaway, Inc. Class B (a)	490		38,886
Erie Indemnity Co. Class A	437		31,407
Fidelity National Financial, Inc. Class A	2,538		47,816
First American Financial Corp.	38,900		613,064
RLI Corp.	100		6,664
The Travelers Companies, Inc.	200		12,498
W.R. Berkley Corp.	11,800		452,176
XL Group PLC Class A	89,312		1,823,751
			18,530,065
Reinsurance - 2.7%
Arch Capital Group Ltd. (a)	37,100		1,418,333
Everest Re Group Ltd.	19,500		1,991,340
Montpelier Re Holdings Ltd.	2,100		43,848
Platinum Underwriters Holdings Ltd.	25,904		940,315
RenaissanceRe Holdings Ltd.	30,600		2,358,342
Swiss Re Ltd.	38,348		2,222,128
Validus Holdings Ltd.	62,307		1,955,194
			10,929,500
TOTAL INSURANCE			52,877,278
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
eBay, Inc. (a)	1,300		50,947
IT SERVICES - 8.6%
Data Processing & Outsourced Services - 8.6%
Alliance Data Systems Corp. (a)	400		50,400
Cielo SA	1,560		42,155
Fidelity National Information Services, Inc.	1,800		59,004
Fiserv, Inc. (a)	938		63,249
Global Cash Access Holdings, Inc. (a)	47,700		336,285
Jack Henry & Associates, Inc.	151,855		5,012,734
Lender Processing Services, Inc.	200		4,616
MoneyGram International, Inc. (a)	2,100		29,253
Redecard SA	822,630		12,644,237
The Western Union Co.	440,623		7,226,217
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Total System Services, Inc.	332,349		$ 7,733,761
VeriFone Systems, Inc. (a)	39,734		1,434,795
Visa, Inc. Class A	360		41,472
			34,678,178
IT Consulting & Other Services - 0.0%
Accenture PLC Class A	600		34,260
Cognizant Technology Solutions Corp. Class A (a)	578		33,669
			67,929
TOTAL IT SERVICES			34,746,107
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Middleby Corp. (a)	2,211		226,119
MEDIA - 0.0%
Publishing - 0.0%
McGraw-Hill Companies, Inc.	900		39,042
PROFESSIONAL SERVICES - 0.3%
Research & Consulting Services - 0.3%
Equifax, Inc.	1,015		45,848
IHS, Inc. Class A (a)	10,910		1,079,981
			1,125,829
REAL ESTATE INVESTMENT TRUSTS - 27.3%
Diversified REITs - 0.1%
American Assets Trust, Inc.	19,200		433,728
Vornado Realty Trust	400		32,768
			466,496
Industrial REITs - 0.9%
DCT Industrial Trust, Inc.	140,500		817,710
First Potomac Realty Trust	2,900		34,800
Prologis, Inc.	80,700		2,580,786
Stag Industrial, Inc.	3,000		41,250
			3,474,546
Mortgage REITs - 1.7%
American Capital Agency Corp.	88,164		2,880,318
American Capital Mortgage Investment Corp.	4,800		114,192
Invesco Mortgage Capital, Inc.	142,400		2,583,136
Pennymac Mortgage Investment Trust	2,100		38,787
Two Harbors Investment Corp.	103,800		1,073,292
			6,689,725
Office REITs - 4.6%
Boston Properties, Inc.	62,600		6,443,418
Corporate Office Properties Trust (SBI)	1,200		26,412
Douglas Emmett, Inc.	201,683		4,316,016
Highwoods Properties, Inc. (SBI)	53,692		1,732,104
Kilroy Realty Corp.	13,100		601,421

	Shares		Value
Lexington Corporate Properties Trust (d)	657,047		$ 5,460,061
MPG Office Trust, Inc. (a)	14,400		25,632
SL Green Realty Corp.	500		37,505
			18,642,569
Residential REITs - 4.5%
American Campus Communities, Inc.	57,500		2,524,250
Apartment Investment & Management Co. Class A	1,513		40,957
AvalonBay Communities, Inc.	400		55,900
BRE Properties, Inc.	1,400		68,922
Camden Property Trust (SBI)	50,400		3,281,544
Campus Crest Communities, Inc.	3,100		33,418
Colonial Properties Trust (SBI)	132,300		2,806,083
Equity Lifestyle Properties, Inc.	26,300		1,732,118
Equity Residential (SBI)	48,938		2,990,112
Essex Property Trust, Inc.	800		120,368
Home Properties, Inc.	12,500		749,250
Post Properties, Inc.	51,646		2,500,183
UDR, Inc.	44,579		1,154,596
			18,057,701
Retail REITs - 1.1%
Federal Realty Investment Trust (SBI)	8,100		796,068
Glimcher Realty Trust	1,278		11,758
Kimco Realty Corp.	1,800		32,310
Realty Income Corp.	35,700		1,368,381
Simon Property Group, Inc.	15,268		2,252,335
Urstadt Biddle Properties, Inc. Class A	3,900		69,420
			4,530,272
Specialized REITs - 14.4%
American Tower Corp.	700		45,416
Big Yellow Group PLC	2,943,834		12,953,552
CubeSmart	3,100		35,061
DiamondRock Hospitality Co.	114,805		1,141,162
HCP, Inc.	319,700		13,056,548
Health Care REIT, Inc.	235,700		13,074,275
Host Hotels & Resorts, Inc.	61,700		941,542
National Health Investors, Inc.	22,300		1,076,421
Plum Creek Timber Co., Inc.	2,300		83,950
Potlatch Corp.	6,000		171,960
Public Storage	8,318		1,110,203
Rayonier, Inc.	53,500		2,298,895
Strategic Hotel & Resorts, Inc. (a)	594,567		3,704,152
Sunstone Hotel Investors, Inc. (a)	63,700		637,637
Ventas, Inc.	110,720		6,512,550
Weyerhaeuser Co.	74,700		1,487,277
			58,330,601
TOTAL REAL ESTATE INVESTMENT TRUSTS			110,191,910
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Diversified Real Estate Activities - 0.8%
Tejon Ranch Co. (a)	23,367		$ 622,497
The St. Joe Co. (a)(d)	166,905		2,665,473
			3,287,970
Real Estate Development - 0.0%
Bukit Sembawang Estates Ltd.	23,000		82,105
Real Estate Operating Companies - 0.1%
BR Malls Participacoes SA	1,900		20,914
Castellum AB	2,857		32,126
Forest City Enterprises, Inc. Class A (a)	29,296		392,273
Thomas Properties Group, Inc.	6,200		29,388
			474,701
Real Estate Services - 0.2%
CBRE Group, Inc. (a)	25,588		420,923
Jones Lang LaSalle, Inc.	495		35,888
Kennedy-Wilson Holdings, Inc.	6,100		79,544
			536,355
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			4,381,131
SOFTWARE - 0.0%
Application Software - 0.0%
EPIQ Systems, Inc.	1,600		17,648
Fair Isaac Corp.	200		8,132
			25,780
SPECIALTY RETAIL - 1.1%
Computer & Electronics Retail - 1.1%
Rent-A-Center, Inc.	136,402		4,592,655
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
BankUnited, Inc.	1,500		35,385
Brookline Bancorp, Inc., Delaware	2,200		19,338
Cape Bancorp, Inc. (a)	3,700		30,340

	Shares		Value
Cheviot Financial Corp.	22,986		$ 196,530
Hudson City Bancorp, Inc.	2,300		14,260
People's United Financial, Inc.	3,000		34,890
			330,743
TOTAL COMMON STOCKS (Cost $407,137,584)		381,457,448
Investment Companies - 0.3%

Ares Capital Corp.
(Cost $1,216,298)

72,900

1,100,061

Money Market Funds - 10.0%

Fidelity Cash Central Fund, 0.17% (b)	32,996,310		32,996,310
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	7,549,300		7,549,300
TOTAL MONEY MARKET FUNDS (Cost $40,545,610)		40,545,610
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $448,899,492)		423,103,119
NET OTHER ASSETS (LIABILITIES) - (4.7)%		(19,029,173)
NET ASSETS - 100%		$ 404,073,946

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,375
Fidelity Securities Lending Cash Central Fund	33,738
Total	$ 43,113

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 381,457,448	$ 365,104,256	$ 16,353,192	$ -
Investment Companies	1,100,061	1,100,061	-	-
Money Market Funds	40,545,610	40,545,610	-	-
Total Investments in Securities:	$ 423,103,119	$ 406,749,927	$ 16,353,192	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $454,112,412. Net unrealized depreciation aggregated $31,009,293, of which $7,391,711 related to appreciated investment securities and $38,401,004 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

May 31, 2012

1.802174.108

HEA-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.9%
	Shares		Value
BIOTECHNOLOGY - 23.8%
Biotechnology - 23.8%
Achillion Pharmaceuticals, Inc. (a)(d)	900,000		$ 6,462,000
Acorda Therapeutics, Inc. (a)	450,000		9,895,500
Alexion Pharmaceuticals, Inc. (a)	140,000		12,679,800
AMAG Pharmaceuticals, Inc. (a)	151,707		2,128,449
Amgen, Inc.	1,800,000		125,136,000
Anthera Pharmaceuticals, Inc. (a)	1,280,000		2,521,600
AVEO Pharmaceuticals, Inc. (a)	517,323		6,585,522
Biogen Idec, Inc. (a)	400,000		52,300,000
BioMarin Pharmaceutical, Inc. (a)	1,150,000		40,986,000
Biovitrum AB (a)	1,034,856		3,330,480
Discovery Laboratories, Inc. (a)	1,489,100		3,916,333
Dynavax Technologies Corp. (a)(d)	4,000,000		15,080,000
Gilead Sciences, Inc. (a)	2,050,000		102,397,500
Grifols SA ADR	1,000,000		8,470,000
Infinity Pharmaceuticals, Inc. (a)	400,000		5,204,000
Medivation, Inc. (a)	190,000		16,003,700
Merrimack Pharmaceuticals, Inc.	37,600		258,312
Merrimack Pharmaceuticals, Inc. (f)	350,000		2,164,050
Neurocrine Biosciences, Inc. (a)	1,005,500		6,726,795
NPS Pharmaceuticals, Inc. (a)	1,000,000		7,890,000
Puma Biotechnology, Inc. (f)	555,556		7,500,006
Puma Biotechnology, Inc. warrants 10/4/21 (a)(f)	555,556		6
Seattle Genetics, Inc. (a)	500,000		9,740,000
Synageva BioPharma Corp. (a)(d)	485,000		18,919,850
Targacept, Inc. (a)	1,000,000		4,150,000
Theravance, Inc. (a)(d)	500,000		10,345,000
United Therapeutics Corp. (a)	300,000		13,272,000
Vertex Pharmaceuticals, Inc. (a)	150,000		9,006,000
Vical, Inc. (a)	1,280,000		3,737,600
ZIOPHARM Oncology, Inc. (a)	486,920		2,502,769
			509,309,272
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Carriage Services, Inc. (e)	996,904		7,297,337
FOOD & STAPLES RETAILING - 1.7%
Drug Retail - 1.7%
CVS Caremark Corp.	400,000		17,976,000
Drogasil SA	1,600,000		14,795,349
Rite Aid Corp. (a)	2,989,300		3,886,090
			36,657,439
HEALTH CARE EQUIPMENT & SUPPLIES - 12.2%
Health Care Equipment - 11.2%
Boston Scientific Corp. (a)	8,200,000		47,068,000
C.R. Bard, Inc.	330,000		32,072,700

	Shares		Value
China Kanghui Holdings sponsored ADR (a)	362,252		$ 7,136,364
Conceptus, Inc. (a)	450,000		7,578,000
CONMED Corp.	250,000		6,697,500
Covidien PLC	1,000,000		51,780,000
Cyberonics, Inc. (a)	240,000		9,252,000
Genmark Diagnostics, Inc. (a)(e)	1,280,000		5,760,000
HeartWare International, Inc. (a)(d)	200,000		16,274,000
Insulet Corp. (a)	449,768		8,284,727
Opto Circuits India Ltd.	1,300,000		3,752,231
Volcano Corp. (a)	250,000		7,147,500
William Demant Holding A/S (a)	115,000		10,139,035
Wright Medical Group, Inc. (a)	1,000,000		19,790,000
Zeltiq Aesthetics, Inc. (d)	492,590		2,206,803
Zimmer Holdings, Inc.	75,000		4,548,750
			239,487,610
Health Care Supplies - 1.0%
The Cooper Companies, Inc.	250,000		21,295,000
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			260,782,610
HEALTH CARE PROVIDERS & SERVICES - 28.1%
Health Care Distributors & Services - 1.4%
Amplifon SpA	1,700,000		8,421,315
McKesson Corp.	250,000		21,820,000
			30,241,315
Health Care Facilities - 1.2%
Emeritus Corp. (a)	425,980		6,479,156
Hanger Orthopedic Group, Inc. (a)	300,000		6,471,000
LCA-Vision, Inc. (a)	900,000		4,113,000
Sunrise Senior Living, Inc. (a)(d)	1,280,000		7,705,600
			24,768,756
Health Care Services - 9.7%
Accretive Health, Inc. (a)	566,312		6,659,829
Catalyst Health Solutions, Inc. (a)	625,000		54,293,750
Express Scripts Holding Co. (a)	500,000		26,095,000
Fresenius Medical Care AG & Co. KGaA	280,000		18,587,204
HMS Holdings Corp. (a)	400,000		10,716,000
Laboratory Corp. of America Holdings (a)	200,000		16,656,000
MEDNAX, Inc. (a)	400,000		24,404,000
MModal, Inc. (a)	170,386		2,141,752
Omnicare, Inc.	650,000		20,488,000
Quest Diagnostics, Inc.	500,000		28,450,000
			208,491,535
Managed Health Care - 15.8%
Aetna, Inc.	600,000		24,534,000
Centene Corp. (a)	150,000		5,421,000
Health Net, Inc. (a)	1,100,000		28,182,000
Humana, Inc.	765,000		58,438,350
UnitedHealth Group, Inc.	2,500,000		139,424,997
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
Universal American Spin Corp. (a)	72,119		$ 708,930
WellPoint, Inc.	1,206,700		81,319,513
			338,028,790
TOTAL HEALTH CARE PROVIDERS & SERVICES			601,530,396
HEALTH CARE TECHNOLOGY - 4.7%
Health Care Technology - 4.7%
athenahealth, Inc. (a)(d)	300,000		21,807,000
Cerner Corp. (a)	430,000		33,522,800
Epocrates, Inc. (a)	425,693		3,226,753
HealthStream, Inc. (a)	200,000		4,224,000
SXC Health Solutions Corp. (a)	406,000		37,303,965
			100,084,518
LIFE SCIENCES TOOLS & SERVICES - 1.3%
Life Sciences Tools & Services - 1.3%
Furiex Pharmaceuticals, Inc. (a)	280,000		5,611,200
Illumina, Inc. (a)(d)	500,000		21,530,000
			27,141,200
PERSONAL PRODUCTS - 0.5%
Personal Products - 0.5%
Prestige Brands Holdings, Inc. (a)	770,000		10,572,100
PHARMACEUTICALS - 19.8%
Pharmaceuticals - 19.8%
Akorn, Inc. (a)	500,000		6,825,000
Cadence Pharmaceuticals, Inc. (a)(d)	1,416,900		3,896,475
Cardiome Pharma Corp. (a)	1,800,000		738,003
Elan Corp. PLC sponsored ADR (a)	1,600,000		22,336,000
Eli Lilly & Co.	1,000,000		40,950,000
Endo Pharmaceuticals Holdings, Inc. (a)	850,000		27,642,000
Meda AB (A Shares)	800,000		7,669,512
Merck & Co., Inc.	1,650,000		62,007,000
Optimer Pharmaceuticals, Inc. (a)(d)	822,200		12,283,668
Pacira Pharmaceuticals, Inc. (a)	250,000		2,655,000
Pfizer, Inc.	5,300,000		115,911,000
Shire PLC sponsored ADR	300,000		25,323,000
Valeant Pharmaceuticals International, Inc. (Canada) (a)	600,000		29,318,875
ViroPharma, Inc. (a)	1,150,000		23,161,000
Watson Pharmaceuticals, Inc. (a)	560,000		39,922,400
XenoPort, Inc. (a)	500,000		2,940,000
			423,578,933

	Shares		Value
PROFESSIONAL SERVICES - 1.5%
Research & Consulting Services - 1.5%
Advisory Board Co. (a)	190,000		$ 18,405,300
Qualicorp SA	1,600,000		13,645,041
			32,050,341
TOTAL COMMON STOCKS (Cost $1,754,713,650)		2,009,004,146
Convertible Preferred Stocks - 0.6%

BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Ariosa Diagnostics (f)	496,689		3,000,002
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Castlight Health, Inc. Series D (a)(f)	1,784,800		10,774,052
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $13,774,054)		13,774,054
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 0.17% (b)	116,148,992		116,148,992
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	58,437,255		58,437,255
TOTAL MONEY MARKET FUNDS (Cost $174,586,247)		174,586,247
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $1,943,073,951)		2,197,364,447
NET OTHER ASSETS (LIABILITIES) - (2.7)%		(57,390,904)
NET ASSETS - 100%		$ 2,139,973,543

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Ariosa Diagnostics	11/30/11	$ 3,000,002
Castlight Health, Inc. Series D	4/25/12	$ 10,774,052
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 2,450,000
Puma Biotechnology, Inc.	10/4/11	$ 2,083,329
Puma Biotechnology, Inc. warrants 10/4/21	10/4/11	$ 6

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,559
Fidelity Securities Lending Cash Central Fund	142,446
Total	$ 158,005

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carriage Services, Inc.	$ 5,971,455	$ -	$ -	$ 24,923	$ 7,297,337
Genmark Diagnostics, Inc.	3,923,962	1,379,691	-	-	5,760,000
Total	$ 9,895,417	$ 1,379,691	$ -	$ 24,923	$ 13,057,337

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,009,004,146	$ 1,958,692,544	$ 50,311,596	$ 6
Convertible Preferred Stocks	13,774,054	-	-	13,774,054
Money Market Funds	174,586,247	174,586,247	-	-
Total Investments in Securities:	$ 2,197,364,447	$ 2,133,278,791	$ 50,311,596	$ 13,774,060

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

Investments in Securities:
Beginning Balance	$ 7,603,342
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(69,999)
Cost of Purchases	10,774,052
Proceeds of Sales	(2,450,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(2,083,335)
Ending Balance	$ 13,774,060
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,950,360,360. Net unrealized appreciation aggregated $247,004,087, of which $338,505,044 related to appreciated investment securities and $91,500,957 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Finance Portfolio

May 31, 2012

1.802175.108

SAV-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
CAPITAL MARKETS - 0.8%
Investment Banking & Brokerage - 0.8%
FXCM, Inc. Class A	175,000		$ 1,799,000
COMMERCIAL BANKS - 28.4%
Diversified Banks - 10.1%
U.S. Bancorp	362,700		11,283,597
Wells Fargo & Co.	334,400		10,717,520
			22,001,117
Regional Banks - 18.3%
BB&T Corp.	50,000		1,511,000
Fifth Third Bancorp	611,300		8,160,855
First Niagara Financial Group, Inc.	500,000		4,035,000
First Republic Bank (a)	40,000		1,256,000
KeyCorp	1,077,100		8,078,250
M&T Bank Corp.	19,300		1,569,476
PNC Financial Services Group, Inc.	65,000		3,992,300
Popular, Inc. (a)	20,000		305,400
Regions Financial Corp.	930,800		5,854,732
SunTrust Banks, Inc.	222,300		5,095,116
			39,858,129
TOTAL COMMERCIAL BANKS			61,859,246
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Support Services - 0.4%
Intrum Justitia AB	63,400		886,077
CONSUMER FINANCE - 20.6%
Consumer Finance - 20.6%
American Express Co.	130,000		7,257,900
Capital One Financial Corp.	283,500		14,563,395
DFC Global Corp. (a)	107,600		1,773,248
Discover Financial Services	252,000		8,343,720
International Personal Finance PLC	100,000		346,484
Regional Management Corp.	20,000		295,000
SLM Corp.	890,100		12,434,697
			45,014,444
DIVERSIFIED FINANCIAL SERVICES - 6.1%
Other Diversified Financial Services - 4.8%
Bank of America Corp.	287,300		2,111,655
Citigroup, Inc.	160,000		4,241,600
JPMorgan Chase & Co.	125,000		4,143,750
			10,497,005
Specialized Finance - 1.3%
PHH Corp. (a)	170,100		2,818,557
TOTAL DIVERSIFIED FINANCIAL SERVICES			13,315,562

	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.6%
Internet Software & Services - 0.6%
Bankrate, Inc. (d)	40,000		$ 695,200
eBay, Inc. (a)	15,000		587,850
			1,283,050
IT SERVICES - 16.2%
Data Processing & Outsourced Services - 16.2%
CoreLogic, Inc. (a)	20,000		339,800
Fidelity National Information Services, Inc.	73,700		2,415,886
Global Payments, Inc.	22,700		964,296
MasterCard, Inc. Class A	34,200		13,902,642
Total System Services, Inc.	25,000		581,750
VeriFone Systems, Inc. (a)	10,000		361,100
Visa, Inc. Class A	145,000		16,704,000
			35,269,474
REAL ESTATE INVESTMENT TRUSTS - 14.3%
Mortgage REITs - 14.3%
American Capital Agency Corp.	240,000		7,840,800
Annaly Capital Management, Inc.	235,300		3,910,686
Capstead Mortgage Corp.	238,100		3,278,637
Chimera Investment Corp.	317,200		888,160
Dynex Capital, Inc.	141,700		1,316,393
Hatteras Financial Corp.	50,000		1,427,500
Invesco Mortgage Capital, Inc.	311,700		5,654,238
MFA Financial, Inc.	340,100		2,591,562
Redwood Trust, Inc.	350,000		4,238,500
			31,146,476
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
Real Estate Services - 0.6%
Altisource Portfolio Solutions SA (a)	22,600		1,307,636
SOFTWARE - 0.2%
Application Software - 0.2%
Intuit, Inc.	10,000		562,300
THRIFTS & MORTGAGE FINANCE - 7.1%
Thrifts & Mortgage Finance - 7.1%
BankUnited, Inc.	15,000		353,850
Dime Community Bancshares, Inc.	5,000		65,300
Flushing Financial Corp.	260,000		3,354,000
MGIC Investment Corp. (a)(d)	180,000		457,200
New York Community Bancorp, Inc. (d)	209,800		2,591,030
Ocwen Financial Corp. (a)	294,900		4,727,247
People's United Financial, Inc.	115,100		1,338,613
Radian Group, Inc. (d)	125,000		310,000
WSFS Financial Corp.	60,000		2,230,800
			15,428,040
TOTAL COMMON STOCKS (Cost $205,067,500)		207,871,305
Money Market Funds - 5.8%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	10,113,849		$ 10,113,849
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	2,544,900		2,544,900
TOTAL MONEY MARKET FUNDS (Cost $12,658,749)		12,658,749
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $217,726,249)			220,530,054
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(2,407,507)
NET ASSETS - 100%		$ 218,122,547

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,325
Fidelity Securities Lending Cash Central Fund	4,848
Total	$ 8,173

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 207,871,305	$ 206,638,744	$ 1,232,561	$ -
Money Market Funds	12,658,749	12,658,749	-	-
Total Investments in Securities:	$ 220,530,054	$ 219,297,493	$ 1,232,561	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $218,927,809. Net unrealized appreciation aggregated $1,602,245, of which $17,936,177 related to appreciated investment securities and $16,333,932 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

May 31, 2012

1.802173.108

GOL-QTLY-0712

Consolidated Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
Australia - 10.0%
METALS & MINING - 10.0%
Gold - 10.0%
CGA Mining Ltd.:
(Australia) (a)	18,920		$ 36,676
(Canada) (a)	525,000		828,533
Evolution Mining Ltd. (a)	1,623,235		2,561,533
Gryphon Minerals Ltd. (a)	317,692		208,888
Intrepid Mines Ltd.:
(Australia) (a)	8,709,798		4,666,318
(Canada) (a)	320,000		167,304
Kingsgate Consolidated NL (d)	3,265,767		16,669,402
Kula Gold Ltd. (a)	31,245		15,218
Medusa Mining Ltd.	2,507,885		12,825,387
Newcrest Mining Ltd.	9,796,392		237,803,222
Papillon Resources Ltd. (a)	100,000		90,104
Perseus Mining Ltd.:
(Australia) (a)	5,374,308		13,611,295
(Canada) (a)	1,300,000		3,247,325
Regis Resources Ltd. (a)	4,973,292		18,748,152
Resolute Mining Ltd. (a)	4,911,661		7,248,440
St Barbara Ltd. (a)	4,644,676		9,094,001
Troy Resources NL (a)(f)	734,826		2,916,964
			330,738,762
Bailiwick of Jersey - 4.3%
METALS & MINING - 4.3%
Gold - 4.3%
Centamin PLC (a)	12,486,900		12,602,091
Polyus Gold International Ltd. sponsored GDR	5,848,190		14,386,547
Randgold Resources Ltd. sponsored ADR (d)	1,459,067		115,776,966
			142,765,604
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	170,100		1,072,131
G-Resources Group Ltd. (a)	3,099,000		206,801
			1,278,932
Canada - 57.1%
METALS & MINING - 57.1%
Diversified Metals & Mining - 0.2%
Copper Mountain Mining Corp. (a)	97,000		375,660
East Asia Minerals Corp. (a)	5,000		1,501
Eastmain Resources, Inc. (a)	10,000		8,520
Kimber Resources, Inc. (a)(e)	16,100		10,444
Kimber Resources, Inc. (a)(e)(f)	5,832,000		3,783,163
NovaCopper, Inc. (a)(d)	488,333		1,134,724
Sabina Gold & Silver Corp. (a)	465,000		1,026,480
			6,340,492

	Shares		Value
Gold - 56.4%
Agnico-Eagle Mines Ltd. (Canada)	2,218,400		$ 83,035,624
Alacer Gold Corp. (a)	3,354,063		18,672,472
Alamos Gold, Inc.	1,968,800		35,607,478
Argonaut Gold, Inc. (a)	814,800		6,429,414
ATAC Resources Ltd. (a)	67,200		171,115
AuRico Gold, Inc. (a)	4,508,563		33,611,788
Aurizon Mines Ltd. (a)	2,366,900		11,435,185
Avion Gold Corp. (a)	4,835,000		2,387,423
B2Gold Corp. (a)	5,287,400		15,920,815
Banro Corp. (a)	3,188,482		13,274,408
Barrick Gold Corp. (d)	10,804,019		424,587,431
Bearing Resources Ltd. (a)	29,687		9,485
Belo Sun Mining Corp. (a)	245,000		260,929
Canaco Resources, Inc. (a)	710,100		209,692
Canaco Resources, Inc. (f)	561,600		165,840
Centerra Gold, Inc. (d)	2,306,200		24,092,461
Colossus Minerals, Inc. (a)	1,436,100		5,909,304
Corvus Gold, Inc. (a)	138,350		125,913
Detour Gold Corp. (a)	803,800		16,490,799
Detour Gold Corp. (a)(f)	785,900		16,123,562
Eldorado Gold Corp.	9,396,708		104,261,290
Exeter Resource Corp. (a)	248,000		456,213
Extorre Gold Mines Ltd. (a)	1,057,700		2,980,014
Extorre Gold Mines Ltd. (f)	61,300		172,709
Franco-Nevada Corp. (d)	1,694,900		71,268,342
Gabriel Resources Ltd. (a)	630,000		1,146,730
Goldcorp, Inc.	11,224,100		409,690,245
Gran Colombia Gold Corp. (a)(d)	1,765,000		572,469
Great Basin Gold Ltd. (a)(d)	5,547,298		3,115,102
Guyana Goldfields, Inc. (a)	1,028,000		2,149,857
Guyana Goldfields, Inc. (a)(f)	155,000		324,152
IAMGOLD Corp.	5,023,200		53,838,238
International Minerals Corp.:
(Canada) (a)	157,100		692,070
(Switzerland) (a)	15,000		65,563
International Tower Hill Mines Ltd. (a)	546,700		1,847,299
Keegan Resources, Inc. (a)	30,000		99,337
Kinross Gold Corp.	15,557,091		124,866,423
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		554,331
Kirkland Lake Gold, Inc. (a)	1,038,000		10,753,352
Lake Shore Gold Corp. (a)	4,076,600		3,394,371
Nevsun Resources Ltd.	50,000		180,084
New Gold, Inc. (a)	6,642,855		58,720,304
Novagold Resources, Inc. (a)(d)	2,930,000		16,765,552
OceanaGold Corp. (a)	1,570,000		2,812,122
Orezone Gold Corp. (a)	80,000		121,605
Osisko Mining Corp. (a)	2,486,500		18,561,180
Osisko Mining Corp. (a)(f)	3,000,000		22,394,346
Pilot Gold, Inc. (a)	91,250		78,630
Premier Gold Mines Ltd. (a)	3,678,500		16,133,616
Pretium Resources, Inc. (a)(f)	225,000		2,940,892
Pretium Resources, Inc. (a)(g)	225,000		2,940,892
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Primero Mining Corp. (a)	489,300		$ 1,369,102
Queenston Mining, Inc. (a)	504,900		1,784,272
Rainy River Resources Ltd. (a)	1,485,000		6,469,962
Richmont Mines, Inc. (a)	20,000		116,377
Romarco Minerals, Inc. (a)	9,123,000		5,564,690
Romarco Minerals, Inc. (a)(f)	5,900,000		3,598,780
Rubicon Minerals Corp. (a)	2,696,352		7,440,193
San Gold Corp. (a)	4,634,400		6,416,413
Seabridge Gold, Inc. (a)	601,905		9,130,896
SEMAFO, Inc.	4,875,000		24,779,736
Sulliden Gold Corp. Ltd. (a)	175,000		172,823
Teranga Gold Corp. CDI unit (a)	3,410,974		6,645,260
Torex Gold Resources, Inc. (a)	7,222,500		12,796,800
Yamana Gold, Inc.	9,678,100		142,053,537
			1,870,757,309
Precious Metals & Minerals - 0.5%
Chesapeake Gold Corp. (a)	6,000		54,141
Dalradian Resources, Inc. (a)	46,000		36,966
Pan American Silver Corp.	523,487		8,793,629
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		242,013
Silver Wheaton Corp.	150,700		3,870,912
Silvercorp Metals, Inc.	75,000		457,472
Tahoe Resources, Inc. (a)	195,500		3,176,153
			16,631,286
TOTAL METALS & MINING			1,893,729,087
Cayman Islands - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
China Precious Metal Resources Holdings Co. Ltd. (a)	970,000		199,520
China - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Zhaojin Mining Industry Co. Ltd. (H Shares)	553,650		651,978
Zijin Mining Group Co. Ltd. (H Shares)	57,600,000		18,256,147
			18,908,125

	Shares		Value
Peru - 1.9%
METALS & MINING - 1.9%
Gold - 1.9%
Compania de Minas Buenaventura SA sponsored ADR	1,637,500		$ 64,091,750
South Africa - 10.9%
METALS & MINING - 10.9%
Gold - 10.9%
AngloGold Ashanti Ltd. sponsored ADR (d)	5,032,952		181,488,249
Gold Fields Ltd.	55,000		734,134
Gold Fields Ltd. sponsored ADR	9,486,026		125,689,845
Harmony Gold Mining Co. Ltd.	1,484,000		14,755,956
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	3,986,800		39,309,848
			361,978,032
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
African Barrick Gold Ltd.	1,353,763		6,881,325
Patagonia Gold PLC (a)	260,000		108,208
Petropavlovsk PLC	2,155,929		12,224,380
			19,213,913
United States of America - 11.7%
METALS & MINING - 11.6%
Gold - 11.6%
Allied Nevada Gold Corp. (a)	1,341,300		34,793,322
Allied Nevada Gold Corp. (Canada) (a)	45,000		1,163,286
Gold Resource Corp. (d)	30,000		795,000
Newmont Mining Corp.	6,251,850		294,837,246
Royal Gold, Inc. (d)	768,313		51,968,691
			383,557,545
Precious Metals & Minerals - 0.0%
Coeur d'Alene Mines Corp. (a)	10,000		169,000
McEwen Mining, Inc. (a)(d)	705,100		1,664,036
			1,833,036
TOTAL METALS & MINING			385,390,581
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Peabody Energy Corp.	65,000		1,518,400
TOTAL UNITED STATES OF AMERICA			386,908,981
TOTAL COMMON STOCKS (Cost $3,178,812,726)		3,219,812,706
Commodities - 2.3%
	Troy Ounces		Value
Gold Bullion (a) (Cost $65,118,150)	49,500		$ 77,342,265
Money Market Funds - 14.3%

Fidelity Cash Central Fund, 0.17% (b)	26,607,451		26,607,451
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	447,522,719		447,522,719
TOTAL MONEY MARKET FUNDS (Cost $474,130,170)		474,130,170
TOTAL INVESTMENT PORTFOLIO - 113.7% (Cost $3,718,061,046)			3,771,285,141
NET OTHER ASSETS (LIABILITIES) - (13.7)%			(454,308,238)
NET ASSETS - 100%		$ 3,316,976,903

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $52,420,408 or 1.6% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,940,892 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Pretium Resources, Inc.	3/31/11	$ 2,172,293

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,552
Fidelity Securities Lending Cash Central Fund	160,215
Total	$ 161,767

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 43,125,922	$ 38,830,806	$ -	$ -	$ 77,330,295

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 16,919	$ -	$ -	$ -	$ 10,444
Kimber Resources, Inc.	6,128,712	-	-	-	3,783,163
Total	$ 6,145,631	$ -	$ -	$ -	$ 3,793,607

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 3,219,812,706	$ 3,153,942,889	$ 65,869,817	$ -
Commodities	77,342,265	77,342,265	-	-
Money Market Funds	474,130,170	474,130,170	-	-
Total Investments in Securities:	$ 3,771,285,141	$ 3,705,415,324	$ 65,869,817	$ -

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

Investments in Securities:
Beginning Balance	$ 73,258
Total Realized Gain (Loss)	(68,718)
Total Unrealized Gain (Loss)	41,724
Cost of Purchases	-
Proceeds of Sales	(46,264)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $4,006,411,019. Net unrealized depreciation aggregated $235,137,849, of which $309,219,385 related to appreciated investment securities and $544,357,234 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain precious metals through the Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2012, the Fund held $77,330,295 in the Subsidiary, representing 2.3% of the Fund's net assets.

Investment Valuation

Investments in commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity ® Advisor Select
Gold Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2012

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Gold Portfolio

1.851741.105

AGLD-QTLY-0712

Consolidated Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
Australia - 10.0%
METALS & MINING - 10.0%
Gold - 10.0%
CGA Mining Ltd.:
(Australia) (a)	18,920		$ 36,676
(Canada) (a)	525,000		828,533
Evolution Mining Ltd. (a)	1,623,235		2,561,533
Gryphon Minerals Ltd. (a)	317,692		208,888
Intrepid Mines Ltd.:
(Australia) (a)	8,709,798		4,666,318
(Canada) (a)	320,000		167,304
Kingsgate Consolidated NL (d)	3,265,767		16,669,402
Kula Gold Ltd. (a)	31,245		15,218
Medusa Mining Ltd.	2,507,885		12,825,387
Newcrest Mining Ltd.	9,796,392		237,803,222
Papillon Resources Ltd. (a)	100,000		90,104
Perseus Mining Ltd.:
(Australia) (a)	5,374,308		13,611,295
(Canada) (a)	1,300,000		3,247,325
Regis Resources Ltd. (a)	4,973,292		18,748,152
Resolute Mining Ltd. (a)	4,911,661		7,248,440
St Barbara Ltd. (a)	4,644,676		9,094,001
Troy Resources NL (a)(f)	734,826		2,916,964
			330,738,762
Bailiwick of Jersey - 4.3%
METALS & MINING - 4.3%
Gold - 4.3%
Centamin PLC (a)	12,486,900		12,602,091
Polyus Gold International Ltd. sponsored GDR	5,848,190		14,386,547
Randgold Resources Ltd. sponsored ADR (d)	1,459,067		115,776,966
			142,765,604
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	170,100		1,072,131
G-Resources Group Ltd. (a)	3,099,000		206,801
			1,278,932
Canada - 57.1%
METALS & MINING - 57.1%
Diversified Metals & Mining - 0.2%
Copper Mountain Mining Corp. (a)	97,000		375,660
East Asia Minerals Corp. (a)	5,000		1,501
Eastmain Resources, Inc. (a)	10,000		8,520
Kimber Resources, Inc. (a)(e)	16,100		10,444
Kimber Resources, Inc. (a)(e)(f)	5,832,000		3,783,163
NovaCopper, Inc. (a)(d)	488,333		1,134,724
Sabina Gold & Silver Corp. (a)	465,000		1,026,480
			6,340,492

	Shares		Value
Gold - 56.4%
Agnico-Eagle Mines Ltd. (Canada)	2,218,400		$ 83,035,624
Alacer Gold Corp. (a)	3,354,063		18,672,472
Alamos Gold, Inc.	1,968,800		35,607,478
Argonaut Gold, Inc. (a)	814,800		6,429,414
ATAC Resources Ltd. (a)	67,200		171,115
AuRico Gold, Inc. (a)	4,508,563		33,611,788
Aurizon Mines Ltd. (a)	2,366,900		11,435,185
Avion Gold Corp. (a)	4,835,000		2,387,423
B2Gold Corp. (a)	5,287,400		15,920,815
Banro Corp. (a)	3,188,482		13,274,408
Barrick Gold Corp. (d)	10,804,019		424,587,431
Bearing Resources Ltd. (a)	29,687		9,485
Belo Sun Mining Corp. (a)	245,000		260,929
Canaco Resources, Inc. (a)	710,100		209,692
Canaco Resources, Inc. (f)	561,600		165,840
Centerra Gold, Inc. (d)	2,306,200		24,092,461
Colossus Minerals, Inc. (a)	1,436,100		5,909,304
Corvus Gold, Inc. (a)	138,350		125,913
Detour Gold Corp. (a)	803,800		16,490,799
Detour Gold Corp. (a)(f)	785,900		16,123,562
Eldorado Gold Corp.	9,396,708		104,261,290
Exeter Resource Corp. (a)	248,000		456,213
Extorre Gold Mines Ltd. (a)	1,057,700		2,980,014
Extorre Gold Mines Ltd. (f)	61,300		172,709
Franco-Nevada Corp. (d)	1,694,900		71,268,342
Gabriel Resources Ltd. (a)	630,000		1,146,730
Goldcorp, Inc.	11,224,100		409,690,245
Gran Colombia Gold Corp. (a)(d)	1,765,000		572,469
Great Basin Gold Ltd. (a)(d)	5,547,298		3,115,102
Guyana Goldfields, Inc. (a)	1,028,000		2,149,857
Guyana Goldfields, Inc. (a)(f)	155,000		324,152
IAMGOLD Corp.	5,023,200		53,838,238
International Minerals Corp.:
(Canada) (a)	157,100		692,070
(Switzerland) (a)	15,000		65,563
International Tower Hill Mines Ltd. (a)	546,700		1,847,299
Keegan Resources, Inc. (a)	30,000		99,337
Kinross Gold Corp.	15,557,091		124,866,423
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		554,331
Kirkland Lake Gold, Inc. (a)	1,038,000		10,753,352
Lake Shore Gold Corp. (a)	4,076,600		3,394,371
Nevsun Resources Ltd.	50,000		180,084
New Gold, Inc. (a)	6,642,855		58,720,304
Novagold Resources, Inc. (a)(d)	2,930,000		16,765,552
OceanaGold Corp. (a)	1,570,000		2,812,122
Orezone Gold Corp. (a)	80,000		121,605
Osisko Mining Corp. (a)	2,486,500		18,561,180
Osisko Mining Corp. (a)(f)	3,000,000		22,394,346
Pilot Gold, Inc. (a)	91,250		78,630
Premier Gold Mines Ltd. (a)	3,678,500		16,133,616
Pretium Resources, Inc. (a)(f)	225,000		2,940,892
Pretium Resources, Inc. (a)(g)	225,000		2,940,892
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Primero Mining Corp. (a)	489,300		$ 1,369,102
Queenston Mining, Inc. (a)	504,900		1,784,272
Rainy River Resources Ltd. (a)	1,485,000		6,469,962
Richmont Mines, Inc. (a)	20,000		116,377
Romarco Minerals, Inc. (a)	9,123,000		5,564,690
Romarco Minerals, Inc. (a)(f)	5,900,000		3,598,780
Rubicon Minerals Corp. (a)	2,696,352		7,440,193
San Gold Corp. (a)	4,634,400		6,416,413
Seabridge Gold, Inc. (a)	601,905		9,130,896
SEMAFO, Inc.	4,875,000		24,779,736
Sulliden Gold Corp. Ltd. (a)	175,000		172,823
Teranga Gold Corp. CDI unit (a)	3,410,974		6,645,260
Torex Gold Resources, Inc. (a)	7,222,500		12,796,800
Yamana Gold, Inc.	9,678,100		142,053,537
			1,870,757,309
Precious Metals & Minerals - 0.5%
Chesapeake Gold Corp. (a)	6,000		54,141
Dalradian Resources, Inc. (a)	46,000		36,966
Pan American Silver Corp.	523,487		8,793,629
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		242,013
Silver Wheaton Corp.	150,700		3,870,912
Silvercorp Metals, Inc.	75,000		457,472
Tahoe Resources, Inc. (a)	195,500		3,176,153
			16,631,286
TOTAL METALS & MINING			1,893,729,087
Cayman Islands - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
China Precious Metal Resources Holdings Co. Ltd. (a)	970,000		199,520
China - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Zhaojin Mining Industry Co. Ltd. (H Shares)	553,650		651,978
Zijin Mining Group Co. Ltd. (H Shares)	57,600,000		18,256,147
			18,908,125

	Shares		Value
Peru - 1.9%
METALS & MINING - 1.9%
Gold - 1.9%
Compania de Minas Buenaventura SA sponsored ADR	1,637,500		$ 64,091,750
South Africa - 10.9%
METALS & MINING - 10.9%
Gold - 10.9%
AngloGold Ashanti Ltd. sponsored ADR (d)	5,032,952		181,488,249
Gold Fields Ltd.	55,000		734,134
Gold Fields Ltd. sponsored ADR	9,486,026		125,689,845
Harmony Gold Mining Co. Ltd.	1,484,000		14,755,956
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	3,986,800		39,309,848
			361,978,032
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
African Barrick Gold Ltd.	1,353,763		6,881,325
Patagonia Gold PLC (a)	260,000		108,208
Petropavlovsk PLC	2,155,929		12,224,380
			19,213,913
United States of America - 11.7%
METALS & MINING - 11.6%
Gold - 11.6%
Allied Nevada Gold Corp. (a)	1,341,300		34,793,322
Allied Nevada Gold Corp. (Canada) (a)	45,000		1,163,286
Gold Resource Corp. (d)	30,000		795,000
Newmont Mining Corp.	6,251,850		294,837,246
Royal Gold, Inc. (d)	768,313		51,968,691
			383,557,545
Precious Metals & Minerals - 0.0%
Coeur d'Alene Mines Corp. (a)	10,000		169,000
McEwen Mining, Inc. (a)(d)	705,100		1,664,036
			1,833,036
TOTAL METALS & MINING			385,390,581
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Peabody Energy Corp.	65,000		1,518,400
TOTAL UNITED STATES OF AMERICA			386,908,981
TOTAL COMMON STOCKS (Cost $3,178,812,726)		3,219,812,706
Commodities - 2.3%
	Troy Ounces		Value
Gold Bullion (a) (Cost $65,118,150)	49,500		$ 77,342,265
Money Market Funds - 14.3%

Fidelity Cash Central Fund, 0.17% (b)	26,607,451		26,607,451
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	447,522,719		447,522,719
TOTAL MONEY MARKET FUNDS (Cost $474,130,170)		474,130,170
TOTAL INVESTMENT PORTFOLIO - 113.7% (Cost $3,718,061,046)			3,771,285,141
NET OTHER ASSETS (LIABILITIES) - (13.7)%			(454,308,238)
NET ASSETS - 100%		$ 3,316,976,903

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Pretium Resources, Inc.	3/31/11	$ 2,172,293

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,552
Fidelity Securities Lending Cash Central Fund	160,215
Total	$ 161,767

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 43,125,922	$ 38,830,806	$ -	$ -	$ 77,330,295

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 16,919	$ -	$ -	$ -	$ 10,444
Kimber Resources, Inc.	6,128,712	-	-	-	3,783,163
Total	$ 6,145,631	$ -	$ -	$ -	$ 3,793,607

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 3,219,812,706	$ 3,153,942,889	$ 65,869,817	$ -
Commodities	77,342,265	77,342,265	-	-
Money Market Funds	474,130,170	474,130,170	-	-
Total Investments in Securities:	$ 3,771,285,141	$ 3,705,415,324	$ 65,869,817	$ -

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

Investments in Securities:
Beginning Balance	$ 73,258
Total Realized Gain (Loss)	(68,718)
Total Unrealized Gain (Loss)	41,724
Cost of Purchases	-
Proceeds of Sales	(46,264)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

Consolidated Subsidiary

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2012

1.802178.108

PRC-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CAPITAL MARKETS - 0.1%
Asset Management & Custody Banks - 0.1%
GP Investments Ltd. (depositary receipt) (a)	122,040		$ 263,824
INSURANCE - 98.4%
Insurance Brokers - 11.2%
Aon PLC	298,047		13,859,186
Brasil Insurance Participacoes e Administracao SA	743,500		6,303,815
Brown & Brown, Inc.	119,600		3,061,760
Charles Taylor Consulting PLC	57,900		130,168
Jardine Lloyd Thompson Group PLC	137,093		1,445,339
Marsh & McLennan Companies, Inc.	144,000		4,605,120
			29,405,388
Life & Health Insurance - 18.8%
AFLAC, Inc.	218,200		8,745,456
Lincoln National Corp.	55,000		1,136,850
MetLife, Inc.	556,675		16,260,477
Principal Financial Group, Inc.	223,900		5,498,984
Prudential Financial, Inc.	342,189		15,894,679
Unum Group	77,800		1,552,110
			49,088,556
Multi-Line Insurance - 4.8%
American International Group, Inc. (a)	270,600		7,896,108
American International Group, Inc. warrants 1/19/21 (a)	109,969		1,121,684
Fairfax Financial Holdings Ltd. (sub. vtg.)	1,529		602,511
Hartford Financial Services Group, Inc.	176,300		2,965,366
			12,585,669
Property & Casualty Insurance - 52.4%
ACE Ltd.	258,149		18,671,917
Allied World Assurance Co. Holdings Ltd.	175,400		13,488,260
Allstate Corp.	165,700		5,623,858
Assured Guaranty Ltd.	49,500		591,030
Axis Capital Holdings Ltd.	234,500		7,715,050
Beazley PLC	4,220,600		8,806,705
Berkshire Hathaway, Inc.:
Class A (a)	10		1,188,500
Class B (a)	591,969		46,978,659
Dongbu Insurance Co. Ltd.	50,640		2,026,938

	Shares		Value
Meadowbrook Insurance Group, Inc.	41,700		$ 370,713
Progressive Corp.	462,700		10,054,471
The Chubb Corp.	114,958		8,285,023
The Travelers Companies, Inc.	192,900		12,054,321
XL Group PLC Class A	61,200		1,249,704
			137,105,149
Reinsurance - 11.2%
Endurance Specialty Holdings Ltd.	37,500		1,464,750
Everest Re Group Ltd.	10,400		1,062,048
Flagstone Reinsurance Holdings Ltd.	109,500		809,205
Greenlight Capital Re, Ltd. (a)	27,500		680,900
Korean Reinsurance Co.	2,440		23,874
Montpelier Re Holdings Ltd.	425,500		8,884,440
Reinsurance Group of America, Inc.	14,600		732,482
RenaissanceRe Holdings Ltd.	11,800		909,426
Validus Holdings Ltd.	467,700		14,676,426
			29,243,551
TOTAL INSURANCE			257,428,313
TOTAL COMMON STOCKS (Cost $255,142,873)		257,692,137
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.17% (b) (Cost $6,037,311)	6,037,311		6,037,311

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $261,180,184)

263,729,448

NET OTHER ASSETS (LIABILITIES) - (0.8)%			(2,024,208)
NET ASSETS - 100%		$ 261,705,240

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,138
Fidelity Securities Lending Cash Central Fund	5
Total	$ 2,143

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 257,692,137	$ 247,309,925	$ 10,382,212	$ -
Money Market Funds	6,037,311	6,037,311	-	-
Total Investments in Securities:	$ 263,729,448	$ 253,347,236	$ 10,382,212	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $263,984,216. Net unrealized depreciation aggregated $254,768, of which $14,435,538 related to appreciated investment securities and $14,690,306 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

May 31, 2012

1.802176.108

INE-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.7%
	Shares		Value
AEROSPACE & DEFENSE - 16.6%
Aerospace & Defense - 16.6%
Alliant Techsystems, Inc.	17,500		$ 856,625
American Science & Engineering, Inc.	17,900		867,255
Esterline Technologies Corp. (a)	54,300		3,507,237
GeoEye, Inc. (a)	35,500		680,180
Honeywell International, Inc.	212,000		11,799,920
Precision Castparts Corp.	40,800		6,781,368
Rockwell Collins, Inc.	53,000		2,669,610
Teledyne Technologies, Inc. (a)	21,400		1,275,012
Textron, Inc.	70,600		1,668,278
TransDigm Group, Inc. (a)	18,700		2,300,100
United Technologies Corp.	227,700		16,874,847
			49,280,432
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
WABCO Holdings, Inc. (a)	14,400		745,344
BUILDING PRODUCTS - 6.6%
Building Products - 6.6%
A.O. Smith Corp.	26,650		1,230,164
AAON, Inc.	44,300		830,182
American Woodmark Corp.	29,200		493,772
Armstrong World Industries, Inc.	21,600		1,006,344
Gibraltar Industries, Inc. (a)	183,388		1,874,225
Masco Corp.	150,233		1,903,452
Owens Corning (a)	55,100		1,700,386
Quanex Building Products Corp. (d)	637,478		10,524,762
			19,563,287
CONSTRUCTION & ENGINEERING - 3.6%
Construction & Engineering - 3.6%
EMCOR Group, Inc.	60,200		1,646,470
Fluor Corp.	66,800		3,131,584
Jacobs Engineering Group, Inc. (a)	65,100		2,312,352
KBR, Inc.	80,600		2,052,882
Larsen & Toubro Ltd.	36,821		770,455
Primoris Services Corp.	71,000		851,290
			10,765,033
ELECTRICAL EQUIPMENT - 13.3%
Electrical Components & Equipment - 12.8%
Acuity Brands, Inc.	24,600		1,340,700
AMETEK, Inc.	58,700		2,976,677
Emerson Electric Co.	249,200		11,655,084
GrafTech International Ltd. (a)	100,100		1,068,067
Hubbell, Inc. Class B	24,300		1,917,756
II-VI, Inc. (a)	52,800		997,920
Regal-Beloit Corp.	187,032		11,276,159
Rockwell Automation, Inc.	46,300		3,357,213
Roper Industries, Inc.	32,000		3,239,040
			37,828,616

	Shares		Value
Heavy Electrical Equipment - 0.5%
AZZ, Inc.	16,900		$ 906,347
Global Power Equipment Group, Inc.	29,900		551,057
			1,457,404
TOTAL ELECTRICAL EQUIPMENT			39,286,020
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
FLIR Systems, Inc.	72,400		1,544,292
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.3%
Cobra Electronics Corp. (a)	171,007		762,691
INDUSTRIAL CONGLOMERATES - 16.1%
Industrial Conglomerates - 16.1%
Danaher Corp.	175,900		9,141,523
Enka Insaat ve Sanayi A/S	203,840		439,435
General Electric Co.	1,950,055		37,226,551
Raven Industries, Inc.	15,500		1,032,610
			47,840,119
MACHINERY - 32.3%
Construction & Farm Machinery & Heavy Trucks - 14.9%
Ashok Leyland Ltd.	1,652,871		737,362
Caterpillar, Inc.	220,500		19,320,210
Cummins, Inc.	128,200		12,428,990
Joy Global, Inc.	71,700		4,005,162
Manitowoc Co., Inc.	219,800		2,285,920
PACCAR, Inc.	100,900		3,790,813
Wabtec Corp.	22,500		1,633,725
			44,202,182
Industrial Machinery - 17.4%
Actuant Corp. Class A	35,100		918,567
Blount International, Inc. (a)	68,300		930,246
CLARCOR, Inc.	27,300		1,332,240
Donaldson Co., Inc.	57,100		2,042,467
Flowserve Corp.	21,000		2,158,380
Gorman-Rupp Co.	31,900		893,519
Graco, Inc.	36,000		1,734,120
Illinois Tool Works, Inc.	216,800		12,173,320
Ingersoll-Rand PLC	256,300		10,587,753
Key Technology, Inc. (a)(e)	284,858		2,706,151
Lincoln Electric Holdings, Inc.	35,600		1,693,848
Middleby Corp. (a)	11,800		1,206,786
Nordson Corp.	29,900		1,602,939
Pall Corp.	42,000		2,337,720
Parker Hannifin Corp.	56,100		4,585,614
Sun Hydraulics Corp.	36,200		844,546
Valmont Industries, Inc.	12,200		1,396,900
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Weg SA	104,400		$ 1,076,689
Woodward, Inc.	34,300		1,293,453
			51,515,258
TOTAL MACHINERY			95,717,440
TRADING COMPANIES & DISTRIBUTORS - 2.9%
Trading Companies & Distributors - 2.9%
Applied Industrial Technologies, Inc.	30,000		1,131,300
Houston Wire & Cable Co.	72,100		821,940
MSC Industrial Direct Co., Inc. Class A	22,200		1,591,962
Watsco, Inc.	19,100		1,405,951
WESCO International, Inc. (a)	59,800		3,557,502
			8,508,655
TRANSPORTATION INFRASTRUCTURE - 0.3%
Highways & Railtracks - 0.3%
Companhia de Concessoes Rodoviarias	100,200		779,999
TOTAL COMMON STOCKS (Cost $256,021,449)		274,793,312
Money Market Funds - 7.8%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	22,893,296		$ 22,893,296
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	136,000		136,000
TOTAL MONEY MARKET FUNDS (Cost $23,029,296)		23,029,296

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $279,050,745)

297,822,608

NET OTHER ASSETS (LIABILITIES) - (0.5)%			(1,488,575)
NET ASSETS - 100%		$ 296,334,033

Legend

(a) Non-income producing

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

(e) 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	$ 5,930
Fidelity Securities Lending Cash Central Fund	843
Total	$ 6,773

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Key Technology, Inc.	$ 3,964,961	$ -	$ 7,773	$ -	$ 2,706,151
Total	$ 3,964,961	$ -	$ 7,773	$ -	$ 2,706,151

Other Information

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $279,695,201. Net unrealized appreciation aggregated $18,127,407, of which $29,166,587 related to appreciated investment securities and $11,039,180 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

May 31, 2012

1.802194.108

WIR-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
AEROSPACE & DEFENSE - 0.8%
Aerospace & Defense - 0.8%
Kratos Defense & Security Solutions, Inc. (a)	331,600		$ 1,793,956
COMMUNICATIONS EQUIPMENT - 24.6%
Communications Equipment - 24.6%
Acme Packet, Inc. (a)(d)	96,200		2,201,056
Aruba Networks, Inc. (a)(d)	276,784		3,636,942
Globecomm Systems, Inc. (a)	8,700		92,220
Harris Corp.	95,700		3,806,946
InterDigital, Inc. (d)	60,500		1,493,745
Motorola Solutions, Inc.	185,668		8,926,917
Nokia Corp. sponsored ADR (d)	374,000		998,580
Polycom, Inc. (a)	245,000		2,802,800
QUALCOMM, Inc.	414,850		23,775,054
Research In Motion Ltd. (a)(d)	100,700		1,040,231
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	593,900		5,036,272
ViaSat, Inc. (a)	37,400		1,571,548
			55,382,311
COMPUTERS & PERIPHERALS - 2.9%
Computer Hardware - 2.9%
Apple, Inc. (a)	11,200		6,470,576
CONSTRUCTION & ENGINEERING - 0.1%
Construction & Engineering - 0.1%
MasTec, Inc. (a)	18,100		295,935
DIVERSIFIED TELECOMMUNICATION SERVICES - 15.1%
Alternative Carriers - 0.0%
Iliad SA	81		10,455
Integrated Telecommunication Services - 15.1%
AT&T, Inc.	518,600		17,720,562
China Unicom Ltd. sponsored ADR (d)	426,300		5,857,362
Nippon Telegraph & Telephone Corp.	100		4,305
Telefonica SA sponsored ADR (d)	399,500		4,422,465
Verizon Communications, Inc.	143,800		5,987,832
			33,992,526
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			34,002,981
INTERNET SOFTWARE & SERVICES - 2.6%
Internet Software & Services - 2.6%
Google, Inc. Class A (a)	3,700		2,149,182
VeriSign, Inc.	45,800		1,750,934
Web.com, Inc. (a)	127,800		2,034,576
			5,934,692
IT SERVICES - 1.7%
Data Processing & Outsourced Services - 0.5%
NeuStar, Inc. Class A (a)	34,500		1,110,210

	Shares		Value
IT Consulting & Other Services - 1.2%
Amdocs Ltd. (a)	450		$ 12,938
Cognizant Technology Solutions Corp. Class A (a)	47,700		2,778,525
			2,791,463
TOTAL IT SERVICES			3,901,673
MEDIA - 1.7%
Cable & Satellite - 1.7%
DISH Network Corp. Class A	11,100		311,244
Virgin Media, Inc. (d)	154,950		3,413,549
			3,724,793
REAL ESTATE INVESTMENT TRUSTS - 5.8%
Specialized REITs - 5.8%
American Tower Corp.	200,192		12,988,457
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
Semiconductors - 2.8%
Freescale Semiconductor Holdings I Ltd.	140,900		1,296,280
NVIDIA Corp. (a)	550		6,837
NXP Semiconductors NV (a)	74,500		1,572,695
RF Micro Devices, Inc. (a)	742,600		2,799,602
Skyworks Solutions, Inc. (a)	22,400		601,664
TriQuint Semiconductor, Inc. (a)	21,400		111,494
			6,388,572
SOFTWARE - 3.0%
Application Software - 2.4%
AsiaInfo-Linkage, Inc. (a)	78,550		832,630
BroadSoft, Inc. (a)(d)	60,700		1,657,717
Gameloft (a)	362,062		2,192,327
Synchronoss Technologies, Inc. (a)	37,250		667,148
			5,349,822
Home Entertainment Software - 0.1%
Zynga, Inc. (d)	34,200		214,092
Systems Software - 0.5%
Microsoft Corp.	39,400		1,150,086
TOTAL SOFTWARE			6,714,000
WIRELESS TELECOMMUNICATION SERVICES - 37.9%
Wireless Telecommunication Services - 37.9%
Boingo Wireless, Inc.	250		2,395
China Mobile Ltd. sponsored ADR	207,700		10,536,621
Clearwire Corp. Class A (a)(d)	1,064,200		1,287,682
Crown Castle International Corp. (a)	147,000		8,026,200
Leap Wireless International, Inc. (a)(d)	308,850		1,782,065
MetroPCS Communications, Inc. (a)	462,000		2,956,800
NII Holdings, Inc. (a)	322,700		3,717,504
NTELOS Holdings Corp.	18,950		362,703
NTT DoCoMo, Inc. sponsored ADR (d)	256,800		4,103,664
Rogers Communications, Inc. Class B (non-vtg.)	74,400		2,544,230
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
SBA Communications Corp. Class A (a)	167,600		$ 8,706,820
Shenandoah Telecommunications Co.	1,300		13,858
Sprint Nextel Corp. (a)	2,454,131		6,307,117
Telephone & Data Systems, Inc.	90,614		1,798,688
U.S. Cellular Corp. (a)	2,900		108,431
USA Mobility, Inc.	36,400		452,088
Vodafone Group PLC sponsored ADR	1,219,400		32,667,723
			85,374,589
TOTAL COMMON STOCKS (Cost $226,539,260)		222,972,535
Money Market Funds - 10.6%

Fidelity Cash Central Fund, 0.17% (b)	2,141,273		2,141,273
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	21,780,163		21,780,163
TOTAL MONEY MARKET FUNDS (Cost $23,921,436)		23,921,436

TOTAL INVESTMENT PORTFOLIO - 109.6%

(Cost $250,460,696)

246,893,971

NET OTHER ASSETS (LIABILITIES) - (9.6)%			(21,657,518)
NET ASSETS - 100%		$ 225,236,453

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,017
Fidelity Securities Lending Cash Central Fund	45,997
Total	$ 47,014

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 222,972,535	$ 220,765,448	$ 2,207,087	$ -
Money Market Funds	23,921,436	23,921,436	-	-
Total Investments in Securities:	$ 246,893,971	$ 244,686,884	$ 2,207,087	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $259,232,990. Net unrealized depreciation aggregated $12,339,019, of which $23,026,556 related to appreciated investment securities and $35,365,575 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

May 31, 2012

1.802158.108

BSO-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.5%
	Shares		Value
CAPITAL MARKETS - 0.4%
Investment Banking & Brokerage - 0.4%
Knight Capital Group, Inc. Class A (a)	102,700		$ 1,290,939
COMPUTERS & PERIPHERALS - 0.0%
Computer Hardware - 0.0%
Hewlett-Packard Co.	400		9,072
CONSUMER FINANCE - 1.0%
Consumer Finance - 1.0%
Green Dot Corp. Class A (a)(d)	147,900		3,141,396
INTERNET SOFTWARE & SERVICES - 3.8%
Internet Software & Services - 3.8%
Constant Contact, Inc. (a)	5		101
Cornerstone OnDemand, Inc. (a)	88,100		1,766,405
Demandware, Inc. (d)	18,220		566,824
VeriSign, Inc.	127,900		4,889,617
Web.com, Inc. (a)	282,400		4,495,808
			11,718,755
IT SERVICES - 90.7%
Data Processing & Outsourced Services - 42.4%
Alliance Data Systems Corp. (a)	18,648		2,349,648
Automatic Data Processing, Inc.	600		31,290
Broadridge Financial Solutions, Inc.	7,800		157,794
Cardtronics, Inc. (a)	92,000		2,577,840
Cass Information Systems, Inc.	12,320		453,746
Convergys Corp.	60,900		849,555
CoreLogic, Inc. (a)	1,600		27,184
CSG Systems International, Inc. (a)	18,100		298,650
DST Systems, Inc.	45,600		2,330,160
Euronet Worldwide, Inc. (a)	42,500		764,575
ExlService Holdings, Inc. (a)	434,600		9,417,782
Fidelity National Information Services, Inc.	209,500		6,867,410
Fiserv, Inc. (a)	124,000		8,361,320
FleetCor Technologies, Inc. (a)	161,400		6,117,060
Global Cash Access Holdings, Inc. (a)	351,300		2,476,665
Global Payments, Inc.	69,200		2,939,616
Heartland Payment Systems, Inc.	48,800		1,423,984
Higher One Holdings, Inc. (a)(d)	48,700		618,977
Jack Henry & Associates, Inc.	6,600		217,866
Lender Processing Services, Inc.	64,300		1,484,044
MasterCard, Inc. Class A	82,840		33,675,288
ModusLink Global Solutions, Inc. (a)	4,400		19,756
NeuStar, Inc. Class A (a)	191,600		6,165,688
Paychex, Inc.	800		23,976
Syntel, Inc.	40,900		2,286,310
Teletech Holdings, Inc. (a)	59,700		889,530
The Western Union Co.	168,300		2,760,120
TNS, Inc. (a)	85,000		1,519,800
VeriFone Systems, Inc. (a)	216,500		7,817,815
Visa, Inc. Class A	216,812		24,976,742

	Shares		Value
WNS Holdings Ltd. sponsored ADR (a)	148,929		$ 1,635,240
Wright Express Corp. (a)	600		33,636
			131,569,067
IT Consulting & Other Services - 48.3%
Accenture PLC Class A	480,100		27,413,710
Acxiom Corp. (a)	82,800		1,164,996
CACI International, Inc. Class A (a)	700		29,960
Camelot Information Systems, Inc. ADR (a)	805,344		1,779,810
CGI Group, Inc. Class A (sub. vtg.) (a)	39,500		915,937
Ciber, Inc. (a)	436,600		1,563,028
Cognizant Technology Solutions Corp. Class A (a)	676,566		39,409,971
EPAM Systems, Inc.	304,300		5,325,250
Forrester Research, Inc.	7,600		245,328
Gartner, Inc. Class A (a)	7,500		305,100
HCL Technologies Ltd.	1,614		14,517
HiSoft Technology International Ltd. ADR (a)	183,700		2,397,285
IBM Corp.	122,650		23,659,185
iGate Corp. (a)	92,607		1,517,829
Infosys Ltd. sponsored ADR	200		8,420
ManTech International Corp. Class A	1,400		30,520
Maximus, Inc.	164,200		7,472,742
NCI, Inc. Class A (a)	9,000		38,430
SAIC, Inc.	2,700		29,997
Sapient Corp.	1,106,300		12,169,300
ServiceSource International, Inc. (a)	82,100		985,200
Teradata Corp. (a)	128,800		8,562,624
Unisys Corp. (a)(d)	107,940		1,695,737
Virtusa Corp. (a)	904,332		13,230,377
			149,965,253
TOTAL IT SERVICES			281,534,320
OFFICE ELECTRONICS - 0.8%
Office Electronics - 0.8%
Xerox Corp.	358,600		2,589,092
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
eClerx	24,389		270,198
SOFTWARE - 3.7%
Application Software - 2.6%
Autodesk, Inc. (a)	161,200		5,161,624
Descartes Systems Group, Inc. (a)	68,400		564,895
Guidewire Software, Inc. (d)	72,900		1,888,839
Intuit, Inc.	600		33,738
Jive Software, Inc.	600		10,050
QLIK Technologies, Inc. (a)	9,785		222,413
Splunk, Inc.	600		19,536
Zensar Technologies Ltd.	65,071		255,860
			8,156,955
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - 1.1%
Check Point Software Technologies Ltd. (a)	65,000		$ 3,330,600
NetSuite, Inc. (a)	600		28,152
Proofpoint, Inc.	1,000		14,270
			3,373,022
TOTAL SOFTWARE			11,529,977
TOTAL COMMON STOCKS (Cost $286,675,572)		312,083,749
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 0.17% (b)	2,315,073		2,315,073
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	5,661,426		5,661,426
TOTAL MONEY MARKET FUNDS (Cost $7,976,499)		7,976,499

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $294,652,071)

320,060,248

NET OTHER ASSETS (LIABILITIES) - (3.1)%		(9,626,682)
NET ASSETS - 100%		$ 310,433,566

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,233
Fidelity Securities Lending Cash Central Fund	22,402
Total	$ 26,635

Other Information

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

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $298,284,578. Net unrealized appreciation aggregated $21,775,670, of which $40,879,633 related to appreciated investment securities and $19,103,963 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

May 31, 2012

1.802179.108

LEI-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 7.7%
Education Services - 2.2%
DeVry, Inc.	165,250		$ 4,516,283
K12, Inc. (a)(d)	245,246		5,375,792
			9,892,075
Specialized Consumer Services - 5.5%
Carriage Services, Inc.	62,874		460,238
Steiner Leisure Ltd. (a)	339,063		15,539,257
Stewart Enterprises, Inc. Class A (d)	224,552		1,385,486
Weight Watchers International, Inc. (d)	125,160		7,101,578
			24,486,559
TOTAL DIVERSIFIED CONSUMER SERVICES			34,378,634
HOTELS, RESTAURANTS & LEISURE - 83.7%
Casinos & Gaming - 18.0%
International Game Technology	350,300		5,009,290
Las Vegas Sands Corp.	1,027,100		47,431,478
Las Vegas Sands Corp. warrants 11/16/13 (a)	11,700		7,835,177
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d)	598,550		7,032,963
Penn National Gaming, Inc. (a)	108,312		4,976,936
Wynn Resorts Ltd.	73,200		7,542,528
			79,828,372
Hotels, Resorts & Cruise Lines - 9.9%
Hyatt Hotels Corp. Class A (a)	25,000		924,750
Marriott International, Inc. Class A	112,409		4,351,352
Starwood Hotels & Resorts Worldwide, Inc.	164,500		8,693,825
Wyndham Worldwide Corp.	597,100		29,735,580
			43,705,507
Leisure Facilities - 2.8%
Cedar Fair LP (depository unit)	113,790		3,049,572
Life Time Fitness, Inc. (a)	63,200		2,708,752
Vail Resorts, Inc.	157,385		6,841,526
			12,599,850
Restaurants - 53.0%
Arcos Dorados Holdings, Inc.	88,800		1,200,576
BJ's Restaurants, Inc. (a)	221,500		9,699,485
Bravo Brio Restaurant Group, Inc. (a)	76,100		1,249,562
Brinker International, Inc.	57,900		1,870,749
Chipotle Mexican Grill, Inc. (a)	52,909		21,855,121
Denny's Corp. (a)	1,266,909		5,460,378
McDonald's Corp.	716,700		64,029,978
Panera Bread Co. Class A (a)	149,500		21,969,025
Ruth's Hospitality Group, Inc. (a)	461,222		3,025,616
Spur Corp. Ltd.	1,373,500		2,709,759
Starbucks Corp.	1,293,700		71,011,192

	Shares		Value
Texas Roadhouse, Inc. Class A	536,308		$ 9,750,080
Yum! Brands, Inc.	308,300		21,691,988
			235,523,509
TOTAL HOTELS, RESTAURANTS & LEISURE			371,657,238
HOUSEHOLD DURABLES - 0.6%
Household Appliances - 0.2%
iRobot Corp. (a)(d)	49,000		1,037,820
Housewares & Specialties - 0.4%
Tupperware Brands Corp.	29,900		1,616,095
TOTAL HOUSEHOLD DURABLES			2,653,915
LEISURE EQUIPMENT & PRODUCTS - 0.2%
Leisure Products - 0.2%
Summer Infant, Inc. (a)	209,253		636,129
MULTILINE RETAIL - 2.2%
General Merchandise Stores - 2.2%
Dollar General Corp. (a)	201,000		9,830,910
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
Nu Skin Enterprises, Inc. Class A	40,900		1,753,792
SOFTWARE - 0.8%
Application Software - 0.8%
Intuit, Inc.	59,100		3,323,193
TEXTILES, APPAREL & LUXURY GOODS - 1.5%
Apparel, Accessories & Luxury Goods - 1.5%
G-III Apparel Group Ltd. (a)	139,900		3,456,929
PVH Corp.	40,940		3,316,140
			6,773,069
TOTAL COMMON STOCKS (Cost $300,684,511)		431,006,880

Convertible Bonds - 0.1%
	Principal Amount
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.1%
MGM Mirage, Inc. 4.25% 4/15/15 (Cost $300,000)	$ 300,000	297,563

Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	10,610,978		$ 10,610,978
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	9,466,600		9,466,600
TOTAL MONEY MARKET FUNDS (Cost $20,077,578)		20,077,578

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $321,062,089)

451,382,021

NET OTHER ASSETS (LIABILITIES) - (1.7)%

(7,338,738)

NET ASSETS - 100%

$ 444,043,283

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,061
Fidelity Securities Lending Cash Central Fund	228,568
Total	$ 230,629

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 431,006,880	$ 423,171,703	$ 7,835,177	$ -
Convertible Bonds	297,563	-	297,563	-
Money Market Funds	20,077,578	20,077,578	-	-
Total Investments in Securities:	$ 451,382,021	$ 443,249,281	$ 8,132,740	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $322,885,549. Net unrealized appreciation aggregated $128,496,472, of which $143,862,358 related to appreciated investment securities and $15,365,886 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Select
Materials Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2012

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Materials Portfolio

1.851742.105

AMF-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
CHEMICALS - 66.9%
Commodity Chemicals - 2.0%
Arkema SA (d)	152,001		$ 10,033,649
Georgia Gulf Corp.	95,918		2,854,520
Westlake Chemical Corp. (d)	213,970		11,659,225
			24,547,394
Diversified Chemicals - 20.2%
Dow Chemical Co.	1,791,578		55,646,413
E.I. du Pont de Nemours & Co.	2,254,217		108,788,513
Eastman Chemical Co.	718,508		33,453,732
FMC Corp.	64,150		3,269,726
Lanxess AG	83,693		5,591,901
Olin Corp.	346,900		6,650,073
PPG Industries, Inc.	401,476		41,528,677
			254,929,035
Fertilizers & Agricultural Chemicals - 14.0%
CF Industries Holdings, Inc.	145,924		24,947,167
Monsanto Co.	1,299,099		100,290,443
Rentech Nitrogen Partners LP	542,842		12,740,502
The Mosaic Co.	804,095		38,339,250
			176,317,362
Industrial Gases - 6.0%
Air Products & Chemicals, Inc.	952,057		75,250,585
Specialty Chemicals - 24.7%
Albemarle Corp.	387,653		23,530,537
Ashland, Inc.	475,983		30,429,593
Celanese Corp. Class A	492,666		19,613,033
Cytec Industries, Inc.	209,346		12,657,059
Ecolab, Inc.	854,274		53,998,660
Innophos Holdings, Inc.	140,949		7,115,106
LyondellBasell Industries NV Class A	1,106,380		43,657,755
OMNOVA Solutions, Inc. (a)	739,017		5,320,922
Rockwood Holdings, Inc. (a)	348,632		16,873,789
Sherwin-Williams Co.	298,347		38,677,705
Sigma Aldrich Corp.	424,787		29,467,474
W.R. Grace & Co. (a)	571,296		29,993,040
			311,334,673
TOTAL CHEMICALS			842,379,049
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Environmental & Facility Services - 0.3%
Swisher Hygiene, Inc. (a)	262,171		469,548
Swisher Hygiene, Inc. (Canada) (a)(d)	1,583,667		3,151,495
			3,621,043
CONTAINERS & PACKAGING - 8.0%
Metal & Glass Containers - 5.6%
Aptargroup, Inc.	476,800		24,159,456

	Shares		Value
Ball Corp.	973,887		$ 38,926,263
Silgan Holdings, Inc.	187,300		7,829,140
			70,914,859
Paper Packaging - 2.4%
Boise, Inc.	310,200		2,140,380
Rock-Tenn Co. Class A	531,962		27,443,920
			29,584,300
TOTAL CONTAINERS & PACKAGING			100,499,159
ELECTRICAL EQUIPMENT - 0.5%
Electrical Components & Equipment - 0.5%
GrafTech International Ltd. (a)	581,587		6,205,533
METALS & MINING - 19.5%
Diversified Metals & Mining - 5.4%
Copper Mountain Mining Corp. (a)	1,913,200		7,409,401
First Quantum Minerals Ltd.	1,297,900		22,732,256
Freeport-McMoRan Copper & Gold, Inc.	691,748		22,163,606
HudBay Minerals, Inc.	310,500		2,281,740
Ivanhoe Mines Ltd. (a)	1,397,100		13,188,483
			67,775,486
Gold - 6.9%
Goldcorp, Inc.	361,400		13,191,441
Newcrest Mining Ltd.	290,312		7,047,200
Newmont Mining Corp.	1,093,986		51,592,380
Royal Gold, Inc.	224,551		15,188,630
			87,019,651
Steel - 7.2%
African Minerals Ltd. (a)	529,923		3,078,184
ArcelorMittal SA Class A unit (d)	379,084		5,265,477
Carpenter Technology Corp.	359,155		16,183,524
Fortescue Metals Group Ltd.	993,931		4,473,029
Haynes International, Inc.	201,484		10,275,684
Nucor Corp.	802,535		28,698,652
Reliance Steel & Aluminum Co.	285,302		13,469,107
Steel Dynamics, Inc.	955,509		10,071,065
			91,514,722
TOTAL METALS & MINING			246,309,859
TOTAL COMMON STOCKS (Cost $1,099,380,759)		1,199,014,643

Convertible Bonds - 0.6%
	Principal Amount
BUILDING PRODUCTS - 0.6%
Building Products - 0.6%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $7,861,200)	$ 7,861,200	7,861,200
U.S. Treasury Obligations - 0.1%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.08% 8/23/12 (e) (Cost $949,814)	$ 950,000	$ 949,847

Money Market Funds - 6.0%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	53,925,551		53,925,551
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	21,645,068		21,645,068
TOTAL MONEY MARKET FUNDS (Cost $75,570,619)		75,570,619
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $1,183,762,392)		1,283,396,309
NET OTHER ASSETS (LIABILITIES) - (1.9)%		(23,856,502)
NET ASSETS - 100%		$ 1,259,539,807

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
350 CME E-mini S&P Select Sector Materials Index Contracts	June 2012	$ 12,418,000	$ (998,025)

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $949,847.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 7,861,200

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 19,264
Fidelity Securities Lending Cash Central Fund	114,922
Total	$ 134,186

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,199,014,643	$ 1,179,841,361	$ 19,173,282	$ -
Convertible Bonds	7,861,200	-	-	7,861,200
U.S. Treasury Obligations	949,847	-	949,847	-
Money Market Funds	75,570,619	75,570,619	-	-
Total Investments in Securities:	$ 1,283,396,309	$ 1,255,411,980	$ 20,123,129	$ 7,861,200
Derivative Instruments:
Liabilities
Futures Contracts	$ (998,025)	$ (998,025)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 7,861,200
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 7,861,200
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,188,249,883. Net unrealized appreciation aggregated $95,146,426, of which $187,180,748 related to appreciated investment securities and $92,034,322 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

May 31, 2012

1.802177.108

IND-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
CHEMICALS - 66.9%
Commodity Chemicals - 2.0%
Arkema SA (d)	152,001		$ 10,033,649
Georgia Gulf Corp.	95,918		2,854,520
Westlake Chemical Corp. (d)	213,970		11,659,225
			24,547,394
Diversified Chemicals - 20.2%
Dow Chemical Co.	1,791,578		55,646,413
E.I. du Pont de Nemours & Co.	2,254,217		108,788,513
Eastman Chemical Co.	718,508		33,453,732
FMC Corp.	64,150		3,269,726
Lanxess AG	83,693		5,591,901
Olin Corp.	346,900		6,650,073
PPG Industries, Inc.	401,476		41,528,677
			254,929,035
Fertilizers & Agricultural Chemicals - 14.0%
CF Industries Holdings, Inc.	145,924		24,947,167
Monsanto Co.	1,299,099		100,290,443
Rentech Nitrogen Partners LP	542,842		12,740,502
The Mosaic Co.	804,095		38,339,250
			176,317,362
Industrial Gases - 6.0%
Air Products & Chemicals, Inc.	952,057		75,250,585
Specialty Chemicals - 24.7%
Albemarle Corp.	387,653		23,530,537
Ashland, Inc.	475,983		30,429,593
Celanese Corp. Class A	492,666		19,613,033
Cytec Industries, Inc.	209,346		12,657,059
Ecolab, Inc.	854,274		53,998,660
Innophos Holdings, Inc.	140,949		7,115,106
LyondellBasell Industries NV Class A	1,106,380		43,657,755
OMNOVA Solutions, Inc. (a)	739,017		5,320,922
Rockwood Holdings, Inc. (a)	348,632		16,873,789
Sherwin-Williams Co.	298,347		38,677,705
Sigma Aldrich Corp.	424,787		29,467,474
W.R. Grace & Co. (a)	571,296		29,993,040
			311,334,673
TOTAL CHEMICALS			842,379,049
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Environmental & Facility Services - 0.3%
Swisher Hygiene, Inc. (a)	262,171		469,548
Swisher Hygiene, Inc. (Canada) (a)(d)	1,583,667		3,151,495
			3,621,043
CONTAINERS & PACKAGING - 8.0%
Metal & Glass Containers - 5.6%
Aptargroup, Inc.	476,800		24,159,456

	Shares		Value
Ball Corp.	973,887		$ 38,926,263
Silgan Holdings, Inc.	187,300		7,829,140
			70,914,859
Paper Packaging - 2.4%
Boise, Inc.	310,200		2,140,380
Rock-Tenn Co. Class A	531,962		27,443,920
			29,584,300
TOTAL CONTAINERS & PACKAGING			100,499,159
ELECTRICAL EQUIPMENT - 0.5%
Electrical Components & Equipment - 0.5%
GrafTech International Ltd. (a)	581,587		6,205,533
METALS & MINING - 19.5%
Diversified Metals & Mining - 5.4%
Copper Mountain Mining Corp. (a)	1,913,200		7,409,401
First Quantum Minerals Ltd.	1,297,900		22,732,256
Freeport-McMoRan Copper & Gold, Inc.	691,748		22,163,606
HudBay Minerals, Inc.	310,500		2,281,740
Ivanhoe Mines Ltd. (a)	1,397,100		13,188,483
			67,775,486
Gold - 6.9%
Goldcorp, Inc.	361,400		13,191,441
Newcrest Mining Ltd.	290,312		7,047,200
Newmont Mining Corp.	1,093,986		51,592,380
Royal Gold, Inc.	224,551		15,188,630
			87,019,651
Steel - 7.2%
African Minerals Ltd. (a)	529,923		3,078,184
ArcelorMittal SA Class A unit (d)	379,084		5,265,477
Carpenter Technology Corp.	359,155		16,183,524
Fortescue Metals Group Ltd.	993,931		4,473,029
Haynes International, Inc.	201,484		10,275,684
Nucor Corp.	802,535		28,698,652
Reliance Steel & Aluminum Co.	285,302		13,469,107
Steel Dynamics, Inc.	955,509		10,071,065
			91,514,722
TOTAL METALS & MINING			246,309,859
TOTAL COMMON STOCKS (Cost $1,099,380,759)		1,199,014,643

Convertible Bonds - 0.6%
	Principal Amount
BUILDING PRODUCTS - 0.6%
Building Products - 0.6%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $7,861,200)	$ 7,861,200	7,861,200
U.S. Treasury Obligations - 0.1%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.08% 8/23/12 (e) (Cost $949,814)	$ 950,000	$ 949,847

Money Market Funds - 6.0%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	53,925,551		53,925,551
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	21,645,068		21,645,068
TOTAL MONEY MARKET FUNDS (Cost $75,570,619)		75,570,619
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $1,183,762,392)		1,283,396,309
NET OTHER ASSETS (LIABILITIES) - (1.9)%		(23,856,502)
NET ASSETS - 100%		$ 1,259,539,807

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
350 CME E-mini S&P Select Sector Materials Index Contracts	June 2012	$ 12,418,000	$ (998,025)

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $949,847.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 7,861,200

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 19,264
Fidelity Securities Lending Cash Central Fund	114,922
Total	$ 134,186

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,199,014,643	$ 1,179,841,361	$ 19,173,282	$ -
Convertible Bonds	7,861,200	-	-	7,861,200
U.S. Treasury Obligations	949,847	-	949,847	-
Money Market Funds	75,570,619	75,570,619	-	-
Total Investments in Securities:	$ 1,283,396,309	$ 1,255,411,980	$ 20,123,129	$ 7,861,200
Derivative Instruments:
Liabilities
Futures Contracts	$ (998,025)	$ (998,025)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 7,861,200
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 7,861,200
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2012

1.802188.108

RET-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
FOOD & STAPLES RETAILING - 3.2%
Food Retail - 0.2%
Susser Holdings Corp. (a)	37,228		$ 1,088,919
Hypermarkets & Super Centers - 3.0%
Costco Wholesale Corp.	47,000		4,060,330
Wal-Mart Stores, Inc.	180,000		11,847,600
			15,907,930
TOTAL FOOD & STAPLES RETAILING			16,996,849
INTERNET & CATALOG RETAIL - 19.2%
Internet Retail - 19.2%
Amazon.com, Inc. (a)	336,000		71,537,759
Priceline.com, Inc. (a)	45,500		28,459,795
			99,997,554
MULTILINE RETAIL - 3.0%
Department Stores - 0.5%
Macy's, Inc.	67,554		2,570,430
General Merchandise Stores - 2.5%
Target Corp.	222,621		12,891,982
TOTAL MULTILINE RETAIL			15,462,412
SOFTWARE - 0.8%
Home Entertainment Software - 0.8%
Take-Two Interactive Software, Inc. (a)	382,000		4,400,640
SPECIALTY RETAIL - 65.0%
Apparel Retail - 23.9%
Citi Trends, Inc. (a)	126,633		1,750,068
DSW, Inc. Class A	67,800		4,046,304
Express, Inc. (a)	858,497		15,882,195
Inditex SA	106,654		8,823,067
Limited Brands, Inc.	634,198		28,133,023
Ross Stores, Inc.	412,200		26,063,406
rue21, Inc. (a)(d)	107,070		2,835,214
TJX Companies, Inc.	872,400		37,042,104
			124,575,381
Automotive Retail - 10.8%
Advance Auto Parts, Inc.	174,081		12,697,468
Asbury Automotive Group, Inc. (a)	105,400		2,817,342
AutoZone, Inc. (a)	68,883		26,193,450
O'Reilly Automotive, Inc. (a)	152,000		14,560,080
			56,268,340
Computer & Electronics Retail - 1.1%
Best Buy Co., Inc.	297,019		5,560,196

	Shares		Value
Home Improvement Retail - 17.7%
Home Depot, Inc.	770,200		$ 38,001,668
Lowe's Companies, Inc.	2,033,400		54,332,448
			92,334,116
Homefurnishing Retail - 4.9%
Bed Bath & Beyond, Inc. (a)	357,500		25,829,375
Specialty Stores - 6.6%
Dick's Sporting Goods, Inc.	257,000		11,950,500
GNC Holdings, Inc.	27,000		1,040,310
Sally Beauty Holdings, Inc. (a)	405,714		10,723,021
Ulta Salon, Cosmetics & Fragrance, Inc.	119,000		10,635,030
			34,348,861
TOTAL SPECIALTY RETAIL			338,916,269
TEXTILES, APPAREL & LUXURY GOODS - 7.0%
Apparel, Accessories & Luxury Goods - 4.6%
Coach, Inc.	27,000		1,821,150
G-III Apparel Group Ltd. (a)	389,500		9,624,545
lululemon athletica, Inc. (a)	64,908		4,714,917
VF Corp.	55,600		7,841,824
			24,002,436
Footwear - 2.4%
NIKE, Inc. Class B	79,928		8,646,611
Steven Madden Ltd. (a)	96,400		3,908,056
			12,554,667
TOTAL TEXTILES, APPAREL & LUXURY GOODS			36,557,103
TOTAL COMMON STOCKS (Cost $450,793,587)		512,330,827

Convertible Bonds - 0.2%
	Principal Amount
SOFTWARE - 0.2%
Home Entertainment Software - 0.2%
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (e) (Cost $1,000,000)	$ 1,000,000	930,625

Money Market Funds - 2.4%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	11,196,048		$ 11,196,048
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,310,400		1,310,400
TOTAL MONEY MARKET FUNDS (Cost $12,506,448)		12,506,448

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $464,300,035)

525,767,900

NET OTHER ASSETS (LIABILITIES) - (0.8)%			(4,138,234)
NET ASSETS - 100%		$ 521,629,666

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,370
Fidelity Securities Lending Cash Central Fund	22,365
Total	$ 26,735

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 512,330,827	$ 503,507,760	$ 8,823,067	$ -
Convertible Bonds	930,625	-	930,625	-
Money Market Funds	12,506,448	12,506,448	-	-
Total Investments in Securities:	$ 525,767,900	$ 516,014,208	$ 9,753,692	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $466,790,786. Net unrealized appreciation aggregated $58,977,114, of which $76,573,433 related to appreciated investment securities and $17,596,319 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

May 31, 2012

1.802190.108

TEC-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
AEROSPACE & DEFENSE - 0.2%
Aerospace & Defense - 0.2%
DigitalGlobe, Inc. (a)	208,406		$ 3,367,841
GeoEye, Inc. (a)	80,929		1,550,600
			4,918,441
AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
Tesla Motors, Inc. (a)	40,095		1,182,803
CHEMICALS - 0.3%
Specialty Chemicals - 0.3%
JSR Corp.	419,200		7,227,954
COMMUNICATIONS EQUIPMENT - 7.2%
Communications Equipment - 7.2%
AAC Acoustic Technology Holdings, Inc.	70,000		220,961
Acme Packet, Inc. (a)(d)	483,924		11,072,181
ADTRAN, Inc.	417,505		12,203,671
ADVA AG Optical Networking (a)	97,916		559,920
Aruba Networks, Inc. (a)(d)	89,731		1,179,065
Brocade Communications Systems, Inc. (a)	40,810		189,767
Ciena Corp. (a)(d)	356,762		4,834,125
Cisco Systems, Inc.	1,188,599		19,409,822
Comba Telecom Systems Holdings Ltd.	571,500		258,449
F5 Networks, Inc. (a)	54,336		5,622,689
Finisar Corp. (a)	228,814		3,283,481
Infinera Corp. (a)	310,023		1,987,247
JDS Uniphase Corp. (a)	16,663		169,129
Juniper Networks, Inc. (a)	12,066		207,535
Motorola Solutions, Inc.	34,703		1,668,520
NETGEAR, Inc. (a)	49,300		1,547,527
Polycom, Inc. (a)	991,199		11,339,317
QUALCOMM, Inc.	1,165,581		66,799,447
Riverbed Technology, Inc. (a)	1,287		21,107
Sandvine Corp. (a)	1,941,200		2,814,725
Sandvine Corp. (U.K.) (a)	2,252,512		3,576,627
Spirent Communications PLC	590,700		1,459,607
ZTE Corp. (H Shares)	2,062,000		4,085,983
			154,510,902
COMPUTERS & PERIPHERALS - 22.1%
Computer Hardware - 20.1%
Advantech Co. Ltd.	411,000		1,403,388
Apple, Inc. (a)	723,178		417,801,621
Hewlett-Packard Co.	190,439		4,319,157
Lenovo Group Ltd.	2,760,000		2,346,954
Pegatron Corp.	613,000		850,591
Stratasys, Inc. (a)	122,227		5,808,227
Wistron Corp.	163,000		206,806
			432,736,744

	Shares		Value
Computer Storage & Peripherals - 2.0%
ADLINK Technology, Inc.	5,000		$ 6,076
Catcher Technology Co. Ltd.	345,000		2,188,588
EMC Corp. (a)	1,028,492		24,529,534
Fusion-io, Inc.	132,500		2,766,600
Gemalto NV	31,414		2,004,278
NetApp, Inc. (a)	460		13,690
SanDisk Corp. (a)	127,694		4,175,594
SIMPLO Technology Co. Ltd.	60,000		429,834
Synaptics, Inc. (a)	205,929		5,523,016
Wacom Co. Ltd.	480		958,169
			42,595,379
TOTAL COMPUTERS & PERIPHERALS			475,332,123
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
Educomp Solutions Ltd.	53,012		132,766
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Dynapack International Technology Corp.	40,000		206,883
Furukawa Electric Co. Ltd.	883,000		1,888,103
			2,094,986
ELECTRONIC EQUIPMENT & COMPONENTS - 2.6%
Electronic Components - 1.4%
Aeroflex Holding Corp. (a)	60,538		391,681
Amphenol Corp. Class A	379		20,159
Cheng Uei Precision Industries Co. Ltd.	204,703		428,977
Chimei Innolux Corp. (a)	51,000		21,426
FLEXium Interconnect, Inc.	57,000		223,253
InvenSense, Inc. (d)	182,564		1,814,686
Largan Precision Co. Ltd.	11,000		207,686
Omron Corp.	31,600		623,271
Taiyo Yuden Co. Ltd.	22,300		195,950
TDK Corp.	4,700		202,413
Tong Hsing Electronics Industries Ltd.	2,095,000		6,732,726
Universal Display Corp. (a)(d)	651,469		18,338,852
Vishay Intertechnology, Inc. (a)	2,109		22,398
Yageo Corp.	6,108,000		1,844,341
			31,067,819
Electronic Equipment & Instruments - 0.3%
Chroma ATE, Inc.	914,644		2,054,520
Hitachi High-Technologies Corp.	14,900		330,749
Keyence Corp.	5,850		1,321,590
National Instruments Corp.	42,688		1,111,596
SFA Engineering Corp.	4,365		202,263
SNU Precision Co. Ltd. (a)	22,427		138,878
Test Research, Inc.	57,298		78,643
TPK Holdings Co.	49,000		729,948
			5,968,187
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Manufacturing Services - 0.8%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	76,000		$ 222,617
Jabil Circuit, Inc.	394,949		7,555,374
KEMET Corp. (a)	4,077		23,443
TE Connectivity Ltd.	23,294		731,897
Trimble Navigation Ltd. (a)	173,876		8,200,862
			16,734,193
Technology Distributors - 0.1%
Arrow Electronics, Inc. (a)	47		1,594
Digital China Holdings Ltd. (H Shares)	1,410,000		2,288,976
VST Holdings Ltd.	2,990,000		531,621
WPG Holding Co. Ltd.	340,200		405,434
WT Microelectronics Co. Ltd.	51,000		66,584
			3,294,209
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			57,064,408
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Biosensors International Group Ltd. (a)	4,569,000		4,343,493
China Kanghui Holdings sponsored ADR (a)	500		9,850
			4,353,343
HEALTH CARE TECHNOLOGY - 0.2%
Health Care Technology - 0.2%
athenahealth, Inc. (a)	1,500		109,035
So-net M3, Inc.	756		3,360,683
			3,469,718
HOUSEHOLD DURABLES - 0.0%
Household Appliances - 0.0%
Haier Electronics Group Co. Ltd. (a)	53,000		62,345
HOUSEHOLD PRODUCTS - 0.1%
Household Products - 0.1%
NVC Lighting Holdings Ltd.	5,651,000		1,295,976
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
Samsung Techwin Co. Ltd.	9,811		619,177
INTERNET & CATALOG RETAIL - 1.3%
Internet Retail - 1.3%
Amazon.com, Inc. (a)	74,778		15,920,984
E-Commerce China Dangdang, Inc. ADR (a)	990		4,930
Expedia, Inc.	27,100		1,243,619
Rakuten, Inc.	7,963		8,512,915
Start Today Co. Ltd. (d)	154,300		2,271,071
TripAdvisor, Inc. (a)	26,892		1,153,129
			29,106,648

	Shares		Value
INTERNET SOFTWARE & SERVICES - 11.2%
Internet Software & Services - 11.2%
Active Network, Inc.	96,219		$ 1,350,915
Akamai Technologies, Inc. (a)	369,053		10,828,015
Baidu.com, Inc. sponsored ADR (a)	4,900		577,073
Bankrate, Inc. (d)	96,219		1,672,286
Bazaarvoice, Inc. (d)	8,500		146,965
Blinkx PLC (a)	500,000		319,062
Cornerstone OnDemand, Inc. (a)	114,615		2,298,031
DealerTrack Holdings, Inc. (a)	7,000		191,100
eBay, Inc. (a)	677,621		26,555,967
ExactTarget, Inc.	48,500		960,785
Facebook, Inc.:
Class A	211,500		6,266,745
Class B (a)(f)	122,522		3,267,294
Google, Inc. Class A (a)	186,760		108,481,414
INFO Edge India Ltd.	57,194		728,856
Kakaku.com, Inc. (d)	211,400		6,593,800
LogMeIn, Inc. (a)	81,606		2,615,472
Mail.ru Group Ltd. GDR (a)(e)	5,600		175,672
MercadoLibre, Inc.	92,036		6,464,609
Millennial Media, Inc. (d)	96,600		1,331,148
NHN Corp.	12,715		2,611,999
Open Text Corp. (a)	400		19,345
PChome Online, Inc.	154,000		835,163
Qihoo 360 Technology Co. Ltd. ADR (a)(d)	203,700		4,074,000
Rackspace Hosting, Inc. (a)	246,985		12,218,348
Renren, Inc. ADR (d)	18,800		89,300
Responsys, Inc. (a)	309,663		3,180,239
Saba Software, Inc. (a)	10,000		83,500
SciQuest, Inc. (a)	155,853		2,453,126
SINA Corp. (a)	110,831		5,903,967
SouFun Holdings Ltd. ADR (d)	102,600		1,619,028
Tencent Holdings Ltd.	102,100		2,807,189
Tudou Holdings Ltd. ADR	58,700		2,092,655
Velti PLC (a)	162,300		1,184,790
VeriSign, Inc.	184,500		7,053,435
Vocus, Inc. (a)	139,100		2,243,683
XO Group, Inc. (a)	16,300		143,929
Yahoo!, Inc. (a)	559,950		8,533,638
Yandex NV	121,949		2,430,444
			240,402,987
IT SERVICES - 11.5%
Data Processing & Outsourced Services - 5.0%
Automatic Data Processing, Inc.	267,983		13,975,313
Fidelity National Information Services, Inc.	293,434		9,618,767
Fiserv, Inc. (a)	68,500		4,618,955
Global Payments, Inc.	132,000		5,607,360
Jack Henry & Associates, Inc.	68,508		2,261,449
MasterCard, Inc. Class A	27,065		11,002,193
Paychex, Inc.	75,092		2,250,507
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Syntel, Inc.	23,201		$ 1,296,936
VeriFone Systems, Inc. (a)	136,469		4,927,896
Visa, Inc. Class A	460,236		53,019,187
WNS Holdings Ltd. sponsored ADR (a)	26,900		295,362
			108,873,925
IT Consulting & Other Services - 6.5%
Accenture PLC Class A	318,730		18,199,483
Bit-isle, Inc. (d)	4,900		53,086
Camelot Information Systems, Inc. ADR (a)	555		1,227
ChinaSoft International Ltd. (a)	50,000		12,884
Cognizant Technology Solutions Corp. Class A (a)	183,928		10,713,806
HiSoft Technology International Ltd. ADR (a)	36,166		471,966
IBM Corp.	445,128		85,865,191
ServiceSource International, Inc. (a)(d)	1,409,362		16,912,344
Teradata Corp. (a)	108,776		7,231,428
			139,461,415
TOTAL IT SERVICES			248,335,340
LIFE SCIENCES TOOLS & SERVICES - 0.3%
Life Sciences Tools & Services - 0.3%
Illumina, Inc. (a)	117,100		5,042,326
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	87,200		1,283,584
			6,325,910
MACHINERY - 0.6%
Industrial Machinery - 0.6%
Airtac International Group	509,000		2,828,535
Fanuc Corp.	6,600		1,134,188
HIWIN Technologies Corp.	453,290		4,537,149
Mirle Automation Corp.	293,100		211,446
Nippon Thompson Co. Ltd.	505,000		2,300,230
Shin Zu Shing Co. Ltd.	1,015,000		2,776,028
			13,787,576
MEDIA - 0.3%
Advertising - 0.2%
Dentsu, Inc.	500		13,989
Focus Media Holding Ltd. ADR (d)	198,718		4,133,334
ReachLocal, Inc. (a)	43,033		434,203
			4,581,526
Cable & Satellite - 0.1%
DISH Network Corp. Class A	37,100		1,040,284
Movies & Entertainment - 0.0%
IMAX Corp. (a)	19,570		415,667
TOTAL MEDIA			6,037,477

	Shares		Value
OFFICE ELECTRONICS - 0.0%
Office Electronics - 0.0%
Xerox Corp.	27,023		$ 195,106
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
China Medical System Holding Ltd.	3,994,500		1,698,353
PROFESSIONAL SERVICES - 0.2%
Research & Consulting Services - 0.2%
Acacia Research Corp. - Acacia Technologies (a)	27,700		963,129
IHS, Inc. Class A (a)	34,400		3,405,256
			4,368,385
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
E-House China Holdings Ltd. ADR	301,438		1,642,837
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.2%
Semiconductor Equipment - 1.7%
Amkor Technology, Inc. (a)(d)	4,848		22,931
Asia Pacific Systems, Inc. (a)	66,305		758,272
ASM International NV:
unit	205,791		7,050,400
(Netherlands)	150,000		5,099,968
ASML Holding NV	47,803		2,189,855
Cymer, Inc. (a)	143,900		7,795,063
Dainippon Screen Manufacturing Co. Ltd.	56,000		403,261
Entegris, Inc. (a)	322,643		2,487,578
GCL-Poly Energy Holdings Ltd.	684,000		164,797
Genesis Photonics, Inc.	47,000		47,988
GT Advanced Technologies, Inc. (a)	4,100		17,220
ICD Co. Ltd.	52,302		855,107
KLA-Tencor Corp.	46,057		2,110,792
Lam Research Corp. (a)	500		18,650
Micronics Japan Co. Ltd.	105,900		357,521
Novellus Systems, Inc. (a)	489		20,455
Rubicon Technology, Inc. (a)(d)	21,726		191,623
Teradyne, Inc. (a)	1,405		20,302
Ultratech, Inc. (a)	202,095		6,127,520
Visual Photonics Epitaxy Co. Ltd.	903,000		1,481,220
			37,220,523
Semiconductors - 12.5%
Advanced Micro Devices, Inc. (a)	31,211		189,763
Alpha & Omega Semiconductor Ltd. (a)	25,812		231,534
Altera Corp.	1,288,646		43,053,663
Analog Devices, Inc.	5,826		211,892
Applied Micro Circuits Corp. (a)	453,625		2,422,358
ARM Holdings PLC sponsored ADR	18,575		436,327
Atmel Corp. (a)	25,796		180,572
Avago Technologies Ltd.	294,832		9,758,939
Broadcom Corp. Class A	170,006		5,499,694
Cavium, Inc. (a)(d)	588,035		14,236,327
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Cirrus Logic, Inc. (a)	363,603		$ 10,442,678
Cree, Inc. (a)(d)	1,382,089		34,648,971
Cypress Semiconductor Corp.	83,194		1,097,329
Dialog Semiconductor PLC (a)	136,134		2,645,932
Diodes, Inc. (a)	1,138		22,271
Duksan Hi-Metal Co. Ltd. (a)	99,604		2,012,380
Epistar Corp.	5,000		11,064
Fairchild Semiconductor International, Inc. (a)	1,780		23,514
Freescale Semiconductor Holdings I Ltd.	225,472		2,074,342
Global Unichip Corp.	125,000		477,035
Hittite Microwave Corp. (a)	18,478		910,596
Imagination Technologies Group PLC (a)	805,578		6,146,541
Infineon Technologies AG	188,131		1,493,254
Inotera Memories, Inc. (a)	13,232,000		3,401,907
Inphi Corp. (a)	125,395		1,042,032
International Rectifier Corp. (a)	58,126		1,095,094
Intersil Corp. Class A	214,000		2,257,700
JA Solar Holdings Co. Ltd. ADR (a)(d)	124,687		113,615
LSI Corp. (a)	348,879		2,320,045
MagnaChip Semiconductor Corp. (a)	236		2,247
Marvell Technology Group Ltd.	1,741		21,815
Maxim Integrated Products, Inc.	53		1,333
MediaTek, Inc.	599,000		5,293,787
Mellanox Technologies Ltd. (a)	52,100		3,149,445
Micrel, Inc.	88,411		865,544
Micron Technology, Inc. (a)	1,672,813		9,769,228
Monolithic Power Systems, Inc. (a)	107,905		2,027,535
MStar Semiconductor, Inc.	598,000		3,623,393
NVIDIA Corp. (a)	18,332		227,867
NXP Semiconductors NV (a)	1,258,080		26,558,069
O2Micro International Ltd. sponsored ADR (a)	44,200		192,712
ON Semiconductor Corp. (a)	28,538		192,346
Phison Electronics Corp.	1,000		7,365
PMC-Sierra, Inc. (a)	340,549		2,172,703
Power Integrations, Inc.	78,302		3,195,505
Radiant Opto-Electronics Corp.	490,000		2,206,247
Rambus, Inc. (a)	502,661		2,417,799
RF Micro Devices, Inc. (a)	235,205		886,723
Samsung Electronics Co. Ltd.	8,343		8,558,769
Semtech Corp. (a)	45,100		1,086,459
Seoul Semiconductor Co. Ltd.	34,306		664,051
Silicon Laboratories, Inc. (a)	5,500		189,915
SK Hynix, Inc.	580		11,350
Skyworks Solutions, Inc. (a)	443,960		11,924,766
Spreadtrum Communications, Inc. ADR (d)	374,056		6,695,602
Standard Microsystems Corp. (a)	139,870		5,124,837
STMicroelectronics NV	550,407		2,814,851
STMicroelectronics NV (NY Shares) unit	1,303,780		6,675,354

	Shares		Value
Taiwan Surface Mounting Technology Co. Ltd.	225,000		$ 451,928
Texas Instruments, Inc.	147,767		4,208,404
Trina Solar Ltd. (a)(d)	30,406		186,997
TriQuint Semiconductor, Inc. (a)	1,174,924		6,121,354
United Microelectronics Corp.	11,000		4,775
Vanguard International Semiconductor Corp.	437,000		226,751
Win Semiconductors Corp.	932,399		1,434,244
Xilinx, Inc.	670		21,420
YoungTek Electronics Corp.	2,513		6,722
			267,677,581
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			304,898,104
SOFTWARE - 21.8%
Application Software - 11.8%
Adobe Systems, Inc. (a)	511,618		15,885,739
ANSYS, Inc. (a)	87,516		5,415,052
AsiaInfo-Linkage, Inc. (a)	416,463		4,414,508
Aspen Technology, Inc. (a)	657,471		14,530,109
Autodesk, Inc. (a)	290,413		9,299,024
AutoNavi Holdings Ltd. ADR (a)	103,811		1,147,112
BroadSoft, Inc. (a)	253,852		6,932,698
Citrix Systems, Inc. (a)	519,699		37,979,603
Concur Technologies, Inc. (a)	148,117		9,161,036
Descartes Systems Group, Inc. (a)	419,000		3,460,396
Informatica Corp. (a)	216,285		8,960,688
Intuit, Inc.	231,089		12,994,134
JDA Software Group, Inc. (a)	46,937		1,299,216
Jive Software, Inc.	5,500		92,125
Kingdee International Software Group Co. Ltd.	29,525,600		4,907,270
Manhattan Associates, Inc. (a)	14,555		691,363
MicroStrategy, Inc. Class A (a)	50,897		6,208,416
Nuance Communications, Inc. (a)	199,601		4,129,745
Parametric Technology Corp. (a)	657,597		13,283,459
Pegasystems, Inc. (d)	250,049		7,749,019
PROS Holdings, Inc. (a)	26,200		393,786
QLIK Technologies, Inc. (a)	235,554		5,354,142
RealPage, Inc. (a)	13,700		244,545
salesforce.com, Inc. (a)	405,242		56,174,646
SolarWinds, Inc. (a)	229,212		10,511,662
Splunk, Inc.	60,376		1,965,843
Synchronoss Technologies, Inc. (a)	278,649		4,990,604
Synopsys, Inc. (a)	7,993		236,193
TIBCO Software, Inc. (a)	162,667		4,351,342
TiVo, Inc. (a)	26,100		222,894
VanceInfo Technologies, Inc. ADR (a)	257,500		2,363,850
			255,350,219
Home Entertainment Software - 0.8%
Activision Blizzard, Inc.	177,590		2,084,907
Capcom Co. Ltd.	228,500		4,398,178
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Home Entertainment Software - continued
Giant Interactive Group, Inc. ADR	238,641		$ 1,195,591
NCsoft Corp.	2,241		455,615
Nintendo Co. Ltd.	52,500		6,077,765
Take-Two Interactive Software, Inc. (a)	195,638		2,253,750
			16,465,806
Systems Software - 9.2%
Allot Communications Ltd. (a)	47,600		1,238,552
Ariba, Inc. (a)	240,757		10,817,212
BMC Software, Inc. (a)	53,700		2,272,584
Check Point Software Technologies Ltd. (a)	42,513		2,178,366
CommVault Systems, Inc. (a)	170,865		8,008,443
Fortinet, Inc. (a)	275,237		5,848,786
Infoblox, Inc.	8,900		176,131
Insyde Software Corp.	50,000		223,453
Microsoft Corp.	3,167,433		92,457,369
NetSuite, Inc. (a)	112,300		5,269,116
Oracle Corp.	826,979		21,890,134
Progress Software Corp. (a)	53,422		1,026,771
Red Hat, Inc. (a)	372,909		19,160,064
Sourcefire, Inc. (a)	79,006		4,357,971
Symantec Corp. (a)	79,500		1,179,780
Totvs SA	182,000		3,293,750
VMware, Inc. Class A (a)	194,276		18,069,611
			197,468,093
TOTAL SOFTWARE			469,284,118
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
SBA Communications Corp. Class A (a)	218,253		11,338,243
TOTAL COMMON STOCKS (Cost $1,945,760,191)		2,049,686,026

Convertible Bonds - 0.2%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Semiconductors - 0.2%
JA Solar Holdings Co. Ltd. 4.5% 5/15/13 (Cost $5,814,836)	$ 6,990,000	5,469,675

Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	89,879,355		$ 89,879,355
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	79,163,752		79,163,752
TOTAL MONEY MARKET FUNDS (Cost $169,043,107)		169,043,107
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $2,120,618,134)			2,224,198,808
NET OTHER ASSETS (LIABILITIES) - (3.3)%			(72,020,128)
NET ASSETS - 100%		$ 2,152,178,680

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 3,063,881

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	$ 54,820
Fidelity Securities Lending Cash Central Fund	199,564
Total	$ 254,384

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,049,686,026	$ 1,972,830,933	$ 76,855,093	$ -
Convertible Bonds	5,469,675	-	5,469,675	-
Money Market Funds	169,043,107	169,043,107	-	-
Total Investments in Securities:	$ 2,224,198,808	$ 2,141,874,040	$ 82,324,768	$ -

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

Investments in Securities:
Beginning Balance	$ 3,770,069
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(3,770,069)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $2,144,828,517. Net unrealized appreciation aggregated $79,370,291, of which $282,985,487 related to appreciated investment securities and $203,615,196 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

May 31, 2012

1.802180.108

MED-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
BIOTECHNOLOGY - 1.4%
Biotechnology - 1.4%
ARIAD Pharmaceuticals, Inc. (a)	672,600		$ 11,144,982
ZIOPHARM Oncology, Inc. (a)	137,500		706,750
			11,851,732
DIVERSIFIED CONSUMER SERVICES - 0.6%
Specialized Consumer Services - 0.6%
Weight Watchers International, Inc. (d)	98,700		5,600,238
FOOD & STAPLES RETAILING - 3.1%
Drug Retail - 3.1%
CVS Caremark Corp.	275,800		12,394,452
Drogasil SA	335,785		3,105,035
Rite Aid Corp. (a)	8,875,400		11,538,020
			27,037,507
HEALTH CARE PROVIDERS & SERVICES - 87.2%
Health Care Distributors & Services - 12.1%
AmerisourceBergen Corp.	976,052		36,104,163
Cardinal Health, Inc.	101,100		4,183,518
McKesson Corp.	752,700		65,695,656
			105,983,337
Health Care Facilities - 4.1%
Brookdale Senior Living, Inc. (a)	509,693		8,404,838
Capital Senior Living Corp. (a)	603,000		5,957,640
Community Health Systems, Inc. (a)	286,000		6,294,860
HCA Holdings, Inc.	23,700		615,963
Kindred Healthcare, Inc. (a)	330,900		2,736,543
LifePoint Hospitals, Inc. (a)	500		18,410
Skilled Healthcare Group, Inc. (a)	482,000		2,655,820
Sunrise Senior Living, Inc. (a)(d)	1,156,492		6,962,082
Tenet Healthcare Corp. (a)	31,000		146,010
Universal Health Services, Inc. Class B	52,900		2,049,875
			35,842,041
Health Care Services - 24.3%
Accretive Health, Inc. (a)(d)	1,896,804		22,306,415
Amedisys, Inc. (a)	78,829		864,754
Catalyst Health Solutions, Inc. (a)	213,900		18,581,493
DaVita, Inc. (a)	6,400		520,000
Express Scripts Holding Co. (a)	2,338,650		122,054,144
Gentiva Health Services, Inc. (a)	997,500		5,595,975
HMS Holdings Corp. (a)	373,900		10,016,781
Laboratory Corp. of America Holdings (a)	2,000		166,560
Lincare Holdings, Inc.	14,450		331,339
Metropolitan Health Networks, Inc. (a)	662,000		5,759,400
Omnicare, Inc.	599,800		18,905,696
Quest Diagnostics, Inc.	7,500		426,750
Sun Healthcare Group, Inc. (a)	100,200		485,970
Team Health Holdings, Inc. (a)	275,100		6,255,774
			212,271,051

	Shares		Value
Managed Health Care - 46.7%
Aetna, Inc.	984,956		$ 40,274,851
Amil Participacoes SA	867,300		8,170,513
Centene Corp. (a)	169,300		6,118,502
CIGNA Corp.	920,700		40,427,937
Health Net, Inc. (a)	773,900		19,827,318
Humana, Inc.	529,972		40,484,561
Molina Healthcare, Inc. (a)	356,800		9,101,968
Odontoprev SA	647,100		3,465,146
UnitedHealth Group, Inc.	2,921,097		162,909,580
Wellcare Health Plans, Inc. (a)	47,800		2,699,266
WellPoint, Inc.	1,121,400		75,571,146
			409,050,788
TOTAL HEALTH CARE PROVIDERS & SERVICES			763,147,217
HEALTH CARE TECHNOLOGY - 4.1%
Health Care Technology - 4.1%
athenahealth, Inc. (a)(d)	34,700		2,522,343
SXC Health Solutions Corp. (a)	357,600		32,856,891
			35,379,234
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
WebMD Health Corp. (a)	5,715		131,616
PHARMACEUTICALS - 2.3%
Pharmaceuticals - 2.3%
Endocyte, Inc. (a)(d)	101,000		649,430
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d)	267,500		13,071,332
ViroPharma, Inc. (a)	328,500		6,615,990
			20,336,752
PROFESSIONAL SERVICES - 0.5%
Research & Consulting Services - 0.5%
Qualicorp SA	546,000		4,656,370
TOTAL COMMON STOCKS (Cost $747,780,657)		868,140,666
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 0.17% (b)	1,206,011		1,206,011
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	25,255,050		25,255,050
TOTAL MONEY MARKET FUNDS (Cost $26,461,061)		26,461,061

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $774,241,718)

894,601,727

NET OTHER ASSETS (LIABILITIES) - (2.2)%			(19,287,864)
NET ASSETS - 100%		$ 875,313,863

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,719
Fidelity Securities Lending Cash Central Fund	143,486
Total	$ 150,205

Other Information

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $779,958,673. Net unrealized appreciation aggregated $114,643,054, of which $154,897,494 related to appreciated investment securities and $40,254,440 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2012

1.802181.108

MES-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
BIOTECHNOLOGY - 1.0%
Biotechnology - 1.0%
Grifols SA ADR (d)	1,500,000		$ 12,705,000
HEALTH CARE EQUIPMENT & SUPPLIES - 81.3%
Health Care Equipment - 70.2%
ArthroCare Corp. (a)	280,000		7,330,400
Baxter International, Inc.	1,450,000		73,399,000
Boston Scientific Corp. (a)	15,000,000		86,100,000
C.R. Bard, Inc.	820,000		79,695,800
CareFusion Corp. (a)	850,000		20,604,000
China Kanghui Holdings sponsored ADR (a)(d)	496,900		9,788,930
Conceptus, Inc. (a)	600,000		10,104,000
CONMED Corp.	300,000		8,037,000
Covidien PLC	3,050,000		157,929,001
Cyberonics, Inc. (a)	400,000		15,420,000
Edwards Lifesciences Corp. (a)	300,000		25,611,000
Exactech, Inc. (a)	525,000		8,536,500
Fisher & Paykel Healthcare Corp.	4,000,000		6,179,520
Genmark Diagnostics, Inc. (a)(e)	1,093,506		4,920,777
HeartWare International, Inc. CDI (a)	5,500,000		12,429,516
Hill-Rom Holdings, Inc.	750,000		22,057,500
Hologic, Inc. (a)	500,000		8,380,000
Insulet Corp. (a)	1,066,288		19,641,025
Integra LifeSciences Holdings Corp. (a)	385,700		13,696,207
Intuitive Surgical, Inc. (a)	53,000		27,724,300
Ion Beam Applications SA	400,000		1,905,684
Mako Surgical Corp. (a)(d)	260,000		5,904,600
Masimo Corp. (a)	300,000		5,643,000
Medtronic, Inc.	430,000		15,841,200
NxStage Medical, Inc. (a)	600,000		9,114,000
Opto Circuits India Ltd.	1,300,000		3,752,231
Orthofix International NV (a)	60,000		2,274,000
Sirona Dental Systems, Inc. (a)	125,000		5,347,500
St. Jude Medical, Inc.	700,000		26,894,000
Stryker Corp.	1,500,000		77,175,000
Tornier BV (a)	750,000		14,812,500
Varian Medical Systems, Inc. (a)	400,000		23,464,000
Volcano Corp. (a)	880,000		25,159,200
Wright Medical Group, Inc. (a)	1,000,000		19,790,000
Zeltiq Aesthetics, Inc. (d)	527,167		2,361,708
Zimmer Holdings, Inc.	600,000		36,390,000
			893,413,099
Health Care Supplies - 11.1%
Align Technology, Inc. (a)	550,000		17,176,500
DENTSPLY International, Inc.	1,280,000		47,360,000
OraSure Technologies, Inc. (a)	800,000		8,280,000

	Shares		Value
The Cooper Companies, Inc.	500,000		$ 42,590,000
The Spectranetics Corp. (a)	1,280,000		12,633,600
Unilife Corp. (a)(d)	2,000,000		8,340,000
Vascular Solutions, Inc. (a)	400,000		4,552,000
			140,932,100
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,034,345,199
HEALTH CARE PROVIDERS & SERVICES - 11.2%
Health Care Distributors & Services - 0.5%
Amplifon SpA (d)	1,400,000		6,935,200
Health Care Facilities - 0.7%
Hanger Orthopedic Group, Inc. (a)	300,000		6,471,000
LCA-Vision, Inc. (a)	600,000		2,742,000
			9,213,000
Health Care Services - 3.2%
Accretive Health, Inc. (a)	301,700		3,547,992
Catalyst Health Solutions, Inc. (a)	250,000		21,717,500
MModal, Inc. (a)	102,500		1,288,425
Quest Diagnostics, Inc.	250,000		14,225,000
			40,778,917
Managed Health Care - 6.8%
Health Net, Inc. (a)	600,000		15,372,000
UnitedHealth Group, Inc.	800,000		44,616,000
WellPoint, Inc.	384,100		25,884,499
			85,872,499
TOTAL HEALTH CARE PROVIDERS & SERVICES			142,799,616
HEALTH CARE TECHNOLOGY - 2.6%
Health Care Technology - 2.6%
athenahealth, Inc. (a)(d)	160,000		11,630,400
SXC Health Solutions Corp. (a)	237,200		21,794,336
			33,424,736
LIFE SCIENCES TOOLS & SERVICES - 0.9%
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (a)	250,000		10,765,000
TOTAL COMMON STOCKS (Cost $1,135,543,352)		1,234,039,551
Convertible Preferred Stocks - 0.6%

BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Ariosa Diagnostics (f)	331,126		2,000,001
Convertible Preferred Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Castlight Health, Inc. Series D (a)(f)	999,300		$ 6,032,334
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,032,335)		8,032,335
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 0.17% (b)	37,290,001		37,290,001
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	29,595,331		29,595,331
TOTAL MONEY MARKET FUNDS (Cost $66,885,332)		66,885,332
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $1,210,461,019)			1,308,957,218
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(36,209,435)
NET ASSETS - 100%		$ 1,272,747,783

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Ariosa Diagnostics	11/30/11	$ 2,000,001
Castlight Health, Inc. Series D	4/25/12	$ 6,032,334

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,580
Fidelity Securities Lending Cash Central Fund	238,687
Total	$ 245,267

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Genmark Diagnostics, Inc.	$ 4,160,254	$ 383,771	$ -	$ -	$ 4,920,777

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,234,039,551	$ 1,225,198,667	$ 8,840,884	$ -
Convertible Preferred Stocks	8,032,335	-	-	8,032,335
Money Market Funds	66,885,332	66,885,332	-	-
Total Investments in Securities:	$ 1,308,957,218	$ 1,292,083,999	$ 8,840,884	$ 8,032,335

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

Investments in Securities:
Beginning Balance	$ 2,000,001
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	6,032,334
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 8,032,335
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,214,627,473. Net unrealized appreciation aggregated $94,329,745, of which $156,536,947 related to appreciated investment securities and $62,207,202 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2012

1.802184.108

NAT-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CHEMICALS - 2.3%
Specialty Chemicals - 2.3%
LyondellBasell Industries NV Class A	627,800		$ 24,772,988
CONSTRUCTION & ENGINEERING - 0.6%
Construction & Engineering - 0.6%
Foster Wheeler AG (a)	328,800		5,882,232
CONTAINERS & PACKAGING - 1.7%
Metal & Glass Containers - 1.7%
Ball Corp.	222,200		8,881,334
Crown Holdings, Inc. (a)	276,600		9,429,294
			18,310,628
ENERGY EQUIPMENT & SERVICES - 20.9%
Oil & Gas Drilling - 6.6%
Discovery Offshore S.A. (a)(e)	1,522,800		2,614,826
Ensco PLC Class A	448,000		20,119,680
Helmerich & Payne, Inc.	68,600		3,107,580
Noble Corp.	631,500		19,747,005
Northern Offshore Ltd.	945,000		1,601,647
Ocean Rig UDW, Inc. (United States)	426,700		6,379,165
Parker Drilling Co. (a)	1,213,200		5,932,548
Rowan Companies PLC (a)	235,600		7,068,000
Tuscany International Drilling, Inc. (a)	885,100		445,614
Vantage Drilling Co. (a)	1,977,700		2,966,550
			69,982,615
Oil & Gas Equipment & Services - 14.3%
Compagnie Generale de Geophysique SA (a)	261,600		5,719,829
Fugro NV (Certificaten Van Aandelen) unit	349,700		20,106,185
Gulfmark Offshore, Inc. Class A (a)	175,600		6,267,164
Halliburton Co.	622,200		18,703,332
Key Energy Services, Inc. (a)	367,400		3,640,934
McDermott International, Inc. (a)	370,300		3,758,545
National Oilwell Varco, Inc.	676,658		45,166,922
Oil States International, Inc. (a)	184,300		12,268,851
Schlumberger Ltd.	397,992		25,172,994
Schoeller-Bleckmann Oilfield Equipment AG	23,300		1,909,249
Superior Energy Services, Inc. (a)	73,600		1,592,704
Total Energy Services, Inc.	100,000		1,425,183
Weatherford International Ltd. (a)	519,300		6,236,793
			151,968,685
TOTAL ENERGY EQUIPMENT & SERVICES			221,951,300
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights (a)	282,600		3
METALS & MINING - 13.6%
Diversified Metals & Mining - 3.3%
Anglo American PLC (United Kingdom)	158,000		4,815,847

	Shares		Value
Freeport-McMoRan Copper & Gold, Inc.	517,834		$ 16,591,401
Ivanhoe Mines Ltd. (a)	161,500		1,524,544
Kenmare Resources PLC (a)	5,361,500		3,728,972
Teck Resources Ltd. Class B (sub. vtg.)	267,400		8,010,220
			34,670,984
Gold - 9.4%
AngloGold Ashanti Ltd. sponsored ADR	231,900		8,362,314
Barrick Gold Corp. (d)	382,400		15,027,948
Gold Fields Ltd. sponsored ADR	691,000		9,155,750
Goldcorp, Inc.	323,200		11,797,105
Harmony Gold Mining Co. Ltd. sponsored ADR	591,600		5,833,176
IAMGOLD Corp.	597,700		6,406,099
Kinross Gold Corp.	309,467		2,483,886
Newcrest Mining Ltd.	532,191		12,918,709
Newmont Mining Corp.	332,300		15,671,268
Randgold Resources Ltd. sponsored ADR	55,600		4,411,860
Yamana Gold, Inc.	525,500		7,713,201
			99,781,316
Precious Metals & Minerals - 0.9%
Pan American Silver Corp.	134,500		2,259,355
Silver Wheaton Corp. (d)	271,900		6,984,080
			9,243,435
TOTAL METALS & MINING			143,695,735
OIL, GAS & CONSUMABLE FUELS - 60.4%
Coal & Consumable Fuels - 1.3%
Alpha Natural Resources, Inc. (a)	211,422		2,215,703
Peabody Energy Corp.	487,900		11,397,344
			13,613,047
Integrated Oil & Gas - 26.9%
Chevron Corp.	1,123,600		110,461,114
Hess Corp.	911,500		39,832,550
InterOil Corp. (a)(d)	25,000		1,660,250
Murphy Oil Corp.	223,400		10,414,908
Occidental Petroleum Corp.	994,400		78,826,088
Royal Dutch Shell PLC Class A sponsored ADR	337,100		20,960,878
Suncor Energy, Inc.	861,000		23,366,249
			285,522,037
Oil & Gas Exploration & Production - 24.8%
Anadarko Petroleum Corp.	31,100		1,897,100
Apache Corp.	295,000		24,007,100
Atlas Resource Partners LP (a)	4,257		109,320
BPZ Energy, Inc. (a)	500,300		1,545,927
C&C Energia Ltd. (a)	168,200		1,104,125
Cabot Oil & Gas Corp.	705,200		22,947,208
Canadian Natural Resources Ltd. (d)	178,100		5,114,437
Carrizo Oil & Gas, Inc. (a)	47,600		1,052,436
Cobalt International Energy, Inc. (a)	285,900		6,475,635
Comstock Resources, Inc. (a)	324,600		4,852,770
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
EOG Resources, Inc.	272,700		$ 27,079,110
EQT Corp.	466,300		21,626,994
EV Energy Partners LP	139,500		7,153,560
EXCO Resources, Inc. (d)	434,200		3,126,240
Gran Tierra Energy, Inc. (Canada) (a)	2,240,000		11,299,221
Halcon Resources Corp. (f)	570,000		4,827,330
Kodiak Oil & Gas Corp. (a)	143,200		1,161,352
Marathon Oil Corp.	966,400		24,073,024
Midstates Petroleum Co., Inc.	108,300		1,553,022
Noble Energy, Inc.	261,500		22,086,290
Oasis Petroleum, Inc. (a)	52,000		1,335,880
Painted Pony Petroleum Ltd. (a)(e)	9,500		72,571
Pioneer Natural Resources Co.	272,800		26,379,760
Plains Exploration & Production Co. (a)	201,600		7,215,264
QEP Resources, Inc.	94,100		2,476,712
Rosetta Resources, Inc. (a)	295,900		11,448,371
SM Energy Co.	322,100		17,422,389
Swift Energy Co. (a)	131,500		2,618,165
TAG Oil Ltd. (a)	126,100		1,141,536
TAG Oil Ltd. (e)	20,400		184,673
			263,387,522
Oil & Gas Refining & Marketing - 5.1%
Calumet Specialty Products Partners LP	232,200		5,182,704
HollyFrontier Corp.	57,704		1,701,114
Marathon Petroleum Corp.	604,700		21,811,529
Tesoro Corp. (a)	96,200		2,127,944
Valero Energy Corp.	1,095,700		23,119,270
			53,942,561
Oil & Gas Storage & Transport - 2.3%
Atlas Energy LP	73,000		2,519,230
Atlas Pipeline Partners, LP	247,800		7,434,000
Cheniere Energy, Inc. (a)	247,900		3,480,516
Markwest Energy Partners LP	41,700		1,999,098
Williams Companies, Inc.	291,700		8,905,601
			24,338,445
TOTAL OIL, GAS & CONSUMABLE FUELS			640,803,612
TOTAL COMMON STOCKS (Cost $1,128,557,726)		1,055,416,498
Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	6,513,510		$ 6,513,510
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	25,023,515		25,023,515
TOTAL MONEY MARKET FUNDS (Cost $31,537,025)		31,537,025

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $1,160,094,751)

1,086,953,523

NET OTHER ASSETS (LIABILITIES) - (2.5)%		(26,125,092)
NET ASSETS - 100%		$ 1,060,828,431

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Halcon Resources Corp.	3/1/12	$ 5,130,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,629
Fidelity Securities Lending Cash Central Fund	66,848
Total	$ 68,477

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,055,416,498	$ 1,010,092,610	$ 42,709,059	$ 2,614,829
Money Market Funds	31,537,025	31,537,025	-	-
Total Investments in Securities:	$ 1,086,953,523	$ 1,041,629,635	$ 42,709,059	$ 2,614,829

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)	(41,054)
Cost of Purchases	3
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	2,655,880
Transfers out of Level 3	-
Ending Balance	$ 2,614,829
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ (41,054)

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,168,106,294. Net unrealized depreciation aggregated $81,152,771, of which $61,892,473 related to appreciated investment securities and $143,045,244 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

May 31, 2012

1.802182.108

BAM-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
INTERNET & CATALOG RETAIL - 0.5%
Internet Retail - 0.5%
Amazon.com, Inc. (a)	1,300		$ 276,783
Groupon, Inc. Class A (a)(d)	23,300		247,912
Rakuten, Inc.	446		476,800
			1,001,495
INTERNET SOFTWARE & SERVICES - 1.7%
Internet Software & Services - 1.7%
Active Network, Inc.	30,800		432,432
Baidu.com, Inc. sponsored ADR (a)	6,000		706,620
Bankrate, Inc.	42,400		736,912
Demand Media, Inc. (a)(d)	26,700		244,572
Facebook, Inc. Class A	5,600		165,928
Mail.ru Group Ltd. GDR (Reg. S) (a)	11,600		365,328
Yahoo!, Inc. (a)	6,400		97,536
Yandex NV	38,100		759,333
			3,508,661
MEDIA - 94.1%
Advertising - 4.8%
Aegis Group PLC	339,150		852,226
Interpublic Group of Companies, Inc.	237,504		2,467,667
Ipsos SA	15,600		484,690
Lamar Advertising Co. Class A (a)	16,700		410,987
National CineMedia, Inc.	23,000		310,270
Omnicom Group, Inc.	93,900		4,477,152
ReachLocal, Inc. (a)	95,400		962,586
			9,965,578
Broadcasting - 15.7%
Belo Corp. Series A	201,500		1,164,670
CBS Corp. Class B	311,300		9,936,696
Discovery Communications, Inc. (a)	101,450		5,082,645
Discovery Communications, Inc. Class C (non-vtg.) (a)	108,450		5,052,686
Entercom Communications Corp. Class A (a)(d)	70,900		349,537
Liberty Media Corp. Capital Series A (a)	76,293		6,467,358
LIN TV Corp. Class A (a)	183,300		527,904
Scripps Networks Interactive, Inc. Class A	48,400		2,650,868
Sinclair Broadcast Group, Inc. Class A	127,900		1,041,106
			32,273,470
Cable & Satellite - 31.7%
AMC Networks, Inc. Class A	18,200		702,338
Cablevision Systems Corp. - NY Group Class A	121,900		1,394,536
Charter Communications, Inc. Class A (a)	21,600		1,354,320
Comcast Corp.:
Class A	760,150		21,975,937
Class A (special) (non-vtg.)	147,000		4,221,840
DIRECTV (a)	221,213		9,832,918
DISH Network Corp. Class A	133,000		3,729,320

	Shares		Value
Liberty Global, Inc.:
Class A (a)	43,575		$ 2,013,165
Class C (a)	38,900		1,738,441
Sirius XM Radio, Inc. (a)(d)	1,938,460		3,663,689
Time Warner Cable, Inc.	134,269		10,123,883
Virgin Media, Inc. (d)	208,500		4,593,255
			65,343,642
Movies & Entertainment - 37.5%
Cinemark Holdings, Inc.	74,900		1,727,194
DreamWorks Animation SKG, Inc. Class A (a)(d)	84,100		1,496,139
Lions Gate Entertainment Corp. (a)(d)	136,500		1,818,180
Live Nation Entertainment, Inc. (a)	51,500		481,525
Madison Square Garden Co. Class A (a)	17,800		667,322
News Corp. Class A	675,882		12,976,934
Regal Entertainment Group Class A (d)	109,000		1,498,750
The Walt Disney Co.	708,904		32,403,999
Time Warner, Inc.	403,266		13,900,579
Viacom, Inc. Class B (non-vtg.)	213,800		10,204,674
			77,175,296
Publishing - 4.4%
E.W. Scripps Co. Class A (a)	81,100		729,089
Gannett Co., Inc.	121,600		1,588,096
John Wiley & Sons, Inc. Class A	16,300		741,650
McGraw-Hill Companies, Inc.	114,300		4,958,334
Meredith Corp. (d)	18,400		544,456
The New York Times Co. Class A (a)	71,000		472,150
			9,033,775
TOTAL MEDIA			193,791,761
SOFTWARE - 0.7%
Home Entertainment Software - 0.7%
Electronic Arts, Inc. (a)	26,200		356,844
Nexon Co. Ltd.	26,200		413,338
Take-Two Interactive Software, Inc. (a)	42,300		487,296
Zynga, Inc. (d)	35,800		224,108
			1,481,586
TOTAL COMMON STOCKS (Cost $157,139,481)		199,783,503
Money Market Funds - 14.7%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	17,075,365		$ 17,075,365
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	13,305,069		13,305,069
TOTAL MONEY MARKET FUNDS (Cost $30,380,434)		30,380,434

TOTAL INVESTMENT PORTFOLIO - 111.7%

(Cost $187,519,915)

230,163,937

NET OTHER ASSETS (LIABILITIES) - (11.7)%		(24,168,091)
NET ASSETS - 100%		$ 205,995,846

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,378
Fidelity Securities Lending Cash Central Fund	25,388
Total	$ 27,766

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 199,783,503	$ 197,191,121	$ 2,592,382	$ -
Money Market Funds	30,380,434	30,380,434	-	-
Total Investments in Securities:	$ 230,163,937	$ 227,571,555	$ 2,592,382	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $188,290,058. Net unrealized appreciation aggregated $41,873,879, of which $46,920,098 related to appreciated investment securities and $5,046,219 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

May 31, 2012

1.802183.108

GAS-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
ELECTRIC UTILITIES - 12.2%
Electric Utilities - 12.2%
Duke Energy Corp.	2,809,369		$ 61,749,931
Pepco Holdings, Inc.	137,400		2,618,844
Southern Co.	273,800		12,570,158
			76,938,933
ENERGY EQUIPMENT & SERVICES - 9.9%
Oil & Gas Drilling - 5.1%
Ensco PLC Class A	134,700		6,049,377
Helmerich & Payne, Inc.	306,200		13,870,860
Ocean Rig UDW, Inc. (United States)	34,100		509,795
Rowan Companies PLC (a)	403,400		12,102,000
			32,532,032
Oil & Gas Equipment & Services - 4.8%
Cameron International Corp. (a)	523,200		23,905,008
Halliburton Co.	207,000		6,222,420
			30,127,428
TOTAL ENERGY EQUIPMENT & SERVICES			62,659,460
GAS UTILITIES - 3.3%
Gas Utilities - 3.3%
Atmos Energy Corp.	174,300		5,776,302
Chesapeake Utilities Corp.	44,100		1,863,666
National Fuel Gas Co.	312,400		13,505,052
			21,145,020
MULTI-UTILITIES - 12.8%
Multi-Utilities - 12.8%
Dominion Resources, Inc.	555,100		28,898,506
NiSource, Inc.	413,600		10,377,224
Sempra Energy	644,377		41,890,949
			81,166,679
OIL, GAS & CONSUMABLE FUELS - 55.9%
Integrated Oil & Gas - 3.5%
InterOil Corp. (a)(d)	167,900		11,150,239
Suncor Energy, Inc.	395,700		10,738,705
			21,888,944
Oil & Gas Exploration & Production - 45.3%
Americas Petrogas, Inc. (a)	1,106,500		2,142,615
Americas Petrogas, Inc. (e)	232,000		449,242
Anadarko Petroleum Corp.	1,040,100		63,446,100
Apache Corp.	782,133		63,649,982
Cabot Oil & Gas Corp.	320,600		10,432,324
Celtic Exploration Ltd. (a)	329,900		3,960,653
Chesapeake Energy Corp. (d)	1,000,300		16,905,070
Cobalt International Energy, Inc. (a)	30,000		679,500
Crown Point Ventures Ltd. (a)(e)	747,316		506,483

	Shares		Value
Denbury Resources, Inc. (a)	403,975		$ 6,108,102
Devon Energy Corp.	306,946		18,269,426
Double Eagle Petroleum Co. (a)(d)	177,399		745,076
EOG Resources, Inc.	182,485		18,120,761
Epsilon Energy Ltd. (a)	699,400		1,144,393
Halcon Resources Corp. (f)	160,000		1,355,040
Kosmos Energy Ltd.	168,200		1,752,644
Madalena Ventures, Inc. (a)	3,242,500		1,569,686
Nexen, Inc.	811,000		12,720,337
Niko Resources Ltd. (d)	64,100		1,899,075
Noble Energy, Inc.	427,607		36,115,687
Painted Pony Petroleum Ltd. (a)(e)	5,500		42,015
Painted Pony Petroleum Ltd. Class A (a)	635,100		4,851,565
Progress Energy Resources Corp.	385,200		4,173,295
Southwestern Energy Co. (a)	250,100		7,010,303
Voyager Oil & Gas, Inc. warrants 2/4/16 (a)	105,016		20,080
WPX Energy, Inc.	621,333		9,114,955
			287,184,409
Oil & Gas Storage & Transport - 7.1%
Williams Companies, Inc.	1,475,199		45,037,825
TOTAL OIL, GAS & CONSUMABLE FUELS			354,111,178
TOTAL COMMON STOCKS (Cost $638,346,447)		596,021,270
Money Market Funds - 10.6%

Fidelity Cash Central Fund, 0.17% (b)	40,427,977		40,427,977
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	26,999,320		26,999,320
TOTAL MONEY MARKET FUNDS (Cost $67,427,297)		67,427,297

TOTAL INVESTMENT PORTFOLIO - 104.7%

(Cost $705,773,744)

663,448,567

NET OTHER ASSETS (LIABILITIES) - (4.7)%			(29,847,487)
NET ASSETS - 100%		$ 633,601,080

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Halcon Resources Corp.	3/1/12	$ 1,440,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,304
Fidelity Securities Lending Cash Central Fund	53,333
Total	$ 64,637

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 596,021,270	$ 594,646,150	$ 1,375,120	$ -
Money Market Funds	67,427,297	67,427,297	-	-
Total Investments in Securities:	$ 663,448,567	$ 662,073,447	$ 1,375,120	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $708,398,190. Net unrealized depreciation aggregated $44,949,623, of which $45,063,405 related to appreciated investment securities and $90,013,028 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2012

1.802187.108

PHR-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
BIOTECHNOLOGY - 8.0%
Biotechnology - 8.0%
Acorda Therapeutics, Inc. (a)	54,000		$ 1,187,460
Actelion Ltd.	28,000		1,061,386
Alexion Pharmaceuticals, Inc. (a)	33,072		2,995,331
Alnylam Pharmaceuticals, Inc. (a)	38,800		397,312
AMAG Pharmaceuticals, Inc. (a)	113,000		1,585,390
Amarin Corp. PLC ADR (a)	25,000		296,250
Amicus Therapeutics, Inc. (a)	15,000		70,950
Amylin Pharmaceuticals, Inc. (a)	255,360		6,769,594
Ardea Biosciences, Inc. (a)	104,949		3,353,121
ARIAD Pharmaceuticals, Inc. (a)	152,500		2,526,925
Astex Pharmaceuticals, Inc. (a)	237,000		417,120
BioMarin Pharmaceutical, Inc. (a)	151,500		5,399,460
BioMimetic Therapeutics, Inc. (a)	186,500		469,980
Biovitrum AB (a)	10,000		32,183
Cubist Pharmaceuticals, Inc. (a)	72,000		2,888,640
DUSA Pharmaceuticals, Inc. (a)	90,000		464,400
ImmunoGen, Inc. (a)	19,100		267,591
InterMune, Inc. (a)	59,390		619,438
Medivation, Inc. (a)	73,000		6,148,790
Merrimack Pharmaceuticals, Inc.	13,500		92,745
Neurocrine Biosciences, Inc. (a)	224,794		1,503,872
NPS Pharmaceuticals, Inc. (a)	120,000		946,800
ONYX Pharmaceuticals, Inc. (a)	63,800		2,920,764
Opko Health, Inc. (a)	54,200		249,320
OREXIGEN Therapeutics, Inc. (a)	1,896		6,333
Pharmacyclics, Inc. (a)	16,000		502,720
Puma Biotechnology, Inc. (e)	133,333		1,799,996
Puma Biotechnology, Inc. warrants 10/4/21 (a)(e)	133,333		1
QLT, Inc. (a)	98,500		749,585
Synageva BioPharma Corp. (a)	4,600		179,446
Theravance, Inc. (a)	119,900		2,480,731
Threshold Pharmaceuticals, Inc. (a)	110,000		806,300
United Therapeutics Corp. (a)	44,700		1,977,528
Vertex Pharmaceuticals, Inc. (a)	70,800		4,250,832
Vical, Inc. (a)	80,000		233,600
ZIOPHARM Oncology, Inc. (a)	55,000		282,700
			55,934,594
HEALTH CARE EQUIPMENT & SUPPLIES - 0.3%
Health Care Equipment - 0.3%
Conceptus, Inc. (a)	115,000		1,936,600
Genmark Diagnostics, Inc. (a)	45,500		204,750
			2,141,350
Health Care Supplies - 0.0%
Antares Pharma, Inc. (a)(d)	110,000		299,200
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			2,440,550

	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.4%
Health Care Services - 1.4%
Accretive Health, Inc. (a)	125,378		$ 1,474,445
Catalyst Health Solutions, Inc. (a)	46,500		4,039,455
Express Scripts Holding Co. (a)	70,000		3,653,300
HMS Holdings Corp. (a)	21,000		562,590
			9,729,790
Managed Health Care - 1.0%
Health Net, Inc. (a)	50,000		1,281,000
Molina Healthcare, Inc. (a)	13,300		339,283
UnitedHealth Group, Inc.	95,000		5,298,150
			6,918,433
TOTAL HEALTH CARE PROVIDERS & SERVICES			16,648,223
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
SXC Health Solutions Corp. (a)	37,000		3,399,622
LIFE SCIENCES TOOLS & SERVICES - 0.3%
Life Sciences Tools & Services - 0.3%
Illumina, Inc. (a)	53,400		2,299,404
Patheon, Inc. (a)	75,000		135,789
			2,435,193
PERSONAL PRODUCTS - 0.2%
Personal Products - 0.2%
Prestige Brands Holdings, Inc. (a)	121,892		1,673,577
PHARMACEUTICALS - 83.3%
Pharmaceuticals - 83.3%
Abbott Laboratories	448,590		27,718,376
Akorn, Inc. (a)	399,100		5,447,715
Alexza Pharmaceuticals, Inc. (a)	390,000		142,350
Allergan, Inc.	232,300		20,965,075
Astellas Pharma, Inc.	55,000		2,159,823
AstraZeneca PLC sponsored ADR	379,000		15,315,390
Auxilium Pharmaceuticals, Inc. (a)	126,200		2,410,420
Bristol-Myers Squibb Co.	676,110		22,541,507
Cadence Pharmaceuticals, Inc. (a)(d)	331,300		911,075
Cardiome Pharma Corp. (a)	297,400		121,934
Columbia Laboratories, Inc. (a)	470,600		324,526
DepoMed, Inc. (a)	264,000		1,356,960
Dr. Reddy's Laboratories Ltd. sponsored ADR (d)	114,400		3,366,792
Durect Corp. (a)	729,500		589,801
Elan Corp. PLC sponsored ADR (a)	1,019,400		14,230,824
Eli Lilly & Co.	534,200		21,875,490
Endo Pharmaceuticals Holdings, Inc. (a)	212,400		6,907,248
Endo Pharmaceuticals Holdings, Inc. rights (a)	9,000		0
Forest Laboratories, Inc. (a)	297,520		10,413,200
GlaxoSmithKline PLC sponsored ADR	1,083,400		47,788,774
Hi-Tech Pharmacal Co., Inc. (a)	43,000		1,242,270
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Hospira, Inc. (a)	56,000		$ 1,750,560
Impax Laboratories, Inc. (a)	163,500		3,389,355
Jazz Pharmaceuticals PLC (a)	206,000		8,899,200
Johnson & Johnson	235,000		14,671,050
KV Pharmaceutical Co. Class A (a)(d)	415,000		464,800
MAP Pharmaceuticals, Inc. (a)	27,112		319,108
Meda AB (A Shares)	90,000		862,820
Medicis Pharmaceutical Corp. Class A	160,200		5,783,220
Merck & Co., Inc.	1,471,536		55,300,322
Mylan, Inc. (a)	475,200		10,297,584
Nektar Therapeutics (a)(d)	350,500		2,348,350
Novartis AG sponsored ADR	275,598		14,339,364
Novo Nordisk A/S Series B sponsored ADR (d)	195,500		26,155,945
Obagi Medical Products, Inc. (a)	82,000		1,015,980
Ono Pharmaceutical Co. Ltd.	28,000		1,579,912
Optimer Pharmaceuticals, Inc. (a)(d)	293,000		4,377,420
Pain Therapeutics, Inc. (a)	216,721		812,704
Paladin Labs, Inc. (a)	107,600		4,635,910
Par Pharmaceutical Companies, Inc. (a)	102,400		3,670,016
Perrigo Co.	113,400		11,781,126
Pfizer, Inc.	1,874,488		40,995,053
Pozen, Inc. (a)	179,000		1,240,470
Questcor Pharmaceuticals, Inc. (a)(d)	149,200		6,176,880
Sagent Pharmaceuticals, Inc. (a)(d)	25,000		398,750
Salix Pharmaceuticals Ltd. (a)	124,900		6,471,069
Sanofi SA sponsored ADR (d)	1,413,022		48,085,139
Santarus, Inc. (a)	251,500		1,674,990
Shire PLC sponsored ADR	194,000		16,375,540
Sucampo Pharmaceuticals, Inc. Class A (a)	27,600		202,308
Teva Pharmaceutical Industries Ltd. sponsored ADR (d)	581,289		22,780,716
The Medicines Company (a)	160,500		3,527,790
UCB SA	47,000		2,207,817
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d)	574,927		28,093,688
Vectura Group PLC (a)	265,000		261,757
Virbac SA	11,467		1,830,672
ViroPharma, Inc. (a)	234,100		4,714,774
VIVUS, Inc. (a)(d)	215,800		5,349,682
Warner Chilcott PLC (a)	251,000		4,733,860
Watson Pharmaceuticals, Inc. (a)	159,800		11,392,142
XenoPort, Inc. (a)	210,000		1,234,800
			586,032,193
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
Qualicorp SA	50,000		426,408
TOTAL COMMON STOCKS (Cost $561,943,547)		668,990,360
Convertible Preferred Stocks - 0.0%
	Shares		Value
PHARMACEUTICALS - 0.0%
Pharmaceuticals - 0.0%
Agios Pharmaceuticals, Inc. Series C (e) (Cost $250,054)	50,916		$ 250,054
Money Market Funds - 11.0%

Fidelity Cash Central Fund, 0.17% (b)	34,960,163		34,960,163
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	42,082,665		42,082,665
TOTAL MONEY MARKET FUNDS (Cost $77,042,828)		77,042,828
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $639,236,429)			746,283,242
NET OTHER ASSETS (LIABILITIES) - (6.1)%			(42,825,261)
NET ASSETS - 100%		$ 703,457,981

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 250,054
Puma Biotechnology, Inc.	10/4/11	$ 499,997
Puma Biotechnology, Inc. warrants 10/4/21	10/4/11	$ 2

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,257
Fidelity Securities Lending Cash Central Fund	108,815
Total	$ 120,072

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 668,990,360	$ 658,993,989	$ 9,996,370	$ 1
Convertible Preferred Stocks	250,054	-	-	250,054
Money Market Funds	77,042,828	77,042,828	-	-
Total Investments in Securities:	$ 746,283,242	$ 736,036,817	$ 9,996,370	$ 250,055

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

Investments in Securities:
Beginning Balance	$ 750,054
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(499,999)
Ending Balance	$ 250,055
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $644,151,430. Net unrealized appreciation aggregated $102,131,812, of which $131,035,815 related to appreciated investment securities and $28,904,003 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

May 31, 2012

1.802189.108

SOF-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
ICG Group, Inc. (a)	367,789		$ 3,199,764
COMMUNICATIONS EQUIPMENT - 3.2%
Communications Equipment - 3.2%
Acme Packet, Inc. (a)	214,700		4,912,336
Comverse Technology, Inc. (a)	2,111,700		12,902,487
Infinera Corp. (a)	400,000		2,564,000
Polycom, Inc. (a)	2,430,521		27,805,160
Riverbed Technology, Inc. (a)	310,900		5,098,760
			53,282,743
COMPUTERS & PERIPHERALS - 1.1%
Computer Hardware - 0.0%
Cray, Inc. (a)	7		75
Computer Storage & Peripherals - 1.1%
Electronics for Imaging, Inc. (a)	347,856		5,127,397
SanDisk Corp. (a)	415,900		13,599,930
			18,727,327
TOTAL COMPUTERS & PERIPHERALS			18,727,402
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9%
Alternative Carriers - 0.9%
inContact, Inc. (a)(e)	3,026,876		15,830,561
ELECTRONIC EQUIPMENT & COMPONENTS - 2.5%
Electronic Components - 0.6%
Corning, Inc.	744,500		9,671,055
Electronic Manufacturing Services - 0.7%
Fabrinet (a)	280,034		3,265,196
Flextronics International Ltd. (a)	816,800		5,243,856
TE Connectivity Ltd.	86,700		2,724,114
			11,233,166
Technology Distributors - 1.2%
Arrow Electronics, Inc. (a)	422,457		14,325,517
BrightPoint, Inc. (a)	1,267,547		6,172,954
			20,498,471
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			41,402,692
INTERNET SOFTWARE & SERVICES - 21.3%
Internet Software & Services - 21.3%
Active Network, Inc. (e)	3,534,780		49,628,311
Akamai Technologies, Inc. (a)	245,000		7,188,300
Blinkx PLC (a)	3,015,633		1,924,346
Constant Contact, Inc. (a)(d)	75,814		1,535,234
Cornerstone OnDemand, Inc. (a)	88,823		1,780,901
Demandware, Inc. (d)	34,200		1,063,962
Digital River, Inc. (a)	82,300		1,201,580
eBay, Inc. (a)	1,021,400		40,028,666
Google, Inc. Class A (a)	275,800		160,201,188
IAC/InterActiveCorp	76,400		3,431,888

	Shares		Value
KIT Digital, Inc. (a)(d)	1,927,816		$ 6,284,680
LivePerson, Inc. (a)	58,600		1,011,436
MercadoLibre, Inc.	40,800		2,865,792
Rackspace Hosting, Inc. (a)	132,877		6,573,425
Responsys, Inc. (a)	478,355		4,912,706
Saba Software, Inc. (a)	283,805		2,369,772
SciQuest, Inc. (a)	35,000		550,900
SPS Commerce, Inc. (a)	85,636		2,366,979
Travelzoo, Inc. (a)(d)	25,000		583,000
Velti PLC (a)(d)	579,600		4,231,080
VeriSign, Inc.	108,000		4,128,840
Vocus, Inc. (a)	75,000		1,209,750
Web.com, Inc. (a)	1,197,557		19,065,107
Yahoo!, Inc. (a)	2,155,500		32,849,820
			356,987,663
IT SERVICES - 23.2%
Data Processing & Outsourced Services - 6.5%
DST Systems, Inc.	25,700		1,313,270
FleetCor Technologies, Inc. (a)	88,400		3,350,360
Genpact Ltd. (a)	40,300		628,277
Global Payments, Inc.	99,400		4,222,512
MasterCard, Inc. Class A	87,400		35,528,974
VeriFone Systems, Inc. (a)	145,200		5,243,172
Visa, Inc. Class A	470,700		54,224,640
WNS Holdings Ltd. sponsored ADR (a)	101,791		1,117,665
Wright Express Corp. (a)	65,900		3,694,354
			109,323,224
IT Consulting & Other Services - 16.7%
Accenture PLC Class A	250,300		14,292,130
Amdocs Ltd. (a)	60,000		1,725,000
Camelot Information Systems, Inc. ADR (a)(e)	2,301,356		5,085,997
Cognizant Technology Solutions Corp. Class A (a)	895,800		52,180,350
EPAM Systems, Inc.	613,428		10,734,990
HCL Technologies Ltd.	1		9
HiSoft Technology International Ltd. ADR (a)	446,700		5,829,435
IBM Corp.	764,089		147,392,768
iGate Corp. (a)	27,000		442,530
Lionbridge Technologies, Inc. (a)(e)	5,736,996		17,268,358
Sapient Corp.	102,300		1,125,300
ServiceSource International, Inc. (a)	545,800		6,549,600
Teradata Corp. (a)	111,100		7,385,928
Unisys Corp. (a)	73,100		1,148,401
Virtusa Corp. (a)	536,546		7,849,668
			279,010,464
TOTAL IT SERVICES			388,333,688
Common Stocks - continued
	Shares		Value
MEDIA - 1.4%
Advertising - 1.1%
MDC Partners, Inc.:
Class A	77,138		$ 749,010
Class A (sub. vtg.) (e)	1,768,914		17,176,149
			17,925,159
Broadcasting - 0.3%
Pandora Media, Inc.	571,463		6,137,513
TOTAL MEDIA			24,062,672
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
Semiconductors - 0.4%
RF Micro Devices, Inc. (a)	953,700		3,595,449
Texas Instruments, Inc.	106,400		3,030,272
			6,625,721
SOFTWARE - 44.8%
Application Software - 13.8%
Actuate Corp. (a)	245,000		1,636,600
Adobe Systems, Inc. (a)	604,000		18,754,200
AsiaInfo-Linkage, Inc. (a)	885,200		9,383,120
Autodesk, Inc. (a)	323,800		10,368,076
BroadSoft, Inc. (a)(d)	246,500		6,731,915
Callidus Software, Inc. (a)(d)(e)	2,292,467		11,439,410
Citrix Systems, Inc. (a)	603,300		44,089,164
Compuware Corp. (a)	445,200		4,006,800
Concur Technologies, Inc. (a)	49,900		3,086,315
Descartes Systems Group, Inc. (a)	1,431,300		11,820,680
Ebix, Inc. (d)	584,725		10,174,215
Informatica Corp. (a)	65,900		2,730,237
Kingdee International Software Group Co. Ltd.	6,654,000		1,105,921
Nuance Communications, Inc. (a)	439,500		9,093,255
Parametric Technology Corp. (a)	477,000		9,635,400
Pegasystems, Inc.	76,400		2,367,636
PROS Holdings, Inc. (a)	47,200		709,416
QLIK Technologies, Inc. (a)	113,500		2,579,855
RealPage, Inc. (a)(d)	373,700		6,670,545
salesforce.com, Inc. (a)	305,678		42,373,084
SolarWinds, Inc. (a)	80,000		3,668,800
Solera Holdings, Inc.	120,000		5,328,000
Synchronoss Technologies, Inc. (a)	62,332		1,116,366
Synopsys, Inc. (a)	210,900		6,232,095
TIBCO Software, Inc. (a)	102,500		2,741,875
TiVo, Inc. (a)	267,100		2,281,034
Verint Systems, Inc. (a)	48,864		1,403,374
			231,527,388
Home Entertainment Software - 0.3%
Activision Blizzard, Inc.	300,000		3,522,000
Take-Two Interactive Software, Inc. (a)	131,500		1,514,880
			5,036,880

	Shares		Value
Systems Software - 30.7%
Ariba, Inc. (a)	1,426,500		$ 64,092,645
BMC Software, Inc. (a)	138,000		5,840,160
CA, Inc.	327,500		8,144,925
Check Point Software Technologies Ltd. (a)	42,700		2,187,948
Fortinet, Inc. (a)	118,600		2,520,250
Imperva, Inc.	72,006		1,851,274
Microsoft Corp.	9,169,500		267,657,707
NetSuite, Inc. (a)	15,600		731,952
Opnet Technologies, Inc.	35,200		878,944
Oracle Corp.	4,204,500		111,293,115
Pervasive Software, Inc. (a)	613,384		4,355,026
Red Hat, Inc. (a)	225,100		11,565,638
Symantec Corp. (a)	1,039,000		15,418,760
VMware, Inc. Class A (a)	167,900		15,616,379
Websense, Inc. (a)	81,700		1,517,986
			513,672,709
TOTAL SOFTWARE			750,236,977
TOTAL COMMON STOCKS (Cost $1,589,619,011)		1,658,689,883
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 0.17% (b)	19,605,084		19,605,084
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	22,599,251		22,599,251
TOTAL MONEY MARKET FUNDS (Cost $42,204,335)		42,204,335
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,631,823,346)			1,700,894,218
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(25,735,020)
NET ASSETS - 100%		$ 1,675,159,198

Legend

(a) Non-income producing

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

(e) 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	$ 18,484
Fidelity Securities Lending Cash Central Fund	603,739
Total	$ 622,223

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Active Network, Inc.	$ 31,326,256	$ 24,420,977	$ -	$ -	$ 49,628,311
Callidus Software, Inc.	16,897,742	69,628	-	-	11,439,410
Camelot Information Systems, Inc. ADR	4,176,153	1,935,729	827,853	-	5,085,997
inContact, Inc.	14,738,399	1,302,149	-	-	15,830,561
Lionbridge Technologies, Inc.	13,016,304	2,003,738	-	-	17,268,358
MDC Partners, Inc. Class A (sub. vtg.)	16,274,035	5,709,620	-	384,782	17,176,149
Total	$ 96,428,889	$ 35,441,841	$ 827,853	$ 384,782	$ 116,428,786

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,658,689,883	$ 1,656,765,537	$ 1,924,346	$ -
Money Market Funds	42,204,335	42,204,335	-	-
Total Investments in Securities:	$ 1,700,894,218	$ 1,698,969,872	$ 1,924,346	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $1,639,855,080. Net unrealized appreciation aggregated $61,039,138, of which $174,896,259 related to appreciated investment securities and $113,857,121 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

May 31, 2012

1.802191.108

TEL-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Comverse Technology, Inc. (a)	14,337		$ 87,599
Nortel Networks Corp. (a)	8,071		0
			87,599
DIVERSIFIED TELECOMMUNICATION SERVICES - 66.5%
Alternative Carriers - 11.4%
AboveNet, Inc. (a)	66,200		5,515,784
Cogent Communications Group, Inc. (a)	326,902		5,799,241
Level 3 Communications, Inc. (a)	391,391		8,309,231
tw telecom, inc. (a)	747,157		17,326,571
Vonage Holdings Corp. (a)	1,613,000		2,951,790
			39,902,617
Integrated Telecommunication Services - 55.1%
AT&T, Inc.	2,496,119		85,292,385
Atlantic Tele-Network, Inc.	107,000		3,520,300
CenturyLink, Inc.	777,684		30,500,766
China Unicom Ltd. sponsored ADR	214,700		2,949,978
Frontier Communications Corp. (d)	846,800		3,167,032
General Communications, Inc. Class A (a)	1,004,600		6,369,164
PT Telkomunikasi Indonesia Tbk Series B	872,500		721,027
PT XL Axiata Tbk	903,000		566,777
Telefonica Brasil SA sponsored ADR	152,863		3,610,624
Telenor ASA sponsored ADR	29,000		1,271,650
Verizon Communications, Inc.	1,232,641		51,327,171
Windstream Corp.	434,982		4,071,432
			193,368,306
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			233,270,923
MEDIA - 1.6%
Cable & Satellite - 1.6%
Cablevision Systems Corp. - NY Group Class A	76,000		869,440
Time Warner Cable, Inc.	14,900		1,123,460
Virgin Media, Inc. (d)	171,300		3,773,739
			5,766,639
SOFTWARE - 0.2%
Application Software - 0.2%
Synchronoss Technologies, Inc. (a)	29,003		519,444
WIRELESS TELECOMMUNICATION SERVICES - 23.9%
Wireless Telecommunication Services - 23.9%
Clearwire Corp. Class A (a)(d)	3,658,136		4,426,345

	Shares		Value
Crown Castle International Corp. (a)	320,383		$ 17,492,912
Leap Wireless International, Inc. (a)(d)	437,700		2,525,529
MetroPCS Communications, Inc. (a)	588,306		3,765,158
Mobile TeleSystems OJSC sponsored ADR	57,100		950,144
NII Holdings, Inc. (a)	366,900		4,226,688
NTELOS Holdings Corp.	176,306		3,374,497
NTT DoCoMo, Inc.	1,493		2,381,846
SBA Communications Corp. Class A (a)	331,982		17,246,465
Sprint Nextel Corp. (a)	4,167,350		10,710,090
Telephone & Data Systems, Inc.	305,500		6,064,175
TIM Participacoes SA sponsored ADR (d)	49,900		1,220,055
Turkcell Iletisim Hizmet A/S (a)	252,000		1,099,268
Vodafone Group PLC sponsored ADR	319,900		8,570,121
			84,053,293
TOTAL COMMON STOCKS (Cost $352,882,904)		323,697,898
Money Market Funds - 10.1%

Fidelity Cash Central Fund, 0.17% (b)	25,428,136		25,428,136
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	10,046,051		10,046,051
TOTAL MONEY MARKET FUNDS (Cost $35,474,187)		35,474,187

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $388,357,091)

359,172,085

NET OTHER ASSETS (LIABILITIES) - (2.3)%		(8,180,500)
NET ASSETS - 100%		$ 350,991,585

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,851
Fidelity Securities Lending Cash Central Fund	24,354
Total	$ 28,205

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 323,697,898	$ 319,495,757	$ 4,202,141	$ -
Money Market Funds	35,474,187	35,474,187	-	-
Total Investments in Securities:	$ 359,172,085	$ 354,969,944	$ 4,202,141	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $397,076,494. Net unrealized depreciation aggregated $37,904,409, of which $26,429,296 related to appreciated investment securities and $64,333,705 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Telecommunications Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2012

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Telecommunications Portfolio

1.851743.105

ATLC-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Comverse Technology, Inc. (a)	14,337		$ 87,599
Nortel Networks Corp. (a)	8,071		0
			87,599
DIVERSIFIED TELECOMMUNICATION SERVICES - 66.5%
Alternative Carriers - 11.4%
AboveNet, Inc. (a)	66,200		5,515,784
Cogent Communications Group, Inc. (a)	326,902		5,799,241
Level 3 Communications, Inc. (a)	391,391		8,309,231
tw telecom, inc. (a)	747,157		17,326,571
Vonage Holdings Corp. (a)	1,613,000		2,951,790
			39,902,617
Integrated Telecommunication Services - 55.1%
AT&T, Inc.	2,496,119		85,292,385
Atlantic Tele-Network, Inc.	107,000		3,520,300
CenturyLink, Inc.	777,684		30,500,766
China Unicom Ltd. sponsored ADR	214,700		2,949,978
Frontier Communications Corp. (d)	846,800		3,167,032
General Communications, Inc. Class A (a)	1,004,600		6,369,164
PT Telkomunikasi Indonesia Tbk Series B	872,500		721,027
PT XL Axiata Tbk	903,000		566,777
Telefonica Brasil SA sponsored ADR	152,863		3,610,624
Telenor ASA sponsored ADR	29,000		1,271,650
Verizon Communications, Inc.	1,232,641		51,327,171
Windstream Corp.	434,982		4,071,432
			193,368,306
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			233,270,923
MEDIA - 1.6%
Cable & Satellite - 1.6%
Cablevision Systems Corp. - NY Group Class A	76,000		869,440
Time Warner Cable, Inc.	14,900		1,123,460
Virgin Media, Inc. (d)	171,300		3,773,739
			5,766,639
SOFTWARE - 0.2%
Application Software - 0.2%
Synchronoss Technologies, Inc. (a)	29,003		519,444
WIRELESS TELECOMMUNICATION SERVICES - 23.9%
Wireless Telecommunication Services - 23.9%
Clearwire Corp. Class A (a)(d)	3,658,136		4,426,345

	Shares		Value
Crown Castle International Corp. (a)	320,383		$ 17,492,912
Leap Wireless International, Inc. (a)(d)	437,700		2,525,529
MetroPCS Communications, Inc. (a)	588,306		3,765,158
Mobile TeleSystems OJSC sponsored ADR	57,100		950,144
NII Holdings, Inc. (a)	366,900		4,226,688
NTELOS Holdings Corp.	176,306		3,374,497
NTT DoCoMo, Inc.	1,493		2,381,846
SBA Communications Corp. Class A (a)	331,982		17,246,465
Sprint Nextel Corp. (a)	4,167,350		10,710,090
Telephone & Data Systems, Inc.	305,500		6,064,175
TIM Participacoes SA sponsored ADR (d)	49,900		1,220,055
Turkcell Iletisim Hizmet A/S (a)	252,000		1,099,268
Vodafone Group PLC sponsored ADR	319,900		8,570,121
			84,053,293
TOTAL COMMON STOCKS (Cost $352,882,904)		323,697,898
Money Market Funds - 10.1%

Fidelity Cash Central Fund, 0.17% (b)	25,428,136		25,428,136
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	10,046,051		10,046,051
TOTAL MONEY MARKET FUNDS (Cost $35,474,187)		35,474,187

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $388,357,091)

359,172,085

NET OTHER ASSETS (LIABILITIES) - (2.3)%		(8,180,500)
NET ASSETS - 100%		$ 350,991,585

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,851
Fidelity Securities Lending Cash Central Fund	24,354
Total	$ 28,205

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 323,697,898	$ 319,495,757	$ 4,202,141	$ -
Money Market Funds	35,474,187	35,474,187	-	-
Total Investments in Securities:	$ 359,172,085	$ 354,969,944	$ 4,202,141	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

May 31, 2012

1.802164.108

CYC-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value
AEROSPACE & DEFENSE - 13.2%
Aerospace & Defense - 13.2%
Esterline Technologies Corp. (a)	50,760		$ 3,278,588
Honeywell International, Inc.	293,163		16,317,453
Rockwell Collins, Inc.	101,812		5,128,270
Textron, Inc.	547,984		12,948,862
United Technologies Corp.	419,600		31,096,556
			68,769,729
AIR FREIGHT & LOGISTICS - 3.6%
Air Freight & Logistics - 3.6%
United Parcel Service, Inc. Class B	252,332		18,909,760
AUTO COMPONENTS - 0.7%
Auto Parts & Equipment - 0.7%
WABCO Holdings, Inc. (a)	70,708		3,659,846
BUILDING PRODUCTS - 1.6%
Building Products - 1.6%
Owens Corning (a)	267,154		8,244,372
COMMERCIAL SERVICES & SUPPLIES - 2.7%
Environmental & Facility Services - 1.7%
Republic Services, Inc.	322,658		8,505,265
Office Services & Supplies - 0.7%
Mine Safety Appliances Co.	70,600		2,900,248
Pitney Bowes, Inc. (d)	64,000		872,960
			3,773,208
Security & Alarm Services - 0.3%
Corrections Corp. of America	59,399		1,548,532
TOTAL COMMERCIAL SERVICES & SUPPLIES			13,827,005
CONSTRUCTION & ENGINEERING - 4.4%
Construction & Engineering - 4.4%
AECOM Technology Corp. (a)	302,161		4,922,203
EMCOR Group, Inc.	203,068		5,553,910
Fluor Corp.	92,281		4,326,133
Jacobs Engineering Group, Inc. (a)	117,585		4,176,619
Quanta Services, Inc. (a)	183,180		4,136,204
			23,115,069
ELECTRICAL EQUIPMENT - 9.3%
Electrical Components & Equipment - 9.3%
AMETEK, Inc.	163,775		8,305,030
Emerson Electric Co.	292,928		13,700,243
GrafTech International Ltd. (a)	273,894		2,922,449
Hubbell, Inc. Class B	87,826		6,931,228
Prysmian SpA	362,437		5,141,540
Regal-Beloit Corp.	137,460		8,287,463
Roper Industries, Inc.	32,658		3,305,643
			48,593,596

	Shares		Value
INDUSTRIAL CONGLOMERATES - 21.3%
Industrial Conglomerates - 21.3%
3M Co.	247,048		$ 20,853,322
Carlisle Companies, Inc.	94,246		4,898,907
Danaher Corp.	376,898		19,587,389
General Electric Co.	2,733,526		52,183,014
Tyco International Ltd.	248,194		13,193,993
			110,716,625
LIFE SCIENCES TOOLS & SERVICES - 0.5%
Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc.	63,500		2,581,910
MACHINERY - 21.2%
Construction & Farm Machinery & Heavy Trucks - 5.9%
Cummins, Inc.	162,761		15,779,679
Fiat Industrial SpA	505,996		5,112,150
Fiat Industrial SpA:
rights 6/20/12 (a)	509,896		9
rights 6/20/12 (a)	509,896		19
Joy Global, Inc.	76,655		4,281,948
Manitowoc Co., Inc.	538,711		5,602,594
			30,776,399
Industrial Machinery - 15.3%
Actuant Corp. Class A	121,716		3,185,308
Dover Corp.	150,060		8,487,394
EnPro Industries, Inc. (a)	42,000		1,617,840
Flowserve Corp.	42,000		4,316,760
Graco, Inc.	122,400		5,896,008
Harsco Corp.	95,400		1,917,540
Illinois Tool Works, Inc.	237,969		13,361,959
Ingersoll-Rand PLC	212,127		8,762,966
Pall Corp.	106,739		5,941,093
Parker Hannifin Corp.	113,114		9,245,938
SPX Corp.	52,100		3,742,343
Timken Co.	61,158		2,917,237
TriMas Corp. (a)	192,729		3,856,507
Valmont Industries, Inc.	54,553		6,246,319
			79,495,212
TOTAL MACHINERY			110,271,611
MARINE - 0.1%
Marine - 0.1%
Kirby Corp. (a)	13,900		733,642
PROFESSIONAL SERVICES - 4.1%
Human Resource & Employment Services - 1.6%
Manpower, Inc.	76,300		2,742,985
Towers Watson & Co.	90,955		5,480,948
			8,223,933
Research & Consulting Services - 2.5%
Bureau Veritas SA	33,033		2,846,571
Common Stocks - continued
	Shares		Value
PROFESSIONAL SERVICES - CONTINUED
Research & Consulting Services - continued
Dun & Bradstreet Corp.	53,340		$ 3,604,184
IHS, Inc. Class A (a)	68,388		6,769,728
			13,220,483
TOTAL PROFESSIONAL SERVICES			21,444,416
ROAD & RAIL - 6.9%
Railroads - 6.3%
CSX Corp.	463,337		9,679,110
Genesee & Wyoming, Inc. Class A (a)	63,899		3,201,979
Union Pacific Corp.	180,755		20,136,107
			33,017,196
Trucking - 0.6%
J.B. Hunt Transport Services, Inc.	53,119		3,034,688
TOTAL ROAD & RAIL			36,051,884
TRADING COMPANIES & DISTRIBUTORS - 2.6%
Trading Companies & Distributors - 2.6%
W.W. Grainger, Inc.	19,191		3,716,337
Watsco, Inc.	62,700		4,615,347
WESCO International, Inc. (a)	86,050		5,119,115
			13,450,799
TRANSPORTATION INFRASTRUCTURE - 0.6%
Airport Services - 0.6%
Wesco Aircraft Holdings, Inc. (a)	235,289		3,263,458
TOTAL COMMON STOCKS (Cost $427,944,093)		483,633,722

Convertible Bonds - 0.4%
	Principal Amount
BUILDING PRODUCTS - 0.4%
Building Products - 0.4%
Aspen Aerogels, Inc.:
8% 6/1/14 (f)	$ 1,179,681	1,179,681
8% 12/6/14 (f)	1,108,200	1,108,200
TOTAL CONVERTIBLE BONDS (Cost $2,287,881)		2,287,881
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.06% to 0.08% 8/23/12 (e) (Cost $319,938)	320,000	319,948

Money Market Funds - 5.6%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	28,197,861		$ 28,197,861
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	701,525		701,525
TOTAL MONEY MARKET FUNDS (Cost $28,899,386)		28,899,386

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $459,451,298)

515,140,937

NET OTHER ASSETS (LIABILITIES) - 1.1%			5,925,215
NET ASSETS - 100%		$ 521,066,152

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
149 CME E-mini S&P Select Sector Industrial Index Contracts	June 2012	$ 5,146,460	$ (295,667)

The face value of futures purchased as a percentage of net assets is 1%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $299,952.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/14/11	$ 1,179,681
Aspen Aerogels, Inc. 8% 12/6/14	12/6/11	$ 1,108,200

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,087
Fidelity Securities Lending Cash Central Fund	19,059
Total	$ 25,146

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 483,633,722	$ 470,533,433	$ 13,100,289	$ -
Convertible Bonds	2,287,881	-	-	2,287,881
U.S. Treasury Obligations	319,948	-	319,948	-
Money Market Funds	28,899,386	28,899,386	-	-
Total Investments in Securities:	$ 515,140,937	$ 499,432,819	$ 13,420,237	$ 2,287,881
Derivative Instruments:
Liabilities
Futures Contracts	$ (295,667)	$ (295,667)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 2,287,881
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 2,287,881
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $461,453,421. Net unrealized appreciation aggregated $53,687,516, of which $72,209,799 related to appreciated investment securities and $18,522,283 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Portfolio

May 31, 2012

1.802193.108

UTI-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
ELECTRIC UTILITIES - 55.9%
Electric Utilities - 55.9%
American Electric Power Co., Inc.	432,100		$ 16,640,171
Duke Energy Corp.	2,637,478		57,971,766
Edison International	1,079,773		48,546,594
Exelon Corp.	140,838		5,208,189
FirstEnergy Corp.	987,601		46,209,851
Great Plains Energy, Inc.	698,705		13,918,204
ITC Holdings Corp.	52,255		3,602,982
NextEra Energy, Inc.	784,077		51,231,591
Northeast Utilities	599,591		21,591,272
OGE Energy Corp.	278,704		14,838,201
Pepco Holdings, Inc. (d)	325,700		6,207,842
Pinnacle West Capital Corp.	143,800		7,100,844
Southern Co.	244,312		11,216,364
UIL Holdings Corp.	197,140		6,665,303
			310,949,174
GAS UTILITIES - 5.3%
Gas Utilities - 5.3%
Atmos Energy Corp.	180,706		5,988,597
National Fuel Gas Co.	103,576		4,477,590
ONEOK, Inc.	232,025		19,255,755
			29,721,942
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 6.8%
Independent Power Producers & Energy Traders - 6.8%
Calpine Corp. (a)	818,001		13,742,417
GenOn Energy, Inc. (a)	1,519,619		2,613,745
NRG Energy, Inc. (a)	493,194		7,555,732
The AES Corp. (a)	1,141,036		13,795,125
			37,707,019
MULTI-UTILITIES - 20.5%
Multi-Utilities - 20.5%
CenterPoint Energy, Inc.	1,316,922		26,641,332
NiSource, Inc.	1,003,523		25,178,392
PG&E Corp.	775,897		33,906,699
Sempra Energy	410,055		26,657,676
Xcel Energy, Inc.	58,995		1,653,040
			114,037,139
OIL, GAS & CONSUMABLE FUELS - 3.9%
Oil & Gas Storage & Transport - 3.9%
Atlas Energy LP	120,036		4,142,442

	Shares		Value
Cheniere Energy, Inc. (a)	470,596		$ 6,607,168
Kinder Morgan Holding Co. LLC	140,059		4,788,617
Kinder Morgan Holding Co. LLC warrants 2/15/17	211,860		483,041
Williams Companies, Inc.	179,270		5,473,113
			21,494,381
WATER UTILITIES - 3.3%
Water Utilities - 3.3%
American Water Works Co., Inc.	540,100		18,476,821
TOTAL COMMON STOCKS (Cost $507,551,445)		532,386,476
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.17% (b)	12,976,029		12,976,029
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	6,045,000		6,045,000
TOTAL MONEY MARKET FUNDS (Cost $19,021,029)		19,021,029
Cash Equivalents - 0.9%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.19%, dated 5/31/12 due 6/1/12 (Collateralized by U.S. Government Obligations) # (Cost $4,810,000)	$ 4,810,025		4,810,000

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $531,382,474)

556,217,505

NET OTHER ASSETS (LIABILITIES) - 0.0%

(241,722)

NET ASSETS - 100%

$ 555,975,783

Legend

(a) Non-income producing

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

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$4,810,000 due 6/01/12 at 0.19%
Barclays Capital, Inc.	$ 1,341,848
Merrill Lynch, Pierce, Fenner & Smith, Inc.	945,477
UBS Securities LLC	2,522,675
	$ 4,810,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,065
Fidelity Securities Lending Cash Central Fund	26,290
Total	$ 32,355

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 532,386,476	$ 532,386,476	$ -	$ -
Money Market Funds	19,021,029	19,021,029	-	-
Cash Equivalents	4,810,000	-	4,810,000	-
Total Investments in Securities:	$ 556,217,505	$ 551,407,505	$ 4,810,000	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $532,047,793. Net unrealized appreciation aggregated $24,169,712, of which $30,506,547 related to appreciated investment securities and $6,336,835 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

May 31, 2012

1.802192.108

TRN-QTLY-0712

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
AIR FREIGHT & LOGISTICS - 30.7%
Air Freight & Logistics - 30.7%
Air Transport Services Group, Inc. (a)	431,708		$ 2,188,760
C.H. Robinson Worldwide, Inc.	72,696		4,235,269
Expeditors International of Washington, Inc.	43,900		1,679,175
FedEx Corp.	106,600		9,502,324
Forward Air Corp.	39,200		1,243,816
Hub Group, Inc. Class A (a)	76,800		2,684,928
Pacer International, Inc. (a)	268,854		1,516,337
United Parcel Service, Inc. Class B	488,800		36,630,672
UTI Worldwide, Inc.	142,900		2,234,956
			61,916,237
AIRLINES - 17.3%
Airlines - 17.3%
Alaska Air Group, Inc. (a)	110,000		3,773,000
Allegiant Travel Co. (a)	14,300		927,355
Copa Holdings SA Class A	30,500		2,532,110
Dart Group PLC	638,217		651,131
Delta Air Lines, Inc. (a)	719,902		8,710,814
Republic Airways Holdings, Inc. (a)	205,400		1,113,268
SkyWest, Inc.	107,900		760,695
Southwest Airlines Co.	667,200		6,024,816
Spirit Airlines, Inc. (a)	70,600		1,455,066
United Continental Holdings, Inc. (a)(d)	271,536		6,834,561
US Airways Group, Inc. (a)	156,100		2,063,642
			34,846,458
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
Stoneridge, Inc. (a)	64,208		452,666
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Cosco International Holdings Ltd.	24,000		9,555
MACHINERY - 1.0%
Construction & Farm Machinery & Heavy Trucks - 1.0%
ASL Marine Holdings Ltd.	1,250,200		553,014
FreightCar America, Inc.	38,700		767,421
Wabtec Corp.	9,200		668,012
			1,988,447
MARINE - 3.4%
Marine - 3.4%
Diana Shipping, Inc. (a)	25,100		193,270
Eagle Bulk Shipping, Inc. (a)(d)	82,350		247,874
Kirby Corp. (a)	100,320		5,294,890
Navios Maritime Holdings, Inc.	366,600		1,217,112
			6,953,146
MEDIA - 0.2%
Movies & Entertainment - 0.2%
Advanced Inflight Alliance AG	87,100		405,941

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 2.5%
Oil & Gas Storage & Transport - 2.5%
Navios Maritime Acquisition Corp.	1,016,232		$ 2,713,339
Scorpio Tankers, Inc. (a)	394,500		2,205,255
Teekay Corp.	8,100		218,214
			5,136,808
ROAD & RAIL - 39.5%
Railroads - 27.6%
CSX Corp.	506,619		10,583,271
Norfolk Southern Corp.	162,400		10,640,448
Union Pacific Corp.	310,068		34,541,575
			55,765,294
Trucking - 11.9%
Con-way, Inc.	120,500		4,259,675
Contrans Group, Inc.:
(sub. vtg.) (a)(e)	12,800		113,271
Class A	74,100		655,733
J.B. Hunt Transport Services, Inc.	89,300		5,101,709
Landstar System, Inc.	60,400		3,183,080
Marten Transport Ltd.	64,000		1,310,080
Old Dominion Freight Lines, Inc. (a)	92,400		4,024,944
Quality Distribution, Inc. (a)	68,800		730,656
Saia, Inc. (a)	47,800		1,033,914
Swift Transporation Co. (a)	201,400		2,136,854
Tegma Gestao Logistica SA	64,000		936,113
Vitran Corp., Inc. (a)	64,600		452,200
			23,938,229
TOTAL ROAD & RAIL			79,703,523
TOTAL COMMON STOCKS (Cost $162,247,929)		191,412,781

Convertible Bonds - 0.5%
	Principal Amount
MARINE - 0.5%
Marine - 0.5%
DryShips, Inc. 5% 12/1/14 (Cost $1,084,189)	$ 1,500,000	1,027,500

Money Market Funds - 5.6%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	9,417,055		$ 9,417,055
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,960,713		1,960,713
TOTAL MONEY MARKET FUNDS (Cost $11,377,768)		11,377,768

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $174,709,886)

203,818,049

NET OTHER ASSETS (LIABILITIES) - (0.9)%			(1,881,334)
NET ASSETS - 100%		$ 201,936,715

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,664
Fidelity Securities Lending Cash Central Fund	14,490
Total	$ 17,154

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 191,412,781	$ 190,355,709	$ 1,057,072	$ -
Convertible Bonds	1,027,500	-	1,027,500	-
Money Market Funds	11,377,768	11,377,768	-	-
Total Investments in Securities:	$ 203,818,049	$ 201,733,477	$ 2,084,572	$ -

Income Tax Information

At May 31, 2012, the cost of investment securities for income tax purposes was $175,006,300. Net unrealized appreciation aggregated $28,811,749, of which $36,685,962 related to appreciated investment securities and $7,874,213 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value 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: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	July 30, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	July 30, 2012

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	July 30, 2012

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 30, 2012

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 30, 2012

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer