N-Q 1 main.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)

Eric D. Roiter, 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, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2005

1.802153.101

AIR-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
AEROSPACE & DEFENSE - 45.4%
Bombardier, Inc. Class B (sub. vtg.)	311,700		$ 598,468
General Dynamics Corp.	19,300		2,084,014
Goodrich Corp.	19,700		824,642
Hexcel Corp. (a)	44,100		720,594
Honeywell International, Inc.	21,100		764,453
Lockheed Martin Corp.	35,600		2,310,084
Orbital Sciences Corp. (a)	7,800		75,738
Precision Castparts Corp.	28,400		2,207,532
Raytheon Co.	12,900		505,164
Rockwell Collins, Inc.	51,300		2,533,706
The Boeing Co.	36,200		2,313,180
United Technologies Corp.	9,900		1,056,330
TOTAL AEROSPACE & DEFENSE			15,993,905
AIR FREIGHT & LOGISTICS - 24.5%
C.H. Robinson Worldwide, Inc.	14,700		840,399
Dynamex, Inc. (a)	35,200		633,248
EGL, Inc. (a)	42,363		806,168
Expeditors International of Washington, Inc.	30,500		1,554,890
FedEx Corp.	22,800		2,038,776
Forward Air Corp.	36,100		969,285
Hub Group, Inc. Class A (a)	28,600		785,928
United Parcel Service, Inc. Class B	10,100		743,865
UTI Worldwide, Inc.	3,500		258,125
TOTAL AIR FREIGHT & LOGISTICS			8,630,684
AIRLINES - 21.3%
AirTran Holdings, Inc. (a)	54,100		528,016
Alaska Air Group, Inc. (a)	15,200		448,704
America West Holding Corp. Class B (a)	19,800		110,880
AMR Corp. (a)	73,300		945,570
Continental Airlines, Inc. Class B (a)	39,200		543,312
Delta Air Lines, Inc. (a)	74,900		288,365
ExpressJet Holdings, Inc. Class A (a)	10,900		94,067
Frontier Airlines, Inc. (a)	20,200		246,642
JetBlue Airways Corp. (a)	69,775		1,516,211
Mesa Air Group, Inc. (a)	18,000		114,840
Northwest Airlines Corp. (a)	49,300		300,237
Republic Airways Holdings, Inc.	5,100		65,076
Ryanair Holdings PLC sponsored ADR (a)	10,900		498,021
SkyWest, Inc.	16,700		304,608
Southwest Airlines Co.	46,925		682,759
WestJet Airlines Ltd. (a)	73,050		813,607
TOTAL AIRLINES			7,500,915
COMMERCIAL SERVICES & SUPPLIES - 0.2%
The Brink's Co.	2,100		65,541
COMMUNICATIONS EQUIPMENT - 2.7%
Harris Corp.	33,100		951,294

	Shares		Value
ENERGY EQUIPMENT & SERVICES - 1.1%
Hornbeck Offshore Services, Inc.	15,300		$ 377,145
MARINE - 0.1%
Alexander & Baldwin, Inc.	1,000		44,450
DryShips, Inc.	200		3,700
TOTAL MARINE			48,150
METALS & MINING - 2.1%
RTI International Metals, Inc. (a)	13,400		367,026
Titanium Metals Corp. (a)	9,000		382,860
TOTAL METALS & MINING			749,886
OIL, GAS & CONSUMABLE FUELS - 0.1%
Ship Finance International Ltd. (NY Shares)	1,618		31,292
TOTAL COMMON STOCKS (Cost $27,844,602)		34,348,812
Money Market Funds - 13.1%

Fidelity Cash Central Fund, 3.05% (b)	955,213		955,213
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	3,683,450		3,683,450
TOTAL MONEY MARKET FUNDS (Cost $4,638,663)		4,638,663
TOTAL INVESTMENT PORTFOLIO - 110.6% (Cost $32,483,265)		38,987,475
NET OTHER ASSETS - (10.6)%		(3,746,733)
NET ASSETS - 100%		$ 35,240,742

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $32,495,017. Net unrealized appreciation aggregated $6,492,458, of which $8,187,413 related to appreciated investment securities and $1,694,955 related to depreciated investment securities.

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

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2005

1.802154.101

AUT-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
AUTO COMPONENTS - 28.5%
American Axle & Manufacturing Holdings, Inc.	8,000		$ 165,600
Amerigon, Inc. (a)	107,200		423,440
Autoliv, Inc.	3,400		157,794
Bharat Forge Ltd.	5,849		183,405
BorgWarner, Inc.	16,100		860,706
Continental AG	3,300		233,781
Cooper Tire & Rubber Co.	3,500		66,640
Denso Corp. sponsored ADR	200		18,300
Gentex Corp.	22,400		400,512
Goodyear Tire & Rubber Co. (a)	6,500		93,535
Johnson Controls, Inc.	24,890		1,410,269
Lear Corp.	1,800		67,860
LKQ Corp. (a)	2,400		59,568
Midas, Inc. (a)	3,200		75,200
Nokian Tyres Ltd.	3,960		70,658
Quantum Fuel Systems Technologies Worldwide, Inc. (a)	14,500		61,625
Tenneco Automotive, Inc. (a)	5,600		84,000
TRW Automotive Holdings Corp. (a)	10,300		209,811
TOTAL AUTO COMPONENTS			4,642,704
AUTOMOBILES - 26.1%
Bajaj Auto Ltd.	1,766		49,672
Bayerische Motoren Werke AG (BMW)	800		34,652
Coachmen Industries, Inc.	1,200		14,700
DaimlerChrysler AG	700		28,203
Ford Motor Co.	1,200		11,976
General Motors Corp.	200		6,306
Honda Motor Co. Ltd. sponsored ADR	39,700		981,384
Hyundai Motor Co.	16,360		920,707
Maruti Udyog Ltd.	15,782		167,902
Monaco Coach Corp.	1,100		18,051
National R.V. Holdings, Inc. (a)	1,700		15,079
Nissan Motor Co. Ltd. sponsored ADR	42,200		829,677
Renault SA	700		59,909
Toyota Motor Corp.	29,600		1,061,308
Winnebago Industries, Inc.	1,900		62,111
TOTAL AUTOMOBILES			4,261,637
BUILDING PRODUCTS - 1.1%
Quixote Corp.	9,100		177,268
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Adesa, Inc.	4,000		91,120
Copart, Inc. (a)	800		19,832
TOTAL COMMERCIAL SERVICES & SUPPLIES			110,952

	Shares		Value
CONTAINERS & PACKAGING - 0.3%
Myers Industries, Inc.	4,100		$ 45,715
DISTRIBUTORS - 2.3%
Genuine Parts Co.	8,800		378,048
DIVERSIFIED CONSUMER SERVICES - 0.7%
Universal Technical Institute, Inc. (a)	3,800		116,090
ELECTRICAL EQUIPMENT - 0.3%
Energy Conversion Devices, Inc. (a)	2,400		46,272
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.3%
BEI Technologies, Inc.	9,300		239,103
Iteris, Inc. (a)	47,300		124,399
Nestor, Inc. (a)	2,500		17,350
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			380,852
HOTELS, RESTAURANTS & LEISURE - 0.6%
International Speedway Corp. Class A	1,900		103,854
HOUSEHOLD DURABLES - 4.8%
Harman International Industries, Inc.	9,500		787,170
LEISURE EQUIPMENT & PRODUCTS - 5.1%
Brunswick Corp.	12,100		520,784
MarineMax, Inc. (a)	5,800		159,616
RC2 Corp. (a)	4,300		154,972
TOTAL LEISURE EQUIPMENT & PRODUCTS			835,372
MACHINERY - 6.6%
Caterpillar, Inc.	400		37,644
Cummins, Inc.	2,100		142,695
Danaher Corp.	600		33,078
Eaton Corp.	6,600		395,010
Oshkosh Truck Co.	900		71,766
PACCAR, Inc.	3,325		235,244
Tata Motors Ltd. sponsored ADR (a)	16,000		157,600
TOTAL MACHINERY			1,073,037
MEDIA - 4.0%
XM Satellite Radio Holdings, Inc. Class A (a)	20,500		658,255
REAL ESTATE - 0.3%
Capital Automotive (REIT) (SBI)	1,500		53,670
SOFTWARE - 2.6%
NAVTEQ Corp.	11,000		419,650
SPECIALTY RETAIL - 10.2%
Advance Auto Parts, Inc. (a)	4,700		278,569
Asbury Automotive Group, Inc. (a)	17,000		249,900
AutoNation, Inc. (a)	12,200		244,000
CarMax, Inc. (a)	1,200		30,636
Group 1 Automotive, Inc. (a)	1,500		40,065
Lithia Motors, Inc. Class A (sub. vtg.)	5,200		138,320
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Monro Muffler Brake, Inc. (a)	2,100		$ 56,427
Sonic Automotive, Inc. Class A (sub. vtg.)	9,245		197,103
TBC Corp. New (a)	1,700		43,401
The Pep Boys - Manny, Moe & Jack	8,800		117,568
United Auto Group, Inc.	8,600		264,880
TOTAL SPECIALTY RETAIL			1,660,869
TOTAL COMMON STOCKS (Cost $16,181,606)		15,751,415
Nonconvertible Preferred Stocks - 0.3%

AUTOMOBILES - 0.3%
Porsche AG (non-vtg.) (Cost $46,057)	66		45,887
Money Market Funds - 13.2%

Fidelity Cash Central Fund, 3.05% (b)	648,450		648,450
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	1,504,000		1,504,000
TOTAL MONEY MARKET FUNDS (Cost $2,152,450)		2,152,450
TOTAL INVESTMENT PORTFOLIO - 110.0% (Cost $18,380,113)		17,949,752
NET OTHER ASSETS - (10.0)%		(1,632,217)
NET ASSETS - 100%		$ 16,317,535

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $18,513,395. Net unrealized depreciation aggregated $563,643, of which $607,038 related to appreciated investment securities and $1,170,681 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2005

1.802155.101

BAN-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.9%
	Shares		Value
CAPITAL MARKETS - 10.0%
Bank of New York Co., Inc.	615,296		$ 17,732,831
Investors Financial Services Corp.	57,700		2,393,973
Mellon Financial Corp.	321,000		8,910,960
Northern Trust Corp.	257,900		11,842,768
Nuveen Investments, Inc. Class A	135,400		4,881,170
TOTAL CAPITAL MARKETS			45,761,702
COMMERCIAL BANKS - 64.9%
Amegy Bancorp, Inc.	39,800		708,838
AmSouth Bancorp.	37,200		991,752
Associated Banc-Corp.	73,220		2,447,012
Bank of America Corp.	398,304		18,449,441
BB&T Corp.	116,042		4,634,717
BOK Financial Corp.	118,200		5,345,004
Center Financial Corp., California	119,800		2,560,126
City National Corp.	25,900		1,839,677
Comerica, Inc.	178,300		9,963,404
Commerce Bancorp, Inc., New Jersey	30,022		833,111
Commerce Bancshares, Inc.	33,103		1,613,771
Community Bank of Nevada	1,200		34,152
Compass Bancshares, Inc.	72,400		3,226,868
East West Bancorp, Inc.	140,800		4,736,512
Fifth Third Bancorp	348,780		14,865,004
First Bancorp, Puerto Rico	43,700		1,675,021
First Commonwealth Financial Corp.	65,000		868,400
FirstMerit Corp.	1,000		25,500
Fulton Financial Corp.	54,432		1,182,807
Greater Bay Bancorp	49,800		1,251,474
Hanmi Financial Corp.	253,982		4,081,491
Huntington Bancshares, Inc.	129,070		3,009,912
KeyCorp	379,300		12,425,868
M&T Bank Corp.	125,900		12,859,426
Marshall & Ilsley Corp.	41,400		1,801,314
Mercantile Bankshares Corp.	81,300		4,238,169
National City Corp.	135,089		4,668,676
North Fork Bancorp, Inc., New York	683,778		18,639,788
Pacific Capital Bancorp	3		101
PNC Financial Services Group, Inc.	170,700		9,328,755
Popular, Inc.	323,100		7,609,005
PrivateBancorp, Inc.	97,200		3,284,388
Regions Financial Corp. New	78,100		2,630,408
Santander Bancorp	63,210		1,390,620
SunTrust Banks, Inc.	292,548		21,534,458
SVB Financial Group (a)	110,000		5,253,600
Synovus Financial Corp.	344,100		10,002,987
TD Banknorth, Inc.	89,120		2,671,818
Texas Regional Bancshares, Inc. Class A	155,150		4,466,769
Toronto-Dominion Bank	42,796		1,827,149
U.S. Bancorp, Delaware	291,800		8,558,494

	Shares		Value
UnionBanCal Corp.	261,934		$ 16,441,597
Valley National Bancorp	86,299		2,059,094
Wachovia Corp.	486,692		24,699,619
Wells Fargo & Co.	434,900		26,272,310
Westamerica Bancorp.	19,200		1,010,880
Wintrust Financial Corp.	47,100		2,358,297
Zions Bancorp	85,500		6,056,820
TOTAL COMMERCIAL BANKS			296,434,404
DIVERSIFIED FINANCIAL SERVICES - 8.8%
Citigroup, Inc.	443,300		20,883,863
EuroBancshares, Inc.	122,278		1,711,892
JPMorgan Chase & Co.	499,626		17,861,630
TOTAL DIVERSIFIED FINANCIAL SERVICES			40,457,385
INSURANCE - 2.1%
American International Group, Inc.	169,700		9,426,835
THRIFTS & MORTGAGE FINANCE - 1.1%
Freddie Mac	75,800		4,930,032
IndyMac Bancorp, Inc.	100		4,115
TOTAL THRIFTS & MORTGAGE FINANCE			4,934,147
TOTAL COMMON STOCKS (Cost $287,099,143)		397,014,473
Money Market Funds - 14.0%

Fidelity Cash Central Fund, 3.05% (b)	59,697,513		59,697,513
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	4,077,000		4,077,000
TOTAL MONEY MARKET FUNDS (Cost $63,774,513)		63,774,513
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $350,873,656)		460,788,986
NET OTHER ASSETS - (0.9)%		(4,208,497)
NET ASSETS - 100%		$ 456,580,489

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $351,551,070. Net unrealized appreciation aggregated $109,237,916, of which $113,208,332 related to appreciated investment securities and $3,970,416 related to depreciated investment securities.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2005

1.802156.101

BIO-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
BIOTECHNOLOGY - 84.9%
Actelion Ltd. (Reg.) (a)	402,712		$ 40,809,956
Affymetrix, Inc. (a)	1,312,200		70,189,578
Alkermes, Inc. (a)	1,354,957		15,717,501
Amgen, Inc. (a)	688,100		43,061,298
Amylin Pharmaceuticals, Inc. (a)	238,100		3,804,838
Biogen Idec, Inc. (a)	2,536,242		99,167,062
BioMarin Pharmaceutical, Inc. (a)	153,400		1,043,120
Celgene Corp. (a)	3,287,830		139,206,722
Cephalon, Inc. (a)	1,700,540		72,136,907
Chiron Corp. (a)	444,900		16,701,546
Curis, Inc. (a)	1,304,820		5,167,087
Dendreon Corp. (a)	2,300		12,167
DOV Pharmaceutical, Inc. (a)	205,000		3,095,500
Dyax Corp. (a)	145,800		677,970
Enzon Pharmaceuticals, Inc. (a)	753,100		4,571,317
Exelixis, Inc. (a)	352,400		2,473,848
Genentech, Inc. (a)	3,275,800		259,607,151
Genta, Inc. (a)	486,300		539,793
Genzyme Corp. (a)	1,213,500		75,710,265
Gilead Sciences, Inc. (a)	1,890,200		77,120,160
Harvard Bioscience, Inc. (a)	11,600		37,352
Human Genome Sciences, Inc. (a)	827,900		9,338,712
Icagen, Inc.	340,500		2,274,540
ICOS Corp. (a)	746,700		16,128,720
Idenix Pharmaceuticals, Inc.	179,000		3,655,180
ImClone Systems, Inc. (a)	1,405,900		46,591,526
ImmunoGen, Inc. (a)	1,719,456		10,247,958
Immunomedics, Inc. (a)	297,100		534,780
Invitrogen Corp. (a)	844,954		67,030,201
Ligand Pharmaceuticals, Inc. Class B (a)	40,200		234,768
Medarex, Inc. (a)	852,500		6,461,950
MedImmune, Inc. (a)	2,786,920		73,574,688
Millennium Pharmaceuticals, Inc. (a)	6,594,162		55,193,136
Myogen, Inc. (a)	100		662
Neurocrine Biosciences, Inc. (a)	610,900		23,012,603
NPS Pharmaceuticals, Inc. (a)	383,000		4,431,310
Oscient Pharmaceuticals Corp. (a)	89,500		147,675
OSI Pharmaceuticals, Inc. (a)	381,000		14,161,770
Pharmion Corp. (a)	443,196		9,010,175
Protein Design Labs, Inc. (a)	1,499,300		28,636,630
Regeneron Pharmaceuticals, Inc. (a)	715,000		4,454,450
Seattle Genetics, Inc. (a)	837,589		4,045,555
Serologicals Corp. (a)	759,900		16,330,251

	Shares		Value
Tanox, Inc. (a)	334,600		$ 3,312,540
Techne Corp. (a)	510,600		23,793,960
Tercica, Inc. (a)	395,100		3,152,898
Transkaryotic Therapies, Inc. (a)	153,500		5,217,465
ViaCell, Inc.	17,500		131,600
XOMA Ltd. (a)	1,542,100		2,158,940
TOTAL BIOTECHNOLOGY		1,364,115,781
HEALTH CARE EQUIPMENT & SUPPLIES - 0.3%
Cholestech Corp. (a)	126,200		1,154,730
Cyberonics, Inc. (a)	17,800		649,522
Epix Pharmaceuticals, Inc. (a)	114,400		907,192
Gen-Probe, Inc. (a)	44,700		1,737,042
Syneron Medical Ltd.	30,900		1,041,948
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			5,490,434
PHARMACEUTICALS - 14.0%
Connetics Corp. (a)	5,400		120,258
Cypress Bioscience, Inc. (a)	97,200		1,180,980
Eli Lilly & Co.	7,900		460,570
Guilford Pharmaceuticals, Inc. (a)	918,200		2,313,864
Kos Pharmaceuticals, Inc. (a)	436,000		25,170,280
Medicines Co. (a)	514,600		11,290,324
Merck KGaA	392,212		30,343,355
MGI Pharma, Inc. (a)	1,122,600		26,044,320
Novartis AG sponsored ADR	234,200		11,435,986
Roche Holding AG (participation certificate)	196,756		24,809,256
Sanofi-Aventis sponsored ADR	67,400		3,033,000
Sepracor, Inc. (a)	1,411,000		85,732,360
SkyePharma PLC (a)	2,744,787		2,693,278
TOTAL PHARMACEUTICALS			224,627,831
TOTAL COMMON STOCKS (Cost $1,381,999,795)		1,594,234,046
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.4%
BIOTECHNOLOGY - 0.4%
Xenon Genetics, Inc. Series E (d)	981,626		6,056,632
Nonconvertible Preferred Stocks - 0.0%
BIOTECHNOLOGY - 0.0%
Geneprot, Inc. Series A (a)(d)	180,000		154,800
TOTAL PREFERRED STOCKS (Cost $7,714,138)		6,211,432
Money Market Funds - 4.3%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	3,889,493		$ 3,889,493
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	64,336,300		64,336,300
TOTAL MONEY MARKET FUNDS (Cost $68,225,793)		68,225,793
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $1,457,939,726)		1,668,671,271
NET OTHER ASSETS - (3.9)%		(62,263,949)
NET ASSETS - 100%		$ 1,606,407,322

Legend

(a) Non-income producing

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,211,432 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Geneprot, Inc. Series A	7/7/00	$ 990,000
Xenon Genetics, Inc. Series E	3/23/01	$ 6,724,138

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,469,106,159. Net unrealized appreciation aggregated $199,565,112, of which $456,217,708 related to appreciated investment securities and $256,652,596 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2005

1.802157.101

BRO-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CAPITAL MARKETS - 68.8%
Affiliated Managers Group, Inc. (a)	259,000		$ 17,275,300
American Capital Strategies Ltd.	366,500		12,834,830
Ameritrade Holding Corp. (a)	1,357,233		20,168,482
BlackRock, Inc. Class A	57,900		4,517,358
Calamos Asset Management, Inc. Class A	30,600		739,908
Charles Schwab Corp.	1,028,100		11,658,654
Cohen & Steers, Inc.	50,000		891,500
Credit Suisse Group sponsored ADR	50,000		2,002,500
E*TRADE Financial Corp. (a)	1,675,100		20,687,485
Eaton Vance Corp. (non-vtg.)	76,400		1,861,104
Franklin Resources, Inc.	240,400		17,342,456
GFI Group, Inc.	70,000		1,953,000
Goldman Sachs Group, Inc.	56,400		5,499,000
Janus Capital Group, Inc.	682,000		10,475,520
Jefferies Group, Inc.	100,000		3,541,000
Knight Trading Group, Inc. (a)	300,000		2,265,000
Lazard Ltd. Class A	93,000		2,013,450
Legg Mason, Inc.	256,248		21,058,461
Lehman Brothers Holdings, Inc.	79,550		7,334,510
MarketAxess Holdings, Inc.	100,000		1,000,000
MCF Corp. (a)	608,100		760,125
Merrill Lynch & Co., Inc.	351,250		19,058,825
Morgan Stanley	90,030		4,407,869
National Financial Partners Corp.	153,000		5,850,720
Northern Trust Corp.	143,100		6,571,152
Nuveen Investments, Inc. Class A	242,100		8,727,705
optionsXpress Holdings, Inc.	1,122,308		15,151,158
SEI Investments Co.	1,000		34,760
State Street Corp.	40,700		1,953,600
T. Rowe Price Group, Inc.	162,200		9,676,852
TradeStation Group, Inc. (a)	1,680,248		12,383,428
UBS AG (NY Shares)	248,200		19,198,270
TOTAL CAPITAL MARKETS			268,893,982
COMMERCIAL BANKS - 1.3%
Boston Private Financial Holdings, Inc.	60,000		1,468,800
Standard Chartered PLC (United Kingdom)	200,000		3,623,297
TOTAL COMMERCIAL BANKS			5,092,097
CONSUMER FINANCE - 6.7%
American Express Co.	400,900		21,588,465
First Marblehead Corp. (a)	100,000		4,465,000
TOTAL CONSUMER FINANCE			26,053,465
DIVERSIFIED CONSUMER SERVICES - 1.1%
Jackson Hewitt Tax Service, Inc.	216,800		4,487,760
DIVERSIFIED FINANCIAL SERVICES - 4.4%
Archipelago Holdings, Inc.	107,670		3,698,465

	Shares		Value
Deutsche Boerse AG	51,000		$ 3,749,793
Indiabulls Financial Services Ltd.	1,103,196		3,085,166
Nasdaq Stock Market, Inc. (a)	400,700		6,876,012
TOTAL DIVERSIFIED FINANCIAL SERVICES			17,409,436
INSURANCE - 13.6%
AFLAC, Inc.	100,000		4,155,000
American International Group, Inc.	674,200		37,451,811
Prudential Financial, Inc.	180,000		11,395,800
TOTAL INSURANCE			53,002,611
MEDIA - 0.2%
Cumulus Media, Inc. Class A (a)	1,500		18,735
Entravision Communications Corp. Class A (a)	83,182		618,042
TOTAL MEDIA			636,777
TOTAL COMMON STOCKS (Cost $317,838,016)		375,576,128
Money Market Funds - 8.0%

Fidelity Cash Central Fund, 3.05% (b)	10,964,260		10,964,260
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	20,427,525		20,427,525
TOTAL MONEY MARKET FUNDS (Cost $31,391,785)		31,391,785
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $349,229,801)		406,967,913
NET OTHER ASSETS - (4.1)%		(15,951,777)
NET ASSETS - 100%		$ 391,016,136

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $351,176,314. Net unrealized appreciation aggregated $55,791,599, of which $68,129,292 related to appreciated investment securities and $12,337,693 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Business Services and
Outsourcing Portfolio

May 31, 2005

1.802158.101

BSO-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CAPITAL MARKETS - 3.4%
State Street Corp.	24,000		$ 1,152,000
COMMERCIAL SERVICES & SUPPLIES - 9.5%
Banta Corp.	6,400		281,088
Capita Group PLC	15,100		105,157
Cendant Corp.	1,200		25,452
Cintas Corp.	15,800		637,846
Exponent, Inc. (a)	15,300		378,981
First Advantage Corp. (a)	13,100		286,366
Hudson Highland Group, Inc. (a)	22,000		352,220
Korn/Ferry International (a)	21,400		339,404
PHH Corp. (a)	60		1,439
Resources Connection, Inc. (a)	3,800		75,696
Robert Half International, Inc.	21,500		536,210
SOURCECORP, Inc. (a)	11,100		237,651
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,257,510
COMPUTERS & PERIPHERALS - 0.1%
Maxtor Corp. (a)	3,500		19,215
DIVERSIFIED CONSUMER SERVICES - 4.6%
Apollo Group, Inc. Class A (a)	16,900		1,326,650
Career Education Corp. (a)	5,200		180,284
H&R Block, Inc.	300		14,976
Vertrue, Inc. (a)	1,600		60,480
TOTAL DIVERSIFIED CONSUMER SERVICES			1,582,390
DIVERSIFIED FINANCIAL SERVICES - 2.2%
Moody's Corp.	17,000		735,590
HEALTH CARE PROVIDERS & SERVICES - 8.5%
DaVita, Inc. (a)	15,500		713,930
IMS Health, Inc.	8,578		210,590
Pediatrix Medical Group, Inc. (a)	7,700		566,951
Quest Diagnostics, Inc.	13,400		1,407,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			2,898,471
INSURANCE - 0.3%
Hilb Rogal & Hobbs Co.	1,600		54,544
USI Holdings Corp. (a)	2,900		33,959
TOTAL INSURANCE			88,503
IT SERVICES - 56.8%
Accenture Ltd. Class A (a)	80,200		1,867,056
Affiliated Computer Services, Inc. Class A (a)	44,500		2,301,985
Alliance Data Systems Corp. (a)	13,500		509,220
Automatic Data Processing, Inc.	4,200		183,960
BearingPoint, Inc. (a)	163,900		1,073,545

	Shares		Value
Ceridian Corp. (a)	69,200		$ 1,319,644
Certegy, Inc.	11,500		431,825
Cognizant Technology Solutions Corp. Class A (a)	16,308		782,784
Computer Horizons Corp. (a)	21,100		61,190
Computer Sciences Corp. (a)	36,100		1,671,791
Convergys Corp. (a)	400		5,452
DST Systems, Inc. (a)	30,600		1,479,816
First Data Corp.	42,300		1,600,209
Forrester Research, Inc. (a)	8,300		136,950
HCL Technologies Ltd.	13,800		116,172
Infosys Technologies Ltd.	26,242		1,349,859
Intelligroup, Inc. (a)	20,589		24,295
Kanbay International, Inc.	14,300		296,868
Mastek Ltd.	5,251		44,090
Maximus, Inc.	8,400		288,036
Ness Technologies, Inc.	20,400		199,512
Patni Computer Systems Ltd.	11,519		91,955
Paychex, Inc.	47,087		1,359,873
Sabre Holdings Corp. Class A	8,600		172,602
Sapient Corp. (a)	54,200		455,280
Satyam Computer Services Ltd. sponsored ADR	100		2,471
Syntel, Inc.	20,300		317,898
The BISYS Group, Inc. (a)	83,500		1,273,375
TOTAL IT SERVICES			19,417,713
MEDIA - 6.0%
Lamar Advertising Co. Class A (a)	27,100		1,133,322
Omnicom Group, Inc.	11,100		908,979
TOTAL MEDIA			2,042,301
OFFICE ELECTRONICS - 0.8%
Xerox Corp. (a)	21,400		290,398
SOFTWARE - 6.4%
Amdocs Ltd. (a)	23,700		645,825
BEA Systems, Inc. (a)	15,100		127,293
Intuit, Inc. (a)	600		25,932
Lawson Software, Inc. (a)	30,000		177,600
Microsoft Corp.	18,200		469,560
NAVTEQ Corp.	100		3,815
Open Solutions, Inc. (a)	8,900		157,975
Reynolds & Reynolds Co. Class A	4,000		109,160
TIBCO Software, Inc. (a)	16,600		105,244
VERITAS Software Corp. (a)	15,300		380,511
TOTAL SOFTWARE			2,202,915
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
Oxford Industries, Inc.	2,300		82,248
TOTAL COMMON STOCKS (Cost $29,763,957)		33,769,254
Money Market Funds - 12.2%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	488,581		$ 488,581
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	3,686,500		3,686,500
TOTAL MONEY MARKET FUNDS (Cost $4,175,081)		4,175,081
TOTAL INVESTMENT PORTFOLIO - 111.0% (Cost $33,939,038)		37,944,335
NET OTHER ASSETS - (11.0)%		(3,766,761)
NET ASSETS - 100%		$ 34,177,574

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $33,985,690. Net unrealized appreciation aggregated $3,958,645, of which $5,556,816 related to appreciated investment securities and $1,598,171 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2005

1.802159.101

CHE-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CHEMICALS - 85.9%
Agrium, Inc.	166,100		$ 3,096,510
Air Products & Chemicals, Inc.	240,200		14,467,246
Airgas, Inc.	257,200		6,172,800
Albemarle Corp.	151,000		5,744,040
Arch Chemicals, Inc.	43,850		1,033,545
BASF AG sponsored ADR	31,500		2,091,600
Celanese Corp. Class A	242,500		3,753,900
Cytec Industries, Inc.	128,900		5,369,974
Dow Chemical Co.	163,900		7,423,031
E.I. du Pont de Nemours & Co.	500		23,255
Eastman Chemical Co.	161,600		9,498,848
Ecolab, Inc.	800		25,864
Engelhard Corp.	17,300		508,620
Ferro Corp.	180,000		3,463,200
FMC Corp. (a)	165,170		9,158,677
Great Lakes Chemical Corp.	325,600		11,037,840
H.B. Fuller Co.	39,400		1,276,560
International Flavors & Fragrances, Inc.	23,000		853,070
L'Air Liquide SA	6,800		1,182,362
Linde AG	17,800		1,208,870
Lubrizol Corp.	183,800		7,236,206
Lyondell Chemical Co.	599,023		14,220,806
Minerals Technologies, Inc.	59,600		4,011,080
Monsanto Co.	210,000		11,970,000
Mosaic Co. (a)	326,800		4,274,544
NL Industries, Inc.	103,300		1,570,160
NOVA Chemicals Corp.	111,100		3,540,472
Pioneer Companies, Inc. (a)	451,200		9,551,904
PolyOne Corp. (a)	595,900		4,004,448
Potash Corp. of Saskatchewan	12,200		1,095,881
PPG Industries, Inc.	200		13,078
Praxair, Inc.	315,960		14,809,045
Rhodia SA (a)	656,500		1,098,684
Rohm & Haas Co.	300,700		14,027,655
RPM International, Inc.	1,800		31,680
Spartech Corp.	147,000		2,973,810
Syngenta AG sponsored ADR	73,600		1,519,104
Thai Olefins PCL	4,000		6,005
The Scotts Co. Class A (a)	57,500		4,080,775
Valspar Corp.	29,900		1,417,260
Westlake Chemical Corp.	190,800		4,575,384
TOTAL CHEMICALS			193,417,793
FOOD PRODUCTS - 1.6%
Archer-Daniels-Midland Co.	1,600		31,760
Bunge Ltd.	19,700		1,222,188
Corn Products International, Inc.	102,300		2,259,807
TOTAL FOOD PRODUCTS			3,513,755

	Shares		Value
INDUSTRIAL CONGLOMERATES - 2.4%
3M Co.	71,300		$ 5,465,145
MACHINERY - 1.1%
Hyundai Mipo Dockyard Co. Ltd.	28,800		1,826,621
Pall Corp.	21,800		636,342
TOTAL MACHINERY			2,462,963
MARINE - 1.3%
Camillo Eitzen & Co. ASA	53,600		589,431
Odfjell ASA (A Shares)	60,400		1,150,672
Stolt-Nielsen SA	32,300		1,080,602
TOTAL MARINE			2,820,705
METALS & MINING - 1.5%
Compass Minerals International, Inc.	149,100		3,359,223
OIL, GAS & CONSUMABLE FUELS - 3.3%
Ashland, Inc.	100,300		6,850,490
Nippon Oil Corp.	105,000		685,271
TOTAL OIL, GAS & CONSUMABLE FUELS			7,535,761
SPECIALTY RETAIL - 0.3%
Sherwin-Williams Co.	17,800		791,210
TRADING COMPANIES & DISTRIBUTORS - 0.7%
UAP Holding Corp.	110,600		1,609,230
TOTAL COMMON STOCKS (Cost $205,524,155)		220,975,785
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 3.05% (b)	193,229		193,229
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	4,480,650		4,480,650
TOTAL MONEY MARKET FUNDS (Cost $4,673,879)		4,673,879
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $210,198,034)		225,649,664
NET OTHER ASSETS - (0.2)%			(462,232)
NET ASSETS - 100%		$ 225,187,432

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $212,273,409. Net unrealized appreciation aggregated $13,376,255, of which $23,977,094 related to appreciated investment securities and $10,600,839 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2005

1.802161.101

COM-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 11.1%
Alvarion Ltd. (a)	200,100		$ 1,812,906
Andrew Corp. (a)	82,100		1,088,646
Avaya, Inc. (a)	160,400		1,467,660
Cisco Systems, Inc. (a)	942,500		18,265,650
Comverse Technology, Inc. (a)	94,200		2,216,526
F5 Networks, Inc. (a)	46,600		2,386,386
Foundry Networks, Inc. (a)	147,500		1,362,900
ITF Optical Technologies, Inc. Series A (c)	31,365		0
Juniper Networks, Inc. (a)	416,732		10,685,008
Plantronics, Inc.	67,100		2,309,582
QUALCOMM, Inc.	700,300		26,093,178
TOTAL COMMUNICATIONS EQUIPMENT			67,688,442
COMPUTERS & PERIPHERALS - 23.3%
Acer, Inc.	1,236,438		2,345,546
Apple Computer, Inc. (a)	943,600		37,470,356
Compal Electronics, Inc.	1,523,825		1,462,367
Dell, Inc. (a)	1,096,400		43,735,397
Dot Hill Systems Corp. (a)	371,900		1,974,789
EMC Corp. (a)	2,526,400		35,521,184
Emulex Corp. (a)	66,400		1,254,960
Lexmark International, Inc. Class A (a)	90,900		6,221,196
palmOne, Inc. (a)	51,720		1,469,882
QLogic Corp. (a)	263,200		8,427,664
Quanta Computer, Inc.	1,261,312		2,308,283
TOTAL COMPUTERS & PERIPHERALS			142,191,624
ELECTRONIC EQUIPMENT & INSTRUMENTS - 9.7%
Arrow Electronics, Inc. (a)	164,800		4,606,160
AU Optronics Corp. sponsored ADR	118,400		2,041,216
Avnet, Inc. (a)	94,400		1,974,848
Bell Microproducts, Inc. (a)	497,900		4,082,780
Benchmark Electronics, Inc. (a)	45,400		1,437,818
CDW Corp.	61,400		3,572,252
Celestica, Inc. (sub. vtg.) (a)	680,100		8,571,687
Flextronics International Ltd. (a)	153,700		1,964,286
Hon Hai Precision Industries Co. Ltd.	1,450,465		7,607,253
Ingram Micro, Inc. Class A (a)	61,700		975,477
Jabil Circuit, Inc. (a)	200,000		5,846,000
Solectron Corp. (a)	586,600		2,141,090
Tech Data Corp. (a)	262,400		9,420,160
World Peace Industrial Co. Ltd.	3,263,130		1,877,873
Xyratex Ltd.	169,000		3,057,210
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			59,176,110
HOUSEHOLD DURABLES - 0.3%
LG Electronics, Inc.	23,840		1,732,098
INTERNET & CATALOG RETAIL - 2.1%
eBay, Inc. (a)	342,200		13,007,022

	Shares		Value
INTERNET SOFTWARE & SERVICES - 1.3%
Akamai Technologies, Inc. (a)	94,400		$ 1,325,376
SonicWALL, Inc. (a)	391,500		2,419,470
webMethods, Inc. (a)	222,800		1,120,684
Yahoo!, Inc. (a)	75,000		2,790,000
TOTAL INTERNET SOFTWARE & SERVICES			7,655,530
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 46.7%
Agere Systems, Inc. (a)	160,600		2,184,160
Altera Corp. (a)	555,500		12,326,545
Analog Devices, Inc.	784,370		29,084,440
Applied Materials, Inc.	736,600		12,087,606
ATMI, Inc. (a)	92,800		2,607,680
Axcelis Technologies, Inc. (a)	170,700		1,135,155
Broadcom Corp. Class A (a)	35,600		1,263,444
Cascade Microtech, Inc.	300,000		4,050,000
Fairchild Semiconductor International, Inc. (a)	166,200		2,376,660
Freescale Semiconductor, Inc.:
Class A	256,800		5,187,360
Class B (a)	211,872		4,279,814
Integrated Circuit Systems, Inc. (a)	534,500		11,326,055
Integrated Device Technology, Inc. (a)	665,400		8,137,842
Intel Corp.	1,053,600		28,373,448
International Rectifier Corp. (a)	76,200		3,640,836
Intersil Corp. Class A	291,500		5,468,540
Lam Research Corp. (a)	344,600		10,572,328
Linear Technology Corp.	115,100		4,312,797
Marvell Technology Group Ltd. (a)	413,800		16,949,248
Maxim Integrated Products, Inc.	164,000		6,461,600
MediaTek, Inc.	141,000		1,218,269
Mindspeed Technologies, Inc. (a)	442,300		632,489
National Semiconductor Corp.	1,250,700		25,164,084
Novatek Microelectronics Corp.	242,000		1,145,768
O2Micro International Ltd. (a)	314,000		3,912,440
ON Semiconductor Corp. (a)	636,500		2,864,250
PMC-Sierra, Inc. (a)	489,300		4,291,161
Samsung Electronics Co. Ltd.	31,133		15,110,709
SigmaTel, Inc. (a)	138,000		3,124,320
Silicon Image, Inc. (a)	62,000		727,880
Silicon Laboratories, Inc. (a)	43,100		1,195,163
STATS ChipPAC Ltd. sponsored ADR (a)	309,200		2,232,424
Taiwan Semiconductor Manufacturing Co. Ltd.	1,416,109		2,568,997
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	549,877		5,064,367
Teradyne, Inc. (a)	140,300		1,825,303
Tessera Technologies, Inc. (a)	441,300		12,991,872
Texas Instruments, Inc.	337,800		9,336,792
Trident Microsystems, Inc. (a)	163,200		3,456,576
United Microelectronics Corp.	1,779,000		1,202,449
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - continued
United Microelectronics Corp. sponsored ADR	522,844		$ 1,955,437
Varian Semiconductor Equipment Associates, Inc. (a)	315,500		12,802,990
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			284,649,298
SOFTWARE - 4.6%
Altiris, Inc. (a)	49,700		934,360
Autodesk, Inc.	50,000		1,979,000
Concord Communications, Inc. (a)	172,800		2,923,776
Hyperion Solutions Corp. (a)	34,700		1,531,311
Macrovision Corp. (a)	105,400		2,214,454
McAfee, Inc. (a)	101,000		2,896,680
Micromuse, Inc. (a)	250,000		1,570,000
TIBCO Software, Inc. (a)	300,000		1,902,000
VERITAS Software Corp. (a)	455,500		11,328,285
WatchGuard Technologies, Inc. (a)	289,100		1,049,433
TOTAL SOFTWARE			28,329,299
WIRELESS TELECOMMUNICATION SERVICES - 0.7%
Leap Wireless International, Inc. (a)	53,400		1,436,460
Telesystem International Wireless, Inc. (a)	164,700		2,519,312
TOTAL WIRELESS TELECOMMUNICATION SERVICES			3,955,772
TOTAL COMMON STOCKS (Cost $586,731,079)		608,385,195
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Procket Networks, Inc. Series C (a)(c)	233,000		2
SOFTWARE - 0.0%
Monterey Design Systems Series E (c)	29,800		26,820
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,865,608)		26,822
Money Market Funds - 0.3%
Fidelity Cash Central Fund, 3.05% (b) (Cost $2,015,718)	2,015,718	2,015,718
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $592,612,405)		610,427,735
NET OTHER ASSETS - (0.1)%			(765,775)
NET ASSETS - 100%		$ 609,661,960

Legend

(a) Non-income producing

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $26,822 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
ITF Optical Technologies, Inc. Series A	10/11/00	$ 1,575,000
Monterey Design Systems Series E	11/1/00	$ 1,564,500
Procket Networks, Inc. Series C	11/15/00 - 12/26/00	$ 2,301,108

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $595,355,653. Net unrealized appreciation aggregated $15,072,082, of which $80,342,968 related to appreciated investment securities and $65,270,886 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2005

1.802162.101

HOU-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
BUILDING PRODUCTS - 8.7%
American Standard Companies, Inc.	146,900		$ 6,287,320
Masco Corp.	257,700		8,251,554
NCI Building Systems, Inc. (a)	14,700		507,738
Quixote Corp.	16,500		321,420
Simpson Manufacturing Co. Ltd.	40,100		1,152,474
Trex Co., Inc. (a)	16,100		620,655
Universal Forest Products, Inc.	16,400		652,720
York International Corp.	33,900		1,396,680
TOTAL BUILDING PRODUCTS			19,190,561
COMMERCIAL SERVICES & SUPPLIES - 1.7%
Herman Miller, Inc.	83,900		2,442,329
Knoll, Inc.	31,770		552,163
Steelcase, Inc. Class A	68,300		881,070
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,875,562
CONSTRUCTION & ENGINEERING - 5.9%
Chicago Bridge & Iron Co. NV (NY Shares)	22,600		488,160
Dycom Industries, Inc. (a)	157,400		3,091,336
EMCOR Group, Inc. (a)	22,000		1,045,000
Fluor Corp.	30,000		1,723,500
Granite Construction, Inc.	51,100		1,198,295
Infrasource Services, Inc.	43,000		473,000
Jacobs Engineering Group, Inc. (a)	47,300		2,487,034
MasTec, Inc. (a)	99,800		844,308
Perini Corp. (a)	37,200		560,976
URS Corp. (a)	36,700		1,241,561
TOTAL CONSTRUCTION & ENGINEERING			13,153,170
CONSTRUCTION MATERIALS - 7.0%
Eagle Materials, Inc.	13,577		1,190,296
Eagle Materials, Inc. Class B	400		34,020
Florida Rock Industries, Inc.	62,350		4,080,808
Lafarge North America, Inc.	54,294		3,277,729
Martin Marietta Materials, Inc.	38,600		2,356,530
Vulcan Materials Co.	75,000		4,494,750
TOTAL CONSTRUCTION MATERIALS			15,434,133
ELECTRICAL EQUIPMENT - 1.0%
A.O. Smith Corp.	17,600		551,936
AMETEK, Inc.	13,800		527,574
Genlyte Group, Inc. (a)	23,800		1,060,528
TOTAL ELECTRICAL EQUIPMENT			2,140,038
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
FARO Technologies, Inc. (a)	48,400		1,346,488
HOUSEHOLD DURABLES - 43.8%
Beazer Homes USA, Inc.	38,900		2,079,594

	Shares		Value
Blount International, Inc. (a)	19,800		$ 349,668
Centex Corp.	91,100		5,965,228
D.R. Horton, Inc.	503,566		17,408,277
Hovnanian Enterprises, Inc. Class A (a)	40,900		2,539,890
Interface, Inc. Class A (a)	39,900		305,235
KB Home	232,500		15,703,050
Lennar Corp. Class A	89,400		5,186,094
Pulte Homes, Inc.	116,800		8,929,360
Ryland Group, Inc.	131,000		8,973,500
Standard Pacific Corp.	36,800		2,948,416
Techtronic Industries Co. Ltd.	1,437,300		3,214,382
Tempur-Pedic International, Inc. (a)	46,800		1,091,844
The Stanley Works	26,900		1,200,009
Toll Brothers, Inc. (a)	227,700		21,082,741
TOTAL HOUSEHOLD DURABLES			96,977,288
INDUSTRIAL CONGLOMERATES - 0.8%
Carlisle Companies, Inc.	24,200		1,677,544
MACHINERY - 13.5%
A.S.V., Inc. (a)	15,300		555,390
Astec Industries, Inc. (a)	22,000		482,460
Briggs & Stratton Corp.	64,000		2,167,040
Caterpillar, Inc.	118,200		11,123,802
Crane Co.	40,400		1,061,308
Cummins, Inc.	3,100		210,645
Danaher Corp.	209,400		11,544,222
Timken Co.	46,200		1,085,700
Toro Co.	36,600		1,575,630
TOTAL MACHINERY			29,806,197
OIL, GAS & CONSUMABLE FUELS - 0.5%
Ashland, Inc.	15,900		1,085,970
REAL ESTATE - 3.5%
Catellus Development Corp.	66,100		1,934,747
Equity Lifestyle Properties, Inc.	14,600		553,340
General Growth Properties, Inc.	13,790		536,845
The St. Joe Co.	58,700		4,629,669
TOTAL REAL ESTATE			7,654,601
SPECIALTY RETAIL - 4.8%
Home Depot, Inc.	163,550		6,435,693
Sherwin-Williams Co.	94,800		4,213,860
TOTAL SPECIALTY RETAIL			10,649,553
THRIFTS & MORTGAGE FINANCE - 1.7%
Countrywide Financial Corp.	89,203		3,315,676
Golden West Financial Corp., Delaware	6,900		432,078
TOTAL THRIFTS & MORTGAGE FINANCE			3,747,754
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 3.7%
Fastenal Co.	19,200		$ 1,115,904
Hughes Supply, Inc.	58,100		1,510,600
Interline Brands, Inc.	33,200		666,988
MSC Industrial Direct Co., Inc. Class A	52,500		1,634,325
WESCO International, Inc. (a)	115,900		3,384,280
TOTAL TRADING COMPANIES & DISTRIBUTORS			8,312,097
TOTAL COMMON STOCKS (Cost $174,029,274)		215,050,956
Money Market Funds - 8.8%

Fidelity Cash Central Fund, 3.05% (b)	13,700,473		13,700,473
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	5,840,900		5,840,900
TOTAL MONEY MARKET FUNDS (Cost $19,541,373)		19,541,373
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $193,570,647)		234,592,329
NET OTHER ASSETS - (6.0)%		(13,243,377)
NET ASSETS - 100%		$ 221,348,952

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $194,655,406. Net unrealized appreciation aggregated $39,936,923, of which $43,432,168 related to appreciated investment securities and $3,495,245 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Industries Portfolio

May 31, 2005

1.802163.101

CPR-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
AUTOMOBILES - 1.1%
Harley-Davidson, Inc.	6,100		$ 299,083
Thor Industries, Inc.	5,600		170,016
TOTAL AUTOMOBILES			469,099
BEVERAGES - 5.9%
Coca-Cola Enterprises, Inc.	1,300		28,444
Diageo PLC sponsored ADR	6,400		371,968
PepsiCo, Inc.	11,200		630,112
The Coca-Cola Co.	31,300		1,396,919
TOTAL BEVERAGES			2,427,443
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Cendant Corp.	9,500		201,495
R.R. Donnelley & Sons Co.	2,800		93,100
TOTAL COMMERCIAL SERVICES & SUPPLIES			294,595
DIVERSIFIED CONSUMER SERVICES - 2.7%
Apollo Group, Inc. Class A (a)	7,300		573,050
Bright Horizons Family Solutions, Inc. (a)	3,292		121,837
Steiner Leisure Ltd. (a)	7,400		251,452
Weight Watchers International, Inc. (a)	3,600		175,140
TOTAL DIVERSIFIED CONSUMER SERVICES			1,121,479
ELECTRICAL EQUIPMENT - 0.2%
Evergreen Solar, Inc. (a)	18,200		91,910
FOOD & STAPLES RETAILING - 7.8%
Costco Wholesale Corp.	9,200		417,864
CVS Corp.	6,300		345,555
Wal-Mart Stores, Inc.	30,700		1,449,961
Walgreen Co.	14,100		639,294
Whole Foods Market, Inc.	2,800		333,144
TOTAL FOOD & STAPLES RETAILING			3,185,818
FOOD PRODUCTS - 4.9%
Bunge Ltd.	7,200		446,688
Corn Products International, Inc.	2,500		55,225
Groupe Danone sponsored ADR	10,200		187,680
Lindt & Spruengli AG (participation certificate)	127		198,390
Nestle SA sponsored ADR	8,800		579,040
Smithfield Foods, Inc. (a)	14,400		429,552
The J.M. Smucker Co.	2,600		129,506
TOTAL FOOD PRODUCTS			2,026,081
HOTELS, RESTAURANTS & LEISURE - 14.8%
Aristocrat Leisure Ltd.	17,700		140,077
Brinker International, Inc. (a)	6,370		239,639
Buffalo Wild Wings, Inc. (a)	13,554		435,761

	Shares		Value
Caesars Entertainment, Inc. (a)	6,900		$ 148,695
Carnival Corp. unit	10,800		571,320
CBRL Group, Inc.	2,900		118,088
Ctrip.com International Ltd. sponsored ADR (a)	4,000		203,200
Domino's Pizza, Inc.	5,650		129,329
Hilton Hotels Corp.	9,300		225,339
International Game Technology	6,100		171,898
International Speedway Corp. Class A	1,100		60,126
Kerzner International Ltd. (a)	2,000		123,160
McDonald's Corp.	24,300		751,842
MGM MIRAGE (a)	8,000		304,720
Outback Steakhouse, Inc.	8,700		384,975
Royal Caribbean Cruises Ltd.	8,100		373,491
Starbucks Corp. (a)	3,100		169,725
Starwood Hotels & Resorts Worldwide, Inc. unit	10,300		576,491
Station Casinos, Inc.	1,400		91,140
Wendy's International, Inc.	13,020		587,593
WMS Industries, Inc. (a)	2,800		88,956
Wyndham International, Inc. Class A (a)	191,500		183,840
TOTAL HOTELS, RESTAURANTS & LEISURE			6,079,405
HOUSEHOLD PRODUCTS - 7.4%
Colgate-Palmolive Co.	15,200		759,544
Procter & Gamble Co.	41,720		2,300,856
TOTAL HOUSEHOLD PRODUCTS			3,060,400
INDUSTRIAL CONGLOMERATES - 0.5%
3M Co.	2,500		191,625
INTERNET & CATALOG RETAIL - 2.7%
eBay, Inc. (a)	28,900		1,098,489
INTERNET SOFTWARE & SERVICES - 7.7%
Google, Inc. Class A (sub. vtg.)	6,254		1,741,114
Sina Corp. (a)	4,600		128,018
Yahoo!, Inc. (a)	35,296		1,313,011
TOTAL INTERNET SOFTWARE & SERVICES			3,182,143
LEISURE EQUIPMENT & PRODUCTS - 4.3%
Brunswick Corp.	18,300		787,632
K2, Inc. (a)	6,600		83,094
MarineMax, Inc. (a)	7,500		206,400
Polaris Industries, Inc.	3,400		178,398
RC2 Corp. (a)	1,900		68,476
SCP Pool Corp.	12,000		429,840
TOTAL LEISURE EQUIPMENT & PRODUCTS			1,753,840
MEDIA - 11.4%
E.W. Scripps Co. Class A	5,300		270,830
Gannett Co., Inc.	1,700		126,582
Harte-Hanks, Inc.	2,900		84,941
Common Stocks - continued
	Shares		Value
MEDIA - continued
JC Decaux SA (a)	15,600		$ 378,173
Lamar Advertising Co. Class A (a)	10,310		431,164
McGraw-Hill Companies, Inc.	7,000		305,620
News Corp. Class A	56,400		909,732
Omnicom Group, Inc.	7,300		597,797
Reuters Group PLC sponsored ADR	2,900		122,496
SBS Broadcasting SA (a)	2,500		110,525
Spanish Broadcasting System, Inc. Class A (a)	11,040		95,496
Univision Communications, Inc. Class A (a)	4,500		119,745
Walt Disney Co.	30,100		825,944
Washington Post Co. Class B	370		307,100
TOTAL MEDIA			4,686,145
MULTILINE RETAIL - 7.2%
Family Dollar Stores, Inc.	6,300		161,721
Federated Department Stores, Inc.	6,400		431,680
JCPenney Co., Inc.	5,200		258,752
Nordstrom, Inc.	3,000		183,120
Saks, Inc.	6,800		116,552
Sears Holdings Corp. (a)	4,000		586,800
Target Corp.	22,700		1,218,990
TOTAL MULTILINE RETAIL			2,957,615
PERSONAL PRODUCTS - 3.6%
Avon Products, Inc.	15,100		600,074
Gillette Co.	16,800		886,032
TOTAL PERSONAL PRODUCTS			1,486,106
REAL ESTATE - 0.4%
MeriStar Hospitality Corp. (a)	18,800		157,732
SOFTWARE - 0.6%
Electronic Arts, Inc. (a)	2,600		136,604
JAMDAT Mobile, Inc.	3,543		99,948
TOTAL SOFTWARE			236,552
SPECIALTY RETAIL - 9.1%
AC Moore Arts & Crafts, Inc. (a)	2,800		83,328
Aeropostale, Inc. (a)	5,800		158,050
American Eagle Outfitters, Inc.	13,000		367,900
bebe Stores, Inc.	3,900		150,189
Chico's FAS, Inc. (a)	7,800		266,838
Foot Locker, Inc.	10,400		274,664
GameStop Corp.:
Class A (a)	3,400		99,144
Class B (a)	100		2,684
Guitar Center, Inc. (a)	3,000		170,970
Hot Topic, Inc. (a)	5,150		110,571
Lowe's Companies, Inc.	12,300		703,683

	Shares		Value
Michaels Stores, Inc.	3,200		$ 134,752
Office Depot, Inc. (a)	11,200		220,864
PETsMART, Inc.	3,300		104,841
Sports Authority, Inc. (a)	962		30,784
Staples, Inc.	19,050		410,147
Toys 'R' Us, Inc. (a)	6,200		162,440
Urban Outfitters, Inc. (a)	5,100		272,034
TOTAL SPECIALTY RETAIL			3,723,883
TEXTILES, APPAREL & LUXURY GOODS - 4.1%
Carter's, Inc. (a)	4,600		214,590
Coach, Inc. (a)	7,400		214,896
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	2,000		60,200
Liz Claiborne, Inc.	9,200		345,460
NIKE, Inc. Class B	6,400		526,080
Polo Ralph Lauren Corp. Class A	5,200		201,500
Quiksilver, Inc. (a)	6,600		105,072
TOTAL TEXTILES, APPAREL & LUXURY GOODS			1,667,798
TOTAL COMMON STOCKS (Cost $34,423,469)		39,898,158
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 3.05% (b) (Cost $1,370,015)	1,370,015		1,370,015
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $35,793,484)		41,268,173
NET OTHER ASSETS - (0.5)%			(189,990)
NET ASSETS - 100%		$ 41,078,183

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $35,840,754. Net unrealized appreciation aggregated $5,427,419, of which $6,098,693 related to appreciated investment securities and $671,274 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Cyclical Industries Portfolio

May 31, 2005

1.802164.101

CYC-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
AEROSPACE & DEFENSE - 17.3%
BE Aerospace, Inc. (a)	46,500		$ 672,855
DRS Technologies, Inc. (a)	3,300		155,364
EADS NV	3,250		96,103
EDO Corp.	11,840		337,085
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	4,700		142,410
Essex Corp. (a)	1,600		29,920
General Dynamics Corp.	1,400		151,172
Goodrich Corp.	4,700		196,742
Hexcel Corp. (a)	25,600		418,304
Honeywell International, Inc.	40,900		1,481,807
L-3 Communications Holdings, Inc.	9,800		693,644
Lockheed Martin Corp.	12,990		842,921
Meggitt PLC	33,100		175,777
Precision Castparts Corp.	12,200		948,306
Raytheon Co.	14,500		567,820
Rockwell Collins, Inc.	16,040		792,216
The Boeing Co.	31,340		2,002,626
United Technologies Corp.	9,100		970,970
TOTAL AEROSPACE & DEFENSE			10,676,042
AIR FREIGHT & LOGISTICS - 6.3%
C.H. Robinson Worldwide, Inc.	5,300		303,001
Dynamex, Inc. (a)	19,335		347,837
EGL, Inc. (a)	18,000		342,540
Expeditors International of Washington, Inc.	7,600		387,448
FedEx Corp.	8,500		760,070
Forward Air Corp.	12,070		324,080
Hub Group, Inc. Class A (a)	11,000		302,280
Park-Ohio Holdings Corp. (a)	8,453		128,908
United Parcel Service, Inc. Class B	7,400		545,010
UTI Worldwide, Inc.	6,396		471,705
TOTAL AIR FREIGHT & LOGISTICS			3,912,879
AIRLINES - 2.1%
AirTran Holdings, Inc. (a)	62,100		606,096
Alaska Air Group, Inc. (a)	4,400		129,888
AMR Corp. (a)	23,500		303,150
JetBlue Airways Corp. (a)	8,100		176,013
Ryanair Holdings PLC sponsored ADR (a)	2,000		91,380
TOTAL AIRLINES			1,306,527
AUTO COMPONENTS - 1.9%
American Axle & Manufacturing Holdings, Inc.	6,200		128,340
Amerigon, Inc. (a)	11,500		45,425
BorgWarner, Inc.	4,000		213,840
Johnson Controls, Inc.	3,800		215,308
LKQ Corp. (a)	7,100		176,222

	Shares		Value
Midas, Inc. (a)	8,200		$ 192,700
Tenneco Automotive, Inc. (a)	11,700		175,500
TOTAL AUTO COMPONENTS			1,147,335
AUTOMOBILES - 1.6%
Coachmen Industries, Inc.	10,300		126,175
Honda Motor Co. Ltd. sponsored ADR	5,100		126,072
Hyundai Motor Co.	4,210		236,930
National R.V. Holdings, Inc. (a)	16,300		144,581
Renault SA	2,400		205,403
Toyota Motor Corp. sponsored ADR	1,800		129,078
TOTAL AUTOMOBILES			968,239
BUILDING PRODUCTS - 2.1%
American Standard Companies, Inc.	4,410		188,748
Masco Corp.	15,010		480,620
Quixote Corp.	9,433		183,755
Trex Co., Inc. (a)	200		7,710
York International Corp.	11,300		465,560
TOTAL BUILDING PRODUCTS			1,326,393
CHEMICALS - 14.0%
Agrium, Inc.	26,900		501,482
Air Products & Chemicals, Inc.	11,400		686,622
Airgas, Inc.	14,600		350,400
Albemarle Corp.	7,000		266,280
Cytec Industries, Inc.	4,600		191,636
Dow Chemical Co.	24,600		1,114,134
Ecolab, Inc.	10,500		339,465
Ferro Corp.	13,190		253,776
FMC Corp. (a)	15,200		842,840
Great Lakes Chemical Corp.	8,700		294,930
Lubrizol Corp.	6,700		263,779
Lyondell Chemical Co.	13,150		312,181
Minerals Technologies, Inc.	2,200		148,060
Monsanto Co.	8,000		456,000
Mosaic Co. (a)	29,400		384,552
NOVA Chemicals Corp.	5,700		181,644
Pioneer Companies, Inc. (a)	17,700		374,709
PolyOne Corp. (a)	21,510		144,547
Potash Corp. of Saskatchewan	4,900		440,149
Praxair, Inc.	20,900		979,583
Rohm & Haas Co.	100		4,665
Spartech Corp.	6,700		135,541
TOTAL CHEMICALS			8,666,975
COMMERCIAL SERVICES & SUPPLIES - 2.0%
Herman Miller, Inc.	9,834		286,268
Resources Connection, Inc. (a)	6,900		137,448
Robert Half International, Inc.	11,500		286,810
Waste Connections, Inc. (a)	7,350		272,538
Common Stocks - continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - CONTINUED
Waste Management, Inc.	1,100		$ 32,439
Waste Services, Inc. (a)	61,500		236,775
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,252,278
COMMUNICATIONS EQUIPMENT - 0.5%
Harris Corp.	10,500		301,770
CONSTRUCTION & ENGINEERING - 6.4%
Chicago Bridge & Iron Co. NV (NY Shares)	19,800		427,680
Comfort Systems USA, Inc. (a)	22,300		140,267
Dycom Industries, Inc. (a)	20,200		396,728
EMCOR Group, Inc. (a)	4,700		223,250
Fluor Corp.	19,900		1,143,255
Foster Wheeler Ltd. (a)	16,860		249,528
Infrasource Services, Inc.	2,900		31,900
Jacobs Engineering Group, Inc. (a)	4,100		215,578
Perini Corp. (a)	19,700		297,076
Shaw Group, Inc. (a)	26,000		523,900
SNC-Lavalin Group, Inc.	3,100		168,337
Washington Group International, Inc. (a)	3,000		144,030
TOTAL CONSTRUCTION & ENGINEERING			3,961,529
CONSTRUCTION MATERIALS - 1.7%
Eagle Materials, Inc.	3,440		301,585
Florida Rock Industries, Inc.	8,100		530,145
Lafarge North America, Inc.	3,200		193,184
TOTAL CONSTRUCTION MATERIALS			1,024,914
CONTAINERS & PACKAGING - 1.0%
Owens-Illinois, Inc. (a)	20,220		519,856
Packaging Corp. of America	3,700		80,808
TOTAL CONTAINERS & PACKAGING			600,664
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Management Corp. (a)	2,900		94,105
ELECTRIC UTILITIES - 0.3%
Shanghai Electric (Group) Corp. (H Shares)	898,000		192,750
ELECTRICAL EQUIPMENT - 2.5%
ABB Ltd. sponsored ADR (a)	68,100		446,055
AMETEK, Inc.	5,500		210,265
Emerson Electric Co.	100		6,647
NEOMAX Co. Ltd.	7,000		157,202
Rockwell Automation, Inc.	5,000		256,850
Roper Industries, Inc.	6,780		473,922
TOTAL ELECTRICAL EQUIPMENT			1,550,941

	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
FARO Technologies, Inc. (a)	2,300		$ 63,986
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Varian, Inc. (a)	1,600		59,520
HOUSEHOLD DURABLES - 4.8%
D.R. Horton, Inc.	14,000		483,980
Harman International Industries, Inc.	1,900		157,434
Interface, Inc. Class A (a)	55,678		425,937
KB Home	8,000		540,320
Ryland Group, Inc.	4,520		309,620
Tempur-Pedic International, Inc. (a)	19,300		450,269
Toll Brothers, Inc. (a)	6,300		583,317
TOTAL HOUSEHOLD DURABLES			2,950,877
INDUSTRIAL CONGLOMERATES - 6.4%
3M Co.	10,560		809,424
General Electric Co.	27,860		1,016,333
Tyco International Ltd.	72,830		2,106,968
TOTAL INDUSTRIAL CONGLOMERATES			3,932,725
IT SERVICES - 0.3%
Anteon International Corp. (a)	2,500		110,475
SI International, Inc. (a)	2,800		79,380
TOTAL IT SERVICES			189,855
MACHINERY - 13.9%
A.S.V., Inc. (a)	3,500		127,050
Briggs & Stratton Corp.	7,100		240,406
Bucyrus International, Inc. Class A	15,200		542,336
Caterpillar, Inc.	13,100		1,232,841
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	15,040		304,532
Danaher Corp.	8,600		474,118
Deere & Co.	13,100		866,565
Dover Corp.	8,000		302,960
Freightcar America, Inc.	14,114		277,764
Gardner Denver, Inc. (a)	8,200		314,470
Hyundai Heavy Industries Co. Ltd.	7,870		417,911
Hyundai Mipo Dockyard Co. Ltd.	4,820		305,705
ITT Industries, Inc.	6,200		589,000
Joy Global, Inc.	18,050		677,597
Kennametal, Inc.	2		88
Manitowoc Co., Inc.	10,500		425,565
Navistar International Corp. (a)	8,170		249,267
PACCAR, Inc.	42		2,972
Pall Corp.	100		2,919
Pentair, Inc.	3,560		158,456
SPX Corp.	2,100		93,261
Timken Co.	11,000		258,500
Toro Co.	1,700		73,185
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Wabash National Corp.	6,100		$ 151,951
Watts Water Technologies, Inc. Class A	13,800		480,654
TOTAL MACHINERY			8,570,073
MARINE - 2.0%
Alexander & Baldwin, Inc.	4,020		178,689
Camillo Eitzen & Co. ASA	13,300		146,258
Diana Shipping, Inc.	10,000		155,000
DryShips, Inc.	7,200		133,200
Excel Maritime Carriers Ltd. (a)	6,100		97,295
Odfjell ASA (A Shares)	15,300		291,478
Stolt-Nielsen SA	8,000		267,641
TOTAL MARINE			1,269,561
METALS & MINING - 0.6%
Carpenter Technology Corp.	2,700		145,800
Noranda, Inc.	13,300		212,024
TOTAL METALS & MINING			357,824
OIL, GAS & CONSUMABLE FUELS - 1.3%
Ashland, Inc.	7,200		491,760
Massey Energy Co.	2,800		113,204
Teekay Shipping Corp.	4,400		186,912
TOTAL OIL, GAS & CONSUMABLE FUELS			791,876
ROAD & RAIL - 7.3%
Burlington Northern Santa Fe Corp.	20,100		993,342
Canadian National Railway Co.	13,700		838,241
Canadian Pacific Railway Ltd.	12,200		448,558
CSX Corp.	15,170		630,769
Laidlaw International, Inc. (a)	19,500		433,680
Landstar System, Inc. (a)	11,236		379,103
Norfolk Southern Corp.	24,520		782,678
TOTAL ROAD & RAIL			4,506,371
SPECIALTY RETAIL - 0.8%
Asbury Automotive Group, Inc. (a)	4,900		72,030
Sherwin-Williams Co.	6,300		280,035
The Pep Boys - Manny, Moe & Jack	12,800		171,008
TOTAL SPECIALTY RETAIL			523,073
TRADING COMPANIES & DISTRIBUTORS - 1.7%
MSC Industrial Direct Co., Inc. Class A	15,000		466,950
WESCO International, Inc. (a)	20,300		592,760
TOTAL TRADING COMPANIES & DISTRIBUTORS			1,059,710
TOTAL COMMON STOCKS (Cost $54,601,989)		61,258,792
Nonconvertible Preferred Stocks - 0.2%
	Shares		Value
AEROSPACE & DEFENSE - 0.0%
Rolls-Royce Group PLC Series B	555,000		$ 1,034
AUTOMOBILES - 0.2%
Porsche AG (non-vtg.)	200		139,052
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $147,824)		140,086
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 3.05% (b)	554,650		554,650
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	2,413,550		2,413,550
TOTAL MONEY MARKET FUNDS (Cost $2,968,200)		2,968,200
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $57,718,013)		64,367,078
NET OTHER ASSETS - (4.1)%		(2,556,182)
NET ASSETS - 100%		$ 61,810,896

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $57,900,047. Net unrealized appreciation aggregated $6,467,031, of which $8,298,583 related to appreciated investment securities and $1,831,552 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2005

1.802165.101

DEF-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
AEROSPACE & DEFENSE - 79.2%
AAR Corp. (a)	524,200		$ 8,408,168
Alliant Techsystems, Inc. (a)	275,555		19,757,294
BE Aerospace, Inc. (a)	711,850		10,300,470
Bombardier, Inc. Class B (sub. vtg.)	900,000		1,728,011
DRS Technologies, Inc. (a)	283,400		13,342,472
EDO Corp.	101,900		2,901,093
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	559,600		16,955,880
Engineered Support Systems, Inc.	518,532		20,222,748
Essex Corp. (a)	23,900		446,930
GenCorp, Inc. (non-vtg.) (a)	318,500		6,019,650
General Dynamics Corp.	237,100		25,602,058
Goodrich Corp.	769,050		32,192,433
Hexcel Corp. (a)	174,700		2,854,598
Honeywell International, Inc.	1,424,400		51,606,011
L-3 Communications Holdings, Inc.	631,100		44,669,258
Lockheed Martin Corp.	525,200		34,080,228
Mercury Computer Systems, Inc. (a)	85,700		2,476,730
Northrop Grumman Corp.	589,948		32,871,903
Orbital Sciences Corp. (a)	1,032,692		10,027,439
Precision Castparts Corp.	577,600		44,896,848
Raytheon Co.	865,652		33,898,932
Rockwell Collins, Inc.	693,400		34,247,026
The Boeing Co.	806,700		51,548,130
Triumph Group, Inc. (a)	199,800		7,088,904
United Defense Industries, Inc.	329,400		24,543,594
United Technologies Corp.	359,800		38,390,660
TOTAL AEROSPACE & DEFENSE			571,077,468
COMMUNICATIONS EQUIPMENT - 6.9%
Anaren, Inc. (a)	109,700		1,298,848
Harris Corp.	1,465,000		42,104,100
REMEC, Inc. (a)	235,064		1,469,150
ViaSat, Inc. (a)	233,400		4,735,686
TOTAL COMMUNICATIONS EQUIPMENT			49,607,784
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.9%
Aeroflex, Inc. (a)	628,300		5,026,400
Trimble Navigation Ltd. (a)	226,450		8,992,330
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			14,018,730
IT SERVICES - 1.0%
SRA International, Inc. Class A (a)	174,800		5,934,460
Titan Corp. (a)	58,500		1,287,000
TOTAL IT SERVICES			7,221,460

	Shares		Value
MEDIA - 6.1%
EchoStar Communications Corp. Class A	1,276,000		$ 37,297,480
The DIRECTV Group, Inc. (a)	441,511		6,591,759
TOTAL MEDIA			43,889,239
METALS & MINING - 0.2%
Carpenter Technology Corp.	22,100		1,193,400
TOTAL COMMON STOCKS (Cost $543,505,033)		687,008,081
Money Market Funds - 6.4%

Fidelity Cash Central Fund, 3.05% (b)	34,076,274		34,076,274
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	11,883,100		11,883,100
TOTAL MONEY MARKET FUNDS (Cost $45,959,374)		45,959,374
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $589,464,407)		732,967,455
NET OTHER ASSETS - (1.7)%		(12,227,215)
NET ASSETS - 100%		$ 720,740,240

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $591,234,437. Net unrealized appreciation aggregated $141,733,018, of which $154,001,957 related to appreciated investment securities and $12,268,939 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Developing
Communications Portfolio

May 31, 2005

1.802166.101

DEV-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.2%
51job, Inc. sponsored ADR	68,000		$ 951,320
COMMUNICATIONS EQUIPMENT - 65.0%
ADC Telecommunications, Inc. (a)	192,100		3,488,536
Adva AG Optical Networking (a)	466,280		2,484,471
Alvarion Ltd. (a)	415,700		3,766,242
Andrew Corp. (a)	322,700		4,279,002
AudioCodes Ltd. (a)	560,990		6,771,149
Avaya, Inc. (a)	2,445,600		22,377,240
Bookham, Inc. (a)	16,528		46,278
Carrier Access Corp. (a)	213,300		1,028,106
CIENA Corp. (a)	3,156,900		6,882,042
Comverse Technology, Inc. (a)	558,856		13,149,882
Corning, Inc. (a)	1,598,200		25,059,776
F5 Networks, Inc. (a)	50,100		2,565,621
Foxconn International Holdings Ltd.	80,000		52,440
Harmonic, Inc. (a)	344,400		2,145,612
InterDigital Communication Corp. (a)	2,800		51,688
Juniper Networks, Inc. (a)	1,842,359		47,238,085
Marconi Corp. PLC (a)	150,700		821,511
Motorola, Inc.	931,200		16,174,944
MRV Communications, Inc. (a)	952,635		1,762,375
NMS Communications Corp. (a)	1,313,900		4,270,175
Nokia Corp. sponsored ADR	2,192,800		36,970,608
Polycom, Inc. (a)	144,800		2,477,528
Powerwave Technologies, Inc. (a)	504,700		4,607,911
QUALCOMM, Inc.	1,149,700		42,837,822
Redback Networks, Inc. (a)	76,617		436,717
Research In Motion Ltd. (a)	468,100		38,993,416
Riverstone Networks, Inc. (a)	4,090,300		2,842,759
SiRF Technology Holdings, Inc. (a)	419,800		5,944,368
Sonus Networks, Inc. (a)	1,188,196		5,287,472
Stratex Networks, Inc. (a)	387,300		677,775
Tekelec (a)	142,900		1,944,869
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	1,848		58,083
Telson Electronics Co. Ltd. (a)	850,529		0
Tut Systems, Inc. (a)	109,700		331,294
TOTAL COMMUNICATIONS EQUIPMENT			307,825,797
COMPUTERS & PERIPHERALS - 1.1%
Compal Electronics, Inc.	231,363		222,032
Concurrent Computer Corp. (a)	1,218,178		2,217,084
NEC Corp. sponsored ADR	700		3,906
Novatel Wireless, Inc. (a)	212,300		2,647,381
TOTAL COMPUTERS & PERIPHERALS			5,090,403
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.7%
Philippine Long Distance Telephone Co. sponsored ADR	63,300		1,717,962

	Shares		Value
PT Indosat Tbk sponsored ADR	28,200		$ 726,150
PT Telkomunikasi Indonesia Tbk sponsored ADR	48,600		959,850
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			3,403,962
ELECTRONIC EQUIPMENT & INSTRUMENTS - 6.6%
Aeroflex, Inc. (a)	638,800		5,110,400
AU Optronics Corp. sponsored ADR	593,385		10,229,957
Brightpoint, Inc. (a)	94,300		1,772,840
CellStar Corp. (a)	303,596		394,675
KEMET Corp. (a)	343,000		2,401,000
Merix Corp. (a)	197,432		1,431,382
Photon Dynamics, Inc. (a)	406,100		7,841,791
TTM Technologies, Inc. (a)	259,800		2,062,812
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			31,244,857
HOUSEHOLD DURABLES - 0.4%
Thomson SA	73,800		1,868,056
INTERNET SOFTWARE & SERVICES - 9.0%
Akamai Technologies, Inc. (a)	73,900		1,037,556
AsiaInfo Holdings, Inc. (a)	270,600		1,407,120
Google, Inc. Class A (sub. vtg.)	118,200		32,906,880
Openwave Systems, Inc. (a)	249,019		3,872,245
Sina Corp. (a)	55,100		1,533,433
Tom Online, Inc. sponsored ADR (a)	148,000		1,710,880
TOTAL INTERNET SOFTWARE & SERVICES			42,468,114
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.6%
Agere Systems, Inc. (a)	81,590		1,109,624
Amkor Technology, Inc. (a)	132,000		468,600
Applied Micro Circuits Corp. (a)	816,568		2,343,550
ARM Holdings PLC sponsored ADR	400,200		2,381,190
Exar Corp. (a)	32,800		472,320
Freescale Semiconductor, Inc. Class A	588,000		11,877,600
Helix Technology Corp.	124,600		1,571,206
Intersil Corp. Class A	130,049		2,439,719
Marvell Technology Group Ltd. (a)	10,700		438,272
Microtune, Inc. (a)	300,500		1,328,210
Mindspeed Technologies, Inc. (a)	3,800,005		5,434,007
O2Micro International Ltd. (a)	412,000		5,133,520
Pixelworks, Inc. (a)	65,300		559,621
PowerDsine Ltd.	46,000		425,500
RF Micro Devices, Inc. (a)	212,600		988,590
Sigma Designs, Inc. (a)	43,100		340,490
Silicon Image, Inc. (a)	150,800		1,770,392
Skyworks Solutions, Inc. (a)	206,300		1,305,879
Teradyne, Inc. (a)	55,800		725,958
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - continued
Vitesse Semiconductor Corp. (a)	1,405,400		$ 3,513,500
Volterra Semiconductor Corp.	68,400		934,344
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			45,562,092
SOFTWARE - 3.4%
JAMDAT Mobile, Inc.	161,790		4,564,096
Macrovision Corp. (a)	103,464		2,173,779
NAVTEQ Corp.	18,100		690,515
Portal Software, Inc. (a)	224,300		441,871
RADWARE Ltd. (a)	80,900		1,808,115
Ulticom, Inc. (a)	686,578		6,316,518
TOTAL SOFTWARE			15,994,894
WIRELESS TELECOMMUNICATION SERVICES - 3.4%
Crown Castle International Corp. (a)	130,600		2,322,068
Nextel Partners, Inc. Class A (a)	168,700		4,006,625
NII Holdings, Inc. (a)	49,300		2,938,280
Wireless Facilities, Inc. (a)	1,384,569		7,130,530
TOTAL WIRELESS TELECOMMUNICATION SERVICES			16,397,503
TOTAL COMMON STOCKS (Cost $508,001,013)		470,806,998
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Procket Networks, Inc. Series C (a)(d) (Cost $1,293,756)	131,000		1
Money Market Funds - 3.8%

Fidelity Cash Central Fund, 3.05% (b)	1,858,397		1,858,397
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	16,297,525		16,297,525
TOTAL MONEY MARKET FUNDS (Cost $18,155,922)		18,155,922
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $527,450,691)		488,962,921
NET OTHER ASSETS - (3.2)%		(15,108,830)
NET ASSETS - 100%		$ 473,854,091

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Procket Networks, Inc. Series C	12/26/00	$ 1,293,756

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $532,292,475. Net unrealized depreciation aggregated $43,329,554, of which $39,088,319 related to appreciated investment securities and $82,417,873 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

May 31, 2005

1.802167.101

ELE-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
BIOTECHNOLOGY - 0.2%
Caliper Life Sciences, Inc. (a)	1,000,000		$ 6,160,000
BUILDING PRODUCTS - 0.3%
Asahi Glass Co. Ltd.	700,000		7,545,684
CHEMICALS - 0.7%
Nitto Denko Corp.	200,000		11,201,198
Tokuyama Corp.	1,000,000		7,369,692
TOTAL CHEMICALS			18,570,890
COMMUNICATIONS EQUIPMENT - 3.6%
CSR PLC (a)	200,000		1,380,996
Motorola, Inc.	3,500,000		60,795,000
Nokia Corp. sponsored ADR	2,000,000		33,720,000
TOTAL COMMUNICATIONS EQUIPMENT			95,895,996
COMPUTERS & PERIPHERALS - 2.1%
Acer, Inc.	5,000,000		9,485,095
Hutchinson Technology, Inc. (a)	200,000		8,274,000
Quanta Computer, Inc.	13,000,000		23,790,850
Western Digital Corp. (a)	1,000,000		15,010,000
TOTAL COMPUTERS & PERIPHERALS			56,559,945
ELECTRICAL EQUIPMENT - 0.9%
Evergreen Solar, Inc. (a)	2,000,000		10,100,000
Motech Industries, Inc.	1,000,000		14,952,973
TOTAL ELECTRICAL EQUIPMENT			25,052,973
ELECTRONIC EQUIPMENT & INSTRUMENTS - 13.7%
Agilent Technologies, Inc. (a)	2,000,000		48,020,000
Amphenol Corp. Class A	600,000		25,434,000
Arrow Electronics, Inc. (a)	1,850,000		51,707,500
AU Optronics Corp. sponsored ADR	1,700,000		29,308,000
Avnet, Inc. (a)	1,500,014		31,380,293
Benchmark Electronics, Inc. (a)	300,000		9,501,000
Flextronics International Ltd. (a)	4,500,000		57,510,000
Hon Hai Precision Industries Co. Ltd.	20,000,000		104,893,991
Ingram Micro, Inc. Class A (a)	200,000		3,162,000
Mettler-Toledo International, Inc. (a)	100,000		4,900,000
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			365,816,784
HOUSEHOLD DURABLES - 0.6%
Koninklijke Philips Electronics NV (NY Shares)	100,000		2,562,000
LG Electronics, Inc.	200,000		14,531,020
TOTAL HOUSEHOLD DURABLES			17,093,020
INTERNET SOFTWARE & SERVICES - 0.6%
Google, Inc. Class A (sub. vtg.)	55,000		15,312,000

	Shares		Value
OFFICE ELECTRONICS - 0.6%
Canon, Inc. sponsored ADR	300,000		$ 16,275,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 73.3%
Agere Systems, Inc. (a)	2,600,000		35,360,000
Altera Corp. (a)	400,000		8,876,000
AMIS Holdings, Inc. (a)	726,300		8,715,600
Analog Devices, Inc.	7,000,000		259,560,000
Applied Materials, Inc.	4,000,000		65,640,000
ARM Holdings PLC sponsored ADR	3,000,000		17,850,000
ASML Holding NV (NY Shares) (a)	2,200,000		35,464,000
ATI Technologies, Inc. (a)	2,000,000		29,971,319
ATMI, Inc. (a)	270,000		7,587,000
Axcelis Technologies, Inc. (a)	450,000		2,992,500
Broadcom Corp. Class A (a)	1,200,000		42,588,000
Chartered Semiconductor Manufacturing Ltd. sponsored ADR (a)	450,000		3,240,000
Credence Systems Corp. (a)	700,000		5,544,000
Cypress Semiconductor Corp. (a)	800,000		10,344,000
DSP Group, Inc. (a)	200,000		4,704,000
Exar Corp. (a)	350,000		5,040,000
FormFactor, Inc. (a)	500,000		13,010,000
Freescale Semiconductor, Inc.:
Class A	1,200,000		24,240,000
Class B (a)	1,200,048		24,240,970
Infineon Technologies AG sponsored ADR (a)	400,000		3,528,000
Integrated Circuit Systems, Inc. (a)	500,000		10,595,000
Intel Corp.	11,800,000		317,773,999
International Rectifier Corp. (a)	150,000		7,167,000
Intersil Corp. Class A	800,000		15,008,000
KLA-Tencor Corp.	1,500,000		68,115,000
Lam Research Corp. (a)	2,675,000		82,069,000
Linear Technology Corp.	1,000,000		37,470,000
LSI Logic Corp. (a)	3,000,000		22,080,000
Marvell Technology Group Ltd. (a)	1,500,000		61,440,000
Maxim Integrated Products, Inc.	3,000,000		118,200,000
MEMC Electronic Materials, Inc. (a)	200,000		2,740,000
Microchip Technology, Inc.	900,000		26,676,000
Mindspeed Technologies, Inc. (a)	4,904,200		7,013,006
National Semiconductor Corp.	11,400,000		229,368,000
O2Micro International Ltd. (a)	500,000		6,230,000
ON Semiconductor Corp. (a)	1,000,000		4,500,000
PMC-Sierra, Inc. (a)	3,274,805		28,720,040
PortalPlayer, Inc.	200,000		4,066,000
Rambus, Inc. (a)	1,250,000		19,162,500
Samsung Electronics Co. Ltd.	100,000		48,535,988
Silicon Image, Inc. (a)	1,000,000		11,740,000
Silicon Laboratories, Inc. (a)	700,000		19,411,000
Skyworks Solutions, Inc. (a)	1,000,000		6,330,000
STATS ChipPAC Ltd. sponsored ADR (a)	2,500,000		18,050,000
Teradyne, Inc. (a)	750,000		9,757,500
Texas Instruments, Inc.	4,000,000		110,560,000
Trident Microsystems, Inc. (a)	600,000		12,708,000
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - continued
Varian Semiconductor Equipment Associates, Inc. (a)	400,000		$ 16,232,000
Veeco Instruments, Inc. (a)	600,000		9,042,000
Vitesse Semiconductor Corp. (a)	7,000,000		17,500,000
Volterra Semiconductor Corp.	300,000		4,098,000
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,960,853,422
SOFTWARE - 0.8%
Cadence Design Systems, Inc. (a)	800,000		11,176,000
Synopsys, Inc. (a)	500,000		9,035,000
TOTAL SOFTWARE			20,211,000
TOTAL COMMON STOCKS (Cost $2,533,694,480)		2,605,346,714
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Procket Networks, Inc. Series C (a)(d) (Cost $2,469,000)	250,000		3
Money Market Funds - 3.9%

Fidelity Cash Central Fund, 3.05% (b)	55,600,247		55,600,247
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	48,255,075		48,255,075
TOTAL MONEY MARKET FUNDS (Cost $103,855,322)		103,855,322
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $2,640,018,802)		2,709,202,039
NET OTHER ASSETS - (1.3)%		(34,332,249)
NET ASSETS - 100%		$ 2,674,869,790

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Procket Networks, Inc. Series C	11/15/00	$ 2,469,000

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $2,656,940,410. Net unrealized appreciation aggregated $52,261,629, of which $255,170,269 related to appreciated investment securities and $202,908,640 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2005

1.802168.101

ENE-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
ELECTRIC UTILITIES - 1.1%
Allegheny Energy, Inc. (a)	167,400		$ 4,047,732
Exelon Corp.	196,000		9,182,600
TOTAL ELECTRIC UTILITIES			13,230,332
ENERGY EQUIPMENT & SERVICES - 40.5%
AKITA Drilling Ltd. Class A (non-vtg.)	275,800		6,734,600
Baker Hughes, Inc.	469,850		21,702,372
BJ Services Co.	825,200		41,548,820
Cooper Cameron Corp. (a)	262,700		15,528,197
Diamond Offshore Drilling, Inc.	3,100		146,475
ENSCO International, Inc.	92,400		3,076,920
FMC Technologies, Inc. (a)	4,900		154,595
GlobalSantaFe Corp.	696,100		25,505,104
Grant Prideco, Inc. (a)	425,400		10,218,108
Gulfmark Offshore, Inc. (a)	274,900		6,888,994
Halliburton Co.	1,588,800		67,905,312
Hornbeck Offshore Services, Inc.	668,000		16,466,200
Maverick Tube Corp. (a)	191,000		5,770,110
Nabors Industries Ltd. (a)	197,100		10,862,181
National Oilwell Varco, Inc. (a)	1,205,150		54,231,750
Noble Corp.	159,700		9,042,214
Pason Systems, Inc.	147,960		2,298,614
Precision Drilling Corp. (a)	561,800		22,065,599
Pride International, Inc. (a)	994,700		22,430,485
Rowan Companies, Inc.	222,200		6,110,500
RPC, Inc.	5,500		81,235
Schlumberger Ltd. (NY Shares)	1,131,480		77,359,287
Smith International, Inc.	617,100		36,260,796
Tenaris SA sponsored ADR	136,600		9,527,850
Transocean, Inc. (a)	306,200		15,251,822
Weatherford International Ltd. (a)	339,760		17,861,183
TOTAL ENERGY EQUIPMENT & SERVICES			505,029,323
GAS UTILITIES - 1.1%
Questar Corp.	199,600		12,582,784
Xinao Gas Holdings Ltd.	1,432,000		947,875
TOTAL GAS UTILITIES			13,530,659
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 2.2%
AES Corp. (a)	469,800		6,995,322
Constellation Energy Group, Inc.	63,400		3,388,730
NRG Energy, Inc. (a)	101,200		3,617,900
TXU Corp.	169,600		13,615,488
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS			27,617,440
MULTI-UTILITIES - 1.8%
Dominion Resources, Inc.	328,500		23,096,835

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 52.4%
Anadarko Petroleum Corp.	44,100		$ 3,338,370
Apache Corp.	1,900		111,644
Ashland, Inc.	140,600		9,602,980
BG Group PLC sponsored ADR	290,500		11,137,770
BP PLC sponsored ADR	937,200		56,419,440
Burlington Resources, Inc.	3,300		167,244
Cabot Oil & Gas Corp.	105,700		3,313,695
Canadian Natural Resources Ltd.	858,500		24,793,360
Chesapeake Energy Corp.	798,500		16,345,295
ChevronTexaco Corp.	134,732		7,245,887
Comstock Resources, Inc. (a)	123,900		2,827,398
ConocoPhillips	455,486		49,119,610
CONSOL Energy, Inc.	445,600		21,321,960
Denbury Resources, Inc. (a)	41,000		1,311,180
El Paso Corp.	1,554,300		16,071,462
EnCana Corp.	1,037,376		35,951,128
Encore Acquisition Co. (a)	148,800		5,550,240
Energy Partners Ltd. (a)	7,500		171,375
ENI Spa sponsored ADR	46,300		5,939,364
Exxon Mobil Corp.	796,110		44,741,382
Forest Oil Corp. (a)	459,900		18,285,624
Frontier Oil Corp.	271,700		13,288,847
Gastar Exploration Ltd. (a)	791,700		2,428,334
General Maritime Corp.	57,700		2,409,552
Giant Industries, Inc. (a)	246,000		7,087,260
Holly Corp.	230,300		8,804,369
Marathon Oil Corp.	3,200		155,168
Massey Energy Co.	291,000		11,765,130
MOL Magyar Olay-es Gazipari RT GDR (a)	12,500		935,000
Neste Oil Oyj	94,350		2,107,258
Newfield Exploration Co. (a)	33,900		1,303,455
Noble Energy, Inc.	94,400		7,020,528
Occidental Petroleum Corp.	472,300		34,529,853
OMI Corp.	127,600		2,467,784
Peabody Energy Corp.	523,800		25,006,212
Plains Exploration & Production Co. (a)	448,700		13,707,785
Pogo Producing Co.	136,800		6,763,392
Polski Koncern Naftowy Orlen SA unit	33,300		914,085
Premcor, Inc.	686,300		46,579,181
Quicksilver Resources, Inc. (a)	233,000		12,162,600
Range Resources Corp.	696,900		16,098,390
Repsol YPF SA sponsored ADR	300		7,518
Royal Dutch Petroleum Co. (NY Shares)	1,300		76,154
Sunoco, Inc.	73,300		7,518,381
Talisman Energy, Inc.	6,800		224,825
Teekay Shipping Corp.	3,100		131,688
Total SA sponsored ADR	584,500		64,990,555
Ultra Petroleum Corp. (a)	4,700		127,887
Valero Energy Corp.	465,200		31,922,024
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - continued
Williams Companies, Inc.	8,600		$ 158,326
XTO Energy, Inc.	2,233		69,491
TOTAL OIL, GAS & CONSUMABLE FUELS			654,527,440
TOTAL COMMON STOCKS (Cost $1,054,384,693)		1,237,032,029
Money Market Funds - 1.0%

Fidelity Cash Central Fund, 3.05% (b)	9,317,651		9,317,651
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	3,301,950		3,301,950
TOTAL MONEY MARKET FUNDS (Cost $12,619,601)		12,619,601
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,067,004,294)		1,249,651,630
NET OTHER ASSETS - (0.1)%		(1,838,648)
NET ASSETS - 100%		$ 1,247,812,982

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,071,530,759. Net unrealized appreciation aggregated $178,120,871, of which $193,314,298 related to appreciated investment securities and $15,193,427 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

May 31, 2005

1.802169.101

ENS-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 93.0%
Baker Hughes, Inc.	854,236		$ 39,457,161
BJ Services Co.	782,887		39,418,360
Cal Dive International, Inc. (a)	53,700		2,437,980
Carbo Ceramics, Inc.	30,500		2,185,020
Diamond Offshore Drilling, Inc.	550,200		25,996,950
Dril-Quip, Inc. (a)	65,400		1,788,690
GlobalSantaFe Corp.	1,527,710		55,975,294
Grant Prideco, Inc. (a)	1,366,005		32,811,440
Grey Wolf, Inc. (a)	456,000		2,995,920
Halliburton Co.	2,128,967		90,992,051
Helmerich & Payne, Inc.	197,400		8,186,178
Hornbeck Offshore Services, Inc.	235,000		5,792,750
Hydril Co. (a)	64,200		3,332,622
Key Energy Services, Inc. (a)	126,100		1,393,405
Lone Star Technologies, Inc. (a)	96,800		4,012,360
Maverick Tube Corp. (a)	364,200		11,002,482
Nabors Industries Ltd. (a)	1,005,977		55,439,392
National Oilwell Varco, Inc. (a)	1,603,731		72,167,895
Noble Corp.	715,750		40,525,765
Oceaneering International, Inc. (a)	79,700		2,909,050
Offshore Logistics, Inc. (a)	70,200		2,198,664
Oil States International, Inc. (a)	426,000		9,866,160
Patterson-UTI Energy, Inc.	546,300		14,471,487
Precision Drilling Corp. (a)	412,800		16,213,384
Pride International, Inc. (a)	2,316,886		52,245,779
RPC, Inc.	187,200		2,764,944
Schlumberger Ltd. (NY Shares)	692,745		47,362,976
Smith International, Inc.	625,628		36,761,901
Superior Energy Services, Inc. (a)	318,200		4,979,830
Transocean, Inc. (a)	811,027		40,397,255
Unit Corp. (a)	82,400		3,215,248
Weatherford International Ltd. (a)	654,805		34,423,099
TOTAL ENERGY EQUIPMENT & SERVICES			763,721,492
OIL, GAS & CONSUMABLE FUELS - 5.9%
Forest Oil Corp. (a)	304,300		12,098,968
Quicksilver Resources, Inc. (a)	312,600		16,317,720
Range Resources Corp.	502,100		11,598,510
Valero Energy Corp.	125,700		8,625,534
TOTAL OIL, GAS & CONSUMABLE FUELS			48,640,732
TOTAL COMMON STOCKS (Cost $612,077,072)		812,362,224
Money Market Funds - 5.1%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	3,422,491		$ 3,422,491
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	38,854,650		38,854,650
TOTAL MONEY MARKET FUNDS (Cost $42,277,141)		42,277,141
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $654,354,213)		854,639,365
NET OTHER ASSETS - (4.0)%		(32,909,627)
NET ASSETS - 100%		$ 821,729,738

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $655,968,548. Net unrealized appreciation aggregated $198,670,817, of which $203,871,609 related to appreciated investment securities and $5,200,792 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

May 31, 2005

1.802170.101

ENV-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.3%
	Shares		Value
AUTO COMPONENTS - 1.5%
Ballard Power Systems, Inc. (a)	119,400		$ 427,108
BUILDING PRODUCTS - 0.5%
Trex Co., Inc. (a)	3,700		142,635
CHEMICALS - 4.9%
Calgon Carbon Corp.	68,600		611,226
Ecolab, Inc.	23,900		772,687
TOTAL CHEMICALS			1,383,913
COMMERCIAL SERVICES & SUPPLIES - 23.3%
Allied Waste Industries, Inc. (a)	207,400		1,599,054
Bennett Environmental, Inc. (a)	4,800		13,690
Casella Waste Systems, Inc. Class A (a)	12,700		144,907
Clean Harbors, Inc. (a)	3,800		78,850
Marsulex, Inc. (a)	12,300		70,065
Republic Services, Inc.	46,100		1,635,628
Stericycle, Inc. (a)	8,300		411,846
Tetra Tech, Inc. (a)	47,400		571,170
TRC Companies, Inc. (a)	8,500		96,900
Waste Connections, Inc. (a)	36,700		1,360,836
Waste Management, Inc.	22,293		657,421
TOTAL COMMERCIAL SERVICES & SUPPLIES			6,640,367
CONSTRUCTION & ENGINEERING - 0.8%
Insituform Technologies, Inc. Class A (a)	16,100		238,924
CONSTRUCTION MATERIALS - 2.9%
Headwaters, Inc. (a)	24,900		823,692
ELECTRICAL EQUIPMENT - 2.2%
FuelCell Energy, Inc. (a)	25,100		204,314
Hydrogenics Corp. (a)	54,300		189,912
Plug Power, Inc. (a)	36,700		228,274
TOTAL ELECTRICAL EQUIPMENT			622,500
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.2%
Itron, Inc. (a)	8,000		328,880
ENERGY EQUIPMENT & SERVICES - 1.8%
Halliburton Co.	9,700		414,578
Newpark Resources, Inc. (a)	18,000		109,800
TOTAL ENERGY EQUIPMENT & SERVICES			524,378

	Shares		Value
FOOD & STAPLES RETAILING - 6.6%
United Natural Foods, Inc. (a)	27,900		$ 905,076
Whole Foods Market, Inc.	6,500		773,370
Wild Oats Markets, Inc. (a)	16,800		188,832
TOTAL FOOD & STAPLES RETAILING			1,867,278
FOOD PRODUCTS - 4.4%
Bunge Ltd.	2,100		130,284
Green Mountain Coffee Roasters, Inc. (a)	14,300		475,761
Hain Celestial Group, Inc. (a)	22,400		403,200
SunOpta, Inc. (a)	51,100		249,963
TOTAL FOOD PRODUCTS			1,259,208
GAS UTILITIES - 0.0%
Questar Corp.	200		12,608
HEALTH CARE EQUIPMENT & SUPPLIES - 5.3%
Millipore Corp. (a)	29,500		1,518,955
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.6%
NRG Energy, Inc. (a)	12,700		454,025
MACHINERY - 26.5%
CLARCOR, Inc.	35,800		1,005,622
CUNO, Inc. (a)	5,000		355,500
Donaldson Co., Inc.	41,900		1,344,990
ESCO Technologies, Inc. (a)	9,400		796,650
Kadant, Inc. (a)	29,106		596,673
Lindsay Manufacturing Co.	26,400		528,264
Pall Corp.	58,200		1,698,858
Pentair, Inc.	17,900		796,729
Zenon Environmental, Inc. (a)	21,300		430,174
TOTAL MACHINERY			7,553,460
MULTI-UTILITIES - 3.6%
Veolia Environnement sponsored ADR	27,100		1,025,735
OIL, GAS & CONSUMABLE FUELS - 0.8%
Cheniere Energy, Inc. (a)	7,300		213,890
SPECIALTY RETAIL - 0.4%
Guitar Center, Inc. (a)	1,900		108,281
TOTAL COMMON STOCKS (Cost $24,425,148)		25,145,837
Money Market Funds - 23.0%

Fidelity Cash Central Fund, 3.05% (b)	5,041,839		5,041,839
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	1,503,150		1,503,150
TOTAL MONEY MARKET FUNDS (Cost $6,544,989)		6,544,989
Cash Equivalents - 0.1%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.97%, dated 5/31/05 due 6/1/05) (Cost $38,000)	$ 38,003		$ 38,000
TOTAL INVESTMENT PORTFOLIO - 111.4% (Cost $31,008,137)		31,728,826
NET OTHER ASSETS - (11.4)%		(3,234,912)
NET ASSETS - 100%		$ 28,493,914

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $31,289,313. Net unrealized appreciation aggregated $439,513, of which $1,789,168 related to appreciated investment securities and $1,349,655 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2005

1.802171.101

FIN-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CAPITAL MARKETS - 16.3%
American Capital Strategies Ltd.	12,100		$ 423,742
Ameritrade Holding Corp. (a)	88,665		1,317,562
Bank of New York Co., Inc.	48,036		1,384,398
Bear Stearns Companies, Inc.	22,900		2,268,016
Calamos Asset Management, Inc. Class A	15,900		384,462
Charles Schwab Corp.	243,900		2,765,826
Deutsche Bank AG (NY Shares)	5,100		397,392
E*TRADE Financial Corp. (a)	324,200		4,003,870
Federated Investors, Inc. Class B (non-vtg.)	20,050		593,681
Firstcity Financial Corp. (a)	29,010		377,130
Franklin Resources, Inc.	48,100		3,469,934
Goldman Sachs Group, Inc.	76,600		7,468,500
Investors Financial Services Corp.	12,000		497,880
LaBranche & Co., Inc. (a)	29,200		161,476
Lazard Ltd. Class A	50,300		1,088,995
Legg Mason, Inc.	19,700		1,618,946
Lehman Brothers Holdings, Inc.	43,900		4,047,580
Merrill Lynch & Co., Inc.	405,700		22,013,282
Morgan Stanley	80,800		3,955,968
National Financial Partners Corp.	22,300		852,752
Northern Trust Corp.	56,100		2,576,112
Nuveen Investments, Inc. Class A	26,200		944,510
Piper Jaffray Companies (a)	2,352		66,491
State Street Corp.	56,500		2,712,000
TradeStation Group, Inc. (a)	218,747		1,612,165
UBS AG (NY Shares)	90,900		7,031,115
TOTAL CAPITAL MARKETS			74,033,785
COMMERCIAL BANKS - 24.8%
Banco Popolare di Verona e Novara	110,000		1,992,642
Bangkok Bank Ltd. PCL (For. Reg.)	365,400		1,043,229
Bank of America Corp.	807,826		37,418,498
Cathay General Bancorp	64,893		2,206,362
Center Financial Corp., California	60,800		1,299,296
City National Corp.	9,800		696,094
East West Bancorp, Inc.	12,523		421,274
HDFC Bank Ltd. sponsored ADR	73,500		3,078,915
HSBC Holdings PLC sponsored ADR	3,151		250,063
M&T Bank Corp.	9,100		929,474
Mitsubishi Tokyo Financial Group, Inc. (MTFG) sponsored ADR	1,300		10,790
Nara Bancorp, Inc.	4,900		68,061
National Bank of Canada	73,800		3,106,162
North Fork Bancorp, Inc., New York	58,032		1,581,952
Royal Bank of Canada	53,700		3,208,652
Standard Chartered PLC (United Kingdom)	180,700		3,273,649
State Bank of India	105,459		1,778,003
SVB Financial Group (a)	30,700		1,466,232
Synovus Financial Corp.	1,000		29,070

	Shares		Value
U.S. Bancorp, Delaware	282,800		$ 8,294,524
UCBH Holdings, Inc.	48,200		824,220
UnionBanCal Corp.	25,200		1,581,804
Valley National Bancorp	247		5,893
Wachovia Corp.	342,659		17,389,944
Wells Fargo & Co.	284,250		17,171,543
Westcorp	72,300		3,502,212
TOTAL COMMERCIAL BANKS			112,628,558
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Asset Acceptance Capital Corp. (a)	246,225		6,049,748
CONSUMER FINANCE - 10.2%
Advanta Corp. Class B	22,600		557,542
American Express Co.	413,400		22,261,590
Capital One Financial Corp.	118,000		8,897,200
Dollar Financial Corp.	284,779		2,548,772
First Marblehead Corp. (a)	116,200		5,188,330
MBNA Corp.	176,600		3,724,494
SLM Corp.	65,600		3,166,512
TOTAL CONSUMER FINANCE			46,344,440
DIVERSIFIED CONSUMER SERVICES - 0.8%
Jackson Hewitt Tax Service, Inc.	182,300		3,773,610
DIVERSIFIED FINANCIAL SERVICES - 10.3%
CapitalSource, Inc. (a)	23,600		450,288
Chicago Mercantile Exchange Holdings, Inc. Class A	300		64,857
CIT Group, Inc.	156,900		6,655,698
Citigroup, Inc.	332,434		15,660,966
Encore Capital Group, Inc. (a)	20,900		321,024
JPMorgan Chase & Co.	631,845		22,588,459
Marlin Business Services Corp. (a)	38,534		781,470
TOTAL DIVERSIFIED FINANCIAL SERVICES			46,522,762
INDUSTRIAL CONGLOMERATES - 1.6%
General Electric Co.	200,100		7,299,648
INSURANCE - 24.0%
ACE Ltd.	204,100		8,821,202
AFLAC, Inc.	134,600		5,592,630
AMBAC Financial Group, Inc.	40,600		2,929,290
American International Group, Inc.	632,851		35,154,873
Axis Capital Holdings Ltd.	49,600		1,364,496
Berkshire Hathaway, Inc. Class B (a)	1,560		4,383,600
Endurance Specialty Holdings Ltd.	171,170		6,239,147
Fidelity National Financial, Inc.	32,475		1,168,775
Genworth Financial, Inc. Class A (non-vtg.)	19,500		565,305
Hartford Financial Services Group, Inc.	81,100		6,065,469
HCC Insurance Holdings, Inc.	29,900		1,172,379
Hilb Rogal & Hobbs Co.	6,000		204,540
Lincoln National Corp.	6,300		286,839
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Marsh & McLennan Companies, Inc.	37,900		$ 1,100,616
Max Re Capital Ltd.	61,999		1,370,798
MBIA, Inc.	36,800		2,058,224
MetLife, Inc.	138,100		6,159,260
Montpelier Re Holdings Ltd.	22,400		769,440
PartnerRe Ltd.	47,400		3,131,718
Platinum Underwriters Holdings Ltd.	43,400		1,319,360
Protective Life Corp.	18,300		735,477
Prudential Financial, Inc.	39,300		2,488,083
Scottish Re Group Ltd.	65,500		1,531,390
Sun Life Financial, Inc.	151,100		4,760,998
The St. Paul Travelers Companies, Inc.	85,900		3,253,892
Torchmark Corp.	17,600		928,400
Unitrin, Inc.	22,100		1,100,359
XL Capital Ltd. Class A	55,400		4,170,512
TOTAL INSURANCE			108,827,072
IT SERVICES - 0.0%
First Data Corp.	200		7,566
REAL ESTATE - 2.8%
Apartment Investment & Management Co. Class A	36,100		1,339,310
CBL & Associates Properties, Inc.	11,580		943,423
Digital Realty Trust, Inc.	37,300		559,500
Duke Realty Corp.	22,200		685,314
Equity Lifestyle Properties, Inc.	13,100		496,490
Equity Residential (SBI)	31,500		1,130,850
Federal Realty Investment Trust (SBI)	7,200		397,440
Healthcare Realty Trust, Inc.	49,800		1,946,682
Reckson Associates Realty Corp.	27,000		852,930
Simon Property Group, Inc.	57,800		3,972,016
The Mills Corp.	9,200		528,816
Vornado Realty Trust	200		15,740
TOTAL REAL ESTATE			12,868,511
THRIFTS & MORTGAGE FINANCE - 6.3%
Countrywide Financial Corp.	106,173		3,946,450
Doral Financial Corp.	850		9,852
Downey Financial Corp.	8,100		607,662
Fannie Mae	150,300		8,903,772
Freddie Mac	18,500		1,203,240
Golden West Financial Corp., Delaware	69,300		4,339,566
Hudson City Bancorp, Inc.	45,200		1,557,140
MGIC Investment Corp.	17,700		1,085,718
Radian Group, Inc.	20,900		958,892
Sovereign Bancorp, Inc.	77,100		1,720,872
The PMI Group, Inc.	27,300		1,031,940

	Shares		Value
W Holding Co., Inc.	118,907		$ 1,073,730
Washington Mutual, Inc.	51,100		2,110,430
TOTAL THRIFTS & MORTGAGE FINANCE			28,549,264
TOTAL COMMON STOCKS (Cost $346,281,220)		446,904,964
Money Market Funds - 3.9%

Fidelity Cash Central Fund, 3.05% (b)	4,599,285		4,599,285
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	12,858,100		12,858,100
TOTAL MONEY MARKET FUNDS (Cost $17,457,385)		17,457,385
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $363,738,605)		464,362,349
NET OTHER ASSETS - (2.3)%		(10,285,728)
NET ASSETS - 100%		$ 454,076,621

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $365,326,783. Net unrealized appreciation aggregated $99,035,566, of which $109,084,634 related to appreciated investment securities and $10,049,068 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Food and Agriculture Portfolio

May 31, 2005

1.802172.101

FOO-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
BEVERAGES - 18.7%
Allied Domecq PLC sponsored ADR	8,600		$ 435,590
Anheuser-Busch Companies, Inc.	43,200		2,023,920
Brown-Forman Corp. Class B (non-vtg.)	5,800		345,796
Coca-Cola Enterprises, Inc.	86,500		1,892,620
Coca-Cola Femsa SA de CV sponsored ADR	14,900		354,620
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	18,100		472,591
Constellation Brands, Inc. Class A (sub. vtg.) (a)	33,700		937,197
Diageo PLC sponsored ADR	35,100		2,040,012
Efes Breweries International NV unit (d)	7,000		211,680
Fomento Economico Mexicano SA de CV sponsored ADR	6,500		355,875
Pepsi Bottling Group, Inc.	7,200		204,264
PepsiCo, Inc.	134,500		7,566,970
Pernod-Ricard	4,400		679,510
SABMiller PLC	22,600		347,012
The Coca-Cola Co.	179,900		8,028,937
TOTAL BEVERAGES			25,896,594
BIOTECHNOLOGY - 0.3%
Senomyx, Inc.	26,800		370,644
CHEMICALS - 2.8%
Agrium, Inc.	28,100		523,853
Monsanto Co.	50,500		2,878,500
Syngenta AG sponsored ADR	22,600		466,464
TOTAL CHEMICALS			3,868,817
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Aramark Corp. Class B	78,700		2,054,857
FOOD & STAPLES RETAILING - 4.8%
Albertsons, Inc.	100		2,099
Central European Distribution Corp. (a)	10,500		350,175
CVS Corp.	2,600		142,610
Kroger Co. (a)	92,400		1,549,548
Performance Food Group Co. (a)	100		2,706
Ruddick Corp.	11,700		281,151
Safeway, Inc. (a)	88,000		1,936,880
SUPERVALU, Inc.	100		3,276
Sysco Corp.	37,100		1,378,636
Wal-Mart Stores, Inc.	14,500		684,835
Weis Markets, Inc.	9,000		330,660
Whole Foods Market, Inc.	100		11,898
TOTAL FOOD & STAPLES RETAILING			6,674,474
FOOD PRODUCTS - 32.6%
Archer-Daniels-Midland Co.	183,200		3,636,520

	Shares		Value
Bunge Ltd.	29,000		$ 1,799,160
Cadbury Schweppes PLC sponsored ADR	13,700		540,054
Campbell Soup Co.	44,500		1,380,835
Chiquita Brands International, Inc.	12,000		348,960
ConAgra Foods, Inc.	100		2,615
Corn Products International, Inc.	80,400		1,776,036
Dean Foods Co. (a)	50		1,949
General Mills, Inc.	61,700		3,054,150
Groupe Danone sponsored ADR	11,000		202,400
Hormel Foods Corp.	12,000		355,440
Kellogg Co.	112,400		5,113,076
Koninklijke Numico NV (Certificaten Van Aandelen) (a)	3,400		135,599
Kraft Foods, Inc. Class A	133,400		4,327,496
Lindt & Spruengli AG	20		319,474
McCormick & Co., Inc. (non-vtg.)	22,300		754,632
Nestle SA sponsored ADR	128,000		8,422,400
People's Food Holdings Ltd.	191,700		107,535
Ralcorp Holdings, Inc.	100		3,814
Sanderson Farms, Inc.	100		3,790
Smithfield Foods, Inc. (a)	50,600		1,509,398
Tyson Foods, Inc. Class A	33,400		616,564
Unilever NV (NY Shares)	129,200		8,596,968
Wm. Wrigley Jr. Co.	29,300		2,000,311
TOTAL FOOD PRODUCTS			45,009,176
HOTELS, RESTAURANTS & LEISURE - 18.2%
Brinker International, Inc. (a)	54,600		2,054,052
Buffalo Wild Wings, Inc. (a)	95,714		3,077,205
California Pizza Kitchen, Inc. (a)	28,700		688,800
Domino's Pizza, Inc.	51,200		1,171,968
Famous Dave's of America, Inc. (a)	33,400		362,390
Jack in the Box, Inc. (a)	3,458		143,438
McCormick & Schmick Seafood Restaurants	100		1,517
McDonald's Corp.	304,700		9,427,418
Outback Steakhouse, Inc.	44,200		1,955,850
Rare Hospitality International, Inc. (a)	100		3,103
Red Robin Gourmet Burgers, Inc. (a)	38,000		2,085,440
Sonic Corp. (a)	50		1,700
Starbucks Corp. (a)	25,200		1,379,700
Wendy's International, Inc.	44,800		2,021,824
Yum! Brands, Inc.	15,500		794,995
TOTAL HOTELS, RESTAURANTS & LEISURE			25,169,400
HOUSEHOLD PRODUCTS - 5.5%
Clorox Co.	100		5,841
Colgate-Palmolive Co.	75,900		3,792,723
Procter & Gamble Co.	68,400		3,772,260
Reckitt Benckiser PLC	100		3,053
TOTAL HOUSEHOLD PRODUCTS			7,573,877
Common Stocks - continued
	Shares		Value
MACHINERY - 0.8%
AGCO Corp. (a)	18,300		$ 335,988
Caterpillar, Inc.	3,800		357,618
CNH Global NV	100		1,783
Deere & Co.	5,200		343,980
TOTAL MACHINERY			1,039,369
MULTILINE RETAIL - 0.5%
Target Corp.	13,200		708,840
PERSONAL PRODUCTS - 1.7%
Gillette Co.	43,800		2,310,012
TOBACCO - 9.7%
Altadis SA (Spain)	3,200		131,206
Altria Group, Inc.	148,600		9,977,003
British American Tobacco PLC sponsored ADR	26,100		996,759
Imperial Tobacco Group PLC	12,800		346,325
Loews Corp. - Carolina Group	13,300		397,404
Reynolds American, Inc.	18,900		1,566,999
Universal Corp.	100		4,440
TOTAL TOBACCO			13,420,136
TOTAL COMMON STOCKS (Cost $114,999,512)		134,096,196
Money Market Funds - 9.3%

Fidelity Cash Central Fund, 3.05% (b)	3,891,061		3,891,061
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	9,012,500		9,012,500
TOTAL MONEY MARKET FUNDS (Cost $12,903,561)		12,903,561
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.97%, dated 5/31/05 due 6/1/05) (Cost $47,000)	$ 47,004		47,000
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $127,950,073)		147,046,757
NET OTHER ASSETS - (6.4)%		(8,884,140)
NET ASSETS - 100%		$ 138,162,617

Legend

(a) Non-income producing

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $211,680 or 0.2% of net assets.

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $128,545,498. Net unrealized appreciation aggregated $18,501,259, of which $20,164,769 related to appreciated investment securities and $1,663,510 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

May 31, 2005

1.802173.101

GOL-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
Australia - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Sons of Gwalia Ltd. (a)	6,000,000		$ 45
Bermuda - 1.9%
METALS & MINING - 1.9%
Precious Metals & Minerals - 1.9%
Aquarius Platinum Ltd. (Australia)	2,363,907		11,371,115
Canada - 51.7%
METALS & MINING - 51.7%
Diversified Metals & Mining - 4.3%
Fronteer Development Group, Inc. (a)(f)	500,000		824,570
Fronteer Development Group, Inc. warrants 2/25/07 (a)(f)	250,000		192,565
Major Drilling Group International, Inc. (a)	487,400		4,570,346
Teck Cominco Ltd. Class B (sub. vtg.)	620,000		20,152,964
			25,740,445
Gold - 40.9%
Agnico-Eagle Mines Ltd.	200,000		2,342,256
Alamos Gold, Inc. (a)	3,450,200		10,307,720
Arizona Star Resource Corp. (a)	1,347,300		5,162,933
Aurizon Mines Ltd. (a)	2,500,000		2,409,975
Bema Gold Corp. (a)	2,700,000		5,571,224
Centerra Gold, Inc.	200,000		2,804,334
Chesapeake Gold Corp. (a)	501,000		2,454,708
Chesapeake Gold Corp. (a)(e)	199,000		975,024
Cumberland Resources Ltd. (a)	1,200,000		1,300,191
Eldorado Gold Corp. (a)(d)	17,080,000		39,461,440
Gabriel Resources Ltd. (a)(d)	10,877,600		12,479,082
Gabriel Resources Ltd. (a)(d)(e)	1,130,000		1,296,367
Gabriel Resources Ltd. warrants 3/31/07 (a)	83,350		17,929
Gold Reserve, Inc. (a)	500,000		1,461,918
Goldcorp, Inc.	3,800,000		51,768,641
Guinor Gold Corp. (a)(d)	10,000,000		7,807,521
High River Gold Mines Ltd. (a)	7,050,000		7,076,960
High River Gold Mines Ltd. (a)(f)	2,500,000		2,509,560
High River Gold Mines Ltd. warrants 10/26/06 (a)	1,500,000		12
IAMGOLD Corp.	950,000		6,153,203
Kinross Gold Corp. (a)(e)	866,666		4,543,230
Kinross Gold Corp. (a)	7,933,334		41,588,064
Kinross Gold Corp. warrants 12/5/07 (a)	1,300,000		186,424
Metallic Ventures Gold, Inc. warrants 3/17/09 (a)	202,750		19,383
Northgate Exploration Ltd. (a)	3,000,000		3,178,776
Orezone Resources, Inc. Class A (a)	4,000,000		4,780,115
Orvana Minerals Corp. (a)	1,000,000		884,321

	Shares		Value
Placer Dome, Inc.	1,100,000		$ 14,687,699
Richmont Mines, Inc. (a)(d)	1,000,000		3,967,495
Virginia Gold Mines, Inc. (a)	435,000		1,798,638
Yamana Gold, Inc. (a)	1,500,000		4,899,618
			243,894,761
Precious Metals & Minerals - 6.5%
Aber Diamond Corp.	300,000		8,728,489
IMA Exploration, Inc. (a)	898,400		2,562,358
Intrepid Minerals Corp. (a)(d)	4,512,800		1,545,972
Minefinders Corp. Ltd. (a)(d)	3,500,000		18,710,166
Shore Gold, Inc. (a)	127,900		446,305
SouthernEra Diamonds, Inc. Class A (a)(d)	7,868,610		2,476,180
Tahera Diamond Corp. (a)	14,300,000		4,443,117
			38,912,587
TOTAL METALS & MINING			308,547,793
Cayman Islands - 2.3%
METALS & MINING - 2.3%
Precious Metals & Minerals - 2.3%
Apex Silver Mines Ltd. (a)	1,000,000		13,450,000
Mexico - 0.2%
METALS & MINING - 0.2%
Precious Metals & Minerals - 0.2%
Industrias Penoles SA de CV	295,700		1,461,629
Papua New Guinea - 2.8%
METALS & MINING - 2.8%
Gold - 2.8%
Lihir Gold Ltd. (a)	20,500,020		16,486,828
Peru - 3.5%
METALS & MINING - 3.5%
Precious Metals & Minerals - 3.5%
Compania de Minas Buenaventura SA	1,000,000		21,204,486
South Africa - 20.4%
METALS & MINING - 20.4%
Diversified Metals & Mining - 0.7%
African Rainbow Minerals Ltd. (a)	800,000		3,935,245
Gold - 15.7%
DRDGOLD Ltd. sponsored ADR (a)	10,719,098		12,112,581
Gold Fields Ltd. sponsored ADR	3,000,000		32,970,000
Harmony Gold Mining Co. Ltd.	2,911,990		22,276,723
Harmony Gold Mining Co. Ltd. sponsored ADR	2,988,010		22,858,277
Western Areas Ltd. (a)	1,000,000		3,302,375
			93,519,956
Common Stocks - continued
	Shares		Value
South Africa - continued
METALS & MINING - continued
Precious Metals & Minerals - 4.0%
Impala Platinum Holdings Ltd.	250,000		$ 20,928,013
Northam Platinum Ltd.	2,000,000		3,142,322
			24,070,335
TOTAL METALS & MINING			121,525,536
United Kingdom - 6.4%
METALS & MINING - 6.4%
Diversified Metals & Mining - 0.3%
African Platinum PLC (a)	6,000,000		1,989,725
Gold - 1.7%
Randgold Resources Ltd. sponsored ADR (a)	793,500		9,910,815
Precious Metals & Minerals - 4.4%
Lonmin PLC	1,400,000		26,100,824
TOTAL METALS & MINING			38,001,364
United States of America - 8.9%
METALS & MINING - 8.9%
Diversified Metals & Mining - 1.8%
Freeport-McMoRan Copper & Gold, Inc. Class B	300,000		10,590,000
Gold - 6.2%
Newmont Mining Corp.	795,624		29,629,038
Newmont Mining Corp. CHESS Depository Interests	672,776		2,474,188
Royal Gold, Inc.	300,000		5,265,000
			37,368,226
Precious Metals & Minerals - 0.9%
Stillwater Mining Co. (a)	800,000		5,400,000
TOTAL METALS & MINING			53,358,226
TOTAL COMMON STOCKS (Cost $612,352,103)		585,407,022
Money Market Funds - 7.1%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	4,956,353		$ 4,956,353
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	37,198,230		37,198,230
TOTAL MONEY MARKET FUNDS (Cost $42,154,583)		42,154,583
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $654,506,686)		627,561,605
NET OTHER ASSETS - (5.2)%		(30,872,784)
NET ASSETS - 100%		$ 596,688,821

Legend

(a) Non-income producing

(d) Affiliated company

(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 period end, the value of these securities amounted to $6,814,621 or 1.1% of net assets.

(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 $3,526,695 or 0.6% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Fronteer Development Group, Inc.	2/4/05	$ 700,897
Fronteer Development Group, Inc. warrants 2/25/07	2/4/05	$ 0
High River Gold Mines Ltd.	9/27/04	$ 3,144,036

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Eldorado Gold Corp.	$ 49,908,792	$ 2,344,241	$ -	$ -	$ 39,461,440
Gabriel Resources Ltd.	16,344,975	432,607	-	-	12,479,082
Gabriel Resources Ltd. (144A)	1,740,646	-	-	-	1,296,367
Guinor Gold Corp.	5,958,896	2,763,944	-	-	7,807,521
Intrepid Minerals Corp.	2,524,490	-	-	-	1,545,972
Minefinders Corp. Ltd.	25,936,257	-	853,702	-	18,710,166
Richmont Mines, Inc.	3,810,450	-	-	-	3,967,495
SouthernEra Diamonds, Inc. Class A	2,806,914	-	-	-	2,476,180
Total	$ 109,031,420	$ 5,540,792	$ 853,702	$ -	$ 87,744,223

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $674,891,346. Net unrealized depreciation aggregated $47,329,741, of which $68,532,728 related to appreciated investment securities and $115,862,469 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

May 31, 2005

1.802174.101

HEA-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BIOTECHNOLOGY - 16.7%
Affymetrix, Inc. (a)	136,900		$ 7,322,781
Alkermes, Inc. (a)	278,936		3,235,658
Amgen, Inc. (a)	1,524,000		95,371,920
Biogen Idec, Inc. (a)	545,000		21,309,500
Cephalon, Inc. (a)	69,000		2,926,980
Chiron Corp. (a)	234,700		8,810,638
Genentech, Inc. (a)	1,615,900		128,060,075
Genzyme Corp. (a)	362,100		22,591,419
Gilead Sciences, Inc. (a)	656,900		26,801,520
Human Genome Sciences, Inc. (a)	362,600		4,090,128
ImClone Systems, Inc. (a)	112,900		3,741,506
Invitrogen Corp. (a)	70,300		5,576,899
Martek Biosciences (a)	36,500		1,364,735
MedImmune, Inc. (a)	471,070		12,436,248
Millennium Pharmaceuticals, Inc. (a)	1,169,600		9,789,552
Neurocrine Biosciences, Inc. (a)	304,700		11,478,049
OSI Pharmaceuticals, Inc. (a)	62,800		2,334,276
Protein Design Labs, Inc. (a)	136,500		2,607,150
Serologicals Corp. (a)	202,100		4,343,129
TOTAL BIOTECHNOLOGY			374,192,163
HEALTH CARE EQUIPMENT & SUPPLIES - 27.3%
Advanced Medical Optics, Inc. (a)	338,800		13,081,068
Alcon, Inc.	529,900		54,192,873
Animas Corp.	154,900		2,774,259
Aspect Medical Systems, Inc. (a)	343,900		11,059,824
Bausch & Lomb, Inc.	86,600		6,762,594
Baxter International, Inc.	2,824,000		104,205,600
Beckman Coulter, Inc.	287,300		20,128,238
Biomet, Inc.	269,600		10,161,224
Boston Scientific Corp. (a)	408,300		11,060,847
C.R. Bard, Inc.	88,000		6,006,000
Cooper Companies, Inc.	165,000		10,898,250
Cyberonics, Inc. (a)	240,000		8,757,600
Cytyc Corp. (a)	732,800		17,154,848
Dade Behring Holdings, Inc.	156,150		10,438,628
DJ Orthopedics, Inc. (a)	199,500		5,536,125
Edwards Lifesciences Corp. (a)	300,700		13,744,997
Epix Pharmaceuticals, Inc. (a)	376,300		2,984,059
Fisher Scientific International, Inc. (a)	35,900		2,242,314
Gen-Probe, Inc. (a)	59,400		2,308,284
GN Store Nordic AS	975,400		11,209,548
Guidant Corp.	385,700		28,499,373
Hospira, Inc. (a)	9,940		378,515
IntraLase Corp.	11,700		226,863
Invacare Corp.	101,300		4,518,993
Kinetic Concepts, Inc. (a)	185,200		11,899,100
Medtronic, Inc.	2,507,304		134,767,590
Millipore Corp. (a)	68,400		3,521,916
ResMed, Inc. (a)	223,000		13,930,810
Respironics, Inc. (a)	137,300		9,177,132
St. Jude Medical, Inc. (a)	1,141,300		45,788,956

	Shares		Value
Stereotaxis, Inc.	423,976		$ 3,328,212
Syneron Medical Ltd.	156,800		5,287,296
Synthes, Inc.	93,161		10,231,814
Waters Corp. (a)	384,821		14,950,296
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			611,214,046
HEALTH CARE PROVIDERS & SERVICES - 21.1%
Caremark Rx, Inc. (a)	600,300		26,809,398
Cerner Corp. (a)	115,800		7,567,530
Community Health Systems, Inc. (a)	218,800		7,957,756
Covance, Inc. (a)	80,500		3,514,630
DaVita, Inc. (a)	168,900		7,779,534
Express Scripts, Inc. (a)	117,700		10,874,303
Health Net, Inc. (a)	971,000		33,237,330
IMS Health, Inc.	631,500		15,503,325
Laboratory Corp. of America Holdings (a)	237,800		11,521,410
McKesson Corp.	1,250,400		50,353,608
Omnicare, Inc.	393,900		15,094,248
PacifiCare Health Systems, Inc. (a)	192,700		12,107,341
Patterson Companies, Inc. (a)	117,800		5,346,942
Pediatrix Medical Group, Inc. (a)	82,200		6,052,386
Quest Diagnostics, Inc.	176,100		18,490,500
UnitedHealth Group, Inc.	3,802,400		184,720,591
WebMD Corp. (a)	252,500		2,381,075
WellPoint, Inc. (a)	391,900		52,122,700
TOTAL HEALTH CARE PROVIDERS & SERVICES			471,434,607
PERSONAL PRODUCTS - 0.1%
NBTY, Inc. (a)	100,600		2,237,344
PHARMACEUTICALS - 34.1%
Abbott Laboratories	2,282,200		110,093,328
Allergan, Inc.	428,100		33,096,411
Bristol-Myers Squibb Co.	148,000		3,753,280
Eli Lilly & Co.	740,800		43,188,640
Endo Pharmaceuticals Holdings, Inc. (a)	102,700		2,084,810
Forest Laboratories, Inc. (a)	215,300		8,306,274
Hollis-Eden Pharmaceuticals, Inc. (a)	394,500		3,349,305
Ista Pharmaceuticals, Inc. (a)	210,100		1,663,992
IVAX Corp. (a)	896,300		17,612,295
Johnson & Johnson	2,664,184		178,766,746
Kos Pharmaceuticals, Inc. (a)	204,516		11,806,709
Medicis Pharmaceutical Corp. Class A	71,200		2,006,416
Merck & Co., Inc.	1,018,000		33,023,920
MGI Pharma, Inc. (a)	90,800		2,106,560
Novartis AG sponsored ADR	624,800		30,508,984
Pfizer, Inc.	4,133,310		115,319,349
Roche Holding AG (participation certificate)	257,797		32,506,006
Salix Pharmaceuticals Ltd. (a)	1,170,400		20,493,704
Sanofi-Aventis sponsored ADR	87,900		3,955,500
Schering-Plough Corp.	495,500		9,662,250
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - continued
Sepracor, Inc. (a)	179,000		$ 10,876,040
Teva Pharmaceutical Industries Ltd. sponsored ADR	134,700		4,494,939
Watson Pharmaceuticals, Inc. (a)	239,200		7,190,352
Wyeth	1,732,670		75,145,898
TOTAL PHARMACEUTICALS			761,011,708
TOTAL COMMON STOCKS (Cost $1,584,549,404)		2,220,089,868
Nonconvertible Preferred Stocks - 0.0%

BIOTECHNOLOGY - 0.0%
Geneprot, Inc. Series A (a)(d) (Cost $610,500)	111,000		95,460
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 3.05% (b)	22,368,220		22,368,220
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	48,838,750		48,838,750
TOTAL MONEY MARKET FUNDS (Cost $71,206,970)		71,206,970
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $1,656,366,874)		2,291,392,298
NET OTHER ASSETS - (2.5)%		(56,102,589)
NET ASSETS - 100%		$ 2,235,289,709

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Geneprot, Inc. Series A	7/7/00	$ 610,500

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,659,950,709. Net unrealized appreciation aggregated $631,441,589, of which $672,927,832 related to appreciated investment securities and $41,486,243 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

May 31, 2005

1.802175.101

SAV-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.3%
	Shares		Value
COMMERCIAL BANKS - 16.6%
Bank of the Ozarks, Inc.	3,931		$ 124,298
Boston Private Financial Holdings, Inc.	72,500		1,774,800
Center Financial Corp., California	66,488		1,420,849
Colonial Bancgroup, Inc.	308,800		6,883,152
Dime Bancorp, Inc. warrants 11/22/05 (a)	425,000		63,750
East West Bancorp, Inc.	58,800		1,978,032
IBERIABANK Corp.	36,000		2,118,240
Nara Bancorp, Inc.	177,600		2,466,864
North Fork Bancorp, Inc., New York	496,059		13,522,568
PNC Financial Services Group, Inc.	63,800		3,486,670
Sterling Bancorp, New York	936		19,796
TCF Financial Corp.	133,000		3,442,040
TD Banknorth, Inc.	575		17,239
Toronto-Dominion Bank	276		11,784
UCBH Holdings, Inc.	256,044		4,378,352
Wells Fargo & Co.	243,500		14,709,835
Wintrust Financial Corp.	48,074		2,407,065
TOTAL COMMERCIAL BANKS			58,825,334
CONSUMER FINANCE - 1.1%
First Marblehead Corp. (a)	82,400		3,679,160
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Imperial Credit Industries, Inc. warrants 1/31/08 (a)	31,281		3
JPMorgan Chase & Co.	21,500		768,625
TOTAL DIVERSIFIED FINANCIAL SERVICES			768,628
INSURANCE - 17.0%
AMBAC Financial Group, Inc.	54,600		3,939,390
Fidelity National Financial, Inc.	434,866		15,650,827
First American Corp., California	285,400		11,044,980
Genworth Financial, Inc. Class A (non-vtg.)	455,100		13,193,349
Old Republic International Corp.	594,700		14,784,242
Triad Guaranty, Inc. (a)	30,800		1,669,360
TOTAL INSURANCE			60,282,148
REAL ESTATE - 1.6%
American Financial Realty Trust (SBI)	344,700		5,291,145
Gladstone Commercial Corp.	11,600		177,700
Origen Financial, Inc.	24,400		176,656
TOTAL REAL ESTATE			5,645,501
THRIFTS & MORTGAGE FINANCE - 63.8%
Astoria Financial Corp.	90,000		2,478,600
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	98,900		1,754,486
Capitol Federal Financial	139,900		4,633,488

	Shares		Value
Commercial Federal Corp.	71,300		$ 1,783,213
Countrywide Financial Corp.	710,100		26,394,417
Dime Community Bancshares, Inc.	35,200		531,520
Doral Financial Corp.	74,992		869,157
Downey Financial Corp.	117,400		8,807,348
Fannie Mae	286,700		16,984,108
FirstFed Financial Corp., Delaware (a)	100,700		5,455,926
Freddie Mac	277,500		18,048,600
Golden West Financial Corp., Delaware	472,200		29,569,165
Harbor Florida Bancshares, Inc.	94,400		3,357,808
Independence Community Bank Corp.	62,882		2,356,817
IndyMac Bancorp, Inc.	112,000		4,608,800
MGIC Investment Corp.	250,400		15,359,536
New York Community Bancorp, Inc.	738,937		13,463,432
Northwest Bancorp, Inc.	96,000		1,910,400
People's Bank, Connecticut	371,900		10,528,489
R&G Financial Corp. Class B	56,700		817,614
Radian Group, Inc.	303,800		13,938,344
Sovereign Bancorp, Inc.	771,699		17,224,322
The PMI Group, Inc.	111,657		4,220,635
W Holding Co., Inc.	92,574		835,943
Washington Federal, Inc.	193,262		4,410,239
Washington Mutual, Inc.	250,400		10,341,520
Webster Financial Corp.	119,400		5,599,860
TOTAL THRIFTS & MORTGAGE FINANCE			226,283,787
TOTAL COMMON STOCKS (Cost $258,039,052)		355,484,558
Money Market Funds - 4.1%

Fidelity Cash Central Fund, 3.05% (b)	2,640,272		2,640,272
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	12,052,200		12,052,200
TOTAL MONEY MARKET FUNDS (Cost $14,692,472)		14,692,472
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $272,731,524)		370,177,030
NET OTHER ASSETS - (4.4)%		(15,600,373)
NET ASSETS - 100%		$ 354,576,657

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $276,090,827. Net unrealized appreciation aggregated $94,086,203, of which $101,117,398 related to appreciated investment securities and $7,031,195 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

May 31, 2005

1.802176.101

INE-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
AEROSPACE & DEFENSE - 11.6%
Bombardier, Inc. Class B (sub. vtg.)	53,300		$ 102,337
Honeywell International, Inc.	102,500		3,713,575
Precision Castparts Corp.	14,200		1,103,766
TOTAL AEROSPACE & DEFENSE			4,919,678
BUILDING PRODUCTS - 5.0%
American Standard Companies, Inc.	25,600		1,095,680
Trex Co., Inc. (a)	2,600		100,230
York International Corp.	22,000		906,400
TOTAL BUILDING PRODUCTS			2,102,310
COMMERCIAL SERVICES & SUPPLIES - 0.5%
IKON Office Solutions, Inc.	22,000		213,180
CONSTRUCTION & ENGINEERING - 1.5%
EMCOR Group, Inc. (a)	8,000		380,000
URS Corp. (a)	8,200		277,406
TOTAL CONSTRUCTION & ENGINEERING			657,406
ELECTRICAL EQUIPMENT - 6.8%
A.O. Smith Corp.	4,700		147,392
Cooper Industries Ltd. Class A	7,900		544,626
Emerson Electric Co.	12,700		844,169
Rockwell Automation, Inc.	17,500		898,975
Roper Industries, Inc.	6,600		461,340
TOTAL ELECTRICAL EQUIPMENT			2,896,502
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.5%
Cognex Corp.	2,300		59,708
Molex, Inc.	9,100		241,059
Napco Security Systems, Inc.	10,700		98,761
Newport Corp. (a)	15,300		214,965
Symbol Technologies, Inc.	75,200		865,552
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,480,045
ENERGY EQUIPMENT & SERVICES - 1.2%
Halliburton Co.	12,200		521,428
HOUSEHOLD DURABLES - 0.6%
Blount International, Inc. (a)	13,800		243,708
INDUSTRIAL CONGLOMERATES - 18.0%
Carlisle Companies, Inc.	5,800		402,056
General Electric Co.	74,250		2,708,640
Siemens AG sponsored ADR	2,800		205,016
Textron, Inc.	4,900		378,721
Tyco International Ltd.	135,700		3,925,801
TOTAL INDUSTRIAL CONGLOMERATES			7,620,234

	Shares		Value
MACHINERY - 35.0%
Actuant Corp. Class A (a)	9,200		$ 414,000
AGCO Corp. (a)	33,100		607,716
Albany International Corp. Class A	2,200		68,794
Astec Industries, Inc. (a)	25,400		557,022
Bucyrus International, Inc. Class A	8,400		299,712
Caterpillar, Inc.	19,900		1,872,789
Crane Co.	900		23,643
Cummins, Inc.	8,100		550,395
Danaher Corp.	25,800		1,422,354
Deere & Co.	16,625		1,099,744
Donaldson Co., Inc.	7,200		231,120
Dover Corp.	38,200		1,446,634
Harsco Corp.	5,900		342,377
IDEX Corp.	3,400		130,594
Ingersoll-Rand Co. Ltd. Class A	7,000		541,870
ITT Industries, Inc.	21,400		2,033,000
Manitowoc Co., Inc.	9,600		389,088
Navistar International Corp. (a)	25,200		768,852
Pentair, Inc.	10,100		449,551
SPX Corp.	19,900		883,759
Trinity Industries, Inc.	6,300		183,078
Wabash National Corp.	6,700		166,897
Wabtec Corp.	11,400		235,980
Watts Water Technologies, Inc. Class A	3,900		135,837
TOTAL MACHINERY			14,854,806
OFFICE ELECTRONICS - 2.9%
Xerox Corp. (a)	64,400		873,908
Zebra Technologies Corp. Class A (a)	8,200		349,976
TOTAL OFFICE ELECTRONICS			1,223,884
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.0%
Applied Materials, Inc.	154,800		2,540,268
Cascade Microtech, Inc.	2,700		36,450
FormFactor, Inc. (a)	4,400		114,488
KLA-Tencor Corp.	13,300		603,953
Lam Research Corp. (a)	17,700		543,036
Teradyne, Inc. (a)	30,400		395,504
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			4,233,699
TRADING COMPANIES & DISTRIBUTORS - 3.3%
Fastenal Co.	4,100		238,292
Finning International, Inc.	1,200		33,231
Interline Brands, Inc.	13,600		273,224
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - continued
W.W. Grainger, Inc.	7,200		$ 391,608
WESCO International, Inc. (a)	16,300		475,960
TOTAL TRADING COMPANIES & DISTRIBUTORS			1,412,315
TOTAL COMMON STOCKS (Cost $36,096,876)		42,379,195
Money Market Funds - 10.8%

Fidelity Cash Central Fund, 3.05% (b)	342,222		342,222
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	4,219,975		4,219,975
TOTAL MONEY MARKET FUNDS (Cost $4,562,197)		4,562,197
TOTAL INVESTMENT PORTFOLIO - 110.7% (Cost $40,659,073)		46,941,392
NET OTHER ASSETS - (10.7)%		(4,529,496)
NET ASSETS - 100%		$ 42,411,896

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $40,705,532. Net unrealized appreciation aggregated $6,235,860, of which $8,519,723 related to appreciated investment securities and $2,283,863 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Materials Portfolio

May 31, 2005

1.802177.101

IND-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
BUILDING PRODUCTS - 4.0%
Masco Corp.	150,000		$ 4,803,000
CHEMICALS - 28.9%
Agrium, Inc.	100,000		1,864,245
Air Products & Chemicals, Inc.	78,200		4,709,986
Airgas, Inc.	64,700		1,552,800
Albemarle Corp.	75,000		2,853,000
Cytec Industries, Inc.	31,000		1,291,460
Dow Chemical Co.	163,900		7,423,031
E.I. du Pont de Nemours & Co.	150,000		6,976,500
International Flavors & Fragrances, Inc.	30,000		1,112,700
Methanex Corp.	80,000		1,467,814
NOVA Chemicals Corp.	21,600		688,337
Praxair, Inc.	107,100		5,019,777
TOTAL CHEMICALS			34,959,650
CONSTRUCTION MATERIALS - 2.6%
Florida Rock Industries, Inc.	30,000		1,963,500
Lafarge North America, Inc.	20,000		1,207,400
TOTAL CONSTRUCTION MATERIALS			3,170,900
CONTAINERS & PACKAGING - 4.1%
Packaging Corp. of America	113,100		2,470,104
Pactiv Corp. (a)	57,300		1,309,305
Smurfit-Stone Container Corp. (a)	112,200		1,219,614
TOTAL CONTAINERS & PACKAGING			4,999,023
INDUSTRIAL CONGLOMERATES - 2.5%
3M Co.	40,000		3,066,000
MACHINERY - 0.9%
Bucyrus International, Inc. Class A	30,000		1,070,400
MARINE - 0.5%
Odfjell ASA (A Shares)	30,000		571,526
METALS & MINING - 24.0%
Alcan, Inc.	128,200		3,860,707
Alcoa, Inc.	323,598		8,769,505
Canico Resource Corp. (a)	30,000		322,658
Companhia Vale do Rio Doce sponsored ADR	41,900		1,216,357
First Quantum Minerals Ltd.	32,800		544,576
FNX Mining Co., Inc. (a)	35,000		316,483
Inmet Mining Corp. (a)	200,600		2,475,537
IPSCO, Inc.	36,200		1,861,912
Noranda, Inc.	205,464		3,275,442
Novelis, Inc.	40		960
Peru Copper, Inc.	830,000		925,749
Peru Copper, Inc. warrants 3/18/06 (a)	365,000		42,165

	Shares		Value
Phelps Dodge Corp.	24,100		$ 2,106,340
Teck Cominco Ltd. Class B (sub. vtg.)	100,000		3,250,478
TOTAL METALS & MINING			28,968,869
OIL, GAS & CONSUMABLE FUELS - 9.4%
Arch Coal, Inc.	30,000		1,453,500
Cameco Corp.	103,900		4,276,190
CONSOL Energy, Inc.	100,000		4,785,000
Massey Energy Co.	20,000		808,600
TOTAL OIL, GAS & CONSUMABLE FUELS			11,323,290
ROAD & RAIL - 18.4%
Burlington Northern Santa Fe Corp.	110,000		5,436,200
Canadian National Railway Co.	79,950		4,891,778
CSX Corp.	68,100		2,831,598
Norfolk Southern Corp.	120,000		3,830,400
Union Pacific Corp.	77,400		5,182,704
TOTAL ROAD & RAIL			22,172,680
TRADING COMPANIES & DISTRIBUTORS - 2.2%
Finning International, Inc.	50,000		1,384,640
Noble Group Ltd.	1,375,000		1,220,902
TOTAL TRADING COMPANIES & DISTRIBUTORS			2,605,542
TOTAL COMMON STOCKS (Cost $112,265,410)		117,710,880
Money Market Funds - 7.5%

Fidelity Cash Central Fund, 3.05% (b)	3,459,087		3,459,087
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	5,664,000		5,664,000
TOTAL MONEY MARKET FUNDS (Cost $9,123,087)		9,123,087
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $121,388,497)		126,833,967
NET OTHER ASSETS - (5.0)%		(6,090,335)
NET ASSETS - 100%		$ 120,743,632

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $121,500,383. Net unrealized appreciation aggregated $5,333,584, of which $11,459,225 related to appreciated investment securities and $6,125,641 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2005

1.802178.101

PRC-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CAPITAL MARKETS - 0.4%
National Financial Partners Corp.	17,600		$ 673,024
DIVERSIFIED FINANCIAL SERVICES - 1.9%
Leucadia National Corp.	10,000		398,900
Principal Financial Group, Inc.	78,300		3,123,387
TOTAL DIVERSIFIED FINANCIAL SERVICES			3,522,287
HEALTH CARE PROVIDERS & SERVICES - 3.6%
WellPoint, Inc. (a)	50,400		6,703,200
INDUSTRIAL CONGLOMERATES - 0.2%
Alleghany Corp.	1,540		431,585
INSURANCE - 89.9%
ACE Ltd.	211,700		9,149,674
AFLAC, Inc.	226,100		9,394,455
Allmerica Financial Corp. (a)	25,673		896,501
Allstate Corp.	110,900		6,454,380
AMBAC Financial Group, Inc.	85,050		6,136,358
American Financial Group, Inc., Ohio	31,500		1,021,230
American International Group, Inc.	272,800		15,154,039
AmerUs Group Co.	15,600		742,404
Aon Corp.	25,800		643,194
Arch Capital Group Ltd. (a)	15,200		678,680
Arthur J. Gallagher & Co.	11,700		323,154
Aspen Insurance Holdings Ltd.	20,100		552,750
Assurant, Inc.	37,300		1,311,095
Axis Capital Holdings Ltd.	116,000		3,191,160
Berkshire Hathaway, Inc.:
Class A (a)	38		3,195,800
Class B (a)	62		174,220
Brown & Brown, Inc.	9,300		414,408
Cincinnati Financial Corp.	12,501		493,414
CNA Financial Corp. (a)	2,800		77,224
Conseco, Inc. (a)	38,800		776,000
Endurance Specialty Holdings Ltd.	120,500		4,392,225
Erie Indemnity Co. Class A	400		20,720
Everest Re Group Ltd.	43,400		3,883,866
Fidelity National Financial, Inc.	73,984		2,662,684
Genworth Financial, Inc. Class A (non-vtg.)	170,000		4,928,300
Hartford Financial Services Group, Inc.	124,800		9,333,792
HCC Insurance Holdings, Inc.	16,800		658,728
Hilb Rogal & Hobbs Co.	37,200		1,268,148
Infinity Property & Casualty Corp.	1,300		41,600
IPC Holdings Ltd.	18,100		691,963
Jefferson-Pilot Corp.	7,550		380,520
Lincoln National Corp.	18,300		833,199
Manulife Financial Corp.	67,511		3,101,784
Markel Corp. (a)	2,600		888,550

	Shares		Value
Marsh & McLennan Companies, Inc.	93,500		$ 2,715,240
Max Re Capital Ltd.	25,700		568,227
MBIA, Inc.	92,700		5,184,711
Mercury General Corp.	1,000		55,200
MetLife, Inc.	173,600		7,742,560
Montpelier Re Holdings Ltd.	74,500		2,559,075
National Interstate Corp.	1,200		23,400
Nationwide Financial Services, Inc. Class A (sub. vtg.)	300		11,454
Odyssey Re Holdings Corp.	12,700		306,197
Ohio Casualty Corp. (a)	2,300		54,970
Old Republic International Corp.	66,100		1,643,246
PartnerRe Ltd.	53,100		3,508,317
Philadelphia Consolidated Holding Corp. (a)	6,000		494,820
Phoenix Companies, Inc.	33,600		386,400
Platinum Underwriters Holdings Ltd.	6,600		200,640
Protective Life Corp.	30,300		1,217,757
Prudential Financial, Inc.	146,900		9,300,239
PXRE Group Ltd.	7,400		177,082
Reinsurance Group of America, Inc.	13,700		626,775
RLI Corp.	1,300		56,862
SAFECO Corp.	11,200		602,672
Scottish Re Group Ltd.	36,200		846,356
StanCorp Financial Group, Inc.	11,000		823,350
The Chubb Corp.	51,029		4,298,173
The St. Paul Travelers Companies, Inc.	216,691		8,208,255
Torchmark Corp.	38,000		2,004,500
Transatlantic Holdings, Inc.	4,562		260,536
UICI	19,200		482,880
UnumProvident Corp.	144,835		2,659,171
USI Holdings Corp. (a)	58,400		683,864
W.R. Berkley Corp.	161,362		5,721,897
Willis Group Holdings Ltd.	95,900		3,286,493
XL Capital Ltd. Class A	64,400		4,848,032
Zenith National Insurance Corp.	600		38,010
TOTAL INSURANCE			165,463,580
THRIFTS & MORTGAGE FINANCE - 2.2%
MGIC Investment Corp.	33,400		2,048,756
Radian Group, Inc.	22,800		1,046,064
The PMI Group, Inc.	23,500		888,300
TOTAL THRIFTS & MORTGAGE FINANCE			3,983,120
TOTAL COMMON STOCKS (Cost $141,169,605)		180,776,796
Money Market Funds - 3.6%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	6,489,283		$ 6,489,283
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	235,125		235,125
TOTAL MONEY MARKET FUNDS (Cost $6,724,408)		6,724,408
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.97%, dated 5/31/05 due 6/1/05) (Cost $43,000)	$ 43,004		43,000
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $147,937,013)		187,544,204
NET OTHER ASSETS - (1.8)%		(3,371,142)
NET ASSETS - 100%		$ 184,173,062

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $148,611,074. Net unrealized appreciation aggregated $38,933,130, of which $41,313,102 related to appreciated investment securities and $2,379,972 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

May 31, 2005

1.802179.101

LEI-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AUTOMOBILES - 1.5%
Harley-Davidson, Inc.	46,500		$ 2,279,895
Winnebago Industries, Inc.	22,100		722,449
TOTAL AUTOMOBILES			3,002,344
COMMUNICATIONS EQUIPMENT - 0.3%
Arris Group, Inc. (a)	80,700		698,862
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
BellSouth Corp.	100		2,676
SBC Communications, Inc.	100		2,338
Verizon Communications, Inc.	100		3,538
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			8,552
FOOD PRODUCTS - 0.4%
Nestle SA sponsored ADR	11,400		750,120
HOTELS, RESTAURANTS & LEISURE - 24.6%
Boyd Gaming Corp.	17,000		898,620
Brinker International, Inc. (a)	20,300		763,686
Buffalo Wild Wings, Inc. (a)	38,500		1,237,775
Carnival Corp. unit	172,200		9,109,380
Hilton Hotels Corp.	50,600		1,226,038
International Game Technology	42,700		1,203,286
Kerzner International Ltd. (a)	52,400		3,226,792
Las Vegas Sands Corp.	28,000		1,015,280
McDonald's Corp.	265,500		8,214,570
MGM MIRAGE (a)	38,800		1,477,892
Outback Steakhouse, Inc.	40,800		1,805,400
Penn National Gaming, Inc. (a)	82,300		2,680,511
Red Robin Gourmet Burgers, Inc. (a)	20,900		1,146,992
Royal Caribbean Cruises Ltd.	76,000		3,504,360
Starbucks Corp. (a)	53,900		2,951,025
Starwood Hotels & Resorts Worldwide, Inc. unit	40,800		2,283,576
Station Casinos, Inc.	18,600		1,210,860
Wendy's International, Inc.	50,800		2,292,604
WMS Industries, Inc. (a)	19,200		609,984
Wynn Resorts Ltd. (a)	29,700		1,391,445
Yum! Brands, Inc.	30,700		1,574,603
TOTAL HOTELS, RESTAURANTS & LEISURE			49,824,679
HOUSEHOLD DURABLES - 4.9%
Centex Corp.	12,900		844,692
D.R. Horton, Inc.	22,900		791,653

	Shares		Value
Harman International Industries, Inc.	88,400		$ 7,324,824
KB Home	13,000		878,020
TOTAL HOUSEHOLD DURABLES			9,839,189
INTERNET SOFTWARE & SERVICES - 12.5%
Google, Inc. Class A (sub. vtg.)	44,300		12,333,120
Yahoo!, Inc. (a)	351,904		13,090,829
TOTAL INTERNET SOFTWARE & SERVICES			25,423,949
LEISURE EQUIPMENT & PRODUCTS - 2.0%
Brunswick Corp.	86,300		3,714,352
Polaris Industries, Inc.	5,500		288,585
TOTAL LEISURE EQUIPMENT & PRODUCTS			4,002,937
MACHINERY - 0.3%
Cummins, Inc.	8,600		584,370
MEDIA - 47.5%
Clear Channel Communications, Inc.	142,541		4,166,473
E.W. Scripps Co. Class A	31,400		1,604,540
EchoStar Communications Corp. Class A	100,000		2,923,000
Getty Images, Inc. (a)	136,700		10,230,628
Grupo Televisa SA de CV sponsored ADR	18,000		1,080,000
JC Decaux SA (a)	106,900		2,591,452
Lamar Advertising Co. Class A (a)	331,300		13,854,966
Liberty Media International, Inc. Class A (a)	27,101		1,135,803
McGraw-Hill Companies, Inc.	32,400		1,414,584
News Corp. Class A	763,396		12,313,577
Omnicom Group, Inc.	128,000		10,481,920
Salem Communications Corp. Class A (a)	38,800		704,996
Spanish Broadcasting System, Inc. Class A (a)	257,120		2,224,088
The DIRECTV Group, Inc. (a)	156,901		2,342,532
UnitedGlobalCom, Inc. Class A (a)	205,200		1,867,320
Univision Communications, Inc. Class A (a)	376,200		10,010,682
Walt Disney Co.	316,900		8,695,736
Westwood One, Inc.	20,300		402,955
XM Satellite Radio Holdings, Inc. Class A (a)	254,335		8,166,697
TOTAL MEDIA			96,211,949
SOFTWARE - 2.3%
Electronic Arts, Inc. (a)	71,200		3,740,848
NAVTEQ Corp.	24,300		927,045
TOTAL SOFTWARE			4,667,893
WIRELESS TELECOMMUNICATION SERVICES - 2.3%
American Tower Corp. Class A (a)	263,700		4,757,148
TOTAL COMMON STOCKS (Cost $173,130,016)		199,771,992
Money Market Funds - 12.6%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	2,451,824		$ 2,451,824
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	22,984,650		22,984,650
TOTAL MONEY MARKET FUNDS (Cost $25,436,474)		25,436,474
TOTAL INVESTMENT PORTFOLIO - 111.2% (Cost $198,566,490)		225,208,466
NET OTHER ASSETS - (11.2)%		(22,666,572)
NET ASSETS - 100%		$ 202,541,894

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $198,846,203. Net unrealized appreciation aggregated $26,362,263, of which $33,582,531 related to appreciated investment securities and $7,220,268 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

May 31, 2005

1.802180.101

MED-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
BIOTECHNOLOGY - 0.7%
Amylin Pharmaceuticals, Inc. (a)	25,000		$ 399,500
Chiron Corp. (a)	35,000		1,313,900
Gilead Sciences, Inc. (a)	30,000		1,224,000
Incyte Corp. (a)	25,000		190,750
InterMune, Inc. (a)	135,000		1,621,350
MedImmune, Inc. (a)	17,500		462,000
Myriad Genetics, Inc. (a)	22,900		376,934
OSI Pharmaceuticals, Inc. (a)	20,000		743,400
Serologicals Corp. (a)	12,500		268,625
Trimeris, Inc. (a)	68,900		699,335
TOTAL BIOTECHNOLOGY			7,299,794
CHEMICALS - 0.3%
Praxair, Inc.	73,500		3,444,945
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Watson Wyatt & Co. Holdings Class A	106,600		2,805,712
DIVERSIFIED CONSUMER SERVICES - 9.6%
Alderwoods Group, Inc. (a)	1,152,100		15,956,585
Carriage Services, Inc. Class A (a)	93,500		549,780
Service Corp. International (SCI)	5,686,100		43,100,638
Stewart Enterprises, Inc. Class A	50,000		296,000
Weight Watchers International, Inc. (a)	794,500		38,652,425
TOTAL DIVERSIFIED CONSUMER SERVICES			98,555,428
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Dionex Corp. (a)	12,500		560,625
FOOD & STAPLES RETAILING - 0.0%
Rite Aid Corp. (a)	40,000		158,400
HEALTH CARE EQUIPMENT & SUPPLIES - 4.4%
Alcon, Inc.	30,000		3,068,100
Align Technology, Inc. (a)	475,000		3,453,250
American Medical Systems Holdings, Inc. (a)	30,000		598,800
Aspect Medical Systems, Inc. (a)	221,200		7,113,792
Baxter International, Inc.	41,100		1,516,590
BioLase Technology, Inc.	2,300		16,238
DENTSPLY International, Inc.	7,000		399,350
Encore Medical Corp. (a)	25,000		127,000
Fisher & Paykel Healthcare Corp.	500,000		1,052,032
Hospira, Inc. (a)	69,800		2,657,984
IDEXX Laboratories, Inc. (a)	10,000		577,300
INAMED Corp. (a)	55,100		3,428,873
IntraLase Corp.	40,000		775,600
Kinetic Concepts, Inc. (a)	197,500		12,689,375
Medtronic, Inc.	20,900		1,123,375
Mentor Corp.	17,000		695,470
Nobel Biocare Holding AG (Switzerland)	4,000		797,565
Palomar Medical Technologies, Inc. (a)	40,000		914,000
Syneron Medical Ltd.	57,400		1,935,528

	Shares		Value
Varian, Inc. (a)	20,000		$ 744,000
Waters Corp. (a)	32,700		1,270,395
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			44,954,617
HEALTH CARE PROVIDERS & SERVICES - 72.5%
Accredo Health, Inc. (a)	170,000		7,619,400
Aetna, Inc.	821,400		64,077,414
American Dental Partners, Inc. (a)	56,816		1,365,288
American Healthways, Inc. (a)	126,948		4,985,248
AMERIGROUP Corp. (a)	100		3,924
AmerisourceBergen Corp.	10		646
AmSurg Corp. (a)	500		13,480
Apria Healthcare Group, Inc. (a)	13,100		412,650
Cardinal Health, Inc.	59,900		3,470,007
Caremark Rx, Inc. (a)	915,100		40,868,366
Centene Corp. (a)	29,300		941,995
Cerner Corp. (a)	121,000		7,907,350
CIGNA Corp.	11,900		1,157,275
Community Health Systems, Inc. (a)	701,700		25,520,829
Covance, Inc. (a)	179,500		7,836,970
Coventry Health Care, Inc. (a)	120,000		8,354,400
DaVita, Inc. (a)	353,700		16,291,422
Digital Angel Corp. (a)	85,000		333,200
Express Scripts, Inc. (a)	34,200		3,159,738
Gentiva Health Services, Inc. (a)	55,000		873,950
HCA, Inc.	53,200		2,872,800
Health Management Associates, Inc. Class A	885,600		22,334,832
Health Net, Inc. (a)	996,800		34,120,464
HealthSouth Corp. (a)	1,962,180		10,419,176
Henry Schein, Inc. (a)	454,200		18,299,718
HMS Holdings Corp. (a)	80,000		496,000
Horizon Health Corp. (a)	39,200		1,718,920
Humana, Inc. (a)	322,700		11,733,372
IMS Health, Inc.	45,000		1,104,750
Laboratory Corp. of America Holdings (a)	665,000		32,219,250
LifePoint Hospitals, Inc. (a)	30,400		1,367,392
Lincare Holdings, Inc. (a)	100		4,396
Matria Healthcare, Inc. (a)	20,000		569,800
McKesson Corp.	1,060,700		42,714,389
Medco Health Solutions, Inc. (a)	470,900		23,545,000
Molina Healthcare, Inc. (a)	94,773		4,056,284
NDCHealth Corp.	399,800		6,700,648
PacifiCare Health Systems, Inc. (a)	490,039		30,789,150
Patterson Companies, Inc. (a)	11,500		521,985
Pediatrix Medical Group, Inc. (a)	52,700		3,880,301
Pharmaceutical Product Development, Inc. (a)	181,200		8,766,456
PRA International	46		1,197
ProxyMed, Inc. (a)	57,900		368,823
Quest Diagnostics, Inc.	462,300		48,541,500
RehabCare Group, Inc. (a)	80,000		2,223,200
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Renal Care Group, Inc. (a)	296,000		$ 13,687,040
Rural/Metro Corp. (a)	412,000		3,093,708
Sierra Health Services, Inc. (a)	106,100		7,010,027
Sunrise Senior Living, Inc. (a)	83,200		4,338,880
Symbion, Inc. (a)	10,000		236,000
Tenet Healthcare Corp. (a)	100		1,212
Triad Hospitals, Inc. (a)	47,500		2,409,200
U.S. Physical Therapy, Inc. (a)	200,000		3,206,000
United Surgical Partners International, Inc. (a)	15,000		722,100
UnitedHealth Group, Inc.	2,051,290		99,651,670
Universal Health Services, Inc. Class B	134,000		7,829,620
VCA Antech, Inc. (a)	205,000		5,075,800
VistaCare, Inc. Class A (a)	93,100		1,660,904
Wellcare Health Plans, Inc.	26,000		902,200
WellChoice, Inc. (a)	87,300		4,984,830
WellPoint, Inc. (a)	608,500		80,930,500
TOTAL HEALTH CARE PROVIDERS & SERVICES			740,303,046
INDUSTRIAL CONGLOMERATES - 3.0%
Tyco International Ltd.	1,046,800		30,283,924
INSURANCE - 0.7%
Assurant, Inc.	105,000		3,690,750
Hub International Ltd.	10,000		178,059
Universal American Financial Corp. (a)	175,000		3,314,500
TOTAL INSURANCE			7,183,309
INTERNET & CATALOG RETAIL - 0.0%
NutriSystem, Inc. (a)	500		6,130
PHARMACEUTICALS - 3.3%
Atherogenics, Inc. (a)	36,000		513,000
Cipla Ltd.	81,527		539,755
Forest Laboratories, Inc. (a)	12,500		482,250
IVAX Corp. (a)	314,300		6,175,995
Merck KGaA	6,500		502,870
Par Pharmaceutical Companies, Inc. (a)	20,300		649,600
Ranbaxy Laboratories Ltd.	43,415		1,091,031
Roche Holding AG (participation certificate)	50,513		6,369,259
Sanofi-Aventis	5,100		459,000
Schering-Plough Corp.	267,000		5,206,500
Sepracor, Inc. (a)	82,700		5,024,852
Teva Pharmaceutical Industries Ltd. sponsored ADR	90,000		3,003,300
Watson Pharmaceuticals, Inc. (a)	82,700		2,485,962
Wyeth	35,000		1,517,950
TOTAL PHARMACEUTICALS			34,021,324

	Shares		Value
SOFTWARE - 0.1%
Misys PLC	175,000		$ 687,659
TOTAL COMMON STOCKS (Cost $874,679,641)		970,264,913
Nonconvertible Bonds - 0.4%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.4%
HealthSouth Corp.:
7.625% 6/1/12	$ 1,000,000		955,000
10.75% 10/1/08	1,000,000		1,030,000
Rural/Metro Corp.:
0% 3/15/16 (d)(e)	2,790,000		1,381,050
9.875% 3/15/15 (e)	20,000		19,800
Tenet Healthcare Corp. 9.25% 2/1/15 (e)	500,000		517,500
TOTAL NONCONVERTIBLE BONDS (Cost $4,119,020)			3,903,350
Money Market Funds - 5.4%
	Shares
Fidelity Cash Central Fund, 3.05% (b)	52,549,756		52,549,756
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	3,148,700		3,148,700
TOTAL MONEY MARKET FUNDS (Cost $55,698,456)		55,698,456
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $934,497,117)		1,029,866,719
NET OTHER ASSETS - (0.8)%		(8,081,045)
NET ASSETS - 100%		$ 1,021,785,674

Legend

(a) Non-income producing

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $935,210,851. Net unrealized appreciation aggregated $94,655,868, of which $107,852,037 related to appreciated investment securities and $13,196,169 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2005

1.802181.101

MES-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.8%
	Shares		Value
BIOTECHNOLOGY - 0.3%
Affymetrix, Inc. (a)	35,400		$ 1,893,546
Alnylam Pharmaceuticals, Inc.	113,800		848,948
TOTAL BIOTECHNOLOGY			2,742,494
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Dionex Corp. (a)	50,000		2,242,500
HEALTH CARE EQUIPMENT & SUPPLIES - 68.8%
Advanced Medical Optics, Inc. (a)	586,993		22,663,800
Alcon, Inc.	862,500		88,207,874
Align Technology, Inc. (a)	300,000		2,181,000
American Medical Systems Holdings, Inc. (a)	253,600		5,061,856
Animas Corp.	269,800		4,832,118
Aspect Medical Systems, Inc. (a)	628,900		20,225,424
Bausch & Lomb, Inc.	205,900		16,078,731
Baxter International, Inc.	1,578,120		58,232,628
Beckman Coulter, Inc.	400,000		28,024,000
Becton, Dickinson & Co.	784,100		45,046,545
BioLase Technology, Inc.	169,800		1,198,788
Biomet, Inc.	613,747		23,132,124
Boston Scientific Corp. (a)	1,231,100		33,350,499
C.R. Bard, Inc.	390,500		26,651,625
Conceptus, Inc. (a)	400,000		2,132,000
Cooper Companies, Inc.	156,000		10,303,800
Cyberonics, Inc. (a)	283,400		10,341,266
Cytyc Corp. (a)	720,000		16,855,200
Dade Behring Holdings, Inc.	295,000		19,720,750
DENTSPLY International, Inc.	226,100		12,899,005
DJ Orthopedics, Inc. (a)	200,000		5,550,000
Edwards Lifesciences Corp. (a)	296,500		13,553,015
Epix Pharmaceuticals, Inc. (a)	335,000		2,656,550
Foxhollow Technologies, Inc.	97,230		3,685,017
Guidant Corp.	552,600		40,831,614
Hologic, Inc. (a)	369,300		13,593,933
Integra LifeSciences Holdings Corp. (a)	75,000		2,506,500
IntraLase Corp.	4,600		89,194
Invacare Corp.	75,000		3,345,750
Inverness Medical Innovations, Inc. (a)	120,000		3,396,000
Kinetic Concepts, Inc. (a)	267,300		17,174,025
Medtronic, Inc.	1,588,816		85,398,860
Memry Corp. (a)	350,000		560,000
Mentor Corp.	25,000		1,022,750
PolyMedica Corp.	75,000		2,632,500
Regeneration Technologies, Inc. (a)	476,000		3,203,480
ResMed, Inc. (a)	183,900		11,488,233
Respironics, Inc. (a)	122,600		8,194,584
Shamir Optical Industry Ltd.	2,000		34,320
Smith & Nephew PLC sponsored ADR	128,500		6,401,870
Sonic Innovations, Inc. (a)	150,000		652,500
St. Jude Medical, Inc. (a)	1,284,700		51,542,164

	Shares		Value
Stereotaxis, Inc.	374,300		$ 2,938,255
Steris Corp. (a)	194,200		4,699,640
SurModics, Inc. (a)	164,900		6,500,358
Synthes, Inc.	147,141		16,160,403
Thoratec Corp. (a)	388,700		5,807,178
Utah Medical Products, Inc.	50,000		1,088,000
Waters Corp. (a)	534,500		20,765,325
Wilson Greatbatch Technologies, Inc. (a)	100,000		2,404,000
Wright Medical Group, Inc. (a)	101,959		2,807,951
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			787,823,002
HEALTH CARE PROVIDERS & SERVICES - 4.7%
Cryolife, Inc. (a)	300,000		2,175,000
Laboratory Corp. of America Holdings (a)	366,800		17,771,460
Merge Technologies, Inc. (a)	347,000		6,037,800
Patterson Companies, Inc. (a)	235,000		10,666,650
ProxyMed, Inc. (a)	150,000		955,500
Quest Diagnostics, Inc.	156,000		16,380,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			53,986,410
PHARMACEUTICALS - 17.8%
Abbott Laboratories	1,128,620		54,444,629
Allergan, Inc.	543,800		42,041,178
Endo Pharmaceuticals Holdings, Inc. (a)	242,200		4,916,660
Ista Pharmaceuticals, Inc. (a)	150,000		1,188,000
Johnson & Johnson	911,700		61,175,070
Medicines Co. (a)	130,000		2,852,200
Roche Holding AG (participation certificate)	294,374		37,118,055
TOTAL PHARMACEUTICALS			203,735,792
TOTAL COMMON STOCKS (Cost $844,102,027)		1,050,530,198
Money Market Funds - 6.9%
Fidelity Cash Central Fund, 3.05% (b)	44,042,157		44,042,157
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	35,448,700		35,448,700
TOTAL MONEY MARKET FUNDS (Cost $79,490,857)		79,490,857
TOTAL INVESTMENT PORTFOLIO - 98.7% (Cost $923,592,884)		1,130,021,055
NET OTHER ASSETS - 1.3%		14,918,515
NET ASSETS - 100%		$ 1,144,939,570

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $924,160,925. Net unrealized appreciation aggregated $205,860,130, of which $223,253,083 related to appreciated investment securities and $17,392,953 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Money Market
Portfolio

May 31, 2005

1.802201.101

MON-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.5%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
British Telecommunications PLC
12/15/05	3.38%	$ 275,000		$ 281,290
12/15/05	3.39	405,000		414,245
12/15/05	3.40	70,000		71,593
12/15/05	3.43	285,000		291,441
12/15/05	3.51	75,000		76,644
Deutsche Telekom International Finance BV
6/15/05	2.68	400,000		400,824
6/15/05	2.70	55,000		55,113
6/15/05	2.71	75,000		75,154
6/15/05	2.83	15,000		15,031
6/15/05	2.84	40,000		40,082
6/15/05	2.85	40,000		40,081
6/15/05	2.88	90,000		90,183
6/15/05	2.94	85,000		85,172
6/15/05	3.15	285,000		285,533
France Telecom SA
3/1/06	3.65 (a)	110,000		112,971
3/1/06	3.72 (a)	130,000		133,433
3/1/06	3.76 (a)	35,000		35,906
3/1/06	3.80 (a)	150,000		153,882
3/1/06	3.81 (a)	225,000		230,779
3/1/06	3.82 (a)	285,000		292,326
3/1/06	3.85 (a)	60,000		61,534
TOTAL CORPORATE BONDS			3,243,217
Certificates of Deposit - 26.7%

Domestic Certificates Of Deposit - 1.9%
Huntington National Bank, Columbus
11/10/05	3.50	2,000,000		2,000,000
Washington Mutual Bank, California
6/13/05	2.70	5,000,000		5,000,000
6/27/05	3.03	5,000,000		5,000,000
				12,000,000
London Branch, Eurodollar, Foreign Banks - 13.2%
ABN-AMRO Bank NV
8/8/05	3.17	25,000,000		25,000,000
Barclays Bank PLC
7/18/05	3.09	10,000,000		10,000,000
Credit Industriel et Commercial
6/9/05	2.82	5,000,000		5,000,000
8/1/05	3.03	5,000,000		5,000,000
8/8/05	3.08	5,000,000		5,000,000
8/11/05	3.09	10,000,000		10,000,000
9/12/05	3.30	5,000,000		5,000,000
Deutsche Bank AG
9/13/05	3.30	5,000,000		5,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Hypo Real Estate Bank International
8/11/05	3.30% (g)	$ 1,000,000		$ 1,000,000
Societe Generale
8/11/05	3.20	10,000,000		10,000,000
				81,000,000
New York Branch, Yankee Dollar, Foreign Banks - 11.6%
Bank of Tokyo-Mitsubishi Ltd.
8/9/05	3.18	10,000,000		10,000,000
Barclays Bank PLC
6/30/05	3.03	5,000,000		5,000,000
BNP Paribas SA
7/1/05	2.80	5,000,000		5,000,000
Canadian Imperial Bank of Commerce
6/15/05	3.15 (d)	14,000,000		14,000,000
Credit Suisse First Boston New York Branch
6/3/05	3.05	5,000,000		5,000,000
Deutsche Bank AG
6/3/05	2.89 (d)	5,000,000		5,000,000
HBOS Treasury Services PLC
6/6/05	2.89 (d)	5,000,000		5,000,000
Mizuho Corporate Bank Ltd.
8/5/05	3.21	5,000,000		5,000,000
UBS AG
7/5/05	3.03 (d)	7,000,000		6,999,672
Unicredito Italiano Spa
7/14/05	3.07 (d)	5,000,000		4,999,807
8/12/05	3.20 (d)	5,000,000		4,999,294
				70,998,773
TOTAL CERTIFICATES OF DEPOSIT			163,998,773
Commercial Paper - 24.5%

Bank of America Corp.
8/5/05	3.13	5,000,000		4,972,104
Capital One Multi-Asset Execution Trust
7/12/05	3.15	2,000,000		1,992,871
Comcast Corp.
11/4/05	3.49 (b)	1,000,000		985,158
Countrywide Financial Corp.
6/14/05	3.09	5,000,000		4,994,439
DaimlerChrysler NA Holding Corp.
6/15/05	3.21	1,000,000		998,756
6/16/05	3.22	2,000,000		1,997,325
6/23/05	3.22	2,000,000		1,996,077
6/27/05	3.23	1,000,000		997,674
Emerald (MBNA Credit Card Master Note Trust)
7/20/05	3.15	5,000,000		4,978,699
7/26/05	3.16	2,000,000		1,990,406
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
FCAR Owner Trust
9/15/05	3.29%	$ 3,000,000		$ 2,971,380
Grampian Funding LLC
9/9/05	3.20	5,000,000		4,956,250
K2 (USA) LLC
6/24/05	2.90 (b)	5,000,000		4,990,832
Motown Notes Program
6/6/05	3.07	5,000,000		4,997,875
7/11/05	3.11	5,000,000		4,982,833
7/13/05	3.09	2,000,000		1,992,837
7/15/05	3.17	5,000,000		4,980,750
8/11/05	3.23	2,000,000		1,987,378
Newcastle (Discover Card Master Trust)
6/20/05	3.02	11,000,000		10,982,583
6/20/05	3.06	15,000,000		14,975,933
7/5/05	3.15	10,000,000		9,970,439
Oracle Corp.
8/8/05	3.21	5,000,000		4,969,967
Paradigm Funding LLC
6/10/05	3.05	5,000,000		4,996,200
Park Granada LLC
6/9/05	3.05	5,000,000		4,996,622
6/29/05	3.06	5,000,000		4,988,178
7/5/05	3.10	5,000,000		4,985,456
7/11/05	3.13	5,000,000		4,982,722
Park Sienna LLC
6/15/05	3.06	5,000,000		4,994,069
Santander Finance, Inc.
8/24/05	3.11	5,000,000		4,964,242
SBC Communications, Inc.
6/2/05	2.96	2,000,000		1,999,837
6/6/05	2.98	1,000,000		999,589
6/8/05	3.01	1,000,000		999,419
6/8/05	3.02	2,000,000		1,998,833
Toyota Motor Credit Corp.
9/7/05	3.18	1,000,000		991,479
White Pine Finance LLC
8/9/05	3.18 (b)	10,000,000		9,939,625
TOTAL COMMERCIAL PAPER			150,498,837
Master Notes - 3.6%

Bear Stearns Companies, Inc.
9/12/05	3.34 (g)	2,000,000		2,000,000
Goldman Sachs Group, Inc.
6/9/05	3.09 (d)(g)	10,000,000		10,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
6/14/05	3.14% (d)(g)	$ 5,000,000		$ 5,000,000
1/9/06	3.69 (g)	5,000,000		5,000,000
TOTAL MASTER NOTES			22,000,000
Medium-Term Notes - 22.3%

ASIF II
8/16/05	3.31	5,000,000		5,016,629
Australia & New Zealand Banking Group Ltd.
6/23/05	3.08 (b)(d)	2,000,000		2,000,000
Bank of New York Co., Inc.
6/27/05	3.11 (b)(d)	5,000,000		5,000,000
Bayerische Landesbank Girozentrale
8/19/05	3.24 (d)	5,000,000		5,000,000
BMW U.S. Capital LLC
6/15/05	3.06 (b)(d)	1,000,000		1,000,000
GE Capital Assurance Co.
6/1/05	3.20 (d)(g)	5,000,000		5,000,000
General Electric Capital Corp.
6/8/05	3.08 (d)	5,000,000		5,000,000
6/9/05	3.19 (d)	5,000,000		5,000,000
6/17/05	3.19 (d)	8,000,000		8,001,783
HBOS Treasury Services PLC
6/24/05	3.08 (d)	10,000,000		10,000,000
Household Finance Corp.
6/17/05	3.33 (d)	2,000,000		2,000,269
HSBC Finance Corp.
6/24/05	3.08 (d)	2,000,000		2,000,000
Metropolitan Life Insurance Co.
6/6/05	3.08 (b)(d)	2,213,000		2,213,000
Morgan Stanley
6/1/05	3.14 (d)	1,000,000		1,000,000
6/6/05	3.12 (d)	5,000,000		5,000,000
6/15/05	3.09 (d)	2,000,000		2,000,000
National City Bank
6/1/05	2.83 (d)	5,000,000		5,000,000
RACERS
6/22/05	3.09 (b)(d)	10,000,000		10,000,000
Royal Bank of Scotland PLC
6/21/05	3.06 (b)(d)	5,000,000		5,000,000
SBC Communications, Inc.
6/5/06	3.96 (b)(c)	1,600,000		1,605,712
Treasury Bank NA, Alexandria Virginia
8/12/05	3.27 (d)	5,000,000		5,000,000
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Verizon Global Funding Corp.
6/15/05	3.12% (d)	$ 20,000,000		$ 20,000,037
Washington Mutual Bank, California
7/27/05	3.16 (d)	5,000,000		5,000,000
8/4/05	3.19 (d)	5,000,000		5,000,000
Wells Fargo & Co.
6/2/05	3.13 (d)	5,000,000		5,000,000
6/15/05	3.06 (d)	5,000,000		5,000,000
WestLB AG
6/10/05	3.10 (b)(d)	2,000,000		2,000,000
6/30/05	3.09 (b)(d)	3,000,000		3,000,000
TOTAL MEDIUM-TERM NOTES			136,837,430
Short-Term Notes - 1.6%

Metropolitan Life Insurance Co.
7/1/05	3.29 (d)(g)	5,000,000		5,000,000
New York Life Insurance Co.
7/1/05	3.23 (d)(g)	5,000,000		5,000,000
TOTAL SHORT-TERM NOTES			10,000,000
Municipal Securities - 1.6%

Chicago O'Hare Int'l. Arpt. Rev. Series 2001 A, 3.15% 6/2/05, LOC Commerzbank AG, CP (e)		6,017,000		6,017,000
New York State Dorm. Auth. Revs. Series A, 3.07% (MBIA Insured), VRDN (d)		3,530,000		3,530,000
TOTAL MUNICIPAL SECURITIES			9,547,000
Repurchase Agreements - 20.8%
		Maturity Amount
In a joint trading account (Collateralized by U.S. Government Obligations) dated 5/31/05 due 6/1/05 At 3.09%		$ 12,560,077		12,559,000
With:
Citigroup Global Markets, Inc. At:
3.12%, dated 5/31/05 due 6/1/05 (Collateralized by Corporate Obligations valued at $7,140,000, 4.21%, 6/25/34)		7,000,607		7,000,000
3.16%, dated 5/31/05 due 6/1/05 (Collateralized by Corporate Obligations valued at $15,416,400, 0.12% - 14%, 7/10/06 - 4/25/44)		15,001,317		15,000,000
Credit Suisse First Boston, Inc. At 3.16%, dated 5/31/05 due 6/1/05 (Collateralized by Corporate Obligations valued at $26,250,934, 5%, 10/25/19)		25,002,194		25,000,000

		Maturity Amount		Value
Goldman Sachs & Co. At:
3.16%, dated 5/24/05 due 7/1/05 (Collateralized by Mortgage Loan Obligations valued at $7,140,000, 5.5%, 6/25/35) (d)(f)		$ 7,023,349		$ 7,000,000
3.18%, dated 5/24/05 due 7/1/05 (Collateralized by Equity Securities valued at $1,326,004 and Corporate Obligations valued at $3,924,000, 7.75%, 1/1/49) (d)(f)		5,016,484		5,000,000
J.P. Morgan Securities, Inc. At 3.13%, dated 5/4/05 due 7/1/05 (Collateralized by Corporate Obligations valued at $4,216,838, 7.4% - 8%, 12/29/09 - 4/1/37)		4,020,171		4,000,000
Merrill Lynch, Pierce, Fenner & Smith At 3.21%, dated 4/29/05 due 7/27/05 (Collateralized by Corporate Obligations valued at $5,255,950, 7.5% - 9.5%, 7/15/13 - 10/15/13) (d)(f)		5,039,679		5,000,000
Morgan Stanley & Co. At:
3.13%, dated 5/4/05 due 7/1/05 (Collateralized by Mortgage Loan Obligations valued at $14,721,612, 0% - 6.6%, 11/19/07 - 12/1/49)		14,070,599		14,000,000
3.14%, dated 5/31/05 due 6/1/05 (Collateralized by Mortgage Loan Obligations valued at $8,400,000, 0.55%, 11/28/35)		8,000,698		8,000,000
Wachovia Securities, Inc. At 3.13%, dated 5/31/05 due 6/1/05 (Collateralized by Mortgage Loan Obligations valued at $25,500,001, 3.72% - 4.58%, 8/17/29 - 6/25/35)		25,002,174		25,000,000
TOTAL REPURCHASE AGREEMENTS			127,559,000
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $623,684,257)			623,684,257
NET OTHER ASSETS - (1.6)%			(10,068,795)
NET ASSETS - 100%			$ 613,615,462

Security Type Abbreviations

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $47,734,327 or 7.8% of net assets.

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(f) The maturity amount is based on the rate at period end.

(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 $38,000,000 or 6.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Bear Stearns Companies, Inc. 3.34%, 9/12/05	3/15/05	$ 2,000,000
GE Capital Assurance Co. 3.2%, 6/1/05	7/30/04	$ 5,000,000
Goldman Sachs Group, Inc.: 3.09%, 6/9/05	4/12/05	$ 10,000,000
3.14%, 6/14/05	2/14/05	$ 5,000,000
3.69%, 1/9/06	4/12/05	$ 5,000,000
Hypo Real Estate Bank International 3.3%, 8/11/05	5/9/05	$ 1,000,000
Metropolitan Life Insurance Co. 3.29%, 7/1/05	3/26/02	$ 5,000,000
New York Life Insurance Co. 3.23%, 7/1/05	2/28/02	$ 5,000,000

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $623,684,257.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

May 31, 2005

1.802182.101

BAM-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.8%
Monster Worldwide, Inc. (a)	25,800		$ 680,604
R.R. Donnelley & Sons Co.	26,000		864,500
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,545,104
DIVERSIFIED CONSUMER SERVICES - 0.5%
Apollo Group, Inc. Class A (a)	5,500		431,750
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
New Skies Satellites Holdings Ltd.	25,700		454,890
HOTELS, RESTAURANTS & LEISURE - 0.8%
Ctrip.com International Ltd. sponsored ADR (a)	13,500		685,800
INTERNET & CATALOG RETAIL - 1.2%
eBay, Inc. (a)	28,500		1,083,285
INTERNET SOFTWARE & SERVICES - 21.0%
aQuantive, Inc. (a)	67,000		1,031,130
Google, Inc. Class A (sub. vtg.)	31,900		8,880,960
iVillage, Inc. (a)	35,100		211,653
Sina Corp. (a)	13,400		372,922
Sohu.com, Inc. (a)	7,500		140,400
ValueClick, Inc. (a)	16,900		181,168
WebSideStory, Inc.	6,000		68,700
Yahoo!, Inc. (a)	201,400		7,492,080
TOTAL INTERNET SOFTWARE & SERVICES			18,379,013
MEDIA - 68.0%
ADVO, Inc.	6,800		211,140
British Sky Broadcasting Group PLC (BSkyB) sponsored ADR	12,900		514,323
Central European Media Enterprises Ltd. Class A (a)	25,500		1,135,770
Cheil Communications, Inc.	30		5,092
DreamWorks Animation SKG, Inc. Class A	6,800		199,920
E.W. Scripps Co. Class A	36,500		1,865,150
EchoStar Communications Corp. Class A	60,400		1,765,492
Gannett Co., Inc.	44,200		3,291,132
Gestevision Telecinco SA	8,100		187,787
Getty Images, Inc. (a)	24,900		1,863,516
Grupo Televisa SA de CV sponsored ADR	9,000		540,000
Harte-Hanks, Inc.	8,700		254,823
Impresa SGPS (a)	32,900		222,668
JC Decaux SA (a)	85,700		2,077,525
Lamar Advertising Co. Class A (a)	100,400		4,198,728
Liberty Media International, Inc. Class A (a)	19,070		799,224
McGraw-Hill Companies, Inc.	106,800		4,662,888
Mediaset Spa	130,100		1,533,706
News Corp.:
Class A	352,582		5,687,148
Class B	140,200		2,342,742

	Shares		Value
Omnicom Group, Inc.	69,600		$ 5,699,544
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	112,660		1,427,402
Radio One, Inc. Class D (non-vtg.) (a)	64,300		810,180
Reuters Group PLC sponsored ADR	19,400		819,456
SBS Broadcasting SA (a)	12,900		570,309
Time Warner, Inc. (a)	55,325		962,655
TVN SA	18,600		250,817
UnitedGlobalCom, Inc. Class A (a)	102,900		936,390
Univision Communications, Inc. Class A (a)	92,400		2,458,764
Walt Disney Co.	256,900		7,049,336
Washington Post Co. Class B	4,300		3,569,000
World Wrestling Entertainment, Inc. Class A	22,300		241,732
XM Satellite Radio Holdings, Inc. Class A (a)	42,300		1,358,253
TOTAL MEDIA			59,512,612
SOFTWARE - 3.2%
Electronic Arts, Inc. (a)	12,100		635,734
KongZhong Corp. sponsored ADR	27,600		245,640
NDS Group PLC sponsored ADR (a)	34,400		1,084,632
Shanda Interactive Entertainment Ltd. sponsored ADR	23,200		854,920
TOTAL SOFTWARE			2,820,926
WIRELESS TELECOMMUNICATION SERVICES - 1.7%
SpectraSite, Inc. (a)	23,700		1,513,245
TOTAL COMMON STOCKS (Cost $67,538,818)		86,426,625
Money Market Funds - 5.7%

Fidelity Cash Central Fund, 3.05% (b)	1,780,243		1,780,243
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	3,215,800		3,215,800
TOTAL MONEY MARKET FUNDS (Cost $4,996,043)		4,996,043
Cash Equivalents - 0.1%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.97%, dated 5/31/05 due 6/1/05) (Cost $46,000)	$ 46,004		46,000
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $72,580,861)		91,468,668
NET OTHER ASSETS - (4.5)%		(3,910,115)
NET ASSETS - 100%		$ 87,558,553

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $72,655,662. Net unrealized appreciation aggregated $18,813,006, of which $20,598,638 related to appreciated investment securities and $1,785,632 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

May 31, 2005

1.802183.101

GAS-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 74.2%
Atwood Oceanics, Inc. (a)	160,000		$ 9,166,400
Baker Hughes, Inc.	226,100		10,443,559
BJ Services Co.	582,600		29,333,910
Cooper Cameron Corp. (a)	254,900		15,067,139
Diamond Offshore Drilling, Inc.	341,300		16,126,425
ENSCO International, Inc.	704,100		23,446,530
GlobalSantaFe Corp.	2,057,900		75,401,456
Grant Prideco, Inc. (a)	1,081,596		25,979,936
Grey Wolf, Inc. (a)	2,004,400		13,168,908
Halliburton Co.	1,304,200		55,741,508
Helmerich & Payne, Inc.	200,000		8,294,000
Nabors Industries Ltd. (a)	1,256,300		69,234,693
National Oilwell Varco, Inc. (a)	304,413		13,698,585
Noble Corp.	1,344,200		76,108,604
Patterson-UTI Energy, Inc.	405,700		10,746,993
Precision Drilling Corp. (a)	494,800		19,434,066
Pride International, Inc. (a)	1,422,000		32,066,100
Rowan Companies, Inc.	667,500		18,356,250
Schlumberger Ltd. (NY Shares)	277,400		18,965,838
Smith International, Inc.	280,345		16,473,072
TODCO Class A (a)	300,000		6,837,000
Transocean, Inc. (a)	1,556,400		77,524,285
Unit Corp. (a)	100,000		3,902,000
W-H Energy Services, Inc. (a)	302,615		6,557,667
Weatherford International Ltd. (a)	551,002		28,966,175
TOTAL ENERGY EQUIPMENT & SERVICES			681,041,099
MACHINERY - 2.3%
Bucyrus International, Inc. Class A	77,512		2,765,628
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	400,000		8,099,257
Joy Global, Inc.	57,700		2,166,058
Samsung Heavy Industries Ltd.	1,000,000		8,416,875
TOTAL MACHINERY			21,447,818
OIL, GAS & CONSUMABLE FUELS - 21.3%
General Maritime Corp.	441,200		18,424,512
Massey Energy Co.	261,800		10,584,574
Peabody Energy Corp.	553,700		26,433,638
Premcor, Inc.	336,500		22,838,255
Quicksilver Resources, Inc. (a)	487,200		25,431,840
Range Resources Corp.	618,900		14,296,590
Teekay Shipping Corp.	297,400		12,633,552
Top Tankers, Inc.	787,600		12,554,265
USEC, Inc.	400,000		5,460,000
Valero Energy Corp.	675,400		46,345,948
TOTAL OIL, GAS & CONSUMABLE FUELS			195,003,174
TOTAL COMMON STOCKS (Cost $816,389,001)		897,492,091
Money Market Funds - 3.5%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	20,617,876	$ 20,617,876
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	11,664,300		11,664,300
TOTAL MONEY MARKET FUNDS (Cost $32,282,176)		32,282,176
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $848,671,177)		929,774,267
NET OTHER ASSETS - (1.3)%		(11,833,985)
NET ASSETS - 100%		$ 917,940,282

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $849,198,060. Net unrealized appreciation aggregated $80,576,207, of which $101,945,530 related to appreciated investment securities and $21,369,323 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2005

1.802184.101

NAT-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CONSTRUCTION & ENGINEERING - 1.1%
Chicago Bridge & Iron Co. NV (NY Shares)	160,000		$ 3,456,000
CONTAINERS & PACKAGING - 0.5%
Packaging Corp. of America	21,300		465,192
Smurfit-Stone Container Corp. (a)	113,143		1,229,864
TOTAL CONTAINERS & PACKAGING			1,695,056
ELECTRICAL EQUIPMENT - 0.2%
Hydrogenics Corp. (a)	213,258		745,859
ENERGY EQUIPMENT & SERVICES - 35.0%
Baker Hughes, Inc.	126,790		5,856,430
BJ Services Co.	140,700		7,084,245
Cooper Cameron Corp. (a)	40,900		2,417,599
ENSCO International, Inc.	18,800		626,040
GlobalSantaFe Corp.	170,700		6,254,448
Grant Prideco, Inc. (a)	135,900		3,264,318
Halliburton Co.	335,000		14,317,900
Hornbeck Offshore Services, Inc.	103,700		2,556,205
Maverick Tube Corp. (a)	23,300		703,893
Nabors Industries Ltd. (a)	39,700		2,187,867
National Oilwell Varco, Inc. (a)	394,836		17,767,620
Noble Corp.	85,300		4,829,686
Pason Systems, Inc.	11,800		183,317
Precision Drilling Corp. (a)	194,000		7,619,662
Pride International, Inc. (a)	238,500		5,378,175
Rowan Companies, Inc.	23,400		643,500
RPC, Inc.	1,700		25,109
Schlumberger Ltd. (NY Shares)	221,926		15,173,081
Smith International, Inc.	202,300		11,887,148
Tenaris SA sponsored ADR	16,900		1,178,775
Transocean, Inc. (a)	63,900		3,182,859
Weatherford International Ltd. (a)	48,795		2,565,153
TOTAL ENERGY EQUIPMENT & SERVICES			115,703,030
GAS UTILITIES - 0.5%
Questar Corp.	27,800		1,752,512
MACHINERY - 0.3%
Bucyrus International, Inc. Class A	28,970		1,033,650
METALS & MINING - 11.0%
Alamos Gold, Inc. (a)	71,600		213,910
Alcan, Inc.	900		27,103
Alcoa, Inc.	185,000		5,013,500
Apex Silver Mines Ltd. (a)	138,000		1,856,100
Companhia Vale do Rio Doce sponsored ADR	22,800		661,884
Freeport-McMoRan Copper & Gold, Inc. Class B	1,363		48,114
Goldcorp, Inc.	211,100		2,875,884
Industrias Penoles SA de CV	620,900		3,069,074
Inmet Mining Corp. (a)	69,000		851,506

	Shares		Value
Kinross Gold Corp. (a)	155,100		$ 813,064
Newmont Mining Corp.	332,200		12,371,128
Noranda, Inc.	90,500		1,442,722
Phelps Dodge Corp.	13,500		1,179,900
Siderurgica Nacional Compania sponsored ADR	34,500		615,825
Stillwater Mining Co. (a)	50,400		340,200
Teck Cominco Ltd. Class B (sub. vtg.)	77,100		2,506,119
Titanium Metals Corp. (a)	23,100		982,674
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)	69,800		1,314,451
TOTAL METALS & MINING			36,183,158
OIL, GAS & CONSUMABLE FUELS - 49.7%
Amerada Hess Corp.	300		27,855
Apache Corp.	800		47,008
Arch Coal, Inc.	15,600		755,820
Ashland, Inc.	33,300		2,274,390
BG Group PLC sponsored ADR	51,700		1,982,178
BP PLC sponsored ADR	333,064		20,050,453
Cabot Oil & Gas Corp.	31,700		993,795
Cameco Corp.	70,300		2,893,322
Canadian Natural Resources Ltd.	144,400		4,170,252
Chesapeake Energy Corp.	153,000		3,131,910
ChevronTexaco Corp.	69,932		3,760,943
Comstock Resources, Inc. (a)	32,700		746,214
ConocoPhillips	169,182		18,244,587
CONSOL Energy, Inc.	105,700		5,057,745
Denbury Resources, Inc. (a)	18,700		598,026
El Paso Corp.	161,300		1,667,842
EnCana Corp.	291,284		10,094,689
Encore Acquisition Co. (a)	24,100		898,930
Energy Partners Ltd. (a)	1,100		25,135
ENI Spa sponsored ADR	8,700		1,116,036
Exxon Mobil Corp.	288,896		16,235,955
Forest Oil Corp. (a)	136,200		5,415,312
Frontier Oil Corp.	73,800		3,609,558
Gastar Exploration Ltd. (a)	215,400		660,684
Giant Industries, Inc. (a)	34,200		985,302
Holly Corp.	40,600		1,552,138
Marathon Oil Corp.	900		43,641
Massey Energy Co.	91,000		3,679,130
Neste Oil Oyj	24,700		551,662
Newfield Exploration Co. (a)	8,900		342,205
Noble Energy, Inc.	16,700		1,241,979
Norsk Hydro ASA sponsored ADR	15,400		1,252,174
Occidental Petroleum Corp.	107,500		7,859,325
Peabody Energy Corp.	120,700		5,762,218
Plains Exploration & Production Co. (a)	190,900		5,831,995
Pogo Producing Co.	31,000		1,532,640
Premcor, Inc.	178,500		12,114,795
Quicksilver Resources, Inc. (a)	49,400		2,578,680
Range Resources Corp.	154,100		3,559,710
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Sunoco, Inc.	23,900		$ 2,451,423
Talisman Energy, Inc.	300		9,919
Total SA sponsored ADR	42,900		4,770,051
Ultra Petroleum Corp. (a)	1,300		35,373
USEC, Inc.	40,300		550,095
Valero Energy Corp.	33,300		2,285,046
Williams Companies, Inc.	31,400		578,074
TOTAL OIL, GAS & CONSUMABLE FUELS			164,026,214
PAPER & FOREST PRODUCTS - 1.2%
Canfor Corp. (a)	341		4,279
Georgia-Pacific Corp.	33,100		1,096,934
Sino-Forest Corp. (a)	116,400		279,130
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	212,200		2,544,278
TOTAL PAPER & FOREST PRODUCTS			3,924,621
TOTAL COMMON STOCKS (Cost $293,639,104)		328,520,100
Money Market Funds - 2.2%

Fidelity Cash Central Fund, 3.05% (b)	1,601,491		1,601,491
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	5,821,750		5,821,750
TOTAL MONEY MARKET FUNDS (Cost $7,423,241)		7,423,241
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $301,062,345)		335,943,341
NET OTHER ASSETS - (1.7)%		(5,775,707)
NET ASSETS - 100%		$ 330,167,634

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $302,244,495. Net unrealized appreciation aggregated $33,698,846, of which $43,343,793 related to appreciated investment securities and $9,644,947 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and
Infrastructure Portfolio

May 31, 2005

1.802185.101

NET-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 41.1%
ADC Telecommunications, Inc. (a)	57,328		$ 1,041,076
Adva AG Optical Networking (a)	99,500		530,164
Alvarion Ltd. (a)	99,600		902,376
Andrew Corp. (a)	30,800		408,408
AudioCodes Ltd. (a)	132,100		1,594,447
Avaya, Inc. (a)	422,200		3,863,130
CIENA Corp. (a)	541,200		1,179,816
Comverse Technology, Inc. (a)	76,000		1,788,280
Corning, Inc. (a)	343,400		5,384,512
F5 Networks, Inc. (a)	8,600		440,406
Foxconn International Holdings Ltd.	40,000		26,220
Harmonic, Inc. (a)	124,500		775,635
Juniper Networks, Inc. (a)	300,709		7,710,178
Marconi Corp. PLC (a)	21,400		116,658
MRV Communications, Inc. (a)	347,700		643,245
NMS Communications Corp. (a)	307,400		999,050
Nokia Corp. sponsored ADR	89,000		1,500,540
Powerwave Technologies, Inc. (a)	108,600		991,518
QUALCOMM, Inc.	67,200		2,503,872
Redback Networks, Inc. (a)	16,400		93,480
Research In Motion Ltd. (a)	85,200		7,097,285
Riverstone Networks, Inc. (a)	188,100		130,730
SiRF Technology Holdings, Inc. (a)	800		11,328
Sonus Networks, Inc. (a)	437,400		1,946,430
Tekelec (a)	57,500		782,575
Tut Systems, Inc. (a)	66,700		201,434
TOTAL COMMUNICATIONS EQUIPMENT			42,662,793
COMPUTERS & PERIPHERALS - 10.3%
ASUSTeK Computer, Inc.	3,960		10,934
Concurrent Computer Corp. (a)	408,700		743,834
EMC Corp. (a)	337,600		4,746,656
Network Appliance, Inc. (a)	69,500		1,998,820
Read-Rite Corp. (a)	44,000		440
Sun Microsystems, Inc. (a)	851,400		3,243,834
TOTAL COMPUTERS & PERIPHERALS			10,744,518
ELECTRONIC EQUIPMENT & INSTRUMENTS - 7.5%
Aeroflex, Inc. (a)	148,800		1,190,400
Agilent Technologies, Inc. (a)	172,000		4,129,720
AU Optronics Corp. sponsored ADR	58,000		999,920
M-Flex Electronix, Inc.	100		1,632
Photon Dynamics, Inc. (a)	78,100		1,508,111
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			7,829,783
HOUSEHOLD DURABLES - 0.6%
Thomson SA	24,400		617,623

	Shares		Value
INTERNET SOFTWARE & SERVICES - 9.1%
Akamai Technologies, Inc. (a)	15,800		$ 221,832
AsiaInfo Holdings, Inc. (a)	42,200		219,440
Digital River, Inc. (a)	15,800		434,816
Google, Inc. Class A (sub. vtg.)	22,900		6,375,360
Openwave Systems, Inc. (a)	50,500		785,275
RADVision Ltd. (a)	64,400		904,820
Sina Corp. (a)	17,100		475,893
TOTAL INTERNET SOFTWARE & SERVICES			9,417,436
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.3%
Agere Systems, Inc. (a)	69,204		941,174
Altera Corp. (a)	115,200		2,556,288
Analog Devices, Inc.	27,000		1,001,160
Applied Micro Circuits Corp. (a)	200,400		575,148
ARM Holdings PLC sponsored ADR	84,000		499,800
Exar Corp. (a)	8,200		118,080
Freescale Semiconductor, Inc.:
Class A	36,300		733,260
Class B (a)	96,718		1,953,704
Genesis Microchip, Inc. (a)	4,500		74,475
Intersil Corp. Class A	26,500		497,140
LTX Corp. (a)	46,900		224,651
Marvell Technology Group Ltd. (a)	85,140		3,487,334
Microsemi Corp. (a)	8,600		177,418
Microtune, Inc. (a)	129,300		571,506
Mindspeed Technologies, Inc. (a)	805,333		1,151,626
National Semiconductor Corp.	71,900		1,446,628
O2Micro International Ltd. (a)	125,400		1,562,484
ON Semiconductor Corp. (a)	37,900		170,550
Pixelworks, Inc. (a)	6,400		54,848
PowerDsine Ltd.	9,800		90,650
Sigma Designs, Inc. (a)	8,400		66,360
Silicon Image, Inc. (a)	48,000		563,520
Vitesse Semiconductor Corp. (a)	601,700		1,504,250
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			20,022,054
SOFTWARE - 9.9%
GameLoft.Com (a)	60,900		272,034
NAVTEQ Corp.	3,500		133,525
Portal Software, Inc. (a)	143,100		281,907
Symantec Corp. (a)	187,900		4,248,419
Ulticom, Inc. (a)	141,600		1,302,720
VERITAS Software Corp. (a)	164,400		4,088,628
TOTAL SOFTWARE			10,327,233
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 1.0%
InPhonic, Inc.	200		$ 2,954
Wireless Facilities, Inc. (a)	208,200		1,072,230
TOTAL WIRELESS TELECOMMUNICATION SERVICES			1,075,184
TOTAL COMMON STOCKS (Cost $101,817,787)		102,696,624
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 3.05% (b)	810,766		810,766
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	2,300,275		2,300,275
TOTAL MONEY MARKET FUNDS (Cost $3,111,041)		3,111,041
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $104,928,828)		105,807,665
NET OTHER ASSETS - (1.8)%		(1,875,534)
NET ASSETS - 100%		$ 103,932,131

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $105,049,809. Net unrealized appreciation aggregated $757,856, of which $9,890,932 related to appreciated investment securities and $9,133,076 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and
Forest Products Portfolio

May 31, 2005

1.802186.101

PAP-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BUILDING PRODUCTS - 1.5%
Trex Co., Inc. (a)	7,800		$ 300,690
Universal Forest Products, Inc.	1,500		59,700
TOTAL BUILDING PRODUCTS			360,390
CONTAINERS & PACKAGING - 35.9%
Bemis Co., Inc.	27,000		733,320
Caraustar Industries, Inc. (a)	26,600		279,300
Longview Fibre Co.	15,800		315,526
Owens-Illinois, Inc. (a)	14,700		377,937
Packaging Corp. of America	69,600		1,520,064
Pactiv Corp. (a)	5,800		132,530
Sealed Air Corp. (a)	19,000		984,010
Smurfit-Stone Container Corp. (a)	215,370		2,341,072
Sonoco Products Co.	31,700		844,171
Temple-Inland, Inc.	33,000		1,178,760
TOTAL CONTAINERS & PACKAGING			8,706,690
HOUSEHOLD PRODUCTS - 3.3%
Kimberly-Clark Corp.	12,600		810,558
MACHINERY - 0.5%
Albany International Corp. Class A	3,600		112,572
PAPER & FOREST PRODUCTS - 50.1%
Abitibi-Consolidated, Inc.	53,600		236,144
Aracruz Celulose SA (PN-B) sponsored ADR	5,100		171,768
Bowater, Inc.	48,600		1,526,040
Buckeye Technologies, Inc. (a)	39,100		323,357
Canfor Corp. (a)	39,600		496,893
Cascades, Inc.	24,900		232,694
Domtar, Inc.	29,100		217,925
Georgia-Pacific Corp.	62,000		2,054,680
International Paper Co.	66,700		2,148,407
Louisiana-Pacific Corp.	25,300		637,054
MeadWestvaco Corp.	29,700		851,796
Mercer International, Inc. (SBI) (a)	13,300		97,090
Pope & Talbot, Inc.	6,200		68,386
Potlatch Corp.	12,200		630,618
Sappi Ltd. sponsored ADR	9,200		89,884
Sino-Forest Corp. (a)	66,700		159,948
Tembec, Inc. (a)	35,100		97,873
Wausau-Mosinee Paper Corp.	39,700		496,250
West Fraser Timber Co. Ltd.	8,700		321,398
Weyerhaeuser Co.	20,500		1,315,075
TOTAL PAPER & FOREST PRODUCTS			12,173,280
REAL ESTATE - 6.9%
Keweenaw Land Association Ltd.	500		78,500

	Shares		Value
Plum Creek Timber Co., Inc.	23,000		$ 806,150
Rayonier, Inc.	15,025		788,662
TOTAL REAL ESTATE			1,673,312
TRADING COMPANIES & DISTRIBUTORS - 0.7%
BlueLinx Corp.	14,600		177,536
TOTAL COMMON STOCKS (Cost $27,275,544)		24,014,338
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 3.05% (b) (Cost $479,066)	479,066		479,066
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $27,754,610)		24,493,404
NET OTHER ASSETS - (0.9)%			(210,712)
NET ASSETS - 100%		$ 24,282,692

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $27,892,533. Net unrealized depreciation aggregated $3,399,129, of which $625,936 related to appreciated investment securities and $4,025,065 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2005

1.802187.101

PHR-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.4%
	Shares		Value
BIOTECHNOLOGY - 11.8%
Alkermes, Inc. (a)	65,100		$ 755,160
Biogen Idec, Inc. (a)	2,600		101,660
BioMarin Pharmaceutical, Inc. (a)	61,900		420,920
Cambridge Antibody Technology Group PLC (a)	1,100		12,233
Cephalon, Inc. (a)	8,900		377,538
CSL Ltd.	22,665		494,637
CV Therapeutics, Inc. (a)	17,500		353,850
DOV Pharmaceutical, Inc. (a)	64,700		976,970
Genentech, Inc. (a)	25,600		2,028,800
ImClone Systems, Inc. (a)	35,600		1,179,784
ImmunoGen, Inc. (a)	68,500		408,260
MedImmune, Inc. (a)	38,300		1,011,120
Millennium Pharmaceuticals, Inc. (a)	20,700		173,259
Myogen, Inc. (a)	88,200		583,884
Neopharm, Inc. (a)	71,400		700,434
Neurocrine Biosciences, Inc. (a)	66,300		2,497,521
ONYX Pharmaceuticals, Inc. (a)	37,700		942,123
Protein Design Labs, Inc. (a)	18,100		345,710
QLT, Inc. (a)	2,690		27,860
Seattle Genetics, Inc. (a)	52,500		253,575
Telik, Inc. (a)	335		4,777
TOTAL BIOTECHNOLOGY			13,650,075
CHEMICALS - 0.8%
Monsanto Co.	16,971		967,347
HEALTH CARE EQUIPMENT & SUPPLIES - 6.1%
Advanced Medical Optics, Inc. (a)	3		116
Cyberonics, Inc. (a)	30,400		1,109,296
Gen-Probe, Inc. (a)	4,300		167,098
GN Store Nordic AS	107,600		1,236,567
Hospira, Inc. (a)	1,500		57,120
Illumina, Inc. (a)	180,000		1,890,000
Nektar Therapeutics (a)	41,100		751,308
ResMed, Inc. (a)	5,700		356,079
Syneron Medical Ltd.	10,800		364,176
Synthes, Inc.	10,300		1,131,242
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			7,063,002
HEALTH CARE PROVIDERS & SERVICES - 8.5%
Cardinal Health, Inc.	45,162		2,616,235
Cerner Corp. (a)	13,800		901,830
DaVita, Inc. (a)	23,600		1,087,016
Health Net, Inc. (a)	32,400		1,109,052
Henry Schein, Inc. (a)	14,800		596,292
McKesson Corp.	43,030		1,732,818
Priority Healthcare Corp. Class B (a)	13,600		311,168

	Shares		Value
Sunrise Senior Living, Inc. (a)	22,700		$ 1,183,805
UnitedHealth Group, Inc.	6,200		301,196
TOTAL HEALTH CARE PROVIDERS & SERVICES			9,839,412
PHARMACEUTICALS - 73.2%
Allergan, Inc.	3,450		266,720
Altana AG	6,570		391,058
Altana AG sponsored ADR	22,100		1,310,088
Astellas Pharma, Inc.	23,712		843,322
AstraZeneca PLC sponsored ADR	96,430		4,100,204
Barr Pharmaceuticals, Inc. (a)	52,150		2,650,263
Biovail Corp. (a)	50,610		793,906
Bristol-Myers Squibb Co.	49,440		1,253,798
Chugai Pharmaceutical Co. Ltd.	17,400		256,306
Daiichi Pharmaceutical Co. Ltd.	11,100		248,260
Dr. Reddy's Laboratories Ltd. sponsored ADR	23,700		383,940
Eisai Co. Ltd.	9,400		317,080
Eli Lilly & Co.	98,900		5,765,870
Forest Laboratories, Inc. (a)	82,820		3,195,196
GlaxoSmithKline PLC sponsored ADR	89,200		4,433,240
H. Lundbeck AS	8,880		222,457
Impax Laboratories, Inc. (a)	1,000		16,400
IVAX Corp. (a)	61,237		1,203,307
Johnson & Johnson	13,103		879,211
King Pharmaceuticals, Inc. (a)	300		2,838
Kos Pharmaceuticals, Inc. (a)	22,200		1,281,606
Kyorin Pharmaceutical Co. Ltd.	9,000		112,030
Merck & Co., Inc.	75,520		2,449,869
Merck KGaA	5,120		396,107
MGI Pharma, Inc. (a)	12,600		292,320
Mylan Laboratories, Inc.	11,547		190,526
Novartis AG sponsored ADR	155,740		7,604,782
Novo Nordisk AS:
Series B	6,150		316,269
Series B sponsored ADR	15,400		794,486
Perrigo Co.	170		2,642
Pfizer, Inc.	213,540		5,957,766
Recordati Spa	26,800		183,527
Roche Holding AG (participation certificate)	52,946		6,676,040
Salix Pharmaceuticals Ltd. (a)	16,600		290,666
Sankyo Co. Ltd.	16,600		337,035
Sanofi-Aventis	15,750		1,417,500
Sanofi-Aventis sponsored ADR	52,856		2,378,520
Schering AG	29,600		1,859,176
Schering-Plough Corp.	266,390		5,194,605
Sepracor, Inc. (a)	93,800		5,699,288
Shionogi & Co. Ltd.	15,000		205,416
Shire Pharmaceuticals Group PLC sponsored ADR	14,000		448,140
Takeda Pharamaceutical Co. Ltd.	26,300		1,260,813
Teva Pharmaceutical Industries Ltd. sponsored ADR	130,640		4,359,457
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Valeant Pharmaceuticals International	16,500		$ 340,395
Vivus, Inc. (a)	5,200		12,376
Watson Pharmaceuticals, Inc. (a)	16,400		492,984
Wyeth	132,320		5,738,718
TOTAL PHARMACEUTICALS			84,826,523
TOTAL COMMON STOCKS (Cost $115,427,643)		116,346,359
Money Market Funds - 10.7%

Fidelity Cash Central Fund, 3.05% (b)	1,430,390		1,430,390
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	10,943,200		10,943,200
TOTAL MONEY MARKET FUNDS (Cost $12,373,590)		12,373,590
TOTAL INVESTMENT PORTFOLIO - 111.1% (Cost $127,801,233)		128,719,949
NET OTHER ASSETS - (11.1)%		(12,852,268)
NET ASSETS - 100%		$ 115,867,681

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $128,442,860. Net unrealized appreciation aggregated $277,089, of which $11,314,072 related to appreciated investment securities and $11,036,983 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2005

1.802188.101

RET-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
DISTRIBUTORS - 0.3%
Li & Fung Ltd.	136,000		$ 260,451
DIVERSIFIED CONSUMER SERVICES - 0.1%
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	9,400		131,882
FOOD & STAPLES RETAILING - 21.2%
BJ's Wholesale Club, Inc. (a)	11,200		337,680
Costco Wholesale Corp.	24,500		1,112,790
CVS Corp.	111,200		6,099,320
Safeway, Inc. (a)	95,900		2,110,759
Spartan Stores, Inc. (a)	16,300		210,270
Wal-Mart Stores, Inc.	99,100		4,680,493
Walgreen Co.	49,100		2,226,194
TOTAL FOOD & STAPLES RETAILING			16,777,506
HOTELS, RESTAURANTS & LEISURE - 10.9%
Brinker International, Inc. (a)	13,500		507,870
Buffalo Wild Wings, Inc. (a)	10,000		321,500
California Pizza Kitchen, Inc. (a)	12,000		288,000
Domino's Pizza, Inc.	5,000		114,450
Jack in the Box, Inc. (a)	400		16,592
McDonald's Corp.	115,200		3,564,288
Outback Steakhouse, Inc.	17,200		761,100
Papa John's International, Inc. (a)	5,000		195,000
Red Robin Gourmet Burgers, Inc. (a)	5,800		318,304
Rubio's Restaurants, Inc. (a)	10,000		91,500
Starbucks Corp. (a)	21,100		1,155,225
Wendy's International, Inc.	26,300		1,186,919
Yum! Brands, Inc.	2,300		117,967
TOTAL HOTELS, RESTAURANTS & LEISURE			8,638,715
HOUSEHOLD DURABLES - 0.3%
Tempur-Pedic International, Inc. (a)	5,000		116,650
Yankee Candle Co., Inc.	3,900		123,045
TOTAL HOUSEHOLD DURABLES			239,695
INTERNET & CATALOG RETAIL - 3.2%
Blue Nile, Inc.	29,800		890,722
Coldwater Creek, Inc. (a)	15,000		337,050
eBay, Inc. (a)	34,200		1,299,942
TOTAL INTERNET & CATALOG RETAIL			2,527,714
LEISURE EQUIPMENT & PRODUCTS - 0.2%
Oakley, Inc.	10,000		147,000
MULTILINE RETAIL - 21.9%
99 Cents Only Stores (a)	1,800		21,816
Big Lots, Inc. (a)	13,100		165,846
Dollar General Corp.	41,600		815,776
Federated Department Stores, Inc.	51,900		3,500,655

	Shares		Value
JCPenney Co., Inc.	56,500		$ 2,811,440
Nordstrom, Inc.	48,900		2,984,856
Saks, Inc.	27,700		474,778
Sears Holdings Corp. (a)	2,864		420,149
Target Corp.	96,000		5,155,200
The May Department Stores Co.	26,000		992,160
TOTAL MULTILINE RETAIL			17,342,676
REAL ESTATE - 0.3%
Vornado Realty Trust	3,000		236,100
SPECIALTY RETAIL - 34.0%
Abercrombie & Fitch Co. Class A	16,400		940,212
Aeropostale, Inc. (a)	24,300		662,175
American Eagle Outfitters, Inc.	134,800		3,814,840
Barnes & Noble, Inc. (a)	10,300		389,855
bebe Stores, Inc.	55,000		2,118,050
Best Buy Co., Inc.	5,600		304,808
Big 5 Sporting Goods Corp.	8,000		208,720
Blockbuster, Inc. Class A	55,000		502,150
CarMax, Inc. (a)	1,000		25,530
Chico's FAS, Inc. (a)	40,000		1,368,400
Circuit City Stores, Inc.	27,000		442,530
Electronics Boutique Holding Corp. (a)	3,000		177,930
GameStop Corp. Class A (a)	10,800		314,928
Gap, Inc.	9,000		189,000
Guitar Center, Inc. (a)	9,500		541,405
Home Depot, Inc.	106,100		4,175,035
Hot Topic, Inc. (a)	48,100		1,032,707
Jos. A. Bank Clothiers, Inc. (a)	2,000		78,840
Linens 'N Things, Inc. (a)	2,200		53,614
Lowe's Companies, Inc.	2,100		120,141
Michaels Stores, Inc.	10,000		421,100
Office Depot, Inc. (a)	51,400		1,013,608
Pacific Sunwear of California, Inc. (a)	28,000		588,000
RadioShack Corp.	13,500		339,660
RONA, Inc. (a)	19,000		393,563
Ross Stores, Inc.	6,000		169,080
Sharper Image Corp. (a)	10,000		132,900
Sports Authority, Inc. (a)	5,000		160,000
Staples, Inc.	98,500		2,120,705
The Children's Place Retail Stores, Inc. (a)	24,000		1,121,040
Tiffany & Co., Inc.	4,200		130,746
TJX Companies, Inc.	25,200		577,836
Urban Outfitters, Inc. (a)	28,400		1,514,856
Wet Seal, Inc. Class A (a)	40,000		170,400
Zumiez, Inc.	23,400		599,742
TOTAL SPECIALTY RETAIL			26,914,106
TEXTILES, APPAREL & LUXURY GOODS - 3.8%
Ashworth, Inc. (a)	10,000		96,000
Carter's, Inc. (a)	4,000		186,600
Coach, Inc. (a)	47,000		1,364,880
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - continued
Liz Claiborne, Inc.	3,000		$ 112,650
Polo Ralph Lauren Corp. Class A	7,000		271,250
Quiksilver, Inc. (a)	52,600		837,392
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	10,000		126,700
TOTAL TEXTILES, APPAREL & LUXURY GOODS			2,995,472
TOTAL COMMON STOCKS (Cost $61,903,001)		76,211,317
Money Market Funds - 10.2%

Fidelity Cash Central Fund, 3.05% (b)	2,370,314		2,370,314
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	5,695,075		5,695,075
TOTAL MONEY MARKET FUNDS (Cost $8,065,389)		8,065,389
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $69,968,390)		84,276,706
NET OTHER ASSETS - (6.4)%		(5,081,995)
NET ASSETS - 100%		$ 79,194,711

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $70,117,745. Net unrealized appreciation aggregated $14,158,961, of which $15,864,000 related to appreciated investment securities and $1,705,039 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and
Computer Services Portfolio

May 31, 2005

1.802189.101

SOF-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value
AEROSPACE & DEFENSE - 0.4%
Orbital Sciences Corp. (a)	245,400		$ 2,382,834
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Resources Connection, Inc. (a)	150,000		2,988,000
COMPUTERS & PERIPHERALS - 2.5%
ActivCard Corp. (a)	550,000		2,266,000
Adaptec, Inc. (a)	675,000		2,686,500
Cray, Inc. (a)	449,900		656,854
Dot Hill Systems Corp. (a)	472,200		2,507,382
International Business Machines Corp.	1,000		75,550
Seagate Technology	265,000		5,623,300
Sun Microsystems, Inc. (a)	730,700		2,783,967
TOTAL COMPUTERS & PERIPHERALS			16,599,553
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.8%
National Instruments Corp.	93,100		2,164,575
Xyratex Ltd.	152,000		2,749,680
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			4,914,255
HOTELS, RESTAURANTS & LEISURE - 0.4%
Ctrip.com International Ltd. sponsored ADR (a)	56,900		2,890,520
HOUSEHOLD DURABLES - 0.7%
Ngai Lik Industrial Holdings Ltd.	8,244,000		2,225,144
Sanyo Electric Co. Ltd.	835,000		2,265,539
TOTAL HOUSEHOLD DURABLES			4,490,683
INTERNET SOFTWARE & SERVICES - 8.7%
Google, Inc. Class A (sub. vtg.)	126,000		35,078,400
SonicWALL, Inc. (a)	1,911,650		11,813,997
ValueClick, Inc. (a)	250,000		2,680,000
Vitria Technology, Inc. (a)(d)	2,225,321		7,121,027
TOTAL INTERNET SOFTWARE & SERVICES			56,693,424
IT SERVICES - 10.8%
Affiliated Computer Services, Inc. Class A (a)	154,100		7,971,593
First Data Corp.	100		3,783
Infosys Technologies Ltd.	109,504		5,632,761
Kanbay International, Inc.	482,811		10,023,156
Paychex, Inc.	232,500		6,714,600
Sabre Holdings Corp. Class A	115,000		2,308,050
SM&A (a)	262,400		2,298,624
SunGard Data Systems, Inc. (a)	128,500		4,460,235
The BISYS Group, Inc. (a)	1,693,400		25,824,350
Titan Corp. (a)	240,000		5,280,000
TOTAL IT SERVICES			70,517,152

	Shares		Value
SOFTWARE - 66.4%
Agile Software Corp. (a)	1,412,349		$ 9,109,651
Altiris, Inc. (a)	3,900		73,320
BEA Systems, Inc. (a)	10,016,300		84,437,409
Borland Software Corp. (a)	2,500		16,000
Cognos, Inc. (a)	1,900		71,371
Concord Communications, Inc. (a)	613,100		10,373,652
Concur Technologies, Inc. (a)	8,483		81,352
E.piphany, Inc. (a)	1,386,033		4,837,255
FileNET Corp. (a)	542,086		15,102,516
Informatica Corp. (a)	290,705		2,494,249
JDA Software Group, Inc. (a)	365,000		4,715,800
Microsoft Corp.	3,530,200		91,079,159
Ninetowns Digital World Trade Ltd. sponsored ADR	322,000		2,250,780
Nintendo Co. Ltd.	148,500		15,708,168
Oracle Corp. (a)	2,092,700		26,828,414
Phase Forward, Inc.	447,487		2,953,414
Quest Software, Inc. (a)	1,695,900		22,428,278
Red Hat, Inc. (a)	143,500		1,813,840
SAP AG sponsored ADR	4,200		173,250
Siebel Systems, Inc. (a)	2,181,100		20,109,742
SPSS, Inc. (a)	1,400		24,472
Symantec Corp. (a)	3,054,450		69,061,115
TIBCO Software, Inc. (a)	253,100		1,604,654
Verint Systems, Inc. (a)	19,010		665,350
VERITAS Software Corp. (a)	1,645,100		40,913,637
WatchGuard Technologies, Inc. (a)	1,307,100		4,744,773
TOTAL SOFTWARE			431,671,621
SPECIALTY RETAIL - 2.2%
RadioShack Corp.	505,900		12,728,444
Tweeter Home Entertainment Group, Inc. (a)	400,000		1,416,000
TOTAL SPECIALTY RETAIL			14,144,444
TOTAL COMMON STOCKS (Cost $643,877,236)		607,292,486
Money Market Funds - 6.8%
	Shares		Value
Fidelity Cash Central Fund, 3.05% (b)	38,510,627		$ 38,510,627
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	5,463,000		5,463,000
TOTAL MONEY MARKET FUNDS (Cost $43,973,627)		43,973,627
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $687,850,863)		651,266,113
NET OTHER ASSETS - (0.2)%		(1,482,363)
NET ASSETS - 100%		$ 649,783,750

Legend

(a) Non-income producing

(d) Affiliated company

Other Information

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Vitria Technology, Inc.	$ 7,360,058	$ 230,656	$ -	$ -	$ 7,121,027

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $694,739,622. Net unrealized depreciation aggregated $43,473,509, of which $43,582,392 related to appreciated investment securities and $87,055,901 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

May 31, 2005

1.802190.101

TEC-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Robert Half International, Inc.	100,000		$ 2,494,000
COMMUNICATIONS EQUIPMENT - 14.3%
Alcatel SA sponsored ADR (a)	200,000		2,184,000
Avaya, Inc. (a)	1,500,000		13,725,000
Cisco Systems, Inc. (a)	5,900,000		114,342,000
Comverse Technology, Inc. (a)	300,030		7,059,706
Corning, Inc. (a)	1,000,000		15,680,000
Enterasys Networks, Inc. (a)	32,805		30,509
ITF Optical Technologies, Inc. Series A (d)	65,118		1
Juniper Networks, Inc. (a)	1,500,000		38,460,000
Motorola, Inc.	1,000,000		17,370,000
Nokia Corp. sponsored ADR	1,400,000		23,604,000
Powerwave Technologies, Inc. (a)	250,000		2,282,500
QUALCOMM, Inc.	1,000,000		37,260,000
TOTAL COMMUNICATIONS EQUIPMENT			271,997,716
COMPUTERS & PERIPHERALS - 16.7%
Apple Computer, Inc. (a)	750,000		29,782,500
Avid Technology, Inc. (a)	100,000		5,864,000
Dell, Inc. (a)	3,300,000		131,637,000
EMC Corp. (a)	4,000,000		56,240,000
International Business Machines Corp.	500,000		37,775,000
Lexmark International, Inc. Class A (a)	100,000		6,844,000
Network Appliance, Inc. (a)	500,000		14,380,000
Quanta Computer, Inc.	7,500,000		13,725,490
Seagate Technology	300,000		6,366,000
Sun Microsystems, Inc. (a)	2,000,000		7,620,000
Western Digital Corp. (a)	600,000		9,006,000
TOTAL COMPUTERS & PERIPHERALS			319,239,990
CONSTRUCTION MATERIALS - 0.1%
Headwaters, Inc. (a)	80,000		2,646,400
ELECTRICAL EQUIPMENT - 1.2%
Evergreen Solar, Inc. (a)	2,500,000		12,625,000
Motech Industries, Inc.	550,000		8,224,135
SolarWorld AG	5,000		667,573
Solon AG Fuer Solartechnik (a)	25,000		770,017
TOTAL ELECTRICAL EQUIPMENT			22,286,725
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.3%
Amphenol Corp. Class A	125,000		5,298,750
Arrow Electronics, Inc. (a)	300,000		8,385,000
Avnet, Inc. (a)	250,000		5,230,000
CDW Corp.	150,000		8,727,000
Flextronics International Ltd. (a)	500,000		6,390,000
Hon Hai Precision Industries Co. Ltd.	4,500,000		23,601,148
Symbol Technologies, Inc.	400,000		4,604,000
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			62,235,898

	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
Waters Corp. (a)	206,500		$ 8,022,525
HOUSEHOLD DURABLES - 0.7%
Harman International Industries, Inc.	75,000		6,214,500
LG Electronics, Inc.	99,990		7,264,783
TOTAL HOUSEHOLD DURABLES			13,479,283
INTERNET & CATALOG RETAIL - 4.1%
eBay, Inc. (a)	2,000,000		76,020,000
Shopping.com Ltd.	100,000		1,708,000
TOTAL INTERNET & CATALOG RETAIL			77,728,000
INTERNET SOFTWARE & SERVICES - 7.1%
Akamai Technologies, Inc. (a)	250,000		3,510,000
CNET Networks, Inc. (a)	100,000		1,038,000
Google, Inc. Class A (sub. vtg.)	300,000		83,520,000
j2 Global Communications, Inc. (a)	100,000		3,508,000
Openwave Systems, Inc. (a)	300,010		4,665,156
Sohu.com, Inc. (a)	100,000		1,872,000
Yahoo!, Inc. (a)	1,000,000		37,200,000
TOTAL INTERNET SOFTWARE & SERVICES			135,313,156
IT SERVICES - 7.2%
Accenture Ltd. Class A (a)	500,000		11,640,000
Affiliated Computer Services, Inc. Class A (a)	350,000		18,105,500
BearingPoint, Inc. (a)	200,000		1,310,000
Ceridian Corp. (a)	400,000		7,628,000
Cognizant Technology Solutions Corp. Class A (a)	350,000		16,800,000
DST Systems, Inc. (a)	100,000		4,836,000
First Data Corp.	900,000		34,047,000
Infosys Technologies Ltd.	175,000		9,001,800
Paychex, Inc.	500,000		14,440,000
Satyam Computer Services Ltd. sponsored ADR	700,000		17,297,000
The BISYS Group, Inc. (a)	125,000		1,906,250
TOTAL IT SERVICES			137,011,550
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 28.0%
Advanced Semiconductor Engineering, Inc.	7,000,000		5,099,633
Agere Systems, Inc. (a)	200,000		2,720,000
Analog Devices, Inc.	1,700,000		63,036,000
Applied Materials, Inc.	500,000		8,205,000
ASML Holding NV (NY Shares) (a)	800,000		12,896,000
ATMI, Inc. (a)	150,000		4,215,000
Freescale Semiconductor, Inc.:
Class A	300,000		6,060,000
Class B (a)	600,000		12,120,000
Integrated Circuit Systems, Inc. (a)	300,000		6,357,000
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - continued
Intel Corp.	8,200,000	$ 220,826,000
International Rectifier Corp. (a)	75,000		3,583,500
Intersil Corp. Class A	600,000		11,256,000
KLA-Tencor Corp.	200,000		9,082,000
Lam Research Corp. (a)	200,000		6,136,000
Linear Technology Corp.	100,000		3,747,000
LSI Logic Corp. (a)	500,000		3,680,000
Marvell Technology Group Ltd. (a)	200,000		8,192,000
Maxim Integrated Products, Inc.	250,000		9,850,000
Microchip Technology, Inc.	100,000		2,964,000
Mindspeed Technologies, Inc. (a)	2,250,000		3,217,500
National Semiconductor Corp.	2,100,000		42,252,000
PMC-Sierra, Inc. (a)	554,800		4,865,596
Rambus, Inc. (a)	200,000		3,066,000
Samsung Electronics Co. Ltd.	20,000		9,707,198
SigmaTel, Inc. (a)	49,300		1,116,152
Silicon Image, Inc. (a)	150,000		1,761,000
Silicon Laboratories, Inc. (a)	300,000		8,319,000
Teradyne, Inc. (a)	500,000		6,505,000
Tessera Technologies, Inc. (a)	100,000		2,944,000
Texas Instruments, Inc.	1,200,000		33,168,000
Trident Microsystems, Inc. (a)	148,000		3,134,640
United Microelectronics Corp.	8,000,000		5,407,301
Vitesse Semiconductor Corp. (a)	3,050,000		7,625,000
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			533,113,520
SOFTWARE - 13.1%
Autodesk, Inc.	150,000		5,937,000
BEA Systems, Inc. (a)	900,000		7,587,000
Citrix Systems, Inc. (a)	76,081		1,914,198
Computer Associates International, Inc.	200,000		5,454,000
Electronic Arts, Inc. (a)	150,000		7,881,000
Microsoft Corp.	3,200,000		82,560,000
Oracle Corp. (a)	6,000,000		76,920,000
Quest Software, Inc. (a)	500,000		6,612,500
Siebel Systems, Inc. (a)	450,028		4,149,258
Symantec Corp. (a)	500,000		11,305,000
TIBCO Software, Inc. (a)	500,000		3,170,000
VERITAS Software Corp. (a)	1,500,000		37,305,000
TOTAL SOFTWARE			250,794,956
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
Crown Castle International Corp. (a)	300,000		5,334,000

	Shares		Value
Nextel Communications, Inc. Class A (a)	50,000		$ 1,509,000
Syniverse Holdings, Inc.	100,000		1,163,000
TOTAL WIRELESS TELECOMMUNICATION SERVICES			8,006,000
TOTAL COMMON STOCKS (Cost $1,816,868,360)		1,844,369,719
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Chorum Technologies, Inc. Series E (a)(d)	33,100		0
Procket Networks, Inc. Series C (a)(d)	504,045		5
TOTAL COMMUNICATIONS EQUIPMENT			5
SOFTWARE - 0.0%
Monterey Design Systems Series E (d)	62,733		56,460
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,768,008)		56,465
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 3.05% (b)	21,606,658		21,606,658
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	27,570,000		27,570,000
TOTAL MONEY MARKET FUNDS (Cost $49,176,658)		49,176,658
TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $1,874,813,026)		1,893,602,842
NET OTHER ASSETS - 0.7%		13,020,264
NET ASSETS - 100%		$ 1,906,623,106

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 570,644
ITF Optical Technologies, Inc. Series A	10/11/00	$ 3,269,910
Monterey Design Systems Series E	11/1/00	$ 3,293,498
Procket Networks, Inc. Series C	11/15/00 - 12/26/00	$ 4,977,948

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,897,395,677. Net unrealized depreciation aggregated $3,792,835, of which $137,345,975 related to appreciated investment securities and $141,138,810 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

May 31, 2005

1.802191.101

TEL-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 32.7%
ADC Telecommunications, Inc. (a)	125,457		$ 2,278,299
Andrew Corp. (a)	196,200		2,601,612
Avaya, Inc. (a)	128,200		1,173,030
Cisco Systems, Inc. (a)	604,700		11,719,086
Comverse Technology, Inc. (a)	134,200		3,157,726
Corning, Inc. (a)	944,400		14,808,192
Juniper Networks, Inc. (a)	460,300		11,802,092
Lucent Technologies, Inc. (a)	2,419,100		6,797,671
Motorola, Inc.	898,500		15,606,945
Nokia Corp. sponsored ADR	729,300		12,295,998
Nortel Networks Corp. (a)	847,400		2,194,766
QUALCOMM, Inc.	462,700		17,240,202
Research In Motion Ltd. (a)	45,700		3,806,877
Scientific-Atlanta, Inc.	87,900		2,927,070
Sonus Networks, Inc. (a)	158,400		704,880
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	88,500		2,781,555
Tellabs, Inc. (a)	438,600		3,605,292
TOTAL COMMUNICATIONS EQUIPMENT			115,501,293
DIVERSIFIED TELECOMMUNICATION SERVICES - 45.9%
Alaska Communication Systems Group, Inc.	23,400		221,598
ALLTEL Corp.	276,300		16,072,371
BellSouth Corp.	640,000		17,126,400
Citizens Communications Co.	1,196,300		16,317,532
FairPoint Communications, Inc.	74,600		1,161,522
Iowa Telecommunication Services, Inc.	27,700		520,760
MCI, Inc.	7,200		184,464
PanAmSat Holding Corp.	43,600		828,836
Qwest Communications International, Inc. (a)	9,889,044		38,765,053
SBC Communications, Inc.	1,548,500		36,203,930
Verizon Communications, Inc.	979,000		34,637,020
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			162,039,486
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Amphenol Corp. Class A	4,300		182,277
MEDIA - 1.5%
Cablevision Systems Corp. - NY Group Class A (a)	60,600		1,550,148
EchoStar Communications Corp. Class A	91,800		2,683,314
UnitedGlobalCom, Inc. Class A (a)	123,300		1,122,030
TOTAL MEDIA			5,355,492
WIRELESS TELECOMMUNICATION SERVICES - 19.6%
Alamosa Holdings, Inc. (a)	425,200		5,251,220
American Tower Corp. Class A (a)	152,600		2,752,904
Crown Castle International Corp. (a)	200,300		3,561,334
Nextel Communications, Inc. Class A (a)	1,035,500		31,251,390

	Shares		Value
Nextel Partners, Inc. Class A (a)	559,900		$ 13,297,625
NII Holdings, Inc. (a)	178,900		10,662,440
SpectraSite, Inc. (a)	30,000		1,915,500
Vodafone Group PLC sponsored ADR	10,400		261,872
Western Wireless Corp. Class A (a)	6,100		242,841
TOTAL WIRELESS TELECOMMUNICATION SERVICES			69,197,126
TOTAL COMMON STOCKS (Cost $320,487,335)		352,275,674
Money Market Funds - 6.0%

Fidelity Cash Central Fund, 3.05% (b)	1,789,628		1,789,628
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	19,577,475		19,577,475
TOTAL MONEY MARKET FUNDS (Cost $21,367,103)		21,367,103
TOTAL INVESTMENT PORTFOLIO - 105.7% (Cost $341,854,438)		373,642,777
NET OTHER ASSETS - (5.7)%		(20,300,204)
NET ASSETS - 100%		$ 353,342,573

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $347,387,358. Net unrealized appreciation aggregated $26,255,419, of which $52,974,033 related to appreciated investment securities and $26,718,614 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

May 31, 2005

1.802192.101

TRN-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 1.2%
Bombardier, Inc. Class B (sub. vtg.)	234,300		$ 449,859
The Boeing Co.	6,700		428,130
TOTAL AEROSPACE & DEFENSE			877,989
AIR FREIGHT & LOGISTICS - 21.1%
C.H. Robinson Worldwide, Inc.	33,100		1,892,327
Dynamex, Inc. (a)	94,100		1,692,859
EGL, Inc. (a)	45,900		873,477
Expeditors International of Washington, Inc.	41,360		2,108,533
FedEx Corp.	35,600		3,183,352
Forward Air Corp.	37,550		1,008,218
Hub Group, Inc. Class A (a)	32,030		880,184
Pacer International, Inc. (a)	7,000		159,670
Ryder System, Inc.	6,200		227,788
United Parcel Service, Inc. Class B	31,800		2,342,070
UTI Worldwide, Inc.	11,800		870,250
TOTAL AIR FREIGHT & LOGISTICS			15,238,728
AIRLINES - 10.9%
AirTran Holdings, Inc. (a)	58,700		572,912
Alaska Air Group, Inc. (a)	11,500		339,480
AMR Corp. (a)	83,200		1,073,280
Continental Airlines, Inc. Class B (a)	18,100		250,866
Delta Air Lines, Inc. (a)	48,600		187,110
ExpressJet Holdings, Inc. Class A (a)	25,100		216,613
Frontier Airlines, Inc. (a)	19,900		242,979
JetBlue Airways Corp. (a)	45,325		984,912
Mesa Air Group, Inc. (a)	20,400		130,152
Northwest Airlines Corp. (a)	53,100		323,379
Pinnacle Airlines Corp. (a)	8,400		82,320
Republic Airways Holdings, Inc.	15,700		200,332
Ryanair Holdings PLC sponsored ADR (a)	14,000		639,660
SkyWest, Inc.	24,800		452,352
Southwest Airlines Co.	134,287		1,953,876
WestJet Airlines Ltd. (a)	20,650		229,993
TOTAL AIRLINES			7,880,216
AUTO COMPONENTS - 1.0%
TRW Automotive Holdings Corp. (a)	33,200		676,284
IT SERVICES - 0.7%
Sabre Holdings Corp. Class A	24,480		491,314
MACHINERY - 10.4%
Commercial Vehicle Group, Inc.	5,800		106,662
Cummins, Inc.	13,200		896,940
Eaton Corp.	23,500		1,406,475
Freightcar America, Inc.	500		9,840
Navistar International Corp. (a)	23,900		729,189
Oshkosh Truck Co.	7,800		621,972

	Shares		Value
PACCAR, Inc.	41,075		$ 2,906,056
Trinity Industries, Inc.	17,700		514,362
Wabash National Corp.	13,700		341,267
TOTAL MACHINERY			7,532,763
MARINE - 4.0%
Alexander & Baldwin, Inc.	12,000		533,400
Diana Shipping, Inc.	25,800		399,900
DryShips, Inc.	13,900		257,150
Excel Maritime Carriers Ltd. (a)	14,400		229,680
Kirby Corp. (a)	4,400		187,704
Odfjell ASA (A Shares)	10,600		201,939
Pacific Basin Shipping Ltd.	232,000		105,111
Stolt-Nielsen SA	29,800		996,964
TOTAL MARINE			2,911,848
OIL, GAS & CONSUMABLE FUELS - 9.8%
Arlington Tankers Ltd.	300		5,901
Frontline Ltd. (d)	7,800		334,645
General Maritime Corp.	17,700		739,152
OMI Corp.	60,100		1,162,334
Overseas Shipholding Group, Inc.	15,600		953,160
Ship Finance International Ltd.:
(Norway)	910		16,491
(NY Shares)	3,888		75,194
Teekay Shipping Corp.	33,000		1,401,840
Top Tankers, Inc.	105,000		1,673,690
Tsakos Energy Navigation Ltd.	4,300		171,914
Valero Energy Corp.	8,200		562,684
TOTAL OIL, GAS & CONSUMABLE FUELS			7,097,005
ROAD & RAIL - 37.6%
Arkansas Best Corp.	4,500		147,285
Burlington Northern Santa Fe Corp.	77,400		3,825,108
Canadian National Railway Co.	58,950		3,606,883
Canadian Pacific Railway Ltd.	68,200		2,507,513
CNF, Inc.	10,700		476,685
CSX Corp.	90,700		3,771,306
Dollar Thrifty Automotive Group, Inc. (a)	5,400		194,346
Florida East Coast Industries, Inc. Class A	6,300		264,978
Heartland Express, Inc.	21,343		427,927
J.B. Hunt Transport Services, Inc.	51,000		1,024,080
Kansas City Southern (a)	27,450		548,726
Knight Transportation, Inc.	6,400		156,480
Laidlaw International, Inc. (a)	16,500		366,960
Landstar System, Inc. (a)	30,770		1,038,180
Norfolk Southern Corp.	120,000		3,830,397
Overnite Corp.	8,800		375,056
Swift Transportation Co., Inc. (a)	15,041		369,257
Union Pacific Corp.	48,100		3,220,776
Common Stocks - continued
	Shares		Value
ROAD & RAIL - continued
Werner Enterprises, Inc.	18,407		$ 346,236
Yellow Roadway Corp. (a)	12,274		647,822
TOTAL ROAD & RAIL			27,146,001
SOFTWARE - 1.8%
NAVTEQ Corp.	33,800		1,289,470
TRADING COMPANIES & DISTRIBUTORS - 0.7%
GATX Corp.	14,000		467,180
TOTAL COMMON STOCKS (Cost $58,240,712)		71,608,798
Money Market Funds - 3.2%

Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c) (Cost $2,323,200)	2,323,200		2,323,200
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $60,563,912)		73,931,998
NET OTHER ASSETS - (2.4)%		(1,755,608)
NET ASSETS - 100%		$ 72,176,390

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $60,724,993. Net unrealized appreciation aggregated $13,207,005, of which $15,181,393 related to appreciated investment securities and $1,974,388 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

May 31, 2005

1.802193.101

UTI-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Adesa, Inc.	9,900		$ 225,522
COMMUNICATIONS EQUIPMENT - 1.2%
Research In Motion Ltd. (a)	49,600		4,131,753
CONSTRUCTION & ENGINEERING - 0.2%
Dycom Industries, Inc. (a)	42,000		824,880
DIVERSIFIED TELECOMMUNICATION SERVICES - 38.5%
Alaska Communication Systems Group, Inc.	37,100		351,337
ALLTEL Corp.	36,600		2,129,022
AT&T Corp.	20,100		377,679
BellSouth Corp.	1,180,300		31,584,828
Citizens Communications Co.	1,105,000		15,072,200
FairPoint Communications, Inc.	216,600		3,372,462
Golden Telecom, Inc.	12,300		322,506
Iowa Telecommunication Services, Inc.	25,900		486,920
Qwest Communications International, Inc. (a)	2,448,100		9,596,552
SBC Communications, Inc.	1,372,600		32,091,388
Verizon Communications, Inc.	955,466		33,804,386
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			129,189,280
ELECTRIC UTILITIES - 21.8%
Allegheny Energy, Inc. (a)	96,700		2,338,206
Allete, Inc.	2,033		97,584
Edison International	167,800		6,166,650
Entergy Corp.	147,400		10,587,742
Exelon Corp.	347,100		16,261,635
FirstEnergy Corp.	93,000		4,119,900
FPL Group, Inc.	141,100		5,735,715
PG&E Corp.	556,500		19,906,005
PPL Corp.	128,900		7,413,039
Westar Energy, Inc.	18,000		415,260
TOTAL ELECTRIC UTILITIES			73,041,736
GAS UTILITIES - 1.0%
Equitable Resources, Inc.	3,000		190,680
KeySpan Corp.	4,500		178,830
ONEOK, Inc.	69,300		2,137,905
Piedmont Natural Gas Co., Inc.	9,803		239,781
Southern Union Co.	2,200		53,834
UGI Corp.	21,800		577,918
TOTAL GAS UTILITIES			3,378,948
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.6%
AES Corp. (a)	312,700		4,656,103
Calpine Corp. (a)	335,200		998,896
Constellation Energy Group, Inc.	27,100		1,448,495
Duke Energy Corp.	6,000		164,880

	Shares		Value
NRG Energy, Inc. (a)	60,300		$ 2,155,725
TXU Corp.	116,300		9,336,564
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS			18,760,663
MEDIA - 4.8%
EchoStar Communications Corp. Class A	455,000		13,299,650
The DIRECTV Group, Inc. (a)	147,511		2,202,339
XM Satellite Radio Holdings, Inc. Class A (a)	17,400		558,714
TOTAL MEDIA			16,060,703
MULTI-UTILITIES - 5.4%
CMS Energy Corp. (a)	90,400		1,195,992
Dominion Resources, Inc.	215,400		15,144,774
Wisconsin Energy Corp.	52,200		1,894,860
TOTAL MULTI-UTILITIES			18,235,626
WATER UTILITIES - 0.1%
Aqua America, Inc.	12,066		328,437
WIRELESS TELECOMMUNICATION SERVICES - 20.4%
Alamosa Holdings, Inc. (a)	93,000		1,148,550
American Tower Corp. Class A (a)	611,120		11,024,605
Crown Castle International Corp. (a)	227,000		4,036,060
Nextel Communications, Inc. Class A (a)	941,900		28,426,542
Nextel Partners, Inc. Class A (a)	340,600		8,089,250
NII Holdings, Inc. (a)	130,500		7,777,800
Price Communications Corp.	32,900		565,551
SpectraSite, Inc. (a)	66,600		4,252,410
Western Wireless Corp. Class A (a)	79,160		3,151,360
TOTAL WIRELESS TELECOMMUNICATION SERVICES			68,472,128
TOTAL COMMON STOCKS (Cost $311,518,020)		332,649,676
Money Market Funds - 0.3%
Fidelity Cash Central Fund, 3.05% (b)	1,026,002		1,026,002
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	55,650		55,650
TOTAL MONEY MARKET FUNDS (Cost $1,081,652)		1,081,652
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $312,599,672)		333,731,328
NET OTHER ASSETS - 0.6%			2,013,001
NET ASSETS - 100%		$ 335,744,329

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $320,336,987. Net unrealized appreciation aggregated $13,394,341, of which $36,757,349 related to appreciated investment securities and $23,363,008 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

May 31, 2005

1.802194.101

WIR-QTLY-0705

Investments May 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 35.8%
Andrew Corp. (a)	804,000		$ 10,661,040
Comverse Technology, Inc. (a)	675,620		15,897,339
Harris Corp.	494,700		14,217,678
Motorola, Inc.	873,080		15,165,400
Nokia Corp. sponsored ADR	1,249,500		21,066,570
Powerwave Technologies, Inc. (a)	437,700		3,996,201
QUALCOMM, Inc.	469,200		17,482,392
REMEC, Inc. (a)	2,899		18,119
Research In Motion Ltd. (a)	294,400		24,523,952
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	42,600		1,338,918
TOTAL COMMUNICATIONS EQUIPMENT			124,367,609
DIVERSIFIED TELECOMMUNICATION SERVICES - 9.0%
ALLTEL Corp.	231,290		13,454,139
BellSouth Corp.	141,000		3,773,160
SBC Communications, Inc.	229,100		5,356,358
Verizon Communications, Inc.	244,800		8,661,024
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			31,244,681
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
Symbol Technologies, Inc.	146,200		1,682,762
Trimble Navigation Ltd. (a)	37,000		1,469,270
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,152,032
INTERNET SOFTWARE & SERVICES - 1.4%
Openwave Systems, Inc. (a)	315,966		4,913,271
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
AMIS Holdings, Inc. (a)	44,500		534,000
Atheros Communications, Inc. (a)	172,000		1,589,280
Atmel Corp. (a)	218,300		654,900
Skyworks Solutions, Inc. (a)	466,500		2,952,945
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			5,731,125
SOFTWARE - 1.1%
JAMDAT Mobile, Inc.	140,800		3,971,968
WIRELESS TELECOMMUNICATION SERVICES - 48.3%
Alamosa Holdings, Inc. (a)	1,261,774		15,582,909
American Tower Corp. Class A (a)	803,750		14,499,650
Crown Castle International Corp. (a)	803,700		14,289,786
Nextel Communications, Inc. Class A (a)	1,406,650		42,452,696
Nextel Partners, Inc. Class A (a)	1,331,700		31,627,875
NII Holdings, Inc. (a)	380,600		22,683,760
SpectraSite, Inc. (a)	181,800		11,607,930
Vodafone Group PLC sponsored ADR	202,790		5,106,252

	Shares		Value
Western Wireless Corp. Class A (a)	240,200		$ 9,562,362
Wireless Facilities, Inc. (a)	61,600		317,240
TOTAL WIRELESS TELECOMMUNICATION SERVICES			167,730,460
TOTAL COMMON STOCKS (Cost $269,277,592)		341,111,146
Money Market Funds - 3.8%

Fidelity Cash Central Fund, 3.05% (b)	4,510,839		4,510,839
Fidelity Securities Lending Cash Central Fund, 3.06% (b)(c)	8,574,925		8,574,925
TOTAL MONEY MARKET FUNDS (Cost $13,085,764)		13,085,764
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $282,363,356)		354,196,910
NET OTHER ASSETS - (2.0)%		(6,909,632)
NET ASSETS - 100%		$ 347,287,278

Legend

(a) Non-income producing

Income Tax Information

At May 31, 2005, the aggregate cost of investment securities for income tax purposes was $287,418,315. Net unrealized appreciation aggregated $66,778,595, of which $72,825,580 related to appreciated investment securities and $6,046,985 related to depreciated investment securities.

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' (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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	July 22, 2005

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	July 22, 2005

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	July 22, 2005