N-Q

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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2007

1.802153.103

AIR-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
AEROSPACE & DEFENSE - 39.7%
Aerospace & Defense - 39.7%
Bombardier, Inc. Class B (sub. vtg.)	43,600		$ 216,889
General Dynamics Corp.	36,200		2,904,688
Goodrich Corp.	53,000		3,152,970
Hexcel Corp. (a)	16,000		370,080
Orbital Sciences Corp. (a)	27,200		560,592
Precision Castparts Corp.	70,600		8,440,936
Raytheon Co.	48,300		2,685,480
Rockwell Collins, Inc.	127,200		8,989,224
Spirit AeroSystems Holdings, Inc. Class A	87,300		3,047,643
The Boeing Co.	12,700		1,277,493
Triumph Group, Inc.	16,100		1,063,888
			32,709,883
AIR FREIGHT & LOGISTICS - 27.5%
Air Freight & Logistics - 27.5%
C.H. Robinson Worldwide, Inc.	135,100		7,319,718
Expeditors International of Washington, Inc.	111,500		4,868,090
FedEx Corp.	32,450		3,622,069
Forward Air Corp.	33,600		1,142,736
Hub Group, Inc. Class A	22,000		813,560
United Parcel Service, Inc. Class B	54,800		3,943,956
UTI Worldwide, Inc.	34,600		968,454
			22,678,583
AIRLINES - 20.9%
Airlines - 20.9%
AirTran Holdings, Inc. (a)(e)	82,100		1,017,219
Alaska Air Group, Inc. (a)	100		2,916
AMR Corp. (a)(e)	115,600		3,277,260
Continental Airlines, Inc. Class B (a)	63,000		2,530,710
Delta Air Lines, Inc. (a)(e)	159,140		3,031,617
ExpressJet Holdings, Inc. Class A (a)	200		1,238
Frontier Airlines Holdings, Inc. (a)	5		30
Pinnacle Airlines Corp. (a)	600		10,830
Republic Airways Holdings, Inc. (a)	56,400		1,318,068
Ryanair Holdings PLC sponsored ADR (a)(e)	26,900		1,110,701
SkyWest, Inc.	16,700		459,751
UAL Corp. (a)(e)	77,300		3,034,798
US Airways Group, Inc. (a)	32,466		1,157,413
WestJet Airlines Ltd. (a)	21,350		304,644
			17,257,195
COMMUNICATIONS EQUIPMENT - 3.3%
Communications Equipment - 3.3%
Harris Corp.	54,600		2,725,632
INDUSTRIAL CONGLOMERATES - 0.8%
Industrial Conglomerates - 0.8%
Textron, Inc.	6,600		708,180
	Shares		Value
METALS & MINING - 5.1%
Diversified Metals & Mining - 5.1%
Titanium Metals Corp. (e)	121,300		$ 4,196,980
OIL, GAS & CONSUMABLE FUELS - 0.6%
Oil & Gas Refining & Marketing - 0.6%
Valero Energy Corp.	6,400		477,568
Oil & Gas Storage & Transport - 0.0%
Ship Finance International Ltd. (NY Shares)	18		559
TOTAL OIL, GAS & CONSUMABLE FUELS			478,127
TRADING COMPANIES & DISTRIBUTORS - 1.6%
Trading Companies & Distributors - 1.6%
TransDigm Group, Inc. (a)	35,300		1,304,335
TOTAL COMMON STOCKS (Cost $56,066,186)		82,058,915
Nonconvertible Preferred Stocks - 0.0%
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series B (a) (Cost $269)	137,166		272
Nonconvertible Bonds - 0.3%
	Principal Amount
AIRLINES - 0.3%
Airlines - 0.3%
Delta Air Lines, Inc. 8.3% 12/15/29 (d) (Cost $104,974)	$ 3,500,000		245,000
Money Market Funds - 15.2%
	Shares
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $12,516,600)	12,516,600		12,516,600

TOTAL INVESTMENT PORTFOLIO - 115.0% (Cost $68,688,029) 94,820,787

NET OTHER ASSETS - (15.0)%		(12,376,440)
NET ASSETS - 100%	$ 82,444,347

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,884
Fidelity Securities Lending Cash Central Fund	9,673
Total	$ 16,557

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $69,086,330. Net unrealized appreciation aggregated $25,734,457, of which $27,496,116 related to appreciated investment securities and $1,761,659 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2007

1.802154.103

AUT-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
AUTO COMPONENTS - 51.0%
Auto Parts & Equipment - 42.5%
Aftermarket Technology Corp. (a)	3,600		$ 107,892
Aisin Seiki Co. Ltd.	1,300		43,899
Akebono Brake Industry Co. Ltd. (d)	7,000		58,146
American Axle & Manufacturing Holdings, Inc.	14,196		409,129
Amerigon, Inc. (a)	11,200		185,136
ArvinMeritor, Inc. (d)	9,700		202,536
Autoliv, Inc.	4,800		286,560
Bharat Forge Ltd.	158		1,285
BorgWarner, Inc.	17,600		1,481,216
Drew Industries, Inc. (a)	3,600		121,284
Exedy Corp.	1,600		41,016
Gentex Corp.	47,800		848,450
Hyundai Mobis	2,380		215,990
Johnson Controls, Inc.	54,090		5,933,671
Kongsberg Automotive AS	11,500		103,925
Lear Corp. (a)	14,200		506,514
Modine Manufacturing Co.	9,700		228,047
Nippon Seiki Co. Ltd.	4,000		78,712
Nissin Kogyo Co. Ltd.	2,700		70,767
Sauer-Danfoss, Inc.	2,800		76,104
SORL Auto Parts, Inc. (a)	8,600		60,200
Superior Industries International, Inc.	2,800		63,224
Tenneco, Inc. (a)	15,000		489,150
TRW Automotive Holdings Corp. (a)	13,100		531,598
Visteon Corp. (a)	35,200		284,768
			12,429,219
Tires & Rubber - 8.5%
Bandag, Inc.	2,600		131,950
Continental AG	1,200		169,717
Cooper Tire & Rubber Co.	28,100		676,367
The Goodyear Tire & Rubber Co. (a)(d)	42,300		1,500,381
			2,478,415
TOTAL AUTO COMPONENTS			14,907,634
AUTOMOBILES - 46.9%
Automobile Manufacturers - 34.8%
Bayerische Motoren Werke AG (BMW) (d)	11,800		790,223
DaimlerChrysler AG (a)	8,800		805,024
Fleetwood Enterprises, Inc. (a)	15,600		145,236
Ford Motor Co. (d)	327,000		2,727,180
Ford Otomotiv Sanayi AS	15,000		148,008
General Motors Corp.	78,600		2,357,214
Honda Motor Co. Ltd. sponsored ADR	13,200		466,356
Hyundai Motor Co.	1,150		81,435
Maruti Udyog Ltd.	76		1,538
Monaco Coach Corp.	13,700		211,117
Nissan Motor Co. Ltd. sponsored ADR	11,200		249,984
	Shares		Value
Renault SA (d)	3,900		$ 557,562
Thor Industries, Inc.	9,000		392,220
Toyota Motor Corp.	300		18,114
Toyota Motor Corp. sponsored ADR	7,300		881,548
Winnebago Industries, Inc.	11,200		347,200
			10,179,959
Motorcycle Manufacturers - 12.1%
Bajaj Auto Ltd.	2,019		111,244
Harley-Davidson, Inc. (d)	56,100		3,427,149
			3,538,393
TOTAL AUTOMOBILES			13,718,352
ELECTRICAL EQUIPMENT - 0.6%
Electrical Components & Equipment - 0.6%
Ener1, Inc. (a)	676,200		169,050
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Equipment & Instruments - 0.0%
Iteris, Inc. (a)	1,400		3,430
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
Tata Motors Ltd. sponsored ADR	1,600		29,824
METALS & MINING - 0.3%
Diversified Metals & Mining - 0.3%
Titanium Metals Corp.	2,400		83,040
SOFTWARE - 0.5%
Application Software - 0.5%
NAVTEQ Corp. (a)	3,200		137,056
TOTAL COMMON STOCKS (Cost $28,540,856)		29,048,386
Money Market Funds - 23.2%
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $6,777,144)	6,777,144		6,777,144

TOTAL INVESTMENT PORTFOLIO - 122.6% (Cost $35,318,000) 35,825,530

NET OTHER ASSETS - (22.6)%		(6,597,977)
NET ASSETS - 100%	$ 29,227,553

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,321
Fidelity Securities Lending Cash Central Fund	4,121
Total	$ 9,442

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $36,039,052. Net unrealized depreciation aggregated $213,522, of which $1,992,763 related to appreciated investment securities and $2,206,285 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2007

1.802155.103

BAN-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CAPITAL MARKETS - 2.5%
Asset Management & Custody Banks - 1.5%
Bank of New York Co., Inc.	18,816		$ 763,177
Franklin Resources, Inc.	12,100		1,642,454
Investors Financial Services Corp.	26,700		1,642,584
Mellon Financial Corp.	17,100		740,943
			4,789,158
Diversified Capital Markets - 0.8%
Credit Suisse Group sponsored ADR	11,000		835,230
Investec PLC	82,100		1,124,089
UBS AG (NY Shares)	11,000		717,640
			2,676,959
Investment Banking & Brokerage - 0.2%
Macquarie Bank Ltd.	11,100		805,260
TOTAL CAPITAL MARKETS			8,271,377
COMMERCIAL BANKS - 75.0%
Diversified Banks - 36.4%
Allied Irish Banks PLC sponsored ADR	12,100		731,324
Anglo Irish Bank Corp. PLC	35,000		821,795
Bank Hapoalim BM (Reg.)	151,700		820,464
Bank of Cyprus Public Co. Ltd.	52,700		919,000
Bank of Piraeus	22,300		852,164
Comerica, Inc.	5,400		339,282
EFG Eurobank Ergasias SA	21,480		763,602
ICICI Bank Ltd.	40,700		936,895
Societe Generale Series A (d)	9,400		1,831,329
Sumitomo Trust & Banking Co. Ltd.	60,000		609,810
U.S. Bancorp, Delaware (d)	568,200		19,648,356
Uniao de Bancos Brasileiros SA (Unibanco) GDR	16,700		1,875,577
Unicredito Italiano Spa	152,700		1,433,533
Wachovia Corp.	689,592		37,368,990
Wells Fargo & Co. (d)	1,394,800		50,338,329
			119,290,450
Regional Banks - 38.6%
Associated Banc-Corp.	50,220		1,657,762
BancorpSouth, Inc.	41,900		1,049,176
Bank of Georgia unit (a)	17,000		620,500
Bank of Hawaii Corp.	24,600		1,316,346
Bank of Yokohama Ltd.	49,000		365,960
Banner Corp.	20,900		752,818
BB&T Corp.	111,942		4,713,878
BOK Financial Corp.	22,500		1,221,300
Boston Private Financial Holdings, Inc.	62,600		1,772,206
Cascade Bancorp	22,350		502,875
Cathay General Bancorp	27,900		945,252
Center Financial Corp., California	52,100		897,162
Chiba Bank Ltd.	37,000		329,537
City National Corp.	37,400		2,896,256
Colonial Bancgroup, Inc.	87,300		2,203,452
	Shares		Value
Columbia Banking Systems, Inc.	16,000		$ 485,440
Commerce Bancorp, Inc.	122,700		4,235,604
Community Bank of Nevada (a)	16,200		480,816
Compass Bancshares, Inc.	53,410		3,738,700
Crescent Banking Co.	4,600		199,686
Cullen/Frost Bankers, Inc.	26,300		1,398,371
CVB Financial Corp.	79,700		910,174
East West Bancorp, Inc.	62,500		2,533,750
Fidelity Southern Corp.	19,000		340,670
Fifth Third Bancorp	87,700		3,714,972
First Charter Corp.	19,900		437,402
First Community Bancorp, California	71,000		4,010,080
First State Bancorp.	23,800		526,456
Frontier Financial Corp., Washington (d)	28,550		664,073
Fulton Financial Corp.	119,600		1,823,900
GB&T Bancshares, Inc.	28,600		475,618
Hanmi Financial Corp.	47,000		821,090
IBERIABANK Corp.	12,100		618,673
KeyCorp	90,900		3,236,949
M&T Bank Corp.	28,700		3,169,341
Marshall & Ilsley Corp.	70,400		3,378,496
Metrocorp Bancshares, Inc.	24,300		515,403
Nara Bancorp, Inc.	57,500		923,450
Pacific Continental Corp.	20,130		322,483
Placer Sierra Bancshares	66,200		1,861,544
PNC Financial Services Group, Inc.	184,400		13,608,720
PrivateBancorp, Inc. (d)	14,400		482,976
Prosperity Bancshares, Inc.	36,800		1,274,752
Regions Financial Corp.	180,771		6,448,102
Renasant Corp.	20,000		486,400
Seacoast Banking Corp., Florida (d)	20,100		467,526
Signature Bank, New York (a)	23,300		774,725
South Financial Group, Inc.	41,700		992,460
Sterling Bancshares, Inc.	64,250		738,233
Sterling Financial Corp., Washington	44,700		1,351,728
SunTrust Banks, Inc.	117,848		10,522,648
SVB Financial Group (a)	43,900		2,329,773
Synovus Financial Corp.	119,300		3,944,058
TCF Financial Corp.	72,900		2,057,967
Texas Capital Bancshares, Inc. (a)	31,900		718,707
Tokyo Tomin Bank Ltd.	45,200		1,619,193
UCBH Holdings, Inc.	64,900		1,207,789
UMB Financial Corp.	39,800		1,536,678
Umpqua Holdings Corp.	55,500		1,385,280
UnionBanCal Corp.	42,600		2,614,788
Valley National Bancorp	64,044		1,568,438
Westamerica Bancorp. (d)	25,100		1,162,130
Western Alliance Bancorp. (a)	16,200		505,278
Whitney Holding Corp.	45,100		1,399,904
Zions Bancorp	61,301		4,932,278
			126,198,152
TOTAL COMMERCIAL BANKS			245,488,602
Common Stocks - continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 3.3%
Other Diversifed Financial Services - 2.7%
African Bank Investments Ltd.	83,900		$ 371,187
Bank of America Corp.	80,869		4,100,867
Citigroup, Inc.	36,600		1,994,334
FirstRand Ltd.	211,500		679,949
JPMorgan Chase & Co.	31,126		1,613,261
Kotak Mahindra Bank Ltd. sponsored GDR (e)	18,732		263,779
			9,023,377
Specialized Finance - 0.6%
MarketAxess Holdings, Inc. (a)	58,435		1,032,546
Singapore Exchange Ltd.	173,000		842,689
			1,875,235
TOTAL DIVERSIFIED FINANCIAL SERVICES			10,898,612
INSURANCE - 1.8%
Insurance Brokers - 0.3%
Willis Group Holdings Ltd.	19,700		912,307
Property & Casualty Insurance - 0.2%
Aspen Insurance Holdings Ltd.	30,000		813,600
Reinsurance - 1.3%
Endurance Specialty Holdings Ltd.	22,500		896,175
IPC Holdings Ltd.	55,200		1,722,240
Platinum Underwriters Holdings Ltd.	47,700		1,642,788
			4,261,203
TOTAL INSURANCE			5,987,110
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
CyberSource Corp. (a)	1,600		21,024
IT SERVICES - 0.6%
Data Processing & Outsourced Services - 0.6%
Computershare Ltd.	105,900		985,760
Mastercard, Inc. Class A	6,200		927,210
			1,912,970
THRIFTS & MORTGAGE FINANCE - 15.7%
Thrifts & Mortgage Finance - 15.7%
Bank Mutual Corp.	27,800		328,874
BankUnited Financial Corp. Class A	56,800		1,301,856
City Bank Lynnwood, Washington	16,000		520,320
Countrywide Financial Corp.	261,484		10,182,187
Fannie Mae	301,100		19,246,312
	Shares		Value
Franklin Bank Corp.	39,300		$ 648,057
Freddie Mac	111,800		7,467,122
Hudson City Bancorp, Inc.	257,800		3,400,382
NetBank, Inc.	86,400		25,056
New York Community Bancorp, Inc.	47,700		833,796
People's United Financial, Inc.	70,790		1,429,250
Radian Group, Inc.	61,700		3,819,230
Washington Federal, Inc.	34,000		852,720
Webster Financial Corp.	24,700		1,111,253
			51,166,415
TOTAL COMMON STOCKS (Cost $253,565,522)		323,746,110
Money Market Funds - 13.0%
Fidelity Cash Central Fund, 5.33% (b)	4,375,084		4,375,084
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	38,208,950		38,208,950
TOTAL MONEY MARKET FUNDS (Cost $42,584,034)		42,584,034

TOTAL INVESTMENT PORTFOLIO - 111.9% (Cost $296,149,556) 366,330,144

NET OTHER ASSETS - (11.9)%	(39,061,468)
NET ASSETS - 100%	$ 327,268,676

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $263,779 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 112,638
Fidelity Securities Lending Cash Central Fund	22,292
Total	$ 134,930

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $296,624,914. Net unrealized appreciation aggregated $69,705,230, of which $74,156,449 related to appreciated investment securities and $4,451,219 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2007

1.802156.103

BIO-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
BIOTECHNOLOGY - 86.2%
Biotechnology - 86.2%
3SBio, Inc. ADR	277,800		$ 3,089,136
Acadia Pharmaceuticals, Inc. (a)	770,988		9,860,937
Acorda Therapeutics, Inc. (a)	142,000		2,825,800
Affymax, Inc. (d)	186,400		6,130,696
Alexion Pharmaceuticals, Inc. (a)(d)	1,050,400		51,017,928
Alkermes, Inc. (a)	1,071,757		17,212,417
Alnylam Pharmaceuticals, Inc. (a)(d)	279,100		4,577,240
Altus Pharmaceuticals, Inc. (a)	157,988		2,135,998
Amgen, Inc. (a)	4,931,716		277,803,563
Amylin Pharmaceuticals, Inc. (a)(d)	688,092		31,824,255
Arena Pharmaceuticals, Inc. (a)(d)	272,200		3,783,580
ArQule, Inc. (a)	361,819		3,249,135
Array Biopharma, Inc. (a)	108,000		1,342,440
Biogen Idec, Inc. (a)	2,107,606		110,059,185
Celgene Corp. (a)	1,271,313		77,855,208
Cephalon, Inc. (a)(d)	807,340		67,017,293
Cougar Biotechnology, Inc. (a)	178,300		4,724,950
Cougar Biotechnology, Inc. (a)(f)	75,000		1,788,750
Cubist Pharmaceuticals, Inc. (a)	270,200		6,201,090
Cytokinetics, Inc. (a)	184,900		1,233,283
Cytos Biotechnology AG (a)	13,177		1,578,400
Dendreon Corp. (a)(d)	367,300		3,151,434
Dyax Corp. (a)	304,500		1,412,880
Encysive Pharmaceuticals, Inc. (a)(d)	315,300		1,242,282
Enzon Pharmaceuticals, Inc. (a)(d)	154,000		1,304,380
Genentech, Inc. (a)(d)	1,404,900		112,068,873
Gilead Sciences, Inc. (a)	1,213,600		100,449,672
GTx, Inc. (a)	253,273		5,055,329
Halozyme Therapeutics, Inc. (a)	149,690		1,528,335
Human Genome Sciences, Inc. (a)	524,400		5,553,396
Infinity Pharmaceuticals, Inc. (a)	46,601		503,291
Isis Pharmaceuticals, Inc. (a)(d)	446,900		4,495,814
Ligand Pharmaceuticals, Inc. Class B	244,000		1,612,840
MannKind Corp. (a)(d)	614,600		6,994,148
Martek Biosciences (a)(d)	173,800		3,637,634
Medarex, Inc. (a)(d)	1,069,805		17,106,182
Momenta Pharmaceuticals, Inc. (a)(d)	278,092		3,637,443
Myriad Genetics, Inc. (a)(d)	342,293		13,031,095
Neurochem, Inc. (a)(d)	30,300		177,360
Neurocrine Biosciences, Inc. (a)	378,200		4,394,684
Novacea, Inc.	120,500		1,536,375
Omrix Biopharmaceuticals, Inc.	132,100		4,427,992
ONYX Pharmaceuticals, Inc. (a)(d)	231,700		6,932,464
OREXIGEN Therapeutics, Inc.	55,700		997,030
OSI Pharmaceuticals, Inc. (a)(d)	922,800		34,844,928
PDL BioPharma, Inc. (a)	1,316,900		36,227,919
Pharmion Corp. (a)	181,634		5,269,202
Poniard Pharmaceuticals, Inc. (a)	201,600		1,641,024
Regeneron Pharmaceuticals, Inc. (a)	575,200		12,907,488
Rosetta Genomics Ltd. (a)	256,397		2,020,408
	Shares		Value
Sangamo Biosciences, Inc. (a)	18,900		$ 137,781
Savient Pharmaceuticals, Inc. (a)	241,900		3,439,818
Tanox, Inc. (a)	134,500		2,523,220
Theravance, Inc. (a)	351,100		12,056,774
Trubion Pharmaceuticals, Inc. (d)	110,600		2,049,418
United Therapeutics Corp. (a)(d)	207,697		13,705,925
Vanda Pharmaceuticals, Inc. (d)	148,465		2,972,269
Vertex Pharmaceuticals, Inc. (a)(d)	1,380,200		41,212,772
ViaCell, Inc. (a)	17,500		107,100
Zymogenetics, Inc. (a)(d)	467,905		7,668,963
			1,165,347,226
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Other Diversifed Financial Services - 0.1%
Ithaka Acquisition Corp. (a)	272,100		1,531,923
HEALTH CARE EQUIPMENT & SUPPLIES - 1.8%
Health Care Equipment - 1.8%
Clinical Data, Inc. (a)	159,802		3,547,604
Gen-Probe, Inc. (a)	117,900		6,377,211
Quidel Corp. (a)	996,450		14,637,851
TomoTherapy, Inc.	4,900		110,642
			24,673,308
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
Oracle Healthcare Acquisition Corp. unit (a)	267,600		2,296,008
LIFE SCIENCES TOOLS & SERVICES - 3.1%
Life Sciences Tools & Services - 3.1%
Advanced Magnetics, Inc. (a)	93,400		5,890,738
Applera Corp. - Celera Genomics Group (a)	742,200		9,908,370
Exelixis, Inc. (a)	998,700		11,065,596
Medivation, Inc. (a)	32,736		575,172
QIAGEN NV (a)	793,800		13,820,058
Ventana Medical Systems, Inc. (a)	26,300		1,353,398
			42,613,332
PHARMACEUTICALS - 8.3%
Pharmaceuticals - 8.3%
Akorn, Inc. (a)(d)	2,999,553		21,026,867
Alexza Pharmaceuticals, Inc. (a)	122,400		1,184,832
Auxilium Pharmaceuticals, Inc. (a)	813,185		12,498,653
Biodel, Inc. (a)	140,100		2,507,790
Cardiome Pharma Corp. (a)	66,800		662,097
Catalyst Pharmaceutical Partners, Inc. (e)	677,300		2,925,936
Cypress Bioscience, Inc. (a)(d)	65,900		997,726
Elan Corp. PLC sponsored ADR (a)	1,616,400		31,875,408
Sepracor, Inc. (a)(d)	241,100		11,741,570
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Sirtris Pharmaceuticals, Inc.	15,741		$ 202,901
Xenoport, Inc. (a)(d)	597,319		26,282,036
			111,905,816
TOTAL COMMON STOCKS (Cost $1,327,735,217)		1,348,367,613
Convertible Preferred Stocks - 0.2%
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Xenon Pharmaceuticals, Inc. Series E (a)(f) (Cost $6,724,138)	981,626		3,416,058
Money Market Funds - 11.6%
Fidelity Cash Central Fund, 5.33% (b)	1,703,586		1,703,586
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	154,733,504		154,733,504
TOTAL MONEY MARKET FUNDS (Cost $156,437,090)		156,437,090

TOTAL INVESTMENT PORTFOLIO - 111.5% (Cost $1,490,896,445) 1,508,220,761

NET OTHER ASSETS - (11.5)%		(156,046,253)
NET ASSETS - 100%	$ 1,352,174,508

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,204,808 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Cougar Biotechnology, Inc.	5/3/07	$ 1,500,000
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,402
Fidelity Securities Lending Cash Central Fund	225,044
Total	$ 235,446

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Catalyst Pharmaceutical Partners, Inc.	$ 1,257,432	$ 1,648,919	$ -	$ -	$ 2,925,936

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,504,134,530. Net unrealized appreciation aggregated $4,086,231, of which $124,266,977 related to appreciated investment securities and $120,180,746 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2007

1.802157.103

BRO-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CAPITAL MARKETS - 93.5%
Asset Management & Custody Banks - 42.4%
Affiliated Managers Group, Inc. (a)	1,000		$ 130,200
AllianceBernstein Holding LP	1,200		109,692
American Capital Strategies Ltd. (d)	663,200		32,118,776
Ameriprise Financial, Inc.	900		56,565
Ashmore Group plc	1,322,100		8,101,961
Bank of New York Co., Inc.	1,410,200		57,197,712
BlueBay Asset Management	851,300		8,828,194
EFG International (a)	751,140		36,922,208
Fortress Investment Group LLC (d)	909,100		24,363,880
Franklin Resources, Inc.	485,400		65,888,196
Gluskin Sheff + Associates, Inc.	68,500		1,717,864
Investors Financial Services Corp.	221,707		13,639,415
Janus Capital Group, Inc.	240,700		6,662,576
Julius Baer Holding AG (Bearer)	962,683		73,260,436
KKR Private Equity Investors, LP Restricted Depositary Units (e)	104,600		2,458,100
Legg Mason, Inc.	948		95,776
Man Group plc	580,400		6,762,995
Mellon Financial Corp.	965,800		41,848,114
Northern Trust Corp.	1,700		110,636
Nuveen Investments, Inc. Class A	2,500		137,150
State Street Corp.	937,600		64,009,952
T. Rowe Price Group, Inc.	916,300		47,052,005
Vontobel Holdings AG	70,259		4,325,572
			495,797,975
Diversified Capital Markets - 8.3%
Credit Suisse Group sponsored ADR	708,800		53,819,184
UBS AG (NY Shares)	663,000		43,254,120
			97,073,304
Investment Banking & Brokerage - 42.8%
Bear Stearns Companies, Inc. (d)	361,000		54,135,560
Charles Schwab Corp.	3,306,200		74,290,313
Cowen Group, Inc.	3,400		60,622
E*TRADE Financial Corp.	1,100		26,345
GFI Group, Inc. (a)	1,100		81,950
Goldman Sachs Group, Inc.	301,200		69,522,984
Greenhill & Co., Inc. (d)	803,700		57,866,400
Jefferies Group, Inc.	794,100		24,331,224
Lazard Ltd. Class A	650,300		35,038,164
Lehman Brothers Holdings, Inc.	686,500		50,375,370
Merrill Lynch & Co., Inc.	647,250		60,019,493
Morgan Stanley	815,600		69,358,624
optionsXpress Holdings, Inc.	185,693		4,731,458
TD Ameritrade Holding Corp. (a)	649		13,324
	Shares		Value
Thomas Weisel Partners Group, Inc. (a)(d)	6,685		$ 116,988
TradeStation Group, Inc. (a)	2,113		25,187
			499,994,006
TOTAL CAPITAL MARKETS			1,092,865,285
COMMERCIAL BANKS - 1.9%
Diversified Banks - 1.2%
Barclays PLC	8,200		117,322
Industrial & Commercial Bank of China	756,000		395,981
Societe Generale Series A	70,500		13,734,964
			14,248,267
Regional Banks - 0.7%
City National Corp.	100,100		7,751,744
TOTAL COMMERCIAL BANKS			22,000,011
DIVERSIFIED FINANCIAL SERVICES - 4.4%
Other Diversifed Financial Services - 3.3%
Citigroup, Inc.	346,300		18,869,887
JPMorgan Chase & Co.	388,100		20,115,223
			38,985,110
Specialized Finance - 1.1%
IntercontinentalExchange, Inc. (a)	1,112		161,173
Moody's Corp.	183,600		12,787,740
NYMEX Holdings, Inc.	600		76,410
			13,025,323
TOTAL DIVERSIFIED FINANCIAL SERVICES			52,010,433
INSURANCE - 0.0%
Property & Casualty Insurance - 0.0%
AMBAC Financial Group, Inc.	1,200		107,532
TOTAL COMMON STOCKS (Cost $917,534,309)		1,166,983,261
Money Market Funds - 6.5%
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $75,534,625)	75,534,625		75,534,625

TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $993,068,934) 1,242,517,886

NET OTHER ASSETS - (6.3)%		(73,754,546)
NET ASSETS - 100%	$ 1,168,763,340

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,458,100 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 333,705
Fidelity Securities Lending Cash Central Fund	356,481
Total	$ 690,186

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $993,634,922. Net unrealized appreciation aggregated $248,882,964, of which $254,278,455 related to appreciated investment securities and $5,395,491 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2007

1.802159.103

CHE-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
CHEMICALS - 93.8%
Commodity Chemicals - 7.0%
Celanese Corp. Class A	243,086		$ 8,845,900
Lyondell Chemical Co.	97,200		3,612,924
Spartech Corp.	20,000		536,000
			12,994,824
Diversified Chemicals - 36.0%
Ashland, Inc.	35,400		2,135,328
Cabot Corp.	24,600		1,188,426
Dow Chemical Co.	459,100		20,833,958
E.I. du Pont de Nemours & Co. (d)	477,200		24,967,103
Eastman Chemical Co.	15,000		992,400
FMC Corp.	33,356		2,790,563
Hercules, Inc. (a)	155,900		2,935,597
Huntsman Corp.	113,700		2,274,000
Olin Corp.	29,000		586,960
PPG Industries, Inc.	112,500		8,571,375
			67,275,710
Fertilizers & Agricultural Chemicals - 12.9%
American Vanguard Corp. (d)	60,000		827,400
CF Industries Holdings, Inc.	40,000		1,789,200
Monsanto Co.	303,200		18,677,120
The Mosaic Co.	53,900		1,893,507
The Scotts Miracle-Gro Co. Class A	20,000		920,800
			24,108,027
Industrial Gases - 16.4%
Air Products & Chemicals, Inc.	178,200		13,897,818
Airgas, Inc.	97,000		4,136,080
L'Air Liquide SA	2,310		548,446
Praxair, Inc.	176,860		12,042,397
			30,624,741
Specialty Chemicals - 21.5%
Chemtura Corp.	287,773		3,133,848
Cytec Industries, Inc.	25,000		1,486,250
Ecolab, Inc.	131,500		5,674,225
Ferro Corp.	25,000		594,250
H.B. Fuller Co.	178,284		4,858,239
International Flavors & Fragrances, Inc.	10,000		513,300
Lubrizol Corp.	19,800		1,301,256
Minerals Technologies, Inc.	16,300		1,036,843
Nalco Holding Co.	109,600		2,896,728
OM Group, Inc. (a)	14,600		912,646
	Shares		Value
OMNOVA Solutions, Inc. (a)	195,300		$ 1,095,633
Rockwood Holdings, Inc. (a)	54,200		1,739,278
Rohm & Haas Co.	128,300		6,801,183
RPM International, Inc.	93,800		2,131,136
Sigma Aldrich Corp.	121,000		5,236,880
Valspar Corp.	25,000		722,250
			40,133,945
TOTAL CHEMICALS			175,137,247
INDUSTRIAL CONGLOMERATES - 1.5%
Industrial Conglomerates - 1.5%
3M Co.	31,800		2,797,128
TOTAL COMMON STOCKS (Cost $141,846,981)		177,934,375
Money Market Funds - 11.6%
Fidelity Cash Central Fund, 5.33% (b)	12,089,395		12,089,395
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	9,609,401		9,609,401
TOTAL MONEY MARKET FUNDS (Cost $21,698,796)		21,698,796

TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $163,545,777) 199,633,171

NET OTHER ASSETS - (6.9)%		(12,842,024)
NET ASSETS - 100%	$ 186,791,147

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 169,788
Fidelity Securities Lending Cash Central Fund	13,797
Total	$ 183,585

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $163,587,033. Net unrealized appreciation aggregated $36,046,138, of which $36,808,512 related to appreciated investment securities and $762,374 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

May 31, 2007

1.802166.103

DEV-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 80.5%
Communications Equipment - 80.5%
Acme Packet, Inc.	2,500		$ 29,625
Adtran, Inc.	110,600		2,992,836
ADVA AG Optical Networking (a)	246,763		2,413,872
Alcatel-Lucent SA sponsored ADR (d)	252,100		3,458,812
AudioCodes Ltd. (a)	445,190		2,368,411
Bookham, Inc. (a)(d)	630,628		1,355,850
Carrier Access Corp. (a)	96,900		385,662
Ceragon Networks Ltd. (a)	4,100		39,155
Ciena Corp. (a)	169,292		5,810,101
Cisco Systems, Inc. (a)	741,700		19,966,564
Comtech Group, Inc. (a)	365,900		6,381,296
Comverse Technology, Inc. (a)	826,610		18,945,901
Corning, Inc. (a)	969,500		24,237,500
ECI Telecom Ltd. (a)	185,300		1,484,253
F5 Networks, Inc. (a)(d)	138,600		11,262,636
Foundry Networks, Inc. (a)	215,500		3,465,240
Foxconn International Holdings Ltd. (a)	80,000		248,446
Harris Stratex Networks, Inc. (a)	162,875		2,785,163
Ixia (a)	110,837		1,028,567
JDS Uniphase Corp. (a)(d)	151,050		1,978,755
Juniper Networks, Inc. (a)	464,459		11,337,444
Motorola, Inc.	688,600		12,525,634
Nortel Networks Corp. (a)	23,220		603,162
Opnext, Inc.	15,900		187,461
Optium Corp.	900		12,177
Orckit Communications Ltd. (a)	137,900		1,510,005
Polycom, Inc. (a)	44,200		1,402,024
Powerwave Technologies, Inc. (a)(d)	2,086,700		13,313,146
QUALCOMM, Inc.	1,660,200		71,305,589
Research In Motion Ltd. (a)	151,500		25,161,121
Riverbed Technology, Inc. (d)	72,700		3,032,317
Riverstone Networks, Inc. (a)	1,129,500		11
Sonus Networks, Inc. (a)	1,141,696		9,898,504
Symmetricom, Inc. (a)	262,355		2,132,946
			263,060,186
COMPUTERS & PERIPHERALS - 1.7%
Computer Hardware - 1.4%
Compal Electronics, Inc.	247,627		224,877
Concurrent Computer Corp. (a)	2,481,578		4,442,025
NEC Corp. sponsored ADR	700		3,584
			4,670,486
Computer Storage & Peripherals - 0.3%
SanDisk Corp. (a)	21,993		957,795
TOTAL COMPUTERS & PERIPHERALS			5,628,281
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.4%
Alternative Carriers - 0.4%
Aruba Networks, Inc.	4,200		$ 81,270
Level 3 Communications, Inc. (a)	223,600		1,301,352
			1,382,622
Integrated Telecommunication Services - 0.0%
Embarq Corp.	1,035		66,509
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			1,449,131
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Energy Conversion Devices, Inc. (a)(d)	14,600		501,948
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
Electronic Equipment & Instruments - 0.7%
Chi Mei Optoelectronics Corp.	415,617		466,130
HannStar Display Corp. (a)	2,368,000		516,107
Nippon Electric Glass Co. Ltd.	72,000		1,149,421
			2,131,658
Electronic Manufacturing Services - 0.2%
Trimble Navigation Ltd. (a)	27,000		788,130
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			2,919,788
HOUSEHOLD DURABLES - 1.2%
Consumer Electronics - 1.2%
Tele Atlas NV (a)(d)	175,600		4,007,285
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
DivX, Inc.	400		6,392
Openwave Systems, Inc. (a)(d)	535,919		5,519,966
RADVision Ltd. (a)	112,250		2,395,415
			7,921,773
IT SERVICES - 0.0%
IT Consulting & Other Services - 0.0%
Isilon Systems, Inc.	500		7,335
MEDIA - 0.0%
Publishing - 0.0%
Gemstar-TV Guide International, Inc. (a)	10,223		47,026
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
Semiconductor Equipment - 0.3%
EMCORE Corp. (a)(d)	215,400		1,044,690
Semiconductors - 6.1%
Actel Corp. (a)	19,449		271,703
Advanced Analogic Technologies, Inc. (a)	215,700		1,911,102
Altera Corp.	79,800		1,820,238
AMIS Holdings, Inc. (a)	226,200		2,890,836
Applied Micro Circuits Corp. (a)	426,568		1,198,656
Broadcom Corp. Class A (a)	40,100		1,225,456
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Conexant Systems, Inc. (a)	432,400		$ 557,796
CSR PLC (a)	69,800		1,073,845
Exar Corp. (a)	6,701		91,067
Hittite Microwave Corp. (a)	18,600		756,090
Ikanos Communications, Inc. (a)	1,700		12,138
Intersil Corp. Class A	73,700		2,218,370
Marvell Technology Group Ltd. (a)	45,200		710,544
Mindspeed Technologies, Inc. (a)	440,463		960,209
MIPS Technologies, Inc. (a)	48,602		429,642
Pericom Semiconductor Corp. (a)	58,100		636,776
Pixelplus Co. Ltd. sponsored ADR (a)	123,700		100,197
PLX Technology, Inc. (a)	48,400		527,076
PMC-Sierra, Inc. (a)	98,100		756,351
RF Micro Devices, Inc. (a)	76,900		502,157
SiRF Technology Holdings, Inc. (a)	7,600		164,920
Transmeta Corp. (a)	236,700		85,212
Vimicro International Corp. sponsored ADR (a)	19,139		128,231
Xilinx, Inc.	30,500		868,640
			19,897,252
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			20,941,942
SOFTWARE - 5.6%
Application Software - 2.6%
ECtel Ltd. (a)	2,790		8,649
NAVTEQ Corp. (a)	71,600		3,066,628
Ulticom, Inc. (a)	618,378		5,348,970
			8,424,247
Home Entertainment Software - 0.7%
Ubisoft Entertainment SA (a)	44,000		2,206,541
Systems Software - 2.3%
Allot Communications Ltd.	9,500		64,505
Sandvine Corp. (U.K.) (a)	1,812,800		7,429,942
			7,494,447
TOTAL SOFTWARE			18,125,235
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc. (a)	9,900		$ 806,553
TOTAL COMMON STOCKS (Cost $328,275,158)		325,416,483
Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $700,000)	$ 700,000		708,885
Money Market Funds - 8.5%
	Shares
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $27,801,615)	27,801,615	27,801,615

TOTAL INVESTMENT PORTFOLIO - 108.3% (Cost $356,776,773) 353,926,983

NET OTHER ASSETS - (8.3)%	(27,049,482)
NET ASSETS - 100%	$ 326,877,501

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,685
Fidelity Securities Lending Cash Central Fund	33,775
Total	$ 63,460

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $359,082,062. Net unrealized depreciation aggregated $5,155,079, of which $38,845,122 related to appreciated investment securities and $44,000,201 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2007

1.802161.103

COM-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.8%
Communications Equipment - 1.8%
Avocent Corp. (a)	41,200		$ 1,154,836
Compal Communications, Inc. (a)	246,000		704,453
Gemtek Technology Corp.	1,655,000		4,644,120
QUALCOMM, Inc.	45,000		1,932,750
			8,436,159
COMPUTERS & PERIPHERALS - 81.2%
Computer Hardware - 64.1%
Apple, Inc. (a)	735,300		89,383,069
Dell, Inc. (a)	2,080,478		55,902,444
Diebold, Inc.	138,300		6,856,914
Gateway, Inc. (a)	470,800		842,732
Hewlett-Packard Co.	1,791,700		81,898,607
International Business Machines Corp.	206,000		21,959,600
NCR Corp. (a)	221,100		11,866,437
Psion PLC	348,500		986,743
Sun Microsystems, Inc. (a)	4,251,300		21,681,630
Wistron Corp.	1,482,828		2,504,671
			293,882,847
Computer Storage & Peripherals - 17.1%
Brocade Communications Systems, Inc. (a)	429,700		3,944,646
Electronics for Imaging, Inc. (a)	416,900		11,885,819
EMC Corp. (a)(d)	1,323,700		22,357,293
Emulex Corp. (a)	110,900		2,460,871
Hutchinson Technology, Inc. (a)	23,500		429,580
InnoLux Display Corp.	457,000		1,480,218
Lexmark International, Inc. Class A (a)	19,100		991,863
Network Appliance, Inc. (a)(d)	633,300		20,385,927
QLogic Corp. (a)	67,900		1,158,374
Quantum Corp. (a)	400,400		1,237,236
SanDisk Corp. (a)(d)	133,000		5,792,150
Seagate Technology	54,000		1,111,860
SIMPLO Technology Co. Ltd.	403,000		2,000,666
Sunrex Technology Corp.	985,000		1,240,381
Synaptics, Inc. (a)	17,400		549,144
Western Digital Corp. (a)	64,000		1,203,840
			78,229,868
TOTAL COMPUTERS & PERIPHERALS			372,112,715
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%
Integrated Telecommunication Services - 1.0%
AT&T, Inc.	110,900		4,584,606
	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
Electronic Equipment & Instruments - 1.8%
AU Optronics Corp.	1,985,000		$ 3,064,477
AU Optronics Corp. sponsored ADR	52,500		820,575
Chi Mei Optoelectronics Corp.	580,000		650,492
LG.Philips LCD Co. Ltd. sponsored ADR (a)	174,480		3,521,006
			8,056,550
HOUSEHOLD DURABLES - 1.4%
Consumer Electronics - 1.4%
Sony Corp.	112,900		6,514,330
IT SERVICES - 1.1%
Data Processing & Outsourced Services - 0.3%
Syntel, Inc.	35,062		1,213,846
IT Consulting & Other Services - 0.8%
Cognizant Technology Solutions Corp. Class A (a)	37,600		2,953,856
Sapient Corp. (a)	113,000		847,500
			3,801,356
TOTAL IT SERVICES			5,015,202
MACHINERY - 0.7%
Industrial Machinery - 0.7%
Shin Zu Shing Co. Ltd.	505,000		3,286,666
OFFICE ELECTRONICS - 0.4%
Office Electronics - 0.4%
Canon, Inc. (a)	32,000		1,883,520
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.8%
Semiconductors - 4.8%
Advanced Micro Devices, Inc. (a)(d)	915,800		13,068,466
Broadcom Corp. Class A (a)	27,300		834,288
Intel Corp.	304,100		6,741,897
Marvell Technology Group Ltd. (a)	27,600		433,872
Micron Technology, Inc. (a)	77,700		946,386
			22,024,909
SOFTWARE - 0.9%
Application Software - 0.9%
Informatica Corp. (a)	76,300		1,164,338
Intuit, Inc. (a)	23,800		725,900
Synchronoss Technologies, Inc.	73,500		1,988,175
			3,878,413
SPECIALTY RETAIL - 0.6%
Computer & Electronics Retail - 0.6%
Best Buy Co., Inc.	47,700		2,303,433
Gamestop Corp. Class A (a)	12,800		473,344
			2,776,777
TOTAL COMMON STOCKS (Cost $406,756,716)		438,569,847
Money Market Funds - 12.8%
	Shares		Value
Fidelity Cash Central Fund, 5.33% (b)	2,951,866		$ 2,951,866
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	55,663,750		55,663,750
TOTAL MONEY MARKET FUNDS (Cost $58,615,616)		58,615,616

TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $465,372,332) 497,185,463

NET OTHER ASSETS - (8.5)%		(38,982,097)
NET ASSETS - 100%	$ 458,203,366

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 439,710
Fidelity Securities Lending Cash Central Fund	40,406
Total	$ 480,116

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $468,289,278. Net unrealized appreciation aggregated $28,896,185, of which $42,562,988 related to appreciated investment securities and $13,666,803 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2007

1.802162.103

HOU-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
BUILDING PRODUCTS - 7.0%
Building Products - 7.0%
American Standard Companies, Inc.	62,300		$ 3,724,294
Masco Corp.	159,500		4,818,495
NCI Building Systems, Inc. (a)(d)	13,900		714,599
Trex Co., Inc. (a)	7,600		152,000
			9,409,388
CONSTRUCTION & ENGINEERING - 15.7%
Construction & Engineering - 15.7%
Chicago Bridge & Iron Co. NV (NY Shares)	45,800		1,784,368
EMCOR Group, Inc. (a)	17,700		1,160,943
Fluor Corp.	53,900		5,610,990
Foster Wheeler Ltd. (a)	28,000		2,899,120
Infrasource Services, Inc. (a)	39,800		1,440,760
Jacobs Engineering Group, Inc. (a)	59,400		3,442,230
Shaw Group, Inc. (a)	45,400		1,836,884
URS Corp. (a)	28,000		1,407,840
Washington Group International, Inc. (a)	15,700		1,318,800
			20,901,935
CONSTRUCTION MATERIALS - 4.1%
Construction Materials - 4.1%
Martin Marietta Materials, Inc.	9,300		1,445,592
Texas Industries, Inc. (d)	16,000		1,391,680
Vulcan Materials Co.	22,000		2,633,180
			5,470,452
HEALTH CARE PROVIDERS & SERVICES - 0.3%
Health Care Facilities - 0.3%
Brookdale Senior Living, Inc.	8,000		377,680
Emeritus Corp. (a)	1,810		64,708
			442,388
HOUSEHOLD DURABLES - 18.0%
Homebuilding - 18.0%
Centex Corp.	95,200		4,603,872
D.R. Horton, Inc.	208,466		4,871,850
Hovnanian Enterprises, Inc. Class A (d)	19,800		500,148
KB Home (d)	75,100		3,446,339
Lennar Corp. Class A	63,100		2,880,515
Pulte Homes, Inc. (d)	121,800		3,323,922
Ryland Group, Inc.	7,000		323,400
Standard Pacific Corp. (d)	53,000		1,129,960
Toll Brothers, Inc. (a)(d)	101,600		2,979,928
			24,059,934
REAL ESTATE INVESTMENT TRUSTS - 12.2%
Residential REITs - 12.2%
Apartment Investment & Management Co. Class A	42,700		2,342,949
Archstone-Smith Trust	15,200		937,840
AvalonBay Communities, Inc.	39,100		5,098,249
	Shares		Value
BRE Properties, Inc. Class A	43,200		$ 2,731,104
Camden Property Trust (SBI)	25,400		1,896,110
Equity Residential (SBI)	24,700		1,251,549
Home Properties, Inc.	21,600		1,244,160
UDR, Inc.	26,596		807,455
			16,309,416
REAL ESTATE MANAGEMENT & DEVELOPMENT - 9.1%
Real Estate Management & Development - 9.1%
CB Richard Ellis Group, Inc. Class A (a)	127,400		4,741,828
China Overseas Land & Investment Ltd.	1,069,000		1,467,581
Forest City Enterprises, Inc. Class A	43,500		3,049,350
The St. Joe Co. (d)	55,100		2,883,934
			12,142,693
SPECIALTY RETAIL - 33.6%
Home Improvement Retail - 33.6%
Home Depot, Inc. (d)	696,350		27,067,124
Lowe's Companies, Inc. (d)	472,500		15,507,450
Sherwin-Williams Co.	34,200		2,313,288
			44,887,862
TOTAL COMMON STOCKS (Cost $107,672,507)		133,624,068
Money Market Funds - 17.7%
Fidelity Cash Central Fund, 5.33% (b)	738,723		738,723
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	22,890,550		22,890,550
TOTAL MONEY MARKET FUNDS (Cost $23,629,273)		23,629,273

TOTAL INVESTMENT PORTFOLIO - 117.7% (Cost $131,301,780) 157,253,341

NET OTHER ASSETS - (17.7)%		(23,691,737)
NET ASSETS - 100%	$ 133,561,604

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 27,749
Fidelity Securities Lending Cash Central Fund	39,456
Total	$ 67,205

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $131,363,795. Net unrealized appreciation aggregated $25,889,546, of which $27,211,555 related to appreciated investment securities and $1,322,009 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

May 31, 2007

1.802163.103

CPR-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
AUTO COMPONENTS - 1.1%
Auto Parts & Equipment - 1.1%
Johnson Controls, Inc.	4,200		$ 460,740
AUTOMOBILES - 1.4%
Automobile Manufacturers - 0.9%
General Motors Corp.	3,100		92,969
Renault SA	800		114,372
Toyota Motor Corp. sponsored ADR	1,200		144,912
			352,253
Motorcycle Manufacturers - 0.5%
Harley-Davidson, Inc.	3,400		207,706
TOTAL AUTOMOBILES			559,959
COMPUTERS & PERIPHERALS - 0.5%
Computer Hardware - 0.5%
Hewlett-Packard Co.	4,300		196,553
DIVERSIFIED CONSUMER SERVICES - 1.1%
Specialized Consumer Services - 1.1%
Sotheby's Class A (ltd. vtg.)	9,500		450,965
DIVERSIFIED FINANCIAL SERVICES - 1.4%
Specialized Finance - 1.4%
Moody's Corp.	8,300		578,095
FOOD & STAPLES RETAILING - 1.4%
Food Retail - 1.4%
Susser Holdings Corp.	9,398		141,252
Tesco PLC Sponsored ADR	15,400		423,500
			564,752
HOTELS, RESTAURANTS & LEISURE - 16.1%
Casinos & Gaming - 7.0%
Aristocrat Leisure Ltd.	7,616		97,131
Bally Technologies, Inc. (a)	8,000		217,360
Boyd Gaming Corp.	5,400		270,216
International Game Technology	17,800		715,382
Las Vegas Sands Corp. (a)	8,600		670,972
MGM Mirage, Inc. (a)	1,300		103,389
Penn National Gaming, Inc. (a)	7,700		411,411
Wynn Resorts Ltd. (d)	3,300		318,582
			2,804,443
Hotels, Resorts & Cruise Lines - 3.9%
Accor SA	4,400		409,160
Carnival Corp. unit	6,000		302,640
Hilton Hotels Corp.	13,000		462,150
Home Inns & Hotels Management, Inc. ADR	3,000		87,960
Starwood Hotels & Resorts Worldwide, Inc.	4,400		317,108
			1,579,018
Restaurants - 5.2%
Applebee's International, Inc.	7,300		191,260
	Shares		Value
McDonald's Corp.	35,300		$ 1,784,415
Tim Hortons, Inc.	3,777		117,578
			2,093,253
TOTAL HOTELS, RESTAURANTS & LEISURE			6,476,714
HOUSEHOLD DURABLES - 2.7%
Homebuilding - 1.9%
Centex Corp.	6,600		319,176
D.R. Horton, Inc.	5,000		116,850
Toll Brothers, Inc. (a)	10,600		310,898
			746,924
Household Appliances - 0.8%
The Stanley Works	1,600		101,168
Whirlpool Corp.	2,100		234,465
			335,633
TOTAL HOUSEHOLD DURABLES			1,082,557
INTERNET & CATALOG RETAIL - 2.7%
Catalog Retail - 1.4%
Liberty Media Holding Corp. - Interactive Series A (a)	23,100		559,713
Internet Retail - 1.3%
Amazon.com, Inc. (a)	3,600		248,904
Blue Nile, Inc. (a)	4,500		258,615
			507,519
TOTAL INTERNET & CATALOG RETAIL			1,067,232
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
Google, Inc. Class A (sub. vtg.) (a)	1,654		823,279
LoopNet, Inc.	6,900		141,381
			964,660
MEDIA - 25.6%
Advertising - 1.2%
National CineMedia, Inc.	6,100		174,155
Omnicom Group, Inc.	3,000		315,900
			490,055
Broadcasting & Cable TV - 6.6%
Clear Channel Communications, Inc.	12,300		472,320
Comcast Corp. Class A	63,050		1,728,201
Grupo Televisa SA de CV (CPO) sponsored ADR	14,400		414,432
Liberty Media Holding Corp. - Capital Series A (a)	500		56,450
			2,671,403
Movies & Entertainment - 12.5%
Cinemark Holdings, Inc. (a)	5,300		102,555
Live Nation, Inc. (a)	4,766		106,758
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Movies & Entertainment - continued
News Corp.:
Class A	55,200		$ 1,219,368
Class B	3,800		89,794
Regal Entertainment Group Class A	15,500		354,640
The Walt Disney Co.	14,700		520,968
Time Warner, Inc.	117,500		2,510,973
Viacom, Inc. Class B (non-vtg.) (a)	3,100		139,252
			5,044,308
Publishing - 5.3%
Getty Images, Inc. (a)	3,800		190,190
McGraw-Hill Companies, Inc.	15,500		1,089,805
R.H. Donnelley Corp.	10,700		833,958
			2,113,953
TOTAL MEDIA			10,319,719
MULTILINE RETAIL - 12.7%
Department Stores - 6.5%
Federated Department Stores, Inc.	21,800		870,474
JCPenney Co., Inc.	9,100		732,368
Nordstrom, Inc. (d)	8,100		420,633
Sears Holdings Corp. (a)	3,300		594,066
			2,617,541
General Merchandise Stores - 6.2%
Family Dollar Stores, Inc.	12,600		423,990
Target Corp.	33,000		2,060,190
			2,484,180
TOTAL MULTILINE RETAIL			5,101,721
PERSONAL PRODUCTS - 1.2%
Personal Products - 1.2%
Bare Escentuals, Inc. (d)	11,300		474,035
SPECIALTY RETAIL - 22.2%
Apparel Retail - 5.3%
Abercrombie & Fitch Co. Class A	3,800		314,070
Casual Male Retail Group, Inc. (a)	16,600		194,884
Payless ShoeSource, Inc. (a)	5,900		210,748
Ross Stores, Inc.	12,500		410,500
TJX Companies, Inc.	21,500		601,355
Urban Outfitters, Inc. (a)	10,400		276,432
Zumiez, Inc. (a)(d)	2,968		114,565
			2,122,554
Computer & Electronics Retail - 2.9%
Best Buy Co., Inc.	12,750		615,698
RadioShack Corp.	15,802		539,480
			1,155,178
	Shares		Value
Home Improvement Retail - 7.6%
Home Depot, Inc.	56,400		$ 2,192,268
Lowe's Companies, Inc.	20,400		669,528
Sherwin-Williams Co.	3,000		202,920
			3,064,716
Homefurnishing Retail - 0.5%
Williams-Sonoma, Inc.	5,600		189,784
Specialty Stores - 5.9%
OfficeMax, Inc.	3,700		166,130
PETsMART, Inc.	15,700		537,254
Staples, Inc.	48,650		1,219,169
Tiffany & Co., Inc.	8,800		462,616
			2,385,169
TOTAL SPECIALTY RETAIL			8,917,401
TEXTILES, APPAREL & LUXURY GOODS - 7.2%
Apparel, Accessories & Luxury Goods - 3.9%
Coach, Inc. (a)	20,000		1,027,200
Polo Ralph Lauren Corp. Class A	5,500		536,414
			1,563,614
Footwear - 3.3%
Deckers Outdoor Corp. (a)	4,973		437,077
Iconix Brand Group, Inc. (a)	15,300		340,425
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	16,900		542,490
			1,319,992
TOTAL TEXTILES, APPAREL & LUXURY GOODS			2,883,606
TOTAL COMMON STOCKS (Cost $34,096,566)		40,098,709
Money Market Funds - 2.5%
Fidelity Cash Central Fund, 5.33% (b)	191,979		191,979
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	837,500		837,500
TOTAL MONEY MARKET FUNDS (Cost $1,029,479)		1,029,479

TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $35,126,045) 41,128,188

NET OTHER ASSETS - (2.2)%		(895,606)
NET ASSETS - 100%	$ 40,232,582

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,817
Fidelity Securities Lending Cash Central Fund	3,213
Total	$ 8,030

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $35,193,380. Net unrealized appreciation aggregated $5,934,808, of which $6,264,447 related to appreciated investment securities and $329,639 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

May 31, 2007

1.850081.100

SELCS-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
BEVERAGES - 28.6%
Brewers - 5.0%
Anadolu Efes Biracilk Ve Malt Sanyii AS	17,000		$ 703,226
Boston Beer Co., Inc. Class A (a)	100		3,830
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR (a)	100		6,780
Grupo Modelo SA de CV Series C	197,000		1,087,036
Heineken NV (Bearer)	113,000		6,542,700
InBev SA	69,300		5,838,171
Molson Coors Brewing Co. Class B	37,840		3,465,009
SABMiller PLC	162,600		3,869,815
			21,516,567
Distillers & Vintners - 4.1%
Brown-Forman Corp. Class B (non-vtg.)	73,000		4,982,980
Constellation Brands, Inc. Class A (sub. vtg.)	80,900		1,965,870
Diageo PLC sponsored ADR (a)	75,000		6,404,250
Pernod Ricard SA	19,800		4,350,354
			17,703,454
Soft Drinks - 19.5%
Coca-Cola Femsa SA de CV sponsored ADR	38,500		1,547,700
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	70,600		3,279,370
Coca-Cola Icecek AS	71,000		541,594
Fomento Economico Mexicano SA de CV sponsored ADR	300		11,952
Hansen Natural Corp. (a)	100		3,980
PepsiCo, Inc.	587,200		40,123,376
The Coca-Cola Co.	729,200		38,640,308
			84,148,280
TOTAL BEVERAGES			123,368,301
BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Senomyx, Inc. (a)	84,300		1,125,405
FOOD & STAPLES RETAILING - 19.0%
Drug Retail - 8.6%
CVS Caremark Corp.	625,100		24,091,354
Rite Aid Corp.	166,500		1,052,280
Walgreen Co.	259,300		11,702,209
			36,845,843
Food Distributors - 1.2%
Sysco Corp.	148,000		4,901,760
United Natural Foods, Inc. (a)	13,200		361,284
			5,263,044
Food Retail - 5.6%
Kroger Co.	320,700		9,723,624
Safeway, Inc.	232,800		8,026,944
SUPERVALU, Inc.	98,000		4,668,720
	Shares		Value
Tesco PLC	100		$ 917
The Great Atlantic & Pacific Tea Co. (d)	34,200		1,180,242
Whole Foods Market, Inc. (d)	16,500		678,150
			24,278,597
Hypermarkets & Super Centers - 3.6%
Wal-Mart Stores, Inc.	325,800		15,508,080
TOTAL FOOD & STAPLES RETAILING			81,895,564
FOOD PRODUCTS - 14.1%
Agricultural Products - 2.6%
Archer-Daniels-Midland Co.	183,800		6,440,352
Bunge Ltd.	37,700		2,945,124
Corn Products International, Inc.	25,600		1,050,368
Nutreco Holding NV	9,000		673,555
			11,109,399
Packaged Foods & Meats - 11.5%
BioMar Holding AS	11,000		655,773
Chiquita Brands International, Inc. (d)	48,500		889,490
Groupe Danone	14,300		2,240,272
Industrias Bachoco SA de CV sponsored ADR	34,000		1,091,400
Kellogg Co.	80,800		4,361,584
Koninklijke Numico NV	129,000		6,420,574
Koninklijke Wessanen NV	65,000		1,060,899
Lindt & Spruengli AG	58		1,643,815
Marine Harvest ASA (a)(d)	1,036,000		1,147,523
Nestle SA sponsored ADR	182,600		17,794,370
Smithfield Foods, Inc. (a)	34,000		1,092,760
TreeHouse Foods, Inc. (a)	100		2,804
Tyson Foods, Inc. Class A	50,200		1,118,958
Unilever NV (NY Shares)	335,700		10,003,860
			49,524,082
TOTAL FOOD PRODUCTS			60,633,481
HOTELS, RESTAURANTS & LEISURE - 0.3%
Restaurants - 0.3%
Starbucks Corp. (a)	51,000		1,469,310
HOUSEHOLD DURABLES - 0.5%
Housewares & Specialties - 0.5%
Tupperware Brands Corp.	75,200		2,174,032
HOUSEHOLD PRODUCTS - 21.5%
Household Products - 21.5%
Colgate-Palmolive Co.	273,900		18,340,344
Henkel KGaA	15,156		2,142,301
Procter & Gamble Co.	1,138,697		72,364,194
			92,846,839
PERSONAL PRODUCTS - 3.0%
Personal Products - 3.0%
Avon Products, Inc.	282,100		10,829,819
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - CONTINUED
Personal Products - continued
Bare Escentuals, Inc.	25,705		$ 1,078,325
Herbalife Ltd. (a)	27,100		1,090,775
			12,998,919
PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Johnson & Johnson	17,000		1,075,590
TOBACCO - 10.9%
Tobacco - 10.9%
Altria Group, Inc.	278,700		19,815,570
British American Tobacco PLC sponsored ADR	293,100		19,954,248
Japan Tobacco, Inc.	207		1,078,284
Loews Corp. - Carolina Group	48,100		3,739,775
Souza Cruz Industria Comerico	90,000		2,239,927
			46,827,804
TOTAL COMMON STOCKS (Cost $370,547,878)		424,415,245
Money Market Funds - 2.2%
	Shares		Value
Fidelity Cash Central Fund, 5.33% (b)	6,035,737		$ 6,035,737
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	3,380,480		3,380,480
TOTAL MONEY MARKET FUNDS (Cost $9,416,217)		9,416,217

TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $379,964,095) 433,831,462

NET OTHER ASSETS - (0.6)%	(2,444,381)
NET ASSETS - 100%	$ 431,387,081

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 116,200
Fidelity Securities Lending Cash Central Fund	41,722
Total	$ 157,922

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $380,739,133. Net unrealized appreciation aggregated $53,092,329, of which $54,560,071 related to appreciated investment securities and $1,467,742 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2007

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

1.851744.100

ACSF-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
BEVERAGES - 28.6%
Brewers - 5.0%
Anadolu Efes Biracilk Ve Malt Sanyii AS	17,000		$ 703,226
Boston Beer Co., Inc. Class A (a)	100		3,830
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR (a)	100		6,780
Grupo Modelo SA de CV Series C	197,000		1,087,036
Heineken NV (Bearer)	113,000		6,542,700
InBev SA	69,300		5,838,171
Molson Coors Brewing Co. Class B	37,840		3,465,009
SABMiller PLC	162,600		3,869,815
			21,516,567
Distillers & Vintners - 4.1%
Brown-Forman Corp. Class B (non-vtg.)	73,000		4,982,980
Constellation Brands, Inc. Class A (sub. vtg.)	80,900		1,965,870
Diageo PLC sponsored ADR (a)	75,000		6,404,250
Pernod Ricard SA	19,800		4,350,354
			17,703,454
Soft Drinks - 19.5%
Coca-Cola Femsa SA de CV sponsored ADR	38,500		1,547,700
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	70,600		3,279,370
Coca-Cola Icecek AS	71,000		541,594
Fomento Economico Mexicano SA de CV sponsored ADR	300		11,952
Hansen Natural Corp. (a)	100		3,980
PepsiCo, Inc.	587,200		40,123,376
The Coca-Cola Co.	729,200		38,640,308
			84,148,280
TOTAL BEVERAGES			123,368,301
BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Senomyx, Inc. (a)	84,300		1,125,405
FOOD & STAPLES RETAILING - 19.0%
Drug Retail - 8.6%
CVS Caremark Corp.	625,100		24,091,354
Rite Aid Corp.	166,500		1,052,280
Walgreen Co.	259,300		11,702,209
			36,845,843
Food Distributors - 1.2%
Sysco Corp.	148,000		4,901,760
United Natural Foods, Inc. (a)	13,200		361,284
			5,263,044
Food Retail - 5.6%
Kroger Co.	320,700		9,723,624
Safeway, Inc.	232,800		8,026,944
SUPERVALU, Inc.	98,000		4,668,720
	Shares		Value
Tesco PLC	100		$ 917
The Great Atlantic & Pacific Tea Co. (d)	34,200		1,180,242
Whole Foods Market, Inc. (d)	16,500		678,150
			24,278,597
Hypermarkets & Super Centers - 3.6%
Wal-Mart Stores, Inc.	325,800		15,508,080
TOTAL FOOD & STAPLES RETAILING			81,895,564
FOOD PRODUCTS - 14.1%
Agricultural Products - 2.6%
Archer-Daniels-Midland Co.	183,800		6,440,352
Bunge Ltd.	37,700		2,945,124
Corn Products International, Inc.	25,600		1,050,368
Nutreco Holding NV	9,000		673,555
			11,109,399
Packaged Foods & Meats - 11.5%
BioMar Holding AS	11,000		655,773
Chiquita Brands International, Inc. (d)	48,500		889,490
Groupe Danone	14,300		2,240,272
Industrias Bachoco SA de CV sponsored ADR	34,000		1,091,400
Kellogg Co.	80,800		4,361,584
Koninklijke Numico NV	129,000		6,420,574
Koninklijke Wessanen NV	65,000		1,060,899
Lindt & Spruengli AG	58		1,643,815
Marine Harvest ASA (a)(d)	1,036,000		1,147,523
Nestle SA sponsored ADR	182,600		17,794,370
Smithfield Foods, Inc. (a)	34,000		1,092,760
TreeHouse Foods, Inc. (a)	100		2,804
Tyson Foods, Inc. Class A	50,200		1,118,958
Unilever NV (NY Shares)	335,700		10,003,860
			49,524,082
TOTAL FOOD PRODUCTS			60,633,481
HOTELS, RESTAURANTS & LEISURE - 0.3%
Restaurants - 0.3%
Starbucks Corp. (a)	51,000		1,469,310
HOUSEHOLD DURABLES - 0.5%
Housewares & Specialties - 0.5%
Tupperware Brands Corp.	75,200		2,174,032
HOUSEHOLD PRODUCTS - 21.5%
Household Products - 21.5%
Colgate-Palmolive Co.	273,900		18,340,344
Henkel KGaA	15,156		2,142,301
Procter & Gamble Co.	1,138,697		72,364,194
			92,846,839
PERSONAL PRODUCTS - 3.0%
Personal Products - 3.0%
Avon Products, Inc.	282,100		10,829,819
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - CONTINUED
Personal Products - continued
Bare Escentuals, Inc.	25,705		$ 1,078,325
Herbalife Ltd. (a)	27,100		1,090,775
			12,998,919
PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Johnson & Johnson	17,000		1,075,590
TOBACCO - 10.9%
Tobacco - 10.9%
Altria Group, Inc.	278,700		19,815,570
British American Tobacco PLC sponsored ADR	293,100		19,954,248
Japan Tobacco, Inc.	207		1,078,284
Loews Corp. - Carolina Group	48,100		3,739,775
Souza Cruz Industria Comerico	90,000		2,239,927
			46,827,804
TOTAL COMMON STOCKS (Cost $370,547,878)		424,415,245
Money Market Funds - 2.2%
	Shares		Value
Fidelity Cash Central Fund, 5.33% (b)	6,035,737		$ 6,035,737
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	3,380,480		3,380,480
TOTAL MONEY MARKET FUNDS (Cost $9,416,217)		9,416,217

TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $379,964,095) 433,831,462

NET OTHER ASSETS - (0.6)%	(2,444,381)
NET ASSETS - 100%	$ 431,387,081

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 116,200
Fidelity Securities Lending Cash Central Fund	41,722
Total	$ 157,922

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $380,739,133. Net unrealized appreciation aggregated $53,092,329, of which $54,560,071 related to appreciated investment securities and $1,467,742 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2007

1.802165.103

DEF-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 83.4%
Aerospace & Defense - 83.4%
AAR Corp. (a)	983,700		$ 31,970,250
AeroVironment, Inc.	10,000		207,600
Alliant Techsystems, Inc. (a)(d)	437,255		44,162,755
BE Aerospace, Inc. (a)	650,450		24,905,731
Ceradyne, Inc. (a)	95,900		6,479,963
DRS Technologies, Inc.	863,100		44,320,185
DynCorp International, Inc. Class A	255,000		4,421,700
EDO Corp. (d)	160,600		5,391,342
GenCorp, Inc. (non-vtg.) (a)(d)	181,300		2,431,233
General Dynamics Corp.	2,027,200		162,662,528
Goodrich Corp.	481,350		28,635,512
Hexcel Corp. (a)(d)	584,100		13,510,233
Honeywell International, Inc.	133,000		7,702,030
L-3 Communications Holdings, Inc.	324,400		30,902,344
Ladish Co., Inc. (a)	259,770		11,531,190
Lockheed Martin Corp.	1,699,500		166,720,949
MTC Technologies, Inc. (a)	223,000		4,654,010
Orbital Sciences Corp. (a)	1,743,792		35,939,553
Precision Castparts Corp.	633,200		75,705,392
Raytheon Co.	2,509,352		139,519,971
Rockwell Collins, Inc.	1,278,000		90,316,260
Spirit AeroSystems Holdings, Inc. Class A	697,200		24,339,252
Stanley, Inc.	666,200		11,964,952
The Boeing Co.	535,900		53,906,181
Triumph Group, Inc. (d)	230,400		15,224,832
United Technologies Corp.	497,000		35,063,350
			1,072,589,298
AIRLINES - 0.7%
Airlines - 0.7%
US Airways Group, Inc. (a)	265,000		9,447,250
AUTO COMPONENTS - 0.6%
Auto Parts & Equipment - 0.6%
Spartan Motors, Inc.	214,100		7,512,769
CHEMICALS - 0.4%
Commodity Chemicals - 0.4%
NL Industries, Inc. (d)	464,200		4,966,940
COMMUNICATIONS EQUIPMENT - 4.3%
Communications Equipment - 4.3%
Ciena Corp. (a)	180,600		6,198,192
Finisar Corp. (a)	970,200		3,521,826
Harris Corp.	887,800		44,318,976
Optium Corp.	130,600		1,767,018
			55,806,012
	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
CPI International, Inc.	4,700		$ 96,303
L-1 Identity Solutions, Inc. (d)	165,900		3,546,942
			3,643,245
IT SERVICES - 3.3%
IT Consulting & Other Services - 3.3%
CACI International, Inc. Class A (a)	255,800		13,186,490
ManTech International Corp. Class A (a)	159,500		5,100,810
NCI, Inc. Class A (a)	537,862		8,127,095
SI International, Inc. (a)	6,300		198,765
SRA International, Inc. Class A (a)(d)	631,400		16,031,246
			42,644,406
MACHINERY - 1.1%
Construction & Farm Machinery & Heavy Trucks - 1.1%
Force Protection, Inc. (a)(d)	472,800		13,578,816
METALS & MINING - 3.6%
Diversified Metals & Mining - 3.4%
RTI International Metals, Inc. (a)	131,700		11,688,375
Titanium Metals Corp. (d)	927,100		32,077,660
			43,766,035
Steel - 0.2%
Carpenter Technology Corp.	21,400		2,836,998
TOTAL METALS & MINING			46,603,033
TRADING COMPANIES & DISTRIBUTORS - 1.5%
Trading Companies & Distributors - 1.5%
TransDigm Group, Inc. (a)	528,800		19,539,160
TOTAL COMMON STOCKS (Cost $956,482,350)		1,276,330,929
Money Market Funds - 4.9%
Fidelity Cash Central Fund, 5.33% (b)	8,825,973		8,825,973
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	53,714,650		53,714,650
TOTAL MONEY MARKET FUNDS (Cost $62,540,623)		62,540,623

TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $1,019,022,973) 1,338,871,552

NET OTHER ASSETS - (4.1)%		(52,959,950)
NET ASSETS - 100%	$ 1,285,911,602

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 299,537
Fidelity Securities Lending Cash Central Fund	166,600
Total	$ 466,137

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,019,909,699. Net unrealized appreciation aggregated $318,961,853, of which $331,612,995 related to appreciated investment securities and $12,651,142 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

May 31, 2007

1.802167.103

ELE-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CAPITAL MARKETS - 0.5%
Asset Management & Custody Banks - 0.1%
Harris & Harris Group, Inc. (a)(d)	91,460		$ 1,072,826
Diversified Capital Markets - 0.2%
Indochina Capital Vietnam Holdings Ltd. (a)	341,100		3,148,353
Investment Banking & Brokerage - 0.2%
REXCAPITAL Financial Holdings Ltd. (a)	39,300,000		3,925,697
TOTAL CAPITAL MARKETS			8,146,876
CHEMICALS - 1.2%
Specialty Chemicals - 1.2%
Nanophase Technologies Corp. (a)(d)	863,771		5,476,308
Nitto Denko Corp.	100,000		4,970,832
Tokuyama Corp.	344,000		4,426,128
Wacker Chemie AG (d)	39,300		7,991,243
			22,864,511
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Diversified Commercial & Professional Services - 1.5%
Arrowhead Research Corp. (a)(d)(e)	2,466,300		18,743,880
Arrowhead Research Corp. (a)(e)(g)	1,141,869		7,810,384
Arrowhead Research Corp. warrants 5/21/17 (a)(g)	285,467		1,509,490
			28,063,754
COMMUNICATIONS EQUIPMENT - 2.2%
Communications Equipment - 2.2%
Alcatel-Lucent SA sponsored ADR	675,800		9,271,976
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	788,775		4,732,650
Foxconn International Holdings Ltd. (a)	500,000		1,552,785
Nokia Corp. sponsored ADR	393,000		10,760,340
QUALCOMM, Inc.	100,000		4,295,000
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	244,800		9,297,504
			39,910,255
COMPUTERS & PERIPHERALS - 1.0%
Computer Hardware - 0.2%
Foxconn Technology Co. Ltd.	350,000		3,824,731
Computer Storage & Peripherals - 0.8%
SanDisk Corp. (a)	300,000		13,065,000
STEC, Inc. (a)	300,000		1,860,000
			14,925,000
TOTAL COMPUTERS & PERIPHERALS			18,749,731
ELECTRICAL EQUIPMENT - 0.6%
Electrical Components & Equipment - 0.6%
Evergreen Solar, Inc. (a)(d)	1,250,000		10,475,000
	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 7.5%
Electronic Equipment & Instruments - 2.0%
AU Optronics Corp. sponsored ADR (d)	185,400		$ 2,897,802
LG.Philips LCD Co. Ltd. sponsored ADR (a)(d)	1,053,200		21,253,576
Motech Industries, Inc.	399,526		5,043,207
Murata Manufacturing Co. Ltd.	45,900		3,243,283
Nidec Corp.	74,500		4,499,014
			36,936,882
Electronic Manufacturing Services - 1.8%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	2,776,000		19,621,493
Jabil Circuit, Inc.	600,000		13,800,000
			33,421,493
Technology Distributors - 3.7%
Arrow Electronics, Inc. (a)	1,200,000		49,260,000
Avnet, Inc. (a)(d)	250,000		10,710,000
Wolfson Microelectronics PLC (a)	1,300,000		7,799,220
			67,769,220
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			138,127,595
MEDIA - 0.3%
Broadcasting & Cable TV - 0.3%
JumpTV, Inc.	960,500		6,098,270
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 82.8%
Semiconductor Equipment - 14.0%
Applied Materials, Inc. (d)	3,700,000		70,670,000
ASML Holding NV (NY Shares) (a)	300,000		7,731,000
Cymer, Inc. (a)(d)	200,000		8,028,000
Eagle Test Systems, Inc. (a)	500,000		7,875,000
Entegris, Inc. (a)	700,000		8,050,000
FormFactor, Inc. (a)	550,000		21,879,000
Greatek Electronics, Inc.	2,313,000		3,864,919
KLA-Tencor Corp. (d)	900,000		49,482,000
MEMC Electronic Materials, Inc. (a)	865,500		52,605,090
Tessera Technologies, Inc. (a)	250,000		11,367,500
Topco Scientific Co. Ltd.	1,260,000		2,997,911
Verigy Ltd.	500,000		14,305,000
			258,855,420
Semiconductors - 68.8%
Advanced Analogic Technologies, Inc. (a)	500,000		4,430,000
Advanced Micro Devices, Inc. (a)(d)	3,400,000		48,518,000
Advanced Semiconductor Engineering, Inc. sponsored ADR (a)(d)	500,000		2,975,000
Altera Corp. (d)	2,200,000		50,182,000
Analog Devices, Inc.	2,100,000		76,041,000
Applied Micro Circuits Corp. (a)	2,000,000		5,620,000
ARM Holdings PLC sponsored ADR	1,773,900		14,723,370
Atheros Communications, Inc. (a)	116,739		3,398,272
Atmel Corp. (a)	2,500,000		13,975,000
Broadcom Corp. Class A (a)	3,297,300		100,765,488
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Cavium Networks, Inc. (a)	3,300		$ 69,795
CSR PLC (a)	400,000		6,153,840
Diodes, Inc. (a)	200,000		7,398,000
Epistar Corp.	500,000		2,028,152
Fairchild Semiconductor International, Inc. (a)	400,000		7,368,000
Global Mixed-Mode Tech, Inc.	300,000		3,133,041
Himax Technologies, Inc. sponsored ADR (a)	1,359,300		6,878,058
Hittite Microwave Corp. (a)	332,500		13,516,125
Ikanos Communications, Inc. (a)	300,000		2,142,000
Infineon Technologies AG sponsored ADR (a)	400,000		6,228,000
Intel Corp.	13,927,700		308,777,110
Intersil Corp. Class A	933,900		28,110,390
Linear Technology Corp. (d)	1,208,400		43,369,476
LSI Logic Corp. (a)	3,200,000		27,776,000
Marvell Technology Group Ltd. (a)	5,079,800		79,854,456
Maxim Integrated Products, Inc.	2,915,000		89,636,250
Microchip Technology, Inc.	95,800		3,887,564
Micron Technology, Inc. (a)(d)	600,000		7,308,000
Mindspeed Technologies, Inc. (a)	1,000,000		2,180,000
National Semiconductor Corp.	3,000,000		80,760,000
NVIDIA Corp. (a)	264,000		9,152,880
ON Semiconductor Corp. (a)	592,000		6,358,080
PMC-Sierra, Inc. (a)	482,286		3,718,425
Power Integrations, Inc. (a)	250,000		7,125,000
ProMOS Technologies, Inc. (a)	10,000,000		4,116,846
Richtek Technology Corp.	400,000		4,722,264
Samsung Electronics Co. Ltd.	9,000		5,189,694
Semtech Corp. (a)	600,000		9,990,000
Silicon Laboratories, Inc. (a)	600,000		20,772,000
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	450,000		4,702,500
Soitec SA (a)(d)	534,800		12,233,202
Taiwan Semiconductor Manufacturing Co. Ltd.	8,296,000		17,126,902
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	600,000		6,546,000
Texas Instruments, Inc.	1,700,000		60,112,000
Volterra Semiconductor Corp. (a)(d)	400,043		6,288,676
Xilinx, Inc.	1,500,000		42,720,000
			1,268,076,856
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,526,932,276
TOTAL COMMON STOCKS (Cost $1,868,998,346)		1,799,368,268
Convertible Bonds - 0.2%
	Principal Amount		Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc.:
4.375% 7/1/12 (f)	$ 2,980,000		$ 3,851,650
4.375% 7/1/12	520,000		672,100
			4,523,750
Money Market Funds - 12.7%
	Shares
Fidelity Cash Central Fund, 5.33% (b)	44,838,599		44,838,599
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	189,797,783		189,797,783
TOTAL MONEY MARKET FUNDS (Cost $234,636,382)		234,636,382
TOTAL INVESTMENT PORTFOLIO - 110.5% (Cost $2,107,335,354)		2,038,528,400

NET OTHER ASSETS - (10.5)%	(194,514,713)
NET ASSETS - 100%	$ 1,844,013,687

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,851,650 or 0.2% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,319,874 or 0.5% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Arrowhead Research Corp.	5/18/07	$ 5,566,258
Arrowhead Research Corp. warrants 5/21/17	5/18/07	$ 1,033,745

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 344,455
Fidelity Securities Lending Cash Central Fund	344,592
Total	$ 689,047

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Arrowhead Research Corp.	$ -	$ 11,344,746	$ -	$ -	$ 18,743,880
Arrowhead Research Corp. (restricted)	-	5,566,258	-	-	7,810,384
Total	$ -	$ 16,911,004	$ -	$ -	$ 26,554,264

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,119,159,588. Net unrealized depreciation aggregated $80,631,188, of which $129,881,941 related to appreciated investment securities and $210,513,129 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2007

1.802168.103

ENE-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	45,359		$ 1,206,549
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	61,000		2,376,560
Fluor Corp.	49,300		5,132,130
Jacobs Engineering Group, Inc. (a)	292,600		16,956,170
			24,464,860
ELECTRICAL EQUIPMENT - 1.8%
Electrical Components & Equipment - 0.1%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	44,100		1,495,872
Heavy Electrical Equipment - 1.7%
Suzlon Energy Ltd.	206,787		6,602,075
Vestas Wind Systems AS (a)	532,000		37,385,940
			43,988,015
TOTAL ELECTRICAL EQUIPMENT			45,483,887
ENERGY EQUIPMENT & SERVICES - 29.8%
Oil & Gas Drilling - 10.7%
Diamond Offshore Drilling, Inc.	559,200		52,771,704
GlobalSantaFe Corp.	819,900		55,999,170
Noble Corp.	735,100		67,915,889
Pride International, Inc. (a)	1,156,916		41,660,545
Transocean, Inc. (a)	586,400		57,607,936
			275,955,244
Oil & Gas Equipment & Services - 19.1%
Baker Hughes, Inc.	447,650		36,922,172
Cameron International Corp. (a)	114,900		8,146,410
FMC Technologies, Inc. (a)	34,100		2,577,960
Grant Prideco, Inc. (a)	112,000		6,360,480
Halliburton Co.	925,864		33,284,811
Hanover Compressor Co. (a)	256,700		6,417,500
National Oilwell Varco, Inc. (a)	1,151,750		108,782,788
Oceaneering International, Inc. (a)	183,000		9,157,320
Schlumberger Ltd. (NY Shares) (d)	2,049,660		159,607,024
Smith International, Inc.	949,497		52,706,578
Superior Energy Services, Inc. (a)	530,700		21,312,912
Universal Compression Holdings, Inc. (a)	93,000		6,910,830
W-H Energy Services, Inc. (a)	209,700		13,378,860
Weatherford International Ltd. (a)	447,100		24,295,414
			489,861,059
TOTAL ENERGY EQUIPMENT & SERVICES			765,816,303
	Shares		Value
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
Questar Corp.	27,664		$ 2,987,989
MULTI-UTILITIES - 0.1%
Multi-Utilities - 0.1%
Sempra Energy	27,700		1,698,564
OIL, GAS & CONSUMABLE FUELS - 66.6%
Coal & Consumable Fuels - 2.6%
Arch Coal, Inc.	294,700		11,899,986
CONSOL Energy, Inc.	533,201		25,908,237
Foundation Coal Holdings, Inc.	71,200		3,147,040
Peabody Energy Corp.	473,700		25,598,748
			66,554,011
Integrated Oil & Gas - 27.1%
Chevron Corp.	1,016,132		82,804,597
ConocoPhillips	1,915,726		148,334,664
Exxon Mobil Corp.	4,114,010		342,162,211
Hess Corp.	381,600		22,598,352
Marathon Oil Corp.	249,100		30,841,071
Occidental Petroleum Corp.	735,500		40,430,435
Petroleo Brasileiro SA Petrobras sponsored ADR	156,600		16,937,856
Suncor Energy, Inc.	134,800		11,708,422
			695,817,608
Oil & Gas Exploration & Production - 24.7%
Aurora Oil & Gas Corp. (a)	952,983		1,905,966
Cabot Oil & Gas Corp.	2,100,382		81,914,898
Canadian Natural Resources Ltd.	97,300		6,467,864
Chesapeake Energy Corp. (d)	1,649,000		57,484,140
EOG Resources, Inc.	905,800		69,656,020
Forest Oil Corp. (a)	72,300		2,934,657
Goodrich Petroleum Corp. (a)	36,600		1,303,692
Houston Exploration Co. (a)	13,800		828,552
Mariner Energy, Inc. (a)	152,618		3,812,398
Newfield Exploration Co. (a)	138,100		6,634,324
Noble Energy, Inc.	277,000		17,531,330
Petrohawk Energy Corp. (a)	888,700		14,485,810
Plains Exploration & Production Co. (a)	891,105		47,157,277
Quicksilver Resources, Inc. (a)	729,200		32,442,108
Range Resources Corp.	2,669,400		103,412,556
Talisman Energy, Inc.	434,800		8,781,785
Ultra Petroleum Corp. (a)	1,534,700		94,199,886
W&T Offshore, Inc.	323,100		9,502,371
Western Oil Sands, Inc. Class A (a)	223,100		7,875,099
XTO Energy, Inc.	1,163,700		67,506,237
			635,836,970
Oil & Gas Refining & Marketing - 10.3%
Petroplus Holdings AG	33,829		3,135,128
Sunoco, Inc.	463,900		36,977,469
Tesoro Corp.	325,400		20,135,752
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - continued
Valero Energy Corp.	2,688,332		$ 200,603,334
Western Refining, Inc.	64,200		3,155,430
			264,007,113
Oil & Gas Storage & Transport - 1.9%
Williams Companies, Inc.	1,573,600		49,977,536
TOTAL OIL, GAS & CONSUMABLE FUELS			1,712,193,238
TOTAL COMMON STOCKS (Cost $1,699,994,325)		2,553,851,390
Money Market Funds - 2.3%
Fidelity Cash Central Fund, 5.33% (b)	22,233,149		22,233,149
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	36,023,700		36,023,700
TOTAL MONEY MARKET FUNDS (Cost $58,256,849)		58,256,849

TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $1,758,251,174) 2,612,108,239

NET OTHER ASSETS - (1.6)%		(40,170,991)
NET ASSETS - 100%	$ 2,571,937,248

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 154,064
Fidelity Securities Lending Cash Central Fund	50,632
Total	$ 204,696

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,729,560,150. Net unrealized appreciation aggregated $847,470,889, of which $850,646,370 related to appreciated investment securities and $3,175,481 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

May 31, 2007

1.802169.103

ENS-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
ELECTRICAL EQUIPMENT - 1.8%
Electrical Components & Equipment - 0.2%
Q-Cells AG	15,000		$ 1,251,362
SolarWorld AG	8,500		776,584
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	27,300		926,016
			2,953,962
Heavy Electrical Equipment - 1.6%
Grupo Corporacion Tecnologica SA	18,400		678,620
Suzlon Energy Ltd.	212,000		6,768,510
Vestas Wind Systems AS (a)	280,800		19,733,030
			27,180,160
TOTAL ELECTRICAL EQUIPMENT			30,134,122
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
Electronic Equipment & Instruments - 0.6%
Sunpower Corp. Class A (a)(d)	172,300		9,202,543
ENERGY EQUIPMENT & SERVICES - 95.5%
Oil & Gas Drilling - 20.1%
Atwood Oceanics, Inc. (a)	112,500		7,384,500
Diamond Offshore Drilling, Inc.	568,600		53,658,782
GlobalSantaFe Corp.	915,910		62,556,653
Grey Wolf, Inc. (a)	1,200		9,504
Helmerich & Payne, Inc.	7,100		240,619
Hercules Offshore, Inc. (a)(d)	250,400		8,746,472
Nabors Industries Ltd. (a)	1,197,200		41,830,168
Noble Corp.	559,850		51,724,542
Patterson-UTI Energy, Inc.	1,300		34,346
Pride International, Inc. (a)(d)	494,086		17,792,037
Rowan Companies, Inc.	4,300		169,764
TODCO (a)	3,200		158,272
Transocean, Inc. (a)	827,227		81,266,780
			325,572,439
Oil & Gas Equipment & Services - 75.4%
Acergy SA (a)	204,900		4,608,200
Baker Hughes, Inc.	920,536		75,925,809
Basic Energy Services, Inc. (a)(d)	331,200		8,843,040
Bristow Group, Inc. (a)	3,500		172,410
Cameron International Corp. (a)(d)	904,800		64,150,320
Dresser-Rand Group, Inc. (a)	378,600		13,478,160
Dril-Quip, Inc. (a)	454,600		22,057,192
Expro International Group PLC	261,300		4,754,667
FMC Technologies, Inc. (a)	308,000		23,284,800
Global Industries Ltd. (a)	13,200		312,972
Grant Prideco, Inc. (a)	591,805		33,608,606
Halliburton Co. (d)	3,110,934		111,838,077
Hanover Compressor Co. (a)	716,400		17,910,000
Hornbeck Offshore Services, Inc. (a)	90,800		3,623,828
NATCO Group, Inc. Class A (a)	102,156		4,393,730
National Oilwell Varco, Inc. (a)	1,453,331		137,267,113
	Shares		Value
Oceaneering International, Inc. (a)	874,800		$ 43,774,992
Oil States International, Inc. (a)	576,100		22,427,573
ProSafe ASA	95,000		1,476,007
Schlumberger Ltd. (NY Shares)	4,845,446		377,314,880
Smith International, Inc.	1,524,656		84,633,655
Superior Energy Services, Inc. (a)	358,300		14,389,328
Tidewater, Inc. (d)	271,900		17,945,400
Universal Compression Holdings, Inc. (a)	259,800		19,305,738
W-H Energy Services, Inc. (a)	638,500		40,736,300
Weatherford International Ltd. (a)	1,379,010		74,935,403
			1,223,168,200
TOTAL ENERGY EQUIPMENT & SERVICES			1,548,740,639
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Clipper Windpower PLC (a)	47,800		868,832
Renewable Energy Corp. AS	29,100		921,619
			1,790,451
INDUSTRIAL CONGLOMERATES - 0.4%
Industrial Conglomerates - 0.4%
McDermott International, Inc. (a)	82,150		6,407,700
OIL, GAS & CONSUMABLE FUELS - 0.6%
Oil & Gas Exploration & Production - 0.6%
Plains Exploration & Production Co. (a)	103,800		5,493,096
Quicksilver Resources, Inc. (a)	80,062		3,561,958
			9,055,054
TOTAL COMMON STOCKS (Cost $914,243,988)		1,605,330,509
Money Market Funds - 5.1%
Fidelity Cash Central Fund, 5.33% (b)	10,256,474		10,256,474
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	72,166,699		72,166,699
TOTAL MONEY MARKET FUNDS (Cost $82,423,173)		82,423,173

TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $996,667,161) 1,687,753,682

NET OTHER ASSETS - (4.0)%	(65,552,430)
NET ASSETS - 100%	$ 1,622,201,252

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 124,928
Fidelity Securities Lending Cash Central Fund	415,043
Total	$ 539,971

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,000,349,210. Net unrealized appreciation aggregated $687,404,472, of which $688,073,854 related to appreciated investment securities and $669,382 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

May 31, 2007

1.802170.103

ENV-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
CHEMICALS - 13.7%
Commodity Chemicals - 0.5%
Calgon Carbon Corp. (a)(d)	22,400		$ 226,912
Specialty Chemicals - 13.2%
Ecolab, Inc.	106,400		4,591,160
Nalco Holding Co.	44,300		1,170,849
			5,762,009
TOTAL CHEMICALS			5,988,921
COMMERCIAL SERVICES & SUPPLIES - 46.0%
Environmental & Facility Services - 46.0%
Allied Waste Industries, Inc. (d)	237,600		3,198,096
Bennett Environmental, Inc. (a)	45,900		19,957
Clean Harbors, Inc.	41,300		1,940,687
Covanta Holding Corp. (a)	83,800		2,078,240
Republic Services, Inc.	122,450		3,707,786
Stericycle, Inc. (a)	23,630		2,154,347
TRC Companies, Inc. (a)	51,100		676,564
Waste Connections, Inc. (a)	51,750		1,594,935
Waste Management, Inc.	120,993		4,678,800
			20,049,412
ELECTRICAL EQUIPMENT - 1.6%
Electrical Components & Equipment - 1.1%
FuelCell Energy, Inc. (d)	38,600		266,340
Hydrogenics Corp. (a)(d)	3,300		3,333
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	5,700		193,344
			463,017
Heavy Electrical Equipment - 0.5%
Capstone Turbine Corp. (a)(d)	99,600		95,616
Plug Power, Inc. (a)(d)	48,500		143,560
			239,176
TOTAL ELECTRICAL EQUIPMENT			702,193
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Equipment & Instruments - 0.1%
Itron, Inc. (a)	500		33,825
ENERGY EQUIPMENT & SERVICES - 0.9%
Oil & Gas Equipment & Services - 0.9%
Newpark Resources, Inc. (a)	50,200		396,078
FOOD & STAPLES RETAILING - 6.1%
Food Distributors - 1.5%
United Natural Foods, Inc. (a)	23,900		654,143
Food Retail - 4.6%
Whole Foods Market, Inc. (d)	41,300		1,697,430
Wild Oats Markets, Inc. (a)	18,000		309,600
			2,007,030
TOTAL FOOD & STAPLES RETAILING			2,661,173
	Shares		Value
FOOD PRODUCTS - 2.5%
Packaged Foods & Meats - 2.5%
Hain Celestial Group, Inc. (a)	22,100		$ 632,060
SunOpta, Inc. (a)	37,300		440,886
			1,072,946
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.0%
Independent Power Producers & Energy Traders - 1.0%
Ormat Technologies, Inc.	12,000		436,800
MACHINERY - 12.5%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Lindsay Corp. (d)	6,500		223,275
Industrial Machinery - 12.0%
CLARCOR, Inc.	28,600		955,812
Donaldson Co., Inc.	44,300		1,618,279
Kadant, Inc. (a)	15,300		456,705
Pall Corp.	48,500		2,170,375
			5,201,171
TOTAL MACHINERY			5,424,446
MULTI-UTILITIES - 10.6%
Multi-Utilities - 10.6%
Veolia Environnement sponsored ADR (d)	55,000		4,616,700
OIL, GAS & CONSUMABLE FUELS - 0.6%
Coal & Consumable Fuels - 0.6%
Cameco Corp.	4,700		243,603
TOTAL COMMON STOCKS (Cost $38,248,617)		41,626,097
Money Market Funds - 17.0%
Fidelity Cash Central Fund, 5.33% (b)	1,429,048		1,429,048
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	5,961,275		5,961,275
TOTAL MONEY MARKET FUNDS (Cost $7,390,323)		7,390,323

TOTAL INVESTMENT PORTFOLIO - 112.6% (Cost $45,638,940) 49,016,420

NET OTHER ASSETS - (12.6)%		(5,475,350)
NET ASSETS - 100%	$ 43,541,070

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,175
Fidelity Securities Lending Cash Central Fund	15,995
Total	$ 26,170

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $45,882,987. Net unrealized appreciation aggregated $3,133,433, of which $5,012,670 related to appreciated investment securities and $1,879,237 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE) normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2007

1.802171.103

FIN-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
CAPITAL MARKETS - 17.2%
Asset Management & Custody Banks - 6.9%
Affiliated Managers Group, Inc. (a)(d)	14,700		$ 1,913,940
EFG International (a)	27,540		1,353,726
Fortress Investment Group LLC	94,000		2,519,200
Franklin Resources, Inc.	58,400		7,927,216
Investors Financial Services Corp.	98,700		6,072,024
Julius Baer Holding AG (Bearer)	41,926		3,190,580
KKR Private Equity Investors, LP	31,700		744,950
KKR Private Equity Investors, LP Restricted Depositary Units (e)	47,000		1,104,500
Mellon Financial Corp.	30,800		1,334,564
State Street Corp.	111,700		7,625,759
T. Rowe Price Group, Inc.	64,400		3,306,940
			37,093,399
Diversified Capital Markets - 1.2%
Credit Suisse Group sponsored ADR	35,400		2,687,922
UBS AG (NY Shares)	53,700		3,503,388
			6,191,310
Investment Banking & Brokerage - 9.1%
Charles Schwab Corp.	241,400		5,424,258
E*TRADE Financial Corp.	54,600		1,307,670
Goldman Sachs Group, Inc.	25,000		5,770,500
Lazard Ltd. Class A	96,300		5,188,644
Merrill Lynch & Co., Inc.	185,300		17,182,869
Morgan Stanley	162,200		13,793,488
			48,667,429
TOTAL CAPITAL MARKETS			91,952,138
COMMERCIAL BANKS - 15.0%
Diversified Banks - 10.8%
Banco Bilbao Vizcaya Argentaria SA	170,400		4,300,896
ICICI Bank Ltd. sponsored ADR (d)	31,300		1,488,315
Kookmin Bank sponsored ADR	11,500		1,039,485
Mizrahi Tefahot Bank Ltd.	115,300		899,363
U.S. Bancorp, Delaware	180,400		6,238,232
Unicredito Italiano Spa (d)	557,000		5,229,062
Wachovia Corp.	237,968		12,895,486
Wells Fargo & Co.	712,200		25,703,298
			57,794,137
Regional Banks - 4.2%
Cathay General Bancorp	76,593		2,594,971
Center Financial Corp., California	72,800		1,253,616
Colonial Bancgroup, Inc.	92,000		2,322,080
Commerce Bancorp, Inc.	44,000		1,518,880
Nara Bancorp, Inc.	46,141		741,024
PNC Financial Services Group, Inc.	123,700		9,129,060
SVB Financial Group (a)	62,000		3,290,340
	Shares		Value
Wintrust Financial Corp.	3,833		$ 175,896
Zions Bancorp	21,000		1,689,660
			22,715,527
TOTAL COMMERCIAL BANKS			80,509,664
CONSUMER FINANCE - 3.6%
Consumer Finance - 3.6%
American Express Co.	198,500		12,898,530
Capital One Financial Corp. (d)	55,700		4,443,746
Dollar Financial Corp. (a)	65,179		1,991,870
			19,334,146
DIVERSIFIED FINANCIAL SERVICES - 16.8%
Multi-Sector Holdings - 0.1%
Compass Diversified Trust	27,600		479,136
Other Diversifed Financial Services - 15.3%
Bank of America Corp.	512,231		25,975,234
Citigroup, Inc.	510,434		27,813,549
JPMorgan Chase & Co.	545,645		28,280,780
			82,069,563
Specialized Finance - 1.4%
CBOT Holdings, Inc. Class A (a)	6,400		1,258,304
Chicago Mercantile Exchange Holdings, Inc. Class A	8,500		4,513,500
MarketAxess Holdings, Inc. (a)	98,406		1,738,834
			7,510,638
TOTAL DIVERSIFIED FINANCIAL SERVICES			90,059,337
INSURANCE - 30.4%
Insurance Brokers - 1.1%
Hilb Rogal & Hobbs Co.	30,700		1,332,073
National Financial Partners Corp.	67,000		3,137,610
Willis Group Holdings Ltd.	28,560		1,322,614
			5,792,297
Life & Health Insurance - 5.2%
AFLAC, Inc.	107,500		5,682,450
MetLife, Inc. (d)	193,400		13,151,200
Prudential Financial, Inc.	88,800		9,059,376
			27,893,026
Multi-Line Insurance - 8.4%
American International Group, Inc.	484,651		35,059,653
Hartford Financial Services Group, Inc.	97,600		10,069,392
			45,129,045
Property & Casualty Insurance - 7.1%
ACE Ltd.	231,700		14,265,769
Allied World Assurance Co. Holdings Ltd.	33,800		1,712,308
Aspen Insurance Holdings Ltd.	169,000		4,583,280
Axis Capital Holdings Ltd.	114,300		4,522,851
MBIA, Inc.	69,700		4,638,535
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Property & Casualty Insurance - continued
The Travelers Companies, Inc.	102,500		$ 5,552,425
XL Capital Ltd. Class A	31,300		2,552,828
			37,827,996
Reinsurance - 8.6%
Endurance Specialty Holdings Ltd.	454,570		18,105,523
Everest Re Group Ltd.	32,700		3,506,421
Greenlight Capital Re, Ltd.	900		21,330
IPC Holdings Ltd.	103,779		3,237,905
Max Capital Group Ltd.	163,399		4,642,166
Montpelier Re Holdings Ltd.	51,600		946,860
PartnerRe Ltd.	19,700		1,512,960
Platinum Underwriters Holdings Ltd.	401,288		13,820,359
			45,793,524
TOTAL INSURANCE			162,435,888
REAL ESTATE INVESTMENT TRUSTS - 5.5%
Mortgage REITs - 0.3%
Annaly Capital Management, Inc.	88,200		1,361,808
Residential REITs - 1.2%
Equity Lifestyle Properties, Inc.	60,800		3,311,168
Equity Residential (SBI)	11,500		582,705
UDR, Inc.	90,000		2,732,400
			6,626,273
Retail REITs - 4.0%
CBL & Associates Properties, Inc.	30,360		1,245,974
Developers Diversified Realty Corp.	113,700		7,009,605
General Growth Properties, Inc.	160,100		9,452,304
Simon Property Group, Inc.	35,800		3,865,684
			21,573,567
TOTAL REAL ESTATE INVESTMENT TRUSTS			29,561,648
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
Real Estate Management & Development - 1.2%
Mitsubishi Estate Co. Ltd.	206,000		6,330,129
THRIFTS & MORTGAGE FINANCE - 10.2%
Thrifts & Mortgage Finance - 10.2%
BankUnited Financial Corp. Class A	118,000		2,704,560
	Shares		Value
Countrywide Financial Corp.	208,361		$ 8,113,577
Fannie Mae	258,000		16,491,360
Freddie Mac	174,700		11,668,213
Hudson City Bancorp, Inc.	286,111		3,773,804
MGIC Investment Corp.	45,300		2,944,500
Radian Group, Inc.	94,300		5,837,170
Washington Mutual, Inc.	65,100		2,846,172
			54,379,356
TOTAL COMMON STOCKS (Cost $374,621,060)		534,562,306
Money Market Funds - 2.6%
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $13,740,262)	13,740,262	13,740,262

TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $388,361,322) 548,302,568

NET OTHER ASSETS - (2.5)%	(13,352,582)
NET ASSETS - 100%	$ 534,949,986

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,104,500 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 40,393
Fidelity Securities Lending Cash Central Fund	17,517
Total	$ 57,910

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $388,966,481. Net unrealized appreciation aggregated $159,336,087, of which $160,507,169 related to appreciated investment securities and $1,171,082 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

May 31, 2007

1.802173.103

GOL-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
Australia - 9.6%
METALS & MINING - 9.6%
Gold - 9.2%
Newcrest Mining Ltd.	6,699,971		$ 122,068,781
Precious Metals & Minerals - 0.4%
Central Asia Gold Ltd. (a)(e)	12,025,834		5,278,373
TOTAL METALS & MINING			127,347,154
Canada - 53.3%
METALS & MINING - 53.3%
Gold - 46.0%
Alamos Gold, Inc. (a)	3,250,000		19,753,144
Arizona Star Resource Corp. (a)(e)	3,800,000		46,014,306
Barrick Gold Corp. (d)	3,900,000		113,340,502
Bema Gold Corp. warrants 9/7/11 (a)	600,000		1,340,876
Coral Gold Resources Ltd. (a)(e)	672,200		1,753,647
Crystallex International Corp. (a)	5,000,000		23,049,231
Eldorado Gold Corp. (a)	500,000		2,856,609
Goldcorp, Inc.	2,216,900		53,336,610
High River Gold Mines Ltd. warrants 1/27/08 (a)	332,500		168,586
IAMGOLD Corp. (e)	15,000,000		109,402,029
Kinross Gold Corp. (a)	4,900,000		65,382,206
Meridian Gold, Inc. (a)	5,000,000		128,250,034
Novagold Resources, Inc. (a)	800,000		12,537,286
Orezone Resources, Inc. Class A (a)(e)	9,612,900		15,730,118
Peak Gold Ltd. (a)(f)	5,857,000		4,162,252
Peak Gold Ltd. warrants 4/3/12 (a)(f)	2,928,500		1,026,871
US Gold Canadian Acquisition Corp. (a)(e)	2,501,516		13,449,640
			611,553,947
Precious Metals & Minerals - 7.3%
Aber Diamond Corp.	799,990		33,833,791
Minefinders Corp. Ltd. (a)	1,300,000		15,097,480
Pan American Silver Corp. (a)	500,000		14,015,003
Shore Gold, Inc. (a)	7,500,000		32,960,868
SouthernEra Diamonds, Inc. Class A (a)	1,910,000		928,702
			96,835,844
TOTAL METALS & MINING			708,389,791
Cayman Islands - 0.5%
METALS & MINING - 0.5%
Precious Metals & Minerals - 0.5%
Apex Silver Mines Ltd. (a)	300,000		6,150,000
Papua New Guinea - 6.8%
METALS & MINING - 6.8%
Gold - 6.8%
Lihir Gold Ltd. (a)	34,670,027		89,868,506
	Shares		Value
Peru - 2.5%
METALS & MINING - 2.5%
Precious Metals & Minerals - 2.5%
Compania de Minas Buenaventura SA	400,000		$ 12,850,394
Compania de Minas Buenaventura SA sponsored ADR	600,000		20,118,000
			32,968,394
South Africa - 8.8%
METALS & MINING - 8.8%
Gold - 8.8%
Anglogold Ashanti Ltd. sponsored ADR	800,000		33,376,000
Gold Fields Ltd.	175,000		3,031,000
Gold Fields Ltd. sponsored ADR (d)	3,400,000		58,888,000
Harmony Gold Mining Co. Ltd. (a)	1,300,000		19,409,000
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	200,000		2,986,000
			117,690,000
United Kingdom - 3.0%
METALS & MINING - 3.0%
Gold - 3.0%
Randgold Resources Ltd. sponsored ADR	1,700,000		39,848,000
United States of America - 10.3%
METALS & MINING - 10.3%
Gold - 10.3%
Newmont Mining Corp.	2,600,000		105,768,000
Royal Gold, Inc. (d)	1,000,000		26,940,000
US Gold Corp. (a)	528,400		2,842,792
US Gold Corp. warrants 2/22/11 (a)(g)	364,200		868,402
			136,419,194
TOTAL COMMON STOCKS (Cost $1,049,142,355)		1,258,681,039
Money Market Funds - 14.2%
Fidelity Cash Central Fund, 5.33% (b)	69,833,908		69,833,908
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	119,282,350		119,282,350
TOTAL MONEY MARKET FUNDS (Cost $189,116,258)		189,116,258

TOTAL INVESTMENT PORTFOLIO - 109.0% (Cost $1,238,258,613) 1,447,797,297

NET OTHER ASSETS - (9.0)%	(119,414,034)
NET ASSETS - 100%	$ 1,328,383,263

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,189,123 or 0.4% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $868,402 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. warrants 2/22/11	2/8/06	$ 179,112

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,239,512
Fidelity Securities Lending Cash Central Fund	97,972
Total	$ 1,337,484

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Arizona Star Resource Corp.	$ 43,863,024	$ -	$ -	$ -	$ 46,014,306
Central Asia Gold Ltd.	5,874,969	-	-	-	5,278,373
Coral Gold Resources Ltd.	2,034,618	-	-	-	1,753,647
IAMGOLD Corp.	83,536,403	37,756,426	-	-	109,402,029
Meridian Gold, Inc.	141,535,462	11,114,622	16,135,514	-	-
Minefinders Corp. Ltd.	33,742,038	-	20,404,420	-	-
Orezone Resources, Inc. Class A	18,041,127	-	870,923	-	15,730,118
Tone Resources Ltd.	2,366,021	-	2,654,193	-	-
US Gold Canadian Acquisition Corp.	-	12,695,730	-	-	13,449,640
White Knight Resources Ltd.	6,087,418	-	7,050,424	-	-
Total	$ 337,081,080	$ 61,566,778	$ 47,115,474	$ -	$ 191,628,113

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,291,217,632. Net unrealized appreciation aggregated $156,579,665, of which $192,406,690 related to appreciated investment securities and $35,827,025 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2007

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

1.851741.100

AGLD-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
Australia - 9.6%
METALS & MINING - 9.6%
Gold - 9.2%
Newcrest Mining Ltd.	6,699,971		$ 122,068,781
Precious Metals & Minerals - 0.4%
Central Asia Gold Ltd. (a)(e)	12,025,834		5,278,373
TOTAL METALS & MINING			127,347,154
Canada - 53.3%
METALS & MINING - 53.3%
Gold - 46.0%
Alamos Gold, Inc. (a)	3,250,000		19,753,144
Arizona Star Resource Corp. (a)(e)	3,800,000		46,014,306
Barrick Gold Corp. (d)	3,900,000		113,340,502
Bema Gold Corp. warrants 9/7/11 (a)	600,000		1,340,876
Coral Gold Resources Ltd. (a)(e)	672,200		1,753,647
Crystallex International Corp. (a)	5,000,000		23,049,231
Eldorado Gold Corp. (a)	500,000		2,856,609
Goldcorp, Inc.	2,216,900		53,336,610
High River Gold Mines Ltd. warrants 1/27/08 (a)	332,500		168,586
IAMGOLD Corp. (e)	15,000,000		109,402,029
Kinross Gold Corp. (a)	4,900,000		65,382,206
Meridian Gold, Inc. (a)	5,000,000		128,250,034
Novagold Resources, Inc. (a)	800,000		12,537,286
Orezone Resources, Inc. Class A (a)(e)	9,612,900		15,730,118
Peak Gold Ltd. (a)(f)	5,857,000		4,162,252
Peak Gold Ltd. warrants 4/3/12 (a)(f)	2,928,500		1,026,871
US Gold Canadian Acquisition Corp. (a)(e)	2,501,516		13,449,640
			611,553,947
Precious Metals & Minerals - 7.3%
Aber Diamond Corp.	799,990		33,833,791
Minefinders Corp. Ltd. (a)	1,300,000		15,097,480
Pan American Silver Corp. (a)	500,000		14,015,003
Shore Gold, Inc. (a)	7,500,000		32,960,868
SouthernEra Diamonds, Inc. Class A (a)	1,910,000		928,702
			96,835,844
TOTAL METALS & MINING			708,389,791
Cayman Islands - 0.5%
METALS & MINING - 0.5%
Precious Metals & Minerals - 0.5%
Apex Silver Mines Ltd. (a)	300,000		6,150,000
Papua New Guinea - 6.8%
METALS & MINING - 6.8%
Gold - 6.8%
Lihir Gold Ltd. (a)	34,670,027		89,868,506
	Shares		Value
Peru - 2.5%
METALS & MINING - 2.5%
Precious Metals & Minerals - 2.5%
Compania de Minas Buenaventura SA	400,000		$ 12,850,394
Compania de Minas Buenaventura SA sponsored ADR	600,000		20,118,000
			32,968,394
South Africa - 8.8%
METALS & MINING - 8.8%
Gold - 8.8%
Anglogold Ashanti Ltd. sponsored ADR	800,000		33,376,000
Gold Fields Ltd.	175,000		3,031,000
Gold Fields Ltd. sponsored ADR (d)	3,400,000		58,888,000
Harmony Gold Mining Co. Ltd. (a)	1,300,000		19,409,000
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	200,000		2,986,000
			117,690,000
United Kingdom - 3.0%
METALS & MINING - 3.0%
Gold - 3.0%
Randgold Resources Ltd. sponsored ADR	1,700,000		39,848,000
United States of America - 10.3%
METALS & MINING - 10.3%
Gold - 10.3%
Newmont Mining Corp.	2,600,000		105,768,000
Royal Gold, Inc. (d)	1,000,000		26,940,000
US Gold Corp. (a)	528,400		2,842,792
US Gold Corp. warrants 2/22/11 (a)(g)	364,200		868,402
			136,419,194
TOTAL COMMON STOCKS (Cost $1,049,142,355)		1,258,681,039
Money Market Funds - 14.2%
Fidelity Cash Central Fund, 5.33% (b)	69,833,908		69,833,908
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	119,282,350		119,282,350
TOTAL MONEY MARKET FUNDS (Cost $189,116,258)		189,116,258

TOTAL INVESTMENT PORTFOLIO - 109.0% (Cost $1,238,258,613) 1,447,797,297

NET OTHER ASSETS - (9.0)%	(119,414,034)
NET ASSETS - 100%	$ 1,328,383,263

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,189,123 or 0.4% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $868,402 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. warrants 2/22/11	2/8/06	$ 179,112

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,239,512
Fidelity Securities Lending Cash Central Fund	97,972
Total	$ 1,337,484

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Arizona Star Resource Corp.	$ 43,863,024	$ -	$ -	$ -	$ 46,014,306
Central Asia Gold Ltd.	5,874,969	-	-	-	5,278,373
Coral Gold Resources Ltd.	2,034,618	-	-	-	1,753,647
IAMGOLD Corp.	83,536,403	37,756,426	-	-	109,402,029
Meridian Gold, Inc.	141,535,462	11,114,622	16,135,514	-	-
Minefinders Corp. Ltd.	33,742,038	-	20,404,420	-	-
Orezone Resources, Inc. Class A	18,041,127	-	870,923	-	15,730,118
Tone Resources Ltd.	2,366,021	-	2,654,193	-	-
US Gold Canadian Acquisition Corp.	-	12,695,730	-	-	13,449,640
White Knight Resources Ltd.	6,087,418	-	7,050,424	-	-
Total	$ 337,081,080	$ 61,566,778	$ 47,115,474	$ -	$ 191,628,113

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,291,217,632. Net unrealized appreciation aggregated $156,579,665, of which $192,406,690 related to appreciated investment securities and $35,827,025 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

May 31, 2007

1.802174.103

HEA-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
BIOTECHNOLOGY - 12.9%
Biotechnology - 12.9%
3SBio, Inc. ADR	554,600		$ 6,167,152
Acadia Pharmaceuticals, Inc. (a)	156,100		1,996,519
Alexion Pharmaceuticals, Inc. (a)	9,064		440,238
Alnylam Pharmaceuticals, Inc. (a)	289,500		4,747,800
Altus Pharmaceuticals, Inc. (a)	151,900		2,053,688
Amgen, Inc. (a)	943,175		53,129,048
Amylin Pharmaceuticals, Inc. (a)	171,400		7,927,250
Antisoma plc (a)	1,393,100		1,434,336
Arena Pharmaceuticals, Inc. (a)	77,600		1,078,640
Biogen Idec, Inc. (a)	481,290		25,132,964
Celgene Corp. (a)	492,903		30,185,380
Cleveland Biolabs, Inc. (d)	36,000		331,200
CSL Ltd.	152,700		11,277,569
CytRx Corp. (a)(d)	494,600		2,077,320
CytRx Corp. (a)(f)	131,580		497,372
deCODE genetics, Inc. (a)(d)	520,000		1,710,800
Dyadic International, Inc. (a)(d)	175,000		249,375
Genentech, Inc. (a)	141,300		11,271,501
Genmab AS (a)	17,200		1,238,237
Genomic Health, Inc. (a)	21,100		365,030
Geron Corp. (a)(d)	72,000		663,840
Gilead Sciences, Inc. (a)(d)	562,400		46,549,848
GTx, Inc. (a)	123,400		2,463,064
Human Genome Sciences, Inc. (a)	162,000		1,715,580
Isis Pharmaceuticals, Inc. (a)(d)	347,700		3,497,862
MannKind Corp. (a)	43,000		489,340
Medarex, Inc. (a)(d)	321,000		5,132,790
MedImmune, Inc. (a)	205,600		11,900,128
Memory Pharmaceuticals Corp. (a)	2,179,720		6,277,594
Molecular Insight Pharmaceuticals, Inc. (d)	243,600		2,604,084
Omrix Biopharmaceuticals, Inc.	77,695		2,604,336
ONYX Pharmaceuticals, Inc. (a)	41,600		1,244,672
Orchid Cellmark, Inc. (a)	2,500		12,800
OREXIGEN Therapeutics, Inc.	45,800		819,820
OSI Pharmaceuticals, Inc. (a)	461,132		17,412,344
Regeneron Pharmaceuticals, Inc. (a)	12,800		287,232
Theravance, Inc. (a)	276,900		9,508,746
Titan Pharmaceuticals, Inc. (a)	260,000		553,800
Transition Therapeutics, Inc. (a)	785,500		1,167,839
Vertex Pharmaceuticals, Inc. (a)	159,000		4,747,740
Zymogenetics, Inc. (a)	72,100		1,181,719
			284,146,597
CAPITAL MARKETS - 0.7%
Asset Management & Custody Banks - 0.7%
Fortress Investment Group LLC	600,800		16,101,440
CHEMICALS - 2.2%
Diversified Chemicals - 0.9%
Bayer AG sponsored ADR	268,100		19,271,028
	Shares		Value
Fertilizers & Agricultural Chemicals - 1.1%
Agrium, Inc.	139,900		$ 5,396,115
Monsanto Co.	187,600		11,556,160
Potash Corp. of Saskatchewan, Inc.	54,300		3,852,585
Syngenta AG sponsored ADR	56,700		2,138,157
			22,943,017
Specialty Chemicals - 0.2%
Ecolab, Inc.	47,500		2,049,625
Novozymes AS Series B	12,000		1,287,700
Sigma Aldrich Corp.	45,200		1,956,256
			5,293,581
TOTAL CHEMICALS			47,507,626
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Environmental & Facility Services - 0.1%
Clean Harbors, Inc.	42,000		1,973,580
Stericycle, Inc. (a)	12,500		1,139,625
			3,113,205
CONTAINERS & PACKAGING - 0.2%
Metal & Glass Containers - 0.2%
Ess Dee Aluminium Ltd.	345,923		3,574,038
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
Service Corp. International	178,700		2,498,226
StoneMor Partners LP	10,000		277,500
			2,775,726
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Other Diversifed Financial Services - 0.2%
MBF Healthcare Acquisition Corp. unit	396,800		3,237,888
FOOD & STAPLES RETAILING - 0.6%
Drug Retail - 0.6%
CVS Corp.	331,628		12,780,943
FOOD PRODUCTS - 1.4%
Agricultural Products - 0.3%
Nutreco Holding NV	94,200		7,049,880
Packaged Foods & Meats - 1.1%
BioMar Holding AS	37,960		2,263,014
Cermaq ASA (d)	435,900		7,480,873
China Mengniu Dairy Co. Ltd.	722,000		2,357,800
Leroy Seafood Group ASA	50,000		1,069,510
Marine Harvest ASA (a)(d)	5,920,000		6,557,273
Synear Food Holdings Ltd.	1,650,000		1,833,993
Want Want Holdings Ltd.	700,000		1,610,000
			23,172,463
TOTAL FOOD PRODUCTS			30,222,343
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 12.5%
Health Care Equipment - 10.1%
Abaxis, Inc. (a)	84,500		$ 1,934,205
Advanced Medical Optics, Inc. (a)	68,200		2,393,820
American Medical Systems Holdings, Inc. (a)	112,400		2,108,624
ArthroCare Corp. (a)	161,800		7,130,526
Aspect Medical Systems, Inc. (a)	686,235		11,110,145
Baxter International, Inc.	408,300		23,207,772
Becton, Dickinson & Co.	761,700		58,079,625
BioLase Technology, Inc. (a)	160,800		964,800
C.R. Bard, Inc.	514,500		43,428,945
Cytyc Corp. (a)	122,900		5,196,212
Electro-Optical Sciences, Inc. (a)	102,911		587,622
Electro-Optical Sciences, Inc. (a)(f)	612,189		3,495,599
Gen-Probe, Inc. (a)	59,400		3,212,946
Gyrus Group PLC (a)	115,100		1,156,013
Hologic, Inc. (a)	53,300		2,882,997
I-Flow Corp. (a)	41,000		642,880
Insulet Corp.	31,000		459,420
Intuitive Surgical, Inc. (a)	16,300		2,243,369
IRIS International, Inc. (a)	87,200		1,201,616
Kyphon, Inc. (a)	202,000		9,592,980
Mentor Corp.	83,300		3,368,652
Mindray Medical International Ltd. sponsored ADR	8,900		253,650
Minrad International, Inc. (a)	188,600		1,141,030
Orthofix International NV (a)	23,300		1,101,857
Phonak Holding AG	28,350		2,708,378
Respironics, Inc. (a)	233,300		10,300,195
Sirona Dental Systems, Inc.	89,200		3,090,780
St. Jude Medical, Inc. (a)	187,900		8,021,451
The Spectranetics Corp. (a)	195,000		1,875,900
Thermogenesis Corp. (a)	376,000		1,018,960
Thoratec Corp. (a)	117,300		2,323,713
TomoTherapy, Inc.	7,600		171,608
Varian Medical Systems, Inc. (a)	105,200		4,239,560
William Demant Holding AS (a)	11,600		1,184,005
			221,829,855
Health Care Supplies - 2.4%
Align Technology, Inc. (a)	152,900		3,484,591
Cooper Companies, Inc.	57,800		3,187,092
DJO, Inc. (a)	222,720		8,688,307
Inverness Medical Innovations, Inc. (a)	649,153		30,958,107
Lifecore Biomedical, Inc. (a)	14,100		248,724
Merit Medical Systems, Inc. (a)	194,873		2,231,296
Microtek Medical Holdings, Inc. (a)	278,872		1,277,234
	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd.	788,000		$ 1,493,542
West Pharmaceutical Services, Inc.	23,500		1,195,210
			52,764,103
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			274,593,958
HEALTH CARE PROVIDERS & SERVICES - 20.7%
Health Care Distributors & Services - 3.5%
Cardinal Health, Inc.	247,200		17,912,112
Chindex International, Inc. (a)	10,800		226,260
Henry Schein, Inc. (a)	71,100		3,805,983
McKesson Corp.	670,400		42,322,352
Profarma Distribuidora de Produtos Farmaceuticos SA	800,000		12,276,939
			76,543,646
Health Care Facilities - 4.8%
Acibadem Saglik Hizmetleri AS	533,340		6,841,325
Apollo Hospitals Enterprise Ltd.	334,171		4,160,274
Bangkok Dusit Medical Service PCL (For. Reg.)	1,025,000		1,205,447
Brookdale Senior Living, Inc.	1,040,000		49,098,400
Bumrungrad Hospital PCL (For. Reg.)	5,478,400		7,351,965
Capital Senior Living Corp. (a)	378,300		4,206,696
Community Health Systems, Inc. (a)	121,800		4,643,016
Emeritus Corp. (a)	164,200		5,870,150
Five Star Quality Care, Inc. (a)(d)	302,900		2,471,664
HealthSouth Corp. (a)(d)	179,500		3,726,420
LifePoint Hospitals, Inc. (a)	1,600		64,944
Sun Healthcare Group, Inc. (a)	817,800		11,694,540
VCA Antech, Inc. (a)	92,400		3,657,192
			104,992,033
Health Care Services - 5.1%
Cross Country Healthcare, Inc. (a)	31,600		550,156
Diagnosticos da America SA (a)	921,000		21,694,560
Emergency Medical Services Corp. Class A (a)	100		3,486
Express Scripts, Inc. (a)	313,248		31,982,621
HAPC, Inc. unit	627,500		4,078,750
Health Grades, Inc. (a)	1,161,419		7,456,310
Healthways, Inc. (a)	152,900		7,128,198
HMS Holdings Corp. (a)	206,900		4,243,519
LHC Group, Inc. (a)(d)	401,919		11,800,342
Nighthawk Radiology Holdings, Inc. (a)(d)	626,948		11,379,106
Omnicare, Inc.	227,800		8,524,276
Rural/Metro Corp. (a)	394,049		2,754,403
			111,595,727
Managed Health Care - 7.3%
Health Net, Inc. (a)	129,100		7,369,028
Healthspring, Inc. (a)	58,600		1,431,012
Humana, Inc. (a)	373,700		23,188,085
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
UnitedHealth Group, Inc.	1,789,720		$ 98,022,964
WellPoint, Inc. (a)	385,400		31,375,414
			161,386,503
TOTAL HEALTH CARE PROVIDERS & SERVICES			454,517,909
HEALTH CARE TECHNOLOGY - 1.8%
Health Care Technology - 1.8%
Allscripts Healthcare Solutions, Inc. (a)(d)	410,300		10,076,968
Cerner Corp. (a)	256,300		14,560,403
Eclipsys Corp. (a)	252,800		5,152,064
Systems Xcellence, Inc. (a)	17,875		455,295
Vital Images, Inc. (a)	56,590		1,561,318
WebMD Health Corp. Class A (a)(d)	161,089		8,096,333
			39,902,381
HOTELS, RESTAURANTS & LEISURE - 0.3%
Leisure Facilities - 0.3%
Life Time Fitness, Inc. (a)	133,900		6,853,002
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
Tyco International Ltd.	26,200		874,032
INSURANCE - 1.3%
Life & Health Insurance - 1.3%
MetLife, Inc.	48,800		3,318,400
Prudential Financial, Inc.	87,800		8,957,356
Universal American Financial Corp. (a)	722,027		15,328,633
			27,604,389
LIFE SCIENCES TOOLS & SERVICES - 5.6%
Life Sciences Tools & Services - 5.6%
Advanced Magnetics, Inc. (a)	358,500		22,610,595
Bio-Rad Laboratories, Inc. Class A (a)	20,900		1,561,230
Covance, Inc. (a)	71,900		4,784,945
Exelixis, Inc. (a)	457,600		5,070,208
Illumina, Inc. (a)	143,255		4,674,411
Medivation, Inc. (a)	53,500		939,995
Millipore Corp. (a)	184,830		13,819,739
PerkinElmer, Inc.	1,087,600		28,832,276
Pharmaceutical Product Development, Inc.	119,500		4,361,750
PRA International (a)	72,600		1,675,608
QIAGEN NV (a)	228,900		3,985,149
Techne Corp. (a)	10,800		644,652
Thermo Fisher Scientific, Inc. (a)	555,000		30,303,000
			123,263,558
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Pall Corp.	27,500		1,230,625
	Shares		Value
MULTI-UTILITIES - 0.2%
Multi-Utilities - 0.2%
Veolia Environnement sponsored ADR	59,800		$ 5,019,612
PERSONAL PRODUCTS - 2.0%
Personal Products - 2.0%
Bare Escentuals, Inc.	537,200		22,535,540
Hengan International Group Co. Ltd.	5,448,000		18,593,619
Physicians Formula Holdings, Inc.	167,100		2,890,830
			44,019,989
PHARMACEUTICALS - 35.3%
Pharmaceuticals - 35.3%
Abbott Laboratories	47,400		2,670,990
Adams Respiratory Therapeutics, Inc. (a)(d)	479,205		21,947,589
Akorn, Inc. (a)	142,500		998,925
Alexza Pharmaceuticals, Inc. (a)	102,895		996,024
Allergan, Inc.	446,100		55,552,833
Alpharma, Inc. Class A	79,200		1,924,560
Barr Pharmaceuticals, Inc. (a)	365,500		19,488,460
BioMimetic Therapeutics, Inc.	262,843		4,799,513
Bristol-Myers Squibb Co.	2,374,800		71,980,188
Cadence Pharmaceuticals, Inc. (d)	14,000		203,840
China Shineway Pharmaceutical Group Ltd.	492,000		396,950
Chugai Pharmaceutical Co. Ltd.	86,300		1,762,020
Collagenex Pharmaceuticals, Inc. (a)	220,000		2,329,800
Eczacibasi ILAC Sanayi TAS (a)	250,000		1,148,008
Elan Corp. PLC sponsored ADR (a)	20,800		410,176
Endo Pharmaceuticals Holdings, Inc. (a)	159,200		5,622,944
Eurand NV (a)	243,900		3,765,816
Inspire Pharmaceuticals, Inc. (a)	198,600		1,177,698
Javelin Pharmaceuticals, Inc. (a)	554,586		3,987,473
Jazz Pharmaceuticals, Inc.	76,400		1,375,200
Johnson & Johnson	2,490,284		157,560,269
Merck & Co., Inc.	3,092,100		162,180,643
Nastech Pharmaceutical Co., Inc. (a)(d)	306,272		3,687,515
Nexmed, Inc. (a)	2,236,374		3,801,836
Penwest Pharmaceuticals Co. (a)(d)	138,000		1,794,000
Perrigo Co.	53,700		1,050,372
Pfizer, Inc.	3,394,610		93,317,829
Roche Holding AG (participation certificate)	42,282		7,767,203
Schering-Plough Corp. (d)	939,500		30,759,230
Shire PLC	48,900		1,136,925
Shire PLC sponsored ADR	342,300		23,875,425
Sirtris Pharmaceuticals, Inc.	10,500		135,345
Valeant Pharmaceuticals International	118,200		1,866,378
Wyeth	1,263,470		73,079,105
Xenoport, Inc. (a)	230,641		10,148,204
			774,699,286
Common Stocks - continued
	Shares		Value
SOFTWARE - 0.3%
Systems Software - 0.3%
Quality Systems, Inc.	151,000		$ 6,183,450
TOTAL COMMON STOCKS (Cost $1,652,448,986)		2,162,221,997
Convertible Bonds - 0.1%
	Principal Amount
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Supplies - 0.1%
Inverness Medical Innovations, Inc. 3% 5/15/16 (e) (Cost $2,190,000)	$ 2,190,000		2,387,100
Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 5.33% (b)	34,058,773		34,058,773
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	67,115,653		67,115,653
TOTAL MONEY MARKET FUNDS (Cost $101,174,426)		101,174,426

TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,755,813,412) 2,265,783,523

NET OTHER ASSETS - (3.2)%	(69,983,781)
NET ASSETS - 100%	$ 2,195,799,742

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,387,100 or 0.1% 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 $6,305,364 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
CytRx Corp.	4/18/07	$ 565,794
Electro-Optical Sciences, Inc.	5/1/07 - 5/2/07	$ 2,726,291

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 245,532
Fidelity Securities Lending Cash Central Fund	154,756
Total	$ 400,288

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,756,840,047. Net unrealized appreciation aggregated $508,943,476, of which $532,264,380 related to appreciated investment securities and $23,320,904 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Directors to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Directors. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

May 31, 2007

1.802175.103

SAV-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CAPITAL MARKETS - 1.3%
Asset Management & Custody Banks - 1.3%
EFG International (a)	11,540		$ 567,247
Investors Financial Services Corp.	45,950		2,826,844
			3,394,091
COMMERCIAL BANKS - 9.7%
Diversified Banks - 6.1%
HDFC Bank Ltd. sponsored ADR	14,500		1,231,775
ICICI Bank Ltd. sponsored ADR (d)	25,400		1,207,770
Wachovia Corp.	44,015		2,385,173
Wells Fargo & Co.	295,800		10,675,422
			15,500,140
Regional Banks - 3.6%
Center Financial Corp., California	16,788		289,089
Colonial Bancgroup, Inc.	96,500		2,435,660
Commerce Bancorp, Inc.	140,200		4,839,704
EuroBancshares, Inc. (a)	31,908		294,511
PNC Financial Services Group, Inc.	16,100		1,188,180
			9,047,144
TOTAL COMMERCIAL BANKS			24,547,284
CONSUMER FINANCE - 4.0%
Consumer Finance - 4.0%
American Express Co.	44,200		2,872,116
Capital One Financial Corp. (d)	89,502		7,140,470
			10,012,586
DIVERSIFIED FINANCIAL SERVICES - 2.8%
Other Diversifed Financial Services - 2.8%
Bank of America Corp.	59,500		3,017,245
Citigroup, Inc.	53,400		2,909,766
JPMorgan Chase & Co.	24,200		1,254,286
			7,181,297
INSURANCE - 4.2%
Property & Casualty Insurance - 4.2%
Fidelity National Financial, Inc. Class A	163,829		4,593,765
First American Corp., California	113,100		6,056,505
			10,650,270
Reinsurance - 0.0%
RenaissanceRe Holdings Ltd.	1,003		58,866
TOTAL INSURANCE			10,709,136
	Shares		Value
IT SERVICES - 1.1%
Data Processing & Outsourced Services - 1.1%
Fidelity National Information Services, Inc.	50,632		$ 2,730,077
REAL ESTATE INVESTMENT TRUSTS - 2.7%
Mortgage REITs - 2.7%
Annaly Capital Management, Inc.	345,500		5,334,520
CapitalSource, Inc. (d)	50,813		1,336,382
HomeBanc Mortgage Corp., Georgia	103,100		210,324
			6,881,226
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
Real Estate Management & Development - 0.2%
Move, Inc. (a)	95,590		401,478
THRIFTS & MORTGAGE FINANCE - 73.6%
Thrifts & Mortgage Finance - 73.6%
Accredited Home Lenders Holding Co. (a)(d)	58,700		821,213
Astoria Financial Corp.	137,900		3,676,414
Bank Mutual Corp.	61,900		732,277
BankUnited Financial Corp. Class A (d)	182,200		4,176,024
Beverly Hills Bancorp, Inc.	50,000		371,500
Brookline Bancorp, Inc., Delaware	64,900		774,906
Clayton Holdings, Inc. (a)	11,674		168,106
Countrywide Financial Corp.	777,700		30,283,638
Dime Community Bancshares, Inc.	30,500		411,750
Downey Financial Corp. (d)	16,600		1,208,314
Fannie Mae	491,000		31,384,721
First Niagara Financial Group, Inc.	112,600		1,544,872
FirstFed Financial Corp., Delaware (a)(d)	94,200		6,073,074
Flagstar Bancorp, Inc.	73,800		949,068
Freddie Mac	206,200		13,772,098
Hudson City Bancorp, Inc.	804,200		10,607,398
IndyMac Bancorp, Inc. (d)	25,800		866,364
MAF Bancorp., Inc.	200		10,776
MGIC Investment Corp.	183,300		11,914,500
New York Community Bancorp, Inc. (d)	344,837		6,027,751
NewAlliance Bancshares, Inc.	133,700		2,155,244
NexCen Brands, Inc. (a)	68,100		870,318
People's United Financial, Inc.	320,580		6,472,510
PFF Bancorp, Inc.	23,700		711,237
Provident Financial Services, Inc. (d)	65,100		1,093,680
Radian Group, Inc.	220,500		13,648,950
Sovereign Bancorp, Inc. (d)	265,843		6,178,191
The PMI Group, Inc.	111,657		5,520,322
Triad Guaranty, Inc. (a)	42,500		1,895,075
Trustco Bank Corp., New York (d)	80,000		776,800
Washington Federal, Inc.	145,612		3,651,949
Washington Mutual, Inc.	314,300		13,741,196
Common Stocks - continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE - CONTINUED
Thrifts & Mortgage Finance - continued
Webster Financial Corp.	61,700		$ 2,775,883
Westfield Financial, Inc.	60,900		630,924
			185,897,043
TOTAL COMMON STOCKS (Cost $196,814,729)		251,754,218
Money Market Funds - 10.5%
Fidelity Cash Central Fund, 5.33% (b)	1,558,485		1,558,485
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	25,107,464		25,107,464
TOTAL MONEY MARKET FUNDS (Cost $26,665,949)		26,665,949

TOTAL INVESTMENT PORTFOLIO - 110.1% (Cost $223,480,678) 278,420,167

NET OTHER ASSETS - (10.1)%	(25,655,281)
NET ASSETS - 100%	$ 252,764,886

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 34,175
Fidelity Securities Lending Cash Central Fund	72,265
Total	$ 106,440

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $226,349,317. Net unrealized appreciation aggregated $52,070,850, of which $56,094,774 related to appreciated investment securities and $4,023,924 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

May 31, 2007

1.802176.103

INE-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
AEROSPACE & DEFENSE - 19.1%
Aerospace & Defense - 19.1%
DRS Technologies, Inc.	4,200		$ 215,670
General Dynamics Corp.	19,200		1,540,608
Goodrich Corp.	9,300		553,257
Honeywell International, Inc.	64,700		3,746,777
Precision Castparts Corp.	11,300		1,351,028
Raytheon Co.	37,700		2,096,120
Rockwell Collins, Inc.	10,000		706,700
United Technologies Corp.	94,400		6,659,920
			16,870,080
BUILDING PRODUCTS - 3.5%
Building Products - 3.5%
American Standard Companies, Inc.	38,300		2,289,574
Masco Corp.	26,500		800,565
			3,090,139
COMMERCIAL SERVICES & SUPPLIES - 1.8%
Diversified Commercial & Professional Services - 1.8%
The Brink's Co.	23,700		1,562,541
CONSTRUCTION & ENGINEERING - 2.4%
Construction & Engineering - 2.4%
Fluor Corp.	9,800		1,020,180
Foster Wheeler Ltd. (a)	3,900		403,806
Granite Construction, Inc.	2,000		136,980
Jacobs Engineering Group, Inc. (a)	7,000		405,650
Shaw Group, Inc. (a)	5,200		210,392
			2,177,008
ELECTRICAL EQUIPMENT - 9.7%
Electrical Components & Equipment - 8.7%
AMETEK, Inc.	24,850		937,839
Cooper Industries Ltd. Class A	32,100		1,719,918
Emerson Electric Co.	98,000		4,748,100
Roper Industries, Inc.	5,200		303,472
			7,709,329
Heavy Electrical Equipment - 1.0%
ABB Ltd. sponsored ADR	41,900		899,593
TOTAL ELECTRICAL EQUIPMENT			8,608,922
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%
Electronic Equipment & Instruments - 0.4%
Itron, Inc. (a)	6,100		412,665
ENERGY EQUIPMENT & SERVICES - 0.5%
Oil & Gas Equipment & Services - 0.5%
Halliburton Co.	12,600		452,970
	Shares		Value
INDUSTRIAL CONGLOMERATES - 32.1%
Industrial Conglomerates - 32.1%
3M Co.	48,800		$ 4,292,448
General Electric Co.	393,850		14,800,883
McDermott International, Inc. (a)	6,000		468,000
Siemens AG sponsored ADR	3,700		488,400
Textron, Inc.	13,300		1,427,090
Tyco International Ltd.	206,400		6,885,504
			28,362,325
MACHINERY - 25.1%
Construction & Farm Machinery & Heavy Trucks - 9.7%
Bucyrus International, Inc. Class A	24,100		1,709,895
Caterpillar, Inc.	25,900		2,035,222
Cummins, Inc.	12,200		1,149,606
Joy Global, Inc.	12,200		690,886
Manitowoc Co., Inc.	3,700		280,386
Oshkosh Truck Co. (d)	35,200		2,171,488
Terex Corp. (a)	5,900		500,143
			8,537,626
Industrial Machinery - 15.4%
Actuant Corp. Class A	7,500		417,225
Danaher Corp.	37,000		2,719,500
Donaldson Co., Inc.	9,100		332,423
Dover Corp.	24,200		1,211,210
Flowserve Corp.	18,800		1,304,908
Harsco Corp.	11,900		633,794
IDEX Corp.	18,750		706,875
Illinois Tool Works, Inc. (d)	69,700		3,674,584
ITT Corp.	10,000		673,000
KCI Konecranes Oyj	10,350		435,898
SPX Corp.	17,500		1,537,725
			13,647,142
TOTAL MACHINERY			22,184,768
MARINE - 0.5%
Marine - 0.5%
Kirby Corp. (a)	11,800		472,236
METALS & MINING - 1.0%
Steel - 1.0%
Arcelor Mittal	14,300		857,857
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
CONSOL Energy, Inc.	9,000		437,310
ROAD & RAIL - 0.5%
Trucking - 0.5%
Old Dominion Freight Lines, Inc. (a)	13,300		415,359
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 1.1%
Trading Companies & Distributors - 1.1%
W.W. Grainger, Inc.	4,300		$ 378,615
WESCO International, Inc. (a)	8,900		576,898
			955,513
TOTAL COMMON STOCKS (Cost $67,365,738)		86,859,693
Money Market Funds - 7.6%
Fidelity Cash Central Fund, 5.33% (b)	2,602,220		2,602,220
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	4,076,000		4,076,000
TOTAL MONEY MARKET FUNDS (Cost $6,678,220)		6,678,220

TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $74,043,958) 93,537,913

NET OTHER ASSETS - (5.8)%		(5,109,053)
NET ASSETS - 100%	$ 88,428,860

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,338
Fidelity Securities Lending Cash Central Fund	2,894
Total	$ 11,232

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $74,093,794. Net unrealized appreciation aggregated $19,444,119, of which $19,491,504 related to appreciated investment securities and $47,385 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

May 31, 2007

1.802164.103

CYC-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AEROSPACE & DEFENSE - 17.4%
Aerospace & Defense - 17.4%
General Dynamics Corp.	21,700		$ 1,741,208
Honeywell International, Inc.	73,900		4,279,549
Raytheon Co.	35,700		1,984,920
Spirit AeroSystems Holdings, Inc. Class A	12,600		439,866
United Technologies Corp.	100,701		7,104,456
			15,549,999
AIR FREIGHT & LOGISTICS - 0.9%
Air Freight & Logistics - 0.9%
C.H. Robinson Worldwide, Inc.	14,400		780,192
AIRLINES - 1.5%
Airlines - 1.5%
Delta Air Lines, Inc. (a)	16,378		312,001
UAL Corp. (a)	14,700		577,122
US Airways Group, Inc. (a)	13,800		491,970
			1,381,093
AUTO COMPONENTS - 0.8%
Auto Parts & Equipment - 0.8%
Johnson Controls, Inc.	6,700		734,990
BUILDING PRODUCTS - 2.3%
Building Products - 2.3%
American Standard Companies, Inc.	12,900		771,162
Masco Corp.	42,910		1,296,311
			2,067,473
CHEMICALS - 2.6%
Fertilizers & Agricultural Chemicals - 0.9%
Agrium, Inc.	21,100		813,853
Industrial Gases - 1.2%
Airgas, Inc.	24,300		1,036,152
Specialty Chemicals - 0.5%
Minerals Technologies, Inc.	7,000		445,270
TOTAL CHEMICALS			2,295,275
COMMERCIAL SERVICES & SUPPLIES - 4.9%
Diversified Commercial & Professional Services - 1.7%
The Brink's Co.	23,764		1,566,761
Environmental & Facility Services - 3.2%
Allied Waste Industries, Inc.	102,300		1,376,958
Waste Management, Inc.	37,800		1,461,726
			2,838,684
TOTAL COMMERCIAL SERVICES & SUPPLIES			4,405,445
COMMUNICATIONS EQUIPMENT - 0.5%
Communications Equipment - 0.5%
Harris Corp.	8,400		419,328
	Shares		Value
CONSTRUCTION & ENGINEERING - 7.6%
Construction & Engineering - 7.6%
Chicago Bridge & Iron Co. NV (NY Shares)	13,700		$ 533,752
Fluor Corp.	12,400		1,290,840
Foster Wheeler Ltd. (a)	6,000		621,240
Granite Construction, Inc.	12,600		862,974
Infrasource Services, Inc. (a)	5,400		195,480
Jacobs Engineering Group, Inc. (a)	14,100		817,095
Quanta Services, Inc. (a)	10,500		315,105
Shaw Group, Inc. (a)	38,600		1,561,756
Washington Group International, Inc. (a)	6,500		546,000
			6,744,242
ELECTRICAL EQUIPMENT - 7.8%
Electrical Components & Equipment - 6.0%
AMETEK, Inc.	17,950		677,433
Cooper Industries Ltd. Class A	28,800		1,543,104
Emerson Electric Co.	63,600		3,081,420
			5,301,957
Heavy Electrical Equipment - 1.8%
ABB Ltd. sponsored ADR	65,800		1,412,726
Suzlon Energy Ltd.	7,096		226,554
			1,639,280
TOTAL ELECTRICAL EQUIPMENT			6,941,237
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
Itron, Inc. (a)	6,600		446,490
HOUSEHOLD DURABLES - 1.2%
Home Furnishings - 0.7%
Leggett & Platt, Inc. (e)	25,252		617,916
Household Appliances - 0.5%
Black & Decker Corp.	4,900		462,707
TOTAL HOUSEHOLD DURABLES			1,080,623
INDUSTRIAL CONGLOMERATES - 21.8%
Industrial Conglomerates - 21.8%
3M Co.	37,500		3,298,500
General Electric Co.	240,501		9,038,028
Siemens AG sponsored ADR	6,800		897,600
Textron, Inc.	12,200		1,309,060
Tyco International Ltd.	146,445		4,885,405
			19,428,593
MACHINERY - 13.5%
Construction & Farm Machinery & Heavy Trucks - 3.0%
Bucyrus International, Inc. Class A	8,434		598,392
Cummins, Inc.	11,400		1,074,222
Oshkosh Truck Co. (e)	16,700		1,030,223
			2,702,837
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - 10.5%
Danaher Corp.	36,100		$ 2,653,350
Donaldson Co., Inc.	6,900		252,057
Dover Corp.	26,800		1,341,340
Flowserve Corp.	15,800		1,096,678
IDEX Corp.	21,100		795,470
Illinois Tool Works, Inc.	38,300		2,019,176
SPX Corp.	13,198		1,159,708
			9,317,779
TOTAL MACHINERY			12,020,616
MARINE - 0.9%
Marine - 0.9%
Kirby Corp. (a)	20,700		828,414
METALS & MINING - 3.8%
Aluminum - 0.5%
Alcoa, Inc.	10,800		445,824
Diversified Metals & Mining - 0.8%
Titanium Metals Corp.	19,300		667,780
Steel - 2.5%
Arcelor Mittal	13,300		797,867
Carpenter Technology Corp.	3,700		490,509
Reliance Steel & Aluminum Co.	15,600		957,372
			2,245,748
TOTAL METALS & MINING			3,359,352
OIL, GAS & CONSUMABLE FUELS - 1.0%
Coal & Consumable Fuels - 1.0%
Massey Energy Co.	16,400		475,272
Peabody Energy Corp.	8,700		470,148
			945,420
PAPER & FOREST PRODUCTS - 0.3%
Forest Products - 0.3%
Louisiana-Pacific Corp.	11,900		243,950
ROAD & RAIL - 8.5%
Railroads - 5.3%
Burlington Northern Santa Fe Corp.	25,900		2,412,067
Union Pacific Corp.	19,200		2,317,056
			4,729,123
Trucking - 3.2%
Landstar System, Inc.	20,218		983,808
Old Dominion Freight Lines, Inc. (a)	28,857		901,204
Ryder System, Inc.	18,200		981,344
			2,866,356
TOTAL ROAD & RAIL			7,595,479
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 1.0%
Trading Companies & Distributors - 1.0%
UAP Holding Corp.	11,359		$ 334,636
WESCO International, Inc. (a)	8,700		563,934
			898,570
TOTAL COMMON STOCKS (Cost $74,680,681)		88,166,781
Nonconvertible Bonds - 0.0%
	Principal Amount
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (d) (Cost $19,365)	$ 670,000		46,900
Money Market Funds - 2.9%
	Shares
Fidelity Cash Central Fund, 5.33% (b)	1,607,553		1,607,553
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	946,500		946,500
TOTAL MONEY MARKET FUNDS (Cost $2,554,053)		2,554,053

TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $77,254,099) 90,767,734

NET OTHER ASSETS - (1.7)%	(1,559,090)
NET ASSETS - 100%	$ 89,208,644

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,993
Fidelity Securities Lending Cash Central Fund	189
Total	$ 7,182

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $77,327,017. Net unrealized appreciation aggregated $13,440,717, of which $13,923,684 related to appreciated investment securities and $482,967 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2007

1.802178.103

PRC-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
PGT, Inc.	77,000		$ 898,590
CAPITAL MARKETS - 0.4%
Asset Management & Custody Banks - 0.4%
Ameriprise Financial, Inc.	15,500		974,175
INSURANCE - 98.9%
Insurance Brokers - 2.6%
Brown & Brown, Inc.	25,100		654,106
Hilb Rogal & Hobbs Co.	19,700		854,783
Life Partners Holdings, Inc.	2,000		36,460
National Financial Partners Corp. (d)	48,900		2,289,987
Willis Group Holdings Ltd.	63,100		2,922,161
			6,757,497
Life & Health Insurance - 20.3%
AFLAC, Inc.	168,000		8,880,480
Lincoln National Corp.	89,530		6,490,925
MetLife, Inc. (d)	281,200		19,121,600
Old Mutual plc	158,100		542,182
Principal Financial Group, Inc.	23,700		1,440,960
Protective Life Corp.	12,800		640,384
Prudential Financial, Inc.	139,400		14,221,588
StanCorp Financial Group, Inc.	19,300		981,598
T&D Holdings, Inc.	19,350		1,308,442
			53,628,159
Multi-Line Insurance - 32.0%
American International Group, Inc.	887,700		64,216,218
Assurant, Inc.	36,800		2,187,760
AXA SA sponsored ADR	18,700		817,003
Genworth Financial, Inc. Class A (non-vtg.)	40,300		1,454,830
Hartford Financial Services Group, Inc.	123,800		12,772,446
Loews Corp.	59,100		3,015,873
			84,464,130
Property & Casualty Insurance - 31.3%
21st Century Holding Co.	12,200		139,446
ACE Ltd.	211,949		13,049,700
Admiral Group PLC	213,400		4,128,138
Alleghany Corp.	1,472		550,830
Allied World Assurance Co. Holdings Ltd.	38,100		1,930,146
Allstate Corp.	124,500		7,656,750
AMBAC Financial Group, Inc.	50		4,481
American Safety Insurance Group Ltd. (a)	77,870		1,652,401
Aspen Insurance Holdings Ltd.	64,900		1,760,088
Axis Capital Holdings Ltd.	241,700		9,564,069
Berkshire Hathaway, Inc. Class A (a)	11		1,204,390
First American Corp., California	32,900		1,761,795
First Mercury Financial Corp.	57,700		1,081,298
Infinity Property & Casualty Corp.	9,500		501,885
MBIA, Inc.	42,100		2,801,755
	Shares		Value
Navigators Group, Inc. (a)	63,300		$ 3,133,983
Samsung Fire & Marine Insurance Co. Ltd.	7,420		1,339,566
Specialty Underwriters' Alliance, Inc. (a)	78,500		631,925
The Chubb Corp.	239,858		13,161,008
The Travelers Companies, Inc.	167,391		9,067,570
Tower Group, Inc.	22,400		709,184
United America Indemnity Ltd. Class A (a)	92,091		2,301,354
W.R. Berkley Corp.	129,901		4,278,939
			82,410,701
Reinsurance - 12.7%
Endurance Specialty Holdings Ltd.	186,500		7,428,295
Everest Re Group Ltd.	53,900		5,779,697
Greenlight Capital Re, Ltd.	500		11,850
IPC Holdings Ltd.	101,100		3,154,320
Max Capital Group Ltd.	34,400		977,304
Montpelier Re Holdings Ltd.	183,300		3,363,555
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	5,000		941,212
PartnerRe Ltd.	56,600		4,346,880
Platinum Underwriters Holdings Ltd.	139,925		4,819,017
RenaissanceRe Holdings Ltd.	26,695		1,566,730
Swiss Reinsurance Co. (Reg.)	7,976		759,371
Transatlantic Holdings, Inc.	6,262		448,735
			33,596,966
TOTAL INSURANCE			260,857,453
SOFTWARE - 0.2%
Application Software - 0.2%
Solera Holdings, Inc.	25,500		450,075
TOTAL COMMON STOCKS (Cost $194,681,521)		263,180,293
Money Market Funds - 8.2%
Fidelity Cash Central Fund, 5.33% (b)	1,864,594		1,864,594
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	19,666,150		19,666,150
TOTAL MONEY MARKET FUNDS (Cost $21,530,744)		21,530,744

TOTAL INVESTMENT PORTFOLIO - 108.0% (Cost $216,212,265) 284,711,037

NET OTHER ASSETS - (8.0)%	(21,003,033)
NET ASSETS - 100%	$ 263,708,004

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,263
Fidelity Securities Lending Cash Central Fund	18,058
Total	$ 36,321

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $216,994,222. Net unrealized appreciation aggregated $67,716,815, of which $68,288,885 related to appreciated investment securities and $572,070 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

May 31, 2007

1.802158.103

BSO-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 4.3%
Diversified Commercial & Professional Services - 4.3%
CoStar Group, Inc. (a)	2,500		$ 135,650
Equifax, Inc.	42,450		1,784,174
IHS, Inc. Class A (a)	4,800		192,912
			2,112,736
COMPUTERS & PERIPHERALS - 1.8%
Computer Hardware - 0.2%
Dell, Inc. (a)	4,200		112,854
Computer Storage & Peripherals - 1.6%
Hypercom Corp. (a)	127,700		772,585
TOTAL COMPUTERS & PERIPHERALS			885,439
INTERNET SOFTWARE & SERVICES - 4.1%
Internet Software & Services - 4.1%
CyberSource Corp. (a)	134,500		1,767,330
Goldleaf Financial Solutions, Inc. (a)	3,400		20,026
Online Resources Corp. (a)	20,500		254,815
			2,042,171
IT SERVICES - 77.2%
Data Processing & Outsourced Services - 63.9%
Affiliated Computer Services, Inc. Class A (a)	19,800		1,155,330
Alliance Data Systems Corp. (a)	600		46,752
Authorize.Net Holdings, Inc. (a)	39,100		639,676
Automatic Data Processing, Inc.	34,400		1,709,680
Broadridge Financial Solutions, Inc. (a)	1,125		22,770
Ceridian Corp. (a)	100		3,537
CheckFree Corp. (a)	5,200		204,100
Computer Sciences Corp. (a)	7,200		398,880
Convergys Corp. (a)	3,700		95,238
CSG Systems International, Inc. (a)	3,300		91,740
DST Systems, Inc. (a)	500		41,865
Electronic Clearing House, Inc. (a)	75,800		931,582
Electronic Data Systems Corp.	71,100		2,048,391
Fidelity National Information Services, Inc.	57,600		3,105,792
First Data Corp.	14,400		470,880
Fiserv, Inc. (a)	37,700		2,233,725
Global Cash Access Holdings, Inc. (a)	5,400		87,750
Global Payments, Inc.	6,300		252,252
Heartland Payment Systems, Inc.	100		2,545
Hewitt Associates, Inc. Class A (a)	1,900		57,038
Iron Mountain, Inc. (a)	10,950		301,016
Mastercard, Inc. Class A	51,700		7,731,734
MoneyGram International, Inc.	62,800		1,829,992
Paychex, Inc. (d)	84,587		3,417,315
Syntel, Inc.	3,000		103,860
The Western Union Co.	207,100		4,649,395
	Shares		Value
VeriFone Holdings, Inc. (a)	600		$ 20,778
WNS Holdings Ltd. ADR	2,500		67,725
Wright Express Corp. (a)	1,100		38,577
			31,759,915
IT Consulting & Other Services - 13.3%
Accenture Ltd. Class A	45,300		1,854,582
BearingPoint, Inc. (a)	47,000		347,330
CACI International, Inc. Class A (a)	5,200		268,060
Cognizant Technology Solutions Corp. Class A (a)	45,408		3,567,252
MPS Group, Inc. (a)	4,200		57,750
Sapient Corp. (a)	1,700		12,750
Satyam Computer Services Ltd. sponsored ADR	11,200		283,808
SRA International, Inc. Class A (a)	4,800		121,872
Unisys Corp. (a)	10,200		84,864
			6,598,268
TOTAL IT SERVICES			38,358,183
LEISURE EQUIPMENT & PRODUCTS - 0.1%
Leisure Products - 0.1%
Cybex International, Inc. (a)	5,300		36,040
SOFTWARE - 6.6%
Application Software - 6.6%
EPIQ Systems, Inc. (a)	39,200		1,034,880
Fair Isaac Corp.	44,700		1,691,895
Jack Henry & Associates, Inc.	8,500		224,825
Transaction Systems Architects, Inc. Class A (a)	10,300		350,715
			3,302,315
TOTAL COMMON STOCKS (Cost $39,376,953)		46,736,884
Money Market Funds - 7.6%
Fidelity Cash Central Fund, 5.33% (b)	828,466		828,466
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	2,962,525		2,962,525
TOTAL MONEY MARKET FUNDS (Cost $3,790,991)		3,790,991

TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $43,167,944) 50,527,875

NET OTHER ASSETS - (1.7)%		(837,557)
NET ASSETS - 100%	$ 49,690,318

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,403
Fidelity Securities Lending Cash Central Fund	4,392
Total	$ 15,795

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $43,233,933. Net unrealized appreciation aggregated $7,293,942, of which $7,950,594 related to appreciated investment securities and $656,652 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

May 31, 2007

1.802179.103

LEI-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 10.0%
Education Services - 7.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	187,200		$ 8,979,984
Career Education Corp. (a)	94,500		3,295,215
Corinthian Colleges, Inc. (a)	156,200		2,282,082
ITT Educational Services, Inc. (a)	15,900		1,799,721
Strayer Education, Inc.	30,800		3,854,928
			20,211,930
Specialized Consumer Services - 2.2%
Regis Corp.	80,300		3,201,561
Weight Watchers International, Inc.	50,200		2,621,444
			5,823,005
TOTAL DIVERSIFIED CONSUMER SERVICES			26,034,935
HOTELS, RESTAURANTS & LEISURE - 82.8%
Casinos & Gaming - 18.6%
Aristocrat Leisure Ltd.	218,163		2,782,344
Harrah's Entertainment, Inc.	99,100		8,468,095
International Game Technology	267,400		10,746,806
Las Vegas Sands Corp. (a)(d)	125,000		9,752,500
MGM Mirage, Inc. (a)(d)	106,100		8,438,133
MTR Gaming Group, Inc. (a)	82,400		1,298,624
Multimedia Games, Inc. (a)	600		7,620
Penn National Gaming, Inc. (a)	128,000		6,839,040
			48,333,162
Hotels, Resorts & Cruise Lines - 22.6%
Accor SA	15,900		1,478,556
Carnival Corp. unit	232,300		11,717,212
Hilton Hotels Corp.	213,600		7,593,480
Home Inns & Hotels Management, Inc. ADR (d)	20,100		589,332
InterContinental Hotel Group PLC	51,000		1,375,348
Marriott International, Inc. Class A	127,100		5,852,955
Royal Caribbean Cruises Ltd.	153,800		6,687,224
Starwood Hotels & Resorts Worldwide, Inc.	254,700		18,356,229
Wyndham Worldwide Corp. (a)	134,700		5,010,840
			58,661,176
Leisure Facilities - 2.8%
Life Time Fitness, Inc. (a)(d)	48,300		2,471,994
Speedway Motorsports, Inc.	30,300		1,222,908
Vail Resorts, Inc. (a)(d)	59,900		3,591,005
			7,285,907
Restaurants - 38.8%
Applebee's International, Inc.	24,100		631,420
Burger King Holdings, Inc.	90,100		2,306,560
Carrols Restaurant Group, Inc.	126,497		1,999,918
CEC Entertainment, Inc. (a)	61,300		2,373,536
Darden Restaurants, Inc.	178,000		8,111,460
	Shares		Value
McCormick & Schmick's Seafood Restaurants (a)	7,788		$ 219,232
McDonald's Corp.	1,000,600		50,580,330
Ruth's Chris Steak House, Inc. (a)	186,900		3,422,139
Sonic Corp. (a)	48,500		1,182,430
Starbucks Corp. (a)(d)	535,100		15,416,231
Yum! Brands, Inc.	211,900		14,349,868
			100,593,124
TOTAL HOTELS, RESTAURANTS & LEISURE			214,873,369
LEISURE EQUIPMENT & PRODUCTS - 3.2%
Leisure Products - 3.2%
Brunswick Corp.	81,700		2,812,931
MarineMax, Inc. (a)(d)	110,800		2,302,424
RC2 Corp. (a)	70,761		3,179,999
			8,295,354
MEDIA - 1.1%
Movies & Entertainment - 1.1%
Cinemark Holdings, Inc. (a)	69,700		1,348,695
Regal Entertainment Group Class A	63,700		1,457,456
			2,806,151
TEXTILES, APPAREL & LUXURY GOODS - 1.4%
Apparel, Accessories & Luxury Goods - 1.4%
Coach, Inc. (a)	55,800		2,865,888
G-III Apparel Group Ltd. (a)	36,200		749,340
			3,615,228
TOTAL COMMON STOCKS (Cost $215,468,972)		255,625,037
Money Market Funds - 9.3%
Fidelity Cash Central Fund, 5.33% (b)	3,533,971		3,533,971
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	20,685,265		20,685,265
TOTAL MONEY MARKET FUNDS (Cost $24,219,236)		24,219,236

TOTAL INVESTMENT PORTFOLIO - 107.8% (Cost $239,688,208) 279,844,273

NET OTHER ASSETS - (7.8)%	(20,283,713)
NET ASSETS - 100%	$ 259,560,560

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 36,061
Fidelity Securities Lending Cash Central Fund	21,657
Total	$ 57,718

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $239,690,173. Net unrealized appreciation aggregated $40,154,100, of which $45,186,565 related to appreciated investment securities and $5,032,465 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

May 31, 2007

1.802177.103

IND-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
CHEMICALS - 45.9%
Commodity Chemicals - 4.1%
Celanese Corp. Class A	241,100		$ 8,773,629
Lyondell Chemical Co.	150,000		5,575,500
			14,349,129
Diversified Chemicals - 15.8%
Cabot Corp.	32,000		1,545,920
Dow Chemical Co.	343,100		15,569,878
E.I. du Pont de Nemours & Co.	411,200		21,513,983
Eastman Chemical Co.	23,400		1,548,144
FMC Corp.	20,400		1,706,664
Hercules, Inc. (a)	50,095		943,289
Huntsman Corp.	166,900		3,338,000
PPG Industries, Inc.	109,800		8,365,662
			54,531,540
Fertilizers & Agricultural Chemicals - 7.3%
Agrium, Inc.	79,200		3,054,841
Monsanto Co.	327,300		20,161,680
The Mosaic Co.	52,700		1,851,351
			25,067,872
Industrial Gases - 9.0%
Air Products & Chemicals, Inc.	146,600		11,433,334
Airgas, Inc.	150,000		6,396,000
Praxair, Inc.	196,500		13,379,685
			31,209,019
Specialty Chemicals - 9.7%
Albemarle Corp.	35,600		1,446,784
Chemtura Corp.	132,700		1,445,103
Cytec Industries, Inc.	27,100		1,611,095
Ecolab, Inc.	107,000		4,617,050
H.B. Fuller Co.	53,900		1,468,775
Lubrizol Corp.	59,900		3,936,628
Minerals Technologies, Inc.	74,600		4,745,306
Nalco Holding Co.	61,500		1,625,445
Rohm & Haas Co.	148,500		7,871,985
Sigma Aldrich Corp.	74,300		3,215,704
Valspar Corp.	53,900		1,557,171
			33,541,046
TOTAL CHEMICALS			158,698,606
CONSTRUCTION MATERIALS - 2.9%
Construction Materials - 2.9%
Martin Marietta Materials, Inc.	11,000		1,709,840
Polaris Minerals Corp. (a)(e)	370,600		3,673,253
Vulcan Materials Co.	39,600		4,739,724
			10,122,817
CONTAINERS & PACKAGING - 4.8%
Metal & Glass Containers - 2.0%
Ball Corp.	31,687		1,754,192
Crown Holdings, Inc. (a)	60,900		1,518,237
	Shares		Value
Owens-Illinois, Inc.	55,700		$ 1,893,800
Pactiv Corp. (a)	44,800		1,521,856
			6,688,085
Paper Packaging - 2.8%
Bemis Co., Inc.	44,800		1,506,624
Packaging Corp. of America	125,400		3,242,844
Smurfit-Stone Container Corp.	132,700		1,715,811
Temple-Inland, Inc.	51,400		3,238,200
			9,703,479
TOTAL CONTAINERS & PACKAGING			16,391,564
INDUSTRIAL CONGLOMERATES - 3.2%
Industrial Conglomerates - 3.2%
3M Co.	124,800		10,977,408
METALS & MINING - 31.0%
Aluminum - 5.4%
Alcoa, Inc.	451,100		18,621,408
Diversified Metals & Mining - 6.4%
Freeport-McMoRan Copper & Gold, Inc. Class B	184,628		14,530,224
Rio Tinto PLC sponsored ADR	6,400		1,874,880
Titanium Metals Corp.	168,700		5,837,020
			22,242,124
Gold - 3.4%
Goldcorp, Inc.	121,900		2,932,804
Meridian Gold, Inc. (a)	111,700		2,865,106
Newmont Mining Corp.	142,800		5,809,104
			11,607,014
Steel - 15.8%
Allegheny Technologies, Inc. (d)	47,700		5,513,643
Arcelor Mittal	56,800		3,407,432
Carpenter Technology Corp.	38,700		5,130,459
Chaparral Steel Co.	51,100		3,740,520
Commercial Metals Co.	47,200		1,659,080
Nucor Corp.	164,800		11,130,592
Reliance Steel & Aluminum Co.	122,600		7,523,962
Ryerson Tull, Inc.	73,700		2,795,441
Steel Dynamics, Inc.	145,500		6,823,950
United States Steel Corp.	60,900		6,891,444
			54,616,523
TOTAL METALS & MINING			107,087,069
OIL, GAS & CONSUMABLE FUELS - 2.0%
Coal & Consumable Fuels - 2.0%
Cameco Corp.	32,900		1,705,220
Coalcorp Mining, Inc. (a)	2,783,000		1,691,477
CONSOL Energy, Inc.	35,900		1,744,381
Peabody Energy Corp.	34,700		1,875,188
			7,016,266
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 5.3%
Forest Products - 2.9%
Weyerhaeuser Co.	119,500		$ 9,794,220
Paper Products - 2.4%
International Paper Co. (d)	169,700		6,647,149
MeadWestvaco Corp.	48,700		1,704,500
			8,351,649
TOTAL PAPER & FOREST PRODUCTS			18,145,869
TOTAL COMMON STOCKS (Cost $279,944,699)		328,439,599
Money Market Funds - 6.9%
Fidelity Cash Central Fund, 5.33% (b)	19,912,953		19,912,953
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	4,023,525		4,023,525
TOTAL MONEY MARKET FUNDS (Cost $23,936,478)		23,936,478

TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $303,881,177) 352,376,077

NET OTHER ASSETS - (2.0)%	(6,916,377)
NET ASSETS - 100%	$ 345,459,700

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,673,253 or 1.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 324,154
Fidelity Securities Lending Cash Central Fund	71,153
Total	$ 395,307

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $304,477,338. Net unrealized appreciation aggregated $47,898,739, of which $50,666,676 related to appreciated investment securities and $2,767,937 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2007

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

1.851742.100

AMF-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
CHEMICALS - 45.9%
Commodity Chemicals - 4.1%
Celanese Corp. Class A	241,100		$ 8,773,629
Lyondell Chemical Co.	150,000		5,575,500
			14,349,129
Diversified Chemicals - 15.8%
Cabot Corp.	32,000		1,545,920
Dow Chemical Co.	343,100		15,569,878
E.I. du Pont de Nemours & Co.	411,200		21,513,983
Eastman Chemical Co.	23,400		1,548,144
FMC Corp.	20,400		1,706,664
Hercules, Inc. (a)	50,095		943,289
Huntsman Corp.	166,900		3,338,000
PPG Industries, Inc.	109,800		8,365,662
			54,531,540
Fertilizers & Agricultural Chemicals - 7.3%
Agrium, Inc.	79,200		3,054,841
Monsanto Co.	327,300		20,161,680
The Mosaic Co.	52,700		1,851,351
			25,067,872
Industrial Gases - 9.0%
Air Products & Chemicals, Inc.	146,600		11,433,334
Airgas, Inc.	150,000		6,396,000
Praxair, Inc.	196,500		13,379,685
			31,209,019
Specialty Chemicals - 9.7%
Albemarle Corp.	35,600		1,446,784
Chemtura Corp.	132,700		1,445,103
Cytec Industries, Inc.	27,100		1,611,095
Ecolab, Inc.	107,000		4,617,050
H.B. Fuller Co.	53,900		1,468,775
Lubrizol Corp.	59,900		3,936,628
Minerals Technologies, Inc.	74,600		4,745,306
Nalco Holding Co.	61,500		1,625,445
Rohm & Haas Co.	148,500		7,871,985
Sigma Aldrich Corp.	74,300		3,215,704
Valspar Corp.	53,900		1,557,171
			33,541,046
TOTAL CHEMICALS			158,698,606
CONSTRUCTION MATERIALS - 2.9%
Construction Materials - 2.9%
Martin Marietta Materials, Inc.	11,000		1,709,840
Polaris Minerals Corp. (a)(e)	370,600		3,673,253
Vulcan Materials Co.	39,600		4,739,724
			10,122,817
CONTAINERS & PACKAGING - 4.8%
Metal & Glass Containers - 2.0%
Ball Corp.	31,687		1,754,192
Crown Holdings, Inc. (a)	60,900		1,518,237
	Shares		Value
Owens-Illinois, Inc.	55,700		$ 1,893,800
Pactiv Corp. (a)	44,800		1,521,856
			6,688,085
Paper Packaging - 2.8%
Bemis Co., Inc.	44,800		1,506,624
Packaging Corp. of America	125,400		3,242,844
Smurfit-Stone Container Corp.	132,700		1,715,811
Temple-Inland, Inc.	51,400		3,238,200
			9,703,479
TOTAL CONTAINERS & PACKAGING			16,391,564
INDUSTRIAL CONGLOMERATES - 3.2%
Industrial Conglomerates - 3.2%
3M Co.	124,800		10,977,408
METALS & MINING - 31.0%
Aluminum - 5.4%
Alcoa, Inc.	451,100		18,621,408
Diversified Metals & Mining - 6.4%
Freeport-McMoRan Copper & Gold, Inc. Class B	184,628		14,530,224
Rio Tinto PLC sponsored ADR	6,400		1,874,880
Titanium Metals Corp.	168,700		5,837,020
			22,242,124
Gold - 3.4%
Goldcorp, Inc.	121,900		2,932,804
Meridian Gold, Inc. (a)	111,700		2,865,106
Newmont Mining Corp.	142,800		5,809,104
			11,607,014
Steel - 15.8%
Allegheny Technologies, Inc. (d)	47,700		5,513,643
Arcelor Mittal	56,800		3,407,432
Carpenter Technology Corp.	38,700		5,130,459
Chaparral Steel Co.	51,100		3,740,520
Commercial Metals Co.	47,200		1,659,080
Nucor Corp.	164,800		11,130,592
Reliance Steel & Aluminum Co.	122,600		7,523,962
Ryerson Tull, Inc.	73,700		2,795,441
Steel Dynamics, Inc.	145,500		6,823,950
United States Steel Corp.	60,900		6,891,444
			54,616,523
TOTAL METALS & MINING			107,087,069
OIL, GAS & CONSUMABLE FUELS - 2.0%
Coal & Consumable Fuels - 2.0%
Cameco Corp.	32,900		1,705,220
Coalcorp Mining, Inc. (a)	2,783,000		1,691,477
CONSOL Energy, Inc.	35,900		1,744,381
Peabody Energy Corp.	34,700		1,875,188
			7,016,266
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 5.3%
Forest Products - 2.9%
Weyerhaeuser Co.	119,500		$ 9,794,220
Paper Products - 2.4%
International Paper Co. (d)	169,700		6,647,149
MeadWestvaco Corp.	48,700		1,704,500
			8,351,649
TOTAL PAPER & FOREST PRODUCTS			18,145,869
TOTAL COMMON STOCKS (Cost $279,944,699)		328,439,599
Money Market Funds - 6.9%
Fidelity Cash Central Fund, 5.33% (b)	19,912,953		19,912,953
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	4,023,525		4,023,525
TOTAL MONEY MARKET FUNDS (Cost $23,936,478)		23,936,478

TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $303,881,177) 352,376,077

NET OTHER ASSETS - (2.0)%	(6,916,377)
NET ASSETS - 100%	$ 345,459,700

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,673,253 or 1.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 324,154
Fidelity Securities Lending Cash Central Fund	71,153
Total	$ 395,307

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $304,477,338. Net unrealized appreciation aggregated $47,898,739, of which $50,666,676 related to appreciated investment securities and $2,767,937 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

May 31, 2007

1.802180.103

MED-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
BIOTECHNOLOGY - 1.8%
Biotechnology - 1.8%
Alnylam Pharmaceuticals, Inc. (a)	29,300		$ 480,520
deCODE genetics, Inc. (a)(e)	96,600		317,814
Memory Pharmaceuticals Corp. (a)	1,727,394		4,974,895
OSI Pharmaceuticals, Inc. (a)	82,000		3,096,320
Theravance, Inc. (a)	112,100		3,849,514
			12,719,063
CAPITAL MARKETS - 0.9%
Asset Management & Custody Banks - 0.9%
Fortress Investment Group LLC	224,300		6,011,240
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Human Resource & Employment Services - 0.2%
Kforce, Inc. (a)	67,400		1,083,118
DIVERSIFIED CONSUMER SERVICES - 1.2%
Specialized Consumer Services - 1.2%
Carriage Services, Inc. Class A	506,549		3,864,969
Service Corp. International	311,430		4,353,791
StoneMor Partners LP	3,000		83,250
			8,302,010
DIVERSIFIED FINANCIAL SERVICES - 0.5%
Other Diversifed Financial Services - 0.5%
MBF Healthcare Acquisition Corp. unit	435,100		3,550,416
FOOD & STAPLES RETAILING - 2.6%
Drug Retail - 2.6%
CVS Caremark Corp.	461,883		17,800,971
HEALTH CARE EQUIPMENT & SUPPLIES - 6.9%
Health Care Equipment - 3.0%
Aspect Medical Systems, Inc. (a)	480,800		7,784,152
Becton, Dickinson & Co.	94,000		7,167,500
BioLase Technology, Inc. (a)	48,300		289,800
C.R. Bard, Inc.	51,300		4,330,233
IDEXX Laboratories, Inc. (a)	4,000		353,160
Minrad International, Inc. (a)	61,400		371,470
NeuroMetrix, Inc. (a)(e)	57,700		519,877
			20,816,192
Health Care Supplies - 3.9%
Inverness Medical Innovations, Inc. (a)	561,700		26,787,473
Microtek Medical Holdings, Inc. (a)	76,100		348,538
			27,136,011
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			47,952,203
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 76.9%
Health Care Distributors & Services - 12.6%
Cardinal Health, Inc.	491,900		$ 35,643,074
Henry Schein, Inc. (a)	71,132		3,807,696
McKesson Corp.	709,700		44,803,361
Profarma Distribuidora de Produtos Farmaceuticos SA	186,000		2,854,388
			87,108,519
Health Care Facilities - 13.8%
Acibadem Saglik Hizmetleri AS	422,000		5,413,131
Apollo Hospitals Enterprise Ltd.	742,520		9,244,029
Assisted Living Concepts, Inc. Class A (a)	119,200		1,358,880
Bangkok Chain Hospital PCL	4,250,000		950,577
Bangkok Dusit Medical Service PCL (For. Reg.)	2,172,600		2,555,078
Brookdale Senior Living, Inc. (e)	576,077		27,196,595
Bumrungrad Hospital PCL (For. Reg.)	3,168,200		4,251,697
Capital Senior Living Corp. (a)	125,700		1,397,784
Community Health Systems, Inc. (a)	172,173		6,563,235
Emeritus Corp. (a)	181,524		6,489,483
Five Star Quality Care, Inc. (a)(e)	90,600		739,296
HealthSouth Corp. (a)(e)	240,400		4,990,704
Kindred Healthcare, Inc. (a)	100		3,200
LifePoint Hospitals, Inc. (a)	500		20,295
Manor Care, Inc.	56,000		3,808,000
National Healthcare Corp.	30,000		1,597,500
Sun Healthcare Group, Inc. (a)	738,031		10,553,843
Triad Hospitals, Inc. (a)	40,200		2,151,102
U.S. Physical Therapy, Inc. (a)	73,046		1,014,609
VCA Antech, Inc. (a)	139,300		5,513,494
			95,812,532
Health Care Services - 18.9%
AMN Healthcare Services, Inc. (a)	55,800		1,256,616
Diagnosticos da America SA (a)	975,900		22,987,754
Emergency Medical Services Corp. Class A (a)	100		3,486
Express Scripts, Inc. (a)	306,600		31,303,860
Health Grades, Inc. (a)(f)	1,702,300		10,928,766
Healthways, Inc. (a)	99,200		4,624,704
HMS Holdings Corp. (a)	165,829		3,401,153
LHC Group, Inc. (a)(e)	147,100		4,318,856
Lincare Holdings, Inc. (a)	500		20,045
Medco Health Solutions, Inc. (a)	235,000		18,273,600
Nighthawk Radiology Holdings, Inc. (a)(e)	351,423		6,378,327
Omnicare, Inc. (e)	352,800		13,201,776
Rural/Metro Corp. (a)(f)	1,957,400		13,682,226
			130,381,169
Managed Health Care - 31.6%
Aetna, Inc.	162,600		8,606,418
Health Net, Inc. (a)	248,900		14,207,212
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
Healthspring, Inc. (a)	75,700		$ 1,848,594
Humana, Inc. (a)	370,300		22,977,115
Medial Saude SA	199,000		2,952,369
Sierra Health Services, Inc. (a)	57,800		2,409,104
UnitedHealth Group, Inc.	2,890,901		158,334,648
WellPoint, Inc. (a)	83,500		6,797,735
			218,133,195
TOTAL HEALTH CARE PROVIDERS & SERVICES			531,435,415
HEALTH CARE TECHNOLOGY - 1.6%
Health Care Technology - 1.6%
Cerner Corp. (a)	59,701		3,391,614
Eclipsys Corp. (a)	146,400		2,983,632
Merge Technologies, Inc. (a)	65,000		449,800
Vital Images, Inc. (a)	30,097		830,376
WebMD Health Corp. Class A (a)(e)	63,400		3,186,484
			10,841,906
HOTELS, RESTAURANTS & LEISURE - 0.5%
Leisure Facilities - 0.5%
Life Time Fitness, Inc. (a)(e)	64,300		3,290,874
INSURANCE - 1.6%
Life & Health Insurance - 1.6%
MetLife, Inc.	51,800		3,522,400
Universal American Financial Corp. (a)	370,873		7,873,634
			11,396,034
LIFE SCIENCES TOOLS & SERVICES - 1.5%
Life Sciences Tools & Services - 1.5%
Exelixis, Inc. (a)	80,000		886,400
PerkinElmer, Inc.	211,100		5,596,261
Thermo Fisher Scientific, Inc. (a)	69,200		3,778,320
			10,260,981
PHARMACEUTICALS - 1.4%
Pharmaceuticals - 1.4%
Adams Respiratory Therapeutics, Inc. (a)(e)	179,100		8,202,780
China Shineway Pharmaceutical Group Ltd.	151,000		121,828
Inyx, Inc. (a)	300,000		720,000
Nexmed, Inc. (a)	325,500		553,350
			9,597,958
SOFTWARE - 0.3%
Systems Software - 0.3%
Quality Systems, Inc.	55,300		2,264,535
TOTAL COMMON STOCKS (Cost $528,858,876)		676,506,724
Corporate Bonds - 0.5%
	Principal Amount		Value
Convertible Bonds - 0.1%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Supplies - 0.1%
Inverness Medical Innovations, Inc. 3% 5/15/16 (g)	$ 677,000		$ 737,930
Nonconvertible Bonds - 0.4%
HEALTH CARE PROVIDERS & SERVICES - 0.4%
Health Care Services - 0.4%
Rural/Metro Corp.:
0% 3/15/16 (d)	2,790,000		2,259,900
9.875% 3/15/15	20,000		21,300
			2,281,200
TOTAL CORPORATE BONDS (Cost $2,673,950)			3,019,130
Money Market Funds - 10.1%
	Shares
Fidelity Cash Central Fund, 5.33% (b)	18,007,769		18,007,769
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	51,982,575		51,982,575
TOTAL MONEY MARKET FUNDS (Cost $69,990,344)		69,990,344

TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $601,523,170) 749,516,198

NET OTHER ASSETS - (8.5)%		(58,462,259)
NET ASSETS - 100%	$ 691,053,939

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

(d) Security 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.

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $737,930 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 200,034
Fidelity Securities Lending Cash Central Fund	40,619
Total	$ 240,653

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Health Grades, Inc.	$ 10,192,464	$ 332,588	$ 1,226,605	$ -	$ 10,928,766
Rural/Metro Corp.	14,817,518	-	-	-	13,682,226
Total	$ 25,009,982	$ 332,588	$ 1,226,605	$ -	$ 24,610,992

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $603,516,257. Net unrealized appreciation aggregated $145,999,941, of which $160,476,571 related to appreciated investment securities and $14,476,630 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2007

1.802181.103

MES-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
BIOTECHNOLOGY - 2.8%
Biotechnology - 2.8%
Alnylam Pharmaceuticals, Inc. (a)(d)	434,700		$ 7,129,080
CSL Ltd.	55,484		4,097,738
deCODE genetics, Inc. (a)(d)	653,300		2,149,357
Diagnocure, Inc. (a)	474,700		1,575,749
DUSA Pharmaceuticals, Inc. (a)(d)	200,000		704,000
MannKind Corp. (a)(d)	140,300		1,596,614
Omrix Biopharmaceuticals, Inc.	172,100		5,768,792
			23,021,330
HEALTH CARE EQUIPMENT & SUPPLIES - 84.1%
Health Care Equipment - 74.4%
Advanced Medical Optics, Inc. (a)	35,094		1,231,799
American Medical Systems Holdings, Inc. (a)(d)	574,977		10,786,569
ArthroCare Corp. (a)	231,900		10,219,833
Aspect Medical Systems, Inc. (a)	159,106		2,575,926
Baxter International, Inc.	1,471,920		83,663,933
Becton, Dickinson & Co.	1,052,600		80,260,750
Biomet, Inc.	250,000		10,905,000
Boston Scientific Corp. (a)	505,000		7,913,350
C.R. Bard, Inc.	735,700		62,100,437
Cochlear Ltd.	38,300		1,973,503
Cytyc Corp. (a)	230,500		9,745,540
Edwards Lifesciences Corp. (a)	71,000		3,564,200
Electro-Optical Sciences, Inc. warrants 11/2/11 (a)(e)	90,313		220,793
ev3, Inc. (a)(d)	183,000		3,180,540
Gen-Probe, Inc. (a)	273,775		14,808,490
Gyrus Group PLC (a)	429,800		4,316,718
Hologic, Inc. (a)	71,000		3,840,390
Intuitive Surgical, Inc. (a)(d)	60,600		8,340,378
Kyphon, Inc. (a)	252,494		11,990,940
Medtronic, Inc.	3,024,300		160,802,032
Meridian Bioscience, Inc.	185,550		3,918,816
Micrus Endovascular Corp. (a)	72,000		1,540,080
NeuroMetrix, Inc. (a)(d)	178,400		1,607,384
Nobel Biocare Holding AG (Switzerland)	5,709		1,957,851
Northstar Neuroscience, Inc.	251,300		3,354,855
NuVasive, Inc. (a)	101,600		2,637,536
Phonak Holding AG	3,122		298,256
ResMed, Inc. (a)(d)	96,200		4,336,696
Respironics, Inc. (a)	400,500		17,682,075
Sirona Dental Systems, Inc.	91,258		3,162,090
St. Jude Medical, Inc. (a)	834,700		35,633,343
Stereotaxis, Inc. (a)(d)	391,529		4,714,009
Stryker Corp.	200,000		13,462,000
The Spectranetics Corp. (a)	264,800		2,547,376
	Shares		Value
ThermoGenesis Corp. (a)	599,788		$ 1,625,425
Thoratec Corp. (a)	137,000		2,713,970
Varian Medical Systems, Inc. (a)	173,200		6,979,960
Volcano Corp.	101,100		2,048,286
			602,661,129
Health Care Supplies - 9.7%
Alcon, Inc.	26,100		3,603,366
Align Technology, Inc. (a)	230,700		5,257,653
Cooper Companies, Inc.	300,000		16,542,000
DENTSPLY International, Inc.	111,300		4,022,382
DJO, Inc. (a)	108,900		4,248,189
Haemonetics Corp. (a)	42,400		2,104,736
Immucor, Inc. (a)	62,800		1,983,224
Inverness Medical Innovations, Inc. (a)	818,800		39,048,572
West Pharmaceutical Services, Inc.	34,300		1,744,498
			78,554,620
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			681,215,749
HEALTH CARE PROVIDERS & SERVICES - 1.8%
Health Care Distributors & Services - 1.0%
Henry Schein, Inc. (a)	157,900		8,452,387
Health Care Facilities - 0.8%
Brookdale Senior Living, Inc.	134,200		6,335,582
TOTAL HEALTH CARE PROVIDERS & SERVICES			14,787,969
HEALTH CARE TECHNOLOGY - 1.4%
Health Care Technology - 1.4%
Cerner Corp. (a)	94,700		5,379,907
Eclipsys Corp. (a)	108,500		2,211,230
Vital Images, Inc. (a)	63,000		1,738,170
WebMD Health Corp. Class A (a)	37,630		1,891,284
			11,220,591
LIFE SCIENCES TOOLS & SERVICES - 6.1%
Life Sciences Tools & Services - 6.1%
Affymetrix, Inc. (a)	145,330		3,775,673
Bruker BioSciences Corp. (a)	44,980		384,129
Illumina, Inc. (a)(d)	164,313		5,361,533
Luminex Corp. (a)	207,400		2,573,834
Millipore Corp. (a)	160,200		11,978,154
PerkinElmer, Inc.	84,000		2,226,840
QIAGEN NV (a)	250,000		4,352,500
Thermo Fisher Scientific, Inc. (a)	111,200		6,071,520
Third Wave Technologies, Inc. (a)	400,000		2,328,000
Ventana Medical Systems, Inc. (a)	89,400		4,600,524
Waters Corp. (a)	92,600		5,583,780
			49,236,487
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 3.3%
Pharmaceuticals - 3.3%
Allergan, Inc. (d)	185,900		$ 23,150,127
BioMimetic Therapeutics, Inc.	176,800		3,228,368
			26,378,495
TOTAL COMMON STOCKS (Cost $643,047,238)		805,860,621
Money Market Funds - 5.9%
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $48,004,705)	48,004,705		48,004,705

TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $691,051,943) 853,865,326

NET OTHER ASSETS - (5.4)%		(43,909,352)
NET ASSETS - 100%	$ 809,955,974

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $220,793 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc. warrants 11/2/11	11/1/06	$ 9

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 81,192
Fidelity Securities Lending Cash Central Fund	123,827
Total	$ 205,019

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
NeuroMetrix, Inc.	$ 7,873,822	$ -	$ 4,793,430	$ -	$ -

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $691,968,201. Net unrealized appreciation aggregated $161,897,125, of which $174,316,675 related to appreciated investment securities and $12,419,550 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Money Market Portfolio

May 31, 2007

1.802201.103

MON-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 19.6%
	Due Date	Yield (a)	Principal Amount	Value
Domestic Certificates Of Deposit - 0.5%
American Express Centurion Bank
	6/20/07	5.35%	$ 7,000,000	$ 7,000,000
Countrywide Bank, Alexandria Virginia
	6/16/07	5.35 (c)	2,000,000	1,999,959
Huntington National Bank, Columbus
	10/29/07	5.35	2,000,000	2,000,000
Washington Mutual Bank
	7/5/07	5.75	5,000,000	5,000,000
				15,999,959
London Branch, Eurodollar, Foreign Banks - 6.6%
Banco Bilbao Vizcaya Argentaria SA
	7/31/07	5.36	20,000,000	20,000,000
Barclays Bank PLC
	6/11/07 to 3/4/08	5.35 to 5.44	30,000,000	30,000,000
Bayerische Hypo-und Vereinsbank AG
	11/5/07	5.35	20,000,000	20,000,000
Credit Industriel et Commercial
	7/25/07 to 11/19/07	5.33 to 5.36	60,000,000	59,999,930
HBOS Treasury Services PLC
	2/11/08	5.30	10,000,000	10,000,000
Landesbank Hessen-Thuringen
	7/23/07 to 9/17/07	5.36 to 5.37	40,000,000	40,000,000
Societe Generale
	7/25/07 to 9/28/07	5.30 to 5.39	35,000,000	35,000,000
Unicredito Italiano Spa
	7/30/07	5.36	5,000,000	5,000,000
				219,999,930
New York Branch, Yankee Dollar, Foreign Banks - 12.5%
Bank Tokyo-Mitsubishi UFJ Ltd.
	8/8/07	5.36	10,000,000	10,000,000
Barclays Bank PLC
	4/16/08	5.36	20,000,000	20,000,000
BNP Paribas SA
	6/11/07 to 10/2/07	5.30 to 5.45	25,000,000	25,000,000
Credit Suisse First Boston
	6/12/07 to 5/21/08	5.30 to 5.34 (c)	77,000,000	77,000,000
Credit Suisse Group
	6/4/07 to 4/17/08	5.30 to 5.44	13,000,000	13,000,000
Deutsche Bank AG
	6/4/07 to 4/24/08	5.37 to 5.41 (c)	35,000,000	35,000,000
Fortis Banque SA
	6/26/07	5.33	15,000,000	15,000,000
HBOS Treasury Services PLC
	2/11/08	5.30	10,000,000	10,000,000
Mizuho Corporate Bank Ltd.
	6/1/07 to 6/26/07	5.31	49,000,000	49,000,000
	Due Date	Yield (a)	Principal Amount	Value
Natexis Banques Populaires NY CD
	12/12/07 to 6/17/08	5.36 to 5.42%	$ 90,000,000	$ 90,000,000
Societe Generale
	4/2/08	5.36	25,000,000	25,000,000
Sumitomo Mitsui Banking Corp.
	6/25/07	5.31	25,000,000	25,000,000
UniCredito Italiano Spa, New York
	7/30/07	5.32 (c)	25,000,000	24,997,476
				418,997,476
TOTAL CERTIFICATES OF DEPOSIT				654,997,365
Commercial Paper - 22.0%
Aegis Finance LLC
	6/7/07 to 6/8/07	5.32 to 5.33	33,000,000	32,968,320
Aquifer Funding LLC
	6/6/07	5.31 to 5.32	35,000,000	34,974,311
Bavaria TRR Corp.
	6/7/07 to 6/15/07	5.31 to 5.34	47,000,000	46,950,076
Brahms Funding Corp.
	6/27/07	5.36	20,000,000	19,922,867
Burlington Northern Santa Fe Corp.
	6/14/07 to 7/16/07	5.34 to 5.38 (b)	4,800,000	4,786,043
Citigroup Funding, Inc.
	6/5/07 to 6/25/07	5.32 to 5.33	165,000,000	164,537,805
ConocoPhillips Qatar Funding Ltd.
	6/8/07 to 8/29/07	5.35 to 5.40 (b)	3,000,000	2,983,016
Countrywide Financial Corp.
	6/4/07 to 6/21/07	5.33 to 5.37	11,000,000	10,975,068
DaimlerChrysler NA Holding Corp.
	6/6/07 to 7/12/07	5.37 to 5.41	6,000,000	5,974,095
Davis Square Funding III (Delaware) Corp.
	6/28/07	5.32	3,000,000	2,988,075
Davis Square Funding V Corp.
	6/1/07 to 6/14/07	5.31 to 5.32	37,000,000	36,963,411
Devon Energy Corp.
	6/12/07 to 8/16/07	5.37 to 5.44	15,584,000	15,462,446
Dominion Resources, Inc.
	6/7/07 to 6/27/07	5.35 to 5.39	7,000,000	6,983,059
Dow Chemical Co.
	6/6/07	5.35	1,000,000	999,258
Emerald (MBNA Credit Card Master Note Trust)
	7/17/07	5.33	10,000,000	9,932,917
FCAR Owner Trust
	6/13/07	5.32	23,000,000	22,959,405
Fortune Brands, Inc.
	6/7/07 to 8/10/07	5.35 to 5.38	13,250,000	13,163,466
Giro Funding US Corp.
	7/13/07	5.33	4,000,000	3,975,267
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
Harrier Finance Funding LLC
	6/27/07	5.35% (b)	$ 5,000,000	$ 4,981,237
Hypo Real Estate Bank International AG
	7/10/07	5.37	3,000,000	2,982,775
ITT Corp.
	6/20/07 to 8/10/07	5.38 to 5.40	8,500,000	8,429,351
Kellogg Co.
	6/7/07 to 7/16/07	5.35 to 5.39	4,000,000	3,982,282
Liberty Harbour II CDO Ltd.
	6/21/07 to 6/22/07	5.32 (b)	4,394,000	4,380,857
Michigan Gen. Oblig.
	10/4/07	5.41 to 5.50	5,100,000	5,098,780
Monument Gardens Funding
	7/12/07 to 8/14/07	5.33	12,000,000	11,918,470
Motown Notes Program
	6/12/07 to 6/21/07	5.34 to 5.35	13,000,000	12,974,167
National Grid USA
	6/29/07 to 7/20/07	5.38	3,500,000	3,480,883
Nelnet Student Loan Funding LLC
	6/25/07	5.32	6,000,000	5,978,880
Nissan Motor Acceptance Corp.
	6/7/07 to 6/27/07	5.34 to 5.38	4,250,000	4,239,411
Park Granada LLC
	6/4/07 to 7/9/07	5.31 to 5.33	37,000,000	36,921,147
Park Sienna LLC
	6/1/07 to 8/31/07	5.28 to 5.38	30,000,000	29,897,423
Rockies Express Pipeline LLC
	6/13/07 to 7/20/07	5.39 to 5.44 (b)	7,500,000	7,463,890
SABMiller PLC
	6/5/07 to 6/11/07	5.35 to 5.37	3,609,000	3,604,189
Sheffield Receivables Corp.
	6/1/07	5.30	10,000,000	10,000,000
Skandinaviska Enskilda Banken AB
	7/19/07	5.35	2,000,000	1,986,053
Spectra Energy Capital LLC
	6/4/07 to 6/27/07	5.36 to 5.37 (b)	3,500,000	3,492,956
Stratford Receivables Co. LLC
	6/1/07 to 6/28/07	5.31 to 5.35	86,746,000	86,610,975
Textron Financial Corp.
	7/6/07 to 7/20/07	5.34 to 5.35	3,000,000	2,982,481
Time Warner Cable, Inc.
	6/12/07 to 7/23/07	5.38 to 5.40	10,750,000	10,708,085
Time Warner, Inc.
	6/11/07 to 8/17/07	5.38 to 5.43 (b)	16,500,000	16,408,982
Verizon Communications, Inc.
	6/6/07	5.32 (b)	1,000,000	999,265
Virginia Electric & Power Co.
	6/1/07	5.37	2,000,000	2,000,000
Weatherford International Ltd.
	6/1/07 to 6/25/07	5.35 to 5.36 (b)	5,872,000	5,865,512
	Due Date	Yield (a)	Principal Amount	Value
WellPoint, Inc.
	6/18/07	5.35%	$ 1,000,000	$ 997,483
Whirlpool Corp.
	6/6/07 to 6/29/07	5.35	1,680,000	1,675,354
Wisconsin Energy Corp.
	6/28/07 to 8/8/07	5.37 to 5.46	2,750,000	2,730,540
Xcel Energy, Inc.
	10/10/07	5.49	2,000,000	1,961,137
XTO Energy, Inc.
	6/13/07 to 7/9/07	5.36 to 5.40	2,250,000	2,241,187
TOTAL COMMERCIAL PAPER				734,492,657
Federal Agencies - 0.4%
Fannie Mae - 0.2%
	3/28/08 to 4/25/08	5.25 to 5.26	9,000,000	8,603,171
Freddie Mac - 0.2%
	5/27/08	5.25 to 5.26	6,000,000	5,699,728
TOTAL FEDERAL AGENCIES				14,302,899
Master Notes - 2.9%
Asset Funding Co. III LLC
	6/5/07	5.38 to 5.39 (c)(e)	19,000,000	19,000,000
Bear Stearns & Co., Inc.
	11/27/07	5.38 (c)	12,000,000	12,000,000
Countrywide Commercial Real Estate Finance, Inc.
	6/1/07	5.46 (c)	48,000,000	48,000,000
Lehman Brothers Holdings, Inc.
	6/11/07 to 9/28/07	5.43 to 5.46 (c)(e)	8,000,000	8,000,000
Lehman Commercial Paper, Inc.
	6/1/07	5.46 (c)(e)	11,000,000	11,000,000
TOTAL MASTER NOTES				98,000,000
Medium-Term Notes - 26.3%
AIG Matched Funding Corp.
	6/15/07 to 11/15/07	5.35 to 5.37 (b)(c)	23,000,000	23,000,000
	8/15/07	5.35 (c)	21,000,000	21,000,000
Australia & New Zealand Banking Group Ltd.
	6/25/07	5.32 (b)(c)	2,000,000	2,000,000
Banco Santander Totta SA
	6/18/07	5.32 (b)(c)	10,000,000	10,000,000
Banesto SA
	7/18/07	5.33 (b)(c)	14,000,000	14,000,000
Bank of New York Co., Inc.
	6/27/07	5.38 (b)(c)	5,000,000	5,000,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
Banque Federative du Credit Mutuel (BFCM)
	6/13/07	5.32% (b)(c)	$ 28,000,000	$ 28,000,000
Bayerische Landesbank Girozentrale
	8/20/07	5.40 (c)	5,000,000	5,000,000
BMW U.S. Capital LLC
	6/5/07	5.30 (b)(c)	1,000,000	1,000,000
BNP Paribas SA
	8/20/07	5.35 (b)(c)	5,000,000	5,000,000
	8/7/07	5.33 (c)	25,000,000	25,000,000
Caixa Catalunya
	6/7/07	5.34 (c)	20,000,000	20,000,000
Caja Madrid SA
	7/19/07	5.36 (c)	5,000,000	5,000,000
Calyon New York Branch
	6/4/07	5.26 (c)	5,000,000	4,999,833
CIT Group, Inc.
	6/20/07	5.58 (c)	1,000,000	1,000,723
Commonwealth Bank of Australia
	6/25/07	5.32 (c)	17,000,000	17,001,741
Compagnie Financiere du Credit Mutuel
	6/11/07	5.36 (c)	8,000,000	8,000,000
Countrywide Bank, Alexandria Virginia
	6/15/07 to 6/25/07	5.33 (c)	9,000,000	8,999,757
Credit Agricole SA
	6/22/07	5.32 (b)(c)	26,000,000	26,000,000
	7/23/07	5.33 (c)	30,000,000	30,000,000
Cullinan Finance Corp.
	6/25/07 to 4/15/08	5.32 to 5.38 (b)(c)	31,000,000	30,999,294
Cullinan Finance Ltd./Corp. MTN 144A
	5/27/08 to 6/20/08	5.35 to 5.40 (b)	35,000,000	35,000,000
Danske Bank A/S
	6/20/07	5.29 (b)(c)	50,000,000	49,995,379
DnB NOR Bank ASA
	6/25/07	5.32 (b)(c)	14,500,000	14,499,971
General Electric Capital Corp.
	6/7/07 to 6/18/07	5.36 to 5.45 (c)	14,000,000	14,000,758
Genworth Life Insurance Co.
	6/1/07	5.40 (c)(e)	5,000,000	5,000,000
Harrier Finance Funding LLC
	6/20/07 to 7/11/07	5.30 to 5.33 (b)(c)	2,000,000	1,999,813
HBOS Treasury Services PLC
	6/11/07	5.31 (b)(c)	5,000,000	4,999,723
	6/25/07	5.42 (c)	10,000,000	10,000,000
	Due Date	Yield (a)	Principal Amount	Value
HSBC Finance Corp.
	6/25/07	5.37% (c)	$ 2,000,000	$ 2,000,000
HSH Nordbank AG
	6/21/07 to 6/25/07	5.33 to 5.35 (b)(c)	13,000,000	12,999,991
ING USA Annuity & Life Insurance Co.
	6/22/07	5.44 (c)(e)	1,000,000	1,000,000
Intesa Bank Ireland PLC
	6/25/07	5.32 (b)(c)	24,000,000	24,000,000
John Deere Capital Corp.
	7/20/07	5.43 (c)	4,000,000	4,000,375
K2 (USA) LLC
	6/11/07	5.30 (b)(c)	4,000,000	3,999,891
Kestrel Funding PLC US LLC 144A
	6/1/07	5.34 (b)(c)	1,000,000	1,000,000
Merrill Lynch & Co., Inc.
	6/4/07 to 6/27/07	5.30 to 5.57 (c)	28,000,000	28,001,306
Metropolitan Life Global Funding I
	6/6/07	5.35 (b)(c)	2,213,000	2,213,000
Morgan Stanley
	6/1/07 to 6/15/07	5.38 to 5.43 (c)	15,016,000	15,019,868
National Rural Utils. Coop. Finance Corp.
	6/4/07	5.30 (c)	1,000,000	1,000,000
Nationwide Building Society
	6/28/07	5.43 (c)	5,000,000	5,001,192
Nordea Bank AB
	6/4/07	5.26 (c)	16,000,000	15,999,469
Pacific Life Global Funding
	6/4/07	5.39 (b)(c)	2,000,000	2,000,597
RACERS
	6/22/07	5.37 (b)(c)	10,000,000	10,000,000
Royal Bank of Canada
	6/6/07	5.29 (b)(c)	10,000,000	10,000,000
Royal Bank of Scotland PLC
	6/21/07	5.33 (b)(c)	8,500,000	8,500,000
SBC Communications, Inc.
	6/5/07	5.10 (b)	10,000,000	9,998,530
Security Life of Denver Insurance Co.
	8/29/07	5.45 (c)(e)	1,000,000	1,000,000
Sigma Finance, Inc.
	6/11/07 to 6/15/07	5.30 to 5.32 (b)(c)	11,000,000	10,999,750
Skandinaviska Enskilda Banken AB
	6/6/07 to 6/22/07	5.27 to 5.32 (c)	60,000,000	59,996,169
SLM Corp.
	7/25/07	5.58 (c)	20,000,000	20,006,634
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
Societe Generale
	6/29/07	5.27% (c)	$ 25,000,000	$ 24,999,400
	6/4/07	5.31 (b)(c)	11,000,000	11,000,242
Southern Co.
	6/20/07	5.36 (c)	2,000,000	2,000,000
Svenska Handelsbanken AB
	6/13/07	5.29 (b)(c)	30,000,000	30,000,000
UniCredito Italiano Bank (Ireland) PLC
	6/11/07 to 6/15/07	5.33 to 5.34 (b)(c)	23,000,000	22,999,945
UniCredito Italiano Spa, New York
	6/4/07 to 8/20/07	5.33 to 5.35 (c)	33,000,000	32,998,600
Verizon Communications, Inc.
	6/15/07	5.35 (c)	17,000,000	17,000,000
Vodafone Group PLC
	6/29/07	5.41 (c)	3,000,000	2,999,991
Washington Mutual Bank
	6/22/07 to 8/20/07	5.34 to 5.40 (c)	27,000,000	27,001,737
	8/24/07	5.34 (b)(c)	13,000,000	13,000,000
Wells Fargo & Co.
	6/4/07 to 6/15/07	5.33 to 5.38 (c)	10,000,000	10,000,000
WestLB AG
	6/11/07 to 6/29/07	5.38 to 5.40 (b)(c)	7,500,000	7,500,321
TOTAL MEDIUM-TERM NOTES				876,734,000
Short-Term Notes - 0.3%
Metropolitan Life Insurance Co.
	7/2/07	5.45 (c)(e)	5,000,000	5,000,000
New York Life Insurance Co.
	6/30/07	5.43 (c)(e)	5,000,000	5,000,000
TOTAL SHORT-TERM NOTES				10,000,000
Asset-Backed Securities - 1.6%
Aardvark ABS CDO
	7/6/07	5.40 (b)(c)	11,000,000	11,000,000
Le Monde CDO I PLC / LLC
	6/5/07	5.37 (b)(c)	13,000,000	12,998,700
Master Funding Trust I
	6/25/07	5.35 (b)(c)	2,000,000	2,000,000
	6/25/07 to 6/26/07	5.35 (c)	11,000,000	11,000,000
PASA Funding 2007 Ltd.
	6/7/07	5.34 (b)(c)	15,000,000	15,000,000
Wind Trust
	6/25/07	5.32 (b)(c)	2,000,000	2,000,000
TOTAL ASSET-BACKED SECURITIES				53,998,700

Municipal Securities - 0.8%
	Principal Amount		Value
Catholic Health Initiatives Series A, 5.37% 6/7/07, CP	$ 1,600,000		$ 1,600,000
Catholic Health Initiatives Series B, 5.37% 6/14/07, CP	2,200,000		2,200,000
Catholic Health Initiatives 5.37% 6/5/07, CP	6,800,000		6,800,000
Connecticut Hsg. Fin. Auth. Series F2, 5.32% 6/7/07, VRDN (c)	5,000,000		5,000,000
Texas Series E, 5.31% 6/7/07, VRDN (c)	11,500,000		11,500,000
TOTAL MUNICIPAL SECURITIES			27,100,000
Repurchase Agreements - 26.7%
	Maturity Amount
In a joint trading account at 5.32% dated 5/31/07 due 6/1/07 (Collateralized by U.S. Government Obligations) #	$ 43,888,488		43,882,000
With:
Banc of America Securities LLC at 5.35%, dated 5/31/07 due 6/1/07 (Collateralized by Corporate Obligations valued at $163,200,000, 3.95% - 8%, 8/15/08 - 4/1/35)	160,023,778		160,000,000
Barclays Capital, Inc. at 5.35%, dated 5/31/07 due 6/1/07 (Collateralized by Corporate Obligations valued at $116,280,001, 2.16% - 5.54%, 10/2/09 - 5/15/47)	114,016,942		114,000,000
Credit Suisse First Boston, Inc. at 5.36%, dated 5/31/07 due 6/1/07 (Collateralized by Corporate Obligations valued at $64,262,110, 4% - 9%, 2/1/08 - 6/1/36)	63,009,380		63,000,000
Deutsche Bank Securities, Inc. at 5.36%, dated:
4/19/07 due 7/19/07 (Collateralized by Mortgage Loan Obligations valued at $8,400,001, 6.3% 10/15/35)	8,108,391		8,000,000
4/30/07 due 7/30/07 (Collateralized by Corporate Obligations valued at $12,600,001, 2.5% - 8.75%, 10/15/10 - 2/16/12)	12,162,587		12,000,000
5/2/07 due 8/7/07 (Collateralized by Mortgage Loan Obligations valued at $12,600,000, 5.13%, 5/25/35)	12,173,307		12,000,000
5/14/07 due 8/13/07 (Collateralized by Mortgage Loan Obligations valued at $16,800,001, 5.5% - 7.46%, 8/16/33 - 5/25/36)	16,216,782		16,000,000
5/15/07 due 8/14/07 (Collateralized by Mortgage Loan Obligations valued at $16,800,000, 6%, 1/25/37)	16,216,782		16,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Goldman Sachs & Co. at:
5.38%, dated 5/31/07 due 6/1/07 (Collateralized by Municipal Bond Obligations valued at $88,769,757, 3.38% - 5.8%, 2/1/11 - 11/12/41)	$ 87,013,008		$ 87,000,000
5.4%, dated 5/25/07 due 8/29/07 (Collateralized by Corporate Obligations valued at $8,400,000, 2.25% - 4.25%, 8/1/12 - 1/1/49) (c)(d)	8,115,200		8,000,000
5.41%, dated 5/24/07 due 8/31/07 (Collateralized by Corporate Obligations valued at $33,600,001, 6% - 9.13%, 12/29/11 - 12/15/14) (c)(d)	32,476,080		32,000,000
J.P. Morgan Securities, Inc. at 5.41%, dated 5/10/07 due 6/29/07 (Collateralized by Corporate Obligations valued at $25,283,095, 7.63% - 9.56%, 6/29/12 - 9/1/19) (c)(d)	24,180,333		24,000,000
Lehman Brothers, Inc. at:
5.32%, dated 4/30/07 due 7/30/07 (Collateralized by Mortgage Loan Obligations valued at $9,450,858, 5.52% - 6.02%, 2/25/36 - 10/31/36)	9,121,030		9,000,000
5.36%, dated 4/30/07 due 7/30/07 (Collateralized by Mortgage Loan Obligations valued at $6,300,055, 0% - 6.82%, 9/28/32 - 4/25/37)	6,081,293		6,000,000
5.4%, dated 3/15/07 due 9/13/07 (Collateralized by Corporate Obligations valued at $7,350,663, 6.63%, 5/15/12) (c)(d)	7,191,100		7,000,000
5.43%, dated 5/31/07 due 6/1/07 (Collateralized by Corporate Obligations valued at $118,651,106, 0% - 11.88%, 4/15/11 - 12/1/16)	113,017,044		113,000,000
Merrill Lynch, Pierce, Fenner & Smith at:
5.35%, dated 5/31/07 due 6/1/07 (Collateralized by Mortgage Loan Obligations valued at $49,353,886, 3.5% - 5.68%, 6/25/35 - 8/24/36)	47,006,988		47,000,000
5.41%, dated 5/31/07 due 6/1/07 (Collateralized by Corporate Obligations valued at $74,554,112, 1.75% - 13.89%, 12/19/08 - 8/15/30)	71,010,675		71,000,000
	Maturity Amount		Value
5.42%, dated 4/17/07 due 7/17/07 (Collateralized by Corporate Obligations valued at $18,940,484, 5.7% - 10.63%, 12/15/07 - 3/15/27) (c)(d)	$ 18,246,610		$ 18,000,000
Morgan Stanley & Co. at 5.42%, dated 5/10/07 due 6/29/07 (Collateralized by Mortgage Loan Obligations valued at $25,334,286, 6.12% - 6.21%, 11/16/38 - 2/16/40) (c)(d)	24,180,667		24,000,000
TOTAL REPURCHASE AGREEMENTS		890,882,000

TOTAL INVESTMENT PORTFOLIO - 100.6%
(Cost $3,360,507,621) 3,360,507,621

NET OTHER ASSETS - (0.6)%	(21,010,100)
NET ASSETS - 100%	$ 3,339,497,521

Security Type Abbreviations

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, 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 end of the period, the value of these securities amounted to $526,066,905 or 15.8% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $55,000,000 or 1.6% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Asset Funding Co. III LLC: 5.38%, 6/5/07	11/7/06	$ 10,000,000
5.39%, 6/5/07	8/29/06	$ 9,000,000
Genworth Life Insurance Co. 5.40%, 6/1/07	7/31/06	$ 5,000,000
ING USA Annuity & Life Insurance Co. 5.44%, 6/22/07	6/23/05	$ 1,000,000
Lehman Brothers Holdings, Inc.: 5.43%, 6/11/07	1/10/07	$ 6,000,000
5.46%, 9/28/07	12/11/06	$ 2,000,000
Lehman Commercial Paper, Inc. 5.46%, 6/1/07	3/29/07	$ 11,000,000
Metropolitan Life Insurance Co. 5.45%, 7/2/07	3/26/02	$ 5,000,000
New York Life Insurance Co. 5.43%, 6/30/07	2/28/02	$ 5,000,000
Security Life of Denver Insurance Co. 5.45%, 8/29/07	8/26/05	$ 1,000,000

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

Repurchase Agreement / Counterparty	Value
$43,882,000 due 6/01/07 at 5.32%
ABN AMRO Bank N.V., New York Branch	$ 3,559,366
Bank of America, NA	9,305,223
Barclays Capital, Inc.	9,305,223
Bear Stearns & Co., Inc.	1,550,871
Citigroup Global Markets, Inc.	9,305,223
Countrywide Securities Corp.	3,101,741
Credit Suisse Securities (USA) LLC	4,652,612
HSBC Securities (USA), Inc.	3,101,741
	$ 43,882,000

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $3,360,507,621.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

May 31, 2007

1.802182.103

BAM-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMPUTERS & PERIPHERALS - 1.4%
Computer Hardware - 1.4%
Apple, Inc. (a)	8,900		$ 1,081,884
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
Alternative Carriers - 0.5%
Iliad Group SA	3,800		383,482
INTERNET & CATALOG RETAIL - 1.0%
Catalog Retail - 1.0%
Liberty Media Holding Corp. - Interactive Series A (a)	31,400		760,822
INTERNET SOFTWARE & SERVICES - 7.9%
Internet Software & Services - 7.9%
Akamai Technologies, Inc. (a)	10,600		468,626
Equinix, Inc. (a)(d)	5,500		480,590
Google, Inc. Class A (sub. vtg.) (a)	5,400		2,687,850
LoopNet, Inc.	75,300		1,542,897
Omniture, Inc.	14,200		248,642
Yahoo!, Inc. (a)	25,900		743,330
			6,171,935
MEDIA - 87.1%
Advertising - 4.4%
Focus Media Holding Ltd. ADR (a)(d)	12,100		535,183
National CineMedia, Inc.	20,200		576,710
Omnicom Group, Inc.	21,900		2,306,070
			3,417,963
Broadcasting & Cable TV - 29.6%
CBS Corp. Class B	90,100		2,996,726
Central European Media Enterprises Ltd. Class A (a)	4,600		401,488
Clear Channel Communications, Inc.	58,300		2,238,720
Comcast Corp. Class A	390,550		10,704,976
Discovery Holding Co. Class A (a)	35,200		822,976
Grupo Televisa SA de CV (CPO) sponsored ADR	42,900		1,234,662
Liberty Global, Inc. Class A (a)	57,475		2,207,040
RRSat Global Communications Network Ltd.	40,000		768,000
Sinclair Broadcast Group, Inc. Class A	25,200		386,064
Time Warner Cable, Inc. (a)	21,300		818,133
XM Satellite Radio Holdings, Inc. Class A	37,100		429,618
			23,008,403
Movies & Entertainment - 42.3%
Cinemark Holdings, Inc. (a)	21,400		414,090
CKX, Inc. (a)	68,200		724,966
DreamWorks Animation SKG, Inc. Class A (a)	13,200		394,416
Live Nation, Inc. (a)	4,331		97,014
News Corp. Class A	349,882		7,728,893
Regal Entertainment Group Class A	26,500		606,320
	Shares		Value
The Walt Disney Co.	184,500		$ 6,538,680
Time Warner, Inc.	600,800		12,839,095
Viacom, Inc. Class B (non-vtg.) (a)	80,900		3,634,028
			32,977,502
Publishing - 10.8%
Gannett Co., Inc.	10,800		635,256
Gemstar-TV Guide International, Inc. (a)	558		2,567
Getty Images, Inc. (a)	16,400		820,820
McGraw-Hill Companies, Inc.	52,500		3,691,275
R.H. Donnelley Corp.	25,700		2,003,058
The McClatchy Co. Class A (d)	8,200		226,894
The New York Times Co. Class A (d)	40,700		1,021,977
Tribune Co.	100		3,324
			8,405,171
TOTAL MEDIA			67,809,039
SOFTWARE - 0.8%
Home Entertainment Software - 0.8%
Nintendo Co. Ltd.	1,800		628,560
TOTAL COMMON STOCKS (Cost $58,069,026)		76,835,722
Money Market Funds - 1.4%
Fidelity Cash Central Fund, 5.33% (b)	76,745		76,745
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	1,032,450		1,032,450
TOTAL MONEY MARKET FUNDS (Cost $1,109,195)		1,109,195

TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $59,178,221) 77,944,917

NET OTHER ASSETS - (0.1)%		(50,225)
NET ASSETS - 100%	$ 77,894,692

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,386
Fidelity Securities Lending Cash Central Fund	8,703
Total	$ 23,089

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $59,188,241. Net unrealized appreciation aggregated $18,756,676, of which $19,084,867 related to appreciated investment securities and $328,191 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

May 31, 2007

1.802183.103

GAS-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
ELECTRIC UTILITIES - 2.1%
Electric Utilities - 2.1%
Reliant Energy, Inc. (a)	1,103,100		$ 28,261,422
ELECTRICAL EQUIPMENT - 0.5%
Heavy Electrical Equipment - 0.5%
Suzlon Energy Ltd.	30,000		957,808
Vestas Wind Systems AS (a)	78,700		5,530,589
			6,488,397
ENERGY EQUIPMENT & SERVICES - 16.1%
Oil & Gas Drilling - 11.9%
Diamond Offshore Drilling, Inc.	229,800		21,686,226
ENSCO International, Inc.	284,800		17,250,336
GlobalSantaFe Corp.	613,300		41,888,390
Helmerich & Payne, Inc.	181,300		6,144,257
Nabors Industries Ltd. (a)	50,000		1,747,000
Pride International, Inc. (a)	631,800		22,751,118
Rowan Companies, Inc. (d)	360,100		14,216,748
Transocean, Inc. (a)	328,100		32,232,544
			157,916,619
Oil & Gas Equipment & Services - 4.2%
Cameron International Corp. (a)	184,700		13,095,230
National Oilwell Varco, Inc. (a)	105,028		9,919,895
Oil States International, Inc. (a)	32,400		1,261,332
SBM Offshore NV	29,600		1,094,083
Schlumberger Ltd. (NY Shares)	8,700		677,469
Smith International, Inc.	350,290		19,444,598
W-H Energy Services, Inc. (a)	21,100		1,346,180
Weatherford International Ltd. (a)	168,400		9,150,856
			55,989,643
TOTAL ENERGY EQUIPMENT & SERVICES			213,906,262
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 4.6%
Independent Power Producers & Energy Traders - 4.6%
Clipper Windpower PLC (a)	406,700		7,392,342
Constellation Energy Group, Inc.	37,200		3,413,844
Dynegy, Inc. (a)	4,369,200		42,293,856
LDK Solar Co. Ltd. Sponsored ADR	17,000		459,000
Mirant Corp. (a)	90,500		4,199,200
NRG Energy, Inc.	43,200		3,796,848
			61,555,090
METALS & MINING - 0.4%
Diversified Metals & Mining - 0.4%
Ivanhoe Mines Ltd. (a)	50,000		704,568
Titanium Metals Corp.	120,600		4,172,760
			4,877,328
	Shares		Value
MULTI-UTILITIES - 0.9%
Multi-Utilities - 0.9%
Sempra Energy	194,400		$ 11,920,608
OIL, GAS & CONSUMABLE FUELS - 72.2%
Coal & Consumable Fuels - 2.2%
Cameco Corp.	51,300		2,658,899
CONSOL Energy, Inc.	17,200		835,748
Evergreen Energy, Inc. (a)(d)	2,180,800		15,069,328
International Coal Group, Inc. (a)	1,247,300		7,945,301
Peabody Energy Corp.	64,600		3,490,984
			30,000,260
Integrated Oil & Gas - 1.3%
InterOil Corp. (a)	182,200		6,695,850
OAO Gazprom sponsored ADR	30,300		1,104,435
Petroleo Brasileiro SA Petrobras sponsored ADR	26,200		2,833,792
Targa Resources Partners LP	190,000		6,317,500
			16,951,577
Oil & Gas Exploration & Production - 51.1%
Apache Corp.	31,400		2,535,550
Aurora Oil & Gas Corp. (a)	3,958,153		7,916,306
Berry Petroleum Co. Class A	52,200		1,901,646
Cabot Oil & Gas Corp.	744,500		29,035,500
Canadian Natural Resources Ltd.	143,500		9,538,936
Chesapeake Energy Corp. (d)	1,053,500		36,725,010
Denbury Resources, Inc. (a)	534,500		19,380,970
EOG Resources, Inc.	594,400		45,709,360
Forest Oil Corp. (a)(d)	291,300		11,823,867
Goodrich Petroleum Corp. (a)	124,800		4,445,376
Mariner Energy, Inc. (a)	280,689		7,011,611
Newfield Exploration Co. (a)	451,900		21,709,276
Noble Energy, Inc. (d)	553,500		35,031,015
Petrohawk Energy Corp. (a)	400,400		6,526,520
Plains Exploration & Production Co. (a)	1,035,000		54,772,200
Quicksilver Resources, Inc. (a)(d)	3,019,540		134,339,336
Range Resources Corp. (d)	3,223,100		124,862,894
Southwestern Energy Co. (a)	425,600		20,258,560
Stone Energy Corp. (a)	93,800		3,060,694
Ultra Petroleum Corp. (a)	1,016,001		62,362,141
XTO Energy, Inc.	688,500		39,939,885
			678,886,653
Oil & Gas Refining & Marketing - 12.5%
Frontier Oil Corp.	171,100		6,888,486
Petroplus Holdings AG	28,564		2,647,190
Reliance Industries Ltd.	240,000		10,454,786
Tesoro Corp.	253,800		15,705,144
Valero Energy Corp.	1,555,500		116,071,410
Western Refining, Inc.	285,900		14,051,985
			165,819,001
Oil & Gas Storage & Transport - 5.1%
Boardwalk Pipeline Partners, LP	304,200		10,756,512
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - continued
Copano Energy LLC	485,203		$ 21,232,483
NuStar GP Holdings LLC	411,400		15,176,546
Williams Companies, Inc.	201,100		6,386,936
Williams Partners LP	292,900		14,270,088
			67,822,565
TOTAL OIL, GAS & CONSUMABLE FUELS			959,480,056
TOTAL COMMON STOCKS (Cost $904,395,232)		1,286,489,163
Nonconvertible Bonds - 1.0%
	Principal Amount
OIL, GAS & CONSUMABLE FUELS - 1.0%
Oil & Gas Storage & Transport - 1.0%
Morgan Stanley 4/15/08 Sr. Notes Exchangeable for Common Stock of Plains All American Pipeline, L.P. (e) (Cost $12,011,066)	$ 12,000,000		12,496,356
Money Market Funds - 12.2%
	Shares
Fidelity Cash Central Fund, 5.33% (b)	45,446,527		45,446,527
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	116,748,212		116,748,212
TOTAL MONEY MARKET FUNDS (Cost $162,194,739)		162,194,739
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.05%, dated 5/31/07 due 6/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $3,129,000)	$ 3,129,439		3,129,000

TOTAL INVESTMENT PORTFOLIO - 110.2% (Cost $1,081,730,037) 1,464,309,258

NET OTHER ASSETS - (10.2)%	(134,978,486)
NET ASSETS - 100%	$ 1,329,330,772

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $12,496,356 or 1.0% of net assets.

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

Repurchase Agreement / Counterparty	Value
$3,129,000 due 6/01/07 at 5.05%
Banc of America Securities LLC	$ 604,052
Goldman, Sachs & Co.	2,524,948
	$ 3,129,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 219,476
Fidelity Securities Lending Cash Central Fund	208,595
Total	$ 428,071

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,086,792,960. Net unrealized appreciation aggregated $377,516,298, of which $395,011,046 related to appreciated investment securities and $17,494,748 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2007

1.802184.103

NAT-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CHEMICALS - 3.0%
Commodity Chemicals - 0.5%
Calgon Carbon Corp. (a)(d)	146,700		$ 1,486,071
Celanese Corp. Class A	35,600		1,295,484
Formosa Chemicals & Fibre Corp.	1,255,830		2,577,426
Georgia Gulf Corp.	20,650		356,419
Tokai Carbon Co. Ltd.	22,000		192,145
			5,907,545
Diversified Chemicals - 0.2%
Ashland, Inc.	44,400		2,678,208
Fertilizers & Agricultural Chemicals - 2.2%
Agrium, Inc.	213,700		8,242,671
Potash Corp. of Saskatchewan, Inc.	95,700		6,789,915
Terra Nitrogen Co. LP	14,801		1,263,709
The Mosaic Co.	419,000		14,719,470
			31,015,765
Specialty Chemicals - 0.1%
Tokuyama Corp.	120,000		1,543,998
TOTAL CHEMICALS			41,145,516
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Clean Harbors, Inc.	7,200		338,328
CONSTRUCTION & ENGINEERING - 1.4%
Construction & Engineering - 1.4%
Chicago Bridge & Iron Co. NV (NY Shares)	330,800		12,887,968
Fluor Corp.	29,600		3,081,360
Infrasource Services, Inc. (a)	58,700		2,124,940
Jacobs Engineering Group, Inc. (a)	25,200		1,460,340
			19,554,608
CONTAINERS & PACKAGING - 0.5%
Metal & Glass Containers - 0.0%
Owens-Illinois, Inc.	8,900		302,600
Paper Packaging - 0.5%
Smurfit-Stone Container Corp.	252,300		3,262,239
Temple-Inland, Inc.	59,900		3,773,700
			7,035,939
TOTAL CONTAINERS & PACKAGING			7,338,539
ELECTRICAL EQUIPMENT - 2.0%
Electrical Components & Equipment - 0.5%
Q-Cells AG (d)	48,300		4,029,384
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	80,700		2,737,344
			6,766,728
Heavy Electrical Equipment - 1.5%
Areva (investment certificates)(non-vtg.)	100		97,480
	Shares		Value
Suzlon Energy Ltd.	60,000		$ 1,915,616
Vestas Wind Systems AS (a)	263,200		18,496,202
			20,509,298
TOTAL ELECTRICAL EQUIPMENT			27,276,026
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	34,700		2,347,455
ENERGY EQUIPMENT & SERVICES - 23.0%
Oil & Gas Drilling - 6.9%
Diamond Offshore Drilling, Inc.	141,900		13,391,103
GlobalSantaFe Corp.	526,900		35,987,270
Nabors Industries Ltd. (a)	2,600		90,844
Noble Corp.	83,800		7,742,282
Patterson-UTI Energy, Inc.	4,400		116,248
Pride International, Inc. (a)	274,000		9,866,740
Rowan Companies, Inc.	1,000		39,480
TODCO (a)	1,400		69,244
Transocean, Inc. (a)	288,600		28,352,064
			95,655,275
Oil & Gas Equipment & Services - 16.1%
Baker Hughes, Inc.	109,890		9,063,727
Cameron International Corp. (a)	107,600		7,628,840
FMC Technologies, Inc. (a)	45,700		3,454,920
Global Industries Ltd. (a)	4,900		116,179
Grant Prideco, Inc. (a)	72,400		4,111,596
Halliburton Co.	469,700		16,885,715
Hanover Compressor Co. (a)	126,000		3,150,000
Key Energy Services, Inc. (a)	183,500		3,403,925
National Oilwell Varco, Inc. (a)	558,911		52,789,144
Oceaneering International, Inc. (a)	14,300		715,572
Oil States International, Inc. (a)	4,400		171,292
Saipem Spa	4,500		140,657
Schlumberger Ltd. (NY Shares)	770,052		59,963,949
Smith International, Inc.	763,500		42,381,885
Tidewater, Inc.	50,000		3,300,000
W-H Energy Services, Inc. (a)	52,800		3,368,640
Weatherford International Ltd. (a)	254,390		13,823,553
			224,469,594
TOTAL ENERGY EQUIPMENT & SERVICES			320,124,869
FOOD PRODUCTS - 0.5%
Agricultural Products - 0.5%
Archer-Daniels-Midland Co.	3,100		108,624
Corn Products International, Inc.	158,611		6,507,809
Global Bio-Chem Technology Group Co. Ltd.	78,700		30,740
			6,647,173
Common Stocks - continued
	Shares		Value
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
Questar Corp.	14,700		$ 1,587,747
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.3%
Independent Power Producers & Energy Traders - 1.3%
Dynegy, Inc. (a)	284		2,749
Mirant Corp. (a)	288,400		13,381,760
NRG Energy, Inc.	16,100		1,415,029
TXU Corp.	57,100		3,851,395
			18,650,933
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
McDermott International, Inc. (a)	93,300		7,277,400
MACHINERY - 0.7%
Construction & Farm Machinery & Heavy Trucks - 0.7%
Joy Global, Inc.	151,250		8,565,288
Trinity Industries, Inc.	28,200		1,301,994
			9,867,282
METALS & MINING - 9.0%
Aluminum - 2.9%
Alcan, Inc.	100,900		8,689,410
Alcoa, Inc.	791,200		32,660,736
Century Aluminum Co. (a)	1,900		107,046
			41,457,192
Diversified Metals & Mining - 2.6%
Freeport-McMoRan Copper & Gold, Inc. Class B	2,167		170,543
RTI International Metals, Inc. (a)	152,738		13,555,498
Teck Cominco Ltd. Class B (sub. vtg.)	3,400		143,700
Titanium Metals Corp.	645,676		22,340,390
			36,210,131
Gold - 2.6%
Eldorado Gold Corp. (a)	535,300		3,058,285
Kinross Gold Corp. (a)	97,967		1,307,204
Meridian Gold, Inc. (a)	697,500		17,890,880
Newmont Mining Corp.	335,600		13,652,208
			35,908,577
Precious Metals & Minerals - 0.4%
Aquarius Platinum Ltd. (United Kingdom) (a)	140,000		4,393,620
Shore Gold, Inc. (a)	221,300		972,565
			5,366,185
Steel - 0.5%
Allegheny Technologies, Inc.	900		104,031
Arcelor Mittal	3,700		221,963
	Shares		Value
Hitachi Metals Ltd.	10,000		$ 120,861
Reliance Steel & Aluminum Co.	106,500		6,535,905
			6,982,760
TOTAL METALS & MINING			125,924,845
OIL, GAS & CONSUMABLE FUELS - 53.7%
Coal & Consumable Fuels - 4.6%
Arch Coal, Inc. (d)	215,100		8,685,738
Cameco Corp.	235,900		12,226,787
CONSOL Energy, Inc. (d)	224,400		10,903,596
Foundation Coal Holdings, Inc. (d)	178,800		7,902,960
Peabody Energy Corp.	448,000		24,209,920
USEC, Inc. (a)	1,600		36,960
			63,965,961
Integrated Oil & Gas - 22.0%
BP PLC sponsored ADR	209,364		14,029,482
Chevron Corp.	57,132		4,655,687
ConocoPhillips	873,830		67,660,657
ENI Spa sponsored ADR	126,100		8,911,487
Exxon Mobil Corp.	1,156,115		96,154,080
Hess Corp.	184,600		10,932,012
Husky Energy, Inc.	43,800		3,651,195
Marathon Oil Corp.	242,300		29,999,163
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)	600		77,439
OAO Gazprom sponsored ADR	150,257		5,476,868
Occidental Petroleum Corp.	359,800		19,778,206
OMV AG (d)	61,435		4,077,808
Petroleo Brasileiro SA Petrobras sponsored ADR	147,600		15,964,416
Suncor Energy, Inc.	290,100		25,197,428
			306,565,928
Oil & Gas Exploration & Production - 18.6%
Anadarko Petroleum Corp.	1,800		89,370
Apache Corp.	800		64,600
Aurora Oil & Gas Corp. (a)	50,000		100,000
Cabot Oil & Gas Corp.	797,600		31,106,400
Canadian Natural Resources Ltd.	274,500		18,246,954
Chesapeake Energy Corp. (d)	826,300		28,804,818
Comstock Resources, Inc. (a)	1,300		39,468
Denbury Resources, Inc. (a)	2,300		83,398
Devon Energy Corp.	800		61,424
EnCana Corp.	123,784		7,582,486
EOG Resources, Inc.	262,100		20,155,490
EXCO Resources, Inc. (a)	3,600		65,052
Forest Oil Corp. (a)	39,300		1,595,187
Goodrich Petroleum Corp. (a)	4,300		153,166
Houston Exploration Co. (a)	29,800		1,789,192
Hugoton Royalty Trust	19,957		543,230
Mariner Energy, Inc. (a)	49,324		1,232,114
Newfield Exploration Co. (a)	268,500		12,898,740
Nexen, Inc.	207,800		6,221,662
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Noble Energy, Inc.	171,300		$ 10,841,577
Penn West Energy Trust	62,800		2,189,148
Petrohawk Energy Corp. (a)	50,000		815,000
Plains Exploration & Production Co. (a)	139,400		7,377,048
Pogo Producing Co.	1,300		70,291
Quicksilver Resources, Inc. (a)	200,550		8,922,470
Range Resources Corp.	934,673		36,209,232
Southwestern Energy Co. (a)	1,800		85,680
Talisman Energy, Inc.	677,000		13,673,571
Ultra Petroleum Corp. (a)	391,300		24,017,994
W&T Offshore, Inc.	41,700		1,226,397
XTO Energy, Inc.	403,000		23,378,030
			259,639,189
Oil & Gas Refining & Marketing - 6.5%
ERG Spa	3,400		90,248
Frontier Oil Corp.	6,000		241,560
Neste Oil Oyj	2,600		98,236
Petroplus Holdings AG	15,064		1,396,068
Sunoco, Inc.	240,400		19,162,284
Valero Energy Corp.	931,988		69,544,945
Western Refining, Inc.	5,800		285,070
			90,818,411
Oil & Gas Storage & Transport - 2.0%
TransCanada Corp.	90,600		3,333,592
Williams Companies, Inc.	787,600		25,014,176
			28,347,768
TOTAL OIL, GAS & CONSUMABLE FUELS			749,337,257
PAPER & FOREST PRODUCTS - 1.7%
Forest Products - 1.5%
Sino-Forest Corp. (a)	823,900		10,053,668
Weyerhaeuser Co.	126,700		10,384,332
			20,438,000
Paper Products - 0.2%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	48,700		2,930,279
TOTAL PAPER & FOREST PRODUCTS			23,368,279
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 0.1%
Specialized REITs - 0.1%
Plum Creek Timber Co., Inc.	40,100		$ 1,676,180
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
Renewable Energy Corp. AS	2,400		76,010
TOTAL COMMON STOCKS (Cost $993,545,236)		1,362,538,447
Money Market Funds - 5.9%
Fidelity Cash Central Fund, 5.33% (b)	23,291,584		23,291,584
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	59,500,000		59,500,000
TOTAL MONEY MARKET FUNDS (Cost $82,791,584)		82,791,584

TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $1,076,336,820) 1,445,330,031

NET OTHER ASSETS - (3.6)%		(50,328,770)
NET ASSETS - 100%	$ 1,395,001,261

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 250,351
Fidelity Securities Lending Cash Central Fund	123,830
Total	$ 374,181

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,077,923,977. Net unrealized appreciation aggregated $367,406,054, of which $370,521,032 related to appreciated investment securities and $3,114,978 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and
Infrastructure Portfolio

May 31, 2007

1.802185.103

NET-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.5%
	Shares		Value
BUILDING PRODUCTS - 0.4%
Building Products - 0.4%
Asahi Glass Co. Ltd.	24,000		$ 319,645
COMMUNICATIONS EQUIPMENT - 42.1%
Communications Equipment - 42.1%
Acme Packet, Inc.	700		8,295
Adtran, Inc.	38,100		1,030,986
ADVA AG Optical Networking (a)(d)	72,343		707,670
Alcatel-Lucent SA sponsored ADR (d)	87,300		1,197,756
AudioCodes Ltd. (a)	87,100		463,372
Ciena Corp. (a)	58,146		1,995,571
Cisco Systems, Inc. (a)	162,300		4,369,116
Comtech Group, Inc. (a)	150,900		2,631,696
Comverse Technology, Inc. (a)	52,500		1,203,300
Corning, Inc. (a)	226,100		5,652,500
F5 Networks, Inc. (a)	22,700		1,844,602
Finisar Corp. (a)(d)	268,400		974,292
Foxconn International Holdings Ltd. (a)	40,000		124,223
Harris Stratex Networks, Inc. (a)	26,700		456,570
Juniper Networks, Inc. (a)	189,509		4,625,915
Opnext, Inc.	4,800		56,592
Optical Communication Products, Inc. (a)	36,100		53,789
Optium Corp.	200		2,706
Powerwave Technologies, Inc. (a)(d)	127,100		810,898
Research In Motion Ltd. (a)	5,700		946,656
Riverstone Networks, Inc. (a)	94,100		1
Sirenza Microdevices, Inc. (a)	51,100		541,660
Sonus Networks, Inc. (a)	134,100		1,162,647
Symmetricom, Inc. (a)	86,200		700,806
			31,561,619
COMPUTERS & PERIPHERALS - 12.3%
Computer Hardware - 7.6%
Concurrent Computer Corp. (a)	533,600		955,144
Sun Microsystems, Inc. (a)	920,800		4,696,080
			5,651,224
Computer Storage & Peripherals - 4.7%
EMC Corp. (a)	145,900		2,464,251
Network Appliance, Inc. (a)	33,000		1,062,270
			3,526,521
TOTAL COMPUTERS & PERIPHERALS			9,177,745
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
Alternative Carriers - 0.0%
Aruba Networks, Inc.	1,100		21,285
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.6%
Electronic Equipment & Instruments - 1.0%
Chi Mei Optoelectronics Corp.	3,888		4,361
Nippon Electric Glass Co. Ltd.	27,000		431,033
Orbotech Ltd. (a)	13,100		292,916
			728,310
	Shares		Value
Electronic Manufacturing Services - 1.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	68,400		$ 483,469
Smart Modular Tech WWH, Inc. (a)	53,100		760,923
			1,244,392
Technology Distributors - 0.0%
Mellanox Technologies Ltd.	100		2,026
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,974,728
HOUSEHOLD DURABLES - 1.5%
Consumer Electronics - 1.5%
Directed Electronics, Inc. (a)	50,500		447,935
Tele Atlas NV (a)	19,000		433,590
Thomson SA	12,500		241,190
			1,122,715
INTERNET SOFTWARE & SERVICES - 12.7%
Internet Software & Services - 12.7%
Baidu.com, Inc. sponsored ADR (a)	800		112,504
DivX, Inc.	100		1,598
Google, Inc. Class A (sub. vtg.) (a)	17,400		8,660,848
Marchex, Inc. Class B	12,000		185,880
Openwave Systems, Inc. (a)	54,900		565,470
Switch & Data Facilities Co., Inc.	300		5,577
			9,531,877
IT SERVICES - 0.0%
IT Consulting & Other Services - 0.0%
Isilon Systems, Inc.	100		1,467
MEDIA - 0.0%
Publishing - 0.0%
Gemstar-TV Guide International, Inc. (a)	390		1,794
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 25.3%
Semiconductor Equipment - 0.9%
Credence Systems Corp. (a)	134,100		445,212
EMCORE Corp. (a)	40,700		197,395
			642,607
Semiconductors - 24.4%
Altera Corp.	105,400		2,404,174
AMIS Holdings, Inc. (a)	23,000		293,940
Applied Micro Circuits Corp. (a)	216,300		607,803
Broadcom Corp. Class A (a)	98,250		3,002,520
Conexant Systems, Inc. (a)	257,700		332,433
Cree, Inc. (a)	2,700		60,750
Cypress Semiconductor Corp. (a)	32,800		704,216
Ikanos Communications, Inc. (a)	20,600		147,084
Lattice Semiconductor Corp. (a)	36,300		191,301
LSI Logic Corp. (a)	163,500		1,419,180
Marvell Technology Group Ltd. (a)	241,180		3,791,350
Maxim Integrated Products, Inc.	7,300		224,475
Mindspeed Technologies, Inc. (a)(d)	745,433		1,625,044
MIPS Technologies, Inc. (a)	33,500		296,140
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
PMC-Sierra, Inc. (a)	73,300		$ 565,143
Silicon Laboratories, Inc. (a)	28,000		969,360
Tower Semicondutor Ltd. (a)	252,000		393,120
Vimicro International Corp. sponsored ADR (a)	44,600		298,820
Xilinx, Inc.	33,400		951,232
			18,278,085
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			18,920,692
SOFTWARE - 3.6%
Application Software - 1.9%
Informatica Corp. (a)	36,100		550,886
Ulticom, Inc. (a)	101,000		873,650
			1,424,536
Systems Software - 1.7%
Allot Communications Ltd.	2,800		19,012
Double-Take Software, Inc.	12,900		203,691
Sandvine Corp. (U.K.) (a)	248,700		1,019,322
			1,242,025
TOTAL SOFTWARE			2,666,561
TOTAL COMMON STOCKS (Cost $76,700,652)		75,300,128
Convertible Bonds - 0.3%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Ciena Corp. 0.25% 5/1/13 (Cost $240,000)	$ 240,000		243,046
Money Market Funds - 4.5%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $3,369,018)	3,369,018	$ 3,369,018

TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $80,309,670) 78,912,192

NET OTHER ASSETS - (5.3)%	(3,976,030)
NET ASSETS - 100%	$ 74,936,162

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 538
Fidelity Securities Lending Cash Central Fund	13,815
Total	$ 14,353

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $80,868,911. Net unrealized depreciation aggregated $1,956,719, of which $7,422,825 related to appreciated investment securities and $9,379,544 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and Forest
Products Portfolio

May 31, 2007

1.802186.103

PAP-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.8%
	Shares		Value
CONTAINERS & PACKAGING - 26.4%
Metal & Glass Containers - 0.5%
Ball Corp.	5		$ 277
Silgan Holdings, Inc.	6,100		352,092
			352,369
Paper Packaging - 25.9%
Bemis Co., Inc.	73,900		2,485,257
Graphic Packaging Corp. (a)	48,800		241,072
Packaging Corp. of America	78,500		2,030,010
Sealed Air Corp.	42,000		1,356,600
Smurfit-Stone Container Corp.	295,570		3,821,720
Sonoco Products Co.	10,500		454,650
Temple-Inland, Inc.	102,400		6,451,198
			16,840,507
TOTAL CONTAINERS & PACKAGING			17,192,876
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
BrasilAgro - Compania Brasileira de Propriedades Agricolas	1,000		629,880
HOUSEHOLD PRODUCTS - 0.0%
Household Products - 0.0%
Kimberly-Clark Corp.	100		7,096
MACHINERY - 2.7%
Industrial Machinery - 2.7%
Albany International Corp. Class A	14,900		582,888
Kadant, Inc. (a)	39,200		1,170,120
			1,753,008
MEDIA - 0.2%
Publishing - 0.2%
McGraw-Hill Companies, Inc.	2,000		140,620
PAPER & FOREST PRODUCTS - 44.8%
Forest Products - 18.7%
Canfor Corp. New (a)	117,000		1,429,885
Deltic Timber Corp.	4,700		253,612
Louisiana-Pacific Corp.	76,900		1,576,450
Masisa SA ADR	7,300		98,696
Norbord, Inc. (d)	88,600		750,588
Stella-Jones, Inc.	11,300		496,610
	Shares		Value
West Fraser Timber Co. Ltd.	29,000		$ 1,125,345
Weyerhaeuser Co.	78,400		6,425,664
			12,156,850
Paper Products - 26.1%
Abitibi-Consolidated, Inc.	260,200		635,020
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	3,800		228,646
Bowater, Inc. (d)	29,500		613,305
Buckeye Technologies, Inc. (a)	14,800		210,456
Canfor Pulp Income Fund	35,600		515,633
Cascades, Inc.	138,600		1,627,768
Domtar Canada Paper, Inc. (a)	170,000		1,845,528
Domtar Corp. (a)	113,700		1,239,330
Glatfelter	20,700		281,313
International Paper Co. (d)	44,100		1,727,397
Kapstone Paper & Packaging Corp. (a)	52,500		404,250
Lee & Man Paper Manufacturing Ltd.	142,000		418,260
MeadWestvaco Corp.	145,600		5,096,000
Mercer International, Inc. (SBI) (a)	9,400		101,050
Neenah Paper, Inc.	20,800		911,040
Nine Dragons Paper (Holdings) Ltd. (a)	83,000		173,684
Schweitzer-Mauduit International, Inc.	9,300		279,372
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	18,900		408,807
Wausau-Mosinee Paper Corp.	21,500		294,335
			17,011,194
TOTAL PAPER & FOREST PRODUCTS			29,168,044
REAL ESTATE INVESTMENT TRUSTS - 11.2%
Specialized REITs - 11.2%
Plum Creek Timber Co., Inc.	72,900		3,047,220
Potlatch Corp.	61,879		2,709,063
Rayonier, Inc.	34,087		1,532,552
			7,288,835
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Real Estate Management & Development - 0.3%
Consolidated-Tomoka Land Co.	2,300		171,350
TRADING COMPANIES & DISTRIBUTORS - 0.2%
Trading Companies & Distributors - 0.2%
Beacon Roofing Supply, Inc. (a)	7,000		125,300
TOTAL COMMON STOCKS (Cost $53,916,373)		56,477,009

Nonconvertible Bonds - 4.2%
	Principal Amount
PAPER & FOREST PRODUCTS - 4.2%
Paper Products - 4.2%
Buckeye Cellulose Corp. 9.25% 9/15/08 (Cost $2,775,949)	$ 2,770,000	2,763,075

Money Market Funds - 9.7%
	Shares		Value
Fidelity Cash Central Fund, 5.33% (b)	4,541,088		$ 4,541,088
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	1,752,875		1,752,875
TOTAL MONEY MARKET FUNDS (Cost $6,293,963)		6,293,963

TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $62,986,285) 65,534,047

NET OTHER ASSETS - (0.7)%		(486,968)
NET ASSETS - 100%	$ 65,047,079

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 36,291
Fidelity Securities Lending Cash Central Fund	31,221
Total	$ 67,512

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $63,162,163. Net unrealized appreciation aggregated $2,371,884, of which $3,788,765 related to appreciated investment securities and $1,416,881 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2007

1.802187.103

PHR-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
BIOTECHNOLOGY - 7.7%
Biotechnology - 7.7%
3SBio, Inc. ADR	11,200		$ 124,544
Acambis PLC (a)	6,900		18,478
Acorda Therapeutics, Inc. (a)	4,500		89,550
Alnylam Pharmaceuticals, Inc. (a)	13,000		213,200
Altus Pharmaceuticals, Inc. (a)	28,300		382,616
Ambrilia Biopharma, Inc. (a)	48,500		116,097
Amgen, Inc. (a)	16,500		929,445
Amylin Pharmaceuticals, Inc. (a)	6,060		280,275
Antigenics, Inc. (a)	100		281
Arena Pharmaceuticals, Inc. (a)(d)	8,600		119,540
ArQule, Inc. (a)	42,300		379,854
Basilea Pharmaceutica AG (a)	1,474		336,395
Biogen Idec, Inc. (a)	15,600		814,632
BioMarin Pharmaceutical, Inc. (a)	14,000		249,760
Biomira, Inc. (a)	100		114
Bionovo, Inc. (a)	100		538
Celgene Corp. (a)	7,900		483,796
Cephalon, Inc. (a)	6,200		514,662
Cepheid, Inc. (a)	9,400		109,980
Chelsea Therapeutics International Ltd. (a)	21,400		112,350
Cougar Biotechnology, Inc. (a)	9,900		262,350
CSL Ltd.	32,865		2,427,225
CV Therapeutics, Inc. (a)	100		1,054
CytRx Corp. (a)	29,100		122,220
Dendreon Corp. (a)	7,700		66,066
Digene Corp. (a)	100		4,450
Dyax Corp. (a)	4,700		21,808
Enzon Pharmaceuticals, Inc. (a)	9,000		76,230
Genentech, Inc. (a)	13,400		1,068,918
Genmab AS (a)	1,300		93,588
Genomic Health, Inc. (a)	2,900		50,170
Genzyme Corp. (a)	100		6,452
Gilead Sciences, Inc. (a)	13,800		1,142,226
GPC Biotech AG sponsored ADR (a)(d)	3,700		110,038
Grifols SA	1,300		25,888
GTx, Inc. (a)	9,200		183,632
Human Genome Sciences, Inc. (a)	10,900		115,431
IDM Pharma, Inc. (a)	100		329
Indevus Pharmaceuticals, Inc. (a)	103,100		762,940
Insmed, Inc. (a)	100		77
InterMune, Inc. (a)	1,400		37,226
Iomai Corp. (a)	600		1,410
Isis Pharmaceuticals, Inc. (a)	9,200		92,552
MannKind Corp. (a)(d)	9,335		106,232
Maxygen, Inc. (a)	100		1,017
Medarex, Inc. (a)	42,300		676,377
Medicure, Inc. (a)	100		115
MedImmune, Inc. (a)	22,200		1,284,936
Memory Pharmaceuticals Corp. (a)	213,600		615,168
Metabasis Therapeutics, Inc. (a)	15,200		120,688
	Shares		Value
Momenta Pharmaceuticals, Inc. (a)	100		$ 1,308
Monogram Biosciences, Inc. (a)	100		182
Mymetics Corp. (a)	200		19
Myriad Genetics, Inc. (a)	100		3,807
Nabi Biopharmaceuticals (a)	9,000		46,260
Neurochem, Inc. (a)	100		585
Neurogen Corp. (a)	60,125		464,766
Novacea, Inc.	5,320		67,830
NPS Pharmaceuticals, Inc. (a)	100		426
Nuvelo, Inc. (a)	100		368
Omrix Biopharmaceuticals, Inc.	3,000		100,560
ONYX Pharmaceuticals, Inc. (a)	800		23,936
Opexa Therapeutics, Inc. (a)	200		1,056
OREXIGEN Therapeutics, Inc.	7,599		136,022
OSI Pharmaceuticals, Inc. (a)	27,600		1,042,176
Panacos Pharmaceuticals, Inc. (a)	100		418
Poniard Pharmaceuticals, Inc. (a)	10,800		87,912
Prana Biotechnology Ltd. ADR (a)(d)	16,100		50,393
Progenics Pharmaceuticals, Inc. (a)	5,500		117,645
QLT, Inc. (a)	9,600		72,864
Regeneron Pharmaceuticals, Inc. (a)	36,300		814,572
Rosetta Genomics Ltd. (a)	3,000		23,640
Speedel Holding AG (a)	1,610		218,225
Targacept, Inc.	100		927
Tercica, Inc. (a)	6,400		42,816
Theravance, Inc. (a)	10,000		343,400
Transition Therapeutics, Inc. (a)	20,000		29,735
United Therapeutics Corp. (a)	4,000		263,960
Vanda Pharmaceuticals, Inc.	4,900		98,098
Zymogenetics, Inc. (a)	6,400		104,896
			18,911,722
CHEMICALS - 2.3%
Commodity Chemicals - 0.0%
Solvay SA	100		15,965
Diversified Chemicals - 1.8%
Akzo Nobel NV	1,400		113,834
Bayer AG sponsored ADR	58,400		4,197,792
			4,311,626
Specialty Chemicals - 0.5%
Jubilant Organosys Ltd.	2,144		15,113
Lonza Group AG	6,704		662,901
Sigma Aldrich Corp.	15,600		675,168
			1,353,182
TOTAL CHEMICALS			5,680,773
FOOD PRODUCTS - 0.0%
Packaged Foods & Meats - 0.0%
China Mengniu Dairy Co. Ltd.	6,000		19,594
HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%
Health Care Equipment - 3.6%
Advanced Medical Optics, Inc. (a)	3,100		108,810
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Alphatec Holdings, Inc.	100		$ 369
Angiodynamics, Inc. (a)	5,800		91,930
Baxter International, Inc.	8,300		471,772
Beckman Coulter, Inc.	3,000		196,200
Becton, Dickinson & Co.	9,700		739,625
BioLase Technology, Inc. (a)	6,700		40,200
Boston Scientific Corp. (a)	100		1,567
C.R. Bard, Inc.	7,600		641,516
China Medical Technologies, Inc. sponsored ADR (a)(d)	18,900		456,813
Cochlear Ltd.	700		36,069
Edwards Lifesciences Corp. (a)	2,000		100,400
EPIX Pharmaceuticals, Inc. (a)	100		589
ev3, Inc. (a)	1,400		24,332
Exactech, Inc. (a)	10,700		173,233
Gen-Probe, Inc. (a)	6,200		335,358
GN Store Nordic AS (a)	100		1,165
Golden Meditech Co. Ltd. (a)	24,000		11,464
Hansen Medical, Inc.	100		1,930
Hologic, Inc. (a)	5,600		302,904
I-Flow Corp. (a)	14,000		219,520
Integra LifeSciences Holdings Corp. (a)	2,500		128,300
Medtronic, Inc.	16,600		882,622
Micrus Endovascular Corp. (a)	4,600		98,394
Mindray Medical International Ltd. sponsored ADR	46,800		1,333,800
NeuroMetrix, Inc. (a)	3,100		27,931
Orthofix International NV (a)	1,200		56,748
Phonak Holding AG	6,313		603,104
Respironics, Inc. (a)	2,700		119,205
Sirona Dental Systems, Inc.	6,300		218,295
SonoSite, Inc. (a)	900		25,659
St. Jude Medical, Inc. (a)	10,200		435,438
Stereotaxis, Inc. (a)	100		1,204
Stryker Corp.	1,700		114,427
ThermoGenesis Corp. (a)	100		271
Thoratec Corp. (a)	1,300		25,753
Varian Medical Systems, Inc. (a)	2,100		84,630
Volcano Corp.	5,800		117,508
William Demant Holding AS (a)	3,400		347,036
Zimmer Holdings, Inc. (a)	2,700		237,762
			8,813,853
Health Care Supplies - 0.3%
Alcon, Inc.	100		13,806
Chembio Diagnostics, Inc. (a)	100		62
Immucor, Inc. (a)	7,600		240,008
Insite Vision (a)	100		179
Inverness Medical Innovations, Inc. (a)	1,200		57,228
	Shares		Value
Regeneration Technologies, Inc. (a)	52,200		$ 524,610
Shandong Weigao Group Medical Polymer Co. Ltd.	16,000		30,326
			866,219
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			9,680,072
HEALTH CARE PROVIDERS & SERVICES - 0.9%
Health Care Distributors & Services - 0.1%
AmerisourceBergen Corp.	100		5,122
Amplifon Spa	2,300		19,249
Cardinal Health, Inc.	100		7,246
Chindex International, Inc. (a)	100		2,095
McKesson Corp.	1,900		119,947
			153,659
Health Care Facilities - 0.4%
Brookdale Senior Living, Inc.	7,900		372,959
Capital Senior Living Corp. (a)	17,700		196,824
Clinica Baviera SA (a)	1,300		45,270
HealthSouth Corp. (a)(d)	21,200		440,112
Sun Healthcare Group, Inc. (a)	1,500		21,450
			1,076,615
Health Care Services - 0.1%
Air Methods Corp. (a)	100		3,532
AMN Healthcare Services, Inc. (a)	5,500		123,860
BioScrip, Inc. (a)	3,000		12,570
DaVita, Inc. (a)	100		5,523
Emergency Medical Services Corp. Class A (a)	700		24,402
Express Scripts, Inc. (a)	100		10,210
Fresenius Medical Care AG sponsored ADR	100		4,909
Health Grades, Inc. (a)	3,900		25,038
Healthways, Inc. (a)	500		23,310
Medco Health Solutions, Inc. (a)	100		7,776
Omnicare, Inc.	700		26,194
Quest Diagnostics, Inc.	100		4,902
			272,226
Managed Health Care - 0.3%
CIGNA Corp.	700		117,341
Humana, Inc. (a)	300		18,615
National Medical Health Card Systems, Inc. (a)	1,600		26,368
UnitedHealth Group, Inc.	8,900		487,453
Wellcare Health Plans, Inc. (a)	100		9,204
WellPoint, Inc. (a)	200		16,282
			675,263
TOTAL HEALTH CARE PROVIDERS & SERVICES			2,177,763
HEALTH CARE TECHNOLOGY - 3.6%
Health Care Technology - 3.6%
Allscripts Healthcare Solutions, Inc. (a)(d)	73,900		1,814,984
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - CONTINUED
Health Care Technology - continued
Cerner Corp. (a)	99,200		$ 5,635,552
Eclipsys Corp. (a)	9,700		197,686
Merge Technologies, Inc. (a)	8,200		56,744
TriZetto Group, Inc. (a)	39,300		728,229
Vital Images, Inc. (a)	19,100		526,969
			8,960,164
INDUSTRIAL CONGLOMERATES - 0.1%
Industrial Conglomerates - 0.1%
Shanghai Industrial Holdings Ltd. (H Shares)	43,000		126,656
INSURANCE - 0.1%
Life & Health Insurance - 0.1%
China Life Insurance Co. Ltd. ADR	5,066		235,012
Universal American Financial Corp. (a)	4,500		95,535
			330,547
INTERNET & CATALOG RETAIL - 0.0%
Internet Retail - 0.0%
NutriSystem, Inc. (a)	100		6,552
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Life Sciences Tools & Services - 2.0%
Advanced Magnetics, Inc. (a)	1,600		100,912
Applera Corp. - Celera Genomics Group (a)	1,600		21,360
Biodelivery Sciences International, Inc. (a)	4,700		25,098
Charles River Laboratories International, Inc. (a)	500		26,585
Covance, Inc. (a)	1,900		126,445
Exelixis, Inc. (a)	39,800		440,984
ICON PLC sponsored ADR	500		23,195
Illumina, Inc. (a)	6,600		215,358
Innovive Pharmaceuticals, Inc. (a)	100		415
Medivation, Inc. (a)	27,900		490,203
Millipore Corp. (a)	8,500		635,545
Nektar Therapeutics (a)	10,600		120,204
PerkinElmer, Inc.	4,800		127,248
Pharmaceutical Product Development, Inc.	14,100		514,650
PRA International (a)	900		20,772
Techne Corp. (a)	2,066		123,320
Thermo Fisher Scientific, Inc. (a)	9,300		507,780
Third Wave Technologies, Inc. (a)	15,900		92,538
Ventana Medical Systems, Inc. (a)	22,200		1,142,412
Waters Corp. (a)	400		24,120
			4,779,144
	Shares		Value
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
Chattem, Inc. (a)	15,000		$ 955,050
Hengan International Group Co. Ltd.	8,000		27,303
			982,353
PHARMACEUTICALS - 78.8%
Pharmaceuticals - 78.8%
Abbott Laboratories (d)	223,500		12,594,225
Abraxis BioScience, Inc. (a)(d)	54,000		1,329,480
Adams Respiratory Therapeutics, Inc. (a)(d)	80,900		3,705,220
Alexza Pharmaceuticals, Inc. (a)	100		968
Allergan, Inc.	51,750		6,444,428
Allon Therapeutics, Inc. (a)	100		108
Alpharma, Inc. Class A	15,600		379,080
Aspreva Pharmaceuticals Corp. (a)	5,000		100,750
Astellas Pharma, Inc.	400		17,714
AstraZeneca PLC sponsored ADR	4,730		251,541
Auxilium Pharmaceuticals, Inc. (a)	7,400		113,738
Barr Pharmaceuticals, Inc. (a)	17,550		935,766
Beijing Med-Pharm Corp. (a)	2,400		26,328
Biodel, Inc. (a)	6,600		118,140
BioMimetic Therapeutics, Inc.	400		7,304
Biovail Corp.	110		2,674
Bradley Pharmaceuticals, Inc. (a)	4,100		90,528
Bristol-Myers Squibb Co.	561,800		17,028,158
Cardiome Pharma Corp. (a)	45,100		447,015
China Shineway Pharmaceutical Group Ltd.	100		81
Chugai Pharmaceutical Co. Ltd.	20,800		424,682
Cipla Ltd.	100		539
Collagenex Pharmaceuticals, Inc. (a)(d)	49,600		525,264
Cypress Bioscience, Inc. (a)(d)	15,300		231,642
Daiichi Sankyo Co. Ltd.	6,800		186,608
Eisai Co. Ltd.	400		18,602
Elan Corp. PLC sponsored ADR (a)	68,300		1,346,876
Eli Lilly & Co.	114,200		6,694,404
Endo Pharmaceuticals Holdings, Inc. (a)	34,100		1,204,412
Eurand NV (a)	6,700		103,448
Forest Laboratories, Inc. (a)	49,120		2,490,875
GlaxoSmithKline PLC sponsored ADR	4,800		250,464
Guangzhou Pharmaceutical Co. Ltd. (H Shares)	25,000		25,613
H. Lundbeck AS	100		2,498
Hi-Tech Pharmacal Co., Inc. (a)	1,000		11,800
Impax Laboratories, Inc. (a)	45,800		526,242
Inspire Pharmaceuticals, Inc. (a)	94,600		560,978
Inyx, Inc. (a)	226,500		543,600
Ipsen SA	12,500		655,956
Javelin Pharmaceuticals, Inc. (a)	19,800		142,362
Jazz Pharmaceuticals, Inc.	8,600		154,800
Johnson & Johnson	237,900		15,051,933
King Pharmaceuticals, Inc. (a)	73,100		1,552,644
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
MacroChem Corp. (a)	25,100		$ 26,355
Meda AB (A Shares)	6,000		104,279
Medicines Co. (a)	17,500		341,425
Medicis Pharmaceutical Corp. Class A	36,100		1,191,300
Merck & Co., Inc.	692,400		36,316,375
Merck KGaA	17,861		2,350,655
MGI Pharma, Inc. (a)(d)	139,000		2,971,820
Mylan Laboratories, Inc.	53,300		1,053,741
Nexmed, Inc. (a)	413,700		703,290
Novartis AG sponsored ADR	66,740		3,749,453
Noven Pharmaceuticals, Inc. (a)	10,500		246,225
Novo Nordisk AS Series B sponsored ADR	23,200		2,441,336
Ono Pharmaceutical Co. Ltd.	7,800		447,326
Par Pharmaceutical Companies, Inc. (a)	22,700		665,337
Penwest Pharmaceuticals Co. (a)(d)	28,900		375,700
Perrigo Co.	43,100		843,036
Pfizer, Inc.	283,100		7,782,419
Pharmaxis Ltd. (a)	100		282
Pharmstandard OJSC GDR unit (a)(e)	3,600		59,580
Pipex Pharmaceuticals, Inc. (a)	67		295
Pozen, Inc. (a)	3,200		50,528
Renovo Group PLC (a)	20,800		75,367
Roche Holding AG (participation certificate)	27,197		4,996,089
Sanofi-Aventis sponsored ADR	5,256		252,814
Schering-Plough Corp. (d)	618,690		20,255,911
Sciele Pharma, Inc. (a)	15,500		383,160
Sepracor, Inc. (a)	16,700		813,290
Shionogi & Co. Ltd.	1,000		17,172
Shire PLC	272,300		6,330,975
Sirtris Pharmaceuticals, Inc.	3,800		48,982
Somaxon Pharmaceuticals, Inc. (a)	6,600		99,000
Spectrum Pharmaceuticals, Inc. (a)	10,600		69,430
Takeda Pharamaceutical Co. Ltd.	10,700		718,257
Teva Pharmaceutical Industries Ltd. sponsored ADR	9,500		372,400
Tongjitang Chinese Medicines Co. sponsored ADR	2,300		27,945
Valeant Pharmaceuticals International	45,500		718,445
Vectura Group PLC (a)	100		169
ViroPharma, Inc. (a)	17,500		253,575
Warner Chilcott Ltd.	59,400		1,078,704
Watson Pharmaceuticals, Inc. (a)	8,600		265,396
	Shares		Value
Wuyi International Pharmaceutical Co. Ltd.	100		$ 20
Wyeth	250,620		14,495,861
Xenoport, Inc. (a)	102,800		4,523,200
			193,816,407
SOFTWARE - 0.1%
Systems Software - 0.1%
Quality Systems, Inc.	4,900		200,655
TOTAL COMMON STOCKS (Cost $206,399,136)		245,672,402
Money Market Funds - 10.1%
Fidelity Cash Central Fund, 5.33% (b)	481,651		481,651
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	24,494,175		24,494,175
TOTAL MONEY MARKET FUNDS (Cost $24,975,826)		24,975,826

TOTAL INVESTMENT PORTFOLIO - 110.0% (Cost $231,374,962) 270,648,228

NET OTHER ASSETS - (10.0)%		(24,686,303)
NET ASSETS - 100%	$ 245,961,925

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $59,580 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 33,445
Fidelity Securities Lending Cash Central Fund	26,540
Total	$ 59,985

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $231,958,801. Net unrealized appreciation aggregated $38,689,427, of which $40,910,328 related to appreciated investment securities and $2,220,901 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2007

1.802188.103

RET-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
DISTRIBUTORS - 1.2%
Distributors - 1.2%
Genuine Parts Co.	18,300		$ 939,156
DIVERSIFIED FINANCIAL SERVICES - 1.3%
Other Diversifed Financial Services - 1.3%
Endeavor Acquisition Corp. (a)(d)	92,800		1,051,424
FOOD & STAPLES RETAILING - 0.6%
Drug Retail - 0.6%
Rite Aid Corp. (d)	80,600		509,392
HOUSEHOLD DURABLES - 0.7%
Household Appliances - 0.7%
Whirlpool Corp.	4,800		535,920
INTERNET & CATALOG RETAIL - 7.3%
Catalog Retail - 4.7%
Liberty Media Holding Corp. - Interactive Series A (a)	155,600		3,770,188
Internet Retail - 2.6%
Amazon.com, Inc. (a)	8,800		608,432
Expedia, Inc. (a)	13,300		319,599
IAC/InterActiveCorp (a)	17,600		608,960
Priceline.com, Inc. (a)(d)	4,500		278,280
Submarino SA	5,000		212,363
			2,027,634
TOTAL INTERNET & CATALOG RETAIL			5,797,822
MEDIA - 1.1%
Movies & Entertainment - 1.1%
Regal Entertainment Group Class A	38,300		876,304
MULTILINE RETAIL - 30.4%
Department Stores - 20.3%
Federated Department Stores, Inc.	96,500		3,853,245
JCPenney Co., Inc.	34,700		2,792,656
Kohl's Corp. (a)	12,500		941,500
Nordstrom, Inc. (d)	42,000		2,181,060
Retail Ventures, Inc. (a)	70,100		1,359,239
Saks, Inc.	15,600		312,624
Sears Holdings Corp. (a)	23,864		4,295,997
The Bon-Ton Stores, Inc. (d)	7,800		372,060
			16,108,381
General Merchandise Stores - 10.1%
Dollar Tree Stores, Inc. (a)	8,000		338,480
Family Dollar Stores, Inc.	18,200		612,430
Target Corp.	113,600		7,092,048
			8,042,958
TOTAL MULTILINE RETAIL			24,151,339
	Shares		Value
PERSONAL PRODUCTS - 1.3%
Personal Products - 1.3%
Bare Escentuals, Inc. (d)	25,200		$ 1,057,140
SPECIALTY RETAIL - 49.4%
Apparel Retail - 10.1%
Abercrombie & Fitch Co. Class A	12,000		991,800
American Eagle Outfitters, Inc.	28,000		756,000
Chico's FAS, Inc. (a)	8,000		217,920
Gap, Inc.	62,100		1,150,092
Guess?, Inc.	10,400		459,680
Pacific Sunwear of California, Inc. (a)	13,400		266,526
Payless ShoeSource, Inc. (a)	28,500		1,018,020
Ross Stores, Inc.	30,600		1,004,904
The Men's Wearhouse, Inc.	2,200		117,348
TJX Companies, Inc.	57,400		1,605,478
Tween Brands, Inc. (a)	9,000		391,770
Zumiez, Inc. (a)(d)	2,200		84,920
			8,064,458
Automotive Retail - 1.9%
AutoZone, Inc. (a)	7,200		926,136
CSK Auto Corp. (a)	100		1,820
Lithia Motors, Inc. Class A (sub. vtg.)	1,500		40,320
O'Reilly Automotive, Inc. (a)	13,500		512,865
			1,481,141
Computer & Electronics Retail - 6.3%
Best Buy Co., Inc.	62,700		3,027,783
Circuit City Stores, Inc.	31,300		502,991
RadioShack Corp. (d)	41,500		1,416,810
Tweeter Home Entertainment Group, Inc. (a)	110,803		45,429
			4,993,013
Home Improvement Retail - 18.1%
Home Depot, Inc.	266,200		10,347,195
Lowe's Companies, Inc.	108,900		3,574,098
Sherwin-Williams Co.	7,200		487,008
			14,408,301
Homefurnishing Retail - 1.5%
Bed Bath & Beyond, Inc. (a)	29,400		1,195,404
Specialty Stores - 11.5%
Build-A-Bear Workshop, Inc. (a)(d)	28,400		849,160
Hibbett Sports, Inc. (a)	4,700		131,459
Office Depot, Inc. (a)	12,500		455,000
OfficeMax, Inc.	15,400		691,460
PETsMART, Inc.	26,500		906,830
Staples, Inc.	191,400		4,796,484
Tiffany & Co., Inc.	24,900		1,308,993
			9,139,386
TOTAL SPECIALTY RETAIL			39,281,703
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 6.5%
Apparel, Accessories & Luxury Goods - 1.3%
Coach, Inc. (a)	12,300		$ 631,728
G-III Apparel Group Ltd. (a)	5,900		122,130
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	5,700		272,631
			1,026,489
Footwear - 5.2%
Deckers Outdoor Corp. (a)(d)	31,800		2,794,902
Iconix Brand Group, Inc. (a)	31,100		691,975
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	19,800		635,580
			4,122,457
TOTAL TEXTILES, APPAREL & LUXURY GOODS			5,148,946
TOTAL COMMON STOCKS (Cost $67,208,953)		79,349,146
Money Market Funds - 11.4%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $9,055,950)	9,055,950	$ 9,055,950

TOTAL INVESTMENT PORTFOLIO - 111.2% (Cost $76,264,903) 88,405,096

NET OTHER ASSETS - (11.2)%	(8,917,800)
NET ASSETS - 100%	$ 79,487,296

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,699
Fidelity Securities Lending Cash Central Fund	23,655
Total	$ 33,354

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $76,383,747. Net unrealized appreciation aggregated $12,021,349, of which $12,535,013 related to appreciated investment securities and $513,664 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and
Computer Services Portfolio

May 31, 2007

1.802189.103

SOF-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Office Services & Supplies - 0.6%
APAC Customer Services, Inc. (a)	1,000,000		$ 3,120,000
PeopleSupport, Inc. (a)(d)	200,900		2,432,899
			5,552,899
COMPUTERS & PERIPHERALS - 3.6%
Computer Hardware - 3.6%
Apple, Inc. (a)	222,800		27,083,568
Sun Microsystems, Inc. (a)	1,000,000		5,100,000
			32,183,568
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
Integrated Telecommunication Services - 0.5%
NeuStar, Inc. Class A (a)(d)	148,600		4,318,316
INTERNET SOFTWARE & SERVICES - 21.4%
Internet Software & Services - 21.4%
Akamai Technologies, Inc. (a)	63,919		2,825,859
Blinkx PLC	437,400		430,861
eBay, Inc. (a)	737,300		24,006,488
Google, Inc. Class A (sub. vtg.) (a)(d)	237,300		118,116,075
Marchex, Inc. Class B	200,000		3,098,000
VeriSign, Inc. (a)	122,300		3,648,209
Visual Sciences, Inc. (a)	71,192		1,158,294
Yahoo!, Inc. (a)	1,401,500		40,223,050
			193,506,836
IT SERVICES - 24.9%
Data Processing & Outsourced Services - 9.9%
ExlService Holdings, Inc.	225,690		4,240,715
Fidelity National Information Services, Inc.	283,300		15,275,536
Mastercard, Inc. Class A (d)	157,600		23,569,080
MoneyGram International, Inc.	421,600		12,285,424
Paychex, Inc. (d)	312,500		12,625,000
Syntel, Inc.	8,600		297,732
The Western Union Co.	699,500		15,703,775
WNS Holdings Ltd. ADR	205,851		5,576,504
			89,573,766
IT Consulting & Other Services - 15.0%
Accenture Ltd. Class A	313,900		12,851,066
Cognizant Technology Solutions Corp. Class A (a)	1,000,000		78,560,000
HCL Technologies Ltd.	1,103,484		9,408,653
Infosys Technologies Ltd. sponsored ADR	268,300		13,213,775
Patni Computer Systems Ltd. sponsored ADR	87,400		2,303,864
Satyam Computer Services Ltd. sponsored ADR (d)	796,000		20,170,640
			136,507,998
TOTAL IT SERVICES			226,081,764
	Shares		Value
SOFTWARE - 48.4%
Application Software - 14.5%
Ansys, Inc. (a)	208,600		$ 11,714,976
Autodesk, Inc. (a)	273,600		12,435,120
Autonomy Corp. PLC (a)	437,400		6,694,582
Business Objects SA sponsored ADR (a)	257,600		10,589,936
Cadence Design Systems, Inc. (a)(d)	472,300		10,725,933
Citrix Systems, Inc. (a)	202,400		6,802,664
Cognos, Inc. (a)	173,300		6,932,000
Fair Isaac Corp.	297,600		11,264,160
Informatica Corp. (a)	1,164,600		17,771,796
Nuance Communications, Inc. (a)(d)	247,600		4,142,348
Quest Software, Inc. (a)	1,517,714		26,135,035
Salesforce.com, Inc. (a)	21,100		996,975
Synopsys, Inc. (a)	214,200		5,680,584
			131,886,109
Home Entertainment Software - 7.1%
Nintendo Co. Ltd.	129,400		45,186,481
Take-Two Interactive Software, Inc. (a)	200,000		4,118,000
Ubisoft Entertainment SA (a)	300,068		15,048,005
			64,352,486
Systems Software - 26.8%
Microsoft Corp.	4,952,600		151,896,242
Oracle Corp. (a)	3,232,400		62,643,912
Red Hat, Inc. (a)	233,900		5,744,584
Utimaco Safeware AG (e)	1,268,953		22,367,460
			242,652,198
TOTAL SOFTWARE			438,890,793
SPECIALTY RETAIL - 0.0%
Computer & Electronics Retail - 0.0%
Tweeter Home Entertainment Group, Inc. (a)	390,695		160,185
TOTAL COMMON STOCKS (Cost $783,586,567)		900,694,361
Money Market Funds - 10.8%
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $98,051,725)	98,051,725	98,051,725

TOTAL INVESTMENT PORTFOLIO - 110.2% (Cost $881,638,292) 998,746,086

NET OTHER ASSETS - (10.2)%	(92,538,625)
NET ASSETS - 100%	$ 906,207,461

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 67,933
Fidelity Securities Lending Cash Central Fund	59,200
Total	$ 127,133

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Utimaco Safeware AG	$ 21,847,289	$ -	$ -	$ -	$ 22,367,460
Total	$ 21,847,289	$ -	$ -	$ -	$ 22,367,460

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $886,568,690. Net unrealized appreciation aggregated $112,177,396, of which $133,228,185 related to appreciated investment securities and $21,050,789 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

May 31, 2007

1.802190.103

TEC-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
Fuel Systems Solutions, Inc. (a)	200,000		$ 3,260,000
COMMUNICATIONS EQUIPMENT - 24.0%
Communications Equipment - 24.0%
AAC Acoustic Technology Holdings, Inc. (a)	1,632,000		1,692,914
Acme Packet, Inc. (d)	226,000		2,678,100
Adtran, Inc.	120,000		3,247,200
ADVA AG Optical Networking (a)	703,356		6,880,333
Alcatel-Lucent SA sponsored ADR (d)	1,940,600		26,625,032
Arris Group, Inc. (a)	200,000		3,290,000
AudioCodes Ltd. (a)	260,400		1,385,328
Avocent Corp. (a)	122,600		3,436,478
Balda AG	255,800		3,775,783
Cisco Systems, Inc. (a)	1,929,500		51,942,140
Comtech Group, Inc. (a)	681,400		11,883,616
Comverse Technology, Inc. (a)	804,500		18,439,140
Corning, Inc. (a)	884,100		22,102,500
ECI Telecom Ltd. (a)	403,700		3,233,637
F5 Networks, Inc. (a)	218,700		17,771,562
Finisar Corp. (a)	1,695,200		6,153,576
Foxconn International Holdings Ltd. (a)	545,000		1,692,536
Gemtek Technology Corp.	703,000		1,972,699
Harris Stratex Networks, Inc. (a)	318,200		5,441,220
Juniper Networks, Inc. (a)	1,848,600		45,124,326
Opnext, Inc.	411,100		4,846,869
Optium Corp.	253,800		3,433,914
Powerwave Technologies, Inc. (a)(d)	1,907,200		12,167,936
QUALCOMM, Inc.	2,016,400		86,604,380
Research In Motion Ltd. (a)	358,700		59,572,897
Riverbed Technology, Inc.	60,100		2,506,771
			407,900,887
COMPUTERS & PERIPHERALS - 12.3%
Computer Hardware - 7.1%
Apple, Inc. (a)	547,600		66,566,256
Palm, Inc. (a)	390,900		6,367,761
Sun Microsystems, Inc. (a)	9,429,300		48,089,430
			121,023,447
Computer Storage & Peripherals - 5.2%
EMC Corp. (a)	983,900		16,618,071
Hypercom Corp. (a)	450,000		2,722,500
Network Appliance, Inc. (a)	444,100		14,295,579
SanDisk Corp. (a)	1,093,836		47,636,558
STEC, Inc. (a)	700,000		4,340,000
TPV Technology Ltd.	3,000,000		2,047,755
			87,660,463
TOTAL COMPUTERS & PERIPHERALS			208,683,910
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 1.4%
Education Services - 1.4%
Apollo Group, Inc. Class A (non-vtg.) (a)	214,500		$ 10,289,565
New Oriental Education & Technology Group, Inc. sponsored ADR	277,200		13,017,312
			23,306,877
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
Alternative Carriers - 0.0%
Aruba Networks, Inc.	21,500		416,025
Integrated Telecommunication Services - 0.1%
NeuStar, Inc. Class A (a)	27,100		787,526
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			1,203,551
ELECTRICAL EQUIPMENT - 3.4%
Electrical Components & Equipment - 3.2%
Energy Conversion Devices, Inc. (a)(d)	100,000		3,438,000
Evergreen Solar, Inc. (a)(d)	1,698,400		14,232,592
SolarWorld AG (d)	293,800		26,842,404
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	331,100		11,230,912
			55,743,908
Heavy Electrical Equipment - 0.2%
Suzlon Energy Ltd.	100,000		3,192,694
TOTAL ELECTRICAL EQUIPMENT			58,936,602
ELECTRONIC EQUIPMENT & INSTRUMENTS - 5.3%
Electronic Equipment & Instruments - 3.1%
Amphenol Corp. Class A	150,000		5,367,000
Chi Mei Optoelectronics Corp.	3,048,000		3,418,447
China Security & Surveillance Tech, Inc. (a)	1,026,100		15,750,635
Chunghwa Picture Tubes LTD. (a)	4,498,000		1,164,156
Cogent, Inc. (a)	100,000		1,548,000
Motech Industries, Inc.	945,763		11,938,343
Motech Industries, Inc. (a)(e)	173,208		2,139,119
Tektronix, Inc.	285,000		8,626,950
Vishay Intertechnology, Inc. (a)	159,500		2,842,290
			52,794,940
Electronic Manufacturing Services - 1.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	2,167,965		15,323,742
KEMET Corp. (a)	649,500		4,988,160
Molex, Inc.	191,000		5,680,340
TTM Technologies, Inc. (a)	80,200		887,012
			26,879,254
Technology Distributors - 0.6%
Brightpoint, Inc. (a)	701,400		9,216,396
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - CONTINUED
Technology Distributors - continued
Mellanox Technologies Ltd.	1,900		$ 38,494
Wolfson Microelectronics PLC (a)	200,000		1,199,880
			10,454,770
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			90,128,964
HOTELS, RESTAURANTS & LEISURE - 0.6%
Hotels, Resorts & Cruise Lines - 0.6%
Ctrip.com International Ltd. sponsored ADR	119,200		9,108,072
eLong, Inc. sponsored ADR (a)	150,000		1,495,500
			10,603,572
INTERNET & CATALOG RETAIL - 0.0%
Catalog Retail - 0.0%
Acorn International, Inc. sponsored ADR (a)	2,800		82,572
INTERNET SOFTWARE & SERVICES - 9.3%
Internet Software & Services - 9.3%
Blinkx PLC	500,000		492,525
Equinix, Inc. (a)	80,400		7,025,352
Google, Inc. Class A (sub. vtg.) (a)	215,000		107,016,248
LivePerson, Inc. (a)	629,942		3,974,934
LoopNet, Inc.	150,000		3,073,500
Marchex, Inc. Class B	108,800		1,685,312
Omniture, Inc. (d)	109,300		1,913,843
Openwave Systems, Inc. (a)	740,510		7,627,253
RADVision Ltd. (a)	100,000		2,134,000
SAVVIS, Inc. (a)	133,600		6,705,384
Switch & Data Facilities Co., Inc.	5,900		109,681
TechTarget, Inc.	8,700		127,803
Visual Sciences, Inc. (a)	521,000		8,476,670
Yahoo!, Inc. (a)	295,448		8,479,358
			158,841,863
IT SERVICES - 2.6%
Data Processing & Outsourced Services - 1.1%
The Western Union Co.	845,600		18,983,720
IT Consulting & Other Services - 1.5%
Accenture Ltd. Class A	87,800		3,594,532
Cognizant Technology Solutions Corp. Class A (a)	119,200		9,364,352
HCL Technologies Ltd.	500,000		4,263,158
Isilon Systems, Inc. (d)	69,700		1,022,499
IXEurope PLC	200,000		510,840
Satyam Computer Services Ltd. sponsored ADR (d)	250,700		6,352,738
			25,108,119
TOTAL IT SERVICES			44,091,839
	Shares		Value
MEDIA - 1.2%
Advertising - 1.2%
Focus Media Holding Ltd. ADR (a)(d)	450,017		$ 19,904,252
Publishing - 0.0%
Gemstar-TV Guide International, Inc. (a)	9,503		43,714
TOTAL MEDIA			19,947,966
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 33.2%
Semiconductor Equipment - 2.1%
ASE Test Ltd. (a)	542,300		6,990,247
ASML Holding NV (NY Shares) (a)	250,000		6,442,500
Cohu, Inc.	125,000		2,555,000
Cymer, Inc. (a)	116,700		4,684,338
FormFactor, Inc. (a)	93,200		3,707,496
MKS Instruments, Inc. (a)	175,000		4,768,750
Varian Semiconductor Equipment Associates, Inc. (a)	162,450		6,847,268
			35,995,599
Semiconductors - 31.1%
Advanced Analog Technology, Inc.	176,000		1,494,415
Advanced Analogic Technologies, Inc. (a)	131,700		1,166,862
Advanced Micro Devices, Inc. (a)(d)	3,504,200		50,004,934
Advanced Semiconductor Engineering, Inc. sponsored ADR (a)(d)	1,244,700		7,405,965
Altera Corp.	635,400		14,493,474
AMIS Holdings, Inc. (a)	776,800		9,927,504
Amkor Technology, Inc. (a)	62,600		890,172
Applied Micro Circuits Corp. (a)	3,550,600		9,977,186
ARM Holdings PLC sponsored ADR	1,067,800		8,862,740
Atheros Communications, Inc. (a)	1,400		40,754
Atmel Corp. (a)	1,494,522		8,354,378
Broadcom Corp. Class A (a)	1,754,000		53,602,240
Cavium Networks, Inc. (a)	2,900		61,335
Chartered Semiconductor Manufacturing Ltd. (a)	1,785,000		1,482,199
Cirrus Logic, Inc. (a)	734,100		5,681,934
CSR PLC (a)(d)	679,000		10,446,143
Diodes, Inc. (a)	136,200		5,038,038
Fairchild Semiconductor International, Inc. (a)	481,400		8,867,388
Global Mixed-Mode Tech, Inc.	107,000		1,117,451
Hittite Microwave Corp. (a)	264,800		10,764,120
Ikanos Communications, Inc. (a)	502,451		3,587,500
Infineon Technologies AG sponsored ADR (a)(d)	2,178,700		33,922,359
Integrated Device Technology, Inc. (a)	428,600		6,433,286
Intel Corp.	2,669,400		59,180,598
Lattice Semiconductor Corp. (a)	600,000		3,162,000
LSI Logic Corp. (a)	2,027,800		17,601,304
Marvell Technology Group Ltd. (a)	5,381,500		84,597,180
Maxim Integrated Products, Inc.	528,500		16,251,375
Micrel, Inc.	268,600		3,346,756
Micron Technology, Inc. (a)(d)	511,400		6,228,852
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Microsemi Corp. (a)	78,160		$ 1,801,588
Mindspeed Technologies, Inc. (a)	3,610,300		7,870,454
Omnivision Technologies, Inc. (a)	67,500		1,093,500
PMC-Sierra, Inc. (a)	763,200		5,884,272
Qimonda AG Sponsored ADR (d)	515,300		7,698,582
Richtek Technology Corp.	950,000		11,215,378
Saifun Semiconductors Ltd. (a)	50,000		532,000
Samsung Electronics Co. Ltd.	27,230		15,701,707
Semtech Corp. (a)	100,000		1,665,000
Silicon Laboratories, Inc. (a)	345,825		11,972,462
Silicon Motion Technology Corp. sponsored ADR (a)	32,900		760,977
Siliconware Precision Industries Co. Ltd. sponsored ADR	381,800		3,989,810
SiRF Technology Holdings, Inc. (a)(d)	167,800		3,641,260
Supertex, Inc. (a)	43,700		1,465,261
Taiwan Semiconductor Manufacturing Co. Ltd.	2,056,000		4,244,565
Vimicro International Corp. sponsored ADR (a)	421,600		2,824,720
Zoran Corp. (a)	101,900		2,051,247
			528,403,225
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			564,398,824
SOFTWARE - 6.6%
Application Software - 2.9%
Adobe Systems, Inc. (a)	469,900		20,713,192
Ansys, Inc. (a)	152,400		8,558,784
Autonomy Corp. PLC (a)	500,000		7,652,700
NAVTEQ Corp. (a)	100,000		4,283,000
Opsware, Inc. (a)	28,740		260,097
Salesforce.com, Inc. (a)	143,700		6,789,825
Ulticom, Inc. (a)	100,000		865,000
			49,122,598
Home Entertainment Software - 2.6%
Nintendo Co. Ltd.	87,300		30,485,161
Take-Two Interactive Software, Inc. (a)(d)	400,600		8,248,354
THQ, Inc. (a)	150,000		5,115,000
			43,848,515
	Shares		Value
Systems Software - 1.1%
Double-Take Software, Inc.	179,737		$ 2,838,047
Red Hat, Inc. (a)	222,600		5,467,056
Sandvine Corp. (U.K.) (a)	2,000,000		8,197,200
Sourcefire, Inc.	2,800		38,500
Utimaco Safeware AG	125,000		2,203,338
			18,744,141
TOTAL SOFTWARE			111,715,254
TOTAL COMMON STOCKS (Cost $1,585,762,282)		1,703,102,681
Money Market Funds - 9.9%
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c) (Cost $167,965,659)	167,965,659	167,965,659

TOTAL INVESTMENT PORTFOLIO - 110.1% (Cost $1,753,727,941) 1,871,068,340

NET OTHER ASSETS - (10.1)%	(171,154,645)
NET ASSETS - 100%	$ 1,699,913,695

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,139,119 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 96,466
Fidelity Securities Lending Cash Central Fund	268,055
Total	$ 364,521

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,771,235,541. Net unrealized appreciation aggregated $99,832,799, of which $199,127,780 related to appreciated investment securities and $99,294,981 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

May 31, 2007

1.802191.103

TEL-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.4%
Communications Equipment - 0.4%
Juniper Networks, Inc. (a)	74,300		$ 1,813,663
Sonus Networks, Inc. (a)	56,800		492,456
			2,306,119
DIVERSIFIED TELECOMMUNICATION SERVICES - 61.0%
Alternative Carriers - 12.2%
Cogent Communications Group, Inc. (a)	472,208		13,552,370
Global Crossing Ltd. (a)	199,200		4,254,912
Iliad Group SA	56,700		5,721,951
Level 3 Communications, Inc. (a)(d)	5,668,964		32,993,370
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	1,350,000		26,136,000
			82,658,603
Integrated Telecommunication Services - 48.8%
AT&T, Inc. (d)	3,939,602		162,863,146
BT Group PLC	643,600		4,205,926
Cbeyond, Inc. (a)	21,657		766,225
Cincinnati Bell, Inc.	176,000		1,026,080
FairPoint Communications, Inc.	178,600		3,214,800
NeuStar, Inc. Class A (a)(d)	105,000		3,051,300
NTELOS Holding Corp.	600,068		15,133,715
Qwest Communications International, Inc. (a)(d)	6,781,444		69,781,059
Telefonica SA	90,800		2,071,451
Telefonica SA sponsored ADR	101,500		6,946,660
Telenor ASA	96,400		1,874,196
Telenor ASA sponsored ADR	64,800		3,787,560
Verizon Communications, Inc.	1,226,724		53,399,296
Windstream Corp.	109,708		1,647,814
			329,769,228
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			412,427,831
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	8,940		260,959
INTERNET SOFTWARE & SERVICES - 3.1%
Internet Software & Services - 3.1%
Google, Inc. Class A (sub. vtg.) (a)	24,000		11,946,000
SAVVIS, Inc. (a)	176,500		8,858,535
			20,804,535
MEDIA - 1.4%
Broadcasting & Cable TV - 1.4%
Comcast Corp. Class A	123,500		3,385,135
Liberty Global, Inc. Class A (a)	39,200		1,505,280
Time Warner Cable, Inc. (a)	96,000		3,687,360
Virgin Media, Inc.	30,900		800,928
			9,378,703
	Shares		Value
SOFTWARE - 5.6%
Application Software - 5.6%
Synchronoss Technologies, Inc.	1,406,961		$ 38,058,295
WIRELESS TELECOMMUNICATION SERVICES - 27.2%
Wireless Telecommunication Services - 27.2%
ALLTEL Corp.	61,300		4,200,276
America Movil SA de CV Series L sponsored ADR	53,900		3,263,645
American Tower Corp. Class A (a)	554,700		23,951,946
Bharti Airtel Ltd. (a)	649,382		13,989,233
Centennial Communications Corp. Class A (a)	141,400		1,440,866
Clearwire Corp. (d)	24,600		479,700
Crown Castle International Corp. (a)	727,100		26,771,822
Dobson Communications Corp. Class A (a)	1,647,100		17,508,673
InPhonic, Inc. (a)(d)	76,500		670,140
Leap Wireless International, Inc. (a)	137,714		11,769,038
MetroPCS Communications, Inc.	62,300		2,221,618
Orascom Telecom Holding SAE unit	40,500		2,709,450
Rural Cellular Corp. Class A (a)	70,900		2,336,155
SBA Communications Corp. Class A (a)	911,600		29,289,708
Sprint Nextel Corp.	1,273,200		29,092,620
Vodafone Group PLC sponsored ADR	457,000		14,363,510
			184,058,400
TOTAL COMMON STOCKS (Cost $522,845,287)		667,294,842
Money Market Funds - 22.2%
Fidelity Cash Central Fund, 5.33% (b)	3,750,922		3,750,922
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	146,598,750		146,598,750
TOTAL MONEY MARKET FUNDS (Cost $150,349,672)		150,349,672

TOTAL INVESTMENT PORTFOLIO - 120.9% (Cost $673,194,959) 817,644,514

NET OTHER ASSETS - (20.9)%	(141,226,528)
NET ASSETS - 100%	$ 676,417,986

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 54,988
Fidelity Securities Lending Cash Central Fund	55,931
Total	$ 110,919

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $677,156,973. Net unrealized appreciation aggregated $140,487,541, of which $146,514,069 related to appreciated investment securities and $6,026,528 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2007

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

1.851743.100

ATLC-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.4%
Communications Equipment - 0.4%
Juniper Networks, Inc. (a)	74,300		$ 1,813,663
Sonus Networks, Inc. (a)	56,800		492,456
			2,306,119
DIVERSIFIED TELECOMMUNICATION SERVICES - 61.0%
Alternative Carriers - 12.2%
Cogent Communications Group, Inc. (a)	472,208		13,552,370
Global Crossing Ltd. (a)	199,200		4,254,912
Iliad Group SA	56,700		5,721,951
Level 3 Communications, Inc. (a)(d)	5,668,964		32,993,370
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	1,350,000		26,136,000
			82,658,603
Integrated Telecommunication Services - 48.8%
AT&T, Inc. (d)	3,939,602		162,863,146
BT Group PLC	643,600		4,205,926
Cbeyond, Inc. (a)	21,657		766,225
Cincinnati Bell, Inc.	176,000		1,026,080
FairPoint Communications, Inc.	178,600		3,214,800
NeuStar, Inc. Class A (a)(d)	105,000		3,051,300
NTELOS Holding Corp.	600,068		15,133,715
Qwest Communications International, Inc. (a)(d)	6,781,444		69,781,059
Telefonica SA	90,800		2,071,451
Telefonica SA sponsored ADR	101,500		6,946,660
Telenor ASA	96,400		1,874,196
Telenor ASA sponsored ADR	64,800		3,787,560
Verizon Communications, Inc.	1,226,724		53,399,296
Windstream Corp.	109,708		1,647,814
			329,769,228
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			412,427,831
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	8,940		260,959
INTERNET SOFTWARE & SERVICES - 3.1%
Internet Software & Services - 3.1%
Google, Inc. Class A (sub. vtg.) (a)	24,000		11,946,000
SAVVIS, Inc. (a)	176,500		8,858,535
			20,804,535
MEDIA - 1.4%
Broadcasting & Cable TV - 1.4%
Comcast Corp. Class A	123,500		3,385,135
Liberty Global, Inc. Class A (a)	39,200		1,505,280
Time Warner Cable, Inc. (a)	96,000		3,687,360
Virgin Media, Inc.	30,900		800,928
			9,378,703
	Shares		Value
SOFTWARE - 5.6%
Application Software - 5.6%
Synchronoss Technologies, Inc.	1,406,961		$ 38,058,295
WIRELESS TELECOMMUNICATION SERVICES - 27.2%
Wireless Telecommunication Services - 27.2%
ALLTEL Corp.	61,300		4,200,276
America Movil SA de CV Series L sponsored ADR	53,900		3,263,645
American Tower Corp. Class A (a)	554,700		23,951,946
Bharti Airtel Ltd. (a)	649,382		13,989,233
Centennial Communications Corp. Class A (a)	141,400		1,440,866
Clearwire Corp. (d)	24,600		479,700
Crown Castle International Corp. (a)	727,100		26,771,822
Dobson Communications Corp. Class A (a)	1,647,100		17,508,673
InPhonic, Inc. (a)(d)	76,500		670,140
Leap Wireless International, Inc. (a)	137,714		11,769,038
MetroPCS Communications, Inc.	62,300		2,221,618
Orascom Telecom Holding SAE unit	40,500		2,709,450
Rural Cellular Corp. Class A (a)	70,900		2,336,155
SBA Communications Corp. Class A (a)	911,600		29,289,708
Sprint Nextel Corp.	1,273,200		29,092,620
Vodafone Group PLC sponsored ADR	457,000		14,363,510
			184,058,400
TOTAL COMMON STOCKS (Cost $522,845,287)		667,294,842
Money Market Funds - 22.2%
Fidelity Cash Central Fund, 5.33% (b)	3,750,922		3,750,922
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	146,598,750		146,598,750
TOTAL MONEY MARKET FUNDS (Cost $150,349,672)		150,349,672

TOTAL INVESTMENT PORTFOLIO - 120.9% (Cost $673,194,959) 817,644,514

NET OTHER ASSETS - (20.9)%	(141,226,528)
NET ASSETS - 100%	$ 676,417,986

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 54,988
Fidelity Securities Lending Cash Central Fund	55,931
Total	$ 110,919

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $677,156,973. Net unrealized appreciation aggregated $140,487,541, of which $146,514,069 related to appreciated investment securities and $6,026,528 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

May 31, 2007

1.802192.103

TRN-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
AEROSPACE & DEFENSE - 2.1%
Aerospace & Defense - 2.1%
AAR Corp. (a)	10,400		$ 338,000
Bombardier, Inc. Class B (sub. vtg.)	71,700		356,673
General Dynamics Corp.	2,700		216,648
Hexcel Corp. (a)	16,000		370,080
Ladish Co., Inc. (a)	7,700		341,803
Precision Castparts Corp.	1,900		227,164
Rockwell Collins, Inc.	3,300		233,211
Spirit AeroSystems Holdings, Inc. Class A	7,100		247,861
			2,331,440
AIR FREIGHT & LOGISTICS - 24.4%
Air Freight & Logistics - 24.4%
C.H. Robinson Worldwide, Inc.	65,000		3,521,700
Expeditors International of Washington, Inc.	84,220		3,677,045
FedEx Corp.	57,500		6,418,150
Forward Air Corp.	77,750		2,644,278
Geodis SA	900		200,274
Hub Group, Inc. Class A	16,360		604,993
Pacer International, Inc.	9,700		261,124
Panalpina Welttransport Holding AG	1,500		293,337
United Parcel Service, Inc. Class B	107,300		7,722,381
UTI Worldwide, Inc.	44,100		1,234,359
			26,577,641
AIRLINES - 13.1%
Airlines - 13.1%
AirTran Holdings, Inc. (a)(d)	205,800		2,549,862
AMR Corp. (a)	81,000		2,296,350
Copa Holdings SA Class A	5,500		348,095
Delta Air Lines, Inc. (a)	92,002		1,752,638
JetBlue Airways Corp. (a)(d)	188,914		2,036,493
Republic Airways Holdings, Inc. (a)	21,000		490,770
Ryanair Holdings PLC sponsored ADR (a)(d)	25,176		1,039,517
Southwest Airlines Co.	151,187		2,163,486
UAL Corp. (a)	20,700		812,682
US Airways Group, Inc. (a)	22,100		787,865
			14,277,758
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Harris Corp.	4,900		244,608
CONSTRUCTION & ENGINEERING - 0.1%
Construction & Engineering - 0.1%
Great Lakes Dredge & Dock Corp. (a)	7,300		65,919
DIVERSIFIED FINANCIAL SERVICES - 0.4%
Other Diversifed Financial Services - 0.4%
Oceanaut, Inc.	52,800		462,000
	Shares		Value
MACHINERY - 0.4%
Construction & Farm Machinery & Heavy Trucks - 0.4%
Bucyrus International, Inc. Class A	5,300		$ 376,035
MARINE - 3.5%
Marine - 3.5%
American Commercial Lines, Inc. (a)	59,982		1,900,830
Kirby Corp. (a)	36,500		1,460,730
Kuehne & Nagel International AG	2,414		221,748
Ultrapetrol (Bahamas) Ltd.	9,200		211,048
			3,794,356
METALS & MINING - 3.1%
Diversified Metals & Mining - 2.7%
RTI International Metals, Inc. (a)	4,400		390,500
Titanium Metals Corp.	72,700		2,515,420
			2,905,920
Steel - 0.4%
Allegheny Technologies, Inc.	1,800		208,062
Carpenter Technology Corp.	1,800		238,626
			446,688
TOTAL METALS & MINING			3,352,608
OIL, GAS & CONSUMABLE FUELS - 1.2%
Coal & Consumable Fuels - 0.6%
Massey Energy Co.	12,100		350,658
Peabody Energy Corp.	5,000		270,200
			620,858
Oil & Gas Refining & Marketing - 0.6%
Valero Energy Corp.	8,500		634,270
TOTAL OIL, GAS & CONSUMABLE FUELS			1,255,128
ROAD & RAIL - 46.8%
Railroads - 37.8%
Burlington Northern Santa Fe Corp.	143,000		13,317,590
Canadian National Railway Co.	2,200		119,931
Canadian Pacific Railway Ltd.	4,000		285,380
CSX Corp.	164,000		7,452,160
Florida East Coast Industries, Inc. Class A	8,500		711,705
Guangshen Railway Co. Ltd. sponsored ADR	6,300		256,221
Kansas City Southern (d)	8,350		342,768
Norfolk Southern Corp.	107,800		6,239,464
Union Pacific Corp.	103,000		12,430,040
			41,155,259
Trucking - 9.0%
Avis Budget Group, Inc. (a)	9,300		281,325
Celadon Group, Inc. (a)	22,800		376,428
Con-way, Inc.	24,100		1,366,470
Dollar Thrifty Automotive Group, Inc. (a)	5,100		237,048
DSV de Sammensluttede Vognmaend AS	10,800		220,470
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Trucking - continued
Hertz Global Holdings, Inc.	8,300		$ 175,794
J.B. Hunt Transport Services, Inc.	45,900		1,337,526
Knight Transportation, Inc. (d)	21,400		400,822
Landstar System, Inc.	26,670		1,297,762
Old Dominion Freight Lines, Inc. (a)	35,700		1,114,911
P.A.M. Transportation Services, Inc. (a)	14,500		266,220
Quality Distribution, Inc. (a)	18,300		184,281
Ryder System, Inc.	22,900		1,234,768
Trailer Bridge, Inc. (a)	20,100		258,687
YRC Worldwide, Inc. (a)(d)	27,000		1,085,400
			9,837,912
TOTAL ROAD & RAIL			50,993,171
TRADING COMPANIES & DISTRIBUTORS - 0.2%
Trading Companies & Distributors - 0.2%
Rush Enterprises, Inc. Class A (a)	8,500		208,335
TRANSPORTATION INFRASTRUCTURE - 0.2%
Airport Services - 0.2%
Macquarie Infrastructure Co. Trust	5,000		223,050
TOTAL COMMON STOCKS (Cost $74,212,512)		104,162,049
Nonconvertible Preferred Stocks - 0.0%
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series B (a) (Cost $2,414)	1,231,360		2,438
Money Market Funds - 6.0%
	Shares		Value
Fidelity Cash Central Fund, 5.33% (b)	1,412,374		$ 1,412,374
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	5,150,125		5,150,125
TOTAL MONEY MARKET FUNDS (Cost $6,562,499)		6,562,499

TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $80,777,425) 110,726,986

NET OTHER ASSETS - (1.7)%		(1,810,350)
NET ASSETS - 100%	$ 108,916,636

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,577
Fidelity Securities Lending Cash Central Fund	10,475
Total	$ 29,052

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $80,896,601. Net unrealized appreciation aggregated $29,830,385, of which $31,517,389 related to appreciated investment securities and $1,687,004 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

May 31, 2007

1.802193.103

UTI-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
ELECTRIC UTILITIES - 43.9%
Electric Utilities - 43.9%
Allegheny Energy, Inc. (a)	355,600		$ 18,985,484
American Electric Power Co., Inc.	1,173,500		55,893,805
Cleco Corp.	176,000		4,748,480
DPL, Inc.	590,900		18,028,359
Duke Energy Corp.	2,309,800		45,133,492
Edison International	306,900		17,883,063
Entergy Corp.	527,500		59,554,750
Exelon Corp.	1,474,800		115,034,399
FirstEnergy Corp.	735,500		50,918,665
FPL Group, Inc.	876,500		56,034,645
Great Plains Energy, Inc.	267,100		8,312,152
ITC Holdings Corp.	180,900		7,851,060
Northeast Utilities	622,000		18,915,020
Pepco Holdings, Inc.	412,900		12,329,194
Pinnacle West Capital Corp.	174,900		8,120,607
PPL Corp.	1,273,400		58,525,464
Progress Energy, Inc.	521,200		26,106,908
Reliant Energy, Inc. (a)	1,099,200		28,161,504
Sierra Pacific Resources (a)	871,900		16,531,224
			627,068,275
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	33,700		2,279,805
GAS UTILITIES - 5.3%
Gas Utilities - 5.3%
Energen Corp.	148,200		8,731,944
Equitable Resources, Inc.	275,400		14,326,308
National Fuel Gas Co.	171,800		7,827,208
ONEOK, Inc.	226,800		12,269,880
Questar Corp.	185,400		20,025,054
Southern Union Co. (d)	346,300		12,051,240
			75,231,634
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 20.9%
Independent Power Producers & Energy Traders - 20.9%
AES Corp. (a)	3,161,098		75,012,856
Constellation Energy Group, Inc.	886,400		81,344,928
Dynegy, Inc. (a)	861,200		8,336,416
International Power PLC	525,700		4,723,020
Mirant Corp. (a)	551,200		25,575,680
NRG Energy, Inc.	433,100		38,065,159
TXU Corp.	966,800		65,210,660
			298,268,719
MULTI-UTILITIES - 25.4%
Multi-Utilities - 25.4%
Alliant Energy Corp.	320,800		13,858,560
Ameren Corp.	472,900		25,096,803
CenterPoint Energy, Inc.	638,600		12,088,698
	Shares		Value
CMS Energy Corp.	1,285,916		$ 23,467,967
Dominion Resources, Inc.	761,800		67,487,862
DTE Energy Co. (d)	346,700		18,333,496
Integrys Energy Group, Inc.	160,100		8,949,590
MDU Resources Group, Inc.	349,300		10,587,283
NiSource, Inc.	856,300		19,018,423
PG&E Corp. (d)	563,300		27,748,158
Public Service Enterprise Group, Inc.	617,600		54,929,344
Puget Energy, Inc.	211,000		5,319,310
SCANA Corp.	193,400		8,198,226
Sempra Energy	664,000		40,716,480
Vectren Corp.	165,300		4,787,088
Wisconsin Energy Corp.	457,600		22,161,568
			362,748,856
OIL, GAS & CONSUMABLE FUELS - 1.8%
Coal & Consumable Fuels - 0.5%
Cameco Corp.	140,900		7,302,901
Oil & Gas Storage & Transport - 1.3%
Spectra Energy Corp.	719,500		19,160,285
TOTAL OIL, GAS & CONSUMABLE FUELS			26,463,186
WATER UTILITIES - 0.6%
Water Utilities - 0.6%
Aqua America, Inc.	275,900		6,307,074
California Water Service Group	48,500		1,805,655
			8,112,729
TOTAL COMMON STOCKS (Cost $1,226,936,340)		1,400,173,204
Money Market Funds - 6.3%
Fidelity Cash Central Fund, 5.33% (b)	61,258,422		61,258,422
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	28,584,050		28,584,050
TOTAL MONEY MARKET FUNDS (Cost $89,842,472)		89,842,472

TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $1,316,778,812) 1,490,015,676

NET OTHER ASSETS - (4.4)%		(62,899,270)
NET ASSETS - 100%	$ 1,427,116,406

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 957,783
Fidelity Securities Lending Cash Central Fund	28,938
Total	$ 986,721

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,316,994,615. Net unrealized appreciation aggregated $173,021,061, of which $182,634,900 related to appreciated investment securities and $9,613,839 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

May 31, 2007

1.802194.103

WIR-QTLY-0707

Investments May 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
CAPITAL MARKETS - 0.0%
Asset Management & Custody Banks - 0.0%
Fortress Investment Group LLC	400		$ 10,720
COMMUNICATIONS EQUIPMENT - 37.4%
Communications Equipment - 37.4%
Comverse Technology, Inc. (a)	220,720		5,058,902
Harris Corp. (d)	200,900		10,028,928
Motorola, Inc.	370,380		6,737,212
Nokia Corp. sponsored ADR	955,500		26,161,590
Powerwave Technologies, Inc. (a)	87,200		556,336
QUALCOMM, Inc.	737,950		31,694,953
Research In Motion Ltd. (a)	201,700		33,498,337
Tekelec (a)	86,700		1,300,500
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	145,500		5,526,090
			120,562,848
COMPUTERS & PERIPHERALS - 2.0%
Computer Hardware - 2.0%
Apple, Inc. (a)	53,400		6,491,304
DIVERSIFIED TELECOMMUNICATION SERVICES - 8.5%
Integrated Telecommunication Services - 8.5%
AT&T, Inc.	336,197		13,898,384
Cbeyond, Inc. (a)	8,800		311,344
NeuStar, Inc. Class A (a)(d)	99,600		2,894,376
NTELOS Holding Corp.	199,400		5,028,868
Telenor ASA sponsored ADR	78,600		4,594,170
Verizon Communications, Inc.	15,100		657,303
			27,384,445
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.2%
Electronic Manufacturing Services - 1.2%
Trimble Navigation Ltd. (a)	132,800		3,876,432
INTERNET SOFTWARE & SERVICES - 0.7%
Internet Software & Services - 0.7%
Openwave Systems, Inc. (a)	205,941		2,121,192
SAVVIS, Inc. (a)	6,200		311,178
			2,432,370
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
Semiconductors - 1.2%
Atheros Communications, Inc. (a)	91,100		2,651,921
Cree, Inc. (a)	24,600		553,500
Skyworks Solutions, Inc. (a)	87,000		616,830
			3,822,251
SOFTWARE - 5.2%
Application Software - 5.2%
Synchronoss Technologies, Inc.	615,500		16,649,275
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 38.2%
Wireless Telecommunication Services - 38.2%
ALLTEL Corp.	120,788		$ 8,276,394
America Movil SA de CV Series L sponsored ADR	24,200		1,465,310
American Tower Corp. Class A (a)	327,292		14,132,469
Bharti Airtel Ltd. (a)	151,941		3,273,171
Clearwire Corp. (d)	11,000		214,500
Crown Castle International Corp. (a)(d)	383,200		14,109,424
Dobson Communications Corp. Class A (a)	1,049,400		11,155,122
InPhonic, Inc. (a)(d)	97,700		855,852
Leap Wireless International, Inc. (a)	105,583		9,023,123
MetroPCS Communications, Inc.	58,200		2,075,412
Orascom Telecom Holding SAE unit	12,100		809,490
SBA Communications Corp. Class A (a)	447,700		14,384,601
Sprint Nextel Corp.	633,531		14,476,183
Vodafone Group PLC sponsored ADR	920,300		28,925,029
			123,176,080
TOTAL COMMON STOCKS (Cost $235,713,760)		304,405,725
Money Market Funds - 8.6%
Fidelity Cash Central Fund, 5.33% (b)	7,311,856		7,311,856
Fidelity Securities Lending Cash Central Fund, 5.36% (b)(c)	20,571,450		20,571,450
TOTAL MONEY MARKET FUNDS (Cost $27,883,306)		27,883,306

TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $263,597,066) 332,289,031

NET OTHER ASSETS - (3.0)%		(9,660,837)
NET ASSETS - 100%	$ 322,628,194

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 33,981
Fidelity Securities Lending Cash Central Fund	90,890
Total	$ 124,871

Income Tax Information

At May 31, 2007, the aggregate cost of investment securities for income tax purposes was $265,296,650. Net unrealized appreciation aggregated $66,992,381, of which $69,710,507 related to appreciated investment securities and $2,718,126 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios' (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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	July 24, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	July 24, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	July 24, 2007

EX-99.CERT

Exhibit EX-99.CERT

I, Kimberley Monasterio, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 24, 2007

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

I, Joseph B. Hollis, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 24, 2007

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer