N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 29

Date of reporting period:	May 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2011

1.802153.107

AIR-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
AEROSPACE & DEFENSE - 40.5%
Aerospace & Defense - 40.5%
AerCap Holdings NV (a)	19,200		$ 260,352
Bombardier, Inc. Class B (sub. vtg.)	737,700		5,139,042
Esterline Technologies Corp. (a)	7,900		597,398
Goodrich Corp.	50,600		4,416,874
Meggitt PLC	24,045		145,080
Precision Castparts Corp.	45,100		7,085,210
Rockwell Collins, Inc.	68,300		4,175,179
Textron, Inc.	149,200		3,413,696
The Boeing Co.	145,100		11,322,153
TransDigm Group, Inc. (a)	4,400		360,800
			36,915,784
AIR FREIGHT & LOGISTICS - 27.3%
Air Freight & Logistics - 27.3%
Air Transport Services Group, Inc. (a)	110,700		824,715
Atlas Air Worldwide Holdings, Inc. (a)	15,500		980,995
C.H. Robinson Worldwide, Inc.	25,600		2,053,632
Dart Group PLC	552,886		791,239
Expeditors International of Washington, Inc.	92,900		4,906,978
Express-1 Expedited Solutions, Inc. (a)	231,800		519,232
FedEx Corp.	35,100		3,286,764
Pacer International, Inc. (a)	41,300		215,586
United Parcel Service, Inc. Class B	130,200		9,568,398
UTI Worldwide, Inc.	76,200		1,693,926
			24,841,465
AIRLINES - 27.0%
Airlines - 27.0%
Air Canada Class A (a)(e)	500,000		1,145,570
Alaska Air Group, Inc. (a)	39,700		2,681,338
Copa Holdings SA Class A	22,400		1,399,776
Delta Air Lines, Inc. (a)	450,102		4,537,028
Hawaiian Holdings, Inc. (a)	63,600		352,344
JetBlue Airways Corp. (a)(d)	133,300		809,131
Ryanair Holdings PLC sponsored ADR	111,800		3,286,920
SkyWest, Inc.	28,900		445,927
Southwest Airlines Co.	367,300		4,345,159
United Continental Holdings, Inc. (a)(d)	167,485		4,044,763
US Airways Group, Inc. (a)(d)	171,700		1,562,470
			24,610,426
MACHINERY - 0.3%
Construction & Farm Machinery & Heavy Trucks - 0.3%
ASL Marine Holdings Ltd.	602,000		292,849

	Shares		Value
MARINE - 0.5%
Marine - 0.5%
Kuehne & Nagel International AG	2,570		$ 403,474
ROAD & RAIL - 0.7%
Trucking - 0.7%
Tegma Gestao Logistica	39,500		633,643
TRADING COMPANIES & DISTRIBUTORS - 0.5%
Trading Companies & Distributors - 0.5%
Aircastle Ltd.	39,400		494,076
TRANSPORTATION INFRASTRUCTURE - 0.2%
Airport Services - 0.2%
Avantair, Inc. (a)	88,968		182,384
TOTAL COMMON STOCKS (Cost $71,961,271)		88,374,101
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 0.14% (b)	3,078,829		3,078,829
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	1,973,900		1,973,900
TOTAL MONEY MARKET FUNDS (Cost $5,052,729)		5,052,729

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $77,014,000)

93,426,830

NET OTHER ASSETS (LIABILITIES) - (2.5)%

(2,322,144)

NET ASSETS - 100%

$ 91,104,686

Legend

(a) Non-income producing

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

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

(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 $1,145,570 or 1.3% 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	$ 260
Fidelity Securities Lending Cash Central Fund	1,434
Total	$ 1,694

Other Information

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

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $77,296,089. Net unrealized appreciation aggregated $16,130,741, of which $17,631,463 related to appreciated investment securities and $1,500,722 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2011

1.802154.107

AUT-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
AUTO COMPONENTS - 55.1%
Auto Parts & Equipment - 52.5%
American Axle & Manufacturing Holdings, Inc. (a)	262,100		$ 3,029,876
Amerigon, Inc. (a)(e)	73,400		1,220,642
Autoliv, Inc. (e)	86,455		6,655,306
BorgWarner, Inc. (a)	76,200		5,525,262
Dana Holding Corp. (a)	514,800		9,328,176
Delphi Corp. Class B (a)	300		7,320,000
Drew Industries, Inc.	29,000		765,600
Exide Technologies (a)	415,100		4,092,886
Federal-Mogul Corp. Class A (a)	100,024		2,316,556
Gentex Corp.	107,200		3,146,320
Johnson Controls, Inc.	240,670		9,530,532
Lear Corp.	183,400		9,320,388
Magna International, Inc. Class A (sub. vtg.) (e)	137,484		6,654,626
Martinrea International, Inc. (a)	185,900		1,626,949
Modine Manufacturing Co. (a)	121,300		1,926,244
Stoneridge, Inc. (a)	51,489		788,811
Tenneco, Inc. (a)	268,446		11,207,621
Tower International, Inc.	31,900		551,232
TRW Automotive Holdings Corp. (a)	272,700		15,508,449
			100,515,476
Tires & Rubber - 2.6%
Cooper Tire & Rubber Co.	97,400		2,353,184
The Goodyear Tire & Rubber Co. (a)	145,726		2,583,722
			4,936,906
TOTAL AUTO COMPONENTS			105,452,382
AUTOMOBILES - 40.7%
Automobile Manufacturers - 37.6%
Fiat SpA	196,700		2,089,898
Ford Motor Co. (a)	1,317,261		19,653,532
General Motors Co.	513,739		16,342,038
General Motors Co.:
warrants 7/10/16 (a)	107,036		2,428,647
warrants 7/10/19 (a)	107,036		1,784,290
Honda Motor Co. Ltd. sponsored ADR (e)	327,200		12,433,600
Thor Industries, Inc.	44,700		1,443,810
Toyota Motor Corp. sponsored ADR (e)	189,000		15,741,810
			71,917,625
Motorcycle Manufacturers - 3.1%
Harley-Davidson, Inc.	162,400		6,034,784
TOTAL AUTOMOBILES			77,952,409

	Shares		Value
MACHINERY - 0.3%
Construction & Farm Machinery & Heavy Trucks - 0.3%
Meritor, Inc. (a)	28,100		$ 463,931
SPECIALTY RETAIL - 2.0%
Automotive Retail - 2.0%
Asbury Automotive Group, Inc. (a)	118,726		1,994,597
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	144,700		1,891,229
			3,885,826
TOTAL COMMON STOCKS (Cost $136,971,629)		187,754,548

Nonconvertible Bonds - 0.2%
	Principal Amount
AUTOMOBILES - 0.2%
Automobile Manufacturers - 0.2%
General Motors Corp. 6.75% 5/1/28 (d) (Cost $711,577)	$ 31,005,000	530,186

Money Market Funds - 11.4%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	111,229		111,229
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	21,679,725		21,679,725
TOTAL MONEY MARKET FUNDS (Cost $21,790,954)		21,790,954

TOTAL INVESTMENT PORTFOLIO - 109.7%

(Cost $159,474,160)

210,075,688

NET OTHER ASSETS (LIABILITIES) - (9.7)%			(18,658,478)
NET ASSETS - 100%		$ 191,417,210

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 254
Fidelity Securities Lending Cash Central Fund	21,623
Total	$ 21,877

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 187,754,548	$ 180,434,548	$ 7,320,000	$ -
Nonconvertible Bonds	530,186	-	-	530,186
Money Market Funds	21,790,954	21,790,954	-	-
Total Investments in Securities:	$ 210,075,688	$ 202,225,502	$ 7,320,000	$ 530,186

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	871,247
Cost of Purchases	-
Proceeds of Sales	(10,107,636)
Amortization/Accretion	-
Transfers in to Level 3	9,766,575
Transfers out of Level 3	-
Ending Balance	$ 530,186
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ 871,247

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

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $160,280,095. Net unrealized appreciation aggregated $49,795,593, of which $54,834,914 related to appreciated investment securities and $5,039,321 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2011

1.802155.107

BAN-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CAPITAL MARKETS - 2.7%
Asset Management & Custody Banks - 2.7%
Bank of New York Mellon Corp.	95,103		$ 2,673,345
State Street Corp.	172,900		7,913,633
			10,586,978
COMMERCIAL BANKS - 84.7%
Diversified Banks - 28.2%
Banco ABC Brasil SA	257,000		1,963,574
Comerica, Inc.	407,800		14,725,658
U.S. Bancorp, Delaware	1,729,400		44,272,640
Wells Fargo & Co.	1,751,992		49,704,013
			110,665,885
Regional Banks - 56.5%
American River Bankshares (a)	122,057		788,488
Bank of the Ozarks, Inc. (d)	205,900		10,008,799
BB&T Corp. (d)	756,900		20,845,026
CapitalSource, Inc.	98,000		634,060
Cathay General Bancorp	119,400		1,946,220
Center Financial Corp. (a)	1,099,750		7,192,365
Central Valley Community Bancorp (a)	123,448		812,288
Chemical Financial Corp.	120,100		2,363,568
CIT Group, Inc. (a)	231,900		10,280,127
City National Corp.	191,600		10,792,828
CVB Financial Corp. (d)	349,900		3,138,603
Fifth Third Bancorp	169,300		2,211,058
First Bancorp, North Carolina	207,800		2,481,132
First Midwest Bancorp, Inc., Delaware	265,400		3,248,496
Huntington Bancshares, Inc.	2,097,351		13,842,517
KeyCorp	360,900		3,056,823
MB Financial, Inc.	180,300		3,582,561
Nara Bancorp, Inc. (a)	370,000		3,141,300
Oriental Financial Group, Inc.	213,180		2,630,641
Pacific Continental Corp.	389,290		3,608,718
PacWest Bancorp	347,000		7,321,700
PNC Financial Services Group, Inc.	126,641		7,904,931
PrivateBancorp, Inc.	249,100		4,077,767
Regions Financial Corp.	2,484,400		17,539,864
Sandy Spring Bancorp, Inc.	230,500		4,340,315
SunTrust Banks, Inc.	697,500		19,620,675
SVB Financial Group (a)	200,665		11,915,488
Synovus Financial Corp.	978,200		2,328,116
Texas Capital Bancshares, Inc. (a)	187,700		4,698,131
West Coast Bancorp (a)	268,640		4,690,454
Western Alliance Bancorp. (a)(d)	887,200		6,538,664
Wilshire Bancorp, Inc. (a)(d)	2,152,600		6,737,638
Wintrust Financial Corp. (d)	108,200		3,513,254
Zions Bancorporation	583,500		13,904,805
			221,737,420
TOTAL COMMERCIAL BANKS			332,403,305

	Shares		Value
CONSUMER FINANCE - 2.0%
Consumer Finance - 2.0%
Capital One Financial Corp.	142,400		$ 7,738,016
DIVERSIFIED FINANCIAL SERVICES - 3.5%
Other Diversified Financial Services - 3.5%
Citigroup, Inc.	160,220		6,593,053
JPMorgan Chase & Co.	160,700		6,948,668
NBH Holdings Corp. Class A (a)(e)	13,300		239,400
			13,781,121
IT SERVICES - 2.1%
Data Processing & Outsourced Services - 2.1%
Fiserv, Inc. (a)	45,800		2,955,016
Visa, Inc. Class A	61,900		5,017,614
			7,972,630
THRIFTS & MORTGAGE FINANCE - 3.5%
Thrifts & Mortgage Finance - 3.5%
BankUnited, Inc.	3,700		104,932
MGIC Investment Corp. (a)(d)	212,592		1,713,492
New York Community Bancorp, Inc. (d)	150,700		2,441,340
Ocwen Financial Corp. (a)	284,900		3,424,498
Radian Group, Inc. (d)	537,887		2,678,677
WSFS Financial Corp.	81,200		3,391,724
			13,754,663
TOTAL COMMON STOCKS (Cost $401,504,118)		386,236,713
Money Market Funds - 5.4%

Fidelity Cash Central Fund, 0.14% (b)	5,351,930		5,351,930
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	16,004,525		16,004,525
TOTAL MONEY MARKET FUNDS (Cost $21,356,455)		21,356,455

TOTAL INVESTMENT PORTFOLIO - 103.9%

(Cost $422,860,573)

407,593,168

NET OTHER ASSETS (LIABILITIES) - (3.9)%		(15,280,685)
NET ASSETS - 100%		$ 392,312,483

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 933
Fidelity Securities Lending Cash Central Fund	6,186
Total	$ 7,119

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 386,236,713	$ 385,997,313	$ -	$ 239,400
Money Market Funds	21,356,455	21,356,455	-	-
Total Investments in Securities:	$ 407,593,168	$ 407,353,768	$ -	$ 239,400

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	9,975
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	229,425
Transfers out of Level 3	-
Ending Balance	$ 239,400
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ 9,975

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $466,126,025. Net unrealized depreciation aggregated $58,532,857, of which $24,042,434 related to appreciated investment securities and $82,575,291 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2011

1.802156.107

BIO-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
BIOTECHNOLOGY - 89.4%
Biotechnology - 89.4%
Acadia Pharmaceuticals, Inc. (a)	1,103,190		$ 2,085,029
Acorda Therapeutics, Inc. (a)	782,411		25,702,201
ADVENTRX Pharmaceuticals, Inc. (a)(d)	948,868		2,391,147
Affymax, Inc. (a)	78,204		553,684
Agenus, Inc. (a)(d)	372,100		342,332
Alexion Pharmaceuticals, Inc. (a)	1,211,534		57,450,942
Alkermes, Inc. (a)	779,658		14,283,335
Allos Therapeutics, Inc. (a)(d)	1,001,380		2,203,036
Alnylam Pharmaceuticals, Inc. (a)(d)	258,102		2,702,328
AMAG Pharmaceuticals, Inc. (a)(d)	234,277		4,324,753
Amarin Corp. PLC ADR (a)	164,445		3,135,966
Amgen, Inc. (a)	4,045,175		244,894,896
Amylin Pharmaceuticals, Inc. (a)	788,403		10,950,918
Antigenics, Inc. warrants 1/9/18 (a)(f)	1,548,000		189,402
Ardea Biosciences, Inc. (a)	64,300		1,606,857
ARIAD Pharmaceuticals, Inc. (a)	968,539		8,406,919
ArQule, Inc. (a)	449,334		3,244,191
AVEO Pharmaceuticals, Inc. (a)	196,239		3,597,061
Biogen Idec, Inc. (a)	597,787		56,628,363
BioMarin Pharmaceutical, Inc. (a)	1,900,701		53,656,789
Bionovo, Inc. (a)	1,270,000		838,200
Bionovo, Inc. warrants 1/21/16 (a)	1,043,150		338,526
Catalyst Pharmaceutical Partners, Inc. (a)(e)	1,704,732		2,011,584
Cell Therapeutics, Inc. (a)	1,718,725		3,781,195
Cepheid, Inc. (a)(d)	451,600		14,505,392
Chelsea Therapeutics International Ltd. (a)	218,240		992,992
China Biologic Products, Inc. (a)(d)	118,233		1,629,251
Codexis, Inc. (a)	226,600		2,481,270
Cubist Pharmaceuticals, Inc. (a)	442,908		17,065,245
Dendreon Corp. (a)	791,747		33,562,155
Dynavax Technologies Corp. (a)	920,300		2,540,028
Enzon Pharmaceuticals, Inc. (a)(d)	489,066		5,130,302
Exelixis, Inc. (a)(d)	1,168,068		13,584,631
Genomic Health, Inc. (a)(d)	203,985		5,615,707
Gilead Sciences, Inc. (a)	2,692,112		112,368,755
Halozyme Therapeutics, Inc. (a)	756,800		5,100,832
Human Genome Sciences, Inc. (a)(d)	1,170,259		32,029,989
Idenix Pharmaceuticals, Inc. (a)(d)	1,781,378		8,461,546
ImmunoGen, Inc. (a)	97,900		1,190,464
Incyte Corp. (a)(d)	854,180		15,144,611
Inhibitex, Inc. (a)(d)	860,321		3,948,873
InterMune, Inc. (a)(d)	779,933		29,013,508
Ironwood Pharmaceuticals, Inc. Class A (a)	168,300		2,544,696
Isis Pharmaceuticals, Inc. (a)	4,610		42,550
Keryx Biopharmaceuticals, Inc. (a)(d)	649,800		3,521,916
Lexicon Pharmaceuticals, Inc. (a)	3,617,224		5,896,075
Ligand Pharmaceuticals, Inc. Class B (a)	900		9,540
Medivation, Inc. (a)(d)	362,087		8,729,918

	Shares		Value
Metabolix, Inc. (a)(d)	316,470		$ 2,797,595
Micromet, Inc. (a)(d)	319,602		1,978,336
Momenta Pharmaceuticals, Inc. (a)(d)	407,885		8,161,779
Myrexis, Inc. (a)	4,379		18,348
Neurocrine Biosciences, Inc. (a)	662,435		5,465,089
NPS Pharmaceuticals, Inc. (a)	1,763,604		16,877,690
Oncothyreon, Inc. (a)(d)	711,800		4,605,346
ONYX Pharmaceuticals, Inc. (a)	788,872		33,487,616
Opko Health, Inc. (a)(d)	1,452,800		5,462,528
OREXIGEN Therapeutics, Inc. (a)(d)	593,600		1,679,888
PDL BioPharma, Inc.	987,533		6,557,219
Pharmacyclics, Inc. (a)(d)	475,700		3,358,442
Pharmasset, Inc. (a)	266,758		27,262,668
PolyMedix, Inc. (a)(e)	5,922,334		3,849,517
PolyMedix, Inc. warrants 4/10/16 (a)(e)	2,961,167		811,035
Progenics Pharmaceuticals, Inc. (a)	961,100		7,967,519
Protalix BioTherapeutics, Inc. (a)(d)	383,010		2,374,662
Raptor Pharmaceutical Corp. (a)(d)	898,200		4,976,028
Regeneron Pharmaceuticals, Inc. (a)	419,399		25,172,328
Rigel Pharmaceuticals, Inc. (a)	496,353		4,119,730
Sangamo Biosciences, Inc. (a)(d)	443,972		3,152,201
Savient Pharmaceuticals, Inc. (a)(d)	182,587		1,550,164
Seattle Genetics, Inc. (a)(d)	1,024,731		19,849,039
SIGA Technologies, Inc. (a)(d)	444,288		6,193,375
Spectrum Pharmaceuticals, Inc. (a)(d)	1,970,321		18,757,456
Synta Pharmaceuticals Corp. (a)	387,715		2,209,976
Targacept, Inc. (a)	257,702		5,798,295
Theravance, Inc. (a)(d)	558,723		14,599,432
Threshold Pharmaceuticals, Inc. (a)	1,578,800		2,715,536
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a)	631,520		685,358
United Therapeutics Corp. (a)	477,851		30,854,839
Vertex Pharmaceuticals, Inc. (a)	1,139,593		61,526,626
Vical, Inc. (a)(d)	1,686,730		6,477,043
ZIOPHARM Oncology, Inc. (a)	387,300		2,757,576
Zogenix, Inc.	402,272		1,733,792
			1,176,273,971
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%
Health Care Equipment - 0.0%
Alsius Corp.	314,300		3
Aradigm Corp. (a)	477,800		90,782
			90,785
Health Care Supplies - 0.0%
Alimera Sciences, Inc. (a)	400		3,372
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			94,157
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Life Sciences Tools & Services - 0.2%
Sequenom, Inc. (a)	321,700		2,551,081
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 8.8%
Pharmaceuticals - 8.8%
AcelRx Pharmaceuticals, Inc. (d)(e)	1,041,900		$ 5,001,120
Adolor Corp. (a)(e)	3,563,790		5,381,323
Aegerion Pharmaceuticals, Inc.	120,907		2,289,979
Akorn, Inc. (a)	283,227		1,928,776
Auxilium Pharmaceuticals, Inc. (a)(d)	752,204		16,841,848
AVANIR Pharmaceuticals Class A (a)(d)	3,945,420		17,793,844
Cadence Pharmaceuticals, Inc. (a)(d)	78,460		756,354
Cardiome Pharma Corp. (a)	900		4,728
Columbia Laboratories, Inc. (a)	115,920		409,198
Corcept Therapeutics, Inc. (a)(d)	1,153,700		5,699,278
Elan Corp. PLC sponsored ADR (a)	1,465,400		14,023,878
Jazz Pharmaceuticals, Inc. (a)	80,342		2,353,217
NuPathe, Inc.	17,100		140,562
Optimer Pharmaceuticals, Inc. (a)(d)	497,430		7,217,709
Pacira Pharmaceuticals, Inc.	385,700		5,515,510
Questcor Pharmaceuticals, Inc. (a)(d)	833,589		19,230,898
The Medicines Company (a)	136,900		2,616,159
ViroPharma, Inc. (a)	64,221		1,242,676
XenoPort, Inc. (a)(d)	862,004		6,680,531
			115,127,588
TOTAL COMMON STOCKS (Cost $1,104,778,350)		1,294,046,797
Convertible Preferred Stocks - 0.3%

BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Xenon Pharmaceuticals, Inc. Series E (a)(f) (Cost $6,724,138)	981,626		3,416,058
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	2,921,379		$ 2,921,379
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	150,019,887		150,019,887
TOTAL MONEY MARKET FUNDS (Cost $152,941,266)		152,941,266

TOTAL INVESTMENT PORTFOLIO - 110.3%

(Cost $1,264,443,754)

1,450,404,121

NET OTHER ASSETS (LIABILITIES) - (10.3)%			(135,019,554)
NET ASSETS - 100%		$ 1,315,384,567

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,605,460 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Antigenics, Inc. warrants 1/9/18	1/9/08	$ 1,930,622
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	$ 3,569
Fidelity Securities Lending Cash Central Fund	808,177
Total	$ 811,746

Other Affiliated Issuers

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

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AcelRx Pharmaceuticals, Inc.	$ 3,771,678	$ -	$ -	$ -	$ 5,001,120
Adolor Corp.	4,989,306	-	-	-	5,381,323
Catalyst Pharmaceutical Partners, Inc.	1,389,997	578,704	-	-	2,011,584
PolyMedix, Inc.	-	4,291,522	-	-	3,849,517
PolyMedix, Inc. warrants 4/10/16	-	446,434	-	-	811,035
Total	$ 10,150,981	$ 5,316,660	$ -	$ -	$ 17,054,579

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,294,046,797	$ 1,292,022,473	$ 2,024,321	$ 3
Convertible Preferred Stocks	3,416,058	-	-	3,416,058
Money Market Funds	152,941,266	152,941,266	-	-
Total Investments in Securities:	$ 1,450,404,121	$ 1,444,963,739	$ 2,024,321	$ 3,416,061

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

Investments in Securities:
Beginning Balance	$ 3,416,061
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,416,061
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,278,070,786. Net unrealized appreciation aggregated $172,333,335, of which $244,758,786 related to appreciated investment securities and $72,425,451 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2011

1.802157.107

BRO-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CAPITAL MARKETS - 66.3%
Asset Management & Custody Banks - 31.5%
Affiliated Managers Group, Inc. (a)	228,200		$ 24,127,583
AllianceBernstein Holding LP	233,900		4,869,798
Ameriprise Financial, Inc.	77,300		4,733,079
Apollo Global Management LLC Class A	370,100		6,669,202
Artio Global Investors, Inc. Class A (d)	326,463		4,567,217
Bank of New York Mellon Corp.	124,100		3,488,451
BlackRock Kelso Capital Corp. (d)	467,200		4,629,952
BlackRock, Inc. Class A	14,200		2,918,952
Calamos Asset Management, Inc. Class A	30,000		449,700
Franklin Resources, Inc.	117,200		15,186,776
Invesco Ltd.	937,207		23,120,897
Janus Capital Group, Inc.	569,209		5,879,929
Legg Mason, Inc.	195,561		6,617,784
MCG Capital Corp.	503,007		3,460,688
Northern Trust Corp.	217,700		10,621,583
Och-Ziff Capital Management Group LLC Class A	684,849		10,142,614
PennantPark Investment Corp.	223,474		2,777,782
Solar Capital Ltd.	100		2,475
State Street Corp.	10,100		462,277
T. Rowe Price Group, Inc.	100		6,330
U.S. Global Investments, Inc. Class A	356,429		2,822,918
Waddell & Reed Financial, Inc. Class A	130,600		5,041,160
			142,597,147
Diversified Capital Markets - 2.1%
UBS AG (NY Shares) (a)	495,685		9,576,634
Investment Banking & Brokerage - 32.7%
E*TRADE Financial Corp. (a)	1,459,600		23,076,276
Evercore Partners, Inc. Class A	578,415		21,407,140
GFI Group, Inc.	3,167,324		14,347,978
Goldman Sachs Group, Inc.	167,100		23,515,983
ICAP PLC	604,600		4,816,542
Jefferies Group, Inc.	686,149		15,191,339
MF Global Holdings Ltd. (a)	2,154,751		16,613,130
Morgan Stanley	949,875		22,948,980
SWS Group, Inc.	191,783		1,246,590
TD Ameritrade Holding Corp.	242,649		5,229,086
			148,393,044
TOTAL CAPITAL MARKETS			300,566,825
COMMERCIAL BANKS - 8.9%
Diversified Banks - 4.2%
BNP Paribas SA	15,500		1,209,098
Comerica, Inc.	493,706		17,827,724
			19,036,822

	Shares		Value
Regional Banks - 4.7%
Regions Financial Corp.	2,230,200		$ 15,745,212
Synovus Financial Corp. (d)	2,324,130		5,531,429
			21,276,641
TOTAL COMMERCIAL BANKS			40,313,463
DIVERSIFIED FINANCIAL SERVICES - 13.7%
Other Diversified Financial Services - 9.3%
Bank of America Corp.	601,100		7,062,925
Citigroup, Inc.	565,910		23,287,197
JPMorgan Chase & Co.	270,500		11,696,420
			42,046,542
Specialized Finance - 4.4%
Bursa Malaysia Bhd	5,759,200		14,615,608
Hellenic Exchanges Holding SA	69,600		550,734
IntercontinentalExchange, Inc. (a)	40,700		4,910,455
			20,076,797
TOTAL DIVERSIFIED FINANCIAL SERVICES			62,123,339
INSURANCE - 1.5%
Multi-Line Insurance - 1.5%
Genworth Financial, Inc. Class A (a)	620,898		6,898,177
INTERNET SOFTWARE & SERVICES - 0.3%
Internet Software & Services - 0.3%
China Finance Online Co. Ltd. ADR (a)(d)	341,300		1,624,588
IT SERVICES - 5.3%
Data Processing & Outsourced Services - 5.3%
MasterCard, Inc. Class A	4,031		1,157,099
Visa, Inc. Class A	281,100		22,785,966
			23,943,065
TOTAL COMMON STOCKS (Cost $434,741,967)		435,469,457
Investment Companies - 3.5%

Ares Capital Corp. (Cost $14,778,071)	938,207		15,780,642
Money Market Funds - 0.8%

Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) (Cost $3,562,308)	3,562,308		3,562,308
Cash Equivalents - 0.4%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.11%, dated 5/31/11 due 6/1/11 (Collateralized by U.S. Government Obligations) # (Cost $2,013,000)	$ 2,013,006		$ 2,013,000

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $455,095,346)

456,825,407

NET OTHER ASSETS (LIABILITIES) - (0.7)%			(3,366,740)
NET ASSETS - 100%		$ 453,458,667

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$2,013,000 due 6/01/11 at 0.11%
BNP Paribas Securities Corp.	$ 950,194
Barclays Capital, Inc.	716,026
Merrill Lynch, Pierce, Fenner & Smith, Inc.	346,780
	$ 2,013,000

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	$ 2,825
Fidelity Securities Lending Cash Central Fund	3,577
Total	$ 6,402

Other Information

All Investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $460,293,559. Net unrealized depreciation aggregated $3,468,152, of which $35,867,098 related to appreciated investment securities and $39,335,250 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2011

1.802159.107

CHE-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CHEMICALS - 94.3%
Commodity Chemicals - 8.7%
Arkema SA (d)	199,600		$ 21,873,321
Celanese Corp. Class A	783,261		40,800,065
Westlake Chemical Corp. (d)	166,300		9,329,430
			72,002,816
Diversified Chemicals - 33.9%
Akzo Nobel NV	173,407		12,513,949
Ashland, Inc.	521,800		35,659,812
BASF AG	137,754		12,735,476
Cabot Corp.	420,300		17,749,269
Dow Chemical Co.	2,133,738		77,091,955
E.I. du Pont de Nemours & Co.	1,224,700		65,276,510
Eastman Chemical Co.	72,700		7,695,295
Olin Corp.	740,800		17,794,016
PPG Industries, Inc.	166,700		14,786,290
Solutia, Inc. (a)	782,013		19,526,865
			280,829,437
Fertilizers & Agricultural Chemicals - 19.4%
CF Industries Holdings, Inc.	357,525		54,980,195
Intrepid Potash, Inc. (a)	65,100		2,095,569
Monsanto Co.	615,140		43,699,546
Potash Corp. of Saskatchewan, Inc.	298,200		16,809,623
The Mosaic Co.	606,100		42,942,185
			160,527,118
Industrial Gases - 15.2%
Air Products & Chemicals, Inc.	451,800		42,961,662
Airgas, Inc.	145,800		10,071,864
Praxair, Inc.	690,060		73,035,950
			126,069,476
Specialty Chemicals - 17.1%
Ecolab, Inc.	707,899		38,849,497
Innophos Holdings, Inc.	247,100		11,092,319
Innospec, Inc. (a)	433,499		14,691,281
Kraton Performance Polymers, Inc. (a)	354,142		13,620,301
LyondellBasell Industries NV Class A	601,178		26,337,608
Rockwood Holdings, Inc. (a)	168,000		8,835,120
Sigma Aldrich Corp.	101,800		7,155,522
W.R. Grace & Co. (a)	459,824		21,515,165
			142,096,813
TOTAL CHEMICALS			781,525,660
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Environmental & Facility Services - 0.8%
Swisher Hygiene, Inc. (a)(e)	549,240		3,262,485
Swisher Hygiene, Inc. (Canada) (a)(d)	559,700		3,691,091
			6,953,576

	Shares		Value
ENERGY EQUIPMENT & SERVICES - 0.4%
Oil & Gas Drilling - 0.4%
Ocean Rig UDW, Inc. (a)	166,100		$ 3,269,139
OIL, GAS & CONSUMABLE FUELS - 4.2%
Oil & Gas Refining & Marketing - 1.0%
CVR Energy, Inc. (a)	364,300		7,963,598
Oil & Gas Storage & Transport - 3.2%
Atlas Energy LP	211,700		5,228,990
Atlas Pipeline Partners, LP	133,400		4,735,700
Targa Resources Corp.	243,000		8,485,560
Williams Companies, Inc.	268,200		8,418,798
			26,869,048
TOTAL OIL, GAS & CONSUMABLE FUELS			34,832,646
TOTAL COMMON STOCKS (Cost $681,984,067)		826,581,021
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.14% (b)	1,745,544		1,745,544
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	26,430,325		26,430,325
TOTAL MONEY MARKET FUNDS (Cost $28,175,869)		28,175,869

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $710,159,936)

854,756,890

NET OTHER ASSETS (LIABILITIES) - (3.1)%			(25,820,587)
NET ASSETS - 100%		$ 828,936,303

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,262,485 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Swisher Hygiene, Inc.	3/22/11 - 4/15/11	$ 4,076,922

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,419
Fidelity Securities Lending Cash Central Fund	186,124
Total	$ 198,543

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 826,581,021	$ 823,318,536	$ 3,262,485	$ -
Money Market Funds	28,175,869	28,175,869	-	-
Total Investments in Securities:	$ 854,756,890	$ 851,494,405	$ 3,262,485	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $719,711,188. Net unrealized appreciation aggregated $135,045,702, of which $147,543,252 related to appreciated investment securities and $12,497,550 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

May 31, 2011

1.802166.107

DEV-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 77.4%
Communications Equipment - 77.4%
Acme Packet, Inc. (a)	138,090		$ 10,452,032
ADTRAN, Inc.	171,604		7,354,947
ADVA AG Optical Networking (a)	504,160		3,509,896
Alcatel-Lucent SA sponsored ADR (a)(d)	4,570,943		25,917,247
Arris Group, Inc. (a)	89,329		1,008,524
Aruba Networks, Inc. (a)(d)	299,023		8,498,234
Aviat Networks, Inc. (a)	74,065		345,884
BigBand Networks, Inc. (a)	704,147		1,478,709
Black Box Corp.	9,800		323,008
Brocade Communications Systems, Inc. (a)	1,336,241		8,912,727
Calix Networks, Inc. (a)	145,600		3,140,592
Ceragon Networks Ltd. (a)	81,785		903,724
Ciena Corp. (a)(d)	585,191		15,653,859
Cisco Systems, Inc.	2,565,526		43,100,837
Comba Telecom Systems Holdings Ltd.	1,041,150		1,153,977
Comtech Telecommunications Corp.	39,700		1,103,263
Comverse Technology, Inc. (a)	44,610		331,452
DG FastChannel, Inc. (a)	74,200		2,625,196
Digi International, Inc. (a)	66,600		785,214
DragonWave, Inc. (a)	207,300		1,407,744
EchoStar Holding Corp. Class A (a)	52,180		1,757,944
Emulex Corp. (a)	140,300		1,304,790
F5 Networks, Inc. (a)	25,854		2,936,497
Finisar Corp. (a)	395,852		9,508,365
Harmonic, Inc. (a)	285,540		2,224,357
Harris Corp.	170,500		8,429,520
HTC Corp.	478,850		20,394,379
Infinera Corp. (a)	64,774		459,895
Ixia (a)	435,904		6,861,129
JDS Uniphase Corp. (a)	686,536		13,861,162
Juniper Networks, Inc. (a)	428,312		15,680,502
Motorola Mobility Holdings, Inc.	462,808		11,634,993
Motorola Solutions, Inc.	29,381		1,406,468
NETGEAR, Inc. (a)	136,667		5,719,514
Nokia Corp. sponsored ADR (d)	35,995		252,685
Oclaro, Inc. (a)(d)	273,463		2,617,041
Oplink Communications, Inc. (a)	35,046		647,650
Opnext, Inc. (a)	756,045		2,177,410
Polycom, Inc. (a)	257,100		14,760,111
Powerwave Technologies, Inc. (a)	523,900		1,980,342
QUALCOMM, Inc.	1,180,919		69,190,046
Research In Motion Ltd. (a)	11,900		509,915
Riverbed Technology, Inc. (a)	281,642		10,679,865
Sandvine Corp. (a)	1,458,000		2,997,921
Sandvine Corp. (U.K.) (a)	118,328		243,018
ShoreTel, Inc. (a)	1,036,924		11,406,164
Sierra Wireless, Inc. (a)	194,000		2,342,536
Sonus Networks, Inc. (a)	762,732		2,471,252
Sycamore Networks, Inc.	95,000		2,302,800
Tekelec (a)	192,740		1,753,934

	Shares		Value
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	3,517,780		$ 52,203,855
Tellabs, Inc.	103,600		473,452
ViaSat, Inc. (a)	191,200		8,464,424
ZTE Corp. (H Shares)	343,920		1,224,938
			428,885,940
COMPUTERS & PERIPHERALS - 0.5%
Computer Storage & Peripherals - 0.5%
Gemalto NV	44,524		2,182,731
Novatel Wireless, Inc. (a)	139,202		743,339
			2,926,070
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
A123 Systems, Inc. (a)	1,400		8,610
General Cable Corp. (a)	34,800		1,452,900
			1,461,510
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Components - 0.3%
Cando Corp. (a)	1,063,243		931,660
Young Fast Optoelectron Co. Ltd.	82,000		558,213
			1,489,873
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	400		17,908
INTERNET SOFTWARE & SERVICES - 0.5%
Internet Software & Services - 0.5%
ChinaCache International Holdings Ltd. sponsored ADR (d)	75,000		904,500
Equinix, Inc. (a)	500		50,700
Keynote Systems, Inc.	38,100		808,863
OpenTable, Inc. (a)	100		8,833
Rackspace Hosting, Inc. (a)	15,800		695,200
			2,468,096
IT SERVICES - 0.1%
Data Processing & Outsourced Services - 0.1%
NeuStar, Inc. Class A (a)	16,400		438,864
IT Consulting & Other Services - 0.0%
Yucheng Technologies Ltd. (a)(d)	60,300		221,301
TOTAL IT SERVICES			660,165
MEDIA - 1.8%
Advertising - 1.7%
Focus Media Holding Ltd. ADR (a)	306,400		9,575,000
Broadcasting - 0.1%
Television Broadcasts Ltd.	95,000		602,209
TOTAL MEDIA			10,177,209
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
Semiconductors - 3.5%
Applied Micro Circuits Corp. (a)	110,450		$ 1,168,561
Avago Technologies Ltd.	31,000		1,047,490
Cavium Networks, Inc. (a)	12,701		564,940
CSR PLC	58,483		345,556
Cypress Semiconductor Corp.	32,800		768,176
Entropic Communications, Inc. (a)	3,900		34,710
Exar Corp. (a)	6,701		42,618
Hittite Microwave Corp. (a)	800		50,736
Ikanos Communications, Inc. (a)	183,615		280,931
Inphi Corp. (d)	57,900		1,148,736
Netlogic Microsystems, Inc. (a)	48,898		1,873,771
ON Semiconductor Corp. (a)	90,444		1,014,782
Pericom Semiconductor Corp. (a)	45,400		418,588
Pixelplus Co. Ltd. ADR (a)	30,925		83,498
PLX Technology, Inc. (a)	21,500		75,465
RDA Microelectronics, Inc. sponsored ADR	195,100		2,229,993
Spreadtrum Communications, Inc. ADR (a)(d)	281,500		5,430,135
Standard Microsystems Corp. (a)	55,597		1,491,112
Volterra Semiconductor Corp. (a)	49,300		1,216,231
			19,286,029
SOFTWARE - 5.4%
Application Software - 4.3%
AsiaInfo Holdings, Inc. (a)(d)	495,800		8,889,694
AutoNavi Holdings Ltd. ADR (d)	160,500		2,750,970
BroadSoft, Inc. (a)(d)	188,700		7,461,198
NetScout Systems, Inc. (a)	41,307		958,322
SolarWinds, Inc. (a)	46,871		1,155,370
Synchronoss Technologies, Inc. (a)	76,867		2,467,431
Taleo Corp. Class A (a)	1,800		67,194
TeleNav, Inc.	5,800		94,772
			23,844,951
Systems Software - 1.1%
Allot Communications Ltd. (a)	37,800		585,144
Fortinet, Inc. (a)	33,750		1,636,538
Opnet Technologies, Inc.	28,872		1,130,916
Rovi Corp. (a)	35,229		2,041,873
TeleCommunication Systems, Inc. Class A (a)	166,423		830,451
			6,224,922
TOTAL SOFTWARE			30,069,873

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 5.9%
Wireless Telecommunication Services - 5.9%
American Tower Corp. Class A (a)	216,910		$ 12,034,167
Crown Castle International Corp. (a)	222,000		9,193,020
SBA Communications Corp. Class A (a)	280,539		11,022,377
SOFTBANK CORP.	13,000		505,048
			32,754,612
TOTAL COMMON STOCKS (Cost $483,731,486)		530,197,285

Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $930,000)	$ 930,000	942,369

Money Market Funds - 15.5%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	25,324,233		25,324,233
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	60,583,850		60,583,850
TOTAL MONEY MARKET FUNDS (Cost $85,908,083)		85,908,083

TOTAL INVESTMENT PORTFOLIO - 111.4%

(Cost $570,569,569)

617,047,737

NET OTHER ASSETS (LIABILITIES) - (11.4)%			(63,096,049)
NET ASSETS - 100%		$ 553,951,688

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,773
Fidelity Securities Lending Cash Central Fund	113,883
Total	$ 120,656

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 530,197,285	$ 529,692,237	$ 505,048	$ -
Convertible Bonds	942,369	-	942,369	-
Money Market Funds	85,908,083	85,908,083	-	-
Total Investments in Securities:	$ 617,047,737	$ 615,600,320	$ 1,447,417	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $573,660,687. Net unrealized appreciation aggregated $43,387,050, of which $92,070,333 related to appreciated investment securities and $48,683,283 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2011

1.802161.107

COM-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.0%
Communications Equipment - 2.0%
Polycom, Inc. (a)	195,000		$ 11,194,950
COMPUTERS & PERIPHERALS - 76.6%
Computer Hardware - 36.8%
Apple, Inc. (a)	246,100		85,600,963
Avid Technology, Inc. (a)	316,500		5,529,255
Cray, Inc. (a)	502,500		3,216,000
Dell, Inc. (a)	1,571,907		25,276,265
Diebold, Inc.	176,800		5,843,240
Hewlett-Packard Co.	880,655		32,918,884
NCR Corp. (a)	1,110,100		21,669,152
Silicon Graphics International Corp. (a)	468,800		8,485,280
Stratasys, Inc. (a)(d)	227,331		8,002,051
Super Micro Computer, Inc. (a)	393,200		6,597,896
			203,138,986
Computer Storage & Peripherals - 39.8%
Electronics for Imaging, Inc. (a)	255,115		4,604,826
EMC Corp. (a)	1,776,178		50,567,788
Hypercom Corp. (a)	616,960		6,595,302
Imation Corp. (a)(d)	365,000		3,547,800
Immersion Corp. (a)	655,000		5,560,950
Intermec, Inc. (a)	406,500		4,910,520
Intevac, Inc. (a)	323,790		3,843,387
Lexmark International, Inc. Class A (a)	145,800		4,341,924
NetApp, Inc. (a)	505,360		27,678,567
Novatel Wireless, Inc. (a)(d)	641,424		3,425,204
QLogic Corp. (a)	332,008		5,371,889
Quantum Corp. (a)	4,143,200		12,719,624
Rimage Corp.	135,000		1,969,650
SanDisk Corp. (a)	344,000		16,346,880
Seagate Technology	847,800		14,243,040
STEC, Inc. (a)(d)	776,380		13,904,966
Synaptics, Inc. (a)(d)	312,200		8,757,210
Western Digital Corp. (a)	786,684		28,831,969
Xyratex Ltd. (a)	210,800		2,012,086
			219,233,582
TOTAL COMPUTERS & PERIPHERALS			422,372,568
ELECTRONIC EQUIPMENT & COMPONENTS - 2.4%
Electronic Manufacturing Services - 1.1%
Jabil Circuit, Inc.	280,000		6,042,400
Technology Distributors - 1.3%
Arrow Electronics, Inc. (a)	157,300		7,020,299
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			13,062,699

	Shares		Value
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Rackspace Hosting, Inc. (a)	164,100		$ 7,220,400
IT SERVICES - 11.0%
IT Consulting & Other Services - 11.0%
Accenture PLC Class A	140,000		8,034,600
Atos Origin SA (a)	90,000		5,262,189
International Business Machines Corp.	181,348		30,635,118
Teradata Corp. (a)	300,600		16,770,474
			60,702,381
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
Semiconductors - 1.2%
Advanced Micro Devices, Inc. (a)	325,000		2,821,000
Marvell Technology Group Ltd. (a)	225,000		3,654,000
			6,475,000
SOFTWARE - 3.3%
Application Software - 2.1%
Autonomy Corp. PLC (a)	200,000		5,911,950
Synchronoss Technologies, Inc. (a)	175,000		5,617,500
			11,529,450
Systems Software - 1.2%
Check Point Software Technologies Ltd. (a)	120,000		6,590,400
TOTAL SOFTWARE			18,119,850
TOTAL COMMON STOCKS (Cost $514,106,389)		539,147,848
Money Market Funds - 4.7%

Fidelity Cash Central Fund, 0.14% (b)	2,572,224		2,572,224
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	23,603,250		23,603,250
TOTAL MONEY MARKET FUNDS (Cost $26,175,474)		26,175,474

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $540,281,863)

565,323,322

NET OTHER ASSETS (LIABILITIES) - (2.5)%			(13,802,128)
NET ASSETS - 100%		$ 551,521,194

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,596
Fidelity Securities Lending Cash Central Fund	60,229
Total	$ 61,825

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $560,766,369. Net unrealized appreciation aggregated $4,556,953, of which $55,402,012 related to appreciated investment securities and $50,845,059 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2011

1.802162.107

HOU-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
BUILDING PRODUCTS - 4.8%
Building Products - 4.8%
Masco Corp.	140,900		$ 2,007,825
Owens Corning (a)	50,169		1,916,456
Quanex Building Products Corp.	38,643		766,677
			4,690,958
CONSTRUCTION & ENGINEERING - 20.2%
Construction & Engineering - 20.2%
AECOM Technology Corp. (a)	18,700		536,129
Dycom Industries, Inc. (a)	185,000		3,161,650
Fluor Corp.	49,400		3,405,142
Foster Wheeler AG (a)	146,300		5,012,238
Jacobs Engineering Group, Inc. (a)	44,200		2,035,852
KBR, Inc.	71,600		2,672,112
Shaw Group, Inc. (a)	24,050		878,547
URS Corp. (a)	45,171		1,990,234
			19,691,904
CONSTRUCTION MATERIALS - 1.2%
Construction Materials - 1.2%
Eagle Materials, Inc.	30,400		875,824
Vulcan Materials Co. (d)	7,100		287,479
			1,163,303
HOUSEHOLD DURABLES - 14.2%
Homebuilding - 14.2%
D.R. Horton, Inc.	202,237		2,463,247
Lennar Corp. Class A (d)	207,478		3,937,932
PulteGroup, Inc. (a)	155,983		1,316,497
Ryland Group, Inc.	27,200		497,216
Standard Pacific Corp. (a)(d)	267,000		1,059,990
Toll Brothers, Inc. (a)	209,150		4,549,013
			13,823,895
REAL ESTATE INVESTMENT TRUSTS - 22.4%
Residential REITs - 21.7%
Apartment Investment & Management Co. Class A	22,871		611,342
AvalonBay Communities, Inc.	14,569		1,938,697
BRE Properties, Inc.	8,700		443,874
Camden Property Trust (SBI)	47,300		3,040,444
Education Realty Trust, Inc.	57,600		501,120
Equity Residential (SBI)	149,100		9,218,853
Essex Property Trust, Inc.	8,500		1,169,685
Mid-America Apartment Communities, Inc.	20,890		1,432,010
Post Properties, Inc.	48,900		2,058,690
UDR, Inc.	26,938		702,004
			21,116,719

	Shares		Value
Retail REITs - 0.7%
CBL & Associates Properties, Inc.	37,600		$ 723,424
TOTAL REAL ESTATE INVESTMENT TRUSTS			21,840,143
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.5%
Diversified Real Estate Activities - 1.2%
The St. Joe Co. (a)(d)	54,500		1,184,285
Real Estate Operating Companies - 1.3%
Forest City Enterprises, Inc. Class A (a)(d)	65,500		1,255,635
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			2,439,920
SPECIALTY RETAIL - 33.8%
Home Improvement Retail - 33.8%
Home Depot, Inc.	485,390		17,609,947
Lowe's Companies, Inc.	632,234		15,262,129
			32,872,076
TOTAL COMMON STOCKS (Cost $89,279,346)		96,522,199
Money Market Funds - 5.3%

Fidelity Cash Central Fund, 0.14% (b)	493,018		493,018
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	4,713,750		4,713,750
TOTAL MONEY MARKET FUNDS (Cost $5,206,768)		5,206,768

TOTAL INVESTMENT PORTFOLIO - 104.4%

(Cost $94,486,114)

101,728,967

NET OTHER ASSETS (LIABILITIES) - (4.4)%			(4,324,511)
NET ASSETS - 100%		$ 97,404,456

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 152
Fidelity Securities Lending Cash Central Fund	66,151
Total	$ 66,303

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $99,120,123. Net unrealized appreciation aggregated $2,608,844, of which $9,678,232 related to appreciated investment securities and $7,069,388 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

May 31, 2011

1.802163.107

CPR-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
AUTO COMPONENTS - 3.3%
Auto Parts & Equipment - 3.3%
Autoliv, Inc.	34,699		$ 2,671,129
Gentex Corp.	76,214		2,236,881
TRW Automotive Holdings Corp. (a)	44,521		2,531,909
			7,439,919
AUTOMOBILES - 1.6%
Automobile Manufacturers - 1.6%
Bayerische Motoren Werke AG (BMW)	41,155		3,640,212
DIVERSIFIED CONSUMER SERVICES - 2.4%
Education Services - 1.1%
DeVry, Inc.	29,000		1,561,650
Grand Canyon Education, Inc. (a)	68,695		886,166
			2,447,816
Specialized Consumer Services - 1.3%
Sotheby's Class A (Ltd. Vtg.)	33,814		1,439,124
Steiner Leisure Ltd. (a)	30,795		1,539,750
			2,978,874
TOTAL DIVERSIFIED CONSUMER SERVICES			5,426,690
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2%
Technology Distributors - 0.2%
Funtalk China Holdings Ltd. (a)	82,300		546,472
FOOD & STAPLES RETAILING - 1.2%
Drug Retail - 0.1%
Droga Raia SA	10,000		177,472
Hypermarkets & Super Centers - 1.1%
BJ's Wholesale Club, Inc. (a)	4,389		221,293
Costco Wholesale Corp.	27,837		2,295,996
			2,517,289
TOTAL FOOD & STAPLES RETAILING			2,694,761
FOOD PRODUCTS - 0.1%
Packaged Foods & Meats - 0.1%
Green Mountain Coffee Roasters, Inc. (a)	3,000		247,110
HOTELS, RESTAURANTS & LEISURE - 19.8%
Casinos & Gaming - 3.9%
Betfair Group PLC (d)	33,600		463,718
Las Vegas Sands Corp. (a)	94,072		3,907,751
Las Vegas Sands Corp. unit	2,360		1,653,864
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d)	106,100		1,190,442
Pinnacle Entertainment, Inc. (a)	62,925		914,300
WMS Industries, Inc. (a)	25,956		816,576
			8,946,651
Hotels, Resorts & Cruise Lines - 3.3%
China Lodging Group Ltd. ADR (a)(d)	43,107		815,584

	Shares		Value
Royal Caribbean Cruises Ltd. (a)	46,900		$ 1,829,100
Starwood Hotels & Resorts Worldwide, Inc.	80,288		4,895,962
			7,540,646
Restaurants - 12.6%
Ajisen (China) Holdings Ltd.	413,000		878,339
Arcos Dorados Holdings, Inc.	23,100		525,525
BJ's Restaurants, Inc. (a)	37,584		1,925,428
Bravo Brio Restaurant Group, Inc.	23,681		525,718
Darden Restaurants, Inc.	80,664		4,085,632
McDonald's Corp.	98,367		8,020,845
P.F. Chang's China Bistro, Inc. (d)	4,480		180,947
Panera Bread Co. Class A (a)	18,749		2,344,187
Ruth's Hospitality Group, Inc. (a)	271,113		1,450,455
Starbucks Corp.	145,045		5,336,206
Texas Roadhouse, Inc. Class A	195,400		3,366,742
			28,640,024
TOTAL HOTELS, RESTAURANTS & LEISURE			45,127,321
HOUSEHOLD DURABLES - 2.3%
Home Furnishings - 1.3%
Tempur-Pedic International, Inc. (a)	44,100		2,868,264
Homebuilding - 1.0%
Lennar Corp. Class A	85,589		1,624,479
Toll Brothers, Inc. (a)	30,700		667,725
			2,292,204
TOTAL HOUSEHOLD DURABLES			5,160,468
INTERNET & CATALOG RETAIL - 7.9%
Internet Retail - 7.9%
Amazon.com, Inc. (a)	57,835		11,375,566
Blue Nile, Inc. (a)(d)	22,100		1,105,000
Ocado Group PLC (a)(d)	134,400		492,348
Priceline.com, Inc. (a)	8,785		4,525,944
Start Today Co. Ltd.	20,600		432,347
			17,931,205
INTERNET SOFTWARE & SERVICES - 1.8%
Internet Software & Services - 1.8%
eBay, Inc. (a)	103,137		3,214,780
The Knot, Inc. (a)	88,493		907,938
			4,122,718
LEISURE EQUIPMENT & PRODUCTS - 0.8%
Leisure Products - 0.8%
Hasbro, Inc.	38,782		1,773,889
MEDIA - 25.8%
Advertising - 2.3%
Dentsu, Inc.	21,800		586,612
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Advertising - continued
National CineMedia, Inc.	137,249		$ 2,444,405
WPP PLC	184,504		2,301,403
			5,332,420
Broadcasting - 0.8%
Discovery Communications, Inc. (a)	41,200		1,794,672
Cable & Satellite - 8.9%
Comcast Corp. Class A (special) (non-vtg.)	149,352		3,517,240
DIRECTV (a)	63,866		3,209,905
Kabel Deutschland Holding AG (a)	32,466		2,214,933
Sirius XM Radio, Inc. (a)	933,934		2,194,745
Time Warner Cable, Inc.	62,108		4,795,980
Virgin Media, Inc.	132,141		4,310,439
			20,243,242
Movies & Entertainment - 13.8%
News Corp. Class A	403,200		7,394,688
The Walt Disney Co.	275,267		11,459,365
Time Warner, Inc.	195,056		7,105,890
Viacom, Inc. Class B (non-vtg.)	107,801		5,434,248
			31,394,191
TOTAL MEDIA			58,764,525
MULTILINE RETAIL - 5.2%
Department Stores - 0.4%
Marisa Lojas SA	54,900		932,898
General Merchandise Stores - 4.8%
Dollar Tree, Inc. (a)	34,963		2,228,542
Target Corp.	176,902		8,761,956
			10,990,498
TOTAL MULTILINE RETAIL			11,923,396
PROFESSIONAL SERVICES - 0.3%
Research & Consulting Services - 0.3%
Nielsen Holdings B.V. (a)	25,400		799,846
SPECIALTY RETAIL - 21.5%
Apparel Retail - 8.2%
Body Central Corp.	9,300		225,432
Chico's FAS, Inc.	137,900		2,079,532
Citi Trends, Inc. (a)	82,312		1,374,610
H&M Hennes & Mauritz AB (B Shares)	30,699		1,140,389
Inditex SA	13,081		1,188,836
Limited Brands, Inc.	79,340		3,170,426
rue21, Inc. (a)(d)	18,590		629,086
TJX Companies, Inc.	104,718		5,552,148
Urban Outfitters, Inc. (a)	107,914		3,287,060
			18,647,519

	Shares		Value
Automotive Retail - 1.5%
Advance Auto Parts, Inc.	53,800		$ 3,340,980
Home Improvement Retail - 6.4%
Lowe's Companies, Inc.	538,107		12,989,907
Lumber Liquidators Holdings, Inc. (a)(d)	59,800		1,612,806
			14,602,713
Homefurnishing Retail - 2.8%
Bed Bath & Beyond, Inc. (a)	116,700		6,288,963
Specialty Stores - 2.6%
Hengdeli Holdings Ltd.	1,308,000		766,919
OfficeMax, Inc. (a)	96,104		803,429
Tractor Supply Co.	57,624		3,639,532
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	14,504		811,934
			6,021,814
TOTAL SPECIALTY RETAIL			48,901,989
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Apparel, Accessories & Luxury Goods - 2.0%
China Xiniya Fashion Ltd. ADR (d)	65,900		266,895
Phillips-Van Heusen Corp.	30,400		2,005,488
Polo Ralph Lauren Corp. Class A	8,253		1,046,233
Titan Industries Ltd.	6,101		596,957
Trinity Ltd.	546,000		539,878
			4,455,451
TOTAL COMMON STOCKS (Cost $185,821,863)		218,955,972
Nonconvertible Preferred Stocks - 0.8%

AUTOMOBILES - 0.8%
Automobile Manufacturers - 0.8%
Volkswagen AG (Cost $1,874,625)	9,700		1,722,095
Money Market Funds - 6.9%

Fidelity Cash Central Fund, 0.14% (b)	12,070,944		12,070,944
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	3,588,405		3,588,405
TOTAL MONEY MARKET FUNDS (Cost $15,659,349)		15,659,349

TOTAL INVESTMENT PORTFOLIO - 103.9%

(Cost $203,355,837)

236,337,416

NET OTHER ASSETS (LIABILITIES) - (3.9)%

(8,836,949)

NET ASSETS - 100%

$ 227,500,467

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,023
Fidelity Securities Lending Cash Central Fund	16,922
Total	$ 17,945

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 218,955,972	$ 213,981,746	$ 4,974,226	$ -
Nonconvertible Preferred Stocks	1,722,095	1,722,095	-	-
Money Market Funds	15,659,349	15,659,349	-	-
Total Investments in Securities:	$ 236,337,416	$ 231,363,190	$ 4,974,226	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $204,103,227. Net unrealized appreciation aggregated $32,234,189, of which $36,727,340 related to appreciated investment securities and $4,493,151 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

May 31, 2011

1.802172.107

FOO-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
BEVERAGES - 29.7%
Brewers - 5.3%
Anheuser-Busch InBev SA NV	600,039		$ 36,271,793
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	243,385		7,676,363
Molson Coors Brewing Co. Class B	858,877		40,066,612
			84,014,768
Distillers & Vintners - 7.5%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,798,282		39,490,273
Diageo PLC sponsored ADR	556,406		47,344,587
Pernod-Ricard SA	264,101		26,654,342
Remy Cointreau SA	81,778		6,706,279
			120,195,481
Soft Drinks - 16.9%
Coca-Cola Bottling Co. Consolidated	95,913		6,473,168
Coca-Cola FEMSA SAB de CV sponsored ADR	89,329		7,763,583
Coca-Cola Icecek AS	371,342		5,106,156
Embotelladora Andina SA sponsored ADR	263,941		7,522,319
Fomento Economico Mexicano SAB de CV sponsored ADR	58,187		3,603,521
PepsiCo, Inc.	951,926		67,700,977
The Coca-Cola Co.	2,550,818		170,420,151
			268,589,875
TOTAL BEVERAGES			472,800,124
FOOD & STAPLES RETAILING - 11.3%
Drug Retail - 9.5%
CVS Caremark Corp.	2,871,463		111,096,903
Drogasil SA	399,000		2,833,465
Walgreen Co.	845,127		36,872,891
			150,803,259
Food Distributors - 0.2%
United Natural Foods, Inc. (a)	82,636		3,595,492
Food Retail - 0.2%
Fresh Market, Inc.	8,200		329,968
Susser Holdings Corp. (a)	251,104		3,600,831
			3,930,799
Hypermarkets & Super Centers - 1.4%
Wal-Mart Stores, Inc.	391,318		21,608,580
TOTAL FOOD & STAPLES RETAILING			179,938,130
FOOD PRODUCTS - 11.6%
Agricultural Products - 3.8%
Archer Daniels Midland Co.	456,558		14,797,045
Bunge Ltd.	470,276		35,012,048
Cresud S.A.C.I.F. y A. sponsored ADR	91,600		1,598,420

	Shares		Value
Origin Agritech Ltd. (a)	95,200		$ 581,672
SLC Agricola SA	300,600		3,882,460
Viterra, Inc.	313,500		3,830,786
			59,702,431
Packaged Foods & Meats - 7.8%
Brasil Foods SA	2,000		37,130
Calavo Growers, Inc.	206,875		4,580,213
Cermaq ASA	183,470		3,628,044
Cosan Ltd. Class A	111,100		1,319,868
Danone	68,320		5,007,977
Green Mountain Coffee Roasters, Inc. (a)	95,900		7,899,283
Lindt & Spruengli AG	111		3,969,399
Mead Johnson Nutrition Co. Class A	229,532		15,559,974
Nestle SA	481,038		30,879,154
Unilever NV unit (d)	1,447,191		47,265,258
Want Want China Holdings Ltd.	4,014,000		3,845,124
			123,991,424
TOTAL FOOD PRODUCTS			183,693,855
HOUSEHOLD DURABLES - 0.1%
Household Appliances - 0.1%
SodaStream International Ltd. (d)	34,500		2,004,795
HOUSEHOLD PRODUCTS - 19.0%
Household Products - 19.0%
Colgate-Palmolive Co.	532,600		46,618,478
Procter & Gamble Co.	3,762,887		252,113,428
Spectrum Brands Holdings, Inc. (a)	109,747		3,947,600
			302,679,506
PERSONAL PRODUCTS - 4.6%
Personal Products - 4.6%
Avon Products, Inc.	1,320,993		39,246,702
Hypermarcas SA	268,100		2,524,354
L'Oreal SA	163,700		20,591,093
Natura Cosmeticos SA	131,100		3,516,172
Nu Skin Enterprises, Inc. Class A	176,850		6,913,067
			72,791,388
PHARMACEUTICALS - 2.7%
Pharmaceuticals - 2.7%
Johnson & Johnson	642,373		43,225,279
TOBACCO - 15.5%
Tobacco - 15.5%
Altria Group, Inc.	2,895,534		81,248,684
British American Tobacco PLC sponsored ADR (d)	1,269,341		114,684,959
KT&G Corp.	62,114		3,645,635
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	586,983		$ 42,116,030
Souza Cruz Industria Comerico	417,300		5,241,552
			246,936,860
TOTAL COMMON STOCKS (Cost $1,199,263,491)		1,504,069,937
Money Market Funds - 6.5%

Fidelity Cash Central Fund, 0.14% (b)	88,394,556		88,394,556
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	14,440,125		14,440,125
TOTAL MONEY MARKET FUNDS (Cost $102,834,681)		102,834,681

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $1,302,098,172)

1,606,904,618

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(15,755,015)

NET ASSETS - 100%

$ 1,591,149,603

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,320
Fidelity Securities Lending Cash Central Fund	121,388
Total	$ 130,708

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,504,069,937	$ 1,467,798,144	$ 36,271,793	$ -
Money Market Funds	102,834,681	102,834,681	-	-
Total Investments in Securities:	$ 1,606,904,618	$ 1,570,632,825	$ 36,271,793	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,307,079,670. Net unrealized appreciation aggregated $299,824,948, of which $301,956,169 related to appreciated investment securities and $2,131,221 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2011

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

1.851744.104

ACSF-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
BEVERAGES - 29.7%
Brewers - 5.3%
Anheuser-Busch InBev SA NV	600,039		$ 36,271,793
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	243,385		7,676,363
Molson Coors Brewing Co. Class B	858,877		40,066,612
			84,014,768
Distillers & Vintners - 7.5%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,798,282		39,490,273
Diageo PLC sponsored ADR	556,406		47,344,587
Pernod-Ricard SA	264,101		26,654,342
Remy Cointreau SA	81,778		6,706,279
			120,195,481
Soft Drinks - 16.9%
Coca-Cola Bottling Co. Consolidated	95,913		6,473,168
Coca-Cola FEMSA SAB de CV sponsored ADR	89,329		7,763,583
Coca-Cola Icecek AS	371,342		5,106,156
Embotelladora Andina SA sponsored ADR	263,941		7,522,319
Fomento Economico Mexicano SAB de CV sponsored ADR	58,187		3,603,521
PepsiCo, Inc.	951,926		67,700,977
The Coca-Cola Co.	2,550,818		170,420,151
			268,589,875
TOTAL BEVERAGES			472,800,124
FOOD & STAPLES RETAILING - 11.3%
Drug Retail - 9.5%
CVS Caremark Corp.	2,871,463		111,096,903
Drogasil SA	399,000		2,833,465
Walgreen Co.	845,127		36,872,891
			150,803,259
Food Distributors - 0.2%
United Natural Foods, Inc. (a)	82,636		3,595,492
Food Retail - 0.2%
Fresh Market, Inc.	8,200		329,968
Susser Holdings Corp. (a)	251,104		3,600,831
			3,930,799
Hypermarkets & Super Centers - 1.4%
Wal-Mart Stores, Inc.	391,318		21,608,580
TOTAL FOOD & STAPLES RETAILING			179,938,130
FOOD PRODUCTS - 11.6%
Agricultural Products - 3.8%
Archer Daniels Midland Co.	456,558		14,797,045
Bunge Ltd.	470,276		35,012,048
Cresud S.A.C.I.F. y A. sponsored ADR	91,600		1,598,420

	Shares		Value
Origin Agritech Ltd. (a)	95,200		$ 581,672
SLC Agricola SA	300,600		3,882,460
Viterra, Inc.	313,500		3,830,786
			59,702,431
Packaged Foods & Meats - 7.8%
Brasil Foods SA	2,000		37,130
Calavo Growers, Inc.	206,875		4,580,213
Cermaq ASA	183,470		3,628,044
Cosan Ltd. Class A	111,100		1,319,868
Danone	68,320		5,007,977
Green Mountain Coffee Roasters, Inc. (a)	95,900		7,899,283
Lindt & Spruengli AG	111		3,969,399
Mead Johnson Nutrition Co. Class A	229,532		15,559,974
Nestle SA	481,038		30,879,154
Unilever NV unit (d)	1,447,191		47,265,258
Want Want China Holdings Ltd.	4,014,000		3,845,124
			123,991,424
TOTAL FOOD PRODUCTS			183,693,855
HOUSEHOLD DURABLES - 0.1%
Household Appliances - 0.1%
SodaStream International Ltd. (d)	34,500		2,004,795
HOUSEHOLD PRODUCTS - 19.0%
Household Products - 19.0%
Colgate-Palmolive Co.	532,600		46,618,478
Procter & Gamble Co.	3,762,887		252,113,428
Spectrum Brands Holdings, Inc. (a)	109,747		3,947,600
			302,679,506
PERSONAL PRODUCTS - 4.6%
Personal Products - 4.6%
Avon Products, Inc.	1,320,993		39,246,702
Hypermarcas SA	268,100		2,524,354
L'Oreal SA	163,700		20,591,093
Natura Cosmeticos SA	131,100		3,516,172
Nu Skin Enterprises, Inc. Class A	176,850		6,913,067
			72,791,388
PHARMACEUTICALS - 2.7%
Pharmaceuticals - 2.7%
Johnson & Johnson	642,373		43,225,279
TOBACCO - 15.5%
Tobacco - 15.5%
Altria Group, Inc.	2,895,534		81,248,684
British American Tobacco PLC sponsored ADR (d)	1,269,341		114,684,959
KT&G Corp.	62,114		3,645,635
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	586,983		$ 42,116,030
Souza Cruz Industria Comerico	417,300		5,241,552
			246,936,860
TOTAL COMMON STOCKS (Cost $1,199,263,491)		1,504,069,937
Money Market Funds - 6.5%

Fidelity Cash Central Fund, 0.14% (b)	88,394,556		88,394,556
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	14,440,125		14,440,125
TOTAL MONEY MARKET FUNDS (Cost $102,834,681)		102,834,681

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $1,302,098,172)

1,606,904,618

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(15,755,015)

NET ASSETS - 100%

$ 1,591,149,603

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,320
Fidelity Securities Lending Cash Central Fund	121,388
Total	$ 130,708

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,504,069,937	$ 1,467,798,144	$ 36,271,793	$ -
Money Market Funds	102,834,681	102,834,681	-	-
Total Investments in Securities:	$ 1,606,904,618	$ 1,570,632,825	$ 36,271,793	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2011

1.802165.107

DEF-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 93.5%
Aerospace & Defense - 93.5%
AerCap Holdings NV (a)	873,807		$ 11,848,823
BE Aerospace, Inc. (a)	510,541		19,104,444
Bombardier, Inc. Class B (sub. vtg.)	1,492,700		10,398,602
DigitalGlobe, Inc. (a)	397,827		9,794,501
Esterline Technologies Corp. (a)	425,363		32,165,950
General Dynamics Corp.	64,230		4,767,151
Goodrich Corp.	458,467		40,019,584
HEICO Corp. (d)	183,972		10,114,781
Honeywell International, Inc.	562,427		33,492,528
Lockheed Martin Corp.	201,058		15,662,418
Meggitt PLC	1,374,000		8,290,272
MTU Aero Engines Holdings AG	103,836		7,977,365
Precision Castparts Corp.	392,400		61,646,040
Raytheon Co.	632,210		31,850,740
Rockwell Collins, Inc.	541,247		33,086,429
Teledyne Technologies, Inc. (a)	318,231		15,625,142
Textron, Inc.	1,144,658		26,189,775
The Boeing Co.	1,238,417		96,633,679
TransDigm Group, Inc. (a)	326,200		26,748,400
United Technologies Corp.	1,644,204		144,311,782
			639,728,406
AIRLINES - 0.8%
Airlines - 0.8%
Copa Holdings SA Class A	89,600		5,599,104
ELECTRICAL EQUIPMENT - 0.9%
Electrical Components & Equipment - 0.9%
AMETEK, Inc.	141,600		6,158,184
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Manufacturing Services - 0.5%
Mercury Computer Systems, Inc. (a)	176,296		3,370,780
HOUSEHOLD DURABLES - 0.8%
Household Appliances - 0.8%
iRobot Corp. (a)(d)	168,706		5,668,522

	Shares		Value
METALS & MINING - 2.1%
Steel - 2.1%
Carpenter Technology Corp.	166,100		$ 8,731,877
Haynes International, Inc.	104,804		5,897,321
			14,629,198
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Trading Companies & Distributors - 0.6%
Air Lease Corp. Class A (d)	138,400		3,944,400
TOTAL COMMON STOCKS (Cost $558,442,924)		679,098,594
Money Market Funds - 1.5%

Fidelity Cash Central Fund, 0.14% (b)	2,545,500		2,545,500
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	7,683,865		7,683,865
TOTAL MONEY MARKET FUNDS (Cost $10,229,365)		10,229,365
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $568,672,289)			689,327,959
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(4,926,801)
NET ASSETS - 100%		$ 684,401,158

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,693
Fidelity Securities Lending Cash Central Fund	16,202
Total	$ 17,895

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $571,284,819. Net unrealized appreciation aggregated $118,043,140, of which $142,489,623 related to appreciated investment securities and $24,446,483 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

May 31, 2011

1.802167.107

ELE-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.8%
Communications Equipment - 2.8%
Motorola Mobility Holdings, Inc.	132,323		$ 3,326,600
Motorola Solutions, Inc.	1,283		61,417
Nokia Corp. sponsored ADR	458,300		3,217,266
QUALCOMM, Inc.	497,290		29,136,221
			35,741,504
COMPUTERS & PERIPHERALS - 3.6%
Computer Hardware - 1.1%
Acer, Inc.	707,000		1,384,629
Hewlett-Packard Co.	343,400		12,836,292
			14,220,921
Computer Storage & Peripherals - 2.5%
SanDisk Corp. (a)	420,826		19,997,652
Synaptics, Inc. (a)	298,000		8,358,900
Western Digital Corp. (a)	61,100		2,239,315
			30,595,867
TOTAL COMPUTERS & PERIPHERALS			44,816,788
ELECTRONIC EQUIPMENT & COMPONENTS - 5.2%
Electronic Components - 0.6%
Amphenol Corp. Class A	6,900		373,014
AVX Corp.	151,200		2,378,376
Corning, Inc.	155,404		3,131,391
Universal Display Corp. (a)	21,800		1,040,296
			6,923,077
Electronic Equipment & Instruments - 0.0%
Hitachi High-Technologies Corp.	7,400		155,912
SNU Precision Co. Ltd.	11,050		164,444
			320,356
Electronic Manufacturing Services - 4.6%
Benchmark Electronics, Inc. (a)	344,679		5,956,053
Fabrinet (a)	2,000		47,380
Flextronics International Ltd. (a)	3,867,558		28,001,120
Jabil Circuit, Inc.	774,089		16,704,841
Plexus Corp. (a)	18		671
SMART Modular Technologies (WWH), Inc. (a)	137,559		1,268,294
TE Connectivity Ltd.	114,900		4,231,767
TTM Technologies, Inc. (a)	120,900		2,002,104
			58,212,230
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			65,455,663
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
Google, Inc. Class A (a)	18,100		9,575,262
Support.com, Inc. (a)	13,100		62,880
			9,638,142

	Shares		Value
LEISURE EQUIPMENT & PRODUCTS - 0.2%
Photographic Products - 0.2%
Eastman Kodak Co. (a)(d)	942,491		$ 3,147,920
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)(e)	285,468		3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 86.3%
Semiconductor Equipment - 12.9%
Advanced Energy Industries, Inc. (a)	795		11,806
Amkor Technology, Inc. (a)(d)	3,258,107		20,819,304
Applied Materials, Inc.	4,408,931		60,755,069
ASML Holding NV	249,860		9,747,039
Cabot Microelectronics Corp. (a)	3,100		155,775
Cohu, Inc.	1,100		14,520
Cymer, Inc. (a)	233,800		11,192,006
Entegris, Inc. (a)	595,009		5,462,183
KLA-Tencor Corp.	132,700		5,719,370
Lam Research Corp. (a)	616,792		28,986,140
MEMC Electronic Materials, Inc. (a)	648,758		6,824,934
Nanometrics, Inc. (a)	22,300		351,671
Nova Measuring Instruments Ltd. (a)	14,700		150,675
Novellus Systems, Inc. (a)	39,500		1,432,665
Teradyne, Inc. (a)	46,600		746,066
Tessera Technologies, Inc. (a)	255,187		4,414,735
Tokyo Electron Ltd.	51,900		2,875,568
Ultratech, Inc. (a)	13,300		422,541
Ulvac, Inc.	6,800		172,907
Varian Semiconductor Equipment Associates, Inc. (a)	29,717		1,825,070
Verigy Ltd. (a)	9,300		131,316
			162,211,360
Semiconductors - 73.4%
Advanced Micro Devices, Inc. (a)(d)	6,513,548		56,537,597
Alpha & Omega Semiconductor Ltd. (a)	540,990		7,563,040
Altera Corp.	27,600		1,327,284
ANADIGICS, Inc. (a)	732,916		2,396,635
Analog Devices, Inc.	1,097,277		45,174,894
Applied Micro Circuits Corp. (a)	417,896		4,421,340
ARM Holdings PLC sponsored ADR	17		485
AuthenTec, Inc. (a)	287,004		726,120
Avago Technologies Ltd.	1,099,765		37,161,059
BCD Semiconductor Manufacturing Ltd. ADR	522,800		4,286,960
Broadcom Corp. Class A	3,304,824		118,907,568
CSR PLC	85,100		502,827
Cypress Semiconductor Corp.	43,700		1,023,454
Duksan Hi-Metal Co. Ltd. (a)	22,435		480,527
Entropic Communications, Inc. (a)	112,350		999,915
Exar Corp. (a)	15,000		95,400
Fairchild Semiconductor International, Inc. (a)	877,639		15,832,608
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
First Solar, Inc. (a)(d)	5,342		$ 663,744
Freescale Semiconductor Holdings I Ltd.	998,800		18,477,800
Himax Technologies, Inc. sponsored ADR	1,129,801		2,462,966
Ikanos Communications, Inc. (a)	964,500		1,475,685
Intel Corp.	4,749,956		106,921,510
International Rectifier Corp. (a)	456,811		13,147,021
Intersil Corp. Class A	3,485,714		50,019,996
Linear Technology Corp.	802,800		27,768,852
LSI Corp. (a)	2,500,722		18,730,408
Marvell Technology Group Ltd. (a)	7,845,127		127,404,858
Maxim Integrated Products, Inc.	136,100		3,708,725
Micrel, Inc.	247,900		2,917,783
Micron Technology, Inc. (a)	5,613,317		57,255,833
Monolithic Power Systems, Inc. (a)	154,713		2,676,535
Motech Industries, Inc.	1		4
National Semiconductor Corp.	45,901		1,125,952
NVIDIA Corp. (a)	2,049,382		41,069,615
NXP Semiconductors NV	258,503		7,375,091
ON Semiconductor Corp. (a)	4,016,104		45,060,687
PMC-Sierra, Inc. (a)	2,883,362		22,605,558
RDA Microelectronics, Inc. sponsored ADR	44,166		504,817
Renesas Electronics Corp. (a)(d)	472,700		4,314,116
RF Micro Devices, Inc. (a)	1,014,150		6,389,145
Semtech Corp. (a)	97,984		2,804,302
Silicon Laboratories, Inc. (a)	64,245		2,761,250
Skyworks Solutions, Inc. (a)	34,304		873,723
Spansion, Inc. Class A (a)	267,009		5,348,190
Standard Microsystems Corp. (a)	293,551		7,873,038
STATS ChipPAC Ltd.	3,833,000		2,190,907
STMicroelectronics NV (NY Shares) unit	10		112
SunPower Corp. Class B (a)	341,610		7,102,072
Supertex, Inc. (a)	280,479		6,131,271
Texas Instruments, Inc.	414,214		14,621,754
Trident Microsystems, Inc. (a)	178,479		174,945
TriQuint Semiconductor, Inc. (a)	475,346		6,155,731
Volterra Semiconductor Corp. (a)	194,800		4,805,716
Xilinx, Inc.	4,700		167,696
Zoran Corp. (a)	342,000		2,814,660
			923,339,781
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,085,551,141
TOTAL COMMON STOCKS (Cost $1,280,970,104)		1,244,351,161

Convertible Bonds - 0.1%
	Principal Amount	Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 6% 4/15/14	$ 610,000	$ 1,386,164
Semiconductors - 0.0%
SunPower Corp. 4.75% 4/15/14	470,000	510,538
TOTAL CONVERTIBLE BONDS (Cost $1,080,000)		1,896,702

Money Market Funds - 4.3%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	19,087,066		19,087,066
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	34,628,538		34,628,538
TOTAL MONEY MARKET FUNDS (Cost $53,715,604)		53,715,604
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $1,335,765,708)			1,299,963,467
NET OTHER ASSETS (LIABILITIES) - (3.3)%			(41,659,816)
NET ASSETS - 100%		$ 1,258,303,651

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
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	$ 6,951
Fidelity Securities Lending Cash Central Fund	57,510
Total	$ 64,461

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,244,351,161	$ 1,236,832,655	$ 7,518,503	$ 3
Convertible Bonds	1,896,702	-	1,896,702	-
Money Market Funds	53,715,604	53,715,604	-	-
Total Investments in Securities:	$ 1,299,963,467	$ 1,290,548,259	$ 9,415,205	$ 3

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	3
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ 3

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,360,321,333. Net unrealized depreciation aggregated $60,357,866, of which $96,991,083 related to appreciated investment securities and $157,348,949 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2011

1.802168.107

ENE-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CHEMICALS - 1.3%
Specialty Chemicals - 1.3%
LyondellBasell Industries NV Class A	861,041		$ 37,722,206
CONSTRUCTION & ENGINEERING - 1.0%
Construction & Engineering - 1.0%
Foster Wheeler AG (a)	185,600		6,358,656
Jacobs Engineering Group, Inc. (a)	400,781		18,459,973
KBR, Inc.	95,510		3,564,433
			28,383,062
ENERGY EQUIPMENT & SERVICES - 29.9%
Oil & Gas Drilling - 10.1%
Discovery Offshore S.A. (a)(e)	1,156,300		2,469,029
Ensco International Ltd. ADR (d)	1,235,800		65,892,856
Hercules Offshore, Inc. (a)	1,236,980		7,731,125
Nabors Industries Ltd. (a)	1,158,400		32,307,776
Noble Corp.	1,001,945		41,951,437
Northern Offshore Ltd.	1,261,675		2,658,895
Ocean Rig UDW, Inc. (a)	695,700		13,692,593
Parker Drilling Co. (a)	655,929		4,184,827
Patterson-UTI Energy, Inc.	863,093		27,040,704
Rowan Companies, Inc. (a)	919,800		36,470,070
Transocean Ltd. (United States)	810,650		56,186,152
Tuscany International Drilling, Inc. (a)	1,588,600		2,114,964
			292,700,428
Oil & Gas Equipment & Services - 19.8%
Aker Drilling ASA (a)	784,600		2,520,300
Baker Hughes, Inc.	1,982,970		146,600,972
Basic Energy Services, Inc. (a)	110,600		3,008,320
Cal Dive International, Inc. (a)	133,500		869,085
Dresser-Rand Group, Inc. (a)	208,176		10,945,894
Global Industries Ltd. (a)	487,626		3,057,415
Halliburton Co.	2,331,121		116,905,718
ION Geophysical Corp. (a)	149,400		1,507,446
Key Energy Services, Inc. (a)	443,000		7,832,240
National Oilwell Varco, Inc.	1,032,785		74,959,535
Oceaneering International, Inc.	161,579		13,168,689
Oil States International, Inc. (a)	393,921		31,139,455
RPC, Inc.	121,300		3,054,334
Schlumberger Ltd.	1,491,440		127,846,237
Schoeller-Bleckmann Oilfield Equipment AG (d)	76,852		7,401,353
Superior Energy Services, Inc. (a)	229,676		8,605,960
Weatherford International Ltd. (a)	490,234		9,691,926
Willbros Group, Inc. (a)	533,307		5,301,072
			574,415,951
TOTAL ENERGY EQUIPMENT & SERVICES			867,116,379

	Shares		Value
METALS & MINING - 0.8%
Diversified Metals & Mining - 0.8%
Grande Cache Coal Corp. (a)	338,200		$ 2,900,503
MacArthur Coal Ltd.	510,116		6,480,435
Walter Energy, Inc.	109,100		13,588,405
			22,969,343
OIL, GAS & CONSUMABLE FUELS - 66.8%
Coal & Consumable Fuels - 4.6%
Massey Energy Co.	1,334,101		88,050,666
Peabody Energy Corp.	713,520		43,781,587
Solazyme, Inc.	35,300		795,309
			132,627,562
Integrated Oil & Gas - 37.7%
Chevron Corp.	3,026,097		317,467,836
Exxon Mobil Corp.	3,796,602		316,902,369
Hess Corp.	1,466,025		115,859,956
Marathon Oil Corp.	3,034,061		164,355,084
OAO Gazprom sponsored ADR	883,980		13,038,705
Occidental Petroleum Corp.	1,551,446		167,323,451
			1,094,947,401
Oil & Gas Exploration & Production - 13.3%
Anadarko Petroleum Corp.	283,732		22,562,369
Apache Corp.	353,930		44,099,678
Bankers Petroleum Ltd. (a)	1,406,800		11,571,491
Berry Petroleum Co. Class A	327,500		17,164,275
Brigham Exploration Co. (a)	190,900		5,944,626
Carrizo Oil & Gas, Inc. (a)	164,310		6,278,285
Cimarex Energy Co.	139,210		13,354,415
Clayton Williams Energy, Inc. (a)	39,537		2,964,880
Concho Resources, Inc. (a)	28,336		2,680,869
Gran Tierra Energy, Inc. (a)	3,559,200		25,712,782
Kosmos Energy Ltd.	43,000		823,450
Newfield Exploration Co. (a)	554,600		41,367,614
Niko Resources Ltd.	53,400		4,424,878
Noble Energy, Inc.	157,544		14,683,101
Northern Oil & Gas, Inc. (a)(d)	501,430		10,078,743
Pacific Rubiales Energy Corp.	260,200		7,261,270
Painted Pony Petroleum Ltd. Class A (a)	393,900		4,927,053
Petrobank Energy & Resources Ltd. (a)	150,570		2,668,132
Petroleum Development Corp. (a)	162,300		5,899,605
Petrominerales Ltd.	162,873		5,484,851
Pioneer Natural Resources Co.	611,666		56,163,172
Stone Energy Corp. (a)	237,504		7,661,879
Talisman Energy, Inc. (d)	663,300		14,006,004
Tourmaline Oil Corp. (a)	97,200		3,008,440
Whiting Petroleum Corp. (a)	821,150		55,099,165
			385,891,027
Oil & Gas Refining & Marketing - 10.2%
CVR Energy, Inc. (a)	1,232,337		26,938,887
Frontier Oil Corp.	1,774,857		52,997,230
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - continued
Holly Corp.	1,408,104		$ 87,738,960
Keyera Corp.	119,500		5,174,901
Petroplus Holdings AG	210,920		3,326,151
Tesoro Corp. (a)	1,724,211		42,070,748
Valero Energy Corp.	1,795,146		49,366,515
Western Refining, Inc. (a)(d)	1,088,616		18,974,577
World Fuel Services Corp.	218,427		7,990,060
			294,578,029
Oil & Gas Storage & Transport - 1.0%
Atlas Energy LP	62,412		1,541,576
Atlas Pipeline Partners, LP	103,000		3,656,500
Targa Resources Corp.	37,200		1,299,024
Tesoro Logistics LP	11,900		295,596
Williams Companies, Inc.	734,842		23,066,690
			29,859,386
TOTAL OIL, GAS & CONSUMABLE FUELS			1,937,903,405
TOTAL COMMON STOCKS (Cost $2,115,901,418)		2,894,094,395

Convertible Bonds - 0.0%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
SunPower Corp. 4.75% 4/15/14 (Cost $1,040,000)	$ 1,040,000	1,129,700

Money Market Funds - 3.2%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	7,317,418		$ 7,317,418
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	85,609,694		85,609,694
TOTAL MONEY MARKET FUNDS (Cost $92,927,112)		92,927,112
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $2,209,868,530)			2,988,151,207
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(87,373,585)
NET ASSETS - 100%		$ 2,900,777,622

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,452
Fidelity Securities Lending Cash Central Fund	28,103
Total	$ 32,555

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,894,094,395	$ 2,894,094,395	$ -	$ -
Convertible Bonds	1,129,700	-	1,129,700	-
Money Market Funds	92,927,112	92,927,112	-	-
Total Investments in Securities:	$ 2,988,151,207	$ 2,987,021,507	$ 1,129,700	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $2,220,195,479. Net unrealized appreciation aggregated $767,955,728, of which $800,595,451 related to appreciated investment securities and $32,639,723 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

May 31, 2011

1.802169.107

ENS-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
CONSTRUCTION & ENGINEERING - 1.1%
Construction & Engineering - 1.1%
Jacobs Engineering Group, Inc. (a)	249,400		$ 11,487,364
Shaw Group, Inc. (a)	221,800		8,102,354
			19,589,718
ELECTRICAL EQUIPMENT - 0.4%
Electrical Components & Equipment - 0.4%
Thermon Group Holdings, Inc.	600,000		7,320,000
ENERGY EQUIPMENT & SERVICES - 98.1%
Oil & Gas Drilling - 17.1%
Cathedral Energy Services Ltd.	1,000,000		7,637,133
Discovery Offshore S.A. (a)(e)	578,100		1,234,408
Ensco International Ltd. ADR (d)	419,000		22,341,080
Eurasia Drilling Co. Ltd. GDR (Reg. S)	374,600		11,717,488
Helmerich & Payne, Inc.	745,400		46,721,672
Nabors Industries Ltd. (a)	2,252,855		62,832,126
Noble Corp.	429,935		18,001,378
Ocean Rig UDW, Inc. (a)	441,600		8,691,461
Pride International, Inc. (a)	329,000		13,390,300
Rowan Companies, Inc. (a)	1,701,600		67,468,440
Transocean Ltd. (United States)	235,887		16,349,328
Trinidad Drilling Ltd.	1,638,700		18,518,773
Tuscany International Drilling, Inc. (a)(d)	4,841,800		6,446,073
Vantage Drilling Co. (a)	4,968,800		9,937,600
			311,287,260
Oil & Gas Equipment & Services - 81.0%
Baker Hughes, Inc.	2,477,722		183,177,987
Basic Energy Services, Inc. (a)	221,300		6,019,360
Bristow Group, Inc.	84,200		3,868,990
Cameron International Corp. (a)	1,750,288		83,418,726
Exterran Holdings, Inc. (a)(d)	5,700		122,835
FMC Technologies, Inc. (a)	2,012,362		89,811,716
Global Geophysical Services, Inc. (a)	759,481		13,169,401
Halliburton Co.	5,040,699		252,791,055
Helix Energy Solutions Group, Inc. (a)	1,018,900		17,851,128
Hornbeck Offshore Services, Inc. (a)(d)	407,200		10,990,328
ION Geophysical Corp. (a)	2,374,255		23,956,233
Key Energy Services, Inc. (a)	2,148,400		37,983,712
Lufkin Industries, Inc.	340,800		30,913,968
McDermott International, Inc. (a)	1,610,500		34,174,810
National Oilwell Varco, Inc.	1,679,962		121,931,642
Newpark Resources, Inc. (a)	897,046		8,710,316
Oceaneering International, Inc.	855,400		69,715,100
Petroleum Geo-Services ASA (a)	1,113,000		17,958,613
RigNet, Inc.	258,594		4,315,934
Schlumberger Ltd.	3,563,966		305,503,165

	Shares		Value
Schoeller-Bleckmann Oilfield Equipment AG (d)	342,600		$ 32,994,634
Superior Energy Services, Inc. (a)	872,859		32,706,027
TETRA Technologies, Inc. (a)	573,377		7,820,862
Weatherford International Ltd. (a)	4,046,338		79,996,102
			1,469,902,644
TOTAL ENERGY EQUIPMENT & SERVICES			1,781,189,904
TRADING COMPANIES & DISTRIBUTORS - 0.4%
Trading Companies & Distributors - 0.4%
Finning International, Inc. (d)	251,000		7,444,904
TOTAL COMMON STOCKS (Cost $1,215,159,268)		1,815,544,526
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.14% (b)	3,852,075		3,852,075
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	47,952,340		47,952,340
TOTAL MONEY MARKET FUNDS (Cost $51,804,415)		51,804,415
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,266,963,683)			1,867,348,941
NET OTHER ASSETS (LIABILITIES) - (2.9)%			(51,946,534)
NET ASSETS - 100%		$ 1,815,402,407

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,781
Fidelity Securities Lending Cash Central Fund	71,820
Total	$ 76,601

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,272,105,200. Net unrealized appreciation aggregated $595,243,741, of which $617,718,541 related to appreciated investment securities and $22,474,800 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environment and
Alternative Energy Portfolio

May 31, 2011

1.802170.107

ENV-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
Energy Efficiency - 32.1%
Buildings Energy Efficiency - 3.4%
Active Power, Inc. (a)	234,400		$ 501,616
Cree, Inc. (a)(d)	11,600		509,124
Johnson Controls, Inc.	37,100		1,469,160
Lighting Science Group Corp. (a)(d)	112,300		376,205
Owens Corning (a)	23,100		882,420
TOTAL BUILDINGS ENERGY EFFICIENCY			3,738,525
Diversified Energy Efficiency - 12.8%
Corning, Inc.	106,000		2,135,900
GrafTech International Ltd. (a)	39,000		824,460
United Technologies Corp.	126,900		11,138,013
TOTAL DIVERSIFIED ENERGY EFFICIENCY			14,098,373
Industrial Energy Efficiency - 6.3%
Eaton Corp.	20,800		1,074,736
EMCOR Group, Inc. (a)	74,600		2,265,602
Fluor Corp.	15,200		1,047,736
ON Semiconductor Corp. (a)	148,200		1,662,804
Regal-Beloit Corp.	14,100		972,900
TOTAL INDUSTRIAL ENERGY EFFICIENCY			7,023,778
Power Network Efficiency - 9.6%
Alstom SA	47,312		2,928,276
Cooper Industries PLC Class A	31,600		1,986,060
Emerson Electric Co.	52,300		2,852,965
Itron, Inc. (a)	24,500		1,255,625
Quanta Services, Inc. (a)	75,500		1,491,125
TOTAL POWER NETWORK EFFICIENCY			10,514,051
TOTAL ENERGY EFFICIENCY			35,374,727
Environmental Support Services - 40.3%
Diversified Environmental - 33.5%
3M Co.	13,300		1,255,254
Air Products & Chemicals, Inc.	43,700		4,155,433
Danaher Corp.	112,000		6,107,360
Enel SpA	1,120,222		7,694,081
Energias de Portugal SA	592,448		2,203,338
Flowserve Corp.	17,600		2,133,648
Iberdrola SA	175,500		1,552,825
PPG Industries, Inc.	23,200		2,057,840
Praxair, Inc.	12,400		1,312,416
Thermo Fisher Scientific, Inc. (a)	58,200		3,809,190

	Shares		Value
Tractebel Energia SA	205,700		$ 3,488,872
Tyco International Ltd.	22,500		1,110,375
TOTAL DIVERSIFIED ENVIRONMENTAL			36,880,632
Environmental Consultancies - 6.8%
Foster Wheeler AG (a)	59,900		2,052,174
Jacobs Engineering Group, Inc. (a)	53,000		2,441,180
Shaw Group, Inc. (a)	37,400		1,366,222
URS Corp. (a)	36,000		1,586,160
TOTAL ENVIRONMENTAL CONSULTANCIES			7,445,736
TOTAL ENVIRONMENTAL SUPPORT SERVICES			44,326,368
Pollution Control - 1.2%
Pollution Control Solutions - 1.2%
CLARCOR, Inc.	29,800		1,269,778
Renewable & Alternative Energy - 8.6%
Biofuels - 3.6%
Amyris, Inc. (d)	78,400		2,313,584
Archer Daniels Midland Co.	31,500		1,020,915
Solazyme, Inc.	26,900		606,057
TOTAL BIOFUELS			3,940,556
Renewable Energy Developers and Independent Power Producers (IPPs) - 4.5%
Empresa Nacional de Electricidad SA sponsored ADR (d)	48,000		2,651,520
Norsk Hydro ASA	288,700		2,314,124
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPS)			4,965,644
Wind Power Generation Equipment - 0.5%
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) (a)	394,200		544,374
TOTAL RENEWABLE & ALTERNATIVE ENERGY			9,450,574
Waste Management & Technologies - 11.0%
Diversified Waste and Technologies - 0.3%
Progressive Waste Solution Ltd.	12,900		323,249
General Waste Management - 7.3%
Republic Services, Inc.	206,700		6,515,184
Waste Connections, Inc.	49,200		1,546,848
TOTAL GENERAL WASTE MANAGEMENT			8,062,032
Common Stocks - continued
	Shares		Value
Waste Management & Technologies - continued
Recycling and Value Added Waste - 3.4%
Ball Corp.	40,700		$ 1,608,057
Commercial Metals Co.	139,700		2,080,133
TOTAL RECYCLING AND VALUE ADDED WASTE			3,688,190
TOTAL WASTE MANAGEMENT & TECHNOLOGIES			12,073,471
Water Infrastructure & Technologies - 6.4%
Water Treatment Equipment - 6.4%
Ashland, Inc.	50,800		3,471,672
Calgon Carbon Corp. (a)	210,400		3,629,400
TOTAL WATER TREATMENT EQUIPMENT			7,101,072
Other - 0.4%
Other - 0.4%
Diana Shipping, Inc. (a)	40,800		468,792
TOTAL COMMON STOCKS (Cost $96,311,060)		110,064,782
Money Market Funds - 3.4%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	765,388		$ 765,388
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	2,987,850		2,987,850
TOTAL MONEY MARKET FUNDS (Cost $3,753,238)		3,753,238

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $100,064,298)

113,818,020

NET OTHER ASSETS (LIABILITIES) - (3.4)%			(3,730,874)
NET ASSETS - 100%		$ 110,087,146

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 300
Fidelity Securities Lending Cash Central Fund	21,079
Total	$ 21,379

Other Information

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

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $100,225,770. Net unrealized appreciation aggregated $13,592,250, of which $15,219,549 related to appreciated investment securities and $1,627,299 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2011

1.802171.107

FIN-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CAPITAL MARKETS - 30.0%
Asset Management & Custody Banks - 8.6%
Affiliated Managers Group, Inc. (a)	94,698		$ 10,012,420
Apollo Global Management LLC Class A	91,297		1,645,172
Franklin Resources, Inc.	18,780		2,433,512
Invesco Ltd.	689,900		17,019,833
Legg Mason, Inc.	24,618		833,073
Northern Trust Corp.	58,900		2,873,731
State Street Corp.	886		40,552
			34,858,293
Investment Banking & Brokerage - 21.4%
E*TRADE Financial Corp. (a)	1,135,839		17,957,615
Evercore Partners, Inc. Class A	169,013		6,255,171
GFI Group, Inc.	1,382,336		6,261,982
Goldman Sachs Group, Inc.	144,539		20,340,973
Jefferies Group, Inc. (d)	257,881		5,709,485
Lazard Ltd. Class A	182,271		7,099,455
MF Global Holdings Ltd. (a)	700,082		5,397,632
Morgan Stanley	758,595		18,327,655
			87,349,968
TOTAL CAPITAL MARKETS			122,208,261
COMMERCIAL BANKS - 30.7%
Diversified Banks - 12.1%
Banco ABC Brasil SA	200,000		1,528,073
Banco Pine SA	51,400		422,698
BNP Paribas SA	90,200		7,036,170
Comerica, Inc.	920,931		33,254,818
Credicorp Ltd. (NY Shares)	5,800		587,946
Itau Unibanco Banco Multiplo SA sponsored ADR	100		2,283
U.S. Bancorp, Delaware	154,500		3,955,200
United Overseas Bank Ltd.	158,000		2,490,287
Wells Fargo & Co.	200		5,674
			49,283,149
Regional Banks - 18.6%
Banco Daycoval SA (PN)	232,600		1,651,790
BancTrust Financial Group, Inc. (a)	83,350		203,374
BB&T Corp.	200		5,508
Bridge Capital Holdings (a)(e)	132,440		1,275,397
CIT Group, Inc. (a)	385,500		17,089,215
CoBiz, Inc. (d)	484,693		3,111,729
First Interstate Bancsystem, Inc.	155,116		2,202,647
Glacier Bancorp, Inc.	104,010		1,479,022
Huntington Bancshares, Inc.	676,537		4,465,144
Pacific Continental Corp.	18		167
PNC Financial Services Group, Inc.	200		12,484
PT Bank Tabungan Negara Tbk	4,584,000		891,507
Regions Financial Corp.	3,199,559		22,588,887
Savannah Bancorp, Inc. (a)	300		2,250
Susquehanna Bancshares, Inc.	290,375		2,532,070
SVB Financial Group (a)	8,298		492,735

	Shares		Value
Synovus Financial Corp. (d)	3,436,087		$ 8,177,887
TCF Financial Corp.	542,030		8,157,552
Umpqua Holdings Corp.	400		4,792
Washington Trust Bancorp, Inc.	1,000		23,440
Webster Financial Corp.	71,400		1,489,404
Zions Bancorporation	300		7,149
			75,864,150
TOTAL COMMERCIAL BANKS			125,147,299
CONSUMER FINANCE - 5.9%
Consumer Finance - 5.9%
American Express Co.	1,725		89,010
Netspend Holdings, Inc. (d)	300,283		2,516,372
SLM Corp.	1,252,898		21,349,382
			23,954,764
DIVERSIFIED FINANCIAL SERVICES - 17.1%
Other Diversified Financial Services - 14.5%
Bank of America Corp.	1,596,625		18,760,344
Citigroup, Inc.	494,153		20,334,396
JPMorgan Chase & Co.	455,112		19,679,043
			58,773,783
Specialized Finance - 2.6%
Infrastructure Development Finance Co. Ltd.	1,139,572		3,597,051
IntercontinentalExchange, Inc. (a)	347		41,866
PHH Corp. (a)	333,855		7,000,939
			10,639,856
TOTAL DIVERSIFIED FINANCIAL SERVICES			69,413,639
HOUSEHOLD DURABLES - 0.7%
Homebuilding - 0.7%
MRV Engenharia e Participacoes SA	291,200		2,686,466
INDUSTRIAL CONGLOMERATES - 1.2%
Industrial Conglomerates - 1.2%
Keppel Corp. Ltd.	542,000		5,062,299
INSURANCE - 0.0%
Life & Health Insurance - 0.0%
AFLAC, Inc.	1,000		47,790
Multi-Line Insurance - 0.0%
Fairfax Financial Holdings Ltd. (sub. vtg.)	100		38,547
Property & Casualty Insurance - 0.0%
ACE Ltd.	100		6,882
Axis Capital Holdings Ltd.	100		3,294
			10,176
Reinsurance - 0.0%
Platinum Underwriters Holdings Ltd.	100		3,414
TOTAL INSURANCE			99,927
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
China Finance Online Co. Ltd. ADR (a)(d)	189,394		$ 901,515
IT SERVICES - 12.4%
Data Processing & Outsourced Services - 12.4%
Fiserv, Inc. (a)	35,661		2,300,848
MasterCard, Inc. Class A	32,015		9,189,906
VeriFone Systems, Inc. (a)	200		9,626
Visa, Inc. Class A	480,295		38,932,713
			50,433,093
REAL ESTATE INVESTMENT TRUSTS - 0.5%
Specialized REITs - 0.5%
Strategic Hotel & Resorts, Inc. (a)	221,945		1,484,812
Weyerhaeuser Co.	19,400		417,876
			1,902,688
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Real Estate Operating Companies - 0.3%
Castellum AB	82,184		1,287,474
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Cheviot Financial Corp.	26,822		241,666
TOTAL COMMON STOCKS (Cost $418,795,655)		403,339,091
Money Market Funds - 2.7%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) (Cost $11,200,022)	11,200,022		$ 11,200,022

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $429,995,677)

414,539,113

NET OTHER ASSETS (LIABILITIES) - (1.8)%		(7,419,048)
NET ASSETS - 100%		$ 407,120,065

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Bridge Capital Holdings	11/19/10	$ 1,132,362

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	$ 1,883
Fidelity Securities Lending Cash Central Fund	10,613
Total	$ 12,496

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 403,339,091	$ 402,063,694	$ 1,275,397	$ -
Money Market Funds	11,200,022	11,200,022	-	-
Total Investments in Securities:	$ 414,539,113	$ 413,263,716	$ 1,275,397	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $438,466,082. Net unrealized depreciation aggregated $23,926,969, of which $10,797,718 related to appreciated investment securities and $34,724,687 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

May 31, 2011

1.802173.107

GOL-QTLY-0711

Consolidated Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
Australia - 13.2%
METALS & MINING - 13.2%
Diversified Metals & Mining - 0.1%
Ampella Mining Ltd. (a)	150,000		$ 365,102
Gryphon Minerals Ltd. (a)(d)	100,000		182,551
Sandfire Resources NL (a)	314,167		2,381,262
			2,928,915
Gold - 13.1%
Centamin Egypt Ltd. (United Kingdom) (a)	7,116,900		14,891,234
CGA Mining Ltd.:
(Australia) (a)	18,920		49,889
(Canada) (a)	110,000		300,841
Intrepid Mines Ltd.:
(Australia) (a)(d)	8,769,767		17,788,113
(Canada) (a)	320,000		653,904
Kingsgate Consolidated NL	3,485,767		29,174,448
Kula Gold Ltd.	26,245		48,191
Medusa Mining Ltd.	3,127,885		29,084,202
Newcrest Mining Ltd.	11,092,094		470,102,186
Perseus Mining Ltd.:
(Australia) (a)	4,884,308		14,234,883
(Canada) (a)	1,300,000		3,810,310
Resolute Mining Ltd. (a)	3,586,661		4,307,557
St Barbara Ltd. (a)(d)	5,709,676		11,916,438
Troy Resources NL (a)(e)	2,300,000		8,877,651
			605,239,847
TOTAL METALS & MINING			608,168,762
Bailiwick of Jersey - 3.4%
METALS & MINING - 3.4%
Gold - 3.4%
Randgold Resources Ltd. sponsored ADR (d)	1,909,367		156,491,719
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	75,100		651,055
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	11,752		66,268
TOTAL METALS & MINING			717,323
Canada - 57.8%
METALS & MINING - 57.8%
Diversified Metals & Mining - 0.3%
Clifton Star Resources, Inc. (a)	25,000		84,886
East Asia Minerals Corp. (a)	5,000		20,022
Galway Resources Ltd. (a)	15,000		19,970
Kimber Resources, Inc. (a)	16,100		30,241
Kimber Resources, Inc. (a)(e)	5,832,000		10,954,373
Sabina Gold & Silver Corp. (a)	200,000		1,393,261

	Shares		Value
Southern Arc Minerals, Inc. (a)	30,000		$ 50,157
Trelawney Mining and Exploration, Inc. (a)	250,000		1,119,769
			13,672,679
Gold - 55.9%
Agnico-Eagle Mines Ltd. (Canada)	2,734,400		176,743,353
Alacer Gold Corp. (a)	2,769,063		26,663,252
Alamos Gold, Inc.	2,183,800		32,837,573
Argonaut Gold, Inc. (a)	649,800		3,393,352
ATAC Resources Ltd. (a)	37,200		252,236
Aurizon Mines Ltd. (a)	2,626,900		15,154,932
Avion Gold Corp. (a)	5,020,000		8,600,237
B2Gold Corp. (a)	3,977,400		12,766,101
Barrick Gold Corp. (d)	10,072,319		482,228,059
Canaco Resources, Inc. (a)	1,225,000		5,651,220
Canaco Resources, Inc. (a)(e)	561,600		2,590,796
Centerra Gold, Inc.	2,166,400		39,797,637
China Gold International Resources Corp. Ltd. (a)	40,000		182,466
Colossus Minerals, Inc. (a)	961,100		8,034,377
Corvus Gold, Inc. (a)	138,350		92,809
Detour Gold Corp. (a)	543,000		17,349,997
Detour Gold Corp. (a)(e)	785,900		25,111,166
Eldorado Gold Corp.	8,457,013		134,149,636
European Goldfields Ltd. (a)	1,981,700		27,692,056
Exeter Resource Corp. (a)	238,000		1,174,096
Extorre Gold Mines Ltd. (a)	453,000		5,194,107
Franco-Nevada Corp.	1,878,400		72,348,303
Gabriel Resources Ltd. (a)	370,000		2,672,997
Gammon Gold, Inc. (a)	2,892,500		29,851,902
Goldcorp, Inc.	10,651,900		532,732,414
Gran Colombia Gold Corp. (a)(d)	1,560,000		1,658,290
Great Basin Gold Ltd. (a)(d)	5,937,900		12,195,078
Greystar Resources Ltd. (a)	679,200		2,481,416
Guyana Goldfields, Inc. (a)	1,253,000		11,237,494
Guyana Goldfields, Inc. (a)(e)	155,000		1,390,113
IAMGOLD Corp.	6,073,700		127,999,333
International Minerals Corp.:
(Canada) (a)	152,100		1,244,804
(Switzerland) (a)	15,000		124,692
International Tower Hill Mines Ltd. (a)	341,700		2,800,039
Jaguar Mining, Inc. (a)(d)	574,700		3,113,860
Keegan Resources, Inc. (a)	30,000		270,912
Kinross Gold Corp.	17,933,491		281,694,342
Kinross Gold Corp. warrants 9/17/14 (a)	375,441		960,931
Kirkland Lake Gold, Inc. (a)	604,500		9,120,997
Lake Shore Gold Corp. (a)	2,520,000		9,440,735
Levon Resources Ltd. (a)	257,500		499,613
Minefinders Corp. Ltd. (a)	723,000		9,633,036
Nevsun Resources Ltd.	650,000		4,172,558
New Gold, Inc. (a)	6,561,800		66,704,918
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		181,341
Northgate Minerals Corp. (a)	4,089,900		11,987,529
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Novagold Resources, Inc. (a)(d)	1,898,200		$ 21,941,112
OceanaGold Corp. (a)	120,000		336,859
Osisko Mining Corp. (a)	1,932,000		28,453,109
Osisko Mining Corp. (a)(e)	3,000,000		44,181,846
Pilot Gold, Inc. (a)	91,250		290,998
Premier Gold Mines Ltd. (a)	1,246,800		7,874,933
Primero Mining Corp. (a)	494,300		2,203,804
Queenston Mining, Inc. (a)	45,000		336,240
Rainy River Resources Ltd. (a)	160,000		1,679,344
Riva Gold Corp. (a)	10,000		14,552
Romarco Minerals, Inc. (a)	2,410,000		5,123,691
Rubicon Minerals Corp. (a)	2,091,352		10,122,752
San Gold Corp. (a)	2,737,400		8,786,123
Seabridge Gold, Inc. (a)	630,905		18,769,429
SEMAFO, Inc. (a)	4,645,000		40,603,901
Sulliden Gold Corp. Ltd. (a)	10,000		23,943
Teranga Gold Corp. CDI unit	2,881,069		7,596,942
Timmins Gold Corp. (a)	10,000		24,975
Torex Gold Resources, Inc. (a)	1,080,000		1,883,689
Yamana Gold, Inc.	11,584,000		148,603,251
			2,571,028,598
Precious Metals & Minerals - 1.6%
Bearing Resources Ltd. (a)	29,687		0
Dalradian Resources, Inc. (a)	25,000		42,830
First Majestic Silver Corp. (a)	10,000		211,466
Fortuna Mines, Inc. (a)	40,000		217,555
Orko Silver Corp. (a)	446,000		1,187,554
Pan American Silver Corp.	761,987		25,823,743
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		2,606,857
Pretium Resources, Inc. (a)(f)	450,000		4,463,079
Pretium Resources, Inc. warrants 4/8/12 (a)(f)	225,000		208,989
Silver Standard Resources, Inc. (a)	813,600		23,976,795
Silver Wheaton Corp.	449,700		16,587,314
Tahoe Resources, Inc.	21,000		413,520
Wildcat Silver Corp. (a)	30,000		70,592
			75,810,294
TOTAL METALS & MINING			2,660,511,571
Cayman Islands - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Real Gold Mining Ltd.	2,925,000		3,332,240

	Shares		Value
China - 1.6%
METALS & MINING - 1.6%
Gold - 1.6%
Zhaojin Mining Industry Co. Ltd. (H Shares)	14,663,900		$ 33,675,006
Zijin Mining Group Co. Ltd. (H Shares)	55,192,000		41,799,218
			75,474,224
Japan - 0.0%
SPECIALTY RETAIL - 0.0%
Specialty Stores - 0.0%
Tsutsumi Jewelry Co. Ltd.	5,100		124,275
Peru - 1.7%
METALS & MINING - 1.7%
Gold - 1.7%
Compania de Minas Buenaventura SA sponsored ADR	1,805,400		79,654,248
Russia - 0.9%
METALS & MINING - 0.9%
Gold - 0.9%
Polyus Gold OJSC sponsored ADR	1,172,566		40,265,916
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	73,300		1,403,695
TOTAL METALS & MINING			41,669,611
South Africa - 10.1%
METALS & MINING - 10.1%
Gold - 10.1%
AngloGold Ashanti Ltd. sponsored ADR (d)	4,892,952		224,880,074
Gold Fields Ltd.	55,000		908,816
Gold Fields Ltd. sponsored ADR	9,441,026		155,210,467
Harmony Gold Mining Co. Ltd.	1,484,000		20,558,689
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	4,441,800		61,785,438
			463,343,484
United Kingdom - 0.7%
METALS & MINING - 0.7%
Gold - 0.7%
African Barrick Gold Ltd.	15,000		112,268
Avocet Mining PLC (a)	10,000		33,105
Petropavlovsk PLC	2,550,929		32,750,956
			32,896,329
United States of America - 9.6%
METALS & MINING - 9.6%
Gold - 9.6%
Allied Nevada Gold Corp. (a)	1,324,000		49,093,920
Allied Nevada Gold Corp. (Canada) (a)	20,000		738,325
Newmont Mining Corp.	5,680,350		321,337,400
Common Stocks - continued
	Shares		Value
United States of America - continued
METALS & MINING - CONTINUED
Gold - continued
Royal Gold, Inc. (d)	946,213		$ 58,684,130
US Gold Corp. (a)(d)	1,310,100		9,262,407
			439,116,182
Precious Metals & Minerals - 0.0%
Coeur d'Alene Mines Corp. (a)	15,000		413,550
Paramount Gold & Silver Corp. (a)(d)	10,000		33,900
			447,450
TOTAL METALS & MINING			439,563,632
TOTAL COMMON STOCKS (Cost $3,243,598,167)		4,561,947,418
Commodities - 0.6%
	Troy Ounces
Gold Bullion (a) (Cost $14,601,400)	18,500		28,412,300
Money Market Funds - 13.8%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	17,398,206		17,398,206
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	615,110,994		615,110,994
TOTAL MONEY MARKET FUNDS (Cost $632,509,200)		632,509,200

TOTAL INVESTMENT PORTFOLIO - 113.5%

(Cost $3,890,708,767)

5,222,868,918

NET OTHER ASSETS (LIABILITIES) - (13.5)%

(619,818,995)

NET ASSETS - 100%

$ 4,603,049,923

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Pretium Resources, Inc.	3/31/11	$ 4,344,586
Pretium Resources, Inc. warrants 4/8/12	3/31/11	$ 296,025

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	$ 5,670
Fidelity Securities Lending Cash Central Fund	219,852
Total	$ 225,522

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 26,107,166	$ 26,566	$ -	$ -	$ 28,410,616

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 4,561,947,418	$ 4,534,416,541	$ 24,198,637	$ 3,332,240
Commodities	28,412,300	28,412,300	-	-
Money Market Funds	632,509,200	632,509,200	-	-
Total Investments:	$ 5,222,868,918	$ 5,195,338,041	$ 24,198,637	$ 3,332,240

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(1,084,555)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	4,416,795
Transfers out of Level 3	-
Ending Balance	$ 3,332,240
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ (1,084,555)

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

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $4,226,622,279. Net unrealized appreciation aggregated $996,244,790, of which $1,094,943,806 related to appreciated investment securities and $98,699,016 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain precious metals through its investment in Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2011, the Fund held $28,410,616 in the Subsidiary, representing 0.6% of the Fund's net assets.

Investment Valuation

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

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

May 31, 2011

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

1.851741.104

AGLD-QTLY-0711

Consolidated Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
Australia - 13.2%
METALS & MINING - 13.2%
Diversified Metals & Mining - 0.1%
Ampella Mining Ltd. (a)	150,000		$ 365,102
Gryphon Minerals Ltd. (a)(d)	100,000		182,551
Sandfire Resources NL (a)	314,167		2,381,262
			2,928,915
Gold - 13.1%
Centamin Egypt Ltd. (United Kingdom) (a)	7,116,900		14,891,234
CGA Mining Ltd.:
(Australia) (a)	18,920		49,889
(Canada) (a)	110,000		300,841
Intrepid Mines Ltd.:
(Australia) (a)(d)	8,769,767		17,788,113
(Canada) (a)	320,000		653,904
Kingsgate Consolidated NL	3,485,767		29,174,448
Kula Gold Ltd.	26,245		48,191
Medusa Mining Ltd.	3,127,885		29,084,202
Newcrest Mining Ltd.	11,092,094		470,102,186
Perseus Mining Ltd.:
(Australia) (a)	4,884,308		14,234,883
(Canada) (a)	1,300,000		3,810,310
Resolute Mining Ltd. (a)	3,586,661		4,307,557
St Barbara Ltd. (a)(d)	5,709,676		11,916,438
Troy Resources NL (a)(e)	2,300,000		8,877,651
			605,239,847
TOTAL METALS & MINING			608,168,762
Bailiwick of Jersey - 3.4%
METALS & MINING - 3.4%
Gold - 3.4%
Randgold Resources Ltd. sponsored ADR (d)	1,909,367		156,491,719
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	75,100		651,055
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	11,752		66,268
TOTAL METALS & MINING			717,323
Canada - 57.8%
METALS & MINING - 57.8%
Diversified Metals & Mining - 0.3%
Clifton Star Resources, Inc. (a)	25,000		84,886
East Asia Minerals Corp. (a)	5,000		20,022
Galway Resources Ltd. (a)	15,000		19,970
Kimber Resources, Inc. (a)	16,100		30,241
Kimber Resources, Inc. (a)(e)	5,832,000		10,954,373
Sabina Gold & Silver Corp. (a)	200,000		1,393,261

	Shares		Value
Southern Arc Minerals, Inc. (a)	30,000		$ 50,157
Trelawney Mining and Exploration, Inc. (a)	250,000		1,119,769
			13,672,679
Gold - 55.9%
Agnico-Eagle Mines Ltd. (Canada)	2,734,400		176,743,353
Alacer Gold Corp. (a)	2,769,063		26,663,252
Alamos Gold, Inc.	2,183,800		32,837,573
Argonaut Gold, Inc. (a)	649,800		3,393,352
ATAC Resources Ltd. (a)	37,200		252,236
Aurizon Mines Ltd. (a)	2,626,900		15,154,932
Avion Gold Corp. (a)	5,020,000		8,600,237
B2Gold Corp. (a)	3,977,400		12,766,101
Barrick Gold Corp. (d)	10,072,319		482,228,059
Canaco Resources, Inc. (a)	1,225,000		5,651,220
Canaco Resources, Inc. (a)(e)	561,600		2,590,796
Centerra Gold, Inc.	2,166,400		39,797,637
China Gold International Resources Corp. Ltd. (a)	40,000		182,466
Colossus Minerals, Inc. (a)	961,100		8,034,377
Corvus Gold, Inc. (a)	138,350		92,809
Detour Gold Corp. (a)	543,000		17,349,997
Detour Gold Corp. (a)(e)	785,900		25,111,166
Eldorado Gold Corp.	8,457,013		134,149,636
European Goldfields Ltd. (a)	1,981,700		27,692,056
Exeter Resource Corp. (a)	238,000		1,174,096
Extorre Gold Mines Ltd. (a)	453,000		5,194,107
Franco-Nevada Corp.	1,878,400		72,348,303
Gabriel Resources Ltd. (a)	370,000		2,672,997
Gammon Gold, Inc. (a)	2,892,500		29,851,902
Goldcorp, Inc.	10,651,900		532,732,414
Gran Colombia Gold Corp. (a)(d)	1,560,000		1,658,290
Great Basin Gold Ltd. (a)(d)	5,937,900		12,195,078
Greystar Resources Ltd. (a)	679,200		2,481,416
Guyana Goldfields, Inc. (a)	1,253,000		11,237,494
Guyana Goldfields, Inc. (a)(e)	155,000		1,390,113
IAMGOLD Corp.	6,073,700		127,999,333
International Minerals Corp.:
(Canada) (a)	152,100		1,244,804
(Switzerland) (a)	15,000		124,692
International Tower Hill Mines Ltd. (a)	341,700		2,800,039
Jaguar Mining, Inc. (a)(d)	574,700		3,113,860
Keegan Resources, Inc. (a)	30,000		270,912
Kinross Gold Corp.	17,933,491		281,694,342
Kinross Gold Corp. warrants 9/17/14 (a)	375,441		960,931
Kirkland Lake Gold, Inc. (a)	604,500		9,120,997
Lake Shore Gold Corp. (a)	2,520,000		9,440,735
Levon Resources Ltd. (a)	257,500		499,613
Minefinders Corp. Ltd. (a)	723,000		9,633,036
Nevsun Resources Ltd.	650,000		4,172,558
New Gold, Inc. (a)	6,561,800		66,704,918
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		181,341
Northgate Minerals Corp. (a)	4,089,900		11,987,529
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Novagold Resources, Inc. (a)(d)	1,898,200		$ 21,941,112
OceanaGold Corp. (a)	120,000		336,859
Osisko Mining Corp. (a)	1,932,000		28,453,109
Osisko Mining Corp. (a)(e)	3,000,000		44,181,846
Pilot Gold, Inc. (a)	91,250		290,998
Premier Gold Mines Ltd. (a)	1,246,800		7,874,933
Primero Mining Corp. (a)	494,300		2,203,804
Queenston Mining, Inc. (a)	45,000		336,240
Rainy River Resources Ltd. (a)	160,000		1,679,344
Riva Gold Corp. (a)	10,000		14,552
Romarco Minerals, Inc. (a)	2,410,000		5,123,691
Rubicon Minerals Corp. (a)	2,091,352		10,122,752
San Gold Corp. (a)	2,737,400		8,786,123
Seabridge Gold, Inc. (a)	630,905		18,769,429
SEMAFO, Inc. (a)	4,645,000		40,603,901
Sulliden Gold Corp. Ltd. (a)	10,000		23,943
Teranga Gold Corp. CDI unit	2,881,069		7,596,942
Timmins Gold Corp. (a)	10,000		24,975
Torex Gold Resources, Inc. (a)	1,080,000		1,883,689
Yamana Gold, Inc.	11,584,000		148,603,251
			2,571,028,598
Precious Metals & Minerals - 1.6%
Bearing Resources Ltd. (a)	29,687		0
Dalradian Resources, Inc. (a)	25,000		42,830
First Majestic Silver Corp. (a)	10,000		211,466
Fortuna Mines, Inc. (a)	40,000		217,555
Orko Silver Corp. (a)	446,000		1,187,554
Pan American Silver Corp.	761,987		25,823,743
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		2,606,857
Pretium Resources, Inc. (a)(f)	450,000		4,463,079
Pretium Resources, Inc. warrants 4/8/12 (a)(f)	225,000		208,989
Silver Standard Resources, Inc. (a)	813,600		23,976,795
Silver Wheaton Corp.	449,700		16,587,314
Tahoe Resources, Inc.	21,000		413,520
Wildcat Silver Corp. (a)	30,000		70,592
			75,810,294
TOTAL METALS & MINING			2,660,511,571
Cayman Islands - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Real Gold Mining Ltd.	2,925,000		3,332,240

	Shares		Value
China - 1.6%
METALS & MINING - 1.6%
Gold - 1.6%
Zhaojin Mining Industry Co. Ltd. (H Shares)	14,663,900		$ 33,675,006
Zijin Mining Group Co. Ltd. (H Shares)	55,192,000		41,799,218
			75,474,224
Japan - 0.0%
SPECIALTY RETAIL - 0.0%
Specialty Stores - 0.0%
Tsutsumi Jewelry Co. Ltd.	5,100		124,275
Peru - 1.7%
METALS & MINING - 1.7%
Gold - 1.7%
Compania de Minas Buenaventura SA sponsored ADR	1,805,400		79,654,248
Russia - 0.9%
METALS & MINING - 0.9%
Gold - 0.9%
Polyus Gold OJSC sponsored ADR	1,172,566		40,265,916
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	73,300		1,403,695
TOTAL METALS & MINING			41,669,611
South Africa - 10.1%
METALS & MINING - 10.1%
Gold - 10.1%
AngloGold Ashanti Ltd. sponsored ADR (d)	4,892,952		224,880,074
Gold Fields Ltd.	55,000		908,816
Gold Fields Ltd. sponsored ADR	9,441,026		155,210,467
Harmony Gold Mining Co. Ltd.	1,484,000		20,558,689
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	4,441,800		61,785,438
			463,343,484
United Kingdom - 0.7%
METALS & MINING - 0.7%
Gold - 0.7%
African Barrick Gold Ltd.	15,000		112,268
Avocet Mining PLC (a)	10,000		33,105
Petropavlovsk PLC	2,550,929		32,750,956
			32,896,329
United States of America - 9.6%
METALS & MINING - 9.6%
Gold - 9.6%
Allied Nevada Gold Corp. (a)	1,324,000		49,093,920
Allied Nevada Gold Corp. (Canada) (a)	20,000		738,325
Newmont Mining Corp.	5,680,350		321,337,400
Common Stocks - continued
	Shares		Value
United States of America - continued
METALS & MINING - CONTINUED
Gold - continued
Royal Gold, Inc. (d)	946,213		$ 58,684,130
US Gold Corp. (a)(d)	1,310,100		9,262,407
			439,116,182
Precious Metals & Minerals - 0.0%
Coeur d'Alene Mines Corp. (a)	15,000		413,550
Paramount Gold & Silver Corp. (a)(d)	10,000		33,900
			447,450
TOTAL METALS & MINING			439,563,632
TOTAL COMMON STOCKS (Cost $3,243,598,167)		4,561,947,418
Commodities - 0.6%
	Troy Ounces
Gold Bullion (a) (Cost $14,601,400)	18,500		28,412,300
Money Market Funds - 13.8%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	17,398,206		17,398,206
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	615,110,994		615,110,994
TOTAL MONEY MARKET FUNDS (Cost $632,509,200)		632,509,200

TOTAL INVESTMENT PORTFOLIO - 113.5%

(Cost $3,890,708,767)

5,222,868,918

NET OTHER ASSETS (LIABILITIES) - (13.5)%

(619,818,995)

NET ASSETS - 100%

$ 4,603,049,923

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Pretium Resources, Inc.	3/31/11	$ 4,344,586
Pretium Resources, Inc. warrants 4/8/12	3/31/11	$ 296,025

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	$ 5,670
Fidelity Securities Lending Cash Central Fund	219,852
Total	$ 225,522

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 26,107,166	$ 26,566	$ -	$ -	$ 28,410,616

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 4,561,947,418	$ 4,534,416,541	$ 24,198,637	$ 3,332,240
Commodities	28,412,300	28,412,300	-	-
Money Market Funds	632,509,200	632,509,200	-	-
Total Investments:	$ 5,222,868,918	$ 5,195,338,041	$ 24,198,637	$ 3,332,240

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(1,084,555)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	4,416,795
Transfers out of Level 3	-
Ending Balance	$ 3,332,240
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ (1,084,555)

Income Tax Information

Consolidated Subsidiary

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

May 31, 2011

1.802174.107

HEA-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
BIOTECHNOLOGY - 22.6%
Biotechnology - 22.6%
Achillion Pharmaceuticals, Inc. (a)	1,200,000		$ 8,988,000
Acorda Therapeutics, Inc. (a)	800,000		26,280,000
Affymax, Inc. (a)	400,000		2,832,000
Alexion Pharmaceuticals, Inc. (a)	700,000		33,194,000
AMAG Pharmaceuticals, Inc. (a)(d)	300,000		5,538,000
Amgen, Inc. (a)	1,450,000		87,783,000
Anthera Pharmaceuticals, Inc. (a)(d)	1,000,000		8,130,000
Ardea Biosciences, Inc. (a)	800,000		19,992,000
ARIAD Pharmaceuticals, Inc. (a)(d)	2,400,000		20,832,000
ArQule, Inc. (a)	772,100		5,574,562
AVEO Pharmaceuticals, Inc. (a)	130,480		2,391,698
AVEO Pharmaceuticals, Inc. (a)(f)	117,323		2,150,531
Biogen Idec, Inc. (a)	400,000		37,892,000
BioMarin Pharmaceutical, Inc. (a)	1,600,000		45,168,000
Chelsea Therapeutics International Ltd. (a)(d)	1,030,000		4,686,500
Dynavax Technologies Corp. (a)(d)	2,800,000		7,728,000
Gilead Sciences, Inc. (a)	2,200,000		91,828,000
Human Genome Sciences, Inc. (a)	362,495		9,921,488
Incyte Corp. (a)(d)	500,000		8,865,000
Inhibitex, Inc. (a)	1,200,000		5,508,000
Medivir AB (B Shares) (a)	450,000		10,461,387
Micromet, Inc. (a)	395,347		2,447,198
Neurocrine Biosciences, Inc. (a)	500,000		4,125,000
NPS Pharmaceuticals, Inc. (a)	587,431		5,621,715
Seattle Genetics, Inc. (a)	650,000		12,590,500
Targacept, Inc. (a)	529,566		11,915,235
Theravance, Inc. (a)	600,000		15,678,000
United Therapeutics Corp. (a)	280,000		18,079,600
YM Biosciences, Inc. (a)	1,000,000		3,477,992
ZIOPHARM Oncology, Inc. (a)(d)	937,900		6,677,848
			526,357,254
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc. (e)	996,904		5,911,641
Stewart Enterprises, Inc. Class A	690,000		5,140,500
			11,052,141
FOOD & STAPLES RETAILING - 1.4%
Drug Retail - 1.4%
CVS Caremark Corp.	650,000		25,148,500
Droga Raia SA	82,000		1,455,271
Rite Aid Corp. (a)	6,000,000		6,300,000
			32,903,771
HEALTH CARE EQUIPMENT & SUPPLIES - 22.2%
Health Care Equipment - 21.5%
Baxter International, Inc.	1,700,000		101,184,000
Boston Scientific Corp. (a)	6,800,000		48,824,000
C. R. Bard, Inc.	410,000		45,829,800
Covidien PLC	2,750,000		151,249,996

	Shares		Value
Cyberonics, Inc. (a)	250,000		$ 8,162,500
Edwards Lifesciences Corp. (a)	410,000		36,379,300
HeartWare International, Inc. (a)(d)	142,000		10,344,700
Hologic, Inc. (a)	550,000		11,825,000
Integra LifeSciences Holdings Corp. (a)	330,000		16,925,700
Masimo Corp.	408,065		12,535,757
Orthofix International NV (a)	200,000		8,166,000
St. Jude Medical, Inc.	180,000		9,120,600
William Demant Holding A/S (a)	160,000		15,129,440
Zimmer Holdings, Inc. (a)	400,000		27,104,000
			502,780,793
Health Care Supplies - 0.7%
Endologix, Inc. (a)	1,121,200		9,608,684
RTI Biologics, Inc. (a)	2,000,000		6,100,000
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	220,000		291,365
			16,000,049
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			518,780,842
HEALTH CARE PROVIDERS & SERVICES - 22.8%
Health Care Distributors & Services - 3.9%
Amplifon SpA	1,100,000		6,257,482
McKesson Corp.	1,000,000		85,610,000
			91,867,482
Health Care Facilities - 2.7%
Emeritus Corp. (a)	372,980		8,727,732
Hanger Orthopedic Group, Inc. (a)	400,000		10,060,000
HCA Holdings, Inc.	270,000		9,420,300
HealthSouth Corp. (a)	600,000		16,842,000
LCA-Vision, Inc. (a)	850,000		4,828,000
Sunrise Senior Living, Inc. (a)	1,220,000		12,126,800
			62,004,832
Health Care Services - 11.4%
Accretive Health, Inc.	800,000		19,472,000
Express Scripts, Inc. (a)	400,000		23,824,000
Fresenius Medical Care AG & Co. KGaA	350,000		25,342,605
HMS Holdings Corp. (a)	100,000		7,806,000
Laboratory Corp. of America Holdings (a)	150,000		15,124,500
Medco Health Solutions, Inc. (a)	1,900,000		113,734,000
MEDNAX, Inc. (a)	160,000		12,024,000
Omnicare, Inc.	1,000,000		31,440,000
Sun Healthcare Group, Inc. (a)	700,000		6,979,000
Team Health Holdings, Inc. (a)	500,000		11,200,000
			266,946,105
Managed Health Care - 4.8%
CIGNA Corp.	600,000		29,934,000
Humana, Inc.	400,000		32,212,000
UnitedHealth Group, Inc.	600,000		29,370,000
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
Universal American Spin Corp. (a)	500,000		$ 4,650,000
WellPoint, Inc.	200,000		15,634,000
			111,800,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			532,618,419
HEALTH CARE TECHNOLOGY - 1.2%
Health Care Technology - 1.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	1,400,000		28,154,000
INTERNET SOFTWARE & SERVICES - 0.7%
Internet Software & Services - 0.7%
WebMD Health Corp. (a)	350,000		16,688,000
LIFE SCIENCES TOOLS & SERVICES - 9.3%
Life Sciences Tools & Services - 9.3%
Agilent Technologies, Inc. (a)	475,000		23,688,250
Bruker BioSciences Corp. (a)	1,050,000		20,706,000
Covance, Inc. (a)(d)	725,000		42,673,500
Illumina, Inc. (a)(d)	1,050,000		75,684,000
PAREXEL International Corp. (a)	350,000		8,809,500
QIAGEN NV (a)(d)	600,000		11,838,000
Sequenom, Inc. (a)(d)	1,508,600		11,963,198
Thermo Fisher Scientific, Inc. (a)	325,000		21,271,250
			216,633,698
MACHINERY - 0.7%
Industrial Machinery - 0.7%
Pall Corp.	280,000		15,708,000
PERSONAL PRODUCTS - 0.3%
Personal Products - 0.3%
Prestige Brands Holdings, Inc. (a)	560,000		7,229,600
PHARMACEUTICALS - 13.4%
Pharmaceuticals - 13.4%
Cardiome Pharma Corp. (a)	1,200,000		6,303,731
Columbia Laboratories, Inc. (a)(d)	1,050,000		3,706,500
Eli Lilly & Co.	400,000		15,392,000
Merck & Co., Inc.	1,850,000		67,987,500
Optimer Pharmaceuticals, Inc. (a)(d)	500,000		7,255,000
Perrigo Co.	200,000		17,112,000
Pfizer, Inc.	2,000,000		42,900,000
Piramal Healthcare Ltd.	232,257		1,898,785
Shire PLC sponsored ADR	490,000		46,839,100
Teva Pharmaceutical Industries Ltd. sponsored ADR	200,000		10,180,000
Valeant Pharmaceuticals International, Inc. (Canada) (d)	1,400,000		73,384,592
Watson Pharmaceuticals, Inc. (a)	225,000		14,478,750
XenoPort, Inc. (a)	500,000		3,875,000
			311,312,958

	Shares		Value
SOFTWARE - 0.9%
Application Software - 0.9%
Nuance Communications, Inc. (a)	1,000,000		$ 21,960,000
TOTAL COMMON STOCKS (Cost $1,691,981,340)		2,239,398,683
Convertible Preferred Stocks - 0.1%

PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Merrimack Pharmaceuticals, Inc. Series G (f) (Cost $2,450,000)	350,000		2,450,000
Money Market Funds - 5.7%

Fidelity Cash Central Fund, 0.14% (b)	45,625,944		45,625,944
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	88,861,096		88,861,096
TOTAL MONEY MARKET FUNDS (Cost $134,487,040)		134,487,040

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $1,828,918,380)

2,376,335,723

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(43,146,590)

NET ASSETS - 100%

$ 2,333,189,133

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
AVEO Pharmaceuticals, Inc.	10/28/10	$ 1,583,861
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 2,450,000

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	$ 17,791
Fidelity Securities Lending Cash Central Fund	74,214
Total	$ 92,005

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carriage Services, Inc.	$ 5,682,353	$ -	$ -	$ 24,923	$ 5,911,641
Total	$ 5,682,353	$ -	$ -	$ 24,923	$ 5,911,641

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,239,398,683	$ 2,214,056,078	$ 25,342,605	$ -
Convertible Preferred Stocks	2,450,000	-	-	2,450,000
Money Market Funds	134,487,040	134,487,040	-	-
Total Investments in Securities:	$ 2,376,335,723	$ 2,348,543,118	$ 25,342,605	$ 2,450,000

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	2,450,000
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 2,450,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,837,353,778. Net unrealized appreciation aggregated $538,981,945, of which $554,059,624 related to appreciated investment securities and $15,077,679 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Finance Portfolio

May 31, 2011

1.802175.107

SAV-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CAPITAL MARKETS - 4.8%
Asset Management & Custody Banks - 2.0%
State Street Corp.	49,000		$ 2,242,730
Investment Banking & Brokerage - 2.8%
FXCM, Inc. Class A (d)	200,000		1,980,000
TD Ameritrade Holding Corp.	60,000		1,293,000
			3,273,000
TOTAL CAPITAL MARKETS			5,515,730
COMMERCIAL BANKS - 16.5%
Diversified Banks - 9.6%
Comerica, Inc.	50,000		1,805,500
U.S. Bancorp, Delaware	200,000		5,120,000
Wells Fargo & Co.	145,000		4,113,650
			11,039,150
Regional Banks - 6.9%
BB&T Corp.	75,000		2,065,500
CIT Group, Inc. (a)	25,000		1,108,250
Regions Financial Corp.	575,000		4,059,500
Wilshire Bancorp, Inc. (a)	200,000		626,000
			7,859,250
TOTAL COMMERCIAL BANKS			18,898,400
CONSUMER FINANCE - 28.0%
Consumer Finance - 28.0%
American Express Co.	100,000		5,160,000
Capital One Financial Corp.	155,000		8,422,700
Discover Financial Services	375,000		8,940,000
Dollar Financial Corp. (a)	65,000		1,476,150
SLM Corp.	475,000		8,094,000
			32,092,850
DIVERSIFIED FINANCIAL SERVICES - 8.4%
Other Diversified Financial Services - 8.4%
Citigroup, Inc.	130,000		5,349,500
JPMorgan Chase & Co.	100,000		4,324,000
			9,673,500
INSURANCE - 0.4%
Multi-Line Insurance - 0.4%
Genworth Financial, Inc. Class A (a)	43,700		485,507
IT SERVICES - 16.4%
Data Processing & Outsourced Services - 16.4%
MasterCard, Inc. Class A	33,000		9,472,650
Visa, Inc. Class A	115,000		9,321,900
			18,794,550

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 12.6%
Mortgage REITs - 12.6%
Capstead Mortgage Corp.	100,000		$ 1,327,000
Invesco Mortgage Capital, Inc.	115,000		2,618,550
MFA Financial, Inc.	700,000		5,768,000
Redwood Trust, Inc. (d)	100,000		1,555,000
Two Harbors Investment Corp.	300,000		3,222,000
			14,490,550
THRIFTS & MORTGAGE FINANCE - 9.7%
Thrifts & Mortgage Finance - 9.7%
BankUnited, Inc.	600		17,016
First Niagara Financial Group, Inc.	125,000		1,775,000
Flushing Financial Corp.	125,000		1,677,500
MGIC Investment Corp. (a)(d)	187,300		1,509,638
New York Community Bancorp, Inc. (d)	75,000		1,215,000
Ocwen Financial Corp. (a)	235,000		2,824,700
Radian Group, Inc. (d)	179,400		893,412
TFS Financial Corp.	125,000		1,281,250
			11,193,516
TOTAL COMMON STOCKS (Cost $107,540,203)		111,144,603
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.14% (b)	3,443,662		3,443,662
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	5,388,700		5,388,700
TOTAL MONEY MARKET FUNDS (Cost $8,832,362)		8,832,362
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $116,372,565)			119,976,965
NET OTHER ASSETS (LIABILITIES) - (4.5)%			(5,210,372)
NET ASSETS - 100%		$ 114,766,593

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,403
Fidelity Securities Lending Cash Central Fund	1,486
Total	$ 2,889

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $116,888,388. Net unrealized appreciation aggregated $3,088,577, of which $9,470,535 related to appreciated investment securities and $6,381,958 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

May 31, 2011

1.802176.107

INE-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.9%
	Shares		Value
AEROSPACE & DEFENSE - 26.3%
Aerospace & Defense - 26.3%
BE Aerospace, Inc. (a)	72,100		$ 2,697,982
Esterline Technologies Corp. (a)	68,400		5,172,408
General Dynamics Corp.	121,600		9,025,152
Goodrich Corp.	63,400		5,534,186
Precision Castparts Corp.	56,200		8,829,020
Raytheon Co.	148,500		7,481,430
Rockwell Collins, Inc.	92,500		5,654,525
Textron, Inc.	150,100		3,434,288
The Boeing Co.	302,800		23,627,484
TransDigm Group, Inc. (a)	37,000		3,034,000
United Technologies Corp.	315,700		27,708,989
			102,199,464
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
Tenneco, Inc. (a)	23,300		972,775
BUILDING PRODUCTS - 7.4%
Building Products - 7.4%
A.O. Smith Corp.	34,950		1,449,377
American Woodmark Corp.	54,800		1,100,384
Armstrong World Industries, Inc.	69,200		3,322,292
Gibraltar Industries, Inc. (a)	251,288		3,281,821
Masco Corp.	378,433		5,392,670
Owens Corning (a)	52,900		2,020,780
Quanex Building Products Corp.	618,200		12,265,088
			28,832,412
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Environmental & Facility Services - 1.5%
Republic Services, Inc.	182,500		5,752,400
CONSTRUCTION & ENGINEERING - 8.9%
Construction & Engineering - 8.9%
EMCOR Group, Inc. (a)	115,900		3,519,883
Fluor Corp.	96,700		6,665,531
Foster Wheeler AG (a)	122,700		4,203,702
Jacobs Engineering Group, Inc. (a)	251,500		11,584,090
Larsen & Toubro Ltd.	49,266		1,796,049
Quanta Services, Inc. (a)	154,500		3,051,375
Shaw Group, Inc. (a)	101,800		3,718,754
			34,539,384
ELECTRICAL EQUIPMENT - 10.8%
Electrical Components & Equipment - 10.0%
Acuity Brands, Inc.	44,600		2,718,816
Emerson Electric Co.	317,000		17,292,350
Encore Wire Corp.	85,500		2,076,795
General Cable Corp. (a)	48,400		2,020,700
GrafTech International Ltd. (a)	91,200		1,927,968

	Shares		Value
Prysmian SpA	178,600		$ 3,774,622
Regal-Beloit Corp.	128,332		8,854,908
			38,666,159
Heavy Electrical Equipment - 0.8%
Alstom SA	52,340		3,239,473
TOTAL ELECTRICAL EQUIPMENT			41,905,632
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
FLIR Systems, Inc.	49,600		1,793,040
HOUSEHOLD DURABLES - 0.2%
Consumer Electronics - 0.2%
Cobra Electronics Corp. (a)	259,725		953,191
INDUSTRIAL CONGLOMERATES - 17.1%
Industrial Conglomerates - 17.1%
General Electric Co.	2,461,355		48,341,013
Tyco International Ltd.	366,300		18,076,905
			66,417,918
MACHINERY - 17.9%
Construction & Farm Machinery & Heavy Trucks - 5.3%
Ashok Leyland Ltd.	1,645,614		1,868,439
Cummins, Inc.	101,100		10,639,764
Manitowoc Co., Inc.	119,900		2,160,598
Marcopolo SA (PN)	236,500		1,112,659
Tata Motors Ltd. sponsored ADR (d)	126,900		3,074,787
TIL Ltd.	30,811		306,058
WABCO Holdings, Inc. (a)	19,800		1,357,290
			20,519,595
Industrial Machinery - 12.6%
Danaher Corp.	363,200		19,805,296
Flowserve Corp.	65,300		7,916,319
Gencor Industries, Inc. (a)	49,400		382,356
Ingersoll-Rand Co. Ltd.	318,300		15,883,170
Key Technology, Inc. (a)	153,336		2,718,647
Weg SA	221,500		2,527,978
			49,233,766
TOTAL MACHINERY			69,753,361
PROFESSIONAL SERVICES - 0.6%
Human Resource & Employment Services - 0.6%
Towers Watson & Co.	35,900		2,277,855
ROAD & RAIL - 0.4%
Trucking - 0.4%
Frozen Food Express Industries, Inc. (a)	365,628		1,385,730
Tegma Gestao Logistica	24,100		386,602
			1,772,332
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 1.2%
Trading Companies & Distributors - 1.2%
Barloworld Ltd.	196,800		$ 2,097,890
Interline Brands, Inc. (a)	80,500		1,486,835
Mills Estruturas e Servicos de Engenharia SA	82,000		1,096,002
			4,680,727
TRANSPORTATION INFRASTRUCTURE - 0.9%
Highways & Railtracks - 0.9%
Companhia de Concessoes Rodoviarias	117,900		3,692,154
TOTAL COMMON STOCKS (Cost $322,730,422)		365,542,645
Money Market Funds - 5.9%

Fidelity Cash Central Fund, 0.14% (b)	22,092,702		22,092,702
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	925,000		925,000
TOTAL MONEY MARKET FUNDS (Cost $23,017,702)		23,017,702
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $345,748,124)			388,560,347
NET OTHER ASSETS (LIABILITIES) - 0.2%			661,186
NET ASSETS - 100%		$ 389,221,533

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,217
Fidelity Securities Lending Cash Central Fund	1,923
Total	$ 5,140

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $349,848,399. Net unrealized appreciation aggregated $38,711,948, of which $43,438,106 related to appreciated investment securities and $4,726,158 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

May 31, 2011

1.802164.107

CYC-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%
	Shares		Value
AEROSPACE & DEFENSE - 23.7%
Aerospace & Defense - 23.7%
Bombardier, Inc. Class B (sub. vtg.)	650,500		$ 4,531,581
DigitalGlobe, Inc. (a)	47,525		1,170,066
Embraer SA sponsored ADR	91,600		2,957,764
Esterline Technologies Corp. (a)	52,060		3,936,777
GeoEye, Inc. (a)	56,329		1,868,433
Goodrich Corp.	88,858		7,756,415
Honeywell International, Inc.	380,906		22,682,952
Meggitt PLC	537,820		3,245,032
MTU Aero Engines Holdings AG	18,482		1,419,909
Precision Castparts Corp.	83,254		13,079,203
Rockwell Collins, Inc.	130,412		7,972,086
Textron, Inc.	418,960		9,585,805
The Boeing Co.	329,273		25,693,172
TransDigm Group, Inc. (a)	46,600		3,821,200
United Technologies Corp.	386,272		33,903,093
			143,623,488
AIR FREIGHT & LOGISTICS - 0.4%
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	26,554		2,130,162
AIRLINES - 0.4%
Airlines - 0.4%
Copa Holdings SA Class A	34,500		2,155,905
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
TRW Automotive Holdings Corp. (a)	16,500		938,355
BUILDING PRODUCTS - 2.9%
Building Products - 2.9%
A.O. Smith Corp.	159,966		6,633,790
Lennox International, Inc.	94,506		4,404,925
Owens Corning (a)	178,626		6,823,513
			17,862,228
COMMERCIAL SERVICES & SUPPLIES - 2.9%
Diversified Support Services - 0.5%
Ritchie Brothers Auctioneers, Inc. (d)	108,900		3,018,708
Environmental & Facility Services - 1.4%
Republic Services, Inc.	261,186		8,232,583
Office Services & Supplies - 0.3%
Mine Safety Appliances Co.	54,000		2,029,320
Security & Alarm Services - 0.7%
The Geo Group, Inc. (a)	170,794		4,199,824
TOTAL COMMERCIAL SERVICES & SUPPLIES			17,480,435
CONSTRUCTION & ENGINEERING - 7.5%
Construction & Engineering - 7.5%
AECOM Technology Corp. (a)	32,500		931,775
Dycom Industries, Inc. (a)	107,801		1,842,319
EMCOR Group, Inc. (a)	236,468		7,181,533

	Shares		Value
Fluor Corp.	109,919		$ 7,576,717
Foster Wheeler AG (a)	235,028		8,052,059
Jacobs Engineering Group, Inc. (a)	145,485		6,701,039
MYR Group, Inc. (a)	81,052		1,827,723
Quanta Services, Inc. (a)	234,273		4,626,892
Shaw Group, Inc. (a)	148,360		5,419,591
SNC-Lavalin Group, Inc.	26,300		1,547,953
			45,707,601
ELECTRICAL EQUIPMENT - 9.7%
Electrical Components & Equipment - 8.7%
AMETEK, Inc.	102,875		4,474,034
Cooper Industries PLC Class A	92,317		5,802,123
Emerson Electric Co.	395,375		21,567,706
General Cable Corp. (a)	40,542		1,692,629
GrafTech International Ltd. (a)	338,000		7,145,320
Polypore International, Inc. (a)	29,500		1,933,725
Prysmian SpA	339,337		7,171,719
Regal-Beloit Corp.	45,102		3,112,038
			52,899,294
Heavy Electrical Equipment - 1.0%
Alstom SA	95,641		5,919,496
TOTAL ELECTRICAL EQUIPMENT			58,818,790
ENERGY EQUIPMENT & SERVICES - 0.5%
Oil & Gas Equipment & Services - 0.5%
Dresser-Rand Group, Inc. (a)	59,302		3,118,099
HOUSEHOLD DURABLES - 0.5%
Household Appliances - 0.5%
Stanley Black & Decker, Inc.	43,423		3,208,091
INDUSTRIAL CONGLOMERATES - 17.1%
Industrial Conglomerates - 17.1%
3M Co.	98,379		9,285,010
Cookson Group PLC	141,500		1,600,228
General Electric Co.	3,946,711		77,513,403
Tyco International Ltd.	302,976		14,951,866
			103,350,507
LIFE SCIENCES TOOLS & SERVICES - 0.5%
Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc. (a)	65,938		3,288,328
MACHINERY - 20.5%
Construction & Farm Machinery & Heavy Trucks - 7.8%
Caterpillar, Inc.	168,057		17,780,431
Cummins, Inc.	135,544		14,264,651
Fiat Industrial SpA (a)	497,896		6,547,192
Jain Irrigation Systems Ltd.	1,010,894		3,770,937
PACCAR, Inc.	61,503		3,075,150
Sauer-Danfoss, Inc. (a)	31,000		1,655,400
			47,093,761
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - 12.7%
Actuant Corp. Class A	126,516		$ 3,180,612
Charter International PLC	354,422		4,547,450
Danaher Corp.	374,308		20,411,015
Flowserve Corp.	56,400		6,837,372
Graco, Inc.	82,000		4,145,920
Harsco Corp.	90,707		3,039,592
Ingersoll-Rand Co. Ltd.	313,905		15,663,860
Pall Corp.	116,087		6,512,481
SPX Corp.	112,500		9,327,375
Weg SA	268,200		3,060,964
			76,726,641
TOTAL MACHINERY			123,820,402
MARINE - 0.4%
Marine - 0.4%
Kuehne & Nagel International AG	14,390		2,259,141
PROFESSIONAL SERVICES - 2.8%
Human Resource & Employment Services - 1.3%
Towers Watson & Co.	119,449		7,579,039
Research & Consulting Services - 1.5%
Bureau Veritas SA	37,800		3,171,608
IHS, Inc. Class A (a)	68,688		6,025,311
			9,196,919
TOTAL PROFESSIONAL SERVICES			16,775,958
ROAD & RAIL - 7.5%
Railroads - 7.3%
CSX Corp.	155,689		12,346,138
Kansas City Southern (a)	89,283		5,257,876
Union Pacific Corp.	256,782		26,954,407
			44,558,421
Trucking - 0.2%
Saia, Inc. (a)	71,663		1,125,826
TOTAL ROAD & RAIL			45,684,247

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 2.6%
Trading Companies & Distributors - 2.6%
Barloworld Ltd.	225,292		$ 2,401,615
Beacon Roofing Supply, Inc. (a)	7,600		166,516
Finning International, Inc. (d)	58,500		1,735,167
Mills Estruturas e Servicos de Engenharia SA	310,000		4,143,423
Rush Enterprises, Inc. Class A (a)	211,625		4,226,151
WESCO International, Inc. (a)	56,795		3,157,802
			15,830,674
TOTAL COMMON STOCKS (Cost $491,020,403)		606,052,411
Money Market Funds - 0.6%

Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) (Cost $3,848,000)	3,848,000		3,848,000
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $494,868,403)			609,900,411
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(4,532,372)
NET ASSETS - 100%		$ 605,368,039

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,716
Fidelity Securities Lending Cash Central Fund	15,569
Total	$ 20,285

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $496,778,239. Net unrealized appreciation aggregated $113,122,172, of which $118,865,459 related to appreciated investment securities and $5,743,287 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2011

1.802178.107

PRC-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
INSURANCE - 97.3%
Insurance Brokers - 10.0%
Aon Corp.	222,947		$ 11,626,686
Austbrokers Holdings Ltd.	20,489		137,581
Brasil Insurance Participacoes e Administracao SA	3,500		4,216,466
CNinsure, Inc. ADR	50		793
Jardine Lloyd Thompson Group PLC	550,228		6,308,530
National Financial Partners Corp. (a)	232,144		3,034,122
Willis Group Holdings Pub Ltd. Co.	25,673		1,065,430
			26,389,608
Life & Health Insurance - 29.1%
AFLAC, Inc.	304,600		14,556,834
American Equity Investment Life Holding Co. (d)	612,400		7,955,076
Lincoln National Corp.	36,500		1,071,275
MetLife, Inc.	636,975		28,090,598
Primerica, Inc.	193,000		4,143,710
Prudential Financial, Inc.	248,089		15,823,116
Torchmark Corp.	70,700		4,687,410
			76,328,019
Multi-Line Insurance - 7.6%
Fairfax Financial Holdings Ltd. (sub. vtg.)	17,600		6,784,251
Hartford Financial Services Group, Inc.	352,400		9,391,460
Horace Mann Educators Corp.	174,100		2,841,312
Mapfre SA (Reg.)	7,100		27,253
Porto Seguro SA	50,900		790,376
			19,834,652
Property & Casualty Insurance - 46.1%
ACE Ltd.	264,749		18,220,026
Allied World Assurance Co. Holdings Ltd.	39,600		2,400,552
Allstate Corp.	90,000		2,824,200
American Safety Insurance Group Ltd. (a)	8,890		164,732
Amlin PLC	480,117		3,356,516
Axis Capital Holdings Ltd.	19,700		648,918
Beazley PLC	1,660,100		3,481,746
Berkshire Hathaway, Inc.:
Class A (a)	4		475,100
Class B (a)	534,669		42,276,279
Chaucer Holdings PLC	1,453,900		1,261,565
Dongbu Insurance Co. Ltd.	21,340		1,015,060
Hanover Insurance Group, Inc.	151,400		6,216,484
Hilltop Holdings, Inc. (a)	184,600		1,818,310
Progressive Corp.	323,500		7,003,775

	Shares		Value
QBE Insurance Group Ltd.	135,922		$ 2,565,430
The Chubb Corp.	192,258		12,610,202
The Travelers Companies, Inc.	131,200		8,144,896
XL Group PLC Class A	271,855		6,432,089
			120,915,880
Reinsurance - 4.5%
Alterra Capital Holdings Ltd.	170,300		3,874,325
Everest Re Group Ltd.	17,000		1,512,490
Montpelier Re Holdings Ltd.	174,300		3,278,583
Transatlantic Holdings, Inc.	65,700		3,057,678
			11,723,076
TOTAL INSURANCE		255,191,235
INTERNET SOFTWARE & SERVICES - 1.9%
Internet Software & Services - 1.9%
Google, Inc. Class A (a)	9,500		5,025,690
TOTAL COMMON STOCKS (Cost $234,812,634)		260,216,925
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 0.14% (b)	3,210,211		3,210,211
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	907,625		907,625
TOTAL MONEY MARKET FUNDS (Cost $4,117,836)		4,117,836

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $238,930,470)

264,334,761

NET OTHER ASSETS (LIABILITIES) - (0.8)%		(2,042,028)
NET ASSETS - 100%		$ 262,292,733

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,629
Fidelity Securities Lending Cash Central Fund	1,617
Total	$ 4,246

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $239,959,743. Net unrealized appreciation aggregated $24,375,018, of which $28,781,450 related to appreciated investment securities and $4,406,432 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

May 31, 2011

1.802158.107

BSO-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Diversified Support Services - 1.5%
Higher One Holdings, Inc. (a)(d)	152,700		$ 2,340,891
COMMUNICATIONS EQUIPMENT - 0.8%
Communications Equipment - 0.8%
DG FastChannel, Inc. (a)	35,700		1,263,066
COMPUTERS & PERIPHERALS - 0.5%
Computer Hardware - 0.5%
Hewlett-Packard Co.	19,000		710,220
CONSUMER FINANCE - 1.5%
Consumer Finance - 1.5%
Green Dot Corp. Class A (d)	59,300		2,297,282
HOTELS, RESTAURANTS & LEISURE - 0.1%
Hotels, Resorts & Cruise Lines - 0.1%
Thomas Cook Group PLC	46,400		114,794
INTERNET SOFTWARE & SERVICES - 1.2%
Internet Software & Services - 1.2%
Active Network, Inc.	2,600		47,710
Constant Contact, Inc. (a)	10,805		259,860
IntraLinks Holdings, Inc.	51,400		1,061,410
RightNow Technologies, Inc. (a)	5,300		175,430
SciQuest, Inc.	17,500		288,400
			1,832,810
IT SERVICES - 85.9%
Data Processing & Outsourced Services - 37.1%
Alliance Data Systems Corp. (a)(d)	65,148		6,119,352
Automatic Data Processing, Inc.	62,400		3,438,864
Cass Information Systems, Inc.	8,800		350,680
Computer Sciences Corp.	300		11,967
Convergys Corp. (a)	1,100		14,058
CoreLogic, Inc. (a)	32,000		579,520
CSG Systems International, Inc. (a)	14,700		280,623
DST Systems, Inc.	300		15,081
Euronet Worldwide, Inc. (a)	30,800		532,532
ExlService Holdings, Inc. (a)	15,600		366,288
Fidelity National Information Services, Inc.	214,700		6,909,046
Fiserv, Inc. (a)	33,800		2,180,776
FleetCor Technologies, Inc.	23,100		779,394
Global Cash Access Holdings, Inc. (a)	64,200		206,082
Heartland Payment Systems, Inc.	32,600		620,052
MasterCard, Inc. Class A	32,340		9,283,197
NeuStar, Inc. Class A (a)	25,200		674,352
Paychex, Inc.	4,600		148,580
Syntel, Inc.	54,800		2,952,076
Teletech Holdings, Inc. (a)	31,300		566,530
The Western Union Co.	700		14,392
TNS, Inc. (a)	65,300		1,072,879
VeriFone Systems, Inc. (a)	79,000		3,802,270
Visa, Inc. Class A	179,312		14,535,031

	Shares		Value
WNS Holdings Ltd. sponsored ADR (a)	58,600		$ 546,152
Wright Express Corp. (a)	11,200		604,352
			56,604,126
IT Consulting & Other Services - 48.8%
Accenture PLC Class A	348,900		20,023,369
Atos Origin SA (a)	16,132		943,218
CACI International, Inc. Class A (a)	2,400		153,192
Camelot Information Systems, Inc. ADR (d)	199,400		3,686,906
CGI Group, Inc. Class A (sub. vtg.) (a)	16,700		385,033
China Information Technology, Inc. (a)(d)	120,600		232,758
Ciber, Inc. (a)	62,000		378,200
Cognizant Technology Solutions Corp. Class A (a)	189,416		14,403,193
Forrester Research, Inc.	6,400		242,816
Gartner, Inc. Class A (a)	6,400		249,792
HCL Technologies Ltd.	273,401		3,124,236
hiSoft Technology International Ltd. ADR (a)(d)	175,200		2,734,872
iGate Corp.	70,307		1,297,164
Infosys Technologies Ltd. sponsored ADR	200		12,350
Integral Systems, Inc. (a)	29,100		345,417
International Business Machines Corp.	78,900		13,328,577
Lionbridge Technologies, Inc. (a)	196,500		636,660
ManTech International Corp. Class A	2,400		108,048
Maximus, Inc.	5,800		486,040
NCI, Inc. Class A (a)	2,200		49,940
Ness Technologies, Inc. (a)	198,300		1,229,460
Rolta India Ltd.	301,697		927,861
SAIC, Inc. (a)	5,600		98,336
Sapient Corp. (a)	84,800		1,245,712
ServiceSource International, Inc.	500		9,725
SRA International, Inc. Class A (a)	14,400		445,680
Teradata Corp. (a)	11,900		663,901
Unisys Corp. (a)	48,940		1,367,873
Virtusa Corp. (a)	270,198		5,444,490
Yucheng Technologies Ltd. (a)(d)	52,600		193,042
			74,447,861
TOTAL IT SERVICES			131,051,987
OFFICE ELECTRONICS - 0.4%
Office Electronics - 0.4%
Xerox Corp.	68,500		699,385
SOFTWARE - 7.6%
Application Software - 5.0%
Aspen Technology, Inc. (a)	138,800		2,297,140
Concur Technologies, Inc. (a)	300		14,991
Convio, Inc. (a)	148,000		1,690,160
Descartes Systems Group, Inc. (a)	54,100		367,944
Intuit, Inc. (a)	14,100		760,977
JDA Software Group, Inc. (a)	500		16,515
Kenexa Corp. (a)	30,600		967,572
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Longtop Financial Technologies Ltd. ADR (a)	55,546		$ 105,149
Parametric Technology Corp. (a)	12,200		284,138
Pegasystems, Inc.	3,900		145,665
Ultimate Software Group, Inc. (a)	1,300		73,294
VanceInfo Technologies, Inc. ADR (a)	33,500		856,260
			7,579,805
Systems Software - 2.6%
Ariba, Inc. (a)	8,000		268,320
DemandTec, Inc. (a)	22,400		222,656
NetSuite, Inc. (a)(d)	2,500		94,350
Oracle Corp.	65,000		2,224,300
Radiant Systems, Inc. (a)	57,300		1,203,300
			4,012,926
TOTAL SOFTWARE			11,592,731
TOTAL COMMON STOCKS (Cost $123,741,663)		151,903,166
Money Market Funds - 10.2%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	926,076		$ 926,076
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	14,589,109		14,589,109
TOTAL MONEY MARKET FUNDS (Cost $15,515,185)		15,515,185

TOTAL INVESTMENT PORTFOLIO - 109.7%

(Cost $139,256,848)

167,418,351

NET OTHER ASSETS (LIABILITIES) - (9.7)%		(14,847,584)
NET ASSETS - 100%		$ 152,570,767

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 736
Fidelity Securities Lending Cash Central Fund	8,817
Total	$ 9,553

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 151,903,166	$ 151,798,017	$ -	$ 105,149
Money Market Funds	15,515,185	15,515,185	-	-
Total Investments in Securities:	$ 167,418,351	$ 167,313,202	$ -	$ 105,149

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(1,504,019)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	1,609,168
Transfers out of Level 3	-
Ending Balance	$ 105,149
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ (1,504,019)

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $139,941,136. Net unrealized appreciation aggregated $27,477,215, of which $32,372,505 related to appreciated investment securities and $4,895,290 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

May 31, 2011

1.802179.107

LEI-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 7.7%
Education Services - 3.9%
Ambow Education Holding Ltd. ADR	159,500		$ 969,760
DeVry, Inc.	122,500		6,596,625
Global Education & Technology Group Ltd. ADR (a)(d)	292,332		1,704,296
Grand Canyon Education, Inc. (a)	89,100		1,149,390
K12, Inc. (a)(d)	119,300		4,151,640
			14,571,711
Specialized Consumer Services - 3.8%
Carriage Services, Inc.	206,002		1,221,592
Sotheby's Class A (Ltd. Vtg.)	42,200		1,796,032
Steiner Leisure Ltd. (a)	125,785		6,289,250
Stewart Enterprises, Inc. Class A	258,702		1,927,330
Weight Watchers International, Inc.	37,100		2,976,904
			14,211,108
TOTAL DIVERSIFIED CONSUMER SERVICES			28,782,819
FOOD PRODUCTS - 0.4%
Packaged Foods & Meats - 0.4%
Green Mountain Coffee Roasters, Inc. (a)	20,400		1,680,348
HOTELS, RESTAURANTS & LEISURE - 82.4%
Casinos & Gaming - 16.8%
Aristocrat Leisure Ltd.	3		9
Betfair Group PLC (d)	140,200		1,934,919
Las Vegas Sands Corp. (a)(d)	496,100		20,607,994
Las Vegas Sands Corp. unit	11,700		8,199,243
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d)	625,200		7,014,744
MGM Mirage, Inc. (a)	36,100		544,027
Penn National Gaming, Inc. (a)	60,700		2,458,350
Pinnacle Entertainment, Inc. (a)	470,800		6,840,724
WMS Industries, Inc. (a)	376,272		11,837,517
Wynn Resorts Ltd.	24,000		3,516,480
			62,954,007
Hotels, Resorts & Cruise Lines - 15.7%
Carnival Corp. unit	251,900		9,776,239
Club Mediterranee SA (a)	31,500		704,711
Ctrip.com International Ltd. sponsored ADR (a)	37,980		1,709,100
Marcus Corp.	58,828		617,694
Marriott International, Inc. Class A	244,701		9,252,145
Starwood Hotels & Resorts Worldwide, Inc.	326,800		19,928,264
Thomas Cook Group PLC	372,009		920,352
Wyndham Worldwide Corp.	461,200		16,054,372
			58,962,877
Leisure Facilities - 0.7%
Cedar Fair LP (depository unit)	128,800		2,672,600

	Shares		Value
Restaurants - 49.2%
Ajisen (China) Holdings Ltd.	1,199,000		$ 2,549,949
Arcos Dorados Holdings, Inc.	21,900		498,225
BJ's Restaurants, Inc. (a)	62,600		3,206,998
Bravo Brio Restaurant Group, Inc.	103,000		2,286,600
Chipotle Mexican Grill, Inc. (a)	44,009		12,721,682
Darden Restaurants, Inc.	315,600		15,985,140
Denny's Corp. (a)	741,707		3,033,582
Dominos Pizza Enterprises Ltd.	40,600		268,724
Little Sheep Group Ltd.	1,314,000		1,050,903
McDonald's Corp.	623,700		50,856,498
Panera Bread Co. Class A (a)	99,400		12,427,982
Ruth's Hospitality Group, Inc. (a)	360,000		1,926,000
Spur Corp. Ltd.	1,373,500		2,793,183
Starbucks Corp.	1,554,700		57,197,410
Texas Roadhouse, Inc. Class A	257,100		4,429,833
Yum! Brands, Inc.	243,100		13,448,292
			184,681,001
TOTAL HOTELS, RESTAURANTS & LEISURE			309,270,485
HOUSEHOLD DURABLES - 1.1%
Home Furnishings - 0.1%
Man Wah Holdings Ltd.	332,800		380,419
Housewares & Specialties - 1.0%
Newell Rubbermaid, Inc.	86,600		1,542,346
Tupperware Brands Corp.	33,600		2,199,456
			3,741,802
TOTAL HOUSEHOLD DURABLES			4,122,221
LEISURE EQUIPMENT & PRODUCTS - 1.5%
Leisure Products - 1.5%
Brunswick Corp.	81,400		1,764,752
Hasbro, Inc.	41,500		1,898,210
Summer Infant, Inc. (a)	231,653		1,915,770
			5,578,732
PERSONAL PRODUCTS - 1.0%
Personal Products - 1.0%
Elizabeth Arden, Inc. (a)	35,000		1,075,550
Nu Skin Enterprises, Inc. Class A (d)	70,600		2,759,754
			3,835,304
SOFTWARE - 0.9%
Application Software - 0.9%
Intuit, Inc. (a)	59,100		3,189,627
SPECIALTY RETAIL - 0.6%
Apparel Retail - 0.3%
Shoe Carnival, Inc. (a)	41,800		1,137,796
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - 0.3%
MarineMax, Inc. (a)	156,272		$ 1,300,183
TOTAL SPECIALTY RETAIL			2,437,979
TEXTILES, APPAREL & LUXURY GOODS - 1.5%
Apparel, Accessories & Luxury Goods - 1.5%
Christian Dior SA	14,800		2,284,713
G-III Apparel Group Ltd. (a)	54,900		2,356,308
Phillips-Van Heusen Corp.	14,600		963,162
			5,604,183
TOTAL COMMON STOCKS (Cost $258,548,647)		364,501,698

Convertible Bonds - 0.1%
	Principal Amount
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.1%
MGM Mirage, Inc. 4.25% 4/15/15 (Cost $300,000)	$ 300,000	347,625

Money Market Funds - 4.9%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	5,700,863		$ 5,700,863
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	12,841,900		12,841,900
TOTAL MONEY MARKET FUNDS (Cost $18,542,763)		18,542,763

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $277,391,410)

383,392,086

NET OTHER ASSETS (LIABILITIES) - (2.1)%		(7,951,643)
NET ASSETS - 100%		$ 375,440,443

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,679
Fidelity Securities Lending Cash Central Fund	10,163
Total	$ 11,842

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 364,501,698	$ 356,302,455	$ 8,199,243	$ -
Convertible Bonds	347,625	-	347,625	-
Money Market Funds	18,542,763	18,542,763	-	-
Total Investments in Securities:	$ 383,392,086	$ 374,845,218	$ 8,546,868	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $279,309,235. Net unrealized appreciation aggregated $104,082,851, of which $110,445,268 related to appreciated investment securities and $6,362,417 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

May 31, 2011

1.802177.107

IND-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CHEMICALS - 60.7%
Commodity Chemicals - 4.2%
Arkema SA (d)	172,356		$ 18,887,767
Celanese Corp. Class A	694,600		36,181,714
Grasim Industries Ltd.	48,407		2,532,904
TPC Group, Inc. (a)	80,167		2,916,475
Westlake Chemical Corp.	117,093		6,568,917
			67,087,777
Diversified Chemicals - 24.8%
Ashland, Inc.	445,083		30,416,972
BASF AG	105,604		9,763,181
Cabot Corp.	373,233		15,761,630
Dow Chemical Co.	3,539,062		127,866,308
E.I. du Pont de Nemours & Co.	2,373,878		126,527,697
FMC Corp.	168,700		14,229,845
Lanxess AG	164,493		14,196,998
Olin Corp.	405,000		9,728,100
PPG Industries, Inc.	540,798		47,968,783
			396,459,514
Fertilizers & Agricultural Chemicals - 9.7%
CF Industries Holdings, Inc.	226,125		34,773,503
CVR Partners LP	431,000		8,602,760
Intrepid Potash, Inc. (a)(d)	158,400		5,098,896
Israel Chemicals Ltd.	80,900		1,318,597
Monsanto Co.	559,700		39,761,088
The Mosaic Co.	720,120		51,020,502
Uralkali JSC GDR (Reg. S)	192,114		8,218,637
Yara International ASA	92,100		5,540,673
			154,334,656
Industrial Gases - 8.7%
Air Products & Chemicals, Inc.	595,657		56,641,024
Airgas, Inc.	253,859		17,536,580
Praxair, Inc.	617,431		65,348,897
			139,526,501
Specialty Chemicals - 13.3%
Albemarle Corp.	171,401		12,142,047
Chemtura Corp. (a)	213,400		4,065,270
Ecolab, Inc.	436,870		23,975,426
Innophos Holdings, Inc.	467,536		20,987,691
Innospec, Inc. (a)	120,300		4,076,967
Kraton Performance Polymers, Inc. (a)	597,800		22,991,388
LyondellBasell Industries NV Class A	586,441		25,691,980
OMNOVA Solutions, Inc. (a)	869,032		8,177,591
PolyOne Corp.	833,342		12,691,799
Rockwood Holdings, Inc. (a)	325,532		17,119,728
Sherwin-Williams Co.	360,937		31,704,706
W.R. Grace & Co. (a)	617,146		28,876,261
			212,500,854
TOTAL CHEMICALS			969,909,302

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Environmental & Facility Services - 0.4%
Swisher Hygiene, Inc. (a)(e)	262,171		$ 1,557,296
Swisher Hygiene, Inc. (Canada) (a)(d)	744,600		4,910,464
			6,467,760
CONSTRUCTION MATERIALS - 0.1%
Construction Materials - 0.1%
Prism Cement Ltd.	1,335,140		1,490,733
CONTAINERS & PACKAGING - 6.7%
Metal & Glass Containers - 5.5%
Aptargroup, Inc.	208,300		11,123,220
Ball Corp.	820,762		32,428,307
Crown Holdings, Inc. (a)	234,840		9,536,852
Graham Packaging Co., Inc. (a)	344,000		7,805,360
Greif, Inc. Class A	181,920		12,028,550
Silgan Holdings, Inc.	324,800		14,580,272
			87,502,561
Paper Packaging - 1.2%
Rock-Tenn Co. Class A (d)	263,900		20,275,437
TOTAL CONTAINERS & PACKAGING			107,777,998
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Archer Daniels Midland Co.	512,028		16,594,827
MACHINERY - 0.5%
Industrial Machinery - 0.5%
Pall Corp.	137,500		7,713,750
METALS & MINING - 28.0%
Diversified Metals & Mining - 13.0%
Anglo American PLC (United Kingdom)	304,351		15,169,458
BHP Billiton PLC	199,854		7,925,348
First Quantum Minerals Ltd.	88,000		11,966,438
Freeport-McMoRan Copper & Gold, Inc.	2,052,809		106,007,057
Gujarat NRE Coke Ltd.	2,023,675		2,315,659
HudBay Minerals, Inc.	701,400		10,604,789
Ivanhoe Mines Ltd. (a)	314,600		7,915,731
MacArthur Coal Ltd.	1,074,381		13,648,770
Mongolian Mining Corp.	3,312,000		3,875,328
Walter Energy, Inc.	225,925		28,138,959
			207,567,537
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	172,002		7,905,212
Kinross Gold Corp.	252,300		3,963,059
Newcrest Mining Ltd.	285,510		12,100,409
Newmont Mining Corp.	1,397,313		79,045,996
Randgold Resources Ltd. sponsored ADR	95,300		7,810,788
Royal Gold, Inc.	192,128		11,915,779
			122,741,243
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Precious Metals & Minerals - 0.4%
Coeur d'Alene Mines Corp. (a)	88,660		$ 2,444,356
Pan American Silver Corp.	109,300		3,704,178
			6,148,534
Steel - 7.0%
Allegheny Technologies, Inc. (d)	232,737		15,593,379
Carpenter Technology Corp.	503,971		26,493,755
Fortescue Metals Group Ltd.	576,418		4,012,115
Reliance Steel & Aluminum Co.	479,408		24,694,306
Ternium SA sponsored ADR	397,745		12,369,870
United States Steel Corp. (d)	618,051		28,498,332
			111,661,757
TOTAL METALS & MINING			448,119,071
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
PT Bumi Resources Tbk	20,534,000		7,938,884
REAL ESTATE INVESTMENT TRUSTS - 0.7%
Specialized REITs - 0.7%
Weyerhaeuser Co.	502,523		10,824,345
TOTAL COMMON STOCKS (Cost $1,268,351,071)		1,576,836,670
Money Market Funds - 5.6%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	21,777,442		$ 21,777,442
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	67,233,345		67,233,345
TOTAL MONEY MARKET FUNDS (Cost $89,010,787)		89,010,787

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $1,357,361,858)

1,665,847,457

NET OTHER ASSETS (LIABILITIES) - (4.2)%			(66,910,846)
NET ASSETS - 100%		$ 1,598,936,611

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Swisher Hygiene, Inc.	3/22/11 - 4/15/11	$ 1,693,043

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,009
Fidelity Securities Lending Cash Central Fund	161,028
Total	$ 177,037

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,576,836,670	$ 1,564,821,122	$ 12,015,548	$ -
Money Market Funds	89,010,787	89,010,787	-	-
Total Investments in Securities:	$ 1,665,847,457	$ 1,653,831,909	$ 12,015,548	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,359,921,941. Net unrealized appreciation aggregated $305,925,516, of which $322,774,500 related to appreciated investment securities and $16,848,984 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2011

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

1.851742.104

AMF-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CHEMICALS - 60.7%
Commodity Chemicals - 4.2%
Arkema SA (d)	172,356		$ 18,887,767
Celanese Corp. Class A	694,600		36,181,714
Grasim Industries Ltd.	48,407		2,532,904
TPC Group, Inc. (a)	80,167		2,916,475
Westlake Chemical Corp.	117,093		6,568,917
			67,087,777
Diversified Chemicals - 24.8%
Ashland, Inc.	445,083		30,416,972
BASF AG	105,604		9,763,181
Cabot Corp.	373,233		15,761,630
Dow Chemical Co.	3,539,062		127,866,308
E.I. du Pont de Nemours & Co.	2,373,878		126,527,697
FMC Corp.	168,700		14,229,845
Lanxess AG	164,493		14,196,998
Olin Corp.	405,000		9,728,100
PPG Industries, Inc.	540,798		47,968,783
			396,459,514
Fertilizers & Agricultural Chemicals - 9.7%
CF Industries Holdings, Inc.	226,125		34,773,503
CVR Partners LP	431,000		8,602,760
Intrepid Potash, Inc. (a)(d)	158,400		5,098,896
Israel Chemicals Ltd.	80,900		1,318,597
Monsanto Co.	559,700		39,761,088
The Mosaic Co.	720,120		51,020,502
Uralkali JSC GDR (Reg. S)	192,114		8,218,637
Yara International ASA	92,100		5,540,673
			154,334,656
Industrial Gases - 8.7%
Air Products & Chemicals, Inc.	595,657		56,641,024
Airgas, Inc.	253,859		17,536,580
Praxair, Inc.	617,431		65,348,897
			139,526,501
Specialty Chemicals - 13.3%
Albemarle Corp.	171,401		12,142,047
Chemtura Corp. (a)	213,400		4,065,270
Ecolab, Inc.	436,870		23,975,426
Innophos Holdings, Inc.	467,536		20,987,691
Innospec, Inc. (a)	120,300		4,076,967
Kraton Performance Polymers, Inc. (a)	597,800		22,991,388
LyondellBasell Industries NV Class A	586,441		25,691,980
OMNOVA Solutions, Inc. (a)	869,032		8,177,591
PolyOne Corp.	833,342		12,691,799
Rockwood Holdings, Inc. (a)	325,532		17,119,728
Sherwin-Williams Co.	360,937		31,704,706
W.R. Grace & Co. (a)	617,146		28,876,261
			212,500,854
TOTAL CHEMICALS			969,909,302

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Environmental & Facility Services - 0.4%
Swisher Hygiene, Inc. (a)(e)	262,171		$ 1,557,296
Swisher Hygiene, Inc. (Canada) (a)(d)	744,600		4,910,464
			6,467,760
CONSTRUCTION MATERIALS - 0.1%
Construction Materials - 0.1%
Prism Cement Ltd.	1,335,140		1,490,733
CONTAINERS & PACKAGING - 6.7%
Metal & Glass Containers - 5.5%
Aptargroup, Inc.	208,300		11,123,220
Ball Corp.	820,762		32,428,307
Crown Holdings, Inc. (a)	234,840		9,536,852
Graham Packaging Co., Inc. (a)	344,000		7,805,360
Greif, Inc. Class A	181,920		12,028,550
Silgan Holdings, Inc.	324,800		14,580,272
			87,502,561
Paper Packaging - 1.2%
Rock-Tenn Co. Class A (d)	263,900		20,275,437
TOTAL CONTAINERS & PACKAGING			107,777,998
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Archer Daniels Midland Co.	512,028		16,594,827
MACHINERY - 0.5%
Industrial Machinery - 0.5%
Pall Corp.	137,500		7,713,750
METALS & MINING - 28.0%
Diversified Metals & Mining - 13.0%
Anglo American PLC (United Kingdom)	304,351		15,169,458
BHP Billiton PLC	199,854		7,925,348
First Quantum Minerals Ltd.	88,000		11,966,438
Freeport-McMoRan Copper & Gold, Inc.	2,052,809		106,007,057
Gujarat NRE Coke Ltd.	2,023,675		2,315,659
HudBay Minerals, Inc.	701,400		10,604,789
Ivanhoe Mines Ltd. (a)	314,600		7,915,731
MacArthur Coal Ltd.	1,074,381		13,648,770
Mongolian Mining Corp.	3,312,000		3,875,328
Walter Energy, Inc.	225,925		28,138,959
			207,567,537
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	172,002		7,905,212
Kinross Gold Corp.	252,300		3,963,059
Newcrest Mining Ltd.	285,510		12,100,409
Newmont Mining Corp.	1,397,313		79,045,996
Randgold Resources Ltd. sponsored ADR	95,300		7,810,788
Royal Gold, Inc.	192,128		11,915,779
			122,741,243
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Precious Metals & Minerals - 0.4%
Coeur d'Alene Mines Corp. (a)	88,660		$ 2,444,356
Pan American Silver Corp.	109,300		3,704,178
			6,148,534
Steel - 7.0%
Allegheny Technologies, Inc. (d)	232,737		15,593,379
Carpenter Technology Corp.	503,971		26,493,755
Fortescue Metals Group Ltd.	576,418		4,012,115
Reliance Steel & Aluminum Co.	479,408		24,694,306
Ternium SA sponsored ADR	397,745		12,369,870
United States Steel Corp. (d)	618,051		28,498,332
			111,661,757
TOTAL METALS & MINING			448,119,071
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
PT Bumi Resources Tbk	20,534,000		7,938,884
REAL ESTATE INVESTMENT TRUSTS - 0.7%
Specialized REITs - 0.7%
Weyerhaeuser Co.	502,523		10,824,345
TOTAL COMMON STOCKS (Cost $1,268,351,071)		1,576,836,670
Money Market Funds - 5.6%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	21,777,442		$ 21,777,442
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	67,233,345		67,233,345
TOTAL MONEY MARKET FUNDS (Cost $89,010,787)		89,010,787

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $1,357,361,858)

1,665,847,457

NET OTHER ASSETS (LIABILITIES) - (4.2)%			(66,910,846)
NET ASSETS - 100%		$ 1,598,936,611

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Swisher Hygiene, Inc.	3/22/11 - 4/15/11	$ 1,693,043

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,009
Fidelity Securities Lending Cash Central Fund	161,028
Total	$ 177,037

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,576,836,670	$ 1,564,821,122	$ 12,015,548	$ -
Money Market Funds	89,010,787	89,010,787	-	-
Total Investments in Securities:	$ 1,665,847,457	$ 1,653,831,909	$ 12,015,548	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

May 31, 2011

1.802180.107

MED-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BIOTECHNOLOGY - 0.8%
Biotechnology - 0.8%
ARIAD Pharmaceuticals, Inc. (a)	502,100		$ 4,358,228
Nanosphere, Inc. (a)(d)	1,138,150		2,913,664
			7,271,892
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Weight Watchers International, Inc.	51,800		4,156,432
FOOD & STAPLES RETAILING - 5.6%
Drug Retail - 5.6%
CVS Caremark Corp.	360,800		13,959,352
Droga Raia SA	27,000		479,174
Drogasil SA	1,518,300		10,782,082
Rite Aid Corp. (a)(d)	8,183,700		8,592,885
Walgreen Co.	375,600		16,387,428
			50,200,921
HEALTH CARE EQUIPMENT & SUPPLIES - 1.0%
Health Care Equipment - 0.9%
NxStage Medical, Inc. (a)	357,134		6,717,691
Volcano Corp. (a)	63,686		2,001,651
			8,719,342
Health Care Supplies - 0.1%
RTI Biologics, Inc. (a)	251,324		766,538
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			9,485,880
HEALTH CARE PROVIDERS & SERVICES - 85.1%
Health Care Distributors & Services - 11.5%
AmerisourceBergen Corp.	890,752		36,716,797
Cardinal Health, Inc.	22,300		1,012,866
McKesson Corp.	765,200		65,508,772
			103,238,435
Health Care Facilities - 6.2%
Community Health Systems, Inc. (a)	191,000		5,470,240
Hanger Orthopedic Group, Inc. (a)	145,000		3,646,750
HCA Holdings, Inc.	287,400		10,027,386
HealthSouth Corp. (a)	236,400		6,635,748
Kindred Healthcare, Inc. (a)(d)	411,300		10,093,302
LifePoint Hospitals, Inc. (a)	45,000		1,890,000
Skilled Healthcare Group, Inc. (a)	353,900		4,013,226
Sunrise Senior Living, Inc. (a)(d)	1,087,540		10,810,148
Universal Health Services, Inc. Class B	62,000		3,378,380
			55,965,180
Health Care Services - 31.2%
Accretive Health, Inc. (d)	1,297,804		31,588,549
Almost Family, Inc. (a)	76,600		2,314,086
Amedisys, Inc. (a)(d)	78,829		2,467,348
Catalyst Health Solutions, Inc. (a)	369,500		22,550,585
DaVita, Inc. (a)	6,400		537,920

	Shares		Value
Diagnosticos da America SA	305,000		$ 4,331,864
Express Scripts, Inc. (a)	1,384,200		82,442,952
Fleury SA	501,800		8,272,390
Fresenius Medical Care AG & Co. KGaA sponsored ADR (d)	53,400		3,860,820
Gentiva Health Services, Inc. (a)	315,800		7,730,784
Laboratory Corp. of America Holdings (a)	2,000		201,660
LHC Group, Inc. (a)	105,000		2,832,900
Lincare Holdings, Inc.	42,850		1,299,212
Medco Health Solutions, Inc. (a)	1,382,141		82,734,960
Omnicare, Inc. (d)	772,400		24,284,256
Quest Diagnostics, Inc.	15,000		876,300
Sun Healthcare Group, Inc. (a)	299,500		2,986,015
			281,312,601
Managed Health Care - 36.2%
Aetna, Inc.	920,556		40,209,886
Amil Participacoes SA	741,300		9,287,695
Centene Corp. (a)	169,300		5,891,640
CIGNA Corp.	689,900		34,419,111
Health Net, Inc. (a)	558,000		17,906,220
Healthspring, Inc. (a)	447,200		19,609,720
Humana, Inc.	411,972		33,176,105
Metropolitan Health Networks, Inc. (a)	662,000		3,223,940
UnitedHealth Group, Inc.	1,023,797		50,114,863
Wellcare Health Plans, Inc. (a)	312,800		15,405,400
WellPoint, Inc.	1,246,500		97,438,906
			326,683,486
TOTAL HEALTH CARE PROVIDERS & SERVICES			767,199,702
HEALTH CARE TECHNOLOGY - 3.6%
Health Care Technology - 3.6%
Allscripts-Misys Healthcare Solutions, Inc. (a)	447,600		9,001,236
SXC Health Solutions Corp. (a)	390,800		23,106,385
			32,107,621
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
WebMD Health Corp. (a)	8,400		400,512
LIFE SCIENCES TOOLS & SERVICES - 1.0%
Life Sciences Tools & Services - 1.0%
Illumina, Inc. (a)	95,100		6,854,808
QIAGEN NV (a)	86,200		1,700,726
Sequenom, Inc. (a)	15,921		126,254
			8,681,788
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 1.4%
Pharmaceuticals - 1.4%
Endocyte, Inc. (d)	101,000		$ 1,201,900
Valeant Pharmaceuticals International, Inc. (Canada)	218,200		11,437,513
			12,639,413
TOTAL COMMON STOCKS (Cost $690,927,031)		892,144,161
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 0.14% (b)	9,594,201		9,594,201
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	46,951,325		46,951,325
TOTAL MONEY MARKET FUNDS (Cost $56,545,526)		56,545,526

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $747,472,557)

948,689,687

NET OTHER ASSETS (LIABILITIES) - (5.2)%		(47,076,740)
NET ASSETS - 100%		$ 901,612,947

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,277
Fidelity Securities Lending Cash Central Fund	49,828
Total	$ 58,105

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $751,274,442. Net unrealized appreciation aggregated $197,415,244, of which $208,984,967 related to appreciated investment securities and $11,569,723 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2011

1.802181.107

MES-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
FOOD & STAPLES RETAILING - 0.2%
Drug Retail - 0.2%
Rite Aid Corp. (a)	3,000,000		$ 3,150,000
HEALTH CARE EQUIPMENT & SUPPLIES - 80.4%
Health Care Equipment - 74.6%
Angiodynamics, Inc. (a)	600,000		9,420,000
ArthroCare Corp. (a)	310,000		10,617,500
Atricure, Inc. (a)	650,000		9,243,000
Baxter International, Inc.	3,400,000		202,368,000
Boston Scientific Corp. (a)	12,600,000		90,468,000
C. R. Bard, Inc. (d)	840,000		93,895,200
Covidien PLC	4,200,000		230,999,998
Cyberonics, Inc. (a)	750,000		24,487,500
Edwards Lifesciences Corp. (a)	800,000		70,984,000
Exactech, Inc. (a)	400,000		7,512,000
Fisher & Paykel Healthcare Corp.	5,000,000		11,874,240
Genmark Diagnostics, Inc. (d)(e)	831,049		4,795,153
HeartWare International, Inc. (a)	15,700		1,143,745
HeartWare International, Inc. CDI (a)	5,500,000		11,038,467
Hill-Rom Holdings, Inc.	800,000		36,512,000
Hologic, Inc. (a)	1,600,000		34,400,000
Integra LifeSciences Holdings Corp. (a)	700,000		35,903,000
Ion Beam Applications SA	450,000		4,952,725
Kinetic Concepts, Inc. (a)	800,000		47,472,000
Mako Surgical Corp. (a)(d)	400,000		13,168,000
Masimo Corp.	778,300		23,909,376
Medtronic, Inc.	500,000		20,350,000
Orthofix International NV (a)	350,000		14,290,500
Sirona Dental Systems, Inc. (a)	250,000		13,515,000
St. Jude Medical, Inc.	1,250,000		63,337,500
Stryker Corp.	750,000		46,800,000
Tornier BV	700,000		19,285,000
Varian Medical Systems, Inc. (a)	220,000		14,858,800
Volcano Corp. (a)	400,000		12,572,000
William Demant Holding A/S (a)	65,000		6,146,335
Zimmer Holdings, Inc. (a)	900,000		60,984,000
			1,247,303,039
Health Care Supplies - 5.8%
Alere, Inc. (a)	100,000		4,000,000
DENTSPLY International, Inc.	230,000		9,025,200
Endologix, Inc. (a)	1,585,600		13,588,592
Meridian Bioscience, Inc.	500,000		11,930,000
OraSure Technologies, Inc. (a)	1,600,000		13,792,000
RTI Biologics, Inc. (a)(e)	2,800,000		8,540,000

	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	348,000		$ 460,886
The Cooper Companies, Inc.	350,000		26,218,500
Unilife Corp. (a)(d)	1,280,000		6,259,200
Vascular Solutions, Inc. (a)	200,000		2,638,000
			96,452,378
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,343,755,417
HEALTH CARE PROVIDERS & SERVICES - 6.4%
Health Care Distributors & Services - 2.2%
Amplifon SpA	1,000,000		5,688,620
McKesson Corp.	360,000		30,819,600
			36,508,220
Health Care Facilities - 0.6%
Hanger Orthopedic Group, Inc. (a)	300,000		7,545,000
LCA-Vision, Inc. (a)	600,000		3,408,000
			10,953,000
Health Care Services - 3.6%
Accretive Health, Inc.	500,000		12,170,000
Medco Health Solutions, Inc. (a)	800,000		47,888,000
			60,058,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			107,519,220
HEALTH CARE TECHNOLOGY - 1.2%
Health Care Technology - 1.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	800,000		16,088,000
Omnicell, Inc. (a)	301,504		4,646,177
			20,734,177
LIFE SCIENCES TOOLS & SERVICES - 6.7%
Life Sciences Tools & Services - 6.7%
Agilent Technologies, Inc. (a)	100,000		4,987,000
Bruker BioSciences Corp. (a)	700,000		13,804,000
Covance, Inc. (a)	400,000		23,544,000
Illumina, Inc. (a)	700,000		50,456,000
QIAGEN NV (a)(d)	450,000		8,878,500
Sequenom, Inc. (a)(d)	1,206,200		9,565,166
			111,234,666
MACHINERY - 0.5%
Industrial Machinery - 0.5%
Pall Corp.	150,000		8,415,000
PHARMACEUTICALS - 1.7%
Pharmaceuticals - 1.7%
Valeant Pharmaceuticals International, Inc. (Canada)	550,000		28,829,661
TOTAL COMMON STOCKS (Cost $1,274,818,775)		1,623,638,141
Money Market Funds - 4.2%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	33,286,670		$ 33,286,670
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	37,581,125		37,581,125
TOTAL MONEY MARKET FUNDS (Cost $70,867,795)		70,867,795

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $1,345,686,570)

1,694,505,936

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(21,989,726)

NET ASSETS - 100%

$ 1,672,516,210

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,842
Fidelity Securities Lending Cash Central Fund	22,581
Total	$ 35,423

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Genmark Diagnostics, Inc.	$ 1,637,804	$ 1,790,661	$ -	$ -	$ 4,795,153
RTI Biologics, Inc.	8,644,046	-	1,111,907	-	8,540,000
Total	$ 10,281,850	$ 1,790,661	$ 1,111,907	$ -	$ 13,335,153

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,352,048,243. Net unrealized appreciation aggregated $342,457,693, of which $360,175,158 related to appreciated investment securities and $17,717,465 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

May 31, 2011

1.802182.107

BAM-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.9%
	Shares		Value
INTERNET & CATALOG RETAIL - 0.5%
Internet Retail - 0.5%
Priceline.com, Inc. (a)	2,200		$ 1,133,418
INTERNET SOFTWARE & SERVICES - 5.3%
Internet Software & Services - 5.3%
Active Network, Inc.	36,600		671,610
AOL, Inc. (a)	11,442		235,362
Baidu.com, Inc. sponsored ADR (a)	7,400		1,004,254
Demand Media, Inc. (d)	110,400		1,679,184
eBay, Inc. (a)	30,000		935,100
LivePerson, Inc. (a)	113,900		1,350,854
Mail.ru Group Ltd.:
GDR (a)(e)	21,900		751,170
GDR (Reg. S) (a)	12,100		415,030
Mercadolibre, Inc. (d)	15,200		1,339,424
Phoenix New Media Ltd. ADR	3,000		34,530
Support.com, Inc. (a)	121,400		582,720
The Knot, Inc. (a)	153,300		1,572,858
Yandex NV	3,000		100,350
YouKu.com, Inc. ADR (a)(d)	32,800		1,386,456
			12,058,902
MEDIA - 87.6%
Advertising - 4.3%
Arbitron, Inc.	200		8,540
Dentsu, Inc.	94,400		2,540,193
Interpublic Group of Companies, Inc.	4		48
National CineMedia, Inc.	149,600		2,664,376
ReachLocal, Inc. (d)	77,600		1,628,824
WPP PLC	256,250		3,196,324
			10,038,305
Broadcasting - 9.2%
CBS Corp. Class B	258,900		7,236,255
Discovery Communications, Inc. (a)	133,250		5,804,370
Discovery Communications, Inc. Class C (a)	112,850		4,381,966
Scripps Networks Interactive, Inc. Class A	75,900		3,827,637
			21,250,228
Cable & Satellite - 37.3%
Comcast Corp.:
Class A	856,450		21,616,798
Class A (special) (non-vtg.)	247,800		5,835,690
DIRECTV (a)	295,413		14,847,457
DISH Network Corp. Class A (a)	131,900		3,993,932
Kabel Deutschland Holding AG (a)	37,700		2,572,013
Liberty Global, Inc.:
Class A (a)(d)	102,775		4,630,014
Class C (a)	77,900		3,336,457
Liberty Media Corp.:
Capital Series A (a)	40,800		3,718,512
Starz Series A (a)	31,150		2,375,811

	Shares		Value
Naspers Ltd. Class N	9,600		$ 569,121
Sirius XM Radio, Inc. (a)	1,622,160		3,812,076
Time Warner Cable, Inc.	129,069		9,966,708
Virgin Media, Inc. (d)	262,000		8,546,440
			85,821,029
Movies & Entertainment - 36.4%
Cinemark Holdings, Inc.	120,100		2,612,175
DreamWorks Animation SKG, Inc. Class A (a)	133,300		3,187,203
Lions Gate Entertainment Corp. (a)	400		2,372
Live Nation Entertainment, Inc. (a)	168,600		1,943,958
News Corp.:
Class A	629,382		11,542,866
Class B	59,500		1,122,170
Regal Entertainment Group Class A (d)	162,200		2,197,810
The Walt Disney Co.	774,604		32,246,763
Time Warner, Inc.	500,266		18,224,690
Viacom, Inc. Class B (non-vtg.)	213,400		10,757,494
			83,837,501
Publishing - 0.4%
Gannett Co., Inc.	54,000		770,040
Martha Stewart Living Omnimedia, Inc. Class A (a)(d)	15,800		82,634
McGraw-Hill Companies, Inc.	100		4,247
			856,921
TOTAL MEDIA			201,803,984
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
NII Holdings, Inc. (a)	25,800		1,126,428
TOTAL COMMON STOCKS (Cost $167,399,950)		216,122,732
Nonconvertible Preferred Stocks - 0.4%

MEDIA - 0.4%
Broadcasting - 0.4%
ProSiebenSat.1 Media AG (Cost $1,041,485)	37,300		965,675
Money Market Funds - 10.6%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	11,605,942		$ 11,605,942
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	12,805,582		12,805,582
TOTAL MONEY MARKET FUNDS (Cost $24,411,524)		24,411,524

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $192,852,959)

241,499,931

NET OTHER ASSETS (LIABILITIES) - (4.9)%		(11,221,983)
NET ASSETS - 100%		$ 230,277,948

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,442
Fidelity Securities Lending Cash Central Fund	87,174
Total	$ 88,616

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 216,122,732	$ 210,386,215	$ 5,736,517	$ -
Nonconvertible Preferred Stocks	965,675	965,675	-	-
Money Market Funds	24,411,524	24,411,524	-	-
Total Investments in Securities:	$ 241,499,931	$ 235,763,414	$ 5,736,517	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $193,278,678. Net unrealized appreciation aggregated $48,221,253, of which $50,554,258 related to appreciated investment securities and $2,333,005 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

May 31, 2011

1.802183.107

GAS-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
ELECTRIC UTILITIES - 6.5%
Electric Utilities - 6.5%
Duke Energy Corp.	3,662,469		$ 68,671,294
ENERGY EQUIPMENT & SERVICES - 16.3%
Oil & Gas Drilling - 10.7%
Helmerich & Payne, Inc.	499,100		31,283,588
Ocean Rig UDW, Inc. (a)	252,300		4,965,705
Rowan Companies, Inc. (a)	826,200		32,758,830
Transocean Ltd. (United States)	400,600		27,765,586
Trinidad Drilling Ltd. (d)	1,461,200		16,512,864
			113,286,573
Oil & Gas Equipment & Services - 5.6%
Baker Hughes, Inc.	303,400		22,430,362
Cameron International Corp. (a)	773,600		36,869,776
			59,300,138
TOTAL ENERGY EQUIPMENT & SERVICES			172,586,711
MULTI-UTILITIES - 11.2%
Multi-Utilities - 11.2%
Dominion Resources, Inc.	421,000		20,090,120
NiSource, Inc.	1,129,800		22,934,940
PG&E Corp.	491,800		21,334,284
Sempra Energy	969,277		53,475,012
			117,834,356
OIL, GAS & CONSUMABLE FUELS - 66.0%
Integrated Oil & Gas - 5.0%
BG Group PLC	426,863		9,875,997
InterOil Corp. (a)(d)	195,200		11,907,200
Origin Energy Ltd.	624,591		10,928,559
Suncor Energy, Inc.	475,400		19,846,153
			52,557,909
Oil & Gas Exploration & Production - 54.6%
Africa Oil Corp. (a)	283,900		480,516
Americas Petrogas, Inc. (a)	350,400		759,420
Americas Petrogas, Inc. (a)(e)	198,500		430,208
Anadarko Petroleum Corp.	1,101,400		87,583,328
Apache Corp.	1,047,733		130,547,532
Canadian Natural Resources Ltd.	350,000		15,232,468
CGX Energy, Inc. (a)	615,000		456,990
Chesapeake Energy Corp.	1,186,200		37,175,508
Denbury Resources, Inc. (a)	486,775		10,689,579
Devon Energy Corp.	480,546		40,399,502
Double Eagle Petroleum Co. (a)(d)	321,499		2,327,653
EOG Resources, Inc.	221,185		24,140,131
Kosmos Energy Ltd.	141,500		2,709,725
Madalena Ventures, Inc. (a)	1,981,000		1,410,692
Newfield Exploration Co. (a)	520,753		38,842,966
Niko Resources Ltd.	243,300		20,160,542

	Shares		Value
Noble Energy, Inc.	589,607		$ 54,951,372
Northern Oil & Gas, Inc. (a)(d)	408,400		8,208,840
Painted Pony Petroleum Ltd. (a)(e)	31,400		392,763
Painted Pony Petroleum Ltd. Class A (a)	491,200		6,144,119
Petrobank Energy & Resources Ltd. (a)	236,800		4,196,146
Petroleum Development Corp. (a)	340,314		12,370,414
Petrominerales Ltd.	145,442		4,897,851
Pinecrest Energy, Inc. (a)	1,093,600		3,036,053
Pinecrest Energy, Inc. (a)(e)	840,200		2,332,564
QEP Resources, Inc.	299,100		13,010,850
Resolute Energy Corp. (a)(d)	596,900		10,386,060
Rodinia Oil Corp.	225,500		414,253
Southwestern Energy Co. (a)	242,800		10,627,356
Talisman Energy, Inc. (d)	1,448,100		30,577,559
Tourmaline Oil Corp. (a)	18,100		560,214
Tourmaline Oil Corp. (a)(e)	18,900		584,974
Voyager Oil & Gas, Inc. (a)	210,032		640,598
Voyager Oil & Gas, Inc. warrants 2/4/16 (a)	105,016		105,920
			576,784,666
Oil & Gas Storage & Transport - 6.4%
Williams Companies, Inc.	2,159,899		67,799,230
TOTAL OIL, GAS & CONSUMABLE FUELS			697,141,805
TOTAL COMMON STOCKS (Cost $935,720,023)		1,056,234,166
Money Market Funds - 5.7%

Fidelity Cash Central Fund, 0.14% (b)	4,689,721		4,689,721
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	55,136,865		55,136,865
TOTAL MONEY MARKET FUNDS (Cost $59,826,586)		59,826,586
TOTAL INVESTMENT PORTFOLIO - 105.7% (Cost $995,546,609)			1,116,060,752
NET OTHER ASSETS (LIABILITIES) - (5.7)%			(59,734,526)
NET ASSETS - 100%		$ 1,056,326,226

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,215
Fidelity Securities Lending Cash Central Fund	123,599
Total	$ 129,814

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,056,234,166	$ 1,056,128,246	$ 105,920	$ -
Money Market Funds	59,826,586	59,826,586	-	-
Total Investments in Securities:	$ 1,116,060,752	$ 1,115,954,832	$ 105,920	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $998,176,381. Net unrealized appreciation aggregated $117,884,371, of which $146,107,937 related to appreciated investment securities and $28,223,566 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2011

1.802184.107

NAT-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
CHEMICALS - 1.8%
Specialty Chemicals - 1.8%
LyondellBasell Industries NV Class A	778,400		$ 34,101,704
CONSTRUCTION & ENGINEERING - 1.2%
Construction & Engineering - 1.2%
Foster Wheeler AG (a)	196,200		6,721,812
Jacobs Engineering Group, Inc. (a)	355,500		16,374,330
			23,096,142
CONTAINERS & PACKAGING - 1.5%
Metal & Glass Containers - 1.4%
Ball Corp.	261,400		10,327,914
Crown Holdings, Inc. (a)	401,500		16,304,915
			26,632,829
Paper Packaging - 0.1%
Temple-Inland, Inc.	121,100		2,874,914
TOTAL CONTAINERS & PACKAGING			29,507,743
ENERGY EQUIPMENT & SERVICES - 26.1%
Oil & Gas Drilling - 9.9%
Discovery Offshore S.A. (a)(e)	680,100		1,452,207
Ensco International Ltd. ADR (d)	702,100		37,435,972
Hercules Offshore, Inc. (a)	801,000		5,006,250
Nabors Industries Ltd. (a)	865,600		24,141,584
Noble Corp.	543,900		22,773,093
Northern Offshore Ltd.	945,000		1,991,524
Ocean Rig UDW, Inc. (a)	437,800		8,616,670
Parker Drilling Co. (a)	440,700		2,811,666
Patterson-UTI Energy, Inc.	560,700		17,566,731
Rowan Companies, Inc. (a)	633,600		25,122,240
Transocean Ltd. (United States)	632,100		43,810,851
Tuscany International Drilling, Inc. (a)	1,106,700		1,473,392
			192,202,180
Oil & Gas Equipment & Services - 16.2%
Aker Drilling ASA (a)	512,500		1,646,258
Baker Hughes, Inc.	1,021,600		75,526,888
Basic Energy Services, Inc. (a)	74,000		2,012,800
Dresser-Rand Group, Inc. (a)	134,200		7,056,236
Global Industries Ltd. (a)	327,800		2,055,306
Halliburton Co.	1,655,400		83,018,310
ION Geophysical Corp. (a)	102,400		1,033,216
Key Energy Services, Inc. (a)	296,500		5,242,120
National Oilwell Varco, Inc.	463,258		33,623,266
Oceaneering International, Inc.	98,500		8,027,750
Oil States International, Inc. (a)	194,900		15,406,845
RPC, Inc.	97,500		2,455,050
Saipem SpA	54,413		2,870,674
Schlumberger Ltd.	754,792		64,700,770
Schoeller-Bleckmann Oilfield Equipment AG	47,800		4,603,454

	Shares		Value
Weatherford International Ltd. (a)	71,100		$ 1,405,647
Willbros Group, Inc. (a)	314,600		3,127,124
			313,811,714
TOTAL ENERGY EQUIPMENT & SERVICES			506,013,894
METALS & MINING - 14.1%
Diversified Metals & Mining - 4.8%
Anglo American PLC (United Kingdom)	162,100		8,079,386
Freeport-McMoRan Copper & Gold, Inc.	762,034		39,351,436
Grande Cache Coal Corp. (a)	166,500		1,427,953
MacArthur Coal Ltd.	320,987		4,077,769
Teck Resources Ltd. Class B (sub. vtg.)	408,500		21,425,223
Thompson Creek Metals Co., Inc. (a)(d)	315,600		3,413,476
Walter Energy, Inc.	121,300		15,107,915
			92,883,158
Gold - 8.3%
AngloGold Ashanti Ltd. sponsored ADR	145,600		6,691,776
Barrick Gold Corp. (d)	498,000		23,842,531
Goldcorp, Inc.	694,900		34,753,965
Harmony Gold Mining Co. Ltd. sponsored ADR	607,000		8,443,370
IAMGOLD Corp.	623,400		13,137,755
Kinross Gold Corp.	309,467		4,861,022
Newcrest Mining Ltd.	642,706		27,238,995
Newmont Mining Corp.	643,500		36,402,795
Yamana Gold, Inc.	547,200		7,019,656
			162,391,865
Precious Metals & Minerals - 0.8%
Pan American Silver Corp.	134,500		4,558,206
Silver Wheaton Corp.	288,100		10,626,652
			15,184,858
Steel - 0.2%
Reliance Steel & Aluminum Co.	82,400		4,244,424
TOTAL METALS & MINING			274,704,305
OIL, GAS & CONSUMABLE FUELS - 55.1%
Coal & Consumable Fuels - 3.5%
Massey Energy Co.	752,900		49,691,400
Peabody Energy Corp.	297,100		18,230,056
Solazyme, Inc.	23,600		531,708
			68,453,164
Integrated Oil & Gas - 26.7%
Chevron Corp.	1,511,400		158,560,972
Exxon Mobil Corp.	377,800		31,534,966
Hess Corp.	991,100		78,326,633
Marathon Oil Corp.	2,071,900		112,234,823
OAO Gazprom sponsored ADR	634,200		9,354,450
Occidental Petroleum Corp.	1,066,700		115,043,595
Suncor Energy, Inc.	306,500		12,795,216
			517,850,655
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - 14.2%
Apache Corp.	133,100		$ 16,584,260
Bankers Petroleum Ltd. (a)	933,300		7,676,765
Berry Petroleum Co. Class A	344,500		18,055,245
Brigham Exploration Co. (a)	67,600		2,105,064
Carrizo Oil & Gas, Inc. (a)	110,200		4,210,742
Cimarex Energy Co.	80,800		7,751,144
Clayton Williams Energy, Inc. (a)	26,400		1,979,736
Concho Resources, Inc. (a)	18,800		1,778,668
Gran Tierra Energy, Inc. (a)	2,790,100		20,156,561
Kosmos Energy Ltd.	29,100		557,265
Newfield Exploration Co. (a)	407,600		30,402,884
Niko Resources Ltd.	35,200		2,916,774
Noble Energy, Inc.	149,400		13,924,080
Northern Oil & Gas, Inc. (a)(d)	341,800		6,870,180
Pacific Rubiales Energy Corp.	147,300		4,110,627
Painted Pony Petroleum Ltd. Class A (a)	278,300		3,481,084
Petrobank Energy & Resources Ltd. (a)	97,300		1,724,177
Petroleum Development Corp. (a)	66,600		2,420,910
Petrominerales Ltd.	83,051		2,796,795
Pioneer Natural Resources Co.	392,600		36,048,532
Stone Energy Corp. (a)	161,200		5,200,312
Talisman Energy, Inc.	1,972,200		41,644,266
Tourmaline Oil Corp. (a)	65,400		2,024,197
Whiting Petroleum Corp. (a)	626,700		42,051,570
			276,471,838
Oil & Gas Refining & Marketing - 9.5%
CVR Energy, Inc. (a)	775,800		16,958,988
Frontier Oil Corp.	1,208,227		36,077,658
Holly Corp.	957,600		59,668,056
Keyera Corp.	79,500		3,442,716
Petroplus Holdings AG	122,930		1,938,573
Tesoro Corp. (a)	1,085,900		26,495,960
Valero Energy Corp.	1,046,900		28,789,750
Western Refining, Inc. (a)(d)	684,002		11,922,155
			185,293,856
Oil & Gas Storage & Transport - 1.2%
Atlas Energy LP	41,700		1,029,990
Atlas Pipeline Partners, LP	69,700		2,474,350
Targa Resources Corp.	25,600		893,952
Tesoro Logistics LP	8,100		201,204
Williams Companies, Inc.	575,200		18,055,528
			22,655,024
TOTAL OIL, GAS & CONSUMABLE FUELS			1,070,724,537

	Shares		Value
PAPER & FOREST PRODUCTS - 0.2%
Paper Products - 0.2%
Domtar Corp.	41,900		$ 4,293,912
TOTAL COMMON STOCKS (Cost $1,601,356,915)		1,942,442,237

Convertible Bonds - 0.1%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductors - 0.1%
SunPower Corp. 4.75% 4/15/14 (Cost $710,000)	$ 710,000	771,238

Money Market Funds - 4.1%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	1,459,833		1,459,833
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	78,146,771		78,146,771
TOTAL MONEY MARKET FUNDS (Cost $79,606,604)		79,606,604

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $1,681,673,519)

2,022,820,079

NET OTHER ASSETS (LIABILITIES) - (4.2)%			(80,747,243)
NET ASSETS - 100%		$ 1,942,072,836

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,801
Fidelity Securities Lending Cash Central Fund	18,120
Total	$ 22,921

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,942,442,237	$ 1,942,442,237	$ -	$ -
Convertible Bonds	771,238	-	771,238	-
Money Market Funds	79,606,604	79,606,604	-	-
Total Investments in Securities:	$ 2,022,820,079	$ 2,022,048,841	$ 771,238	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,702,658,936. Net unrealized appreciation aggregated $320,161,143, of which $356,724,699 related to appreciated investment securities and $36,563,556 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2011

1.802187.107

PHR-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
BIOTECHNOLOGY - 6.6%
Biotechnology - 6.6%
3SBio, Inc. sponsored ADR (a)	29,700		$ 550,935
Acadia Pharmaceuticals, Inc. (a)	150,000		283,500
Alexion Pharmaceuticals, Inc. (a)	38,072		1,805,374
Amgen, Inc. (a)	90,000		5,448,600
Amylin Pharmaceuticals, Inc. (a)	21,360		296,690
Ardea Biosciences, Inc. (a)	78,949		1,972,936
ARIAD Pharmaceuticals, Inc. (a)	248,900		2,160,452
Biogen Idec, Inc. (a)	15,300		1,449,369
BioMarin Pharmaceutical, Inc. (a)	121,500		3,429,945
BioMimetic Therapeutics, Inc. (a)(d)	136,500		1,128,855
Gilead Sciences, Inc. (a)	119,000		4,967,060
Human Genome Sciences, Inc. (a)	13,000		355,810
ImmunoGen, Inc. (a)	19,100		232,256
Incyte Corp. (a)(d)	20,500		363,465
InterMune, Inc. (a)	59,390		2,209,308
Medivation, Inc. (a)	55,000		1,326,050
Neurocrine Biosciences, Inc. (a)	190,000		1,567,500
NPS Pharmaceuticals, Inc. (a)	120,000		1,148,400
QLT, Inc. (a)	140,000		1,050,001
Sino Biopharmaceutical Ltd.	1,198,000		435,933
Sinovac Biotech Ltd. (a)	65,000		243,100
SuperGen, Inc. (a)	217,000		711,760
Targacept, Inc. (a)	2,900		65,250
Telik, Inc. (a)	229,000		144,270
Theravance, Inc. (a)	59,900		1,565,187
United Therapeutics Corp. (a)	27,700		1,788,589
			36,700,595
HEALTH CARE EQUIPMENT & SUPPLIES - 3.6%
Health Care Equipment - 3.2%
Baxter International, Inc.	75,000		4,464,000
Boston Scientific Corp. (a)	372,900		2,677,422
C. R. Bard, Inc.	33,500		3,744,630
Covidien PLC	78,300		4,306,500
Genmark Diagnostics, Inc.	45,500		262,535
Hologic, Inc. (a)	56,000		1,204,000
Masimo Corp.	30,000		921,600
Nakanishi, Inc.	4,900		490,947
			18,071,634
Health Care Supplies - 0.4%
Essilor International SA	18,000		1,457,202
RTI Biologics, Inc. (a)	76,405		233,035
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	384,000		508,563
			2,198,800
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			20,270,434
HEALTH CARE PROVIDERS & SERVICES - 1.5%
Health Care Facilities - 0.1%
LCA-Vision, Inc. (a)	110,000		624,800

	Shares		Value
Health Care Services - 1.4%
Accretive Health, Inc.	115,378		$ 2,808,301
Medco Health Solutions, Inc. (a)	45,600		2,729,616
Omnicare, Inc.	63,600		1,999,584
Sun Healthcare Group, Inc. (a)	40,000		398,800
			7,936,301
TOTAL HEALTH CARE PROVIDERS & SERVICES			8,561,101
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Allscripts-Misys Healthcare Solutions, Inc. (a)	74,400		1,496,184
SXC Health Solutions Corp. (a)	25,000		1,478,146
			2,974,330
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
WebMD Health Corp. (a)	25,000		1,192,000
LIFE SCIENCES TOOLS & SERVICES - 1.3%
Life Sciences Tools & Services - 1.3%
Agilent Technologies, Inc. (a)	57,100		2,847,577
Illumina, Inc. (a)	19,700		1,419,976
PerkinElmer, Inc.	66,100		1,830,309
QIAGEN NV (a)	31,877		628,933
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	30,000		547,500
			7,274,295
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Pall Corp.	22,000		1,234,200
PERSONAL PRODUCTS - 0.5%
Personal Products - 0.5%
Prestige Brands Holdings, Inc. (a)	121,892		1,573,626
Schiff Nutrition International, Inc.	110,000		1,065,900
			2,639,526
PHARMACEUTICALS - 82.5%
Pharmaceuticals - 82.5%
Abbott Laboratories	218,090		11,395,203
Akorn, Inc. (a)	374,100		2,547,621
Allergan, Inc.	198,300		16,405,359
AstraZeneca PLC sponsored ADR (d)	185,000		9,694,000
Auxilium Pharmaceuticals, Inc. (a)	99,700		2,232,283
Bayer AG	1,000		81,934
Bristol-Myers Squibb Co.	459,910		13,227,012
Cadence Pharmaceuticals, Inc. (a)(d)	160,600		1,548,184
Cardiome Pharma Corp. (a)	297,400		1,562,275
Cipla Ltd.	20,000		144,750
DepoMed, Inc. (a)(d)	215,000		1,960,800
Dr. Reddy's Laboratories Ltd. sponsored ADR (d)	148,400		5,380,984
Durect Corp. (a)	419,500		1,468,250
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Elan Corp. PLC sponsored ADR (a)(d)	1,127,800		$ 10,793,046
Eli Lilly & Co.	434,300		16,711,864
Endo Pharmaceuticals Holdings, Inc. (a)	160,400		6,677,452
Endo Pharmaceuticals Holdings, Inc. rights 2/27/12 (a)	9,000		0
Forest Laboratories, Inc. (a)	233,520		8,411,390
GlaxoSmithKline PLC sponsored ADR	658,400		28,614,064
Hi-Tech Pharmacal Co., Inc. (a)(d)	65,700		1,843,542
Hikma Pharmaceuticals PLC	89,000		1,244,405
Hospira, Inc. (a)	30,400		1,680,816
Impax Laboratories, Inc. (a)	168,100		4,513,485
Ista Pharmaceuticals, Inc. (a)	55,000		510,950
Johnson & Johnson	468,000		31,491,720
KV Pharmaceutical Co. Class A (a)(d)	110,000		350,900
MAP Pharmaceuticals, Inc. (a)	27,112		460,633
Meda AB (A Shares)	150,000		1,674,308
Medicis Pharmaceutical Corp. Class A	166,200		6,227,514
Merck & Co., Inc.	753,036		27,674,073
Mylan, Inc. (a)	415,200		9,775,884
Nektar Therapeutics (a)	305,500		2,957,240
Novartis AG sponsored ADR (d)	389,898		25,156,219
Novo Nordisk A/S Series B sponsored ADR	143,500		18,082,435
Obagi Medical Products, Inc. (a)	83,000		829,170
Optimer Pharmaceuticals, Inc. (a)(d)	201,000		2,916,510
Pain Therapeutics, Inc.	226,721		2,255,874
Paladin Labs, Inc. (a)	75,600		3,148,212
Par Pharmaceutical Companies, Inc. (a)	91,500		3,143,940
Perrigo Co.	159,800		13,672,488
Pfizer, Inc.	1,475,488		31,649,216
Pozen, Inc. (a)	184,000		947,600
Questcor Pharmaceuticals, Inc. (a)	209,800		4,840,086
Roche Holding AG (participation certificate)	32,000		5,627,858
Salix Pharmaceuticals Ltd. (a)	144,900		5,800,347
Sanofi-Aventis sponsored ADR (d)	591,700		23,437,237
Santarus, Inc. (a)	351,500		1,223,220
Shire PLC sponsored ADR	219,000		20,934,210
Sihuan Pharmaceutical Holdings Group Ltd.	268,439		167,403

	Shares		Value
Simcere Pharmaceutical Group sponsored ADR (a)	20,000		$ 238,000
Teva Pharmaceutical Industries Ltd. sponsored ADR	353,289		17,982,410
The Medicines Company (a)	189,500		3,621,345
Valeant Pharmaceuticals International, Inc. (Canada) (d)	535,927		28,091,989
Virbac SA	3,767		681,025
ViroPharma, Inc. (a)	166,700		3,225,645
Vivus, Inc. (a)(d)	260,000		2,280,200
Watson Pharmaceuticals, Inc. (a)	180,800		11,634,480
XenoPort, Inc. (a)(d)	210,000		1,627,500
			462,476,560
TOTAL COMMON STOCKS (Cost $432,052,071)		543,323,041
Money Market Funds - 14.6%

Fidelity Cash Central Fund, 0.14% (b)	15,598,588		15,598,588
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	66,353,890		66,353,890
TOTAL MONEY MARKET FUNDS (Cost $81,952,478)		81,952,478
TOTAL INVESTMENT PORTFOLIO - 111.5% (Cost $514,004,549)			625,275,519
NET OTHER ASSETS (LIABILITIES) - (11.5)%			(64,535,134)
NET ASSETS - 100%		$ 560,740,385

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,666
Fidelity Securities Lending Cash Central Fund	102,698
Total	$ 106,364

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 543,323,041	$ 542,832,094	$ 490,947	$ -
Money Market Funds	81,952,478	81,952,478	-	-
Total Investments in Securities:	$ 625,275,519	$ 624,784,572	$ 490,947	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $518,206,728. Net unrealized appreciation aggregated $107,068,791, of which $114,166,290 related to appreciated investment securities and $7,097,499 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2011

1.802188.107

RET-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.9%
Specialized Consumer Services - 0.9%
Coinstar, Inc. (a)	120		$ 6,376
Steiner Leisure Ltd. (a)	35,136		1,756,800
			1,763,176
FOOD & STAPLES RETAILING - 0.5%
Food Distributors - 0.5%
Sysco Corp.	29,500		950,195
FOOD PRODUCTS - 0.1%
Packaged Foods & Meats - 0.1%
TreeHouse Foods, Inc. (a)	2,500		152,325
INTERNET & CATALOG RETAIL - 21.3%
Internet Retail - 21.3%
Amazon.com, Inc. (a)	128,500		25,274,664
Blue Nile, Inc. (a)(d)	41,700		2,085,000
Netflix, Inc. (a)(d)	6,640		1,798,112
Ocado Group PLC (a)(d)	113,100		414,320
Priceline.com, Inc. (a)	18,800		9,685,572
Wotif.com Holdings Ltd.	147,337		800,604
			40,058,272
INTERNET SOFTWARE & SERVICES - 2.6%
Internet Software & Services - 2.6%
eBay, Inc. (a)	154,300		4,809,531
LEISURE EQUIPMENT & PRODUCTS - 1.2%
Leisure Products - 1.2%
Hasbro, Inc.	49,700		2,273,278
MULTILINE RETAIL - 13.8%
Department Stores - 6.1%
DSW, Inc. Class A (a)(d)	51,800		2,597,770
Macy's, Inc.	263,600		7,612,768
Marisa Lojas SA	50,900		864,927
Nordstrom, Inc.	9,100		426,153
			11,501,618
General Merchandise Stores - 7.7%
Dollar Tree, Inc. (a)	81,300		5,182,062
Target Corp.	185,071		9,166,567
			14,348,629
TOTAL MULTILINE RETAIL			25,850,247
SPECIALTY RETAIL - 55.6%
Apparel Retail - 22.7%
Aeropostale, Inc. (a)	35,500		670,950
Chico's FAS, Inc.	398,386		6,007,661

	Shares		Value
Citi Trends, Inc. (a)	187,314		$ 3,128,144
Express, Inc.	150,401		3,176,469
Foot Locker, Inc.	66,500		1,658,510
Inditex SA	20,714		1,882,544
Limited Brands, Inc.	173,700		6,941,052
rue21, Inc. (a)(d)	49,300		1,668,312
TJX Companies, Inc.	222,800		11,812,856
Urban Outfitters, Inc. (a)	187,251		5,703,665
			42,650,163
Automotive Retail - 5.2%
Advance Auto Parts, Inc.	40,500		2,515,050
Asbury Automotive Group, Inc. (a)	1,800		30,240
AutoZone, Inc. (a)	20		5,880
O'Reilly Automotive, Inc. (a)	84,700		5,091,317
Penske Automotive Group, Inc.	99,045		2,056,174
			9,698,661
Computer & Electronics Retail - 1.9%
Best Buy Co., Inc.	31,800		1,009,968
Carphone Warehouse Group PLC (a)	63,300		406,349
GameStop Corp. Class A (a)	80,700		2,257,986
			3,674,303
Home Improvement Retail - 11.6%
Home Depot, Inc.	399,400		14,490,232
Lowe's Companies, Inc.	302,600		7,304,764
			21,794,996
Homefurnishing Retail - 4.7%
Bed Bath & Beyond, Inc. (a)	162,500		8,757,125
Specialty Stores - 9.5%
OfficeMax, Inc. (a)	320,000		2,675,200
Sally Beauty Holdings, Inc. (a)	166,500		2,790,540
Signet Jewelers Ltd. (a)	106,100		4,881,661
Staples, Inc.	1,594		26,811
Tractor Supply Co.	90,700		5,728,612
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	32,300		1,808,154
			17,910,978
TOTAL SPECIALTY RETAIL			104,486,226
TEXTILES, APPAREL & LUXURY GOODS - 2.8%
Apparel, Accessories & Luxury Goods - 2.8%
G-III Apparel Group Ltd. (a)	42,700		1,832,684
Phillips-Van Heusen Corp.	50,480		3,330,166
			5,162,850
Footwear - 0.0%
Arezzo Industria e Comercio SA	100		1,648
TOTAL TEXTILES, APPAREL & LUXURY GOODS			5,164,498
TOTAL COMMON STOCKS (Cost $147,281,022)		185,507,748
Money Market Funds - 6.8%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	6,720,236		$ 6,720,236
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	6,092,400		6,092,400
TOTAL MONEY MARKET FUNDS (Cost $12,812,636)		12,812,636

TOTAL INVESTMENT PORTFOLIO - 105.6%

(Cost $160,093,658)

198,320,384

NET OTHER ASSETS (LIABILITIES) - (5.6)%		(10,501,491)
NET ASSETS - 100%		$ 187,818,893

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,404
Fidelity Securities Lending Cash Central Fund	9,980
Total	$ 11,384

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $160,790,957. Net unrealized appreciation aggregated $37,529,427, of which $41,915,602 related to appreciated investment securities and $4,386,175 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

May 31, 2011

1.802189.107

SOF-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
CAPITAL MARKETS - 0.3%
Asset Management & Custody Banks - 0.3%
Internet Capital Group, Inc. (a)	308,959		$ 4,025,736
COMMUNICATIONS EQUIPMENT - 0.4%
Communications Equipment - 0.4%
Calix Networks, Inc. (a)	25,000		539,250
Sandvine Corp. (U.K.) (a)	1,622,500		3,332,241
Sonus Networks, Inc. (a)	596,300		1,932,012
			5,803,503
COMPUTERS & PERIPHERALS - 2.7%
Computer Hardware - 1.0%
Apple, Inc. (a)	37,100		12,904,493
Computer Storage & Peripherals - 1.7%
Datalink Corp. (a)	180,000		1,299,600
NetApp, Inc. (a)	224,400		12,290,388
Quantum Corp. (a)	1,995,100		6,124,957
STEC, Inc. (a)(d)	211,200		3,782,592
			23,497,537
TOTAL COMPUTERS & PERIPHERALS			36,402,030
DIVERSIFIED CONSUMER SERVICES - 0.3%
Education Services - 0.3%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	34,383		3,982,239
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6%
Alternative Carriers - 0.6%
inContact, Inc. (a)(e)	1,979,190		7,857,384
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
MedAssets, Inc. (a)	10,000		145,500
INTERNET SOFTWARE & SERVICES - 18.3%
Internet Software & Services - 18.3%
Active Network, Inc.	256,600		4,708,610
Akamai Technologies, Inc. (a)	99,000		3,359,565
AOL, Inc. (a)	118,800		2,443,716
Baidu.com, Inc. sponsored ADR (a)	54,100		7,341,911
Constant Contact, Inc. (a)	53,835		1,294,732
DealerTrack Holdings, Inc. (a)	84,200		1,950,914
Dice Holdings, Inc. (a)	116,600		1,722,182
Digital River, Inc. (a)	29,640		964,782
eBay, Inc. (a)	1,178,400		36,730,728
Equinix, Inc. (a)	76,400		7,746,960
Google, Inc. Class A (a)	186,700		98,768,034
IntraLinks Holdings, Inc.	96,900		2,000,985
Keynote Systems, Inc.	40,000		849,200
LivePerson, Inc. (a)	360,900		4,280,274
LogMeIn, Inc. (a)(d)	24,100		1,048,832

	Shares		Value
Mercadolibre, Inc. (d)	26,200		$ 2,308,744
Open Text Corp. (a)	32,200		2,098,591
Rackspace Hosting, Inc. (a)	284,777		12,530,188
RightNow Technologies, Inc. (a)	64,819		2,145,509
Saba Software, Inc. (a)	503,001		4,974,680
SciQuest, Inc.	50,000		824,000
SPS Commerce, Inc. (a)	475,188		7,935,640
The Knot, Inc. (a)	306,510		3,144,793
VeriSign, Inc.	207,100		7,252,642
VistaPrint Ltd. (a)	78,700		3,870,466
WebMD Health Corp. (a)	37,100		1,768,928
Yahoo!, Inc. (a)	1,143,000		18,916,650
			242,982,256
IT SERVICES - 25.5%
Data Processing & Outsourced Services - 9.5%
Alliance Data Systems Corp. (a)	53,400		5,015,862
Fidelity National Information Services, Inc.	518,789		16,694,630
Fiserv, Inc. (a)	415,200		26,788,704
Heartland Payment Systems, Inc.	15,000		285,300
Lender Processing Services, Inc.	14,700		390,726
MasterCard, Inc. Class A	95,800		27,499,390
Syntel, Inc.	72,900		3,927,123
VeriFone Systems, Inc. (a)	88,000		4,235,440
Visa, Inc. Class A	513,800		41,648,628
WNS Holdings Ltd. sponsored ADR (a)	1,302		12,135
			126,497,938
IT Consulting & Other Services - 16.0%
Accenture PLC Class A	613,300		35,197,287
Acxiom Corp. (a)	47,500		653,125
Atos Origin SA (a)	126,010		7,367,649
Camelot Information Systems, Inc. ADR	128,700		2,379,663
Cognizant Technology Solutions Corp. Class A (a)	358,100		27,229,924
HCL Technologies Ltd.	222,783		2,545,809
hiSoft Technology International Ltd. ADR (a)(d)	446,700		6,972,987
iGate Corp.	27,000		498,150
International Business Machines Corp.	638,500		107,861,805
InterXion Holding N.V.	111,501		1,573,279
Lionbridge Technologies, Inc. (a)(e)	3,493,710		11,319,620
Sapient Corp. (a)	141,400		2,077,166
ServiceSource International, Inc.	28,400		552,380
Unisys Corp. (a)	70,200		1,962,090
Virtusa Corp. (a)	169,068		3,406,720
			211,597,654
TOTAL IT SERVICES			338,095,592
MEDIA - 0.2%
Advertising - 0.2%
MDC Partners, Inc. Class A (sub. vtg.)	116,900		2,147,454
Common Stocks - continued
	Shares		Value
OFFICE ELECTRONICS - 1.4%
Office Electronics - 1.4%
Xerox Corp.	1,807,049		$ 18,449,970
SOFTWARE - 50.2%
Application Software - 26.8%
Actuate Corp. (a)	45,000		244,800
Adobe Systems, Inc. (a)	555,179		19,225,849
AsiaInfo Holdings, Inc. (a)(d)	309,000		5,540,370
Aspen Technology, Inc. (a)	881,300		14,585,515
Autodesk, Inc. (a)	126,000		5,415,480
Autonomy Corp. PLC (a)	428,177		12,656,806
Blackboard, Inc. (a)(d)	108,000		4,653,720
BroadSoft, Inc. (a)	65,000		2,570,100
Cadence Design Systems, Inc. (a)	105,700		1,129,933
Callidus Software, Inc. (a)(d)	1,345,497		7,924,977
Citrix Systems, Inc. (a)	329,100		28,835,742
Compuware Corp. (a)	980,100		9,987,219
Concur Technologies, Inc. (a)	176,600		8,824,702
Convio, Inc. (a)(e)	1,288,292		14,712,295
Deltek, Inc. (a)	150,000		1,117,500
Descartes Systems Group, Inc. (a)	922,800		6,276,126
ebix.com, Inc. (a)(d)	633,025		12,533,895
EPIQ Systems, Inc.	1,900		28,424
Guidance Software, Inc. (a)	90,109		723,575
Informatica Corp. (a)	233,900		13,720,574
Interactive Intelligence, Inc. (a)	124,669		4,526,731
Intuit, Inc. (a)	545,100		29,419,047
JDA Software Group, Inc. (a)	153,700		5,076,711
Kenexa Corp. (a)	541,778		17,131,020
Kingdee International Software Group Co. Ltd.	1,390,000		798,912
Longtop Financial Technologies Ltd. ADR (a)	74,400		140,839
Magma Design Automation, Inc. (a)	402,000		2,805,960
MicroStrategy, Inc. Class A (a)	46,800		6,841,692
NetScout Systems, Inc. (a)	98,400		2,282,880
Nuance Communications, Inc. (a)	536,800		11,788,128
Parametric Technology Corp. (a)	370,000		8,617,300
Pegasystems, Inc.	156,000		5,826,600
PROS Holdings, Inc. (a)	143,200		2,405,760
QAD, Inc.:
Class A	53,324		575,899
Class B	23,045		238,746
QLIK Technologies, Inc.	106,077		3,531,303
Royalblue Group PLC	103,100		3,298,610
Sage Group PLC	281,400		1,343,304
salesforce.com, Inc. (a)	146,978		22,378,870
SAP AG sponsored ADR (d)	30,700		1,908,619
SolarWinds, Inc. (a)(d)	393,200		9,692,380
Solera Holdings, Inc.	120,000		7,090,800
SuccessFactors, Inc. (a)	32,162		1,127,921
Synchronoss Technologies, Inc. (a)	291,900		9,369,990
Synopsys, Inc. (a)	141,000		3,854,940

	Shares		Value
Taleo Corp. Class A (a)	172,162		$ 6,426,807
TIBCO Software, Inc. (a)	301,800		8,477,562
TiVo, Inc. (a)(d)	452,300		4,676,782
VanceInfo Technologies, Inc. ADR (a)(d)	128,200		3,276,792
			355,638,507
Systems Software - 23.4%
Ariba, Inc. (a)	273,900		9,186,606
BMC Software, Inc. (a)	311,100		17,368,713
Check Point Software Technologies Ltd. (a)	102,100		5,607,332
CommVault Systems, Inc. (a)	147,500		6,097,650
DemandTec, Inc. (a)	1,296,900		12,891,186
Fortinet, Inc. (a)	35,900		1,740,791
Microsoft Corp.	3,279,800		82,027,798
NetSuite, Inc. (a)	68,100		2,570,094
Opnet Technologies, Inc.	72,200		2,828,074
Oracle Corp.	3,628,000		124,150,163
Pervasive Software, Inc. (a)	119,283		769,375
Progress Software Corp. (a)	44,700		1,210,029
Radiant Systems, Inc. (a)	7,500		157,500
Rovi Corp. (a)	179,277		10,390,895
Sourcefire, Inc. (a)	127,100		3,394,841
Symantec Corp. (a)	714,600		13,970,430
VMware, Inc. Class A (a)	156,500		15,230,580
			309,592,057
TOTAL SOFTWARE			665,230,564
TOTAL COMMON STOCKS (Cost $1,051,972,414)		1,325,122,228
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.14% (b)	5,305,674		5,305,674
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	29,904,650		29,904,650
TOTAL MONEY MARKET FUNDS (Cost $35,210,324)		35,210,324
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,087,182,738)			1,360,332,552
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(34,344,010)
NET ASSETS - 100%		$ 1,325,988,542

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,892
Fidelity Securities Lending Cash Central Fund	28,778
Total	$ 30,670

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Convio, Inc.	$ 5,517,786	$ 8,581,639	$ -	$ -	$ 14,712,295
inContact, Inc.	4,689,032	1,836,143	-	-	7,857,384
Lionbridge Technologies, Inc.	9,156,245	3,447,964	-	-	11,319,620
Total	$ 19,363,063	$ 13,865,746	$ -	$ -	$ 33,889,299

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,325,122,228	$ 1,324,981,389	$ -	$ 140,839
Money Market Funds	35,210,324	35,210,324	-	-
Total Investments in Securities:	$ 1,360,332,552	$ 1,360,191,713	$ -	$ 140,839

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(2,014,529)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	2,155,368
Transfers out of Level 3	-
Ending Balance	$ 140,839
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ (2,014,529)

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $1,092,472,747. Net unrealized appreciation aggregated $267,859,805, of which $289,771,029 related to appreciated investment securities and $21,911,224 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

May 31, 2011

1.802190.107

TEC-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
AUTOMOBILES - 0.0%
Automobile Manufacturers - 0.0%
Tesla Motors, Inc. (a)	23,995		$ 723,209
BUILDING PRODUCTS - 0.0%
Building Products - 0.0%
Asahi Glass Co. Ltd.	21,000		248,190
CHEMICALS - 0.0%
Commodity Chemicals - 0.0%
STR Holdings, Inc. (a)(d)	45,173		714,185
COMMUNICATIONS EQUIPMENT - 7.5%
Communications Equipment - 7.5%
Acme Packet, Inc. (a)	53,356		4,038,516
Alcatel-Lucent SA sponsored ADR (a)	1,974,546		11,195,676
Balda AG (a)(d)	185,949		2,621,743
Brocade Communications Systems, Inc. (a)	883,587		5,893,525
China Wireless Technologies Ltd.	676,000		163,411
Ciena Corp. (a)(d)	528,994		14,150,590
Cisco Systems, Inc.	799,766		13,436,069
DG FastChannel, Inc. (a)	98,671		3,490,980
Finisar Corp. (a)	291,548		7,002,983
HTC Corp.	344,350		14,665,980
Infinera Corp. (a)	206,300		1,464,730
JDS Uniphase Corp. (a)	559,994		11,306,279
Juniper Networks, Inc. (a)	73,945		2,707,126
Motorola Mobility Holdings, Inc.	228,891		5,754,320
NETGEAR, Inc. (a)	73,049		3,057,101
Oclaro, Inc. (a)	239,400		2,291,058
Polycom, Inc. (a)	239,493		13,749,293
QUALCOMM, Inc.	1,176,626		68,938,517
Riverbed Technology, Inc. (a)	139,987		5,308,307
Sandvine Corp. (a)	1,941,200		3,991,471
Sandvine Corp. (U.K.) (a)	2,302,512		4,728,829
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	541,409		8,034,510
ZTE Corp. (H Shares)	64,800		230,798
			208,221,812
COMPUTERS & PERIPHERALS - 16.1%
Computer Hardware - 11.8%
Apple, Inc. (a)	799,098		277,950,250
Hewlett-Packard Co.	1,003,820		37,522,792
Stratasys, Inc. (a)	185,792		6,539,878
Toshiba Corp.	439,000		2,335,902
Wistron Corp.	1,598,000		3,012,463
			327,361,285
Computer Storage & Peripherals - 4.3%
Catcher Technology Co. Ltd.	222,000		1,449,258
EMC Corp. (a)	2,120,212		60,362,436
Gemalto NV	145,752		7,145,303
NetApp, Inc. (a)	196,659		10,771,013
Quantum Corp. (a)	214,500		658,515

	Shares		Value
SanDisk Corp. (a)	649,795		$ 30,878,258
Seagate Technology	78,513		1,319,018
Smart Technologies, Inc. Class A (a)(d)	85,600		604,336
Western Digital Corp. (a)	151,441		5,550,313
			118,738,450
TOTAL COMPUTERS & PERIPHERALS			446,099,735
CONSUMER FINANCE - 0.1%
Consumer Finance - 0.1%
Discover Financial Services	128,200		3,056,288
DIVERSIFIED CONSUMER SERVICES - 1.2%
Education Services - 1.2%
Educomp Solutions Ltd.	53,012		543,358
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	279,592		32,382,345
			32,925,703
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
A123 Systems, Inc. (a)(d)	50,600		311,190
Acuity Brands, Inc.	4,804		292,852
			604,042
ELECTRONIC EQUIPMENT & COMPONENTS - 4.1%
Electronic Components - 2.7%
Aeroflex Holding Corp.	41,746		761,030
Amphenol Corp. Class A	4,200		227,052
AU Optronics Corp. sponsored ADR (a)(d)	697,400		5,683,810
Cando Corp. (a)	6,037,106		5,289,976
Chimei Innolux Corp. (a)	2,799,000		2,814,146
Corning, Inc.	1,846,874		37,214,511
DigiTech Systems Co., Ltd. (a)	140,278		1,547,806
DTS, Inc. (a)	6,386		294,267
J Touch Corp.	99,912		342,516
Kyocera Corp.	13,800		1,450,676
LG Display Co. Ltd. sponsored ADR (d)	531,943		8,835,573
Omron Corp.	56,600		1,460,940
Vishay Intertechnology, Inc. (a)	261,192		4,145,117
Wintek Corp. (a)	822,000		1,101,931
Young Fast Optoelectron Co. Ltd.	322,000		2,192,006
			73,361,357
Electronic Equipment & Instruments - 0.4%
Chroma ATE, Inc.	1,513,120		4,849,168
Itron, Inc. (a)	26,074		1,336,293
Keyence Corp.	5,200		1,369,070
SFA Engineering Corp.	10,482		597,722
SNU Precision Co. Ltd.	38,786		577,205
Test Research, Inc.	818,550		1,537,371
			10,266,829
Electronic Manufacturing Services - 0.5%
Benchmark Electronics, Inc. (a)	14,900		257,472
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Manufacturing Services - continued
IPG Photonics Corp. (a)	7,400		$ 556,110
Jabil Circuit, Inc.	13,000		280,540
Ju Teng International Holdings Ltd.	598,000		171,468
KEMET Corp. (a)	302,559		4,453,668
TE Connectivity Ltd.	13,200		486,156
Trimble Navigation Ltd. (a)	192,369		8,404,602
			14,610,016
Technology Distributors - 0.5%
Anixter International, Inc.	3,980		269,406
Digital China Holdings Ltd. (H Shares)	5,999,000		11,416,088
Inspur International Ltd.	4,487,000		259,624
VST Holdings Ltd. (a)	7,866,000		1,952,037
WPG Holding Co. Ltd.	661,652		1,226,522
			15,123,677
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			113,361,879
HEALTH CARE EQUIPMENT & SUPPLIES - 0.8%
Health Care Equipment - 0.4%
Biosensors International Group Ltd. (a)	7,220,000		7,492,784
China Kanghui Holdings sponsored ADR (a)(d)	29,200		692,916
China Medical Technologies, Inc. sponsored ADR (a)(d)	5,306		53,007
Microport Scientific Corp.	1,625,000		1,207,697
Mingyuan Medicare Development Co. Ltd.	890,000		64,085
			9,510,489
Health Care Supplies - 0.4%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	8,816,000		11,675,770
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			21,186,259
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Distributors & Services - 0.1%
Sinopharm Group Co. Ltd. (H Shares)	430,800		1,545,456
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	1,500		67,155
HOTELS, RESTAURANTS & LEISURE - 0.4%
Hotels, Resorts & Cruise Lines - 0.4%
Ctrip.com International Ltd. sponsored ADR (a)	239,607		10,782,315
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.1%
Skyworth Digital Holdings Ltd.	4,342,419		2,814,097

	Shares		Value
Household Appliances - 0.2%
Haier Electronics Group Co. Ltd. (a)	2,303,000		$ 2,816,120
Techtronic Industries Co. Ltd.	2,201,500		2,694,836
			5,510,956
TOTAL HOUSEHOLD DURABLES			8,325,053
INTERNET & CATALOG RETAIL - 1.6%
Internet Retail - 1.6%
Amazon.com, Inc. (a)	195,411		38,435,390
E-Commerce China Dangdang, Inc. ADR	990		19,394
MakeMyTrip Ltd. (d)	27,400		634,036
Priceline.com, Inc. (a)	8,025		4,134,400
			43,223,220
INTERNET SOFTWARE & SERVICES - 10.1%
Internet Software & Services - 10.1%
21Vianet Group, Inc. ADR (d)	89,500		1,107,115
Alibaba.com Ltd.	1,646,000		2,776,773
Baidu.com, Inc. sponsored ADR (a)	234,377		31,807,303
Blinkx PLC (a)(d)	500,000		1,153,521
China Finance Online Co. Ltd. ADR (a)	270,139		1,285,862
ChinaCache International Holdings Ltd. sponsored ADR (d)	121,732		1,468,088
Cornerstone Ondemand, Inc.	157,365		3,038,718
DealerTrack Holdings, Inc. (a)	7,000		162,190
Digital River, Inc. (a)	78,136		2,543,327
eBay, Inc. (a)	1,481,789		46,187,363
Facebook, Inc. Class B (f)	122,522		3,063,050
Google, Inc. Class A (a)	160,416		84,863,272
IntraLinks Holdings, Inc.	271,730		5,611,225
Kakaku.com, Inc.	1,004		6,322,566
LinkedIn Corp. (a)	4,700		383,426
LogMeIn, Inc. (a)(d)	110,300		4,800,256
LoopNet, Inc. (a)	150,000		2,770,500
Mail.ru Group Ltd. GDR (a)(e)	5,600		192,080
MediaMind Technologies, Inc. (a)	16,500		288,420
Mercadolibre, Inc. (d)	114,645		10,102,517
NetEase.com, Inc. sponsored ADR (a)	173,700		8,012,781
Open Text Corp. (a)	5,600		364,972
OpenTable, Inc. (a)	22,300		1,969,759
Opera Software ASA	291,443		1,948,112
Phoenix New Media Ltd. ADR	364,200		4,191,942
Qihoo 360 Technology Co. Ltd. ADR (d)	2,800		73,080
Rackspace Hosting, Inc. (a)	259,394		11,413,336
Renren, Inc. ADR	18,800		241,580
Responsys, Inc.	4,900		84,231
RightNow Technologies, Inc. (a)	49,587		1,641,330
Saba Software, Inc. (a)	10,000		98,900
SINA Corp. (a)	154,471		18,349,610
Sohu.com, Inc. (a)	50,448		4,067,622
SouFun Holdings Ltd. ADR (d)	180,844		4,220,899
The Knot, Inc. (a)	16,300		167,238
VeriSign, Inc.	262,300		9,185,746
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
VistaPrint Ltd. (a)	54,122		$ 2,661,720
Vocus, Inc. (a)	45,600		1,242,144
YouKu.com, Inc. ADR (a)	200		8,454
			279,871,028
IT SERVICES - 11.7%
Data Processing & Outsourced Services - 3.8%
DST Systems, Inc.	28,724		1,443,955
Fidelity National Information Services, Inc.	624,602		20,099,692
Fiserv, Inc. (a)	332,600		21,459,352
MasterCard, Inc. Class A	79,210		22,737,231
Paychex, Inc.	295,215		9,535,445
Syntel, Inc.	25,001		1,346,804
VeriFone Systems, Inc. (a)	51,309		2,469,502
Visa, Inc. Class A	307,037		24,888,419
WNS Holdings Ltd. sponsored ADR (a)	26,900		250,708
			104,231,108
IT Consulting & Other Services - 7.9%
Accenture PLC Class A	1,873,303		107,508,859
Atos Origin SA (a)	244,065		14,270,180
Camelot Information Systems, Inc. ADR	87,300		1,614,177
Cognizant Technology Solutions Corp. Class A (a)	807,819		61,426,557
Digital Garage, Inc. (a)(d)	1,234		6,051,732
Hi Sun Technology (China) Ltd. (a)	1,290,000		320,128
hiSoft Technology International Ltd. ADR (a)	36,166		564,551
International Business Machines Corp.	84,176		14,219,852
Sapient Corp. (a)	268,700		3,947,203
Teradata Corp. (a)	156,050		8,706,030
			218,629,269
TOTAL IT SERVICES			322,860,377
LEISURE EQUIPMENT & PRODUCTS - 0.0%
Photographic Products - 0.0%
Eastman Kodak Co. (a)(d)	257,370		859,616
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc. (a)	6,800		339,116
Illumina, Inc. (a)	42,700		3,077,816
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	51,300		936,225
			4,353,157
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Fanuc Ltd.	18,100		2,793,581
Meyer Burger Technology AG (a)	276		12,345

	Shares		Value
Mirle Automation Corp.	1,102,000		$ 1,346,483
Sunpower Group Ltd.	4,225,000		1,353,069
			5,505,478
MEDIA - 3.1%
Advertising - 2.7%
AirMedia Group, Inc. ADR (a)	299,201		1,110,036
Focus Media Holding Ltd. ADR (a)(d)	2,062,525		64,453,906
ReachLocal, Inc. (d)	421,787		8,853,309
VisionChina Media, Inc. ADR (a)(d)	307,000		1,169,670
			75,586,921
Cable & Satellite - 0.3%
DISH Network Corp. Class A (a)	230,500		6,979,540
Movies & Entertainment - 0.1%
IMAX Corp. (a)	76,870		2,860,333
TOTAL MEDIA			85,426,794
METALS & MINING - 0.1%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	13,700		6,928
Steel - 0.1%
Xingda International Holdings Ltd.	2,279,000		2,440,990
TOTAL METALS & MINING			2,447,918
OFFICE ELECTRONICS - 0.1%
Office Electronics - 0.1%
Canon, Inc.	30,300		1,455,020
Xerox Corp.	27,023		275,905
			1,730,925
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
China Medical System Holding Ltd.	3,318,400		3,426,265
PROFESSIONAL SERVICES - 0.1%
Human Resource & Employment Services - 0.1%
51job, Inc. sponsored ADR (a)	47,200		2,695,592
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
China Real Estate Information Corp. ADR (a)(d)	545,801		3,618,661
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.2%
Semiconductor Equipment - 1.6%
Advanced Energy Industries, Inc. (a)	18,634		276,715
Amkor Technology, Inc. (a)(d)	184,784		1,180,770
Asia Pacific Systems, Inc. (a)	44,940		572,949
ASM International NV unit	41,200		1,738,228
ASM Pacific Technology Ltd.	71,700		975,397
ASML Holding NV	36,905		1,439,664
Axcelis Technologies, Inc. (a)	290,491		522,884
centrotherm photovoltaics AG	4,737		234,917
Cymer, Inc. (a)	150,822		7,219,849
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductor Equipment - continued
GCL-Poly Energy Holdings Ltd.	843,000		$ 452,002
KLA-Tencor Corp.	12,860		554,266
Lam Research Corp. (a)	118,162		5,553,023
LTX-Credence Corp. (a)	83,488		793,136
MEMC Electronic Materials, Inc. (a)	217,900		2,292,308
Novellus Systems, Inc. (a)	15,071		546,625
Roth & Rau AG (a)	9,022		290,751
Sumco Corp. (a)	500		9,025
Teradyne, Inc. (a)	131,055		2,098,191
Tessera Technologies, Inc. (a)	11,466		198,362
Varian Semiconductor Equipment Associates, Inc. (a)	287,342		17,647,109
			44,596,171
Semiconductors - 8.6%
Advanced Micro Devices, Inc. (a)	147,524		1,280,508
Alpha & Omega Semiconductor Ltd. (a)	108,406		1,515,516
Altera Corp.	203,032		9,763,809
Applied Micro Circuits Corp. (a)	108,425		1,147,137
ARM Holdings PLC sponsored ADR (d)	399,366		11,401,899
Atmel Corp. (a)	23,876		358,618
Avago Technologies Ltd.	352,563		11,913,104
Broadcom Corp. Class A	331,639		11,932,371
Canadian Solar, Inc. (a)(d)	18,800		185,180
Cavium Networks, Inc. (a)	65,395		2,908,770
CSR PLC	344,436		2,035,155
Cypress Semiconductor Corp.	72,526		1,698,559
Duksan Hi-Metal Co. Ltd. (a)	267,105		5,721,027
Fairchild Semiconductor International, Inc. (a)	215,691		3,891,066
First Solar, Inc. (a)(d)	67,208		8,350,594
Freescale Semiconductor Holdings I Ltd.	145,400		2,689,900
Hittite Microwave Corp. (a)	4,300		272,706
Hynix Semiconductor, Inc.	125,100		3,491,434
Inotera Memories, Inc. (a)	15,304,000		6,758,443
Inphi Corp.	157,295		3,120,733
International Rectifier Corp. (a)	88,345		2,542,569
Intersil Corp. Class A	480,588		6,896,438
JA Solar Holdings Co. Ltd. ADR (a)	312,602		1,884,990
Jinkosolar Holdings Co. Ltd. ADR (d)	166,839		4,341,151
MagnaChip Semiconductor Corp.	168,100		2,334,909
Marvell Technology Group Ltd. (a)	1,033,047		16,776,683
Melfas, Inc.	33,830		1,279,800
Micrel, Inc.	486,545		5,726,635
Micron Technology, Inc. (a)	1,671,054		17,044,751
Microsemi Corp. (a)	13,100		288,855
Monolithic Power Systems, Inc. (a)	177,599		3,072,463
Netlogic Microsystems, Inc. (a)	8,000		306,560
NVIDIA Corp. (a)	2,092,163		41,926,947
NXP Semiconductors NV	84,787		2,418,973
O2Micro International Ltd. sponsored ADR (a)	126,600		895,062

	Shares		Value
PMC-Sierra, Inc. (a)	57,600		$ 451,584
Power Integrations, Inc.	76,587		2,819,933
Radiant Opto-Electronics Corp.	24,194		91,218
Rambus, Inc. (a)	117,400		1,710,518
RDA Microelectronics, Inc. sponsored ADR	119,886		1,370,297
Richtek Technology Corp.	215,000		1,617,472
Samsung Electronics Co. Ltd.	3,286		2,748,236
Shinko Electric Industries Co.Ltd.	138,200		1,328,236
Silicon Laboratories, Inc. (a)	26,000		1,117,480
Spreadtrum Communications, Inc. ADR (a)(d)	317,064		6,116,165
Standard Microsystems Corp. (a)	89,783		2,407,980
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	9,500		77,140
Trina Solar Ltd. (a)(d)	505,256		11,595,625
Wolfson Microelectronics PLC (a)	288,200		1,152,001
Xilinx, Inc.	82,320		2,937,178
YoungTek Electronics Corp.	108,500		435,591
			236,149,969
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			280,746,140
SOFTWARE - 26.1%
Application Software - 16.7%
Adobe Systems, Inc. (a)	782,234		27,088,763
ANSYS, Inc. (a)	143,861		8,253,305
AsiaInfo Holdings, Inc. (a)(d)	1,138,480		20,412,946
Aspen Technology, Inc. (a)	739,927		12,245,792
Autodesk, Inc. (a)	414,176		17,801,284
AutoNavi Holdings Ltd. ADR	150,411		2,578,045
Autonomy Corp. PLC (a)	556,422		16,447,696
Blackboard, Inc. (a)	95,144		4,099,755
BroadSoft, Inc. (a)	352,852		13,951,768
Cadence Design Systems, Inc. (a)	302,400		3,232,656
Citrix Systems, Inc. (a)	232,077		20,334,587
Compuware Corp. (a)	774,215		7,889,251
Concur Technologies, Inc. (a)(d)	425,276		21,251,042
Convio, Inc. (a)	48,135		549,702
Descartes Systems Group, Inc. (a)	591,700		4,024,256
Informatica Corp. (a)	454,800		26,678,568
Intuit, Inc. (a)	636,042		34,327,187
JDA Software Group, Inc. (a)	8,244		272,299
Kenexa Corp. (a)	49,320		1,559,498
Kingdee International Software Group Co. Ltd.	29,075,600		16,711,404
Longtop Financial Technologies Ltd. ADR (a)	295,725		559,807
Manhattan Associates, Inc. (a)	7,155		257,222
MicroStrategy, Inc. Class A (a)	83,522		12,210,081
Nuance Communications, Inc. (a)	446,951		9,815,044
Parametric Technology Corp. (a)	1,167,096		27,181,666
Pegasystems, Inc.	231,551		8,648,430
QLIK Technologies, Inc.	384,254		12,791,816
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Quest Software, Inc. (a)	55,814		$ 1,266,699
RealPage, Inc.	47,600		1,401,820
salesforce.com, Inc. (a)	489,529		74,535,686
SolarWinds, Inc. (a)	328,812		8,105,216
SuccessFactors, Inc. (a)	426,800		14,967,876
Synopsys, Inc. (a)	151,200		4,133,808
Taleo Corp. Class A (a)	283,896		10,597,838
TIBCO Software, Inc. (a)	444,136		12,475,780
TiVo, Inc. (a)	26,100		269,874
VanceInfo Technologies, Inc. ADR (a)(d)	107,000		2,734,920
			461,663,387
Home Entertainment Software - 0.2%
Activision Blizzard, Inc.	18,200		218,218
NCsoft Corp.	20,889		5,471,622
Perfect World Co. Ltd. sponsored ADR Class B (a)	14,300		338,195
RealD, Inc. (d)	11,400		311,220
			6,339,255
Systems Software - 9.2%
Ariba, Inc. (a)	667,592		22,391,036
BMC Software, Inc. (a)	174,075		9,718,607
Check Point Software Technologies Ltd. (a)	133,769		7,346,593
CommVault Systems, Inc. (a)	399,335		16,508,509
DemandTec, Inc. (a)	118,600		1,178,884
Fortinet, Inc. (a)	152,378		7,388,809
Insyde Software Corp.	132,262		669,506
MICROS Systems, Inc. (a)	50,400		2,573,424
Microsoft Corp.	10,949		273,834
NetSuite, Inc. (a)	38,500		1,452,990
Oracle Corp.	4,350,776		148,883,555
Red Hat, Inc. (a)	30,213		1,317,287
Rovi Corp. (a)	177,361		10,279,844
TeleCommunication Systems, Inc. Class A (a)	105,200		524,948
Totvs SA	182,000		3,635,038
VMware, Inc. Class A (a)	218,397		21,254,396
			255,397,260
TOTAL SOFTWARE			723,399,902
WIRELESS TELECOMMUNICATION SERVICES - 1.6%
Wireless Telecommunication Services - 1.6%
American Tower Corp. Class A (a)	275,161		15,265,932
Crown Castle International Corp. (a)	325,500		13,478,955

	Shares		Value
SBA Communications Corp. Class A (a)	356,253		$ 13,997,180
SOFTBANK CORP.	32,300		1,254,850
Sprint Nextel Corp. (a)	60,951		356,563
			44,353,480
TOTAL COMMON STOCKS (Cost $2,332,198,341)		2,652,379,834
Money Market Funds - 8.9%

Fidelity Cash Central Fund, 0.14% (b)	132,917,120		132,917,120
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	113,314,049		113,314,049
TOTAL MONEY MARKET FUNDS (Cost $246,231,169)		246,231,169

TOTAL INVESTMENT PORTFOLIO - 104.8%

(Cost $2,578,429,510)

2,898,611,003

NET OTHER ASSETS (LIABILITIES) - (4.8)%			(131,851,437)
NET ASSETS - 100%		$ 2,766,759,566

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 26,360
Fidelity Securities Lending Cash Central Fund	118,643
Total	$ 145,003

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,652,379,834	$ 2,622,677,189	$ 26,079,788	$ 3,622,857
Money Market Funds	246,231,169	246,231,169	-	-
Total Investments in Securities:	$ 2,898,611,003	$ 2,868,908,358	$ 26,079,788	$ 3,622,857

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(8,008,177)
Cost of Purchases	3,063,881
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	8,567,153
Transfers out of Level 3	-
Ending Balance	$ 3,622,857
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ (8,008,177)

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $2,585,340,550. Net unrealized appreciation aggregated $313,270,453, of which $410,820,837 related to appreciated investment securities and $97,550,384 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

May 31, 2011

1.802191.107

TEL-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Diversified Support Services - 0.8%
Blue Label Telecoms Ltd.	4,339,400		$ 3,504,398
COMMUNICATIONS EQUIPMENT - 1.8%
Communications Equipment - 1.8%
F5 Networks, Inc. (a)	40		4,543
Juniper Networks, Inc. (a)	44,947		1,645,510
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	40		2,296
QUALCOMM, Inc.	109,500		6,415,605
			8,067,954
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
NetApp, Inc. (a)	20		1,095
Synaptics, Inc. (a)	50		1,403
			2,498
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
PT Tower Bersama Infrastructure Tbk	14,459,000		3,769,122
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.0%
Alternative Carriers - 12.0%
AboveNet, Inc.	113,300		8,845,331
Cable & Wireless Worldwide PLC	5		4
Cogent Communications Group, Inc. (a)	712,302		11,076,296
Global Crossing Ltd. (a)	214,886		7,486,628
Iliad SA	7,649		979,411
Level 3 Communications, Inc. (a)	26		60
PAETEC Holding Corp. (a)	644,880		2,876,165
tw telecom, inc. (a)	689,157		14,954,707
Vonage Holdings Corp. (a)	1,196,800		5,708,736
			51,927,338
Integrated Telecommunication Services - 36.0%
AT&T, Inc.	2,154,219		67,987,151
Cable & Wireless PLC	5		4
Cbeyond, Inc. (a)	494,498		7,100,991
CenturyLink, Inc.	883,884		38,174,950
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	215,100		4,749,408
Cincinnati Bell, Inc. New (a)	1,739,000		5,530,020
Frontier Communications Corp.	32		283
PT XL Axiata Tbk	3,572,000		2,573,704
Telecom Italia SpA sponsored ADR	26		369
Telenor ASA sponsored ADR (d)	125,100		6,357,582

	Shares		Value
Verizon Communications, Inc.	630,541		$ 23,285,879
Windstream Corp.	15		202
			155,760,543
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			207,687,881
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	40		1,748
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Rackspace Hosting, Inc. (a)(d)	90,700		3,990,800
Support.com, Inc. (a)	326,000		1,564,800
			5,555,600
MEDIA - 8.2%
Cable & Satellite - 8.2%
Comcast Corp. Class A	408,100		10,300,444
DIRECTV (a)	9		452
Kabel Deutschland Holding AG (a)	165,600		11,297,754
Liberty Global, Inc. Class A (a)(d)	98,400		4,432,920
Virgin Media, Inc.	290,600		9,479,372
			35,510,942
Movies & Entertainment - 0.0%
Madison Square Garden Co. Class A (a)	25		688
TOTAL MEDIA			35,511,630
SOFTWARE - 0.7%
Application Software - 0.7%
AsiaInfo Holdings, Inc. (a)(d)	170,800		3,062,444
Synchronoss Technologies, Inc. (a)	3		96
			3,062,540
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	3		15
TOTAL SOFTWARE			3,062,555
WIRELESS TELECOMMUNICATION SERVICES - 33.7%
Wireless Telecommunication Services - 33.7%
American Tower Corp. Class A (a)	484,800		26,896,704
Axiata Group Bhd	3,095,100		5,140,508
Clearwire Corp. Class A (a)(d)	1,476,236		6,790,686
Crown Castle International Corp. (a)	502,383		20,803,680
ICO Global Communications Holdings Ltd. Class A (a)(d)	3,631,577		10,604,205
Leap Wireless International, Inc. (a)(d)	296,158		4,978,416
MetroPCS Communications, Inc. (a)	516,506		9,245,457
MTN Group Ltd.	25		531
NII Holdings, Inc. (a)	358,100		15,634,646
NTELOS Holdings Corp.	32		667
PT Indosat Tbk	6,324,100		3,889,824
SBA Communications Corp. Class A (a)	336,282		13,212,520
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Sprint Nextel Corp. (a)	4,076,350		$ 23,846,648
Telephone & Data Systems, Inc.	58		1,897
Vivo Participacoes SA sponsored ADR	105,525		4,761,288
			145,807,677
TOTAL COMMON STOCKS (Cost $361,312,295)		412,971,063
Money Market Funds - 11.4%

Fidelity Cash Central Fund, 0.14% (b)	19,209,621		19,209,621
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	30,186,100		30,186,100
TOTAL MONEY MARKET FUNDS (Cost $49,395,721)		49,395,721

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $410,708,016)

462,366,784

NET OTHER ASSETS (LIABILITIES) - (6.8)%		(29,597,897)
NET ASSETS - 100%		$ 432,768,887

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,839
Fidelity Securities Lending Cash Central Fund	86,252
Total	$ 88,091

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 412,971,063	$ 412,971,063	$ -	$ -
Money Market Funds	49,395,721	49,395,721	-	-
Total Investments in Securities:	$ 462,366,784	$ 462,366,784	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	(580,722)
Total Unrealized Gain (Loss)	580,722
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $417,295,041. Net unrealized appreciation aggregated $45,071,743, of which $74,980,908 related to appreciated investment securities and $29,909,165 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2011

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

1.851743.104

ATLC-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Diversified Support Services - 0.8%
Blue Label Telecoms Ltd.	4,339,400		$ 3,504,398
COMMUNICATIONS EQUIPMENT - 1.8%
Communications Equipment - 1.8%
F5 Networks, Inc. (a)	40		4,543
Juniper Networks, Inc. (a)	44,947		1,645,510
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	40		2,296
QUALCOMM, Inc.	109,500		6,415,605
			8,067,954
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
NetApp, Inc. (a)	20		1,095
Synaptics, Inc. (a)	50		1,403
			2,498
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
PT Tower Bersama Infrastructure Tbk	14,459,000		3,769,122
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.0%
Alternative Carriers - 12.0%
AboveNet, Inc.	113,300		8,845,331
Cable & Wireless Worldwide PLC	5		4
Cogent Communications Group, Inc. (a)	712,302		11,076,296
Global Crossing Ltd. (a)	214,886		7,486,628
Iliad SA	7,649		979,411
Level 3 Communications, Inc. (a)	26		60
PAETEC Holding Corp. (a)	644,880		2,876,165
tw telecom, inc. (a)	689,157		14,954,707
Vonage Holdings Corp. (a)	1,196,800		5,708,736
			51,927,338
Integrated Telecommunication Services - 36.0%
AT&T, Inc.	2,154,219		67,987,151
Cable & Wireless PLC	5		4
Cbeyond, Inc. (a)	494,498		7,100,991
CenturyLink, Inc.	883,884		38,174,950
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	215,100		4,749,408
Cincinnati Bell, Inc. New (a)	1,739,000		5,530,020
Frontier Communications Corp.	32		283
PT XL Axiata Tbk	3,572,000		2,573,704
Telecom Italia SpA sponsored ADR	26		369
Telenor ASA sponsored ADR (d)	125,100		6,357,582

	Shares		Value
Verizon Communications, Inc.	630,541		$ 23,285,879
Windstream Corp.	15		202
			155,760,543
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			207,687,881
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	40		1,748
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Rackspace Hosting, Inc. (a)(d)	90,700		3,990,800
Support.com, Inc. (a)	326,000		1,564,800
			5,555,600
MEDIA - 8.2%
Cable & Satellite - 8.2%
Comcast Corp. Class A	408,100		10,300,444
DIRECTV (a)	9		452
Kabel Deutschland Holding AG (a)	165,600		11,297,754
Liberty Global, Inc. Class A (a)(d)	98,400		4,432,920
Virgin Media, Inc.	290,600		9,479,372
			35,510,942
Movies & Entertainment - 0.0%
Madison Square Garden Co. Class A (a)	25		688
TOTAL MEDIA			35,511,630
SOFTWARE - 0.7%
Application Software - 0.7%
AsiaInfo Holdings, Inc. (a)(d)	170,800		3,062,444
Synchronoss Technologies, Inc. (a)	3		96
			3,062,540
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	3		15
TOTAL SOFTWARE			3,062,555
WIRELESS TELECOMMUNICATION SERVICES - 33.7%
Wireless Telecommunication Services - 33.7%
American Tower Corp. Class A (a)	484,800		26,896,704
Axiata Group Bhd	3,095,100		5,140,508
Clearwire Corp. Class A (a)(d)	1,476,236		6,790,686
Crown Castle International Corp. (a)	502,383		20,803,680
ICO Global Communications Holdings Ltd. Class A (a)(d)	3,631,577		10,604,205
Leap Wireless International, Inc. (a)(d)	296,158		4,978,416
MetroPCS Communications, Inc. (a)	516,506		9,245,457
MTN Group Ltd.	25		531
NII Holdings, Inc. (a)	358,100		15,634,646
NTELOS Holdings Corp.	32		667
PT Indosat Tbk	6,324,100		3,889,824
SBA Communications Corp. Class A (a)	336,282		13,212,520
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Sprint Nextel Corp. (a)	4,076,350		$ 23,846,648
Telephone & Data Systems, Inc.	58		1,897
Vivo Participacoes SA sponsored ADR	105,525		4,761,288
			145,807,677
TOTAL COMMON STOCKS (Cost $361,312,295)		412,971,063
Money Market Funds - 11.4%

Fidelity Cash Central Fund, 0.14% (b)	19,209,621		19,209,621
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	30,186,100		30,186,100
TOTAL MONEY MARKET FUNDS (Cost $49,395,721)		49,395,721

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $410,708,016)

462,366,784

NET OTHER ASSETS (LIABILITIES) - (6.8)%		(29,597,897)
NET ASSETS - 100%		$ 432,768,887

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,839
Fidelity Securities Lending Cash Central Fund	86,252
Total	$ 88,091

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 412,971,063	$ 412,971,063	$ -	$ -
Money Market Funds	49,395,721	49,395,721	-	-
Total Investments in Securities:	$ 462,366,784	$ 462,366,784	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	(580,722)
Total Unrealized Gain (Loss)	580,722
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

May 31, 2011

1.802192.107

TRN-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
AEROSPACE & DEFENSE - 0.4%
Aerospace & Defense - 0.4%
Bombardier, Inc. Class B (sub. vtg.)	122,300		$ 851,979
The Boeing Co.	6,300		491,589
			1,343,568
AIR FREIGHT & LOGISTICS - 32.9%
Air Freight & Logistics - 32.9%
Air Transport Services Group, Inc. (a)	247,708		1,845,425
Atlas Air Worldwide Holdings, Inc. (a)	46,600		2,949,314
C.H. Robinson Worldwide, Inc.	125,396		10,059,267
Dart Group PLC	806,917		1,154,784
Expeditors International of Washington, Inc.	320,400		16,923,528
Express-1 Expedited Solutions, Inc. (a)	735,431		1,647,365
FedEx Corp.	94,300		8,830,252
Hub Group, Inc. Class A (a)	81,200		3,098,592
Pacer International, Inc. (a)	239,700		1,251,234
United Parcel Service, Inc. Class B	725,500		53,316,994
UTI Worldwide, Inc.	189,300		4,208,139
			105,284,894
AIRLINES - 19.2%
Airlines - 19.2%
Air Canada Class A (a)(e)	125,000		286,392
Alaska Air Group, Inc. (a)	95,500		6,450,070
Copa Holdings SA Class A	67,300		4,205,577
Delta Air Lines, Inc. (a)	1,225,302		12,351,044
Hawaiian Holdings, Inc. (a)	67,400		373,396
JetBlue Airways Corp. (a)	170,400		1,034,328
Republic Airways Holdings, Inc. (a)(d)	226,200		1,103,856
Ryanair Holdings PLC sponsored ADR	73,300		2,155,020
SkyWest, Inc.	156,400		2,413,252
Southwest Airlines Co.	1,131,500		13,385,645
United Continental Holdings, Inc. (a)(d)	573,936		13,860,554
US Airways Group, Inc. (a)	417,900		3,802,890
			61,422,024
AUTO COMPONENTS - 0.0%
Auto Parts & Equipment - 0.0%
Wescast Industries, Inc. Class A (sub. vtg.) (a)	10,100		90,894
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Diversified Support Services - 0.1%
KAR Auction Services, Inc. (a)	20,900		437,019
MACHINERY - 1.3%
Construction & Farm Machinery & Heavy Trucks - 1.3%
Accuride Corp. (a)	172,151		2,255,178
ASL Marine Holdings Ltd.	1,250,200		608,173
FreightCar America, Inc. (a)	41,400		1,144,710
			4,008,061

	Shares		Value
MARINE - 2.2%
Marine - 2.2%
Box Ships, Inc. (a)	95,800		$ 1,039,430
Kuehne & Nagel International AG	19,380		3,042,540
Navios Maritime Acquisition Corp.	795,932		3,024,542
			7,106,512
ROAD & RAIL - 40.3%
Railroads - 32.1%
CSX Corp.	338,973		26,880,559
Kansas City Southern (a)	187,900		11,065,431
Norfolk Southern Corp.	171,600		12,579,996
Union Pacific Corp.	496,068		52,072,258
			102,598,244
Trucking - 8.2%
Con-way, Inc.	125,900		4,976,827
Contrans Group, Inc.:
(sub. vtg.) (e)	12,800		112,287
Class A	74,100		650,034
Frozen Food Express Industries, Inc. (a)	869,592		3,295,754
J.B. Hunt Transport Services, Inc.	49,500		2,269,575
Landstar System, Inc.	75,200		3,558,464
Marten Transport Ltd.	34,000		762,960
Old Dominion Freight Lines, Inc. (a)	127,100		4,744,643
Saia, Inc. (a)	201,400		3,163,994
Tegma Gestao Logistica	129,900		2,083,803
US 1 Industries, Inc. (a)	800		1,120
USA Truck, Inc. (a)	54,200		640,644
			26,260,105
TOTAL ROAD & RAIL			128,858,349
TRADING COMPANIES & DISTRIBUTORS - 1.3%
Trading Companies & Distributors - 1.3%
Aircastle Ltd.	161,900		2,030,226
Rush Enterprises, Inc. Class A (a)	97,800		1,953,066
			3,983,292
TOTAL COMMON STOCKS (Cost $259,204,978)		312,534,613
Money Market Funds - 5.1%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	8,511,793		$ 8,511,793
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	7,905,250		7,905,250
TOTAL MONEY MARKET FUNDS (Cost $16,417,043)		16,417,043

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $275,622,021)

328,951,656

NET OTHER ASSETS (LIABILITIES) - (2.8)%		(8,862,594)
NET ASSETS - 100%		$ 320,089,062

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 740
Fidelity Securities Lending Cash Central Fund	6,056
Total	$ 6,796

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Frozen Food Express Industries, Inc.	$ 3,757,900	$ -	$ 180,229	$ -	$ -

Other Information

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $277,008,772. Net unrealized appreciation aggregated $51,942,884, of which $57,981,343 related to appreciated investment securities and $6,038,459 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Portfolio

May 31, 2011

1.802193.107

UTI-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
ELECTRIC UTILITIES - 43.3%
Electric Utilities - 43.3%
American Electric Power Co., Inc.	602,600		$ 23,019,320
Edison International	889,992		35,030,085
Entergy Corp.	60,500		4,123,075
Exelon Corp.	835,850		34,980,323
ITC Holdings Corp.	319,705		23,111,474
NextEra Energy, Inc.	874,179		50,658,672
NV Energy, Inc.	1,480,201		23,342,770
Progress Energy, Inc.	269,430		12,830,257
			207,095,976
GAS UTILITIES - 8.6%
Gas Utilities - 8.6%
National Fuel Gas Co.	229,192		16,510,992
ONEOK, Inc.	259,799		18,469,111
UGI Corp.	184,500		6,047,910
			41,028,013
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 14.9%
Independent Power Producers & Energy Traders - 14.9%
AES Corp. (a)	1,543,259		20,000,637
Calpine Corp. (a)	937,696		14,806,220
Constellation Energy Group, Inc.	559,634		20,807,192
GenOn Energy, Inc. (a)	1,344,700		5,365,353
NRG Energy, Inc. (a)	419,100		10,376,916
			71,356,318
MULTI-UTILITIES - 30.9%
Multi-Utilities - 30.9%
CenterPoint Energy, Inc.	932,257		18,020,528

	Shares		Value
NiSource, Inc.	972,750		$ 19,746,825
OGE Energy Corp.	274,061		13,996,295
PG&E Corp.	634,624		27,529,989
Public Service Enterprise Group, Inc.	1,005,211		33,674,569
Sempra Energy	632,991		34,922,113
			147,890,319
TOTAL COMMON STOCKS (Cost $420,827,922)		467,370,626
Money Market Funds - 0.4%

Fidelity Cash Central Fund, 0.14% (b) (Cost $1,746,349)	1,746,349		1,746,349

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $422,574,271)

469,116,975

NET OTHER ASSETS (LIABILITIES) - 1.9%

9,311,935

NET ASSETS - 100%

$ 478,428,910

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,752
Fidelity Securities Lending Cash Central Fund	481
Total	$ 2,233

Other Information

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

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $424,801,850. Net unrealized appreciation aggregated $44,315,125, of which $47,094,088 related to appreciated investment securities and $2,778,963 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

May 31, 2011

1.802194.107

WIR-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 27.3%
Communications Equipment - 27.3%
Alcatel-Lucent SA sponsored ADR (a)	290,800		$ 1,648,836
Aruba Networks, Inc. (a)(d)	222,384		6,320,153
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)	41,500		232,400
Harris Corp.	62,300		3,080,112
InterDigital, Inc.	7,300		313,973
Meru Networks, Inc. (a)	11,400		204,174
Motorola Mobility Holdings, Inc.	335,860		8,443,520
Motorola Solutions, Inc.	277,568		13,287,180
QUALCOMM, Inc.	572,750		33,557,423
Research In Motion Ltd. (a)	228,500		9,791,226
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	646,800		9,598,512
ViaSat, Inc. (a)	89,700		3,971,019
			90,448,528
COMPUTERS & PERIPHERALS - 4.0%
Computer Hardware - 4.0%
Apple, Inc. (a)	37,900		13,182,757
DIVERSIFIED TELECOMMUNICATION SERVICES - 7.5%
Alternative Carriers - 0.2%
Iliad SA	4,392		562,371
Integrated Telecommunication Services - 7.3%
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	316,000		6,977,280
Deutsche Telekom AG	100		1,486
Telefonica SA sponsored ADR	308,400		7,503,372
Verizon Communications, Inc.	266,800		9,852,924
			24,335,062
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			24,897,433
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Fushi Copperweld, Inc. (a)	110,200		740,544
INTERNET SOFTWARE & SERVICES - 1.0%
Internet Software & Services - 1.0%
Active Network, Inc.	2,600		47,710
Google, Inc. Class A (a)	6,200		3,279,924
Renren, Inc. ADR	2,400		30,840
			3,358,474
IT SERVICES - 0.5%
IT Consulting & Other Services - 0.5%
Amdocs Ltd. (a)	60,700		1,847,708

	Shares		Value
MEDIA - 3.9%
Cable & Satellite - 3.9%
Virgin Media, Inc. (d)	397,500		$ 12,966,450
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
Semiconductors - 2.3%
Avago Technologies Ltd.	5,500		185,845
NVIDIA Corp. (a)	280,900		5,629,236
RF Micro Devices, Inc. (a)	265,900		1,675,170
Silicon Motion Technology Corp. sponsored ADR (a)	3,900		47,580
			7,537,831
SOFTWARE - 5.9%
Application Software - 5.9%
AsiaInfo Holdings, Inc. (a)(d)	204,100		3,659,513
BroadSoft, Inc. (a)	44,300		1,751,622
Gameloft (a)	1,149,362		8,334,079
Motricity, Inc. (a)	3,400		31,654
Nuance Communications, Inc. (a)	75,800		1,664,568
Synchronoss Technologies, Inc. (a)	126,000		4,044,600
			19,486,036
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)(d)	28,623		145,691
TOTAL SOFTWARE			19,631,727
WIRELESS TELECOMMUNICATION SERVICES - 47.1%
Wireless Telecommunication Services - 47.1%
America Movil SAB de CV Series L sponsored ADR	400		21,080
American Tower Corp. Class A (a)	345,092		19,145,704
China Mobile (Hong Kong) Ltd. sponsored ADR (d)	137,000		6,270,490
Clearwire Corp. Class A (a)(d)	1,132,600		5,209,960
Crown Castle International Corp. (a)	329,500		13,644,595
KDDI Corp.	6		43,029
Leap Wireless International, Inc. (a)(d)	112,250		1,886,923
MetroPCS Communications, Inc. (a)	178,900		3,202,310
Millicom International Cellular SA unit	93,100		10,761,393
NII Holdings, Inc. (a)	351,500		15,346,490
NTELOS Holdings Corp.	111,100		2,316,435
NTT DoCoMo, Inc. sponsored ADR	1,900		35,359
PT Indosat Tbk	2,700		1,661
SBA Communications Corp. Class A (a)	294,300		11,563,047
Sprint Nextel Corp. (a)	4,105,531		24,017,356
Telephone & Data Systems, Inc.	1,140		37,278
U.S. Cellular Corp. (a)	21,900		1,081,860
VimpelCom Ltd. sponsored ADR	2,500		35,200
Vodafone Group PLC sponsored ADR	1,482,200		41,546,066
			156,166,236
TOTAL COMMON STOCKS (Cost $305,540,630)		330,777,688
Money Market Funds - 7.9%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) (Cost $26,275,500)	26,275,500		$ 26,275,500

TOTAL INVESTMENT PORTFOLIO - 107.6%

(Cost $331,816,130)

357,053,188

NET OTHER ASSETS (LIABILITIES) - (7.6)%			(25,220,213)
NET ASSETS - 100%		$ 331,832,975

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 449
Fidelity Securities Lending Cash Central Fund	65,080
Total	$ 65,529

Other Information

The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 330,777,688	$ 330,734,659	$ 43,029	$ -
Money Market Funds	26,275,500	26,275,500	-	-
Total Investments in Securities:	$ 357,053,188	$ 357,010,159	$ 43,029	$ -

Income Tax Information

At May 31, 2011, the cost of investment securities for income tax purposes was $340,753,560. Net unrealized appreciation aggregated $16,299,628, of which $36,474,053 related to appreciated investment securities and $20,174,425 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	July 29, 2011

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

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

Date:	July 29, 2011

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

Date:	July 29, 2011