0000320351-15-000295.txt : 20150730 0000320351-15-000295.hdr.sgml : 20150730 20150730112009 ACCESSION NUMBER: 0000320351-15-000295 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150531 FILED AS OF DATE: 20150730 DATE AS OF CHANGE: 20150730 EFFECTIVENESS DATE: 20150730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 151014983 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210

0000320351 S000007453 Air Tranportation Portfolio

C000020427 Air Transportation Portfolio FSAIX

0000320351 S000007454 Consumer Discretionary Portfolio

C000020428 Consumer Discretionary Portfolio FSCPX

0000320351 S000007455 Industrials Portfolio

C000020429 Industrials Portfolio FCYIX

0000320351 S000007456 Defense and Aerospace Portfolio

C000020430 Defense and Aerospace Portfolio FSDAX

0000320351 S000007457 Communications Equipment Portfolio

C000020431 Communications Equipment Portfolio FSDCX

0000320351 S000007458 Electronics Portfolio

C000020432 Electronics Portfolio FSELX

0000320351 S000007459 Energy Portfolio

C000020433 Energy Portfolio FSENX

0000320351 S000007460 Energy Service Portfolio

C000020434 Energy Service Portfolio FSESX

0000320351 S000007461 Environment and Alternative Energy Portfolio

C000020435 Environment and Alternative Energy Portfolio FSLEX

0000320351 S000007462 Financial Services Portfolio

C000020436 Financial Services Portfolio FIDSX

0000320351 S000007463 Consumer Staples Portfolio

C000020437 Consumer Staples Portfolio FDFAX

C000040616 Fidelity Advisor Consumer Staples Fund: Class A FDAGX

C000040617 Fidelity Advisor Consumer Staples Fund: Class B FDBGX

C000040618 Fidelity Advisor Consumer Staples Fund: Class C FDCGX

C000040619 Fidelity Advisor Consumer Staples Fund: Class T FDTGX

C000040620 Fidelity Advisor Consumer Staples Fund: Class I FDIGX

0000320351 S000007464 Automotive Portfolio

C000020438 Automotive Portfolio FSAVX

0000320351 S000007465 Gold Portfolio

C000020439 Gold Portfolio FSAGX

C000040621 Fidelity Advisor Gold Fund: Class I FGDIX

C000040622 Fidelity Advisor Gold Fund: Class A FGDAX

C000040623 Fidelity Advisor Gold Fund: Class B FGDBX

C000040624 Fidelity Advisor Gold Fund: Class C FGDCX

C000040625 Fidelity Advisor Gold Fund: Class T FGDTX

0000320351 S000007466 Health Care Portfolio

C000020440 Health Care Portfolio FSPHX

0000320351 S000007467 Consumer Finance Portfolio

C000020441 Consumer Finance Portfolio FSVLX

0000320351 S000007468 Industrial Equipment Portfolio

C000020442 Industrial Equipment Portfolio FSCGX

0000320351 S000007469 Materials Portfolio

C000020443 Materials Portfolio FSDPX

C000040626 Fidelity Advisor Materials Fund: Class A FMFAX

C000040627 Fidelity Advisor Materials Fund: Class B FMFBX

C000040628 Fidelity Advisor Materials Fund: Class C FMFCX

C000040629 Fidelity Advisor Materials Fund: Class T FMFTX

C000040630 Fidelity Advisor Materials Fund: Class I FMFEX

0000320351 S000007470 Insurance Portfolio

C000020444 Insurance Portfolio FSPCX

0000320351 S000007471 Leisure Portfolio

C000020445 Leisure Portfolio FDLSX

0000320351 S000007472 Medical Delivery Portfolio

C000020446 Medical Delivery Portfolio FSHCX

0000320351 S000007473 Medical Equipment and Systems Portfolio

C000020447 Medical Equipment and Systems Portfolio FSMEX

0000320351 S000007475 Banking Portfolio

C000020449 Banking Portfolio FSRBX

0000320351 S000007476 Multimedia Portfolio

C000020450 Multimedia Portfolio FBMPX

0000320351 S000007477 Natural Gas Portfolio

C000020451 Natural Gas Portfolio FSNGX

0000320351 S000007478 Natural Resources Portfolio

C000020452 Natural Resources Portfolio FNARX

0000320351 S000007481 Pharmaceuticals Portfolio

C000020455 Pharmaceuticals Portfolio FPHAX

0000320351 S000007482 Retailing Portfolio

C000020456 Retailing Portfolio FSRPX

0000320351 S000007483 Software and Computer Services Portfolio

C000020457 Software and Computer Services Portfolio FSCSX

0000320351 S000007484 Technology Portfolio

C000020458 Technology Portfolio FSPTX

0000320351 S000007485 Telecommunications Portfolio

C000020459 Telecommunications Portfolio FSTCX

C000040631 Fidelity Advisor Telecommunications Fund: Class A FTUAX

C000040632 Fidelity Advisor Telecommunications Fund: Class B FTUBX

C000040633 Fidelity Advisor Telecommunications Fund: Class C FTUCX

C000040634 Fidelity Advisor Telecommunications Fund: Class T FTUTX

C000040635 Fidelity Advisor Telecommunications Fund: Class I FTUIX

0000320351 S000007486 Biotechnology Portfolio

C000020460 Biotechnology Portfolio FBIOX

0000320351 S000007487 Transportation Portfolio

C000020461 Transportation Portfolio FSRFX

0000320351 S000007488 Utilities Portfolio

C000020462 Utilities Portfolio FSUTX

0000320351 S000007489 Wireless Portfolio

C000020463 Wireless Portfolio FWRLX

0000320351 S000007490 Brokerage and Investment Management Portfolio

C000020464 Brokerage and Investment Management Portfolio FSLBX

0000320351 S000007491 IT Services Portfolio

C000020465 IT Services Portfolio FBSOX

0000320351 S000007492 Chemicals Portfolio

C000020466 Chemicals Portfolio FSCHX

0000320351 S000007493 Computers Portfolio

C000020467 Computers Portfolio FDCPX

0000320351 S000007494 Construction and Housing Portfolio

C000020468 Construction and Housing Portfolio FSHOX

N-Q 1 Select_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)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2015

Item 1. Schedule of Investments

Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2015

1.802168.111

ENE-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 16.6%
Oil & Gas Drilling - 1.3%
Helmerich & Payne, Inc.	78,600		$ 5,737,014
Ocean Rig UDW, Inc. (United States)	296,300		2,296,325
Odfjell Drilling A/S (a)	1,539,580		1,315,465
Unit Corp. (a)	402,000		12,675,060
Vantage Drilling Co. (a)	5,412,507		1,845,665
Xtreme Drilling & Coil Services Corp. (a)	2,252,600		4,890,656
			28,760,185
Oil & Gas Equipment & Services - 15.3%
Baker Hughes, Inc.	957,900		61,746,234
C&J Energy Services Ltd. (a)	109,000		1,638,270
Dril-Quip, Inc. (a)	228,174		17,245,391
FMC Technologies, Inc. (a)	651,459		27,224,472
Frank's International NV	563,400		11,166,588
Oceaneering International, Inc.	566,227		28,764,332
Schlumberger Ltd.	2,223,181		201,798,139
Total Energy Services, Inc.	147,600		1,734,027
			351,317,453
TOTAL ENERGY EQUIPMENT & SERVICES			380,077,638
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.0%
Independent Power Producers & Energy Traders - 0.5%
Dynegy, Inc. (a)	328,878		10,635,915
Renewable Electricity - 0.5%
NextEra Energy Partners LP	250,400		11,831,400
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS			22,467,315
OIL, GAS & CONSUMABLE FUELS - 81.2%
Integrated Oil & Gas - 18.8%
Chevron Corp.	1,369,223		141,029,969
Exxon Mobil Corp.	3,382,548		288,193,089
Suncor Energy, Inc.	73,200		2,139,611
			431,362,669
Oil & Gas Exploration & Production - 45.6%
Anadarko Petroleum Corp.	1,174,215		98,176,116
Antero Resources Corp. (a)	153,700		6,149,537
Apache Corp.	151,700		9,077,728
Bankers Petroleum Ltd. (a)	1,607,000		3,928,337
Bonanza Creek Energy, Inc. (a)	271,900		5,650,082
Cabot Oil & Gas Corp.	378,900		12,867,444
California Resources Corp.	1,607,200		12,616,520
Canadian Natural Resources Ltd.	292,100		9,014,794
Carrizo Oil & Gas, Inc. (a)	127,500		6,395,400
Cimarex Energy Co.	767,545		88,659,123
Concho Resources, Inc. (a)	426,100		51,259,830
ConocoPhillips Co.	1,033,396		65,806,657

	Shares		Value
Continental Resources, Inc. (a)(d)	426,772		$ 19,443,732
Devon Energy Corp.	106,000		6,913,320
Diamondback Energy, Inc.	412,200		32,073,282
Encana Corp.	1,070,000		13,559,987
Energen Corp.	451,468		31,241,586
EOG Resources, Inc.	1,550,164		137,484,045
Evolution Petroleum Corp.	162,543		1,121,547
Gulfport Energy Corp. (a)	592,500		25,572,300
Hess Corp.	213,800		14,435,776
Kosmos Energy Ltd. (a)	570,500		5,071,745
Marathon Oil Corp.	330,700		8,991,733
Memorial Resource Development Corp.	1,281,300		24,229,383
Newfield Exploration Co. (a)	1,873,700		70,844,597
Noble Energy, Inc.	1,470,788		64,391,099
Northern Oil & Gas, Inc. (a)	569,814		3,891,830
Paramount Resources Ltd. Class A (a)	92,700		2,388,315
Parsley Energy, Inc. Class A	656,000		11,473,440
PDC Energy, Inc. (a)	691,651		41,250,066
Peyto Exploration & Development Corp. (d)	112,700		3,054,935
Pioneer Natural Resources Co.	458,899		67,839,039
Rice Energy, Inc. (a)	350,000		7,675,500
RSP Permian, Inc. (a)	259,800		7,399,104
SM Energy Co.	725,000		37,932,000
Synergy Resources Corp. (a)	1,076,120		12,386,141
TAG Oil Ltd. (a)	1,401,975		1,916,498
Whiting Petroleum Corp. (a)	625,672		20,640,919
			1,042,823,487
Oil & Gas Refining & Marketing - 5.7%
Alon U.S.A. Energy, Inc.	145,600		2,566,928
CVR Refining, LP	93,434		1,830,372
Delek U.S. Holdings, Inc.	26,900		1,018,434
Tesoro Corp.	677,600		59,967,600
Valero Energy Corp.	992,981		58,824,194
World Fuel Services Corp.	123,677		6,187,560
			130,395,088
Oil & Gas Storage & Transport - 11.1%
Cheniere Energy, Inc. (a)	298,200		22,612,506
Columbia Pipeline Partners LP	75,800		2,050,390
Dominion Midstream Partners LP	75,155		3,168,535
Enable Midstream Partners LP	119,400		2,125,320
EQT Midstream Partners LP	91,100		7,622,337
Golar LNG Ltd. (d)	498,700		23,693,237
Kinder Morgan, Inc.	1,525,000		63,272,250
Magellan Midstream Partners LP	97,619		7,782,187
MPLX LP	138,755		10,129,115
ONEOK, Inc.	108,600		4,552,512
Phillips 66 Partners LP	148,233		10,782,468
Plains GP Holdings LP Class A	1,016,800		28,429,728
SemGroup Corp. Class A	76,100		5,989,070
Tallgrass Energy Partners LP	49,000		2,425,010
Targa Resources Corp.	195,390		17,966,111
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - continued
The Williams Companies, Inc.	536,600		$ 27,420,260
Valero Energy Partners LP	289,911		14,846,342
			254,867,378
TOTAL OIL, GAS & CONSUMABLE FUELS			1,859,448,622
TOTAL COMMON STOCKS (Cost $2,102,213,079)		2,261,993,575
Money Market Funds - 1.5%

Fidelity Cash Central Fund, 0.15% (b)	20,717,280		20,717,280
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	13,506,920		13,506,920
TOTAL MONEY MARKET FUNDS (Cost $34,224,200)		34,224,200
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $2,136,437,279)		2,296,217,775
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(7,160,850)
NET ASSETS - 100%		$ 2,289,056,925

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,346
Fidelity Securities Lending Cash Central Fund	72,883
Total	$ 88,229

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, 2015, the cost of investment securities for income tax purposes was $2,152,032,773. Net unrealized appreciation aggregated $144,185,002, of which $311,923,683 related to appreciated investment securities and $167,738,681 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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.

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 Environment and
Alternative Energy Portfolio

May 31, 2015

1.802170.111

ENV-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
Energy Efficiency - 31.2%
Buildings Energy Efficiency - 3.7%
A.O. Smith Corp.	44,600		$ 3,183,548
Johnson Controls, Inc.	500		26,010
TOTAL BUILDINGS ENERGY EFFICIENCY			3,209,558
Diversified Energy Efficiency - 2.7%
Linear Technology Corp.	49,200		2,354,220
Industrial Energy Efficiency - 12.8%
Emerson Electric Co.	10,900		657,379
Praxair, Inc.	46,300		5,688,418
Rockwell Automation, Inc.	31,100		3,821,879
Rogers Corp. (a)	14,600		1,054,850
TOTAL INDUSTRIAL ENERGY EFFICIENCY			11,222,526
Transport Energy Efficiency - 12.0%
BorgWarner, Inc.	36,500		2,195,475
Delphi Automotive PLC	66,800		5,810,264
Innospec, Inc.	59,000		2,529,920
TOTAL TRANSPORT ENERGY EFFICIENCY			10,535,659
TOTAL ENERGY EFFICIENCY			27,321,963
Environmental Support Services - 9.4%
Diversified Environmental - 8.6%
3M Co.	23,400		3,722,472
Parker Hannifin Corp.	31,200		3,757,416
TOTAL DIVERSIFIED ENVIRONMENTAL			7,479,888
Environmental Consultancies - 0.8%
AECOM Technology Corp. (a)	22,100		729,963
TOTAL ENVIRONMENTAL SUPPORT SERVICES			8,209,851
Food Agriculture & Forestry - 8.6%
Sustainable and Efficient Agriculture - 7.3%
Deere & Co.	67,900		6,360,872
Sustainable Forestry and Plantations - 1.3%
Potlatch Corp.	30,400		1,102,912
TOTAL FOOD AGRICULTURE & FORESTRY			7,463,784

	Shares		Value
Pollution Control - 9.5%
Environmental Testing and Gas Sensing - 0.0%
Thermo Fisher Scientific, Inc.	200		$ 25,926
Pollution Control Solutions - 9.5%
Cummins, Inc.	30,400		4,120,720
Tenneco, Inc. (a)	71,500		4,198,480
TOTAL POLLUTION CONTROL SOLUTIONS			8,319,200
TOTAL POLLUTION CONTROL			8,345,126
Renewable & Alternative Energy - 25.7%
Other Renewables Equipment - 1.3%
Andritz AG	18,400		1,137,549
Renewable Energy Developers and Independent Power Producers (IPPs) - 24.0%
Ecolab, Inc.	200		22,930
Enel SpA	63,014		305,762
Energias de Portugal SA	71,557		279,391
EnerSys	49,300		3,285,352
Fortum Corp. (d)	20,500		389,962
Honeywell International, Inc.	91,800		9,565,561
Iberdrola SA	486,218		3,362,147
IDACORP, Inc.	10,000		594,700
Lennox International, Inc.	22,600		2,544,760
Portland General Electric Co.	18,100		632,776
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPs)			20,983,341
Solar Energy Generation Equipment - 0.4%
Canadian Solar, Inc. (a)	9,600		313,536
SMA Solar Technology AG (a)(d)	2,800		52,325
TOTAL SOLAR ENERGY GENERATION EQUIPMENT			365,861
TOTAL RENEWABLE & ALTERNATIVE ENERGY			22,486,751
Waste Management & Technologies - 1.4%
Recycling and Value Added Waste Processing - 1.4%
Copart, Inc. (a)	34,800		1,204,080
Water Infrastructure & Technologies - 9.4%
Diversified Water Infrastructure and Technology - 1.4%
Danaher Corp.	14,200		1,225,744
Water Infrastructure - 8.0%
Crane Co.	10,200		617,406
Common Stocks - continued
	Shares		Value
Water Infrastructure & Technologies - continued
Water Infrastructure - continued
Roper Industries, Inc.	20,700		$ 3,621,672
Valmont Industries, Inc. (d)	21,900		2,725,455
TOTAL WATER INFRASTRUCTURE			6,964,533
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES			8,190,277
TOTAL COMMON STOCKS (Cost $77,593,856)		83,221,832
Money Market Funds - 8.1%

Fidelity Cash Central Fund, 0.15% (b)	4,147,162		4,147,162
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	2,951,895		2,951,895
TOTAL MONEY MARKET FUNDS (Cost $7,099,057)		7,099,057
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $84,692,913)			90,320,889
NET OTHER ASSETS (LIABILITIES) - (3.3)%			(2,917,352)
NET ASSETS - 100%		$ 87,403,537

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	$ 1,269
Fidelity Securities Lending Cash Central Fund	8,016
Total	$ 9,285

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $84,700,285. Net unrealized appreciation aggregated $5,620,604, of which $7,285,360 related to appreciated investment securities and $1,664,756 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, 2015

1.802179.111

LEI-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Diversified Support Services - 0.8%
KAR Auction Services, Inc.	102,200		$ 3,807,972
DIVERSIFIED CONSUMER SERVICES - 4.7%
Education Services - 0.9%
Houghton Mifflin Harcourt Co. (a)	161,869		4,270,104
Specialized Consumer Services - 3.8%
H&R Block, Inc.	201,600		6,396,768
Service Corp. International	15,200		441,712
ServiceMaster Global Holdings, Inc.	45,300		1,521,627
Steiner Leisure Ltd. (a)	180,544		8,857,489
			17,217,596
TOTAL DIVERSIFIED CONSUMER SERVICES			21,487,700
FOOD PRODUCTS - 0.4%
Packaged Foods & Meats - 0.4%
Greencore Group PLC	329,000		1,655,361
HOTELS, RESTAURANTS & LEISURE - 89.8%
Casinos & Gaming - 9.8%
Las Vegas Sands Corp.	590,776		30,029,144
Melco Crown Entertainment Ltd. sponsored ADR	156,435		3,025,453
MGM China Holdings Ltd.	548,800		997,992
MGM Mirage, Inc. (a)	216,900		4,348,845
Sands China Ltd.	44,800		173,049
Scientific Games Corp. Class A (a)(d)	135,795		2,066,800
Wynn Resorts Ltd.	39,300		3,957,117
			44,598,400
Hotels, Resorts & Cruise Lines - 18.7%
Accor SA	12,800		701,436
Extended Stay America, Inc. unit	366,825		7,193,438
Hilton Worldwide Holdings, Inc. (a)	437,800		12,678,688
Homeinns Hotel Group ADR (a)	18,100		486,890
Interval Leisure Group, Inc.	1,000		26,020
Marriott International, Inc. Class A	255,896		19,957,329
Starwood Hotels & Resorts Worldwide, Inc.	222,490		18,413,272
Wyndham Worldwide Corp.	298,602		25,354,296
			84,811,369
Leisure Facilities - 2.2%
Cedar Fair LP (depositary unit)	55,088		3,322,357
Vail Resorts, Inc.	64,450		6,686,043
			10,008,400
Restaurants - 59.1%
Brinker International, Inc.	136,400		7,526,552
Buffalo Wild Wings, Inc. (a)	9,900		1,511,433
Chipotle Mexican Grill, Inc. (a)(d)	42,410		26,104,203
DineEquity, Inc.	30,849		3,010,862
Domino's Pizza, Inc.	94,100		10,224,906

	Shares		Value
Dunkin' Brands Group, Inc. (d)	204,800		$ 10,928,128
Fiesta Restaurant Group, Inc. (a)	151,608		7,054,320
Jack in the Box, Inc.	155,487		13,497,826
McDonald's Corp.	228,244		21,895,447
Noodles & Co. (a)(d)	30,900		448,668
Panera Bread Co. Class A (a)	51,286		9,334,052
Papa John's International, Inc.	99,276		6,821,254
Red Robin Gourmet Burgers, Inc. (a)	23,718		1,977,844
Ruth's Hospitality Group, Inc.	590,140		8,692,762
Sonic Corp.	251,268		7,573,218
Starbucks Corp.	1,558,000		80,953,681
Texas Roadhouse, Inc. Class A	106,808		3,740,416
Whitbread PLC	36,285		2,839,449
Yum! Brands, Inc.	489,336		44,094,067
			268,229,088
TOTAL HOTELS, RESTAURANTS & LEISURE			407,647,257
INTERNET & CATALOG RETAIL - 0.3%
Internet Retail - 0.3%
Etsy, Inc. (d)	39,639		664,350
zulily, Inc. Class A (a)(d)	53,182		703,332
			1,367,682
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
Alibaba Group Holding Ltd. sponsored ADR	8,000		714,560
Facebook, Inc. Class A (a)	15,400		1,219,526
Yahoo!, Inc. (a)	36,600		1,571,421
			3,505,507
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Visa, Inc. Class A	13,200		906,576
MEDIA - 0.9%
Cable & Satellite - 0.3%
DIRECTV (a)	16,125		1,468,020
Movies & Entertainment - 0.6%
Twenty-First Century Fox, Inc. Class A	79,800		2,681,280
TOTAL MEDIA			4,149,300
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
Nu Skin Enterprises, Inc. Class A	31,100		1,573,660
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Specialized REITs - 0.2%
Gaming & Leisure Properties	24,695		903,837
SOFTWARE - 0.5%
Application Software - 0.5%
Intuit, Inc.	20,000		2,083,000
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - 0.4%
Computer & Electronics Retail - 0.4%
GameStop Corp. Class A	44,700		$ 1,940,427
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
Apparel, Accessories & Luxury Goods - 0.2%
Kate Spade & Co. (a)	41,600		1,030,848
TOTAL COMMON STOCKS (Cost $284,502,306)		452,059,127
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 0.15% (b)	765,975		765,975
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	20,916,025		20,916,025
TOTAL MONEY MARKET FUNDS (Cost $21,682,000)		21,682,000
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $306,184,306)			473,741,127
NET OTHER ASSETS (LIABILITIES) - (4.4)%			(19,872,484)
NET ASSETS - 100%		$ 453,868,643

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	$ 618
Fidelity Securities Lending Cash Central Fund	14,857
Total	$ 15,475

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $309,895,417. Net unrealized appreciation aggregated $163,845,710, of which $176,102,352 related to appreciated investment securities and $12,256,642 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, 2015

1.802157.111

BRO-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
BANKS - 5.3%
Diversified Banks - 5.3%
Barclays PLC	1,500,000		$ 6,211,541
Citigroup, Inc.	240,000		12,979,200
JPMorgan Chase & Co.	175,000		11,511,500
			30,702,241
CAPITAL MARKETS - 85.8%
Asset Management & Custody Banks - 57.7%
Affiliated Managers Group, Inc. (a)	165,000		36,903,900
Ameriprise Financial, Inc.	280,000		34,885,200
Apollo Global Management LLC Class A	150,000		3,330,000
Artisan Partners Asset Management, Inc.	530,000		23,378,300
Bank of New York Mellon Corp.	100,000		4,336,000
BlackRock, Inc. Class A	100,000		36,578,000
Diamond Hill Investment Group, Inc.	10,000		1,913,000
Fortress Investment Group LLC	650,000		5,089,500
Invesco Ltd.	1,000,000		39,830,000
KKR & Co. LP	450,000		10,327,500
Legg Mason, Inc.	250,000		13,340,000
Northern Trust Corp.	425,000		31,683,750
Oaktree Capital Group LLC Class A	225,000		12,323,250
OM Asset Management Ltd.	125,000		2,433,750
SEI Investments Co.	175,000		8,372,000
State Street Corp.	475,000		37,016,750
The Blackstone Group LP	250,000		10,950,000
Virtus Investment Partners, Inc.	160,000		19,905,600
			332,596,500
Diversified Capital Markets - 1.2%
UBS Group AG	300,000		6,474,000
Investment Banking & Brokerage - 26.9%
Charles Schwab Corp.	600,000		18,990,000
E*TRADE Financial Corp. (a)	1,300,000		38,298,000
Goldman Sachs Group, Inc.	130,000		26,804,700
Greenhill & Co., Inc.	200,000		7,788,000
Moelis & Co. Class A	150,000		4,329,000
Raymond James Financial, Inc.	475,000		27,607,000
Stifel Financial Corp. (a)	410,000		21,836,600
TD Ameritrade Holding Corp.	250,000		9,287,500
			154,940,800
TOTAL CAPITAL MARKETS			494,011,300

	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 3.9%
Specialized Finance - 3.9%
IntercontinentalExchange Group, Inc.	50,000		$ 11,839,000
McGraw Hill Financial, Inc.	100,000		10,375,000
			22,214,000
INSURANCE - 1.2%
Life & Health Insurance - 1.2%
St. James's Place Capital PLC	500,000		6,965,683
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%
Diversified Real Estate Activities - 0.9%
Brookfield Asset Management, Inc. Class A	150,000		5,304,760
TOTAL COMMON STOCKS (Cost $447,851,285)		559,197,984
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 0.15% (b) (Cost $17,985,399)	17,985,399		17,985,399
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $465,836,684)			577,183,383
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(977,494)
NET ASSETS - 100%		$ 576,205,889

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	$ 7,593

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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	$ 559,197,984	$ 552,986,443	$ 6,211,541	$ -
Money Market Funds	17,985,399	17,985,399	-	-
Total Investments in Securities:	$ 577,183,383	$ 570,971,842	$ 6,211,541	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $467,741,604. Net unrealized appreciation aggregated $109,441,779, of which $122,780,605 related to appreciated investment securities and $13,338,826 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2015

1.802159.111

CHE-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value
BANKS - 0.3%
Diversified Banks - 0.3%
Yanbu National Petrochemical Co. (HBSC Warrant Program) warrants 7/31/17 (a)(e)	310,206		$ 4,361,503
CHEMICALS - 91.3%
Commodity Chemicals - 14.5%
Cabot Corp.	101,569		4,212,066
Koppers Holdings, Inc.	275,500		7,113,410
LyondellBasell Industries NV Class A	1,422,122		143,776,534
Methanex Corp.	476,100		26,423,627
Orion Engineered Carbons SA	50,491		1,017,394
Trinseo SA	63,538		1,855,945
Tronox Ltd. Class A	423,149		7,134,292
Westlake Chemical Corp.	235,500		16,605,105
Westlake Chemical Partners LP	247,695		5,409,659
			213,548,032
Diversified Chemicals - 27.2%
E.I. du Pont de Nemours & Co.	2,919,400		207,306,594
Eastman Chemical Co.	939,361		72,114,744
Olin Corp. (d)	485,816		14,205,260
The Dow Chemical Co.	2,052,106		106,853,159
			400,479,757
Fertilizers & Agricultural Chemicals - 16.0%
CF Industries Holdings, Inc.	210,716		66,560,970
Monsanto Co.	1,271,159		148,700,180
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	255,331		4,986,614
Syngenta AG:
sponsored ADR	570		51,887
(Switzerland)	35,377		16,097,847
			236,397,498
Industrial Gases - 8.5%
Air Products & Chemicals, Inc.	212,908		31,246,378
Airgas, Inc.	193,600		19,735,584
Praxair, Inc.	603,321		74,124,018
			125,105,980
Specialty Chemicals - 25.1%
Ashland, Inc.	500,218		63,727,773
Axalta Coating Systems	696,903		23,868,928
Celanese Corp. Class A	42,200		2,905,470
Cytec Industries, Inc.	1,900		114,931
Ecolab, Inc.	743,431		85,234,364
Ferro Corp. (a)	1,057,476		16,041,911
Innophos Holdings, Inc.	148,793		7,753,603

	Shares		Value
International Flavors & Fragrances, Inc.	290,913		$ 34,630,284
PPG Industries, Inc.	203,104		46,488,475
Sensient Technologies Corp.	270,606		18,320,026
Sherwin-Williams Co.	93,953		27,075,376
Valspar Corp.	535,000		44,651,100
			370,812,241
TOTAL CHEMICALS			1,346,343,508
OIL, GAS & CONSUMABLE FUELS - 0.9%
Oil & Gas Storage & Transport - 0.9%
Golar LNG Ltd.	264,489		12,565,872
TOTAL COMMON STOCKS (Cost $992,744,843)		1,363,270,883
Money Market Funds - 7.4%

Fidelity Cash Central Fund, 0.15% (b)	104,146,731		104,146,731
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	5,206,025		5,206,025
TOTAL MONEY MARKET FUNDS (Cost $109,352,756)		109,352,756
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $1,102,097,599)			1,472,623,639
NET OTHER ASSETS (LIABILITIES) - 0.1%			1,256,972
NET ASSETS - 100%		$ 1,473,880,611

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,361,503 or 0.3% 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	$ 11,486
Fidelity Securities Lending Cash Central Fund	18,345
Total	$ 29,831

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,363,270,883	$ 1,342,811,533	$ 20,459,350	$ -
Money Market Funds	109,352,756	109,352,756	-	-
Total Investments in Securities:	$ 1,472,623,639	$ 1,452,164,289	$ 20,459,350	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $1,107,521,055. Net unrealized appreciation aggregated $365,102,584, of which $377,939,685 related to appreciated investment securities and $12,837,101 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, 2015

1.802183.111

GAS-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 26.5%
Oil & Gas Drilling - 2.1%
Archer Ltd. (a)(d)	4,711,600		$ 1,624,846
Pacific Drilling SA (a)	371,400		1,392,750
Patterson-UTI Energy, Inc.	396,500		8,009,300
			11,026,896
Oil & Gas Equipment & Services - 24.4%
Baker Hughes, Inc.	725,600		46,772,176
Cameron International Corp. (a)	166,800		8,561,844
Era Group, Inc. (a)	235,900		4,953,900
Forum Energy Technologies, Inc. (a)	280,000		5,807,200
Oil States International, Inc. (a)	209,900		8,580,712
Schlumberger Ltd.	333,300		30,253,641
Superior Energy Services, Inc.	251,900		5,816,371
Weatherford International Ltd. (a)	1,481,500		20,474,330
			131,220,174
TOTAL ENERGY EQUIPMENT & SERVICES			142,247,070
GAS UTILITIES - 3.2%
Gas Utilities - 3.2%
AGL Resources, Inc.	148,500		7,479,945
Atmos Energy Corp.	184,500		9,966,690
			17,446,635
MULTI-UTILITIES - 1.9%
Multi-Utilities - 1.9%
NiSource, Inc.	212,200		10,011,596
OIL, GAS & CONSUMABLE FUELS - 65.6%
Coal & Consumable Fuels - 0.3%
CONSOL Energy, Inc.	59,500		1,656,480
Oil & Gas Exploration & Production - 54.6%
Advantage Oil & Gas Ltd. (a)	1,140,900		6,917,326
Anadarko Petroleum Corp.	147,300		12,315,753
Apache Corp.	300,900		18,005,856
Bellatrix Exploration Ltd. (a)(d)	1,070,200		2,986,164
Cabot Oil & Gas Corp.	59,924		2,035,019
Canadian Natural Resources Ltd.	340,200		10,499,257
Chesapeake Energy Corp. (d)	1,450,400		20,465,144
Cimarex Energy Co.	90,900		10,499,859
Crew Energy, Inc. (a)	2,291,100		10,298,528
Crown Point Energy, Inc. (a)(e)	181,658		21,181
Devon Energy Corp.	772,946		50,411,539
Emerald Oil, Inc. warrants 2/4/16 (a)	15,002		0
Encana Corp.	2,893,300		36,666,459
EOG Resources, Inc.	9,670		857,632
EQT Corp.	102,700		8,736,689
Gulfport Energy Corp. (a)	279,400		12,058,904
Hess Corp.	251,000		16,947,520
Lekoil Ltd. (a)(d)	3,774,900		1,442,389
Marathon Oil Corp.	901,500		24,511,785
Newfield Exploration Co. (a)	176,300		6,665,903

	Shares		Value
Northern Blizzard Resources, Inc. (d)	1,105,500		$ 7,956,115
PDC Energy, Inc. (a)	36,300		2,164,932
Savannah Petroleum PLC (a)	1,200,000		614,417
Southwestern Energy Co. (a)	392,300		10,109,571
Surge Energy, Inc. (d)	3,986,000		13,013,155
Whiting Petroleum Corp. (a)	219,100		7,228,109
			293,429,206
Oil & Gas Storage & Transport - 10.7%
Boardwalk Pipeline Partners, LP	1,460,500		23,397,210
Golar LNG Ltd.	72,500		3,444,475
Kinder Morgan, Inc.	336,000		13,940,640
The Williams Companies, Inc.	325,200		16,617,720
			57,400,045
TOTAL OIL, GAS & CONSUMABLE FUELS			352,485,731
TOTAL COMMON STOCKS (Cost $638,884,715)		522,191,032

Convertible Bonds - 0.9%
	Principal Amount
OIL, GAS & CONSUMABLE FUELS - 0.9%
Oil & Gas Exploration & Production - 0.9%
American Energy Permian Holdings LLC 9% 5/1/22 pay-in-kind (e)(f) (Cost $7,682,715)	$ 8,000,000	4,800,000

Money Market Funds - 9.3%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	10,524,697		10,524,697
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	39,230,200		39,230,200
TOTAL MONEY MARKET FUNDS (Cost $49,754,897)		49,754,897
TOTAL INVESTMENT PORTFOLIO - 107.4% (Cost $696,322,327)			576,745,929
NET OTHER ASSETS (LIABILITIES) - (7.4)%			(39,804,891)
NET ASSETS - 100%		$ 536,941,038

Legend

(a) Non-income producing

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

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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	$ 4,139
Fidelity Securities Lending Cash Central Fund	74,903
Total	$ 79,042

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 522,191,032	$ 522,191,032	$ -	$ -
Convertible Bonds	4,800,000	-	4,800,000	-
Money Market Funds	49,754,897	49,754,897	-	-
Total Investments in Securities:	$ 576,745,929	$ 571,945,929	$ 4,800,000	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $698,709,100. Net unrealized depreciation aggregated $121,963,171, of which $11,586,882 related to appreciated investment securities and $133,550,053 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2015

1.802162.111

HOU-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
BUILDING PRODUCTS - 5.7%
Building Products - 5.7%
A.O. Smith Corp.	179,000		$ 12,777,020
Fortune Brands Home & Security, Inc.	287,400		13,180,164
			25,957,184
CONSTRUCTION & ENGINEERING - 8.1%
Construction & Engineering - 8.1%
AECOM Technology Corp. (a)	399,121		13,182,960
Furmanite Corp. (a)	481,086		3,916,040
Primoris Services Corp.	134,900		2,532,073
Quanta Services, Inc. (a)	363,800		10,666,616
Tutor Perini Corp. (a)	301,442		6,318,224
			36,615,913
CONSTRUCTION MATERIALS - 3.2%
Construction Materials - 3.2%
Eagle Materials, Inc.	171,196		14,291,442
ELECTRICAL EQUIPMENT - 1.1%
Heavy Electrical Equipment - 1.1%
Babcock & Wilcox Co.	153,100		5,096,699
FOOD & STAPLES RETAILING - 1.7%
Food Retail - 1.7%
Sprouts Farmers Market LLC (a)	255,800		7,671,442
HOUSEHOLD DURABLES - 13.6%
Homebuilding - 13.6%
D.R. Horton, Inc.	391,800		10,233,816
Lennar Corp. Class A (d)	147,328		6,869,905
LGI Homes, Inc. (a)(d)	327,309		6,169,775
PulteGroup, Inc.	642,900		12,330,822
Taylor Morrison Home Corp. (a)	395,265		7,604,899
Toll Brothers, Inc. (a)	268,850		9,724,305
William Lyon Homes, Inc. (a)	371,721		8,412,046
			61,345,568
INSURANCE - 0.4%
Property & Casualty Insurance - 0.4%
First American Financial Corp.	56,600		2,021,186
PAPER & FOREST PRODUCTS - 1.4%
Forest Products - 1.4%
Boise Cascade Co. (a)	174,695		6,191,191
REAL ESTATE INVESTMENT TRUSTS - 22.0%
Residential REITs - 22.0%
American Campus Communities, Inc.	334,854		13,062,655
American Homes 4 Rent Class A	398,523		6,651,349
AvalonBay Communities, Inc.	156,559		26,067,074
Camden Property Trust (SBI)	153,422		11,503,582

	Shares		Value
Essex Property Trust, Inc.	94,801		$ 21,104,599
UDR, Inc.	656,300		21,369,128
			99,758,387
REAL ESTATE MANAGEMENT & DEVELOPMENT - 5.9%
Diversified Real Estate Activities - 1.1%
Countrywide PLC	307,127		2,811,783
The St. Joe Co. (a)(d)	126,908		2,021,644
			4,833,427
Real Estate Operating Companies - 3.0%
Forest City Enterprises, Inc. Class A (a)	555,200		12,802,912
Hispania Activos Inmobiliarios SA (a)	50,459		759,796
			13,562,708
Real Estate Services - 1.8%
Foxtons Group PLC	543,589		2,355,379
Realogy Holdings Corp. (a)	129,300		6,070,635
			8,426,014
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			26,822,149
SPECIALTY RETAIL - 35.1%
Home Improvement Retail - 35.1%
Home Depot, Inc.	984,570		109,700,787
Lowe's Companies, Inc.	702,134		49,135,337
			158,836,124
THRIFTS & MORTGAGE FINANCE - 0.3%
Thrifts & Mortgage Finance - 0.3%
Essent Group Ltd. (a)	49,700		1,267,847
TOTAL COMMON STOCKS (Cost $332,073,044)		445,875,132
Convertible Preferred Stocks - 1.3%

HOUSEHOLD DURABLES - 1.3%
Homebuilding - 1.3%
Blu Homes, Inc. Series A, 5.00% (a)(e) (Cost $4,000,001)	865,801		5,774,893
Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	1,369,304		$ 1,369,304
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	12,351,300		12,351,300
TOTAL MONEY MARKET FUNDS (Cost $13,720,604)		13,720,604
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $349,793,649)			465,370,629
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(12,882,552)
NET ASSETS - 100%		$ 452,488,077

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 $5,774,893 or 1.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Blu Homes, Inc. Series A, 5.00%	6/10/13	$ 4,000,001

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	$ 2,844
Fidelity Securities Lending Cash Central Fund	24,812
Total	$ 27,656

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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	$ 445,875,132	$ 445,875,132	$ -	$ -
Convertible Preferred Stocks	5,774,893	-	-	5,774,893
Money Market Funds	13,720,604	13,720,604	-	-
Total Investments in Securities:	$ 465,370,629	$ 459,595,736	$ -	$ 5,774,893

Valuation Inputs at Reporting Date:

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

Investments in Securities:
Convertible Preferred Stocks
Beginning Balance	$ 6,961,040
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(1,186,147)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 5,774,893
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015	$ (1,186,147)

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, 2015, the cost of investment securities for income tax purposes was $350,681,053. Net unrealized appreciation aggregated $114,689,576, of which $120,875,597 related to appreciated investment securities and $6,186,021 related to depreciated investment securities.

Investment Valuation

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 a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 05/31/15	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Equities	$ 5,774,893	Discounted cash flow	Discount rate	15.0%	Decrease
		Market comparable	Discount for lack of marketability	15.0%	Decrease
			P/E multiple	14.8	Increase

* Represents the expected directional change in fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2015

1.802184.111

NAT-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONTAINERS & PACKAGING - 4.9%
Metal & Glass Containers - 1.5%
Ball Corp.	156,200		$ 11,088,638
Paper Packaging - 3.4%
Graphic Packaging Holding Co.	428,400		6,100,416
Packaging Corp. of America	87,400		6,046,332
Rock-Tenn Co. Class A	201,200		13,106,168
			25,252,916
TOTAL CONTAINERS & PACKAGING			36,341,554
ENERGY EQUIPMENT & SERVICES - 16.9%
Oil & Gas Drilling - 1.3%
Helmerich & Payne, Inc.	25,700		1,875,843
Ocean Rig UDW, Inc. (United States)	127,400		987,350
Odfjell Drilling A/S (a)	701,200		599,127
Unit Corp. (a)	97,700		3,080,481
Vantage Drilling Co. (a)	2,249,900		767,216
Xtreme Drilling & Coil Services Corp. (a)	1,009,400		2,191,525
			9,501,542
Oil & Gas Equipment & Services - 15.6%
Baker Hughes, Inc.	249,900		16,108,554
Dril-Quip, Inc. (a)	67,700		5,116,766
FMC Technologies, Inc. (a)	223,700		9,348,423
Frank's International NV	120,000		2,378,400
National Oilwell Varco, Inc.	91,358		4,493,900
Oceaneering International, Inc.	200,700		10,195,560
Schlumberger Ltd.	748,892		67,976,929
Total Energy Services, Inc.	99,100		1,164,242
			116,782,774
TOTAL ENERGY EQUIPMENT & SERVICES			126,284,316
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.1%
Independent Power Producers & Energy Traders - 0.6%
Dynegy, Inc. (a)	156,212		5,051,896
Renewable Electricity - 0.5%
NextEra Energy Partners LP	76,300		3,605,175
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS			8,657,071
METALS & MINING - 6.1%
Diversified Metals & Mining - 1.1%
Freeport-McMoRan, Inc.	211,300		4,152,045
Teck Resources Ltd. Class B (sub. vtg.)	181,000		2,106,039
Turquoise Hill Resources Ltd. (a)	436,050		1,914,468
			8,172,552
Gold - 4.3%
AngloGold Ashanti Ltd. sponsored ADR (a)	313,700		3,005,246
B2Gold Corp. (a)	884,000		1,499,871
Barrick Gold Corp. (d)	235,400		2,786,336

	Shares		Value
Franco-Nevada Corp.	116,500		$ 5,991,750
Gold Fields Ltd. sponsored ADR	608,800		2,076,008
Goldcorp, Inc.	218,200		3,874,120
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	530,400		784,992
Kinross Gold Corp. (a)	295,867		699,460
Randgold Resources Ltd. sponsored ADR	118,200		8,537,586
Royal Gold, Inc.	27,100		1,755,267
Yamana Gold, Inc.	390,000		1,401,817
			32,412,453
Silver - 0.7%
Pan American Silver Corp.	128,600		1,213,984
Silver Wheaton Corp. (d)	186,600		3,563,646
			4,777,630
TOTAL METALS & MINING			45,362,635
OIL, GAS & CONSUMABLE FUELS - 70.2%
Integrated Oil & Gas - 4.4%
Chevron Corp.	259,100		26,687,300
Exxon Mobil Corp.	68,200		5,810,640
Suncor Energy, Inc.	25,500		745,356
			33,243,296
Oil & Gas Exploration & Production - 47.0%
Anadarko Petroleum Corp.	335,800		28,076,238
Antero Resources Corp. (a)	52,600		2,104,526
Apache Corp.	33,400		1,998,656
Bankers Petroleum Ltd. (a)	662,900		1,620,470
Bonanza Creek Energy, Inc. (a)	102,100		2,121,638
Cabot Oil & Gas Corp.	121,800		4,136,328
California Resources Corp.	530,200		4,162,070
Canadian Natural Resources Ltd.	457,900		14,131,716
Carrizo Oil & Gas, Inc. (a)	43,700		2,191,992
Cimarex Energy Co.	257,600		29,755,376
Concho Resources, Inc. (a)	147,500		17,744,250
ConocoPhillips Co.	375,900		23,937,312
Continental Resources, Inc. (a)	186,200		8,483,272
Devon Energy Corp.	35,300		2,302,266
Diamondback Energy, Inc.	126,600		9,850,746
Encana Corp.	368,900		4,675,027
Energen Corp.	154,000		10,656,800
EOG Resources, Inc.	516,600		45,817,254
Evolution Petroleum Corp.	78,400		540,960
Gulfport Energy Corp. (a)	167,450		7,227,142
Hess Corp.	70,400		4,753,408
Kosmos Energy Ltd. (a)	229,000		2,035,810
Marathon Oil Corp.	77,400		2,104,506
Memorial Resource Development Corp.	466,000		8,812,060
Murphy Oil Corp.	45,200		1,964,392
Newfield Exploration Co. (a)	592,300		22,394,863
Noble Energy, Inc.	539,500		23,619,310
Northern Oil & Gas, Inc. (a)(d)	317,795		2,170,540
Paramount Resources Ltd. Class A (a)	37,100		955,841
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Parsley Energy, Inc. Class A	212,700		$ 3,720,123
PDC Energy, Inc. (a)	223,400		13,323,576
Peyto Exploration & Development Corp. (d)	48,500		1,314,679
Pioneer Natural Resources Co.	108,000		15,965,640
Rice Energy, Inc. (a)	123,600		2,710,548
RSP Permian, Inc. (a)	75,000		2,136,000
SM Energy Co.	189,400		9,909,408
Synergy Resources Corp. (a)	398,700		4,589,037
TAG Oil Ltd. (a)	615,100		840,841
Whiting Petroleum Corp. (a)	199,067		6,567,220
			351,421,841
Oil & Gas Refining & Marketing - 6.4%
Alon U.S.A. Energy, Inc.	61,900		1,091,297
CVR Refining, LP	43,617		854,457
Tesoro Corp.	220,300		19,496,550
Valero Energy Corp.	398,100		23,583,444
World Fuel Services Corp.	50,800		2,541,524
			47,567,272
Oil & Gas Storage & Transport - 12.4%
Cheniere Energy, Inc. (a)	120,900		9,167,847
Columbia Pipeline Partners LP	27,100		733,055
Enable Midstream Partners LP	53,700		955,860
EQT Midstream Partners LP	37,700		3,154,359
Golar LNG Ltd.	186,700		8,870,117
Kinder Morgan, Inc.	525,400		21,798,846
Magellan Midstream Partners LP	45,700		3,643,204
MPLX LP	66,100		4,825,300
Phillips 66 Partners LP	69,500		5,055,430
Plains GP Holdings LP Class A	309,600		8,656,416
SemGroup Corp. Class A	28,900		2,274,430
Tallgrass Energy Partners LP	16,300		806,687

	Shares		Value
Targa Resources Corp.	72,900		$ 6,703,155
The Williams Companies, Inc.	195,400		9,984,940
Valero Energy Partners LP	118,625		6,074,786
			92,704,432
TOTAL OIL, GAS & CONSUMABLE FUELS			524,936,841
TOTAL COMMON STOCKS (Cost $736,319,160)		741,582,417
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 0.15% (b)	4,670,182		4,670,182
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	5,213,550		5,213,550
TOTAL MONEY MARKET FUNDS (Cost $9,883,732)		9,883,732
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $746,202,892)		751,466,149
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(3,519,953)
NET ASSETS - 100%		$ 747,946,196

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	$ 3,308
Fidelity Securities Lending Cash Central Fund	35,917
Total	$ 39,225

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $749,201,571. Net unrealized appreciation aggregated $2,264,578, of which $97,354,820 related to appreciated investment securities and $95,090,242 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, 2015

1.802175.111

SAV-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
BANKS - 0.4%
Regional Banks - 0.4%
Peoples United Financial, Inc.	31,300		$ 487,028
CAPITAL MARKETS - 1.1%
Investment Banking & Brokerage - 1.1%
E*TRADE Financial Corp. (a)	49,900		1,470,054
CONSUMER FINANCE - 38.3%
Consumer Finance - 38.3%
Ally Financial, Inc. (a)	257,100		5,828,457
American Express Co.	52,600		4,193,272
Capital One Financial Corp.	98,400		8,222,304
Cash America International, Inc. (d)	26,419		710,143
Credit Acceptance Corp. (a)	14,275		3,289,246
Discover Financial Services	69,000		4,020,630
Enova International, Inc. (a)	23,373		455,774
First Cash Financial Services, Inc. (a)	23,000		1,071,570
Navient Corp.	343,900		6,626,953
Nelnet, Inc. Class A	30,100		1,237,411
Santander Consumer U.S.A. Holdings, Inc.	248,800		6,095,600
SLM Corp. (a)	392,700		4,029,102
Springleaf Holdings, Inc. (a)	115,800		5,502,816
			51,283,278
DIVERSIFIED FINANCIAL SERVICES - 1.5%
Specialized Finance - 1.5%
Element Financial Corp. (a)	103,700		1,551,831
PHH Corp. (a)(d)	18,000		496,620
			2,048,451
IT SERVICES - 26.3%
Data Processing & Outsourced Services - 26.3%
Alliance Data Systems Corp. (a)	5,500		1,639,165
EVERTEC, Inc.	11,900		264,537
Fidelity National Information Services, Inc.	30,900		1,937,430
Fiserv, Inc. (a)	7,000		561,050
FleetCor Technologies, Inc. (a)	16,800		2,555,952
Global Payments, Inc.	18,000		1,878,840
MasterCard, Inc. Class A	88,900		8,201,914
Total System Services, Inc.	116,300		4,791,560
Vantiv, Inc. (a)	13,600		544,000
Visa, Inc. Class A	186,236		12,790,686
			35,165,134
REAL ESTATE INVESTMENT TRUSTS - 12.0%
Mortgage REITs - 12.0%
Altisource Residential Corp. Class B	32,700		585,984
American Capital Agency Corp.	248,200		5,177,452
Annaly Capital Management, Inc.	211,700		2,210,148
Capstead Mortgage Corp. (d)	38,700		457,821
Chimera Investment Corp.	165,080		2,382,104

	Shares		Value
Hatteras Financial Corp.	80,500		$ 1,445,780
Invesco Mortgage Capital, Inc.	60,057		953,105
MFA Financial, Inc.	129,900		1,031,406
New Residential Investment Corp.	38,250		652,545
Redwood Trust, Inc.	74,300		1,196,973
			16,093,318
THRIFTS & MORTGAGE FINANCE - 20.2%
Thrifts & Mortgage Finance - 20.2%
BofI Holding, Inc. (a)	4,200		395,472
Capitol Federal Financial, Inc.	51,300		620,730
EverBank Financial Corp.	55,000		1,014,200
Flagstar Bancorp, Inc. (a)	300		5,622
Hudson City Bancorp, Inc.	288,185		2,742,080
Meridian Bancorp, Inc. (a)	76,400		980,976
MGIC Investment Corp. (a)	446,928		4,849,169
Nationstar Mortgage Holdings, Inc. (a)(d)	75,100		1,480,972
New York Community Bancorp, Inc. (d)	242,800		4,307,272
Northfield Bancorp, Inc.	200		2,928
Ocwen Financial Corp. (a)(d)	106,800		1,085,088
Provident Financial Services, Inc.	8,000		145,440
Radian Group, Inc. (d)	192,765		3,454,349
TFS Financial Corp.	261,000		3,875,850
United Financial Bancorp, Inc. New	44,700		563,220
Washington Federal, Inc.	43,800		967,980
WSFS Financial Corp.	23,400		577,278
			27,068,626
TOTAL COMMON STOCKS (Cost $103,637,594)		133,615,889
Money Market Funds - 7.3%

Fidelity Cash Central Fund, 0.15% (b)	793,395		793,395
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	8,897,281		8,897,281
TOTAL MONEY MARKET FUNDS (Cost $9,690,676)		9,690,676
TOTAL INVESTMENT PORTFOLIO - 107.1% (Cost $113,328,270)			143,306,565
NET OTHER ASSETS (LIABILITIES) - (7.1)%			(9,449,387)
NET ASSETS - 100%		$ 133,857,178

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	$ 131
Fidelity Securities Lending Cash Central Fund	11,195
Total	$ 11,326

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $113,645,207. Net unrealized appreciation aggregated $29,661,358, of which $33,101,046 related to appreciated investment securities and $3,439,688 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, 2015

1.802194.111

WIR-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 13.1%
Communications Equipment - 13.1%
Alcatel-Lucent SA sponsored ADR (a)	344,000		$ 1,358,800
CommScope Holding Co., Inc. (a)	68,800		2,144,496
Harris Corp.	31,500		2,495,430
Motorola Solutions, Inc.	44,868		2,647,212
NETGEAR, Inc. (a)	14,900		461,751
Nokia Corp. sponsored ADR	96,000		699,840
QUALCOMM, Inc.	294,950		20,552,116
Ruckus Wireless, Inc. (a)	228,300		2,399,433
Sierra Wireless, Inc. (a)	11,400		348,384
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	72,400		815,224
ViaSat, Inc. (a)	14,800		932,252
			34,854,938
DIVERSIFIED TELECOMMUNICATION SERVICES - 16.5%
Alternative Carriers - 0.9%
inContact, Inc. (a)	171,300		1,665,036
Towerstream Corp. (a)	334,423		705,633
			2,370,669
Integrated Telecommunication Services - 15.6%
AT&T, Inc.	7,900		272,866
BT Group PLC sponsored ADR	133,500		9,144,750
Chunghwa Telecom Co. Ltd. sponsored ADR (d)	91,500		2,897,805
Manitoba Telecom Services, Inc.	31,100		696,224
Orange SA	323,300		5,096,490
Telecom Italia SpA (a)(d)	2,823,500		3,472,636
Telefonica SA sponsored ADR	18,648		264,056
TELUS Corp.	35,700		1,215,454
Verizon Communications, Inc.	375,497		18,564,572
			41,624,853
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			43,995,522
ELECTRONIC EQUIPMENT & COMPONENTS - 1.2%
Electronic Manufacturing Services - 1.2%
Neonode, Inc. (a)(d)	344,100		1,407,369
TTM Technologies, Inc. (a)	172,400		1,703,312
			3,110,681
INTERNET SOFTWARE & SERVICES - 7.4%
Internet Software & Services - 7.4%
Endurance International Group Holdings, Inc. (a)	245,900		4,999,147
Google, Inc. Class C	19,252		10,244,182

	Shares		Value
Web.com Group, Inc. (a)	169,500		$ 3,842,565
Xoom Corp. (a)(d)	35,100		660,231
			19,746,125
REAL ESTATE INVESTMENT TRUSTS - 11.8%
Specialized REITs - 11.8%
American Tower Corp.	212,492		19,717,133
Crown Castle International Corp.	141,800		11,563,790
			31,280,923
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.7%
Semiconductors - 8.7%
Broadcom Corp. Class A	153,900		8,749,215
Marvell Technology Group Ltd.	304,000		4,252,960
Qorvo, Inc. (a)	67,625		5,555,394
Skyworks Solutions, Inc.	42,100		4,604,056
			23,161,625
SOFTWARE - 0.9%
Application Software - 0.9%
Synchronoss Technologies, Inc. (a)	36		1,585
Tangoe, Inc. (a)	184,000		2,338,640
			2,340,225
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 24.4%
Technology Hardware, Storage & Peripherals - 24.4%
Apple, Inc.	490,300		63,876,282
BlackBerry Ltd. (a)	96,500		947,463
			64,823,745
WIRELESS TELECOMMUNICATION SERVICES - 14.9%
Wireless Telecommunication Services - 14.9%
America Movil S.A.B. de CV Series L sponsored ADR	113,400		2,381,400
Bharti Infratel Ltd.	84,416		634,118
China Mobile Ltd. sponsored ADR	19,700		1,295,078
Leap Wireless International, Inc. rights (a)	16,600		41,832
NTELOS Holdings Corp.	15,800		136,670
RingCentral, Inc. (a)	4,700		80,323
Rogers Communications, Inc. Class B (non-vtg.) (d)	82,500		2,838,674
SBA Communications Corp. Class A (a)	52,400		5,858,844
SoftBank Corp.	25,800		1,535,798
Spok Holdings, Inc.	12,000		208,200
Sprint Corp. (a)	28,033		130,353
T-Mobile U.S., Inc. (a)	153,875		5,982,660
Telephone & Data Systems, Inc.	150,714		4,474,699
U.S. Cellular Corp. (a)	20,800		813,280
Vodafone Group PLC sponsored ADR	339,781		13,261,652
			39,673,581
TOTAL COMMON STOCKS (Cost $219,929,549)		262,987,365
Money Market Funds - 4.1%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	2,022,130		$ 2,022,130
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	8,858,155		8,858,155
TOTAL MONEY MARKET FUNDS (Cost $10,880,285)		10,880,285
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $230,809,834)			273,867,650
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(7,886,604)
NET ASSETS - 100%		$ 265,981,046

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	$ 386
Fidelity Securities Lending Cash Central Fund	110,332
Total	$ 110,718

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 262,987,365	$ 252,840,609	$ 10,104,924	$ 41,832
Money Market Funds	10,880,285	10,880,285	-	-
Total Investments in Securities:	$ 273,867,650	$ 263,720,894	$ 10,104,924	$ 41,832

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $231,814,219. Net unrealized appreciation aggregated $42,053,431, of which $45,549,659 related to appreciated investment securities and $3,496,228 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

Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2015

1.802153.111

AIR-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
AEROSPACE & DEFENSE - 30.7%
Aerospace & Defense - 30.7%
BE Aerospace, Inc.	49,300		$ 2,826,862
Bombardier, Inc. Class B (sub. vtg.)	4,056,100		8,414,875
L-3 Communications Holdings, Inc.	31,000		3,652,110
Moog, Inc. Class A (a)	20,000		1,372,600
Precision Castparts Corp.	138,759		29,365,567
Rockwell Collins, Inc.	99,900		9,509,481
Spirit AeroSystems Holdings, Inc. Class A (a)	199,000		10,863,410
Textron, Inc.	422,500		19,105,450
The Boeing Co.	254,100		35,706,132
TransDigm Group, Inc.	15,600		3,526,224
Triumph Group, Inc.	216,600		14,445,054
United Technologies Corp.	22,200		2,601,174
			141,388,939
AIR FREIGHT & LOGISTICS - 24.4%
Air Freight & Logistics - 24.4%
C.H. Robinson Worldwide, Inc. (d)	209,600		12,938,608
FedEx Corp.	221,300		38,333,586
Forward Air Corp.	53,800		2,790,606
Hub Group, Inc. Class A (a)	95,478		4,050,177
Park-Ohio Holdings Corp.	133,490		6,408,855
United Parcel Service, Inc. Class B	455,900		45,234,397
UTi Worldwide, Inc. (a)	240,542		2,314,014
			112,070,243
AIRLINES - 37.6%
Airlines - 37.6%
Air Canada (a)	1,117,100		12,360,322
Alaska Air Group, Inc.	340,900		22,035,776
Allegiant Travel Co.	32,300		5,086,281
American Airlines Group, Inc.	879,600		37,268,652
Chorus Aviation, Inc.	925,009		4,723,229
Dart Group PLC	5,286		33,488
Delta Air Lines, Inc.	691,602		29,683,558
Hawaiian Holdings, Inc. (a)	185,000		4,480,700
Southwest Airlines Co.	524,000		19,414,200
Spirit Airlines, Inc. (a)	193,000		12,269,010
United Continental Holdings, Inc. (a)	269,285		14,700,268
Virgin America, Inc.	8,800		250,272
WestJet Airlines Ltd.	353,900		7,677,888
Wizz Air Holdings PLC	132,041		3,067,534
			173,051,178
MACHINERY - 0.3%
Construction Machinery & Heavy Trucks - 0.0%
ASL Marine Holdings Ltd.	235,000		75,829

	Shares		Value
Industrial Machinery - 0.3%
Global Brass & Copper Holdings, Inc.	75,010		$ 1,292,422
TOTAL MACHINERY			1,368,251
OIL, GAS & CONSUMABLE FUELS - 1.0%
Oil & Gas Storage & Transport - 1.0%
Scorpio Tankers, Inc.	500,100		4,560,912
ROAD & RAIL - 0.8%
Trucking - 0.8%
Hertz Global Holdings, Inc. (a)	84,200		1,674,738
Swift Transporation Co. (a)	93,500		2,175,745
			3,850,483
TOTAL COMMON STOCKS (Cost $352,830,071)		436,290,006
Nonconvertible Preferred Stocks - 0.9%

AEROSPACE & DEFENSE - 0.9%
Aerospace & Defense - 0.9%
Embraer SA sponsored ADR (d) (Cost $5,047,063)	142,200		4,283,064
Money Market Funds - 6.2%

Fidelity Cash Central Fund, 0.15% (b)	14,998,626		14,998,626
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	13,323,125		13,323,125
TOTAL MONEY MARKET FUNDS (Cost $28,321,751)		28,321,751
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $386,198,885)			468,894,821
NET OTHER ASSETS (LIABILITIES) - (1.9)%			(8,746,079)
NET ASSETS - 100%		$ 460,148,742

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	$ 4,437
Fidelity Securities Lending Cash Central Fund	9,131
Total	$ 13,568

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $389,457,975. Net unrealized appreciation aggregated $79,436,846, of which $93,901,042 related to appreciated investment securities and $14,464,196 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2015

1.802154.111

AUT-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
AUTO COMPONENTS - 35.8%
Auto Parts & Equipment - 35.8%
BorgWarner, Inc.	104,010		$ 6,256,202
Delphi Automotive PLC	98,158		8,537,783
LEONI AG	38,200		2,484,998
Magna International, Inc. Class A (sub. vtg.) (d)	82,868		4,762,444
NGK Spark Plug Co. Ltd.	209,600		6,326,586
Remy International, Inc.	99,526		2,199,525
Stoneridge, Inc. (a)	243,456		2,904,430
Tenneco, Inc. (a)	108,606		6,377,344
Visteon Corp. (a)	59,140		6,477,013
			46,326,325
AUTOMOBILES - 52.1%
Automobile Manufacturers - 51.1%
Ford Motor Co.	1,035,931		15,715,073
General Motors Co.	395,114		14,212,251
Honda Motor Co. Ltd. sponsored ADR (d)	71,695		2,453,403
Renault SA	42,100		4,370,919
Tata Motors Ltd. sponsored ADR	98,240		3,762,592
Tesla Motors, Inc. (a)(d)	36,600		9,179,280
Toyota Motor Corp. sponsored ADR (d)	119,917		16,535,355
			66,228,873
Motorcycle Manufacturers - 1.0%
Harley-Davidson, Inc.	23,020		1,231,340
TOTAL AUTOMOBILES			67,460,213
COMMERCIAL SERVICES & SUPPLIES - 2.0%
Diversified Support Services - 2.0%
KAR Auction Services, Inc.	69,980		2,607,455
ELECTRONIC EQUIPMENT & COMPONENTS - 1.5%
Electronic Equipment & Instruments - 1.5%
Research Frontiers, Inc. (a)(d)	323,650		1,909,535
HOUSEHOLD DURABLES - 1.9%
Consumer Electronics - 1.9%
Harman International Industries, Inc.	21,040		2,535,741

	Shares		Value
SOFTWARE - 2.0%
Application Software - 2.0%
Mobileye NV (a)(d)	55,200		$ 2,598,816
TOTAL COMMON STOCKS (Cost $82,183,751)		123,438,085
Nonconvertible Preferred Stocks - 1.5%

AUTOMOBILES - 1.5%
Automobile Manufacturers - 1.5%
Volkswagen AG (Cost $1,787,125)	7,900		1,917,522
Money Market Funds - 17.7%

Fidelity Cash Central Fund, 0.15% (b)	4,887,086		4,887,086
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	18,010,025		18,010,025
TOTAL MONEY MARKET FUNDS (Cost $22,897,111)		22,897,111
TOTAL INVESTMENT PORTFOLIO - 114.5% (Cost $106,867,987)			148,252,718
NET OTHER ASSETS (LIABILITIES) - (14.5)%			(18,766,976)
NET ASSETS - 100%		$ 129,485,742

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	$ 459
Fidelity Securities Lending Cash Central Fund	37,304
Total	$ 37,763

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 123,438,085	$ 117,111,499	$ 6,326,586	$ -
Nonconvertible Preferred Stocks	1,917,522	1,917,522	-	-
Money Market Funds	22,897,111	22,897,111	-	-
Total Investments in Securities:	$ 148,252,718	$ 141,926,132	$ 6,326,586	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $107,141,566. Net unrealized appreciation aggregated $41,111,152, of which $42,100,472 related to appreciated investment securities and $989,320 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, 2015

1.802182.111

BAM-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
INTERNET & CATALOG RETAIL - 0.0%
Internet Retail - 0.0%
Etsy, Inc.	2,700		$ 45,252
Wayfair LLC Class A	2,100		62,769
			108,021
INTERNET SOFTWARE & SERVICES - 4.6%
Internet Software & Services - 4.6%
Facebook, Inc. Class A (a)	302,800		23,978,732
Google, Inc.:
Class A (a)	5,100		2,781,132
Class C	5,214		2,774,422
Yahoo!, Inc. (a)	180,600		7,754,061
			37,288,347
MEDIA - 93.5%
Advertising - 1.5%
Interpublic Group of Companies, Inc.	319,000		6,513,980
Omnicom Group, Inc.	71,300		5,313,989
			11,827,969
Broadcasting - 4.8%
CBS Corp. Class B	357,600		22,071,072
Cumulus Media, Inc. Class A (a)	210		496
Discovery Communications, Inc. Class A (a)	450		15,273
Entercom Communications Corp. Class A (a)	3,053		34,743
Liberty Media Corp.:
Class A (a)	37,493		1,436,544
Class C (a)	111,786		4,243,397
Media General, Inc. (a)	201,000		3,328,560
Nexstar Broadcasting Group, Inc. Class A	135,346		7,699,834
			38,829,919
Cable & Satellite - 39.0%
AMC Networks, Inc. Class A (a)	236,300		18,570,817
Charter Communications, Inc. Class A (a)(d)	151,900		27,193,138
Comcast Corp. Class A	2,202,550		128,761,073
DIRECTV (a)	436,613		39,749,248
DISH Network Corp. Class A (a)	147,600		10,448,604
Liberty Broadband Corp.:
Class A (a)	32,023		1,726,360
Class C (a)	83,840		4,483,763
Liberty Global PLC:
Class A (a)	117,689		6,770,648
Class C (a)	613,847		32,994,276
Sirius XM Holdings, Inc. (a)	646,000		2,493,560

	Shares		Value
Starz Series A (a)	2,800		$ 117,488
Time Warner Cable, Inc.	219,769		39,754,014
			313,062,989
Movies & Entertainment - 47.0%
AMC Entertainment Holdings, Inc. Class A	12,185		352,268
Global Eagle Entertainment, Inc. (a)(d)	137,000		1,859,090
Lions Gate Entertainment Corp. (d)	611,277		20,227,156
Live Nation Entertainment, Inc. (a)	609,600		17,434,560
The Madison Square Garden Co. Class A (a)	309,400		26,432,042
The Walt Disney Co.	1,762,704		194,549,639
Time Warner, Inc.	860,922		72,730,691
Twenty-First Century Fox, Inc. Class A	811,507		27,266,635
Viacom, Inc. Class B (non-vtg.)	254,300		17,007,584
			377,859,665
Publishing - 1.2%
Gannett Co., Inc.	277,359		9,926,679
TOTAL MEDIA			751,507,221
TOTAL COMMON STOCKS (Cost $445,619,197)		788,903,589
Money Market Funds - 5.3%

Fidelity Cash Central Fund, 0.15% (b)	1,096,995		1,096,995
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	41,431,600		41,431,600
TOTAL MONEY MARKET FUNDS (Cost $42,528,595)		42,528,595

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $488,147,792)

831,432,184

NET OTHER ASSETS (LIABILITIES) - (3.4)%			(27,678,446)
NET ASSETS - 100%		$ 803,753,738

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	$ 695
Fidelity Securities Lending Cash Central Fund	19,533
Total	$ 20,228

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $489,786,446. Net unrealized appreciation aggregated $341,645,738, of which $345,090,957 related to appreciated investment securities and $3,445,219 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2015

1.802161.111

COM-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 3.3%
Communications Equipment - 3.3%
QUALCOMM, Inc.	346,200		$ 24,123,216
INTERNET SOFTWARE & SERVICES - 10.1%
Internet Software & Services - 10.1%
Alibaba Group Holding Ltd. sponsored ADR	173,300		15,479,156
Facebook, Inc. Class A (a)	300,000		23,757,000
Google, Inc.:
Class A (a)	42,700		23,285,164
Class C	20,957		11,151,429
Twitter, Inc. (a)	25,300		927,751
			74,600,500
IT SERVICES - 9.0%
Data Processing & Outsourced Services - 1.5%
MasterCard, Inc. Class A	43,500		4,013,310
Visa, Inc. Class A	106,900		7,341,892
			11,355,202
IT Consulting & Other Services - 7.5%
IBM Corp.	277,248		47,035,123
Teradata Corp. (a)	208,357		8,113,422
			55,148,545
TOTAL IT SERVICES			66,503,747
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
Semiconductors - 2.4%
Cirrus Logic, Inc. (a)	355,400		13,416,350
Maxim Integrated Products, Inc.	120,100		4,211,907
			17,628,257
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 75.3%
Technology Hardware, Storage & Peripherals - 75.3%
Apple, Inc.	966,748		125,947,930
Canon, Inc. sponsored ADR (d)	663,100		22,896,843
Cray, Inc. (a)	119,100		3,642,078
Diebold, Inc.	451,500		15,432,270
Dot Hill Systems Corp. (a)	2,348,700		16,534,848
Electronics for Imaging, Inc. (a)	765,315		33,084,567
EMC Corp.	1,988,778		52,384,413
Hewlett-Packard Co.	1,710,105		57,117,507
Intevac, Inc. (a)	374,769		2,038,743

	Shares		Value
Lexmark International, Inc. Class A (d)	620,400		$ 28,525,992
NCR Corp. (a)	293,900		8,831,695
NetApp, Inc.	210,360		7,026,024
Nimble Storage, Inc. (a)(d)	628,300		16,260,404
QLogic Corp. (a)	1,292,900		20,065,808
Quantum Corp. (a)	5,180,800		10,568,832
Samsung Electronics Co. Ltd.	3,076		3,608,592
SanDisk Corp.	550,600		37,650,028
Seagate Technology LLC	514,500		28,626,780
Silicon Graphics International Corp. (a)(d)	359,100		2,305,422
Super Micro Computer, Inc. (a)	490,000		16,395,400
Western Digital Corp.	462,934		45,071,254
			554,015,430
TOTAL COMMON STOCKS (Cost $535,948,977)		736,871,150
Money Market Funds - 4.7%

Fidelity Cash Central Fund, 0.15% (b)	210,005		210,005
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	34,147,250		34,147,250
TOTAL MONEY MARKET FUNDS (Cost $34,357,255)		34,357,255
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $570,306,232)			771,228,405
NET OTHER ASSETS (LIABILITIES) - (4.8)%			(35,321,787)
NET ASSETS - 100%		$ 735,906,618

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	$ 1,361
Fidelity Securities Lending Cash Central Fund	40,371
Total	$ 41,732

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Datalink Corp.	$ 15,196,124	$ -	$ 14,792,124	$ -	$ -
Total	$ 15,196,124	$ -	$ 14,792,124	$ -	$ -

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $572,620,973. Net unrealized appreciation aggregated $198,607,432, of which $220,382,123 related to appreciated investment securities and $21,774,691 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, 2015

1.802163.111

CPR-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
AUTO COMPONENTS - 3.5%
Auto Parts & Equipment - 3.5%
Delphi Automotive PLC	323,006		$ 28,095,062
Tenneco, Inc. (a)	211,501		12,419,339
			40,514,401
AUTOMOBILES - 2.0%
Automobile Manufacturers - 0.7%
Tata Motors Ltd. (a)	605,941		4,559,534
Tesla Motors, Inc. (a)	14,900		3,736,920
			8,296,454
Motorcycle Manufacturers - 1.3%
Harley-Davidson, Inc.	274,200		14,666,958
TOTAL AUTOMOBILES			22,963,412
BEVERAGES - 2.7%
Distillers & Vintners - 1.7%
Constellation Brands, Inc. Class A (sub. vtg.)	168,600		19,876,254
Soft Drinks - 1.0%
Monster Beverage Corp. (a)	89,100		11,340,648
TOTAL BEVERAGES			31,216,902
FOOD PRODUCTS - 1.2%
Packaged Foods & Meats - 1.2%
Associated British Foods PLC	130,400		6,034,906
Keurig Green Mountain, Inc.	86,300		7,442,512
			13,477,418
HOTELS, RESTAURANTS & LEISURE - 24.0%
Casinos & Gaming - 4.1%
Las Vegas Sands Corp.	668,000		33,954,440
Wynn Resorts Ltd.	131,860		13,276,983
			47,231,423
Hotels, Resorts & Cruise Lines - 8.5%
Accor SA	173,700		9,518,704
China Lodging Group Ltd. ADR (a)	112,200		2,780,316
Hilton Worldwide Holdings, Inc. (a)	1,579,800		45,751,008
Marriott International, Inc. Class A	64,650		5,042,054
Wyndham Worldwide Corp.	413,804		35,136,098
			98,228,180
Leisure Facilities - 1.1%
Vail Resorts, Inc.	128,651		13,346,255
Restaurants - 10.3%
Buffalo Wild Wings, Inc. (a)	61,100		9,328,137
DineEquity, Inc.	47,500		4,636,000
Domino's Pizza, Inc.	71,800		7,801,788
Fiesta Restaurant Group, Inc. (a)	214,500		9,980,685
Jubilant Foodworks Ltd. (a)	225,186		6,325,189
McDonald's Corp.	117,400		11,262,182

	Shares		Value
Ruth's Hospitality Group, Inc.	1,096,766		$ 16,155,363
Starbucks Corp.	1,041,800		54,131,928
			119,621,272
TOTAL HOTELS, RESTAURANTS & LEISURE			278,427,130
HOUSEHOLD DURABLES - 3.1%
Homebuilding - 2.4%
D.R. Horton, Inc.	353,100		9,222,972
Lennar Corp. Class A	189,000		8,813,070
PulteGroup, Inc.	539,400		10,345,692
			28,381,734
Housewares & Specialties - 0.7%
Jarden Corp. (a)	142,000		7,534,520
TOTAL HOUSEHOLD DURABLES			35,916,254
INTERNET & CATALOG RETAIL - 7.4%
Internet Retail - 7.4%
Amazon.com, Inc. (a)	104,200		44,725,766
Ocado Group PLC (a)(d)	1,562,340		8,703,824
Priceline Group, Inc. (a)	27,428		32,146,713
			85,576,303
INTERNET SOFTWARE & SERVICES - 3.4%
Internet Software & Services - 3.4%
Alibaba Group Holding Ltd. sponsored ADR	198,100		17,694,292
HomeAway, Inc. (a)	192,300		5,397,861
JUST EAT Ltd. (a)	157,600		1,109,715
JUST EAT Ltd. rights 6/8/15	29,185		15,924
Yahoo!, Inc. (a)	364,400		15,645,514
			39,863,306
LEISURE PRODUCTS - 1.1%
Leisure Products - 1.1%
Polaris Industries, Inc. (d)	93,000		13,303,650
MEDIA - 19.6%
Advertising - 0.2%
MDC Partners, Inc. Class A (sub. vtg.)	116,631		2,472,577
Broadcasting - 2.7%
ITV PLC	7,567,000		31,492,592
Cable & Satellite - 8.0%
Comcast Corp. Class A	1,141,100		66,708,706
Naspers Ltd. Class N	179,600		26,397,825
			93,106,531
Movies & Entertainment - 8.5%
The Walt Disney Co.	887,147		97,914,414
Publishing - 0.2%
Rightmove PLC	46,100		2,357,566
TOTAL MEDIA			227,343,680
Common Stocks - continued
	Shares		Value
MULTILINE RETAIL - 3.5%
Department Stores - 2.9%
Macy's, Inc.	505,400		$ 33,836,530
General Merchandise Stores - 0.6%
B&M European Value Retail S.A.	1,321,994		6,591,998
TOTAL MULTILINE RETAIL			40,428,528
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
Estee Lauder Companies, Inc. Class A	51,500		4,502,645
SOFTWARE - 0.4%
Application Software - 0.4%
Mobileye NV (a)	106,600		5,018,728
Home Entertainment Software - 0.0%
Playtech Ltd.	21,062		267,187
TOTAL SOFTWARE			5,285,915
SPECIALTY RETAIL - 20.5%
Apparel Retail - 7.5%
L Brands, Inc.	571,825		49,474,299
Ross Stores, Inc.	177,500		17,158,925
TJX Companies, Inc.	167,195		10,764,014
United Arrows Ltd.	77,800		2,527,330
Zumiez, Inc. (a)	226,036		6,749,435
			86,674,003
Automotive Retail - 4.1%
AutoZone, Inc. (a)	35,700		24,048,234
O'Reilly Automotive, Inc. (a)	105,300		23,116,509
			47,164,743
Home Improvement Retail - 6.1%
Home Depot, Inc.	638,600		71,152,812
Specialty Stores - 2.8%
Staples, Inc.	973,800		16,033,617
Tiffany & Co., Inc.	180,929		16,958,475
			32,992,092
TOTAL SPECIALTY RETAIL			237,983,650

	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 5.9%
Apparel, Accessories & Luxury Goods - 1.8%
G-III Apparel Group Ltd. (a)	241,536		$ 13,733,737
lululemon athletica, Inc. (a)	21,700		1,297,443
VF Corp.	81,938		5,770,893
			20,802,073
Footwear - 4.1%
NIKE, Inc. Class B	471,975		47,985,698
TOTAL TEXTILES, APPAREL & LUXURY GOODS			68,787,771
TOTAL COMMON STOCKS (Cost $1,004,063,198)		1,145,590,965
Money Market Funds - 2.4%

Fidelity Cash Central Fund, 0.15% (b)	8,792,570		8,792,570
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	19,481,980		19,481,980
TOTAL MONEY MARKET FUNDS (Cost $28,274,550)		28,274,550
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $1,032,337,748)			1,173,865,515
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(13,080,032)
NET ASSETS - 100%		$ 1,160,785,483

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	$ 4,751
Fidelity Securities Lending Cash Central Fund	47,012
Total	$ 51,763

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,145,590,965	$ 1,138,488,177	$ 7,102,788	$ -
Money Market Funds	28,274,550	28,274,550	-	-
Total Investments in Securities:	$ 1,173,865,515	$ 1,166,762,727	$ 7,102,788	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $1,033,308,101. Net unrealized appreciation aggregated $140,557,414, of which $172,373,933 related to appreciated investment securities and $31,816,519 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2015

1.802165.111

DEF-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
AEROSPACE & DEFENSE - 95.7%
Aerospace & Defense - 95.7%
Aerojet Rocketdyne Holdings, Inc. (a)	1,090,100		$ 22,619,575
BAE Systems PLC	3,194,197		25,142,355
BE Aerospace, Inc.	304,100		17,437,094
Esterline Technologies Corp. (a)	370,434		40,069,846
General Dynamics Corp.	87,300		12,235,968
HEICO Corp.	220,825		12,653,273
Honeywell International, Inc.	386,776		40,302,059
Huntington Ingalls Industries, Inc.	365,676		45,340,167
L-3 Communications Holdings, Inc.	338,618		39,892,587
Meggitt PLC	3,336,287		25,929,336
Orbital ATK, Inc.	537,943		41,152,640
Precision Castparts Corp.	36,294		7,680,899
Raytheon Co.	620,956		64,119,917
Rockwell Collins, Inc.	637,672		60,699,998
Safran SA	274,300		19,404,394
Teledyne Technologies, Inc. (a)	219,426		22,234,437
Textron, Inc.	983,500		44,473,870
The Boeing Co.	1,106,731		155,517,840
TransDigm Group, Inc.	181,433		41,011,115
Triumph Group, Inc.	258,535		17,241,699
United Technologies Corp.	1,474,101		172,720,413
			927,879,482
CHEMICALS - 1.6%
Specialty Chemicals - 1.6%
Cytec Industries, Inc.	251,832		15,233,318
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
AMETEK, Inc.	599		32,202

	Shares		Value
LEISURE PRODUCTS - 2.2%
Leisure Products - 2.2%
Vista Outdoor, Inc. (a)	465,686		$ 21,463,468
METALS & MINING - 0.0%
Steel - 0.0%
Carpenter Technology Corp.	200		8,168
TOTAL COMMON STOCKS (Cost $654,105,203)		964,616,638
Money Market Funds - 0.4%

Fidelity Cash Central Fund, 0.15% (b) (Cost $3,983,093)	3,983,093		3,983,093
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $658,088,296)			968,599,731
NET OTHER ASSETS (LIABILITIES) - 0.1%			1,109,249
NET ASSETS - 100%		$ 969,708,980

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	$ 8,787
Fidelity Securities Lending Cash Central Fund	12,067
Total	$ 20,854

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $659,045,142. Net unrealized appreciation aggregated $309,554,589, of which $317,161,817 related to appreciated investment securities and $7,607,228 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, 2015

1.802166.111

DEV-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 90.4%
Communications Equipment - 90.4%
ADTRAN, Inc.	179,500		$ 3,090,990
Alcatel-Lucent SA sponsored ADR (a)	2,345,843		9,266,080
Arris Group, Inc. (a)	82,100		2,710,121
AudioCodes Ltd. (a)	60,300		263,511
Brocade Communications Systems, Inc.	721,800		8,925,057
Calix Networks, Inc. (a)	50,500		404,000
Ciena Corp. (a)	63,100		1,521,972
Cisco Systems, Inc.	1,393,076		40,831,058
CommScope Holding Co., Inc. (a)	309,200		9,637,764
EchoStar Holding Corp. Class A (a)	7,000		350,700
Extreme Networks, Inc. (a)	51,200		138,752
F5 Networks, Inc. (a)	118,135		14,848,388
Finisar Corp. (a)(d)	296,100		6,484,590
Harris Corp.	124,700		9,878,734
Infinera Corp. (a)	3,111		64,211
InterDigital, Inc.	50,500		2,960,815
Ixia (a)	207,500		2,610,350
JDS Uniphase Corp. (a)	242,700		3,111,414
Juniper Networks, Inc.	461,012		12,816,134
Mitel Networks Corp. (a)(d)	80,900		752,370
Motorola Solutions, Inc.	84,581		4,990,279
NETGEAR, Inc. (a)	31,550		977,735
Nokia Corp. sponsored ADR	1,325,620		9,663,770
Plantronics, Inc.	93,200		5,141,844
Polycom, Inc. (a)	80,863		1,089,225
QUALCOMM, Inc.	698,519		48,672,801
Radware Ltd. (a)	181,000		4,273,410
Ruckus Wireless, Inc. (a)	498,500		5,239,235
Sandvine Corp. (U.K.) (a)	86,300		296,318
ShoreTel, Inc. (a)	96,800		665,984
Sonus Networks, Inc. (a)	129,660		1,015,238
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	1,014,780		11,426,423
Transmode AB	47,000		611,857
ViaSat, Inc. (a)	2,100		132,279
Wi-Lan, Inc.	388,400		812,030
			225,675,439
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
Alternative Carriers - 0.1%
Vonage Holdings Corp. (a)	54,300		253,038

	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - 1.2%
Electronic Components - 0.3%
II-VI, Inc. (a)	36,700		$ 685,189
Electronic Manufacturing Services - 0.9%
TE Connectivity Ltd.	32,500		2,242,500
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			2,927,689
HEALTH CARE TECHNOLOGY - 0.1%
Health Care Technology - 0.1%
Vocera Communications, Inc. (a)	21,000		228,270
INTERNET SOFTWARE & SERVICES - 1.4%
Internet Software & Services - 1.4%
Google, Inc.:
Class A (a)	1,800		981,576
Class C	2,105		1,120,092
Rackspace Hosting, Inc. (a)	14,900		597,341
Web.com Group, Inc. (a)	39,300		890,931
			3,589,940
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
Semiconductors - 1.6%
Altera Corp.	5,500		268,675
EZchip Semiconductor Ltd. (a)	16,200		271,350
GSI Technology, Inc. (a)	54,000		272,700
Marvell Technology Group Ltd.	110,000		1,538,900
Maxim Integrated Products, Inc.	32,300		1,132,761
Semtech Corp. (a)	21,000		448,560
			3,932,946
SOFTWARE - 1.6%
Application Software - 0.4%
BroadSoft, Inc. (a)	13,300		485,583
Comverse, Inc. (a)	23,600		568,052
			1,053,635
Systems Software - 1.2%
Oracle Corp.	37,500		1,630,875
Rovi Corp. (a)(d)	71,300		1,194,988
			2,825,863
TOTAL SOFTWARE			3,879,498
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.7%
Technology Hardware, Storage & Peripherals - 2.7%
BlackBerry Ltd. (a)	494,000		4,850,225
Hewlett-Packard Co.	22,200		741,480
Samsung Electronics Co. Ltd.	1,024		1,201,300
			6,793,005
TOTAL COMMON STOCKS (Cost $219,705,865)		247,279,825
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	1,550,481		$ 1,550,481
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	5,606,325		5,606,325
TOTAL MONEY MARKET FUNDS (Cost $7,156,806)		7,156,806
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $226,862,671)			254,436,631
NET OTHER ASSETS (LIABILITIES) - (1.9)%			(4,829,161)
NET ASSETS - 100%		$ 249,607,470

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	$ 763
Fidelity Securities Lending Cash Central Fund	31,563
Total	$ 32,326

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $228,264,994. Net unrealized appreciation aggregated $26,171,637, of which $30,654,007 related to appreciated investment securities and $4,482,370 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, 2015

1.802167.111

ELE-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)	285,468		$ 3
COMMUNICATIONS EQUIPMENT - 7.8%
Communications Equipment - 7.8%
ADTRAN, Inc.	62,300		1,072,806
F5 Networks, Inc. (a)	27,800		3,494,182
QUALCOMM, Inc.	2,482,332		172,968,894
Ruckus Wireless, Inc. (a)	106,000		1,114,060
Sonus Networks, Inc. (a)	289,300		2,265,219
			180,915,161
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Alternative Carriers - 0.3%
Intelsat SA (a)	628,700		6,720,803
ELECTRONIC EQUIPMENT & COMPONENTS - 4.3%
Electronic Components - 0.2%
Corning, Inc.	22,000		460,240
Vishay Intertechnology, Inc.	352,200		4,585,644
			5,045,884
Electronic Manufacturing Services - 3.1%
Jabil Circuit, Inc.	282,032		6,929,526
KEMET Corp. (a)	524,900		1,621,941
Plexus Corp. (a)	274,500		12,484,260
Trimble Navigation Ltd. (a)	136,100		3,190,184
TTM Technologies, Inc. (a)	4,575,656		45,207,481
Viasystems Group, Inc. (a)	134,300		2,453,661
			71,887,053
Technology Distributors - 1.0%
Avnet, Inc.	148,500		6,535,485
Ingram Micro, Inc. Class A (a)	550,600		14,761,586
			21,297,071
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			98,230,008
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
Garmin Ltd.	48,900		2,223,972
INTERNET & CATALOG RETAIL - 0.2%
Internet Retail - 0.2%
Etsy, Inc. (d)	193,600		3,244,736
INTERNET SOFTWARE & SERVICES - 1.8%
Internet Software & Services - 1.8%
Bazaarvoice, Inc. (a)	156,100		892,892
Cornerstone OnDemand, Inc. (a)	126,900		3,950,397
Demand Media, Inc. (a)	27		151
Google, Inc.:
Class A (a)	66,050		36,018,386
Class C	190		101,101

	Shares		Value
Opower, Inc. (a)	120,900		$ 1,431,456
Rightside Group Ltd. (a)	27		221
			42,394,604
IT SERVICES - 0.3%
Data Processing & Outsourced Services - 0.3%
EVERTEC, Inc.	347,500		7,724,925
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 76.2%
Semiconductor Equipment - 5.1%
Amkor Technology, Inc. (a)	539,100		3,644,316
Applied Materials, Inc.	1,570,200		31,608,126
KLA-Tencor Corp.	140,400		8,376,264
Lam Research Corp.	837,773		68,906,829
Ultratech, Inc. (a)	197,600		3,940,144
Xcerra Corp. (a)	373,400		2,882,648
			119,358,327
Semiconductors - 71.1%
Advanced Micro Devices, Inc. (a)(d)	7,223,000		16,468,440
Altera Corp.	1,709,708		83,519,236
Analog Devices, Inc.	669,489		45,498,472
Applied Micro Circuits Corp. (a)	369,870		2,363,469
Atmel Corp.	6,762,800		59,986,036
Avago Technologies Ltd.	1,700		251,719
Broadcom Corp. Class A	3,585,459		203,833,344
Cavium, Inc. (a)	89,555		6,301,985
Cirrus Logic, Inc. (a)	553,090		20,879,148
Cree, Inc. (a)(d)	751,449		22,753,876
Cypress Semiconductor Corp.	753,400		10,344,182
Diodes, Inc. (a)	26,943		713,451
Exar Corp. (a)	307,604		3,340,579
EZchip Semiconductor Ltd. (a)	310,600		5,202,550
Freescale Semiconductor, Inc. (a)	475,338		21,447,251
Himax Technologies, Inc. sponsored ADR (d)	1,236,100		7,737,986
Hua Hong Semiconductor Ltd. (a)	1,887,000		2,633,255
Intel Corp.	10,953,017		377,440,965
Intersil Corp. Class A	4,320,303		58,324,091
MagnaChip Semiconductor Corp. (a)(e)	1,909,582		13,691,703
Marvell Technology Group Ltd.	6,960,546		97,378,039
Maxim Integrated Products, Inc.	2,331,225		81,756,061
MaxLinear, Inc. Class A (a)	1,460,224		14,631,444
MediaTek, Inc.	677,000		9,102,945
Microchip Technology, Inc. (d)	972,200		47,764,186
Micron Technology, Inc. (a)	5,149,040		143,812,687
Motech Industries, Inc.	1		1
NVIDIA Corp.	800,220		17,708,869
NXP Semiconductors NV (a)	18,823		2,112,882
O2Micro International Ltd. sponsored ADR (a)	959,578		2,139,859
ON Semiconductor Corp. (a)	808,578		10,721,744
PMC-Sierra, Inc. (a)	3,932,074		35,703,232
Qorvo, Inc. (a)	27,000		2,218,050
Sanken Electric Co. Ltd.	560,000		4,033,496
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Semiconductor Manufacturing International Corp. (a)	29,115,000		$ 3,317,372
Semtech Corp. (a)(e)	3,361,939		71,811,017
Silicon Laboratories, Inc. (a)	143,000		7,927,920
STMicroelectronics NV (NY Shares) unit (d)	688,200		5,849,700
Texas Instruments, Inc.	1,522,160		85,119,187
Xilinx, Inc.	921,854		43,714,317
			1,649,554,746
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,768,913,073
SOFTWARE - 0.6%
Application Software - 0.0%
Comverse, Inc. (a)	7,552		181,777
Systems Software - 0.6%
CommVault Systems, Inc. (a)	115,400		5,127,222
Rovi Corp. (a)(d)	529,100		8,867,716
			13,994,938
TOTAL SOFTWARE			14,176,715
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.9%
Technology Hardware, Storage & Peripherals - 4.9%
BlackBerry Ltd. (a)	1,400		13,720
EMC Corp.	429,600		11,315,664
Hewlett-Packard Co.	1,374,200		45,898,280
Nimble Storage, Inc. (a)	88,200		2,282,616
Samsung Electronics Co. Ltd.	32,056		37,606,312
SanDisk Corp.	49,000		3,350,620
Seagate Technology LLC	123,400		6,865,976
Western Digital Corp.	70,100		6,824,936
			114,158,124
TOTAL COMMON STOCKS (Cost $2,000,705,820)		2,238,702,124

Corporate Bonds - 0.5%
	Principal Amount		Value
Convertible Bonds - 0.3%
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Components - 0.3%
InvenSense, Inc. 1.75% 11/1/18	$ 9,090,000		$ 8,561,644
Nonconvertible Bonds - 0.2%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Semiconductors - 0.2%
Advanced Micro Devices, Inc. 7% 7/1/24	4,785,000		4,019,400
TOTAL CORPORATE BONDS (Cost $12,407,456)		12,581,044

Money Market Funds - 5.7%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	73,784,187		73,784,187
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	57,813,925		57,813,925
TOTAL MONEY MARKET FUNDS (Cost $131,598,112)		131,598,112
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $2,144,711,388)			2,382,881,280
NET OTHER ASSETS (LIABILITIES) - (2.7)%			(62,459,925)
NET ASSETS - 100%		$ 2,320,421,355

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	$ 21,333
Fidelity Securities Lending Cash Central Fund	71,757
Total	$ 93,090

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
MagnaChip Semiconductor Corp.	$ 10,903,713	$ -	$ -	$ -	$ 13,691,703
Semtech Corp.	-	41,094,108	1,776,824	-	71,811,017
TTM Technologies, Inc.	53,948,528	-	14,398,171	-	-
Total	$ 64,852,241	$ 41,094,108	$ 16,174,995	$ -	$ 85,502,720

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,238,702,124	$ 2,231,351,253	$ 7,350,871	$ -
Corporate Bonds	12,581,044	-	12,581,044	-
Money Market Funds	131,598,112	131,598,112	-	-
Total Investments in Securities:	$ 2,382,881,280	$ 2,362,949,365	$ 19,931,915	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $2,158,824,686. Net unrealized appreciation aggregated $224,056,594, of which $295,434,181 related to appreciated investment securities and $71,377,587 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 Health Care Portfolio

May 31, 2015

1.802174.111

HEA-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BIOTECHNOLOGY - 21.4%
Biotechnology - 21.4%
Ablynx NV (a)	859,116		$ 10,058,425
Acceleron Pharma, Inc. (a)	569,316		19,203,029
Acorda Therapeutics, Inc. (a)	867,698		26,447,435
Actelion Ltd.	280,000		39,146,672
Advaxis, Inc. (a)(d)	1,560,000		39,249,600
Alnylam Pharmaceuticals, Inc. (a)	442,654		58,027,513
AMAG Pharmaceuticals, Inc. (a)(d)	1,150,000		80,017,000
Amgen, Inc.	1,660,000		259,391,600
Amicus Therapeutics, Inc. (a)	53,818		662,500
Arena Pharmaceuticals, Inc. (a)(d)	7,000,000		27,475,000
Array BioPharma, Inc. (a)(d)	3,200,000		24,480,000
Avalanche Biotechnologies, Inc. (a)	179,910		6,707,045
Biogen, Inc. (a)	460,000		182,615,400
BioMarin Pharmaceutical, Inc. (a)	1,000,000		125,570,000
Blueprint Medicines Corp.	98,619		2,829,379
Celgene Corp. (a)	680,000		77,819,200
Cellectis SA sponsored ADR (d)	1,122,700		48,163,830
Clovis Oncology, Inc. (a)(d)	300,000		27,732,000
Curis, Inc. (a)(e)	7,787,765		26,244,768
Discovery Laboratories, Inc. (a)(d)(e)	6,000,000		5,031,000
Dyax Corp. (a)	1,700,000		44,778,000
Gilead Sciences, Inc.	1,400,000		157,178,000
Insmed, Inc. (a)	2,050,626		44,990,734
Intercept Pharmaceuticals, Inc. (a)	251,600		64,207,062
Mirati Therapeutics, Inc. (a)(e)	900,000		32,994,000
Neurocrine Biosciences, Inc. (a)	1,900,000		83,334,000
ProQR Therapeutics BV (a)	500,000		9,120,000
Prothena Corp. PLC (a)	331,402		13,070,495
Puma Biotechnology, Inc. (a)(d)	1,170,000		228,676,500
Spark Therapeutics, Inc.	295,400		21,753,256
TESARO, Inc. (a)	940,000		55,234,400
Ultragenyx Pharmaceutical, Inc. (a)	913,405		79,466,235
United Therapeutics Corp. (a)	200,000		36,744,000
Vertex Pharmaceuticals, Inc. (a)	2,660,000		341,251,400
			2,299,669,478
CAPITAL MARKETS - 0.0%
Asset Management & Custody Banks - 0.0%
RPI International Holdings LP (f)	38,202		4,504,016
DIVERSIFIED CONSUMER SERVICES - 0.2%
Specialized Consumer Services - 0.2%
Carriage Services, Inc.	850,000		21,148,000
HEALTH CARE EQUIPMENT & SUPPLIES - 18.7%
Health Care Equipment - 17.4%
Boston Scientific Corp. (a)	26,000,000		475,020,000
CONMED Corp.	1,086,643		60,352,152
Edwards Lifesciences Corp. (a)	400,000		52,288,000
Genmark Diagnostics, Inc. (a)(e)	2,191,464		20,095,725
HeartWare International, Inc. (a)(d)	785,753		57,964,999

	Shares		Value
Lumenis Ltd. Class B (a)	1,389,413		$ 16,909,156
Medtronic PLC	9,800,000		747,936,000
Neovasc, Inc. (a)(e)	4,200,000		29,442,000
Nevro Corp.	350,000		17,790,500
ResMed, Inc. (d)	900,000		52,938,000
St. Jude Medical, Inc.	700,000		51,625,000
Steris Corp.	550,000		36,756,500
Tornier NV (a)(e)	2,816,170		74,853,799
TriVascular Technologies, Inc. (a)(e)	1,850,000		10,082,500
Zeltiq Aesthetics, Inc. (a)(d)	1,000,000		27,460,000
Zimmer Holdings, Inc.	1,200,000		136,908,000
			1,868,422,331
Health Care Supplies - 1.3%
Derma Sciences, Inc. (a)	1,000,000		6,560,000
Endologix, Inc. (a)	1,500,000		25,035,000
The Cooper Companies, Inc.	600,000		109,062,000
			140,657,000
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			2,009,079,331
HEALTH CARE PROVIDERS & SERVICES - 13.8%
Health Care Distributors & Services - 4.3%
Amplifon SpA	3,000,000		23,789,178
EBOS Group Ltd. (d)	3,280,000		23,432,850
McKesson Corp.	1,650,000		391,429,500
United Drug PLC (United Kingdom)	2,800,000		22,702,854
			461,354,382
Health Care Facilities - 3.3%
Brookdale Senior Living, Inc. (a)	1,600,000		60,304,000
HCA Holdings, Inc. (a)	1,500,000		122,745,000
Surgical Care Affiliates, Inc. (a)(e)	2,000,000		75,980,000
Universal Health Services, Inc. Class B	724,200		93,841,836
			352,870,836
Health Care Services - 2.1%
Adeptus Health, Inc. Class A (d)	426,398		29,869,180
DaVita HealthCare Partners, Inc. (a)	1,000,000		83,780,000
Envision Healthcare Holdings, Inc. (a)	2,800,000		103,460,000
Integrated Diagnostics Holdings PLC (a)	1,688,600		10,080,942
			227,190,122
Managed Health Care - 4.1%
Cigna Corp.	1,000,000		140,830,000
Humana, Inc.	189,600		40,697,640
UnitedHealth Group, Inc.	1,800,000		216,378,000
Wellcare Health Plans, Inc. (a)	500,000		42,835,000
			440,740,640
TOTAL HEALTH CARE PROVIDERS & SERVICES			1,482,155,980
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - 3.6%
Health Care Technology - 3.6%
athenahealth, Inc. (a)(d)	915,212		$ 106,713,719
Castlight Health, Inc.	1,875,650		16,374,425
Castlight Health, Inc. Class B (a)	120,129		1,048,726
Cerner Corp. (a)	1,560,000		104,972,400
Connecture, Inc. (d)(e)	2,000,000		25,340,000
HealthStream, Inc. (a)(e)	1,900,000		53,903,000
Medidata Solutions, Inc. (a)	1,150,000		66,711,500
Press Ganey Holdings, Inc.	300,413		8,219,300
			383,283,070
INDUSTRIAL CONGLOMERATES - 0.9%
Industrial Conglomerates - 0.9%
Danaher Corp.	1,100,000		94,952,000
LIFE SCIENCES TOOLS & SERVICES - 3.1%
Life Sciences Tools & Services - 3.1%
Agilent Technologies, Inc.	4,400,000		181,236,000
Bruker Corp. (a)	2,200,000		43,648,000
PRA Health Sciences, Inc.	1,100,000		36,806,000
Thermo Fisher Scientific, Inc.	600,000		77,778,000
			339,468,000
PHARMACEUTICALS - 35.9%
Pharmaceuticals - 35.9%
AbbVie, Inc.	6,000,000		399,540,000
Actavis PLC (a)	2,900,000		889,748,998
Bristol-Myers Squibb Co.	1,280,000		82,688,000
Dechra Pharmaceuticals PLC	2,000,000		31,454,472
Eisai Co. Ltd.	1,210,300		75,558,309
Eli Lilly & Co.	900,000		71,010,000
Endo Health Solutions, Inc. (a)	1,800,000		150,768,000
Horizon Pharma PLC (a)	2,100,000		68,103,000
Jazz Pharmaceuticals PLC (a)	1,000,000		179,350,000
Jiangsu Hengrui Medicine Co. Ltd.	4,000,000		40,494,974
Mallinckrodt PLC (a)	1,000,000		129,440,000
Mylan N.V.	2,800,000		203,364,000
Novartis AG sponsored ADR	1,600,000		164,368,000
Omeros Corp. (a)(d)	922,360		18,308,846
Pacira Pharmaceuticals, Inc. (a)	600,000		46,926,000
Perrigo Co. PLC	750,000		142,725,000
Prestige Brands Holdings, Inc. (a)	1,500,000		65,880,000
Sanofi SA sponsored ADR	2,280,000		112,654,800
Shire PLC sponsored ADR	1,000,000		260,150,000
Sun Pharmaceutical Industries Ltd. (a)	2,280,000		34,554,342
Teva Pharmaceutical Industries Ltd. sponsored ADR	6,850,000		411,685,000
TherapeuticsMD, Inc. (a)(d)	5,600,000		39,648,000

	Shares		Value
Valeant Pharmaceuticals International (Canada) (a)	800,000		$ 190,697,974
ZS Pharma, Inc.	861,700		50,409,450
			3,859,527,165
PROFESSIONAL SERVICES - 0.4%
Human Resource & Employment Services - 0.4%
WageWorks, Inc. (a)	1,100,000		47,168,000
TOTAL COMMON STOCKS (Cost $7,912,659,277)		10,540,955,040
Convertible Preferred Stocks - 0.5%

HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Penumbra, Inc. Series F (f)	1,250,000		22,800,000
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
1Life Healthcare, Inc. Series G (a)(f)	1,639,892		10,478,910
SOFTWARE - 0.2%
Application Software - 0.2%
Outset Medical, Inc. Series B (f)	8,159,125		18,500,000
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $45,800,001)		51,778,910
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.15% (b)	100,906,917		100,906,917
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	270,337,472		270,337,472
TOTAL MONEY MARKET FUNDS (Cost $371,244,389)		371,244,389
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $8,329,703,667)			10,963,978,339
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(212,038,616)
NET ASSETS - 100%		$ 10,751,939,723

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 $56,282,926 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
1Life Healthcare, Inc. Series G	4/10/14	$ 10,800,001
Outset Medical, Inc. Series B	5/5/15	$ 18,500,000
Penumbra, Inc. Series F	5/16/14	$ 16,500,000
RPI International Holdings LP	5/21/15	$ 4,504,016

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 67,880
Fidelity Securities Lending Cash Central Fund	326,341
Total	$ 394,221

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Connecture, Inc.	$ 17,280,000	$ -	$ -	$ -	$ 25,340,000
Curis, Inc.	21,019,931	2,988,297	-	-	26,244,768
Discovery Laboratories, Inc.	8,855,000	637,500	-	-	5,031,000
Genmark Diagnostics, Inc.	27,500,449	304,127	-	-	20,095,725
HealthStream, Inc.	38,820,000	10,583,785	-	-	53,903,000
Mirati Therapeutics, Inc.	16,639,000	5,420,919	-	-	32,994,000
Neovasc, Inc.	39,600,000	1,795,800	-	-	29,442,000
Surgical Care Affiliates, Inc.	38,976,000	27,175,068	-	-	75,980,000
Tornier NV	52,020,955	17,723,575	-	-	74,853,799
TriVascular Technologies, Inc.	13,381,307	4,700,086	-	-	10,082,500
Vanda Pharmaceuticals, Inc.	23,672,000	-	22,115,861	-	-
Total	$ 297,764,642	$ 71,329,157	$ 22,115,861	$ -	$ 353,966,792

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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	$ 10,540,955,040	$ 10,460,892,715	$ 75,558,309	$ 4,504,016
Convertible Preferred Stocks	51,778,910	-	-	51,778,910
Money Market Funds	371,244,389	371,244,389	-	-
Total Investments in Securities:	$ 10,963,978,339	$ 10,832,137,104	$ 75,558,309	$ 56,282,926

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers	Total
Level 1 to Level 2	$ 52,179,728
Level 2 to Level 1	$ 146,178,750

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $8,335,435,888. Net unrealized appreciation aggregated $2,628,542,451, of which $2,732,668,370 related to appreciated investment securities and $104,125,919 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2015

1.802187.111

PHR-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
BIOTECHNOLOGY - 7.6%
Biotechnology - 7.6%
Ablynx NV (a)(d)	510,400		$ 5,975,701
Agios Pharmaceuticals, Inc. (a)	35,353		4,313,773
Alder Biopharmaceuticals, Inc.	137,300		5,837,996
Alexion Pharmaceuticals, Inc. (a)	89,500		14,663,680
Alnylam Pharmaceuticals, Inc. (a)	34,500		4,522,605
AMAG Pharmaceuticals, Inc. (a)(d)	235,400		16,379,132
Biogen, Inc. (a)	41,500		16,475,085
Cara Therapeutics, Inc. (a)	376,300		3,582,376
Dynavax Technologies Corp. (a)(d)	168,000		3,825,360
Genmab A/S (a)	83,300		7,314,924
Gilead Sciences, Inc.	187,100		21,005,717
Intercept Pharmaceuticals, Inc. (a)	10,598		2,704,557
Pfenex, Inc. (a)	245,500		4,659,590
Regeneron Pharmaceuticals, Inc. (a)	21,400		10,968,784
Repligen Corp. (a)	308,700		12,582,612
Synageva BioPharma Corp. (a)	45,900		9,795,519
United Therapeutics Corp. (a)	67,200		12,345,984
Vertex Pharmaceuticals, Inc. (a)	100,100		12,841,829
			169,795,224
CHEMICALS - 0.1%
Specialty Chemicals - 0.1%
Codexis, Inc. (a)	347,543		1,438,828
FOOD & STAPLES RETAILING - 0.5%
Drug Retail - 0.5%
Tsuruha Holdings, Inc.	142,400		10,675,478
HEALTH CARE EQUIPMENT & SUPPLIES - 1.2%
Health Care Equipment - 0.7%
DBV Technologies SA (a)	76,200		3,600,364
Teleflex, Inc.	86,200		11,097,388
			14,697,752
Health Care Supplies - 0.5%
West Pharmaceutical Services, Inc.	228,400		12,365,576
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			27,063,328
HEALTH CARE PROVIDERS & SERVICES - 4.0%
Health Care Distributors & Services - 1.7%
Fagron NV	277,700		12,568,964
McKesson Corp.	103,000		24,434,690
			37,003,654
Health Care Services - 2.3%
DaVita HealthCare Partners, Inc. (a)	360,200		30,177,556
Express Scripts Holding Co. (a)	250,300		21,811,142
			51,988,698
TOTAL HEALTH CARE PROVIDERS & SERVICES			88,992,352

	Shares		Value
HOUSEHOLD PRODUCTS - 1.0%
Household Products - 1.0%
Reckitt Benckiser Group PLC	239,272		$ 21,609,991
LIFE SCIENCES TOOLS & SERVICES - 0.7%
Life Sciences Tools & Services - 0.7%
Agilent Technologies, Inc.	393,400		16,204,146
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
MYOS Corp. (a)	40,000		157,200
PHARMACEUTICALS - 84.1%
Pharmaceuticals - 84.1%
AbbVie, Inc.	2,262,290		150,645,891
Actavis PLC (a)	685,338		210,268,552
Amphastar Pharmaceuticals, Inc. (a)	503,200		7,719,088
ANI Pharmaceuticals, Inc. (a)(d)	83,000		4,181,540
AstraZeneca PLC sponsored ADR	128,000		8,646,400
Bristol-Myers Squibb Co.	1,829,710		118,199,266
CSPC Pharmaceutical Group Ltd.	5,322,000		5,477,364
Eli Lilly & Co.	919,500		72,548,550
Endo Health Solutions, Inc. (a)	540,100		45,238,776
GlaxoSmithKline PLC sponsored ADR	948,400		42,080,508
Horizon Pharma PLC (a)	874,354		28,355,300
Impax Laboratories, Inc. (a)	385,500		18,122,355
Indivior PLC (a)	3,577,700		12,576,760
Jazz Pharmaceuticals PLC (a)	106,000		19,011,100
Jiangsu Hengrui Medicine Co. Ltd.	883,964		8,949,025
Johnson & Johnson	2,559,600		256,318,342
Mallinckrodt PLC (a)	325,900		42,184,496
Merck & Co., Inc.	271,036		16,503,382
Mylan N.V.	941,300		68,366,619
Novartis AG sponsored ADR	988,298		101,527,854
Novo Nordisk A/S Series B sponsored ADR	1,766,000		99,743,680
Pacira Pharmaceuticals, Inc. (a)	18,500		1,446,885
Perrigo Co. PLC	259,852		49,449,836
Pfizer, Inc.	1,876,888		65,221,858
Prestige Brands Holdings, Inc. (a)	564,200		24,779,664
Recordati SpA	840,400		17,675,667
Roche Holding AG (participation certificate)	127,542		38,883,893
Sanofi SA sponsored ADR	3,133,622		154,832,263
Shire PLC sponsored ADR	153,600		39,959,040
Sinclair Pharma PLC (a)	2,787,274		1,661,427
Tetraphase Pharmaceuticals, Inc. (a)	60,100		2,577,088
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,363,889		81,969,729
Valeant Pharmaceuticals International (Canada) (a)	244,027		58,169,318
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
XenoPort, Inc. (a)	758,200		$ 4,518,872
Zoetis, Inc. Class A	87,100		4,334,967
			1,882,145,355
TOTAL COMMON STOCKS (Cost $1,670,212,235)		2,218,081,902
Convertible Preferred Stocks - 0.0%

LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Living Proof, Inc. 8.00% (a)(e) (Cost $200,000)	112,714		318,981
Money Market Funds - 1.8%

Fidelity Cash Central Fund, 0.15% (b)	24,839,437		24,839,437
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	16,406,925		16,406,925
TOTAL MONEY MARKET FUNDS (Cost $41,246,362)		41,246,362
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,711,658,597)			2,259,647,245
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(23,137,199)
NET ASSETS - 100%		$ 2,236,510,046

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
Living Proof, Inc. 8.00%	2/13/13	$ 200,000

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	$ 13,296
Fidelity Securities Lending Cash Central Fund	68,447
Total	$ 81,743

Other Information

The following is a summary of the inputs used, as of May 31, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,218,081,902	$ 2,146,912,540	$ 71,169,362	$ -
Convertible Preferred Stocks	318,981	-	-	318,981
Money Market Funds	41,246,362	41,246,362	-	-
Total Investments in Securities:	$ 2,259,647,245	$ 2,188,158,902	$ 71,169,362	$ 318,981

Transfers	Total
Level 1 to Level 2	$ 9,618,324
Level 2 to Level 1	$ 50,096,318

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $1,715,188,945. Net unrealized appreciation aggregated $544,458,300, of which $559,373,774 related to appreciated investment securities and $14,915,474 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, 2015

1.802189.111

SOF-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Security & Alarm Services - 0.3%
Mix Telematics Ltd. (a)	26,843,118		$ 7,846,441
COMMUNICATIONS EQUIPMENT - 1.6%
Communications Equipment - 1.6%
QUALCOMM, Inc.	615,900		42,915,912
Sonus Networks, Inc. (a)	553,100		4,330,773
			47,246,685
CONSUMER FINANCE - 0.3%
Consumer Finance - 0.3%
American Express Co.	112,000		8,928,640
DIVERSIFIED CONSUMER SERVICES - 1.6%
Education Services - 0.3%
Chegg, Inc. (a)(d)	936,200		7,124,482
Specialized Consumer Services - 1.3%
H&R Block, Inc.	1,213,691		38,510,415
TOTAL DIVERSIFIED CONSUMER SERVICES			45,634,897
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9%
Alternative Carriers - 0.9%
inContact, Inc. (a)	2,805,756		27,271,948
ELECTRONIC EQUIPMENT & COMPONENTS - 1.5%
Electronic Manufacturing Services - 1.5%
Trimble Navigation Ltd. (a)	1,849,300		43,347,592
INTERNET & CATALOG RETAIL - 1.0%
Internet Retail - 1.0%
Groupon, Inc. Class A (a)	4,294,500		27,398,910
INTERNET SOFTWARE & SERVICES - 30.5%
Internet Software & Services - 30.5%
Actua Corp. (a)	367,789		4,674,598
Alibaba Group Holding Ltd. sponsored ADR	87,500		7,815,500
Bazaarvoice, Inc. (a)	1,031,800		5,901,896
ChannelAdvisor Corp. (a)(d)	618,812		6,936,883
Cornerstone OnDemand, Inc. (a)	411,322		12,804,454
Cvent, Inc. (a)	220,200		5,804,472
Demandware, Inc. (a)(d)	204,850		12,758,058
Endurance International Group Holdings, Inc. (a)	500,000		10,165,000
Facebook, Inc. Class A (a)	1,644,200		130,204,198
Five9, Inc. (a)(d)	300,834		1,531,245
Google, Inc.:
Class A (a)	364,500		198,769,140
Class C	496,760		264,330,964
Marketo, Inc. (a)	154,800		4,617,684
NIC, Inc.	501,600		8,451,960
Opower, Inc. (a)(d)	503,500		5,961,440
Pandora Media, Inc. (a)	328,200		6,127,494
Rackspace Hosting, Inc. (a)	403,000		16,156,270

	Shares		Value
SciQuest, Inc. (a)	441,157		$ 6,732,056
Shutterstock, Inc. (a)	44,400		2,841,156
Textura Corp. (a)	381,500		11,105,465
Twitter, Inc. (a)	1,114,200		40,857,714
Web.com Group, Inc. (a)	2,011,334		45,596,942
Wix.com Ltd. (a)	286,904		7,146,779
Yahoo!, Inc. (a)	1,401,759		60,184,523
Yelp, Inc. (a)	61,200		2,932,092
			880,407,983
IT SERVICES - 22.5%
Data Processing & Outsourced Services - 18.8%
EVERTEC, Inc.	803,300		17,857,359
ExlService Holdings, Inc. (a)	534,310		19,181,729
Fidelity National Information Services, Inc.	640,400		40,153,080
MasterCard, Inc. Class A	1,357,200		125,215,272
The Western Union Co.	864,700		18,980,165
Total System Services, Inc.	495,700		20,422,840
Vantiv, Inc. (a)	310,900		12,436,000
Visa, Inc. Class A	2,817,320		193,493,538
WEX, Inc. (a)	150,600		17,076,534
WNS Holdings Ltd. sponsored ADR (a)(e)	2,639,438		69,654,769
Xerox Corp.	729,000		8,325,180
			542,796,466
IT Consulting & Other Services - 3.7%
IBM Corp.	311,400		52,829,010
Lionbridge Technologies, Inc. (a)(e)	6,256,275		34,534,638
Unisys Corp. (a)	1,007,600		20,696,104
			108,059,752
TOTAL IT SERVICES			650,856,218
MEDIA - 2.1%
Advertising - 2.1%
MDC Partners, Inc. Class A (sub. vtg.)(e)	2,833,281		60,065,557
PROFESSIONAL SERVICES - 2.4%
Research & Consulting Services - 2.4%
ICF International, Inc. (a)(e)	1,909,836		68,333,932
SOFTWARE - 31.3%
Application Software - 10.9%
Adobe Systems, Inc. (a)	1,031,800		81,605,062
Cadence Design Systems, Inc. (a)(d)	986,700		19,526,793
Citrix Systems, Inc. (a)	954,200		62,032,542
Comverse, Inc. (a)	245,617		5,912,001
Parametric Technology Corp. (a)	404,800		16,706,096
Salesforce.com, Inc. (a)	1,417,526		103,125,017
Synopsys, Inc. (a)	196,400		9,798,396
Zendesk, Inc.	680,200		15,665,006
			314,370,913
Home Entertainment Software - 0.7%
Activision Blizzard, Inc.	747,900		18,891,954
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - 19.7%
CommVault Systems, Inc. (a)	322,737		$ 14,339,205
Microsoft Corp.	7,221,500		338,399,488
Oracle Corp.	4,339,000		188,703,110
Rovi Corp. (a)(d)	757,700		12,699,052
Symantec Corp.	289,200		7,121,550
Varonis Systems, Inc. (a)(d)	389,479		7,859,686
			569,122,091
TOTAL SOFTWARE			902,384,958
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7%
Technology Hardware, Storage & Peripherals - 0.7%
EMC Corp.	814,100		21,443,394
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
RingCentral, Inc. (a)	297,564		5,085,369
TOTAL COMMON STOCKS (Cost $1,923,783,581)		2,796,252,524
Convertible Preferred Stocks - 0.2%

SOFTWARE - 0.2%
Application Software - 0.2%
Deem, Inc. (a)(f) (Cost $8,064,516)	2,497,881		7,143,940
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	80,382,114		$ 80,382,114
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	49,850,475		49,850,475
TOTAL MONEY MARKET FUNDS (Cost $130,232,589)		130,232,589
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,062,080,686)		2,933,629,053
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(46,380,624)
NET ASSETS - 100%		$ 2,887,248,429

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
Deem, Inc.	9/19/13	$ 8,064,516

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 27,398
Fidelity Securities Lending Cash Central Fund	150,237
Total	$ 177,635

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ICF International, Inc.	$ 81,216,278	$ -	$ 1,207,372	$ -	$ 68,333,932
Lionbridge Technologies, Inc.	35,222,828	-	-	-	34,534,638
MDC Partners, Inc. Class A (sub. vtg.)	89,859,570	-	17,101,481	1,122,187	60,065,557
WNS Holdings Ltd. sponsored ADR	71,644,587	-	7,316,329	-	69,654,769
Total	$ 277,943,263	$ -	$ 25,625,182	$ 1,122,187	$ 232,588,896

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,796,252,524	$ 2,796,252,524	$ -	$ -
Convertible Preferred Stocks	7,143,940	-	-	7,143,940
Money Market Funds	130,232,589	130,232,589	-	-
Total Investments in Securities:	$ 2,933,629,053	$ 2,926,485,113	$ -	$ 7,143,940

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $2,063,043,430. Net unrealized appreciation aggregated $870,585,623, of which $929,566,958 related to appreciated investment securities and $58,981,335 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, 2015

1.802190.111

TEC-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
AUTO COMPONENTS - 0.0%
Auto Parts & Equipment - 0.0%
Weifu High-Technology Co. Ltd. (B Shares)	98,200		$ 446,188
AUTOMOBILES - 1.9%
Automobile Manufacturers - 1.9%
Tesla Motors, Inc. (a)(d)	219,556		55,064,645
BANKS - 0.4%
Diversified Banks - 0.4%
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(e)	1,808,700		13,236,312
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
JHL Biotech, Inc. (f)	507,721		1,898,877
CHEMICALS - 0.3%
Industrial Gases - 0.1%
Sodiff Advanced Materials Co. Ltd.	15,493		1,593,661
Specialty Chemicals - 0.2%
Duk San Neolux Co. Ltd. (a)	192,897		3,601,344
JSR Corp.	156,400		2,838,639
			6,439,983
TOTAL CHEMICALS			8,033,644
COMMUNICATIONS EQUIPMENT - 6.9%
Communications Equipment - 6.9%
BYD Electronic International Co. Ltd.	2,990,500		4,882,827
Ciena Corp. (a)	1,015,800		24,501,096
Cisco Systems, Inc.	1,468,700		43,047,597
CommScope Holding Co., Inc. (a)	681,300		21,236,121
Finisar Corp. (a)	418,300		9,160,770
Ixia (a)	448,576		5,643,086
Juniper Networks, Inc.	1,056		29,357
Palo Alto Networks, Inc. (a)	27,400		4,644,026
QUALCOMM, Inc.	1,297,800		90,430,704
Radware Ltd. (a)	1,163		27,458
			203,603,042
CONSTRUCTION MATERIALS - 0.0%
Construction Materials - 0.0%
Universal Cement Corp.	877,200		823,789
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
LifeLock, Inc. (a)	1,500		22,830
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
Alternative Carriers - 0.2%
8x8, Inc. (a)	596,076		4,971,274

	Shares		Value
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
Lumenpulse, Inc. (a)	40,300		$ 524,328
Nidec Corp.	113,100		8,232,346
OSRAM Licht AG	306,509		16,155,298
			24,911,972
ELECTRONIC EQUIPMENT & COMPONENTS - 5.7%
Electronic Components - 2.9%
Alps Electric Co. Ltd.	2,100		53,652
Largan Precision Co. Ltd.	19,000		2,107,892
Ledlink Optics, Inc.	1,493,252		2,862,789
Murata Manufacturing Co. Ltd.	80,800		13,096,397
OMRON Corp.	315,000		14,597,911
Samsung SDI Co. Ltd.	70,883		7,793,885
Sunny Optical Technology Group Co. Ltd.	3,017,000		6,622,602
Taiyo Yuden Co. Ltd.	568,200		8,471,622
TDK Corp.	122,600		9,782,022
TPK Holding Co. Ltd.	1,476,000		9,767,541
Universal Display Corp. (a)(d)	600		32,226
Yageo Corp.	5,794,217		10,939,223
Yaskawa Electric Corp.	1,900		26,553
			86,154,315
Electronic Equipment & Instruments - 0.4%
Chroma ATE, Inc.	3,293,644		7,382,840
Cognex Corp.	62,900		3,174,563
FEI Co.	8,700		709,920
Keyence Corp.	2,500		1,341,206
			12,608,529
Electronic Manufacturing Services - 2.1%
TE Connectivity Ltd.	295,326		20,377,494
Trimble Navigation Ltd. (a)	1,709,221		40,064,140
			60,441,634
Technology Distributors - 0.3%
Digital China Holdings Ltd. (H Shares)	4,438,000		7,978,916
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			167,183,394
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Intai Technology Corp.	967,000		4,548,448
Olympus Corp.	73,400		2,494,126
			7,042,574
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Managed Health Care - 0.0%
HealthEquity, Inc. (a)	1,100		29,161
HEALTH CARE TECHNOLOGY - 0.7%
Health Care Technology - 0.7%
athenahealth, Inc. (a)(d)	120,926		14,099,972
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - CONTINUED
Health Care Technology - continued
M3, Inc.	139,800		$ 2,653,986
Medidata Solutions, Inc. (a)	49,400		2,865,694
			19,619,652
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.1%
Sony Corp.	50,200		1,552,198
Sony Corp. sponsored ADR	89,000		2,751,880
			4,304,078
Household Appliances - 0.3%
Haier Electronics Group Co. Ltd.	2,473,000		7,495,244
TOTAL HOUSEHOLD DURABLES			11,799,322
INTERNET & CATALOG RETAIL - 4.1%
Internet Retail - 4.1%
Amazon.com, Inc. (a)	58,200		24,981,186
ASOS PLC (a)(d)	6,400		360,556
Ctrip.com International Ltd. sponsored ADR (a)	311,711		24,896,358
Etsy, Inc.	9,700		162,572
Groupon, Inc. Class A (a)	3,719,800		23,732,324
JD.com, Inc. sponsored ADR	129,400		4,358,192
Jumei International Holding Ltd. sponsored ADR (d)	1,015,787		22,885,681
MySale Group PLC	42,200		35,313
Priceline Group, Inc. (a)	100		117,204
Qunar Cayman Islands Ltd. sponsored ADR (a)	195,065		8,600,416
Travelport Worldwide Ltd.	156,100		2,386,769
Vipshop Holdings Ltd. ADR (a)	267,020		6,667,489
zulily, Inc. Class A (a)	1,900		25,128
			119,209,188
INTERNET SOFTWARE & SERVICES - 25.8%
Internet Software & Services - 25.8%
21Vianet Group, Inc. ADR (a)(d)	315,400		5,696,124
58.com, Inc. ADR (a)	371,404		27,859,014
Alibaba Group Holding Ltd. sponsored ADR	79,800		7,127,736
ChannelAdvisor Corp. (a)(d)	346,200		3,880,902
Constant Contact, Inc. (a)	800		21,808
Cornerstone OnDemand, Inc. (a)	442,804		13,784,489
Cvent, Inc. (a)	133,064		3,507,567
Demandware, Inc. (a)(d)	138,274		8,611,705
DeNA Co. Ltd.	474,900		10,114,642
eBay, Inc. (a)	23,500		1,441,960
eGain Communications Corp. (a)	129,600		589,680
Endurance International Group Holdings, Inc. (a)(d)	908,820		18,476,311
Facebook, Inc. Class A (a)	2,311,974		183,085,221

	Shares		Value
Google, Inc.:
Class A (a)	200,603		$ 109,392,828
Class C	229,768		122,261,850
HomeAway, Inc. (a)	207,001		5,810,518
Hortonworks, Inc.	2,800		73,556
LendingClub Corp. (d)	1,100		21,131
LinkedIn Corp. Class A (a)	14,400		2,806,992
Marketo, Inc. (a)(d)	227,964		6,800,166
Momo, Inc. ADR (d)	2,577		46,541
NAVER Corp.	34,940		19,099,237
New Relic, Inc.	800		26,184
NIC, Inc.	119,768		2,018,091
Q2 Holdings, Inc. (a)	1,400		33,194
Qihoo 360 Technology Co. Ltd. ADR (a)	49,700		2,586,885
Rackspace Hosting, Inc. (a)	55,891		2,240,670
SciQuest, Inc. (a)	344,142		5,251,607
SouFun Holdings Ltd. ADR	350,700		2,605,701
Textura Corp. (a)	450,781		13,122,235
Twitter, Inc. (a)	473,100		17,348,577
Web.com Group, Inc. (a)	383,898		8,702,968
Yahoo!, Inc. (a)	1,201,200		51,573,522
Yelp, Inc. (a)(d)	218,624		10,474,276
Youku Tudou, Inc. ADR (a)(d)	2,161,007		58,282,359
YY, Inc. ADR (a)(d)	398,904		25,864,935
Zillow Group, Inc. (a)(d)	65,298		5,967,584
			756,608,766
IT SERVICES - 6.0%
Data Processing & Outsourced Services - 5.6%
Euronet Worldwide, Inc. (a)	47,901		2,864,480
Fidelity National Information Services, Inc.	668,668		41,925,484
FleetCor Technologies, Inc. (a)	86,100		13,099,254
Optimal Payments PLC (a)	3,906,941		16,764,618
Total System Services, Inc.	486,799		20,056,119
Vantiv, Inc. (a)	494,000		19,760,000
Visa, Inc. Class A	724,400		49,751,792
			164,221,747
IT Consulting & Other Services - 0.4%
Cognizant Technology Solutions Corp. Class A (a)	193,012		12,491,737
EPAM Systems, Inc. (a)	5,305		381,483
Virtusa Corp. (a)	600		27,300
			12,900,520
TOTAL IT SERVICES			177,122,267
LEISURE PRODUCTS - 0.2%
Leisure Products - 0.2%
Sega Sammy Holdings, Inc.	420,400		6,066,763
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 1.3%
Life Sciences Tools & Services - 1.3%
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	858,264		$ 36,922,517
MACHINERY - 1.0%
Construction Machinery & Heavy Trucks - 0.6%
Zhengzhou Yutong Bus Co. Ltd.	4,371,459		16,073,044
Industrial Machinery - 0.4%
Harmonic Drive Systems, Inc. (d)	96,700		1,805,103
Minebea Ltd.	565,000		10,373,401
			12,178,504
TOTAL MACHINERY			28,251,548
MEDIA - 0.6%
Advertising - 0.0%
iCar Asia Ltd. (a)(d)	369,039		276,506
Cable & Satellite - 0.3%
Naspers Ltd. Class N	53,402		7,849,090
Movies & Entertainment - 0.1%
Bona Film Group Ltd. sponsored ADR (a)	217,761		2,765,565
Publishing - 0.2%
NEXT Co. Ltd.	195,000		1,182,055
Schibsted ASA (B Shares)	80,666		5,184,837
			6,366,892
TOTAL MEDIA			17,258,053
PROFESSIONAL SERVICES - 0.4%
Human Resource & Employment Services - 0.2%
51job, Inc. sponsored ADR (a)	800		24,832
Paylocity Holding Corp. (a)(d)	75,528		2,528,677
WageWorks, Inc. (a)	89,700		3,846,336
			6,399,845
Research & Consulting Services - 0.2%
ICF International, Inc. (a)	61,500		2,200,470
Verisk Analytics, Inc. (a)	39,700		2,881,426
			5,081,896
TOTAL PROFESSIONAL SERVICES			11,481,741
ROAD & RAIL - 0.0%
Trucking - 0.0%
eHi Car Service Co. Ltd. sponsored ADR	16,413		250,627
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.8%
Semiconductor Equipment - 0.3%
Nanometrics, Inc. (a)	21,591		335,524
Rubicon Technology, Inc. (a)(d)	1,264,318		3,401,015
SunEdison, Inc. (a)(d)	1,300		38,961
Ultratech, Inc. (a)	222,400		4,434,656
			8,210,156

	Shares		Value
Semiconductors - 10.5%
Altera Corp.	621,500		$ 30,360,275
Atmel Corp.	2,826,500		25,071,055
Audience, Inc. (a)(d)	381,340		1,826,619
Broadcom Corp. Class A	369,719		21,018,525
Cavium, Inc. (a)	100		7,037
Cirrus Logic, Inc. (a)	84,600		3,193,650
Everlight Electronics Co. Ltd.	3,926,000		8,953,119
Freescale Semiconductor, Inc. (a)	205,836		9,287,320
Genesis Photonics, Inc. (a)	5,306,208		2,220,459
Himax Technologies, Inc. sponsored ADR	173,900		1,088,614
Hua Hong Semiconductor Ltd. (a)	4,484,000		6,257,296
Intel Corp.	226,400		7,801,744
Intersil Corp. Class A	543,089		7,331,702
Lextar Electronics Corp.	810,000		685,795
M/A-COM Technology Solutions Holdings, Inc. (a)	52,470		2,002,255
MagnaChip Semiconductor Corp. (a)	295,035		2,115,401
Marvell Technology Group Ltd.	1,823,600		25,512,164
Maxim Integrated Products, Inc.	1,056,800		37,061,976
Melexis NV	567		35,758
Micron Technology, Inc. (a)	104,100		2,907,513
Microsemi Corp. (a)	330,100		12,012,339
Monolithic Power Systems, Inc.	129,695		7,081,347
Novatek Microelectronics Corp.	1,747,000		9,492,409
ON Semiconductor Corp. (a)	231,300		3,067,038
PMC-Sierra, Inc. (a)	594,600		5,398,968
Power Integrations, Inc.	75,500		3,832,380
Qorvo, Inc. (a)	401,017		32,943,547
Radiant Opto-Electronics Corp.	875,000		3,193,223
Sanken Electric Co. Ltd.	1,532,000		11,034,491
Semiconductor Manufacturing International Corp. (a)	33,169,000		3,779,286
Semtech Corp. (a)	295,500		6,311,880
Silicon Laboratories, Inc. (a)	57,500		3,187,800
SK Hynix, Inc.	256,355		11,758,137
STMicroelectronics NV	2,860		24,372
			307,855,494
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			316,065,650
SOFTWARE - 14.5%
Application Software - 6.8%
Adobe Systems, Inc. (a)	424,739		33,592,608
ANSYS, Inc. (a)	314		27,946
Autodesk, Inc. (a)	274,900		14,885,835
Blackbaud, Inc.	32,000		1,640,320
Citrix Systems, Inc. (a)	323,507		21,031,190
Guidewire Software, Inc. (a)	411		19,913
Interactive Intelligence Group, Inc. (a)	129,390		5,593,530
Intuit, Inc.	320,300		33,359,245
Kingdee International Software Group Co. Ltd.	11,879,600		9,499,206
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Linx SA	1,400		$ 21,723
Mobileye NV (a)	92,100		4,336,068
Parametric Technology Corp. (a)	80,000		3,301,600
PROS Holdings, Inc. (a)	33,400		642,950
Qlik Technologies, Inc. (a)	184,300		6,666,131
RealPage, Inc. (a)	9,300		169,818
Salesforce.com, Inc. (a)	682,592		49,658,568
SolarWinds, Inc. (a)	536		25,433
Splunk, Inc. (a)	40,317		2,726,236
Ultimate Software Group, Inc. (a)	117		18,929
Workiva, Inc.	1,900		25,137
Yodlee, inc.	2,300		32,982
Zendesk, Inc.	479,675		11,046,915
			198,322,283
Home Entertainment Software - 1.7%
Activision Blizzard, Inc.	527,400		13,322,124
Nintendo Co. Ltd.	194,300		32,778,368
Nintendo Co. Ltd. ADR	216,425		4,579,553
			50,680,045
Systems Software - 6.0%
Allot Communications Ltd. (a)	528,072		4,066,154
CommVault Systems, Inc. (a)	600		26,658
Fleetmatics Group PLC (a)	723,287		30,240,629
Imperva, Inc. (a)	661		40,195
Infoblox, Inc. (a)	1,700		44,183
Microsoft Corp.	1,195,900		56,039,874
NetSuite, Inc. (a)(d)	192,884		18,019,223
Oracle Corp.	1,035,100		45,016,499
Progress Software Corp. (a)	152,700		4,020,591
Red Hat, Inc. (a)	74,412		5,749,815
ServiceNow, Inc. (a)	145,050		11,112,281
Tableau Software, Inc. (a)	6,000		679,260
VMware, Inc. Class A (a)	300		26,196
			175,081,558
TOTAL SOFTWARE			424,083,886
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 16.4%
Technology Hardware, Storage & Peripherals - 16.4%
Apple, Inc.	3,010,397		392,194,518
BlackBerry Ltd. (a)	2,700		26,509
Electronics for Imaging, Inc. (a)	159,349		6,888,657
EMC Corp.	900		23,706
Hewlett-Packard Co.	1,548,500		51,719,900
Nimble Storage, Inc. (a)	9,400		243,272
SanDisk Corp.	213,545		14,602,207
Seagate Technology LLC	98,100		5,458,284
Silicon Graphics International Corp. (a)	439,166		2,819,446

	Shares		Value
Stratasys Ltd. (a)	300		$ 10,668
Western Digital Corp.	70,800		6,893,088
			480,880,255
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
Bharti Infratel Ltd.	1,453,623		10,919,355
RingCentral, Inc. (a)	337,000		5,759,330
			16,678,685
TOTAL COMMON STOCKS (Cost $2,368,955,800)		2,909,566,622
Convertible Preferred Stocks - 1.0%

INTERNET SOFTWARE & SERVICES - 0.6%
Internet Software & Services - 0.6%
Uber Technologies, Inc. Series D, 8.00% (f)	515,696		17,181,753
IT SERVICES - 0.0%
Data Processing & Outsourced Services - 0.0%
Nutanix, Inc. Series E (f)	72,872		1,142,633
PROFESSIONAL SERVICES - 0.4%
Research & Consulting Services - 0.4%
Meituan Corp. Series D (f)	1,401,081		12,091,329
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $17,833,462)		30,415,715
Money Market Funds - 3.9%

Fidelity Cash Central Fund, 0.15% (b)	538,847		538,847
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	113,619,670		113,619,670
TOTAL MONEY MARKET FUNDS (Cost $114,158,517)		114,158,517

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $2,500,947,779)

3,054,140,854

NET OTHER ASSETS (LIABILITIES) - (4.2)%			(122,948,963)
NET ASSETS - 100%		$ 2,931,191,891

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
JHL Biotech, Inc.	4/14/15	$ 1,898,877
Meituan Corp. Series D	1/26/15	$ 8,857,214
Nutanix, Inc. Series E	8/26/14	$ 976,230
Uber Technologies, Inc. Series D, 8.00%	6/6/14	$ 8,000,018

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	$ 5,967
Fidelity Securities Lending Cash Central Fund	345,559
Total	$ 351,526

Other Information

The following is a summary of the inputs used, as of May 31, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,909,566,622	$ 2,752,132,294	$ 155,535,451	$ 1,898,877
Convertible Preferred Stocks	30,415,715	-	-	30,415,715
Money Market Funds	114,158,517	114,158,517	-	-
Total Investments in Securities:	$ 3,054,140,854	$ 2,866,290,811	$ 155,535,451	$ 32,314,592

Transfers	Total
Level 1 to Level 2	$ 70,611,328
Level 2 to Level 1	$ 0

Valuation Inputs at Reporting Date:

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

Investments in Securities:
Convertible Preferred Stocks
Beginning Balance	$ 27,182,329
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	3,233,386
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 30,415,715
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015	$ 3,233,386
Other Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	1,898,877
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,898,877
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015	$ -

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities and 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, 2015, the cost of investment securities for income tax purposes was $2,510,054,504. Net unrealized appreciation aggregated $544,086,350, of which $632,690,270 related to appreciated investment securities and $88,603,920 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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 05/31/15	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Equities	$ 32,314,592	Last transaction price	Transaction price	$3.74 - $33.32 / $30.37	Increase
		Market comparable	Discount rate	10.0%	Decrease
			EV/Sales multiple	7.0	Increase
			EV/GMV multiple	0.4	Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Portfolio

May 31, 2015

1.802193.111

UTI-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9%
Alternative Carriers - 0.9%
Cogent Communications Group, Inc.	244,762		$ 7,690,422
ELECTRIC UTILITIES - 43.8%
Electric Utilities - 43.8%
Edison International	688,912		41,892,739
Energias de Portugal SA	818,086		3,194,181
Exelon Corp.	3,271,700		110,681,611
FirstEnergy Corp.	554,000		19,766,720
ITC Holdings Corp.	394,700		13,928,963
NextEra Energy, Inc.	1,144,085		117,085,659
OGE Energy Corp.	781,185		24,607,328
PPL Corp.	1,170,242		40,619,100
			371,776,301
ELECTRICAL EQUIPMENT - 0.5%
Electrical Components & Equipment - 0.5%
SolarCity Corp. (a)(d)	71,300		4,286,556
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 13.4%
Independent Power Producers & Energy Traders - 11.8%
Black Hills Corp.	192,950		9,219,151
Calpine Corp. (a)	1,854,487		37,275,189
Dynegy, Inc. (a)	450,137		14,557,431
NRG Energy, Inc.	1,557,122		39,239,474
			100,291,245
Renewable Electricity - 1.6%
Abengoa Yield PLC (d)	360,331		13,851,124
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS			114,142,369
MEDIA - 2.5%
Cable & Satellite - 2.5%
Time Warner Cable, Inc.	116,100		21,001,329
MULTI-UTILITIES - 26.8%
Multi-Utilities - 26.8%
Dominion Resources, Inc.	913,212		64,399,710
NiSource, Inc.	638,323		30,116,079
PG&E Corp.	670,937		35,875,001
Sempra Energy	848,051		91,140,041
TECO Energy, Inc.	324,900		6,124,365
			227,655,196

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 6.9%
Oil & Gas Storage & Transport - 6.9%
Boardwalk Pipeline Partners, LP	310,025		$ 4,966,601
Cheniere Energy Partners LP Holdings LLC	924,100		22,825,270
Energy Transfer Equity LP	277,517		19,057,092
Kinder Morgan, Inc.	280,700		11,646,243
			58,495,206
REAL ESTATE INVESTMENT TRUSTS - 3.8%
Specialized REITs - 3.8%
American Tower Corp.	140,300		13,018,437
Crown Castle International Corp.	236,100		19,253,955
			32,272,392
TOTAL COMMON STOCKS (Cost $741,534,417)		837,319,771
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.15% (b)	15,373,436		15,373,436
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	8,074,050		8,074,050
TOTAL MONEY MARKET FUNDS (Cost $23,447,486)		23,447,486
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $764,981,903)			860,767,257
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(11,563,268)
NET ASSETS - 100%		$ 849,203,989

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	$ 2,959
Fidelity Securities Lending Cash Central Fund	14,498
Total	$ 17,457

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $766,800,683. Net unrealized appreciation aggregated $93,966,574, of which $110,671,835 related to appreciated investment securities and $16,705,261 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

Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2015

1.802155.111

BAN-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
BANKS - 85.3%
Diversified Banks - 39.7%
Bancolombia SA sponsored ADR (d)	58,200		$ 2,370,486
Bank of America Corp.	2,395,100		39,519,150
Barclays PLC	849,294		3,516,950
Citigroup, Inc.	596,900		32,280,352
Comerica, Inc.	373,100		18,263,245
JPMorgan Chase & Co.	521,200		34,284,536
Lloyds Banking Group PLC	3,749,400		5,041,404
U.S. Bancorp	986,600		42,532,326
Wells Fargo & Co.	1,158,792		64,846,001
			242,654,450
Regional Banks - 45.6%
1st Source Corp.	305,100		9,635,058
Bank of the Ozarks, Inc.	213,200		9,374,404
Camden National Corp.	149,190		5,722,928
CIT Group, Inc.	388,500		17,972,010
Commerce Bancshares, Inc. (d)	327,457		14,607,857
Community Trust Bancorp, Inc.	263,400		8,631,618
CVB Financial Corp.	843,000		13,825,200
First Citizen Bancshares, Inc.	37,000		8,920,700
First Republic Bank	178,600		10,814,230
Hanmi Financial Corp.	321,800		7,119,825
Hilltop Holdings, Inc. (a)	530,052		11,571,035
Lakeland Financial Corp.	153,899		6,092,861
M&T Bank Corp. (d)	199,300		24,091,384
PacWest Bancorp	270,936		12,162,317
PNC Financial Services Group, Inc.	96,541		9,238,008
Prosperity Bancshares, Inc.	491,800		26,345,726
Regions Financial Corp.	2,526,000		25,487,340
Shinsei Bank Ltd.	2,740,000		5,529,804
SunTrust Banks, Inc.	690,700		29,479,076
UMB Financial Corp.	283,800		14,698,002
Wilshire Bancorp, Inc.	685,000		7,562,400
			278,881,783
TOTAL BANKS			521,536,233
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
The Blackstone Group LP	35,100		1,537,380
CONSUMER FINANCE - 5.9%
Consumer Finance - 5.9%
American Express Co.	38,200		3,045,304
Capital One Financial Corp.	289,800		24,215,688
Discover Financial Services	154,000		8,973,580
			36,234,572

	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.6%
Specialized Finance - 0.6%
Element Financial Corp. (a)	243,900		$ 3,649,871
INSURANCE - 1.3%
Property & Casualty Insurance - 1.3%
First American Financial Corp.	228,900		8,174,019
THRIFTS & MORTGAGE FINANCE - 4.8%
Thrifts & Mortgage Finance - 4.8%
BofI Holding, Inc. (a)	66,200		6,233,392
Essent Group Ltd. (a)	152,400		3,887,724
Meridian Bancorp, Inc. (a)	596,165		7,654,759
TFS Financial Corp.	768,100		11,406,285
			29,182,160
TOTAL COMMON STOCKS (Cost $496,954,483)		600,314,235
Nonconvertible Preferred Stocks - 0.5%

BANKS - 0.5%
Diversified Banks - 0.5%
Banco ABC Brasil SA (Cost $3,949,158)	777,823		2,851,261
Money Market Funds - 2.4%

Fidelity Cash Central Fund, 0.15% (b)	8,692,896		8,692,896
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	5,895,575		5,895,575
TOTAL MONEY MARKET FUNDS (Cost $14,588,471)		14,588,471
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $515,492,112)			617,753,967
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(6,092,264)
NET ASSETS - 100%		$ 611,661,703

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	$ 2,468
Fidelity Securities Lending Cash Central Fund	3,541
Total	$ 6,009

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 600,314,235	$ 586,226,077	$ 14,088,158	$ -
Nonconvertible Preferred Stocks	2,851,261	2,851,261	-	-
Money Market Funds	14,588,471	14,588,471	-	-
Total Investments in Securities:	$ 617,753,967	$ 603,665,809	$ 14,088,158	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $516,236,028. Net unrealized appreciation aggregated $101,517,939, of which $108,523,692 related to appreciated investment securities and $7,005,753 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, 2015

1.802176.111

INE-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 36.5%
Aerospace & Defense - 36.5%
General Dynamics Corp.	59,900		$ 8,395,584
Honeywell International, Inc.	129,200		13,462,640
Huntington Ingalls Industries, Inc.	21,500		2,665,785
L-3 Communications Holdings, Inc.	46,000		5,419,260
Northrop Grumman Corp.	40,800		6,494,544
Raytheon Co.	9,200		949,992
Teledyne Technologies, Inc. (a)	24,900		2,523,117
Textron, Inc.	10,000		452,200
The Boeing Co.	113,000		15,878,760
Triumph Group, Inc.	32,700		2,180,763
United Technologies Corp.	180,100		21,102,317
			79,524,962
AUTO COMPONENTS - 1.0%
Auto Parts & Equipment - 1.0%
Johnson Controls, Inc.	40,700		2,117,214
BUILDING PRODUCTS - 2.0%
Building Products - 2.0%
Lennox International, Inc.	39,700		4,470,220
CONSTRUCTION & ENGINEERING - 3.3%
Construction & Engineering - 3.3%
AECOM Technology Corp. (a)	217,917		7,197,794
DIVERSIFIED CONSUMER SERVICES - 2.6%
Specialized Consumer Services - 2.6%
H&R Block, Inc.	104,500		3,315,785
ServiceMaster Global Holdings, Inc.	67,200		2,257,248
			5,573,033
ELECTRICAL EQUIPMENT - 5.0%
Electrical Components & Equipment - 2.9%
AMETEK, Inc.	72,800		3,913,728
Regal Beloit Corp.	32,028		2,504,269
			6,417,997
Heavy Electrical Equipment - 2.1%
Babcock & Wilcox Co.	138,100		4,597,349
TOTAL ELECTRICAL EQUIPMENT			11,015,346
INDUSTRIAL CONGLOMERATES - 18.0%
Industrial Conglomerates - 18.0%
3M Co.	34,000		5,408,720

	Shares		Value
Danaher Corp.	150,000		$ 12,948,000
General Electric Co.	770,055		20,999,400
			39,356,120
LEISURE PRODUCTS - 1.0%
Leisure Products - 1.0%
Vista Outdoor, Inc. (a)	46,000		2,120,140
MACHINERY - 20.5%
Agricultural & Farm Machinery - 3.2%
Deere & Co.	74,300		6,960,424
Construction Machinery & Heavy Trucks - 7.8%
Allison Transmission Holdings, Inc.	190,633		5,833,370
Cummins, Inc.	21,600		2,927,880
Manitowoc Co., Inc. (d)	347,300		6,550,078
Navistar International Corp. (a)(d)	61,300		1,623,224
			16,934,552
Industrial Machinery - 9.5%
Global Brass & Copper Holdings, Inc.	277,700		4,784,771
Ingersoll-Rand PLC	99,300		6,829,854
Metka SA	59,699		514,704
Pall Corp.	24,600		3,061,224
TriMas Corp. (a)	62,000		1,791,800
Valmont Industries, Inc. (d)	30,300		3,770,835
			20,753,188
TOTAL MACHINERY			44,648,164
PROFESSIONAL SERVICES - 3.3%
Human Resource & Employment Services - 0.7%
Towers Watson & Co.	10,400		1,434,680
Research & Consulting Services - 2.6%
CBIZ, Inc. (a)	215,600		1,955,492
Dun & Bradstreet Corp.	29,800		3,812,314
			5,767,806
TOTAL PROFESSIONAL SERVICES			7,202,486
ROAD & RAIL - 1.7%
Trucking - 1.7%
J.B. Hunt Transport Services, Inc.	44,800		3,764,096
TRADING COMPANIES & DISTRIBUTORS - 4.3%
Trading Companies & Distributors - 4.3%
HD Supply Holdings, Inc. (a)	122,300		3,968,635
United Rentals, Inc. (a)	42,800		3,805,348
WESCO International, Inc. (a)	22,000		1,580,920
			9,354,903
TOTAL COMMON STOCKS (Cost $173,141,703)		216,344,478
Money Market Funds - 5.9%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	2,115,256		$ 2,115,256
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	10,701,100		10,701,100
TOTAL MONEY MARKET FUNDS (Cost $12,816,356)		12,816,356

TOTAL INVESTMENT PORTFOLIO - 105.1%

(Cost $185,958,059)

229,160,834

NET OTHER ASSETS (LIABILITIES) - (5.1)%			(11,027,666)
NET ASSETS - 100%		$ 218,133,168

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	$ 622
Fidelity Securities Lending Cash Central Fund	11,126
Total	$ 11,748

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $186,391,916. Net unrealized appreciation aggregated $42,768,918, of which $45,546,901 related to appreciated investment securities and $2,777,983 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.

Subsequent Event

Effective after the close of business on June 12, 2015, 2,554,993 shares of the Fund held by an unaffiliated entity redeemed for cash and investments, with a value of $96,042,190. The Fund recognized a net gain of $25,749,249 for book purposes and no gain or loss for federal income tax purposes.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

May 31, 2015

1.802164.111

CYC-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
AEROSPACE & DEFENSE - 27.7%
Aerospace & Defense - 27.7%
General Dynamics Corp.	222,197		$ 31,143,132
Honeywell International, Inc.	513,559		53,512,848
Orbital ATK, Inc.	171,961		13,155,017
Raytheon Co.	269,900		27,869,874
Teledyne Technologies, Inc. (a)	151,421		15,343,490
Textron, Inc.	511,819		23,144,455
The Boeing Co.	392,198		55,111,663
United Technologies Corp.	760,371		89,092,670
			308,373,149
AIR FREIGHT & LOGISTICS - 6.0%
Air Freight & Logistics - 6.0%
FedEx Corp.	388,717		67,333,559
AIRLINES - 2.4%
Airlines - 2.4%
Delta Air Lines, Inc.	628,173		26,961,185
BUILDING PRODUCTS - 5.1%
Building Products - 5.1%
A.O. Smith Corp.	361,139		25,778,102
Caesarstone Sdot-Yam Ltd.	80,300		4,964,146
Lennox International, Inc.	230,772		25,984,927
			56,727,175
COMMERCIAL SERVICES & SUPPLIES - 4.4%
Diversified Support Services - 1.2%
KAR Auction Services, Inc.	350,400		13,055,904
Office Services & Supplies - 1.5%
West Corp.	567,803		17,374,772
Security & Alarm Services - 1.7%
Tyco International Ltd.	470,200		18,977,272
TOTAL COMMERCIAL SERVICES & SUPPLIES			49,407,948
CONSTRUCTION & ENGINEERING - 2.3%
Construction & Engineering - 2.3%
AECOM Technology Corp. (a)	787,100		25,997,913
DIVERSIFIED CONSUMER SERVICES - 1.0%
Specialized Consumer Services - 1.0%
ServiceMaster Global Holdings, Inc.	314,300		10,557,337
ELECTRICAL EQUIPMENT - 6.7%
Electrical Components & Equipment - 4.5%
AMETEK, Inc.	325,400		17,493,504
Eaton Corp. PLC	286,300		20,496,217
EnerSys	182,700		12,175,128
			50,164,849

	Shares		Value
Heavy Electrical Equipment - 2.2%
Babcock & Wilcox Co.	720,900		$ 23,998,761
TOTAL ELECTRICAL EQUIPMENT			74,163,610
ENERGY EQUIPMENT & SERVICES - 0.2%
Oil & Gas Equipment & Services - 0.2%
Aspen Aerogels, Inc.	301,649		2,081,378
INDUSTRIAL CONGLOMERATES - 17.6%
Industrial Conglomerates - 17.6%
Danaher Corp.	863,121		74,504,605
General Electric Co.	4,468,084		121,844,650
			196,349,255
MACHINERY - 8.3%
Agricultural & Farm Machinery - 2.3%
Deere & Co.	271,450		25,429,436
Construction Machinery & Heavy Trucks - 1.1%
Manitowoc Co., Inc.	617,743		11,650,633
Industrial Machinery - 4.9%
IDEX Corp.	220,098		17,004,771
Ingersoll-Rand PLC	284,900		19,595,422
Pall Corp.	47,029		5,852,289
Valmont Industries, Inc. (d)	98,838		12,300,389
			54,752,871
TOTAL MACHINERY			91,832,940
PROFESSIONAL SERVICES - 6.4%
Human Resource & Employment Services - 1.2%
Towers Watson & Co.	95,928		13,233,268
Research & Consulting Services - 5.2%
CEB, Inc.	148,000		12,519,320
Huron Consulting Group, Inc. (a)	236,108		15,181,744
Nielsen Holdings B.V.	318,651		14,336,108
Verisk Analytics, Inc. (a)	222,650		16,159,937
			58,197,109
TOTAL PROFESSIONAL SERVICES			71,430,377
ROAD & RAIL - 9.1%
Railroads - 5.5%
Genesee & Wyoming, Inc. Class A (a)	139,500		11,486,430
Union Pacific Corp.	490,966		49,543,379
			61,029,809
Trucking - 3.6%
J.B. Hunt Transport Services, Inc.	473,820		39,810,356
TOTAL ROAD & RAIL			100,840,165
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 2.2%
Trading Companies & Distributors - 2.2%
HD Supply Holdings, Inc. (a)	758,048		$ 24,598,658
TOTAL COMMON STOCKS (Cost $903,167,950)		1,106,654,649
Money Market Funds - 0.8%

Fidelity Cash Central Fund, 0.15% (b)	6,008,086		6,008,086
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	3,018,600		3,018,600
TOTAL MONEY MARKET FUNDS (Cost $9,026,686)		9,026,686
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $912,194,636)			1,115,681,335
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(2,253,896)
NET ASSETS - 100%		$ 1,113,427,439

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	$ 3,947
Fidelity Securities Lending Cash Central Fund	14,912
Total	$ 18,859

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $913,497,774. Net unrealized appreciation aggregated $202,183,561, of which $211,465,721 related to appreciated investment securities and $9,282,160 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 Delivery Portfolio

May 31, 2015

1.802180.111

MED-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Environmental & Facility Services - 0.1%
Stericycle, Inc. (a)	6,500		$ 892,450
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
H&R Block, Inc.	28,700		910,651
FOOD & STAPLES RETAILING - 0.1%
Drug Retail - 0.1%
Jean Coutu Group, Inc. Class A (sub. vtg.)	33,000		618,816
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
IDEXX Laboratories, Inc. (a)	5,600		759,360
HEALTH CARE PROVIDERS & SERVICES - 97.4%
Health Care Distributors & Services - 19.7%
AmerisourceBergen Corp.	215,900		24,301,704
Cardinal Health, Inc.	663,100		58,465,527
Henry Schein, Inc. (a)	184,100		26,081,447
McKesson Corp.	350,900		83,244,007
			192,092,685
Health Care Facilities - 13.0%
Acadia Healthcare Co., Inc. (a)	20,200		1,497,628
AmSurg Corp. (a)	290,616		19,570,081
Community Health Systems, Inc. (a)	345,500		19,109,605
HCA Holdings, Inc. (a)	581,400		47,575,962
HealthSouth Corp.	265,100		11,441,716
LifePoint Hospitals, Inc. (a)	140,000		10,540,600
U.S. Physical Therapy, Inc.	155,600		7,758,216
Universal Health Services, Inc. Class B	69,200		8,966,936
			126,460,744
Health Care Services - 29.1%
Accretive Health, Inc. (a)	1,140,700		6,136,966
Adeptus Health, Inc. Class A (d)	44,500		3,117,225
Air Methods Corp. (a)(d)	301,300		12,702,808
AMN Healthcare Services, Inc. (a)	146,876		3,905,433
BioScrip, Inc. (a)(d)	548,202		1,946,117
Corvel Corp. (a)	84,200		3,022,780
DaVita HealthCare Partners, Inc. (a)	504,000		42,225,120
Envision Healthcare Holdings, Inc. (a)	220,600		8,151,170
Express Scripts Holding Co. (a)	1,181,650		102,968,981
Fresenius SE & Co. KGaA	77,500		4,930,900
IPC The Hospitalist Co., Inc. (a)	148,300		7,321,571
Laboratory Corp. of America Holdings (a)	121,000		14,271,950
Landauer, Inc.	63,100		2,150,448
MEDNAX, Inc. (a)	277,400		19,745,332
Omnicare, Inc.	159,300		15,179,697
Providence Service Corp. (a)	60,500		2,907,630

	Shares		Value
Quest Diagnostics, Inc.	287,400		$ 21,621,102
Team Health Holdings, Inc. (a)	192,200		11,239,856
			283,545,086
Managed Health Care - 35.6%
Aetna, Inc.	386,300		45,571,811
Anthem, Inc.	292,200		49,045,770
Centene Corp. (a)	127,700		9,620,918
Cigna Corp.	438,500		61,753,955
Health Net, Inc. (a)	53,900		3,354,736
Molina Healthcare, Inc. (a)	61,900		4,502,606
UnitedHealth Group, Inc.	1,437,197		172,765,452
			346,615,248
TOTAL HEALTH CARE PROVIDERS & SERVICES			948,713,763
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (a)	4,500		39,285
INDUSTRIAL CONGLOMERATES - 0.1%
Industrial Conglomerates - 0.1%
Danaher Corp.	10,600		914,992
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Xerox Corp.	200,100		2,285,142
PROFESSIONAL SERVICES - 0.4%
Research & Consulting Services - 0.4%
Huron Consulting Group, Inc. (a)	44,300		2,848,490
Verisk Analytics, Inc. (a)	12,900		936,282
			3,784,772
TOTAL COMMON STOCKS (Cost $546,119,107)		958,919,231
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 0.15% (b)	14,926,721		14,926,721
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	10,971,275		10,971,275
TOTAL MONEY MARKET FUNDS (Cost $25,897,996)		25,897,996
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $572,017,103)			984,817,227
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(11,030,651)
NET ASSETS - 100%		$ 973,786,576

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	$ 5,147
Fidelity Securities Lending Cash Central Fund	8,572
Total	$ 13,719

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $573,984,365. Net unrealized appreciation aggregated $410,832,862, of which $420,931,149 related to appreciated investment securities and $10,098,287 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 IT Services Portfolio

May 31, 2015

1.802158.111

BSO-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
H&R Block, Inc.	231,000		$ 7,329,630
INTERNET & CATALOG RETAIL - 0.2%
Internet Retail - 0.2%
Travelport Worldwide Ltd.	160,824		2,458,999
INTERNET SOFTWARE & SERVICES - 9.3%
Internet Software & Services - 9.3%
Cvent, Inc. (a)(d)	126,400		3,331,904
Endurance International Group Holdings, Inc. (a)(d)	1,998,832		40,636,255
GoDaddy, Inc. (a)	524,500		14,124,785
Marketo, Inc. (a)(d)	129,770		3,871,039
Q2 Holdings, Inc. (a)	226,600		5,372,686
Rightside Group Ltd. (a)	9,454		77,428
Shopify, Inc. Class A	1,400		37,736
Web.com Group, Inc. (a)	1,020,008		23,123,581
Wix.com Ltd. (a)	188,817		4,703,431
Xoom Corp. (a)(d)	621,901		11,697,958
			106,976,803
IT SERVICES - 82.7%
Data Processing & Outsourced Services - 58.0%
Alliance Data Systems Corp. (a)	160,248		47,758,711
Automatic Data Processing, Inc.	1,000		85,510
Broadridge Financial Solutions, Inc.	7,800		422,604
Cardtronics, Inc. (a)	502,700		18,348,550
Cass Information Systems, Inc.	1,852		92,341
Computer Sciences Corp.	52,900		3,628,940
Convergys Corp.	44,300		1,099,969
CoreLogic, Inc. (a)	190,100		7,410,098
CSG Systems International, Inc.	100,070		3,121,183
DST Systems, Inc.	41,600		4,925,440
Euronet Worldwide, Inc. (a)	157,000		9,388,600
EVERTEC, Inc.	148,900		3,310,047
ExlService Holdings, Inc. (a)	864,670		31,041,653
Fidelity National Information Services, Inc.	678,800		42,560,760
Fiserv, Inc. (a)	229,800		18,418,470
FleetCor Technologies, Inc. (a)	149,400		22,729,716
Global Cash Access Holdings, Inc. (a)	490,700		3,793,111
Global Payments, Inc.	182,800		19,080,664
Heartland Payment Systems, Inc.	105,500		5,638,975
Higher One Holdings, Inc. (a)	1,909,900		5,424,116
Jack Henry & Associates, Inc.	1,600		104,128
MasterCard, Inc. Class A	1,233,200		113,775,032
Maximus, Inc.	83,100		5,432,247
MoneyGram International, Inc. (a)	529,700		5,148,684
Neustar, Inc. Class A (a)(d)	253,399		6,922,861

	Shares		Value
Paychex, Inc.	1,800		$ 88,938
Sabre Corp.	701,300		18,296,917
Sykes Enterprises, Inc. (a)	37,200		901,356
Syntel, Inc. (a)	244,800		11,630,448
Teletech Holdings, Inc.	2,000		50,840
The Western Union Co.	5,100		111,945
Total System Services, Inc.	203,700		8,392,440
Vantiv, Inc. (a)	559,800		22,392,000
VeriFone Systems, Inc. (a)	489,000		18,665,130
Visa, Inc. Class A	2,448,248		168,145,670
WEX, Inc. (a)	162,300		18,403,197
WNS Holdings Ltd. sponsored ADR (a)	354,729		9,361,298
Xerox Corp.	783,500		8,947,570
			665,050,159
IT Consulting & Other Services - 24.7%
Accenture PLC Class A	599,700		57,595,188
Acxiom Corp. (a)	298,400		4,944,488
Booz Allen Hamilton Holding Corp. Class A	494,600		12,538,110
CACI International, Inc. Class A (a)	11,800		1,010,316
Cap Gemini SA	1,200		104,145
Ciber, Inc. (a)	607,500		2,041,200
Cognizant Technology Solutions Corp. Class A (a)	1,375,232		89,005,015
EPAM Systems, Inc. (a)	308,700		22,198,617
Forrester Research, Inc.	10,300		350,303
Gartner, Inc. Class A (a)	165,276		14,458,344
IBM Corp.	212,650		36,076,073
iGATE Corp. (a)	125,392		5,957,374
Leidos Holdings, Inc.	2,125		90,313
Luxoft Holding, Inc. (a)	269,650		14,434,365
Science Applications International Corp.	17,000		901,000
Teradata Corp. (a)	3,500		136,290
Unisys Corp. (a)	109,590		2,250,979
Virtusa Corp. (a)	433,098		19,705,959
			283,798,079
TOTAL IT SERVICES			948,848,238
MACHINERY - 0.0%
Industrial Machinery - 0.0%
Kornit Digital Ltd. (a)	28,832		411,433
PROFESSIONAL SERVICES - 1.5%
Research & Consulting Services - 1.5%
ICF International, Inc. (a)	473,911		16,956,536
SOFTWARE - 1.3%
Application Software - 0.6%
Globant SA (a)	252,471		6,574,345
Systems Software - 0.7%
Rally Software Development Corp. (a)	398,447		7,737,841
TOTAL SOFTWARE			14,312,186
Common Stocks - continued
	Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.2%
Technology Hardware, Storage & Peripherals - 2.2%
Electronics for Imaging, Inc. (a)	392,200		$ 16,954,806
Nimble Storage, Inc. (a)(d)	328,200		8,493,816
			25,448,622
TOTAL COMMON STOCKS (Cost $775,868,683)		1,122,742,447
Money Market Funds - 7.4%

Fidelity Cash Central Fund, 0.15% (b)	29,871,878		29,871,878
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	55,653,923		55,653,923
TOTAL MONEY MARKET FUNDS (Cost $85,525,801)		85,525,801
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $861,394,484)		1,208,268,248
NET OTHER ASSETS (LIABILITIES) - (5.3)%			(61,270,966)
NET ASSETS - 100%		$ 1,146,997,282

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	$ 11,022
Fidelity Securities Lending Cash Central Fund	440,874
Total	$ 451,896

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $865,258,294. Net unrealized appreciation aggregated $343,009,954, of which $359,333,227 related to appreciated investment securities and $16,323,273 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 Energy Service Portfolio

May 31, 2015

1.802169.111

ENS-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
Enterprise Group, Inc. (a)(e)	14,825,662		$ 2,622,745
ENERGY EQUIPMENT & SERVICES - 93.8%
Oil & Gas Drilling - 12.8%
Ensco PLC Class A	310,400		7,294,400
Eurasia Drilling Co. Ltd. GDR (Reg. S)	425,300		8,506,000
Independence Contract Drilling, Inc.	619,850		4,549,699
Nabors Industries Ltd.	1,942,700		28,654,825
Ocean Rig UDW, Inc. (United States)	1,909,515		14,798,741
Odfjell Drilling A/S (a)(d)	6,563,060		5,607,685
Rowan Companies PLC	492,200		10,572,456
Vantage Drilling Co. (a)(e)	18,078,100		6,164,632
Xtreme Drilling & Coil Services Corp. (a)(e)	5,585,217		12,126,155
			98,274,593
Oil & Gas Equipment & Services - 81.0%
Baker Hughes, Inc.	2,028,722		130,771,420
BW Offshore Ltd.	7,764,915		5,995,109
C&J Energy Services Ltd. (a)	1,011,800		15,207,354
Cameron International Corp. (a)	728,388		37,388,156
Core Laboratories NV	80,500		9,457,140
Dril-Quip, Inc. (a)	670,500		50,676,390
FMC Technologies, Inc. (a)	681,262		28,469,939
Forbes Energy Services Ltd. (a)(d)(e)	2,190,141		3,044,296
Frank's International NV	983,086		19,484,765
Geospace Technologies Corp. (a)(d)	98,500		2,027,130
Gulfmark Offshore, Inc. Class A (d)	595,617		7,999,136
Halliburton Co.	757,334		34,382,964
McCoy Global, Inc.	310,300		1,147,781
National Oilwell Varco, Inc.	660,762		32,502,883
Oceaneering International, Inc.	706,000		35,864,800
Oil States International, Inc. (a)	16,700		682,696
RigNet, Inc. (a)(d)	58,700		2,083,263
Schlumberger Ltd.	1,826,811		165,819,632
Spectrum ASA	606,335		2,808,822
Superior Drilling Products, Inc. (d)(e)	1,274,675		4,078,960
TETRA Technologies, Inc. (a)	1,855,985		11,674,146
Weatherford International Ltd. (a)	1,461,166		20,193,314
			621,760,096
TOTAL ENERGY EQUIPMENT & SERVICES			720,034,689

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 4.5%
Coal & Consumable Fuels - 0.3%
Foresight Energy LP	142,700		$ 1,996,373
Oil & Gas Exploration & Production - 1.3%
Black Stone Minerals LP	502,000		9,081,180
Cobalt International Energy, Inc. (a)	76,900		781,304
			9,862,484
Oil & Gas Storage & Transport - 2.9%
Golar LNG Ltd.	119,133		5,660,009
StealthGas, Inc. (a)(e)	2,439,589		16,686,789
			22,346,798
TOTAL OIL, GAS & CONSUMABLE FUELS			34,205,655
TOTAL COMMON STOCKS (Cost $717,285,438)		756,863,089
Money Market Funds - 3.3%

Fidelity Cash Central Fund, 0.15% (b)	13,326,896		13,326,896
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	12,059,310		12,059,310
TOTAL MONEY MARKET FUNDS (Cost $25,386,206)		25,386,206
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $742,671,644)			782,249,295
NET OTHER ASSETS (LIABILITIES) - (1.9)%			(14,254,859)
NET ASSETS - 100%		$ 767,994,436

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	$ 8,369
Fidelity Securities Lending Cash Central Fund	9,186
Total	$ 17,555

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Enterprise Group, Inc.	$ 3,949,532	$ 202,613	$ -	$ -	$ 2,622,745
Forbes Energy Services Ltd.	2,125,731	250,064	-	-	3,044,296
StealthGas, Inc.	15,003,472	-	-	-	16,686,789
Superior Drilling Products, Inc.	3,836,772	-	-	-	4,078,960
Vantage Drilling Co.	6,688,897	-	-	-	6,164,632
Xtreme Drilling & Coil Services Corp.	8,025,914	81,608	-	-	12,126,155
Total	$ 39,630,318	$ 534,285	$ -	$ -	$ 44,723,577

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $750,444,522. Net unrealized appreciation aggregated $31,804,773, of which $164,805,727 related to appreciated investment securities and $133,000,954 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, 2015

1.802172.111

FOO-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
BEVERAGES - 22.6%
Brewers - 3.1%
Anheuser-Busch InBev SA NV	364,190		$ 43,943,085
SABMiller PLC	826,284		44,125,463
			88,068,548
Distillers & Vintners - 2.4%
Diageo PLC sponsored ADR	394,526		43,776,605
Remy Cointreau SA (d)	359,676		25,937,811
			69,714,416
Soft Drinks - 17.1%
Coca-Cola Bottling Co. Consolidated	162,479		18,452,740
Coca-Cola Central Japan Co. Ltd.	360,900		6,665,173
Coca-Cola FEMSA S.A.B. de CV sponsored ADR	52,529		4,467,591
Coca-Cola Icecek Sanayi A/S	816,162		13,825,201
Embotelladora Andina SA:
ADR (d)	460,391		7,195,911
sponsored ADR (d)	103,200		1,975,248
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	76,587		6,808,584
Monster Beverage Corp. (a)	586,000		74,586,080
PepsiCo, Inc.	2,543,923		245,310,495
The Coca-Cola Co.	2,824,218		115,679,969
			494,966,992
TOTAL BEVERAGES			652,749,956
CHEMICALS - 0.1%
Specialty Chemicals - 0.1%
Senomyx, Inc. (a)(d)	514,639		2,918,003
FOOD & STAPLES RETAILING - 24.2%
Drug Retail - 10.3%
CVS Health Corp.	2,843,376		291,104,835
Drogasil SA	610,500		6,824,847
			297,929,682
Food Distributors - 0.9%
Chefs' Warehouse Holdings (a)(d)	411,869		7,722,544
United Natural Foods, Inc. (a)	271,981		18,241,766
			25,964,310
Food Retail - 7.4%
Fresh Market, Inc. (a)(d)	553,224		17,564,862
Kroger Co.	2,474,518		180,144,910
Sprouts Farmers Market LLC (a)	535,729		16,066,513
			213,776,285
Hypermarkets & Super Centers - 5.6%
Costco Wholesale Corp.	187,550		26,742,755
Wal-Mart Stores, Inc.	1,841,056		136,735,229
			163,477,984
TOTAL FOOD & STAPLES RETAILING			701,148,261

	Shares		Value
FOOD PRODUCTS - 15.7%
Agricultural Products - 2.7%
Bunge Ltd.	791,313		$ 73,243,931
SLC Agricola SA	1,290,200		6,397,753
			79,641,684
Packaged Foods & Meats - 13.0%
General Mills, Inc.	1,106,800		62,146,820
Inner Mongoli Yili Industries Co. Ltd.	2,439,242		7,929,711
Keurig Green Mountain, Inc.	1,028,283		88,679,126
Lindt & Spruengli AG	90		5,659,893
Mead Johnson Nutrition Co. Class A	1,479,016		143,908,257
Nestle SA	385,109		29,837,101
The Hain Celestial Group, Inc. (a)	309,678		19,593,327
Ulker Biskuvi Sanayi A/S	890,525		6,237,973
Unilever NV (NY Reg.)	283,398		12,101,095
			376,093,303
TOTAL FOOD PRODUCTS			455,734,987
HOTELS, RESTAURANTS & LEISURE - 1.6%
Restaurants - 1.6%
ARAMARK Holdings Corp.	1,502,428		47,101,118
HOUSEHOLD DURABLES - 0.4%
Household Appliances - 0.2%
SodaStream International Ltd. (a)(d)	240,515		5,098,918
Housewares & Specialties - 0.2%
Tupperware Brands Corp.	94,600		6,219,004
TOTAL HOUSEHOLD DURABLES			11,317,922
HOUSEHOLD PRODUCTS - 14.1%
Household Products - 14.1%
Colgate-Palmolive Co.	1,709,775		114,195,872
Procter & Gamble Co.	3,664,565		287,265,250
Svenska Cellulosa AB (SCA) (B Shares)	234,900		6,126,988
			407,588,110
PERSONAL PRODUCTS - 2.6%
Personal Products - 2.6%
Avon Products, Inc.	716,800		4,816,896
Herbalife Ltd. (a)	460,010		23,934,320
L'Oreal SA	181,900		34,352,303
Nu Skin Enterprises, Inc. Class A	257,967		13,053,130
			76,156,649
TOBACCO - 17.3%
Tobacco - 17.3%
Altria Group, Inc.	2,281,245		116,799,744
British American Tobacco PLC sponsored ADR	2,883,965		319,312,604
ITC Ltd. (a)	1,820,070		9,339,300
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	512,158		$ 42,544,965
Souza Cruz SA	1,546,700		11,795,754
			499,792,367
TOTAL COMMON STOCKS (Cost $2,155,883,020)		2,854,507,373
Nonconvertible Preferred Stocks - 0.1%

BEVERAGES - 0.1%
Brewers - 0.1%
Ambev SA sponsored ADR (Cost $1,095,710)	467,510		2,688,183
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 0.15% (b)	39,115,539		39,115,539
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	18,952,214		18,952,214
TOTAL MONEY MARKET FUNDS (Cost $58,067,753)		58,067,753
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $2,215,046,483)			2,915,263,309
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(18,854,085)
NET ASSETS - 100%		$ 2,896,409,224

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	$ 18,550
Fidelity Securities Lending Cash Central Fund	73,309
Total	$ 91,859

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,854,507,373	$ 2,774,062,014	$ 80,445,359	$ -
Nonconvertible Preferred Stocks	2,688,183	2,688,183	-	-
Money Market Funds	58,067,753	58,067,753	-	-
Total Investments in Securities:	$ 2,915,263,309	$ 2,834,817,950	$ 80,445,359	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $2,223,774,802. Net unrealized appreciation aggregated $691,488,507, of which $756,799,172 related to appreciated investment securities and $65,310,665 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 Materials Portfolio

May 31, 2015

1.802177.111

IND-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CHEMICALS - 70.5%
Commodity Chemicals - 8.6%
LyondellBasell Industries NV Class A	1,105,896		$ 111,806,086
Methanex Corp. (d)	712,600		39,549,415
Orion Engineered Carbons SA	915,734		18,452,040
			169,807,541
Diversified Chemicals - 17.2%
E.I. du Pont de Nemours & Co.	2,959,300		210,139,891
Eastman Chemical Co.	1,674,630		128,561,345
			338,701,236
Fertilizers & Agricultural Chemicals - 19.0%
Agrium, Inc.	281,500		29,243,314
CF Industries Holdings, Inc.	288,562		91,150,965
Monsanto Co.	1,408,030		164,711,349
Syngenta AG sponsored ADR	492,520		44,834,096
The Mosaic Co.	1,000,700		45,882,095
			375,821,819
Industrial Gases - 6.9%
Airgas, Inc.	541,196		55,169,520
Praxair, Inc.	656,474		80,654,396
			135,823,916
Specialty Chemicals - 18.8%
Albemarle Corp. U.S.	504,000		30,315,600
Ashland, Inc.	479,700		61,113,780
Cytec Industries, Inc.	778,900		47,115,661
Ecolab, Inc.	996,520		114,251,018
NewMarket Corp.	67,129		30,906,863
PPG Industries, Inc.	176,500		40,399,085
W.R. Grace & Co. (a)	468,140		45,844,950
			369,946,957
TOTAL CHEMICALS			1,390,101,469
CONSTRUCTION MATERIALS - 3.7%
Construction Materials - 3.7%
Eagle Materials, Inc.	863,755		72,106,267
CONTAINERS & PACKAGING - 16.3%
Metal & Glass Containers - 2.1%
Ball Corp.	585,219		41,544,697
Paper Packaging - 14.2%
Avery Dennison Corp.	542,500		33,586,175
Graphic Packaging Holding Co.	3,779,695		53,822,857
Packaging Corp. of America	585,100		40,477,218
Rock-Tenn Co. Class A	1,698,342		110,629,998
Sealed Air Corp.	837,400		40,781,380
			279,297,628
TOTAL CONTAINERS & PACKAGING			320,842,325

	Shares		Value
ENERGY EQUIPMENT & SERVICES - 0.3%
Oil & Gas Equipment & Services - 0.3%
Aspen Aerogels, Inc.	730,304		$ 5,039,098
METALS & MINING - 5.0%
Steel - 5.0%
Nucor Corp.	959,400		45,379,620
Steel Dynamics, Inc.	2,460,900		53,672,229
			99,051,849
PAPER & FOREST PRODUCTS - 1.8%
Paper Products - 1.8%
Domtar Corp.	823,000		35,570,060
TRADING COMPANIES & DISTRIBUTORS - 1.0%
Trading Companies & Distributors - 1.0%
Wolseley PLC	327,256		20,212,196
TOTAL COMMON STOCKS (Cost $1,567,468,747)		1,942,923,264
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.15% (b)	31,961,597		31,961,597
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	12,408,240		12,408,240
TOTAL MONEY MARKET FUNDS (Cost $44,369,837)		44,369,837
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $1,611,838,584)			1,987,293,101
NET OTHER ASSETS (LIABILITIES) - (0.9)%			(16,767,922)
NET ASSETS - 100%		$ 1,970,525,179

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	$ 7,434
Fidelity Securities Lending Cash Central Fund	21,599
Total	$ 29,033

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aspen Aerogels, Inc.	$ 10,127,522	$ -	$ 3,743,092	$ -	$ -

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $1,615,855,246. Net unrealized appreciation aggregated $371,437,855, of which $392,080,074 related to appreciated investment securities and $20,642,219 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2015

1.802188.111

RET-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
FOOD & STAPLES RETAILING - 2.7%
Drug Retail - 0.6%
CVS Health Corp.	54,000		$ 5,528,520
Food Retail - 0.5%
Sprouts Farmers Market LLC (a)	159,500		4,783,405
Hypermarkets & Super Centers - 1.6%
Costco Wholesale Corp.	109,043		15,548,441
TOTAL FOOD & STAPLES RETAILING			25,860,366
FOOD PRODUCTS - 1.4%
Packaged Foods & Meats - 1.4%
Associated British Foods PLC	284,900		13,185,158
HOTELS, RESTAURANTS & LEISURE - 1.8%
Restaurants - 1.8%
Chipotle Mexican Grill, Inc. (a)	11,100		6,832,272
Ruth's Hospitality Group, Inc.	153,400		2,259,582
Starbucks Corp.	154,400		8,022,624
			17,114,478
HOUSEHOLD DURABLES - 1.4%
Home Furnishings - 0.5%
Tempur Sealy International, Inc. (a)	80,200		4,779,118
Household Appliances - 0.9%
Techtronic Industries Co. Ltd.	2,674,500		9,226,993
TOTAL HOUSEHOLD DURABLES			14,006,111
INTERNET & CATALOG RETAIL - 20.8%
Internet Retail - 20.8%
Amazon.com, Inc. (a)	269,380		115,625,977
Etsy, Inc.	3,300		55,308
Ocado Group PLC (a)(d)	1,114,900		6,211,128
Priceline Group, Inc. (a)	66,620		78,081,305
			199,973,718
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Alibaba Group Holding Ltd. sponsored ADR	50,000		4,466,000
Facebook, Inc. Class A (a)	58,900		4,664,291
HomeAway, Inc. (a)	110,200		3,093,314
			12,223,605
MULTILINE RETAIL - 2.1%
Department Stores - 1.3%
Macy's, Inc.	178,500		11,950,575
General Merchandise Stores - 0.8%
B&M European Value Retail S.A.	1,592,227		7,939,489
TOTAL MULTILINE RETAIL			19,890,064

	Shares		Value
SPECIALTY RETAIL - 51.8%
Apparel Retail - 15.3%
Inditex SA	353,310		$ 11,703,298
L Brands, Inc.	616,683		53,355,413
Ross Stores, Inc.	259,200		25,056,864
TJX Companies, Inc.	823,100		52,991,178
Zumiez, Inc. (a)	116,400		3,475,704
			146,582,457
Automotive Retail - 9.5%
AutoZone, Inc. (a)	68,363		46,050,684
O'Reilly Automotive, Inc. (a)	203,686		44,715,188
			90,765,872
Home Improvement Retail - 19.7%
Home Depot, Inc.	1,424,400		158,706,648
Lowe's Companies, Inc.	441,000		30,861,180
			189,567,828
Homefurnishing Retail - 0.9%
Restoration Hardware Holdings, Inc. (a)(d)	92,700		8,431,992
Specialty Stores - 6.4%
Dufry AG (a)	31,850		4,405,490
Signet Jewelers Ltd.	121,700		15,739,461
Staples, Inc.	600,300		9,883,940
Tiffany & Co., Inc.	147,300		13,806,429
Tractor Supply Co.	78,700		6,857,918
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	73,500		11,217,570
			61,910,808
TOTAL SPECIALTY RETAIL			497,258,957
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc.	57,400		7,478,072
TEXTILES, APPAREL & LUXURY GOODS - 14.3%
Apparel, Accessories & Luxury Goods - 12.3%
Coach, Inc.	52,600		1,860,462
Compagnie Financiere Richemont SA Series A	85,500		7,384,690
G-III Apparel Group Ltd. (a)	745,134		42,368,319
Kate Spade & Co. (a)	220,100		5,454,078
lululemon athletica, Inc. (a)	263,757		15,770,031
Michael Kors Holdings Ltd. (a)	79,200		3,682,800
Prada SpA	842,200		4,621,773
PVH Corp.	126,000		13,184,640
Ralph Lauren Corp.	24,900		3,246,960
Swatch Group AG (Bearer) (Reg.)	55,334		4,389,158
Under Armour, Inc. Class A (sub. vtg.) (a)	91,200		7,150,992
VF Corp.	130,200		9,169,986
			118,283,889
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - CONTINUED
Footwear - 2.0%
NIKE, Inc. Class B	184,820		$ 18,790,649
TOTAL TEXTILES, APPAREL & LUXURY GOODS			137,074,538
TOTAL COMMON STOCKS (Cost $580,773,439)		944,065,067

Convertible Bonds - 0.1%
	Principal Amount
SOFTWARE - 0.1%
Home Entertainment Software - 0.1%
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (Cost $1,000,000)	$ 1,000,000	1,483,125

Money Market Funds - 2.5%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	15,938,042		15,938,042
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	7,921,234		7,921,234
TOTAL MONEY MARKET FUNDS (Cost $23,859,276)		23,859,276
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $605,632,715)			969,407,468
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(9,705,843)
NET ASSETS - 100%		$ 959,701,625

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,552
Fidelity Securities Lending Cash Central Fund	32,354
Total	$ 42,906

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 944,065,067	$ 936,680,377	$ 7,384,690	$ -
Convertible Bonds	1,483,125	-	1,483,125	-
Money Market Funds	23,859,276	23,859,276	-	-
Total Investments in Securities:	$ 969,407,468	$ 960,539,653	$ 8,867,815	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $606,659,546. Net unrealized appreciation aggregated $362,747,922, of which $380,923,581 related to appreciated investment securities and $18,175,659 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 Transportation Portfolio

May 31, 2015

1.802192.111

TRN-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
AIR FREIGHT & LOGISTICS - 25.8%
Air Freight & Logistics - 25.8%
Atlas Air Worldwide Holdings, Inc. (a)	200		$ 10,896
C.H. Robinson Worldwide, Inc.	194,896		12,030,930
FedEx Corp.	375,700		65,078,754
Forward Air Corp.	64,200		3,330,054
Hub Group, Inc. Class A (a)	70,700		2,999,094
Park-Ohio Holdings Corp.	96,270		4,621,923
United Parcel Service, Inc. Class B	909,800		90,270,356
UTi Worldwide, Inc. (a)	371,414		3,573,003
			181,915,010
AIRLINES - 28.4%
Airlines - 28.4%
Alaska Air Group, Inc.	391,300		25,293,632
Allegiant Travel Co.	40,600		6,393,282
American Airlines Group, Inc.	1,109,800		47,022,226
Delta Air Lines, Inc.	1,043,502		44,787,106
Southwest Airlines Co.	765,600		28,365,480
Spirit Airlines, Inc. (a)	293,359		18,648,832
United Continental Holdings, Inc. (a)	445,636		24,327,269
Virgin America, Inc. (d)	16,800		477,792
Wizz Air Holdings PLC	207,598		4,822,850
			200,138,469
MACHINERY - 3.3%
Construction Machinery & Heavy Trucks - 1.4%
ASL Marine Holdings Ltd.	1,315,600		424,513
Supreme Industries, Inc. Class A	1,171,870		9,374,960
			9,799,473
Industrial Machinery - 1.9%
Global Brass & Copper Holdings, Inc.	533,000		9,183,590
Hillenbrand, Inc.	138,900		4,267,008
			13,450,598
TOTAL MACHINERY			23,250,071
MARINE - 0.0%
Marine - 0.0%
Diana Shipping, Inc. (a)(d)	23,600		151,512
OIL, GAS & CONSUMABLE FUELS - 2.3%
Oil & Gas Storage & Transport - 2.3%
Ardmore Shipping Corp.	173,700		2,018,394
Scorpio Tankers, Inc.	1,542,633		14,068,813
			16,087,207
ROAD & RAIL - 36.5%
Railroads - 19.9%
CSX Corp.	494,619		16,856,616
Genesee & Wyoming, Inc. Class A (a)	22,100		1,819,714
Kansas City Southern	65,400		5,918,700

	Shares		Value
Norfolk Southern Corp.	87,000		$ 8,004,000
Union Pacific Corp.	1,066,695		107,640,192
			140,239,222
Trucking - 16.6%
ArcBest Corp.	125,500		4,290,845
Celadon Group, Inc.	83,100		1,937,892
Hertz Global Holdings, Inc. (a)	1,304,500		25,946,505
J.B. Hunt Transport Services, Inc.	135,100		11,351,102
Landstar System, Inc.	185,000		12,099,000
Roadrunner Transportation Systems, Inc. (a)	331,800		8,251,866
Saia, Inc. (a)	451,100		18,468,034
Swift Transporation Co. (a)	781,200		18,178,524
Universal Truckload Services, Inc.	29,589		598,881
Werner Enterprises, Inc.	399,700		10,999,744
YRC Worldwide, Inc. (a)	374,800		4,928,620
			117,051,013
TOTAL ROAD & RAIL			257,290,235
TRANSPORTATION INFRASTRUCTURE - 0.6%
Airport Services - 0.6%
Wesco Aircraft Holdings, Inc. (a)	268,568		3,964,064
TOTAL COMMON STOCKS (Cost $537,274,142)		682,796,568
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 0.15% (b)	8,420,217		8,420,217
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	446,400		446,400
TOTAL MONEY MARKET FUNDS (Cost $8,866,617)		8,866,617
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $546,140,759)		691,663,185
NET OTHER ASSETS (LIABILITIES) - 1.8%			12,701,751
NET ASSETS - 100%		$ 704,364,936

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	$ 3,808
Fidelity Securities Lending Cash Central Fund	3,636
Total	$ 7,444

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $548,724,149. Net unrealized appreciation aggregated $142,939,036, of which $157,751,660 related to appreciated investment securities and $14,812,624 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

Investments May 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2015

1.802178.111

PRC-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BANKS - 0.0%
Regional Banks - 0.0%
Hilltop Holdings, Inc. (a)	500		$ 10,915
CAPITAL MARKETS - 0.8%
Asset Management & Custody Banks - 0.8%
Ares Management LP	170,700		3,326,943
DIVERSIFIED FINANCIAL SERVICES - 1.5%
Multi-Sector Holdings - 1.5%
Berkshire Hathaway, Inc. Class B (a)	41,600		5,948,800
INSURANCE - 95.7%
Insurance Brokers - 13.2%
Aon PLC	107,700		10,901,394
Arthur J. Gallagher & Co.	174,600		8,459,370
Brown & Brown, Inc.	218,100		7,064,259
Marsh & McLennan Companies, Inc.	379,300		22,086,639
Willis Group Holdings PLC	79,900		3,792,054
			52,303,716
Life & Health Insurance - 27.7%
AFLAC, Inc.	306,600		19,076,652
American Equity Investment Life Holding Co.	600		15,246
CNO Financial Group, Inc.	279,400		5,029,200
FBL Financial Group, Inc. Class A	300		17,232
Lincoln National Corp.	3,600		205,236
MetLife, Inc.	654,875		34,223,768
Primerica, Inc.	51,100		2,260,153
Principal Financial Group, Inc.	236,900		12,245,361
Prudential Financial, Inc.	244,389		20,677,753
StanCorp Financial Group, Inc.	31,600		2,345,352
Torchmark Corp.	125,200		7,145,164
Unum Group	192,764		6,739,029
			109,980,146
Multi-Line Insurance - 18.1%
American International Group, Inc.	846,500		49,613,364
Assurant, Inc.	69,600		4,583,160
Genworth Financial, Inc. Class A (a)	226,400		1,797,616
Hartford Financial Services Group, Inc.	268,200		11,025,702
Loews Corp.	91,300		3,662,956
Zurich Insurance Group AG	3,737		1,192,452
			71,875,250
Property & Casualty Insurance - 33.0%
ACE Ltd.	248,849		26,497,442
Allied World Assurance Co.	161,100		6,845,139

	Shares		Value
Allstate Corp.	273,600		$ 18,418,752
AmTrust Financial Services, Inc. (d)	31,600		1,901,688
Arch Capital Group Ltd. (a)	10,300		658,067
Argo Group International Holdings, Ltd.	19,910		1,048,262
Assured Guaranty Ltd.	110,200		3,150,618
Axis Capital Holdings Ltd.	16,700		919,168
Beazley PLC	188,896		858,908
Employers Holdings, Inc.	800		18,096
esure Group PLC	174,900		692,619
First American Financial Corp.	67,600		2,413,996
FNF Group	63,900		2,425,644
FNFV Group (a)	21,299		327,153
Hanover Insurance Group, Inc.	42,500		3,025,150
Hiscox Ltd.	138,420		1,804,616
Markel Corp. (a)	7,600		5,872,976
MBIA, Inc. (a)	900		8,118
Meadowbrook Insurance Group, Inc.	700		5,964
Mercury General Corp.	200		11,136
ProAssurance Corp.	78,400		3,542,112
Progressive Corp.	173,400		4,740,756
Selective Insurance Group, Inc.	23,900		647,929
The Chubb Corp.	202,958		19,788,405
The Travelers Companies, Inc.	182,000		18,403,840
W.R. Berkley Corp.	25,000		1,225,000
XL Group PLC Class A	162,100		6,107,928
			131,359,482
Reinsurance - 3.7%
Alleghany Corp. (a)	25		11,884
Everest Re Group Ltd.	3,200		580,832
Maiden Holdings Ltd.	700		9,786
Muenchener Rueckversicherungs AG	8,400		1,549,921
PartnerRe Ltd.	15,500		2,037,165
Reinsurance Group of America, Inc.	69,433		6,495,457
Validus Holdings Ltd.	95,800		4,110,778
			14,795,823
TOTAL INSURANCE			380,314,417
IT SERVICES - 0.1%
Data Processing & Outsourced Services - 0.1%
Black Knight Financial Services, Inc. Class A	10,900		300,622
THRIFTS & MORTGAGE FINANCE - 0.8%
Thrifts & Mortgage Finance - 0.8%
Hudson City Bancorp, Inc.	331,300		3,152,320
TOTAL COMMON STOCKS (Cost $289,817,311)		393,054,017
Money Market Funds - 1.5%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	4,018,341		$ 4,018,341
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	1,945,125		1,945,125
TOTAL MONEY MARKET FUNDS (Cost $5,963,466)		5,963,466
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $295,780,777)			399,017,483
NET OTHER ASSETS (LIABILITIES) - (0.4)%			(1,408,446)
NET ASSETS - 100%		$ 397,609,037

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	$ 1,918
Fidelity Securities Lending Cash Central Fund	9,539
Total	$ 11,457

Other Information

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $297,081,894. Net unrealized appreciation aggregated $101,935,589, of which $102,986,026 related to appreciated investment securities and $1,050,437 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

Investments May 31, 2015 (Unaudited) Consolidated Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited) Investments May 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2015

1.802171.111

FIN-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
BANKS - 30.1%
Diversified Banks - 23.9%
Bank of America Corp.	4,485,817		$ 74,015,981
Citigroup, Inc.	1,364,480		73,791,078
Comerica, Inc.	218,100		10,675,995
JPMorgan Chase & Co.	1,156,710		76,088,382
U.S. Bancorp	1,232,884		53,149,629
Wells Fargo & Co.	904,601		50,621,472
			338,342,537
Regional Banks - 6.2%
CoBiz, Inc.	438,065		5,177,928
Fifth Third Bancorp	1,057,528		21,404,367
Huntington Bancshares, Inc.	786,100		8,749,293
Popular, Inc. (a)	279,700		9,087,453
Prosperity Bancshares, Inc.	218,900		11,726,473
Regions Financial Corp.	840,300		8,478,627
SunTrust Banks, Inc.	549,700		23,461,196
			88,085,337
TOTAL BANKS			426,427,874
CAPITAL MARKETS - 11.9%
Asset Management & Custody Banks - 8.8%
Affiliated Managers Group, Inc. (a)	60,683		13,572,360
Ameriprise Financial, Inc.	155,740		19,403,647
Artisan Partners Asset Management, Inc.	377,000		16,629,470
Invesco Ltd.	906,910		36,122,225
Oaktree Capital Group LLC Class A	222,500		12,186,325
The Blackstone Group LP	611,604		26,788,255
			124,702,282
Diversified Capital Markets - 0.5%
Close Brothers Group PLC	302,200		7,394,739
Investment Banking & Brokerage - 2.6%
E*TRADE Financial Corp. (a)	691,144		20,361,102
Raymond James Financial, Inc.	276,961		16,096,973
			36,458,075
TOTAL CAPITAL MARKETS			168,555,096
CONSUMER FINANCE - 6.4%
Consumer Finance - 6.4%
Capital One Financial Corp.	687,116		57,415,413
Navient Corp.	989,359		19,064,948
Springleaf Holdings, Inc. (a)	301,213		14,313,642
			90,794,003
DIVERSIFIED CONSUMER SERVICES - 1.3%
Specialized Consumer Services - 1.3%
H&R Block, Inc.	598,572		18,992,690
DIVERSIFIED FINANCIAL SERVICES - 10.1%
Multi-Sector Holdings - 4.4%
Berkshire Hathaway, Inc. Class B (a)	438,790		62,746,970

	Shares		Value
Specialized Finance - 5.7%
Element Financial Corp. (a)	502,300		$ 7,516,728
Element Financial Corp. rights (a)	335,000		4,980,822
IntercontinentalExchange Group, Inc.	133,047		31,502,869
McGraw Hill Financial, Inc.	345,576		35,853,510
			79,853,929
TOTAL DIVERSIFIED FINANCIAL SERVICES			142,600,899
HEALTH CARE PROVIDERS & SERVICES - 1.2%
Health Care Facilities - 1.2%
Brookdale Senior Living, Inc. (a)	473,100		17,831,139
INSURANCE - 11.8%
Insurance Brokers - 3.5%
Arthur J. Gallagher & Co.	271,500		13,154,175
Brown & Brown, Inc.	545,100		17,655,789
Marsh & McLennan Companies, Inc.	329,764		19,202,158
			50,012,122
Life & Health Insurance - 2.5%
Prudential PLC	466,237		11,618,412
Torchmark Corp.	414,900		23,678,343
			35,296,755
Property & Casualty Insurance - 5.8%
ACE Ltd.	274,800		29,260,704
Allstate Corp.	467,200		31,451,904
FNF Group	574,100		21,792,836
			82,505,444
TOTAL INSURANCE			167,814,321
INTERNET SOFTWARE & SERVICES - 1.2%
Internet Software & Services - 1.2%
eBay, Inc. (a)	276,000		16,935,360
IT SERVICES - 3.9%
Data Processing & Outsourced Services - 3.9%
EVERTEC, Inc.	498,770		11,087,657
Fiserv, Inc. (a)	72,410		5,803,662
The Western Union Co.	695,440		15,264,908
Visa, Inc. Class A	329,000		22,595,720
			54,751,947
REAL ESTATE INVESTMENT TRUSTS - 11.9%
Diversified REITs - 1.3%
NorthStar Realty Finance Corp.	1,044,400		18,945,416
Mortgage REITs - 2.7%
Altisource Residential Corp. Class B	694,800		12,450,816
Redwood Trust, Inc. (d)	890,186		14,340,896
Two Harbors Investment Corp.	1,085,300		11,601,857
			38,393,569
Office REITs - 1.2%
Boston Properties, Inc.	137,400		17,866,122
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Residential REITs - 1.2%
Essex Property Trust, Inc.	75,900		$ 16,896,858
Retail REITs - 0.3%
WP Glimcher, Inc.	274,689		3,864,874
Specialized REITs - 5.2%
American Tower Corp.	477,572		44,313,906
Outfront Media, Inc.	612,229		16,964,866
Public Storage	61,100		11,825,294
			73,104,066
TOTAL REAL ESTATE INVESTMENT TRUSTS			169,070,905
REAL ESTATE MANAGEMENT & DEVELOPMENT - 5.0%
Diversified Real Estate Activities - 0.7%
Brookfield Asset Management, Inc. Class A	291,250		10,300,076
Real Estate Services - 4.3%
CBRE Group, Inc. (a)	890,831		34,065,377
Realogy Holdings Corp. (a)	555,900		26,099,505
			60,164,882
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			70,464,958
THRIFTS & MORTGAGE FINANCE - 1.0%
Thrifts & Mortgage Finance - 1.0%
MGIC Investment Corp. (a)	448,400		4,865,140
Ocwen Financial Corp. (a)(d)	688,880		6,999,021
Radian Group, Inc.	99,900		1,790,208
			13,654,369

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.8%
Trading Companies & Distributors - 0.8%
AerCap Holdings NV (a)	223,100		$ 10,762,344
TOTAL COMMON STOCKS (Cost $1,176,375,848)		1,368,655,905
Money Market Funds - 3.8%

Fidelity Cash Central Fund, 0.15% (b)	46,597,987		46,597,987
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	7,010,075		7,010,075
TOTAL MONEY MARKET FUNDS (Cost $53,608,062)		53,608,062
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $1,229,983,910)			1,422,263,967
NET OTHER ASSETS (LIABILITIES) - (0.4)%			(6,359,662)
NET ASSETS - 100%		$ 1,415,904,305

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	$ 20,761
Fidelity Securities Lending Cash Central Fund	17,643
Total	$ 38,404

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,368,655,905	$ 1,357,037,493	$ 11,618,412	$ -
Money Market Funds	53,608,062	53,608,062	-	-
Total Investments in Securities:	$ 1,422,263,967	$ 1,410,645,555	$ 11,618,412	$ -

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $1,234,704,371. Net unrealized appreciation aggregated $187,559,596, of which $213,770,969 related to appreciated investment securities and $26,211,373 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, 2015

1.802173.111

GOL-QTLY-0715

Consolidated Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.1%
	Shares		Value
Australia - 8.0%
METALS & MINING - 8.0%
Gold - 8.0%
Beadell Resources Ltd. (d)	7,587,418		$ 1,218,202
Evolution Mining Ltd.	488,136		438,515
Medusa Mining Ltd. (a)(d)	1,228,595		897,053
Newcrest Mining Ltd. (a)	6,031,753		65,343,426
Northern Star Resources Ltd.	4,351,118		7,850,888
Perseus Mining Ltd.:
(Australia) (a)(d)	1,237,134		425,633
(Canada) (a)	1,300,000		444,275
Regis Resources Ltd. (a)(d)	2,663,393		2,402,831
Resolute Mng Ltd. (a)	2,390,161		612,178
Saracen Mineral Holdings Ltd. (a)	7,042,787		2,557,667
Silver Lake Resources Ltd. (a)(d)	4,145,985		570,566
			82,761,234
Bailiwick of Jersey - 7.7%
METALS & MINING - 7.7%
Gold - 7.7%
Lydian International Ltd. (a)	2,325,200		1,028,353
Polyus Gold International Ltd. (d)	222,400		627,145
Polyus Gold International Ltd. sponsored GDR	1,340,231		3,819,658
Randgold Resources Ltd. sponsored ADR	1,033,295		74,634,898
			80,110,054
Bermuda - 1.1%
METALS & MINING - 1.1%
Gold - 1.1%
Continental Gold Ltd. (a)	5,378,200		11,503,709
Steel - 0.0%
African Minerals Ltd. (a)(d)	1,718,700		26
TOTAL METALS & MINING			11,503,735
Canada - 55.6%
METALS & MINING - 55.6%
Diversified Metals & Mining - 0.2%
Ivanhoe Mines Ltd. (a)	2,225,300		2,147,282
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(f)	837,300		30,298
True Gold Mining, Inc. (a)	181,000		34,203
			2,211,783
Gold - 54.0%
Agnico Eagle Mines Ltd. (Canada)	1,771,401		57,005,040
Alacer Gold Corp. (a)	2,131,963		4,851,604
Alamos Gold, Inc.	1,152,500		7,543,704
Argonaut Gold, Inc. (a)	4,818,862		6,742,377
AuRico Gold, Inc.	112,100		371,383
B2Gold Corp. (a)	24,507,293		41,581,206
Barrick Gold Corp. (d)	3,162,569		37,434,075
Centerra Gold, Inc.	518,900		3,204,529

	Shares		Value
Detour Gold Corp. (a)	2,100,000		$ 22,442,104
Detour Gold Corp. (a)(f)	785,900		8,398,690
Eldorado Gold Corp.	7,976,135		38,418,341
Franco-Nevada Corp.	1,225,900		63,049,665
Goldcorp, Inc.	4,617,000		81,974,398
Guyana Goldfields, Inc. (a)	3,732,800		11,075,934
Guyana Goldfields, Inc. (a)(f)	155,000		459,915
IAMGOLD Corp. (a)	1,400,800		2,849,810
Kinross Gold Corp. (a)	2,363,891		5,588,485
Kirkland Lake Gold, Inc. (a)(d)	540,400		2,820,196
Lake Shore Gold Corp. (a)	2,806,600		2,730,770
New Gold, Inc. (a)	7,570,275		24,593,045
NGEx Resources, Inc. (a)	60,000		45,352
Novagold Resources, Inc. (a)	1,742,100		7,102,321
OceanaGold Corp.	2,842,300		6,902,337
Osisko Gold Royalties Ltd.	507,793		7,362,100
Pilot Gold, Inc. (a)	1,418,150		809,655
Premier Gold Mines Ltd. (a)(e)	10,396,222		20,230,667
Pretium Resources, Inc. (a)(d)	841,538		4,933,107
Pretium Resources, Inc. (a)(f)	225,000		1,318,953
Pretium Resources, Inc. (a)(g)	225,000		1,318,953
Primero Mining Corp. (a)(d)	1,587,800		6,524,331
Richmont Mines, Inc. (a)	183,400		564,830
Romarco Minerals, Inc. (a)	38,754,498		13,867,603
Romarco Minerals, Inc. (a)(f)	5,900,000		2,111,209
Rubicon Minerals Corp. (a)(d)	5,376,402		5,966,094
Seabridge Gold, Inc. (a)	659,166		4,047,277
SEMAFO, Inc. (a)	3,244,100		9,625,868
Teranga Gold Corp. (a)	85,000		51,262
Teranga Gold Corp. CDI unit (a)(d)	3,338,072		2,028,938
Timmins Gold Corp. (a)	122,600		75,910
Torex Gold Resources, Inc. (a)	21,578,300		19,260,142
Yamana Gold, Inc. (d)	6,902,920		24,811,879
			562,094,059
Precious Metals & Minerals - 1.2%
Gold Standard Ventures Corp. (a)	2,155,400		1,143,908
Klondex Mines Ltd. (a)	26,000		69,202
Tahoe Resources, Inc.	846,082		11,756,430
			12,969,540
Silver - 0.2%
MAG Silver Corp. (a)	282,200		2,108,104
Silver Wheaton Corp.	2,600		49,654
			2,157,758
TOTAL METALS & MINING			579,433,140
Cayman Islands - 0.4%
METALS & MINING - 0.4%
Gold - 0.4%
Endeavour Mining Corp. (a)	8,267,400		4,055,254
Common Stocks - continued
	Shares		Value
Peru - 0.8%
METALS & MINING - 0.8%
Gold - 0.8%
Compania de Minas Buenaventura SA sponsored ADR	768,228		$ 8,604,154
South Africa - 5.3%
METALS & MINING - 5.3%
Gold - 5.3%
AngloGold Ashanti Ltd. sponsored ADR (a)	3,026,908		28,997,779
Gold Fields Ltd. sponsored ADR	4,698,926		16,023,338
Harmony Gold Mining Co. Ltd. (a)	1,484,000		2,180,236
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	1,732,900		2,564,692
Sibanye Gold Ltd. ADR (d)	827,306		5,873,873
			55,639,918
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Acacia Mining PLC	1,318,327		6,143,525
United States of America - 7.6%
METALS & MINING - 7.5%
Gold - 7.5%
McEwen Mining, Inc. (a)(d)	679,110		679,110
Newmont Mining Corp.	1,587,200		43,235,328
Royal Gold, Inc.	524,913		33,998,615
			77,913,053
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Peabody Energy Corp. (d)	277,900		939,302
TOTAL UNITED STATES OF AMERICA			78,852,355
TOTAL COMMON STOCKS (Cost $1,260,623,624)		907,103,369
Commodities - 12.7%
	Troy Ounces
Gold Bullion (a)	68,510		81,537,177
Silver Bullion (a)	3,052,000		51,067,590
TOTAL COMMODITIES (Cost $146,476,719)		132,604,767
Money Market Funds - 5.0%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	864,420		$ 864,420
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	51,613,211		51,613,211
TOTAL MONEY MARKET FUNDS (Cost $52,477,631)		52,477,631
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $1,459,577,974)			1,092,185,767
NET OTHER ASSETS (LIABILITIES) - (4.8)%			(50,478,454)
NET ASSETS - 100%		$ 1,041,707,313

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $12,319,065 or 1.2% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,318,953 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,215
Fidelity Securities Lending Cash Central Fund	62,087
Total	$ 63,302

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Cayman Gold Ltd.	$ 116,684,748	$ 16,443,547	$ -	$ -	$ 132,539,392

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Premier Gold Mines Ltd.	$ 20,747,454	$ -	$ 43,623	$ -	$ 20,230,667

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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	$ 907,103,369	$ 839,579,681	$ 67,523,662	$ 26
Commodities	132,604,767	132,604,767	-	-
Money Market Funds	52,477,631	52,477,631	-	-
Total Investments in Securities:	$ 1,092,185,767	$ 1,024,662,079	$ 67,523,662	$ 26

Transfers	Total
Level 1 to Level 2	$ 69,980,874
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes on an unconsolidated basis was $1,586,537,692. Net unrealized depreciation aggregated $494,417,300, of which $119,662,611 related to appreciated investment securities and $614,079,911 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2015, the Fund held $132,539,392 in the Subsidiary, representing 12.7% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

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

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2015

1.802181.111

MES-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
BIOTECHNOLOGY - 1.0%
Biotechnology - 1.0%
Puma Biotechnology, Inc. (a)	110,000		$ 21,499,500
HEALTH CARE EQUIPMENT & SUPPLIES - 89.1%
Health Care Equipment - 83.0%
Abbott Laboratories	3,700,000		179,820,000
Atricure, Inc. (a)	1,100,000		25,234,000
Boston Scientific Corp. (a)	13,500,000		246,645,000
Cardiovascular Systems, Inc. (a)	400,000		11,192,000
CONMED Corp.	600,000		33,324,000
Cyberonics, Inc. (a)	300,000		19,203,000
DexCom, Inc. (a)	170,000		12,192,400
Edwards Lifesciences Corp. (a)	400,000		52,288,000
Entellus Medical, Inc. (d)	230,000		5,370,500
Fukuda Denshi Co. Ltd.	200,000		11,553,811
Genmark Diagnostics, Inc. (a)(d)	1,280,000		11,737,600
HeartWare International, Inc. (a)(d)	281,761		20,785,509
Inogen, Inc. (a)	400,000		14,952,000
Integra LifeSciences Holdings Corp. (a)	668,336		44,892,129
Intuitive Surgical, Inc. (a)	50,000		24,387,500
K2M Group Holdings, Inc.	860,000		22,480,400
Lumenis Ltd. Class B (a)	638,988		7,776,484
Masimo Corp. (a)	330,000		11,583,000
Medtronic PLC	6,540,000		499,132,802
Natus Medical, Inc. (a)	650,000		25,389,000
Neovasc, Inc. (a)	2,421,948		16,977,855
Nevro Corp. (d)	330,000		16,773,900
NxStage Medical, Inc. (a)	600,000		9,726,000
ResMed, Inc. (d)	777,264		45,718,668
Smith & Nephew PLC sponsored ADR	1,240,000		43,958,000
St. Jude Medical, Inc.	1,220,000		89,975,000
Steris Corp. (d)	400,000		26,732,000
Stryker Corp.	480,000		46,142,400
Tandem Diabetes Care, Inc. (a)	650,000		7,845,500
Teleflex, Inc.	242,336		31,198,337
Tornier NV (a)	2,000,000		53,160,000
TriVascular Technologies, Inc. (a)	700,000		3,815,000
Zeltiq Aesthetics, Inc. (a)(d)	400,000		10,984,000
Zimmer Holdings, Inc.	1,020,000		116,371,800
			1,799,317,595
Health Care Supplies - 6.1%
ASAHI INTECC Co. Ltd.	160,000		9,372,996
Derma Sciences, Inc. (a)(d)	400,000		2,624,000
Endologix, Inc. (a)	1,000,000		16,690,000
Sientra, Inc. (d)	520,000		11,715,600
The Cooper Companies, Inc.	400,000		72,708,000

	Shares		Value
The Spectranetics Corp. (a)(d)	440,000		$ 10,925,200
Vascular Solutions, Inc. (a)	280,000		9,136,400
			133,172,196
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,932,489,791
HEALTH CARE PROVIDERS & SERVICES - 0.9%
Health Care Distributors & Services - 0.3%
Amplifon SpA (d)	1,000,000		7,929,726
Health Care Services - 0.6%
Miraca Holdings, Inc.	260,000		12,521,300
TOTAL HEALTH CARE PROVIDERS & SERVICES			20,451,026
HEALTH CARE TECHNOLOGY - 0.9%
Health Care Technology - 0.9%
Castlight Health, Inc.	999,300		8,723,889
Castlight Health, Inc. Class B (a)	28,300		247,059
HTG Molecular Diagnostics (f)	673,461		9,617,023
			18,587,971
INDUSTRIAL CONGLOMERATES - 1.0%
Industrial Conglomerates - 1.0%
Danaher Corp.	260,000		22,443,200
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Life Sciences Tools & Services - 2.0%
Agilent Technologies, Inc.	800,000		32,952,000
Bruker Corp. (a)	500,000		9,920,000
			42,872,000
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Actavis PLC (a)	210,000		64,430,100
TOTAL COMMON STOCKS (Cost $1,567,808,115)		2,122,773,588
Preferred Stocks - 1.4%

Convertible Preferred Stocks - 0.7%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Penumbra, Inc. Series F (e)	265,152		4,836,372
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
1Life Healthcare, Inc. Series G (a)(e)	455,526		2,910,811
SOFTWARE - 0.3%
Application Software - 0.3%
Outset Medical, Inc. Series B (e)	2,866,720		6,500,001
TOTAL CONVERTIBLE PREFERRED STOCKS			14,247,184
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 0.7%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.7%
Health Care Equipment - 0.7%
Sartorius AG (non-vtg.)	90,000		$ 15,845,174
TOTAL PREFERRED STOCKS (Cost $21,250,605)		30,092,358
Money Market Funds - 5.1%

Fidelity Cash Central Fund, 0.15% (b)	6,804,143		6,804,143
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	103,955,625		103,955,625
TOTAL MONEY MARKET FUNDS (Cost $110,759,768)		110,759,768
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $1,699,818,488)		2,263,625,714
NET OTHER ASSETS (LIABILITIES) - (4.4)%			(94,620,921)
NET ASSETS - 100%		$ 2,169,004,793

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
1Life Healthcare, Inc. Series G	4/10/14	$ 3,000,003
Outset Medical, Inc. Series B	5/5/15	$ 6,500,001
Penumbra, Inc. Series F	5/16/14	$ 3,500,006

(f) 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	$ 3,768
Fidelity Securities Lending Cash Central Fund	70,403
Total	$ 74,171

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
HTG Molecular Diagnostics	$ -	$ 9,428,454	$ -	$ -	$ 9,617,023

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,122,773,588	$ 2,089,325,481	$ 33,448,107	$ -
Preferred Stocks	30,092,358	15,845,174	-	14,247,184
Money Market Funds	110,759,768	110,759,768	-	-
Total Investments in Securities:	$ 2,263,625,714	$ 2,215,930,423	$ 33,448,107	$ 14,247,184

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $1,700,600,647. Net unrealized appreciation aggregated $563,025,067, of which $574,542,367 related to appreciated investment securities and $11,517,300 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, 2015

1.802191.111

TEL-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.7%
Communications Equipment - 0.7%
Ruckus Wireless, Inc. (a)	276,400		$ 2,904,964
DIVERSIFIED TELECOMMUNICATION SERVICES - 64.5%
Alternative Carriers - 21.0%
8x8, Inc. (a)	795,786		6,636,855
Cogent Communications Group, Inc.	539,268		16,943,801
Globalstar, Inc. (a)(d)	2,608,800		6,913,320
Iliad SA	18,284		4,143,780
inContact, Inc. (a)(d)	796,723		7,744,148
Inmarsat PLC	94,100		1,428,157
Iridium Communications, Inc. (a)(d)	477,476		4,941,877
Level 3 Communications, Inc. (a)	462,767		25,674,313
Lumos Networks Corp.	537,078		7,664,103
Premiere Global Services, Inc. (a)	504,983		5,100,328
Towerstream Corp. (a)(d)	807,024		1,702,821
Vonage Holdings Corp. (a)	730,371		3,403,529
			92,297,032
Integrated Telecommunication Services - 43.5%
AT&T, Inc.	1,714,250		59,210,195
Atlantic Tele-Network, Inc.	106,100		7,114,005
Bezeq The Israel Telecommunication Corp. Ltd.	1,655,400		2,771,904
Cellnex Telecom Sau (a)	100		1,685
CenturyLink, Inc.	397,278		13,205,521
Cincinnati Bell, Inc. (a)	827,314		3,027,969
Consolidated Communications Holdings, Inc. (d)	268,298		5,559,135
Frontier Communications Corp. (d)	1,422,783		7,327,332
General Communications, Inc. Class A (a)	57,494		923,929
IDT Corp. Class B	188,381		3,388,974
Telecom Italia SpA (a)(d)	1,105,700		1,359,906
Verizon Communications, Inc.	1,761,897		87,108,188
Windstream Holdings, Inc. (d)	42,580		346,388
			191,345,131
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			283,642,163
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Technology Distributors - 0.0%
Ingram Micro, Inc. Class A (a)	700		18,767
INTERNET SOFTWARE & SERVICES - 1.0%
Internet Software & Services - 1.0%
Gogo, Inc. (a)(d)	131,600		2,816,240
Rackspace Hosting, Inc. (a)	42,300		1,695,807
			4,512,047

	Shares		Value
MEDIA - 8.5%
Cable & Satellite - 8.5%
Charter Communications, Inc. Class A (a)(d)	24,700		$ 4,421,794
DIRECTV (a)	312,900		28,486,416
Liberty Global PLC Class C (a)	36,436		1,958,435
Time Warner Cable, Inc.	14,500		2,622,905
			37,489,550
REAL ESTATE INVESTMENT TRUSTS - 2.9%
Office REITs - 0.2%
CyrusOne, Inc.	21,100		680,897
Specialized REITs - 2.7%
American Tower Corp.	118,290		10,976,129
Crown Castle International Corp.	12,700		1,035,685
			12,011,814
TOTAL REAL ESTATE INVESTMENT TRUSTS			12,692,711
SOFTWARE - 0.7%
Application Software - 0.4%
Comverse, Inc. (a)	12,600		303,282
Interactive Intelligence Group, Inc. (a)	34,700		1,500,081
			1,803,363
Systems Software - 0.3%
Rovi Corp. (a)	64,200		1,075,992
TOTAL SOFTWARE			2,879,355
WIRELESS TELECOMMUNICATION SERVICES - 20.2%
Wireless Telecommunication Services - 20.2%
Bharti Infratel Ltd.	450,075		3,380,883
KDDI Corp.	172,400		3,880,843
Leap Wireless International, Inc. rights (a)	400		1,008
RingCentral, Inc. (a)	634,100		10,836,769
SBA Communications Corp. Class A (a)	160,056		17,895,861
Shenandoah Telecommunications Co.	48,326		1,518,886
SoftBank Corp.	74,800		4,452,624
Sprint Corp. (a)(d)	1,411,985		6,565,730
T-Mobile U.S., Inc. (a)	530,097		20,610,171
Telephone & Data Systems, Inc.	574,764		17,064,743
U.S. Cellular Corp. (a)	64,100		2,506,310
			88,713,828
TOTAL COMMON STOCKS (Cost $376,811,915)		432,853,385
Nonconvertible Preferred Stocks - 0.5%

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Integrated Telecommunication Services - 0.3%
Telefonica Brasil SA sponsored ADR (d)	96,300		1,354,941
Nonconvertible Preferred Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
TIM Participacoes SA sponsored ADR	62,900		$ 934,694
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,584,984)		2,289,635
Money Market Funds - 7.4%

Fidelity Cash Central Fund, 0.15% (b)	3,505,149		3,505,149
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	28,930,057		28,930,057
TOTAL MONEY MARKET FUNDS (Cost $32,435,206)		32,435,206
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $412,832,105)		467,578,226
NET OTHER ASSETS (LIABILITIES) - (6.4)%			(28,111,470)
NET ASSETS - 100%		$ 439,466,756

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	$ 2,210
Fidelity Securities Lending Cash Central Fund	199,825
Total	$ 202,035

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 432,853,385	$ 423,159,004	$ 9,693,373	$ 1,008
Nonconvertible Preferred Stocks	2,289,635	2,289,635	-	-
Money Market Funds	32,435,206	32,435,206	-	-
Total Investments in Securities:	$ 467,578,226	$ 457,883,845	$ 9,693,373	$ 1,008

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $414,528,047. Net unrealized appreciation aggregated $53,050,179, of which $63,056,119 related to appreciated investment securities and $10,005,940 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

Investments May 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2015

1.802156.111

BIO-QTLY-0715

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
BIOTECHNOLOGY - 89.7%
Biotechnology - 89.7%
ACADIA Pharmaceuticals, Inc. (a)(d)	4,456,364		$ 183,602,197
Acceleron Pharma, Inc. (a)(e)	3,193,338		107,711,291
Achillion Pharmaceuticals, Inc. (a)(d)(e)	7,229,800		71,502,722
Acorda Therapeutics, Inc. (a)(e)	3,750,553		114,316,855
Actelion Ltd.	438,353		61,285,933
Adamas Pharmaceuticals, Inc. (a)(e)	1,712,569		30,809,116
Adaptimmune Therapeutics PLC sponsored ADR	1,468,992		22,666,547
ADMA Biologics, Inc. (a)	372,800		3,191,168
Aduro Biotech, Inc. (d)	368,204		12,437,931
Aduro Biotech, Inc.	1,711,378		52,029,314
Aegerion Pharmaceuticals, Inc. (a)(d)(e)	2,843,518		55,391,731
Agenus, Inc. (a)(d)	2,301,918		18,829,689
Agenus, Inc. warrants 1/9/18 (a)	1,548,000		221,457
Agios Pharmaceuticals, Inc. (a)	186,990		22,816,520
Akebia Therapeutics, Inc. (a)(d)(e)	1,643,723		12,919,663
Alder Biopharmaceuticals, Inc. (e)	2,164,348		92,028,077
Aldeyra Therapeutics, Inc. (e)	958,916		7,143,924
Alexion Pharmaceuticals, Inc. (a)	3,422,105		560,677,683
Alkermes PLC (a)	2,251,411		137,561,212
Alnylam Pharmaceuticals, Inc. (a)	1,756,978		230,322,246
AMAG Pharmaceuticals, Inc. (a)(d)	1,505,603		104,759,857
Amarin Corp. PLC ADR (a)	796,366		1,839,605
Amgen, Inc.	34,486		5,388,782
Amicus Therapeutics, Inc. (a)	109,800		1,351,638
Anacor Pharmaceuticals, Inc. (a)	2,140,866		152,472,477
Applied Genetic Technologies Corp. (a)(d)(e)	1,126,093		22,578,165
Ardelyx, Inc. (e)	1,853,932		20,300,555
ARIAD Pharmaceuticals, Inc. (a)(d)	5,543,251		50,887,044
Array BioPharma, Inc. (a)(d)	2,704,296		20,687,864
Asterias Biotherapeutics, Inc. (a)(d)	653,913		7,336,904
Atara Biotherapeutics, Inc. (d)	332,233		14,073,390
aTyr Pharma, Inc. (a)	171,400		3,923,346
aTyr Pharma, Inc. (a)	675,657		13,919,210
Avalanche Biotechnologies, Inc. (a)(d)	720,957		26,877,277
BioCryst Pharmaceuticals, Inc. (a)	1,406,100		15,762,381
Biogen, Inc. (a)	2,750,232		1,091,814,602
BioMarin Pharmaceutical, Inc. (a)	4,193,575		526,587,213
Bionovo, Inc. warrants 2/2/16 (a)	1,043,150		10
BioTime, Inc. warrants 10/1/18 (a)	30,113		57,215
bluebird bio, Inc. (a)	212,419		41,262,391
Blueprint Medicines Corp.	206,919		5,936,506
Calithera Biosciences, Inc. (d)(e)	1,794,600		18,789,462
Cara Therapeutics, Inc. (a)	676,853		6,443,641
Catalyst Pharmaceutical Partners, Inc.:
warrants 5/2/17 (a)	141,443		382,316
warrants 5/30/17 (a)	282,100		830,000
Celgene Corp. (a)	6,627,924		758,499,623

	Shares		Value
Cell Therapeutics, Inc. warrants 7/6/16 (a)	835,596		$ 58
Celldex Therapeutics, Inc. (a)(d)	3,276,056		94,579,737
Cellectis SA sponsored ADR	184,400		7,910,760
Cepheid, Inc. (a)	589,900		32,544,783
Cerulean Pharma, Inc. (a)(e)	2,620,301		15,590,791
Chiasma, Inc. unit (h)	13,978,670		13,978,670
Chimerix, Inc. (a)	1,357,667		56,818,364
Cidara Therapeutics, Inc. (e)	86,800		1,361,892
Cidara Therapeutics, Inc. Series B (e)	1,066,786		15,064,085
Clovis Oncology, Inc. (a)(d)	877,224		81,090,587
CTI BioPharma Corp. (a)(d)	6,501,184		12,612,297
Cytokinetics, Inc. (a)	1,063,466		6,774,278
Cytokinetics, Inc. warrants 6/25/17 (a)	3,828,480		1,455,282
Dicerna Pharmaceuticals, Inc. (a)	659,421		10,906,823
Dyax Corp. (a)(e)	9,898,028		260,714,058
Eleven Biotherapeutics, Inc. (a)(d)	821,860		2,309,427
Emergent BioSolutions, Inc. (a)	336,186		10,710,886
Enanta Pharmaceuticals, Inc. (a)(d)	727,166		29,726,546
Epirus Biopharmaceuticals, Inc. (a)(d)(e)	1,220,700		6,579,573
Epizyme, Inc. (a)(d)(e)	4,120,207		78,160,327
Esperion Therapeutics, Inc. (a)(d)(e)	1,647,027		177,071,873
Exact Sciences Corp. (a)(d)	2,258,602		61,004,840
Exelixis, Inc. (a)(d)	1,849,687		5,826,514
Fate Therapeutics, Inc. (a)(e)	1,546,284		9,679,738
Fibrocell Science, Inc. (a)(d)(e)	3,326,640		15,369,077
FibroGen, Inc.	315,800		5,750,718
Forward Pharma A/S sponsored ADR	119,800		4,054,032
Foundation Medicine, Inc. (a)(d)	901,500		32,246,655
Galapagos Genomics NV sponsored ADR	910,108		51,812,448
Genmab A/S (a)	2,198,724		193,079,219
Genocea Biosciences, Inc. (a)	898,978		9,538,157
Genomic Health, Inc. (a)(d)	516,228		13,984,617
Geron Corp. (a)(d)(e)	15,808,751		61,021,779
Gilead Sciences, Inc.	11,024,972		1,237,773,606
Halozyme Therapeutics, Inc. (a)(d)	3,062,999		53,143,033
Histogenics Corp. (d)(e)	1,240,986		10,362,233
Ignyta, Inc. (a)	1,191,909		10,703,343
Immune Design Corp. (a)(e)	1,311,741		28,635,306
ImmunoGen, Inc. (a)(d)	1,604,008		14,403,992
Immunomedics, Inc. (a)(d)	4,378,682		16,901,713
Incyte Corp. (a)	3,137,286		345,572,053
Infinity Pharmaceuticals, Inc. (a)	1,808,933		23,443,772
Insys Therapeutics, Inc. (a)(d)	936,795		55,832,982
Intercept Pharmaceuticals, Inc. (a)(d)	1,189,968		303,673,884
Intrexon Corp. (a)(d)	1,079,553		45,470,772
Ironwood Pharmaceuticals, Inc. Class A (a)	4,692,810		66,215,549
Isis Pharmaceuticals, Inc. (a)(d)	2,384,987		160,557,325
JHL Biotech, Inc. (h)	1,102,127		4,121,955
Juno Therapeutics, Inc.	1,158,952		54,906,510
Common Stocks - continued
	Shares		Value
BIOTECHNOLOGY - CONTINUED
Biotechnology - continued
Juno Therapeutics, Inc. (d)	355,500		$ 18,713,520
Karyopharm Therapeutics, Inc. (a)(d)(e)	3,415,914		91,956,405
Keryx Biopharmaceuticals, Inc. (a)(d)	3,548,050		36,899,720
Kite Pharma, Inc. (d)	2,117,283		116,768,157
KYTHERA Biopharmaceuticals, Inc. (a)(d)(e)	1,597,274		80,454,691
La Jolla Pharmaceutical Co. (a)(d)(e)	1,274,504		28,459,674
Lexicon Pharmaceuticals, Inc. (a)(d)	4,392,003		30,875,781
Ligand Pharmaceuticals, Inc. Class B (a)(d)	910,807		80,251,205
Lion Biotechnologies, Inc. (a)	1,954,882		21,875,130
Macrogenics, Inc. (a)(e)	2,523,785		81,644,445
MannKind Corp. (a)(d)	8,063,306		41,767,925
Medivation, Inc. (a)	2,865,157		378,343,982
Merrimack Pharmaceuticals, Inc. (a)	422,049		4,980,178
MiMedx Group, Inc. (a)(d)	1,006,364		10,415,867
Minerva Neurosciences, Inc. (d)(e)	1,843,948		9,275,058
Momenta Pharmaceuticals, Inc. (a)	1,062,677		21,094,138
Myriad Genetics, Inc. (a)(d)	1,189,343		40,378,195
Neurocrine Biosciences, Inc. (a)	3,582,851		157,143,845
NewLink Genetics Corp. (a)(d)(e)	1,456,947		62,867,263
Novavax, Inc. (a)(d)(e)	14,959,021		134,631,189
Novelos Therapeutics, Inc. warrants 12/6/16 (a)	2,362,400		1,417
OncoMed Pharmaceuticals, Inc. (a)(d)	735,832		18,336,933
Ophthotech Corp. (a)(e)	3,016,835		150,902,087
Opko Health, Inc. (a)(d)	2,721,309		48,112,743
Oragenics, Inc. (a)(e)	2,545,258		1,934,396
Orexigen Therapeutics, Inc. (a)(d)(e)	9,832,709		48,180,274
Organovo Holdings, Inc. (a)(d)	1,111,017		5,566,195
Osiris Therapeutics, Inc. (a)(d)(e)	1,866,995		34,726,107
OvaScience, Inc. (a)	1,061,925		36,031,115
PolyMedix, Inc. warrants 4/10/16 (a)	2,961,167		30
Portola Pharmaceuticals, Inc. (a)(e)	2,732,341		114,266,501
Progenics Pharmaceuticals, Inc. (a)(d)(e)	4,448,736		25,046,384
ProQR Therapeutics BV (a)(e)	1,510,385		27,549,422
Proteon Therapeutics, Inc.	712,500		12,041,250
Prothena Corp. PLC (a)	666,335		26,280,252
PTC Therapeutics, Inc. (a)(e)	2,071,510		120,334,016
Puma Biotechnology, Inc. (a)	1,002,025		195,845,786
Radius Health, Inc. (a)(e)	3,687,593		177,815,734
Raptor Pharmaceutical Corp. (a)(d)	2,983,357		36,725,125
Receptos, Inc. (a)(e)	2,043,892		337,017,352
Regeneron Pharmaceuticals, Inc. (a)	1,145,670		587,224,615
Regulus Therapeutics, Inc. (a)(d)	1,898,341		26,804,575
Repligen Corp. (a)(e)	1,861,315		75,867,199
Retrophin, Inc. (a)	330,200		10,447,528
Rigel Pharmaceuticals, Inc. (a)	3,913,851		13,659,340
Sage Therapeutics, Inc. (e)	1,270,883		95,151,010
Sage Therapeutics, Inc. (e)(f)	172,110		12,885,876

	Shares		Value
Sangamo Biosciences, Inc. (a)(d)(e)	3,541,429		$ 43,382,505
Sarepta Therapeutics, Inc. (a)(d)	1,705,108		43,684,867
Seattle Genetics, Inc. (a)(d)	1,983,060		85,450,055
Sophiris Bio, Inc. (a)(e)	1,277,815		1,367,262
Sorrento Therapeutics, Inc. (a)	33,730		465,137
Spark Therapeutics, Inc. (d)	1,002,010		73,788,016
Spectrum Pharmaceuticals, Inc. (a)(d)(e)	3,903,900		24,477,453
Stemline Therapeutics, Inc. (a)(e)	1,513,299		20,838,127
Sunesis Pharmaceuticals, Inc. (a)(d)(e)	4,253,594		10,081,018
Synageva BioPharma Corp. (a)	646,025		137,868,195
Synta Pharmaceuticals Corp. (a)(d)	3,254,017		6,963,596
TESARO, Inc. (a)(d)(e)	2,149,849		126,325,127
TG Therapeutics, Inc. (a)(d)	1,855,468		29,205,066
Threshold Pharmaceuticals, Inc. (a)(d)	366,950		1,427,436
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a)	631,520		963,150
Tokai Pharmaceuticals, Inc. (d)	484,000		5,503,080
Ultragenyx Pharmaceutical, Inc. (a)(e)	1,904,978		165,733,086
uniQure B.V. (a)	773,496		22,230,275
United Therapeutics Corp. (a)	995,809		182,950,029
Verastem, Inc. (a)(d)(e)	1,965,033		16,997,535
Versartis, Inc. (a)(e)	2,147,969		33,379,438
Vertex Pharmaceuticals, Inc. (a)	4,995,794		640,910,412
Vical, Inc. (a)(e)	5,921,845		5,626,345
Vitae Pharmaceuticals, Inc. (e)	2,182,971		26,763,224
Vital Therapies, Inc. (a)(d)(e)	1,252,900		27,187,930
Xencor, Inc. (a)	1,252,746		22,724,812
Xenon Pharmaceuticals, Inc. (e)	808,705		11,160,129
XOMA Corp. (a)(d)(e)	6,455,612		22,723,754
Zafgen, Inc. (e)	2,613,501		85,095,593
			14,084,095,951
CAPITAL MARKETS - 0.0%
Asset Management & Custody Banks - 0.0%
RPI International Holdings LP (h)	54,958		6,479,548
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Bellerophon Therapeutics, Inc. (e)	1,074,370		9,970,154
DBV Technologies SA sponsored ADR (a)(d)	546,100		12,855,194
Zosano Pharma Corp. (e)	827,900		7,200,660
			30,026,008
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
Genfit (a)(d)	195,869		8,215,544
Transgenomic, Inc. (a)	236,500		621,995
Transgenomic, Inc. warrants 2/3/17 (a)	1,419,000		1,561
			8,839,100
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
MYOS Corp. (a)	33,334		131,003
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 8.7%
Pharmaceuticals - 8.7%
Achaogen, Inc. (a)	901,382		$ 5,336,181
Adimab LLC unit (g)(h)	1,181,435		21,877,461
Aradigm Corp. (a)	159,954		1,070,092
Auris Medical Holding AG (a)	1,405,000		6,322,500
Biodel, Inc. (a)(d)(e)	3,281,200		3,806,192
Carbylan Therapeutics, Inc. (e)	2,619,696		19,621,523
Cempra, Inc. (a)	887,200		32,569,112
Collegium Pharmaceutical, Inc.	368,300		6,261,100
Dermira, Inc. (e)	1,584,200		23,763,000
Dermira, Inc. (e)(f)	875,705		13,135,575
Egalet Corp. (a)(d)(e)	1,163,326		11,540,194
Eisai Co. Ltd.	1,858,000		115,993,835
Endo Health Solutions, Inc. (a)	268,249		22,468,536
Flex Pharma, Inc.	108,600		1,938,510
GW Pharmaceuticals PLC ADR (a)(d)	1,288,843		147,069,875
Horizon Pharma PLC (a)(e)	8,784,102		284,868,428
Intra-Cellular Therapies, Inc. (a)(d)	1,670,950		43,862,438
Jazz Pharmaceuticals PLC (a)	1,036,908		185,969,450
Kura Oncology, Inc.	1,520,587		9,610,110
Nektar Therapeutics (a)	1,432,471		16,473,417
NeurogesX, Inc. (a)(e)	2,550,000		17,850
Ocular Therapeutix, Inc. (d)	936,128		22,626,214
Pacira Pharmaceuticals, Inc. (a)(d)	957,533		74,888,656
Paratek Pharmaceuticals, Inc. (a)(e)	1,727,718		51,485,996
Parnell Pharmaceuticals Holdings Ltd. (e)	692,482		3,046,921
Repros Therapeutics, Inc. (a)(d)(e)	2,427,585		17,502,888
SCYNEXIS, Inc.	509,200		4,399,488
Sun Pharmaceutical Industries Ltd. (a)	826,199		12,521,387
Tetraphase Pharmaceuticals, Inc. (a)	1,742,703		74,727,105
TherapeuticsMD, Inc. (a)	3,225,275		22,834,947
XenoPort, Inc. (a)	2,182,501		13,007,706
Zogenix, Inc. (a)(d)(e)	9,804,706		16,668,000
Zogenix, Inc. warrants 7/27/17 (a)(e)	498,465		64,616
ZS Pharma, Inc. (d)(e)	1,389,616		81,292,536
			1,368,641,839
TOTAL COMMON STOCKS (Cost $9,233,900,439)		15,498,213,449
Preferred Stocks - 1.1%

Convertible Preferred Stocks - 1.0%
BIOTECHNOLOGY - 0.5%
Biotechnology - 0.5%
Jounce Therapeutics, Inc. Series B (h)	7,257,779		16,402,581
Moderna LLC Series E (h)	269,897		16,644,548
Pronutria Biosciences, Inc. Series C (h)	1,642,272		16,554,102

	Shares		Value
Seres Health, Inc. Series C 8.00% (h)	1,292,035		$ 15,715,280
Twist Bioscience Corp. Series C (h)	8,133,875		12,199,991
			77,516,502
PHARMACEUTICALS - 0.5%
Pharmaceuticals - 0.5%
Allergen Research Corp. Series B (h)	1,650,640		12,379,800
Global Blood Therapeutics, Inc. Series B (h)	8,985,915		22,464,788
Kolltan Pharmaceuticals, Inc. Series D (a)(h)	10,639,609		10,639,609
MyoKardia, Inc. Series B (h)	8,237,477		22,200,001
Syros Pharmaceuticals, Inc. Series B, 6.00% (h)	860,442		2,707,037
Voyager Therapeutics, Inc. Series B (h)	5,466,667		16,400,001
			86,791,236
TOTAL CONVERTIBLE PREFERRED STOCKS			164,307,738
Nonconvertible Preferred Stocks - 0.1%
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Moderna LLC Series D, 8.00% (a)(h)	207,494		12,796,155
TOTAL PREFERRED STOCKS (Cost $168,733,593)		177,103,893
Money Market Funds - 10.6%

Fidelity Cash Central Fund, 0.15% (b)	35,261,739		35,261,739
Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)	1,620,934,537		1,620,934,537
TOTAL MONEY MARKET FUNDS (Cost $1,656,196,276)		1,656,196,276
TOTAL INVESTMENT PORTFOLIO - 110.4% (Cost $11,058,830,308)		17,331,513,618
NET OTHER ASSETS (LIABILITIES) - (10.4)%		(1,635,557,323)
NET ASSETS - 100%		$ 15,695,956,295

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(h) 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 $223,561,527 or 1.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Adimab LLC unit	9/17/14	$ 16,800,006
Allergen Research Corp. Series B	2/26/15	$ 12,379,800
Chiasma, Inc. unit	2/26/15	$ 13,978,670
Global Blood Therapeutics, Inc. Series B	12/22/14	$ 22,464,788
JHL Biotech, Inc.	4/14/15	$ 4,121,955
Jounce Therapeutics, Inc. Series B	4/17/15	$ 16,402,581
Kolltan Pharmaceuticals, Inc. Series D	3/13/14	$ 10,639,609
Moderna LLC Series D, 8.00%	11/6/13	$ 4,425,847
Moderna LLC Series E	12/18/14	$ 16,644,548
MyoKardia, Inc. Series B	4/20/15	$ 22,200,001
Pronutria Biosciences, Inc. Series C	1/30/15	$ 16,554,102
RPI International Holdings LP	5/21/15	$ 6,479,548
Seres Health, Inc. Series C 8.00%	11/24/14	$ 15,715,280
Syros Pharmaceuticals, Inc. Series B, 6.00%	10/9/14	$ 2,707,037
Twist Bioscience Corp. Series C	5/29/15	$ 12,199,999
Voyager Therapeutics, Inc. Series B	4/10/15	$ 16,400,001

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	$ 41,385
Fidelity Securities Lending Cash Central Fund	7,569,916
Total	$ 7,611,301

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acceleron Pharma, Inc.	$ 124,672,058	$ 4,082,594	$ -	$ -	$ 107,711,291
Achillion Pharmaceuticals, Inc.	87,769,772	-	-	-	71,502,722
Acorda Therapeutics, Inc.	126,918,714	-	-	-	114,316,855
Adamas Pharmaceuticals, Inc.	29,593,192	-	-	-	30,809,116
Aegerion Pharmaceuticals, Inc.	77,343,690	-	-	-	55,391,731
Akebia Therapeutics, Inc.	5,790,491	8,401,800	-	-	12,919,663
Alder Biopharmaceuticals, Inc.	8,264,767	63,207,274	-	-	92,028,077
Aldeyra Therapeutics, Inc.	5,676,463	3,018,000	-	-	7,143,924
Applied Genetic Technologies Corp.	22,821,543	26,943	-	-	22,578,165
Ardelyx, Inc.	29,190,159	-	-	-	20,300,555
Atara Biotherapeutics, Inc.	26,396,865	-	39,207,684	-	-
Bellerophon Therapeutics, Inc.	12,802,584	74,368	-	-	9,970,154
Biodel, Inc.	-	3,018,704	-	-	3,806,192
Calithera Biosciences, Inc.	20,983,814	7,846,286	-	-	18,789,462
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carbylan Therapeutics, Inc.	$ -	$ 13,246,490	$ -	$ -	$ 19,621,523
Cerulean Pharma, Inc.	15,645,230	4,642,206	490,800	-	15,590,791
Cidara Therapeutics, Inc.	-	1,408,485	-	-	1,361,892
Cidara Therapeutics, Inc. Series B	-	-	-	-	15,064,085
Dermira, Inc.	19,704,594	6,105,962	-	-	23,763,000
Dermira, Inc.	13,185,490	-	-	-	13,135,575
Dyax Corp.	107,545,440	71,023,762	-	-	260,714,058
Egalet Corp.	17,461,523	-	-	-	11,540,194
Epirus Biopharmaceuticals, Inc.	12,853,971	-	-	-	6,579,573
Epizyme, Inc.	80,350,788	14,219,555	-	-	78,160,327
Esperion Therapeutics, Inc.	67,939,105	58,959,237	5,096,374	-	177,071,873
Fate Therapeutics, Inc.	6,878,794	825,000	-	-	9,679,738
Fibrocell Science, Inc.	11,845,009	-	-	-	11,236,949
Fibrocell Science, Inc.	4,355,728	-	-	-	4,132,128
Geron Corp.	47,395,355	483,317	-	-	61,021,779
Histogenics Corp.	13,241,321	-	-	-	10,362,233
Horizon Pharma PLC	125,280,137	73,455,615	-	-	284,868,428
Hyperion Therapeutics, Inc.	59,072,193	-	92,062,169	-	-
Ignyta, Inc.	10,178,903	-	-	-	-
Immune Design Corp.	15,113,732	16,536,993	-	-	28,635,306
Intercept Pharmaceuticals, Inc.	259,372,145	5,185,661	-	-	-
Karyopharm Therapeutics, Inc.	81,985,213	12,353,982	-	-	91,956,405
KYTHERA Biopharmaceuticals, Inc.	54,184,482	14,060,114	-	-	80,454,691
La Jolla Pharmaceutical Co.	19,477,400	6,966,970	-	-	28,459,674
Macrogenics, Inc.	87,247,247	-	-	-	81,644,445
Minerva Neurosciences, Inc.	6,560,424	3,323,584	-	-	9,275,058
NeurogesX, Inc.	15,300	-	-	-	17,850
NewLink Genetics Corp.	71,346,813	-	7,491,608	-	62,867,263
Novavax, Inc.	131,868,162	3,967,200	-	-	134,631,189
Ophthotech Corp.	158,638,348	3,407,650	-	-	150,902,087
Oragenics, Inc.	1,760,606	-	-	-	1,184,124
Oragenics, Inc.	1,115,536	-	-	-	750,272
Orexigen Therapeutics, Inc.	51,734,406	4,989,839	-	-	48,180,274
Osiris Therapeutics, Inc.	32,243,004	-	-	-	34,726,107
Paratek Pharmaceuticals, Inc.	40,049,455	9,252,099	-	-	51,485,996
Parnell Pharmaceuticals Holdings Ltd.	2,936,124	-	-	-	3,046,921
Portola Pharmaceuticals, Inc.	93,948,729	10,608,000	-	-	114,266,501
Progenics Pharmaceuticals, Inc.	28,961,271	-	-	-	25,046,384
ProQR Therapeutics BV	25,711,546	-	-	-	27,549,422
PTC Therapeutics, Inc.	146,997,577	744,715	-	-	120,334,016
Radius Health, Inc.	124,452,401	36,727,477	-	-	177,815,734
Receptos, Inc.	290,260,273	-	40,760,115	-	337,017,352
Repligen Corp.	47,854,409	-	-	-	75,867,199
Repros Therapeutics, Inc.	21,372,818	990,532	-	-	17,502,888
Sage Therapeutics, Inc.	54,038,026	1,506,946	-	-	95,151,010
Sage Therapeutics, Inc.	7,478,180	-	-	-	12,885,876
Sangamo Biosciences, Inc.	57,896,240	1,679,018	-	-	43,382,505
Sophiris Bio, Inc.	1,024,808	-	-	-	1,367,262
Spectrum Pharmaceuticals, Inc.	24,321,297	-	-	-	24,477,453
Stemline Therapeutics, Inc.	22,987,012	-	-	-	20,838,127
Sunesis Pharmaceuticals, Inc.	9,442,979	-	-	-	10,081,018
TESARO, Inc.	57,175,893	63,549,603	-	-	126,325,127
Ultragenyx Pharmaceutical, Inc.	103,155,222	300,660	-	-	165,733,086
Verastem, Inc.	14,619,846	-	-	-	16,997,535
Versartis, Inc.	40,767,554	1,740,749	-	-	33,379,438
Vical, Inc.	6,040,282	-	-	-	5,626,345
Vitae Pharmaceuticals, Inc.	24,883,893	608,147	-	-	26,763,224
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Vital Therapies, Inc.	$ 32,994,640	$ -	$ 5,639,991	$ -	$ 27,187,930
Xenon Pharmaceuticals, Inc.	15,134,192	-	-	-	11,160,129
XOMA Corp.	17,853,076	6,192,507	-	-	22,723,754
Zafgen, Inc.	101,011,814	-	-	-	85,095,593
Zogenix, Inc.	16,471,906	-	-	-	16,668,000
Zogenix, Inc. warrants 7/27/17	69,302	-	-	-	64,616
Zosano Pharma Corp.	8,593,602	-	-	-	7,200,660
ZS Pharma, Inc.	59,491,385	8,579,483	-	-	81,292,536
Total	$ 3,661,816,263	$ 547,317,527	$ 190,748,741	$ -	$ 4,109,190,435

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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	$ 15,498,213,449	$ 15,186,312,854	$ 255,832,851	$ 56,067,744
Preferred Stocks	177,103,893	-	-	177,103,893
Money Market Funds	1,656,196,276	1,656,196,276	-	-
Total Investments in Securities:	$ 17,331,513,618	$ 16,842,509,130	$ 255,832,851	$ 233,171,637

Valuation Inputs at Reporting Date:

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

Preferred Stocks
Beginning Balance	$ 137,108,646
Total Realized Gain (Loss)	(1,638,822)
Total Unrealized Gain (Loss)	1,638,838
Cost of Purchases	67,202,581
Proceeds of Sales	(27,207,350)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 177,103,893
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015	$ (8)
Other Investments in Securities
Beginning Balance	$ 30,873,904
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	4,899,771
Cost of Purchases	20,294,069
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 56,067,744
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015	$ 4,899,771

Income Tax Information

At May 31, 2015, the cost of investment securities for income tax purposes was $11,084,638,524. Net unrealized appreciation aggregated $6,246,875,094, of which $6,731,286,750 related to appreciated investment securities and $484,411,656 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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 05/31/15	Valuation Technique (s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input*
Equities	$ 233,171,637	Last transaction price	Transaction price	$1.00 - $117.90 / $16.15	Increase

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

By:	/s/Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	July 30, 2015

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/Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	July 30, 2015
By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	July 30, 2015

EX-99.CERT 2 ex99.htm Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

Exhibit EX-99.CERT

I, Adrien E. Deberghes, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:

July 30, 2015

/s/Adrien E. Deberghes

Adrien E. Deberghes

President and Treasurer

I, Howard J. Galligan III, certify that:

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

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

Date:

July 30, 2015

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer