-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FhFZdRnvmgwnWgO9sbZjJtaXyjQq/AxeW7+TqSWvFczGvBNmX8RL4zEE0rac0Zxv jOK36/Q0KFFyY8Km0wK3mA== 0000356173-06-000006.txt : 20060127 0000356173-06-000006.hdr.sgml : 20060127 20060127163000 ACCESSION NUMBER: 0000356173-06-000006 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051130 FILED AS OF DATE: 20060127 DATE AS OF CHANGE: 20060127 EFFECTIVENESS DATE: 20060127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 042732797 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: 06558257 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-1413 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 N-Q 1 main2.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

November 30, 2005

AIR-QTLY-0106

1.810665.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
AEROSPACE & DEFENSE - 36.9%
Aerospace & Defense - 36.9%
Alliant Techsystems, Inc. (a)	2,300		$174,524
BE Aerospace, Inc. (a)	7,900		138,408
Bombardier, Inc. Class B (sub. vtg.)	888,300		1,835,315
General Dynamics Corp.	9,900		1,131,570
Goodrich Corp.	72,500		2,792,700
Hexcel Corp. (a)	34,600		575,398
Honeywell International, Inc.	21,000		767,340
L-3 Communications Holdings, Inc.	6,000		447,000
Lockheed Martin Corp.	22,000		1,333,200
Orbital Sciences Corp. (a)	60,200		726,012
Precision Castparts Corp.	59,900		3,054,301
Raytheon Co.	10,800		414,936
Rockwell Collins, Inc.	85,200		3,893,640
The Boeing Co.	50,900		3,470,871
United Technologies Corp.	59,200		3,187,328
			23,942,543
AIR FREIGHT & LOGISTICS - 22.9%
Air Freight & Logistics - 22.9%
C.H. Robinson Worldwide, Inc.	23,400		946,530
Dynamex, Inc. (a)	100		1,851
EGL, Inc. (a)	40,963		1,521,366
Expeditors International of Washington, Inc.	67,000		4,757,669
FedEx Corp.	36,100		3,524,082
Forward Air Corp.	41,000		1,576,450
Hub Group, Inc. Class A (a)	10,400		421,720
United Parcel Service, Inc. Class B	10,900		849,110
UTI Worldwide, Inc.	13,000		1,264,770
			14,863,548
AIRLINES - 21.8%
Airlines - 21.8%
AirTran Holdings, Inc. (a)	152,400		2,289,048
Alaska Air Group, Inc. (a)	15,200		535,496
AMR Corp. (a)	47,800		807,342
British Airways PLC ADR (a)	20,700		1,118,835
Continental Airlines, Inc. Class B (a)	16,800		261,576
Delta Air Lines, Inc. (a)	76,800		42,240
ExpressJet Holdings, Inc. Class A (a)	10,900		95,048
Frontier Airlines, Inc. (a)	20,200		164,832
JetBlue Airways Corp. (a)	82,479		1,520,913
Mesa Air Group, Inc. (a)	18,000		185,040
Northwest Airlines Corp. (a)	49,300		23,023
Pinnacle Airlines Corp. (a)	18,700		129,965
Republic Airways Holdings, Inc. (a)	17,600		255,728

	Shares		Value
Ryanair Holdings PLC sponsored ADR (a)	35,400		$1,763,628
SkyWest, Inc.	16,700		495,990
Southwest Airlines Co.	199,225		3,287,213
US Airways Group, Inc. (a)	16,266		546,375
WestJet Airlines Ltd. (a)	55,050		585,212
			14,107,504
CAPITAL MARKETS - 0.3%
Diversified Capital Markets - 0.3%
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 10/28/06 (a)	1,180		184,670
COMMERCIAL SERVICES & SUPPLIES - 3.5%
Diversified Commercial & Professional Services - 3.5%
The Brink's Co.	49,800		2,298,768
COMMUNICATIONS EQUIPMENT - 2.3%
Communications Equipment - 2.3%
Harris Corp.	33,100		1,475,598
ENERGY EQUIPMENT & SERVICES - 1.1%
Oil & Gas Equipment & Services - 1.1%
Hornbeck Offshore Services, Inc. (a)	21,200		694,512
METALS & MINING - 5.0%
Diversified Metals & Mining - 4.3%
RTI International Metals, Inc. (a)	25,800		962,340
Titanium Metals Corp. (a)	29,000		1,831,350
			2,793,690
Steel - 0.7%
Allegheny Technologies, Inc.	14,200		468,316
TOTAL METALS & MINING			3,262,006
OIL, GAS & CONSUMABLE FUELS - 0.9%
Integrated Oil & Gas - 0.9%
Amerada Hess Corp.	2,400		294,048
Occidental Petroleum Corp.	4,000		317,200
			611,248
Oil & Gas Storage & Transport - 0.0%
Ship Finance International Ltd. (NY Shares)	18		329
TOTAL OIL, GAS & CONSUMABLE FUELS			611,577
TOTAL COMMON STOCKS (Cost $49,960,588)		61,440,726
Money Market Funds - 13.6%

Fidelity Cash Central Fund, 4.08% (b)	3,383,325		3,383,325
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	5,461,350		5,461,350
TOTAL MONEY MARKET FUNDS (Cost $8,844,675)		8,844,675
Cash Equivalents - 0.1%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 3.97%, dated 11/30/05 due 12/1/05) (Cost $40,000)	$40,004		$40,000

TOTAL INVESTMENT PORTFOLIO - 108.4%

(Cost $58,845,263)

70,325,401

NET OTHER ASSETS - (8.4)%		(5,451,400)
NET ASSETS - 100%		$64,874,001

Legend

(a)Non-income producing

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

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$43,843
Fidelity Securities Lending Cash Central Fund		69,457
Total		$113,300

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $58,874,885. Net unrealized appreciation aggregated $11,450,516, of which $13,689,082 related to appreciated investment securities and $2,238,566 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

November 30, 2005

AUT-QTLY-0106

1.810666.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
AIR FREIGHT & LOGISTICS - 0.4%
Air Freight & Logistics - 0.4%
Park-Ohio Holdings Corp. (a)	3,300		$51,975
AUTO COMPONENTS - 37.4%
Auto Parts & Equipment - 35.2%
American Axle & Manufacturing Holdings, Inc.	13,996		297,555
Amerigon, Inc. (a)	123,200		688,688
Autoliv, Inc.	1,200		52,512
Bharat Forge Ltd.	23,194		181,296
BorgWarner, Inc.	13,100		786,000
Gentex Corp.	28,100		529,123
Johnson Controls, Inc.	19,890		1,381,359
Lear Corp.	16,600		462,144
LKQ Corp. (a)	1,200		39,108
Midas, Inc. (a)	1,400		26,432
Quantum Fuel Systems Technologies Worldwide, Inc. (a)	7,500		19,125
Tenneco, Inc. (a)	3,100		53,847
TRW Automotive Holdings Corp. (a)	12,400		312,480
Visteon Corp. (a)	21,700		146,692
			4,976,361
Tires & Rubber - 2.2%
Continental AG	1,900		161,065
Goodyear Tire & Rubber Co. (a)	6,500		111,345
Nokian Tyres Ltd.	2,740		35,692
			308,102
TOTAL AUTO COMPONENTS			5,284,463
AUTOMOBILES - 29.3%
Automobile Manufacturers - 28.4%
DaimlerChrysler AG	11,400		573,306
Ford Motor Co.	900		7,317
General Motors Corp.	200		4,380
Honda Motor Co. Ltd. sponsored ADR	28,100		785,676
Hyundai Motor Co.	7,010		578,367
Maruti Udyog Ltd.	12,516		167,298
Monaco Coach Corp.	1,100		16,313
Nissan Motor Co. Ltd. sponsored ADR	36,400		746,564
Toyota Motor Corp.	22,700		1,098,113
Winnebago Industries, Inc.	1,000		33,610
			4,010,944
Motorcycle Manufacturers - 0.9%
Bajaj Auto Ltd.	2,024		88,650
Harley-Davidson, Inc.	700		37,702
			126,352
TOTAL AUTOMOBILES			4,137,296

	Shares		Value
BUILDING PRODUCTS - 0.6%
Building Products - 0.6%
Quixote Corp.	4,100		$87,125
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Diversified Commercial & Professional Services - 0.8%
Adesa, Inc.	2,100		50,043
Copart, Inc. (a)	2,300		57,914
			107,957
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Ituran Location & Control Ltd.	2,800		40,712
DISTRIBUTORS - 2.3%
Distributors - 2.3%
Genuine Parts Co.	7,500		332,325
DIVERSIFIED CONSUMER SERVICES - 0.5%
Education Services - 0.5%
Universal Technical Institute, Inc. (a)	2,200		66,836
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%
Electronic Equipment & Instruments - 0.4%
Iteris, Inc. (a)	26,200		62,880
HOUSEHOLD DURABLES - 5.9%
Consumer Electronics - 5.4%
Garmin Ltd.	2,400		132,240
Harman International Industries, Inc.	6,400		624,000
			756,240
Household Appliances - 0.5%
Snap-On, Inc.	1,900		71,003
TOTAL HOUSEHOLD DURABLES			827,243
LEISURE EQUIPMENT & PRODUCTS - 6.7%
Leisure Products - 6.7%
Brunswick Corp.	11,700		459,693
MarineMax, Inc. (a)	17,100		449,046
Polaris Industries, Inc.	700		34,608
			943,347
MACHINERY - 4.1%
Construction & Farm Machinery & Heavy Trucks - 3.8%
Cummins, Inc.	1,400		124,600
Oshkosh Truck Co.	4,800		215,664
PACCAR, Inc.	2,225		159,889
Tata Motors Ltd. sponsored ADR	2,800		33,432
			533,585
Industrial Machinery - 0.3%
Eaton Corp.	700		44,604
TOTAL MACHINERY			578,189
Common Stocks - continued
	Shares		Value
MEDIA - 1.7%
Broadcasting & Cable TV - 1.7%
XM Satellite Radio Holdings, Inc. Class A (a)	8,400		$245,784
SOFTWARE - 3.7%
Application Software - 3.7%
JAMDAT Mobile, Inc. (a)	5,500		125,785
NAVTEQ Corp. (a)	9,400		394,800
			520,585
SPECIALTY RETAIL - 4.8%
Automotive Retail - 4.8%
Advance Auto Parts, Inc. (a)	3,100		131,254
Asbury Automotive Group, Inc. (a)	3,600		60,300
AutoNation, Inc. (a)	9,000		186,480
AutoZone, Inc. (a)	1,100		97,966
Group 1 Automotive, Inc. (a)	400		12,348
Lithia Motors, Inc. Class A (sub. vtg.)	500		14,275
Monro Muffler Brake, Inc.	1,200		37,032
O'Reilly Automotive, Inc. (a)	700		21,308
Sonic Automotive, Inc. Class A (sub. vtg.)	2,745		57,096
United Auto Group, Inc.	1,900		67,678
			685,737
TOTAL COMMON STOCKS (Cost $14,124,058)		13,972,454
Nonconvertible Preferred Stocks - 0.2%
AUTOMOBILES - 0.2%
Automobile Manufacturers - 0.2%
Porsche AG (non-vtg.) (Cost $24,233)	32		23,840
Money Market Funds - 14.2%
Fidelity Cash Central Fund, 4.08% (b)	151,103		151,103
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	1,857,370		1,857,370
TOTAL MONEY MARKET FUNDS (Cost $2,008,473)		2,008,473

TOTAL INVESTMENT PORTFOLIO - 113.3%

(Cost $16,156,764)

16,004,767

NET OTHER ASSETS - (13.3)%		(1,873,666)
NET ASSETS - 100%		$14,131,101

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$11,123
Fidelity Securities Lending Cash Central Fund		5,292
Total		$16,415

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $16,230,847. Net unrealized depreciation aggregated $226,080, of which $825,608 related to appreciated investment securities and $1,051,688 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

November 30, 2005

BAN-QTLY-0106

1.810667.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%
	Shares		Value
CAPITAL MARKETS - 10.6%
Asset Management & Custody Banks - 9.1%
Bank of New York Co., Inc.	438,696		$14,213,750
Investors Financial Services Corp.	26,900		1,015,475
Mellon Financial Corp.	322,400		10,845,536
Northern Trust Corp.	167,500		8,825,575
State Street Corp.	16,500		951,885
			35,852,221
Investment Banking & Brokerage - 1.5%
Ameritrade Holding Corp. (a)	89,100		2,081,376
Merrill Lynch & Co., Inc.	56,600		3,759,372
			5,840,748
TOTAL CAPITAL MARKETS			41,692,969
COMMERCIAL BANKS - 66.4%
Diversified Banks - 21.4%
Bank of America Corp.	428,904		19,682,405
Comerica, Inc.	126,000		7,266,420
Finansbank AS	766,440		3,107,571
HSBC Holdings PLC sponsored ADR	11,900		951,286
U.S. Bancorp, Delaware	306,500		9,280,820
Wachovia Corp.	441,092		23,554,311
Wells Fargo & Co.	325,200		20,438,820
			84,281,633
Regional Banks - 45.0%
Amegy Bancorp, Inc.	55,000		1,313,400
AmSouth Bancorp.	39,100		1,039,669
Associated Banc-Corp.	73,520		2,409,986
Bank of Hawaii Corp.	37,600		1,940,536
BB&T Corp.	191,742		8,158,622
BOK Financial Corp.	62,000		2,949,340
Center Financial Corp., California	80,700		2,025,570
City National Corp.	34,200		2,497,626
Commerce Bancorp, Inc., New Jersey	31,522		1,061,976
Commerce Bancshares, Inc.	34,968		1,809,594
Compass Bancshares, Inc.	67,200		3,256,512
East West Bancorp, Inc.	40,100		1,517,384
Fifth Third Bancorp	228,580		9,204,917
First Bancorp, Puerto Rico	58,600		709,060
FirstMerit Corp.	67,400		1,796,884
Fulton Financial Corp.	71,415		1,241,193
Higashi-Nippon Bank Ltd.	322,000		1,666,096
Hiroshima Bank Ltd.	294,000		1,786,205
Hudson United Bancorp	42,600		1,793,460
Huntington Bancshares, Inc.	197,570		4,733,777
KeyCorp	290,500		9,632,980
Kyushu-Shinwa Holdings, Inc. (a)	676,000		1,918,131
M&T Bank Corp.	86,200		9,328,564
Marshall & Ilsley Corp.	132,900		5,712,042
Mercantile Bankshares Corp.	81,700		4,853,797

	Shares		Value
Nara Bancorp, Inc.	180,400		$3,377,088
National City Corp.	141,889		4,811,456
Nishi-Nippon City Bank Ltd.	315,000		1,874,358
North Fork Bancorp, Inc., New York	281,578		7,602,606
Pacific Capital Bancorp	3		112
PNC Financial Services Group, Inc.	227,800		14,526,806
Popular, Inc.	324,500		7,197,410
Regions Financial Corp. New	82,000		2,762,580
SunTrust Banks, Inc.	200,248		14,566,040
SVB Financial Group (a)	20,000		961,800
Synovus Financial Corp.	193,900		5,458,285
TD Banknorth, Inc.	89,520		2,656,954
Texas Capital Bancshares, Inc. (a)	48,300		1,165,962
Texas Regional Bancshares, Inc. Class A	14,650		427,048
The Keiyo Bank Ltd.	258,000		1,748,350
Tokyo Tomin Bank Ltd.	46,900		1,749,577
UCBH Holdings, Inc.	96,300		1,698,732
UnionBanCal Corp.	120,434		8,334,033
Valley National Bancorp	86,599		2,132,933
Westamerica Bancorp.	18,400		1,005,376
Wintrust Financial Corp.	14,700		825,846
Zions Bancorp	105,500		7,978,965
			177,219,638
TOTAL COMMERCIAL BANKS			261,501,271
COMPUTERS & PERIPHERALS - 0.0%
Computer Hardware - 0.0%
Tidel Technologies, Inc. (a)	16,516		4,459
CONSUMER FINANCE - 0.1%
Consumer Finance - 0.1%
MBNA Corp.	16,900		452,413
DIVERSIFIED FINANCIAL SERVICES - 6.5%
Other Diversifed Financial Services - 6.5%
Citigroup, Inc.	307,600		14,933,980
JPMorgan Chase & Co.	279,326		10,684,220
			25,618,200
INSURANCE - 6.9%
Multi-Line Insurance - 3.5%
American International Group, Inc.	159,800		10,728,972
Hartford Financial Services Group, Inc.	9,700		847,489
HCC Insurance Holdings, Inc.	69,100		2,111,005
			13,687,466
Property & Casualty Insurance - 1.7%
Allstate Corp.	16,700		936,870
Aspen Insurance Holdings Ltd.	68,600		1,717,058
Axis Capital Holdings Ltd.	32,500		984,100
The St. Paul Travelers Companies, Inc.	21,300		991,089
XL Capital Ltd. Class A	28,900		1,918,382
			6,547,499
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Reinsurance - 1.7%
Endurance Specialty Holdings Ltd.	28,300		$974,935
Montpelier Re Holdings Ltd.	72,000		1,413,360
PartnerRe Ltd.	34,500		2,355,660
Platinum Underwriters Holdings Ltd.	71,600		2,180,936
			6,924,891
TOTAL INSURANCE			27,159,856
REAL ESTATE - 1.6%
Real Estate Management & Development - 1.6%
New World Development Co. Ltd.	2,401,000		3,173,632
Wharf Holdings Ltd.	844,000		2,998,504
			6,172,136
THRIFTS & MORTGAGE FINANCE - 0.9%
Thrifts & Mortgage Finance - 0.9%
IndyMac Bancorp, Inc.	63,600		2,434,608
Washington Federal, Inc.	42,700		1,036,329
			3,470,937
TOTAL COMMON STOCKS (Cost $255,165,225)		366,072,241
Money Market Funds - 7.5%
Fidelity Cash Central Fund, 4.08% (b)	27,305,083		27,305,083
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	2,097,750		2,097,750
TOTAL MONEY MARKET FUNDS (Cost $29,402,833)		29,402,833

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $284,568,058)

395,475,074

NET OTHER ASSETS - (0.5)%		(1,918,586)
NET ASSETS - 100%		$393,556,488

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$796,548
Fidelity Securities Lending Cash Central Fund		15,813
Total		$812,361

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $284,654,606. Net unrealized appreciation aggregated $110,820,468, of which $113,888,261 related to appreciated investment securities and $3,067,793 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

November 30, 2005

BIO-QTLY-0106

1.810668.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
BIOTECHNOLOGY - 88.2%
Biotechnology - 88.2%
Abgenix, Inc. (a)	1,880,700		$25,784,397
Acadia Pharmaceuticals, Inc. (a)	73,500		644,595
Affymetrix, Inc. (a)	871,400		42,907,736
Albany Molecular Research, Inc. (a)	373,500		4,571,640
Alexion Pharmaceuticals, Inc. (a)	208,700		4,071,737
Alkermes, Inc. (a)	1,069,957		19,451,818
Alnylam Pharmaceuticals, Inc. (a)	248,200		3,117,392
Amgen, Inc. (a)	1,406,900		113,860,417
Amylin Pharmaceuticals, Inc. (a)	970,500		36,306,405
Anadys Pharmaceuticals, Inc. (a)	307,200		2,921,472
Applera Corp.:
- Applied Biosystems Group	1,400,000		38,612,000
- Celera Genomics Group (a)	482,300		5,990,166
Biogen Idec, Inc. (a)	2,444,942		104,667,967
BioMarin Pharmaceutical, Inc. (a)	229,400		2,234,356
Celgene Corp. (a)	1,880,030		114,531,428
Cephalon, Inc. (a)	1,468,540		74,675,259
Charles River Laboratories International, Inc. (a)	796,600		36,293,096
Coley Pharmaceutical Group, Inc.	242,100		3,863,916
Cotherix, Inc. (a)	180,500		2,240,005
Critical Therapeutics, Inc. (a)	100,600		650,882
Cubist Pharmaceuticals, Inc. (a)	556,000		12,571,160
Curis, Inc. (a)	755,620		2,954,474
CV Therapeutics, Inc. (a)	515,400		12,745,842
Cytokinetics, Inc. (a)	350,700		3,016,020
Dendreon Corp. (a)	2,300		13,593
Digene Corp. (a)	225,400		6,180,468
DOV Pharmaceutical, Inc. (a)	246,800		3,563,792
Dyax Corp. (a)	145,800		640,062
Dynavax Technologies Corp. (a)	103,150		462,112
Enzo Biochem, Inc.	117,500		1,602,700
Enzon Pharmaceuticals, Inc. (a)	505,000		3,428,950
Exelixis, Inc. (a)	739,600		5,975,968
Genentech, Inc. (a)	1,364,300		130,454,366
Genzyme Corp. (a)	1,091,300		81,127,242
Gilead Sciences, Inc. (a)	1,877,600		95,175,544
Harvard Bioscience, Inc. (a)	11,600		44,660
Human Genome Sciences, Inc. (a)	560,600		5,185,550
ICOS Corp. (a)	751,400		21,407,386
Idenix Pharmaceuticals, Inc. (a)	539,072		11,191,135
ImClone Systems, Inc. (a)	374,300		12,131,063
Incyte Corp. (a)	997,300		5,544,988
Inhibitex, Inc. (a)	128,100		1,173,396
Inhibitex, Inc. (a)(d)	331,830		3,039,563
Invitrogen Corp. (a)	622,454		41,486,559
Ligand Pharmaceuticals, Inc. Class B (a)	40,200		446,220
Luminex Corp. (a)	75,300		789,144
Martek Biosciences (a)	358,900		9,406,769
Medarex, Inc. (a)	1,231,900		12,885,674

	Shares		Value
MedImmune, Inc. (a)	2,499,120		$89,743,399
Millennium Pharmaceuticals, Inc. (a)	3,191,662		33,544,368
Momenta Pharmaceuticals, Inc. (a)	181,500		4,011,150
Myogen, Inc. (a)	549,900		11,954,826
Myriad Genetics, Inc. (a)	349,600		6,715,816
Neurochem, Inc. (a)	114,800		1,590,439
Neurocrine Biosciences, Inc. (a)	344,400		20,498,688
ONYX Pharmaceuticals, Inc. (a)	99,400		2,507,862
OSI Pharmaceuticals, Inc. (a)	1,003,700		24,339,725
Pharmion Corp. (a)	377,596		6,558,843
Protein Design Labs, Inc. (a)	1,448,900		40,351,865
Regeneron Pharmaceuticals, Inc. (a)	445,800		4,979,586
Renovis, Inc. (a)	329,600		5,227,456
Serologicals Corp. (a)	363,100		7,291,048
Tanox, Inc. (a)	804,500		13,362,745
Techne Corp. (a)	471,300		26,044,038
Tercica, Inc. (a)	348,600		3,308,214
Theravance, Inc. (a)	257,000		5,391,860
Threshold Pharmaceuticals, Inc.	361,622		4,849,351
Trimeris, Inc. (a)	245,300		2,683,582
Vertex Pharmaceuticals, Inc. (a)	1,279,600		32,629,800
ViaCell, Inc.	17,500		106,050
ViroPharma, Inc. (a)	120,600		2,106,882
XOMA Ltd. (a)	1,024,314		1,751,577
Zymogenetics, Inc. (a)	37,900		608,295
		1,474,198,549
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
iCAD, Inc. (a)	208,300		270,790
HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%
Health Care Equipment - 1.1%
IDEXX Laboratories, Inc. (a)	258,100		18,467,055
Health Care Supplies - 1.1%
Gen-Probe, Inc. (a)	44,700		2,063,799
Inverness Medical Innovations, Inc. (a)(d)	664,700		15,952,800
			18,016,599
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			36,483,654
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
Accelrys, Inc. (a)	140,900		1,141,290
Vital Images, Inc. (a)	112,100		2,986,344
			4,127,634
PHARMACEUTICALS - 8.5%
Pharmaceuticals - 8.5%
Adams Respiratory Therapeutics, Inc.	398,200		17,636,278
Connetics Corp. (a)	5,400		71,604
Elan Corp. PLC sponsored ADR (a)	641,600		6,640,560
Kos Pharmaceuticals, Inc. (a)	523,300		34,841,314
MGI Pharma, Inc. (a)	103,077		2,034,740
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
New River Pharmaceuticals, Inc. (a)	171,700		$8,112,825
NitroMed, Inc. (a)	201,655		3,274,877
Sepracor, Inc. (a)	1,246,800		68,549,064
Xenoport, Inc.	53,700		681,453
			141,842,715
TOTAL COMMON STOCKS (Cost $1,368,077,547)		1,656,923,342
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Xenon Pharmaceuticals, Inc. Series E (d)	981,626		6,056,632
Nonconvertible Preferred Stocks - 0.0%
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
GeneProt, Inc. Series A (a)(d)	180,000		180
TOTAL PREFERRED STOCKS (Cost $7,704,238)		6,056,812
Money Market Funds - 7.6%

Fidelity Cash Central Fund, 4.08% (b)	1,615,473		1,615,473
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	124,911,325		124,911,325
TOTAL MONEY MARKET FUNDS (Cost $126,526,798)		126,526,798

TOTAL INVESTMENT PORTFOLIO - 107.0%

(Cost $1,502,308,583)

1,789,506,952

NET OTHER ASSETS - (7.0)%		(117,747,637)
NET ASSETS - 100%		$1,671,759,315

Legend

(a)Non-income producing

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

(d)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,049,175 or 1.5% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
GeneProt, Inc. Series A	7/7/00	$990,000
Inhibitex, Inc.	8/18/05	$2,737,598
Inverness Medical Innovations, Inc.	8/1/05	$15,793,272
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$6,724,138

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$216,838
Fidelity Securities Lending Cash Central Fund		461,452
Total		$678,290

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
DOV Pharmaceutical, Inc.	$-	$22,183,114	$15,805,438	$-	$-

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,518,468,104. Net unrealized appreciation aggregated $271,038,848, of which $421,576,432 related to appreciated investment securities and $150,537,584 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

November 30, 2005

BRO-QTLY-0106

1.810691.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
CAPITAL MARKETS - 62.4%
Asset Management & Custody Banks - 26.3%
Affiliated Managers Group, Inc. (a)	466,900		$36,810,396
American Capital Strategies Ltd.	559,000		21,443,240
Amvescap PLC	650,000		4,440,748
Ares Capital Corp.	100,000		1,549,000
Bank of New York Co., Inc.	105,000		3,402,000
BlackRock, Inc. Class A	82,900		8,939,936
Calamos Asset Management, Inc. Class A	77,900		2,111,090
Cohen & Steers, Inc.	50,000		914,500
Eaton Vance Corp. (non-vtg.)	232,100		6,378,108
EFG International	75,000		1,967,905
Federated Investors, Inc. Class B (non-vtg.)	401,600		14,674,464
Franklin Resources, Inc.	359,900		33,427,512
Investors Financial Services Corp.	109,660		4,139,665
Janus Capital Group, Inc.	734,500		14,080,365
Julius Baer Holding AG (Bearer)	111,250		7,809,541
Legg Mason, Inc.	156,948		19,249,672
Man Group PLC	173,600		5,329,589
Northern Trust Corp.	185,000		9,747,650
Nuveen Investments, Inc. Class A	306,700		12,715,782
SEI Investments Co.	1,000		40,850
State Street Corp.	497,500		28,700,775
T. Rowe Price Group, Inc.	348,300		25,060,185
U.S. Global Investments, Inc. Class A (a)	19,404		240,804
			263,173,777
Diversified Capital Markets - 9.9%
Credit Suisse Group sponsored ADR	1,011,500		49,047,635
UBS AG (NY Shares)	538,100		49,462,152
			98,509,787
Investment Banking & Brokerage - 26.2%
Ameritrade Holding Corp. (a)	2,108,919		49,264,348
Charles Schwab Corp.	428,100		6,528,525
Daiwa Securities Group, Inc.	180,000		1,756,061
E*TRADE Financial Corp. (a)	1,758,300		34,322,016
GFI Group, Inc.	237,200		10,564,888
Goldman Sachs Group, Inc.	86,400		11,142,144
Greenhill & Co., Inc.	77,800		4,270,442
IL&FS Investsmart Ltd.	482,993		2,156,576
Jefferies Group, Inc.	249,800		10,993,698
Knight Capital Group, Inc. Class A (a)	450,000		4,554,000
Lazard Ltd. Class A	323,000		10,109,900
Lehman Brothers Holdings, Inc.	64,550		8,133,300
MCF Corp. (a)	1,708,600		1,930,718
Merrill Lynch & Co., Inc.	742,750		49,333,455
Nikko Cordial Corp.	122,500		1,671,500
Nomura Holdings, Inc. sponsored ADR	405,500		6,751,575
optionsXpress Holdings, Inc.	945,120		23,164,891

	Shares		Value
Piper Jaffray Companies (a)	34,900		$1,386,926
TradeStation Group, Inc. (a)	1,988,463		23,682,594
			261,717,557
TOTAL CAPITAL MARKETS			623,401,121
COMMERCIAL BANKS - 3.0%
Diversified Banks - 3.0%
ABN-AMRO Holding NV sponsored ADR	200,000		4,912,000
Bank of America Corp.	214,300		9,834,227
HBOS PLC	150,000		2,263,614
HDFC Bank Ltd.	170,000		2,544,628
HDFC Bank Ltd. sponsored ADR	80,000		3,967,200
KBC Groupe SA	35,000		3,042,907
Mizuho Financial Group, Inc.	191		1,346,923
Standard Chartered PLC (United Kingdom)	75,000		1,605,934
State Bank of India	27,505		590,899
			30,108,332
CONSUMER FINANCE - 4.8%
Consumer Finance - 4.8%
American Express Co.	937,600		48,211,392
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Jackson Hewitt Tax Service, Inc.	191,800		4,610,872
DIVERSIFIED FINANCIAL SERVICES - 7.0%
Other Diversifed Financial Services - 4.0%
Citigroup, Inc.	414,900		20,143,395
Indiabulls Financial Services Ltd.	2,358,788		8,473,441
Indiabulls Financial Services Ltd. GDR (d)	33,573		120,525
JPMorgan Chase & Co.	290,300		11,103,975
			39,841,336
Specialized Finance - 3.0%
Deutsche Boerse AG	51,000		5,020,133
IntercontinentalExchange, Inc.	144,500		4,667,350
OMX AB (a)	125,000		1,624,884
Primus Guaranty Ltd. (a)	202,900		2,016,826
The Nasdaq Stock Market, Inc. (a)	418,700		16,383,731
			29,712,924
TOTAL DIVERSIFIED FINANCIAL SERVICES			69,554,260
INSURANCE - 18.6%
Insurance Brokers - 3.4%
Marsh & McLennan Companies, Inc.	978,600		30,228,954
National Financial Partners Corp.	75,000		3,816,750
			34,045,704
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Life & Health Insurance - 2.6%
Phoenix Companies, Inc.	50,000		$680,000
Prudential Financial, Inc.	322,100		24,930,540
			25,610,540
Multi-Line Insurance - 10.6%
American International Group, Inc.	1,386,500		93,089,610
Hartford Financial Services Group, Inc.	150,000		13,105,500
			106,195,110
Property & Casualty Insurance - 0.8%
Aspen Insurance Holdings Ltd.	313,500		7,846,905
Republic Companies Group, Inc.	32,600		472,700
			8,319,605
Reinsurance - 1.2%
Endurance Specialty Holdings Ltd.	110,000		3,789,500
Montpelier Re Holdings Ltd.	15,100		296,413
PartnerRe Ltd.	55,100		3,762,228
Platinum Underwriters Holdings Ltd.	124,700		3,798,362
			11,646,503
TOTAL INSURANCE			185,817,462
REAL ESTATE - 0.4%
Real Estate Investment Trusts - 0.4%
KKR Financial Corp.	153,700		3,650,375
TOTAL COMMON STOCKS (Cost $796,949,780)		965,353,814
Money Market Funds - 9.6%
Fidelity Cash Central Fund, 4.08% (b)	64,345,387		64,345,387
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	31,459,500		31,459,500
TOTAL MONEY MARKET FUNDS (Cost $95,804,887)		95,804,887

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $892,754,667)

1,061,158,701

NET OTHER ASSETS - (6.2)%		(62,248,131)
NET ASSETS - 100%		$998,910,570

Legend

(a)Non-income producing

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

(d)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $120,525 or 0.0% of net assets.

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$669,651
Fidelity Securities Lending Cash Central Fund		297,117
Total		$966,768

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $894,512,900. Net unrealized appreciation aggregated $166,645,801, of which $170,426,997 related to appreciated investment securities and $3,781,196 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Business Services and

Outsourcing Portfolio

November 30, 2005

BSO-QTLY-0106

1.810669.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares		Value
AEROSPACE & DEFENSE - 0.1%
Aerospace & Defense - 0.1%
NCI, Inc. Class A	4,400		$52,800
CAPITAL MARKETS - 5.2%
Asset Management & Custody Banks - 4.1%
State Street Corp.	32,800		1,892,232
Investment Banking & Brokerage - 1.1%
Ameritrade Holding Corp. (a)	21,000		490,560
TOTAL CAPITAL MARKETS			2,382,792
COMMERCIAL SERVICES & SUPPLIES - 8.6%
Commercial Printing - 0.7%
Banta Corp.	6,500		328,250
Diversified Commercial & Professional Services - 4.2%
Cintas Corp.	22,400		1,001,728
Equifax, Inc.	2,000		76,600
Exponent, Inc. (a)	6,400		175,040
First Advantage Corp. Class A (a)	6,000		163,500
Navigant Consulting, Inc. (a)	8,700		177,567
SOURCECORP, Inc. (a)	11,300		294,478
			1,888,913
Human Resource & Employment Services - 3.7%
Capita Group PLC	15,300		103,735
CDI Corp.	3,900		110,136
Hudson Highland Group, Inc. (a)	14,600		368,650
Kforce, Inc. (a)	11,600		143,956
Korn/Ferry International (a)	10,100		173,922
Robert Half International, Inc.	20,600		788,156
			1,688,555
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,905,718
COMPUTERS & PERIPHERALS - 0.4%
Computer Hardware - 0.4%
International Business Machines Corp.	2,200		195,580
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
H&R Block, Inc.	600		14,664
DIVERSIFIED FINANCIAL SERVICES - 2.5%
Specialized Finance - 2.5%
Moody's Corp.	16,900		1,016,535
NETeller PLC (a)	9,300		104,072
			1,120,607
HEALTH CARE PROVIDERS & SERVICES - 6.5%
Health Care Services - 6.5%
DaVita, Inc. (a)	15,500		813,595
IMS Health, Inc.	32,478		794,087

	Shares		Value
Pediatrix Medical Group, Inc. (a)	3,000		$253,680
Quest Diagnostics, Inc.	21,800		1,091,962
			2,953,324
IT SERVICES - 57.8%
Data Processing & Outsourced Services - 42.0%
Affiliated Computer Services, Inc. Class A (a)	68,400		3,815,351
Alliance Data Systems Corp. (a)	39,800		1,535,086
Automatic Data Processing, Inc.	45,200		2,124,400
Ceridian Corp. (a)	78,200		1,876,800
Certegy, Inc.	14,000		562,940
Computer Sciences Corp. (a)	16,100		808,703
Convergys Corp. (a)	400		6,640
DST Systems, Inc. (a)	29,100		1,730,577
First Data Corp.	81,400		3,522,178
Hewitt Associates, Inc. Class A (a)	3,500		89,845
Iron Mountain, Inc. (a)	4,600		189,750
Paychex, Inc.	50,787		2,153,877
Sabre Holdings Corp. Class A	8,700		198,969
Syntel, Inc.	9,500		195,320
The BISYS Group, Inc. (a)	20,500		274,700
			19,085,136
IT Consulting & Other Services - 15.8%
Accenture Ltd. Class A	97,900		2,784,276
BearingPoint, Inc. (a)	20,100		146,328
Cognizant Technology Solutions Corp. Class A (a)	25,408		1,234,575
Forrester Research, Inc. (a)	8,400		156,576
HCL Infosystems Ltd.	15,176		79,898
HCL Technologies Ltd.	29,593		327,980
Infosys Technologies Ltd.	20,867		1,220,667
Kanbay International, Inc. (a)	28,900		478,584
Ness Technologies, Inc. (a)	20,700		206,793
Sapient Corp. (a)	87,300		543,006
Satyam Computer Services Ltd. sponsored ADR	100		3,524
			7,182,207
TOTAL IT SERVICES			26,267,343
LEISURE EQUIPMENT & PRODUCTS - 0.2%
Photographic Products - 0.2%
Eastman Kodak Co.	3,800		91,086
MEDIA - 4.3%
Advertising - 4.3%
Lamar Advertising Co. Class A (a)	25,500		1,181,925
Omnicom Group, Inc.	9,300		786,408
			1,968,333
OFFICE ELECTRONICS - 1.5%
Office Electronics - 1.5%
Xerox Corp. (a)	48,700		691,540
Common Stocks - continued
	Shares		Value
SOFTWARE - 6.3%
Application Software - 4.5%
Amdocs Ltd. (a)	19,200		$507,456
BEA Systems, Inc. (a)	14,200		124,534
Intuit, Inc. (a)	10,000		535,700
Jack Henry & Associates, Inc.	9,500		181,830
NAVTEQ Corp. (a)	7,700		323,400
Net 1 UEPS Technologies, Inc. (a)	7,600		176,776
Open Solutions, Inc. (a)	9,000		199,440
			2,049,136
Systems Software - 1.8%
Microsoft Corp.	18,100		501,551
Symantec Corp. (a)	17,400		307,458
			809,009
TOTAL SOFTWARE			2,858,145
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
Apparel, Accessories & Luxury Goods - 0.2%
Quiksilver, Inc. (a)	5,500		67,540
TOTAL COMMON STOCKS (Cost $34,688,227)		42,569,472
Money Market Funds - 10.8%
Fidelity Cash Central Fund, 4.08% (b)	4,418,459		$4,418,459
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	478,050		478,050
TOTAL MONEY MARKET FUNDS (Cost $4,896,509)		4,896,509

TOTAL INVESTMENT PORTFOLIO - 104.4%

(Cost $39,584,736)

47,465,981

NET OTHER ASSETS - (4.4)%		(1,992,557)
NET ASSETS - 100%		$45,473,424

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$20,096
Fidelity Securities Lending Cash Central Fund		6,740
Total		$26,836

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $39,620,783. Net unrealized appreciation aggregated $7,845,198, of which $8,257,763 related to appreciated investment securities and $412,565 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

November 30, 2005

CHE-QTLY-0106

1.810670.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CHEMICALS - 87.5%
Commodity Chemicals - 13.7%
Celanese Corp. Class A	189,900		$3,285,270
Georgia Gulf Corp.	194,600		5,421,556
Lyondell Chemical Co.	41,923		1,066,102
NL Industries, Inc.	41,100		608,280
NOVA Chemicals Corp.	18,100		682,755
Pioneer Companies, Inc. (a)	126,100		3,131,063
Spartech Corp.	41,800		886,578
Westlake Chemical Corp.	75,300		2,109,906
			17,191,510
Diversified Chemicals - 24.6%
Ashland, Inc.	46,500		2,592,375
BASF AG sponsored ADR	18,100		1,328,540
Dow Chemical Co.	171,300		7,751,325
E.I. du Pont de Nemours & Co.	44,500		1,902,375
Eastman Chemical Co.	87,800		4,857,974
Engelhard Corp.	58,800		1,734,600
FMC Corp. (a)	189,256		10,062,741
Hercules, Inc. (a)	56,600		665,616
			30,895,546
Fertilizers & Agricultural Chemicals - 11.5%
Agrium, Inc.	32,900		670,156
Monsanto Co.	86,400		6,330,528
Mosaic Co. (a)	248,600		3,366,044
Potash Corp. of Saskatchewan	5,888		428,962
Syngenta AG sponsored ADR	42,100		919,885
The Scotts Co. Class A	56,900		2,669,748
			14,385,323
Industrial Gases - 15.8%
Air Products & Chemicals, Inc.	137,400		8,129,958
Airgas, Inc.	133,500		4,151,850
L'Air Liquide SA	2,100		379,755
Praxair, Inc.	137,460		7,147,920
			19,809,483
Specialty Chemicals - 21.9%
Albemarle Corp.	100,300		3,691,040
Arch Chemicals, Inc.	39,450		1,122,353
Chemtura Corp.	611,373		7,367,045
Cytec Industries, Inc.	63,300		2,866,857
Ecolab, Inc.	59,200		1,969,584
Ferro Corp.	31,200		589,680
Lubrizol Corp.	54,300		2,292,003
Minerals Technologies, Inc.	11,500		651,130
OM Group, Inc. (a)	28,400		448,152
PolyOne Corp. (a)	115,800		668,166
Rohm & Haas Co.	133,900		5,864,820
			27,530,830
TOTAL CHEMICALS			109,812,692

	Shares		Value
FOOD PRODUCTS - 0.5%
Agricultural Products - 0.5%
Corn Products International, Inc.	29,500		$656,375
INDUSTRIAL CONGLOMERATES - 5.9%
Industrial Conglomerates - 5.9%
3M Co.	95,300		7,479,144
MARINE - 2.3%
Marine - 2.3%
Odfjell ASA (A Shares)	87,100		1,671,022
Stolt-Nielsen SA	35,800		1,171,723
			2,842,745
METALS & MINING - 0.7%
Diversified Metals & Mining - 0.7%
Compass Minerals International, Inc.	37,500		903,000
TRADING COMPANIES & DISTRIBUTORS - 2.0%
Trading Companies & Distributors - 2.0%
UAP Holding Corp.	132,000		2,505,360
TOTAL COMMON STOCKS (Cost $106,688,310)		124,199,316
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 4.08% (b)	2,364,676		2,364,676
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	6,609,600		6,609,600
TOTAL MONEY MARKET FUNDS (Cost $8,974,276)		8,974,276

TOTAL INVESTMENT PORTFOLIO - 106.1%

(Cost $115,662,586)

133,173,592

NET OTHER ASSETS - (6.1)%		(7,653,159)
NET ASSETS - 100%		$125,520,433

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$68,252
Fidelity Securities Lending Cash Central Fund	39,040
Total	$107,292

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $116,406,960. Net unrealized appreciation aggregated $16,766,632, of which $20,491,330 related to appreciated investment securities and $3,724,698 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

November 30, 2005

COM-QTLY-0106

1.810671.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 12.1%
Communications Equipment - 12.1%
Cisco Systems, Inc. (a)	1,400,000		$24,556,000
Comverse Technology, Inc. (a)	90,000		2,358,900
Corning, Inc. (a)	900,000		18,225,000
F5 Networks, Inc. (a)	100,000		5,283,000
ITF Optical Technologies, Inc. Series A (c)	31,365		0
Juniper Networks, Inc. (a)	500,032		11,245,720
Research In Motion Ltd. (a)	100,000		6,074,842
			67,743,462
COMPUTERS & PERIPHERALS - 30.8%
Computer Hardware - 19.7%
Acer, Inc.	1,300,624		2,883,333
Apple Computer, Inc. (a)	400,000		27,128,000
Dell, Inc. (a)	1,600,000		48,256,004
International Business Machines Corp.	200,000		17,780,000
NCR Corp. (a)	200,000		6,790,000
Sun Microsystems, Inc. (a)	2,000,000		7,540,000
			110,377,337
Computer Storage & Peripherals - 11.1%
EMC Corp. (a)	2,200,000		30,646,000
Lexmark International, Inc. Class A (a)	200,000		9,524,000
Network Appliance, Inc. (a)	500,000		14,560,000
Seagate Technology	400,000		7,568,000
			62,298,000
TOTAL COMPUTERS & PERIPHERALS			172,675,337
ELECTRONIC EQUIPMENT & INSTRUMENTS - 5.6%
Electronic Equipment & Instruments - 0.3%
AU Optronics Corp. sponsored ADR	124,956		1,805,614
Electronic Manufacturing Services - 1.4%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,600,035		8,091,955
Technology Distributors - 3.9%
Arrow Electronics, Inc. (a)	165,000		5,115,000
Avnet, Inc. (a)	100,000		2,250,000
Bell Microproducts, Inc. (a)	200,000		1,720,000
CDW Corp.	75,000		4,398,750
Ingram Micro, Inc. Class A (a)	225,000		4,225,500
Tech Data Corp. (a)	100,000		3,931,000
			21,640,250
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			31,537,819
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.3%
LG Electronics, Inc.	25,040		1,897,005
INTERNET & CATALOG RETAIL - 0.0%
Catalog Retail - 0.0%
Insight Enterprises, Inc. (a)	9,400		195,802

	Shares		Value
OFFICE ELECTRONICS - 2.0%
Office Electronics - 2.0%
Xerox Corp. (a)	800,000		$11,360,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 39.6%
Semiconductor Equipment - 1.7%
FormFactor, Inc. (a)	125,000		3,507,500
Lam Research Corp. (a)	150,000		5,631,000
			9,138,500
Semiconductors - 37.9%
Altera Corp. (a)	900,000		16,434,000
Analog Devices, Inc.	649,970		24,646,862
Cypress Semiconductor Corp. (a)	175,000		2,625,000
Freescale Semiconductor, Inc.:
Class A (a)	250,000		6,437,500
Class B (a)	201,472		5,197,978
Intel Corp.	1,800,000		48,024,000
Linear Technology Corp.	250,000		9,327,500
Marvell Technology Group Ltd. (a)	150,000		8,331,000
Maxim Integrated Products, Inc.	300,000		10,965,000
MediaTek, Inc.	150,000		1,568,677
Microchip Technology, Inc.	100,000		3,336,000
National Semiconductor Corp.	950,000		24,586,000
O2Micro International Ltd. sponsored ADR (a)	200,000		2,286,000
PMC-Sierra, Inc. (a)	497,600		3,916,112
Saifun Semiconductors Ltd.	600		17,340
Samsung Electronics Co. Ltd.	40,033		23,074,432
Taiwan Semiconductor Manufacturing Co. Ltd.	1,486,910		2,639,708
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,169,969		11,208,303
Texas Instruments, Inc.	150,000		4,872,000
United Microelectronics Corp. sponsored ADR	599,958		1,853,870
Volterra Semiconductor Corp. (a)	100,000		1,262,000
			212,609,282
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			221,747,782
SOFTWARE - 0.2%
Application Software - 0.0%
Monterey Design Systems (a)(c)	29,800		0
Systems Software - 0.2%
Macrovision Corp. (a)	70,000		1,087,800
SPECIALTY RETAIL - 4.3%
Computer & Electronics Retail - 4.3%
Best Buy Co., Inc.	500,000		24,120,000
TOTAL COMMON STOCKS (Cost $511,226,925)		532,365,007
Convertible Preferred Stocks - 0.0%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Procket Networks, Inc. Series C (a)(c) (Cost $2,301,108)	233,000		$2
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 4.08% (b) (Cost $28,983,949)	28,983,949	28,983,949

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $542,511,982)

561,348,958

NET OTHER ASSETS - (0.1)%			(735,533)
NET ASSETS - 100%		$560,613,425

Legend

(a)Non-income producing

(c)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2 or 0.0% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$131,108
Fidelity Securities Lending Cash Central Fund		12,508
Total		$143,616

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $544,036,193. Net unrealized appreciation aggregated $17,312,765, of which $58,117,167 related to appreciated investment securities and $40,804,402 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

November 30, 2005

HOU-QTLY-0106

1.810672.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BUILDING PRODUCTS - 3.8%
Building Products - 3.8%
American Standard Companies, Inc.	191,200		$7,280,896
NCI Building Systems, Inc. (a)	21,600		940,680
Quixote Corp.	34,800		739,500
Simpson Manufacturing Co. Ltd.	42,100		1,725,258
			10,686,334
CHEMICALS - 0.3%
Diversified Chemicals - 0.3%
Ashland, Inc.	13,100		730,325
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Office Services & Supplies - 1.5%
Herman Miller, Inc.	69,700		2,132,123
Knoll, Inc.	64,670		1,076,109
Steelcase, Inc. Class A	78,500		1,161,015
			4,369,247
COMMUNICATIONS EQUIPMENT - 1.8%
Communications Equipment - 1.8%
Dycom Industries, Inc. (a)	220,500		4,504,815
MasTec, Inc. (a)	69,500		685,965
			5,190,780
CONSTRUCTION & ENGINEERING - 7.0%
Construction & Engineering - 7.0%
Chicago Bridge & Iron Co. NV (NY Shares)	60,000		1,553,400
EMCOR Group, Inc. (a)	23,900		1,690,925
Fluor Corp.	103,200		7,647,120
Granite Construction, Inc.	74,500		2,765,440
Infrasource Services, Inc. (a)	60,200		706,146
Insituform Technologies, Inc. Class A (a)	30,300		602,061
Perini Corp. (a)	58,300		1,501,808
Shaw Group, Inc. (a)	17,900		517,131
URS Corp. (a)	67,400		2,838,888
			19,822,919
CONSTRUCTION MATERIALS - 6.4%
Construction Materials - 6.4%
Florida Rock Industries, Inc.	129,275		6,446,944
Martin Marietta Materials, Inc.	59,800		4,491,578
Rinker Group Ltd. sponsored ADR	12,200		700,402
Vulcan Materials Co.	100,100		6,676,670
			18,315,594
DISTRIBUTORS - 0.3%
Distributors - 0.3%
Building Material Holding Corp.	9,200		757,436
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
A.O. Smith Corp.	2,000		72,540

	Shares		Value
AMETEK, Inc.	17,000		$724,370
Genlyte Group, Inc. (a)	29,400		1,549,380
			2,346,290
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
FARO Technologies, Inc. (a)	37,700		717,054
HOUSEHOLD DURABLES - 50.8%
Home Furnishings - 0.3%
Interface, Inc. Class A (a)	82,200		684,726
Homebuilding - 49.5%
Beazer Homes USA, Inc.	120,500		8,431,385
Centex Corp.	210,200		15,102,870
D.R. Horton, Inc.	795,166		28,180,683
KB Home	355,600		24,810,212
Lennar Corp. Class A	236,900		13,664,392
Meritage Homes Corp. (a)	35,500		2,359,685
Pulte Homes, Inc.	511,300		21,285,419
Ryland Group, Inc.	183,000		13,091,820
Southern Energy Homes, Inc. (a)	128,000		768,000
Standard Pacific Corp.	214,200		8,073,198
Toll Brothers, Inc. (a)	139,500		4,798,800
			140,566,464
Household Appliances - 1.0%
Techtronic Industries Co. Ltd.	1,132,000		2,890,362
TOTAL HOUSEHOLD DURABLES			144,141,552
INDUSTRIAL CONGLOMERATES - 0.7%
Industrial Conglomerates - 0.7%
Walter Industries, Inc.	40,000		2,014,000
MACHINERY - 11.9%
Construction & Farm Machinery & Heavy Trucks - 6.5%
A.S.V., Inc. (a)	30,400		760,608
Astec Industries, Inc. (a)	25,900		725,977
Bucyrus International, Inc. Class A	18,600		872,340
Caterpillar, Inc.	260,700		15,063,246
Joy Global, Inc.	18,200		962,598
			18,384,769
Industrial Machinery - 5.4%
Briggs & Stratton Corp.	8,400		303,996
Danaher Corp.	267,800		14,862,900
Timken Co.	5,100		157,998
			15,324,894
TOTAL MACHINERY			33,709,663
REAL ESTATE - 0.6%
Real Estate Investment Trusts - 0.6%
Equity Lifestyle Properties, Inc.	6,400		296,704
Common Stocks - continued
	Shares		Value
REAL ESTATE - CONTINUED
Real Estate Investment Trusts - continued
General Growth Properties, Inc.	16,200		$739,044
United Dominion Realty Trust, Inc. (SBI)	32,396		725,346
			1,761,094
SPECIALTY RETAIL - 6.4%
Home Improvement Retail - 6.4%
Home Depot, Inc.	256,450		10,714,481
Lowe's Companies, Inc.	21,800		1,471,064
Sherwin-Williams Co.	136,800		5,997,312
			18,182,857
TRADING COMPANIES & DISTRIBUTORS - 5.5%
Trading Companies & Distributors - 5.5%
Fastenal Co.	10,800		428,760
Hughes Supply, Inc.	62,200		2,409,628
MSC Industrial Direct Co., Inc. Class A	113,500		4,436,715
W.W. Grainger, Inc.	8,000		561,840
Watsco, Inc.	10,100		633,775
WESCO International, Inc. (a)	170,500		7,118,375
			15,589,093
TOTAL COMMON STOCKS (Cost $234,816,499)		278,334,238
Money Market Funds - 7.3%
Fidelity Cash Central Fund, 4.08% (b)	7,724,608		7,724,608
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	13,053,800		13,053,800
TOTAL MONEY MARKET FUNDS (Cost $20,778,408)		20,778,408

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $255,594,907)

299,112,646

NET OTHER ASSETS - (5.3)%		(15,187,558)
NET ASSETS - 100%		$283,925,088

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income received
Fidelity Cash Central Fund		$332,911
Fidelity Securities Lending Cash Central Fund		24,922
Total		$357,833

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $258,613,663. Net unrealized appreciation aggregated $40,498,983, of which $48,465,358 related to appreciated investment securities and $7,966,375 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Industries Portfolio

November 30, 2005

CPR-QTLY-0106

1.810692.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
AUTOMOBILES - 1.4%
Automobile Manufacturers - 0.6%
Thor Industries, Inc.	6,900		$264,408
Motorcycle Manufacturers - 0.8%
Harley-Davidson, Inc.	6,600		355,476
TOTAL AUTOMOBILES			619,884
BEVERAGES - 8.0%
Distillers & Vintners - 1.2%
Brown-Forman Corp. Class B (non-vtg.)	1,400		96,404
Diageo PLC sponsored ADR	7,600		441,940
			538,344
Soft Drinks - 6.8%
Coca-Cola Enterprises, Inc.	12,500		240,250
PepsiCo, Inc.	30,900		1,829,280
The Coca-Cola Co.	24,600		1,050,174
			3,119,704
TOTAL BEVERAGES			3,658,048
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Commercial Printing - 0.3%
R.R. Donnelley & Sons Co.	3,500		119,700
Diversified Commercial & Professional Services - 0.4%
Cendant Corp.	11,850		210,575
TOTAL COMMERCIAL SERVICES & SUPPLIES			330,275
DISTRIBUTORS - 0.3%
Distributors - 0.3%
Li & Fung Ltd.	76,000		153,380
DIVERSIFIED CONSUMER SERVICES - 2.9%
Education Services - 1.8%
Apollo Group, Inc. Class A (a)	9,600		683,520
Bright Horizons Family Solutions, Inc. (a)	4,092		144,775
			828,295
Specialized Consumer Services - 1.1%
Steiner Leisure Ltd. (a)	8,000		300,640
Weight Watchers International, Inc. (a)	4,300		205,540
			506,180
TOTAL DIVERSIFIED CONSUMER SERVICES			1,334,475
ELECTRICAL EQUIPMENT - 0.6%
Electrical Components & Equipment - 0.6%
Evergreen Solar, Inc. (a)	21,400		257,014

	Shares		Value
FOOD & STAPLES RETAILING - 9.1%
Drug Retail - 3.0%
CVS Corp.	18,000		$486,360
Walgreen Co.	19,700		899,896
			1,386,256
Food Retail - 1.2%
Whole Foods Market, Inc.	3,600		530,208
Hypermarkets & Super Centers - 4.9%
Costco Wholesale Corp.	10,500		524,790
Wal-Mart Stores, Inc.	35,800		1,738,448
			2,263,238
TOTAL FOOD & STAPLES RETAILING			4,179,702
FOOD PRODUCTS - 5.1%
Packaged Foods & Meats - 5.1%
Diamond Foods, Inc.	5,400		88,290
Green Mountain Coffee Roasters, Inc. (a)	2,300		94,346
Lindt & Spruengli AG (participation certificate)	335		564,342
Nestle SA sponsored ADR	12,800		944,640
Smithfield Foods, Inc. (a)	16,400		479,372
The J.M. Smucker Co.	3,300		149,655
			2,320,645
HOTELS, RESTAURANTS & LEISURE - 12.5%
Casinos & Gaming - 2.2%
Aristocrat Leisure Ltd.	21,800		198,733
Harrah's Entertainment, Inc.	1,525		103,837
International Game Technology	6,100		179,035
MGM MIRAGE (a)	8,800		335,368
Station Casinos, Inc.	1,400		97,076
WMS Industries, Inc. (a)	2,800		69,524
			983,573
Hotels, Resorts & Cruise Lines - 5.1%
Carnival Corp. unit	12,300		670,227
Ctrip.com International Ltd. sponsored ADR	4,000		233,160
Hilton Hotels Corp.	11,700		256,464
Kerzner International Ltd. (a)	4,600		299,046
Royal Caribbean Cruises Ltd.	8,600		394,396
Starwood Hotels & Resorts Worldwide, Inc. unit	8,100		490,050
			2,343,343
Leisure Facilities - 0.1%
International Speedway Corp. Class A	1,100		60,027
Restaurants - 5.1%
Brinker International, Inc.	8,170		324,186
Buffalo Wild Wings, Inc. (a)	18,654		526,416
CBRL Group, Inc.	2,900		107,271
Domino's Pizza, Inc.	5,650		141,250
McDonald's Corp.	8,700		294,495
Outback Steakhouse, Inc.	11,800		475,304
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - CONTINUED
Restaurants - continued
Starbucks Corp. (a)	8,000		$243,600
Wendy's International, Inc.	4,720		239,682
			2,352,204
TOTAL HOTELS, RESTAURANTS & LEISURE			5,739,147
HOUSEHOLD PRODUCTS - 7.3%
Household Products - 7.3%
Colgate-Palmolive Co.	8,100		441,612
Procter & Gamble Co.	51,100		2,922,409
			3,364,021
INTERNET & CATALOG RETAIL - 3.8%
Catalog Retail - 0.6%
Coldwater Creek, Inc. (a)	8,700		273,180
Internet Retail - 3.2%
Blue Nile, Inc. (a)	2,300		95,427
eBay, Inc. (a)	24,500		1,097,845
Priceline.com, Inc. (a)	12,100		290,642
			1,483,914
TOTAL INTERNET & CATALOG RETAIL			1,757,094
INTERNET SOFTWARE & SERVICES - 6.4%
Internet Software & Services - 6.4%
Digitas, Inc. (a)	9,300		116,250
Google, Inc. Class A (sub. vtg.) (a)	4,454		1,803,825
Homestore, Inc. (a)	162		714
Sina Corp. (a)	4,600		114,724
Yahoo!, Inc. (a)	22,296		896,968
			2,932,481
LEISURE EQUIPMENT & PRODUCTS - 3.1%
Leisure Products - 3.1%
Brunswick Corp.	9,200		361,468
K2, Inc. (a)	6,600		67,056
MarineMax, Inc. (a)	9,300		244,218
Polaris Industries, Inc.	4,100		202,704
RC2 Corp. (a)	1,900		67,146
SCP Pool Corp.	12,700		494,411
			1,437,003
MEDIA - 10.7%
Advertising - 2.3%
JC Decaux SA (a)	16,800		365,396
Omnicom Group, Inc.	8,300		701,848
			1,067,244

	Shares		Value
Broadcasting & Cable TV - 1.3%
E.W. Scripps Co. Class A	6,400		$296,640
Univision Communications, Inc. Class A (a)	9,100		275,093
			571,733
Movies & Entertainment - 5.0%
Carmike Cinemas, Inc.	4,300		113,176
News Corp. Class A	65,600		971,536
Walt Disney Co.	47,500		1,184,175
			2,268,887
Publishing - 2.1%
Gannett Co., Inc.	2,100		129,402
McGraw-Hill Companies, Inc.	7,600		403,180
Reuters Group PLC sponsored ADR	2,900		120,060
Washington Post Co. Class B	440		324,280
			976,922
TOTAL MEDIA			4,884,786
MULTILINE RETAIL - 7.2%
Department Stores - 3.7%
Federated Department Stores, Inc.	7,500		483,225
JCPenney Co., Inc.	6,100		320,067
Nordstrom, Inc.	7,500		276,600
Saks, Inc.	8,400		138,852
Sears Holdings Corp. (a)	4,300		494,586
			1,713,330
General Merchandise Stores - 3.5%
Family Dollar Stores, Inc.	7,500		168,825
Target Corp.	26,400		1,412,664
			1,581,489
TOTAL MULTILINE RETAIL			3,294,819
PERSONAL PRODUCTS - 1.0%
Personal Products - 1.0%
Avon Products, Inc.	17,300		473,155
REAL ESTATE - 0.4%
Real Estate Investment Trusts - 0.4%
MeriStar Hospitality Corp. (a)	18,800		184,052
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Semiconductors - 0.3%
Intel Corp.	4,200		112,056
SOFTWARE - 0.7%
Home Entertainment Software - 0.7%
Activision, Inc. (a)	11,433		152,173
Electronic Arts, Inc. (a)	3,100		174,716
			326,889
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - 10.7%
Apparel Retail - 3.7%
Aeropostale, Inc. (a)	5,800		$144,246
American Eagle Outfitters, Inc.	5,600		127,456
Charlotte Russe Holding, Inc. (a)	4,900		91,630
Chico's FAS, Inc. (a)	8,600		379,346
Esprit Holdings Ltd.	23,500		165,766
Foot Locker, Inc.	9,600		209,472
Gymboree Corp. (a)	6,400		144,384
Hot Topic, Inc. (a)	5,150		79,825
Urban Outfitters, Inc. (a)	11,000		339,460
			1,681,585
Computer & Electronics Retail - 1.9%
Best Buy Co., Inc.	14,350		692,244
Gamestop Corp. Class B (a)	5,400		169,560
			861,804
Home Improvement Retail - 2.0%
Lowe's Companies, Inc.	13,900		937,972
Specialty Stores - 3.1%
Guitar Center, Inc. (a)	4,400		232,056
Michaels Stores, Inc.	4,000		149,600
Office Depot, Inc. (a)	12,100		359,128
OfficeMax, Inc.	2,800		81,704
PETsMART, Inc.	3,300		78,606
Sports Authority, Inc. (a)	962		30,274
Staples, Inc.	21,050		486,255
			1,417,623
TOTAL SPECIALTY RETAIL			4,898,984
TEXTILES, APPAREL & LUXURY GOODS - 4.9%
Apparel, Accessories & Luxury Goods - 3.5%
Carter's, Inc. (a)	8,200		501,430
Coach, Inc. (a)	9,000		309,870
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	2,000		56,160

	Shares		Value
Liz Claiborne, Inc.	9,200		$320,896
Polo Ralph Lauren Corp. Class A	6,300		337,680
Ports Design Ltd.	3,000		3,114
Quiksilver, Inc. (a)	6,600		81,048
			1,610,198
Footwear - 1.4%
NIKE, Inc. Class B	7,300		622,690
TOTAL TEXTILES, APPAREL & LUXURY GOODS			2,232,888
TOTAL COMMON STOCKS (Cost $38,372,481)		44,490,798
Money Market Funds - 4.4%

Fidelity Cash Central Fund, 4.08% (b)	1,180,754		1,180,754
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	831,000		831,000
TOTAL MONEY MARKET FUNDS (Cost $2,011,754)		2,011,754

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $40,384,235)

46,502,552

NET OTHER ASSETS - (1.5)%			(665,417)
NET ASSETS - 100%		$45,837,135

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$28,086
Fidelity Securities Lending Cash Central Fund	2,389
Total	$30,475

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $40,422,174. Net unrealized appreciation aggregated $6,080,378, of which $7,251,301 related to appreciated investment securities and $1,170,923 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Cyclical Industries Portfolio

November 30, 2005

CYC-QTLY-0106

1.810678.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
AEROSPACE & DEFENSE - 10.8%
Aerospace & Defense - 10.8%
Alliant Techsystems, Inc. (a)	1,200		$91,056
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	200		7,542
Goodrich Corp.	4,000		154,080
Hexcel Corp. (a)	18,600		309,318
Honeywell International, Inc.	40,500		1,479,870
L-3 Communications Holdings, Inc.	4,200		312,900
Meggitt PLC	26,400		152,852
Precision Castparts Corp.	4,700		239,653
Raytheon Co.	17,100		656,982
Rockwell Collins, Inc.	11,440		522,808
Rolls-Royce Group PLC	18,519		124,759
The Boeing Co.	10,340		705,085
United Technologies Corp.	30,400		1,636,736
			6,393,641
AIR FREIGHT & LOGISTICS - 5.7%
Air Freight & Logistics - 5.7%
C.H. Robinson Worldwide, Inc.	7,200		291,240
Expeditors International of Washington, Inc.	6,900		489,969
FedEx Corp.	10,300		1,005,486
Forward Air Corp.	7,070		271,842
Hub Group, Inc. Class A (a)	7,811		316,736
United Parcel Service, Inc. Class B	5,500		428,450
UTI Worldwide, Inc.	6,296		612,538
			3,416,261
AIRLINES - 2.1%
Airlines - 2.1%
AirTran Holdings, Inc. (a)	51,300		770,526
Ryanair Holdings PLC sponsored ADR (a)	2,300		114,586
US Airways Group, Inc. (a)	11,100		372,849
			1,257,961
AUTO COMPONENTS - 2.9%
Auto Parts & Equipment - 2.9%
Amerigon, Inc. (a)	79,200		442,728
BorgWarner, Inc.	4,800		288,000
Johnson Controls, Inc.	13,900		965,355
			1,696,083
AUTOMOBILES - 2.4%
Automobile Manufacturers - 2.4%
DaimlerChrysler AG	21,500		1,081,235
Honda Motor Co. Ltd. sponsored ADR	3,900		109,044
Hyundai Motor Co.	1,080		89,106
Toyota Motor Corp. sponsored ADR	1,300		125,775
			1,405,160

	Shares		Value
BUILDING PRODUCTS - 2.1%
Building Products - 2.1%
American Standard Companies, Inc.	13,510		$514,461
Masco Corp.	11,110		330,745
Quixote Corp.	19,533		415,076
			1,260,282
CHEMICALS - 14.6%
Commodity Chemicals - 2.4%
Celanese Corp. Class A	16,800		290,640
Georgia Gulf Corp.	13,600		378,896
Lyondell Chemical Co.	150		3,815
NOVA Chemicals Corp.	4,400		165,974
Pioneer Companies, Inc. (a)	18,300		454,389
Westlake Chemical Corp.	4,700		131,694
			1,425,408
Diversified Chemicals - 4.5%
Ashland, Inc.	8,200		457,150
Dow Chemical Co.	20,100		909,525
E.I. du Pont de Nemours & Co.	13,200		564,300
Eastman Chemical Co.	2,300		127,259
FMC Corp. (a)	12,300		653,991
			2,712,225
Fertilizers & Agricultural Chemicals - 2.4%
Agrium, Inc.	19,200		391,094
Monsanto Co.	6,500		476,255
Mosaic Co. (a)	21,700		293,818
Potash Corp. of Saskatchewan	2,300		167,563
The Scotts Co. Class A	2,000		93,840
			1,422,570
Industrial Gases - 2.9%
Air Products & Chemicals, Inc.	12,500		739,625
Airgas, Inc.	11,700		363,870
Praxair, Inc.	11,600		603,200
			1,706,695
Specialty Chemicals - 2.4%
Albemarle Corp.	8,100		298,080
Chemtura Corp.	25,541		307,769
Cytec Industries, Inc.	3,400		153,986
Ecolab, Inc.	11,000		365,970
H.B. Fuller Co.	100		3,098
Lubrizol Corp.	100		4,221
Minerals Technologies, Inc.	100		5,662
Rohm & Haas Co.	6,300		275,940
			1,414,726
TOTAL CHEMICALS			8,681,624
COMMERCIAL SERVICES & SUPPLIES - 2.1%
Environmental & Facility Services - 0.7%
Republic Services, Inc.	3,900		139,815
Waste Connections, Inc. (a)	5,550		193,362
Common Stocks - continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - CONTINUED
Environmental & Facility Services - continued
Waste Management, Inc.	1,100		$32,901
Waste Services, Inc. (a)	14,300		50,622
			416,700
Human Resource & Employment Services - 1.3%
CDI Corp.	15,000		423,600
Robert Half International, Inc.	8,400		321,384
			744,984
Office Services & Supplies - 0.1%
Herman Miller, Inc.	2,534		77,515
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,239,199
COMMUNICATIONS EQUIPMENT - 1.0%
Communications Equipment - 1.0%
Dycom Industries, Inc. (a)	6,500		132,795
Harris Corp.	10,200		454,716
			587,511
CONSTRUCTION & ENGINEERING - 11.9%
Construction & Engineering - 11.9%
Chicago Bridge & Iron Co. NV (NY Shares)	14,800		383,172
Comfort Systems USA, Inc.	16,500		154,935
Fluor Corp.	50,300		3,727,227
Foster Wheeler Ltd. (a)	11,760		409,601
Jacobs Engineering Group, Inc. (a)	2,400		155,928
Perini Corp. (a)	33,700		868,112
Shaw Group, Inc. (a)	32,600		941,814
SNC-Lavalin Group, Inc.	6,500		402,443
URS Corp. (a)	500		21,060
			7,064,292
CONSTRUCTION MATERIALS - 0.9%
Construction Materials - 0.9%
Lafarge North America, Inc.	12		660
Martin Marietta Materials, Inc.	1,300		97,643
Vulcan Materials Co.	6,900		460,230
			558,533
CONTAINERS & PACKAGING - 0.3%
Metal & Glass Containers - 0.3%
Crown Holdings, Inc. (a)	6,100		113,094
Owens-Illinois, Inc. (a)	4,320		93,960
			207,054
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Services - 0.1%
Education Management Corp. (a)	2,000		67,500
ELECTRICAL EQUIPMENT - 1.1%
Electrical Components & Equipment - 0.8%
AMETEK, Inc.	2,200		93,742

	Shares		Value
Emerson Electric Co.	100		$7,561
NEOMAX Co. Ltd.	6,000		176,257
Rockwell Automation, Inc.	2,700		152,361
Roper Industries, Inc.	1,160		45,704
			475,625
Heavy Electrical Equipment - 0.3%
Shanghai Electric (Group) Corp. (H Shares)	636,000		196,838
TOTAL ELECTRICAL EQUIPMENT			672,463
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
FARO Technologies, Inc. (a)	4,900		93,198
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Varian, Inc. (a)	1,200		50,352
HOUSEHOLD DURABLES - 3.7%
Homebuilding - 3.7%
D.R. Horton, Inc.	15,100		535,144
KB Home	9,400		655,838
Pulte Homes, Inc.	4,200		174,846
Ryland Group, Inc.	6,920		495,057
Toll Brothers, Inc. (a)	9,800		337,120
			2,198,005
INDUSTRIAL CONGLOMERATES - 9.1%
Industrial Conglomerates - 9.1%
3M Co.	20,260		1,590,005
General Electric Co.	43,860		1,566,679
Smiths Group PLC	12,000		202,156
Tyco International Ltd.	71,130		2,028,628
			5,387,468
IT SERVICES - 0.6%
IT Consulting & Other Services - 0.6%
Anteon International Corp. (a)	6,600		282,942
SI International, Inc. (a)	2,300		62,445
			345,387
MACHINERY - 12.3%
Construction & Farm Machinery & Heavy Trucks - 8.1%
Bucyrus International, Inc. Class A	15,200		712,880
Caterpillar, Inc.	20,600		1,190,268
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	360		8,345
Deere & Co.	12,800		887,680
Joy Global, Inc.	25,250		1,335,473
Manitowoc Co., Inc.	8,100		405,810
Navistar International Corp. (a)	5,970		169,369
PACCAR, Inc.	42		3,018
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Construction & Farm Machinery & Heavy Trucks - continued
Samsung Heavy Industries Ltd.	350		$5,128
Wabash National Corp.	5,000		99,250
			4,817,221
Industrial Machinery - 4.2%
Actuant Corp. Class A	700		37,135
Albany International Corp. Class A	10,100		385,113
Badger Meter, Inc.	3,200		125,248
Briggs & Stratton Corp.	9,200		332,948
Danaher Corp.	8,800		488,400
Dover Corp.	9,100		368,095
ITT Industries, Inc.	5,600		609,056
Kaydon Corp.	200		6,472
Kennametal, Inc.	2		110
Pall Corp.	100		2,776
Pentair, Inc.	2,960		113,072
			2,468,425
TOTAL MACHINERY			7,285,646
MARINE - 2.0%
Marine - 2.0%
Alexander & Baldwin, Inc.	2,020		101,040
Camillo Eitzen & Co. ASA	14,300		141,684
Odfjell ASA (A Shares)	24,800		475,790
Stolt-Nielsen SA	14,200		464,762
			1,183,276
METALS & MINING - 0.8%
Steel - 0.8%
Allegheny Technologies, Inc.	2,600		85,748
IPSCO, Inc.	3,500		266,299
Oregon Steel Mills, Inc. (a)	5,500		150,425
			502,472
OIL, GAS & CONSUMABLE FUELS - 1.0%
Coal & Consumable Fuels - 0.2%
Massey Energy Co.	3,200		121,440
Oil & Gas Storage & Transport - 0.8%
OMI Corp.	13,400		259,960
Overseas Shipholding Group, Inc.	4,400		224,224
			484,184
TOTAL OIL, GAS & CONSUMABLE FUELS			605,624
ROAD & RAIL - 7.5%
Railroads - 5.9%
Burlington Northern Santa Fe Corp.	20,200		1,336,836

	Shares		Value
Canadian National Railway Co.	14,300		$1,143,191
Norfolk Southern Corp.	23,720		1,049,373
			3,529,400
Trucking - 1.6%
Laidlaw International, Inc.	22,200		479,964
Landstar System, Inc.	10,736		462,077
			942,041
TOTAL ROAD & RAIL			4,471,441
SPECIALTY RETAIL - 0.4%
Computer & Electronics Retail - 0.0%
Gamestop Corp. Class B (a)	1,000		31,400
Home Improvement Retail - 0.4%
Sherwin-Williams Co.	4,900		214,816
TOTAL SPECIALTY RETAIL			246,216
TRADING COMPANIES & DISTRIBUTORS - 2.7%
Trading Companies & Distributors - 2.7%
Fastenal Co.	2,400		95,280
Finning International, Inc.	11,400		357,701
MSC Industrial Direct Co., Inc. Class A	1,500		58,635
UAP Holding Corp.	7,500		142,350
United Rentals, Inc. (a)	6,200		131,192
Watsco, Inc.	2,500		156,875
WESCO International, Inc. (a)	15,900		663,825
			1,605,858
TOTAL COMMON STOCKS (Cost $48,194,331)		58,482,507
Nonconvertible Preferred Stocks - 0.0%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series B (Cost $1,027)	618,534		1,097
Money Market Funds - 0.4%
Fidelity Cash Central Fund, 4.08% (b)	69,023		69,023
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	155,000		155,000
TOTAL MONEY MARKET FUNDS (Cost $224,023)		224,023

TOTAL INVESTMENT PORTFOLIO - 98.8%

(Cost $48,419,381)

58,707,627

NET OTHER ASSETS - 1.2%			715,465
NET ASSETS - 100%		$59,423,092

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$16,568
Fidelity Securities Lending Cash Central Fund	4,476
Total	$21,044

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $48,585,618. Net unrealized appreciation aggregated $10,122,009, of which $10,753,623 related to appreciated investment securities and $631,614 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

November 30, 2005

DEF-QTLY-0106

1.810679.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
AEROSPACE & DEFENSE - 77.7%
Aerospace & Defense - 77.7%
AAR Corp. (a)	524,200		$10,976,748
Alliant Techsystems, Inc. (a)	376,655		28,580,581
Aviall, Inc. (a)	55,800		1,713,060
BE Aerospace, Inc. (a)	354,250		6,206,460
DRS Technologies, Inc.	370,700		18,312,580
EDO Corp.	101,900		2,713,597
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	52,100		1,964,691
Essex Corp. (a)	23,900		455,295
GenCorp, Inc. (non-vtg.) (a)	765,300		13,974,378
General Dynamics Corp.	237,100		27,100,530
Goodrich Corp.	1,331,050		51,272,046
Hexcel Corp. (a)	174,700		2,905,261
Honeywell International, Inc.	1,624,700		59,366,538
K&F Industries Holdings, Inc.	266,000		4,101,720
L-3 Communications Holdings, Inc.	613,200		45,683,400
Lockheed Martin Corp.	520,300		31,530,180
Meggitt PLC	930,396		5,386,840
MTC Technologies, Inc. (a)	175,902		5,764,309
MTU Aero Engines Holding AG	9,200		287,404
NCI, Inc. Class A	140,000		1,680,000
Northrop Grumman Corp.	575,548		33,019,189
Orbital Sciences Corp. (a)	1,297,392		15,646,548
Precision Castparts Corp.	1,052,100		53,646,579
Raytheon Co.	865,652		33,258,350
Rockwell Collins, Inc.	847,000		38,707,900
The Boeing Co.	720,500		49,130,895
Triumph Group, Inc. (a)	199,800		7,582,410
United Technologies Corp.	1,162,100		62,567,463
			613,534,952
COMMUNICATIONS EQUIPMENT - 6.3%
Communications Equipment - 6.3%
Anaren, Inc. (a)	109,700		1,574,195
Harris Corp.	916,400		40,853,112
Powerwave Technologies, Inc. (a)	80,932		1,016,506
REMEC, Inc.	235,064		275,025
ViaSat, Inc. (a)	233,400		6,453,510
			50,172,348
ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.5%
Electronic Equipment & Instruments - 0.9%
Aeroflex, Inc. (a)	628,300		6,892,451
Electronic Manufacturing Services - 3.6%
Mercury Computer Systems, Inc. (a)	85,700		1,712,286
Trimble Navigation Ltd. (a)	830,250		27,049,545
			28,761,831
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			35,654,282

	Shares		Value
INDUSTRIAL CONGLOMERATES - 3.0%
Industrial Conglomerates - 3.0%
General Electric Co.	438,000		$15,645,360
Smiths Group PLC	250,000		4,211,576
Textron, Inc.	52,500		4,142,250
			23,999,186
IT SERVICES - 2.3%
IT Consulting & Other Services - 2.3%
SRA International, Inc. Class A (a)	585,800		17,943,054
MEDIA - 5.1%
Broadcasting & Cable TV - 5.1%
EchoStar Communications Corp. Class A	1,320,100		34,111,384
The DIRECTV Group, Inc. (a)	441,511		5,823,530
			39,934,914
TOTAL COMMON STOCKS (Cost $635,307,543)		781,238,736
Money Market Funds - 3.8%

Fidelity Cash Central Fund, 4.08% (b)	15,159,995		15,159,995
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	14,893,100		14,893,100
TOTAL MONEY MARKET FUNDS (Cost $30,053,095)		30,053,095

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $665,360,638)

811,291,831

NET OTHER ASSETS - (2.7)%		(21,269,970)
NET ASSETS - 100%		$790,021,861

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$880,990
Fidelity Securities Lending Cash Central Fund	51,803
Total	$932,793

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $665,850,554. Net unrealized appreciation aggregated $145,441,277, of which $162,217,469 related to appreciated investment securities and $16,776,192 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Developing

Communications Portfolio

November 30, 2005

DEV-QTLY-0106

1.810680.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 66.5%
Communications Equipment - 66.5%
3Com Corp. (a)	585,700		$2,120,234
ADC Telecommunications, Inc. (a)	125,800		2,570,094
Adtran, Inc.	67,600		1,998,256
Alcatel SA sponsored ADR (a)	1,175,800		14,509,372
Andrew Corp. (a)	163,900		1,791,427
Arris Group, Inc. (a)	134,900		1,311,228
AudioCodes Ltd. (a)	491,990		5,077,337
Avaya, Inc. (a)	597,900		7,126,968
Bookham, Inc. (a)	420,128		1,974,602
C-COR, Inc. (a)	33,600		190,512
Carrier Access Corp. (a)	94,300		457,355
CIENA Corp. (a)	2,784,444		8,325,488
Comtech Group, Inc. (a)	97,800		577,998
Comverse Technology, Inc. (a)	285,256		7,476,560
Corning, Inc. (a)	1,208,800		24,478,200
CSR PLC (a)	134,000		1,954,950
ECI Telecom Ltd. (a)	234,300		2,017,323
Extreme Networks, Inc. (a)	495,800		2,439,336
F5 Networks, Inc. (a)	200,700		10,602,981
Foundry Networks, Inc. (a)	76,200		1,058,418
Foxconn International Holdings Ltd.	80,000		104,196
InterDigital Communication Corp. (a)	2,800		54,544
Ixia (a)	195,700		2,696,746
JDS Uniphase Corp. (a)	2,396,700		6,159,519
Juniper Networks, Inc. (a)	1,057,459		23,782,253
Lucent Technologies, Inc. (a)	1,426,900		3,981,051
Motorola, Inc.	268,100		6,458,529
MRV Communications, Inc. (a)	755,335		1,374,710
NMS Communications Corp. (a)	1,115,300		4,371,976
Nokia Corp. sponsored ADR	2,296,600		39,225,928
Nortel Networks Corp. (a)	8,758,300		25,399,070
Orckit Communications Ltd. (a)	9,800		199,332
Polycom, Inc. (a)	68,100		1,117,521
Powerwave Technologies, Inc. (a)	68,700		862,872
QUALCOMM, Inc.	745,400		33,893,338
RADWARE Ltd. (a)	107,800		2,036,342
Research In Motion Ltd. (a)	547,700		33,271,912
Riverstone Networks, Inc. (a)	3,706,000		1,834,470
Sonus Networks, Inc. (a)	1,030,496		4,235,339
Symmetricom, Inc. (a)	261,100		2,287,236
Tekelec (a)	233,100		3,030,300
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	1,848		60,208
Tellabs, Inc. (a)	279,400		2,866,644
Telson Electronics Co. Ltd. (a)	850,529		0
Terayon Communication Systems, Inc. (a)	187,000		387,090
TomTom Group BV	10,800		391,496
Tut Systems, Inc. (a)	109,700		335,682
			298,476,943

	Shares		Value
COMPUTERS & PERIPHERALS - 0.8%
Computer Hardware - 0.8%
Compal Electronics, Inc.	240,559		$211,379
Concurrent Computer Corp. (a)	1,645,478		3,258,046
NEC Corp. sponsored ADR	700		4,214
			3,473,639
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.4%
Integrated Telecommunication Services - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	57,300		1,810,680
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1%
Electronic Equipment & Instruments - 1.7%
Aeroflex, Inc. (a)	149,500		1,640,015
Applied Films Corp. (a)	98,400		1,970,952
AU Optronics Corp. sponsored ADR	48,958		707,443
Chi Mei Optoelectronics Corp.	396,582		482,186
Dolby Laboratories, Inc. Class A	79,700		1,358,885
HannStar Display Corp.	2,368,000		494,577
Photon Dynamics, Inc. (a)	60,500		1,113,200
			7,767,258
Electronic Manufacturing Services - 0.4%
Molex, Inc.	25,700		688,503
Trimble Navigation Ltd. (a)	30,900		1,006,722
			1,695,225
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			9,462,483
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Garmin Ltd.	3,800		209,380
Thomson SA	70,900		1,452,628
			1,662,008
INTERNET SOFTWARE & SERVICES - 11.5%
Internet Software & Services - 11.5%
Digital River, Inc. (a)	132,200		3,426,624
Google, Inc. Class A (sub. vtg.) (a)	96,630		39,134,184
Openwave Systems, Inc. (a)	549,719		9,130,833
			51,691,641
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.6%
Semiconductor Equipment - 0.8%
ASE Test Ltd. (a)	77,400		486,846
EMCORE Corp. (a)	30,000		184,200
MEMC Electronic Materials, Inc. (a)	87,100		1,949,298
Teradyne, Inc. (a)	55,800		816,354
			3,436,698
Semiconductors - 7.8%
Advanced Analogic Technologies, Inc.	121,600		1,675,648
Agere Systems, Inc. (a)	81,590		1,075,356
AMIS Holdings, Inc. (a)	35,900		357,923
Applied Micro Circuits Corp. (a)	739,868		1,953,252
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
ARM Holdings PLC sponsored ADR	273,000		$1,717,170
ATI Technologies, Inc. (a)	130,300		2,125,774
Exar Corp. (a)	6,701		82,824
Freescale Semiconductor, Inc. Class A (a)	441,700		11,373,775
Ikanos Communications, Inc.	1,700		23,817
Intersil Corp. Class A	10,449		268,017
Marvell Technology Group Ltd. (a)	16,500		916,410
Microtune, Inc. (a)	276,300		1,351,107
Mindspeed Technologies, Inc. (a)	2,821,005		5,190,649
O2Micro International Ltd. sponsored ADR (a)	168,800		1,929,384
PowerDsine Ltd. (a)	46,000		394,220
Sigma Designs, Inc. (a)	8,312		116,617
SiRF Technology Holdings, Inc. (a)	7,600		210,672
STATS ChipPAC Ltd. sponsored ADR (a)	121,200		803,556
Vimicro International Corp. sponsored ADR	57,000		484,500
Vitesse Semiconductor Corp. (a)	1,092,400		2,304,964
Volterra Semiconductor Corp. (a)	55,100		695,362
			35,050,997
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			38,487,695
SOFTWARE - 2.3%
Application Software - 2.0%
Catapult Communications Corp. (a)	42,242		714,312
JAMDAT Mobile, Inc. (a)	61,690		1,410,850
NAVTEQ Corp. (a)	5,100		214,200
Portal Software, Inc. (a)	224,300		527,105
Ulticom, Inc. (a)	539,478		6,214,787
			9,081,254
Home Entertainment Software - 0.3%
Ubisoft Entertainment SA (a)	23,600		1,077,780
TOTAL SOFTWARE			10,159,034
WIRELESS TELECOMMUNICATION SERVICES - 7.2%
Wireless Telecommunication Services - 7.2%
Crown Castle International Corp. (a)	54,600		1,496,040
MTN Group Ltd.	154,700		1,292,458
Nextel Partners, Inc. Class A (a)	198,700		5,265,550
NII Holdings, Inc. (a)	90,000		3,910,500

	Shares		Value
Sprint Nextel Corp.	752,800		$18,850,112
Wireless Facilities, Inc. (a)	322,769		1,788,140
			32,602,800
TOTAL COMMON STOCKS (Cost $465,058,110)		447,826,923
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Procket Networks, Inc. Series C (a)(d) (Cost $1,293,756)	131,000		1
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 4.08% (b)	542,481		542,481
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	9,942,360		9,942,360
TOTAL MONEY MARKET FUNDS (Cost $10,484,841)		10,484,841

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $476,836,707)

458,311,765

NET OTHER ASSETS - (2.1)%			(9,359,549)
NET ASSETS - 100%		$448,952,216

Legend

(a)Non-income producing

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

Additional information on each holding is as follows:

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$127,763
Fidelity Securities Lending Cash Central Fund	224,663
Total	$352,426

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $481,227,915. Net unrealized depreciation aggregated $22,916,150, of which $45,032,407 related to appreciated investment securities and $67,948,557 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

November 30, 2005

ELE-QTLY-0106

1.810682.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Asahi Glass Co. Ltd.	700,000		$8,061,757
CHEMICALS - 1.2%
Specialty Chemicals - 1.2%
Nitto Denko Corp.	200,000		13,720,009
Tokuyama Corp.	1,500,000		17,312,748
			31,032,757
COMMUNICATIONS EQUIPMENT - 3.4%
Communications Equipment - 3.4%
CSR PLC (a)	1,500,000		21,883,764
Motorola, Inc.	2,500,000		60,225,000
QUALCOMM, Inc.	200,000		9,094,000
			91,202,764
COMPUTERS & PERIPHERALS - 2.6%
Computer Hardware - 0.9%
Acer, Inc.	5,000,000		11,084,424
Dell, Inc. (a)	200,000		6,032,000
Quanta Computer, Inc.	5,000,000		7,668,094
			24,784,518
Computer Storage & Peripherals - 1.7%
Hutchinson Technology, Inc. (a)	200,000		5,718,000
Mobility Electronics, Inc. (a)	400,000		4,496,000
Seagate Technology	1,600,000		30,272,000
TPV Technology Ltd.	4,000,000		3,378,640
			43,864,640
TOTAL COMPUTERS & PERIPHERALS			68,649,158
ELECTRICAL EQUIPMENT - 1.7%
Electrical Components & Equipment - 1.7%
Evergreen Solar, Inc. (a)	2,300,000		27,623,000
Motech Industries, Inc.	1,660,000		18,746,848
			46,369,848
ELECTRONIC EQUIPMENT & INSTRUMENTS - 12.0%
Electronic Equipment & Instruments - 3.2%
Agilent Technologies, Inc. (a)	300,000		10,698,000
Amphenol Corp. Class A	600,000		25,062,000
AU Optronics Corp. sponsored ADR	2,500,000		36,125,000
Kyocera Corp. sponsored ADR	50,000		3,425,000
Sunpower Corp. Class A	2,100		52,500
Vishay Intertechnology, Inc. (a)	800,000		10,264,000
			85,626,500
Electronic Manufacturing Services - 4.7%
Flextronics International Ltd. (a)	2,500,000		25,800,000
Hon Hai Precision Industry Co. Ltd. (Foxconn)	20,000,000		101,147,230
			126,947,230

	Shares		Value
Technology Distributors - 4.1%
Arrow Electronics, Inc. (a)	1,800,000		$55,800,000
Avnet, Inc. (a)	1,900,014		42,750,315
Wolfson Microelectronics PLC (a)	2,000,000		9,997,088
			108,547,403
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			321,121,133
HOUSEHOLD DURABLES - 1.0%
Consumer Electronics - 1.0%
Koninklijke Philips Electronics NV (NY Shares)	250,000		6,985,000
LG Electronics, Inc.	100,000		7,575,900
Sharp Corp.	750,000		11,616,942
			26,177,842
INTERNET & CATALOG RETAIL - 0.0%
Catalog Retail - 0.0%
Insight Enterprises, Inc. (a)	44,400		924,852
OFFICE ELECTRONICS - 0.6%
Office Electronics - 0.6%
Canon, Inc. sponsored ADR	300,000		16,881,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 73.7%
Semiconductor Equipment - 11.3%
Amkor Technology, Inc. (a)	1,300,000		8,060,000
Applied Materials, Inc.	2,600,000		47,086,000
ASML Holding NV (NY Shares) (a)	3,300,000		63,228,000
ATMI, Inc. (a)	300,000		8,583,000
Axcelis Technologies, Inc. (a)	74,600		353,604
Cohu, Inc.	500,000		13,335,000
Entegris, Inc. (a)	1,000,000		10,100,000
FormFactor, Inc. (a)	500,000		14,030,000
KLA-Tencor Corp.	1,100,000		56,309,000
Lam Research Corp. (a)	700,000		26,278,000
MEMC Electronic Materials, Inc. (a)	1,250,000		27,975,000
MKS Instruments, Inc. (a)	300,000		5,661,000
Varian Semiconductor Equipment Associates, Inc. (a)	200,000		8,804,000
Veeco Instruments, Inc. (a)	600,000		10,626,000
			300,428,604
Semiconductors - 62.4%
Altera Corp. (a)	6,400,000		116,864,000
AMIS Holdings, Inc. (a)	1,500,000		14,955,000
Analog Devices, Inc.	5,000,000		189,600,000
ARM Holdings PLC sponsored ADR	8,000,000		50,320,000
ATI Technologies, Inc. (a)	1,000,000		16,314,458
Broadcom Corp. Class A (a)	150,000		6,981,000
Chartered Semiconductor Manufacturing Ltd. sponsored ADR (a)	1,500,000		11,265,000
Cree, Inc. (a)	250,000		6,707,500
Cypress Semiconductor Corp. (a)	1,100,000		16,500,000
Exar Corp. (a)	200,000		2,472,000
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Freescale Semiconductor, Inc.:
Class A (a)	1,001,400		$25,786,050
Class B (a)	1,007,248		25,986,998
Holtek Semiconductor, Inc.	4,859,000		6,596,485
Intel Corp.	12,000,000		320,159,998
Intersil Corp. Class A	400,000		10,260,000
Linear Technology Corp.	3,500,000		130,585,000
LSI Logic Corp. (a)	600,000		4,926,000
Marvell Technology Group Ltd. (a)	2,000,000		111,080,000
Maxim Integrated Products, Inc.	3,300,000		120,615,000
Microchip Technology, Inc.	400,000		13,344,000
Mindspeed Technologies, Inc. (a)	4,000,000		7,360,000
National Semiconductor Corp.	7,800,000		201,864,000
O2Micro International Ltd. sponsored ADR (a)	300,000		3,429,000
ON Semiconductor Corp. (a)	2,500,000		14,500,000
PMC-Sierra, Inc. (a)	3,362,900		26,466,023
Saifun Semiconductors Ltd.	3,000		86,700
Samsung Electronics Co. Ltd.	120,000		69,166,235
Siliconware Precision Industries Co. Ltd. sponsored ADR	1,500,002		7,920,011
STATS ChipPAC Ltd. sponsored ADR (a)	1,500,000		9,945,000
Sumco Corp.	5,300		204,348
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,500,000		23,950,000
Texas Instruments, Inc.	2,600,000		84,448,000
Trident Microsystems, Inc. (a)	200,000		3,768,000
Volterra Semiconductor Corp. (a)	1,000,000		12,620,000
		1,667,045,806
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,967,474,410
SOFTWARE - 0.6%
Application Software - 0.6%
Cadence Design Systems, Inc. (a)	500,000		8,570,000
Synopsys, Inc. (a)	400,000		7,808,000
			16,378,000
SPECIALTY RETAIL - 0.2%
Computer & Electronics Retail - 0.2%
Gamestop Corp. Class B (a)	160,000		5,024,000
TOTAL COMMON STOCKS (Cost $2,434,411,947)		2,599,297,521
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Procket Networks, Inc. Series C (a)(e) (Cost $2,469,000)	250,000		3

Convertible Bonds - 0.2%
	Principal Amount		Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc. 4.375% 7/1/12 (d) (Cost $2,980,000)	$2,980,000	$5,080,900

Money Market Funds - 5.4%
	Shares
Fidelity Cash Central Fund, 4.08% (b)	81,932,954		81,932,954
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	61,371,800		61,371,800
TOTAL MONEY MARKET FUNDS (Cost $143,304,754)		143,304,754

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $2,583,165,701)

2,747,683,178

NET OTHER ASSETS - (2.9)%		(76,273,805)
NET ASSETS - 100%		$2,671,409,373

Legend

(a)Non-income producing

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

(e)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3 or 0.0% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$1,094,284
Fidelity Securities Lending Cash Central Fund	282,747
Total	$1,377,031

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $2,596,225,171. Net unrealized appreciation aggregated $151,458,007, of which $318,399,739 related to appreciated investment securities and $166,941,732 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

November 30, 2005

ENE-QTLY-0106

1.810683.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CHEMICALS - 0.3%
Diversified Chemicals - 0.3%
Ashland, Inc.	119,400		$6,656,550
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Human Resource & Employment Services - 0.2%
CDI Corp.	171,200		4,834,688
CONSTRUCTION & ENGINEERING - 0.7%
Construction & Engineering - 0.7%
Fluor Corp.	134,900		9,996,090
Jacobs Engineering Group, Inc. (a)	39,600		2,572,812
JGC Corp.	202,000		3,675,026
			16,243,928
CONTAINERS & PACKAGING - 0.7%
Paper Packaging - 0.7%
Smurfit-Stone Container Corp. (a)	1,317,660		16,694,752
ELECTRIC UTILITIES - 1.0%
Electric Utilities - 1.0%
Allegheny Energy, Inc. (a)	169,000		4,703,270
Edison International	88,600		3,997,632
Exelon Corp.	256,600		13,353,464
			22,054,366
ELECTRICAL EQUIPMENT - 0.2%
Heavy Electrical Equipment - 0.2%
Vestas Wind Systems AS (a)	254,100		3,788,068
ENERGY EQUIPMENT & SERVICES - 39.1%
Oil & Gas Drilling - 7.8%
AKITA Drilling Ltd. Class A (non-vtg.)	623,800		11,390,921
Cathedral Energy Services Income Trust	915,200		7,830,336
Diamond Offshore Drilling, Inc.	310,500		19,431,090
ENSCO International, Inc.	64,400		3,049,984
GlobalSantaFe Corp.	1,144,200		51,900,912
Noble Corp.	206,400		14,875,248
Patterson-UTI Energy, Inc.	686,500		21,446,260
Pride International, Inc. (a)	814,200		24,255,018
Rowan Companies, Inc.	20,700		742,716
Stoneham Drilling Trust	189,600		3,697,887
TODCO Class A	334,600		13,909,322
Union Drilling, Inc.	123,000		1,790,880
			174,320,574
Oil & Gas Equipment & Services - 31.3%
Baker Hughes, Inc.	625,250		35,858,088
BJ Services Co.	2,484,900		91,071,585
Cooper Cameron Corp. (a)	82,000		6,529,660
Core Laboratories NV (a)	274,200		10,008,300
Dawson Geophysical Co. (a)	198,400		6,102,784
Dril-Quip, Inc. (a)	6,100		311,100
Grant Prideco, Inc. (a)	552,800		21,221,992
Halliburton Co.	2,543,400		161,887,408
Hydril Co. (a)	107,700		6,903,570

	Shares		Value
NATCO Group, Inc. Class A (a)	218,400		$5,066,880
National Oilwell Varco, Inc. (a)	2,293,250		139,016,815
NS Group, Inc. (a)	58,900		2,417,256
Oil States International, Inc. (a)	13,400		456,404
RPC, Inc.	258,100		8,568,920
Savanna Energy Services Corp. (a)	385,200		8,873,354
Schlumberger Ltd. (NY Shares)	1,196,280		114,519,884
Smith International, Inc.	1,580,300		59,719,537
Superior Energy Services, Inc. (a)	379,500		8,261,715
Veritas DGC, Inc. (a)	279,900		9,152,730
			695,947,982
TOTAL ENERGY EQUIPMENT & SERVICES			870,268,556
GAS UTILITIES - 0.9%
Gas Utilities - 0.9%
Questar Corp.	215,900		16,097,504
Xinao Gas Holdings Ltd.	5,642,000		4,329,031
			20,426,535
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.9%
Independent Power & Energy Trade - 1.9%
AES Corp. (a)	1,110,700		17,515,739
NRG Energy, Inc. (a)	111,700		4,877,939
TXU Corp.	185,500		19,037,865
			41,431,543
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
Joy Global, Inc.	53,000		2,803,170
METALS & MINING - 0.1%
Steel - 0.1%
Hitachi Metals Ltd.	272,000		2,678,573
MULTI-UTILITIES - 0.9%
Multi-Utilities - 0.9%
Dominion Resources, Inc.	271,200		20,597,640
OIL, GAS & CONSUMABLE FUELS - 53.4%
Coal & Consumable Fuels - 5.1%
Arch Coal, Inc.	325,500		25,076,520
CONSOL Energy, Inc.	758,400		49,083,648
Peabody Energy Corp.	505,900		39,895,274
			114,055,442
Integrated Oil & Gas - 21.1%
Amerada Hess Corp.	545,800		66,871,416
BG Group PLC sponsored ADR	633,100		29,635,411
BP PLC sponsored ADR	476,400		31,366,176
Chevron Corp.	1,127,332		64,607,397
ConocoPhillips	1,490,072		90,164,257
ENI Spa sponsored ADR	1,100		149,171
Exxon Mobil Corp.	1,056,010		61,280,260
Marathon Oil Corp.	3,137		185,993
MOL Magyar Olay-es Gazipari RT GDR	89,552		8,596,992
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - continued
Occidental Petroleum Corp.	395,300		$31,347,290
OMV AG	190,900		10,547,740
Repsol YPF SA sponsored ADR	189,600		5,596,992
Royal Dutch Shell PLC Class A sponsored ADR	1,300		80,106
Total SA sponsored ADR	560,100		69,838,869
			470,268,070
Oil & Gas Exploration & Production - 17.1%
Apache Corp.	329,800		21,529,344
Blackrock Ventures, Inc. (a)	516,500		4,627,224
Brigham Exploration Co. (a)	207,200		2,536,128
Burlington Resources, Inc.	508,600		36,746,350
Cabot Oil & Gas Corp.	116,500		4,917,465
Canadian Natural Resources Ltd.	1,339,200		60,699,991
Chesapeake Energy Corp.	1,408,400		40,773,180
Comstock Resources, Inc. (a)	133,000		4,079,110
Devon Energy Corp.	94,400		5,682,880
EnCana Corp.	213,876		9,492,358
EOG Resources, Inc.	58,600		4,204,550
Forest Oil Corp. (a)	363,300		16,279,473
Gastar Exploration Ltd. (a)	1,123,600		3,930,120
Houston Exploration Co. (a)	364,800		19,939,968
Kerr-McGee Corp.	62,500		5,403,125
Newfield Exploration Co. (a)	253,500		11,726,910
Nexen, Inc.	68,000		2,987,115
Pioneer Natural Resources Co.	17,500		891,275
Plains Exploration & Production Co. (a)	480,700		20,381,680
Quicksilver Resources, Inc. (a)	261,800		9,911,748
Range Resources Corp.	746,600		27,803,384
Talisman Energy, Inc.	520,600		24,890,790
Ultra Petroleum Corp. (a)	789,400		42,453,932
			381,888,100
Oil & Gas Refining & Marketing - 8.7%
ERG Spa	137,700		3,391,025
Frontier Oil Corp.	338,600		12,758,448
Giant Industries, Inc. (a)	125,800		6,749,170
Holly Corp.	287,900		17,510,078
Neste Oil Oyj	432,550		12,671,303
Nippon Oil Corp.	1,419,600		10,318,979

	Shares		Value
Polski Koncern Naftowy Orlen SA unit	4,000		$144,920
Sunoco, Inc.	372,200		28,733,840
Tesoro Corp.	85,800		4,725,006
Tupras-Turkiye Petrol Rafinerileri AS	360,200		6,319,764
Valero Energy Corp.	903,616		86,927,859
World Fuel Services Corp.	75,300		2,586,555
			192,836,947
Oil & Gas Storage & Transport - 1.4%
OMI Corp.	1,051,500		20,399,100
Overseas Shipholding Group, Inc.	181,100		9,228,856
Teekay Shipping Corp.	3,100		131,409
Williams Companies, Inc.	8,600		184,900
			29,944,265
TOTAL OIL, GAS & CONSUMABLE FUELS		1,188,992,824
TOTAL COMMON STOCKS (Cost $1,775,137,779)		2,217,471,193
Money Market Funds - 7.1%

Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c) (Cost $157,327,550)	157,327,550	157,327,550

TOTAL INVESTMENT PORTFOLIO - 106.6%

(Cost $1,932,465,329)

2,374,798,743

NET OTHER ASSETS - (6.6)%		(146,300,619)
NET ASSETS - 100%		$2,228,498,124

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$1,390,721
Fidelity Securities Lending Cash Central Fund	302,845
Total	$1,693,566

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,937,879,898. Net unrealized appreciation aggregated $436,918,845, of which $462,867,073 related to appreciated investment securities and $25,948,228 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

November 30, 2005

ENS-QTLY-0106

1.810703.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
McDermott International, Inc. (a)	173,100		$7,245,966
ENERGY EQUIPMENT & SERVICES - 94.5%
Oil & Gas Drilling - 29.4%
Diamond Offshore Drilling, Inc.	759,100		47,504,478
GlobalSantaFe Corp.	1,207,010		54,749,974
Helmerich & Payne, Inc.	178,000		10,327,560
Nabors Industries Ltd. (a)	890,377		62,335,294
Noble Corp.	777,250		56,016,408
Patterson-UTI Energy, Inc.	1,575,200		49,209,248
Pride International, Inc. (a)	1,702,986		50,731,953
TODCO Class A	403,900		16,790,123
Transocean, Inc. (a)	646,927		41,299,820
Trinidad Energy Services Income Trust	222,300		3,043,535
			392,008,393
Oil & Gas Equipment & Services - 65.1%
Allis-Chalmers Energy, Inc.	180,400		1,959,144
Baker Hughes, Inc.	1,242,836		71,276,645
BJ Services Co.	2,648,874		97,081,232
Cal Dive International, Inc. (a)	378,300		27,468,363
Core Laboratories NV (a)	248,000		9,052,000
Dril-Quip, Inc. (a)	128,500		6,553,500
Grant Prideco, Inc. (a)	1,232,305		47,308,189
Halliburton Co.	2,128,967		135,508,747
Hornbeck Offshore Services, Inc. (a)	393,400		12,887,784
Hydril Co. (a)	57,900		3,711,390
Input/Output, Inc. (a)	363,900		2,707,416
Key Energy Services, Inc. (a)	113,700		1,603,170
Lone Star Technologies, Inc. (a)	317,300		15,547,700
Maverick Tube Corp. (a)	229,000		8,713,450
National Oilwell Varco, Inc. (a)	1,677,231		101,673,743
NS Group, Inc. (a)	120,200		4,933,008
Oceaneering International, Inc. (a)	278,000		14,178,000
Oil States International, Inc. (a)	809,200		27,561,352
Pason Systems, Inc.	150,200		3,604,182
RPC, Inc.	582,900		19,352,280
Savanna Energy Services Corp. (a)	309,500		7,129,551
Schlumberger Ltd. (NY Shares)	1,230,645		117,809,646
Smith International, Inc.	1,251,256		47,284,964
Superior Energy Services, Inc. (a)	644,500		14,030,765
TETRA Technologies, Inc. (a)	106,900		3,132,170

	Shares		Value
Veritas DGC, Inc. (a)	341,700		$11,173,590
Weatherford International Ltd. (a)	782,805		54,412,776
			867,654,757
TOTAL ENERGY EQUIPMENT & SERVICES		1,259,663,150
OIL, GAS & CONSUMABLE FUELS - 3.8%
Oil & Gas Exploration & Production - 3.0%
Forest Oil Corp. (a)	293,100		13,133,811
Quicksilver Resources, Inc. (a)	345,500		13,080,630
Range Resources Corp.	360,300		13,417,572
			39,632,013
Oil & Gas Refining & Marketing - 0.8%
Valero Energy Corp.	113,500		10,918,700
TOTAL OIL, GAS & CONSUMABLE FUELS			50,550,713
TOTAL COMMON STOCKS (Cost $833,423,525)		1,317,459,829
Money Market Funds - 1.4%

Fidelity Cash Central Fund, 4.08% (b)	10,776,255		10,776,255
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	7,893,700		7,893,700
TOTAL MONEY MARKET FUNDS (Cost $18,669,955)		18,669,955

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $852,093,480)

1,336,129,784

NET OTHER ASSETS - (0.2)%		(2,752,628)
NET ASSETS - 100%		$1,333,377,156

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$1,017,723
Fidelity Securities Lending Cash Central Fund	91,630
Total	$1,109,353

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $854,450,212. Net unrealized appreciation aggregated $481,679,572, of which $486,048,515 related to appreciated investment securities and $4,368,943 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

November 30, 2005

ENV-QTLY-0106

1.810704.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CHEMICALS - 10.9%
Commodity Chemicals - 0.4%
Calgon Carbon Corp.	13,300		$76,608
Specialty Chemicals - 10.5%
Ecolab, Inc.	33,200		1,104,564
Nalco Holding Co.	46,000		773,720
			1,878,284
TOTAL CHEMICALS			1,954,892
COMMERCIAL SERVICES & SUPPLIES - 27.3%
Diversified Commercial & Professional Services - 3.7%
Tetra Tech, Inc. (a)	43,000		670,800
Environmental & Facility Services - 23.6%
Casella Waste Systems, Inc. Class A (a)	44,400		543,456
Clean Harbors, Inc. (a)	7,500		216,450
Marsulex, Inc. (a)	23,700		154,417
Republic Services, Inc.	22,000		788,700
Waste Connections, Inc. (a)	19,600		682,864
Waste Management, Inc.	61,093		1,827,292
			4,213,179
TOTAL COMMERCIAL SERVICES & SUPPLIES			4,883,979
ELECTRIC UTILITIES - 3.1%
Electric Utilities - 3.1%
Edison International	12,400		559,488
ELECTRICAL EQUIPMENT - 2.3%
Electrical Components & Equipment - 1.2%
FuelCell Energy, Inc. (a)	12,000		101,160
Hydrogenics Corp. (a)	41,300		114,009
			215,169
Heavy Electrical Equipment - 1.1%
Capstone Turbine Corp. (a)	43,400		147,126
Plug Power, Inc. (a)	7,900		40,527
			187,653
TOTAL ELECTRICAL EQUIPMENT			402,822
ENERGY EQUIPMENT & SERVICES - 1.4%
Oil & Gas Equipment & Services - 1.4%
Newpark Resources, Inc. (a)	33,400		244,822
FOOD & STAPLES RETAILING - 6.6%
Food Distributors - 3.0%
United Natural Foods, Inc. (a)	19,200		539,136

	Shares		Value
Food Retail - 3.6%
Whole Foods Market, Inc.	1,500		$220,920
Wild Oats Markets, Inc. (a)	34,700		419,176
			640,096
TOTAL FOOD & STAPLES RETAILING			1,179,232
FOOD PRODUCTS - 3.2%
Packaged Foods & Meats - 3.2%
Flowers Foods, Inc.	6,300		163,296
Green Mountain Coffee Roasters, Inc. (a)	3,200		131,264
Hain Celestial Group, Inc. (a)	12,100		270,193
			564,753
HEALTH CARE EQUIPMENT & SUPPLIES - 9.6%
Health Care Supplies - 9.6%
Millipore Corp. (a)	26,800		1,711,448
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 3.0%
Independent Power & Energy Trade - 3.0%
NRG Energy, Inc. (a)	5,100		222,717
Ormat Technologies, Inc.	12,400		310,620
			533,337
MACHINERY - 18.4%
Industrial Machinery - 18.4%
CLARCOR, Inc.	34,200		1,014,714
Donaldson Co., Inc.	38,400		1,284,096
ESCO Technologies, Inc. (a)	14,900		640,700
Zenon Environmental, Inc. (a)	19,400		340,783
			3,280,293
MULTI-UTILITIES - 10.8%
Multi-Utilities - 10.8%
Veolia Environnement sponsored ADR	45,000		1,926,900
OIL, GAS & CONSUMABLE FUELS - 1.3%
Oil & Gas Exploration & Production - 1.3%
Cheniere Energy, Inc. (a)	6,600		236,478
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
Semiconductor Equipment - 0.7%
Asyst Technologies, Inc. (a)	20,300		126,266
TOTAL COMMON STOCKS (Cost $16,522,415)		17,604,710
Money Market Funds - 4.2%
	Shares		Value
Fidelity Cash Central Fund, 4.08% (b)	72,410		$72,410
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	683,375		683,375
TOTAL MONEY MARKET FUNDS (Cost $755,785)		755,785

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $17,278,200)

18,360,495

NET OTHER ASSETS - (2.8)%			(500,900)
NET ASSETS - 100%		$17,859,595

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$21,196
Fidelity Securities Lending Cash Central Fund		30,672
Total		$51,868

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $17,544,182. Net unrealized appreciation aggregated $816,313, of which $1,637,300 related to appreciated investment securities and $820,987 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

November 30, 2005

FIN-QTLY-0106

1.810693.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CAPITAL MARKETS - 16.8%
Asset Management & Custody Banks - 5.0%
American Capital Strategies Ltd.	15,100		$579,236
Ameriprise Financial, Inc.	49,440		2,078,952
Bank of New York Co., Inc.	57,236		1,854,446
Calamos Asset Management, Inc. Class A	25,600		693,760
Federated Investors, Inc. Class B (non-vtg.)	23,150		845,901
FirstCity Financial Corp. (a)	29,010		335,356
Franklin Resources, Inc.	49,300		4,578,984
Investors Financial Services Corp.	86,900		3,280,475
Legg Mason, Inc.	23,600		2,894,540
Northern Trust Corp.	61,300		3,229,897
Nuveen Investments, Inc. Class A	31,600		1,310,136
State Street Corp.	60,900		3,513,321
			25,195,004
Diversified Capital Markets - 2.1%
Credit Suisse Group sponsored ADR	30,200		1,464,398
Deutsche Bank AG (NY Shares)	6,200		604,004
UBS AG (NY Shares)	90,900		8,355,528
			10,423,930
Investment Banking & Brokerage - 9.7%
Ameritrade Holding Corp. (a)	47,165		1,101,774
Bear Stearns Companies, Inc.	16,800		1,864,632
Charles Schwab Corp.	123,800		1,887,950
E*TRADE Financial Corp. (a)	353,600		6,902,272
Goldman Sachs Group, Inc.	53,200		6,860,672
LaBranche & Co., Inc. (a)	39,400		420,792
Lazard Ltd. Class A	54,900		1,718,370
Lehman Brothers Holdings, Inc.	16,400		2,066,400
Merrill Lynch & Co., Inc.	253,400		16,830,828
Morgan Stanley	80,800		4,527,224
Nikko Cordial Corp.	55,500		757,292
Nomura Holdings, Inc.	58,600		975,690
Piper Jaffray Companies (a)	2,352		93,468
TradeStation Group, Inc. (a)	199,347		2,374,223
			48,381,587
TOTAL CAPITAL MARKETS			84,000,521
COMMERCIAL BANKS - 23.0%
Diversified Banks - 19.0%
ABN-AMRO Holding NV sponsored ADR	52,300		1,284,488
Banco Popolare di Verona e Novara	129,500		2,514,328
Bangkok Bank Ltd. PCL (For. Reg.)	432,900		1,102,061
Bank of America Corp.	546,226		25,066,311
Deutsche Postbank AG	23,800		1,292,850
HDFC Bank Ltd. sponsored ADR	75,100		3,724,209
HSBC Holdings PLC sponsored ADR	3,151		251,891
Korea Exchange Bank (a)	123,960		1,565,181
National Bank of Canada	75,900		4,018,675

	Shares		Value
Royal Bank of Canada	55,200		$4,212,700
Standard Chartered PLC (United Kingdom)	155,500		3,329,636
State Bank of India	88,431		1,899,792
U.S. Bancorp, Delaware	282,800		8,563,184
Wachovia Corp.	275,559		14,714,851
Wells Fargo & Co.	347,150		21,818,378
			95,358,535
Regional Banks - 4.0%
Cathay General Bancorp	78,749		2,992,462
Center Financial Corp., California	72,000		1,807,200
City National Corp.	11,600		847,148
East West Bancorp, Inc.	12,523		473,870
Higashi-Nippon Bank Ltd.	131,600		680,926
Hokuhoku Financial Group, Inc.	183,000		788,049
Kansai Urban Banking Corp.	37,000		172,610
Kyushu-Shinwa Holdings, Inc. (a)	361,000		1,024,327
M&T Bank Corp.	10,800		1,168,776
Nara Bancorp, Inc.	4,900		91,728
Nishi-Nippon City Bank Ltd.	127,000		755,694
North Fork Bancorp, Inc., New York	47,932		1,294,164
SVB Financial Group (a)	45,800		2,202,522
Synovus Financial Corp.	1,000		28,150
The Keiyo Bank Ltd.	106,000		718,314
UCBH Holdings, Inc.	55,300		975,492
UnionBanCal Corp.	29,400		2,034,480
Westcorp	31,500		2,118,060
			20,173,972
TOTAL COMMERCIAL BANKS			115,532,507
CONSUMER FINANCE - 5.9%
Consumer Finance - 5.9%
Advanta Corp. Class B	27,000		874,260
American Express Co.	262,400		13,492,608
Capital One Financial Corp.	39,400		3,272,564
Dollar Financial Corp.	300,879		3,577,451
MBNA Corp.	176,600		4,727,582
SLM Corp.	67,600		3,552,380
			29,496,845
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
Jackson Hewitt Tax Service, Inc.	148,700		3,574,748
DIVERSIFIED FINANCIAL SERVICES - 9.2%
Other Diversifed Financial Services - 7.4%
Citigroup, Inc.	228,834		11,109,891
Indiabulls Financial Services Ltd.	230,883		829,398
ING Groep NV sponsored ADR	31,400		1,015,476
JPMorgan Chase & Co.	631,845		24,168,071
			37,122,836
Specialized Finance - 1.8%
Asset Acceptance Capital Corp. (a)	111,738		2,280,573
Common Stocks - continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - CONTINUED
Specialized Finance - continued
Chicago Mercantile Exchange Holdings, Inc. Class A	300		$106,245
CIT Group, Inc.	70,900		3,509,550
Encore Capital Group, Inc. (a)	20,900		342,342
Infrastructure Development Finance Co. Ltd.	39,415		64,246
IntercontinentalExchange, Inc.	56,900		1,837,870
Marlin Business Services Corp. (a)	44,234		1,004,554
			9,145,380
TOTAL DIVERSIFIED FINANCIAL SERVICES			46,268,216
INSURANCE - 30.6%
Insurance Brokers - 0.4%
Hilb Rogal & Hobbs Co.	6,000		233,880
Marsh & McLennan Companies, Inc.	44,500		1,374,605
National Financial Partners Corp.	6,600		335,874
			1,944,359
Life & Health Insurance - 5.1%
AFLAC, Inc.	118,500		5,688,000
Lincoln National Corp.	6,300		327,474
MetLife, Inc.	138,100		7,103,864
Protective Life Corp.	10,500		463,890
Prudential Financial, Inc.	59,400		4,597,560
Sun Life Financial, Inc.	151,100		6,004,102
Torchmark Corp.	21,900		1,185,228
			25,370,118
Multi-Line Insurance - 11.2%
American International Group, Inc.	693,251		46,544,871
Genworth Financial, Inc. Class A (non-vtg.)	19,500		671,775
Hartford Financial Services Group, Inc.	81,100		7,085,707
HCC Insurance Holdings, Inc.	52,750		1,611,513
Unitrin, Inc.	8,800		417,120
			56,330,986
Property & Casualty Insurance - 8.9%
ACE Ltd.	229,000		12,709,500
Allstate Corp.	67,400		3,781,140
AMBAC Financial Group, Inc.	59,100		4,532,379
Aspen Insurance Holdings Ltd.	149,700		3,746,991
Axis Capital Holdings Ltd.	66,900		2,025,732
Berkshire Hathaway, Inc. Class B (a)	1,560		4,609,800
Fidelity National Financial, Inc.	40,475		1,530,765
Fidelity National Title Group, Inc. Class A	5,683		129,572
James River Group, Inc.	13,500		253,260
MBIA, Inc.	22,100		1,365,338
The St. Paul Travelers Companies, Inc.	120,900		5,625,477
XL Capital Ltd. Class A	68,700		4,560,306
			44,870,260

	Shares		Value
Reinsurance - 5.0%
Endurance Specialty Holdings Ltd.	244,670		$8,428,882
Everest Re Group Ltd.	10,400		1,093,248
IPC Holdings Ltd.	6,200		181,040
Max Re Capital Ltd.	88,299		2,357,583
Montpelier Re Holdings Ltd.	76,200		1,495,806
PartnerRe Ltd.	62,700		4,281,156
Platinum Underwriters Holdings Ltd.	118,200		3,600,372
Scottish Re Group Ltd.	87,700		2,212,671
Swiss Reinsurance Co. (Reg.)	17,963		1,326,545
			24,977,303
TOTAL INSURANCE			153,493,026
REAL ESTATE - 4.5%
Real Estate Investment Trusts - 4.3%
Apartment Investment & Management Co. Class A	56,200		2,176,626
CBL & Associates Properties, Inc.	30,360		1,221,990
Digital Realty Trust, Inc.	57,000		1,281,360
Duke Realty Corp.	26,300		894,200
Equity Lifestyle Properties, Inc.	16,300		755,668
Equity Residential (SBI)	88,300		3,599,108
Federal Realty Investment Trust (SBI)	9,300		585,714
General Growth Properties, Inc.	18,500		843,970
Healthcare Realty Trust, Inc.	58,800		2,059,176
Kimco Realty Corp.	25,800		811,410
Reckson Associates Realty Corp.	31,800		1,168,014
Simon Property Group, Inc.	59,800		4,623,138
The Mills Corp.	11,900		510,510
United Dominion Realty Trust, Inc. (SBI)	45,100		1,009,789
Vornado Realty Trust	200		17,070
			21,557,743
Real Estate Management & Development - 0.2%
Mitsui Fudosan Co. Ltd.	73,000		1,178,844
TOTAL REAL ESTATE			22,736,587
THRIFTS & MORTGAGE FINANCE - 8.4%
Thrifts & Mortgage Finance - 8.4%
Countrywide Financial Corp.	145,037		5,048,738
Doral Financial Corp.	26,150		264,115
Downey Financial Corp.	8,100		524,070
Fannie Mae	220,100		10,575,805
Freddie Mac	33,600		2,098,320
Golden West Financial Corp., Delaware	82,700		5,358,133
Housing Development Finance Corp. Ltd.	50,317		1,236,763
Hudson City Bancorp, Inc.	275,311		3,278,954
Hypo Real Estate Holding AG	19,900		1,036,893
MGIC Investment Corp.	21,100		1,373,610
Radian Group, Inc.	25,800		1,459,248
Sovereign Bancorp, Inc.	94,900		2,074,514
The PMI Group, Inc.	27,300		1,108,380
Common Stocks - continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE - CONTINUED
Thrifts & Mortgage Finance - continued
W Holding Co., Inc.	118,907		$980,983
Washington Mutual, Inc.	138,000		5,684,220
			42,102,746
TOTAL COMMON STOCKS (Cost $357,471,185)		497,205,196
Money Market Funds - 1.7%

Fidelity Cash Central Fund, 4.08% (b)	3,573,356		3,573,356
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	5,179,500		5,179,500
TOTAL MONEY MARKET FUNDS (Cost $8,752,856)		8,752,856

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $366,224,041)

505,958,052

NET OTHER ASSETS - (0.8)%		(4,013,613)
NET ASSETS - 100%		$501,944,439

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$159,651
Fidelity Securities Lending Cash Central Fund		66,593
Total		$226,244

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $367,659,987. Net unrealized appreciation aggregated $138,298,065, of which $144,350,752 related to appreciated investment securities and $6,052,687 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Food and Agriculture Portfolio

November 30, 2005

FOO-QTLY-0106

1.810694.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
BEVERAGES - 22.3%
Brewers - 1.4%
Anheuser-Busch Companies, Inc.	100		$4,374
Efes Breweries International NV unit (a)(d)	7,000		224,000
InBev SA	19,800		837,950
SABMiller PLC	42,900		762,032
			1,828,356
Distillers & Vintners - 3.5%
Brown-Forman Corp. Class B (non-vtg.)	5,500		378,730
Constellation Brands, Inc. Class A (sub. vtg.) (a)	41,400		977,868
Diageo PLC sponsored ADR	33,600		1,953,840
Pernod Ricard SA	6,500		1,064,325
			4,374,763
Soft Drinks - 17.4%
Coca-Cola Enterprises, Inc.	237,900		4,572,438
Coca-Cola Femsa SA de CV sponsored ADR	11,800		297,242
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	24,300		672,624
Fomento Economico Mexicano SA de CV sponsored ADR	6,600		448,734
Pepsi Bottling Group, Inc.	100		2,950
PepsiCo, Inc.	139,800		8,276,160
The Coca-Cola Co.	181,500		7,748,235
			22,018,383
TOTAL BEVERAGES			28,221,502
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Senomyx, Inc. (a)	23,800		303,212
CHEMICALS - 3.5%
Fertilizers & Agricultural Chemicals - 3.5%
Agrium, Inc.	19,400		395,168
CF Industries Holdings, Inc.	100		1,545
Monsanto Co.	45,500		3,333,785
Mosaic Co. (a)	13,800		186,852
Syngenta AG sponsored ADR	21,000		458,850
			4,376,200
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Diversified Commercial & Professional Services - 0.9%
Aramark Corp. Class B	41,900		1,086,048
FOOD & STAPLES RETAILING - 9.9%
Food Distributors - 2.5%
Central European Distribution Corp. (a)	8,000		349,680
Performance Food Group Co. (a)	100		2,840
Sysco Corp.	87,100		2,815,072
			3,167,592

	Shares		Value
Food Retail - 5.9%
Albertsons, Inc.	100		$2,350
Kroger Co. (a)	197,400		3,841,404
Safeway, Inc.	126,000		2,929,500
SUPERVALU, Inc.	100		3,272
Whole Foods Market, Inc.	4,500		662,760
			7,439,286
Hypermarkets & Super Centers - 1.5%
Wal-Mart Stores, Inc.	39,200		1,903,552
TOTAL FOOD & STAPLES RETAILING			12,510,430
FOOD PRODUCTS - 32.4%
Agricultural Products - 4.2%
Archer-Daniels-Midland Co.	100,300		2,364,071
Bunge Ltd.	24,200		1,294,700
Corn Products International, Inc.	74,600		1,659,850
			5,318,621
Packaged Foods & Meats - 28.2%
Cadbury Schweppes PLC sponsored ADR	8,200		316,356
Campbell Soup Co.	27,000		815,670
ConAgra Foods, Inc.	100		2,150
Dean Foods Co. (a)	50		1,910
General Mills, Inc.	81,900		3,892,707
Groupe Danone sponsored ADR	3,100		63,922
Kellogg Co.	125,700		5,539,599
Koninklijke Numico NV (a)	3,600		148,365
Kraft Foods, Inc. Class A	74,600		2,158,924
Lindt & Spruengli AG	30		497,395
Nestle SA sponsored ADR	144,000		10,627,200
People's Food Holdings Ltd.	100		59
Ralcorp Holdings, Inc. (a)	100		4,169
Smithfield Foods, Inc. (a)	20,600		602,138
Tyson Foods, Inc. Class A	74,200		1,248,786
Unilever NV (NY Shares)	107,100		7,173,558
Wm. Wrigley Jr. Co.	38,200		2,620,138
			35,713,046
TOTAL FOOD PRODUCTS			41,031,667
HOTELS, RESTAURANTS & LEISURE - 16.7%
Restaurants - 16.7%
Applebee's International, Inc.	23,300		534,036
Brinker International, Inc.	100		3,968
Buffalo Wild Wings, Inc. (a)	114,814		3,240,051
California Pizza Kitchen, Inc. (a)	9,700		317,966
Domino's Pizza, Inc.	46,500		1,162,500
Famous Dave's of America, Inc. (a)	100		1,071
Jack in the Box, Inc. (a)	58		1,949
McCormick & Schmick's Seafood Restaurants (a)	100		2,374
McDonald's Corp.	231,700		7,843,045
Outback Steakhouse, Inc.	42,900		1,728,012
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - CONTINUED
Restaurants - continued
Rare Hospitality International, Inc. (a)	100		$3,203
Red Robin Gourmet Burgers, Inc. (a)	34,500		1,894,050
Sonic Corp. (a)	50		1,480
Starbucks Corp. (a)	82,600		2,515,170
Wendy's International, Inc.	19,400		985,132
Yum! Brands, Inc.	19,600		956,284
			21,190,291
HOUSEHOLD PRODUCTS - 4.4%
Household Products - 4.4%
Colgate-Palmolive Co.	71,650		3,906,358
Procter & Gamble Co.	28,497		1,629,743
Reckitt Benckiser PLC	100		3,096
			5,539,197
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
AGCO Corp. (a)	21,500		363,995
Caterpillar, Inc.	6,300		364,014
CNH Global NV	100		1,680
Deere & Co.	6,300		436,905
			1,166,594
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
Avon Products, Inc.	2,000		54,700
TOBACCO - 8.4%
Tobacco - 8.4%
Altadis SA (Spain)	100		4,227
Altria Group, Inc.	115,100		8,378,129
British American Tobacco PLC sponsored ADR	15,000		655,500
Imperial Tobacco Group PLC	10,900		325,020
Loews Corp. - Carolina Group	3,100		124,775
Reynolds American, Inc.	12,800		1,139,456
			10,627,107
TOTAL COMMON STOCKS (Cost $107,232,041)		126,106,948
Money Market Funds - 4.2%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c) (Cost $5,296,850)	5,296,850	$5,296,850

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $112,528,891)

131,403,798

NET OTHER ASSETS - (3.8)%		(4,801,930)
NET ASSETS - 100%		$126,601,868

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$48,552
Fidelity Securities Lending Cash Central Fund		37,318
Total		$85,870

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $113,132,603. Net unrealized appreciation aggregated $18,271,195, of which $20,287,074 related to appreciated investment securities and $2,015,879 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

November 30, 2005

GOL-QTLY-0106

1.810695.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.5%
	Shares		Value
Australia - 3.4%
METALS & MINING - 3.4%
Gold - 3.4%
Newcrest Mining Ltd.	2,002,271		$31,506,485
Bermuda - 2.8%
METALS & MINING - 2.8%
Precious Metals & Minerals - 2.8%
Aquarius Platinum Ltd.:
(Australia)	3,042,877		24,389,990
(United Kingdom)	221,030		1,815,894
			26,205,884
Canada - 54.5%
METALS & MINING - 54.5%
Diversified Metals & Mining - 3.1%
IMA Exploration, Inc. (a)	1,299,600		3,197,610
Major Drilling Group International, Inc. (a)	500,000		7,359,938
New Gold, Inc. (a)	102,500		628,295
Teck Cominco Ltd. Class B (sub. vtg.)	400,000		18,363,410
			29,549,253
Gold - 45.7%
Alamos Gold, Inc. (a)(d)	4,356,700		17,591,887
Arizona Star Resource Corp. (a)	1,857,000		10,459,505
Aurizon Mines Ltd. (a)	1,830,200		2,039,745
Bema Gold Corp. (a)	12,500,000		34,613,571
Bolivar Gold Corp. (a)(d)	11,050,000		27,756,440
Cambior, Inc. (a)	9,901,600		21,815,862
Chesapeake Gold Corp. (a)	274,500		894,252
Chesapeake Gold Corp. (a)(e)	199,000		648,292
Crystallex International Corp. (a)(d)	12,700,000		26,674,954
Eldorado Gold Corp. (a)(d)	17,080,000		68,381,499
Gabriel Resources Ltd. (a)(d)	11,327,200		22,917,564
Gabriel Resources Ltd. (a)(d)(e)	1,130,000		2,286,253
Gabriel Resources Ltd. warrants 3/31/07 (a)	83,350		59,309
Goldcorp, Inc.	196,100		3,984,371
Goldcorp, Inc. Class C warrants 5/30/07 (a)	2,820,000		10,516,524
Golden Star Resources Ltd. (a)	1,640,000		3,739,895
High River Gold Mines Ltd. (a)(d)	12,600,000		13,502,508
High River Gold Mines Ltd. (a)(d)(f)	2,500,000		2,679,069
High River Gold Mines Ltd. warrants 10/26/06 (a)	1,832,500		16
IAMGOLD Corp.	600,000		4,475,117
Kinross Gold Corp. (a)(e)	866,666		6,501,202
Kinross Gold Corp. (a)	4,133,334		31,005,763
Kinross Gold Corp. warrants 12/5/07 (a)	1,293,000		365,802
Linear Gold Corp. (a)	129,100		419,468
Meridian Gold, Inc. (a)	600,000		11,568,434
Novagold Resources, Inc. (a)	600,000		5,503,879

	Shares		Value
Orezone Resources, Inc. Class A (a)	5,000,000		$8,573,021
Placer Dome, Inc.	3,700,000		81,013,334
Richmont Mines, Inc. (a)	797,800		2,941,009
Richmont Mines, Inc. (a)(f)	200,000		737,280
Virginia Gold Mines, Inc. (a)	575,900		3,762,148
			427,427,973
Precious Metals & Minerals - 5.7%
Aber Diamond Corp.	852,900		30,527,305
Intrepid Minerals Corp. (a)(d)	3,500,000		1,440,267
Minefinders Corp. Ltd. (a)(d)	3,660,000		18,826,353
Shore Gold, Inc. (a)	127,900		747,806
SouthernEra Diamonds, Inc. Class A (a)(d)	6,199,500		1,913,344
			53,455,075
TOTAL METALS & MINING			510,432,301
Cayman Islands - 1.8%
METALS & MINING - 1.8%
Precious Metals & Minerals - 1.8%
Apex Silver Mines Ltd. (a)	1,000,000		16,820,000
Mexico - 0.2%
METALS & MINING - 0.2%
Precious Metals & Minerals - 0.2%
Industrias Penoles SA de CV	295,700		1,649,950
Papua New Guinea - 2.8%
METALS & MINING - 2.8%
Gold - 2.8%
Lihir Gold Ltd. (a)	15,000,020		26,040,972
Peru - 1.9%
METALS & MINING - 1.9%
Precious Metals & Minerals - 1.9%
Compania de Minas Buenaventura SA	400,000		11,129,009
Compania de Minas Buenaventura SA sponsored ADR	250,000		7,005,000
			18,134,009
South Africa - 11.8%
METALS & MINING - 11.8%
Diversified Metals & Mining - 0.8%
African Rainbow Minerals Ltd. (a)	1,100,000		6,892,550
Gold - 8.2%
DRDGOLD Ltd. sponsored ADR	3,999,098		5,238,818
Gold Fields Ltd. sponsored ADR	1,800,000		26,910,000
Harmony Gold Mining Co. Ltd. (a)	2,911,990		35,147,722
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	588,010		7,097,281
Western Areas Ltd. (a)	500,000		2,533,457
			76,927,278
Common Stocks - continued
	Shares		Value
South Africa - continued
METALS & MINING - CONTINUED
Precious Metals & Minerals - 2.8%
Impala Platinum Holdings Ltd.	200,000		$26,177,768
TOTAL METALS & MINING			109,997,596
United Kingdom - 2.4%
METALS & MINING - 2.4%
Diversified Metals & Mining - 0.8%
African Platinum PLC (a)	16,800,000		7,772,822
Gold - 0.7%
Randgold Resources Ltd. sponsored ADR (a)	400,000		6,296,000
Precious Metals & Minerals - 0.9%
Lonmin PLC	300,000		8,421,422
TOTAL METALS & MINING			22,490,244
United States of America - 4.9%
METALS & MINING - 4.9%
Gold - 4.8%
Newmont Mining Corp.	900,000		41,508,000
Newmont Mining Corp. CHESS Depository Interests	672,776		3,180,885
			44,688,885
Precious Metals & Minerals - 0.1%
Stillwater Mining Co. (a)	118,500		1,266,765
TOTAL METALS & MINING			45,955,650
TOTAL COMMON STOCKS (Cost $642,242,223)		809,233,091
Money Market Funds - 17.2%
Fidelity Cash Central Fund, 4.08% (b)	126,303,807	126,303,807
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	34,697,350		34,697,350
TOTAL MONEY MARKET FUNDS (Cost $161,001,157)		161,001,157

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $803,243,380)

970,234,248

NET OTHER ASSETS - (3.7)%		(34,589,583)
NET ASSETS - 100%		$935,644,665

Legend

(a)Non-income producing

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

(d)Affiliated company

(e)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $9,435,747 or 1.0% of net assets.

(f)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,416,349 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
High River Gold Mines Ltd.	9/27/04	$3,144,036
Richmont Mines, Inc.	6/17/05	$797,267

Other Information

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$597,688
Fidelity Securities Lending Cash Central Fund	332,226
Total	$929,914

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alamos Gold, Inc.	$9,732,228	$5,044,772	$-	$-	$17,591,887
Bolivar Gold Corp.	-	22,778,797	-	-	27,756,440
Crystallex International Corp.	2,018,728	20,490,744	2,097,021	-	26,674,954
Eldorado Gold Corp.	49,908,792	2,344,241	-	-	68,381,499
Gabriel Resources Ltd.	16,344,975	1,694,783	330,848	-	22,917,564
Gabriel Resources Ltd. (144A)	1,740,646	-	-	-	2,286,253
Guinor Gold Corp.	5,958,896	2,763,944	11,823,969	-	-
High River Gold Mines Ltd.	9,307,228	6,286,623	-	-	13,502,508
High River Gold Mines Ltd. (Private Placement)	3,324,010	-	-	-	2,679,069
Intrepid Minerals Corp.	2,524,490	-	423,215	-	1,440,267
Minefinders Corp. Ltd.	25,936,257	1,254,130	1,250,385	-	18,826,353
Richmont Mines, Inc.	3,810,450	-	793,746	-	-
Richmont Mines, Inc. (Private Placement)	-	797,267	-	-	-
SouthernEra Diamonds, Inc. Class A	2,806,914	-	545,782	-	1,913,344
Total	$133,413,614	$63,455,301	$17,264,966	$-	$203,970,138

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $818,981,625. Net unrealized appreciation aggregated $151,252,623, of which $179,373,443 related to appreciated investment securities and $28,120,820 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

November 30, 2005

HEA-QTLY-0106

1.810696.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
BIOTECHNOLOGY - 18.3%
Biotechnology - 18.3%
Affymetrix, Inc. (a)	200,500		$9,872,620
Amgen, Inc. (a)	939,404		76,025,966
Amylin Pharmaceuticals, Inc. (a)	208,100		7,785,021
Anadys Pharmaceuticals, Inc. (a)	17,100		162,621
Applera Corp.:
- Applied Biosystems Group	108,100		2,981,398
- Celera Genomics Group (a)	54,700		679,374
Arena Pharmaceuticals, Inc. (a)	700		7,546
Biogen Idec, Inc. (a)	382,600		16,379,106
Celgene Corp. (a)	217,800		13,268,376
Cephalon, Inc. (a)	69,000		3,508,650
Charles River Laboratories International, Inc. (a)	131,900		6,009,364
DOV Pharmaceutical, Inc. (a)	5,700		82,308
Genentech, Inc. (a)	1,456,300		139,251,406
Genzyme Corp. (a)	222,300		16,525,782
Gilead Sciences, Inc. (a)	624,700		31,666,043
Human Genome Sciences, Inc. (a)	362,600		3,354,050
ICOS Corp. (a)	212,900		6,065,521
ImClone Systems, Inc. (a)	112,900		3,659,089
Invitrogen Corp. (a)	106,600		7,104,890
Martek Biosciences (a)	76,800		2,012,928
MedImmune, Inc. (a)	427,670		15,357,630
Millennium Pharmaceuticals, Inc. (a)	748,400		7,865,684
Myogen, Inc. (a)	57,600		1,252,224
Nektar Therapeutics (a)	107,500		1,808,150
Neurocrine Biosciences, Inc. (a)	442,000		26,307,840
ONYX Pharmaceuticals, Inc. (a)	71,200		1,796,376
OSI Pharmaceuticals, Inc. (a)	68,300		1,656,275
Protein Design Labs, Inc. (a)	136,500		3,801,525
Rigel Pharmaceuticals, Inc. (a)	17,800		390,176
Seracare Life Sciences, Inc. (a)	113,000		2,478,090
Serologicals Corp. (a)	141,700		2,845,336
Solexa, Inc. (a)	8,600		75,594
Techne Corp. (a)	98,900		5,465,214
Vertex Pharmaceuticals, Inc. (a)	238,400		6,079,200
			423,581,373
CHEMICALS - 0.3%
Fertilizers & Agricultural Chemicals - 0.3%
Monsanto Co.	108,900		7,979,103
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.2%
Advisory Board Co. (a)	87,023		4,204,951
PICO Holdings, Inc. (a)	51		1,722
			4,206,673
Human Resource & Employment Services - 0.1%
Kforce, Inc. (a)	178,400		2,213,944
On Assignment, Inc. (a)	75,436		833,568
			3,047,512

	Shares		Value
Office Services & Supplies - 0.1%
Mine Safety Appliances Co.	47,900		$1,858,999
TOTAL COMMERCIAL SERVICES & SUPPLIES			9,113,184
FOOD & STAPLES RETAILING - 0.1%
Food Retail - 0.1%
Whole Foods Market, Inc.	18,400		2,709,952
HEALTH CARE EQUIPMENT & SUPPLIES - 17.5%
Health Care Equipment - 13.2%
Abaxis, Inc. (a)	159,600		2,647,764
Advanced Medical Optics, Inc. (a)	100		4,241
American Medical Systems Holdings, Inc. (a)	700		12,880
Aspect Medical Systems, Inc. (a)	351,200		13,229,704
Baxter International, Inc.	1,208,800		47,010,232
Beckman Coulter, Inc.	43,700		2,433,653
Becton, Dickinson & Co.	427,100		24,870,033
Biomet, Inc.	5,200		185,224
Boston Scientific Corp. (a)	119,500		3,164,360
C.R. Bard, Inc.	269,600		17,488,952
China Medical Technologies, Inc. sponsored ADR	213,900		6,680,097
Conceptus, Inc. (a)	196,500		3,039,855
CONMED Corp. (a)	100		2,259
Cyberonics, Inc. (a)	700		19,747
Cytyc Corp. (a)	370,000		10,178,700
Dade Behring Holdings, Inc.	116,900		4,780,041
Edwards Lifesciences Corp. (a)	300		11,997
Epix Pharmaceuticals, Inc. (a)	382,800		1,887,204
Fisher Scientific International, Inc. (a)	156,000		10,058,880
Foxhollow Technologies, Inc. (a)	111,800		4,867,772
GN Store Nordic AS	237,300		2,824,464
Hillenbrand Industries, Inc.	21,800		1,059,480
Hospira, Inc. (a)	9,940		438,851
IDEXX Laboratories, Inc. (a)	38,800		2,776,140
Integra LifeSciences Holdings Corp. (a)	100		3,654
IntraLase Corp. (a)	236,700		4,097,277
Intuitive Surgical, Inc. (a)	101,600		11,350,752
Invacare Corp.	92,700		3,166,632
Kinetic Concepts, Inc. (a)	148,100		5,768,495
Medtronic, Inc.	129,904		7,218,765
Mentor Corp.	148,600		7,242,764
Natus Medical, Inc. (a)	166,603		2,755,614
NuVasive, Inc. (a)	700		12,040
Palomar Medical Technologies, Inc. (a)	3,600		122,508
PhotoMedex, Inc. (a)	334,004		527,726
ResMed, Inc. (a)	529,900		21,619,920
Respironics, Inc. (a)	246,400		9,530,752
SonoSite, Inc. (a)	104,100		3,909,996
St. Jude Medical, Inc. (a)	642,900		30,711,333
Stereotaxis, Inc. (a)	313,871		2,215,929
Steris Corp.	59,000		1,482,080
Stryker Corp.	100		4,330
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Syneron Medical Ltd. (a)	219,000		$8,716,200
Synthes, Inc.	38,560		4,149,705
Thermo Electron Corp. (a)	209,300		6,456,905
Varian Medical Systems, Inc. (a)	87,300		4,436,586
Waters Corp. (a)	287,121		11,263,757
Zimmer Holdings, Inc. (a)	100		6,267
			306,442,517
Health Care Supplies - 4.3%
Alcon, Inc.	477,400		66,931,480
Arrow International, Inc.	64,198		1,915,026
Bausch & Lomb, Inc.	100		8,126
Cooper Companies, Inc.	78,100		4,279,880
DENTSPLY International, Inc.	103,300		5,746,579
DJ Orthopedics, Inc. (a)	254,000		7,914,640
ev3, Inc.	7,100		94,075
Gen-Probe, Inc. (a)	59,400		2,742,498
Haemonetics Corp. (a)	100		5,113
Immucor, Inc. (a)	58,000		1,436,660
LifeCell Corp. (a)	100		1,838
Lifecore Biomedical, Inc. (a)	186,500		2,793,770
Medical Action Industries, Inc. (a)	100		1,887
Millipore Corp. (a)	71,500		4,565,990
Nutraceutical International Corp. (a)	97,800		1,257,708
			99,695,270
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			406,137,787
HEALTH CARE PROVIDERS & SERVICES - 32.9%
Health Care Distributors & Services - 3.4%
AmerisourceBergen Corp.	79,200		6,363,720
Andrx Corp. (a)	164,100		2,919,339
Cardinal Health, Inc.	405,700		25,944,515
Henry Schein, Inc. (a)	221,300		9,438,445
McKesson Corp.	648,600		32,624,580
Patterson Companies, Inc. (a)	100		3,494
Symbion Health Ltd.	448,500		1,219,292
			78,513,385
Health Care Facilities - 4.6%
Acibadem Saglik Hizmetleri AS	32,500		238,389
American Retirement Corp. (a)	266,100		6,551,382
Brookdale Senior Living, Inc.	426,800		11,352,880
Bumrungrad Hospital PCL (For. Reg.)	648,600		424,590
Capital Senior Living Corp. (a)	326,100		3,293,610
Community Health Systems, Inc. (a)	366,100		14,676,949
Emeritus Corp. (a)	69,200		1,343,172
HCA, Inc.	324,400		16,541,156
Health Management Associates, Inc. Class A	274,800		6,435,816
LifePoint Hospitals, Inc. (a)	73,100		2,781,455
Odyssey Healthcare, Inc. (a)	142,600		2,640,952

	Shares		Value
Sunrise Senior Living, Inc. (a)	97,500		$3,256,500
Tenet Healthcare Corp. (a)	88,000		688,160
Triad Hospitals, Inc. (a)	55,900		2,384,694
U.S. Physical Therapy, Inc. (a)	63,404		1,254,765
United Surgical Partners International, Inc. (a)	328,000		11,384,880
Universal Health Services, Inc. Class B	73,500		3,522,120
VCA Antech, Inc. (a)	605,000		16,915,800
			105,687,270
Health Care Services - 7.4%
Amedisys, Inc. (a)	32,800		1,455,664
American Dental Partners, Inc. (a)	63,665		1,188,626
American Healthways, Inc. (a)	152,400		6,768,084
Apria Healthcare Group, Inc. (a)	14,200		347,332
Caremark Rx, Inc. (a)	608,600		31,275,954
Cerner Corp. (a)	96,100		9,264,040
Chemed Corp. New	213,900		10,844,730
Covance, Inc. (a)	123,500		5,871,190
Cross Country Healthcare, Inc. (a)	700		12,936
DaVita, Inc. (a)	223,100		11,710,519
Eclipsys Corp. (a)	139,300		2,497,649
Emdeon Corp. (a)	1,461,400		11,179,710
Express Scripts, Inc. (a)	190,700		16,106,522
IMS Health, Inc.	88,400		2,161,380
Laboratory Corp. of America Holdings (a)	100		5,189
Lincare Holdings, Inc. (a)	103,000		4,421,790
Medco Health Solutions, Inc. (a)	478,400		25,666,160
Omnicare, Inc.	136,900		7,796,455
PAREXEL International Corp. (a)	700		14,399
Pediatric Services of America, Inc. (a)	15,700		254,654
Pediatrix Medical Group, Inc. (a)	29,600		2,502,976
Pharmaceutical Product Development, Inc.	37,200		2,168,388
Psychiatric Solutions, Inc. (a)	208,600		11,769,212
Quest Diagnostics, Inc.	100		5,009
RehabCare Group, Inc. (a)	126,000		2,439,360
ResCare, Inc. (a)	193,565		3,350,610
SFBC International, Inc. (a)	700		14,763
WebMD Health Corp. Class A	46,900		1,242,381
			172,335,682
Managed Health Care - 17.5%
Aetna, Inc.	472,000		43,655,280
AMERIGROUP Corp. (a)	228,200		4,258,212
CIGNA Corp.	50,000		5,626,000
Coventry Health Care, Inc. (a)	216,000		12,867,120
Health Net, Inc. (a)	1,471,400		75,085,542
Humana, Inc. (a)	41,000		1,879,030
PacifiCare Health Systems, Inc. (a)	543,900		46,797,156
Sierra Health Services, Inc. (a)	67,700		5,295,494
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
UnitedHealth Group, Inc.	2,456,000	$147,016,161
WellPoint, Inc. (a)	821,400		63,108,162
			405,588,157
TOTAL HEALTH CARE PROVIDERS & SERVICES			762,124,494
HOUSEHOLD DURABLES - 0.0%
Consumer Electronics - 0.0%
Koninklijke Philips Electronics NV (NY Shares)	700		19,558
INTERNET & CATALOG RETAIL - 0.4%
Internet Retail - 0.4%
NutriSystem, Inc. (a)	213,900		8,327,127
PERSONAL PRODUCTS - 0.1%
Personal Products - 0.1%
NBTY, Inc. (a)	100,600		1,973,772
PHARMACEUTICALS - 29.7%
Pharmaceuticals - 29.7%
Abbott Laboratories	214,800		8,100,108
Adams Respiratory Therapeutics, Inc.	29,600		1,310,984
Allergan, Inc.	268,000		26,800,000
American Pharmaceutical Partners, Inc. (a)	100		3,802
Astellas Pharma, Inc.	204,100		7,886,359
AstraZeneca PLC sponsored ADR	834,700		38,437,935
Barr Pharmaceuticals, Inc. (a)	175,300		10,053,455
Bristol-Myers Squibb Co.	153,900		3,322,701
Eli Lilly & Co.	24,600		1,242,300
Endo Pharmaceuticals Holdings, Inc. (a)	259,000		7,749,280
First Horizon Pharmaceutical Corp. (a)	115,200		2,029,824
Forest Laboratories, Inc. (a)	621,100		24,266,377
GlaxoSmithKline PLC sponsored ADR	444,300		22,023,951
Impax Laboratories, Inc. (a)	7,100		70,645
Ista Pharmaceuticals, Inc. (a)	168,800		1,166,408
IVAX Corp. (a)	233,700		7,001,652
Johnson & Johnson	1,590,484		98,212,387
King Pharmaceuticals, Inc. (a)	315,000		4,954,950
Kos Pharmaceuticals, Inc. (a)	145,167		9,665,219
Mayne Pharma Ltd. (a)(d)	586,300		1,160,786
Medicis Pharmaceutical Corp. Class A	370,900		11,835,419

	Shares		Value
Merck & Co., Inc.	455,600		$13,394,640
MGI Pharma, Inc. (a)	90,800		1,792,392
Mylan Laboratories, Inc.	170,800		3,568,012
New River Pharmaceuticals, Inc. (a)	7,100		335,475
Novartis AG sponsored ADR	1,044,800		54,747,520
Par Pharmaceutical Companies, Inc. (a)	44,000		1,170,840
Penwest Pharmaceuticals Co. (a)	137,200		2,325,540
Pfizer, Inc.	2,220,110		47,066,332
Ranbaxy Laboratories Ltd. sponsored GDR	170,608		1,392,161
Roche Holding AG (participation certificate)	272,035		40,882,318
Salix Pharmaceuticals Ltd. (a)	955,900		18,515,783
Sanofi-Aventis sponsored ADR	372,100		14,962,141
Schering-Plough Corp.	2,652,400		51,244,368
Sepracor, Inc. (a)	129,800		7,136,404
Takeda Pharamaceutical Co. Ltd.	39,600		2,174,571
Taro Pharmaceutical Industries Ltd. (a)	10,700		142,203
Teva Pharmaceutical Industries Ltd. sponsored ADR	638,100		26,085,528
Valeant Pharmaceuticals International	34,700		571,856
Watson Pharmaceuticals, Inc. (a)	216,400		7,219,104
Wyeth	2,553,770		106,134,681
			688,156,411
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
Apparel, Accessories & Luxury Goods - 0.0%
Quiksilver, Inc. (a)	100		1,228
Under Armour, Inc. Class A	9,100		205,933
			207,161
Footwear - 0.0%
NIKE, Inc. Class B	100		8,530
TOTAL TEXTILES, APPAREL & LUXURY GOODS			215,691
TOTAL COMMON STOCKS (Cost $1,752,115,748)		2,310,338,452
Nonconvertible Preferred Stocks - 0.0%

BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
GeneProt, Inc. Series A (a)(e) (Cost $604,395)	111,000		111
Money Market Funds - 0.9%

Fidelity Cash Central Fund, 4.08% (b)	3,834,518		3,834,518
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	16,410,400		16,410,400
TOTAL MONEY MARKET FUNDS (Cost $20,244,918)		20,244,918
Cash Equivalents - 0.2%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 3.96%, dated 11/30/05 due 12/1/05) (Cost $5,275,000)	$5,275,580	$5,275,000

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $1,778,240,061)

2,335,858,481

NET OTHER ASSETS - (0.8)%		(18,774,332)
NET ASSETS - 100%		$2,317,084,149

Legend

(a)Non-income producing

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

(d)Security or a portion of the security purchased on a delayed delivery or when-issued basis.

Additional information on each holding is as follows:

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$409,072
Fidelity Securities Lending Cash Central Fund		151,355
Total		$560,427

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,779,699,894. Net unrealized appreciation aggregated $556,158,587, of which $603,679,170 related to appreciated investment securities and $47,520,583 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

November 30, 2005

SAV-QTLY-0106

1.810686.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
COMMERCIAL BANKS - 16.7%
Diversified Banks - 4.1%
Wells Fargo & Co.	211,200		$13,273,920
Regional Banks - 12.6%
Center Financial Corp., California	29,788		747,679
Colonial Bancgroup, Inc.	362,800		9,037,348
East West Bancorp, Inc.	27,100		1,025,464
Nara Bancorp, Inc.	36,500		683,280
North Fork Bancorp, Inc., New York	116,559		3,147,093
PNC Financial Services Group, Inc.	176,800		11,274,536
TCF Financial Corp.	120,700		3,314,422
TD Banknorth, Inc.	331,275		9,832,242
UCBH Holdings, Inc.	59,144		1,043,300
			40,105,364
TOTAL COMMERCIAL BANKS			53,379,284
DIVERSIFIED FINANCIAL SERVICES - 4.7%
Other Diversifed Financial Services - 4.7%
CapitalSource, Inc. (a)	31,200		745,680
EuroBancshares, Inc. (a)	49,900		630,736
JPMorgan Chase & Co.	354,900		13,574,925
			14,951,341
INSURANCE - 16.1%
Multi-Line Insurance - 4.5%
Genworth Financial, Inc. Class A (non-vtg.)	415,335		14,308,291
Property & Casualty Insurance - 11.6%
Fidelity National Financial, Inc.	310,566		11,745,606
First American Corp., California	247,400		11,640,170
Old Republic International Corp.	515,400		13,714,794
			37,100,570
TOTAL INSURANCE			51,408,861
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
Homestore, Inc. (a)	71,659		316,016
REAL ESTATE - 0.9%
Real Estate Investment Trusts - 0.9%
American Financial Realty Trust (SBI)	206,600		2,582,500
Origen Financial, Inc.	46,900		317,513
			2,900,013
THRIFTS & MORTGAGE FINANCE - 58.5%
Thrifts & Mortgage Finance - 58.5%
Astoria Financial Corp.	254,200		7,188,776
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	123,600		1,722,984
Capitol Federal Financial	175,400		5,988,156

	Shares		Value
Commercial Federal Corp.	64,700		$2,228,268
Countrywide Financial Corp.	573,800		19,973,978
Dime Community Bancshares, Inc.	35,200		521,312
Doral Financial Corp.	208,092		2,101,729
Downey Financial Corp.	19,200		1,242,240
Fannie Mae	396,700		19,061,435
FirstFed Financial Corp., Delaware (a)	400		20,936
Freddie Mac	270,200		16,873,990
Golden West Financial Corp., Delaware	315,900		20,467,162
Harbor Florida Bancshares, Inc.	12,900		485,814
Independence Community Bank Corp.	57,082		2,262,730
IndyMac Bancorp, Inc.	600		22,968
MGIC Investment Corp.	206,900		13,469,190
New York Community Bancorp, Inc.	608,737		10,135,471
People's Bank, Connecticut	340,500		10,596,360
Radian Group, Inc.	240,400		13,597,024
Sovereign Bancorp, Inc.	559,899		12,239,392
The PMI Group, Inc.	111,657		4,533,274
Triad Guaranty, Inc. (a)	18,900		819,504
Washington Federal, Inc.	196,562		4,770,560
Washington Mutual, Inc.	262,600		10,816,494
Webster Financial Corp.	114,300		5,470,398
			186,610,145
TOTAL COMMON STOCKS (Cost $242,974,774)		309,565,660
Money Market Funds - 6.9%

Fidelity Cash Central Fund, 4.08% (b)	10,045,376		10,045,376
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	11,891,250		11,891,250
TOTAL MONEY MARKET FUNDS (Cost $21,936,626)		21,936,626

TOTAL INVESTMENT PORTFOLIO - 103.9%

(Cost $264,911,400)

331,502,286

NET OTHER ASSETS - (3.9)%		(12,493,409)
NET ASSETS - 100%		$319,008,877

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$268,774
Fidelity Securities Lending Cash Central Fund	33,867
Total	$302,641

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $268,042,092. Net unrealized appreciation aggregated $63,460,194, of which $72,754,534 related to appreciated investment securities and $9,294,340 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

November 30, 2005

INE-QTLY-0106

1.810687.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
AEROSPACE & DEFENSE - 10.6%
Aerospace & Defense - 10.6%
Bombardier, Inc. Class B (sub. vtg.)	53,300		$110,123
Honeywell International, Inc.	102,500		3,745,350
Precision Castparts Corp.	18,000		917,820
			4,773,293
AUTO COMPONENTS - 0.5%
Auto Parts & Equipment - 0.5%
Johnson Controls, Inc.	3,600		250,020
BUILDING PRODUCTS - 2.3%
Building Products - 2.3%
American Standard Companies, Inc.	25,600		974,848
Trex Co., Inc. (a)	2,600		59,462
			1,034,310
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Office Services & Supplies - 0.5%
IKON Office Solutions, Inc.	22,000		221,320
CONSTRUCTION & ENGINEERING - 2.0%
Construction & Engineering - 2.0%
EMCOR Group, Inc. (a)	8,000		566,000
URS Corp. (a)	8,200		345,384
			911,384
ELECTRICAL EQUIPMENT - 6.9%
Electrical Components & Equipment - 6.9%
A.O. Smith Corp.	4,700		170,469
Cooper Industries Ltd. Class A	7,900		574,646
Emerson Electric Co.	12,700		960,247
Rockwell Automation, Inc.	17,500		987,525
Roper Industries, Inc.	10,700		421,580
			3,114,467
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.5%
Electronic Equipment & Instruments - 2.9%
Cognex Corp.	2,300		71,162
Napco Security Systems, Inc.	10,700		171,735
Newport Corp. (a)	15,300		211,140
Symbol Technologies, Inc.	75,200		859,536
			1,313,573
Electronic Manufacturing Services - 0.6%
Molex, Inc.	9,100		243,789
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,557,362
ENERGY EQUIPMENT & SERVICES - 5.1%
Oil & Gas Equipment & Services - 5.1%
Halliburton Co.	36,000		2,291,400

	Shares		Value
HOUSEHOLD DURABLES - 0.5%
Household Appliances - 0.5%
Blount International, Inc. (a)	13,800		$214,590
INDUSTRIAL CONGLOMERATES - 16.3%
Industrial Conglomerates - 16.3%
General Electric Co.	74,250		2,652,210
Siemens AG sponsored ADR	2,800		211,596
Textron, Inc.	7,700		607,530
Tyco International Ltd.	135,700		3,870,164
			7,341,500
MACHINERY - 30.6%
Construction & Farm Machinery & Heavy Trucks - 14.9%
AGCO Corp. (a)	8,600		145,598
Astec Industries, Inc. (a)	7,300		204,619
Bucyrus International, Inc. Class A	8,400		393,960
Caterpillar, Inc.	44,000		2,542,320
Cummins, Inc.	3,200		284,800
Deere & Co.	18,825		1,305,514
Manitowoc Co., Inc.	9,600		480,960
Navistar International Corp. (a)	25,200		714,924
Toro Co.	5,400		217,026
Trinity Industries, Inc.	6,300		262,332
Wabash National Corp.	6,700		132,995
			6,685,048
Industrial Machinery - 15.7%
Actuant Corp. Class A	9,200		488,060
Albany International Corp. Class A	2,200		83,886
Crane Co.	900		28,575
Danaher Corp.	25,800		1,431,900
Donaldson Co., Inc.	7,200		240,768
Dover Corp.	32,800		1,326,760
Harsco Corp.	5,900		392,055
IDEX Corp.	3,400		150,076
Ingersoll-Rand Co. Ltd. Class A	14,000		554,820
ITT Industries, Inc.	9,700		1,054,972
Pentair, Inc.	15,900		607,380
SPX Corp.	13,100		616,748
Watts Water Technologies, Inc. Class A	3,900		112,671
			7,088,671
TOTAL MACHINERY			13,773,719
OFFICE ELECTRONICS - 2.8%
Office Electronics - 2.8%
Xerox Corp. (a)	64,400		914,480
Zebra Technologies Corp. Class A (a)	8,200		370,066
			1,284,546
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.0%
Semiconductor Equipment - 9.0%
Applied Materials, Inc.	130,900		2,370,599
Cascade Microtech, Inc.	2,700		37,557
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductor Equipment - continued
FormFactor, Inc. (a)	4,400		$123,464
KLA-Tencor Corp.	13,300		680,827
Lam Research Corp. (a)	10,500		394,170
Teradyne, Inc. (a)	30,400		444,752
			4,051,369
TRADING COMPANIES & DISTRIBUTORS - 6.1%
Trading Companies & Distributors - 6.1%
Fastenal Co.	13,400		531,980
Finning International, Inc.	1,200		37,653
Interline Brands, Inc.	13,600		290,496
W.W. Grainger, Inc.	7,200		505,656
Watsco, Inc.	5,000		313,750
WESCO International, Inc. (a)	26,100		1,089,675
			2,769,210
TOTAL COMMON STOCKS (Cost $34,842,391)		43,588,490
Money Market Funds - 2.0%
Fidelity Cash Central Fund, 4.08% (b) (Cost $904,406)	904,406		904,406

TOTAL INVESTMENT PORTFOLIO - 98.7%

(Cost $35,746,797)

44,492,896

NET OTHER ASSETS - 1.3%			572,509
NET ASSETS - 100%		$45,065,405

Legend

(a)Non-income producing

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$21,343
Fidelity Securities Lending Cash Central Fund		6,158
Total		$27,501

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $35,790,245. Net unrealized appreciation aggregated $8,702,651, of which $10,410,819 related to appreciated investment securities and $1,708,168 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Materials Portfolio

November 30, 2005

IND-QTLY-0106

1.810697.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BUILDING PRODUCTS - 4.3%
Building Products - 4.3%
American Standard Companies, Inc.	25,000		$952,000
Masco Corp.	150,000		4,465,500
			5,417,500
CHEMICALS - 25.7%
Commodity Chemicals - 0.7%
NOVA Chemicals Corp.	21,600		814,780
Diversified Chemicals - 9.7%
Dow Chemical Co.	133,900		6,058,975
E.I. du Pont de Nemours & Co.	145,000		6,198,750
			12,257,725
Fertilizers & Agricultural Chemicals - 0.4%
Agrium, Inc.	25,000		509,237
Industrial Gases - 9.2%
Air Products & Chemicals, Inc.	78,200		4,627,094
Airgas, Inc.	44,700		1,390,170
Praxair, Inc.	107,100		5,569,200
			11,586,464
Specialty Chemicals - 5.7%
Albemarle Corp.	75,000		2,760,000
Chemtura Corp.	70,000		843,500
Cytec Industries, Inc.	31,000		1,403,990
Lubrizol Corp.	50,000		2,110,500
			7,117,990
TOTAL CHEMICALS			32,286,196
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Diversified Commercial & Professional Services - 0.6%
Ritchie Brothers Auctioneers, Inc.	20,000		781,000
CONSTRUCTION MATERIALS - 4.7%
Construction Materials - 4.7%
Florida Rock Industries, Inc.	50,000		2,493,500
Lafarge North America, Inc.	14,130		777,150
Martin Marietta Materials, Inc.	35,000		2,628,850
			5,899,500
CONTAINERS & PACKAGING - 1.4%
Metal & Glass Containers - 0.9%
Pactiv Corp. (a)	57,300		1,159,752
Paper Packaging - 0.5%
Smurfit-Stone Container Corp. (a)	50,000		633,500
TOTAL CONTAINERS & PACKAGING			1,793,252
INDUSTRIAL CONGLOMERATES - 5.0%
Industrial Conglomerates - 5.0%
3M Co.	80,000		6,278,400

	Shares		Value
LEISURE EQUIPMENT & PRODUCTS - 0.4%
Leisure Products - 0.4%
Polaris Industries, Inc.	10,000		$494,400
MACHINERY - 1.1%
Construction & Farm Machinery & Heavy Trucks - 1.1%
Bucyrus International, Inc. Class A	30,000		1,407,000
MARINE - 0.5%
Marine - 0.5%
Odfjell ASA (A Shares)	30,000		575,553
METALS & MINING - 22.8%
Aluminum - 3.8%
Alcoa, Inc.	173,598		4,758,321
Novelis, Inc.	40		762
			4,759,083
Diversified Metals & Mining - 12.0%
BHP Billiton Ltd. sponsored ADR	125,000		4,021,250
Dynatec Corp. (a)	250,000		263,620
Falconbridge Ltd.	155,464		4,658,122
FNX Mining Co., Inc. (a)	65,000		734,451
Inco Ltd.	40,000		1,757,469
Inmet Mining Corp.	30,600		610,452
Peru Copper, Inc. (a)	953,100		2,385,916
Peru Copper, Inc. warrants 3/18/06 (a)	365,000		178,362
Teck Cominco Ltd. Class B (sub. vtg.)	10,000		459,085
			15,068,727
Gold - 5.9%
Newmont Mining Corp.	90,000		4,150,800
Placer Dome, Inc.	150,000		3,284,324
			7,435,124
Steel - 1.1%
IPSCO, Inc.	18,200		1,384,757
TOTAL METALS & MINING			28,647,691
OIL, GAS & CONSUMABLE FUELS - 6.9%
Coal & Consumable Fuels - 5.8%
Arch Coal, Inc.	15,000		1,155,600
Cameco Corp.	83,900		4,778,153
CONSOL Energy, Inc.	20,000		1,294,400
			7,228,153
Oil & Gas Refining & Marketing - 1.1%
Valero Energy Corp.	15,000		1,443,000
TOTAL OIL, GAS & CONSUMABLE FUELS			8,671,153
ROAD & RAIL - 23.4%
Railroads - 23.4%
Burlington Northern Santa Fe Corp.	120,000		7,941,603
Canadian National Railway Co.	79,950		6,391,476
CSX Corp.	88,100		4,285,184
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Railroads - continued
Norfolk Southern Corp.	140,000		$6,193,600
Union Pacific Corp.	60,400		4,623,016
			29,434,879
TRADING COMPANIES & DISTRIBUTORS - 1.2%
Trading Companies & Distributors - 1.2%
Finning International, Inc.	50,000		1,568,863
TOTAL COMMON STOCKS (Cost $102,270,866)		123,255,387
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 4.08% (b)	2,280,252		2,280,252
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	8,570,050		8,570,050
TOTAL MONEY MARKET FUNDS (Cost $10,850,302)		10,850,302

TOTAL INVESTMENT PORTFOLIO - 106.6%

(Cost $113,121,168)

134,105,689

NET OTHER ASSETS - (6.6)%		(8,353,793)
NET ASSETS - 100%		$125,751,896

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$122,162
Fidelity Securities Lending Cash Central Fund		30,797
Total		$152,959

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $113,152,824. Net unrealized appreciation aggregated $20,952,865, of which $23,960,026 related to appreciated investment securities and $3,007,161 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

November 30, 2005

PRC-QTLY-0106

1.810674.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CAPITAL MARKETS - 0.9%
Asset Management & Custody Banks - 0.9%
Ameriprise Financial, Inc.	53,800		$2,262,290
DIVERSIFIED FINANCIAL SERVICES - 1.0%
Multi-Sector Holdings - 0.2%
Leucadia National Corp.	11,000		521,180
Other Diversifed Financial Services - 0.8%
Principal Financial Group, Inc.	35,400		1,793,718
TOTAL DIVERSIFIED FINANCIAL SERVICES			2,314,898
HEALTH CARE PROVIDERS & SERVICES - 4.7%
Managed Health Care - 4.7%
Aetna, Inc.	6,600		610,434
Health Net, Inc. (a)	7,500		382,725
WellChoice, Inc. (a)	13,700		1,061,065
WellPoint, Inc. (a)	119,800		9,204,234
			11,258,458
INSURANCE - 87.5%
Insurance Brokers - 6.6%
Aon Corp.	91,600		3,335,156
Arthur J. Gallagher & Co.	12,600		383,670
Brown & Brown, Inc.	20,400		595,272
Hilb Rogal & Hobbs Co.	21,400		834,172
Marsh & McLennan Companies, Inc.	206,900		6,391,141
National Financial Partners Corp.	2,100		106,869
USI Holdings Corp. (a)	117,300		1,642,200
Willis Group Holdings Ltd.	72,900		2,718,441
			16,006,921
Life & Health Insurance - 17.8%
AFLAC, Inc.	205,000		9,840,000
AmerUs Group Co.	11,200		657,776
Jefferson-Pilot Corp.	8,050		447,178
Lincoln National Corp.	19,400		1,008,412
Manulife Financial Corp.	70,411		4,053,409
MetLife, Inc.	213,600		10,987,584
Nationwide Financial Services, Inc. Class A (sub. vtg.)	300		12,645
Phoenix Companies, Inc.	37,000		503,200
Protective Life Corp.	25,100		1,108,918
Prudential Financial, Inc.	117,500		9,094,500
StanCorp Financial Group, Inc.	12,100		1,246,784
Torchmark Corp.	21,200		1,147,344
UICI	21,800		776,516
UnumProvident Corp.	87,835		1,932,370
			42,816,636
Multi-Line Insurance - 17.5%
Allmerica Financial Corp.	27,773		1,109,531
American Financial Group, Inc., Ohio	33,500		1,244,525
American International Group, Inc.	319,100		21,424,371
Assurant, Inc.	17,300		763,276

	Shares		Value
Genworth Financial, Inc. Class A (non-vtg.)	123,700		$4,261,465
Hartford Financial Services Group, Inc.	128,150		11,196,466
HCC Insurance Holdings, Inc.	65,600		2,004,080
			42,003,714
Property & Casualty Insurance - 33.9%
ACE Ltd.	213,700		11,860,350
Admiral Group PLC	61,500		471,487
Alleghany Corp.	1,840		541,310
Allstate Corp.	185,600		10,412,160
AMBAC Financial Group, Inc.	39,250		3,010,083
Aspen Insurance Holdings Ltd.	86,200		2,157,586
Axis Capital Holdings Ltd.	126,000		3,815,280
Berkshire Hathaway, Inc.:
Class A (a)	38		3,396,820
Class B (a)	62		183,210
Catlin Group Ltd.	283,500		2,370,802
Cincinnati Financial Corp.	13,701		610,106
CNA Financial Corp. (a)	3,000		102,150
Erie Indemnity Co. Class A	400		21,200
Fidelity National Financial, Inc.	77,184		2,919,099
Fidelity National Title Group, Inc. Class A	12,402		282,766
Infinity Property & Casualty Corp.	1,400		51,730
James River Group, Inc.	5,800		108,808
Markel Corp. (a)	4,000		1,269,000
MBIA, Inc.	60,000		3,706,800
Mercury General Corp.	1,000		59,300
National Interstate Corp.	1,200		21,888
Ohio Casualty Corp.	2,500		74,000
Old Republic International Corp.	68,200		1,814,802
Philadelphia Consolidated Holdings Corp. (a)	6,400		620,224
RLI Corp.	2,200		114,840
Specialty Underwriters' Alliance, Inc.	87,400		564,604
The Chubb Corp.	65,329		6,326,460
The St. Paul Travelers Companies, Inc.	243,191		11,315,677
United America Indemnity Ltd. Class A (a)	45,500		862,225
W.R. Berkley Corp.	138,062		6,436,450
White Mountains Insurance Group Ltd.	900		547,560
XL Capital Ltd. Class A	82,600		5,482,988
Zenith National Insurance Corp.	900		42,660
			81,574,425
Reinsurance - 11.7%
Arch Capital Group Ltd. (a)	20,900		1,096,414
Benfield Group PLC	55,700		318,159
Endurance Specialty Holdings Ltd.	172,700		5,949,515
Everest Re Group Ltd.	43,300		4,551,696
IPC Holdings Ltd.	20,700		604,440
Max Re Capital Ltd.	37,501		1,001,277
Montpelier Re Holdings Ltd.	80,000		1,570,400
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	9,000		1,176,186
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Reinsurance - continued
Odyssey Re Holdings Corp.	13,600		$348,704
PartnerRe Ltd.	58,200		3,973,896
Platinum Underwriters Holdings Ltd.	90,200		2,747,492
Reinsurance Group of America, Inc.	23,100		1,092,168
Scottish Re Group Ltd.	56,600		1,428,018
Swiss Reinsurance Co. (Reg.)	26,750		1,975,453
Transatlantic Holdings, Inc.	4,862		340,097
			28,173,915
TOTAL INSURANCE			210,575,611
THRIFTS & MORTGAGE FINANCE - 1.9%
Thrifts & Mortgage Finance - 1.9%
MGIC Investment Corp.	34,700		2,258,970
Radian Group, Inc.	23,900		1,351,784
The PMI Group, Inc.	23,000		933,800
			4,544,554
TOTAL COMMON STOCKS (Cost $171,449,733)		230,955,811
Money Market Funds - 5.5%
Fidelity Cash Central Fund, 4.08% (b)	13,121,015		13,121,015
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	254,125		254,125
TOTAL MONEY MARKET FUNDS (Cost $13,375,140)		13,375,140

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $184,824,873)

244,330,951

NET OTHER ASSETS - (1.5)%		(3,711,832)
NET ASSETS - 100%		$240,619,119

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$93,159
Fidelity Securities Lending Cash Central Fund		9,753
Total		$102,912

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $185,525,058. Net unrealized appreciation aggregated $58,805,893, of which $60,561,903 related to appreciated investment securities and $1,756,010 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

November 30, 2005

LEI-QTLY-0106

1.810675.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
AUTOMOBILES - 0.7%
Motorcycle Manufacturers - 0.7%
Harley-Davidson, Inc.	27,300		$1,470,378
BEVERAGES - 0.5%
Distillers & Vintners - 0.5%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	40,400		954,248
BUILDING PRODUCTS - 0.7%
Building Products - 0.7%
Simpson Manufacturing Co. Ltd.	35,200		1,442,496
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
Perini Corp. (a)	21,700		558,992
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Specialized Finance - 0.3%
NETeller PLC (a)	56,200		628,907
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
Integrated Telecommunication Services - 0.0%
AT&T, Inc.	100		2,491
BellSouth Corp.	100		2,726
Verizon Communications, Inc.	100		3,198
			8,415
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.9%
Electronic Equipment & Instruments - 1.6%
Photon Dynamics, Inc. (a)	118,800		2,185,920
Vishay Intertechnology, Inc. (a)	83,800		1,075,154
			3,261,074
Electronic Manufacturing Services - 0.3%
Merix Corp. (a)	100,500		670,335
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,931,409
FOOD & STAPLES RETAILING - 0.5%
Food Retail - 0.5%
Wild Oats Markets, Inc. (a)	84,500		1,020,760
FOOD PRODUCTS - 0.4%
Packaged Foods & Meats - 0.4%
Nestle SA sponsored ADR	11,000		811,800
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
Emdeon Corp. (a)	14,400		110,160
HOTELS, RESTAURANTS & LEISURE - 32.7%
Casinos & Gaming - 12.2%
Aristocrat Leisure Ltd.	219,000		1,996,442
Boyd Gaming Corp.	56,200		2,718,956
Harrah's Entertainment, Inc.	23,900		1,627,351
Isle of Capri Casinos, Inc. (a)	62,500		1,695,000

	Shares		Value
Las Vegas Sands Corp.	75,700		$3,157,447
Penn National Gaming, Inc. (a)	147,500		4,892,575
Pinnacle Entertainment, Inc. (a)	50,200		1,199,278
Shuffle Master, Inc. (a)	37,500		1,050,375
Station Casinos, Inc.	20,800		1,442,272
WMS Industries, Inc. (a)	74,400		1,847,352
Wynn Resorts Ltd. (a)	64,800		3,617,784
			25,244,832
Hotels, Resorts & Cruise Lines - 11.9%
Carnival Corp. unit	148,100		8,069,969
Kerzner International Ltd. (a)	99,300		6,455,493
Marriott International, Inc. Class A	27,900		1,802,619
Royal Caribbean Cruises Ltd.	79,900		3,664,214
Starwood Hotels & Resorts Worldwide, Inc. unit	75,800		4,585,900
			24,578,195
Leisure Facilities - 0.3%
Vail Resorts, Inc. (a)	17,000		633,420
Restaurants - 8.3%
Buffalo Wild Wings, Inc. (a)	63,015		1,778,283
McDonald's Corp.	153,200		5,185,820
Melco International Development Ltd.	3,713,000		4,093,848
Outback Steakhouse, Inc.	37,100		1,494,388
Starbucks Corp. (a)	102,900		3,133,305
Wendy's International, Inc.	30,200		1,533,556
			17,219,200
TOTAL HOTELS, RESTAURANTS & LEISURE			67,675,647
HOUSEHOLD DURABLES - 3.3%
Consumer Electronics - 1.9%
Harman International Industries, Inc.	40,000		3,900,000
Homebuilding - 0.4%
D.R. Horton, Inc.	25,200		893,088
Housewares & Specialties - 1.0%
Jarden Corp. (a)	62,000		2,024,300
TOTAL HOUSEHOLD DURABLES			6,817,388
INTERNET & CATALOG RETAIL - 3.8%
Catalog Retail - 0.7%
Alloy, Inc. (a)	224,000		1,373,120
Internet Retail - 3.1%
eBay, Inc. (a)	23,300		1,044,073
Expedia, Inc. (a)	219,800		5,448,842
			6,492,915
TOTAL INTERNET & CATALOG RETAIL			7,866,035
INTERNET SOFTWARE & SERVICES - 16.5%
Internet Software & Services - 16.5%
Google, Inc. Class A (sub. vtg.) (a)	43,100		17,455,068
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
iVillage, Inc. (a)	8,500		$69,700
Yahoo!, Inc. (a)	417,004		16,776,071
			34,300,839
LEISURE EQUIPMENT & PRODUCTS - 2.2%
Leisure Products - 2.2%
Brunswick Corp.	32,100		1,261,209
MarineMax, Inc. (a)	115,500		3,033,030
Polaris Industries, Inc.	5,500		271,920
			4,566,159
MACHINERY - 0.4%
Construction & Farm Machinery & Heavy Trucks - 0.4%
Cummins, Inc.	8,300		738,700
MEDIA - 28.3%
Advertising - 3.7%
Lamar Advertising Co. Class A (a)	115,900		5,371,965
Omnicom Group, Inc.	26,700		2,257,752
			7,629,717
Broadcasting & Cable TV - 11.9%
Clear Channel Communications, Inc.	70,141		2,283,791
Comcast Corp. Class A (a)	139,300		3,677,520
E.W. Scripps Co. Class A	30,300		1,404,405
EchoStar Communications Corp. Class A	163,200		4,217,088
Grupo Televisa SA de CV (CPO) sponsored ADR	61,500		4,883,100
Liberty Global, Inc.:
Class A	55,221		1,231,981
Class C (a)	55,921		1,161,479
Salem Communications Corp. Class A (a)	11,300		215,830
Television Broadcasts Ltd.	112,000		605,886
The DIRECTV Group, Inc. (a)	180,801		2,384,765
Univision Communications, Inc. Class A (a)	62,500		1,889,375
XM Satellite Radio Holdings, Inc. Class A (a)	23,535		688,634
			24,643,854
Movies & Entertainment - 10.2%
News Corp. Class A	675,196		9,999,653
Viacom, Inc.:
Class A	63,000		2,109,240
Class B (non-vtg.)	29,000		968,600
Walt Disney Co.	319,400		7,962,642
			21,040,135
Publishing - 2.5%
Getty Images, Inc. (a)	39,600		3,615,084
McGraw-Hill Companies, Inc.	31,300		1,660,465
			5,275,549
TOTAL MEDIA			58,589,255

	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0%
Semiconductors - 1.0%
Genesis Microchip, Inc. (a)	50,600		$1,133,440
Micron Technology, Inc. (a)	70,500		1,005,330
			2,138,770
SOFTWARE - 2.0%
Application Software - 1.1%
NAVTEQ Corp. (a)	23,500		987,000
Plato Learning, Inc. (a)	188,000		1,357,360
			2,344,360
Home Entertainment Software - 0.9%
Activision, Inc. (a)	115,200		1,533,312
Ubisoft Entertainment SA (a)	8,100		369,916
			1,903,228
TOTAL SOFTWARE			4,247,588
WIRELESS TELECOMMUNICATION SERVICES - 1.8%
Wireless Telecommunication Services - 1.8%
American Tower Corp. Class A (a)	137,100		3,741,459
TOTAL COMMON STOCKS (Cost $164,514,194)		201,619,405
Money Market Funds - 11.8%

Fidelity Cash Central Fund, 4.08% (b)	4,018,156		4,018,156
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	20,420,805		20,420,805
TOTAL MONEY MARKET FUNDS (Cost $24,438,961)		24,438,961

TOTAL INVESTMENT PORTFOLIO - 109.1%

(Cost $188,953,155)

226,058,366

NET OTHER ASSETS - (9.1)%		(18,866,362)
NET ASSETS - 100%		$207,192,004

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$51,601
Fidelity Securities Lending Cash Central Fund	59,087
Total	$110,688

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $189,033,317. Net unrealized appreciation aggregated $37,025,049, of which $41,003,264 related to appreciated investment securities and $3,978,215 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

November 30, 2005

MED-QTLY-0106

1.810676.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
BIOTECHNOLOGY - 0.6%
Biotechnology - 0.6%
Alnylam Pharmaceuticals, Inc. (a)	13,900		$174,584
Charles River Laboratories International, Inc. (a)	7,300		332,588
Gilead Sciences, Inc. (a)	75,000		3,801,750
Martek Biosciences (a)	125,250		3,282,803
OSI Pharmaceuticals, Inc. (a)	25,000		606,250
Senomyx, Inc. (a)	60,000		764,400
Serologicals Corp. (a)	60,000		1,204,800
			10,167,175
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Human Resource & Employment Services - 0.2%
Watson Wyatt & Co. Holdings Class A	108,800		2,928,896
DIVERSIFIED CONSUMER SERVICES - 6.5%
Specialized Consumer Services - 6.5%
Alderwoods Group, Inc. (a)	535,489		8,043,045
Carriage Services, Inc. Class A (a)	239,349		1,242,221
Service Corp. International (SCI)	6,800,100		55,828,821
Stewart Enterprises, Inc. Class A	100		510
Weight Watchers International, Inc. (a)	844,800		40,381,440
			105,496,037
FOOD & STAPLES RETAILING - 1.2%
Drug Retail - 0.1%
Rite Aid Corp. (a)	475,000		1,752,750
Food Retail - 1.1%
Albertsons, Inc.	90,000		2,115,000
Safeway, Inc.	680,400		15,819,300
			17,934,300
TOTAL FOOD & STAPLES RETAILING			19,687,050
HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%
Health Care Equipment - 4.5%
Abiomed, Inc. (a)	85,500		747,270
American Medical Systems Holdings, Inc. (a)	40,000		736,000
Aspect Medical Systems, Inc. (a)	351,700		13,248,539
BioLase Technology, Inc. (a)	2,300		14,766
IDEXX Laboratories, Inc. (a)	25,000		1,788,750
INAMED Corp. (a)	195,000		16,348,800
IntraLase Corp. (a)	160,000		2,769,600
Kinetic Concepts, Inc. (a)	412,400		16,062,980
Laserscope, Inc. (a)	5,000		107,600
Mentor Corp.	6,600		321,684
NeuroMetrix, Inc. (a)	57,700		1,793,893
PhotoMedex, Inc. (a)	100,000		158,000
Quidel Corp. (a)	115,000		1,605,400
ResMed, Inc. (a)	20,000		816,000
Respironics, Inc. (a)	30,000		1,160,400
Straumann Holding AG	5,700		1,235,502

	Shares		Value
SurModics, Inc. (a)	15,000		$588,150
Syneron Medical Ltd. (a)	330,300		13,145,940
Viasys Healthcare, Inc. (a)	5,000		136,500
			72,785,774
Health Care Supplies - 1.2%
Align Technology, Inc. (a)	5,000		34,600
Anika Therapeutics, Inc. (a)	10,000		118,100
Inverness Medical Innovations, Inc. (a)	525,300		12,607,200
Inverness Medical Innovations, Inc. (a)(g)	202,000		4,848,000
Neogen Corp. (a)	2,300		46,202
OraSure Technologies, Inc. (a)	25,000		339,000
Regeneration Technologies, Inc. (a)	50,000		410,500
			18,403,602
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			91,189,376
HEALTH CARE PROVIDERS & SERVICES - 79.0%
Health Care Distributors & Services - 9.0%
AmerisourceBergen Corp.	10		804
Cardinal Health, Inc.	362,600		23,188,270
DrugMax, Inc. (a)	177,100		221,375
Henry Schein, Inc. (a)	654,200		27,901,630
McKesson Corp.	1,860,700		93,593,210
Patterson Companies, Inc. (a)	135		4,717
PSS World Medical, Inc. (a)	65,000		1,070,550
			145,980,556
Health Care Facilities - 7.0%
Acibadem Saglik Hizmetleri AS	160,000		1,173,609
American Retirement Corp. (a)	91,500		2,252,730
AmSurg Corp. (a)	500		12,055
Apollo Hospitals Enterprise Ltd.	1,156,565		11,140,980
Bangkok Dusit Medical Service PCL Class F (For. Reg.)	1,772,600		954,097
Bumrungrad Hospital PCL (For. Reg.)	1,718,300		1,124,842
Capital Senior Living Corp. (a)	180,000		1,818,000
Community Health Systems, Inc. (a)	846,700		33,944,203
Emeritus Corp. (a)	115,000		2,232,150
HCA, Inc.	19,400		989,206
Health Management Associates, Inc. Class A	85,600		2,004,752
HealthSouth Corp. (a)	2,180		8,131
Kindred Healthcare, Inc. (a)	100		2,773
LifePoint Hospitals, Inc. (a)	30,400		1,156,720
Odyssey Healthcare, Inc. (a)	50,000		926,000
Radiation Therapy Services, Inc. (a)	603,600		22,900,584
Sunrise Senior Living, Inc. (a)	256,400		8,563,760
Symbion, Inc. (a)	50,000		1,339,500
Tenet Healthcare Corp. (a)	100		782
Triad Hospitals, Inc. (a)	267,500		11,411,550
U.S. Physical Therapy, Inc. (a)	370,000		7,322,300
United Surgical Partners International, Inc. (a)	3,750		130,163
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Facilities - continued
Universal Health Services, Inc. Class B	500		$23,960
VCA Antech, Inc. (a)	55,000		1,537,800
			112,970,647
Health Care Services - 24.0%
Allied Healthcare International, Inc. (a)	78,621		471,726
Allscripts Healthcare Solutions, Inc. (a)	630,000		8,442,000
American Dental Partners, Inc. (a)	41,888		782,049
American Healthways, Inc. (a)	206,948		9,190,561
AMICAS, Inc. (a)	50,000		237,500
AMN Healthcare Services, Inc. (a)	60,000		1,143,000
Apria Healthcare Group, Inc. (a)	170,500		4,170,430
Caremark Rx, Inc. (a)	1,613,200		82,902,348
Cerner Corp. (a)	88,000		8,483,200
Covance, Inc. (a)	185,700		8,828,178
DaVita, Inc. (a)	233,700		12,266,913
Diagnosticos da America SA	25,000		442,478
Eclipsys Corp. (a)	70,000		1,255,100
Emageon, Inc.	190,000		2,447,200
Emdeon Corp. (a)	976,700		7,471,755
Express Scripts, Inc. (a)	400		33,784
Health Grades, Inc. (a)	535,600		2,570,880
HMS Holdings Corp. (a)	401,677		3,032,661
Laboratory Corp. of America Holdings (a)	37,200		1,930,308
Lincare Holdings, Inc. (a)	100		4,293
Medco Health Solutions, Inc. (a)	1,865,900		100,105,535
NationsHealth, Inc. (a)	131,400		1,014,408
NDCHealth Corp.	543,800		10,245,192
Omnicare, Inc.	455,000		25,912,250
Pediatric Services of America, Inc. (a)	27,500		446,050
Pediatrix Medical Group, Inc. (a)	19,800		1,674,288
Pharmaceutical Product Development, Inc.	400		23,316
PRA International	810,046		22,470,676
Quest Diagnostics, Inc.	709,600		35,543,864
RehabCare Group, Inc. (a)	198,800		3,848,768
Renal Care Group, Inc. (a)	100		4,695
Rural/Metro Corp. (a)(e)	1,957,400		17,322,990
TriZetto Group, Inc. (a)	115,000		1,868,750
VistaCare, Inc. Class A (a)	636,100		8,778,180
Vital Images, Inc. (a)	65,000		1,731,600
WebMD Health Corp. Class A	2,600		68,874
			387,165,800
Managed Health Care - 39.0%
Aetna, Inc.	1,081,400		100,018,686
AMERIGROUP Corp. (a)	342,600		6,392,916
Centene Corp. (a)	1,800		43,218
CIGNA Corp.	581,900		65,475,388
Coventry Health Care, Inc. (a)	315,000		18,764,550
Health Net, Inc. (a)	1,559,600		79,586,388
Humana, Inc. (a)	1,573,100		72,095,173

	Shares		Value
Molina Healthcare, Inc. (a)	1,473		$39,329
National Medical Health Card Systems, Inc. (a)	35,000		968,100
PacifiCare Health Systems, Inc. (a)	606,639		52,195,220
Sierra Health Services, Inc. (a)	154,800		12,108,456
UnitedHealth Group, Inc.	2,063,790		123,538,468
Wellcare Health Plans, Inc. (a)	35,500		1,401,540
WellChoice, Inc. (a)	57,300		4,437,885
WellPoint, Inc. (a)	1,193,400		91,688,922
			628,754,239
TOTAL HEALTH CARE PROVIDERS & SERVICES		1,274,871,242
HOTELS, RESTAURANTS & LEISURE - 0.1%
Leisure Facilities - 0.1%
Life Time Fitness, Inc. (a)	30,000		1,152,900
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
Tyco International Ltd.	6,800		193,936
INSURANCE - 0.8%
Life & Health Insurance - 0.8%
Ceres Group, Inc. (a)	150,000		750,000
China Life Insurance Co. Ltd. ADR (a)	75,000		2,367,000
Universal American Financial Corp. (a)	653,300		9,642,708
			12,759,708
INTERNET & CATALOG RETAIL - 0.2%
Internet Retail - 0.2%
NutriSystem, Inc. (a)	78,000		3,036,540
IT SERVICES - 0.1%
Data Processing & Outsourced Services - 0.0%
Intrado, Inc. (a)	10,000		225,800
IT Consulting & Other Services - 0.1%
Accenture Ltd. Class A	50,000		1,422,000
TOTAL IT SERVICES			1,647,800
PERSONAL PRODUCTS - 0.1%
Personal Products - 0.1%
Natura Cosmeticos SA	36,600		1,577,944
PHARMACEUTICALS - 4.0%
Pharmaceuticals - 4.0%
Adams Respiratory Therapeutics, Inc.	30,000		1,328,700
Allergan, Inc.	42,100		4,210,000
Atherogenics, Inc. (a)	57,100		855,929
Cipla Ltd.	282,300		2,443,442
First Horizon Pharmaceutical Corp. (a)	35,000		616,700
Kos Pharmaceuticals, Inc. (a)	50,000		3,329,000
Mylan Laboratories, Inc.	20,000		417,800
Ranbaxy Laboratories Ltd.	183,230		1,536,433
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Roche Holding AG (participation certificate)	25,013		$3,759,036
Salix Pharmaceuticals Ltd. (a)	95,000		1,840,150
Sepracor, Inc. (a)	32,700		1,797,846
Shire PLC sponsored ADR	50,000		1,827,000
Teva Pharmaceutical Industries Ltd. sponsored ADR	918,500		37,548,280
Valeant Pharmaceuticals International	35,000		576,800
Watson Pharmaceuticals, Inc. (a)	82,700		2,758,872
			64,845,988
TOTAL COMMON STOCKS (Cost $1,360,911,396)		1,589,554,592

Nonconvertible Bonds - 0.1%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
Rural/Metro Corp.:
0% 3/15/16 (d)(f)	$2,790,000	1,687,950
9.875% 3/15/15 (f)	20,000	20,400
TOTAL NONCONVERTIBLE BONDS (Cost $1,662,532)		1,708,350

Money Market Funds - 5.3%
	Shares
Fidelity Cash Central Fund, 4.08% (b)	69,122,776		69,122,776
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	16,387,125		16,387,125
TOTAL MONEY MARKET FUNDS (Cost $85,509,901)		85,509,901

TOTAL INVESTMENT PORTFOLIO - 103.9%

(Cost $1,448,083,829)

1,676,772,843

NET OTHER ASSETS - (3.9)%		(63,513,136)
NET ASSETS - 100%		$1,613,259,707

Legend

(a)Non-income producing

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

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

(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 period end, the value of these securities amounted to $1,708,350 or 0.1% 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 $4,848,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inverness Medical Innovations, Inc.	8/1/05	$4,799,520

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$1,188,142
Fidelity Securities Lending Cash Central Fund	54,834
Total	$1,242,976

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Rural/Metro Corp.	$54,736	$15,040,199	$-	$-	$17,322,990

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,448,904,160. Net unrealized appreciation aggregated $227,868,683, of which $258,123,613 related to appreciated investment securities and $30,254,930 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

November 30, 2005

MES-QTLY-0106

1.810698.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
BIOTECHNOLOGY - 3.4%
Biotechnology - 3.4%
Affymetrix, Inc. (a)	176,130		$8,672,641
Alnylam Pharmaceuticals, Inc. (a)	556,600		6,990,896
BioSphere Medical, Inc. (a)	39,500		220,410
DUSA Pharmaceuticals, Inc. (a)	732,700		7,312,346
Epigenomics AG (a)	63,300		306,693
Invitrogen Corp. (a)	81,000		5,398,650
Seracare Life Sciences, Inc. (a)	259,200		5,684,256
Serologicals Corp. (a)	297,100		5,965,768
Sirna Therapeutics, Inc. (a)	122,400		434,520
Solexa, Inc. (a)	4,500		39,555
			41,025,735
CAPITAL MARKETS - 0.0%
Asset Management & Custody Banks - 0.0%
Harris & Harris Group, Inc. (a)	57,200		761,332
CHEMICALS - 0.3%
Specialty Chemicals - 0.3%
Lonza Group AG	62,500		3,541,278
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.4%
Advisory Board Co. (a)	102,000		4,928,640
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Agilent Technologies, Inc. (a)	94,500		3,369,870
HEALTH CARE EQUIPMENT & SUPPLIES - 74.0%
Health Care Equipment - 56.4%
Advanced Medical Optics, Inc. (a)	254,094		10,776,127
American Medical Systems Holdings, Inc. (a)	321,890		5,922,776
Animas Corp. (a)	153,600		2,615,808
Aspect Medical Systems, Inc. (a)	798,300		30,071,961
Baxter International, Inc.	2,223,920		86,488,249
Becton, Dickinson & Co.	1,442,900		84,020,067
Boston Scientific Corp. (a)	920,300		24,369,544
C.R. Bard, Inc.	818,900		53,122,043
Conceptus, Inc. (a)	1,141,600		17,660,552
Conor Medsystems, Inc.	54,900		1,085,373
Cyberonics, Inc. (a)	103,100		2,908,451
Cytyc Corp. (a)	671,800		18,481,218
Dade Behring Holdings, Inc.	220,800		9,028,512
Edwards Lifesciences Corp. (a)	143,000		5,718,570
Fisher Scientific International, Inc. (a)	282,600		18,222,048
Foxhollow Technologies, Inc. (a)	7,200		313,488
Greatbatch, Inc. (a)	46,100		1,335,978
Guidant Corp.	533,900		32,930,952
INAMED Corp. (a)	99,600		8,350,464
Integra LifeSciences Holdings Corp. (a)	75,000		2,740,500
Intermagnetics General Corp. (a)	80,300		2,685,232

	Shares		Value
IntraLase Corp. (a)	171,400		$2,966,934
Invacare Corp.	40,300		1,376,648
Kinetic Concepts, Inc. (a)	219,700		8,557,315
Kyphon, Inc. (a)	179,400		7,622,706
Medtronic, Inc.	563,716		31,325,698
Mentor Corp.	239,400		11,668,356
Meridian Bioscience, Inc.	1,050		19,604
NeuroMetrix, Inc. (a)	571,900		17,780,371
NMT Medical, Inc. (a)	335,604		6,198,606
Nobel Biocare Holding AG (Switzerland)	31,747		7,231,415
PhotoMedex, Inc. (a)	535,700		846,406
ResMed, Inc. (a)	388,000		15,830,400
Respironics, Inc. (a)	276,300		10,687,284
Sonic Innovations, Inc. (a)	150,000		547,500
SonoSite, Inc. (a)	66,200		2,486,472
St. Jude Medical, Inc. (a)	1,301,500		62,172,655
Stereotaxis, Inc. (a)	374,300		2,642,558
Straumann Holding AG	23,565		5,107,826
SurModics, Inc. (a)	134,500		5,273,745
Syneron Medical Ltd. (a)	77,400		3,080,520
Synthes, Inc.	22,632		2,435,584
Thermo Electron Corp. (a)	193,900		5,981,815
Thoratec Corp. (a)	200,400		4,098,180
Varian Medical Systems, Inc. (a)	57,600		2,927,232
Ventana Medical Systems, Inc. (a)	60,900		2,345,259
Waters Corp. (a)	489,300		19,195,239
Zimmer Holdings, Inc. (a)	371,200		23,263,104
			682,517,345
Health Care Supplies - 17.6%
Alcon, Inc.	542,500		76,058,500
Anika Therapeutics, Inc. (a)	70,590		833,668
Bausch & Lomb, Inc.	228,800		18,592,288
Cooper Companies, Inc.	842,700		46,179,960
DENTSPLY International, Inc.	327,000		18,191,010
DJ Orthopedics, Inc. (a)	178,600		5,565,176
Gen-Probe, Inc. (a)	12,300		567,891
Inverness Medical Innovations, Inc. (a)	589,900		14,157,600
Inverness Medical Innovations, Inc. (a)(d)	910,000		21,840,000
Merit Medical Systems, Inc. (a)	105,200		1,346,560
Millipore Corp. (a)	26,600		1,698,676
PolyMedica Corp.	42,700		1,620,892
Regeneration Technologies, Inc. (a)	514,800		4,226,508
Shamir Optical Industry Ltd.	2,000		19,200
Utah Medical Products, Inc.	41,600		1,205,568
			212,103,497
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			894,620,842
HEALTH CARE PROVIDERS & SERVICES - 2.6%
Health Care Distributors & Services - 0.4%
Henry Schein, Inc. (a)	109,400		4,665,910
Health Care Facilities - 0.3%
VCA Antech, Inc. (a)	117,500		3,285,300
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - 1.5%
Emageon, Inc.	70,000		$901,600
IMS Health, Inc.	258,700		6,325,215
Merge Technologies, Inc. (a)	130,283		3,718,277
Quest Diagnostics, Inc.	123,200		6,171,088
WebMD Health Corp. Class A	19,130		506,754
			17,622,934
Managed Health Care - 0.4%
UnitedHealth Group, Inc.	92,100		5,513,106
TOTAL HEALTH CARE PROVIDERS & SERVICES			31,087,250
PHARMACEUTICALS - 18.4%
Pharmaceuticals - 18.4%
Allergan, Inc.	951,600		95,159,999
Endo Pharmaceuticals Holdings, Inc. (a)	69,100		2,067,472
Johnson & Johnson	1,407,300		86,900,775
Medicines Co. (a)	76,200		1,392,174
Novartis AG sponsored ADR	165,000		8,646,000
Roche Holding AG (participation certificate)	176,581		26,537,176
Shire PLC sponsored ADR	49,400		1,805,076
			222,508,672
TOTAL COMMON STOCKS (Cost $982,655,090)		1,201,843,619
Money Market Funds - 3.3%
Fidelity Cash Central Fund, 4.08% (b)	4,197,594		4,197,594
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	36,592,750		36,592,750
TOTAL MONEY MARKET FUNDS (Cost $40,790,344)		40,790,344

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $1,023,445,434)

1,242,633,963

NET OTHER ASSETS - (2.7)%		(33,254,889)
NET ASSETS - 100%		$1,209,379,074

Legend

(a)Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inverness Medical Innovations, Inc.	8/1/05	$21,621,600

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$459,455
Fidelity Securities Lending Cash Central Fund		247,694
Total		$707,149

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,025,045,005. Net unrealized appreciation aggregated $217,588,958, of which $234,980,224 related to appreciated investment securities and $17,391,266 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Money Market Portfolio

November 30, 2005

MON-QTLY-0106

1.810699.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 1.0%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
AOL Time Warner, Inc.
4/15/06	4.03%	$400,000		$402,762
4/15/06	4.14	190,000		191,242
British Telecommunications PLC
12/15/05	3.38	275,000		275,447
12/15/05	3.39	405,000		405,657
12/15/05	3.40	70,000		70,113
12/15/05	3.43	285,000		285,458
12/15/05	3.51	75,000		75,117
12/15/05	3.71	310,000		310,477
12/15/05	3.78	55,000		55,082
12/15/05	3.95	370,000		370,537
Comcast Cable Communications, Inc.
1/30/06	3.74	1,980,000		1,987,824
1/30/06	3.91	260,000		260,939
1/30/06	4.43	170,000		170,500
1/30/06	4.47	90,000		90,256
Continental Cablevision, Inc.
5/15/06	4.70	600,000		609,543
France Telecom SA
3/1/06	3.37	35,000		35,306
3/1/06	3.41	110,000		110,979
3/1/06	3.43	130,000		131,132
3/1/06	3.45	35,000		35,299
3/1/06	3.54	150,000		151,280
3/1/06	3.55	225,000		226,905
3/1/06	3.56	285,000		287,415
3/1/06	3.59	60,000		60,506
TCI Communications, Inc.
2/15/06	4.51	125,000		125,553
2/15/06	4.62	1,155,000		1,159,877
TOTAL CORPORATE BONDS			7,885,206
Certificates of Deposit - 29.1%

Domestic Certificates Of Deposit - 0.1%
Huntington National Bank, Columbus
3/23/06	4.31	1,000,000		1,000,000
London Branch, Eurodollar, Foreign Banks - 13.7%
Barclays PLC
12/2/05	4.05	25,000,000		24,999,998
2/7/06	4.26	10,000,000		10,000,000
Calyon
7/18/06	4.00	5,000,000		5,000,000
10/4/06	4.40	3,000,000		3,000,000
Credit Agricole SA
7/17/06	4.00	5,000,000		5,000,000
7/19/06	4.00	5,000,000		5,000,000
Credit Industriel et Commercial
2/6/06	4.25	10,000,000		10,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
11/7/06	4.76%	$5,000,000		$5,000,000
Deutsche Bank AG
12/13/05	4.03	15,000,000		15,000,000
Hypo Real Estate Bank International
12/30/05	4.26 (f)	1,000,000		1,000,000
Royal Bank of Scotland PLC
1/31/06	4.29	5,000,000		5,000,000
Societe Generale
8/18/06	4.25	3,000,000		3,000,000
Unicredito Italiano Spa
1/25/06	4.26	15,000,000		15,000,000
				106,999,998
New York Branch, Yankee Dollar, Foreign Banks - 15.3%
Bank of Tokyo-Mitsubishi Ltd.
12/7/05	4.06	10,000,000		10,000,000
12/8/05	4.06	5,000,000		5,000,000
1/27/06	4.34 (c)	10,000,000		10,000,000
1/30/06	4.30	5,000,000		5,000,000
Barclays Bank PLC
12/2/05	3.71	3,000,000		3,000,000
Canadian Imperial Bank of Commerce
12/15/05	4.18 (d)	14,000,000		14,000,000
Credit Industriel et Commercial
6/28/06	4.27	5,000,000		5,000,000
Credit Suisse First Boston New York Branch
12/19/05	4.14 (d)	5,000,000		5,000,000
12/28/05	3.93 (d)	5,000,000		5,000,000
1/19/06	4.14 (d)	5,000,000		5,000,000
DEPFA BANK PLC
2/1/06	4.30	5,000,000		5,000,000
Deutsche Bank AG
12/5/05	3.73 (d)	5,000,000		5,000,000
Eurohypo AG
1/31/06	4.02 (a)	5,000,000		5,000,000
3/28/06	4.08 (a)	3,000,000		3,000,000
Mizuho Corporate Bank Ltd.
12/8/05	4.08	10,000,000		10,000,000
Royal Bank of Scotland PLC
1/31/06	4.28	5,000,000		5,000,000
Skandinaviska Enskilda Banken AB
1/6/06	4.05 (d)	10,000,000		9,999,113
Toronto-Dominion Bank
4/7/06	3.86	5,000,000		5,000,000
Unicredito Italiano Spa
2/13/06	4.28 (d)	5,000,000		4,999,668
				119,998,781
TOTAL CERTIFICATES OF DEPOSIT			227,998,779
Commercial Paper - 20.5%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Bavaria TRR Corp.
12/5/05	4.10%	$4,000,000		$3,998,182
12/14/05	4.15	5,000,000		4,992,525
Charta LLC
1/24/06	4.25	5,000,000		4,968,350
Citibank Credit Card Master Trust I (Dakota Certificate Program)
1/23/06	4.28	5,000,000		4,968,715
2/1/06	4.28	5,000,000		4,963,446
Citigroup Funding, Inc.
1/24/06	4.28	5,000,000		4,968,125
Countrywide Financial Corp.
12/13/05	4.12	5,000,000		4,993,167
1/27/06	4.33	5,000,000		4,965,958
DaimlerChrysler NA Holding Corp.
12/22/05	4.30	1,000,000		997,503
12/23/05	4.30	1,000,000		997,384
12/28/05	4.40	1,000,000		996,715
Dresdner U.S. Finance, Inc.
12/7/05	4.05	10,000,000		9,993,265
FCAR Owner Trust
12/9/05	4.02	5,000,000		4,995,556
12/13/05	4.04	5,000,000		4,993,300
Federated Retail Holdings, Inc.
12/5/05	4.13	1,000,000		999,542
12/19/05	4.18	500,000		498,960
1/5/06	4.27	500,000		497,939
1/9/06	4.30	500,000		497,682
Fortune Brands, Inc.
12/5/05	4.11	2,000,000		1,999,091
1/9/06	4.30	1,000,000		995,385
1/17/06	4.34	500,000		497,193
1/23/06	4.30	3,000,000		2,981,229
1/24/06	4.30	500,000		496,813
2/1/06	4.35	1,000,000		992,577
Kellogg Co.
12/2/05	4.12	500,000		499,943
12/13/05	4.11	500,000		499,320
Motown Notes Program
2/2/06	4.28	5,000,000		4,962,988
2/3/06	4.27	2,000,000		1,984,960
Paradigm Funding LLC
1/20/06	4.25	5,000,000		4,970,694
Park Granada LLC
12/7/05	4.08	5,000,000		4,996,600
1/23/06	4.20	5,000,000		4,969,415
1/24/06	4.20	1,000,000		993,768
1/25/06	4.22	5,000,000		4,968,069
1/30/06	4.23	5,000,000		4,965,125
1/30/06	4.24	5,000,000		4,965,042
Park Sienna LLC
12/5/05	4.09	5,000,000		4,997,733

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
12/7/05	4.09%	$5,000,000		$4,996,592
Strand Capital LLC
1/17/06	3.91	5,000,000		4,974,803
Stratford Receivables Co. LLC
12/5/05	4.02	5,000,000		4,997,778
12/5/05	4.04	5,000,000		4,997,767
12/9/05	4.05	5,000,000		4,995,522
12/16/05	4.12	5,000,000		4,991,438
1/17/06	4.24	5,000,000		4,972,551
1/20/06	4.25	5,000,000		4,970,729
1/25/06	4.28	5,000,000		4,967,535
TOTAL COMMERCIAL PAPER			160,886,974
Master Notes - 2.8%

Bear Stearns Companies, Inc.
12/15/05	4.17 (f)	2,000,000		2,000,000
Goldman Sachs Group, Inc.
12/9/05	4.14 (d)(f)	10,000,000		10,000,000
12/10/05	4.16 (d)(f)	5,000,000		5,000,000
1/9/06	3.69 (f)	5,000,000		5,000,000
TOTAL MASTER NOTES			22,000,000
Medium-Term Notes - 23.4%

AIG Matched Funding Corp.
12/15/05	3.89 (d)	5,000,000		5,000,000
1/3/06	4.06 (d)	5,000,000		5,000,000
1/11/06	4.13 (d)	5,000,000		5,000,000
1/23/06	4.02 (d)	5,000,000		5,000,000
Australia & New Zealand Banking Group Ltd.
12/23/05	4.15 (b)(d)	2,000,000		2,000,000
Bank of New York Co., Inc.
12/28/05	4.24 (b)(d)	5,000,000		5,000,000
Bayerische Landesbank Girozentrale
2/20/06	4.38 (d)	5,000,000		5,000,000
BellSouth Corp.
4/26/06	4.26 (b)(d)	500,000		500,064
BMW U.S. Capital LLC
12/15/05	4.09 (d)	1,000,000		1,000,000
Commonwealth Bank of Australia
12/28/05	4.16 (d)	2,000,000		2,000,000
GE Capital Assurance Co.
12/1/05	4.17 (d)(f)	5,000,000		5,000,000
General Electric Capital Corp.
12/7/05	4.08 (d)	5,000,000		5,000,000
12/9/05	4.19 (d)	10,000,000		10,006,961
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
General Electric Capital Corp. - continued
12/19/05	4.24% (d)	$9,000,000		$9,002,963
3/30/06	3.85	4,000,000		4,017,723
HBOS Treasury Services PLC
12/28/05	4.01 (d)	10,000,000		10,000,000
HSBC Finance Corp.
12/28/05	4.18 (d)	2,000,000		2,000,000
HSH Nordbank AG
12/23/05	4.17 (b)(d)	2,000,000		2,000,000
ING USA Annuity & Life Insurance Co.
12/28/05	4.04 (d)(f)	1,000,000		1,000,000
MBIA Global Funding LLC
1/17/06	4.11 (b)(d)	1,000,000		1,000,000
Merrill Lynch & Co., Inc.
12/5/05	4.12 (d)	2,000,000		2,002,071
12/12/05	4.32 (d)	1,000,000		1,002,113
12/15/05	4.10 (d)	4,000,000		4,000,000
Metropolitan Life Insurance Co.
12/6/05	4.08 (b)(d)	2,213,000		2,213,000
Morgan Stanley
12/1/05	4.14 (d)	1,000,000		1,000,000
12/5/05	4.12 (d)	5,000,000		5,000,000
12/15/05	4.15 (d)	2,000,000		2,000,000
RACERS
12/22/05	4.17 (b)(d)	10,000,000		10,000,000
Royal Bank of Scotland PLC
12/21/05	4.13 (b)(d)	5,000,000		5,000,000
SBC Communications, Inc.
6/5/06	3.96 (b)	1,600,000		1,602,919
6/5/06	4.11 (b)	100,000		100,075
Security Life of Denver Insurance Co.
2/28/06	4.49 (d)(f)	1,000,000		1,000,000
Societe Generale
12/2/05	4.06 (b)(d)	5,000,000		5,000,000
Verizon Global Funding Corp.
12/15/05	3.98 (d)	20,000,000		20,000,010
Washington Mutual Bank, California
12/20/05	3.87 (d)	4,000,000		4,000,000
12/28/05	3.94 (d)	10,000,000		9,999,702
1/27/06	4.20 (d)	5,000,000		5,000,000
2/6/06	4.26 (d)	5,000,000		5,000,000
Wells Fargo & Co.
12/2/05	4.14 (d)	5,000,000		5,000,000
12/15/05	4.11 (d)	5,000,000		5,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
WestLB AG
12/12/05	4.11% (b)(d)	$2,000,000		$2,000,000
12/30/05	4.02 (b)(d)	3,000,000		3,000,000
World Savings Bank FSB
12/2/05	3.87 (d)	450,000		450,024
TOTAL MEDIUM-TERM NOTES			183,897,625
Short-Term Notes - 1.3%

Metropolitan Life Insurance Co.
1/2/06	4.19 (d)(f)	5,000,000		5,000,000
New York Life Insurance Co.
12/31/05	4.15 (d)(f)	5,000,000		5,000,000
TOTAL SHORT-TERM NOTES			10,000,000
Municipal Securities - 1.1%

Connecticut Hsg. Fin. Auth. (Hsg. Mortgage Fin. Prog.) Series F2, 4.1% (AMBAC Insured), VRDN (d)
12/7/05		5,000,000		5,000,000
New York State Dorm. Auth. Revs. Series A, 4.07% (MBIA Insured), VRDN (d)
12/7/05		3,530,000		3,530,000
TOTAL MUNICIPAL SECURITIES			8,530,000

Repurchase Agreements - 22.2%
	Maturity Amount
In a joint trading account (Collateralized by U.S. Government Obligations dated 11/30/05 due 12/1/05 At 4.05%)	$14,060,581		14,059,000
With:
Banc of America Securities LLC At 4.11%, dated 11/30/05 due 12/1/05 (Collateralized by Mortgage Loan Obligations valued at $21,000,001, 4.47%, 12/25/35)	20,002,283		20,000,000
Citigroup Global Markets, Inc. At 4.16%, dated 11/30/05 due 12/1/05 (Collateralized by Mortgage Loan Obligations valued at $39,900,001, 5.35% - 10.5%, 4/15/12 - 5/15/16)	38,004,394		38,000,000
CS First Boston Corp. At 4.03%, dated 11/1/05 due 12/1/05 (Collateralized by Mortgage Loan Obligations valued at $10,296,832, 5%, 11/1/35)	10,033,583		10,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Goldman Sachs & Co. at 4.16%, dated:
11/21/05 due 12/19/05 (Collateralized by Mortgage Loan Obligations valued at $9,450,000, 5.38%, 11/25/35) (d)(e)	$9,029,120		$9,000,000
11/30/05 due 12/1/05 (Collateralized by Mortgage Loan Obligations valued at $9,450,000, 4.75% - 5.38%, 11/25/33 - 11/25/35)	9,001,041		9,000,000
J.P. Morgan Securities, Inc. at 4.13%, dated 11/2/05 due 12/14/05 (Collateralized by Corporate Obligations valued at $4,097,841, 5% - 7.4%, 11/1/06 - 4/1/37)	4,019,273		4,000,000
Lehman Brothers, Inc. at:
4.12%, dated 11/30/05 due 12/1/05 (Collateralized by Mortgage Loan Obligations valued at $6,120,013, 4.51%, 10/25/35)	6,000,687		6,000,000
4.14%, dated 11/30/05 due 12/1/05 (Collateralized by Mortgage Loan Obligations valued at $19,953,615, 4.89% - 6.12%, 3/20/07 - 10/25/35)	19,002,185		19,000,000
Merrill Lynch, Pierce, Fenner & Smith at:
4.14%, dated 11/30/05 due 12/1/05 (Collateralized by Corporate Obligations valued at $26,524,597, 7.35% - 8.21%, 6/5/12 - 1/1/27)	26,002,992		26,000,000

	Maturity Amount		Value
4.2%, dated 10/25/05 due 1/23/06 (Collateralized by Corporate Obligations valued at $5,258,329, 6.25% - 9.6%, 5/1/19 - 6/15/24) (d)(e)	$5,052,500		$5,000,000
Morgan Stanley & Co. At 4.13%, dated 11/2/05 due 12/14/05 (Collateralized by Mortgage Loan Obligations valued at $14,775,618, 0.3% - 5.5%, 11/25/08 - 7/10/39)	14,067,457		14,000,000
TOTAL REPURCHASE AGREEMENTS		174,059,000

TOTAL INVESTMENT PORTFOLIO - 101.4%
(Cost $795,257,584)

795,257,584

NET OTHER ASSETS - (1.4)%		(10,920,287)
NET ASSETS - 100%		$784,337,297

Security Type Abbreviations

CP-COMMERCIAL PAPER

VRDN-VARIABLE RATE DEMAND NOTE

Legend

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

(b)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $39,416,058 or 5.0% of net assets.

(c)Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

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

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Bear Stearns Companies, Inc. 4.17%, 12/15/05	11/14/05	$2,000,000
GE Capital Assurance Co. 4.17%, 12/1/05	7/28/05	$5,000,000
Goldman Sachs Group, Inc.: 3.69%, 1/9/06	4/12/05	$5,000,000
4.14%, 12/9/05	4/12/05	$10,000,000
4.16%, 12/10/05	11/10/05	$5,000,000
Hypo Real Estate Bank International 4.26%, 12/30/05	11/22/05	$1,000,000
ING USA Annuity & Life Insurance Co. 4.04%, 12/28/05	6/23/05	$1,000,000
Metropolitan Life Insurance Co. 4.19%, 1/2/06	3/26/02	$5,000,000
New York Life Insurance Co. 4.15%, 12/31/05	2/28/02	$5,000,000
Security Life of Denver Insurance Co. 4.49%, 2/28/06	8/26/05	$1,000,000

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $795,257,584.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

November 30, 2005

BAM-QTLY-0106

1.810700.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.6%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.8%
Commercial Printing - 0.8%
R.R. Donnelley & Sons Co.	26,000		$889,200
Human Resource & Employment Services - 1.0%
Monster Worldwide, Inc. (a)	26,600		1,034,740
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,923,940
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%
Alternative Carriers - 1.0%
New Skies Satellites Holdings Ltd.	44,100		1,053,990
HOTELS, RESTAURANTS & LEISURE - 0.7%
Hotels, Resorts & Cruise Lines - 0.7%
Ctrip.com International Ltd. sponsored ADR	13,500		786,915
INTERNET & CATALOG RETAIL - 3.9%
Internet Retail - 3.9%
eBay, Inc. (a)	10,600		474,986
Expedia, Inc. (a)	143,100		3,547,449
			4,022,435
INTERNET SOFTWARE & SERVICES - 22.4%
Internet Software & Services - 22.4%
AD Pepper Media International NV (a)	33,300		321,504
aQuantive, Inc. (a)	68,900		1,852,721
CNET Networks, Inc. (a)	31,600		473,684
Digitas, Inc. (a)	48,800		610,000
Google, Inc. Class A (sub. vtg.) (a)	26,200		10,610,739
Homestore, Inc. (a)	106,000		467,460
iVillage, Inc. (a)	123,800		1,015,160
Sina Corp. (a)	13,400		334,196
Sohu.com, Inc. (a)	14,500		275,500
ValueClick, Inc. (a)	25,700		485,216
WebSideStory, Inc. (a)	19,300		347,400
Yahoo!, Inc. (a)	163,950		6,595,709
			23,389,289
MEDIA - 55.9%
Advertising - 8.6%
Focus Media Holding Ltd. ADR	1,200		35,520
Harte-Hanks, Inc.	8,700		228,462
JC Decaux SA (a)	36,100		785,167
Lamar Advertising Co. Class A (a)	28,000		1,297,800
Omnicom Group, Inc.	78,400		6,629,504
			8,976,453
Broadcasting & Cable TV - 16.7%
Central European Media Enterprises Ltd. Class A (a)	28,500		1,541,280
Clear Channel Communications, Inc.	130,300		4,242,568
E.W. Scripps Co. Class A	35,400		1,640,790

	Shares		Value
EchoStar Communications Corp. Class A	58,600		$1,514,224
Gestevision Telecinco SA	8,100		194,411
Grupo Televisa SA de CV (CPO) sponsored ADR	11,400		905,160
Impresa SGPS (a)	32,900		185,000
Liberty Global, Inc.:
Class A	40,044		893,382
Class C (a)	40,044		831,714
Mediaset Spa	66,400		699,393
Radio One, Inc. Class D (non-vtg.) (a)	64,300		711,158
TVN SA	17,980		384,918
Univision Communications, Inc. Class A (a)	91,000		2,750,930
XM Satellite Radio Holdings, Inc. Class A (a)	31,900		933,394
			17,428,322
Movies & Entertainment - 16.6%
Carmike Cinemas, Inc.	23,400		615,888
News Corp.:
Class A	304,082		4,503,454
Class B	98,600		1,542,104
Pixar (a)	32,100		1,779,624
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	112,660		1,614,418
Walt Disney Co.	278,200		6,935,526
World Wrestling Entertainment, Inc. Class A	22,300		301,273
			17,292,287
Publishing - 14.0%
ADVO, Inc.	14,200		387,518
Gannett Co., Inc.	51,200		3,154,944
Getty Images, Inc. (a)	24,100		2,200,089
McGraw-Hill Companies, Inc.	113,600		6,026,480
Reuters Group PLC sponsored ADR	19,400		803,160
The New York Times Co. Class A	17,300		475,750
Washington Post Co. Class B	2,100		1,547,700
			14,595,641
TOTAL MEDIA			58,292,703
SOFTWARE - 2.9%
Application Software - 1.4%
NDS Group PLC sponsored ADR (a)	34,400		1,422,784
Home Entertainment Software - 1.5%
Activision, Inc. (a)	31,066		413,488
Electronic Arts, Inc. (a)	14,100		794,676
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	23,200		396,488
			1,604,652
TOTAL SOFTWARE			3,027,436
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - 0.1%
Computer & Electronics Retail - 0.1%
Gamestop Corp. Class A (a)	2,600		$87,464
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
Wireless Telecommunication Services - 1.9%
American Tower Corp. Class A (a)	71,830		1,960,241
TOTAL COMMON STOCKS (Cost $69,991,306)		94,544,413
Money Market Funds - 8.3%

Fidelity Cash Central Fund, 4.08% (b)	8,329,807		8,329,807
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	286,875		286,875
TOTAL MONEY MARKET FUNDS (Cost $8,616,682)		8,616,682

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $78,607,988)

103,161,095

NET OTHER ASSETS - 1.1%			1,147,629
NET ASSETS - 100%		$104,308,724

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$44,149
Fidelity Securities Lending Cash Central Fund	24,188
Total	$68,337

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $78,657,139. Net unrealized appreciation aggregated $24,503,956, of which $26,791,579 related to appreciated investment securities and $2,287,623 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

November 30, 2005

GAS-QTLY-0106

1.810725.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CHEMICALS - 0.5%
Fertilizers & Agricultural Chemicals - 0.5%
Mosaic Co. (a)	610,600		$8,267,524
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Human Resource & Employment Services - 0.2%
CDI Corp.	123,800		3,496,112
ELECTRIC UTILITIES - 1.8%
Electric Utilities - 1.8%
Exelon Corp.	558,500		29,064,340
PPL Corp.	108,800		3,198,720
			32,263,060
ELECTRICAL EQUIPMENT - 0.1%
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	83,600		1,246,291
ENERGY EQUIPMENT & SERVICES - 22.0%
Oil & Gas Drilling - 10.3%
Cathedral Energy Services Income Trust	494,600		4,231,736
Diamond Offshore Drilling, Inc.	74,100		4,637,178
ENSCO International, Inc.	625,000		29,600,000
GlobalSantaFe Corp.	751,600		34,092,576
Nabors Industries Ltd. (a)	151,400		10,599,514
Noble Corp.	315,400		22,730,878
Patterson-UTI Energy, Inc.	608,900		19,022,036
Pride International, Inc. (a)	976,300		29,083,977
TODCO Class A	275,700		11,460,849
Transocean, Inc. (a)	262,700		16,770,768
			182,229,512
Oil & Gas Equipment & Services - 11.7%
BJ Services Co.	478,000		17,518,700
Cal Dive International, Inc. (a)	147,100		10,680,931
Grant Prideco, Inc. (a)	250,496		9,616,541
Halliburton Co.	1,041,200		66,272,380
Hydril Co. (a)	150,700		9,659,870
National Oilwell Varco, Inc. (a)	499,328		30,269,263
Pason Systems, Inc.	66,500		1,595,726
Savanna Energy Services Corp. (a)	68,700		1,582,553
Schlumberger Ltd. (NY Shares)	227,000		21,730,710
Smith International, Inc.	775,890		29,320,883
TETRA Technologies, Inc. (a)	151,600		4,441,880
Veritas DGC, Inc. (a)	138,100		4,515,870
			207,205,307
TOTAL ENERGY EQUIPMENT & SERVICES			389,434,819
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 2.4%
Independent Power & Energy Trade - 2.4%
AES Corp. (a)	267,400		4,216,898

	Shares		Value
NRG Energy, Inc. (a)	268,800		$11,738,496
TXU Corp.	262,400		26,930,112
			42,885,506
MACHINERY - 0.4%
Construction & Farm Machinery & Heavy Trucks - 0.4%
Bucyrus International, Inc. Class A	161,800		7,588,420
METALS & MINING - 0.6%
Steel - 0.6%
Oregon Steel Mills, Inc. (a)	360,600		9,862,410
MULTI-UTILITIES - 1.3%
Multi-Utilities - 1.3%
Public Service Enterprise Group, Inc.	76,400		4,791,808
Sempra Energy	427,000		18,766,650
			23,558,458
OIL, GAS & CONSUMABLE FUELS - 70.3%
Coal & Consumable Fuels - 3.0%
Arch Coal, Inc.	125,500		9,668,520
Cameco Corp.	103,100		5,871,604
CONSOL Energy, Inc.	297,700		19,267,144
Peabody Energy Corp.	234,300		18,476,898
			53,284,166
Integrated Oil & Gas - 3.8%
Amerada Hess Corp.	413,400		50,649,768
ConocoPhillips	250,500		15,157,755
			65,807,523
Oil & Gas Exploration & Production - 57.1%
Apache Corp.	580,200		37,875,456
Burlington Resources, Inc.	859,400		62,091,650
Cabot Oil & Gas Corp.	929,000		39,213,090
Canadian Natural Resources Ltd.	1,857,000		84,169,566
Chesapeake Energy Corp.	1,860,000		53,847,000
Denbury Resources, Inc. (a)	307,400		6,959,536
EnCana Corp.	1,080,500		47,955,322
Encore Acquisition Co. (a)	690,250		21,425,360
Energy Partners Ltd. (a)	776,000		17,956,640
EOG Resources, Inc.	658,600		47,254,550
Forest Oil Corp. (a)	808,300		36,219,923
Goodrich Petroleum Corp. (a)	116,800		2,673,552
Houston Exploration Co. (a)	1,080,900		59,081,994
Kerr-McGee Corp.	65,200		5,636,540
Newfield Exploration Co. (a)	304,900		14,104,674
Penn Virginia Corp.	297,400		17,742,884
Plains Exploration & Production Co. (a)	2,054,800		87,123,520
Quicksilver Resources, Inc. (a)	1,815,000		68,715,900
Range Resources Corp.	2,508,600		93,420,265
Southwestern Energy Co. (a)	974,000		33,184,180
Talisman Energy, Inc.	1,179,600		56,398,724
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Ultra Petroleum Corp. (a)	1,238,100		$66,585,018
XTO Energy, Inc.	1,218,900		49,597,041
		1,009,232,385
Oil & Gas Refining & Marketing - 5.1%
Tesoro Corp.	126,200		6,949,834
Valero Energy Corp.	868,900		83,588,180
			90,538,014
Oil & Gas Storage & Transport - 1.3%
OMI Corp.	698,500		13,550,900
Overseas Shipholding Group, Inc.	185,400		9,447,984
			22,998,884
TOTAL OIL, GAS & CONSUMABLE FUELS		1,241,860,972
TOTAL COMMON STOCKS (Cost $1,542,479,436)		1,760,463,572
Money Market Funds - 1.0%
Fidelity Cash Central Fund, 4.08% (b) (Cost $18,156,378)	18,156,378	18,156,378

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $1,560,635,814)

1,778,619,950

NET OTHER ASSETS - (0.6)%		(11,322,182)
NET ASSETS - 100%		$1,767,297,768

Legend

(a)Non-income producing

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$893,648
Fidelity Securities Lending Cash Central Fund		47,835
Total		$941,483

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,572,621,372. Net unrealized appreciation aggregated $205,998,578, of which $245,511,916 related to appreciated investment securities and $39,513,338 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

November 30, 2005

NAT-QTLY-0106

1.810716.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CAPITAL MARKETS - 0.1%
Diversified Capital Markets - 0.1%
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 10/28/06 (a)	5,900		$923,350
CHEMICALS - 0.5%
Diversified Chemicals - 0.5%
Ashland, Inc.	48,300		2,692,725
Specialty Chemicals - 0.0%
Tokuyama Corp.	10,000		115,418
TOTAL CHEMICALS			2,808,143
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Human Resource & Employment Services - 0.3%
Brunel International NV	12,400		245,578
CDI Corp.	52,100		1,471,304
			1,716,882
CONSTRUCTION & ENGINEERING - 1.4%
Construction & Engineering - 1.4%
Chicago Bridge & Iron Co. NV (NY Shares)	170,400		4,411,656
Fluor Corp.	18,400		1,363,440
McDermott International, Inc. (a)	27,200		1,138,592
Shaw Group, Inc. (a)	60,584		1,750,272
			8,663,960
CONTAINERS & PACKAGING - 0.7%
Paper Packaging - 0.7%
Smurfit-Stone Container Corp. (a)	329,043		4,168,975
ELECTRIC UTILITIES - 0.3%
Electric Utilities - 0.3%
E.ON AG	16,300		1,547,685
ELECTRICAL EQUIPMENT - 0.3%
Heavy Electrical Equipment - 0.3%
Areva (investment certificates)(non-vtg.)	100		45,445
Vestas Wind Systems AS (a)	119,200		1,777,008
			1,822,453
ENERGY EQUIPMENT & SERVICES - 32.8%
Oil & Gas Drilling - 6.8%
Cathedral Energy Services Income Trust	98,000		838,476
Diamond Offshore Drilling, Inc.	51,300		3,210,354
GlobalSantaFe Corp.	308,800		14,007,168
Nabors Industries Ltd. (a)	20,800		1,456,208
Noble Corp.	75,400		5,434,078
Patterson-UTI Energy, Inc.	136,200		4,254,888
Pride International, Inc. (a)	179,700		5,353,263
Rowan Companies, Inc.	48,600		1,743,768
Stoneham Drilling Trust	51,500		1,004,437

	Shares		Value
TODCO Class A	92,100		$3,828,597
Transocean, Inc. (a)	23,300		1,487,472
			42,618,709
Oil & Gas Equipment & Services - 26.0%
Baker Hughes, Inc.	137,990		7,913,727
BJ Services Co.	547,000		20,047,550
Cooper Cameron Corp. (a)	14,800		1,178,524
Core Laboratories NV (a)	70,100		2,558,650
Dawson Geophysical Co. (a)	75,000		2,307,000
FMC Technologies, Inc. (a)	2,300		94,507
Global Industries Ltd. (a)	4,900		58,065
Grant Prideco, Inc. (a)	119,600		4,591,444
Halliburton Co.	477,800		30,411,970
Hydril Co. (a)	22,600		1,448,660
Maverick Tube Corp. (a)	2,400		91,320
NATCO Group, Inc. Class A (a)	36,300		842,160
National Oilwell Varco, Inc. (a)	642,436		38,944,467
Pason Systems, Inc.	31,400		753,471
RPC, Inc.	40,000		1,328,000
Savanna Energy Services Corp. (a)	113,700		2,619,160
Schlumberger Ltd. (NY Shares)	249,626		23,896,697
Smith International, Inc.	559,800		21,154,842
Veritas DGC, Inc. (a)	47,000		1,536,900
Weatherford International Ltd. (a)	995		69,162
			161,846,276
TOTAL ENERGY EQUIPMENT & SERVICES			204,464,985
FOOD PRODUCTS - 0.0%
Agricultural Products - 0.0%
Global Bio-Chem Technology Group Co. Ltd.	78,700		33,999
GAS UTILITIES - 0.4%
Gas Utilities - 0.4%
Questar Corp.	36,900		2,751,264
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.7%
Independent Power & Energy Trade - 0.7%
AES Corp. (a)	91,600		1,444,532
TXU Corp.	31,300		3,212,319
			4,656,851
IT SERVICES - 0.2%
IT Consulting & Other Services - 0.2%
Telvent GIT SA (a)	117,700		1,293,523
MACHINERY - 1.4%
Construction & Farm Machinery & Heavy Trucks - 1.4%
Bucyrus International, Inc. Class A	150,570		7,061,733
Joy Global, Inc.	30,900		1,634,301
			8,696,034
Common Stocks - continued
	Shares		Value
MARINE - 0.2%
Marine - 0.2%
Odfjell ASA (A Shares)	57,300		$1,099,306
METALS & MINING - 12.9%
Aluminum - 2.0%
Alcan, Inc.	900		34,528
Alcoa, Inc.	429,300		11,767,113
Aleris International, Inc. (a)	19,800		658,350
Century Aluminum Co. (a)	1,900		43,928
			12,503,919
Diversified Metals & Mining - 3.4%
Birch Mountain Resources Ltd. (a)	219,500		1,588,221
Freeport-McMoRan Copper & Gold, Inc. Class B	1,363		71,026
Grupo Mexico SA de CV Series B	575,469		1,236,554
Phelps Dodge Corp.	14,400		1,953,648
RTI International Metals, Inc. (a)	82,200		3,066,060
Teck Cominco Ltd. Class B (sub. vtg.)	87,800		4,030,769
Titanium Metals Corp. (a)	142,700		9,011,505
			20,957,783
Gold - 5.5%
Bema Gold Corp. (a)	1,113,700		3,083,931
Eldorado Gold Corp. (a)	1,469,400		5,882,891
Newmont Mining Corp.	552,000		25,458,240
			34,425,062
Precious Metals & Minerals - 0.9%
Apex Silver Mines Ltd. (a)	164,200		2,761,844
Industrias Penoles SA de CV	210,500		1,174,550
Stillwater Mining Co. (a)	176,700		1,888,923
			5,825,317
Steel - 1.1%
Companhia Vale do Rio Doce sponsored ADR	1,800		78,048
Hitachi Metals Ltd.	123,000		1,211,266
Oregon Steel Mills, Inc. (a)	109,700		3,000,295
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (a)	100,000		2,332,653
			6,622,262
TOTAL METALS & MINING			80,334,343
OIL, GAS & CONSUMABLE FUELS - 47.0%
Coal & Consumable Fuels - 6.1%
Arch Coal, Inc.	98,600		7,596,144
Cameco Corp.	124,500		7,090,347
CONSOL Energy, Inc.	199,500		12,911,640
Peabody Energy Corp.	134,000		10,567,240
USEC, Inc.	1,600		17,600
			38,182,971

	Shares		Value
Integrated Oil & Gas - 16.0%
Amerada Hess Corp.	84,500		$10,352,940
BG Group PLC sponsored ADR	183,600		8,594,316
BP PLC sponsored ADR	170,864		11,249,686
Chevron Corp.	287,532		16,478,459
ConocoPhillips	464,664		28,116,819
ENI Spa sponsored ADR	200		27,122
Exxon Mobil Corp.	198,096		11,495,511
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)	6,300		602,198
Occidental Petroleum Corp.	92,400		7,327,320
OMV AG	38,635		2,134,688
Total SA sponsored ADR	23,990		2,991,313
			99,370,372
Oil & Gas Exploration & Production - 17.0%
Anadarko Petroleum Corp.	13,800		1,250,418
Apache Corp.	39,800		2,598,144
Blackrock Ventures, Inc. (a)	95,000		851,087
Brigham Exploration Co. (a)	67,300		823,752
Burlington Resources, Inc.	126,800		9,161,300
Cabot Oil & Gas Corp.	75,200		3,174,192
Canadian Natural Resources Ltd.	249,300		11,299,662
Chesapeake Energy Corp.	310,000		8,974,500
Comstock Resources, Inc. (a)	19,000		582,730
Denbury Resources, Inc. (a)	47,800		1,082,192
Devon Energy Corp.	25,700		1,547,140
EnCana Corp.	87,284		3,873,885
Energy Partners Ltd. (a)	12,900		298,506
EOG Resources, Inc.	41,000		2,941,750
Forest Oil Corp. (a)	98,900		4,431,709
Gastar Exploration Ltd. (a)	304,300		1,064,378
Goodrich Petroleum Corp. (a)	80,800		1,849,512
Houston Exploration Co. (a)	94,700		5,176,302
Kerr-McGee Corp.	21,100		1,824,095
Newfield Exploration Co. (a)	44,600		2,063,196
Nexen, Inc.	26,700		1,172,882
Pioneer Natural Resources Co.	4,000		203,720
Plains Exploration & Production Co. (a)	183,200		7,767,680
Pogo Producing Co.	1,300		63,700
Quicksilver Resources, Inc. (a)	84,850		3,212,421
Range Resources Corp.	148,800		5,541,312
Sasol Ltd. sponsored ADR	17,600		587,840
Southwestern Energy Co. (a)	1,800		61,326
Talisman Energy, Inc.	226,000		10,805,452
Ultra Petroleum Corp. (a)	188,000		10,110,640
XTO Energy, Inc.	35,800		1,456,702
			105,852,125
Oil & Gas Refining & Marketing - 6.7%
ERG Spa	57,100		1,406,155
Frontier Oil Corp.	120,500		4,540,440
Holly Corp.	44,700		2,718,654
Neste Oil Oyj	122,300		3,582,708
Polski Koncern Naftowy Orlen SA	73,300		1,326,097
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - continued
Sunoco, Inc.	85,900		$6,631,480
Tesoro Corp.	39,800		2,191,786
Tupras-Turkiye Petrol Rafinerileri AS	140,600		2,466,848
Valero Energy Corp.	171,244		16,473,673
World Fuel Services Corp.	9,300		319,455
			41,657,296
Oil & Gas Storage & Transport - 1.2%
OMI Corp.	271,000		5,257,400
Overseas Shipholding Group, Inc.	46,100		2,349,256
Williams Companies, Inc.	3,900		83,850
			7,690,506
TOTAL OIL, GAS & CONSUMABLE FUELS			292,753,270
PAPER & FOREST PRODUCTS - 0.1%
Forest Products - 0.1%
Canfor Corp. (a)	341		3,584
Sino-Forest Corp. (a)	171,400		640,665
			644,249
TRADING COMPANIES & DISTRIBUTORS - 0.0%
Trading Companies & Distributors - 0.0%
UAP Holding Corp.	14,700		279,006
TOTAL COMMON STOCKS (Cost $506,975,728)		618,658,278
Money Market Funds - 2.8%
Fidelity Cash Central Fund, 4.08% (b)	5,900,963		5,900,963
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	11,580,350		11,580,350
TOTAL MONEY MARKET FUNDS (Cost $17,481,313)		17,481,313

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $524,457,041)

636,139,591

NET OTHER ASSETS - (2.1)%		(13,229,300)
NET ASSETS - 100%		$622,910,291

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$275,024
Fidelity Securities Lending Cash Central Fund		53,826
Total		$328,850

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $525,747,851. Net unrealized appreciation aggregated $110,391,740, of which $119,228,300 related to appreciated investment securities and $8,836,560 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and

Infrastructure Portfolio

November 30, 2005

NET-QTLY-0106

1.810705.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 44.3%
Communications Equipment - 44.3%
3Com Corp. (a)	124,800		$451,776
ADC Telecommunications, Inc. (a)	24,928		509,279
Adtran, Inc.	32,000		945,920
ADVA AG Optical Networking (a)	30,000		190,974
Alcatel SA sponsored ADR (a)	163,700		2,020,058
Andrew Corp. (a)	33,800		369,434
AudioCodes Ltd. (a)	125,100		1,291,032
Avaya, Inc. (a)	161,600		1,926,272
Bookham, Inc. (a)	117,400		551,780
Ceragon Networks Ltd. (a)	50,500		186,850
CIENA Corp. (a)	743,828		2,224,046
CommScope, Inc. (a)	22,600		463,526
Comtech Group, Inc. (a)	50,000		295,500
Comverse Technology, Inc. (a)	40,700		1,066,747
Corning, Inc. (a)	260,900		5,283,225
ECI Telecom Ltd. (a)	75,400		649,194
Extreme Networks, Inc. (a)	196,400		966,288
F5 Networks, Inc. (a)	56,400		2,979,612
Foxconn International Holdings Ltd.	40,000		52,098
Ixia (a)	16,400		225,992
JDS Uniphase Corp. (a)	584,000		1,500,880
Juniper Networks, Inc. (a)	167,309		3,762,779
NMS Communications Corp. (a)	205,700		806,344
Nortel Networks Corp. (a)	1,720,400		4,989,160
Polycom, Inc. (a)	14,500		237,945
QUALCOMM, Inc.	16,300		741,161
RADWARE Ltd. (a)	11,000		207,790
Research In Motion Ltd. (a)	91,100		5,534,181
Riverstone Networks, Inc. (a)	188,100		93,110
Sonus Networks, Inc. (a)	245,500		1,009,005
Symmetricom, Inc. (a)	67,000		586,920
Tekelec (a)	42,700		555,100
Tellabs, Inc. (a)	18,700		191,862
Tut Systems, Inc. (a)	66,700		204,102
			43,069,942
COMPUTERS & PERIPHERALS - 17.0%
Computer Hardware - 5.8%
Concurrent Computer Corp. (a)	286,200		566,676
Palm, Inc. (a)	5,200		147,576
Sun Microsystems, Inc. (a)	1,312,000		4,946,240
			5,660,492
Computer Storage & Peripherals - 11.2%
ASUSTeK Computer, Inc.	4,356		12,347
Creative Technology Ltd. (Nasdaq)	20,000		165,600
EMC Corp. (a)	387,900		5,403,447
McDATA Corp. Class A (a)	124,600		453,544
Network Appliance, Inc. (a)	162,100		4,720,352

	Shares		Value
Quantum Corp. (a)	20,000		$59,800
Read-Rite Corp. (a)	44,000		4
			10,815,094
TOTAL COMPUTERS & PERIPHERALS			16,475,586
ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.7%
Electronic Equipment & Instruments - 4.5%
Aeroflex, Inc. (a)	23,100		253,407
Agilent Technologies, Inc. (a)	89,100		3,177,306
Applied Films Corp. (a)	25,800		516,774
Chi Mei Optoelectronics Corp.	81,000		98,484
HannStar Display Corp.	341,000		71,221
Photon Dynamics, Inc. (a)	14,800		272,320
			4,389,512
Electronic Manufacturing Services - 0.2%
M-Flex Electronix, Inc. (a)	100		3,700
Xyratex Ltd. (a)	10,400		163,280
			166,980
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			4,556,492
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.3%
Thomson SA	12,500		256,105
INTERNET SOFTWARE & SERVICES - 11.7%
Internet Software & Services - 11.7%
Baidu.com, Inc. sponsored ADR	800		62,384
Digital River, Inc. (a)	28,400		736,128
Google, Inc. Class A (sub. vtg.) (a)	17,800		7,208,822
Openwave Systems, Inc. (a)	84,400		1,401,884
VeriSign, Inc. (a)	86,000		1,911,780
			11,320,998
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.5%
Semiconductor Equipment - 1.3%
ASE Test Ltd. (a)	60,800		382,432
LTX Corp. (a)	19,300		85,692
MEMC Electronic Materials, Inc. (a)	36,000		805,680
			1,273,804
Semiconductors - 16.2%
Advanced Analogic Technologies, Inc.	25,700		354,146
Altera Corp. (a)	111,000		2,026,860
Applied Micro Circuits Corp. (a)	188,300		497,112
ARM Holdings PLC sponsored ADR	77,900		489,991
ATI Technologies, Inc. (a)	13,600		221,877
Cypress Semiconductor Corp. (a)	13,300		199,500
Exar Corp. (a)	56,700		700,812
Freescale Semiconductor, Inc. Class B (a)	63,318		1,633,604
Ikanos Communications, Inc.	300		4,203
Linear Technology Corp.	10,700		399,217
Marvell Technology Group Ltd. (a)	75,040		4,167,722
Maxim Integrated Products, Inc.	8,300		303,365
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Microtune, Inc. (a)	68,800		$336,432
Mindspeed Technologies, Inc. (a)	782,633		1,440,045
National Semiconductor Corp.	76,900		1,990,172
O2Micro International Ltd. sponsored ADR (a)	36,500		417,195
Pixelworks, Inc. (a)	6,400		34,240
PMC-Sierra, Inc. (a)	100		787
PowerDsine Ltd. (a)	9,800		83,986
STATS ChipPAC Ltd. sponsored ADR (a)	30,400		201,552
Volterra Semiconductor Corp. (a)	20,500		258,710
			15,761,528
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			17,035,332
SOFTWARE - 4.2%
Application Software - 1.8%
Cognos, Inc. (a)	2,400		80,243
TIBCO Software, Inc. (a)	29,300		245,241
Ulticom, Inc. (a)	121,700		1,401,984
			1,727,468
Home Entertainment Software - 0.4%
Gameloft (a)	36,000		248,266
Ubisoft Entertainment SA (a)	2,300		105,038
			353,304
Systems Software - 2.0%
McAfee, Inc. (a)	9,200		255,852
Symantec Corp. (a)	98,600		1,742,262
			1,998,114
TOTAL SOFTWARE			4,078,886

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
InPhonic, Inc.	200		$2,362
TOTAL COMMON STOCKS (Cost $94,068,957)		96,795,703
Money Market Funds - 1.1%

Fidelity Cash Central Fund, 4.08% (b)	339,456		339,456
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	765,000		765,000
TOTAL MONEY MARKET FUNDS (Cost $1,104,456)		1,104,456

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $95,173,413)

97,900,159

NET OTHER ASSETS - (0.8)%			(776,935)
NET ASSETS - 100%		$97,123,224

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$28,866
Fidelity Securities Lending Cash Central Fund		19,950
Total		$48,816

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $95,266,439. Net unrealized appreciation aggregated $2,633,720, of which $10,250,398 related to appreciated investment securities and $7,616,678 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and Forest
Products Portfolio

November 30, 2005

PAP-QTLY-0106

1.810706.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
Trex Co., Inc. (a)	13,200		$301,884
CONTAINERS & PACKAGING - 37.0%
Metal & Glass Containers - 2.2%
Crown Holdings, Inc. (a)	9,700		179,838
Owens-Illinois, Inc. (a)	19,500		424,125
Pactiv Corp. (a)	3,500		70,840
Silgan Holdings, Inc.	4,800		169,392
			844,195
Paper Packaging - 34.8%
Bemis Co., Inc.	33,000		909,150
Caraustar Industries, Inc. (a)	32,200		317,492
Longview Fibre Co.	23,700		503,862
Packaging Corp. of America	110,000		2,550,900
Sealed Air Corp. (a)	27,800		1,437,538
Smurfit-Stone Container Corp. (a)	302,370		3,831,029
Sonoco Products Co.	38,600		1,107,048
Temple-Inland, Inc.	62,300		2,608,501
			13,265,520
TOTAL CONTAINERS & PACKAGING			14,109,715
HOUSEHOLD DURABLES - 1.4%
Homebuilding - 1.2%
D.R. Horton, Inc.	1,700		60,248
KB Home	2,000		139,540
Ryland Group, Inc.	1,900		135,926
Toll Brothers, Inc. (a)	2,900		99,760
			435,474
Housewares & Specialties - 0.2%
CSS Industries, Inc.	2,400		80,064
TOTAL HOUSEHOLD DURABLES			515,538
HOUSEHOLD PRODUCTS - 5.5%
Household Products - 5.5%
Kimberly-Clark Corp.	25,700		1,515,786
Procter & Gamble Co.	10,100		577,619
			2,093,405
LEISURE EQUIPMENT & PRODUCTS - 1.0%
Leisure Products - 1.0%
MarineMax, Inc. (a)	13,800		362,388

	Shares		Value
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Albany International Corp. Class A	3,200		$122,016
PAPER & FOREST PRODUCTS - 41.4%
Forest Products - 18.4%
Canfor Corp. (a)	81,600		857,659
International Forest Products Ltd. (Interfor) Class A (sub. vtg.) (a)	14,000		80,295
Louisiana-Pacific Corp.	95,300		2,570,241
Sino-Forest Corp. (a)	88,700		331,546
West Fraser Timber Co. Ltd.	25,200		891,165
Weyerhaeuser Co.	34,800		2,307,588
			7,038,494
Paper Products - 23.0%
Abitibi-Consolidated, Inc.	53,100		175,718
Aracruz Celulose SA (PN-B) sponsored ADR	6,300		245,700
Bowater, Inc.	51,800		1,608,390
Buckeye Technologies, Inc. (a)	22,400		170,688
Cascades, Inc.	30,500		241,866
Domtar, Inc.	33,200		176,467
Georgia-Pacific Corp.	39,700		1,877,413
International Paper Co.	11,400		359,442
MeadWestvaco Corp.	51,500		1,441,485
Mercer International, Inc. (SBI) (a)	16,200		124,254
Pope & Talbot, Inc.	7,400		59,126
Potlatch Corp.	39,100		1,890,094
Wausau-Mosinee Paper Corp.	33,200		392,424
			8,763,067
TOTAL PAPER & FOREST PRODUCTS			15,801,561
REAL ESTATE - 8.1%
Real Estate Investment Trusts - 8.1%
Plum Creek Timber Co., Inc.	35,000		1,363,600
Rayonier, Inc.	43,387		1,724,199
			3,087,799
SOFTWARE - 1.3%
Application Software - 1.3%
JAMDAT Mobile, Inc. (a)	21,900		500,853
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
Textiles - 0.3%
Xerium Technologies, Inc.	14,100		125,208
TRADING COMPANIES & DISTRIBUTORS - 0.9%
Trading Companies & Distributors - 0.9%
BlueLinx Corp.	31,700		353,772
TOTAL COMMON STOCKS (Cost $38,201,030)		37,374,139
Money Market Funds - 7.2%
	Shares		Value
Fidelity Cash Central Fund, 4.08% (b)	2,168,469		$2,168,469
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	592,750		592,750
TOTAL MONEY MARKET FUNDS (Cost $2,761,219)		2,761,219

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $40,962,249)

40,135,358

NET OTHER ASSETS - (5.2)%		(1,990,549)
NET ASSETS - 100%		$38,144,809

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$21,024
Fidelity Securities Lending Cash Central Fund	1,048
Total	$22,072

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $41,631,026. Net unrealized depreciation aggregated $1,495,668, of which $1,506,778 related to appreciated investment securities and $3,002,446 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

November 30, 2005

PHR-QTLY-0106

1.810707.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
BIOTECHNOLOGY - 12.6%
Biotechnology - 12.6%
Acambis PLC (a)	27,600		$101,680
AEterna Zentaris, Inc. (sub. vtg.) (a)	23,400		103,915
Alnylam Pharmaceuticals, Inc. (a)	23,100		290,136
Amylin Pharmaceuticals, Inc. (a)	6,060		226,705
Applera Corp. - Celera Genomics Group (a)	1,000		12,420
BioCryst Pharmaceuticals, Inc. (a)	10,000		162,400
BioMarin Pharmaceutical, Inc. (a)	49,500		482,130
BioSphere Medical, Inc. (a)	25,000		139,500
Cephalon, Inc. (a)	8,200		416,970
CSL Ltd.	16,965		496,303
DOV Pharmaceutical, Inc. (a)	64,700		934,268
Genentech, Inc. (a)	3,100		296,422
GTx, Inc. (a)	1,000		7,830
Human Genome Sciences, Inc. (a)	24,900		230,325
Illumina, Inc. (a)	79,600		1,253,700
ImmunoGen, Inc. (a)	62,700		346,731
Inhibitex, Inc. (a)(d)	32,200		294,952
Memory Pharmaceuticals Corp. (a)	25,000		53,000
Millennium Pharmaceuticals, Inc. (a)	20,700		217,557
Neopharm, Inc. (a)	48,100		454,064
Neurocrine Biosciences, Inc. (a)	17,300		1,029,696
ONYX Pharmaceuticals, Inc. (a)	33,200		837,636
Panacos Pharmaceuticals, Inc. (a)	219,200		1,733,872
Progenics Pharmaceuticals, Inc. (a)	10,000		264,700
Protein Design Labs, Inc. (a)	16,900		470,665
QLT, Inc. (a)	2,690		17,411
Renovis, Inc. (a)	86,600		1,373,476
Seattle Genetics, Inc. (a)	48,100		239,057
Solexa, Inc. (a)	400		3,516
Tercica, Inc. (a)	106,200		1,007,838
Theravance, Inc. (a)	5,700		119,586
Vertex Pharmaceuticals, Inc. (a)	7,800		198,900
			13,817,361
CHEMICALS - 1.1%
Fertilizers & Agricultural Chemicals - 1.1%
Monsanto Co.	16,271		1,192,176
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
Weight Watchers International, Inc. (a)	1,900		90,820
HEALTH CARE EQUIPMENT & SUPPLIES - 8.2%
Health Care Equipment - 2.9%
Aspect Medical Systems, Inc. (a)	400		15,068
Epix Pharmaceuticals, Inc. (a)	203,500		1,003,255
Foxhollow Technologies, Inc. (a)	1,800		78,372
Imaging Dynamics Co. Ltd. (a)	50,000		123,452
Intuitive Surgical, Inc. (a)	2,500		279,300
NeuroMetrix, Inc. (a)	9,600		298,464
Nobel Biocare Holding AG (Switzerland)	2,618		596,335

	Shares		Value
ResMed, Inc. (a)	10,400		$424,320
Straumann Holding AG	1,000		216,755
Syneron Medical Ltd. (a)	3,000		119,400
			3,154,721
Health Care Supplies - 5.3%
DJ Orthopedics, Inc. (a)	24,464		762,298
Gen-Probe, Inc. (a)	4,300		198,531
Inverness Medical Innovations, Inc. (a)(d)	202,000		4,848,000
			5,808,829
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			8,963,550
HEALTH CARE PROVIDERS & SERVICES - 10.2%
Health Care Distributors & Services - 4.5%
AmerisourceBergen Corp.	3,100		249,085
Cardinal Health, Inc.	25,262		1,615,505
McKesson Corp.	61,630		3,099,989
			4,964,579
Health Care Facilities - 1.6%
American Retirement Corp. (a)	13,000		320,060
Brookdale Senior Living, Inc.	19,400		516,040
Capital Senior Living Corp. (a)	15,100		152,510
Emeritus Corp. (a)	5,900		114,519
VCA Antech, Inc. (a)	21,400		598,344
			1,701,473
Health Care Services - 3.6%
American Dental Partners, Inc. (a)	3,002		56,047
Cerner Corp. (a)	5,800		559,120
Chemed Corp. New	34,500		1,749,150
DaVita, Inc. (a)	15,300		803,097
Emdeon Corp. (a)	50,000		382,500
Psychiatric Solutions, Inc. (a)	5,800		327,236
ResCare, Inc. (a)	6,800		117,708
			3,994,858
Managed Health Care - 0.5%
PacifiCare Health Systems, Inc. (a)	6,500		559,260
TOTAL HEALTH CARE PROVIDERS & SERVICES			11,220,170
HOTELS, RESTAURANTS & LEISURE - 0.3%
Leisure Facilities - 0.3%
Life Time Fitness, Inc. (a)	9,400		361,242
INTERNET & CATALOG RETAIL - 0.4%
Internet Retail - 0.4%
NutriSystem, Inc. (a)	11,000		428,230
PERSONAL PRODUCTS - 0.3%
Personal Products - 0.3%
Herbalife Ltd.	10,000		289,500
PHARMACEUTICALS - 66.6%
Pharmaceuticals - 66.6%
Adams Respiratory Therapeutics, Inc.	3,600		159,444
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Adolor Corp. (a)	1,000		$14,570
Allergan, Inc.	9,550		955,000
Altana AG	5,970		315,994
Altana AG sponsored ADR	13,400		707,922
Astellas Pharma, Inc.	44,412		1,716,066
AstraZeneca PLC sponsored ADR	114,230		5,260,292
AVANIR Pharmaceuticals Class A (a)	1,000		2,810
Barr Pharmaceuticals, Inc. (a)	11,950		685,333
Biovail Corp. (a)	23,910		559,188
Chugai Pharmaceutical Co. Ltd.	15,900		358,936
Collagenex Pharmaceuticals, Inc. (a)	128,200		1,251,232
Daiichi Sankyo Co. Ltd. (a)	26,905		490,611
Dr. Reddy's Laboratories Ltd. sponsored ADR	21,700		459,606
Eisai Co. Ltd.	8,600		330,866
First Horizon Pharmaceutical Corp. (a)	34,800		613,176
Forest Laboratories, Inc. (a)	52,920		2,067,584
GlaxoSmithKline PLC sponsored ADR	92,800		4,600,096
H. Lundbeck AS	8,880		183,297
Hi-Tech Pharmacal Co., Inc. (a)	100		3,821
Impax Laboratories, Inc. (a)	27,000		268,650
IVAX Corp. (a)	39,937		1,196,513
King Pharmaceuticals, Inc. (a)	300		4,719
Kos Pharmaceuticals, Inc. (a)	40,600		2,703,148
Merck & Co., Inc.	15,000		441,000
Merck KGaA	4,020		328,932
MGI Pharma, Inc. (a)	11,500		227,010
Mylan Laboratories, Inc.	11,547		241,217
New River Pharmaceuticals, Inc. (a)	10,400		491,400
Novartis AG sponsored ADR	144,840		7,589,616
Noven Pharmaceuticals, Inc. (a)	9,000		121,590
Novo Nordisk AS:
Series B	5,650		303,850
Series B sponsored ADR	11,200		600,992
Penwest Pharmaceuticals Co. (a)	45,500		771,225
Perrigo Co.	170		2,465
Pfizer, Inc.	116,500		2,469,800
Recordati Spa	26,800		187,790
Roche Holding AG (participation certificate)	43,061		6,471,349
Salix Pharmaceuticals Ltd. (a)	41,800		809,666
Sanofi-Aventis	12,950		1,041,439
Sanofi-Aventis sponsored ADR	256		10,294
Schering AG	21,600		1,393,848

	Shares		Value
Schering-Plough Corp.	243,690		$4,708,091
Shionogi & Co. Ltd.	15,000		184,269
Takeda Pharamaceutical Co. Ltd.	84,100		4,618,218
Teva Pharmaceutical Industries Ltd. sponsored ADR	120,940		4,944,027
Valeant Pharmaceuticals International	15,100		248,848
Watson Pharmaceuticals, Inc. (a)	12,600		420,336
Wyeth	227,320		9,447,417
			72,983,563
TOTAL COMMON STOCKS (Cost $105,640,673)		109,346,612
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 4.08% (b)	51,823		51,823
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	3,401,925		3,401,925
TOTAL MONEY MARKET FUNDS (Cost $3,453,748)		3,453,748

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $109,094,421)

112,800,360

NET OTHER ASSETS - (3.0)%		(3,292,065)
NET ASSETS - 100%		$109,508,295

Legend

(a)Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inhibitex, Inc.	8/18/05	$265,650
Inverness Medical Innovations, Inc.	8/1/05	$4,799,520

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$33,850
Fidelity Securities Lending Cash Central Fund		47,641
Total		$81,491

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $109,614,406. Net unrealized appreciation aggregated $3,185,954, of which $10,583,207 related to appreciated investment securities and $7,397,253 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

November 30, 2005

RET-QTLY-0106

1.810717.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
DISTRIBUTORS - 0.1%
Distributors - 0.1%
Li & Fung Ltd.	26,000		$52,472
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	4,400		83,732
FOOD & STAPLES RETAILING - 20.6%
Drug Retail - 7.6%
CVS Corp.	121,500		3,282,930
Walgreen Co.	57,300		2,617,464
			5,900,394
Food Retail - 6.3%
Albertsons, Inc.	42,500		998,750
Kroger Co. (a)	66,000		1,284,360
Safeway, Inc.	72,000		1,674,000
Whole Foods Market, Inc.	6,500		957,320
			4,914,430
Hypermarkets & Super Centers - 6.7%
BJ's Wholesale Club, Inc. (a)	9,200		243,708
Costco Wholesale Corp.	10,200		509,796
Wal-Mart de Mexico SA de CV Series V	62,000		336,084
Wal-Mart Stores, Inc.	84,600		4,108,176
			5,197,764
TOTAL FOOD & STAPLES RETAILING			16,012,588
HOTELS, RESTAURANTS & LEISURE - 10.3%
Restaurants - 10.3%
Buffalo Wild Wings, Inc. (a)	7,000		197,540
California Pizza Kitchen, Inc. (a)	12,400		406,472
Cosi, Inc. (a)	61,400		536,636
Domino's Pizza, Inc.	13,000		325,000
McDonald's Corp.	86,900		2,941,565
Outback Steakhouse, Inc.	8,400		338,352
Red Robin Gourmet Burgers, Inc. (a)	9,800		538,020
Starbucks Corp. (a)	45,000		1,370,250
Wendy's International, Inc.	24,700		1,254,266
Yum! Brands, Inc.	2,300		112,217
			8,020,318
INTERNET & CATALOG RETAIL - 10.9%
Catalog Retail - 1.9%
Coldwater Creek, Inc. (a)	47,900		1,504,060
Internet Retail - 9.0%
Amazon.com, Inc. (a)	39,000		1,889,940
Blue Nile, Inc. (a)	29,800		1,236,402
eBay, Inc. (a)	86,300		3,867,103
			6,993,445
TOTAL INTERNET & CATALOG RETAIL			8,497,505

	Shares		Value
MULTILINE RETAIL - 17.9%
Department Stores - 12.0%
Federated Department Stores, Inc.	64,442		$4,151,998
JCPenney Co., Inc.	42,300		2,219,481
Nordstrom, Inc.	56,100		2,068,968
Saks, Inc.	21,100		348,783
Sears Holdings Corp. (a)	4,464		513,449
			9,302,679
General Merchandise Stores - 5.9%
Conn's, Inc. (a)	9,000		304,290
Target Corp.	80,000		4,280,801
			4,585,091
TOTAL MULTILINE RETAIL			13,887,770
SPECIALTY RETAIL - 35.0%
Apparel Retail - 13.5%
Abercrombie & Fitch Co. Class A	14,700		901,404
Aeropostale, Inc. (a)	5,800		144,246
AnnTaylor Stores Corp. (a)	1,500		45,495
bebe Stores, Inc.	5,700		92,169
Charlotte Russe Holding, Inc. (a)	46,500		869,550
Chico's FAS, Inc. (a)	35,000		1,543,850
Dress Barn, Inc. (a)	25,000		834,500
Gymboree Corp. (a)	52,000		1,173,120
Hot Topic, Inc. (a)	16,100		249,550
Limited Brands, Inc.	10,000		222,500
Pacific Sunwear of California, Inc. (a)	13,500		357,210
Ross Stores, Inc.	9,000		247,500
The Children's Place Retail Stores, Inc. (a)	9,100		451,360
TJX Companies, Inc.	32,700		732,807
Urban Outfitters, Inc. (a)	53,000		1,635,580
Volcom, Inc.	1,500		50,955
Wet Seal, Inc. Class A (a)	60,000		301,200
Zumiez, Inc.	15,900		629,163
			10,482,159
Computer & Electronics Retail - 5.3%
Best Buy Co., Inc.	48,400		2,334,816
Circuit City Stores, Inc.	63,200		1,322,776
Gamestop Corp. Class A (a)	13,163		442,803
			4,100,395
Home Improvement Retail - 7.9%
Home Depot, Inc.	93,000		3,885,540
Lowe's Companies, Inc.	33,100		2,233,588
			6,119,128
Homefurnishing Retail - 0.6%
Linens 'N Things, Inc. (a)	8,500		217,685
Pier 1 Imports, Inc.	20,000		254,000
			471,685
Specialty Stores - 7.7%
Guitar Center, Inc. (a)	4,700		247,878
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
Hibbett Sporting Goods, Inc. (a)	6,800		$203,728
Office Depot, Inc. (a)	68,100		2,021,208
OfficeMax, Inc.	30,200		881,236
Sports Authority, Inc. (a)	5,000		157,350
Staples, Inc.	78,200		1,806,420
Tiffany & Co., Inc.	16,000		651,200
			5,969,020
TOTAL SPECIALTY RETAIL			27,142,387
TEXTILES, APPAREL & LUXURY GOODS - 4.9%
Apparel, Accessories & Luxury Goods - 4.9%
Carter's, Inc. (a)	22,700		1,388,105
Coach, Inc. (a)	41,500		1,428,845
Liz Claiborne, Inc.	3,000		104,640
Polo Ralph Lauren Corp. Class A	16,500		884,400
Under Armour, Inc. Class A	100		2,263
			3,808,253
TOTAL COMMON STOCKS (Cost $64,036,150)		77,505,025
Money Market Funds - 7.1%
Fidelity Cash Central Fund, 4.08% (b)	1,568,737		1,568,737
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	3,905,750		3,905,750
TOTAL MONEY MARKET FUNDS (Cost $5,474,487)		5,474,487

TOTAL INVESTMENT PORTFOLIO - 106.9%

(Cost $69,510,637)

82,979,512

NET OTHER ASSETS - (6.9)%		(5,344,565)
NET ASSETS - 100%		$77,634,947

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$43,079
Fidelity Securities Lending Cash Central Fund		40,920
Total		$83,999

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $70,183,653. Net unrealized appreciation aggregated $12,795,859, of which $14,131,827 related to appreciated investment securities and $1,335,968 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

November 30, 2005

SOF-QTLY-0106

1.810708.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
COMPUTERS & PERIPHERALS - 4.6%
Computer Hardware - 2.8%
Cray, Inc. (a)	1,891,000		$2,855,410
International Business Machines Corp.	1,000		88,900
Sun Microsystems, Inc. (a)	4,000,000		15,080,000
			18,024,310
Computer Storage & Peripherals - 1.8%
ActivCard Corp. (a)	975,000		3,646,500
Adaptec, Inc. (a)	675,000		3,354,750
Seagate Technology	261,300		4,943,796
			11,945,046
TOTAL COMPUTERS & PERIPHERALS			29,969,356
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Specialized Finance - 0.0%
IntercontinentalExchange, Inc.	900		29,070
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.2%
Electronic Equipment & Instruments - 0.4%
National Instruments Corp.	93,100		2,402,911
Electronic Manufacturing Services - 1.1%
Xyratex Ltd. (a)	467,000		7,331,900
Technology Distributors - 1.7%
CDW Corp.	142,000		8,328,300
SYNNEX Corp. (a)	150,000		2,347,500
			10,675,800
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			20,410,611
HEALTH CARE PROVIDERS & SERVICES - 1.1%
Health Care Services - 1.1%
IMS Health, Inc.	290,000		7,090,500
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
Ngai Lik Industrial Holdings Ltd.	8,244,000		1,073,742
INTERNET & CATALOG RETAIL - 0.7%
Internet Retail - 0.7%
Expedia, Inc. (a)	175,000		4,338,250
INTERNET SOFTWARE & SERVICES - 15.5%
Internet Software & Services - 15.5%
Google, Inc. Class A (sub. vtg.) (a)	145,000		58,723,550
RealNetworks, Inc. (a)	41,400		358,110
S1 Corp. (a)	182,410		800,780
SonicWALL, Inc. (a)	1,381,650		10,265,660
VeriSign, Inc. (a)	359,000		7,980,570
Vitria Technology, Inc. (a)(d)	2,025,321		5,630,392
Yahoo!, Inc. (a)	400,000		16,092,000
			99,851,062

	Shares		Value
IT SERVICES - 12.0%
Data Processing & Outsourced Services - 6.9%
Affiliated Computer Services, Inc. Class A (a)	349,200		$19,478,376
Alliance Data Systems Corp. (a)	283,000		10,915,310
First Data Corp.	100		4,327
Sabre Holdings Corp. Class A	130,900		2,993,683
The BISYS Group, Inc. (a)	798,800		10,703,920
			44,095,616
IT Consulting & Other Services - 5.1%
Accenture Ltd. Class A	401,300		11,412,972
Infosys Technologies Ltd.	114,973		6,725,632
Infosys Technologies Ltd. sponsored ADR	60,000		4,323,600
Kanbay International, Inc. (a)	554,811		9,187,670
SM&A (a)	162,400		1,347,920
			32,997,794
TOTAL IT SERVICES			77,093,410
SOFTWARE - 58.0%
Application Software - 18.4%
Agile Software Corp. (a)	250,000		1,552,500
Altiris, Inc. (a)	3,900		64,389
Aspen Technology, Inc. (a)	350,800		2,595,920
BEA Systems, Inc. (a)	6,841,300		59,998,201
FileNET Corp. (a)	442,086		11,909,797
Mercury Interactive Corp. (a)	170,000		4,726,000
NAVTEQ Corp. (a)	99,400		4,174,800
Net 1 UEPS Technologies, Inc. (a)	275,000		6,396,500
Ninetowns Digital World Trade Ltd. sponsored ADR	322,000		1,658,300
SAP AG sponsored ADR	4,200		189,630
Siebel Systems, Inc.	2,308,600		24,240,300
SPSS, Inc. (a)	1,400		40,432
Verint Systems, Inc. (a)	19,010		715,346
			118,262,115
Home Entertainment Software - 4.0%
Nintendo Co. Ltd.	234,000		25,699,479
Systems Software - 35.6%
Microsoft Corp.	3,744,900		103,771,178
Oracle Corp. (a)	2,525,000		31,739,250
Symantec Corp. (a)	4,903,871		86,651,401
WatchGuard Technologies, Inc. (a)(d)	2,017,812		7,183,411
			229,345,240
TOTAL SOFTWARE			373,306,834
SPECIALTY RETAIL - 3.1%
Computer & Electronics Retail - 3.1%
Circuit City Stores, Inc.	175,000		3,662,750
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Computer & Electronics Retail - continued
RadioShack Corp.	610,900		$13,934,629
Tweeter Home Entertainment Group, Inc. (a)	400,000		2,248,000
			19,845,379
TOTAL COMMON STOCKS (Cost $665,992,694)		633,008,214
Money Market Funds - 3.7%

Fidelity Cash Central Fund, 4.08% (b)	19,301,709		19,301,709
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	4,710,950		4,710,950
TOTAL MONEY MARKET FUNDS (Cost $24,012,659)		24,012,659

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $690,005,353)

657,020,873

NET OTHER ASSETS - (2.0)%		(13,142,452)
NET ASSETS - 100%		$643,878,421

Legend

(a)Non-income producing

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

(d)Affiliated company

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$472,345
Fidelity Securities Lending Cash Central Fund		19,035
Total		$491,380

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Vitria Technology, Inc.	$7,360,058	$230,656	$698,726	$-	$5,630,392
WatchGuard Technologies, Inc.	2,711,610	4,720,261	417,854	-	7,183,411
Total	$10,071,668	$4,950,917	$1,116,580	$-	$12,813,803

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $697,089,908. Net unrealized depreciation aggregated $40,069,035, of which $53,811,105 related to appreciated investment securities and $93,880,140 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

November 30, 2005

TEC-QTLY-0106

1.810712.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
IMPCO Technologies, Inc. (a)	900,000		$4,680,000
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Diversified Commercial & Professional Services - 0.1%
Equifax, Inc.	32,503		1,244,865
COMMUNICATIONS EQUIPMENT - 13.7%
Communications Equipment - 13.7%
Alcatel SA sponsored ADR (a)	750,000		9,255,000
Avaya, Inc. (a)	450,000		5,364,000
Cisco Systems, Inc. (a)	4,750,000		83,315,000
Comverse Technology, Inc. (a)	300,030		7,863,786
Corning, Inc. (a)	900,000		18,225,000
F5 Networks, Inc. (a)	200,000		10,566,000
ITF Optical Technologies, Inc. Series A (e)	65,118		1
Juniper Networks, Inc. (a)	500,000		11,245,000
Lucent Technologies, Inc. (a)	4,000,000		11,160,000
Motorola, Inc.	2,000,000		48,180,000
QUALCOMM, Inc.	300,000		13,641,000
Research In Motion Ltd. (a)	600,000		36,449,055
Tellabs, Inc. (a)	600,000		6,156,000
			261,419,842
COMPUTERS & PERIPHERALS - 16.3%
Computer Hardware - 10.3%
Apple Computer, Inc. (a)	458,400		31,088,688
Avid Technology, Inc. (a)	300,000		15,144,000
Dell, Inc. (a)	4,411,700		133,056,872
Quanta Computer, Inc.	4,000,000		6,134,475
Sun Microsystems, Inc. (a)	2,900,000		10,933,000
			196,357,035
Computer Storage & Peripherals - 6.0%
EMC Corp. (a)	3,250,000		45,272,500
Lexmark International, Inc. Class A (a)	250,000		11,905,000
Network Appliance, Inc. (a)	1,000,000		29,120,000
Seagate Technology	1,200,000		22,704,000
TPV Technology Ltd.	3,000,000		2,533,980
Western Digital Corp. (a)	200,000		2,984,000
			114,519,480
TOTAL COMPUTERS & PERIPHERALS			310,876,515
DIVERSIFIED CONSUMER SERVICES - 0.4%
Education Services - 0.4%
Apollo Group, Inc. Class A (a)	100,000		7,120,000
ELECTRICAL EQUIPMENT - 2.7%
Electrical Components & Equipment - 2.7%
Energy Conversion Devices, Inc. (a)	50,000		1,467,500
Evergreen Solar, Inc. (a)	2,200,000		26,422,000

	Shares		Value
Motech Industries, Inc.	700,000		$7,905,298
SolarWorld AG	120,000		16,675,541
			52,470,339
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.7%
Electronic Equipment & Instruments - 0.4%
Amphenol Corp. Class A	125,000		5,221,250
Sunpower Corp. Class A	1,600		40,000
Symbol Technologies, Inc.	199,997		2,285,966
			7,547,216
Electronic Manufacturing Services - 1.6%
Flextronics International Ltd. (a)	400,000		4,128,000
Hon Hai Precision Industry Co. Ltd. (Foxconn)	4,999,971		25,286,661
			29,414,661
Technology Distributors - 1.7%
Arrow Electronics, Inc. (a)	325,000		10,075,000
Avnet, Inc. (a)	500,000		11,250,000
CDW Corp.	200,000		11,730,000
			33,055,000
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			70,016,877
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
Health Care Equipment - 0.4%
Waters Corp. (a)	200,000		7,846,000
HOUSEHOLD DURABLES - 0.6%
Consumer Electronics - 0.5%
Harman International Industries, Inc.	100,000		9,750,000
Household Appliances - 0.1%
iRobot Corp.	63,300		1,844,562
TOTAL HOUSEHOLD DURABLES			11,594,562
INTERNET & CATALOG RETAIL - 2.4%
Internet Retail - 2.4%
eBay, Inc. (a)	900,000		40,329,000
Expedia, Inc. (a)	250,000		6,197,500
			46,526,500
INTERNET SOFTWARE & SERVICES - 6.2%
Internet Software & Services - 6.2%
Akamai Technologies, Inc. (a)	400,000		7,984,000
Google, Inc. Class A (sub. vtg.) (a)	200,000		80,998,000
Openwave Systems, Inc. (a)	300,010		4,983,166
VeriSign, Inc. (a)	300,000		6,669,000
Yahoo!, Inc. (a)	450,000		18,103,500
			118,737,666
IT SERVICES - 7.6%
Data Processing & Outsourced Services - 5.5%
Affiliated Computer Services, Inc. Class A (a)	350,000		19,523,000
First Data Corp.	1,250,000		54,087,500
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Hewitt Associates, Inc. Class A (a)	650,000		$16,685,500
Paychex, Inc.	350,000		14,843,500
			105,139,500
IT Consulting & Other Services - 2.1%
Accenture Ltd. Class A	700,000		19,908,000
HCL Infosystems Ltd.	400,000		2,105,905
HCL Technologies Ltd.	200,000		2,216,605
Infosys Technologies Ltd.	150,000		8,774,624
Satyam Computer Services Ltd. sponsored ADR	200,000		7,048,000
			40,053,134
TOTAL IT SERVICES			145,192,634
MEDIA - 0.3%
Movies & Entertainment - 0.1%
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	130,000		1,862,900
Publishing - 0.2%
Getty Images, Inc. (a)	50,000		4,564,500
TOTAL MEDIA			6,427,400
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 24.0%
Semiconductor Equipment - 2.5%
ASML Holding NV (NY Shares) (a)	600,000		11,496,000
Cohu, Inc.	200,000		5,334,000
KLA-Tencor Corp.	200,000		10,238,000
Lam Research Corp. (a)	125,000		4,692,500
MEMC Electronic Materials, Inc. (a)	600,000		13,428,000
Varian Semiconductor Equipment Associates, Inc. (a)	50,000		2,201,000
			47,389,500
Semiconductors - 21.5%
Altera Corp. (a)	1,000,000		18,260,000
Analog Devices, Inc.	900,000		34,128,000
ARM Holdings PLC sponsored ADR	1,250,000		7,862,500
Freescale Semiconductor, Inc.:
Class A (a)	301,000		7,750,750
Class B (a)	505,200		13,034,160
Intel Corp.	7,200,000		192,095,999
Intersil Corp. Class A	250,000		6,412,500
Linear Technology Corp.	500,000		18,655,000
Marvell Technology Group Ltd. (a)	175,000		9,719,500
Maxim Integrated Products, Inc.	500,000		18,275,000
National Semiconductor Corp.	1,750,000		45,290,000
PMC-Sierra, Inc. (a)	599,895		4,721,174
Saifun Semiconductors Ltd.	2,200		63,580
Samsung Electronics Co. Ltd.	15,000		8,645,779
Sumco Corp.	3,900		150,369

	Shares		Value
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,000,000		$9,580,000
Texas Instruments, Inc.	500,000		16,240,000
			410,884,311
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			458,273,811
SOFTWARE - 14.7%
Application Software - 2.7%
Amdocs Ltd. (a)	300,000		7,929,000
BEA Systems, Inc. (a)	1,000,000		8,770,000
Citrix Systems, Inc. (a)	200,000		5,428,000
Cognos, Inc. (a)	175,000		5,851,087
Mercury Interactive Corp. (a)	175,000		4,865,000
Monterey Design Systems (a)(e)	62,733		1
Parametric Technology Corp. (a)	500,000		2,925,000
Quest Software, Inc. (a)	700,000		11,025,000
TIBCO Software, Inc. (a)	500,000		4,185,000
			50,978,088
Home Entertainment Software - 0.9%
Activision, Inc. (a)	1,200,000		15,972,000
Take-Two Interactive Software, Inc. (a)	100,000		1,825,000
			17,797,000
Systems Software - 11.1%
Microsoft Corp.	3,800,000		105,298,000
Oracle Corp. (a)	6,550,000		82,333,500
Symantec Corp. (a)	1,400,000		24,738,000
			212,369,500
TOTAL SOFTWARE			281,144,588
SPECIALTY RETAIL - 0.2%
Computer & Electronics Retail - 0.2%
Best Buy Co., Inc.	75,000		3,618,000
WIRELESS TELECOMMUNICATION SERVICES - 1.4%
Wireless Telecommunication Services - 1.4%
Crown Castle International Corp. (a)	500,000		13,700,000
Sprint Nextel Corp.	300,000		7,512,000
Syniverse Holdings, Inc.	300,000		5,802,000
			27,014,000
TOTAL COMMON STOCKS (Cost $1,748,755,286)		1,814,203,599
Convertible Preferred Stocks - 0.0%
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(e)	33,100		0
Procket Networks, Inc. Series C (a)(e)	504,045		5
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,474,510)		5

Convertible Bonds - 0.2%
	Principal Amount		Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc. 4.375% 7/1/12 (d)	$2,020,000	$3,444,100
TOTAL CONVERTIBLE BONDS (Cost $2,020,000)		3,444,100

Money Market Funds - 7.5%
	Shares
Fidelity Cash Central Fund, 4.08% (b)	105,366,279		105,366,279
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	38,207,695		38,207,695
TOTAL MONEY MARKET FUNDS (Cost $143,573,974)		143,573,974
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 3.96%, dated 11/30/05 due 12/1/05) (Cost $3,080,000)	$3,080,339		3,080,000

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $1,902,903,770)

1,964,301,678

NET OTHER ASSETS - (2.8)%		(52,936,379)
NET ASSETS - 100%		$1,911,365,299

Legend

(a)Non-income producing

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

Additional information on each holding is as follows:

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$596,908
Fidelity Securities Lending Cash Central Fund		158,563
Total		$755,471

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,920,981,843. Net unrealized appreciation aggregated $43,319,835, of which $180,045,683 related to appreciated investment securities and $136,725,848 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

November 30, 2005

TEL-QTLY-0106

1.810721.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 27.0%
Communications Equipment - 27.0%
ADC Telecommunications, Inc. (a)	129,100		$2,637,513
Alcatel SA sponsored ADR (a)	392,300		4,840,982
Avaya, Inc. (a)	375,800		4,479,536
Cisco Systems, Inc. (a)	155,800		2,732,732
Comverse Technology, Inc. (a)	142,100		3,724,441
Corning, Inc. (a)	595,000		12,048,750
Motorola, Inc.	594,600		14,323,914
Nokia Corp. sponsored ADR	997,400		17,035,592
Nortel Networks Corp. (a)	3,919,100		11,365,390
QUALCOMM, Inc.	378,900		17,228,583
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	95,200		3,101,616
Tellabs, Inc. (a)	263,500		2,703,510
			96,222,559
DIVERSIFIED TELECOMMUNICATION SERVICES - 40.4%
Integrated Telecommunication Services - 40.4%
AT&T, Inc.	1,626,442		40,514,670
BellSouth Corp.	640,000		17,446,400
Cbeyond Communications, Inc.	191,600		2,182,324
Qwest Communications International, Inc. (a)	9,739,044		51,032,591
TDC AS sponsored ADR	8,500		253,725
Telenor ASA sponsored ADR	45,000		1,271,250
Verizon Communications, Inc.	979,000		31,308,420
			144,009,380
WIRELESS TELECOMMUNICATION SERVICES - 32.4%
Wireless Telecommunication Services - 32.4%
ALLTEL Corp.	276,300		18,465,129
America Movil SA de CV Series L sponsored ADR	54,300		1,559,496
Bharti Televentures Ltd. (a)	834,900		6,651,182
China Mobile (Hong Kong) Ltd. sponsored ADR	179,500		4,395,955
China Unicom Ltd. sponsored ADR	563,100		4,589,265
Crown Castle International Corp. (a)	150,000		4,110,000

	Shares		Value
MTN Group Ltd.	165,000		$1,378,510
Nextel Partners, Inc. Class A (a)	559,900		14,837,350
NII Holdings, Inc. (a)	357,800		15,546,410
Sprint Nextel Corp.	1,312,498		32,864,950
Turkcell Iletisim Hizmet AS sponsored ADR	324,600		4,950,150
Vimpel Communications sponsored ADR (a)	50,000		2,266,500
Vodafone Group PLC sponsored ADR	188,100		4,053,555
			115,668,452
TOTAL COMMON STOCKS (Cost $307,309,456)		355,900,391
Money Market Funds - 0.8%

Fidelity Cash Central Fund, 4.08% (b)	2,227,543		2,227,543
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	460,350		460,350
TOTAL MONEY MARKET FUNDS (Cost $2,687,893)		2,687,893

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $309,997,349)

358,588,284

NET OTHER ASSETS - (0.6)%		(2,152,283)
NET ASSETS - 100%		$356,436,001

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund		Income Received
Fidelity Cash Central Fund		$45,010
Fidelity Securities Lending Cash Central Fund		110,154
Total		$155,164

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $314,296,579. Net unrealized appreciation aggregated $44,291,705, of which $71,117,254 related to appreciated investment securities and $26,825,549 related to depreciated investment securities.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

November 30, 2005

TRN-QTLY-0106

1.810722.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
AEROSPACE & DEFENSE - 0.5%
Aerospace & Defense - 0.5%
Goodrich Corp.	7,900		$304,308
Precision Castparts Corp.	6,200		316,138
			620,446
AIR FREIGHT & LOGISTICS - 22.8%
Air Freight & Logistics - 22.8%
C.H. Robinson Worldwide, Inc.	94,600		3,826,570
Dynamex, Inc. (a)	19,800		366,498
EGL, Inc. (a)	71,900		2,670,366
Expeditors International of Washington, Inc.	67,160		4,769,032
FedEx Corp.	62,400		6,091,488
Forward Air Corp.	57,050		2,193,573
Hub Group, Inc. Class A (a)	68,430		2,774,837
Pacer International, Inc.	7,500		198,225
United Parcel Service, Inc. Class B	27,800		2,165,620
UTI Worldwide, Inc.	32,700		3,181,383
			28,237,592
AIRLINES - 11.9%
Airlines - 11.9%
ACE Aviation Holdings, Inc. Class A (a)	8,800		290,907
AirTran Holdings, Inc. (a)	183,300		2,753,166
Alaska Air Group, Inc. (a)	10,800		380,484
AMR Corp. (a)	69,100		1,167,099
ExpressJet Holdings, Inc. Class A (a)	17,200		149,984
Frontier Airlines, Inc. (a)	14,400		117,504
Gol Linhas Aereas Inteligentes SA sponsored ADR	2,600		118,326
JetBlue Airways Corp. (a)	45,825		845,013
Mesa Air Group, Inc. (a)	19,600		201,488
Pinnacle Airlines Corp. (a)	45,300		314,835
Republic Airways Holdings, Inc. (a)	30,900		448,977
Ryanair Holdings PLC sponsored ADR (a)	29,000		1,444,780
SkyWest, Inc.	10,900		323,730
Southwest Airlines Co.	334,987		5,527,286
US Airways Group, Inc. (a)	18,400		618,056
			14,701,635
AUTO COMPONENTS - 1.2%
Auto Parts & Equipment - 1.2%
BorgWarner, Inc.	3,900		234,000
Johnson Controls, Inc.	5,100		354,195
TRW Automotive Holdings Corp. (a)	37,300		939,960
			1,528,155
ENERGY EQUIPMENT & SERVICES - 0.2%
Oil & Gas Equipment & Services - 0.2%
Hornbeck Offshore Services, Inc. (a)	7,700		252,252
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.3%
Harman International Industries, Inc.	4,032		393,120

	Shares		Value
MACHINERY - 4.5%
Construction & Farm Machinery & Heavy Trucks - 4.5%
Cummins, Inc.	11,800		$1,050,200
FreightCar America, Inc.	7,600		366,776
Greenbrier Companies, Inc.	8,900		242,525
PACCAR, Inc.	34,975		2,513,304
Trinity Industries, Inc.	19,500		811,980
Wabash National Corp.	6,900		136,965
Wabtec Corp.	15,400		397,782
			5,519,532
MARINE - 4.8%
Marine - 4.8%
Alexander & Baldwin, Inc.	12,500		625,250
American Commercial Lines, Inc.	14,400		421,200
Camillo Eitzen & Co. ASA	23,900		236,801
Diana Shipping, Inc.	22,900		320,142
DryShips, Inc.	12,700		165,608
Excel Maritime Carriers Ltd. (a)	13,300		176,225
Kirby Corp. (a)	14,500		771,400
Odfjell ASA:
(A Shares)	11,000		211,036
(B Shares)	70,900		1,215,519
Pacific Basin Shipping Ltd.	251,000		110,051
Seaspan Corp.	12,400		240,312
Stolt-Nielsen SA	43,300		1,417,196
			5,910,740
METALS & MINING - 0.6%
Diversified Metals & Mining - 0.6%
RTI International Metals, Inc. (a)	3,400		126,820
Titanium Metals Corp. (a)	9,700		612,555
			739,375
OIL, GAS & CONSUMABLE FUELS - 9.4%
Oil & Gas Refining & Marketing - 2.0%
Valero Energy Corp.	26,000		2,501,200
Oil & Gas Storage & Transport - 7.4%
Double Hull Tankers, Inc.	2,200		28,160
Frontline Ltd. (d)	7,200		296,037
Frontline Ltd. (NY Shares)	3,000		124,080
General Maritime Corp.	32,300		1,248,072
Maritrans, Inc.	9,400		271,566
OMI Corp.	89,500		1,736,300
Overseas Shipholding Group, Inc.	50,900		2,593,864
StealthGas, Inc.	10,200		120,156
Teekay Shipping Corp.	53,200		2,255,148
Top Tankers, Inc.	24,300		319,545
Tsakos Energy Navigation Ltd.	4,400		165,484
			9,158,412
TOTAL OIL, GAS & CONSUMABLE FUELS			11,659,612
Common Stocks - continued
	Shares		Value
ROAD & RAIL - 36.9%
Railroads - 28.7%
Burlington Northern Santa Fe Corp.	114,500		$7,577,610
Canadian National Railway Co.	93,250		7,454,724
Canadian Pacific Railway Ltd.	78,800		3,394,659
CSX Corp.	102,200		4,971,008
Florida East Coast Industries, Inc. Class A	3,300		146,058
Genesee & Wyoming, Inc. Class A (a)	14,500		487,490
Kansas City Southern (a)	60,450		1,509,437
Norfolk Southern Corp.	177,700		7,861,444
Union Pacific Corp.	28,100		2,150,774
			35,553,204
Trucking - 8.2%
CNF, Inc.	28,800		1,641,600
Dollar Thrifty Automotive Group, Inc. (a)	4,700		176,250
Heartland Express, Inc.	42,243		900,198
J.B. Hunt Transport Services, Inc.	90,200		2,019,578
Knight Transportation, Inc.	29,700		955,449
Laidlaw International, Inc.	47,300		1,022,626
Landstar System, Inc.	55,770		2,400,341
P.A.M. Transportation Services, Inc. (a)	9,100		148,512
Swift Transportation Co., Inc. (a)	16,600		325,028
U.S. Xpress Enterprises, Inc. Class A (a)	14,400		218,880
Yellow Roadway Corp. (a)	5,574		262,591
			10,071,053
TOTAL ROAD & RAIL			45,624,257
SOFTWARE - 1.8%
Application Software - 1.8%
NAVTEQ Corp. (a)	52,600		2,209,200

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.4%
Trading Companies & Distributors - 0.4%
GATX Corp.	14,600		$549,544
TOTAL COMMON STOCKS (Cost $95,269,700)		117,945,460
Money Market Funds - 6.9%

Fidelity Cash Central Fund, 4.08% (b)	7,985,096		7,985,096
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	488,250		488,250
TOTAL MONEY MARKET FUNDS (Cost $8,473,346)		8,473,346

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $103,743,046)

126,418,806

NET OTHER ASSETS - (2.2)%		(2,661,536)
NET ASSETS - 100%		$123,757,270

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$66,995
Fidelity Securities Lending Cash Central Fund	31,592
Total	$98,587

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $103,806,181. Net unrealized appreciation aggregated $22,612,625, of which $24,240,575 related to appreciated investment securities and $1,627,950 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

November 30, 2005

UTI-QTLY-0106

1.810724.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 37.3%
Integrated Telecommunication Services - 37.3%
AT&T, Inc.	1,385,526		$34,513,452
BellSouth Corp.	1,014,700		27,660,722
Cbeyond Communications, Inc.	159,200		1,813,288
Qwest Communications International, Inc. (a)	2,093,300		10,968,892
TELUS Corp. (non-vtg.)	35,400		1,355,060
Verizon Communications, Inc.	929,766		29,733,917
			106,045,331
ELECTRIC UTILITIES - 19.4%
Electric Utilities - 19.4%
Allegheny Energy, Inc. (a)	91,600		2,549,228
Edison International	242,900		10,959,648
Entergy Corp.	76,200		5,334,000
Exelon Corp.	255,400		13,291,016
FirstEnergy Corp.	143,100		6,719,976
FPL Group, Inc.	150,100		6,362,739
Northeast Utilities	104,800		1,947,184
PPL Corp.	264,800		7,785,120
			54,948,911
GAS UTILITIES - 0.7%
Gas Utilities - 0.7%
ONEOK, Inc.	28,000		768,040
Southern Union Co.	31,810		750,716
UGI Corp.	19,200		422,400
			1,941,156
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 11.9%
Independent Power & Energy Trade - 11.9%
AES Corp. (a)	846,000		13,341,420
NRG Energy, Inc. (a)	105,500		4,607,185
TXU Corp.	155,200		15,928,176
			33,876,781
MEDIA - 2.0%
Broadcasting & Cable TV - 2.0%
EchoStar Communications Corp. Class A	52,100		1,346,264
Sirius Satellite Radio, Inc. (a)	370,200		2,646,930
XM Satellite Radio Holdings, Inc. Class A (a)	61,200		1,790,712
			5,783,906
MULTI-UTILITIES - 8.0%
Multi-Utilities - 8.0%
CMS Energy Corp. (a)	23,900		334,122

	Shares		Value
Dominion Resources, Inc.	102,700		$7,800,065
Public Service Enterprise Group, Inc.	208,300		13,064,576
Sempra Energy	36,100		1,586,595
			22,785,358
WATER UTILITIES - 0.3%
Water Utilities - 0.3%
Aqua America, Inc.	21,323		788,738
WIRELESS TELECOMMUNICATION SERVICES - 19.8%
Wireless Telecommunication Services - 19.8%
ALLTEL Corp.	136,169		9,100,174
American Tower Corp. Class A (a)	29,585		807,375
China Mobile (Hong Kong) Ltd. sponsored ADR	59,300		1,452,257
China Unicom Ltd. sponsored ADR	189,300		1,542,795
Nextel Partners, Inc. Class A (a)	292,800		7,759,200
NII Holdings, Inc. (a)	224,400		9,750,180
Sprint Nextel Corp.	1,026,423		25,701,632
			56,113,613
TOTAL COMMON STOCKS (Cost $272,999,454)		282,283,794
Money Market Funds - 1.0%

Fidelity Cash Central Fund, 4.08% (b)	2,008,433		2,008,433
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	825,000		825,000
TOTAL MONEY MARKET FUNDS (Cost $2,833,433)		2,833,433

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $275,832,887)

285,117,227

NET OTHER ASSETS - (0.4)%		(1,013,737)
NET ASSETS - 100%		$284,103,490

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$98,353
Fidelity Securities Lending Cash Central Fund	31,252
Total	$129,605

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $281,886,520. Net unrealized appreciation aggregated $3,230,707, of which $24,765,266 related to appreciated investment securities and $21,534,559 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

November 30, 2005

WIR-QTLY-0106

1.810702.101

Investments November 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 33.0%
Communications Equipment - 33.0%
Andrew Corp. (a)	586,100		$6,406,073
Comverse Technology, Inc. (a)	845,120		22,150,595
Harris Corp.	479,300		21,367,194
Motorola, Inc.	995,180		23,973,886
Nokia Corp. sponsored ADR	2,079,000		35,509,320
Powerwave Technologies, Inc. (a)	367,400		4,614,544
QUALCOMM, Inc.	561,800		25,545,046
Research In Motion Ltd. (a)	58,700		3,565,933
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	518,500		16,892,730
			160,025,321
DIVERSIFIED TELECOMMUNICATION SERVICES - 5.4%
Integrated Telecommunication Services - 5.4%
AT&T, Inc.	429,100		10,688,881
BellSouth Corp.	141,000		3,843,660
Telenor ASA sponsored ADR	26,700		754,275
Verizon Communications, Inc.	344,800		11,026,704
			26,313,520
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1%
Electronic Manufacturing Services - 2.1%
Trimble Navigation Ltd. (a)	310,000		10,099,800
INTERNET SOFTWARE & SERVICES - 1.7%
Internet Software & Services - 1.7%
Openwave Systems, Inc. (a)	485,066		8,056,946
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
Semiconductors - 1.2%
AMIS Holdings, Inc. (a)	357,300		3,562,281
Atheros Communications, Inc. (a)	172,000		1,666,680
Atmel Corp. (a)	208,200		697,470
			5,926,431
SOFTWARE - 0.5%
Application Software - 0.5%
JAMDAT Mobile, Inc. (a)	115,800		2,648,346
WIRELESS TELECOMMUNICATION SERVICES - 55.4%
Wireless Telecommunication Services - 55.4%
ALLTEL Corp.	382,988		25,595,088
America Movil SA de CV Series L sponsored ADR	369,800		10,620,656
American Tower Corp. Class A (a)	878,792		23,982,234
Bharti Televentures Ltd. (a)	1,292,000		10,292,642
China Mobile (Hong Kong) Ltd. sponsored ADR	669,700		16,400,953
China Unicom Ltd. sponsored ADR	1,465,400		11,943,010

	Shares		Value
Crown Castle International Corp. (a)	759,000		$20,796,600
Investcom LLC GDR	275,000		3,850,000
Leap Wireless International, Inc. (a)	197,700		7,524,462
MTN Group Ltd.	522,500		4,365,282
Nextel Partners, Inc. Class A (a)	1,331,700		35,290,050
NII Holdings, Inc. (a)	761,200		33,074,140
Sprint Nextel Corp.	1,782,931		44,644,592
Syniverse Holdings, Inc.	150,000		2,901,000
Turkcell Iletisim Hizmet AS sponsored ADR	448,200		6,835,050
Vimpel Communications sponsored ADR (a)	204,700		9,279,051
Vodafone Group PLC sponsored ADR	51,790		1,116,075
			268,510,885
TOTAL COMMON STOCKS (Cost $390,524,343)		481,581,249
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 4.08% (b)	4,492,491		4,492,491
Fidelity Securities Lending Cash Central Fund, 4.09% (b)(c)	12,813,475		12,813,475
TOTAL MONEY MARKET FUNDS (Cost $17,305,966)		17,305,966
Cash Equivalents - 0.4%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 3.96%, dated 11/30/05 due 12/1/05) (Cost $2,123,000)	$2,123,234		2,123,000

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $409,953,309)

501,010,215

NET OTHER ASSETS - (3.3)%		(16,060,752)
NET ASSETS - 100%		$484,949,463

Legend

(a)Non-income producing

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

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income Received
Fidelity Cash Central Fund	$118,124
Fidelity Securities Lending Cash Central Fund	189,927
Total	$308,051

Income Tax Information

At November 30, 2005, the aggregate cost of investment securities for income tax purposes was $412,792,647. Net unrealized appreciation aggregated $88,217,568, of which $101,900,999 related to appreciated investment securities and $13,683,431 related to depreciated investment securities.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	January 20, 2006

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

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	January 20, 2006

By:	/s/Paul M. Murphy
	Paul M. Murphy
	Chief Financial Officer

Date:	January 20, 2006

EX-99.CERT 2 sel99cert.htm

Exhibit EX-99.CERT

I, Christine Reynolds, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: January 20, 2006

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

I, Paul M. Murphy, certify that:

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

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

Date: January 20, 2006

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

-----END PRIVACY-ENHANCED MESSAGE-----

Fidelity ® Select Air Transportation Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Automotive Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Banking Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Biotechnology Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Brokerage and Investment Management Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Business Services and

Outsourcing Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Chemicals Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Computers Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Construction and Housing Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Consumer Industries Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Cyclical Industries Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Defense and Aerospace Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Developing

Communications Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Electronics Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Energy Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Energy Service Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Environmental Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Financial Services Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Food and Agriculture Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Gold Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Health Care Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Home Finance Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Industrial Equipment Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Industrial Materials Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Insurance Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Leisure Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Medical Delivery Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Medical Equipment and Systems Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Money Market Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Multimedia Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Natural Gas Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Natural Resources Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Networking and

Infrastructure Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Paper and Forest Products Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Pharmaceuticals Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Retailing Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Software and

Computer Services Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Technology Portfolio

Investments November 30, 2005 (Unaudited)

Fidelity ® Select Brokerage and Investment
Management Portfolio

Fidelity ® Select Construction and
Housing Portfolio

Fidelity ® Select Medical Equipment and
Systems Portfolio

Fidelity ® Select Paper and Forest
Products Portfolio