N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Select Air Transportation Portfolio

May 31, 2010

1.802153.106

AIR-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
AEROSPACE & DEFENSE - 30.4%
Aerospace & Defense - 30.4%
Alliant Techsystems, Inc. (a)	29,400		$ 2,022,426
BAE Systems PLC	28,500		133,714
BE Aerospace, Inc. (a)	111,700		3,029,304
Bombardier, Inc. Class B (sub. vtg.) (c)	901,500		4,190,010
Esterline Technologies Corp. (a)	14,900		799,534
Goodrich Corp.	98,800		6,856,720
Heico Corp. Class A	48,749		1,462,957
Ladish Co., Inc. (a)	6,300		159,264
Northrop Grumman Corp.	18,200		1,100,918
Precision Castparts Corp.	63,000		7,352,100
Rockwell Collins, Inc.	57,100		3,331,214
Spirit AeroSystems Holdings, Inc. Class A (a)	163,616		3,187,240
Teledyne Technologies, Inc. (a)	3,800		149,378
The Boeing Co.	116,300		7,464,134
TransDigm Group, Inc.	6,000		316,560
			41,555,473
AIR FREIGHT & LOGISTICS - 24.6%
Air Freight & Logistics - 24.6%
Air Transport Services Group, Inc. (a)	190,900		1,072,858
Atlas Air Worldwide Holdings, Inc. (a)	29,600		1,547,192
C.H. Robinson Worldwide, Inc.	130,800		7,600,788
Dart Group PLC	1,788,800		1,365,387
United Parcel Service, Inc. Class B	322,000		20,208,720
UTI Worldwide, Inc.	133,800		1,933,410
			33,728,355
AIRLINES - 38.2%
Airlines - 38.2%
AirTran Holdings, Inc. (a)	126,200		711,768
Alaska Air Group, Inc. (a)	66,600		3,110,220
AMR Corp. (a)(c)	459,800		3,526,666
Continental Airlines, Inc. Class B (a)	159,500		3,365,450
Delta Air Lines, Inc. (a)	720,566		9,785,286
Hawaiian Holdings, Inc. (a)	241,453		1,719,145
Pinnacle Airlines Corp. (a)(d)	984,126		6,760,946
Republic Airways Holdings, Inc. (a)(c)	155,200		907,920
Ryanair Holdings PLC sponsored ADR (a)	185,700		4,371,378
Southwest Airlines Co.	611,800		7,610,792
UAL Corp. (a)(c)	373,700		7,477,737
US Airways Group, Inc. (a)	340,700		3,008,381
			52,355,689
INDUSTRIAL CONGLOMERATES - 3.0%
Industrial Conglomerates - 3.0%
Textron, Inc. (c)	195,900		4,049,253
MACHINERY - 0.2%
Construction & Farm Machinery & Heavy Trucks - 0.2%
ASL Marine Holdings Ltd.	460,000		259,516

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Specialized REITs - 0.2%
FelCor Lodging Trust, Inc. (a)	23,900		$ 161,564
Strategic Hotel & Resorts, Inc. (a)	32,200		157,780
			319,344
ROAD & RAIL - 0.6%
Trucking - 0.6%
Quality Distribution, Inc. (a)	135,200		766,584
TRANSPORTATION INFRASTRUCTURE - 0.9%
Airport Services - 0.9%
Avantair, Inc. (a)	467,800		1,216,280
TOTAL COMMON STOCKS (Cost $121,199,551)		134,250,494

Nonconvertible Bonds - 0.0%
	Principal Amount
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $70,344)	$ 3,500,000	35,000

Money Market Funds - 5.5%
	Shares
Fidelity Cash Central Fund, 0.23% (e)	799,548		799,548
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	6,769,878		6,769,878
TOTAL MONEY MARKET FUNDS (Cost $7,569,426)		7,569,426

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $128,839,321)

141,854,920

NET OTHER ASSETS - (3.6)%			(4,975,113)
NET ASSETS - 100%		$ 136,879,807

Legend

(a) Non-income producing

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

(d) Affiliated company

(e) 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.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,008
Fidelity Securities Lending Cash Central Fund	7,137
Total	$ 9,145

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Pinnacle Airlines Corp.	$ 8,000,944	$ -	$ -	$ -	$ 6,760,946
Total	$ 8,000,944	$ -	$ -	$ -	$ 6,760,946

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 134,250,494	$ 134,250,494	$ -	$ -
Nonconvertible Bonds	35,000	-	35,000	-
Money Market Funds	7,569,426	7,569,426	-	-
Total Investments in Securities:	$ 141,854,920	$ 141,819,920	$ 35,000	$ -

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

Investments in Securities:
Beginning Balance	$ 35,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(35,000)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ -

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

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $129,224,069. Net unrealized appreciation aggregated $12,630,851, of which $17,241,208 related to appreciated investment securities and $4,610,357 related to depreciated investment securities.

Investment Valuation

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Automotive Portfolio

May 31, 2010

1.802154.106

AUT-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
AUTO COMPONENTS - 46.6%
Auto Parts & Equipment - 45.0%
American Axle & Manufacturing Holdings, Inc. (a)	132,100		$ 1,184,937
ArvinMeritor, Inc. (a)	333,300		4,846,182
Autoliv, Inc. (a)(c)	108,355		5,146,863
BorgWarner, Inc. (a)	184,900		6,889,374
Dana Holding Corp. (a)	242,700		2,635,722
Delphi Corp. Class B (a)	120		1,578,000
Drew Industries, Inc. (a)	48,900		1,072,866
Exide Technologies (a)	577,400		2,459,724
Federal-Mogul Corp. Class A (a)	43,124		744,320
Fuel Systems Solutions, Inc. (a)	29,700		793,881
Gentex Corp.	254,900		5,016,432
Johnson Controls, Inc.	288,970		8,244,314
Magna International, Inc. Class A (sub. vtg.)	42,700		2,956,469
Martinrea International, Inc. (a)	135,300		985,414
Modine Manufacturing Co. (a)	114,100		1,325,842
Stoneridge, Inc. (a)	87,400		846,032
Tenneco, Inc. (a)	329,480		7,301,277
TRW Automotive Holdings Corp. (a)	233,000		7,008,640
			61,036,289
Tires & Rubber - 1.6%
Cooper Tire & Rubber Co.	30,500		576,755
The Goodyear Tire & Rubber Co. (a)	136,726		1,627,039
			2,203,794
TOTAL AUTO COMPONENTS			63,240,083
AUTOMOBILES - 33.1%
Automobile Manufacturers - 30.6%
Daimler AG (United States) (a)	176,600		8,686,954
Ford Motor Co. (a)	658,061		7,719,056
Honda Motor Co. Ltd. sponsored ADR (c)	332,300		10,098,597
Thor Industries, Inc.	69,600		2,029,536
Toyota Motor Corp. sponsored ADR (c)	171,300		12,391,841
Winnebago Industries, Inc. (a)(c)	52,900		641,677
			41,567,661
Motorcycle Manufacturers - 2.5%
Harley-Davidson, Inc. (c)	111,400		3,365,394
TOTAL AUTOMOBILES			44,933,055
HOUSEHOLD DURABLES - 2.2%
Consumer Electronics - 2.2%
Harman International Industries, Inc. (a)	92,600		2,990,980
MACHINERY - 1.8%
Construction & Farm Machinery & Heavy Trucks - 1.8%
Navistar International Corp. (a)	45,500		2,465,190

	Shares		Value
SOFTWARE - 0.5%
Application Software - 0.5%
Solera Holdings, Inc.	18,700		$ 648,516
SPECIALTY RETAIL - 13.8%
Automotive Retail - 13.8%
Asbury Automotive Group, Inc. (a)	359,326		4,750,290
Group 1 Automotive, Inc. (a)(c)	128,600		3,657,384
Lithia Motors, Inc. Class A (sub. vtg.) (c)	465,700		3,804,769
Penske Automotive Group, Inc. (a)	81,000		1,057,860
Sonic Automotive, Inc. Class A (sub. vtg.) (a)(c)	541,800		5,358,402
			18,628,705
TOTAL COMMON STOCKS (Cost $115,156,957)		132,906,529
Nonconvertible Preferred Stocks - 1.1%

DIVERSIFIED FINANCIAL SERVICES - 1.1%
Other Diversified Financial Services - 1.1%
GMAC, Inc. 7.00% (d) (Cost $1,645,000)	2,000		1,510,000
Money Market Funds - 25.9%

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e) (Cost $35,178,850)	35,178,850		35,178,850

TOTAL INVESTMENT PORTFOLIO - 125.0%

(Cost $151,980,807)

169,595,379

NET OTHER ASSETS - (25.0)%			(33,952,785)
NET ASSETS - 100%		$ 135,642,594

Legend

(a) Non-income producing

(b) 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 end of the period, the value of these securities amounted to $1,510,000 or 1.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,783
Fidelity Securities Lending Cash Central Fund	29,781
Total	$ 31,564

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 132,906,529	$ 131,328,529	$ 1,578,000	$ -
Nonconvertible Preferred Stocks	1,510,000	-	1,510,000	-
Money Market Funds	35,178,850	35,178,850	-	-
Total Investments in Securities:	$ 169,595,379	$ 166,507,379	$ 3,088,000	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $152,322,716. Net unrealized appreciation aggregated $17,272,663, of which $24,423,867 related to appreciated investment securities and $7,151,204 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Banking Portfolio

May 31, 2010

1.802155.106

BAN-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CAPITAL MARKETS - 2.3%
Asset Management & Custody Banks - 1.4%
Bank of New York Mellon Corp.	255,003		$ 6,936,082
Investment Banking & Brokerage - 0.9%
Morgan Stanley	154,600		4,191,206
TOTAL CAPITAL MARKETS			11,127,288
COMMERCIAL BANKS - 83.5%
Diversified Banks - 23.0%
Banco Santander SA sponsored ADR	194,100		1,970,115
Barclays PLC Sponsored ADR	143,000		2,519,660
Comerica, Inc.	410,200		15,628,620
U.S. Bancorp, Delaware	1,544,800		37,013,408
Wells Fargo & Co.	1,927,092		55,288,269
			112,420,072
Regional Banks - 60.5%
Ameris Bancorp	301,500		3,397,905
Associated Banc-Corp.	904,520		12,147,704
Bank of Hawaii Corp.	48,900		2,348,667
Bank of the Ozarks, Inc.	134,200		4,735,918
BB&T Corp.	942,500		28,501,200
Capital City Bank Group, Inc. (c)	236,000		3,542,360
CapitalSource, Inc.	98,000		444,920
Cathay General Bancorp (c)	1,002,000		11,042,040
Center Financial Corp. (a)	1,169,050		6,827,252
Chemical Financial Corp.	109,200		2,644,824
Citizens Banking Corp., Michigan (a)	1,602,400		1,762,640
City National Corp.	185,700		10,711,176
CVB Financial Corp. (c)	365,400		3,628,422
Fifth Third Bancorp	988,500		12,840,615
First Bancorp, North Carolina	255,000		4,115,700
Glacier Bancorp, Inc.	74,700		1,184,742
Huntington Bancshares, Inc.	1,861,851		11,469,002
KeyCorp	701,400		5,625,228
M&T Bank Corp. (c)	50,400		3,993,696
Marshall & Ilsley Corp.	1,219,300		9,937,295
Nara Bancorp, Inc. (a)	462,000		3,525,060
National Penn Bancshares, Inc.	1,085,900		7,590,441
Oriental Financial Group, Inc.	193,400		2,645,712
Pacific Continental Corp.	151,790		1,683,351
PacWest Bancorp	253,700		5,287,108
Park National Corp. (c)	55,300		3,577,910
PNC Financial Services Group, Inc.	420,741		26,401,498
Popular, Inc. (a)	1,283,965		3,890,414
Regions Financial Corp.	3,106,300		23,701,069
S&T Bancorp, Inc. (c)	120,600		2,601,342

	Shares		Value
Sandy Spring Bancorp, Inc.	243,400		$ 3,767,832
Southwest Bancorp, Inc., Oklahoma	71,572		1,106,503
Sterling Bancshares, Inc.	626,300		3,350,705
SunTrust Banks, Inc.	782,100		21,077,595
SVB Financial Group (a)	219,065		9,827,256
TCF Financial Corp.	335,200		5,410,128
Umpqua Holdings Corp.	68,900		865,384
Western Alliance Bancorp. (a)(c)	477,700		3,845,485
Wilmington Trust Corp., Delaware (c)	643,800		9,708,504
Wilshire Bancorp, Inc. (c)	1,292,300		13,155,614
Zions Bancorp.	77,000		1,844,150
			295,764,367
TOTAL COMMERCIAL BANKS			408,184,439
CONSUMER FINANCE - 2.4%
Consumer Finance - 2.4%
Capital One Financial Corp.	280,900		11,601,170
DIVERSIFIED FINANCIAL SERVICES - 4.4%
Other Diversified Financial Services - 4.4%
Bank of America Corp.	606,748		9,550,214
Citigroup, Inc. (a)	736,500		2,916,540
ING Groep NV sponsored ADR (a)	223,800		1,772,496
JPMorgan Chase & Co.	174,000		6,886,920
NBH Holdings Corp. Class A (a)(d)	13,300		259,350
			21,385,520
IT SERVICES - 0.6%
Data Processing & Outsourced Services - 0.6%
Visa, Inc. Class A	44,000		3,188,240
THRIFTS & MORTGAGE FINANCE - 5.7%
Thrifts & Mortgage Finance - 5.7%
Abington Bancorp, Inc.	182,100		1,617,048
MGIC Investment Corp. (a)	212,592		1,989,861
New York Community Bancorp, Inc.	201,200		3,229,260
Ocwen Financial Corp. (a)	309,000		3,757,440
People's United Financial, Inc.	560,400		7,828,788
Radian Group, Inc.	537,887		5,529,478
Washington Federal, Inc.	231,000		3,991,680
			27,943,555
TOTAL COMMON STOCKS (Cost $474,133,726)		483,430,212
Convertible Preferred Stocks - 0.1%

COMMERCIAL BANKS - 0.1%
Regional Banks - 0.1%
Oriental Financial Group, Inc. Series C (a)(f) (Cost $297,000)	297		243,453
Money Market Funds - 3.8%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e) (Cost $18,568,350)	18,568,350		$ 18,568,350

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $492,999,076)

502,242,015

NET OTHER ASSETS - (2.8)%			(13,550,176)
NET ASSETS - 100%		$ 488,691,839

Legend

(a) Non-income producing

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

(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 $243,453 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Oriental Financial Group, Inc. Series C	4/29/10	$ 297,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,835
Fidelity Securities Lending Cash Central Fund	36,321
Total	$ 44,156

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 483,430,212	$ 483,170,862	$ -	$ 259,350
Convertible Preferred Stocks	243,453	-	243,453	-
Money Market Funds	18,568,350	18,568,350	-	-
Total Investments in Securities:	$ 502,242,015	$ 501,739,212	$ 243,453	$ 259,350

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	3,325
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	256,025
Transfers out of Level 3	-
Ending Balance	$ 259,350
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ 3,325

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $546,140,135. Net unrealized depreciation aggregated $43,898,120, of which $50,375,561 related to appreciated investment securities and $94,273,681 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Biotechnology Portfolio

May 31, 2010

1.802156.106

BIO-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
BIOTECHNOLOGY - 92.1%
Biotechnology - 92.1%
Abraxis BioScience, Inc. (a)	117,540		$ 5,224,653
Acadia Pharmaceuticals, Inc. (a)	181,088		242,658
Acorda Therapeutics, Inc. (a)	1,636,584		56,265,758
Affymax, Inc. (a)	282,904		6,223,888
Alexion Pharmaceuticals, Inc. (a)	1,355,630		67,822,169
Alkermes, Inc. (a)	766,658		8,705,402
Allos Therapeutics, Inc. (a)(c)	2,684,000		19,217,440
Alnylam Pharmaceuticals, Inc. (a)(c)	273,302		4,318,172
AMAG Pharmaceuticals, Inc. (a)(c)	161,177		5,131,876
Amgen, Inc. (a)	2,930,276		151,729,696
Amylin Pharmaceuticals, Inc. (a)	778,353		12,858,392
Antigenics, Inc. (a)(c)	420,500		433,115
Antigenics, Inc. warrants 1/9/18 (a)(f)	1,548,000		1,379,062
Arena Pharmaceuticals, Inc. (a)(c)	142,380		438,530
ARIAD Pharmaceuticals, Inc. (a)	655,800		2,518,272
ArQule, Inc. (a)	361,634		2,209,584
AVEO Pharmaceuticals, Inc.	47,300		378,873
Biogen Idec, Inc. (a)	511,587		24,264,571
BioMarin Pharmaceutical, Inc. (a)(c)	1,018,562		19,882,330
Celera Corp. (a)	110,756		783,045
Celgene Corp. (a)	379,178		20,005,431
Cephalon, Inc. (a)(c)	481,361		28,332,908
Cepheid, Inc. (a)	478,300		8,552,004
Clinical Data, Inc. (a)	324,637		5,346,771
Cubist Pharmaceuticals, Inc. (a)	20,108		432,322
Dendreon Corp. (a)(c)	1,021,000		44,311,400
Dynavax Technologies Corp. (a)	515,100		947,784
Enzon Pharmaceuticals, Inc. (a)(c)	77,200		826,040
Exelixis, Inc. (a)	493,468		2,556,164
Genomic Health, Inc. (a)(c)	20,000		300,000
Genzyme Corp. (a)	750,765		36,524,717
Gilead Sciences, Inc. (a)	2,931,115		105,285,651
Halozyme Therapeutics, Inc. (a)(c)	606,200		4,443,446
Human Genome Sciences, Inc. (a)	1,092,859		27,059,189
Idenix Pharmaceuticals, Inc. (a)	778,428		3,043,653
ImmunoGen, Inc. (a)	93,400		827,524
Incyte Corp. (a)(c)	1,204,823		15,530,168
Inhibitex, Inc. (a)	830,083		2,066,907
InterMune, Inc. (a)(c)	528,533		4,777,938
Ironwood Pharmaceuticals, Inc. Class A	59,300		696,182
Isis Pharmaceuticals, Inc. (a)	705,061		6,486,561
Keryx Biopharmaceuticals, Inc. (a)(c)	314,500		1,613,385
Lexicon Pharmaceuticals, Inc. (a)	13,578,477		19,960,361
Ligand Pharmaceuticals, Inc. Class B (a)	227,200		349,888
Martek Biosciences (a)	20,700		384,813
Micromet, Inc. (a)(c)	284,202		1,730,790
Momenta Pharmaceuticals, Inc. (a)(c)	377,085		5,003,918
Myriad Genetics, Inc. (a)	251,735		4,594,164
Myriad Pharmaceuticals, Inc. (a)	6,579		26,448
Neurocrine Biosciences, Inc. (a)	801,700		3,206,800
NPS Pharmaceuticals, Inc. (a)	1,446,404		9,531,802

	Shares		Value
ONYX Pharmaceuticals, Inc. (a)	314,452		$ 7,009,135
OREXIGEN Therapeutics, Inc. (a)(c)	414,200		2,253,248
PDL BioPharma, Inc.	3,012,033		16,174,617
Pharmasset, Inc. (a)	377,858		11,131,697
Progenics Pharmaceuticals, Inc. (a)	57,300		291,084
Regeneron Pharmaceuticals, Inc. (a)	253,799		7,251,037
Rigel Pharmaceuticals, Inc. (a)	601,753		3,923,430
Sangamo Biosciences, Inc. (a)(c)	61,102		278,014
Savient Pharmaceuticals, Inc. (a)(c)	434,787		5,234,835
Seattle Genetics, Inc. (a)	661,312		8,749,158
SIGA Technologies, Inc. (a)(c)	699,488		4,861,442
Targacept, Inc. (a)	231,759		5,330,457
Theratechnologies, Inc. (a)	66,600		316,565
Theravance, Inc. (a)	191,847		2,438,375
United Therapeutics Corp. (a)	664,929		34,057,663
Vertex Pharmaceuticals, Inc. (a)	1,066,204		36,879,996
ZIOPHARM Oncology, Inc. (a)	472,200		2,384,610
Zymogenetics, Inc. (a)(c)	58,505		272,048
			903,620,026
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.0%
Alsius Corp. (a)	314,300		3
Aradigm Corp. (a)	509,900		61,188
			61,191
Health Care Supplies - 0.2%
Alimera Sciences, Inc. (a)	188,300		1,645,742
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,706,933
PHARMACEUTICALS - 7.5%
Pharmaceuticals - 7.5%
Adolor Corp. (a)	578,894		937,808
Akorn, Inc. (a)(c)	345,227		997,706
Alexza Pharmaceuticals, Inc. (a)(c)	119,744		397,550
Ardea Biosciences, Inc. (a)	64,300		1,609,429
Auxilium Pharmaceuticals, Inc. (a)(c)	1,073,004		30,881,055
AVANIR Pharmaceuticals Class A (a)(c)	924,100		2,208,599
Biodel, Inc. (a)(c)(d)	1,538,648		7,570,148
Cadence Pharmaceuticals, Inc. (a)	250,400		1,985,672
Cardiome Pharma Corp. (a)	229,400		1,945,558
Elan Corp. PLC sponsored ADR (a)	1,181,200		6,780,088
Inspire Pharmaceuticals, Inc. (a)	119,400		678,789
Jazz Pharmaceuticals, Inc. (a)	47,665		386,563
Optimer Pharmaceuticals, Inc. (a)(c)	1,021,337		10,897,666
ViroPharma, Inc. (a)	398,131		4,845,254
XenoPort, Inc. (a)(c)	163,000		1,618,590
			73,740,475
TOTAL COMMON STOCKS (Cost $1,096,433,166)		979,067,434
Convertible Preferred Stocks - 0.3%
	Shares		Value
BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Xenon Pharmaceuticals, Inc. Series E (a)(f) (Cost $6,724,138)	981,626		$ 3,416,058
Money Market Funds - 9.2%

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e) (Cost $90,602,753)	90,602,753		90,602,753

TOTAL INVESTMENT PORTFOLIO - 109.3%

(Cost $1,193,760,057)

1,073,086,245

NET OTHER ASSETS - (9.3)%			(91,743,032)
NET ASSETS - 100%		$ 981,343,213

Legend

(a) Non-income producing

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

(d) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Antigenics, Inc. warrants 1/9/18	1/9/08	$ 1,930,622
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,414
Fidelity Securities Lending Cash Central Fund	145,880
Total	$ 147,294

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Biodel, Inc.	$ 7,849,719	$ -	$ 2,261,471	$ -	$ 7,570,148
Total	$ 7,849,719	$ -	$ 2,261,471	$ -	$ 7,570,148

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 979,067,434	$ 977,688,369	$ 1,379,062	$ 3
Convertible Preferred Stocks	3,416,058	-	-	3,416,058
Money Market Funds	90,602,753	90,602,753	-	-
Total Investments in Securities:	$ 1,073,086,245	$ 1,068,291,122	$ 1,379,062	$ 3,416,061

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

Investments in Securities:
Beginning Balance	$ 3,428,944
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(12,883)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,416,061
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ (12,883)

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,207,731,125. Net unrealized depreciation aggregated $134,644,880, of which $95,061,943 related to appreciated investment securities and $229,706,823 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Brokerage and Investment
Management Portfolio

May 31, 2010

1.802157.106

BRO-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CAPITAL MARKETS - 63.8%
Asset Management & Custody Banks - 32.3%
Affiliated Managers Group, Inc. (a)	201,000		$ 14,401,650
AllianceBernstein Holding LP	161,800		4,593,502
Artio Global Investors, Inc. Class A	601,998		11,130,943
Bank of New York Mellon Corp.	79,600		2,165,120
Bank Sarasin & Co. Ltd. Series B (Reg.)	41,147		1,499,557
BlackRock Kelso Capital Corp.	524,000		5,502,000
BlackRock, Inc. Class A	35,200		5,909,376
EFG International (c)	1,435,443		20,316,389
Franklin Resources, Inc.	25,800		2,530,722
GAM Holding Ltd. (a)	179,055		1,898,739
Invesco Ltd.	514,500		9,549,121
Janus Capital Group, Inc.	656,709		7,000,518
Julius Baer Group Ltd.	164,620		4,788,116
Legg Mason, Inc.	230,361		6,846,329
MCG Capital Corp.	458,369		2,498,111
MVC Capital, Inc.	407,916		5,253,958
Northern Trust Corp.	475,200		24,144,912
Och-Ziff Capital Management Group LLC Class A	945,949		13,583,828
PennantPark Investment Corp.	345,349		3,462,124
Pzena Investment Management, Inc.	13,649		95,679
State Street Corp.	243,200		9,282,944
T. Rowe Price Group, Inc.	301,800		14,945,136
U.S. Global Investments, Inc. Class A	452,929		3,215,796
			174,614,570
Diversified Capital Markets - 5.8%
Credit Suisse Group sponsored ADR (c)	277,500		10,736,475
UBS AG (a)	34,591		465,026
UBS AG (NY Shares) (a)	1,532,285		20,425,359
			31,626,860
Investment Banking & Brokerage - 25.7%
Charles Schwab Corp.	166,800		2,725,512
Cowen Group, Inc. Class A (a)	3,400		16,116
Evercore Partners, Inc. Class A	375,821		12,251,765
GFI Group, Inc.	3,167,324		19,162,310
Gleacher & Co., Inc. (a)	2,403,002		9,467,828
Goldman Sachs Group, Inc.	179,000		25,822,540
Jefferies Group, Inc. (c)	579,727		13,525,031
Lazard Ltd. Class A	1,600		50,464
MF Global Holdings Ltd. (a)(c)	2,394,251		18,435,733
Morgan Stanley	1,045,900		28,354,349
Stifel Financial Corp. (a)	35,195		1,783,331
SWS Group, Inc.	83,800		841,352
TD Ameritrade Holding Corp. (a)	227,849		4,039,763
Thomas Weisel Partners Group, Inc. (a)	392,403		2,691,885
			139,167,979
TOTAL CAPITAL MARKETS			345,409,409

	Shares		Value
COMMERCIAL BANKS - 7.8%
Diversified Banks - 0.1%
BBVA Banco Frances SA sponsored ADR	22,075		$ 130,463
Industrial & Commercial Bank of China Ltd. (H Shares)	756,000		560,223
			690,686
Regional Banks - 7.7%
BB&T Corp.	338,200		10,227,168
Regions Financial Corp.	684,500		5,222,735
SunTrust Banks, Inc.	982,300		26,472,985
			41,922,888
TOTAL COMMERCIAL BANKS			42,613,574
DIVERSIFIED FINANCIAL SERVICES - 18.2%
Other Diversified Financial Services - 9.8%
Bank of America Corp.	1,261,300		19,852,862
Citigroup, Inc. (a)	6,933,600		27,457,056
JPMorgan Chase & Co.	141,000		5,580,780
			52,890,698
Specialized Finance - 8.4%
BM&F BOVESPA SA	4,398,645		28,960,681
Bursa Malaysia Bhd	579,000		1,248,006
Climate Exchange PLC (a)	5,700		61,533
CME Group, Inc.	31,765		10,058,387
JSE Ltd.	523,600		4,512,208
KKR Financial Holdings LLC	120,400		996,912
			45,837,727
TOTAL DIVERSIFIED FINANCIAL SERVICES			98,728,425
INSURANCE - 2.8%
Multi-Line Insurance - 2.8%
Genworth Financial, Inc. Class A (a)	964,098		15,030,288
INTERNET SOFTWARE & SERVICES - 0.5%
Internet Software & Services - 0.5%
China Finance Online Co. Ltd. ADR (a)	356,100		2,546,115
IT SERVICES - 1.8%
Data Processing & Outsourced Services - 1.8%
MasterCard, Inc. Class A	39,304		7,930,368
Online Resources Corp. (a)	399,300		1,720,983
			9,651,351
MEDIA - 2.5%
Advertising - 0.2%
SearchMedia Holdings Ltd. (a)	273,700		1,089,326
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Publishing - 2.3%
McGraw-Hill Companies, Inc.	446,700		$ 12,418,260
TOTAL MEDIA			13,507,586
TOTAL COMMON STOCKS (Cost $537,244,932)		527,486,748
Investment Companies - 2.6%

Ares Capital Corp. (Cost $15,765,308)	1,021,807		13,835,267
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.23% (d)	2,421,013		2,421,013
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	14,874,711		14,874,711
TOTAL MONEY MARKET FUNDS (Cost $17,295,724)		17,295,724

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $570,305,964)

558,617,739

NET OTHER ASSETS - (3.2)%

(17,095,726)

NET ASSETS - 100%

$ 541,522,013

Legend

(a) Non-income producing

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

(d) 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.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,805
Fidelity Securities Lending Cash Central Fund	18,679
Total	$ 27,484

Other Information

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

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $576,804,773. Net unrealized depreciation aggregated $18,187,034, of which $49,981,564 related to appreciated investment securities and $68,168,598 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Chemicals Portfolio

May 31, 2010

1.802159.106

CHE-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.6%
	Shares		Value
CHEMICALS - 98.7%
Commodity Chemicals - 7.5%
Calgon Carbon Corp. (a)(c)	62,330		$ 926,847
Celanese Corp. Class A	298,561		8,559,744
Hawkins, Inc. (c)	41,600		1,119,040
Koppers Holdings, Inc.	51,500		1,395,135
LyondellBasell Industries NV:
Class A (a)	368,568		6,549,453
Class B (a)	317,620		5,621,870
Methanex Corp.	36,000		751,049
TPC Group, Inc. (a)	48,300		879,543
Westlake Chemical Corp. (c)	117,200		2,485,812
			28,288,493
Diversified Chemicals - 40.2%
Ashland, Inc.	174,500		9,354,945
BASF AG	99		5,245
Cabot Corp.	215,200		6,027,752
Dow Chemical Co.	1,737,938		46,767,912
E.I. du Pont de Nemours & Co.	1,274,000		46,080,580
Eastman Chemical Co.	75,500		4,559,445
FMC Corp.	123,426		7,473,444
Huntsman Corp.	450,200		4,492,996
LSB Industries, Inc. (a)	31,100		508,485
Olin Corp.	153,400		2,940,678
PPG Industries, Inc.	255,200		16,350,664
Solutia, Inc. (a)	451,313		6,837,392
			151,399,538
Fertilizers & Agricultural Chemicals - 15.1%
CF Industries Holdings, Inc.	152,628		10,468,755
Monsanto Co.	687,940		34,995,508
The Mosaic Co.	230,090		10,623,255
The Scotts Miracle-Gro Co. Class A	20,600		915,258
			57,002,776
Industrial Gases - 15.0%
Air Products & Chemicals, Inc.	237,000		16,367,220
Airgas, Inc.	96,100		6,003,367
Praxair, Inc.	436,760		33,892,576
			56,263,163
Specialty Chemicals - 20.9%
A. Schulman, Inc.	60,200		1,337,945
Albemarle Corp.	128,600		5,537,516
Arch Chemicals, Inc.	28,600		979,836
Balchem Corp.	400		9,716
Ecolab, Inc.	397,900		18,792,817
Ferro Corp. (a)	318,200		2,866,982
H.B. Fuller Co.	102,304		2,182,144
Innophos Holdings, Inc.	95,700		2,731,278
Innospec, Inc. (a)	85,000		1,057,400
Landec Corp. (a)	58,100		359,639
Lubrizol Corp.	100,600		8,910,142
Minerals Technologies, Inc.	20,500		1,095,725
Nalco Holding Co.	238,400		5,402,144

	Shares		Value
OM Group, Inc. (a)	1		$ 30
OMNOVA Solutions, Inc. (a)	81,400		653,642
PolyOne Corp. (a)	100,700		1,005,993
Rockwood Holdings, Inc. (a)	130,400		3,382,576
RPM International, Inc.	118,400		2,345,504
Sensient Technologies Corp.	60,600		1,678,014
Sigma Aldrich Corp.	171,300		9,126,864
Stepan Co.	37,100		2,676,023
Valspar Corp.	103,600		3,249,932
W.R. Grace & Co. (a)	133,297		3,416,402
			78,798,264
TOTAL CHEMICALS			371,757,173
ENERGY EQUIPMENT & SERVICES - 0.4%
Oil & Gas Drilling - 0.4%
Seadrill Ltd.	8,400		162,166
Seadrill Ltd.	25,700		531,476
Transocean Ltd. (a)	12,400		703,948
			1,397,590
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.3%
Origin Agritech Ltd. (a)	110,000		1,021,900
METALS & MINING - 0.1%
Diversified Metals & Mining - 0.1%
Gulf Resources, Inc. (a)(c)	41,100		404,013
OIL, GAS & CONSUMABLE FUELS - 0.3%
Oil & Gas Storage & Transport - 0.3%
Atlas Pipeline Partners, LP	127,600		1,365,320
SPECIALTY RETAIL - 0.8%
Home Improvement Retail - 0.8%
Sherwin-Williams Co.	37,600		2,881,288
TOTAL COMMON STOCKS (Cost $425,611,619)		378,822,346
Money Market Funds - 1.5%

Fidelity Cash Central Fund, 0.23% (d)	3,938,419		3,938,419
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	1,645,491		1,645,491
TOTAL MONEY MARKET FUNDS (Cost $5,583,910)		5,583,910

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $431,195,529)

384,406,256

NET OTHER ASSETS - (2.1)%			(7,832,252)
NET ASSETS - 100%		$ 376,574,004

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,135
Fidelity Securities Lending Cash Central Fund	4,531
Total	$ 9,666

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $456,399,777. Net unrealized depreciation aggregated $71,993,521, of which $12,460,433 related to appreciated investment securities and $84,453,954 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Communications
Equipment Portfolio

May 31, 2010

1.802166.106

DEV-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 76.0%
Communications Equipment - 76.0%
Acme Packet, Inc. (a)	617,121		$ 18,087,817
ADC Telecommunications, Inc. (a)	519,100		4,287,766
Adtran, Inc. (c)	401,500		11,013,145
ADVA AG Optical Networking (a)	372,136		1,858,826
Alcatel-Lucent SA sponsored ADR (a)	770,700		1,980,699
Arris Group, Inc. (a)	61,029		669,488
Aruba Networks, Inc. (a)(c)	22,349		299,477
AudioCodes Ltd. (a)	114,390		322,580
Aviat Networks, Inc. (a)	74,065		326,627
BigBand Networks, Inc. (a)	419,200		1,194,720
Black Box Corp.	9,800		289,002
Blue Coat Systems, Inc. (a)	201,400		4,324,058
Brocade Communications Systems, Inc. (a)	131,191		714,991
BYD Electronic International Co. Ltd.	626,000		393,139
Ceragon Networks Ltd. (a)	80,400		671,340
Ciena Corp. (a)(c)	72,641		1,131,020
Cisco Systems, Inc. (a)	1,690,231		39,145,752
CommScope, Inc. (a)	273,002		7,698,656
Comverse Technology, Inc. (a)	44,610		380,969
Digi International, Inc. (a)	66,600		615,384
DragonWave, Inc. (a)(c)	168,500		1,001,150
EchoStar Holding Corp. Class A (a)	52,180		1,097,345
F5 Networks, Inc. (a)	168,670		11,862,561
Finisar Corp. (a)(c)	226,299		3,439,745
Harmonic, Inc. (a)	551,540		3,193,417
Harris Corp.	114,000		5,347,740
Infinera Corp. (a)	64,774		456,009
JDS Uniphase Corp. (a)	543,827		6,254,011
Juniper Networks, Inc. (a)	707,486		18,833,277
Motorola, Inc. (a)	5,709		39,107
Oclaro, Inc. (a)	304,941		4,119,753
Oplink Communications, Inc. (a)	72,226		1,034,276
Opnext, Inc. (a)	541,899		1,083,798
Polycom, Inc. (a)	341,700		10,261,251
QUALCOMM, Inc.	730,580		25,979,425
Research In Motion Ltd. (a)	444,700		27,082,592
Riverbed Technology, Inc. (a)	275,021		7,351,311
Sandvine Corp. (a)	118,328		221,121
Sandvine Corp. (U.K.) (a)	1,458,000		2,692,128
ShoreTel, Inc. (a)	272,796		1,454,003
Sierra Wireless, Inc. (a)	225,800		1,804,669
Sonus Networks, Inc. (a)	40,232		104,603
Tekelec (a)	107,400		1,539,579
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	2,308,100		23,173,324
Tellabs, Inc.	949,233		8,543,097
ZTE Corp. (H Shares)	43,200		143,142
			263,517,890

	Shares		Value
COMPUTERS & PERIPHERALS - 3.7%
Computer Hardware - 3.3%
Apple, Inc. (a)	30,300		$ 7,791,948
Compal Electronics, Inc.	1,250		1,555
HTC Corp.	262,000		3,562,676
			11,356,179
Computer Storage & Peripherals - 0.4%
Isilon Systems, Inc. (a)	48,450		661,827
Novatel Wireless, Inc. (a)	116,502		716,487
			1,378,314
TOTAL COMPUTERS & PERIPHERALS			12,734,493
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
A123 Systems, Inc.	1,400		12,740
General Cable Corp. (a)	20,200		629,432
			642,172
ELECTRONIC EQUIPMENT & COMPONENTS - 2.6%
Electronic Components - 0.3%
BYD Co. Ltd. (H Shares)	102,500		860,266
Electronic Manufacturing Services - 2.3%
Foxconn International Holdings Ltd. (a)	99,000		72,218
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,716		6,678
Plexus Corp.	27,200		926,160
Trimble Navigation Ltd. (a)	243,600		6,998,628
			8,003,684
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			8,863,950
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	400		9,904
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
Akamai Technologies, Inc. (a)	117,500		4,667,100
DivX, Inc. (a)	500		3,610
Equinix, Inc. (a)	500		46,005
Limelight Networks, Inc. (a)	153,138		664,619
OpenTable, Inc.	100		4,133
Rackspace Hosting, Inc. (a)	72,000		1,267,200
Tencent Holdings Ltd.	96,000		1,851,844
			8,504,511
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Amadeus IT Holding SA Class A (a)	17,100		259,821
NeuStar, Inc. Class A (a)	16,400		350,796
			610,617
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
IT Consulting & Other Services - 0.0%
Yucheng Technologies Ltd. (a)	60,300		$ 226,728
TOTAL IT SERVICES			837,345
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.0%
Semiconductor Equipment - 0.2%
Tessera Technologies, Inc. (a)	45,800		796,004
Semiconductors - 5.8%
Actel Corp. (a)	19,449		274,425
Applied Micro Circuits Corp. (a)	110,450		1,217,711
Avago Technologies Ltd.	100,700		2,079,455
Cavium Networks, Inc. (a)	148,746		3,953,669
Ceva, Inc. (a)	16,100		187,082
CSR PLC (a)	58,483		336,713
Cypress Semiconductor Corp. (a)	32,800		373,592
Entropic Communications, Inc. (a)	95,800		511,572
Exar Corp. (a)	6,701		46,907
Hittite Microwave Corp. (a)	54,300		2,483,139
Ikanos Communications, Inc. (a)	183,615		387,428
Infineon Technologies AG (a)	96,684		554,427
Netlogic Microsystems, Inc. (a)(c)	76,968		2,214,369
ON Semiconductor Corp. (a)	316,257		2,311,839
Pericom Semiconductor Corp. (a)	45,400		449,460
Pixelplus Co. Ltd. ADR (a)	30,925		21,648
PLX Technology, Inc. (a)	21,500		104,060
Standard Microsystems Corp. (a)	55,597		1,272,059
Volterra Semiconductor Corp. (a)	49,300		1,156,085
			19,935,640
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			20,731,644
SOFTWARE - 4.4%
Application Software - 3.7%
AsiaInfo Holdings, Inc. (a)	45,400		972,922
Citrix Systems, Inc. (a)	50,908		2,220,098
Cyberlink Corp.	207,000		880,025
NetScout Systems, Inc. (a)	41,800		565,554
Nuance Communications, Inc. (a)	119,400		2,033,979
Smith Micro Software, Inc. (a)	65,032		640,565
SolarWinds, Inc.	79,900		1,514,904
Synchronoss Technologies, Inc. (a)	69,800		1,426,712
Taleo Corp. Class A (a)	1,800		45,090
TeleNav, Inc.	5,800		48,662
Ulticom, Inc. (a)	159,400		1,445,758
Voltaire Ltd. (a)	208,700		939,150
			12,733,419
Home Entertainment Software - 0.1%
Giant Interactive Group, Inc. ADR (c)	50,800		360,172

	Shares		Value
Systems Software - 0.6%
Allot Communications Ltd. (a)	11,800		$ 57,584
Opnet Technologies, Inc.	14,100		226,023
Rovi Corp. (a)	27,200		1,015,648
TeleCommunication Systems, Inc. Class A (a)	166,423		833,779
			2,133,034
TOTAL SOFTWARE			15,226,625
WIRELESS TELECOMMUNICATION SERVICES - 3.8%
Wireless Telecommunication Services - 3.8%
American Tower Corp. Class A (a)	43,810		1,775,619
Crown Castle International Corp. (a)	47,700		1,766,331
SBA Communications Corp. Class A (a)	51,464		1,699,856
SOFTBANK CORP.	17,400		416,500
Sprint Nextel Corp. (a)	933,300		4,787,829
Syniverse Holdings, Inc. (a)	138,179		2,734,562
			13,180,697
TOTAL COMMON STOCKS (Cost $341,702,129)		344,249,231

Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $930,000)	$ 930,000	763,065

Money Market Funds - 2.2%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d) (Cost $7,570,240)	7,570,240	7,570,240

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $350,202,369)

352,582,536

NET OTHER ASSETS - (1.7)%			(5,857,830)
NET ASSETS - 100%		$ 346,724,706

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,242
Fidelity Securities Lending Cash Central Fund	74,251
Total	$ 79,493

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 344,249,231	$ 344,227,583	$ -	$ 21,648
Convertible Bonds	763,065	-	763,065	-
Money Market Funds	7,570,240	7,570,240	-	-
Total Investments in Securities:	$ 352,582,536	$ 351,797,823	$ 763,065	$ 21,648

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

Investments in Securities:
Beginning Balance	$ 17,009
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	4,639
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 21,648
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ 4,639

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $352,974,242. Net unrealized depreciation aggregated $391,706, of which $47,752,683 related to appreciated investment securities and $48,144,389 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Computers Portfolio

May 31, 2010

1.802161.106

COM-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CHEMICALS - 1.0%
Specialty Chemicals - 1.0%
Albemarle Corp.	105,000		$ 4,521,300
COMMUNICATIONS EQUIPMENT - 1.0%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	700		16,212
Juniper Networks, Inc. (a)	170,700		4,544,034
			4,560,246
COMPUTERS & PERIPHERALS - 77.6%
Computer Hardware - 42.4%
3PAR, Inc. (a)(c)	366,600		3,896,958
Apple, Inc. (a)	331,200		85,171,393
Avid Technology, Inc. (a)	146,500		1,974,820
Dell, Inc. (a)	1,647,407		21,959,935
Diebold, Inc.	71,800		2,080,764
Hewlett-Packard Co.	1,135,655		52,251,487
HTC Corp.	210,000		2,855,580
NCR Corp. (a)	670,100		8,898,928
Stratasys, Inc. (a)(c)	112,331		2,612,819
Super Micro Computer, Inc. (a)	320,000		4,400,000
Teradata Corp. (a)	395,600		12,635,464
			198,738,148
Computer Storage & Peripherals - 35.2%
Compellent Technologies, Inc. (a)	413,300		5,315,038
Electronics for Imaging, Inc. (a)	588,024		6,550,587
EMC Corp. (a)	1,356,178		25,252,034
Hutchinson Technology, Inc. (a)	159,883		874,560
Hypercom Corp. (a)	756,700		3,669,995
Intermec, Inc. (a)	276,500		3,052,560
Intevac, Inc. (a)	162,200		1,866,922
Isilon Systems, Inc. (a)	485,000		6,625,100
Lexmark International, Inc. Class A (a)	243,700		9,150,935
NetApp, Inc. (a)	565,800		21,319,344
Netezza Corp. (a)	304,600		3,968,938
QLogic Corp. (a)	234,100		4,241,892
Quantum Corp. (a)	2,343,200		5,506,520
SanDisk Corp. (a)	598,300		27,892,746
Seagate Technology (a)	661,800		10,165,248
STEC, Inc. (a)(c)	213,500		2,579,080
Synaptics, Inc. (a)(c)	345,000		10,322,400
Western Digital Corp. (a)	379,184		13,199,395
Xyratex Ltd. (a)	200,800		3,258,984
			164,812,278
TOTAL COMPUTERS & PERIPHERALS			363,550,426

	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - 1.8%
Technology Distributors - 1.8%
Avnet, Inc. (a)	215,000		$ 6,174,800
Ingram Micro, Inc. Class A (a)	135,000		2,289,600
			8,464,400
IT SERVICES - 9.7%
IT Consulting & Other Services - 9.7%
International Business Machines Corp.	362,648		45,425,288
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
Semiconductor Equipment - 1.7%
Amkor Technology, Inc. (a)	275,200		1,874,112
ASM International NV (NASDAQ) unit (a)(c)	191,900		3,956,978
ASML Holding NV (NY Shares)	75,000		2,119,500
			7,950,590
Semiconductors - 1.7%
Avago Technologies Ltd.	218,800		4,518,220
Micron Technology, Inc. (a)	403,600		3,668,724
			8,186,944
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			16,137,534
SOFTWARE - 3.6%
Application Software - 2.3%
Autonomy Corp. PLC (a)	170,000		4,330,296
Magma Design Automation, Inc. (a)	1,257,700		3,886,293
Salesforce.com, Inc. (a)	26,400		2,284,392
			10,500,981
Systems Software - 1.3%
BMC Software, Inc. (a)	90,600		3,353,106
Radiant Systems, Inc. (a)	206,200		2,857,932
			6,211,038
TOTAL SOFTWARE			16,712,019
TOTAL COMMON STOCKS (Cost $449,635,907)		459,371,213
Money Market Funds - 3.9%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	3,982,156		$ 3,982,156
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	14,452,200		14,452,200
TOTAL MONEY MARKET FUNDS (Cost $18,434,356)		18,434,356
TOTAL INVESTMENT PORTFOLIO - 102% (Cost $468,070,263)			477,805,569
NET OTHER ASSETS - (2.0)%			(9,533,970)
NET ASSETS - 100%		$ 468,271,599

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,014
Fidelity Securities Lending Cash Central Fund	96,228
Total	$ 100,242

Other Information

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

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $492,002,836. Net unrealized depreciation aggregated $14,197,267, of which $43,208,155 related to appreciated investment securities and $57,405,422 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Construction and
Housing Portfolio

May 31, 2010

1.802162.106

HOU-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
BUILDING PRODUCTS - 5.7%
Building Products - 5.7%
Armstrong World Industries, Inc. (a)	20,500		$ 768,545
Masco Corp.	262,900		3,509,715
Owens Corning (a)	77,069		2,568,710
USG Corp. (a)(c)	53,600		939,072
			7,786,042
CONSTRUCTION & ENGINEERING - 17.8%
Construction & Engineering - 17.8%
AECOM Technology Corp. (a)	69,300		1,758,834
Dycom Industries, Inc. (a)	53,500		528,580
EMCOR Group, Inc. (a)	19,500		486,915
Fluor Corp.	128,350		6,022,182
Foster Wheeler AG (a)	153,600		3,687,936
Granite Construction, Inc.	31,800		942,870
Jacobs Engineering Group, Inc. (a)	63,500		2,651,760
KBR, Inc.	182,400		4,009,152
Orion Marine Group, Inc. (a)	35,400		538,080
Shaw Group, Inc. (a)	64,100		2,186,451
URS Corp. (a)	29,571		1,318,275
			24,131,035
CONSTRUCTION MATERIALS - 4.1%
Construction Materials - 4.1%
Eagle Materials, Inc.	54,300		1,665,924
Martin Marietta Materials, Inc.	9,900		922,977
Vulcan Materials Co. (c)	57,900		2,922,792
			5,511,693
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Facilities - 0.2%
Emeritus Corp. (a)	13,700		277,973
HOUSEHOLD DURABLES - 14.3%
Homebuilding - 14.3%
Beazer Homes USA, Inc. (a)(c)	91,000		452,270
D.R. Horton, Inc.	253,037		3,084,521
KB Home (c)	196,263		2,841,888
Lennar Corp. Class A	176,628		3,055,664
M.D.C. Holdings, Inc.	1,500		47,070
M/I Homes, Inc. (a)	32,400		383,616
Pulte Group, Inc. (a)	411,983		4,589,491
Ryland Group, Inc.	50,330		936,138
Standard Pacific Corp. (a)	70,900		358,045
Toll Brothers, Inc. (a)	175,590		3,699,681
			19,448,384
REAL ESTATE INVESTMENT TRUSTS - 14.7%
Residential REITs - 13.9%
Apartment Investment & Management Co. Class A	68,271		1,408,431
Associated Estates Realty Corp.	69,200		948,732
AvalonBay Communities, Inc.	27,569		2,703,416
BRE Properties, Inc.	12,600		514,836

	Shares		Value
Camden Property Trust (SBI)	18,300		$ 835,212
Education Realty Trust, Inc.	168,500		1,071,660
Equity Residential (SBI)	118,500		5,347,905
Essex Property Trust, Inc.	14,300		1,504,789
Home Properties, Inc.	9,700		471,711
Mid-America Apartment Communities, Inc.	22,700		1,240,101
Post Properties, Inc.	61,500		1,542,420
UDR, Inc.	62,838		1,277,497
			18,866,710
Retail REITs - 0.8%
CBL & Associates Properties, Inc.	54,000		771,660
Developers Diversified Realty Corp.	28,000		320,320
			1,091,980
TOTAL REAL ESTATE INVESTMENT TRUSTS			19,958,690
REAL ESTATE MANAGEMENT & DEVELOPMENT - 4.2%
Diversified Real Estate Activities - 1.3%
The St. Joe Co. (a)(c)	63,400		1,753,010
Real Estate Operating Companies - 2.1%
Forest City Enterprises, Inc. Class A (a)(c)	216,800		2,874,768
Real Estate Services - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	72,522		1,148,023
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			5,775,801
SPECIALTY RETAIL - 38.2%
Home Improvement Retail - 38.2%
Home Depot, Inc.	836,400		28,320,504
Lowe's Companies, Inc.	929,300		23,000,175
Lumber Liquidators Holdings, Inc. (a)(c)	7,600		224,276
Sherwin-Williams Co.	4,300		329,509
			51,874,464
TOTAL COMMON STOCKS (Cost $132,683,465)		134,764,082
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 0.23% (d)	420,407		420,407
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	10,141,743		10,141,743
TOTAL MONEY MARKET FUNDS (Cost $10,562,150)		10,562,150

TOTAL INVESTMENT PORTFOLIO - 107.0%

(Cost $143,245,615)

145,326,232

NET OTHER ASSETS - (7.0)%			(9,516,924)
NET ASSETS - 100%		$ 135,809,308

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,042
Fidelity Securities Lending Cash Central Fund	4,048
Total	$ 5,090

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $147,643,583. Net unrealized depreciation aggregated $2,317,351, of which $10,576,495 related to appreciated investment securities and $12,893,846 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Consumer
Discretionary Portfolio

May 31, 2010

1.802163.106

CPR-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
AUTO COMPONENTS - 3.2%
Auto Parts & Equipment - 3.2%
Gentex Corp.	43,700		$ 860,016
Johnson Controls, Inc.	78,800		2,248,164
Tenneco, Inc. (a)	31,097		689,110
			3,797,290
AUTOMOBILES - 1.0%
Automobile Manufacturers - 1.0%
Bayerische Motoren Werke AG (BMW)	26,118		1,219,928
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Support Services - 0.5%
Viad Corp.	25,087		581,015
DISTRIBUTORS - 0.5%
Distributors - 0.5%
Li & Fung Ltd.	132,000		572,999
DIVERSIFIED CONSUMER SERVICES - 2.4%
Education Services - 1.6%
Career Education Corp. (a)	29,200		817,600
Navitas Ltd.	124,559		498,808
Strayer Education, Inc. (c)	2,400		576,000
			1,892,408
Specialized Consumer Services - 0.8%
Coinstar, Inc. (a)	7,040		377,766
Steiner Leisure Ltd. (a)	14,500		601,750
			979,516
TOTAL DIVERSIFIED CONSUMER SERVICES			2,871,924
FOOD & STAPLES RETAILING - 1.9%
Food Retail - 0.4%
Susser Holdings Corp. (a)	43,011		431,400
Hypermarkets & Super Centers - 1.5%
BJ's Wholesale Club, Inc. (a)	15,600		625,092
Costco Wholesale Corp.	19,900		1,159,175
			1,784,267
TOTAL FOOD & STAPLES RETAILING			2,215,667
HOTELS, RESTAURANTS & LEISURE - 21.6%
Casinos & Gaming - 5.0%
Bally Technologies, Inc. (a)	27,900		1,185,750
Las Vegas Sands Corp. (a)(c)	34,200		803,016
Las Vegas Sands Corp. unit	2,710		1,071,859
MGM Mirage, Inc. (a)(c)	72,920		908,583
Pinnacle Entertainment, Inc. (a)	20,925		253,193
Shuffle Master, Inc. (a)	70,365		584,030
WMS Industries, Inc. (a)	22,800		1,056,324
			5,862,755

	Shares		Value
Hotels, Resorts & Cruise Lines - 4.4%
Home Inns & Hotels Management, Inc. sponsored ADR (a)(c)	16,899		$ 643,683
Starwood Hotels & Resorts Worldwide, Inc.	43,377		2,006,186
Wyndham Worldwide Corp.	106,200		2,506,320
			5,156,189
Restaurants - 12.2%
BJ's Restaurants, Inc. (a)	19,984		463,429
Brinker International, Inc.	30,200		536,956
Darden Restaurants, Inc.	47,200		2,024,880
McDonald's Corp.	99,293		6,639,723
P.F. Chang's China Bistro, Inc. (c)	16,000		695,520
Papa John's International, Inc. (a)	26,600		660,478
Sonic Corp. (a)(c)	28,590		301,625
Starbucks Corp.	93,070		2,409,582
The Cheesecake Factory, Inc. (a)	27,900		711,450
			14,443,643
TOTAL HOTELS, RESTAURANTS & LEISURE			25,462,587
HOUSEHOLD DURABLES - 4.5%
Home Furnishings - 0.6%
Tempur-Pedic International, Inc. (a)	21,800		723,760
Homebuilding - 1.3%
Lennar Corp. Class A	25,970		449,281
Pulte Group, Inc. (a)	60,230		670,962
Toll Brothers, Inc. (a)	20,800		438,256
			1,558,499
Household Appliances - 2.6%
Stanley Black & Decker, Inc.	30,719		1,713,813
Whirlpool Corp.	12,960		1,353,542
			3,067,355
TOTAL HOUSEHOLD DURABLES			5,349,614
INTERNET & CATALOG RETAIL - 5.4%
Internet Retail - 5.4%
Amazon.com, Inc. (a)	39,728		4,984,275
Expedia, Inc.	43,786		944,026
Priceline.com, Inc. (a)	1,900		363,204
			6,291,505
INTERNET SOFTWARE & SERVICES - 1.0%
Internet Software & Services - 1.0%
eBay, Inc. (a)	28,000		599,480
Monster Worldwide, Inc. (a)(c)	38,463		568,868
			1,168,348
LEISURE EQUIPMENT & PRODUCTS - 0.7%
Leisure Products - 0.7%
Polaris Industries, Inc.	13,000		763,100
Common Stocks - continued
	Shares		Value
MEDIA - 23.9%
Advertising - 3.6%
Interpublic Group of Companies, Inc. (a)	188,278		$ 1,572,121
Lamar Advertising Co. Class A (a)	45,900		1,352,673
National CineMedia, Inc.	72,945		1,275,808
			4,200,602
Broadcasting - 0.9%
Discovery Communications, Inc. Class C (a)	31,900		1,012,506
Cable & Satellite - 8.9%
Cablevision Systems Corp. - NY Group Class A	66,200		1,642,422
Comcast Corp. Class A (special) (non-vtg.)	31,200		537,264
DIRECTV (a)	97,019		3,656,646
Time Warner Cable, Inc.	54,796		2,998,985
Virgin Media, Inc.	103,545		1,673,287
			10,508,604
Movies & Entertainment - 10.5%
DreamWorks Animation SKG, Inc. Class A (a)	22,683		673,458
The Walt Disney Co.	191,100		6,386,562
Time Warner, Inc.	88,521		2,743,266
Viacom, Inc. Class B (non-vtg.) (a)	76,700		2,577,887
			12,381,173
TOTAL MEDIA			28,102,885
MULTILINE RETAIL - 6.6%
Department Stores - 1.2%
Macy's, Inc.	66,400		1,474,744
General Merchandise Stores - 5.4%
Big Lots, Inc. (a)	27,016		954,475
Target Corp.	98,600		5,376,658
			6,331,133
TOTAL MULTILINE RETAIL			7,805,877
SPECIALTY RETAIL - 22.6%
Apparel Retail - 4.6%
Inditex SA	10,293		575,112
J. Crew Group, Inc. (a)	6,600		301,224
Ross Stores, Inc.	22,500		1,179,000
rue21, Inc.	8,100		274,995
TJX Companies, Inc.	44,568		2,026,061
Urban Outfitters, Inc. (a)	30,700		1,114,410
			5,470,802
Automotive Retail - 1.9%
Advance Auto Parts, Inc.	42,700		2,210,152

	Shares		Value
Computer & Electronics Retail - 2.2%
Best Buy Co., Inc.	46,272		$ 1,954,992
hhgregg, Inc. (a)	23,400		702,234
			2,657,226
Home Improvement Retail - 9.1%
Home Depot, Inc.	68,733		2,327,299
Lowe's Companies, Inc.	310,703		7,689,902
Lumber Liquidators Holdings, Inc. (a)(c)	22,000		649,220
			10,666,421
Homefurnishing Retail - 2.0%
Bed Bath & Beyond, Inc. (a)	51,600		2,315,292
Specialty Stores - 2.8%
Cabela's, Inc. Class A (a)	27,400		471,554
Hengdeli Holdings Ltd.	1,224,000		507,747
OfficeMax, Inc. (a)	6,900		123,027
Staples, Inc.	50,672		1,090,461
Tiffany & Co., Inc.	10,600		481,558
Vitamin Shoppe, Inc.	24,505		627,818
			3,302,165
TOTAL SPECIALTY RETAIL			26,622,058
TEXTILES, APPAREL & LUXURY GOODS - 2.9%
Apparel, Accessories & Luxury Goods - 2.9%
Coach, Inc.	20,100		826,311
G-III Apparel Group Ltd. (a)	17,545		503,015
Phillips-Van Heusen Corp.	18,900		1,034,397
Polo Ralph Lauren Corp. Class A	12,212		1,060,734
			3,424,457
TOTAL COMMON STOCKS (Cost $104,944,016)		116,249,254
Money Market Funds - 6.0%

Fidelity Cash Central Fund, 0.23% (d)	2,336,089		2,336,089
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	4,718,450		4,718,450
TOTAL MONEY MARKET FUNDS (Cost $7,054,539)		7,054,539

TOTAL INVESTMENT PORTFOLIO - 104.7%

(Cost $111,998,555)

123,303,793

NET OTHER ASSETS - (4.7)%			(5,574,117)
NET ASSETS - 100%		$ 117,729,676

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 924
Fidelity Securities Lending Cash Central Fund	5,582
Total	$ 6,506

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 116,249,254	$ 115,177,395	$ 1,071,859	$ -
Money Market Funds	7,054,539	7,054,539	-	-
Total Investments in Securities:	$ 123,303,793	$ 122,231,934	$ 1,071,859	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $113,221,847. Net unrealized appreciation aggregated $10,081,946, of which $14,061,989 related to appreciated investment securities and $3,980,043 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Consumer Staples Portfolio

May 31, 2010

1.802172.106

FOO-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
BEVERAGES - 30.0%
Brewers - 7.2%
Anadolu Efes Bir Ve T San AS	260,611		$ 2,963,558
Anheuser-Busch InBev SA NV	627,879		30,346,859
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	62,600		6,030,884
Molson Coors Brewing Co. Class B	1,173,715		48,169,264
			87,510,565
Distillers & Vintners - 4.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,913,872		31,885,108
Diageo PLC sponsored ADR	445,171		27,280,079
			59,165,187
Soft Drinks - 17.9%
Coca-Cola Bottling Co. Consolidated	121,472		6,044,447
Coca-Cola Enterprises, Inc.	202,600		5,287,860
Coca-Cola FEMSA SAB de CV sponsored ADR	91,229		6,068,553
Coca-Cola Icecek AS	322,332		2,989,675
Cott Corp. (a)	21,000		158,984
Embotelladora Andina SA sponsored ADR (c)	305,541		6,281,923
Fomento Economico Mexicano SAB de CV sponsored ADR	72,490		3,057,628
PepsiCo, Inc.	840,527		52,860,743
The Coca-Cola Co.	2,582,712		132,751,397
			215,501,210
TOTAL BEVERAGES			362,176,962
FOOD & STAPLES RETAILING - 22.0%
Drug Retail - 10.3%
CVS Caremark Corp.	1,904,274		65,945,009
Walgreen Co.	1,804,285		57,809,291
			123,754,300
Food Distributors - 0.2%
Sysco Corp.	97,800		2,915,418
Food Retail - 4.4%
Koninklijke Ahold NV	518,540		6,532,708
Kroger Co.	1,056,461		21,266,560
Safeway, Inc.	797,865		17,664,731
Susser Holdings Corp. (a)	231,150		2,318,435
The Pantry, Inc. (a)	353,309		5,402,095
			53,184,529
Hypermarkets & Super Centers - 7.1%
BJ's Wholesale Club, Inc. (a)	553,799		22,190,726
Wal-Mart Stores, Inc.	1,253,109		63,357,191
			85,547,917
TOTAL FOOD & STAPLES RETAILING			265,402,164

	Shares		Value
FOOD PRODUCTS - 12.2%
Agricultural Products - 3.2%
Archer Daniels Midland Co.	604,317		$ 15,271,091
Bunge Ltd.	209,672		10,223,607
Corn Products International, Inc.	185,477		6,185,658
Origin Agritech Ltd. (a)	95,200		884,408
SLC Agricola SA	359,700		2,761,002
Viterra, Inc. (a)	397,300		2,962,141
			38,287,907
Packaged Foods & Meats - 9.0%
Ausnutria Dairy Hunan Co. Ltd. Class H (c)	4,736,000		3,138,519
Brasil Foods SA	2,000		25,337
Cermaq ASA (c)	289,800		2,600,108
Cosan Ltd. Class A (a)	111,100		958,793
Danone	94,420		4,881,250
Dean Foods Co. (a)	2,540,346		27,054,685
General Mills, Inc.	40,537		2,887,451
Lindt & Spruengli AG (c)	129		3,126,173
Mead Johnson Nutrition Co. Class A	110,860		5,467,615
Nestle SA	590,919		26,804,151
Tyson Foods, Inc. Class A	187,561		3,297,322
Unilever NV (NY Shares) unit	1,038,310		28,356,246
Want Want China Holdings Ltd.	337,000		265,743
			108,863,393
TOTAL FOOD PRODUCTS			147,151,300
HOUSEHOLD PRODUCTS - 16.0%
Household Products - 16.0%
Colgate-Palmolive Co.	183,854		14,357,159
Energizer Holdings, Inc. (a)	324,266		18,220,507
Procter & Gamble Co.	2,622,593		160,214,204
			192,791,870
PERSONAL PRODUCTS - 4.4%
Personal Products - 4.4%
Avon Products, Inc.	1,805,219		47,820,251
China-Biotics, Inc. (a)(c)	118,757		1,700,600
Natura Cosmeticos SA	156,100		3,232,313
			52,753,164
PHARMACEUTICALS - 2.9%
Pharmaceuticals - 2.9%
Johnson & Johnson	599,274		34,937,674
Perrigo Co.	1,000		59,410
			34,997,084
TOBACCO - 11.1%
Tobacco - 11.1%
Altria Group, Inc.	2,451,510		49,741,138
British American Tobacco PLC sponsored ADR (c)	1,026,241		60,086,411
KT&G Corp.	63,578		3,178,569
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	393,354		$ 17,354,778
Souza Cruz Industria Comerico	86,600		3,141,186
			133,502,082
TOTAL COMMON STOCKS (Cost $1,180,591,811)		1,188,774,626
Money Market Funds - 0.9%

Fidelity Cash Central Fund, 0.23% (d)	3,715,168		3,715,168
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	7,542,140		7,542,140
TOTAL MONEY MARKET FUNDS (Cost $11,257,308)		11,257,308

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $1,191,849,119)

1,200,031,934

NET OTHER ASSETS - 0.5%			6,089,197
NET ASSETS - 100%		$ 1,206,121,131

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,806
Fidelity Securities Lending Cash Central Fund	61,135
Total	$ 74,941

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,205,229,405. Net unrealized depreciation aggregated $5,197,471, of which $72,929,131 related to appreciated investment securities and $78,126,602 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2010

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

1.851744.103

ACSF-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
BEVERAGES - 30.0%
Brewers - 7.2%
Anadolu Efes Bir Ve T San AS	260,611		$ 2,963,558
Anheuser-Busch InBev SA NV	627,879		30,346,859
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	62,600		6,030,884
Molson Coors Brewing Co. Class B	1,173,715		48,169,264
			87,510,565
Distillers & Vintners - 4.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,913,872		31,885,108
Diageo PLC sponsored ADR	445,171		27,280,079
			59,165,187
Soft Drinks - 17.9%
Coca-Cola Bottling Co. Consolidated	121,472		6,044,447
Coca-Cola Enterprises, Inc.	202,600		5,287,860
Coca-Cola FEMSA SAB de CV sponsored ADR	91,229		6,068,553
Coca-Cola Icecek AS	322,332		2,989,675
Cott Corp. (a)	21,000		158,984
Embotelladora Andina SA sponsored ADR (c)	305,541		6,281,923
Fomento Economico Mexicano SAB de CV sponsored ADR	72,490		3,057,628
PepsiCo, Inc.	840,527		52,860,743
The Coca-Cola Co.	2,582,712		132,751,397
			215,501,210
TOTAL BEVERAGES			362,176,962
FOOD & STAPLES RETAILING - 22.0%
Drug Retail - 10.3%
CVS Caremark Corp.	1,904,274		65,945,009
Walgreen Co.	1,804,285		57,809,291
			123,754,300
Food Distributors - 0.2%
Sysco Corp.	97,800		2,915,418
Food Retail - 4.4%
Koninklijke Ahold NV	518,540		6,532,708
Kroger Co.	1,056,461		21,266,560
Safeway, Inc.	797,865		17,664,731
Susser Holdings Corp. (a)	231,150		2,318,435
The Pantry, Inc. (a)	353,309		5,402,095
			53,184,529
Hypermarkets & Super Centers - 7.1%
BJ's Wholesale Club, Inc. (a)	553,799		22,190,726
Wal-Mart Stores, Inc.	1,253,109		63,357,191
			85,547,917
TOTAL FOOD & STAPLES RETAILING			265,402,164

	Shares		Value
FOOD PRODUCTS - 12.2%
Agricultural Products - 3.2%
Archer Daniels Midland Co.	604,317		$ 15,271,091
Bunge Ltd.	209,672		10,223,607
Corn Products International, Inc.	185,477		6,185,658
Origin Agritech Ltd. (a)	95,200		884,408
SLC Agricola SA	359,700		2,761,002
Viterra, Inc. (a)	397,300		2,962,141
			38,287,907
Packaged Foods & Meats - 9.0%
Ausnutria Dairy Hunan Co. Ltd. Class H (c)	4,736,000		3,138,519
Brasil Foods SA	2,000		25,337
Cermaq ASA (c)	289,800		2,600,108
Cosan Ltd. Class A (a)	111,100		958,793
Danone	94,420		4,881,250
Dean Foods Co. (a)	2,540,346		27,054,685
General Mills, Inc.	40,537		2,887,451
Lindt & Spruengli AG (c)	129		3,126,173
Mead Johnson Nutrition Co. Class A	110,860		5,467,615
Nestle SA	590,919		26,804,151
Tyson Foods, Inc. Class A	187,561		3,297,322
Unilever NV (NY Shares) unit	1,038,310		28,356,246
Want Want China Holdings Ltd.	337,000		265,743
			108,863,393
TOTAL FOOD PRODUCTS			147,151,300
HOUSEHOLD PRODUCTS - 16.0%
Household Products - 16.0%
Colgate-Palmolive Co.	183,854		14,357,159
Energizer Holdings, Inc. (a)	324,266		18,220,507
Procter & Gamble Co.	2,622,593		160,214,204
			192,791,870
PERSONAL PRODUCTS - 4.4%
Personal Products - 4.4%
Avon Products, Inc.	1,805,219		47,820,251
China-Biotics, Inc. (a)(c)	118,757		1,700,600
Natura Cosmeticos SA	156,100		3,232,313
			52,753,164
PHARMACEUTICALS - 2.9%
Pharmaceuticals - 2.9%
Johnson & Johnson	599,274		34,937,674
Perrigo Co.	1,000		59,410
			34,997,084
TOBACCO - 11.1%
Tobacco - 11.1%
Altria Group, Inc.	2,451,510		49,741,138
British American Tobacco PLC sponsored ADR (c)	1,026,241		60,086,411
KT&G Corp.	63,578		3,178,569
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	393,354		$ 17,354,778
Souza Cruz Industria Comerico	86,600		3,141,186
			133,502,082
TOTAL COMMON STOCKS (Cost $1,180,591,811)		1,188,774,626
Money Market Funds - 0.9%

Fidelity Cash Central Fund, 0.23% (d)	3,715,168		3,715,168
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	7,542,140		7,542,140
TOTAL MONEY MARKET FUNDS (Cost $11,257,308)		11,257,308

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $1,191,849,119)

1,200,031,934

NET OTHER ASSETS - 0.5%			6,089,197
NET ASSETS - 100%		$ 1,206,121,131

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,806
Fidelity Securities Lending Cash Central Fund	61,135
Total	$ 74,941

Other Information

Income Tax Information

Investment Valuation

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Defense and Aerospace Portfolio

May 31, 2010

1.802165.106

DEF-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
AEROSPACE & DEFENSE - 89.8%
Aerospace & Defense - 89.8%
AeroVironment, Inc. (a)(c)	439,300		$ 11,000,072
Alliant Techsystems, Inc. (a)	200,600		13,799,274
Applied Signal Technology, Inc.	437,800		7,722,792
BE Aerospace, Inc. (a)	726,800		19,710,816
DigitalGlobe, Inc.	379,000		10,600,630
Esterline Technologies Corp. (a)	404,600		21,710,836
European Aeronautic Defence and Space Co. EADS NV	263,700		5,284,967
General Dynamics Corp.	64,230		4,361,217
Goodrich Corp.	456,350		31,670,690
Heico Corp. (c)	553,225		22,068,145
Honeywell International, Inc.	681,100		29,130,647
Lockheed Martin Corp.	327,500		26,173,800
Meggitt PLC	1,995,100		8,678,822
Precision Castparts Corp.	493,200		57,556,440
Raytheon Co.	747,952		39,200,164
Rockwell Collins, Inc.	119,500		6,971,630
Spirit AeroSystems Holdings, Inc. Class A (a)	870,900		16,965,132
Teledyne Technologies, Inc. (a)	337,500		13,267,125
The Boeing Co.	1,261,017		80,932,071
TransDigm Group, Inc.	525,600		27,730,656
United Technologies Corp.	1,825,200		122,981,977
			577,517,903
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
ViaSat, Inc. (a)	121,100		3,890,943
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
KBR, Inc.	78,100		1,716,638
ELECTRONIC EQUIPMENT & COMPONENTS - 1.6%
Electronic Equipment & Instruments - 1.6%
FLIR Systems, Inc. (a)	362,600		10,330,474
HOUSEHOLD DURABLES - 0.7%
Household Appliances - 0.7%
iRobot Corp. (a)(c)	228,000		4,892,880
INDUSTRIAL CONGLOMERATES - 1.3%
Industrial Conglomerates - 1.3%
General Electric Co.	195,700		3,199,695
Textron, Inc.	239,600		4,952,532
			8,152,227

	Shares		Value
MACHINERY - 1.6%
Construction & Farm Machinery & Heavy Trucks - 0.8%
Navistar International Corp. (a)	92,000		$ 4,984,560
Industrial Machinery - 0.8%
Barnes Group, Inc.	275,100		5,149,872
TOTAL MACHINERY			10,134,432
METALS & MINING - 2.6%
Steel - 2.6%
Allegheny Technologies, Inc.	132,000		7,217,760
Carpenter Technology Corp.	245,000		9,532,950
			16,750,710
SOFTWARE - 0.3%
Systems Software - 0.3%
Sourcefire, Inc. (a)	93,000		1,919,520
TRADING COMPANIES & DISTRIBUTORS - 0.8%
Trading Companies & Distributors - 0.8%
Kaman Corp.	220,000		5,387,800
TOTAL COMMON STOCKS (Cost $604,189,284)		640,693,527
Money Market Funds - 2.8%

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d) (Cost $18,065,506)	18,065,506		18,065,506

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $622,254,790)

658,759,033

NET OTHER ASSETS - (2.4)%

(15,384,076)

NET ASSETS - 100%

$ 643,374,957

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,305
Fidelity Securities Lending Cash Central Fund	6,504
Total	$ 10,809

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $624,941,923. Net unrealized appreciation aggregated $33,817,110, of which $94,550,740 related to appreciated investment securities and $60,733,630 related to depreciated investment securities.

Investment Valuation

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

IInvestments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Electronics Portfolio

May 31, 2010

1.802167.106

ELE-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.1%
Communications Equipment - 2.1%
QUALCOMM, Inc.	629,442		$ 22,382,958
COMPUTERS & PERIPHERALS - 0.6%
Computer Storage & Peripherals - 0.6%
SanDisk Corp. (a)	147,400		6,871,788
ELECTRICAL EQUIPMENT - 0.4%
Electrical Components & Equipment - 0.4%
Motech Industries, Inc.	1		3
SunPower Corp. Class B (a)	344,700		3,995,073
			3,995,076
ELECTRONIC EQUIPMENT & COMPONENTS - 3.3%
Electronic Manufacturing Services - 3.0%
Benchmark Electronics, Inc. (a)	238,135		4,400,735
Flextronics International Ltd. (a)	2,481,556		16,279,007
Jabil Circuit, Inc.	590,788		8,087,888
Tyco Electronics Ltd.	145,600		4,196,192
			32,963,822
Technology Distributors - 0.3%
Avnet, Inc. (a)	95,931		2,755,138
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			35,718,960
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)	285,468		3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 93.0%
Semiconductor Equipment - 18.8%
Advanced Energy Industries, Inc. (a)	14,100		174,276
Amkor Technology, Inc. (a)(c)	5,226,412		35,591,866
Applied Materials, Inc.	4,611,300		59,531,883
ASM International NV (NASDAQ) unit (a)	323,300		6,666,446
ASML Holding NV (NY Shares)	276,000		7,799,760
Brooks Automation, Inc. (a)	26,400		219,648
Cabot Microelectronics Corp. (a)	11,300		414,710
Cohu, Inc.	9,700		135,897
Cymer, Inc. (a)	312,771		9,467,578
Entegris, Inc. (a)	445,239		2,404,291
KLA-Tencor Corp.	192,500		5,923,225
Kulicke & Soffa Industries, Inc. (a)	38,799		270,041
Lam Research Corp. (a)	619,100		23,439,126
Mattson Technology, Inc. (a)	562,070		2,377,556
MEMC Electronic Materials, Inc. (a)	1,311,364		14,883,981
Novellus Systems, Inc. (a)	83,600		2,158,552
Teradyne, Inc. (a)(c)	985,100		10,816,398
Tessera Technologies, Inc. (a)	203,854		3,542,983
Ultratech, Inc. (a)	13,600		189,584

	Shares		Value
Varian Semiconductor Equipment Associates, Inc. (a)	357,400		$ 11,111,566
Verigy Ltd. (a)	559,000		5,679,440
			202,798,807
Semiconductors - 74.2%
Actel Corp. (a)	10,400		146,744
Advanced Micro Devices, Inc. (a)	4,467,886		38,289,783
Alpha & Omega Semiconductor Ltd. (a)	195,900		2,916,951
Altera Corp.	939,662		22,147,833
Analog Devices, Inc.	138,100		4,028,377
Applied Micro Circuits Corp. (a)	212,972		2,348,016
ARM Holdings PLC sponsored ADR	221,700		2,381,058
Atheros Communications, Inc. (a)	114,600		3,896,400
Atmel Corp. (a)	2,791,729		14,251,777
Avago Technologies Ltd.	1,689,303		34,884,107
Broadcom Corp. Class A	884,810		30,543,641
Conexant Systems, Inc. (a)	553,000		1,570,520
Cree, Inc. (a)	11,300		749,981
Cypress Semiconductor Corp. (a)	131,000		1,492,090
Exar Corp. (a)	15,000		105,000
Fairchild Semiconductor International, Inc. (a)	1,981,680		19,816,800
Himax Technologies, Inc. sponsored ADR	433,873		1,323,313
Ikanos Communications, Inc. (a)	47,100		99,381
Integrated Device Technology, Inc. (a)	954,979		5,577,077
Intel Corp.	11,747,112		251,623,138
International Rectifier Corp. (a)	398,700		8,356,752
Intersil Corp. Class A	1,440,904		19,178,432
Linear Technology Corp.	2,100		58,716
LSI Corp. (a)	580,636		3,094,790
Marvell Technology Group Ltd. (a)	3,183,420		60,421,312
Micron Technology, Inc. (a)	6,365,877		57,865,822
Microsemi Corp. (a)	393,334		6,088,810
Monolithic Power Systems, Inc. (a)	317,232		6,087,682
National Semiconductor Corp.	1,547,030		21,735,772
NVIDIA Corp. (a)	1,978,441		25,996,715
Omnivision Technologies, Inc. (a)	15,300		295,137
ON Semiconductor Corp. (a)	2,666,408		19,491,442
PMC-Sierra, Inc. (a)	1,575,057		12,757,962
Samsung Electronics Co. Ltd.	7,895		5,096,407
Skyworks Solutions, Inc. (a)	649,403		10,344,990
Standard Microsystems Corp. (a)	363,456		8,315,873
Texas Instruments, Inc.	2,517,109		61,467,802
Volterra Semiconductor Corp. (a)	178,000		4,174,100
Xilinx, Inc.	1,238,200		30,273,990
Zoran Corp. (a)	300,884		2,906,539
			802,201,032
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,004,999,839
TOTAL COMMON STOCKS (Cost $1,190,370,390)		1,073,968,624

Convertible Bonds - 0.2%
	Principal Amount		Value
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
SunPower Corp. 4.75% 4/15/14	$ 470,000		$ 373,039
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Semiconductor Equipment - 0.2%
Amkor Technology, Inc. 6% 4/15/14	610,000		1,465,159
TOTAL CONVERTIBLE BONDS (Cost $1,080,000)		1,838,198

Money Market Funds - 2.4%
	Shares
Fidelity Cash Central Fund, 0.23% (d)	2,828,993		2,828,993
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	22,661,700		22,661,700
TOTAL MONEY MARKET FUNDS (Cost $25,490,693)		25,490,693

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $1,216,941,083)

1,101,297,515

NET OTHER ASSETS - (2.0)%

(21,185,019)

NET ASSETS - 100%

$ 1,080,112,496

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,253
Fidelity Securities Lending Cash Central Fund	13,417
Total	$ 17,670

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,073,968,624	$ 1,073,968,621	$ -	$ 3
Convertible Bonds	1,838,198	-	1,838,198	-
Money Market Funds	25,490,693	25,490,693	-	-
Total Investments in Securities:	$ 1,101,297,515	$ 1,099,459,314	$ 1,838,198	$ 3

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

Investments in Securities:
Beginning Balance	$ 3
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,234,972,159. Net unrealized depreciation aggregated $133,674,644, of which $93,629,378 related to appreciated investment securities and $227,304,022 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Energy Portfolio

May 31, 2010

1.802168.106

ENE-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CHEMICALS - 0.1%
Commodity Chemicals - 0.1%
STR Holdings, Inc. (c)	65,900		$ 1,397,739
CONSTRUCTION & ENGINEERING - 1.4%
Construction & Engineering - 1.4%
Jacobs Engineering Group, Inc. (a)	227,434		9,497,644
KBR, Inc.	718,895		15,801,312
			25,298,956
ELECTRICAL EQUIPMENT - 1.4%
Electrical Components & Equipment - 1.4%
centrotherm photovoltaics AG (a)	82,178		2,647,903
First Solar, Inc. (a)(c)	109,392		12,291,285
JA Solar Holdings Co. Ltd. ADR (a)(c)	711,082		3,462,969
SunPower Corp. Class B (a)	636,200		7,373,558
			25,775,715
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	67,975		4,531,214
ENERGY EQUIPMENT & SERVICES - 29.8%
Oil & Gas Drilling - 9.3%
Ensco International Ltd. ADR	417,300		15,607,020
Helmerich & Payne, Inc.	582,298		21,940,989
Hercules Offshore, Inc. (a)	535,633		1,671,175
Nabors Industries Ltd. (a)	1,815,361		34,546,320
Noble Corp.	1,147,300		33,352,011
Northern Offshore Ltd. (a)	3,489,000		6,476,603
Patterson-UTI Energy, Inc.	635,242		8,912,445
Pride International, Inc. (a)	88,536		2,193,037
Transocean Ltd. (a)	841,751		47,786,204
			172,485,804
Oil & Gas Equipment & Services - 20.5%
Baker Hughes, Inc.	1,645,539		62,760,857
Basic Energy Services, Inc. (a)	66,300		541,008
Cameron International Corp. (a)	371,200		13,437,440
Complete Production Services, Inc. (a)	141,700		1,843,517
Core Laboratories NV (c)	72,900		9,912,942
Dresser-Rand Group, Inc. (a)	115,700		3,682,731
Global Industries Ltd. (a)	480,771		2,509,625
Halliburton Co.	1,274,330		31,641,614
Helix Energy Solutions Group, Inc. (a)	226,800		2,469,852
Hornbeck Offshore Services, Inc. (a)	50,000		764,000
Key Energy Services, Inc. (a)	235,800		2,254,248
National Oilwell Varco, Inc.	1,213,912		46,286,465
Oceaneering International, Inc. (a)	256,870		11,885,375
Oil States International, Inc. (a)	83,100		3,244,224
Schlumberger Ltd.	1,889,760		106,110,024
Smith International, Inc.	998,278		37,495,322
Superior Energy Services, Inc. (a)	380,676		8,283,510
Superior Well Services, Inc. (a)	28,100		424,591
TSC Offshore Group Ltd. (a)	5,462,000		904,909

	Shares		Value
Weatherford International Ltd. (a)	2,073,944		$ 29,284,089
Willbros Group, Inc. (a)	637,018		5,917,897
			381,654,240
TOTAL ENERGY EQUIPMENT & SERVICES			554,140,044
GAS UTILITIES - 0.7%
Gas Utilities - 0.7%
Questar Corp.	252,628		11,332,892
Zhongyu Gas Holdings Ltd. (a)	18,716,000		1,898,906
			13,231,798
METALS & MINING - 0.3%
Diversified Metals & Mining - 0.3%
Teck Resources Ltd. Class B (sub. vtg.)	148,600		5,203,492
OIL, GAS & CONSUMABLE FUELS - 65.3%
Coal & Consumable Fuels - 6.4%
Alpha Natural Resources, Inc. (a)	1,042,726		40,009,397
Arch Coal, Inc.	603,138		12,997,624
Centennial Coal Co. Ltd.	745,520		2,563,500
Cloud Peak Energy, Inc.	296,305		4,373,462
CONSOL Energy, Inc.	597,916		21,811,976
International Coal Group, Inc. (a)	282,696		1,224,074
Massey Energy Co.	1,013,405		33,563,974
PT Bumi Resources Tbk	8,082,000		1,783,736
SouthGobi Energy Resources Ltd. (a)(d)	12,400		151,391
			118,479,134
Integrated Oil & Gas - 27.0%
Chevron Corp.	1,609,565		118,898,567
Exxon Mobil Corp.	2,809,732		169,876,391
Marathon Oil Corp.	2,700,377		83,954,721
Murphy Oil Corp.	100		5,338
Occidental Petroleum Corp.	833,538		68,775,220
Suncor Energy, Inc.	756,600		23,564,447
Total SA sponsored ADR (c)	811,300		37,830,919
			502,905,603
Oil & Gas Exploration & Production - 26.4%
Anadarko Petroleum Corp.	925,565		48,434,816
Apache Corp.	228,800		20,486,752
Cabot Oil & Gas Corp.	1,036,680		35,962,429
Canadian Natural Resources Ltd. (c)	423,000		15,099,904
Devon Energy Corp.	96,600		6,167,910
EXCO Resources, Inc.	1,079,658		18,624,101
Newfield Exploration Co. (a)	552,600		28,768,356
Niko Resources Ltd.	50,100		5,016,722
OPTI Canada, Inc. (a)	455,700		855,939
Painted Pony Petroleum Ltd. Class A (a)	393,900		2,283,752
Petrobank Energy & Resources Ltd. (a)	74,200		3,201,942
Petrohawk Energy Corp. (a)	2,306,040		44,345,149
Pioneer Natural Resources Co.	181,400		11,555,180
Southwestern Energy Co. (a)	1,976,990		74,354,594
Talisman Energy, Inc.	521,000		8,987,063
Ultra Petroleum Corp. (a)	396,600		18,251,532
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Whiting Petroleum Corp. (a)	364,125		$ 30,480,904
XTO Energy, Inc.	2,771,882		118,470,237
			491,347,282
Oil & Gas Refining & Marketing - 5.5%
CVR Energy, Inc. (a)	124,000		937,440
Frontier Oil Corp.	1,479,057		20,573,683
Holly Corp.	731,900		18,956,210
Petroplus Holdings AG	210,920		3,056,441
Sunoco, Inc.	429,500		12,829,165
Tesoro Corp.	522,600		6,114,420
Valero Energy Corp.	1,635,908		30,558,761
Western Refining, Inc. (a)(c)	588,710		3,096,615
World Fuel Services Corp.	210,800		5,487,124
			101,609,859
TOTAL OIL, GAS & CONSUMABLE FUELS			1,214,341,878
TOTAL COMMON STOCKS (Cost $1,753,994,458)		1,843,920,836

Convertible Bonds - 0.0%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
SunPower Corp. 4.75% 4/15/14 (Cost $1,040,000)	$ 1,040,000	825,448

Money Market Funds - 1.9%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (e)	5,765,261		$ 5,765,261
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	28,750,961		28,750,961
TOTAL MONEY MARKET FUNDS (Cost $34,516,222)		34,516,222

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $1,789,550,680)

1,879,262,506

NET OTHER ASSETS - (1.1)%			(21,184,254)
NET ASSETS - 100%		$ 1,858,078,252

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,959
Fidelity Securities Lending Cash Central Fund	143,268
Total	$ 151,227

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,843,920,836	$ 1,842,021,930	$ -	$ 1,898,906
Convertible Bonds	825,448	-	825,448	-
Money Market Funds	34,516,222	34,516,222	-	-
Total Investments in Securities:	$ 1,879,262,506	$ 1,876,538,152	$ 825,448	$ 1,898,906

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(5,920)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	1,904,826
Transfers out of Level 3	-
Ending Balance	$ 1,898,906
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ (5,920)

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,802,317,087. Net unrealized appreciation aggregated $76,945,419, of which $254,260,909 related to appreciated investment securities and $177,315,490 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Energy Service Portfolio

May 31, 2010

1.802169.106

ENS-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
Jacobs Engineering Group, Inc. (a)	137,100		$ 5,725,296
KBR, Inc.	156,300		3,435,474
			9,160,770
ELECTRICAL EQUIPMENT - 1.5%
Electrical Components & Equipment - 1.5%
centrotherm photovoltaics AG (a)	50,900		1,640,077
First Solar, Inc. (a)	63,200		7,101,152
JA Solar Holdings Co. Ltd. ADR (a)(c)	173,900		846,893
SunPower Corp. Class B (a)	508,400		5,892,356
			15,480,478
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	37,100		2,473,086
ENERGY EQUIPMENT & SERVICES - 97.1%
Oil & Gas Drilling - 20.4%
Ensco International Ltd. ADR	440,700		16,482,180
Helmerich & Payne, Inc.	316,200		11,914,416
Hercules Offshore, Inc. (a)	1,486,631		4,638,289
Nabors Industries Ltd. (a)	1,815,755		34,553,818
Noble Corp.	612,335		17,800,578
Northern Offshore Ltd. (a)	5,235,000		9,717,689
Parker Drilling Co. (a)	708,600		3,408,366
Patterson-UTI Energy, Inc.	1,873,800		26,289,414
Pride International, Inc. (a)	332,900		8,245,933
Seahawk Drilling, Inc. (a)	174,140		2,105,353
Transocean Ltd. (a)	1,388,087		78,801,699
Trinidad Drilling Ltd.	696,600		3,437,940
			217,395,675
Oil & Gas Equipment & Services - 76.7%
Allis-Chalmers Energy, Inc. (a)	226,500		652,320
Baker Hughes, Inc.	2,388,922		91,113,485
Basic Energy Services, Inc. (a)	330,400		2,696,064
Bristow Group, Inc. (a)	340,700		11,072,750
Cal Dive International, Inc. (a)	65,662		362,454
Calfrac Well Services Ltd.	117,200		2,211,469
Cameron International Corp. (a)	1,093,088		39,569,786
Complete Production Services, Inc. (a)	549,500		7,148,995
Core Laboratories NV (c)	181,000		24,612,380
Dawson Geophysical Co. (a)	56,300		1,265,624
Dresser-Rand Group, Inc. (a)	378,300		12,041,289
Dril-Quip, Inc. (a)	58,800		2,864,148
Global Industries Ltd. (a)	1,292,300		6,745,806
Gulfmark Offshore, Inc. Class A (a)	72,100		1,884,694
Halliburton Co.	3,457,241		85,843,294
Helix Energy Solutions Group, Inc. (a)	840,100		9,148,689
Hornbeck Offshore Services, Inc. (a)	293,500		4,484,680
ION Geophysical Corp. (a)	428,400		2,326,212
Key Energy Services, Inc. (a)	1,303,000		12,456,680

	Shares		Value
Lufkin Industries, Inc.	343,000		$ 27,347,390
National Oilwell Varco, Inc.	1,389,062		52,964,934
Natural Gas Services Group, Inc. (a)	73,000		1,172,380
Newpark Resources, Inc. (a)	481,600		3,091,872
Oceaneering International, Inc. (a)	493,400		22,829,618
Oil States International, Inc. (a)	251,200		9,806,848
PHI, Inc. (non-vtg.) (a)	248,100		4,374,003
RPC, Inc.	235,100		2,654,279
Schlumberger Ltd.	3,918,446		220,020,742
SEACOR Holdings, Inc. (a)	18,500		1,350,130
Smith International, Inc.	1,327,956		49,878,027
Superior Energy Services, Inc. (a)	617,475		13,436,256
Superior Well Services, Inc. (a)(c)	48,200		728,302
T-3 Energy Services, Inc. (a)	477,800		12,742,926
Tenaris SA sponsored ADR	75,900		2,817,408
TETRA Technologies, Inc. (a)	2,508,602		25,236,536
TSC Offshore Group Ltd. (a)	4,114,000		681,581
Weatherford International Ltd. (a)	3,044,338		42,986,053
Willbros Group, Inc. (a)	248,000		2,303,920
			814,924,024
TOTAL ENERGY EQUIPMENT & SERVICES			1,032,319,699
TOTAL COMMON STOCKS (Cost $1,022,565,414)		1,059,434,033
Convertible Bonds - 0.0%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
SunPower Corp. 4.75% 4/15/14 (Cost $620,000)	$ 620,000		492,094
Money Market Funds - 2.6%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d) (Cost $27,307,350)	27,307,350		27,307,350

TOTAL INVESTMENT
PORTFOLIO - 102.3%

(Cost $1,050,492,764)

1,087,233,477

NET OTHER ASSETS - (2.3)%

(24,156,299)

NET ASSETS - 100%

$ 1,063,077,178

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,896
Fidelity Securities Lending Cash Central Fund	72,273
Total	$ 75,169

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,059,434,033	$ 1,059,434,033	$ -	$ -
Convertible Bonds	492,094	-	492,094	-
Money Market Funds	27,307,350	27,307,350	-	-
Total Investments in Securities:	$ 1,087,233,477	$ 1,086,741,383	$ 492,094	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,066,665,743. Net unrealized appreciation aggregated $20,567,734, of which $157,677,681 related to appreciated investment securities and $137,109,947 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Environment and
Alternative Energy Portfolio

(formerly Fidelity® Select Environmental Portfolio)

May 31, 2010

1.802170.106

ENV-QTLY-0710

Investments May 31, 2010 (Unaudited)*

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CHEMICALS - 25.2%
Commodity Chemicals - 2.0%
Calgon Carbon Corp. (a)	61,800		$ 918,966
Specialty Chemicals - 23.2%
Ecolab, Inc.	140,778		6,648,945
Nalco Holding Co.	173,200		3,924,712
Wacker Chemie AG (c)	3,300		414,525
			10,988,182
TOTAL CHEMICALS			11,907,148
COMMERCIAL SERVICES & SUPPLIES - 27.6%
Environmental & Facility Services - 27.6%
Clean Harbors, Inc. (a)	40,300		2,554,617
Covanta Holding Corp. (a)	147,400		2,274,382
Stericycle, Inc. (a)	92,660		5,431,729
Tetra Tech, Inc. (a)	44,000		997,260
Waste Management, Inc.	55,393		1,800,826
			13,058,814
CONSTRUCTION MATERIALS - 2.0%
Construction Materials - 2.0%
Headwaters, Inc. (a)	235,900		931,805
ELECTRICAL EQUIPMENT - 4.3%
Electrical Components & Equipment - 4.3%
First Solar, Inc. (a)(c)	5,900		662,924
General Cable Corp. (a)	37,900		1,180,964
Nexxus Lighting, Inc. (a)	2,900		8,758
SunPower Corp. Class B (a)	14,800		171,532
			2,024,178
ELECTRONIC EQUIPMENT & COMPONENTS - 4.5%
Electronic Equipment & Instruments - 4.5%
Itron, Inc. (a)	32,000		2,133,120
ENERGY EQUIPMENT & SERVICES - 1.8%
Oil & Gas Equipment & Services - 1.8%
Newpark Resources, Inc. (a)	137,100		880,182
FOOD & STAPLES RETAILING - 4.7%
Food Distributors - 4.7%
United Natural Foods, Inc. (a)	72,200		2,241,810
FOOD PRODUCTS - 4.3%
Agricultural Products - 4.3%
Darling International, Inc. (a)	254,800		2,038,400

	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 3.8%
Independent Power Producers & Energy Traders - 3.8%
Ormat Technologies, Inc. (c)	62,500		$ 1,780,625
MACHINERY - 17.1%
Construction & Farm Machinery & Heavy Trucks - 2.7%
Lindsay Corp. (c)	37,500		1,281,375
Industrial Machinery - 14.4%
Kadant, Inc. (a)	109,700		2,142,441
Pall Corp.	136,700		4,654,635
			6,797,076
TOTAL MACHINERY			8,078,451
MULTI-UTILITIES - 1.8%
Multi-Utilities - 1.8%
Veolia Environnement sponsored ADR	34,053		875,162
PERSONAL PRODUCTS - 1.0%
Personal Products - 1.0%
NBTY, Inc. (a)	13,400		458,816
TOTAL COMMON STOCKS (Cost $43,339,095)		46,408,511
Money Market Funds - 7.9%

Fidelity Cash Central Fund, 0.23% (d)	771,986		771,986
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	2,948,080		2,948,080
TOTAL MONEY MARKET FUNDS (Cost $3,720,066)		3,720,066

TOTAL INVESTMENT PORTFOLIO - 106.0%

(Cost $47,059,161)

50,128,577

NET OTHER ASSETS - (6.0)%

(2,843,446)

NET ASSETS - 100%

$ 47,285,131

Legend

* At a shareholder meeting on June 15, 2010, shareholders approved changes to certain of the Fund's fundamental investment policies. As a result, effective July 1, 2010, the Fund's investment strategy was broadened to include an emphasis on companies engaged in alternative and renewable energy, energy efficiency, pollution control and water infrastructure, in addition to the Fund's current focus on waste management and other environmental companies. At the same time, the Fund was renamed Environment and Alternative Energy Portfolio and changed its performance benchmark to the FTSE Environmental Opportunities & Alternative Energy Index.

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 353
Fidelity Securities Lending Cash Central Fund	4,515
Total	$ 4,868

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $48,329,568. Net unrealized appreciation aggregated $1,799,009, of which $4,862,824 related to appreciated investment securities and $3,063,815 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Financial Services Portfolio

May 31, 2010

1.802171.106

FIN-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CAPITAL MARKETS - 25.0%
Asset Management & Custody Banks - 8.0%
AllianceBernstein Holding LP	174,502		$ 4,954,112
Bank of New York Mellon Corp.	166,253		4,522,082
EFG International	533,645		7,552,888
Franklin Resources, Inc.	94,988		9,317,373
Janus Capital Group, Inc.	114,700		1,222,702
Legg Mason, Inc.	145,218		4,315,879
Northern Trust Corp.	99,837		5,072,718
State Street Corp.	55,093		2,102,900
T. Rowe Price Group, Inc.	27,600		1,366,752
U.S. Global Investments, Inc. Class A	98,652		700,429
			41,127,835
Diversified Capital Markets - 0.5%
Deutsche Bank AG (NY Shares)	43,803		2,609,345
Investment Banking & Brokerage - 16.5%
Charles Schwab Corp.	208,082		3,400,060
Evercore Partners, Inc. Class A	170,713		5,565,244
GFI Group, Inc.	1,382,336		8,363,133
Gleacher & Co., Inc. (a)	1,313,807		5,176,400
Goldman Sachs Group, Inc.	87,256		12,587,551
Jefferies Group, Inc. (c)	451,485		10,533,145
MF Global Holdings Ltd. (a)	880,682		6,781,251
Morgan Stanley	946,300		25,654,193
TD Ameritrade Holding Corp. (a)	338,800		6,006,924
			84,067,901
TOTAL CAPITAL MARKETS			127,805,081
COMMERCIAL BANKS - 31.5%
Diversified Banks - 4.9%
Banco Macro SA sponsored ADR	42,052		1,145,917
Barclays PLC Sponsored ADR	2,500		44,050
BBVA Banco Frances SA sponsored ADR	231,233		1,366,587
China Citic Bank Corp. Ltd. Class H	16,102,600		9,637,075
China Merchants Bank Co. Ltd. (H Shares)	413,015		980,237
Industrial & Commercial Bank of China Ltd. (H Shares)	9,337,000		6,919,050
Mizuho Financial Group, Inc. (c)	2,342,900		4,217,040
National Bank of Greece SA sponsored ADR	146,744		359,523
U.S. Bancorp, Delaware	10,784		258,385
Wells Fargo & Co.	7,488		214,831
			25,142,695
Regional Banks - 26.6%
1st Pacific Bancorp (a)	141,521		7,147
Atlantic Southern Financial Group, Inc. (a)(c)	55,206		80,049
Bancorp New Jersey, Inc.	9,188		110,256
BancTrust Financial Group, Inc. (c)	87,350		386,961
Bar Harbor Bankshares	3,668		97,752

	Shares		Value
BB&T Corp.	151,400		$ 4,578,336
Boston Private Financial Holdings, Inc.	96,800		708,576
Bridge Capital Holdings (a)	13,708		141,329
Cathay General Bancorp	46,500		512,430
Chicopee Bancorp, Inc. (a)	7,830		91,611
Citizens Banking Corp., Michigan (a)	3,558,674		3,914,541
City National Corp.	143,600		8,282,848
CoBiz, Inc. (c)	784,112		5,198,663
Evans Bancorp, Inc.	8,201		102,513
Fifth Third Bancorp	352,800		4,582,872
First Interstate Bancsystem, Inc.	131,200		2,066,400
Glacier Bancorp, Inc.	401,366		6,365,665
Huntington Bancshares, Inc.	265,900		1,637,944
KeyCorp	69,137		554,479
Landmark Bancorp, Inc.	3,781		62,387
MidWestOne Financial Group, Inc.	10,512		175,761
Monroe Bancorp	16,350		125,405
Nara Bancorp, Inc. (a)	112,702		859,916
Oriental Financial Group, Inc.	147,500		2,017,800
PNC Financial Services Group, Inc.	4,418		277,230
Preferred Bank, Los Angeles California (a)(c)	53,500		117,700
Regions Financial Corp.	3,016,066		23,012,584
Salisbury Bancorp, Inc.	4,550		100,100
Savannah Bancorp, Inc.	28,028		289,810
Smithtown Bancorp, Inc. (c)	98,500		265,950
Southwest Bancorp, Inc., Oklahoma	22,600		349,396
Sterling Bancshares, Inc.	210,400		1,125,640
Sun Bancorp, Inc., New Jersey	67,486		321,233
SunTrust Banks, Inc.	870,292		23,454,369
SVB Financial Group (a)	124,600		5,589,556
Synovus Financial Corp. (c)	4,204,968		12,446,705
Tamalpais Bancorp (a)	64,636		1,357
Umpqua Holdings Corp.	325,465		4,087,840
United Security Bancshares, California (c)	21,042		99,950
Valley National Bancorp (c)	70,875		1,024,853
W Holding Co., Inc. (a)(c)	23,406		12,639
Washington Trust Bancorp, Inc.	8,300		151,475
West Bancorp., Inc.	20,005		159,640
Wintrust Financial Corp.	190,955		6,809,455
Zions Bancorp.	561,091		13,438,129
			135,797,252
TOTAL COMMERCIAL BANKS			160,939,947
CONSUMER FINANCE - 1.7%
Consumer Finance - 1.7%
Promise Co. Ltd. (c)	72,100		467,663
SLM Corp. (a)	740,497		8,226,922
			8,694,585
DIVERSIFIED FINANCIAL SERVICES - 19.1%
Other Diversified Financial Services - 14.6%
Bank of America Corp.	1,516,947		23,876,746
Common Stocks - continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - CONTINUED
Other Diversified Financial Services - continued
Citigroup, Inc. (a)	6,859,516		$ 27,163,676
JPMorgan Chase & Co.	590,308		23,364,391
			74,404,813
Specialized Finance - 4.5%
BM&F BOVESPA SA	34,200		225,173
CME Group, Inc.	13,454		4,260,209
JSE Ltd.	58,700		505,857
Moody's Corp. (c)	881,898		18,078,909
			23,070,148
TOTAL DIVERSIFIED FINANCIAL SERVICES			97,474,961
HOTELS, RESTAURANTS & LEISURE - 0.3%
Casinos & Gaming - 0.3%
Wynn Macau Ltd. (c)	796,800		1,291,433
INSURANCE - 8.6%
Insurance Brokers - 0.1%
Aon Corp.	6,100		240,767
Life & Health Insurance - 0.2%
Primerica, Inc. (a)	1,700		40,290
Symetra Financial Corp.	89,000		1,174,800
			1,215,090
Multi-Line Insurance - 3.3%
Genworth Financial, Inc. Class A (a)	818,361		12,758,248
Hartford Financial Services Group, Inc.	162,800		4,081,396
			16,839,644
Property & Casualty Insurance - 4.4%
ACE Ltd.	56,100		2,757,876
CNA Financial Corp. (a)	136,705		3,565,266
The First American Corp.	458,886		15,615,891
United Fire & Casualty Co.	28,998		619,107
			22,558,140
Reinsurance - 0.6%
Everest Re Group Ltd.	42,177		3,065,424
TOTAL INSURANCE			43,919,065
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
China Finance Online Co. Ltd. ADR (a)(c)	588,381		4,206,924

	Shares		Value
IT SERVICES - 8.4%
Data Processing & Outsourced Services - 8.2%
Euronet Worldwide, Inc. (a)	230,392		$ 3,029,655
MasterCard, Inc. Class A	78,152		15,768,729
MoneyGram International, Inc. (a)	1,667,683		4,386,006
Visa, Inc. Class A	258,793		18,752,141
			41,936,531
IT Consulting & Other Services - 0.2%
Satyam Computer Services Ltd. sponsored ADR (a)(c)	131,900		681,923
TOTAL IT SERVICES			42,618,454
MEDIA - 2.2%
Advertising - 0.2%
SearchMedia Holdings Ltd. (a)	250,100		995,398
Publishing - 2.0%
McGraw-Hill Companies, Inc.	365,932		10,172,910
TOTAL MEDIA			11,168,308
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
Diversified Real Estate Activities - 0.3%
Mitsubishi Estate Co. Ltd.	112,000		1,709,839
Real Estate Development - 0.3%
Central China Real Estate Ltd.	5,923,000		1,369,234
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			3,079,073
THRIFTS & MORTGAGE FINANCE - 0.9%
Thrifts & Mortgage Finance - 0.9%
BofI Holding, Inc. (a)(c)	50,561		808,470
Cheviot Financial Corp.	64,913		516,058
First Financial Northwest, Inc.	14,800		71,188
Mayflower Bancorp, Inc.	7,429		57,129
Meridian Interstate Bancorp, Inc. (a)	54,608		625,808
Ocean Shore Holding Co.	54,638		605,935
Osage Bancshares, Inc.	27,700		207,750
Park Bancorp, Inc. (a)	100		425
United Western Bancorp, Inc.	335,369		409,150
Washington Federal, Inc.	72,278		1,248,964
			4,550,877
TOTAL COMMON STOCKS (Cost $523,115,317)		505,748,708
Convertible Preferred Stocks - 0.0%

COMMERCIAL BANKS - 0.0%
Regional Banks - 0.0%
UCBH Holdings, Inc. Series B, 8.50% (Cost $195,681)	130		767
Money Market Funds - 7.2%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	1,938,275		$ 1,938,275
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	34,822,081		34,822,081
TOTAL MONEY MARKET FUNDS (Cost $36,760,356)		36,760,356

TOTAL INVESTMENT PORTFOLIO - 106.3%

(Cost $560,071,354)

542,509,831

NET OTHER ASSETS - (6.3)%

(32,253,039)

NET ASSETS - 100%

$ 510,256,792

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,717
Fidelity Securities Lending Cash Central Fund	78,468
Total	$ 86,185

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 505,748,708	$ 505,748,708	$ -	$ -
Convertible Preferred Stocks	767	-	767	-
Money Market Funds	36,760,356	36,760,356	-	-
Total Investments in Securities:	$ 542,509,831	$ 542,509,064	$ 767	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $572,880,060. Net unrealized depreciation aggregated $30,370,229, of which $31,146,893 related to appreciated investment securities and $61,517,122 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity® Select Gold Portfolio

May 31, 2010

1.802173.106

GOL-QTLY-0710

Consolidated Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value
Australia - 6.8%
METALS & MINING - 6.8%
Gold - 6.8%
Andean Resources Ltd. (a)(c)	5,072,514		$ 13,842,208
Avoca Resources Ltd. (a)(c)	2,272,745		3,955,465
Centamin Egypt Ltd. (a)	4,197,000		9,214,048
Dominion Mining Ltd. (c)	945,794		2,181,418
Intrepid Mines Ltd. (a)(c)	2,250,053		1,036,022
Kingsgate Consolidated NL	1,443,138		10,204,998
Medusa Mining Ltd.	627,375		2,438,174
Mineral Deposits Ltd. (a)	4,800,073		3,953,958
Newcrest Mining Ltd.	6,390,648		173,420,343
Perseus Mining Ltd. (a)(c)	3,399,308		5,442,261
Perseus Mining Ltd. (a)	1,300,000		2,117,873
Resolute Mining Ltd. (a)	4,151,661		3,717,983
St Barbara Ltd. (a)	18,903,060		4,870,926
Troy Resources NL (a)(d)	2,300,000		5,091,519
			241,487,196
Bailiwick of Jersey - 5.5%
METALS & MINING - 5.5%
Gold - 5.5%
Randgold Resources Ltd. sponsored ADR (c)	2,228,667		194,896,929
Bermuda - 0.0%
METALS & MINING - 0.0%
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	121,752		666,285
Canada - 52.0%
METALS & MINING - 52.0%
Diversified Metals & Mining - 0.3%
Anatolia Minerals Development Ltd. (a)	70,000		325,347
Clifton Star Resources, Inc. (a)	5,000		23,095
Fronteer Gold, Inc. (a)	570,000		3,261,045
Kimber Resources, Inc. (a)	16,100		14,812
Kimber Resources, Inc. (a)(d)	5,832,000		5,365,328
			8,989,627
Gold - 49.8%
Agnico-Eagle Mines Ltd. (Canada)	2,783,400		165,376,905
Alamos Gold, Inc. (c)	2,143,800		31,412,268
Argonaut Gold Ltd. (a)	242,200		626,679
Aurizon Mines Ltd. (a)	2,234,600		10,964,209
Avion Gold Corp. (a)	5,020,000		2,886,440
B2Gold Corp. (a)(c)	1,557,400		2,208,866
Barrick Gold Corp. (c)	7,844,519		331,897,953
Canaco Resources, Inc. (a)	100,000		76,665
Centerra Gold, Inc. (a)	545,000		6,695,640
Colossus Minerals, Inc. (a)	480,000		3,293,531
Crocodile Gold Corp. (a)	10,000		13,512
Detour Gold Corp. (a)(d)	615,000		13,408,002

	Shares		Value
Eldorado Gold Corp.	8,475,213		$ 146,762,912
European Goldfields Ltd. (a)	1,834,600		11,181,654
Exeter Resource Corp. (a)	233,000		1,743,872
Extorre Gold Mines Ltd. (a)	233,000		616,272
Franco-Nevada Corp.	1,593,400		46,221,579
Gammon Gold, Inc. (a)	1,597,500		11,864,518
Goldcorp, Inc.	8,050,300		350,942,165
Golden Star Resources Ltd. (a)(c)	3,375,769		14,169,495
Great Basin Gold Ltd. (a)(c)	5,107,900		8,713,045
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		232,151
Greystar Resources Ltd. (a)	829,200		4,314,860
Guyana Goldfields, Inc. (a)	878,000		5,671,030
Guyana Goldfields, Inc. (a)(d)	155,000		1,001,150
IAMGOLD Corp.	5,139,000		90,221,831
International Tower Hill Mines Ltd. (a)	276,700		2,004,650
Jaguar Mining, Inc. (a)(c)	1,105,500		9,958,505
Keegan Resources, Inc. (a)	30,000		172,209
Kinross Gold Corp.	8,440,100		148,176,936
Kirkland Lake Gold, Inc. (a)	16,000		126,804
Lake Shore Gold Corp. (a)	785,000		2,317,010
Minefinders Corp. Ltd. (a)	1,020,000		9,178,534
New Gold, Inc. (a)	4,846,900		29,819,931
New Gold, Inc. warrants 4/3/12 (a)(d)	2,928,500		98,225
Northgate Minerals Corp. (a)	3,104,900		9,313,212
Novagold Resources, Inc. (a)	275,000		1,994,969
Osisko Mining Corp. (a)	597,000		6,007,187
Osisko Mining Corp. (a)(d)	3,000,000		30,186,871
Premier Gold Mines Ltd. (a)	575,200		2,541,133
Rainy River Resources Ltd. (a)	55,000		343,124
Red Back Mining, Inc. (a)	2,713,100		69,498,000
Red Back Mining, Inc. (a)(d)	270,000		6,916,243
Romarco Minerals, Inc. (a)	1,705,000		3,022,760
Rubicon Minerals Corp. (a)	1,486,352		5,170,539
San Gold Corp. (a)	1,651,400		7,153,165
Seabridge Gold, Inc. (a)	631,105		21,730,333
SEMAFO, Inc. (a)	996,100		6,615,211
Torex Gold Resources, Inc. (a)	230,000		273,311
Ventana Gold Corp. (a)	960,800		9,382,417
Yamana Gold, Inc.	10,460,900		113,881,959
			1,758,400,442
Precious Metals & Minerals - 1.9%
Etruscan Resources, Inc. (a)	1,216,800		454,770
Etruscan Resources, Inc. (a)(d)	1,549,400		579,076
Etruscan Resources, Inc. warrants 11/2/10 (a)(d)	774,700		7,424
Orko Silver Corp. (a)	85,000		131,960
Pan American Silver Corp.	999,987		25,471,638
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,394,371
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Precious Metals & Minerals - continued
Silver Standard Resources, Inc. (a)	1,046,800		$ 19,019,960
Silver Wheaton Corp. (a)	1,110,000		21,104,360
			68,163,559
TOTAL METALS & MINING			1,835,553,628
Cayman Islands - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Real Gold Mining Ltd. (a)	425,000		677,913
China - 1.1%
METALS & MINING - 1.1%
Gold - 1.1%
Zhaojin Mining Industry Co. Ltd. (H Shares)	8,624,500		17,832,946
Zijin Mining Group Co. Ltd. (H Shares)	25,578,000		19,019,910
			36,852,856
Luxembourg - 0.0%
METALS & MINING - 0.0%
Steel - 0.0%
ArcelorMittal SA (NY Shares) Class A unit (c)	40,000		1,212,800
Papua New Guinea - 4.4%
METALS & MINING - 4.4%
Gold - 4.4%
Lihir Gold Ltd.	45,838,352		154,131,596
Peru - 0.8%
METALS & MINING - 0.8%
Precious Metals & Minerals - 0.8%
Compania de Minas Buenaventura SA sponsored ADR	750,000		27,000,000
Russia - 0.8%
METALS & MINING - 0.8%
Gold - 0.8%
Polyus Gold OJSC sponsored ADR	1,002,566		25,535,557

	Shares		Value
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		$ 715,290
TOTAL METALS & MINING			26,250,847
South Africa - 11.7%
METALS & MINING - 11.7%
Gold - 11.7%
AngloGold Ashanti Ltd. sponsored ADR	6,022,452		252,461,188
Gold Fields Ltd. sponsored ADR	7,878,659		108,331,561
Harmony Gold Mining Co. Ltd.	1,484,000		14,881,117
Harmony Gold Mining Co. Ltd. sponsored ADR	3,811,800		36,898,224
			412,572,090
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Pan African Resources PLC (a)	50,000		4,507
Petropavlovsk PLC	1,285,000		22,456,503
			22,461,010
United States of America - 9.7%
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
Bucyrus International, Inc. Class A	100,000		5,356,000
METALS & MINING - 9.1%
Gold - 9.1%
Allied Nevada Gold Corp. (a)(c)	612,800		11,728,992
Newmont Mining Corp.	5,016,450		269,985,339
Royal Gold, Inc. (c)	709,413		35,569,968
US Gold Corp. (a)	1,165,900		4,605,305
			321,889,604
Precious Metals & Minerals - 0.0%
Hecla Mining Co. (a)(c)	10,000		53,800
TOTAL METALS & MINING			321,943,404
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Alpha Natural Resources, Inc. (a)	140,000		5,371,800
Massey Energy Co.	320,000		10,598,400
			15,970,200
TOTAL UNITED STATES OF AMERICA			343,269,604
TOTAL COMMON STOCKS (Cost $2,416,466,702)		3,297,032,754
Commodities - 4.7%
	Troy Ounces
Gold Bullion (a) (Cost $116,799,400)	135,500		164,571,525
Money Market Funds - 14.4%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (e)	69,938,893		$ 69,938,893
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	438,730,493		438,730,493
TOTAL MONEY MARKET FUNDS (Cost $508,669,386)		508,669,386

TOTAL INVESTMENT PORTFOLIO - 112.5%

(Cost $3,041,935,488)

3,970,273,665

NET OTHER ASSETS - (12.5)%

(440,233,484)

NET ASSETS - 100%

$ 3,530,040,181

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,335
Fidelity Securities Lending Cash Central Fund	138,517
Total	$ 156,852

Other Affiliated Issuers

Consolidated Subsidiary	Value, Beginning of Period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 207,130,454	$ 148,494	$ 56,039,750	$ -	$ 164,524,476

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing investments may not be an indication of the risk associated with investing in those investments. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 3,297,032,754	$ 3,295,638,383	$ 1,394,371	$ -
Commodities	164,571,525	164,571,525	-	-
Money Market Funds	508,669,386	508,669,386	-	-
Total Investments:	$ 3,970,273,665	$ 3,968,879,294	$ 1,394,371	$ -

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

The information used in the above reconciliation represents fiscal year to date activity for any Investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents the beginning value of any Investment or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include investments received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At May 31, 2010, the cost of investments for income tax purposes was $3,176,357,421. Net unrealized appreciation aggregated $793,916,244, of which $881,984,784 related to appreciated investments and $88,068,540 related to depreciated investments.

Investment in Subsidiary

The Fund may invest in certain precious metals through its investment in Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). The Subsidiary has the ability to invest in commodities and securities, consistent with the investment objective of the Fund. As of May 31, 2010, the Fund held $164,524,476 in the Subsidiary, representing 4.7% of the Fund's net assets. The Quarterly Holdings report has been consolidated and includes the accounts of the Fund and the Subsidiary.

Investment Valuation

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

Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Consolidated Quarterly Holdings Report

for

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

May 31, 2010

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

1.851741.103

AGLD-QTLY-0710

Consolidated Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value
Australia - 6.8%
METALS & MINING - 6.8%
Gold - 6.8%
Andean Resources Ltd. (a)(c)	5,072,514		$ 13,842,208
Avoca Resources Ltd. (a)(c)	2,272,745		3,955,465
Centamin Egypt Ltd. (a)	4,197,000		9,214,048
Dominion Mining Ltd. (c)	945,794		2,181,418
Intrepid Mines Ltd. (a)(c)	2,250,053		1,036,022
Kingsgate Consolidated NL	1,443,138		10,204,998
Medusa Mining Ltd.	627,375		2,438,174
Mineral Deposits Ltd. (a)	4,800,073		3,953,958
Newcrest Mining Ltd.	6,390,648		173,420,343
Perseus Mining Ltd. (a)(c)	3,399,308		5,442,261
Perseus Mining Ltd. (a)	1,300,000		2,117,873
Resolute Mining Ltd. (a)	4,151,661		3,717,983
St Barbara Ltd. (a)	18,903,060		4,870,926
Troy Resources NL (a)(d)	2,300,000		5,091,519
			241,487,196
Bailiwick of Jersey - 5.5%
METALS & MINING - 5.5%
Gold - 5.5%
Randgold Resources Ltd. sponsored ADR (c)	2,228,667		194,896,929
Bermuda - 0.0%
METALS & MINING - 0.0%
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	121,752		666,285
Canada - 52.0%
METALS & MINING - 52.0%
Diversified Metals & Mining - 0.3%
Anatolia Minerals Development Ltd. (a)	70,000		325,347
Clifton Star Resources, Inc. (a)	5,000		23,095
Fronteer Gold, Inc. (a)	570,000		3,261,045
Kimber Resources, Inc. (a)	16,100		14,812
Kimber Resources, Inc. (a)(d)	5,832,000		5,365,328
			8,989,627
Gold - 49.8%
Agnico-Eagle Mines Ltd. (Canada)	2,783,400		165,376,905
Alamos Gold, Inc. (c)	2,143,800		31,412,268
Argonaut Gold Ltd. (a)	242,200		626,679
Aurizon Mines Ltd. (a)	2,234,600		10,964,209
Avion Gold Corp. (a)	5,020,000		2,886,440
B2Gold Corp. (a)(c)	1,557,400		2,208,866
Barrick Gold Corp. (c)	7,844,519		331,897,953
Canaco Resources, Inc. (a)	100,000		76,665
Centerra Gold, Inc. (a)	545,000		6,695,640
Colossus Minerals, Inc. (a)	480,000		3,293,531
Crocodile Gold Corp. (a)	10,000		13,512
Detour Gold Corp. (a)(d)	615,000		13,408,002

	Shares		Value
Eldorado Gold Corp.	8,475,213		$ 146,762,912
European Goldfields Ltd. (a)	1,834,600		11,181,654
Exeter Resource Corp. (a)	233,000		1,743,872
Extorre Gold Mines Ltd. (a)	233,000		616,272
Franco-Nevada Corp.	1,593,400		46,221,579
Gammon Gold, Inc. (a)	1,597,500		11,864,518
Goldcorp, Inc.	8,050,300		350,942,165
Golden Star Resources Ltd. (a)(c)	3,375,769		14,169,495
Great Basin Gold Ltd. (a)(c)	5,107,900		8,713,045
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		232,151
Greystar Resources Ltd. (a)	829,200		4,314,860
Guyana Goldfields, Inc. (a)	878,000		5,671,030
Guyana Goldfields, Inc. (a)(d)	155,000		1,001,150
IAMGOLD Corp.	5,139,000		90,221,831
International Tower Hill Mines Ltd. (a)	276,700		2,004,650
Jaguar Mining, Inc. (a)(c)	1,105,500		9,958,505
Keegan Resources, Inc. (a)	30,000		172,209
Kinross Gold Corp.	8,440,100		148,176,936
Kirkland Lake Gold, Inc. (a)	16,000		126,804
Lake Shore Gold Corp. (a)	785,000		2,317,010
Minefinders Corp. Ltd. (a)	1,020,000		9,178,534
New Gold, Inc. (a)	4,846,900		29,819,931
New Gold, Inc. warrants 4/3/12 (a)(d)	2,928,500		98,225
Northgate Minerals Corp. (a)	3,104,900		9,313,212
Novagold Resources, Inc. (a)	275,000		1,994,969
Osisko Mining Corp. (a)	597,000		6,007,187
Osisko Mining Corp. (a)(d)	3,000,000		30,186,871
Premier Gold Mines Ltd. (a)	575,200		2,541,133
Rainy River Resources Ltd. (a)	55,000		343,124
Red Back Mining, Inc. (a)	2,713,100		69,498,000
Red Back Mining, Inc. (a)(d)	270,000		6,916,243
Romarco Minerals, Inc. (a)	1,705,000		3,022,760
Rubicon Minerals Corp. (a)	1,486,352		5,170,539
San Gold Corp. (a)	1,651,400		7,153,165
Seabridge Gold, Inc. (a)	631,105		21,730,333
SEMAFO, Inc. (a)	996,100		6,615,211
Torex Gold Resources, Inc. (a)	230,000		273,311
Ventana Gold Corp. (a)	960,800		9,382,417
Yamana Gold, Inc.	10,460,900		113,881,959
			1,758,400,442
Precious Metals & Minerals - 1.9%
Etruscan Resources, Inc. (a)	1,216,800		454,770
Etruscan Resources, Inc. (a)(d)	1,549,400		579,076
Etruscan Resources, Inc. warrants 11/2/10 (a)(d)	774,700		7,424
Orko Silver Corp. (a)	85,000		131,960
Pan American Silver Corp.	999,987		25,471,638
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,394,371
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Precious Metals & Minerals - continued
Silver Standard Resources, Inc. (a)	1,046,800		$ 19,019,960
Silver Wheaton Corp. (a)	1,110,000		21,104,360
			68,163,559
TOTAL METALS & MINING			1,835,553,628
Cayman Islands - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Real Gold Mining Ltd. (a)	425,000		677,913
China - 1.1%
METALS & MINING - 1.1%
Gold - 1.1%
Zhaojin Mining Industry Co. Ltd. (H Shares)	8,624,500		17,832,946
Zijin Mining Group Co. Ltd. (H Shares)	25,578,000		19,019,910
			36,852,856
Luxembourg - 0.0%
METALS & MINING - 0.0%
Steel - 0.0%
ArcelorMittal SA (NY Shares) Class A unit (c)	40,000		1,212,800
Papua New Guinea - 4.4%
METALS & MINING - 4.4%
Gold - 4.4%
Lihir Gold Ltd.	45,838,352		154,131,596
Peru - 0.8%
METALS & MINING - 0.8%
Precious Metals & Minerals - 0.8%
Compania de Minas Buenaventura SA sponsored ADR	750,000		27,000,000
Russia - 0.8%
METALS & MINING - 0.8%
Gold - 0.8%
Polyus Gold OJSC sponsored ADR	1,002,566		25,535,557

	Shares		Value
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		$ 715,290
TOTAL METALS & MINING			26,250,847
South Africa - 11.7%
METALS & MINING - 11.7%
Gold - 11.7%
AngloGold Ashanti Ltd. sponsored ADR	6,022,452		252,461,188
Gold Fields Ltd. sponsored ADR	7,878,659		108,331,561
Harmony Gold Mining Co. Ltd.	1,484,000		14,881,117
Harmony Gold Mining Co. Ltd. sponsored ADR	3,811,800		36,898,224
			412,572,090
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Pan African Resources PLC (a)	50,000		4,507
Petropavlovsk PLC	1,285,000		22,456,503
			22,461,010
United States of America - 9.7%
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
Bucyrus International, Inc. Class A	100,000		5,356,000
METALS & MINING - 9.1%
Gold - 9.1%
Allied Nevada Gold Corp. (a)(c)	612,800		11,728,992
Newmont Mining Corp.	5,016,450		269,985,339
Royal Gold, Inc. (c)	709,413		35,569,968
US Gold Corp. (a)	1,165,900		4,605,305
			321,889,604
Precious Metals & Minerals - 0.0%
Hecla Mining Co. (a)(c)	10,000		53,800
TOTAL METALS & MINING			321,943,404
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Alpha Natural Resources, Inc. (a)	140,000		5,371,800
Massey Energy Co.	320,000		10,598,400
			15,970,200
TOTAL UNITED STATES OF AMERICA			343,269,604
TOTAL COMMON STOCKS (Cost $2,416,466,702)		3,297,032,754
Commodities - 4.7%
	Troy Ounces
Gold Bullion (a) (Cost $116,799,400)	135,500		164,571,525
Money Market Funds - 14.4%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (e)	69,938,893		$ 69,938,893
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	438,730,493		438,730,493
TOTAL MONEY MARKET FUNDS (Cost $508,669,386)		508,669,386

TOTAL INVESTMENT PORTFOLIO - 112.5%

(Cost $3,041,935,488)

3,970,273,665

NET OTHER ASSETS - (12.5)%

(440,233,484)

NET ASSETS - 100%

$ 3,530,040,181

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,335
Fidelity Securities Lending Cash Central Fund	138,517
Total	$ 156,852

Other Affiliated Issuers

Consolidated Subsidiary	Value, Beginning of Period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 207,130,454	$ 148,494	$ 56,039,750	$ -	$ 164,524,476

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 3,297,032,754	$ 3,295,638,383	$ 1,394,371	$ -
Commodities	164,571,525	164,571,525	-	-
Money Market Funds	508,669,386	508,669,386	-	-
Total Investments:	$ 3,970,273,665	$ 3,968,879,294	$ 1,394,371	$ -

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

Income Tax Information

Investment in Subsidiary

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Health Care Portfolio

May 31, 2010

1.802174.106

HEA-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BIOTECHNOLOGY - 18.2%
Biotechnology - 18.2%
Acorda Therapeutics, Inc. (a)	323,900		$ 11,135,682
Affymax, Inc. (a)	110,000		2,420,000
Alexion Pharmaceuticals, Inc. (a)	468,000		23,414,040
Allos Therapeutics, Inc. (a)(c)	600,000		4,296,000
Alnylam Pharmaceuticals, Inc. (a)	181,200		2,862,960
Amgen, Inc. (a)	650,000		33,657,000
Anadys Pharmaceuticals, Inc. (a)	800,000		1,896,000
ARIAD Pharmaceuticals, Inc. (a)(c)	2,300,000		8,832,000
Biogen Idec, Inc. (a)	880,000		41,738,400
BioMarin Pharmaceutical, Inc. (a)	1,280,000		24,985,600
Cephalon, Inc. (a)	200,000		11,772,000
Genzyme Corp. (a)	425,000		20,676,250
Gilead Sciences, Inc. (a)	700,000		25,144,000
Human Genome Sciences, Inc. (a)	237,200		5,873,072
Incyte Corp. (a)(c)	1,150,000		14,823,500
Ironwood Pharmaceuticals, Inc. Class A	207,800		2,439,572
Keryx Biopharmaceuticals, Inc. (a)(c)	700,000		3,591,000
Micromet, Inc. (a)(c)	394,347		2,401,573
Myriad Genetics, Inc. (a)	600,000		10,950,000
Neurocrine Biosciences, Inc. (a)	1,000,000		4,000,000
Protalix BioTherapeutics, Inc. (a)(c)	650,000		3,945,500
Seattle Genetics, Inc. (a)	358,400		4,741,632
Targacept, Inc. (a)	400,000		9,200,000
United Therapeutics Corp. (a)	450,000		23,049,000
ZIOPHARM Oncology, Inc. (a)(c)	700,000		3,535,000
			301,379,781
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc. (a)(d)	926,904		4,328,642
Stewart Enterprises, Inc. Class A	690,000		4,188,300
			8,516,942
ELECTRONIC EQUIPMENT & COMPONENTS - 2.1%
Electronic Equipment & Instruments - 2.1%
Agilent Technologies, Inc. (a)	1,050,000		33,978,000
HEALTH CARE EQUIPMENT & SUPPLIES - 17.1%
Health Care Equipment - 15.6%
American Medical Systems Holdings, Inc. (a)	700,000		15,792,000
ArthroCare Corp. (a)	300,000		8,823,000
C. R. Bard, Inc.	550,000		44,533,500
CareFusion Corp. (a)	750,000		19,065,000
Conceptus, Inc. (a)	300,000		5,007,000
Covidien PLC	1,400,000		59,346,000
Edwards Lifesciences Corp. (a)	580,000		29,307,400
ev3, Inc. (a)	753,700		14,260,004
Genmark Diagnostics, Inc.	49,600		267,840
HeartWare International, Inc. (a)	100,000		5,915,000
HeartWare International, Inc. CDI unit (a)	2,000,000		3,244,224
Micrus Endovascular Corp. (a)	600,000		10,368,000

	Shares		Value
NuVasive, Inc. (a)(c)	300,000		$ 11,781,000
Orthofix International NV (a)	260,000		8,291,400
Orthovita, Inc. (a)	2,650,000		8,228,250
Osmetech PLC (a)	50,774,143		1,642,507
William Demant Holding AS (a)	89,047		6,344,353
Wright Medical Group, Inc. (a)	300,000		4,929,000
			257,145,478
Health Care Supplies - 1.5%
AGA Medical Holdings, Inc.	250,000		3,515,000
Cooper Companies, Inc.	350,000		12,901,000
RTI Biologics, Inc. (a)	2,300,000		8,188,000
			24,604,000
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			281,749,478
HEALTH CARE PROVIDERS & SERVICES - 23.0%
Health Care Distributors & Services - 3.8%
Henry Schein, Inc. (a)	400,000		22,564,000
McKesson Corp.	360,000		25,200,000
Profarma Distribuidora de Produtos Farmaceuticos SA	102,100		876,135
PSS World Medical, Inc. (a)	350,000		8,018,500
Sinopharm Group Co. Ltd. (H Shares)	700,000		2,773,426
United Drug PLC (Ireland)	1,500,000		4,155,953
			63,588,014
Health Care Facilities - 1.7%
Emeritus Corp. (a)	350,000		7,101,500
Hanger Orthopedic Group, Inc. (a)	600,000		10,230,000
Medcath Corp. (a)	550,000		5,021,500
Sunrise Senior Living, Inc. (a)	1,298,400		5,544,168
			27,897,168
Health Care Services - 13.0%
Accretive Health, Inc.	42,384		549,720
Catalyst Health Solutions, Inc. (a)	200,000		7,658,000
Express Scripts, Inc. (a)	770,000		77,462,000
Health Grades, Inc. (a)	1,050,000		7,119,000
Laboratory Corp. of America Holdings (a)	100,000		7,561,000
LHC Group, Inc. (a)	300,000		9,240,000
Medco Health Solutions, Inc. (a)	1,750,000		100,887,501
Team Health Holdings, Inc.	300,000		3,843,000
			214,320,221
Managed Health Care - 4.5%
Aetna, Inc.	500,000		14,580,000
CIGNA Corp.	1,000,000		33,470,000
Health Net, Inc. (a)	200,000		4,930,000
UnitedHealth Group, Inc.	400,000		11,628,000
WellPoint, Inc. (a)	200,000		10,260,000
			74,868,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			380,673,403
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - 4.3%
Health Care Technology - 4.3%
Allscripts-Misys Healthcare Solutions, Inc. (a)	1,500,000		$ 28,215,000
Cerner Corp. (a)	350,000		29,298,500
Computer Programs & Systems, Inc. (c)	200,000		8,602,000
MedAssets, Inc. (a)	200,000		4,538,000
			70,653,500
INTERNET SOFTWARE & SERVICES - 0.5%
Internet Software & Services - 0.5%
WebMD Health Corp. (a)	168,668		7,679,454
LIFE SCIENCES TOOLS & SERVICES - 13.2%
Life Sciences Tools & Services - 13.2%
Covance, Inc. (a)	620,000		32,711,200
ICON PLC sponsored ADR (a)	270,000		7,511,400
Illumina, Inc. (a)(c)	1,607,200		67,566,688
Life Technologies Corp. (a)	300,000		15,018,000
PAREXEL International Corp. (a)	600,000		13,383,000
PerkinElmer, Inc.	900,000		20,421,000
QIAGEN NV (a)(c)	1,750,000		36,890,000
Waters Corp. (a)	350,000		23,954,000
			217,455,288
PHARMACEUTICALS - 20.4%
Pharmaceuticals - 20.4%
Abbott Laboratories	380,000		18,072,800
Allergan, Inc.	880,000		52,967,200
Ardea Biosciences, Inc. (a)(c)	500,000		12,515,000
Cadence Pharmaceuticals, Inc. (a)(c)	600,000		4,758,000
Cardiome Pharma Corp. (a)	700,000		5,936,751
Hikma Pharmaceuticals PLC	300,000		2,935,424
King Pharmaceuticals, Inc. (a)	750,000		6,502,500
Merck & Co., Inc.	2,300,000		77,487,000
Optimer Pharmaceuticals, Inc. (a)(c)	350,000		3,734,500
Perrigo Co.	250,000		14,852,500

	Shares		Value
Pfizer, Inc.	4,000,000		$ 60,920,000
Pronova BioPharma ASA (a)(c)	1,378,500		3,838,348
Shire PLC sponsored ADR	400,000		24,484,000
Teva Pharmaceutical Industries Ltd. sponsored ADR	280,000		15,349,600
Valeant Pharmaceuticals International (a)(c)	720,000		33,465,600
			337,819,223
TOTAL COMMON STOCKS (Cost $1,424,069,957)		1,639,905,069
Money Market Funds - 5.8%

Fidelity Cash Central Fund, 0.23% (e)	15,901,797		15,901,797
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	79,607,606		79,607,606
TOTAL MONEY MARKET FUNDS (Cost $95,509,403)		95,509,403

TOTAL INVESTMENT PORTFOLIO - 105.1%

(Cost $1,519,579,360)

1,735,414,472

NET OTHER ASSETS - (5.1)%

(83,551,418)

NET ASSETS - 100%

$ 1,651,863,054

Legend

(a) Non-income producing

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

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,604
Fidelity Securities Lending Cash Central Fund	172,833
Total	$ 189,437

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carriage Services, Inc.	$ 3,744,692	$ -	$ -	$ -	$ 4,328,642
Total	$ 3,744,692	$ -	$ -	$ -	$ 4,328,642

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,639,905,069	$ 1,638,262,562	$ 1,642,507	$ -
Money Market Funds	95,509,403	95,509,403	-	-
Total Investments in Securities:	$ 1,735,414,472	$ 1,733,771,965	$ 1,642,507	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,532,201,194. Net unrealized appreciation aggregated $203,213,278, of which $258,605,151 related to appreciated investment securities and $55,391,873 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Home Finance Portfolio

May 31, 2010

1.802175.106

SAV-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CAPITAL MARKETS - 2.9%
Asset Management & Custody Banks - 2.1%
Bank of New York Mellon Corp.	50,000		$ 1,360,000
State Street Corp.	35,000		1,335,950
			2,695,950
Investment Banking & Brokerage - 0.8%
Charles Schwab Corp.	65,000		1,062,100
TOTAL CAPITAL MARKETS			3,758,050
COMMERCIAL BANKS - 6.2%
Diversified Banks - 2.5%
Comerica, Inc.	20,000		762,000
Wells Fargo & Co.	90,000		2,582,100
			3,344,100
Regional Banks - 3.7%
BB&T Corp.	45,000		1,360,800
Investors Bancorp, Inc. (a)	75,000		1,024,500
PNC Financial Services Group, Inc.	19,100		1,198,525
Wilmington Trust Corp., Delaware	80,000		1,206,400
			4,790,225
TOTAL COMMERCIAL BANKS			8,134,325
CONSUMER FINANCE - 4.3%
Consumer Finance - 4.3%
American Express Co.	45,000		1,794,150
Capital One Financial Corp.	45,000		1,858,500
Discover Financial Services	92,500		1,244,125
SLM Corp. (a)	67,500		749,925
			5,646,700
DIVERSIFIED FINANCIAL SERVICES - 3.3%
Other Diversified Financial Services - 3.3%
Bank of America Corp.	100,000		1,574,000
Citigroup, Inc. (a)	250,000		990,000
JPMorgan Chase & Co.	45,000		1,781,100
			4,345,100
INSURANCE - 2.5%
Multi-Line Insurance - 0.7%
Genworth Financial, Inc. Class A (a)	60,000		935,400
Property & Casualty Insurance - 1.8%
The First American Corp.	70,000		2,382,100
TOTAL INSURANCE			3,317,500

	Shares		Value
IT SERVICES - 3.8%
Data Processing & Outsourced Services - 3.8%
Fidelity National Information Services, Inc.	73,100		$ 2,011,712
MasterCard, Inc. Class A	9,000		1,815,930
Visa, Inc. Class A	15,000		1,086,900
			4,914,542
REAL ESTATE INVESTMENT TRUSTS - 1.4%
Mortgage REITs - 1.4%
Chimera Investment Corp.	123,700		487,378
MFA Financial, Inc.	190,000		1,392,700
			1,880,078
THRIFTS & MORTGAGE FINANCE - 74.4%
Thrifts & Mortgage Finance - 74.4%
Abington Bancorp, Inc.	253,400		2,250,192
Astoria Financial Corp. (c)	375,000		5,580,000
Bank Mutual Corp.	224,900		1,443,858
Beneficial Mutual Bancorp, Inc. (a)	150,000		1,546,500
Brookline Bancorp, Inc., Delaware	260,500		2,594,580
Capitol Federal Financial	25,000		800,000
First Financial Holdings, Inc.	63,500		890,270
First Niagara Financial Group, Inc.	500,000		6,605,000
Flushing Financial Corp.	172,800		2,339,712
Genworth MI Canada, Inc.	52,100		1,243,210
Hudson City Bancorp, Inc.	495,000		6,241,950
Meridian Interstate Bancorp, Inc. (a)	90,000		1,031,400
MGIC Investment Corp. (a)(c)	710,000		6,645,600
New York Community Bancorp, Inc.	850,000		13,642,500
Northwest Bancshares, Inc.	349,800		4,068,174
Ocwen Financial Corp. (a)	470,000		5,715,200
Oritani Financial Corp.	48,527		708,009
People's United Financial, Inc.	800,000		11,176,000
Radian Group, Inc.	728,370		7,487,644
Rockville Financial, Inc.	84,300		1,016,658
TFS Financial Corp.	450,000		5,958,000
The PMI Group, Inc. (a)	14,100		66,129
Tree.com, Inc. (a)(c)	50,000		351,000
ViewPoint Financial Group	123,009		1,953,383
Washington Federal, Inc.	370,000		6,393,600
			97,748,569
TOTAL COMMON STOCKS (Cost $135,411,344)		129,744,864
Money Market Funds - 4.9%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	1,095,423		$ 1,095,423
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	5,372,875		5,372,875
TOTAL MONEY MARKET FUNDS (Cost $6,468,298)		6,468,298

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $141,879,642)

136,213,162

NET OTHER ASSETS - (3.7)%

(4,832,719)

NET ASSETS - 100%

$ 131,380,443

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,958
Fidelity Securities Lending Cash Central Fund	7,002
Total	$ 8,960

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $143,940,275. Net unrealized depreciation aggregated $7,727,113, of which $7,707,213 related to appreciated investment securities and $15,434,326 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Industrial Equipment Portfolio

May 31, 2010

1.802176.106

INE-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
AEROSPACE & DEFENSE - 18.6%
Aerospace & Defense - 18.6%
Alliant Techsystems, Inc. (a)	12,600		$ 866,754
BE Aerospace, Inc. (a)	34,400		932,928
Goodrich Corp.	32,400		2,248,560
Heico Corp. Class A	41,375		1,241,664
Precision Castparts Corp.	29,900		3,489,330
Raytheon Co.	92,100		4,826,961
Spirit AeroSystems Holdings, Inc. Class A (a)	57,800		1,125,944
The Boeing Co.	46,800		3,003,624
TransDigm Group, Inc.	23,500		1,239,860
United Technologies Corp.	179,900		12,121,662
			31,097,287
AUTO COMPONENTS - 0.7%
Auto Parts & Equipment - 0.7%
Johnson Controls, Inc.	25,900		738,927
Tenneco, Inc. (a)	22,800		505,248
			1,244,175
BUILDING PRODUCTS - 2.8%
Building Products - 2.8%
Armstrong World Industries, Inc. (a)	17,300		648,577
Gibraltar Industries, Inc. (a)	44,100		578,592
Lennox International, Inc.	8,000		358,000
Masco Corp.	238,133		3,179,076
			4,764,245
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Diversified Support Services - 1.5%
Cintas Corp.	95,900		2,493,400
CONSTRUCTION & ENGINEERING - 8.0%
Construction & Engineering - 8.0%
Dycom Industries, Inc. (a)	65,400		646,152
EMCOR Group, Inc. (a)	29,100		726,627
Fluor Corp.	88,900		4,171,188
Foster Wheeler AG (a)	47,400		1,138,074
Granite Construction, Inc.	28,100		833,165
Jacobs Engineering Group, Inc. (a)	87,500		3,654,000
KBR, Inc.	99,600		2,189,208
			13,358,414
ELECTRICAL EQUIPMENT - 6.9%
Electrical Components & Equipment - 6.9%
Acuity Brands, Inc.	31,300		1,287,369
Cooper Industries PLC Class A	42,500		1,996,225
EnerSys (a)	32,000		720,000
First Solar, Inc. (a)(c)	13,500		1,516,860
Fushi Copperweld, Inc. (a)	65,500		651,070
General Cable Corp. (a)	48,600		1,514,376
Regal-Beloit Corp.	22,000		1,326,380
Roper Industries, Inc.	28,000		1,624,560

	Shares		Value
Saft Groupe SA (c)	13,861		$ 429,911
Sensata Technologies Holding BV	28,300		470,629
			11,537,380
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
FLIR Systems, Inc. (a)	15,300		435,897
Itron, Inc. (a)	5,600		373,296
			809,193
ENERGY EQUIPMENT & SERVICES - 1.2%
Oil & Gas Equipment & Services - 1.2%
National Oilwell Varco, Inc.	27,100		1,033,323
Schlumberger Ltd.	16,800		943,320
			1,976,643
HOUSEHOLD DURABLES - 1.5%
Household Appliances - 1.5%
Stanley Black & Decker, Inc.	44,702		2,493,925
INDUSTRIAL CONGLOMERATES - 25.9%
Industrial Conglomerates - 25.9%
3M Co.	129,800		10,294,438
Carlisle Companies, Inc.	25,100		976,139
General Electric Co.	1,866,355		30,514,903
Textron, Inc.	75,600		1,562,652
			43,348,132
MACHINERY - 28.0%
Construction & Farm Machinery & Heavy Trucks - 15.3%
Bucyrus International, Inc. Class A	28,100		1,505,036
Caterpillar, Inc.	116,900		7,102,844
Commercial Vehicle Group, Inc. (a)	128,800		1,532,720
Cummins, Inc.	83,700		5,689,926
Deere & Co.	61,200		3,530,016
Joy Global, Inc.	24,900		1,269,900
Navistar International Corp. (a)	33,300		1,804,194
PACCAR, Inc.	79,300		3,251,300
			25,685,936
Industrial Machinery - 12.7%
Altra Holdings, Inc. (a)	64,345		803,026
Blount International, Inc. (a)	95,700		1,021,119
Columbus McKinnon Corp. (NY Shares) (a)	43,300		709,254
Danaher Corp.	66,700		5,294,646
Dynamic Materials Corp.	28,800		458,208
Harsco Corp.	29,400		799,974
Ingersoll-Rand Co. Ltd.	167,400		6,245,694
SmartHeat, Inc. (a)(c)	85,327		532,440
SPX Corp.	49,600		2,931,360
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Timken Co.	44,100		$ 1,269,639
Weg SA	133,500		1,240,072
			21,305,432
TOTAL MACHINERY			46,991,368
METALS & MINING - 0.2%
Steel - 0.2%
China Gerui Adv Mat Group Ltd. (a)(c)	52,200		316,332
ROAD & RAIL - 0.3%
Trucking - 0.3%
Frozen Food Express Industries, Inc. (a)	133,277		517,115
TRADING COMPANIES & DISTRIBUTORS - 2.8%
Trading Companies & Distributors - 2.8%
Finning International, Inc. (c)	83,800		1,410,185
Interline Brands, Inc. (a)	74,100		1,475,331
Rush Enterprises, Inc. Class A (a)	120,400		1,828,876
			4,714,392
TOTAL COMMON STOCKS (Cost $149,845,393)		165,662,001
Money Market Funds - 2.1%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d) (Cost $3,618,625)	3,618,625		$ 3,618,625

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $153,464,018)

169,280,626

NET OTHER ASSETS - (1.0)%			(1,735,899)
NET ASSETS - 100%		$ 167,544,727

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,391
Fidelity Securities Lending Cash Central Fund	5,565
Total	$ 6,956

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $166,414,569. Net unrealized appreciation aggregated $2,866,057, of which $17,450,877 related to appreciated investment securities and $14,584,820 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Industrials Portfolio

May 31, 2010

1.802164.106

CYC-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 19.0%
Aerospace & Defense - 19.0%
BE Aerospace, Inc. (a)	89,799		$ 2,435,349
DigitalGlobe, Inc.	61,008		1,706,394
Goodrich Corp.	54,158		3,758,565
Honeywell International, Inc.	227,200		9,717,344
Moog, Inc. Class A (a)	39,584		1,306,668
Precision Castparts Corp.	58,600		6,838,620
Raytheon Co.	83,952		4,399,924
Spirit AeroSystems Holdings, Inc. Class A (a)	128,800		2,509,024
The Boeing Co.	85,400		5,480,972
TransDigm Group, Inc.	33,300		1,756,908
United Technologies Corp.	271,405		18,287,269
			58,197,037
AIR FREIGHT & LOGISTICS - 1.0%
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	53,731		3,122,308
AIRLINES - 0.2%
Airlines - 0.2%
Alaska Air Group, Inc. (a)	16,200		756,540
AUTO COMPONENTS - 0.8%
Auto Parts & Equipment - 0.8%
ArvinMeritor, Inc. (a)	114,824		1,669,541
Stoneridge, Inc. (a)	78,800		762,784
			2,432,325
BUILDING PRODUCTS - 3.8%
Building Products - 3.8%
AAON, Inc.	34,117		842,008
Armstrong World Industries, Inc. (a)	39,692		1,488,053
Lennox International, Inc.	31,900		1,427,525
Masco Corp.	340,456		4,545,088
Owens Corning (a)	103,326		3,443,856
			11,746,530
COMMERCIAL SERVICES & SUPPLIES - 4.0%
Diversified Support Services - 0.5%
Cintas Corp.	64,100		1,666,600
Environmental & Facility Services - 1.0%
Republic Services, Inc.	69,000		2,009,280
Stericycle, Inc. (a)	17,236		1,010,374
			3,019,654
Office Services & Supplies - 1.3%
Interface, Inc. Class A	92,310		1,087,873
Pitney Bowes, Inc.	86,300		1,953,832
Steelcase, Inc. Class A	110,800		928,504
			3,970,209

	Shares		Value
Security & Alarm Services - 1.2%
The Brink's Co.	81,324		$ 1,843,615
The Geo Group, Inc. (a)	86,800		1,831,480
			3,675,095
TOTAL COMMERCIAL SERVICES & SUPPLIES			12,331,558
CONSTRUCTION & ENGINEERING - 7.0%
Construction & Engineering - 7.0%
Fluor Corp.	127,019		5,959,731
Foster Wheeler AG (a)	134,669		3,233,403
Granite Construction, Inc.	82,700		2,452,055
Jacobs Engineering Group, Inc. (a)	76,808		3,207,502
KBR, Inc.	182,869		4,019,461
MasTec, Inc. (a)	107,815		1,253,888
MYR Group, Inc. (a)	70,400		1,160,896
			21,286,936
ELECTRICAL EQUIPMENT - 4.9%
Electrical Components & Equipment - 4.9%
AMETEK, Inc.	62,650		2,543,590
Cooper Industries PLC Class A	60,300		2,832,291
Fushi Copperweld, Inc. (a)	204,578		2,033,505
General Cable Corp. (a)	91,900		2,863,604
Prysmian SpA	74,900		1,157,397
Regal-Beloit Corp.	35,800		2,158,382
Zumtobel AG	85,304		1,406,323
			14,995,092
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Agilent Technologies, Inc. (a)	24,200		783,112
HOUSEHOLD DURABLES - 1.9%
Household Appliances - 1.9%
Stanley Black & Decker, Inc.	103,965		5,800,207
INDUSTRIAL CONGLOMERATES - 19.0%
Industrial Conglomerates - 19.0%
3M Co.	153,200		12,150,292
General Electric Co.	2,585,601		42,274,576
Textron, Inc.	181,000		3,741,270
			58,166,138
MACHINERY - 23.9%
Construction & Farm Machinery & Heavy Trucks - 11.6%
Bucyrus International, Inc. Class A	16,806		900,129
Caterpillar, Inc.	178,947		10,872,820
Cummins, Inc.	92,331		6,276,661
Deere & Co.	108,500		6,258,280
Joy Global, Inc.	19,300		984,300
MAN SE	11,307		970,710
Navistar International Corp. (a)	71,426		3,869,861
PACCAR, Inc.	132,783		5,444,103
			35,576,864
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - 12.3%
Actuant Corp. Class A	54,316		$ 1,098,270
Barnes Group, Inc.	89,721		1,679,577
Danaher Corp.	108,792		8,635,909
Harsco Corp.	27,207		740,302
Ingersoll-Rand Co. Ltd.	298,800		11,148,228
NSK Ltd.	217,000		1,588,531
SmartHeat, Inc. (a)(c)	303,637		1,894,695
SPX Corp.	64,000		3,782,400
The Weir Group PLC	52,500		709,103
Timken Co.	97,138		2,796,603
TriMas Corp. (a)	132,843		1,340,386
Weg SA	229,300		2,129,951
			37,543,955
TOTAL MACHINERY			73,120,819
PROFESSIONAL SERVICES - 1.7%
Human Resource & Employment Services - 0.5%
Manpower, Inc.	33,930		1,550,940
Research & Consulting Services - 1.2%
Begbies Traynor Group PLC	197,700		172,462
CRA International, Inc. (a)	44,633		991,745
Equifax, Inc.	82,700		2,501,675
			3,665,882
TOTAL PROFESSIONAL SERVICES			5,216,822
ROAD & RAIL - 8.4%
Railroads - 8.0%
America Latina Logistica SA unit	108,600		858,027
CSX Corp.	91,640		4,788,190
Norfolk Southern Corp.	108,425		6,121,676
Union Pacific Corp.	177,162		12,654,682
			24,422,575

	Shares		Value
Trucking - 0.4%
Saia, Inc. (a)	78,700		$ 1,178,139
TOTAL ROAD & RAIL			25,600,714
TRADING COMPANIES & DISTRIBUTORS - 3.3%
Trading Companies & Distributors - 3.3%
Interline Brands, Inc. (a)	114,323		2,276,171
Mills Estruturas e Servicos de Engenharia SA (a)	231,000		1,467,673
Rush Enterprises, Inc. Class A (a)	408,987		6,212,513
			9,956,357
TOTAL COMMON STOCKS (Cost $272,057,940)		303,512,495
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 0.23% (d)	5,623,619		5,623,619
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	2,043,900		2,043,900
TOTAL MONEY MARKET FUNDS (Cost $7,667,519)		7,667,519

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $279,725,459)

311,180,014

NET OTHER ASSETS - (1.7)%

(5,250,688)

NET ASSETS - 100%

$ 305,929,326

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,697
Fidelity Securities Lending Cash Central Fund	55,339
Total	$ 60,036

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $281,770,935. Net unrealized appreciation aggregated $29,409,079, of which $41,871,935 related to appreciated investment securities and $12,462,856 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Insurance Portfolio

May 31, 2010

1.802178.106

PRC-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
INSURANCE - 98.7%
Insurance Brokers - 4.9%
Aon Corp.	87,400		$ 3,449,678
CNinsure, Inc. ADR (c)	31,100		778,122
Willis Group Holdings PLC	113,200		3,466,184
			7,693,984
Life & Health Insurance - 36.0%
Aegon NV (a)	444,200		2,534,117
AFLAC, Inc.	175,500		7,774,650
Lincoln National Corp.	184,800		4,889,808
MetLife, Inc.	427,275		17,300,365
Prudential Financial, Inc.	159,200		9,187,432
StanCorp Financial Group, Inc.	88,700		3,795,473
Torchmark Corp.	90,000		4,637,700
Unum Group	273,400		6,315,540
			56,435,085
Multi-Line Insurance - 7.0%
Assurant, Inc.	53,200		1,846,040
Genworth Financial, Inc. Class A (a)	213,800		3,333,142
Hartford Financial Services Group, Inc.	91,800		2,301,426
Loews Corp.	109,400		3,556,594
			11,037,202
Property & Casualty Insurance - 45.1%
ACE Ltd.	183,749		9,033,101
Allstate Corp.	242,200		7,418,586
Amerisafe, Inc. (a)	43,644		737,584
Argo Group International Holdings, Ltd.	59,011		1,783,312
Assured Guaranty Ltd.	171,300		2,877,840
Axis Capital Holdings Ltd.	185,300		5,633,120
Berkshire Hathaway, Inc.:
Class A (a)	2		211,820
Class B (a)	299,469		21,127,537
Dongbu Insurance Co. Ltd.	33,870		932,596
Progressive Corp.	30,100		589,659
The Chubb Corp.	73,558		3,695,554
The Travelers Companies, Inc.	202,800		10,032,516
XL Capital Ltd. Class A	379,955		6,691,008
			70,764,233
Reinsurance - 5.7%
Everest Re Group Ltd.	46,000		3,343,280

	Shares		Value
Platinum Underwriters Holdings Ltd.	48,500		$ 1,785,285
Reinsurance Group of America, Inc.	79,100		3,715,327
			8,843,892
TOTAL INSURANCE			154,774,396
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Fidelity National Information Services, Inc.	12,200		335,744
THRIFTS & MORTGAGE FINANCE - 0.4%
Thrifts & Mortgage Finance - 0.4%
Genworth MI Canada, Inc.	26,700		637,115
TOTAL COMMON STOCKS (Cost $142,985,483)		155,747,255
Money Market Funds - 1.1%

Fidelity Cash Central Fund, 0.23% (d)	953,818		953,818
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	798,250		798,250
TOTAL MONEY MARKET FUNDS (Cost $1,752,068)		1,752,068

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $144,737,551)

157,499,323

NET OTHER ASSETS - (0.4)%			(670,796)
NET ASSETS - 100%		$ 156,828,527

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,385
Fidelity Securities Lending Cash Central Fund	2,735
Total	$ 5,120

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $149,256,924. Net unrealized appreciation aggregated $8,242,399, of which $15,186,864 related to appreciated investment securities and $6,944,465 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select IT Services Portfolio

May 31, 2010

1.802158.106

BSO-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.6%
Specialized Consumer Services - 0.6%
Coinstar, Inc. (a)	9,300		$ 499,038
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Technology Distributors - 0.5%
Digital China Holdings Ltd. (H Shares)	299,000		461,571
INTERNET SOFTWARE & SERVICES - 1.4%
Internet Software & Services - 1.4%
j2 Global Communications, Inc. (a)	53,500		1,237,990
IT SERVICES - 88.2%
Data Processing & Outsourced Services - 58.7%
Alliance Data Systems Corp. (a)(c)	85,248		6,023,624
Automatic Data Processing, Inc.	21,700		887,096
Cass Information Systems, Inc.	7,800		247,416
Convergys Corp. (a)	77,700		848,484
CSG Systems International, Inc. (a)	13,100		268,812
DST Systems, Inc.	8,600		329,552
Euronet Worldwide, Inc. (a)	126,400		1,662,160
ExlService Holdings, Inc. (a)	27,300		453,726
Fidelity National Information Services, Inc.	201,600		5,548,032
Fiserv, Inc. (a)	18,500		879,675
Genpact Ltd. (a)	159,500		2,693,955
Global Cash Access Holdings, Inc. (a)	13,800		110,262
Heartland Payment Systems, Inc.	52,200		857,646
Hewitt Associates, Inc. Class A (a)	24,100		897,725
infoGROUP, Inc. (a)	32,600		258,029
Lender Processing Services, Inc.	52,200		1,771,668
MasterCard, Inc. Class A	41,715		8,416,834
NeuStar, Inc. Class A (a)	24,500		524,055
Syntel, Inc.	56,900		1,902,736
Teletech Holdings, Inc. (a)	23,000		297,390
The Western Union Co.	141,200		2,253,552
TNS, Inc. (a)	116,700		2,244,141
VeriFone Holdings, Inc. (a)	89,000		1,796,020
Visa, Inc. Class A	113,912		8,254,064
WNS Holdings Ltd. sponsored ADR (a)	58,600		641,084
Wright Express Corp. (a)	57,800		1,814,920
			51,882,658
IT Consulting & Other Services - 29.5%
Accenture PLC Class A	205,200		7,699,104
Acxiom Corp. (a)	97,000		1,688,770
China Information Security Technology, Inc. (a)(c)	107,900		571,870
Ciber, Inc. (a)	34,500		102,810
Cognizant Technology Solutions Corp. Class A (a)	133,216		6,666,129
Computer Task Group, Inc. (a)	44,700		345,531
iGate Corp.	26,100		304,848
Integral Systems, Inc. (a)	121,500		831,060
International Business Machines Corp.	35,000		4,384,100
ManTech International Corp. Class A (a)	2,100		97,083

	Shares		Value
Maximus, Inc.	5,400		$ 323,460
NCI, Inc. Class A (a)	2,200		48,268
Ness Technologies, Inc. (a)	148,300		774,126
RightNow Technologies, Inc. (a)	18,700		272,085
SAIC, Inc. (a)	10,600		182,214
Sapient Corp.	65,700		666,855
SRA International, Inc. Class A (a)	13,400		289,038
Unisys Corp. (a)	11,820		274,224
Yucheng Technologies Ltd. (a)(c)	144,900		544,824
			26,066,399
TOTAL IT SERVICES			77,949,057
OFFICE ELECTRONICS - 1.8%
Office Electronics - 1.8%
Xerox Corp.	166,000		1,545,460
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
CRA International, Inc. (a)	3,700		82,214
SOFTWARE - 6.5%
Application Software - 6.5%
AsiaInfo Holdings, Inc. (a)	42,000		900,060
Epicor Software Corp. (a)	48,000		446,400
Longtop Financial Technologies Ltd. ADR (a)	32,450		1,067,281
Monotype Imaging Holdings, Inc. (a)	48,100		474,747
Pegasystems, Inc.	29,800		891,318
Ultimate Software Group, Inc. (a)	29,200		998,932
VanceInfo Technologies, Inc. ADR (a)	46,400		1,003,632
			5,782,370
WIRELESS TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
Syniverse Holdings, Inc. (a)	600		11,874
TOTAL COMMON STOCKS (Cost $80,581,793)		87,569,574
Money Market Funds - 9.7%

Fidelity Cash Central Fund, 0.23% (d)	1,562,008		1,562,008
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	7,020,503		7,020,503
TOTAL MONEY MARKET FUNDS (Cost $8,582,511)		8,582,511

TOTAL INVESTMENT PORTFOLIO - 108.8%

(Cost $89,164,304)

96,152,085

NET OTHER ASSETS - (8.8)%

(7,797,620)

NET ASSETS - 100%

$ 88,354,465

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 630
Fidelity Securities Lending Cash Central Fund	5,787
Total	$ 6,417

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $89,931,611. Net unrealized appreciation aggregated $6,220,474, of which $9,861,761 related to appreciated investment securities and $3,641,287 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Leisure Portfolio

May 31, 2010

1.802179.106

LEI-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Diversified Support Services - 0.2%
Viad Corp.	21,200		$ 490,992
DIVERSIFIED CONSUMER SERVICES - 15.0%
Education Services - 9.9%
American Public Education, Inc. (a)	6,700		273,963
Apollo Group, Inc. Class A (non-vtg.) (a)	129,100		6,862,956
Bridgepoint Education, Inc. (a)	29,600		638,472
Capella Education Co. (a)	7,100		609,961
Career Education Corp. (a)	122,400		3,427,200
Corinthian Colleges, Inc. (a)(c)	34,742		465,195
DeVry, Inc.	93,400		5,369,566
ITT Educational Services, Inc. (a)	33,600		3,391,584
Navitas Ltd.	268,531		1,075,356
Strayer Education, Inc. (c)	21,466		5,151,840
Universal Technical Institute, Inc.	42,400		1,040,920
			28,307,013
Specialized Consumer Services - 5.1%
Coinstar, Inc. (a)(c)	148,000		7,941,680
Matthews International Corp. Class A	600		19,428
Regis Corp.	1,400		25,746
Service Corp. International	2,900		24,766
Sotheby's Class A (ltd. vtg.)	2,001		65,033
Steiner Leisure Ltd. (a)	105,485		4,377,628
Stewart Enterprises, Inc. Class A	318,652		1,934,218
			14,388,499
TOTAL DIVERSIFIED CONSUMER SERVICES			42,695,512
FOOD & STAPLES RETAILING - 0.8%
Food Distributors - 0.8%
Sysco Corp.	76,700		2,286,427
FOOD PRODUCTS - 1.1%
Packaged Foods & Meats - 1.1%
TreeHouse Foods, Inc. (a)	69,973		3,225,755
HOTELS, RESTAURANTS & LEISURE - 81.9%
Casinos & Gaming - 16.1%
Ameristar Casinos, Inc. (c)	150,500		2,712,010
Aristocrat Leisure Ltd.	3		10
Bally Technologies, Inc. (a)	112,000		4,760,000
International Game Technology	331,200		6,481,584
Las Vegas Sands Corp. (a)(c)	307,800		7,227,144
Las Vegas Sands Corp. unit	11,700		4,627,584
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(c)	384,000		1,647,360

	Shares		Value
MGM Mirage, Inc. (a)	2,500		$ 31,150
Penn National Gaming, Inc. (a)	227,200		5,816,320
Shuffle Master, Inc. (a)	217,700		1,806,910
WMS Industries, Inc. (a)	233,600		10,822,688
Wynn Resorts Ltd.	2,300		192,924
			46,125,684
Hotels, Resorts & Cruise Lines - 17.7%
Carnival Corp. unit	336,800		12,202,264
Home Inns & Hotels Management, Inc. sponsored ADR (a)(c)	41,500		1,580,735
Marriott International, Inc. Class A	334,701		11,195,748
Orient Express Hotels Ltd. Class A (a)	800		8,072
Royal Caribbean Cruises Ltd. (a)(c)	55,620		1,612,980
Starwood Hotels & Resorts Worldwide, Inc.	246,300		11,391,375
Wyndham Worldwide Corp.	529,500		12,496,200
			50,487,374
Leisure Facilities - 0.9%
International Speedway Corp. Class A	116		3,235
Vail Resorts, Inc. (a)(c)	64,399		2,679,642
			2,682,877
Restaurants - 47.2%
Buffalo Wild Wings, Inc. (a)	34,561		1,275,301
Chipotle Mexican Grill, Inc. (a)	39,409		5,607,113
Darden Restaurants, Inc.	175,800		7,541,820
Denny's Corp. (a)	654		2,067
Dominos Pizza Enterprises Ltd.	40,600		187,969
Jack in the Box, Inc. (a)	43,722		981,122
McDonald's Corp.	941,700		62,971,478
P.F. Chang's China Bistro, Inc. (c)	40,900		1,777,923
Papa John's International, Inc. (a)	87,430		2,170,887
Red Robin Gourmet Burgers, Inc. (a)	227,260		4,683,829
Starbucks Corp.	926,400		23,984,496
The Cheesecake Factory, Inc. (a)	121,300		3,093,150
Wendy's/Arby's Group, Inc.	775		3,495
Yum! Brands, Inc.	499,400		20,450,430
			134,731,080
TOTAL HOTELS, RESTAURANTS & LEISURE			234,027,015
TOTAL COMMON STOCKS (Cost $226,239,073)		282,725,701

Convertible Bonds - 0.1%
	Principal Amount
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.1%
MGM Mirage, Inc. 4.25% 4/15/15 (d) (Cost $300,000)	$ 300,000	276,563

Money Market Funds - 7.6%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (e)	1,527,365		$ 1,527,365
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	20,230,927		20,230,927
TOTAL MONEY MARKET FUNDS (Cost $21,758,292)		21,758,292

TOTAL INVESTMENT PORTFOLIO - 106.7%

(Cost $248,297,365)

304,760,556

NET OTHER ASSETS - (6.7)%			(19,103,654)
NET ASSETS - 100%		$ 285,656,902

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,147
Fidelity Securities Lending Cash Central Fund	56,933
Total	$ 60,080

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 282,725,701	$ 278,098,117	$ 4,627,584	$ -
Convertible Bonds	276,563	-	276,563	-
Money Market Funds	21,758,292	21,758,292	-	-
Total Investments in Securities:	$ 304,760,556	$ 299,856,409	$ 4,904,147	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $250,821,908. Net unrealized appreciation aggregated $53,938,648, of which $59,329,766 related to appreciated investment securities and $5,391,118 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Materials Portfolio

May 31, 2010

1.802177.106

IND-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BUILDING PRODUCTS - 1.3%
Building Products - 1.3%
Masco Corp.	704,700		$ 9,407,745
CHEMICALS - 54.7%
Commodity Chemicals - 3.0%
Celanese Corp. Class A	699,706		20,060,571
Chemtrade Logistics Income Fund	150,400		1,696,414
			21,756,985
Diversified Chemicals - 22.1%
Ashland, Inc.	296,863		15,914,825
BASF AG	68,392		3,623,184
Dow Chemical Co.	2,299,818		61,888,103
E.I. du Pont de Nemours & Co.	1,582,709		57,246,585
FMC Corp.	177,400		10,741,570
Huntsman Corp.	703,600		7,021,928
Solutia, Inc. (a)	375,732		5,692,340
			162,128,535
Fertilizers & Agricultural Chemicals - 11.7%
CF Industries Holdings, Inc.	183,100		12,558,829
Israel Chemicals Ltd.	164,400		1,773,979
Monsanto Co.	1,057,656		53,802,961
The Mosaic Co.	326,550		15,076,814
Yara International ASA (c)	87,900		2,598,451
			85,811,034
Industrial Gases - 9.4%
Air Products & Chemicals, Inc.	271,500		18,749,790
Praxair, Inc.	646,441		50,163,822
			68,913,612
Specialty Chemicals - 8.5%
Albemarle Corp.	137,135		5,905,033
Ecolab, Inc.	336,549		15,895,209
Ferro Corp. (a)	1,348,479		12,149,796
Innophos Holdings, Inc.	332,700		9,495,258
Stepan Co.	33,500		2,416,355
Symrise AG	205,283		4,181,125
W.R. Grace & Co. (a)	469,900		12,043,537
			62,086,313
TOTAL CHEMICALS			400,696,479
CONSTRUCTION & ENGINEERING - 2.4%
Construction & Engineering - 2.4%
Fluor Corp.	121,700		5,710,164
Granite Construction, Inc.	260,777		7,732,038
KBR, Inc.	195,333		4,293,419
			17,735,621
CONSTRUCTION MATERIALS - 3.7%
Construction Materials - 3.7%
Cemex SA de CV sponsored ADR	798,600		8,648,838

	Shares		Value
HeidelbergCement AG	142,710		$ 7,749,052
Martin Marietta Materials, Inc. (c)	116,322		10,844,700
			27,242,590
CONTAINERS & PACKAGING - 8.6%
Metal & Glass Containers - 8.6%
Ball Corp.	260,932		12,850,901
Crown Holdings, Inc. (a)	504,299		11,856,069
Owens-Illinois, Inc. (a)	822,400		24,943,392
Pactiv Corp. (a)	465,896		13,315,308
			62,965,670
MACHINERY - 0.5%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Caterpillar, Inc.	61,653		3,746,036
METALS & MINING - 23.3%
Aluminum - 2.2%
Alcoa, Inc.	1,409,700		16,408,908
Diversified Metals & Mining - 5.8%
Anglo American PLC (United Kingdom) (a)	106,251		4,110,668
Freeport-McMoRan Copper & Gold, Inc.	390,965		27,387,098
Teck Resources Ltd. Class B (sub. vtg.)	135,000		4,727,264
Vale SA sponsored ADR	218,850		5,950,532
			42,175,562
Gold - 6.3%
AngloGold Ashanti Ltd. sponsored ADR	314,220		13,172,102
Newcrest Mining Ltd.	141,606		3,842,703
Newmont Mining Corp.	345,900		18,616,338
Randgold Resources Ltd. sponsored ADR	68,600		5,999,070
Yamana Gold, Inc.	405,200		4,411,185
			46,041,398
Steel - 9.0%
Allegheny Technologies, Inc. (c)	256,600		14,030,888
Carpenter Technology Corp.	277,900		10,813,089
Commercial Metals Co.	866,355		13,489,147
Jindal Steel & Power Ltd.	128,343		1,810,615
Nucor Corp.	250,700		10,792,635
Steel Dynamics, Inc.	670,401		9,834,783
Ternium SA sponsored ADR (a)(c)	159,200		5,420,760
			66,191,917
TOTAL METALS & MINING			170,817,785
OIL, GAS & CONSUMABLE FUELS - 1.3%
Coal & Consumable Fuels - 1.3%
Centennial Coal Co. Ltd.	1,067,333		3,670,067
Massey Energy Co.	114,800		3,802,176
PT Bumi Resources Tbk	7,939,500		1,752,285
			9,224,528
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 3.1%
Forest Products - 3.1%
Weyerhaeuser Co.	523,700		$ 22,299,146
TOTAL COMMON STOCKS (Cost $692,108,665)		724,135,600
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.23% (d)	4,441,600		4,441,600
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	19,312,725		19,312,725
TOTAL MONEY MARKET FUNDS (Cost $23,754,325)		23,754,325

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $715,862,990)

747,889,925

NET OTHER ASSETS - (2.1)%			(15,715,670)
NET ASSETS - 100%		$ 732,174,255

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,569
Fidelity Securities Lending Cash Central Fund	9,985
Total	$ 19,554

Other Information

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

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $723,454,937. Net unrealized appreciation aggregated $24,434,988, of which $82,225,391 related to appreciated investment securities and $57,790,403 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2010

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

1.851742.103

AMF-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BUILDING PRODUCTS - 1.3%
Building Products - 1.3%
Masco Corp.	704,700		$ 9,407,745
CHEMICALS - 54.7%
Commodity Chemicals - 3.0%
Celanese Corp. Class A	699,706		20,060,571
Chemtrade Logistics Income Fund	150,400		1,696,414
			21,756,985
Diversified Chemicals - 22.1%
Ashland, Inc.	296,863		15,914,825
BASF AG	68,392		3,623,184
Dow Chemical Co.	2,299,818		61,888,103
E.I. du Pont de Nemours & Co.	1,582,709		57,246,585
FMC Corp.	177,400		10,741,570
Huntsman Corp.	703,600		7,021,928
Solutia, Inc. (a)	375,732		5,692,340
			162,128,535
Fertilizers & Agricultural Chemicals - 11.7%
CF Industries Holdings, Inc.	183,100		12,558,829
Israel Chemicals Ltd.	164,400		1,773,979
Monsanto Co.	1,057,656		53,802,961
The Mosaic Co.	326,550		15,076,814
Yara International ASA (c)	87,900		2,598,451
			85,811,034
Industrial Gases - 9.4%
Air Products & Chemicals, Inc.	271,500		18,749,790
Praxair, Inc.	646,441		50,163,822
			68,913,612
Specialty Chemicals - 8.5%
Albemarle Corp.	137,135		5,905,033
Ecolab, Inc.	336,549		15,895,209
Ferro Corp. (a)	1,348,479		12,149,796
Innophos Holdings, Inc.	332,700		9,495,258
Stepan Co.	33,500		2,416,355
Symrise AG	205,283		4,181,125
W.R. Grace & Co. (a)	469,900		12,043,537
			62,086,313
TOTAL CHEMICALS			400,696,479
CONSTRUCTION & ENGINEERING - 2.4%
Construction & Engineering - 2.4%
Fluor Corp.	121,700		5,710,164
Granite Construction, Inc.	260,777		7,732,038
KBR, Inc.	195,333		4,293,419
			17,735,621
CONSTRUCTION MATERIALS - 3.7%
Construction Materials - 3.7%
Cemex SA de CV sponsored ADR	798,600		8,648,838

	Shares		Value
HeidelbergCement AG	142,710		$ 7,749,052
Martin Marietta Materials, Inc. (c)	116,322		10,844,700
			27,242,590
CONTAINERS & PACKAGING - 8.6%
Metal & Glass Containers - 8.6%
Ball Corp.	260,932		12,850,901
Crown Holdings, Inc. (a)	504,299		11,856,069
Owens-Illinois, Inc. (a)	822,400		24,943,392
Pactiv Corp. (a)	465,896		13,315,308
			62,965,670
MACHINERY - 0.5%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Caterpillar, Inc.	61,653		3,746,036
METALS & MINING - 23.3%
Aluminum - 2.2%
Alcoa, Inc.	1,409,700		16,408,908
Diversified Metals & Mining - 5.8%
Anglo American PLC (United Kingdom) (a)	106,251		4,110,668
Freeport-McMoRan Copper & Gold, Inc.	390,965		27,387,098
Teck Resources Ltd. Class B (sub. vtg.)	135,000		4,727,264
Vale SA sponsored ADR	218,850		5,950,532
			42,175,562
Gold - 6.3%
AngloGold Ashanti Ltd. sponsored ADR	314,220		13,172,102
Newcrest Mining Ltd.	141,606		3,842,703
Newmont Mining Corp.	345,900		18,616,338
Randgold Resources Ltd. sponsored ADR	68,600		5,999,070
Yamana Gold, Inc.	405,200		4,411,185
			46,041,398
Steel - 9.0%
Allegheny Technologies, Inc. (c)	256,600		14,030,888
Carpenter Technology Corp.	277,900		10,813,089
Commercial Metals Co.	866,355		13,489,147
Jindal Steel & Power Ltd.	128,343		1,810,615
Nucor Corp.	250,700		10,792,635
Steel Dynamics, Inc.	670,401		9,834,783
Ternium SA sponsored ADR (a)(c)	159,200		5,420,760
			66,191,917
TOTAL METALS & MINING			170,817,785
OIL, GAS & CONSUMABLE FUELS - 1.3%
Coal & Consumable Fuels - 1.3%
Centennial Coal Co. Ltd.	1,067,333		3,670,067
Massey Energy Co.	114,800		3,802,176
PT Bumi Resources Tbk	7,939,500		1,752,285
			9,224,528
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 3.1%
Forest Products - 3.1%
Weyerhaeuser Co.	523,700		$ 22,299,146
TOTAL COMMON STOCKS (Cost $692,108,665)		724,135,600
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.23% (d)	4,441,600		4,441,600
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	19,312,725		19,312,725
TOTAL MONEY MARKET FUNDS (Cost $23,754,325)		23,754,325

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $715,862,990)

747,889,925

NET OTHER ASSETS - (2.1)%			(15,715,670)
NET ASSETS - 100%		$ 732,174,255

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,569
Fidelity Securities Lending Cash Central Fund	9,985
Total	$ 19,554

Other Information

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

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Medical Delivery Portfolio

May 31, 2010

1.802180.106

MED-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Nanosphere, Inc. (a)	175,350		$ 962,672
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9%
Electronic Equipment & Instruments - 0.9%
Agilent Technologies, Inc. (a)	113,000		3,656,680
FOOD & STAPLES RETAILING - 1.3%
Drug Retail - 1.3%
CVS Caremark Corp.	56,983		1,973,321
Walgreen Co.	105,800		3,389,832
			5,363,153
HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%
Health Care Equipment - 2.3%
CareFusion Corp. (a)	212,200		5,394,124
Intuitive Surgical, Inc. (a)	12,600		4,066,902
Natus Medical, Inc. (a)	1,000		16,550
			9,477,576
Health Care Supplies - 0.2%
RTI Biologics, Inc. (a)	251,324		894,713
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			10,372,289
HEALTH CARE PROVIDERS & SERVICES - 84.8%
Health Care Distributors & Services - 12.2%
AmerisourceBergen Corp.	549,400		17,185,232
Cardinal Health, Inc.	56,300		1,941,787
Henry Schein, Inc. (a)	17,700		998,457
McKesson Corp.	435,800		30,506,000
			50,631,476
Health Care Facilities - 7.3%
Brookdale Senior Living, Inc. (a)	334,000		5,875,060
Community Health Systems, Inc. (a)	99,800		3,890,204
Hanger Orthopedic Group, Inc. (a)	145,000		2,472,250
LifePoint Hospitals, Inc. (a)	45,000		1,597,050
Sunrise Senior Living, Inc. (a)(c)	477,100		2,037,217
Tenet Healthcare Corp. (a)	793,100		4,536,532
Universal Health Services, Inc. Class B	241,200		10,222,056
			30,630,369
Health Care Services - 33.0%
Accretive Health, Inc.	354,700		4,600,459
Catalyst Health Solutions, Inc. (a)	266,000		10,185,140
Emergency Medical Services Corp. Class A (a)	100,400		5,378,428
Express Scripts, Inc. (a)	492,900		49,585,740
Health Grades, Inc. (a)	490,869		3,328,092
IPC The Hospitalist Co., Inc. (a)	35,000		1,024,450
Laboratory Corp. of America Holdings (a)	14,800		1,119,028
Lincare Holdings, Inc.	81,900		3,834,558
Medco Health Solutions, Inc. (a)	868,341		50,059,859

	Shares		Value
Quest Diagnostics, Inc.	12,500		$ 659,375
Rural/Metro Corp. (a)	136,066		942,937
Team Health Holdings, Inc.	493,400		6,320,454
			137,038,520
Managed Health Care - 32.3%
Aetna, Inc.	663,556		19,349,293
Centene Corp. (a)	169,300		3,863,426
CIGNA Corp.	586,000		19,613,420
Health Net, Inc. (a)	460,500		11,351,325
Humana, Inc. (a)	330,272		15,209,026
Triple-S Management Corp. (a)	75,000		1,373,250
UnitedHealth Group, Inc.	1,390,297		40,415,934
WellPoint, Inc. (a)	449,200		23,043,960
			134,219,634
TOTAL HEALTH CARE PROVIDERS & SERVICES			352,519,999
HEALTH CARE TECHNOLOGY - 4.0%
Health Care Technology - 4.0%
Allscripts-Misys Healthcare Solutions, Inc. (a)	122,600		2,306,106
Cerner Corp. (a)	74,200		6,211,282
SXC Health Solutions Corp. (a)	110,300		8,181,332
			16,698,720
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
WebMD Health Corp. (a)	8,400		382,452
LIFE SCIENCES TOOLS & SERVICES - 3.9%
Life Sciences Tools & Services - 3.9%
Covance, Inc. (a)	50,900		2,685,484
Illumina, Inc. (a)	109,400		4,599,176
Life Technologies Corp. (a)	112,300		5,621,738
QIAGEN NV (a)	86,200		1,817,096
Thermo Fisher Scientific, Inc. (a)	24,800		1,291,088
			16,014,582
TOTAL COMMON STOCKS (Cost $331,720,334)		405,970,547
Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	10,533,512		$ 10,533,512
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	348,650		348,650
TOTAL MONEY MARKET FUNDS (Cost $10,882,162)		10,882,162

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $342,602,496)

416,852,709

NET OTHER ASSETS - (0.3)%

(1,259,089)

NET ASSETS - 100%

$ 415,593,620

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,600
Fidelity Securities Lending Cash Central Fund	3,100
Total	$ 6,700

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $349,531,150. Net unrealized appreciation aggregated $67,321,559, of which $82,726,097 related to appreciated investment securities and $15,404,538 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Medical Equipment and
Systems Portfolio

May 31, 2010

1.802181.106

MES-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares	Value
BIOTECHNOLOGY - 0.6%
Biotechnology - 0.6%
Myriad Genetics, Inc. (a)	420,000	$ 7,665,000
ELECTRONIC EQUIPMENT & COMPONENTS - 2.0%
Electronic Equipment & Instruments - 2.0%
Agilent Technologies, Inc. (a)	850,000	27,506,000
HEALTH CARE EQUIPMENT & SUPPLIES - 73.1%
Health Care Equipment - 68.0%
Abiomed, Inc. (a)	380,000	3,705,000
American Medical Systems Holdings, Inc. (a)	1,280,000	28,876,800
Angiodynamics, Inc. (a)	700,000	10,339,000
ArthroCare Corp. (a)	440,000	12,940,400
Baxter International, Inc.	935,000	39,485,050
Beckman Coulter, Inc.	50,000	2,872,000
C. R. Bard, Inc.	1,000,000	80,970,000
CareFusion Corp. (a)	1,500,000	38,130,000
Conceptus, Inc. (a)(c)	550,000	9,179,500
Covidien PLC	3,100,000	131,409,000
Edwards Lifesciences Corp. (a)	1,000,000	50,530,000
ev3, Inc. (a)	1,096,600	20,747,672
Fisher & Paykel Healthcare Corp.	5,000,000	11,003,850
Genmark Diagnostics, Inc.	41,000	221,400
HeartWare International, Inc. CDI unit (a)	8,000,000	12,976,896
Hill-Rom Holdings, Inc.	1,350,000	37,638,000
Hologic, Inc. (a)	2,500,000	37,250,000
Hospira, Inc. (a)	400,000	20,824,000
Integra LifeSciences Holdings Corp. (a)	475,000	18,715,000
Intuitive Surgical, Inc. (a)	100,000	32,277,000
Kinetic Concepts, Inc. (a)	400,000	16,560,000
Mako Surgical Corp. (a)(c)	306,500	4,036,605
Masimo Corp.	550,000	12,177,000
Medtronic, Inc.	1,950,000	76,401,000
Micrus Endovascular Corp. (a)	650,000	11,232,000
NuVasive, Inc. (a)(c)	441,397	17,333,660
Orthofix International NV (a)	300,000	9,567,000
Orthovita, Inc. (a)	3,134,932	9,733,964
Osmetech PLC (a)	75,000,000	2,426,196
SenoRx, Inc. (a)	800,000	8,688,000
Sonova Holding AG Class B	180,000	19,523,892
St. Jude Medical, Inc. (a)	1,280,000	47,795,200
Stryker Corp.	800,000	42,424,000
TomoTherapy, Inc. (a)	1,300,000	4,095,000
Varian Medical Systems, Inc. (a)	450,000	22,540,500

	Shares	Value
Volcano Corp. (a)	600,000	$ 13,314,000
Wright Medical Group, Inc. (a)	500,000	8,215,000
		926,153,585
Health Care Supplies - 5.1%
AGA Medical Holdings, Inc.	350,000	4,921,000
Cooper Companies, Inc.	550,000	20,273,000
DENTSPLY International, Inc.	575,000	18,647,250
Inverness Medical Innovations, Inc. (a)(c)	280,000	9,746,800
OraSure Technologies, Inc. (a)	1,250,000	5,650,000
RTI Biologics, Inc. (a)(d)	2,977,000	10,598,120
		69,836,170
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		995,989,755
HEALTH CARE PROVIDERS & SERVICES - 7.9%
Health Care Distributors & Services - 2.3%
Henry Schein, Inc. (a)	400,000	22,564,000
PSS World Medical, Inc. (a)	400,000	9,164,000
		31,728,000
Health Care Facilities - 0.5%
Hanger Orthopedic Group, Inc. (a)	400,000	6,820,000
Health Care Services - 5.1%
Express Scripts, Inc. (a)	280,000	28,168,000
Medco Health Solutions, Inc. (a)	700,000	40,355,000
		68,523,000
TOTAL HEALTH CARE PROVIDERS & SERVICES		107,071,000
HEALTH CARE TECHNOLOGY - 2.7%
Health Care Technology - 2.7%
Allscripts-Misys Healthcare Solutions, Inc. (a)	1,100,000	20,691,000
Cerner Corp. (a)	200,000	16,742,000
		37,433,000
LIFE SCIENCES TOOLS & SERVICES - 10.5%
Life Sciences Tools & Services - 10.5%
Covance, Inc. (a)	400,000	21,104,000
Illumina, Inc. (a)(c)	1,163,300	48,905,132
PAREXEL International Corp. (a)	460,000	10,260,300
PerkinElmer, Inc.	650,000	14,748,500
QIAGEN NV (a)(c)	1,450,000	30,566,000
Waters Corp. (a)	250,000	17,110,000
		142,693,932
PHARMACEUTICALS - 1.9%
Pharmaceuticals - 1.9%
Allergan, Inc.	440,000	26,483,600

TOTAL COMMON STOCKS

(Cost $1,237,484,824)

1,344,842,287

Money Market Funds - 3.2%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (e)	10,935,480		$ 10,935,480
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	33,154,200		33,154,200
TOTAL MONEY MARKET FUNDS (Cost $44,089,680)		44,089,680

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $1,281,574,504)

1,388,931,967

NET OTHER ASSETS - (1.9)%

(26,488,519)

NET ASSETS - 100%

$ 1,362,443,448

Legend

(a) Non-income producing

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

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,118
Fidelity Securities Lending Cash Central Fund	37,063
Total	$ 51,181

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
RTI Biologics, Inc.	$ 7,481,250	$ 4,027,244	$ -	$ -	$ 10,598,120
Total	$ 7,481,250	$ 4,027,244	$ -	$ -	$ 10,598,120

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,344,842,287	$ 1,342,416,091	$ 2,426,196	$ -
Money Market Funds	44,089,680	44,089,680	-	-
Total Investments in Securities:	$ 1,388,931,967	$ 1,386,505,771	$ 2,426,196	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,295,834,609. Net unrealized appreciation aggregated $93,097,358, of which $163,728,627 related to appreciated investment securities and $70,631,269 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Multimedia Portfolio

May 31, 2010

1.802182.106

BAM-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.5%
Communications Equipment - 0.5%
Juniper Networks, Inc. (a)	22,500		$ 598,950
INTERNET & CATALOG RETAIL - 0.6%
Catalog Retail - 0.2%
Liberty Media Corp. Interactive Series A (a)	18,900		245,133
Internet Retail - 0.4%
B2W Companhia Global Do Varejo	17,700		294,741
DeNA Co. Ltd.	10,500		316,677
			611,418
TOTAL INTERNET & CATALOG RETAIL			856,551
INTERNET SOFTWARE & SERVICES - 4.1%
Internet Software & Services - 4.1%
AOL, Inc. (a)	142		2,929
Baidu.com, Inc. sponsored ADR (a)	11,000		805,310
eBay, Inc. (a)	20,100		430,341
Google, Inc. Class A (a)	1,450		703,511
GREE, Inc.	6,800		458,234
Monster Worldwide, Inc. (a)(c)	19,700		291,363
NHN Corp. (a)	1,215		175,864
OpenTable, Inc. (c)	22,500		929,925
Rackspace Hosting, Inc. (a)	34,500		607,200
Sina Corp. (a)	6,400		239,168
Tencent Holdings Ltd.	35,700		688,655
			5,332,500
MEDIA - 92.1%
Advertising - 6.0%
Arbitron, Inc.	200		6,092
CyberAgent, Inc. (c)	2		3,189
Interpublic Group of Companies, Inc. (a)	197,100		1,645,785
Lamar Advertising Co. Class A (a)	43,600		1,284,892
National CineMedia, Inc.	83,300		1,456,917
Omnicom Group, Inc.	91,000		3,453,450
			7,850,325
Broadcasting - 6.8%
Belo Corp. Series A	258,400		1,878,568
CBS Corp. Class B	63,700		927,472
CTC Media, Inc.	34,700		507,661
Discovery Communications, Inc. (a)	63,950		2,408,357
Discovery Communications, Inc. Class C (a)	72,450		2,299,563
Grupo Televisa SA de CV (CPO) sponsored ADR	100		1,859
LIN TV Corp. Class A (a)	128,400		843,588
			8,867,068

	Shares		Value
Cable & Satellite - 38.0%
Cablevision Systems Corp. - NY Group Class A	126,700		$ 3,143,427
Comcast Corp.:
Class A	561,150		10,151,204
Class A (special) (non-vtg.)	107,900		1,858,038
DIRECTV (a)	297,713		11,220,803
DISH Network Corp. Class A	92,000		1,918,200
Knology, Inc. (a)	30,400		363,584
Liberty Global, Inc.:
Class A (a)(c)	85,575		2,207,835
Class C (a)	85,200		2,186,232
Liberty Media Corp.:
Capital Series A (a)	32,900		1,383,774
Starz Series A (a)	29,350		1,535,592
Naspers Ltd. Class N	6,700		262,590
Net Servicos de Comunicacao SA sponsored ADR (a)	43,300		442,526
Scripps Networks Interactive, Inc. Class A	50,800		2,295,144
Sirius XM Radio, Inc. (a)	1,575,160		1,622,415
Time Warner Cable, Inc.	114,069		6,242,996
Virgin Media, Inc.	161,200		2,604,992
			49,439,352
Movies & Entertainment - 35.0%
Cinemark Holdings, Inc.	36,700		586,833
Cinemax India Ltd.	1,760		1,885
DreamWorks Animation SKG, Inc. Class A (a)	47,700		1,416,213
Lions Gate Entertainment Corp. (a)	25,300		172,040
Live Nation Entertainment, Inc. (a)	112,300		1,373,429
Madison Square Garden, Inc. Class A (a)	3,075		64,790
News Corp.:
Class A	411,382		5,430,242
Class B	1,300		19,968
Regal Entertainment Group Class A	71,000		1,082,040
The Walt Disney Co.	562,804		18,808,909
Time Warner, Inc.	312,766		9,692,618
Viacom, Inc. Class B (non-vtg.) (a)	186,300		6,261,543
Warner Music Group Corp. (a)	107,100		650,097
			45,560,607
Publishing - 6.3%
Gannett Co., Inc.	82,000		1,274,280
Martha Stewart Living Omnimedia, Inc. Class A (a)(c)	45,600		273,600
McGraw-Hill Companies, Inc.	95,800		2,663,240
The New York Times Co. Class A (a)	78,300		726,624
Valassis Communications, Inc. (a)	54,600		1,993,992
Washington Post Co. Class B	2,600		1,210,898
			8,142,634
TOTAL MEDIA			119,859,986
Common Stocks - continued
	Shares		Value
SOFTWARE - 0.8%
Home Entertainment Software - 0.7%
Activision Blizzard, Inc.	35,000		$ 376,250
Take-Two Interactive Software, Inc. (a)(c)	44,400		513,708
			889,958
Systems Software - 0.1%
Rovi Corp. (a)	3,300		123,222
TOTAL SOFTWARE			1,013,180
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
Vivo Participacoes SA sponsored ADR	30,300		827,796
TOTAL COMMON STOCKS (Cost $117,224,092)		128,488,963
Money Market Funds - 4.3%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	1,390,153		$ 1,390,153
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	4,135,903		4,135,903
TOTAL MONEY MARKET FUNDS (Cost $5,526,056)		5,526,056

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $122,750,148)

134,015,019

NET OTHER ASSETS - (3.0)%			(3,875,720)
NET ASSETS - 100%		$ 130,139,299

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,022
Fidelity Securities Lending Cash Central Fund	2,671
Total	$ 4,693

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $123,697,412. Net unrealized appreciation aggregated $10,317,607, of which $16,723,151 related to appreciated investment securities and $6,405,544 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Natural Gas Portfolio

May 31, 2010

1.802183.106

GAS-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
ELECTRIC UTILITIES - 0.9%
Electric Utilities - 0.9%
Entergy Corp.	62,600		$ 4,699,382
FirstEnergy Corp.	35,300		1,242,914
Great Plains Energy, Inc.	153,700		2,697,435
			8,639,731
ELECTRICAL EQUIPMENT - 1.5%
Electrical Components & Equipment - 1.5%
First Solar, Inc. (a)(c)	74,100		8,325,876
JA Solar Holdings Co. Ltd. ADR (a)	250,000		1,217,500
Renewable Energy Corp. ASA (a)(c)	826,432		2,025,011
SunPower Corp.:
Class A (a)	34,800		460,404
Class B (a)	189,400		2,195,146
			14,223,937
ENERGY EQUIPMENT & SERVICES - 22.3%
Oil & Gas Drilling - 9.1%
Atwood Oceanics, Inc. (a)	238,090		6,464,144
Diamond Offshore Drilling, Inc. (c)	5,000		315,500
Ensco International Ltd. ADR	537,000		20,083,800
Helmerich & Payne, Inc.	244,015		9,194,485
Nabors Industries Ltd. (a)	719,882		13,699,354
Noble Corp.	64,000		1,860,480
Patterson-UTI Energy, Inc.	824,800		11,571,944
Pride International, Inc. (a)	255,700		6,333,689
Scorpion Offshore Ltd. (a)	250,000		1,558,512
Seadrill Ltd. (c)	206,500		3,986,573
Transocean Ltd. (a)	155,827		8,846,299
			83,914,780
Oil & Gas Equipment & Services - 13.2%
Baker Hughes, Inc.	470,529		17,945,976
Cameron International Corp. (a)	640,144		23,173,213
FMC Technologies, Inc. (a)	159,900		9,298,185
Halliburton Co.	854,900		21,227,167
National Oilwell Varco, Inc.	318,156		12,131,288
Newpark Resources, Inc. (a)	300,000		1,926,000
OSX Brasil SA	5,100		1,413,091
Schlumberger Ltd.	96,200		5,401,630
Smith International, Inc.	201,100		7,553,316
TSC Offshore Group Ltd. (a)	3,462,000		573,562
Weatherford International Ltd. (a)	1,423,700		20,102,644
			120,746,072
TOTAL ENERGY EQUIPMENT & SERVICES			204,660,852
GAS UTILITIES - 1.3%
Gas Utilities - 1.3%
China Gas Holdings Ltd.	1,000,000		497,020
China Resources Gas Group Ltd.	2,354,000		2,941,593

	Shares		Value
Questar Corp.	50,000		$ 2,243,000
Xinao Gas Holdings Ltd.	2,382,000		6,317,207
			11,998,820
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.5%
Independent Power Producers & Energy Traders - 0.5%
NRG Energy, Inc. (a)	141,900		3,313,365
RRI Energy, Inc. (a)	186,600		824,772
			4,138,137
METALS & MINING - 0.3%
Diversified Metals & Mining - 0.3%
Globe Specialty Metals, Inc.	66,100		771,387
Grande Cache Coal Corp. (a)	100,000		557,738
Ivanhoe Mines Ltd. (a)	100,000		1,456,636
			2,785,761
MULTI-UTILITIES - 0.3%
Multi-Utilities - 0.3%
CMS Energy Corp.	44,200		648,856
Sempra Energy	43,500		2,001,000
			2,649,856
OIL, GAS & CONSUMABLE FUELS - 67.8%
Coal & Consumable Fuels - 2.7%
Arch Coal, Inc.	75,008		1,616,422
China Coal Energy Co. Ltd. (H Shares)	3,321,000		4,555,158
China Shenhua Energy Co. Ltd. (H Shares)	1,395,000		5,625,578
Evergreen Energy, Inc. (a)	4,517,715		862,884
Massey Energy Co.	285,500		9,455,760
Peabody Energy Corp.	29,200		1,137,632
PT Bumi Resources Tbk	8,637,000		1,906,227
			25,159,661
Integrated Oil & Gas - 2.2%
Chevron Corp.	14,100		1,041,567
ConocoPhillips	208,100		10,792,066
Exxon Mobil Corp.	107,000		6,469,220
InterOil Corp. (a)(c)	40,000		1,971,200
			20,274,053
Oil & Gas Exploration & Production - 55.6%
Anadarko Petroleum Corp.	1,364,000		71,378,120
Apache Corp.	12,500		1,119,250
Chesapeake Energy Corp.	4,131,450		92,296,592
Compton Petroleum Corp. (a)	2,989,800		2,206,177
Concho Resources, Inc. (a)	15,000		780,750
Denbury Resources, Inc. (a)	3,945,775		64,907,999
Devon Energy Corp.	2,200		140,470
EOG Resources, Inc.	63,300		6,636,372
EXCO Resources, Inc.	312,400		5,388,900
Iteration Energy Ltd. (a)	500,000		761,859
Niko Resources Ltd.	25,000		2,503,354
Noble Energy, Inc.	21,000		1,249,290
Painted Pony Petroleum Ltd. (a)(e)	11,400		66,095
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Painted Pony Petroleum Ltd. Class A (a)	138,600		$ 803,575
Petrobank Energy & Resources Ltd. (a)	67,300		2,904,187
Petrohawk Energy Corp. (a)	1,463,572		28,144,490
Pioneer Natural Resources Co.	121,200		7,720,440
Plains Exploration & Production Co. (a)	3,355,960		74,166,716
Range Resources Corp.	986,300		44,334,185
Southwestern Energy Co. (a)	1,223,000		45,997,030
St. Mary Land & Exploration Co.	141,900		6,135,756
Ultra Petroleum Corp. (a)	711,019		32,721,094
Venoco, Inc. (a)	36,695		530,977
Whiting Petroleum Corp. (a)	170,700		14,289,297
XTO Energy, Inc.	81,675		3,490,790
			510,673,765
Oil & Gas Refining & Marketing - 3.3%
Frontier Oil Corp.	660,000		9,180,600
Holly Corp.	166,000		4,299,400
Petroplus Holdings AG	256,240		3,713,173
Tesoro Corp.	133,046		1,556,638
Valero Energy Corp.	446,100		8,333,148
Western Refining, Inc. (a)(c)	635,800		3,344,308
			30,427,267
Oil & Gas Storage & Transport - 4.0%
Atlas Pipeline Partners, LP	200,000		2,140,000
Copano Energy LLC	468,351		11,488,650
Markwest Energy Partners LP	230,500		6,746,735
Quicksilver Gas Services LP (d)	884,600		16,126,258
			36,501,643
TOTAL OIL, GAS & CONSUMABLE FUELS			623,036,389
TOTAL COMMON STOCKS (Cost $1,099,999,788)		872,133,483
Convertible Preferred Stocks - 1.7%

OIL, GAS & CONSUMABLE FUELS - 1.7%
Oil & Gas Exploration & Production - 1.7%
SandRidge Energy, Inc. 8.50% (Cost $14,065,920)	148,000		15,144,840

Convertible Bonds - 3.3%
	Principal Amount		Value
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
SunPower Corp. 4.75% 4/15/14	$ 550,000		$ 436,535
OIL, GAS & CONSUMABLE FUELS - 3.2%
Oil & Gas Exploration & Production - 3.2%
Chesapeake Energy Corp. 2.5% 5/15/37	37,160,000		29,835,764
TOTAL CONVERTIBLE BONDS (Cost $23,869,522)		30,272,299

Money Market Funds - 2.0%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(f) (Cost $18,719,066)	18,719,066	18,719,066

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $1,156,654,296)

936,269,688

NET OTHER ASSETS - (1.9)%

(17,160,740)

NET ASSETS - 100%

$ 919,108,948

Legend

(a) Non-income producing

(b) 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 end of the period, the value of these securities amounted to $66,095 or 0.0% of net assets.

(f) 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.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 983
Fidelity Securities Lending Cash Central Fund	118,117
Total	$ 119,100

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Quicksilver Gas Services LP	$ 7,280,514	$ 9,215,750	$ 533,564	$ -	$ 16,126,258
Total	$ 7,280,514	$ 9,215,750	$ 533,564	$ -	$ 16,126,258

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 872,133,483	$ 872,133,483	$ -	$ -
Convertible Preferred Stocks	15,144,840	-	15,144,840	-
Convertible Bonds	30,272,299	-	30,272,299	-
Money Market Funds	18,719,066	18,719,066	-	-
Total Investments in Securities:	$ 936,269,688	$ 890,852,549	$ 45,417,139	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,209,513,016. Net unrealized depreciation aggregated $273,243,328, of which $57,269,457 related to appreciated investment securities and $330,512,785 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Natural Resources Portfolio

May 31, 2010

1.802184.106

NAT-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CHEMICALS - 0.4%
Commodity Chemicals - 0.4%
Calgon Carbon Corp. (a)	61,400		$ 913,018
Methanex Corp.	213,200		4,447,881
			5,360,899
CONSTRUCTION & ENGINEERING - 2.8%
Construction & Engineering - 2.8%
Fluor Corp.	157,500		7,389,900
Foster Wheeler AG (a)	140,200		3,366,202
Jacobs Engineering Group, Inc. (a)	270,400		11,291,904
KBR, Inc.	666,300		14,645,274
			36,693,280
CONTAINERS & PACKAGING - 3.3%
Metal & Glass Containers - 2.8%
Ball Corp.	130,700		6,436,975
Crown Holdings, Inc. (a)	420,300		9,881,253
Owens-Illinois, Inc. (a)	529,500		16,059,735
Pactiv Corp. (a)	139,800		3,995,484
			36,373,447
Paper Packaging - 0.5%
Temple-Inland, Inc.	293,300		6,197,429
TOTAL CONTAINERS & PACKAGING			42,570,876
ELECTRICAL EQUIPMENT - 0.7%
Electrical Components & Equipment - 0.7%
centrotherm photovoltaics AG (a)	57,100		1,839,851
First Solar, Inc. (a)(c)	56,500		6,348,340
SunPower Corp. Class B (a)	133,700		1,549,583
			9,737,774
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Itron, Inc. (a)	59,500		3,966,270
ENERGY EQUIPMENT & SERVICES - 20.7%
Oil & Gas Drilling - 5.4%
Ensco International Ltd. ADR	213,200		7,973,680
Helmerich & Payne, Inc.	217,900		8,210,472
Hercules Offshore, Inc. (a)	571,594		1,783,373
Nabors Industries Ltd. (a)	934,900		17,791,147
Noble Corp.	380,800		11,069,856
Northern Offshore Ltd. (a)	2,365,000		4,390,131
Patterson-UTI Energy, Inc.	426,000		5,976,780
Transocean Ltd. (a)	237,400		13,477,198
			70,672,637
Oil & Gas Equipment & Services - 15.3%
Baker Hughes, Inc.	808,680		30,843,055
Cameron International Corp. (a)	233,400		8,449,080
Core Laboratories NV (c)	68,100		9,260,238
Dresser-Rand Group, Inc. (a)	87,200		2,775,576

	Shares		Value
Global Industries Ltd. (a)	140,100		$ 731,322
Halliburton Co.	839,500		20,844,785
National Oilwell Varco, Inc.	482,558		18,399,937
Oceaneering International, Inc. (a)	122,500		5,668,075
Schlumberger Ltd.	1,131,452		63,531,030
Smith International, Inc.	707,900		26,588,724
TSC Offshore Group Ltd. (a)	3,250,000		538,439
Weatherford International Ltd. (a)	563,980		7,963,398
Willbros Group, Inc. (a)	402,700		3,741,083
			199,334,742
TOTAL ENERGY EQUIPMENT & SERVICES			270,007,379
FOOD PRODUCTS - 1.1%
Agricultural Products - 1.1%
Bunge Ltd.	222,400		10,844,224
Corn Products International, Inc.	124,200		4,142,070
			14,986,294
GAS UTILITIES - 0.3%
Gas Utilities - 0.3%
Questar Corp.	48,700		2,184,682
Zhongyu Gas Holdings Ltd. (a)	12,744,000		1,292,993
			3,477,675
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.3%
Independent Power Producers & Energy Traders - 0.3%
NRG Energy, Inc. (a)	159,070		3,714,285
METALS & MINING - 13.2%
Aluminum - 0.2%
Alcoa, Inc.	285,100		3,318,564
Diversified Metals & Mining - 3.9%
Compass Minerals International, Inc.	56,066		4,253,167
Freeport-McMoRan Copper & Gold, Inc.	398,967		27,947,638
Teck Resources Ltd. Class B (sub. vtg.)	433,400		15,176,268
Thompson Creek Metals Co., Inc. (a)	315,600		3,224,050
			50,601,123
Gold - 9.1%
Agnico-Eagle Mines Ltd. (Canada)	34,100		2,026,066
AngloGold Ashanti Ltd. sponsored ADR	218,300		9,151,136
Barrick Gold Corp. (c)	539,400		22,821,763
Gold Fields Ltd. sponsored ADR	200,100		2,751,375
Goldcorp, Inc.	355,200		15,484,473
Harmony Gold Mining Co. Ltd. sponsored ADR	607,000		5,875,760
IAMGOLD Corp.	730,200		12,819,611
Kinross Gold Corp.	309,467		5,433,096
Lihir Gold Ltd.	3,274,127		11,009,262
Newcrest Mining Ltd.	433,648		11,767,725
Newmont Mining Corp.	204,400		11,000,808
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Gold - continued
Randgold Resources Ltd. sponsored ADR	33,600		$ 2,938,320
Yamana Gold, Inc.	547,200		5,957,060
			119,036,455
TOTAL METALS & MINING			172,956,142
OIL, GAS & CONSUMABLE FUELS - 56.3%
Coal & Consumable Fuels - 4.5%
Alpha Natural Resources, Inc. (a)	492,614		18,901,599
Arch Coal, Inc.	514,000		11,076,700
Cloud Peak Energy, Inc.	158,100		2,333,556
CONSOL Energy, Inc.	221,200		8,069,376
International Coal Group, Inc. (a)	156,700		678,511
Massey Energy Co.	537,700		17,808,624
			58,868,366
Integrated Oil & Gas - 24.3%
Chevron Corp.	954,200		70,486,754
Exxon Mobil Corp.	1,345,000		81,318,696
Marathon Oil Corp.	1,914,500		59,521,805
Occidental Petroleum Corp.	566,000		46,700,660
Suncor Energy, Inc.	1,469,952		45,781,926
Total SA sponsored ADR	288,000		13,429,440
			317,239,281
Oil & Gas Exploration & Production - 22.5%
Anadarko Petroleum Corp.	610,200		31,931,766
Apache Corp.	65,600		5,873,824
Berry Petroleum Co. Class A	124,700		3,833,278
Cabot Oil & Gas Corp.	494,100		17,140,329
Canadian Natural Resources Ltd. (c)	1,078,300		38,492,262
Devon Energy Corp.	98,600		6,295,610
EXCO Resources, Inc.	832,450		14,359,763
Newfield Exploration Co. (a)	465,200		24,218,312
Nexen, Inc.	501,600		11,296,215
Niko Resources Ltd.	35,200		3,524,723
Painted Pony Petroleum Ltd. Class A (a)	278,300		1,613,527
Petrobank Energy & Resources Ltd. (a)	47,300		2,041,130
Petrohawk Energy Corp. (a)	1,383,340		26,601,628
Pioneer Natural Resources Co.	115,100		7,331,870
Southwestern Energy Co. (a)	1,323,300		49,769,313
Talisman Energy, Inc.	806,300		13,908,385
Ultra Petroleum Corp. (a)	236,100		10,865,322
Whiting Petroleum Corp. (a)	284,600		23,823,866
			292,921,123
Oil & Gas Refining & Marketing - 5.0%
CVR Energy, Inc. (a)	337,000		2,547,720

	Shares		Value
Frontier Oil Corp.	1,068,827		$ 14,867,384
Holly Corp.	534,200		13,835,780
Petroplus Holdings AG	122,930		1,781,378
Sunoco, Inc.	273,800		8,178,406
Tesoro Corp.	360,500		4,217,850
Valero Energy Corp.	979,200		18,291,456
Western Refining, Inc. (a)	343,002		1,804,191
			65,524,165
TOTAL OIL, GAS & CONSUMABLE FUELS			734,552,935
PAPER & FOREST PRODUCTS - 0.2%
Paper Products - 0.2%
Domtar Corp.	41,900		2,564,280
TOTAL COMMON STOCKS (Cost $1,346,647,229)		1,300,588,089
Convertible Bonds - 0.1%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
SunPower Corp. 4.75% 4/15/14 (Cost $710,000)	$ 710,000		563,527
Money Market Funds - 3.6%
	Shares
Fidelity Cash Central Fund, 0.23% (d)	3,013,825		3,013,825
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	44,199,725		44,199,725
TOTAL MONEY MARKET FUNDS (Cost $47,213,550)		47,213,550

TOTAL INVESTMENT
PORTFOLIO - 103.3%

(Cost $1,394,570,779)

1,348,365,166

NET OTHER ASSETS - (3.3)%

(42,618,857)

NET ASSETS - 100%

$ 1,305,746,309

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,274
Fidelity Securities Lending Cash Central Fund	73,565
Total	$ 77,839

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,300,588,089	$ 1,299,295,096	$ -	$ 1,292,993
Convertible Bonds	563,527	-	563,527	-
Money Market Funds	47,213,550	47,213,550	-	-
Total Investments in Securities:	$ 1,348,365,166	$ 1,346,508,646	$ 563,527	$ 1,292,993

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(4,031)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	1,297,024
Transfers out of Level 3	-
Ending Balance	$ 1,292,993
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2010	$ (4,031)

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,425,504,685. Net unrealized depreciation aggregated $77,139,519, of which $104,242,997 related to appreciated investment securities and $181,382,516 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Pharmaceuticals Portfolio

May 31, 2010

1.802187.106

PHR-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
BIOTECHNOLOGY - 5.2%
Biotechnology - 5.2%
Abraxis BioScience, Inc. (a)	10,000		$ 444,500
Acorda Therapeutics, Inc. (a)	20,400		701,352
Alexion Pharmaceuticals, Inc. (a)	23,936		1,197,518
Allos Therapeutics, Inc. (a)	91,600		655,856
AMAG Pharmaceuticals, Inc. (a)	16,000		509,440
Amylin Pharmaceuticals, Inc. (a)	21,360		352,867
Biogen Idec, Inc. (a)	19,300		915,399
BioMarin Pharmaceutical, Inc. (a)	126,500		2,469,280
Biovitrum AB (a)	50,500		266,089
China Biologic Products, Inc. (a)(c)	14,000		180,460
Genzyme Corp. (a)	31,500		1,532,475
Human Genome Sciences, Inc. (a)	13,000		321,880
ImmunoGen, Inc. (a)	19,100		169,226
Incyte Corp. (a)	53,000		683,170
InterMune, Inc. (a)	13,390		121,046
Sino Biopharmaceutical Ltd.	848,000		357,218
United Therapeutics Corp. (a)	33,600		1,720,992
Zymogenetics, Inc. (a)	5,000		23,250
			12,622,018
ELECTRONIC EQUIPMENT & COMPONENTS - 1.2%
Electronic Equipment & Instruments - 1.2%
Agilent Technologies, Inc. (a)	88,100		2,850,916
HEALTH CARE EQUIPMENT & SUPPLIES - 4.6%
Health Care Equipment - 4.0%
C. R. Bard, Inc.	19,500		1,578,915
CareFusion Corp. (a)	20,000		508,400
Covidien PLC	75,300		3,191,967
Edwards Lifesciences Corp. (a)	13,000		656,890
ev3, Inc. (a)	14,000		264,880
Hologic, Inc. (a)	91,000		1,355,900
Hospira, Inc. (a)	9,400		489,364
Mako Surgical Corp. (a)	13,000		171,210
Micrus Endovascular Corp. (a)	59,600		1,029,888
Orthovita, Inc. (a)	95,900		297,770
			9,545,184
Health Care Supplies - 0.6%
Cooper Companies, Inc.	33,800		1,245,868
RTI Biologics, Inc. (a)	60,000		213,600
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	20,000		76,030
			1,535,498
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			11,080,682
HEALTH CARE PROVIDERS & SERVICES - 3.5%
Health Care Distributors & Services - 0.1%
Profarma Distribuidora de Produtos Farmaceuticos SA	6,500		55,777

	Shares		Value
Sinopharm Group Co. Ltd. (H Shares)	50,200		$ 198,894
United Drug PLC (Ireland)	15,000		41,560
			296,231
Health Care Facilities - 0.2%
Hanger Orthopedic Group, Inc. (a)	9,500		161,975
Sunrise Senior Living, Inc. (a)	50,000		213,500
			375,475
Health Care Services - 3.0%
Catalyst Health Solutions, Inc. (a)	4,000		153,160
Diagnosticos da America SA	1,000		8,230
Express Scripts, Inc. (a)	34,400		3,460,640
Medco Health Solutions, Inc. (a)	60,000		3,459,000
Team Health Holdings, Inc.	10,000		128,100
			7,209,130
Managed Health Care - 0.2%
Health Net, Inc. (a)	18,000		443,700
Odontoprev SA	3,000		91,007
			534,707
TOTAL HEALTH CARE PROVIDERS & SERVICES			8,415,543
HEALTH CARE TECHNOLOGY - 0.2%
Health Care Technology - 0.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	28,700		539,847
LIFE SCIENCES TOOLS & SERVICES - 2.2%
Life Sciences Tools & Services - 2.2%
Covance, Inc. (a)	10,000		527,600
Illumina, Inc. (a)	24,700		1,038,388
Life Technologies Corp. (a)	24,000		1,201,440
PerkinElmer, Inc.	58,000		1,316,020
QIAGEN NV (a)	57,877		1,220,047
			5,303,495
PERSONAL PRODUCTS - 0.1%
Personal Products - 0.1%
Prestige Brands Holdings, Inc. (a)	15,000		115,800
PHARMACEUTICALS - 79.9%
Pharmaceuticals - 79.9%
Abbott Laboratories	177,100		8,422,876
Adcock Ingram Holdings Ltd.	42,000		305,943
Akorn, Inc. (a)(c)	288,100		832,609
Allergan, Inc.	126,300		7,601,997
Ardea Biosciences, Inc. (a)	26,749		669,527
Aspen Pharmacare Holdings Ltd. (a)	27,000		278,159
AstraZeneca PLC sponsored ADR (c)	131,400		5,551,650
Auxilium Pharmaceuticals, Inc. (a)	69,700		2,005,966
BioMimetic Therapeutics, Inc. (a)(c)	57,000		694,260
Biovail Corp. (c)	152,100		2,278,220
BMP Sunstone Corp. (a)(c)	20,000		99,400
BMP Sunstone Corp. warrants 8/19/12 (a)(e)	1,000		289
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Bristol-Myers Squibb Co.	235,031		$ 5,455,070
Cadence Pharmaceuticals, Inc. (a)(c)	76,600		607,438
Cardiome Pharma Corp. (a)	177,600		1,506,239
China Shineway Pharmaceutical Group Ltd.	100,000		315,935
Cipla Ltd.	40,000		275,208
Cypress Bioscience, Inc. (a)	62,000		255,440
Dr. Reddy's Laboratories Ltd. sponsored ADR (c)	137,400		3,943,380
Durect Corp. (a)	145,500		369,570
Elan Corp. PLC sponsored ADR (a)	257,800		1,479,772
Eli Lilly & Co.	109,300		3,583,947
Endo Pharmaceuticals Holdings, Inc. (a)	119,400		2,500,236
Endo Pharmaceuticals Holdings, Inc. rights 2/27/12 (a)	9,000		0
Forest Laboratories, Inc. (a)	68,720		1,778,474
GlaxoSmithKline PLC sponsored ADR	284,900		9,532,754
Guangzhou Pharmaceutical Co. Ltd. (H Shares)	114,000		109,368
Hi-Tech Pharmacal Co., Inc. (a)	33,700		774,426
Hikma Pharmaceuticals PLC	26,000		254,403
Hua Han Bio-Pharmaceutical Holdings Ltd.	560,000		178,362
Impax Laboratories, Inc. (a)	102,100		2,151,758
Inspire Pharmaceuticals, Inc. (a)	166,073		944,125
Johnson & Johnson	281,200		16,393,960
King Pharmaceuticals, Inc. (a)	80,900		701,403
MAP Pharmaceuticals, Inc. (a)	27,112		404,511
Medicis Pharmaceutical Corp. Class A	74,200		1,720,698
Merck & Co., Inc.	524,736		17,678,354
Mitsubishi Tanabe Pharma Corp.	18,000		233,705
Mylan, Inc. (a)(c)	167,200		3,250,368
Nektar Therapeutics (a)	127,000		1,553,210
Novartis AG sponsored ADR (c)	220,198		9,911,112
Novo Nordisk AS Series B sponsored ADR (c)	126,000		9,679,320
Obagi Medical Products, Inc. (a)	52,000		660,920
Optimer Pharmaceuticals, Inc. (a)	89,000		949,630
Pain Therapeutics, Inc. (a)	62,721		366,291
Paladin Labs, Inc. (a)	29,600		656,958
Perrigo Co.	90,800		5,394,428
Pfizer, Inc.	837,000		12,747,510
Pharmstandard OJSC unit (a)	9,500		214,415
Piramal Healthcare Ltd.	27,000		299,437
Pozen, Inc. (a)	10,000		76,800
Questcor Pharmaceuticals, Inc. (a)	93,300		883,551
Salix Pharmaceuticals Ltd. (a)	72,600		2,608,518
Sanofi-Aventis sponsored ADR	300,000		8,973,000
Santarus, Inc. (a)	164,500		475,405
Sawai Pharmaceutical Co. Ltd.	800		68,924

	Shares		Value
Shire PLC sponsored ADR	99,000		$ 6,059,790
SuperGen, Inc. (a)	142,000		342,220
Teva Pharmaceutical Industries Ltd. sponsored ADR	184,289		10,102,723
The Medicines Company (a)	99,000		832,095
The United Laboratories International Holdings Ltd.	500,000		590,774
Towa Pharmaceutical Co. Ltd.	5,900		377,512
Valeant Pharmaceuticals International (a)(c)	170,400		7,920,192
Virbac SA	967		93,998
ViroPharma, Inc. (a)	134,700		1,639,299
Watson Pharmaceuticals, Inc. (a)	75,900		3,351,744
XenoPort, Inc. (a)(c)	50,000		496,500
			192,466,076
TOTAL COMMON STOCKS (Cost $223,806,825)		233,394,377
Money Market Funds - 14.5%

Fidelity Cash Central Fund, 0.23% (d)	4,924,049		4,924,049
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	29,871,575		29,871,575
TOTAL MONEY MARKET FUNDS (Cost $34,795,624)		34,795,624

TOTAL INVESTMENT PORTFOLIO - 111.4%

(Cost $258,602,449)

268,190,001

NET OTHER ASSETS - (11.4)%

(27,390,287)

NET ASSETS - 100%

$ 240,799,714

Legend

(a) Non-income producing

(b) 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 $289 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
BMP Sunstone Corp. warrants 8/19/12	8/17/07	$ 125

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,552
Fidelity Securities Lending Cash Central Fund	78,814
Total	$ 80,366

Other Information

The following is a summary of the inputs used, as of May 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 233,394,377	$ 233,394,088	$ 289	$ -
Money Market Funds	34,795,624	34,795,624	-	-
Total Investments in Securities:	$ 268,190,001	$ 268,189,712	$ 289	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $261,285,811. Net unrealized appreciation aggregated $6,904,190, of which $22,255,274 related to appreciated investment securities and $15,351,084 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Retailing Portfolio

May 31, 2010

1.802188.106

RET-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
DISTRIBUTORS - 1.8%
Distributors - 1.8%
Genuine Parts Co.	62,300		$ 2,530,003
LKQ Corp. (a)	54,900		1,011,258
			3,541,261
INTERNET & CATALOG RETAIL - 13.7%
Catalog Retail - 1.6%
Liberty Media Corp. Interactive Series A (a)	241,700		3,134,849
Internet Retail - 12.1%
Amazon.com, Inc. (a)	166,300		20,863,998
Blue Nile, Inc. (a)(c)	6,000		281,400
Expedia, Inc.	32,600		702,856
Priceline.com, Inc. (a)	11,800		2,255,688
			24,103,942
TOTAL INTERNET & CATALOG RETAIL			27,238,791
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
eBay, Inc. (a)	20,300		434,623
MULTILINE RETAIL - 20.1%
Department Stores - 8.7%
Debenhams PLC (a)	339,400		291,878
Kohl's Corp. (a)	141,000		7,155,750
Macy's, Inc.	261,100		5,799,031
Nordstrom, Inc.	69,100		2,743,270
Sears Holdings Corp. (a)(c)	15,000		1,320,900
			17,310,829
General Merchandise Stores - 11.4%
Big Lots, Inc. (a)	47,500		1,678,175
Dollar Tree, Inc. (a)	38,200		2,390,938
Family Dollar Stores, Inc.	57,300		2,334,402
Target Corp.	301,400		16,435,342
			22,838,857
TOTAL MULTILINE RETAIL			40,149,686
SPECIALTY RETAIL - 62.3%
Apparel Retail - 19.7%
Abercrombie & Fitch Co. Class A	62,000		2,221,460
Aeropostale, Inc. (a)	44,400		1,230,324
American Eagle Outfitters, Inc.	81,600		1,068,960
AnnTaylor Stores Corp. (a)	42,400		917,960
Charming Shoppes, Inc. (a)	53,000		241,680
Chico's FAS, Inc.	73,200		895,236
Christopher & Banks Corp.	200		1,832
Citi Trends, Inc. (a)	40,800		1,390,464
Collective Brands, Inc. (a)	25,600		572,928
Dress Barn, Inc. (a)	23,600		646,404

	Shares		Value
DSW, Inc. Class A (a)	43,100		$ 1,244,728
Foot Locker, Inc.	67,000		998,970
Gap, Inc.	82,800		1,805,040
Guess?, Inc.	23,900		907,961
Gymboree Corp. (a)	12,300		548,334
J. Crew Group, Inc. (a)	36,800		1,679,552
Jos. A. Bank Clothiers, Inc. (a)	24,400		1,480,592
Limited Brands, Inc.	119,700		2,975,742
Ross Stores, Inc.	78,600		4,118,640
Shoe Carnival, Inc. (a)	39,900		1,000,293
The Buckle, Inc. (c)	11,400		405,270
TJX Companies, Inc.	221,000		10,046,660
Urban Outfitters, Inc. (a)	81,500		2,958,450
			39,357,480
Automotive Retail - 6.1%
Advance Auto Parts, Inc.	67,300		3,483,448
AutoNation, Inc. (a)(c)	31,300		626,939
AutoZone, Inc. (a)	12,600		2,405,088
CarMax, Inc. (a)	92,100		2,001,333
O'Reilly Automotive, Inc. (a)	57,700		2,943,854
Sonic Automotive, Inc. Class A (sub. vtg.) (a)(c)	77,500		766,475
			12,227,137
Computer & Electronics Retail - 5.3%
Best Buy Co., Inc.	189,300		7,997,925
GameStop Corp. Class A (a)(c)	44,500		1,014,155
hhgregg, Inc. (a)	8,000		240,080
RadioShack Corp.	31,900		652,036
Rent-A-Center, Inc. (a)	27,100		656,362
			10,560,558
Home Improvement Retail - 20.3%
Home Depot, Inc.	706,900		23,935,633
Lowe's Companies, Inc.	669,300		16,565,175
			40,500,808
Homefurnishing Retail - 3.4%
Aarons, Inc.	28,500		569,430
Bed Bath & Beyond, Inc. (a)	113,900		5,110,693
Williams-Sonoma, Inc.	38,200		1,141,416
			6,821,539
Specialty Stores - 7.5%
Dick's Sporting Goods, Inc. (a)	37,900		1,080,529
Hibbett Sports, Inc. (a)	600		15,462
Indigo Books & Music, Inc.	32,100		462,351
Jo-Ann Stores, Inc. (a)	10,900		497,912
Office Depot, Inc. (a)	110,300		639,740
OfficeMax, Inc. (a)	38,000		677,540
PetSmart, Inc.	52,600		1,670,576
Staples, Inc.	300,394		6,464,479
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
Tiffany & Co., Inc.	53,300		$ 2,421,419
Tractor Supply Co.	13,500		914,760
			14,844,768
TOTAL SPECIALTY RETAIL			124,312,290
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Apparel, Accessories & Luxury Goods - 0.1%
Phillips-Van Heusen Corp.	3,700		202,501
TOTAL COMMON STOCKS (Cost $176,584,796)		195,879,152
Money Market Funds - 2.0%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d) (Cost $4,015,200)	4,015,200		$ 4,015,200

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $180,599,996)

199,894,352

NET OTHER ASSETS - (0.2)%

(373,152)

NET ASSETS - 100%

$ 199,521,200

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,804
Fidelity Securities Lending Cash Central Fund	6,500
Total	$ 9,304

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $181,223,083. Net unrealized appreciation aggregated $18,671,269, of which $24,357,416 related to appreciated investment securities and $5,686,147 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Software and
Computer Services Portfolio

May 31, 2010

1.802189.106

SOF-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Riverbed Technology, Inc. (a)	56,500		$ 1,510,245
COMPUTERS & PERIPHERALS - 4.9%
Computer Hardware - 3.3%
3PAR, Inc. (a)	146,300		1,555,169
Apple, Inc. (a)	104,600		26,898,936
Teradata Corp. (a)	98,800		3,155,672
			31,609,777
Computer Storage & Peripherals - 1.6%
EMC Corp. (a)	402,400		7,492,688
NetApp, Inc. (a)	212,500		8,007,000
			15,499,688
TOTAL COMPUTERS & PERIPHERALS			47,109,465
HEALTH CARE TECHNOLOGY - 0.1%
Health Care Technology - 0.1%
Allscripts-Misys Healthcare Solutions, Inc. (a)	63,200		1,188,792
HOTELS, RESTAURANTS & LEISURE - 0.2%
Hotels, Resorts & Cruise Lines - 0.2%
Ctrip.com International Ltd. sponsored ADR (a)	39,100		1,540,149
INTERNET & CATALOG RETAIL - 0.3%
Internet Retail - 0.3%
Expedia, Inc.	110,500		2,382,380
Priceline.com, Inc. (a)	4,800		917,568
			3,299,948
INTERNET SOFTWARE & SERVICES - 16.8%
Internet Software & Services - 16.8%
Akamai Technologies, Inc. (a)	174,100		6,915,252
eBay, Inc. (a)	1,951,700		41,785,897
Equinix, Inc. (a)	98,700		9,081,387
Google, Inc. Class A (a)	135,200		65,596,336
LivePerson, Inc. (a)	256,500		1,656,990
LogMeIn, Inc.	51,800		1,318,828
Mercadolibre, Inc. (a)(c)	35,900		1,862,133
Open Text Corp. (a)	57,700		2,502,084
Rackspace Hosting, Inc. (a)	338,500		5,957,600
Saba Software, Inc. (a)(c)	792,458		4,081,159
Tencent Holdings Ltd.	98,300		1,896,211
Terremark Worldwide, Inc. (a)	135,900		1,020,609
VeriSign, Inc. (a)	2,600		72,566
VistaPrint Ltd. (a)	61,000		2,848,090
Yahoo!, Inc. (a)	1,028,300		15,774,122
			162,369,264

	Shares		Value
IT SERVICES - 22.5%
Data Processing & Outsourced Services - 9.6%
Alliance Data Systems Corp. (a)	54,600		$ 3,858,036
Euronet Worldwide, Inc. (a)	67,400		886,310
Fidelity National Information Services, Inc.	489,200		13,462,784
Fiserv, Inc. (a)	260,800		12,401,040
Heartland Payment Systems, Inc.	397,297		6,527,590
MasterCard, Inc. Class A	73,900		14,910,803
The Western Union Co.	10,800		172,368
Visa, Inc. Class A	493,700		35,773,502
WNS Holdings Ltd. sponsored ADR (a)	1,302		14,244
Wright Express Corp. (a)	174,600		5,482,440
			93,489,117
IT Consulting & Other Services - 12.9%
Accenture PLC Class A	40,400		1,515,808
Atos Origin SA (a)	110,111		4,910,772
Cognizant Technology Solutions Corp. Class A (a)	319,500		15,987,780
International Business Machines Corp.	789,400		98,880,244
RightNow Technologies, Inc. (a)	173,200		2,520,060
Yucheng Technologies Ltd. (a)(c)	198,800		747,488
			124,562,152
TOTAL IT SERVICES			218,051,269
OFFICE ELECTRONICS - 0.0%
Office Electronics - 0.0%
Xerox Corp.	49		456
SOFTWARE - 54.5%
Application Software - 22.3%
Adobe Systems, Inc. (a)	604,600		19,395,568
Autodesk, Inc. (a)	205,700		6,018,782
Autonomy Corp. PLC (a)	497,277		12,666,803
Blackboard, Inc. (a)(c)	269,500		10,790,780
Citrix Systems, Inc. (a)	675,500		29,458,555
Concur Technologies, Inc. (a)	348,500		14,741,550
ebix.com, Inc. (a)	261,000		3,988,080
EPIQ Systems, Inc. (a)	1,900		21,755
Informatica Corp. (a)	533,800		13,772,040
Intuit, Inc. (a)	57,900		2,069,346
Kenexa Corp. (a)	654,157		9,308,654
Longtop Financial Technologies Ltd. ADR (a)	18,500		608,465
Magma Design Automation, Inc. (a)(c)(d)	4,844,500		14,969,505
Mentor Graphics Corp. (a)	1,603,900		14,723,802
Nuance Communications, Inc. (a)	1,213,000		20,663,455
Quest Software, Inc. (a)	1,114		21,561
Salesforce.com, Inc. (a)	79,387		6,869,357
SuccessFactors, Inc. (a)	1,800		40,068
Synchronoss Technologies, Inc. (a)	291,700		5,962,348
Taleo Corp. Class A (a)	1,170,554		29,322,378
			215,412,852
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Home Entertainment Software - 0.7%
Activision Blizzard, Inc.	286,800		$ 3,083,100
Electronic Arts, Inc. (a)	4,100		67,691
Nintendo Co. Ltd.	9,600		2,832,113
Take-Two Interactive Software, Inc. (a)(c)	80,200		927,914
			6,910,818
Systems Software - 31.5%
Ariba, Inc. (a)	1,376,618		20,718,101
BMC Software, Inc. (a)	864,400		31,991,444
CA, Inc.	142,500		2,885,625
Microsoft Corp.	5,239,600		135,181,679
Novell, Inc. (a)	898,300		5,237,089
Oracle Corp.	2,724,100		61,482,937
Phoenix Technologies Ltd. (a)	47		140
Radiant Systems, Inc. (a)	479,737		6,649,155
Red Hat, Inc. (a)	402,700		11,803,137
Rovi Corp. (a)	535,100		19,980,634
Sourcefire, Inc. (a)	128,100		2,643,984
Symantec Corp. (a)	461,800		6,543,706
VMware, Inc. Class A (a)	400		26,484
			305,144,115
TOTAL SOFTWARE			527,467,785
SPECIALTY RETAIL - 0.0%
Computer & Electronics Retail - 0.0%
GameStop Corp. Class A (a)	2,300		52,417
TOTAL COMMON STOCKS (Cost $831,277,224)		962,589,790
Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (e)	93		$ 93
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e)	20,283,225		20,283,225
TOTAL MONEY MARKET FUNDS (Cost $20,283,318)		20,283,318

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $851,560,542)

982,873,108

NET OTHER ASSETS - (1.6)%

(15,861,110)

NET ASSETS - 100%

$ 967,011,998

Legend

(a) Non-income producing.

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

(d) Affiliated company.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,514
Fidelity Securities Lending Cash Central Fund	31,338
Total	$ 32,852

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Magma Design Automation, Inc.	$ 11,965,915	$ -	$ -	$ -	$ 14,969,505
Total	$ 11,965,915	$ -	$ -	$ -	$ 14,969,505

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $854,334,256. Net unrealized appreciation aggregated $128,538,852, of which $151,160,066 related to appreciated investment securities and $22,621,214 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Technology Portfolio

May 31, 2010

1.802190.106

TEC-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CHEMICALS - 0.4%
Commodity Chemicals - 0.2%
STR Holdings, Inc.	204,300		$ 4,333,203
Diversified Chemicals - 0.1%
DC Chemical Co. Ltd.	13,317		2,215,576
Specialty Chemicals - 0.1%
Shin-Etsu Chemical Co., Ltd.	35,800		1,799,528
Wacker Chemie AG	1,500		188,420
			1,987,948
TOTAL CHEMICALS			8,536,727
COMMUNICATIONS EQUIPMENT - 10.2%
Communications Equipment - 10.2%
Acme Packet, Inc. (a)	400,100		11,726,931
Adtran, Inc.	190,200		5,217,186
Brocade Communications Systems, Inc. (a)	600		3,270
Cisco Systems, Inc. (a)	3,267,041		75,664,670
Comverse Technology, Inc. (a)	105,800		903,532
F5 Networks, Inc. (a)	192,200		13,517,426
Finisar Corp. (a)	85,400		1,298,080
Infinera Corp. (a)	206,300		1,452,352
JDS Uniphase Corp. (a)	356,800		4,103,200
Juniper Networks, Inc. (a)	659,700		17,561,214
Motorola, Inc. (a)	32,300		221,255
Netronix, Inc. (a)	300,000		831,822
Polycom, Inc. (a)	341,200		10,246,236
QUALCOMM, Inc.	601,222		21,379,454
Research In Motion Ltd. (a)	217,800		13,264,197
Riverbed Technology, Inc. (a)	369,900		9,887,427
Sandvine Corp. (a)	2,472,837		4,621,018
Sandvine Corp. (U.K.) (a)	1,941,200		3,584,335
Sierra Wireless, Inc. (a)	86,400		690,538
Tekelec (a)	120,412		1,726,106
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	192,200		1,929,688
			199,829,937
COMPUTERS & PERIPHERALS - 20.5%
Computer Hardware - 17.4%
3PAR, Inc. (a)	236,176		2,510,551
Apple, Inc. (a)	1,026,485		263,970,875
Hewlett-Packard Co.	1,245,500		57,305,455
HTC Corp.	956,000		12,999,688
Stratasys, Inc. (a)	157,215		3,656,821
Toshiba Corp. (a)	194,000		994,326
			341,437,716
Computer Storage & Peripherals - 3.1%
EMC Corp. (a)	1,145,600		21,331,072
Isilon Systems, Inc. (a)	259,083		3,539,074
NetApp, Inc. (a)	118,483		4,464,439
Netezza Corp. (a)	170,300		2,219,009

	Shares		Value
SanDisk Corp. (a)	440,825		$ 20,551,262
Seagate Technology (a)	57,100		877,056
Synaptics, Inc. (a)	194,248		5,811,900
Western Digital Corp. (a)	26,890		936,041
			59,729,853
TOTAL COMPUTERS & PERIPHERALS			401,167,569
DIVERSIFIED CONSUMER SERVICES - 0.2%
Education Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)(c)	2,792		255,943
Promethean World PLC (a)	632,200		1,569,458
			1,825,401
Specialized Consumer Services - 0.1%
Coinstar, Inc. (a)	45,600		2,446,896
TOTAL DIVERSIFIED CONSUMER SERVICES			4,272,297
ELECTRICAL EQUIPMENT - 1.2%
Electrical Components & Equipment - 1.2%
A123 Systems, Inc. (c)	50,600		460,460
Acuity Brands, Inc.	121,034		4,978,128
Canadian Solar, Inc. (a)(c)	63,400		821,030
centrotherm photovoltaics AG (a)	62,038		1,998,961
Energy Conversion Devices, Inc. (a)(c)	29,549		164,145
First Solar, Inc. (a)	1,500		168,540
GT Solar International, Inc. (a)	978,700		5,343,702
JA Solar Holdings Co. Ltd. ADR (a)	46,200		224,994
Roth & Rau AG (a)	47,977		1,240,434
SMA Solar Technology AG	17,400		1,757,747
SunPower Corp. Class B (a)	13,632		157,995
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(c)	9,500		95,950
Trina Solar Ltd. ADR (a)(c)	328,300		5,745,250
			23,157,336
ELECTRONIC EQUIPMENT & COMPONENTS - 6.7%
Electronic Components - 1.8%
Amphenol Corp. Class A	4,200		178,080
AU Optronics Corp. sponsored ADR (c)	124,400		1,209,168
BYD Co. Ltd. (H Shares) (c)	822,000		6,898,914
Cando Corp. (a)	3,479,329		2,555,931
Corning, Inc.	998,106		17,396,988
DTS, Inc. (a)	64,900		2,143,647
LG Display Co. Ltd. sponsored ADR (c)	63,421		1,134,602
Prime View International Co. Ltd. (a)	1,004,000		1,526,871
Prime View International Co. Ltd. sponsored GDR (a)(d)	14,900		226,739
Vishay Intertechnology, Inc. (a)	225,546		2,041,191
			35,312,131
Electronic Equipment & Instruments - 1.7%
Agilent Technologies, Inc. (a)	360,600		11,669,016
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Equipment & Instruments - continued
China Security & Surveillance Technology, Inc. warrants 8/25/10 (a)(f)	126,425		$ 1,472
Chroma ATE, Inc.	2,589,407		5,018,545
Coretronic Corp.	714,000		1,062,407
Itron, Inc. (a)	55,300		3,686,298
National Instruments Corp.	331,626		10,675,041
Wasion Group Holdings Ltd.	3,104,000		2,041,056
			34,153,835
Electronic Manufacturing Services - 1.9%
Benchmark Electronics, Inc. (a)	52,300		966,504
Flextronics International Ltd. (a)	600,500		3,939,280
IPG Photonics Corp. (a)	75,000		1,261,500
Ju Teng International Holdings Ltd.	1,000,000		751,310
Trimble Navigation Ltd. (a)	1,026,263		29,484,536
			36,403,130
Technology Distributors - 1.3%
Digital China Holdings Ltd. (H Shares)	7,950,000		12,272,553
Inspur International Ltd.	8,592,000		684,147
Supreme Electronics Co. Ltd. (a)	2,051,000		1,602,845
Synnex Technology International Corp.	1,993,800		4,300,475
WPG Holding Co. Ltd.	3,155,000		6,124,586
			24,984,606
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			130,853,702
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.0%
China Medical Technologies, Inc. sponsored ADR (c)	5,306		55,660
Mingyuan Medicare Development Co. Ltd.	890,000		90,298
			145,958
Health Care Supplies - 0.1%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	612,000		2,326,518
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			2,472,476
HEALTH CARE TECHNOLOGY - 0.3%
Health Care Technology - 0.3%
athenahealth, Inc. (a)	1,500		37,140
Cerner Corp. (a)	58,900		4,930,519
			4,967,659

	Shares		Value
HOTELS, RESTAURANTS & LEISURE - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
Ctrip.com International Ltd. sponsored ADR (a)	5,200		$ 204,828
eLong, Inc. sponsored ADR (a)	100		1,180
			206,008
HOUSEHOLD DURABLES - 0.2%
Consumer Electronics - 0.2%
Sharp Corp.	419,000		4,561,795
Sony Corp. sponsored ADR	6,325		194,684
TomTom Group BV (a)	160		1,036
			4,757,515
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0%
Independent Power Producers & Energy Traders - 0.0%
GCL-Poly Energy Holdings Ltd.	641,000		128,424
INTERNET & CATALOG RETAIL - 1.4%
Internet Retail - 1.4%
Amazon.com, Inc. (a)	119,364		14,975,407
Overstock.com, Inc. (a)(c)	134,919		3,035,678
Priceline.com, Inc. (a)	43,700		8,353,692
			26,364,777
INTERNET SOFTWARE & SERVICES - 9.4%
Internet Software & Services - 9.4%
Akamai Technologies, Inc. (a)	586,374		23,290,775
Alibaba.com Ltd. (c)	2,274,000		4,520,898
Art Technology Group, Inc. (a)	248,306		928,664
Baidu.com, Inc. sponsored ADR (a)	223,000		16,325,830
Blinkx PLC (a)	500,000		199,911
DealerTrack Holdings, Inc. (a)	7,000		112,210
eBay, Inc. (a)	627,266		13,429,765
Google, Inc. Class A (a)	159,616		77,442,491
GREE, Inc.	52,000		3,504,143
LogMeIn, Inc.	11,700		297,882
LoopNet, Inc. (a)	150,000		1,644,000
Mercadolibre, Inc. (a)(c)	179,445		9,307,812
NHN Corp. (a)	6,651		962,690
Open Text Corp. (a)	162,900		7,063,943
OpenTable, Inc.	1,100		45,463
Rackspace Hosting, Inc. (a)	125,200		2,203,520
Saba Software, Inc. (a)	10,000		51,500
Tencent Holdings Ltd.	581,900		11,224,877
VistaPrint Ltd. (a)	219,200		10,234,448
Vocus, Inc. (a)	30,000		469,800
			183,260,622
IT SERVICES - 2.3%
Data Processing & Outsourced Services - 1.2%
Amadeus IT Holding SA Class A (a)	292,100		4,438,227
MasterCard, Inc. Class A	12,200		2,461,594
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Visa, Inc. Class A	226,600		$ 16,419,436
WNS Holdings Ltd. sponsored ADR (a)	41,900		458,386
			23,777,643
IT Consulting & Other Services - 1.1%
Accenture PLC Class A	252,770		9,483,930
Atos Origin SA (a)	68,489		3,054,498
Cognizant Technology Solutions Corp. Class A (a)	38,900		1,946,556
International Business Machines Corp.	1,637		205,051
RightNow Technologies, Inc. (a)	380,462		5,535,722
			20,225,757
TOTAL IT SERVICES			44,003,400
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Meyer Burger Technology AG (a)	39,700		862,595
Shin Zu Shing Co. Ltd.	577,778		1,977,702
			2,840,297
MEDIA - 0.1%
Advertising - 0.1%
AirMedia Group, Inc. ADR (a)	388,000		1,567,520
VisionChina Media, Inc. ADR (a)(c)	310,947		935,950
			2,503,470
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Globe Specialty Metals, Inc.	65,600		765,552
Timminco Ltd. (a)	13,700		7,483
			773,035
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Real Estate Services - 0.3%
China Real Estate Information Corp. ADR (c)	661,035		5,189,125
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 15.6%
Semiconductor Equipment - 3.3%
Aixtron AG (c)	77,600		2,095,117
Amkor Technology, Inc. (a)(c)	479,592		3,266,022
ASM International NV (NASDAQ) unit (a)	41,200		849,544
ASML Holding NV (NY Shares)	822,005		23,229,861
ATMI, Inc. (a)	11,200		181,440
Cymer, Inc. (a)	142,622		4,317,168
Lam Research Corp. (a)	232,475		8,801,504
LTX-Credence Corp. (a)	314,964		1,089,775
MEMC Electronic Materials, Inc. (a)	278,900		3,165,515
Photronics, Inc. (a)	206,900		1,046,914
Sumco Corp.	118,200		2,143,076
Tessera Technologies, Inc. (a)	280,066		4,867,547

	Shares		Value
Varian Semiconductor Equipment Associates, Inc. (a)	316,100		$ 9,827,549
Veeco Instruments, Inc. (a)	15,100		576,367
			65,457,399
Semiconductors - 12.3%
Advanced Micro Devices, Inc. (a)	773,600		6,629,752
Altera Corp.	8,600		202,702
ANADIGICS, Inc. (a)	100		407
Applied Micro Circuits Corp. (a)	19,125		210,853
Atmel Corp. (a)	573,186		2,926,115
Avago Technologies Ltd.	692,000		14,289,800
Broadcom Corp. Class A	509,295		17,580,863
Cavium Networks, Inc. (a)	555,793		14,772,978
Cree, Inc. (a)	242,322		16,082,911
CSR PLC (a)	28,036		161,416
Cypress Semiconductor Corp. (a)	636,800		7,253,152
Epistar Corp.	351,000		1,029,190
Fairchild Semiconductor International, Inc. (a)	398,500		3,985,000
Global Unichip Corp.	458,608		1,741,822
Hittite Microwave Corp. (a)	130,900		5,986,057
Hynix Semiconductor, Inc. (a)	47,130		986,020
Infineon Technologies AG (a)	800,832		4,592,314
Infineon Technologies AG sponsored ADR (a)	165,300		922,374
Inotera Memories, Inc. (a)	6,241,846		3,736,523
Intel Corp.	2,054,306		44,003,235
International Rectifier Corp. (a)	390,745		8,190,015
Intersil Corp. Class A	138,800		1,847,428
Jinkosolar Holdings Co. Ltd. ADR	312,200		3,262,490
Marvell Technology Group Ltd. (a)	741,674		14,076,973
MediaTek, Inc.	12,104		197,887
Micron Technology, Inc. (a)	1,914,915		17,406,577
Microsemi Corp. (a)	13,100		202,788
Monolithic Power Systems, Inc. (a)	146,500		2,811,335
Netlogic Microsystems, Inc. (a)(c)	131,400		3,780,378
NVIDIA Corp. (a)	1,384,097		18,187,035
O2Micro International Ltd. sponsored ADR (a)	100		638
Power Integrations, Inc.	143,200		4,865,936
Radiant Opto-Electronics Corp.	801,160		1,074,391
Rambus, Inc. (a)	117,400		2,751,856
RF Micro Devices, Inc. (a)	100		480
Silicon Laboratories, Inc. (a)	4,500		204,435
Skyworks Solutions, Inc. (a)	183,300		2,919,969
Spreadtrum Communications, Inc. ADR (a)(c)	371,600		3,976,120
Standard Microsystems Corp. (a)	246,500		5,639,920
TriQuint Semiconductor, Inc. (a)	100		702
Volterra Semiconductor Corp. (a)	39,400		923,930
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Xilinx, Inc.	8,200		$ 200,490
YoungTek Electronics Corp.	250,000		555,642
			240,170,899
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			305,628,298
SOFTWARE - 28.5%
Application Software - 11.5%
Adobe Systems, Inc. (a)	32,700		1,049,016
ANSYS, Inc. (a)	49,600		2,169,008
AsiaInfo Holdings, Inc. (a)	95,800		2,052,994
Autodesk, Inc. (a)	858,239		25,112,073
Autonomy Corp. PLC (a)	294,325		7,497,143
Citrix Systems, Inc. (a)	476,354		20,773,798
Concur Technologies, Inc. (a)	362,370		15,328,251
Cyberlink Corp.	453,000		1,925,852
Dassault Systemes SA sponsored ADR	35,500		2,043,025
Epicor Software Corp. (a)	315,645		2,935,499
Informatica Corp. (a)	682,400		17,605,920
Intuit, Inc. (a)	58,800		2,101,512
JDA Software Group, Inc. (a)	129,800		3,468,256
Kenexa Corp. (a)	78,120		1,111,648
Kingdee International Software Group Co. Ltd.	39,856,000		13,257,352
Longtop Financial Technologies Ltd. ADR (a)	156,900		5,160,441
Manhattan Associates, Inc. (a)	13,355		386,627
Mentor Graphics Corp. (a)	237,700		2,182,086
MicroStrategy, Inc. Class A (a)	12,629		973,191
Nuance Communications, Inc. (a)	905,676		15,428,191
Parametric Technology Corp. (a)	644,845		10,627,046
Pegasystems, Inc.	57,634		1,723,833
Salesforce.com, Inc. (a)	392,100		33,928,413
Smith Micro Software, Inc. (a)	294,082		2,896,708
SolarWinds, Inc.	7,600		144,096
SuccessFactors, Inc. (a)	565,000		12,576,900
Synchronoss Technologies, Inc. (a)	232,806		4,758,555
Synopsys, Inc. (a)	100		2,142
Taleo Corp. Class A (a)	429,936		10,769,897
TeleNav, Inc.	138,600		1,162,854
TIBCO Software, Inc. (a)	298,038		3,400,614
Ulticom, Inc. (a)	37,455		339,717
			224,892,658
Home Entertainment Software - 1.9%
Activision Blizzard, Inc.	197,600		2,124,200
Changyou.com Ltd. (A Shares) ADR (a)(c)	129,200		3,431,552
Giant Interactive Group, Inc. ADR (c)	139,345		987,956
NCsoft Corp.	135,852		21,923,910
Neowiz Games Corp.	32,791		1,181,117

	Shares		Value
Nintendo Co. Ltd. ADR	109,900		$ 4,005,855
Perfect World Co. Ltd. sponsored ADR Class B (a)	155,100		4,107,048
			37,761,638
Systems Software - 15.1%
Ariba, Inc. (a)	455,551		6,856,043
BMC Software, Inc. (a)	809,800		29,970,698
Check Point Software Technologies Ltd. (a)	61,900		1,898,473
CommVault Systems, Inc. (a)	10,346		233,199
Fortinet, Inc.	58,300		951,456
Insyde Software Corp.	825,267		2,773,248
Microsoft Corp.	5,111,312		131,871,850
Novell, Inc. (a)	552,690		3,222,183
Oracle Corp.	3,215,596		72,576,002
Red Hat, Inc. (a)	719,800		21,097,338
Rovi Corp. (a)	143,292		5,350,523
TeleCommunication Systems, Inc. Class A (a)	105,200		527,052
VMware, Inc. Class A (a)	267,174		17,689,591
			295,017,656
TOTAL SOFTWARE			557,671,952
WIRELESS TELECOMMUNICATION SERVICES - 0.8%
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	24,700		1,001,091
Crown Castle International Corp. (a)	27,700		1,025,731
SBA Communications Corp. Class A (a)	30,453		1,005,863
Sprint Nextel Corp. (a)	1,570,559		8,056,968
Syniverse Holdings, Inc. (a)	218,223		4,318,633
			15,408,286
TOTAL COMMON STOCKS (Cost $1,731,022,410)		1,923,992,912
Money Market Funds - 1.8%

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e) (Cost $34,526,219)	34,526,219		34,526,219

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $1,765,548,629)

1,958,519,131

NET OTHER ASSETS - (0.1)%			(1,522,136)
NET ASSETS - 100%		$ 1,956,996,995

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
China Security & Surveillance Technology, Inc. warrants 8/25/10	8/25/09	$ 13

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,970
Fidelity Securities Lending Cash Central Fund	99,928
Total	$ 107,898

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,923,992,912	$ 1,923,991,440	$ 1,472	$ -
Money Market Funds	34,526,219	34,526,219	-	-
Total Investments in Securities:	$ 1,958,519,131	$ 1,958,517,659	$ 1,472	$ -

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $1,777,095,387. Net unrealized appreciation aggregated $181,423,744, of which $311,327,308 related to appreciated investment securities and $129,903,564 related to depreciated investment securities.

Investment Valuation

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

Investment Valuation - continued

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Telecommunications Portfolio

May 31, 2010

1.802191.106

TEL-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.0%
Communications Equipment - 1.0%
Aruba Networks, Inc. (a)	392		$ 5,253
Cisco Systems, Inc. (a)	43,500		1,007,460
F5 Networks, Inc. (a)	1,600		112,528
Infinera Corp. (a)	75,300		530,112
Juniper Networks, Inc. (a)	44,947		1,196,489
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	1,700		51,051
Sandvine Corp. (a)	3,200		5,980
Sonus Networks, Inc. (a)	56,800		147,680
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		6,024
			3,062,577
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		6,830
NetApp, Inc. (a)	700		26,376
Synaptics, Inc. (a)	450		13,464
			46,670
DIVERSIFIED TELECOMMUNICATION SERVICES - 44.6%
Alternative Carriers - 5.7%
Cable & Wireless Worldwide PLC	19,405		22,514
Cogent Communications Group, Inc. (a)	64,802		586,458
Global Crossing Ltd. (a)	302,086		4,111,390
Iliad Group SA (c)	36,470		3,076,670
Level 3 Communications, Inc. (a)(c)	7,976		10,688
PAETEC Holding Corp. (a)	73,600		311,328
tw telecom, inc. (a)	532,857		9,319,669
			17,438,717
Integrated Telecommunication Services - 38.9%
AT&T, Inc.	1,854,919		45,074,533
BT Group PLC	5,351		9,880
Cable & Wireless PLC	19,405		16,462
Cbeyond, Inc. (a)	177,698		2,777,420
CenturyTel, Inc.	226,290		7,768,536
China Telecom Corp. Ltd. sponsored ADR (c)	36,400		1,672,944
China Unicom (Hong Kong) Ltd. sponsored ADR	342,100		4,149,673
Cincinnati Bell, Inc. (a)	225,000		715,500
Deutsche Telekom AG	763		8,556
FairPoint Communications, Inc. (a)	34,149		1,707
Frontier Communications Corp. (c)	394,900		3,139,455
Hellenic Telecommunications Organization SA	163		1,354
PT Telkomunikasi Indonesia Tbk Series B	3,632,900		3,068,611
Qwest Communications International, Inc.	3,513,189		18,409,110
Telecom Italia SpA sponsored ADR	226		2,674
Telenor ASA (c)	71,000		872,055
Telenor ASA sponsored ADR (a)	57,400		2,138,150

	Shares		Value
Telkom SA Ltd.	4,400		$ 21,177
Verizon Communications, Inc.	913,324		25,134,676
VimpelCom Ltd. ADR (a)	167,900		2,610,845
Windstream Corp.	73,415		783,338
			118,376,656
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			135,815,373
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		15,514
INTERNET SOFTWARE & SERVICES - 0.3%
Internet Software & Services - 0.3%
Google, Inc. Class A (a)	90		43,666
Rackspace Hosting, Inc. (a)	43,700		769,120
SAVVIS, Inc. (a)	99		1,857
			814,643
MEDIA - 9.8%
Broadcasting - 0.8%
Ten Network Holdings Ltd. (a)	1,657,011		2,442,870
Cable & Satellite - 9.0%
Cablevision Systems Corp. - NY Group Class A	183,900		4,562,559
Comcast Corp. Class A	322,400		5,832,216
DIRECTV (a)	138,709		5,227,942
Dish TV India Ltd. (a)	5,888		4,896
Liberty Global, Inc. Class A (a)(c)	164,900		4,254,420
Net Servicos de Comunicacao SA sponsored ADR (a)	268,500		2,744,070
Virgin Media, Inc.	290,600		4,696,096
			27,322,199
Movies & Entertainment - 0.0%
Madison Square Garden, Inc. Class A (a)	525		11,062
TOTAL MEDIA			29,776,131
SOFTWARE - 1.2%
Application Software - 1.1%
Gameloft (a)	671,586		3,313,272
Nuance Communications, Inc. (a)	800		13,628
Synchronoss Technologies, Inc. (a)	5,863		119,840
			3,446,740
Home Entertainment Software - 0.1%
Glu Mobile, Inc. (a)	113,614		143,154
TOTAL SOFTWARE			3,589,894
WIRELESS TELECOMMUNICATION SERVICES - 38.2%
Wireless Telecommunication Services - 38.2%
America Movil SAB de CV Series L sponsored ADR	300		14,202
American Tower Corp. Class A (a)	548,600		22,234,758
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Axiata Group Bhd (a)	1,126,600		$ 1,302,248
China Mobile (Hong Kong) Ltd. sponsored ADR	28,500		1,327,245
Clearwire Corp.:
rights 6/21/10 (a)	1,029,741		341,874
Class A (a)(c)	1,029,741		8,382,092
Crown Castle International Corp. (a)	484,283		17,932,999
Idea Cellular Ltd. (a)	3,710		4,041
Leap Wireless International, Inc. (a)	391,958		6,400,674
MetroPCS Communications, Inc. (a)	400		3,596
Millicom International Cellular SA (c)	30,000		2,397,900
MTN Group Ltd.	220,325		3,093,784
NII Holdings, Inc. (a)	311,400		11,356,758
NTELOS Holdings Corp.	632		11,344
PT Indosat Tbk	1,600		898
Rogers Communications, Inc. Class B (non-vtg.)	2,200		76,067
SBA Communications Corp. Class A (a)	341,682		11,285,756
Sprint Nextel Corp. (a)	4,515,750		23,165,798
Syniverse Holdings, Inc. (a)	30,468		602,962
Telephone & Data Systems, Inc.	15,097		496,389
TIM Participacoes SA sponsored ADR (non-vtg.)	55,900		1,507,623
Vivo Participacoes SA sponsored ADR	116,525		3,183,463
Vodafone Group PLC sponsored ADR	66,400		1,334,640
			116,457,111
TOTAL COMMON STOCKS (Cost $321,075,354)		289,577,913
Money Market Funds - 12.0%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	14,312,285		$ 14,312,285
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	22,086,640		22,086,640
TOTAL MONEY MARKET FUNDS (Cost $36,398,925)		36,398,925

TOTAL INVESTMENT PORTFOLIO - 107.1%

(Cost $357,474,279)

325,976,838

NET OTHER ASSETS - (7.1)%			(21,476,954)
NET ASSETS - 100%		$ 304,499,884

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,961
Fidelity Securities Lending Cash Central Fund	69,162
Total	$ 73,123

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $363,804,373. Net unrealized depreciation aggregated $37,827,535, of which $26,110,034 related to appreciated investment securities and $63,937,569 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2010

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

1.851743.103

ATLC-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.0%
Communications Equipment - 1.0%
Aruba Networks, Inc. (a)	392		$ 5,253
Cisco Systems, Inc. (a)	43,500		1,007,460
F5 Networks, Inc. (a)	1,600		112,528
Infinera Corp. (a)	75,300		530,112
Juniper Networks, Inc. (a)	44,947		1,196,489
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	1,700		51,051
Sandvine Corp. (a)	3,200		5,980
Sonus Networks, Inc. (a)	56,800		147,680
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		6,024
			3,062,577
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		6,830
NetApp, Inc. (a)	700		26,376
Synaptics, Inc. (a)	450		13,464
			46,670
DIVERSIFIED TELECOMMUNICATION SERVICES - 44.6%
Alternative Carriers - 5.7%
Cable & Wireless Worldwide PLC	19,405		22,514
Cogent Communications Group, Inc. (a)	64,802		586,458
Global Crossing Ltd. (a)	302,086		4,111,390
Iliad Group SA (c)	36,470		3,076,670
Level 3 Communications, Inc. (a)(c)	7,976		10,688
PAETEC Holding Corp. (a)	73,600		311,328
tw telecom, inc. (a)	532,857		9,319,669
			17,438,717
Integrated Telecommunication Services - 38.9%
AT&T, Inc.	1,854,919		45,074,533
BT Group PLC	5,351		9,880
Cable & Wireless PLC	19,405		16,462
Cbeyond, Inc. (a)	177,698		2,777,420
CenturyTel, Inc.	226,290		7,768,536
China Telecom Corp. Ltd. sponsored ADR (c)	36,400		1,672,944
China Unicom (Hong Kong) Ltd. sponsored ADR	342,100		4,149,673
Cincinnati Bell, Inc. (a)	225,000		715,500
Deutsche Telekom AG	763		8,556
FairPoint Communications, Inc. (a)	34,149		1,707
Frontier Communications Corp. (c)	394,900		3,139,455
Hellenic Telecommunications Organization SA	163		1,354
PT Telkomunikasi Indonesia Tbk Series B	3,632,900		3,068,611
Qwest Communications International, Inc.	3,513,189		18,409,110
Telecom Italia SpA sponsored ADR	226		2,674
Telenor ASA (c)	71,000		872,055
Telenor ASA sponsored ADR (a)	57,400		2,138,150

	Shares		Value
Telkom SA Ltd.	4,400		$ 21,177
Verizon Communications, Inc.	913,324		25,134,676
VimpelCom Ltd. ADR (a)	167,900		2,610,845
Windstream Corp.	73,415		783,338
			118,376,656
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			135,815,373
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		15,514
INTERNET SOFTWARE & SERVICES - 0.3%
Internet Software & Services - 0.3%
Google, Inc. Class A (a)	90		43,666
Rackspace Hosting, Inc. (a)	43,700		769,120
SAVVIS, Inc. (a)	99		1,857
			814,643
MEDIA - 9.8%
Broadcasting - 0.8%
Ten Network Holdings Ltd. (a)	1,657,011		2,442,870
Cable & Satellite - 9.0%
Cablevision Systems Corp. - NY Group Class A	183,900		4,562,559
Comcast Corp. Class A	322,400		5,832,216
DIRECTV (a)	138,709		5,227,942
Dish TV India Ltd. (a)	5,888		4,896
Liberty Global, Inc. Class A (a)(c)	164,900		4,254,420
Net Servicos de Comunicacao SA sponsored ADR (a)	268,500		2,744,070
Virgin Media, Inc.	290,600		4,696,096
			27,322,199
Movies & Entertainment - 0.0%
Madison Square Garden, Inc. Class A (a)	525		11,062
TOTAL MEDIA			29,776,131
SOFTWARE - 1.2%
Application Software - 1.1%
Gameloft (a)	671,586		3,313,272
Nuance Communications, Inc. (a)	800		13,628
Synchronoss Technologies, Inc. (a)	5,863		119,840
			3,446,740
Home Entertainment Software - 0.1%
Glu Mobile, Inc. (a)	113,614		143,154
TOTAL SOFTWARE			3,589,894
WIRELESS TELECOMMUNICATION SERVICES - 38.2%
Wireless Telecommunication Services - 38.2%
America Movil SAB de CV Series L sponsored ADR	300		14,202
American Tower Corp. Class A (a)	548,600		22,234,758
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Axiata Group Bhd (a)	1,126,600		$ 1,302,248
China Mobile (Hong Kong) Ltd. sponsored ADR	28,500		1,327,245
Clearwire Corp.:
rights 6/21/10 (a)	1,029,741		341,874
Class A (a)(c)	1,029,741		8,382,092
Crown Castle International Corp. (a)	484,283		17,932,999
Idea Cellular Ltd. (a)	3,710		4,041
Leap Wireless International, Inc. (a)	391,958		6,400,674
MetroPCS Communications, Inc. (a)	400		3,596
Millicom International Cellular SA (c)	30,000		2,397,900
MTN Group Ltd.	220,325		3,093,784
NII Holdings, Inc. (a)	311,400		11,356,758
NTELOS Holdings Corp.	632		11,344
PT Indosat Tbk	1,600		898
Rogers Communications, Inc. Class B (non-vtg.)	2,200		76,067
SBA Communications Corp. Class A (a)	341,682		11,285,756
Sprint Nextel Corp. (a)	4,515,750		23,165,798
Syniverse Holdings, Inc. (a)	30,468		602,962
Telephone & Data Systems, Inc.	15,097		496,389
TIM Participacoes SA sponsored ADR (non-vtg.)	55,900		1,507,623
Vivo Participacoes SA sponsored ADR	116,525		3,183,463
Vodafone Group PLC sponsored ADR	66,400		1,334,640
			116,457,111
TOTAL COMMON STOCKS (Cost $321,075,354)		289,577,913
Money Market Funds - 12.0%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (d)	14,312,285		$ 14,312,285
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	22,086,640		22,086,640
TOTAL MONEY MARKET FUNDS (Cost $36,398,925)		36,398,925

TOTAL INVESTMENT PORTFOLIO - 107.1%

(Cost $357,474,279)

325,976,838

NET OTHER ASSETS - (7.1)%			(21,476,954)
NET ASSETS - 100%		$ 304,499,884

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,961
Fidelity Securities Lending Cash Central Fund	69,162
Total	$ 73,123

Other Information

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Transportation Portfolio

May 31, 2010

1.802192.106

TRN-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
AIR FREIGHT & LOGISTICS - 25.2%
Air Freight & Logistics - 25.2%
Air Transport Services Group, Inc. (a)	300,408		$ 1,688,293
Atlas Air Worldwide Holdings, Inc. (a)	62,900		3,287,783
C.H. Robinson Worldwide, Inc.	233,096		13,545,209
Dart Group PLC	2,337,217		1,783,992
Dynamex, Inc. (a)	110,515		1,699,721
Expeditors International of Washington, Inc.	7,000		267,330
FedEx Corp.	52,700		4,399,923
Hub Group, Inc. Class A (a)	26,800		820,080
United Parcel Service, Inc. Class B	626,400		39,312,864
UTI Worldwide, Inc.	130,900		1,891,505
			68,696,700
AIRLINES - 27.2%
Airlines - 27.2%
AirTran Holdings, Inc. (a)	310,900		1,753,476
Alaska Air Group, Inc. (a)	105,400		4,922,180
AMR Corp. (a)	551,400		4,229,238
Continental Airlines, Inc. Class B (a)	272,040		5,740,044
Delta Air Lines, Inc. (a)	1,150,302		15,621,101
Hawaiian Holdings, Inc. (a)	157,624		1,122,283
Pinnacle Airlines Corp. (a)	598,215		4,109,737
Republic Airways Holdings, Inc. (a)(c)	423,900		2,479,815
Southwest Airlines Co.	1,082,400		13,465,056
UAL Corp. (a)(c)	767,732		15,362,317
US Airways Group, Inc. (a)	625,000		5,518,750
			74,323,997
AUTO COMPONENTS - 0.0%
Auto Parts & Equipment - 0.0%
Wescast Industries, Inc. Class A (sub. vtg.) (a)	10,100		59,138
MACHINERY - 0.6%
Construction & Farm Machinery & Heavy Trucks - 0.6%
Accuride Corp. (a)	115,700		156,195
ASL Marine Holdings Ltd.	893,000		503,799
Wabash National Corp. (a)(c)	152,435		1,091,435
			1,751,429
MARINE - 2.4%
Marine - 2.4%
Alexander & Baldwin, Inc.	67,600		2,176,044
Horizon Lines, Inc. Class A (c)	692,248		2,824,372
Kirby Corp. (a)	7,200		283,896
Navios Maritime Acquisition Corp. (a)	185,600		1,217,536
			6,501,848
OIL, GAS & CONSUMABLE FUELS - 0.2%
Oil & Gas Storage & Transport - 0.2%
K-Sea Transportation Partners LP	66,800		416,164

	Shares		Value
ROAD & RAIL - 40.8%
Railroads - 27.2%
CSX Corp.	392,373		$ 20,501,489
Kansas City Southern (a)	7,400		282,458
Norfolk Southern Corp.	241,400		13,629,444
Union Pacific Corp.	559,668		39,977,085
			74,390,476
Trucking - 13.6%
Avis Budget Group, Inc. (a)	24,200		286,770
Con-way, Inc.	78,300		2,663,766
Contrans Group, Inc.:
(sub. vtg.) (a)(e)	12,800		113,464
Class A	816,500		7,237,782
Frozen Food Express Industries, Inc. (a)	299,429		1,161,785
Hertz Global Holdings, Inc. (a)	24,200		274,912
J.B. Hunt Transport Services, Inc.	7,300		252,069
Quality Distribution, Inc. (a)(d)	1,923,832		10,908,127
Saia, Inc. (a)	123,000		1,841,310
Trimac Income Fund	5,000		21,993
US 1 Industries, Inc. (a)	800		784
USA Truck, Inc. (a)	103,400		1,555,136
Vitran Corp., Inc. (a)	728,725		10,289,597
YRC Worldwide, Inc. (a)	1,532,600		544,380
			37,151,875
TOTAL ROAD & RAIL			111,542,351
SPECIALTY RETAIL - 0.3%
Automotive Retail - 0.3%
TravelCenters of America LLC (a)	282,840		823,064
TRANSPORTATION INFRASTRUCTURE - 0.7%
Airport Services - 0.7%
Avantair, Inc. (a)	740,073		1,924,190
TOTAL COMMON STOCKS (Cost $252,997,295)		266,038,881
Money Market Funds - 6.4%

Fidelity Cash Central Fund, 0.23% (f)	4,290,334		4,290,334
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(f)	13,253,614		13,253,614
TOTAL MONEY MARKET FUNDS (Cost $17,543,948)		17,543,948

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $270,541,243)

283,582,829

NET OTHER ASSETS - (3.8)%

(10,453,306)

NET ASSETS - 100%

$ 273,129,523

Legend

(a) Non-income producing

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

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,610
Fidelity Securities Lending Cash Central Fund	7,296
Total	$ 12,906

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Quality Distribution, Inc.	$ 6,070,934	$ 2,873,662	$ -	$ -	$ 10,908,127
Total	$ 6,070,934	$ 2,873,662	$ -	$ -	$ 10,908,127

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $277,907,982. Net unrealized appreciation aggregated $5,674,847, of which $16,574,649 related to appreciated investment securities and $10,899,802 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Utilities Portfolio

May 31, 2010

1.802193.106

UTI-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
ELECTRIC UTILITIES - 56.9%
Electric Utilities - 56.9%
American Electric Power Co., Inc.	1,011,279		$ 32,320,477
Entergy Corp.	381,851		28,665,555
FirstEnergy Corp.	264,800		9,323,608
FPL Group, Inc.	676,168		33,761,067
Great Plains Energy, Inc.	47,500		833,625
ITC Holdings Corp.	292,066		15,394,799
NV Energy, Inc.	1,424,384		16,793,487
Pinnacle West Capital Corp.	382,647		13,434,736
PPL Corp.	697,500		18,002,475
Progress Energy, Inc.	343,200		13,244,088
Southern Co.	523,967		17,133,721
Westar Energy, Inc.	91,700		2,017,400
			200,925,038
GAS UTILITIES - 4.8%
Gas Utilities - 4.8%
Questar Corp.	219,552		9,849,103
UGI Corp.	272,632		7,126,600
			16,975,703
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.8%
Independent Power Producers & Energy Traders - 5.8%
AES Corp. (a)	945,059		9,705,756
Calpine Corp. (a)	559,700		7,667,890
RRI Energy, Inc. (a)	678,900		3,000,738
			20,374,384
MULTI-UTILITIES - 30.2%
Multi-Utilities - 30.2%
CenterPoint Energy, Inc.	647,700		8,821,674
CMS Energy Corp. (c)	1,049,700		15,409,596
PG&E Corp.	403,951		16,763,967

	Shares		Value
Sempra Energy	574,674		$ 26,435,004
TECO Energy, Inc.	1,089,120		16,935,816
Wisconsin Energy Corp.	453,405		22,216,845
			106,582,902
OIL, GAS & CONSUMABLE FUELS - 0.4%
Oil & Gas Exploration & Production - 0.4%
Canacol Energy Ltd. (a)	1,919,600		1,434,871
TOTAL COMMON STOCKS (Cost $344,163,630)		346,292,898
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.23% (d)	532,330		532,330
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)	11,814,175		11,814,175
TOTAL MONEY MARKET FUNDS (Cost $12,346,505)		12,346,505

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $356,510,135)

358,639,403

NET OTHER ASSETS - (1.6)%			(5,677,098)
NET ASSETS - 100%		$ 352,962,305

Legend

(a) Non-income producing.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,376
Fidelity Securities Lending Cash Central Fund	7,659
Total	$ 10,035

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $360,129,091. Net unrealized depreciation aggregated $1,489,688, of which $12,262,220 related to appreciated investment securities and $13,751,908 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Select Wireless Portfolio

May 31, 2010

1.802194.106

WIR-QTLY-0710

Investments May 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AEROSPACE & DEFENSE - 0.2%
Aerospace & Defense - 0.2%
DigitalGlobe, Inc.	19,600		$ 548,212
COMMUNICATIONS EQUIPMENT - 16.8%
Communications Equipment - 16.8%
Aruba Networks, Inc. (a)(c)	75,484		1,011,486
Aviat Networks, Inc. (a)	10,532		46,446
Harris Corp.	45,100		2,115,641
Motorola, Inc. (a)	93,880		643,078
Nokia Corp. sponsored ADR	235,600		2,384,272
Powerwave Technologies, Inc. (a)(c)	24,600		40,590
QUALCOMM, Inc.	407,950		14,506,702
Research In Motion Ltd. (a)	293,200		17,856,119
Sierra Wireless, Inc. (a)	51,200		409,207
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	250,300		2,513,012
ViaSat, Inc. (a)	65,800		2,114,154
ZTE Corp. (H Shares) (c)	698,430		2,314,227
			45,954,934
COMPUTERS & PERIPHERALS - 2.8%
Computer Hardware - 2.8%
Apple, Inc. (a)	27,100		6,969,036
HTC Corp.	52,000		707,096
			7,676,132
DIVERSIFIED TELECOMMUNICATION SERVICES - 10.9%
Alternative Carriers - 0.0%
Neutral Tandem, Inc. (a)	1,900		25,536
Integrated Telecommunication Services - 10.9%
China Unicom (Hong Kong) Ltd. sponsored ADR (c)	1,320,100		16,012,813
Deutsche Telekom AG	100		1,121
Telefonica SA sponsored ADR (c)	130,700		7,498,259
Telenor ASA	1,000		12,282
Telkom SA Ltd.	6,400		30,802
Verizon Communications, Inc.	222,600		6,125,952
			29,681,229
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			29,706,765
ELECTRICAL EQUIPMENT - 1.4%
Electrical Components & Equipment - 1.4%
Fushi Copperweld, Inc. (a)	396,100		3,937,234
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Components - 0.0%
Prime View International Co. Ltd. sponsored GDR (a)(d)	2,700		41,087

	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
Openwave Systems, Inc. (a)	15,641		$ 33,628
IT SERVICES - 0.4%
IT Consulting & Other Services - 0.4%
Integral Systems, Inc. (a)	152,400		1,042,416
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.0%
Semiconductors - 6.0%
Atheros Communications, Inc. (a)	97,700		3,321,800
Avago Technologies Ltd.	165,200		3,411,380
Marvell Technology Group Ltd. (a)	142,000		2,695,160
NVIDIA Corp. (a)	425,500		5,591,070
Skyworks Solutions, Inc. (a)	82,600		1,315,818
			16,335,228
SOFTWARE - 4.0%
Application Software - 3.7%
AsiaInfo Holdings, Inc. (a)	128,200		2,747,326
Gameloft (a)	1,504,662		7,423,255
Smith Micro Software, Inc. (a)	3,900		38,415
			10,208,996
Home Entertainment Software - 0.3%
Glu Mobile, Inc. (a)	28,623		36,065
Perfect World Co. Ltd. sponsored ADR Class B (a)	22,500		595,800
			631,865
TOTAL SOFTWARE			10,840,861
WIRELESS TELECOMMUNICATION SERVICES - 56.1%
Wireless Telecommunication Services - 56.1%
America Movil SAB de CV Series L sponsored ADR	400		18,936
American Tower Corp. Class A (a)	334,392		13,552,908
China Mobile (Hong Kong) Ltd. sponsored ADR (c)	394,700		18,381,179
Clearwire Corp.:
rights 6/21/10 (a)	1,097,800		364,470
Class A (a)(c)	866,400		7,052,496
Crown Castle International Corp. (a)	147,100		5,447,113
Idea Cellular Ltd. (a)	81,905		89,210
KDDI Corp.	6		27,131
Leap Wireless International, Inc. (a)	120,950		1,975,114
MetroPCS Communications, Inc. (a)	713,900		6,417,961
Millicom International Cellular SA (c)	39,600		3,165,228
NII Holdings, Inc. (a)	411,600		15,011,052
NTT DoCoMo, Inc.	1,836		2,726,343
PT Indosat Tbk	2,700		1,516
SBA Communications Corp. Class A (a)	215,500		7,117,965
SOFTBANK CORP.	7,300		174,739
Sprint Nextel Corp. (a)	4,288,031		21,997,599
Syniverse Holdings, Inc. (a)	194,300		3,845,197
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Telephone & Data Systems, Inc.	27,178		$ 893,613
TIM Participacoes SA sponsored ADR (non-vtg.) (c)	136,400		3,678,708
U.S. Cellular Corp. (a)	38,200		1,585,682
Vivo Participacoes SA sponsored ADR	245,650		6,711,158
Vodafone Group PLC sponsored ADR	1,660,500		33,376,048
			153,611,366
TOTAL COMMON STOCKS (Cost $292,780,794)		269,727,863
Money Market Funds - 14.4%

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(e) (Cost $39,406,875)	39,406,875		39,406,875

TOTAL INVESTMENT PORTFOLIO - 113.0%

(Cost $332,187,669)

309,134,738

NET OTHER ASSETS - (13.0)%			(35,493,305)
NET ASSETS - 100%		$ 273,641,433

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 394
Fidelity Securities Lending Cash Central Fund	108,361
Total	$ 108,755

Other Information

Income Tax Information

At May 31, 2010, the cost of investment securities for income tax purposes was $340,931,687. Net unrealized depreciation aggregated $31,796,949, of which $16,321,783 related to appreciated investment securities and $48,118,732 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

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

Date:	July 30, 2010

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

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

Date:	July 30, 2010

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

Date:	July 30, 2010