N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

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, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report
for
Fidelity ® Select Air Transportation Portfolio

May 31, 2008

1.802153.104

AIR-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
AEROSPACE & DEFENSE - 36.8%
Aerospace & Defense - 36.8%
Bombardier, Inc. Class B (sub. vtg.) (a)	355,100		$ 2,823,644
General Dynamics Corp.	3,000		276,450
Goodrich Corp.	30,400		1,970,224
Lockheed Martin Corp.	2,500		273,600
Precision Castparts Corp.	32,700		3,950,160
Raytheon Co.	2,900		185,194
Rockwell Collins, Inc.	30,200		1,853,374
Spirit AeroSystems Holdings, Inc. Class A (a)	48,700		1,452,721
The Boeing Co.	26,000		2,152,020
			14,937,387
AIR FREIGHT & LOGISTICS - 26.9%
Air Freight & Logistics - 26.9%
Expeditors International of Washington, Inc.	36,800		1,732,544
FedEx Corp.	33,950		3,113,555
Forward Air Corp.	19,100		707,655
United Parcel Service, Inc. Class B	52,200		3,707,244
UTI Worldwide, Inc.	69,000		1,639,440
			10,900,438
AIRLINES - 28.3%
Airlines - 28.3%
ACE Aviation Holdings, Inc. Class A	42,900		922,771
AirTran Holdings, Inc. (a)	130,600		391,800
Alaska Air Group, Inc. (a)	100		1,953
AMR Corp. (a)(d)	155,900		1,120,921
Continental Airlines, Inc. Class B (a)	70,800		1,020,228
Delta Air Lines, Inc. (a)(d)	142,540		876,621
ExpressJet Holdings, Inc. Class A (a)	200		406
Frontier Airlines Holdings, Inc. (a)	5		1
JetBlue Airways Corp. (a)(d)	126,500		502,205
Northwest Airlines Corp. (a)	190,200		1,342,812
Pinnacle Airlines Corp. (a)	600		3,906
Ryanair Holdings PLC sponsored ADR (a)(d)	40,300		1,061,905
SkyWest, Inc.	14,700		227,262
Southwest Airlines Co.	134,600		1,757,876
UAL Corp.	69,200		590,968
US Airways Group, Inc. (a)	79,566		315,081
WestJet Airlines Ltd. (a)	83,550		1,337,136
			11,473,852
INDUSTRIAL CONGLOMERATES - 3.4%
Industrial Conglomerates - 3.4%
Textron, Inc.	21,800		1,363,590
	Shares		Value
METALS & MINING - 1.7%
Diversified Metals & Mining - 1.7%
Titanium Metals Corp. (d)	39,200		$ 682,080
OIL, GAS & CONSUMABLE FUELS - 0.4%
Oil & Gas Refining & Marketing - 0.4%
Valero Energy Corp.	3,500		177,940
Oil & Gas Storage & Transport - 0.0%
Ship Finance International Ltd. (NY Shares)	18		552
TOTAL OIL, GAS & CONSUMABLE FUELS			178,492
TOTAL COMMON STOCKS (Cost $42,874,040)		39,535,839

Nonconvertible Bonds - 0.3%
	Principal Amount
AIRLINES - 0.3%
Airlines - 0.3%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $104,974)	$ 3,500,000	140,000

Money Market Funds - 11.0%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	728,820		728,820
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	3,711,275		3,711,275
TOTAL MONEY MARKET FUNDS (Cost $4,440,095)		4,440,095

TOTAL INVESTMENT PORTFOLIO - 108.8% (Cost $47,419,109) 44,115,934

NET OTHER ASSETS - (8.8)%		(3,571,311)
NET ASSETS - 100%	$ 40,544,623

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,103
Fidelity Securities Lending Cash Central Fund	5,762
Total	$ 9,865

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 44,115,934	$ 43,975,934	$ 140,000	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $47,573,184. Net unrealized depreciation aggregated $3,457,250, of which $9,639,607 related to appreciated investment securities and $13,096,857 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Automotive Portfolio

May 31, 2008

1.802154.104

AUT-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
AUTO COMPONENTS - 59.4%
Auto Parts & Equipment - 52.5%
Aftermarket Technology Corp. (a)	6,200		$ 138,818
American Axle & Manufacturing Holdings, Inc.	15,649		290,915
ArvinMeritor, Inc. (d)	14,300		214,071
Autoliv, Inc.	18,400		1,005,928
Bharat Forge Ltd.	158		961
BorgWarner, Inc.	19,900		1,029,029
Drew Industries, Inc. (a)	3,500		76,930
Exide Technologies (a)	17,300		285,277
Gentex Corp.	49,700		872,732
Hyundai Mobis	586		52,317
Johnson Controls, Inc.	131,270		4,471,056
Lear Corp. (a)	15,700		404,275
Modine Manufacturing Co.	6,300		99,162
Raser Technologies, Inc. (a)(d)	6,700		73,700
Sauer-Danfoss, Inc.	3,000		93,570
Spartan Motors, Inc.	5,700		51,471
Superior Industries International, Inc. (d)	4,900		100,744
Tenneco, Inc. (a)	11,000		263,780
TRW Automotive Holdings Corp. (a)	16,000		399,200
Visteon Corp. (a)	40,900		165,236
WABCO Holdings, Inc.	14,400		752,544
			10,841,716
Tires & Rubber - 6.9%
Continental AG	1,100		139,469
Cooper Tire & Rubber Co.	16,800		184,464
Michelin SA (Compagnie Generale des Etablissements) Series B	800		71,562
The Goodyear Tire & Rubber Co. (a)	40,400		1,026,564
			1,422,059
TOTAL AUTO COMPONENTS			12,263,775
AUTOMOBILES - 37.2%
Automobile Manufacturers - 27.7%
Bayerische Motoren Werke AG (BMW)	2,300		136,219
Daimler AG	3,900		296,517
Fiat SpA	20,900		465,765
Fleetwood Enterprises, Inc. (a)	13,100		54,496
Ford Motor Co. (a)	271,300		1,844,840
General Motors Corp. (d)	80,000		1,368,000
Honda Motor Co. Ltd. sponsored ADR	7,100		235,933
Hyundai Motor Co.	880		71,889
Maruti Suzuki India Ltd.	76		1,376
Monaco Coach Corp.	7,500		34,350
Nissan Motor Co. Ltd. sponsored ADR	5,900		104,725
Renault SA	4,800		492,846
Thor Industries, Inc. (d)	7,700		207,592
Toyota Motor Corp. sponsored ADR	2,700		275,535
Winnebago Industries, Inc. (d)	7,500		111,900
			5,701,983
	Shares		Value
Motorcycle Manufacturers - 9.5%
Bajaj Auto Ltd.	5		$ 68
Harley-Davidson, Inc.	47,300		1,966,261
			1,966,329
TOTAL AUTOMOBILES			7,668,312
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Multi-Sector Holdings - 0.0%
Bajaj Holdings & Investment Ltd.	5		75
Other Diversifed Financial Services - 0.0%
Bajaj Finserv Ltd. (a)	5		76
TOTAL DIVERSIFIED FINANCIAL SERVICES			151
ELECTRICAL EQUIPMENT - 0.6%
Electrical Components & Equipment - 0.6%
Ener1, Inc. (a)	21,286		114,944
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Equipment & Instruments - 0.0%
Iteris, Inc. (a)	400		1,192
HOUSEHOLD DURABLES - 0.2%
Consumer Electronics - 0.2%
Harman International Industries, Inc.	900		40,248
ROAD & RAIL - 0.2%
Trucking - 0.2%
Hertz Global Holdings, Inc. (a)	3,000		39,660
TOTAL COMMON STOCKS (Cost $27,112,963)		20,128,282
Money Market Funds - 10.0%
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c) (Cost $2,068,175)	2,068,175		2,068,175

TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $29,181,138) 22,196,457

NET OTHER ASSETS - (7.6)%		(1,569,756)
NET ASSETS - 100%	$ 20,626,701

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,330
Fidelity Securities Lending Cash Central Fund	9,238
Total	$ 10,568

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 22,196,457	$ 22,196,457	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $31,039,155. Net unrealized depreciation aggregated $8,842,698, of which $322,324 related to appreciated investment securities and $9,165,022 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Banking Portfolio

May 31, 2008

1.802155.104

BAN-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%
	Shares		Value
CAPITAL MARKETS - 2.8%
Asset Management & Custody Banks - 2.4%
Bank of New York Mellon Corp.	47,103		$ 2,097,497
Franklin Resources, Inc.	13,300		1,346,226
Northern Trust Corp.	20,900		1,588,400
State Street Corp.	22,973		1,654,515
T. Rowe Price Group, Inc.	5,800		335,936
			7,022,574
Investment Banking & Brokerage - 0.4%
Goldman Sachs Group, Inc.	1,800		317,538
Lehman Brothers Holdings, Inc.	13,200		485,892
Macquarie Group Ltd. (d)	6,582		342,864
			1,146,294
TOTAL CAPITAL MARKETS			8,168,868
COMMERCIAL BANKS - 65.0%
Diversified Banks - 27.2%
Banco do Brasil SA	55,300		1,107,020
Commonwealth Bank of Australia	8,075		326,629
Intesa Sanpaolo SpA	54,040		354,355
Mitsubishi UFJ Financial Group, Inc.	32,100		326,381
Sumitomo Trust & Banking Co. Ltd.	98,000		835,565
U.S. Bancorp, Delaware (d)	549,600		18,241,224
Uniao de Bancos Brasileiros SA (Unibanco) GDR	11,900		1,866,753
Wachovia Corp.	761,992		18,135,410
Wells Fargo & Co. (d)	1,423,756		39,252,952
			80,446,289
Regional Banks - 37.8%
Associated Banc-Corp.	125,220		3,419,758
Bank of Hawaii Corp.	79,900		4,322,590
BB&T Corp. (d)	381,742		12,013,421
BOK Financial Corp.	31,300		1,822,599
Boston Private Financial Holdings, Inc. (d)	48,900		412,227
Capitol Bancorp Ltd. (d)	54,500		843,660
Cascade Bancorp (d)	45,150		395,966
Center Financial Corp., California	31,700		296,712
Citizens Banking Corp., Michigan	93,200		516,328
City National Corp.	41,000		1,984,400
Colonial Bancgroup, Inc.	122,800		752,764
Columbia Banking Systems, Inc.	36,000		962,280
Commerce Bancshares, Inc.	54,600		2,398,032
Cullen/Frost Bankers, Inc.	64,400		3,599,960
CVB Financial Corp. (d)	215,500		2,284,300
East West Bancorp, Inc. (d)	33,000		436,920
Fifth Third Bancorp (d)	318,600		5,957,820
First Midwest Bancorp, Inc., Delaware (d)	31,000		809,100
Frontier Financial Corp., Washington (d)	160,950		2,365,965
Glacier Bancorp, Inc. (d)	142,100		2,947,154
M&T Bank Corp. (d)	46,600		4,038,356
Marshall & Ilsley Corp.	84,600		1,966,104
	Shares		Value
National City Corp. (d)	257,200		$ 1,502,048
Pacific Continental Corp.	65,130		972,391
PacWest Bancorp	73,900		1,557,812
PNC Financial Services Group, Inc.	231,500		14,873,875
PrivateBancorp, Inc. (d)	19,500		738,660
Prosperity Bancshares, Inc.	38,000		1,213,720
Renasant Corp.	37,300		866,106
Seacoast Banking Corp., Florida (d)	39,200		421,400
Signature Bank, New York (a)	41,300		1,178,702
Sterling Bancshares, Inc.	56,450		576,919
Sterling Financial Corp., Washington	73,000		648,240
SunTrust Banks, Inc. (d)	239,848		12,522,464
SVB Financial Group (a)	25,900		1,327,375
Texas Capital Bancshares, Inc. (a)	26,500		480,180
Tokyo Tomin Bank Ltd.	30,600		647,174
UCBH Holdings, Inc.	82,400		402,112
UMB Financial Corp.	44,900		2,342,433
Umpqua Holdings Corp. (d)	66,500		927,010
UnionBanCal Corp.	78,200		3,914,692
Westamerica Bancorp. (d)	67,500		3,746,250
Western Alliance Bancorp. (a)(d)	100,600		1,065,354
Wintrust Financial Corp.	43,800		1,365,684
Zions Bancorp (d)	84,401		3,636,839
			111,473,856
TOTAL COMMERCIAL BANKS			191,920,145
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Diversified Commercial & Professional Services - 0.3%
CoStar Group, Inc. (a)	4,400		206,360
Equifax, Inc.	17,084		651,925
			858,285
CONSUMER FINANCE - 0.1%
Consumer Finance - 0.1%
American Express Co.	6,700		310,545
DIVERSIFIED FINANCIAL SERVICES - 3.0%
Other Diversifed Financial Services - 1.8%
African Bank Investments Ltd.	49,400		159,056
Bank of America Corp.	60,569		2,059,952
Citigroup, Inc.	73,100		1,600,159
JPMorgan Chase & Co.	35,626		1,531,918
Kotak Mahindra Bank Ltd. sponsored GDR (e)	10,032		164,888
			5,515,973
Specialized Finance - 1.2%
ASX Ltd.	7,796		256,180
Bolsa de Mercadorias & Futuros - BM&F SA	30,400		348,390
Bovespa Holding SA	36,800		605,905
Deutsche Boerse AG	2,600		373,054
Hong Kong Exchanges & Clearing Ltd.	8,000		137,367
Common Stocks - continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - CONTINUED
Specialized Finance - continued
JSE Ltd.	36,200		$ 340,818
KKR Financial Holdings LLC	23,500		285,760
MarketAxess Holdings, Inc. (a)	18,800		147,016
MSCI, Inc. Class A	15,200		540,360
Singapore Exchange Ltd.	75,000		443,057
			3,477,907
TOTAL DIVERSIFIED FINANCIAL SERVICES			8,993,880
INSURANCE - 0.5%
Insurance Brokers - 0.1%
Willis Group Holdings Ltd.	10,400		372,632
Property & Casualty Insurance - 0.1%
Aspen Insurance Holdings Ltd.	14,000		357,840
Reinsurance - 0.3%
Endurance Specialty Holdings Ltd.	10,000		336,600
IPC Holdings Ltd.	10,421		295,956
Platinum Underwriters Holdings Ltd.	6,100		216,367
			848,923
TOTAL INSURANCE			1,579,395
IT SERVICES - 1.0%
Data Processing & Outsourced Services - 1.0%
Computershare Ltd.	38,658		352,496
CyberSource Corp. (a)	15,376		298,448
MasterCard, Inc. Class A	1,500		462,975
Visa, Inc.	19,500		1,684,020
			2,797,939
REAL ESTATE INVESTMENT TRUSTS - 1.5%
Mortgage REITs - 1.5%
Annaly Capital Management, Inc.	248,700		4,429,347
THRIFTS & MORTGAGE FINANCE - 19.1%
Thrifts & Mortgage Finance - 19.1%
Astoria Financial Corp.	87,000		2,075,820
Bank Mutual Corp.	83,800		929,342
Beverly Hills Bancorp, Inc.	24,700		61,750
Countrywide Financial Corp. (d)	454,184		2,389,008
Encore Bancshares, Inc.	6,400		113,536
Fannie Mae (d)	477,000		12,888,540
Freddie Mac (d)	477,300		12,132,966
Hudson City Bancorp, Inc.	416,100		7,406,580
New York Community Bancorp, Inc. (d)	282,500		5,796,900
People's United Financial, Inc.	228,590		3,778,593
Riverview Bancorp, Inc.	67,307		600,378
	Shares		Value
Washington Federal, Inc.	219,600		$ 4,916,844
Washington Mutual, Inc.	358,500		3,233,670
			56,323,927
TOTAL COMMON STOCKS (Cost $300,338,862)		275,382,331
Convertible Preferred Stocks - 0.4%
COMMERCIAL BANKS - 0.4%
Regional Banks - 0.4%
National City Corp. (Cost $1,100,000)	11		1,284,800
Investment Companies - 0.1%
Ares Capital Corp. (Cost $166,816)	11,102		137,554
Money Market Funds - 32.8%
Fidelity Cash Central Fund, 2.44% (b)	17,336,149		17,336,149
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	79,543,509		79,543,509
TOTAL MONEY MARKET FUNDS (Cost $96,879,658)		96,879,658

TOTAL INVESTMENT PORTFOLIO - 126.6% (Cost $398,485,336) 373,684,343

NET OTHER ASSETS - (26.6)%		(78,416,183)
NET ASSETS - 100%	$ 295,268,160

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $164,888 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 141,018
Fidelity Securities Lending Cash Central Fund	227,234
Total	$ 368,252

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 373,684,343	$ 371,908,274	$ 1,776,069	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $404,688,242. Net unrealized depreciation aggregated $31,003,899, of which $31,714,068 related to appreciated investment securities and $62,717,967 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Biotechnology Portfolio

May 31, 2008

1.802156.104

BIO-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
BIOTECHNOLOGY - 79.2%
Biotechnology - 79.2%
Acadia Pharmaceuticals, Inc. (a)(d)	714,188		$ 6,284,854
Acorda Therapeutics, Inc. (a)	562,746		12,132,804
Affymax, Inc. (a)(d)	170,396		2,540,604
Alexion Pharmaceuticals, Inc. (a)(d)	774,600		55,267,710
Alkermes, Inc. (a)(d)	348,019		4,409,401
Alnylam Pharmaceuticals, Inc. (a)(d)	158,500		4,577,480
Amgen, Inc. (a)(d)	2,835,131		124,830,818
Amylin Pharmaceuticals, Inc. (a)(d)	762,292		24,218,017
Antigenics, Inc. (a)	1,548,000		3,575,880
Antigenics, Inc.:
warrants 1/9/10 (a)(f)	1,548,000		1,261,899
warrants 1/9/18 (a)(f)	1,548,000		2,593,191
Arena Pharmaceuticals, Inc. (a)(d)	177,400		910,062
Biogen Idec, Inc. (a)	944,719		59,281,117
BioMarin Pharmaceutical, Inc. (a)(d)	1,131,611		43,193,592
Celgene Corp. (a)	478,499		29,121,449
Cephalon, Inc. (a)(d)	802,840		54,360,296
Cepheid, Inc. (a)	202,300		5,324,536
Cougar Biotechnology, Inc. (a)	313,400		8,468,068
Cubist Pharmaceuticals, Inc. (a)	214,885		4,095,708
CV Therapeutics, Inc. (a)	245,500		2,167,765
Dendreon Corp. (a)(d)	262,600		1,365,520
Enzon Pharmaceuticals, Inc. (a)(d)	126,100		1,109,680
Genentech, Inc. (a)(d)	1,921,739		136,193,645
Genzyme Corp. (a)	246,054		16,844,857
Gilead Sciences, Inc. (a)	1,174,223		64,958,016
GTx, Inc. (a)(d)	59,546		894,381
Halozyme Therapeutics, Inc. (a)	122,590		635,016
Human Genome Sciences, Inc. (a)	455,853		2,680,416
ImClone Systems, Inc. (a)	336,200		14,651,596
Incyte Corp. (a)	715,105		6,943,670
Indevus Pharmaceuticals, Inc. (a)	534,343		2,399,200
Isis Pharmaceuticals, Inc. (a)(d)	412,810		5,837,133
Ligand Pharmaceuticals, Inc. Class B	513,768		1,803,326
Martek Biosciences (a)(d)	91,400		3,451,264
Momenta Pharmaceuticals, Inc. (a)(d)	98,800		1,266,616
Myriad Genetics, Inc. (a)(d)	334,846		16,213,243
Omrix Biopharmaceuticals, Inc. (a)	43,600		793,084
ONYX Pharmaceuticals, Inc. (a)(d)	497,106		17,567,726
OREXIGEN Therapeutics, Inc.	242,874		2,115,433
OSI Pharmaceuticals, Inc. (a)	264,800		9,347,440
PDL BioPharma, Inc.	726,700		7,448,675
Poniard Pharmaceuticals, Inc. (a)	186,800		739,728
Progenics Pharmaceuticals, Inc. (a)(d)	112,200		1,837,836
Regeneron Pharmaceuticals, Inc. (a)	385,208		7,665,639
	Shares		Value
Rigel Pharmaceuticals, Inc. (a)	315,165		$ 7,355,951
Sangamo Biosciences, Inc. (a)	185,802		2,058,686
Savient Pharmaceuticals, Inc. (a)(d)	357,637		9,527,450
Theratechnologies, Inc. (a)	133,100		927,078
Theravance, Inc. (a)	204,535		2,767,359
United Therapeutics Corp. (a)(d)	425,397		40,629,667
Vanda Pharmaceuticals, Inc. (a)(d)(e)	1,376,584		6,442,413
Vertex Pharmaceuticals, Inc. (a)(d)	1,020,804		29,225,619
Zymogenetics, Inc. (a)(d)	278,105		2,508,507
			874,821,121
HEALTH CARE EQUIPMENT & SUPPLIES - 1.4%
Health Care Equipment - 1.4%
Alsius Corp. (a)	314,300		311,157
Clinical Data, Inc. (a)(d)	119,954		2,293,520
Quidel Corp. (a)	776,100		13,248,027
			15,852,704
LIFE SCIENCES TOOLS & SERVICES - 1.1%
Life Sciences Tools & Services - 1.1%
AMAG Pharmaceuticals, Inc.	79,000		3,160,000
Applera Corp. - Celera Genomics Group (a)	306,200		3,943,856
Exelixis, Inc. (a)(d)	774,300		4,893,576
Medivation, Inc. (a)(d)	32,736		496,605
			12,494,037
PHARMACEUTICALS - 16.1%
Pharmaceuticals - 16.1%
Akorn, Inc. (a)(d)	2,778,653		13,198,602
Auxilium Pharmaceuticals, Inc. (a)(d)	1,083,104		34,486,031
Biodel, Inc. (d)(e)	1,500,084		23,506,316
Catalyst Pharmaceutical Partners, Inc. (a)	518,959		1,863,063
Elan Corp. PLC sponsored ADR (a)(d)	1,616,400		40,474,656
Jazz Pharmaceuticals, Inc. (d)	150,700		1,152,855
Sepracor, Inc. (a)(d)	905,484		19,567,509
Wyeth	239,400		10,646,118
XenoPort, Inc. (a)	763,294		33,035,364
			177,930,514
TOTAL COMMON STOCKS (Cost $1,096,631,135)		1,081,098,376
Convertible Preferred Stocks - 0.3%
BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Xenon Pharmaceuticals, Inc. Series E (a)(f) (Cost $6,724,138)	981,626		3,416,058
Money Market Funds - 12.8%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	20,466,786		$ 20,466,786
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	120,276,646		120,276,646
TOTAL MONEY MARKET FUNDS (Cost $140,743,432)		140,743,432

TOTAL INVESTMENT PORTFOLIO - 110.9% (Cost $1,244,098,705) 1,225,257,866

NET OTHER ASSETS - (10.9)%		(120,196,245)
NET ASSETS - 100%	$ 1,105,061,621

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,271,148 or 0.7% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Antigenics, Inc. warrants 1/9/10	1/9/08	$ 9
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	$ 80,849
Fidelity Securities Lending Cash Central Fund	199,891
Total	$ 280,740

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
Biodel, Inc.	$ 20,986,175	$ -	$ -	$ -	$ 23,506,316
Vanda Pharmaceuticals, Inc.	6,277,223	-	-	-	6,442,413
Total	$ 27,263,398	$ -	$ -	$ -	$ 29,948,729

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 1,225,257,866	$ 1,217,986,718	$ 2,593,191	$ 4,677,957

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

	Investments in Securities
Beginning Balance	$ 3,416,058
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	1,261,890
Cost of Purchases	9
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 4,677,957

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,262,108,479. Net unrealized depreciation aggregated $36,850,613, of which $108,775,209 related to appreciated investment securities and $145,625,822 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2008

1.802157.104

BRO-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 82.1%
	Shares		Value
CAPITAL MARKETS - 60.6%
Asset Management & Custody Banks - 36.4%
A.F.P. Provida SA sponsored ADR	82,100		$ 2,612,422
Affiliated Managers Group, Inc. (a)	1,000		102,500
AllianceBernstein Holding LP	1,200		77,172
American Capital Strategies Ltd. (d)	20,000		640,000
Ameriprise Financial, Inc.	900		42,534
Ashmore Group PLC	606,700		3,139,734
Bank of New York Mellon Corp.	466,575		20,776,585
Bank Sarasin & Co. Ltd. Series B (Reg.)	797,600		39,256,337
BlueBay Asset Management	1,322,197		8,741,380
EFG International	1,136,595		42,582,783
Fortress Investment Group LLC (d)	23,596		338,131
Franklin Resources, Inc.	55,419		5,609,511
GLG Partners, Inc. (d)	835,359		6,941,833
Gluskin Sheff + Associates, Inc.	68,500		1,578,913
Janus Capital Group, Inc.	709,500		20,575,500
Julius Baer Holding AG	478,573		39,165,573
KKR Private Equity Investors, LP Restricted Depositary Units (e)	104,600		1,359,800
Legg Mason, Inc.	948		51,012
Man Group PLC	497,000		6,113,790
Northern Trust Corp.	183,700		13,961,200
Och-Ziff Capital Management Group LLC Class A (d)	57,000		1,176,480
Patriot Capital Funding, Inc.	619,500		6,300,315
State Street Corp.	182,766		13,162,807
T. Rowe Price Group, Inc.	70,700		4,094,944
The Blackstone Group LP	438,500		8,537,595
U.S. Global Investments, Inc. Class A (d)	650,000		9,815,000
Vontobel Holdings AG	70,259		2,730,010
			259,483,861
Diversified Capital Markets - 0.3%
Credit Suisse Group sponsored ADR	36,200		1,842,218
UBS AG:
rights 6/12/08 (a)	5,985		7,122
(NY Shares)	5,985		141,605
			1,990,945
Investment Banking & Brokerage - 23.9%
Charles Schwab Corp.	325,400		7,217,372
Cowen Group, Inc. (a)	3,400		26,996
E*TRADE Financial Corp. (a)	100		410
GFI Group, Inc.	2,667,600		31,584,384
Goldman Sachs Group, Inc.	1,900		335,179
Greenhill & Co., Inc. (d)	393,900		23,732,475
Jefferies Group, Inc. (d)	139,900		2,518,200
Lazard Ltd. Class A	8,800		335,192
Lehman Brothers Holdings, Inc.	943,800		34,741,278
Merrill Lynch & Co., Inc.	7,050		309,636
MF Global Ltd.	1,709,398		24,871,741
Nomura Holdings, Inc. sponsored ADR (d)	2,086,600		35,326,138
	Shares		Value
optionsXpress Holdings, Inc.	124,393		$ 2,841,136
SWS Group, Inc.	102,400		1,892,352
TD Ameritrade Holding Corp. (a)	649		11,753
Thomas Weisel Partners Group, Inc. (a)	614,385		4,190,106
TradeStation Group, Inc. (a)	2,113		22,250
			169,956,598
TOTAL CAPITAL MARKETS			431,431,404
COMMERCIAL BANKS - 0.9%
Diversified Banks - 0.9%
Barclays PLC	8,200		60,898
BBVA Banco Frances SA sponsored ADR	19,400		114,460
Industrial & Commercial Bank of China	756,000		564,779
Uniao de Bancos Brasileiros SA (Unibanco) GDR	31,800		4,988,466
Wells Fargo & Co.	33,000		909,810
			6,638,413
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Diversified Commercial & Professional Services - 0.3%
Equifax, Inc.	53,900		2,056,824
DIVERSIFIED FINANCIAL SERVICES - 3.0%
Other Diversifed Financial Services - 0.0%
Citigroup, Inc.	11,700		256,113
Specialized Finance - 3.0%
Bovespa Holding SA	30,000		493,944
Bursa Malaysia Bhd	1,327,800		3,462,935
Climate Exchange PLC (a)	5,700		229,436
CME Group, Inc. (d)	4,100		1,764,230
Deutsche Boerse AG (d)	54,200		7,776,736
IntercontinentalExchange, Inc. (a)	10,412		1,438,938
JSE Ltd.	619,197		5,829,651
NYMEX Holdings, Inc.	600		54,492
			21,050,362
TOTAL DIVERSIFIED FINANCIAL SERVICES			21,306,475
INSURANCE - 4.2%
Life & Health Insurance - 0.2%
Principal Financial Group, Inc.	25,900		1,395,492
Property & Casualty Insurance - 4.0%
Fidelity National Financial, Inc. Class A	477,500		8,165,250
LandAmerica Financial Group, Inc.	297,529		8,860,414
Stewart Information Services Corp.	46,600		1,102,090
The First American Corp.	312,600		10,493,982
			28,621,736
TOTAL INSURANCE			30,017,228
IT SERVICES - 12.4%
Data Processing & Outsourced Services - 12.4%
CyberSource Corp. (a)	420,000		8,152,200
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Fiserv, Inc. (a)	259,835		$ 13,604,961
MasterCard, Inc. Class A	1,200		370,380
Online Resources Corp. (a)	616,800		5,982,960
VeriFone Holdings, Inc. (a)(d)	831,900		12,212,292
Visa, Inc. (d)	559,000		48,275,240
			88,598,033
REAL ESTATE INVESTMENT TRUSTS - 0.7%
Mortgage REITs - 0.7%
Annaly Capital Management, Inc.	294,900		5,252,169
SOFTWARE - 0.0%
Application Software - 0.0%
EPIQ Systems, Inc. (a)	5,300		87,397
TOTAL COMMON STOCKS (Cost $561,450,331)		585,387,943
Money Market Funds - 24.9%
Fidelity Cash Central Fund, 2.44% (b)	105,679,614		105,679,614
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	71,719,867		71,719,867
TOTAL MONEY MARKET FUNDS (Cost $177,399,481)		177,399,481

TOTAL INVESTMENT PORTFOLIO - 107.0% (Cost $738,849,812) 762,787,424

NET OTHER ASSETS - (7.0)%		(50,198,524)
NET ASSETS - 100%	$ 712,588,900

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,359,800 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 588,930
Fidelity Securities Lending Cash Central Fund	608,562
Total	$ 1,197,492

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 762,787,424	$ 762,726,526	$ 60,898	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $753,582,274. Net unrealized appreciation aggregated $9,205,150, of which $67,758,265 related to appreciated investment securities and $58,553,115 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Chemicals Portfolio

May 31, 2008

1.802159.104

CHE-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CHEMICALS - 94.3%
Commodity Chemicals - 2.7%
Calgon Carbon Corp. (a)	110,430		$ 1,956,820
Celanese Corp. Class A	209,786		10,216,578
Georgia Gulf Corp. (d)	96,500		409,160
Spartech Corp.	50,000		538,500
			13,121,058
Diversified Chemicals - 20.6%
Cabot Corp.	93,500		2,995,740
Dow Chemical Co. (d)	666,800		26,938,720
E.I. du Pont de Nemours & Co. (d)	928,200		44,470,062
Eastman Chemical Co.	21,200		1,624,132
FMC Corp.	179,912		13,309,890
Hercules, Inc.	247,000		5,095,610
Huntsman Corp.	75,000		1,644,750
PPG Industries, Inc. (d)	50,000		3,151,500
			99,230,404
Fertilizers & Agricultural Chemicals - 40.4%
Agrium, Inc.	55,000		4,803,020
CF Industries Holdings, Inc.	123,800		16,948,220
Israel Chemicals Ltd.	235,000		5,385,439
K&S AG	7,000		3,281,562
Monsanto Co. (d)	834,400		106,302,561
Potash Corp. of Saskatchewan, Inc.	30,000		5,972,100
Terra Industries, Inc.	285,000		12,434,550
Terra Nitrogen Co. LP	18,000		2,642,220
The Mosaic Co. (a)	276,600		34,663,512
The Scotts Miracle-Gro Co. Class A	100,000		2,820,000
			195,253,184
Industrial Gases - 12.6%
Air Products & Chemicals, Inc.	212,900		21,698,768
Airgas, Inc.	119,900		7,094,483
Linde AG (d)	20,000		3,005,301
Praxair, Inc.	305,460		29,037,028
			60,835,580
Specialty Chemicals - 18.0%
Albemarle Corp.	396,700		17,641,249
Arch Chemicals, Inc.	75,000		2,852,250
Chemtura Corp.	406,473		3,548,509
Cytec Industries, Inc.	14,100		890,556
Ecolab, Inc.	293,200		13,144,156
H.B. Fuller Co.	169,789		4,222,652
Innospec, Inc.	121,600		2,993,792
International Flavors & Fragrances, Inc.	45,000		1,888,200
Lubrizol Corp.	140,600		7,887,660
Minerals Technologies, Inc.	38,100		2,652,141
Nalco Holding Co.	271,100		6,593,152
OM Group, Inc. (a)(d)	90,900		3,952,332
OMNOVA Solutions, Inc. (a)	637,200		2,300,292
Rockwood Holdings, Inc. (a)	88,300		3,242,376
Rohm & Haas Co.	26,550		1,433,169
	Shares		Value
Sigma Aldrich Corp.	79,300		$ 4,659,668
W.R. Grace & Co. (a)	209,300		5,667,844
Zoltek Companies, Inc. (a)(d)	40,000		1,209,200
			86,779,198
TOTAL CHEMICALS			455,219,424
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Environmental & Facility Services - 0.6%
Stericycle, Inc. (a)	45,000		2,623,500
ELECTRICAL EQUIPMENT - 0.3%
Heavy Electrical Equipment - 0.3%
Vestas Wind Systems AS (a)	10,000		1,376,520
FOOD PRODUCTS - 0.4%
Agricultural Products - 0.4%
Bunge Ltd.	16,400		1,957,668
MACHINERY - 0.5%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Deere & Co.	30,000		2,440,200
METALS & MINING - 1.5%
Diversified Metals & Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc. Class B	20,000		2,314,200
Gold - 1.0%
Agnico-Eagle Mines Ltd.	15,000		1,062,154
Barrick Gold Corp.	30,000		1,208,757
Goldcorp, Inc.	35,000		1,408,103
Newmont Mining Corp.	30,000		1,425,900
			5,104,914
TOTAL METALS & MINING			7,419,114
TOTAL COMMON STOCKS (Cost $382,681,164)		471,036,426
Money Market Funds - 6.5%
Fidelity Cash Central Fund, 2.44% (b)	3,636,767		3,636,767
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	27,886,425		27,886,425
TOTAL MONEY MARKET FUNDS (Cost $31,523,192)		31,523,192

TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $414,204,356) 502,559,618

NET OTHER ASSETS - (4.1)%		(19,731,191)
NET ASSETS - 100%	$ 482,828,427

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 77,249
Fidelity Securities Lending Cash Central Fund	35,299
Total	$ 112,548

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 502,559,618	$ 502,559,618	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $416,499,256. Net unrealized appreciation aggregated $86,060,362, of which $94,145,976 related to appreciated investment securities and $8,085,614 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Communications
Equipment Portfolio

May 31, 2008

1.802166.104

DEV-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Commercial & Professional Services - 0.5%
China Security & Surveillance Technology, Inc. (a)(d)	64,100		$ 1,331,357
COMMUNICATIONS EQUIPMENT - 74.9%
Communications Equipment - 74.9%
Acme Packet, Inc. (a)	2,500		22,525
ADC Telecommunications, Inc. (a)	384,800		6,056,752
Adtran, Inc.	110,600		2,752,834
ADVA AG Optical Networking (a)(d)	246,763		1,097,923
Airvana, Inc.	213,000		1,216,230
Arris Group, Inc. (a)	610,233		5,711,781
Aruba Networks, Inc. (a)	4,200		26,376
AudioCodes Ltd. (a)	445,190		1,736,241
Ceragon Networks Ltd. (a)	4,100		41,779
Cisco Systems, Inc. (a)	1,991,131		53,203,017
Cogo Group, Inc. (a)	424,300		5,948,686
Comverse Technology, Inc. (a)	979,710		18,271,592
Corning, Inc. (d)	810,300		22,153,602
F5 Networks, Inc. (a)(d)	106,900		3,212,345
Finisar Corp. (a)	86,500		159,160
Foundry Networks, Inc. (a)	212,100		2,884,560
Foxconn International Holdings Ltd. (a)	80,000		108,869
Harris Stratex Networks, Inc. Class A (a)	481,455		5,411,554
Infinera Corp.	42,974		613,669
Ixia (a)	151,737		1,227,552
Juniper Networks, Inc. (a)(d)	423,859		11,664,600
Nokia Corp. sponsored ADR	237,200		6,736,480
Nortel Networks Corp. (a)	70,132		572,492
Opnext, Inc. (a)	15,900		92,220
Optium Corp. (a)	900		9,900
Polycom, Inc. (a)	44,200		1,101,464
Powerwave Technologies, Inc. (a)(d)	2,163,100		8,717,293
QUALCOMM, Inc.	279,900		13,586,346
Research In Motion Ltd. (a)	103,100		14,317,498
Riverbed Technology, Inc. (a)(d)	72,700		1,304,965
Sandvine Corp. (U.K.) (a)	1,762,900		2,112,738
Sonus Networks, Inc. (a)(d)	635,596		2,726,707
Starent Networks Corp. (d)	781,184		13,678,532
Symmetricom, Inc. (a)	262,355		1,104,515
			209,582,797
COMPUTERS & PERIPHERALS - 5.9%
Computer Hardware - 5.9%
Compal Electronics, Inc.	248,865		276,585
High Tech Computer Corp.	612,000		16,279,754
NEC Corp. sponsored ADR	700		3,689
			16,560,028
	Shares		Value
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		$ 2,450
TOTAL COMPUTERS & PERIPHERALS			16,562,478
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Alternative Carriers - 0.3%
Level 3 Communications, Inc. (a)(d)	223,600		766,948
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.4%
Electronic Equipment & Instruments - 1.0%
Chi Mei Optoelectronics Corp.	432,241		589,113
HannStar Display Corp. (a)	1,960,704		851,008
Nippon Electric Glass Co. Ltd.	72,000		1,399,848
			2,839,969
Electronic Manufacturing Services - 0.4%
Trimble Navigation Ltd. (a)	27,000		1,075,680
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,915,649
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc.	300		9,501
INTERNET SOFTWARE & SERVICES - 0.3%
Internet Software & Services - 0.3%
DivX, Inc. (a)	400		3,916
RADVision Ltd. (a)	112,250		793,608
			797,524
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
Semiconductors - 4.4%
Actel Corp. (a)	19,449		333,550
Applied Micro Circuits Corp. (a)	106,642		1,046,158
Broadcom Corp. Class A (a)	40,100		1,150,469
Conexant Systems, Inc. (a)	432,400		198,904
Exar Corp. (a)	6,701		52,670
Hittite Microwave Corp. (a)	18,600		743,070
Ikanos Communications, Inc. (a)	1,700		6,052
Marvell Technology Group Ltd. (a)	188,000		3,263,680
Mindspeed Technologies, Inc. (a)	440,463		361,180
MIPS Technologies, Inc. (a)	48,602		185,660
ON Semiconductor Corp. (a)	260,130		2,572,686
Pericom Semiconductor Corp. (a)	58,100		1,088,794
Pixelplus Co. Ltd. ADR (a)	30,925		58,139
PLX Technology, Inc. (a)	48,400		404,624
PMC-Sierra, Inc. (a)	98,100		834,831
Transmeta Corp. (a)(d)	11,835		172,909
			12,473,376
SOFTWARE - 3.4%
Application Software - 2.4%
ECtel Ltd. (a)	2,790		5,524
Smith Micro Software, Inc. (a)(d)	209,300		1,766,492
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Taleo Corp. Class A (a)	1,800		$ 35,622
Ulticom, Inc. (a)	608,678		4,808,556
			6,616,194
Home Entertainment Software - 1.0%
Ubisoft Entertainment SA (a)	29,100		2,820,375
Systems Software - 0.0%
Allot Communications Ltd. (a)	9,500		29,450
TOTAL SOFTWARE			9,466,019
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	16,700		621,574
TOTAL COMMON STOCKS (Cost $278,195,829)		255,527,223
Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $700,000)	$ 700,000		659,483
Money Market Funds - 26.3%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	21,742,892		$ 21,742,892
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	51,918,960		51,918,960
TOTAL MONEY MARKET FUNDS (Cost $73,661,852)		73,661,852

TOTAL INVESTMENT PORTFOLIO - 117.8% (Cost $352,557,681) 329,848,558

NET OTHER ASSETS - (17.8)%	(49,909,140)
NET ASSETS - 100%	$ 279,939,418

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 99,354
Fidelity Securities Lending Cash Central Fund	84,867
Total	$ 184,221

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 329,848,558	$ 329,189,075	$ 659,483	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $352,602,590. Net unrealized depreciation aggregated $22,754,032, of which $28,287,682 related to appreciated investment securities and $51,041,714 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Computers Portfolio

May 31, 2008

1.802161.104

COM-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Office Services & Supplies - 0.4%
Pitney Bowes, Inc.	56,500		$ 2,051,515
COMMUNICATIONS EQUIPMENT - 5.2%
Communications Equipment - 5.2%
Adtran, Inc.	121,900		3,034,091
Cisco Systems, Inc. (a)	139,200		3,719,424
Juniper Networks, Inc. (a)	223,900		6,161,728
Nokia Corp. sponsored ADR	293,800		8,343,920
Nortel Networks Corp. (a)	24,246		197,922
QUALCOMM, Inc.	79,300		3,849,222
			25,306,307
COMPUTERS & PERIPHERALS - 73.5%
Computer Hardware - 58.0%
Apple, Inc. (a)	632,600		119,403,249
Dell, Inc. (a)(d)	882,078		20,340,719
Hewlett-Packard Co.	2,214,500		104,214,370
High Tech Computer Corp.	358,000		9,523,124
International Business Machines Corp.	183,550		23,756,877
NCR Corp. (a)	99,300		2,627,478
Sun Microsystems, Inc. (a)	213,325		2,762,559
			282,628,376
Computer Storage & Peripherals - 15.5%
Brocade Communications Systems, Inc. (a)	155,000		1,249,300
Electronics for Imaging, Inc. (a)	60,100		995,857
EMC Corp. (a)	1,003,378		17,498,912
Emulex Corp. (a)	146,000		2,046,920
Hutchinson Technology, Inc. (a)	139,700		2,011,680
Intermec, Inc. (a)	52,500		1,186,500
Lexmark International, Inc. Class A (a)	52,700		1,942,522
NetApp, Inc. (a)	318,500		7,765,030
QLogic Corp. (a)(d)	142,800		2,254,812
Quantum Corp. (a)	453,200		774,972
SanDisk Corp. (a)(d)	667,100		18,885,601
Seagate Technology	216,000		4,626,720
SIMPLO Technology Co. Ltd.	954,000		4,830,777
Western Digital Corp. (a)(d)	249,984		9,381,900
			75,451,503
TOTAL COMPUTERS & PERIPHERALS			358,079,879
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Specialized Finance - 0.0%
MSCI, Inc. Class A	1,300		46,215
	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.1%
Electronic Equipment & Instruments - 1.1%
AU Optronics Corp. sponsored ADR (d)	53,545		$ 1,019,497
Chi Mei Optoelectronics Corp.	1,540,000		2,098,907
Dynapack International Technology Corp.	447,000		1,962,170
			5,080,574
IT SERVICES - 1.4%
Data Processing & Outsourced Services - 1.4%
Electronic Data Systems Corp.	152,700		3,739,623
Syntel, Inc.	21,762		711,617
The Western Union Co.	104,000		2,458,560
			6,909,800
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.4%
Semiconductor Equipment - 0.7%
Applied Materials, Inc.	171,500		3,397,415
Semiconductors - 7.7%
Broadcom Corp. Class A (a)	172,300		4,943,287
Micron Technology, Inc. (a)(d)	1,573,700		12,699,759
Samsung Electronics Co. Ltd.	6,760		4,871,538
Skyworks Solutions, Inc. (a)	233,300		2,409,989
Spansion, Inc. Class A (a)	3,044,100		9,588,915
Xilinx, Inc.	100,100		2,722,720
			37,236,208
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			40,633,623
SOFTWARE - 4.9%
Application Software - 1.8%
Citrix Systems, Inc. (a)	69,100		2,365,293
Informatica Corp. (a)	103,000		1,854,000
Nuance Communications, Inc. (a)	108,400		2,137,648
Quest Software, Inc. (a)	155,600		2,646,756
			9,003,697
Home Entertainment Software - 0.7%
Electronic Arts, Inc. (a)	70,800		3,554,160
Systems Software - 2.4%
McAfee, Inc. (a)	66,000		2,392,500
Oracle Corp. (a)	118,200		2,699,688
VMware, Inc. Class A (d)	93,500		6,420,645
			11,512,833
TOTAL SOFTWARE			24,070,690
SPECIALTY RETAIL - 0.4%
Computer & Electronics Retail - 0.4%
Gamestop Corp. Class A (a)	37,300		1,850,080
TOTAL COMMON STOCKS (Cost $457,655,591)		464,028,683
Money Market Funds - 7.6%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	3,561,352		$ 3,561,352
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	33,585,025		33,585,025
TOTAL MONEY MARKET FUNDS (Cost $37,146,377)		37,146,377

TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $494,801,968) 501,175,060

NET OTHER ASSETS - (2.9)%		(14,247,269)
NET ASSETS - 100%	$ 486,927,791

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 66,692
Fidelity Securities Lending Cash Central Fund	184,276
Total	$ 250,968

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 501,175,060	$ 501,175,060	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $498,982,559. Net unrealized appreciation aggregated $2,192,501, of which $43,589,217 related to appreciated investment securities and $41,396,716 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Construction and
Housing Portfolio

May 31, 2008

1.802162.104

HOU-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
BUILDING PRODUCTS - 3.5%
Building Products - 3.5%
Ameron International Corp.	1,500		$ 172,005
Masco Corp.	87,400		1,620,396
NCI Building Systems, Inc. (a)	6,200		193,688
Owens Corning (a)	55,300		1,428,399
			3,414,488
CONSTRUCTION & ENGINEERING - 20.8%
Construction & Engineering - 20.8%
Chicago Bridge & Iron Co. NV (NY Shares)	31,600		1,444,120
EMCOR Group, Inc. (a)	44,100		1,294,335
Fluor Corp.	22,250		4,150,738
Foster Wheeler Ltd. (a)	28,400		2,163,228
Granite Construction, Inc.	45,100		1,649,307
Jacobs Engineering Group, Inc. (a)	24,600		2,331,588
KBR, Inc.	78,700		2,731,677
Quanta Services, Inc. (a)(d)	31,775		1,018,071
Shaw Group, Inc. (a)	3,100		189,100
URS Corp. (a)	67,771		3,240,132
			20,212,296
CONSTRUCTION MATERIALS - 5.6%
Construction Materials - 5.6%
Martin Marietta Materials, Inc. (d)	5,900		688,471
Texas Industries, Inc.	5,500		400,950
Vulcan Materials Co.	56,800		4,369,624
			5,459,045
HEALTH CARE PROVIDERS & SERVICES - 1.0%
Health Care Facilities - 1.0%
Brookdale Senior Living, Inc. (d)	36,100		952,318
HOUSEHOLD DURABLES - 12.3%
Homebuilding - 12.3%
Centex Corp.	128,500		2,419,655
Champion Enterprises, Inc. (a)(d)	99,200		828,320
D.R. Horton, Inc. (d)	111,866		1,421,817
KB Home	27,200		557,872
Lennar Corp. Class A (d)	65,500		1,105,640
M.D.C. Holdings, Inc.	900		36,567
Meritage Homes Corp. (a)(d)	7,900		136,670
Pulte Homes, Inc.	220,200		2,693,046
Ryland Group, Inc. (d)	28,000		778,400
Standard Pacific Corp.	21,000		65,940
Toll Brothers, Inc. (a)(d)	90,600		1,908,942
			11,952,869
MACHINERY - 0.9%
Industrial Machinery - 0.9%
Ingersoll-Rand Co. Ltd. Class A	19,000		836,760
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 14.9%
Residential REITs - 12.2%
Apartment Investment & Management Co. Class A	64,807		$ 2,564,413
AvalonBay Communities, Inc.	6,400		647,680
BRE Properties, Inc.	3,900		188,994
Camden Property Trust (SBI)	38,400		1,891,584
Equity Residential (SBI)	61,600		2,605,064
Home Properties, Inc. (d)	31,800		1,628,160
Post Properties, Inc.	17,100		607,221
UDR, Inc.	68,596		1,697,065
			11,830,181
Retail REITs - 2.7%
Developers Diversified Realty Corp.	11,500		456,320
General Growth Properties, Inc.	53,500		2,223,460
			2,679,780
TOTAL REAL ESTATE INVESTMENT TRUSTS			14,509,961
REAL ESTATE MANAGEMENT & DEVELOPMENT - 8.7%
Real Estate Management & Development - 8.7%
CB Richard Ellis Group, Inc. Class A (a)(d)	106,400		2,389,744
China Overseas Land & Investment Ltd.	298,000		540,714
Companhia Brasileira de Desenvolvimento Imobiliario Turistico	1,200		616,039
Jones Lang LaSalle, Inc.	20,800		1,467,232
MRV Engenharia e Participacoes SA	71,500		1,692,877
The St. Joe Co. (d)	46,300		1,776,994
			8,483,600
SPECIALTY RETAIL - 30.2%
Home Improvement Retail - 30.2%
Home Depot, Inc. (d)	506,200		13,849,632
Lowe's Companies, Inc.	590,900		14,181,600
Sherwin-Williams Co.	24,800		1,392,520
			29,423,752
TOTAL COMMON STOCKS (Cost $94,495,249)		95,245,089
Money Market Funds - 26.8%
Fidelity Cash Central Fund, 2.44% (b)	2,328,475		2,328,475
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	23,760,425		23,760,425
TOTAL MONEY MARKET FUNDS (Cost $26,088,900)		26,088,900

TOTAL INVESTMENT PORTFOLIO - 124.7% (Cost $120,584,149) 121,333,989

NET OTHER ASSETS - (24.7)%		(24,013,007)
NET ASSETS - 100%	$ 97,320,982

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,072
Fidelity Securities Lending Cash Central Fund	60,895
Total	$ 74,967

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 121,333,989	$ 121,333,989	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $121,978,942. Net unrealized depreciation aggregated $644,953, of which $12,191,340 related to appreciated investment securities and $12,836,293 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Consumer
Discretionary Portfolio

May 31, 2008

1.802163.104

CPR-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
AUTO COMPONENTS - 3.1%
Auto Parts & Equipment - 3.1%
Gentex Corp.	6,500		$ 114,140
Johnson Controls, Inc.	19,900		677,794
			791,934
AUTOMOBILES - 0.4%
Automobile Manufacturers - 0.4%
Toyota Motor Corp. sponsored ADR	1,100		112,255
DISTRIBUTORS - 0.9%
Distributors - 0.9%
Li & Fung Ltd.	64,000		241,930
DIVERSIFIED CONSUMER SERVICES - 2.1%
Education Services - 2.1%
Apollo Group, Inc. Class A (non-vtg.) (a)	7,400		353,646
Princeton Review, Inc. (a)	6,314		48,492
Strayer Education, Inc.	700		139,930
			542,068
FOOD & STAPLES RETAILING - 4.6%
Drug Retail - 1.6%
CVS Caremark Corp.	9,500		406,505
Food Distributors - 0.5%
Sysco Corp.	4,100		126,526
Food Retail - 0.6%
Susser Holdings Corp. (a)	13,883		164,930
Hypermarkets & Super Centers - 1.9%
Costco Wholesale Corp.	6,800		484,976
TOTAL FOOD & STAPLES RETAILING			1,182,937
HOTELS, RESTAURANTS & LEISURE - 15.9%
Casinos & Gaming - 5.0%
International Game Technology	16,100		574,126
Las Vegas Sands Corp. (a)	6,800		472,192
Wynn Resorts Ltd.	2,400		240,072
			1,286,390
Hotels, Resorts & Cruise Lines - 2.4%
Carnival Corp. unit	7,700		308,462
Royal Caribbean Cruises Ltd.	10,100		300,172
			608,634
Leisure Facilities - 0.4%
Life Time Fitness, Inc. (a)(d)	2,700		108,054
Restaurants - 8.1%
Burger King Holdings, Inc.	2,700		77,085
Darden Restaurants, Inc.	2,300		78,775
McDonald's Corp.	24,000		1,423,680
	Shares		Value
Sonic Corp. (a)	13,200		$ 253,176
Starbucks Corp. (a)	12,800		232,832
			2,065,548
TOTAL HOTELS, RESTAURANTS & LEISURE			4,068,626
HOUSEHOLD DURABLES - 1.3%
Homebuilding - 0.4%
Centex Corp.	2,400		45,192
Pulte Homes, Inc.	3,900		47,697
			92,889
Household Appliances - 0.9%
The Stanley Works	1,400		68,012
Whirlpool Corp.	2,200		162,096
			230,108
TOTAL HOUSEHOLD DURABLES			322,997
INTERNET & CATALOG RETAIL - 3.8%
Catalog Retail - 1.0%
Liberty Media Corp. - Interactive Series A (a)	15,700		266,743
Internet Retail - 2.8%
Amazon.com, Inc. (a)(d)	6,800		555,016
Blue Nile, Inc. (a)(d)	2,900		154,599
			709,615
TOTAL INTERNET & CATALOG RETAIL			976,358
INTERNET SOFTWARE & SERVICES - 0.7%
Internet Software & Services - 0.7%
Art Technology Group, Inc. (a)	6,800		25,500
Google, Inc. Class A (sub. vtg.) (a)	278		162,852
			188,352
LEISURE EQUIPMENT & PRODUCTS - 0.4%
Leisure Products - 0.4%
Polaris Industries, Inc.	2,100		100,212
MEDIA - 30.3%
Advertising - 3.6%
Lamar Advertising Co. Class A (a)(d)	4,100		171,585
National CineMedia, Inc.	9,515		189,349
Omnicom Group, Inc.	11,300		553,813
			914,747
Broadcasting & Cable TV - 10.1%
Clear Channel Communications, Inc.	8,400		294,168
Comcast Corp. Class A	44,750		1,006,875
Grupo Televisa SA de CV (CPO) sponsored ADR	15,100		395,620
Liberty Media Corp. - Entertainment Class A (a)	11,000		297,000
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Broadcasting & Cable TV - continued
The DIRECTV Group, Inc. (a)	17,400		$ 488,940
Time Warner Cable, Inc. (a)	3,800		113,620
			2,596,223
Movies & Entertainment - 14.7%
Cinemark Holdings, Inc.	3,900		56,433
Live Nation, Inc. (a)(d)	10,066		152,500
News Corp.:
Class A	36,200		649,790
Class B	2,900		53,940
Regal Entertainment Group Class A (d)	25,800		453,306
The Walt Disney Co.	27,300		917,280
Time Warner, Inc.	93,000		1,476,840
			3,760,089
Publishing - 1.9%
McGraw-Hill Companies, Inc.	12,000		497,880
TOTAL MEDIA			7,768,939
MULTILINE RETAIL - 6.9%
Department Stores - 0.9%
Nordstrom, Inc. (d)	6,800		237,864
General Merchandise Stores - 6.0%
Target Corp.	28,900		1,542,103
TOTAL MULTILINE RETAIL			1,779,967
SPECIALTY RETAIL - 23.4%
Apparel Retail - 5.1%
Abercrombie & Fitch Co. Class A	2,600		188,760
Citi Trends, Inc. (a)	6,500		144,300
Ross Stores, Inc.	6,000		219,720
The Buckle, Inc.	500		22,915
TJX Companies, Inc.	11,800		378,308
Tween Brands, Inc. (a)	7,400		146,964
Urban Outfitters, Inc. (a)(d)	4,200		135,198
Zumiez, Inc. (a)	3,600		75,456
			1,311,621
Automotive Retail - 1.9%
Advance Auto Parts, Inc.	9,500		382,850
AutoZone, Inc. (a)	800		101,248
			484,098
Home Improvement Retail - 8.9%
Home Depot, Inc. (d)	36,450		997,272
Lowe's Companies, Inc.	43,000		1,032,000
Sherwin-Williams Co.	4,400		247,060
			2,276,332
	Shares		Value
Homefurnishing Retail - 1.3%
Williams-Sonoma, Inc. (d)	13,600		$ 345,712
Specialty Stores - 6.2%
Jo-Ann Stores, Inc. (a)	6,095		137,198
PetSmart, Inc.	23,900		560,216
Staples, Inc.	29,850		699,983
Tiffany & Co., Inc.	3,900		191,217
			1,588,614
TOTAL SPECIALTY RETAIL			6,006,377
TEXTILES, APPAREL & LUXURY GOODS - 5.3%
Apparel, Accessories & Luxury Goods - 3.9%
Coach, Inc. (a)	14,000		508,200
G-III Apparel Group Ltd. (a)	7,859		130,381
Hanesbrands, Inc. (a)	4,600		151,800
Polo Ralph Lauren Corp. Class A	1,500		104,775
VF Corp.	1,600		121,120
			1,016,276
Footwear - 1.4%
Iconix Brand Group, Inc. (a)(d)	24,300		352,350
TOTAL TEXTILES, APPAREL & LUXURY GOODS			1,368,626
TOTAL COMMON STOCKS (Cost $25,995,915)		25,451,578
Money Market Funds - 13.4%
Fidelity Cash Central Fund, 2.44% (b)	169,919		169,919
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	3,274,500		3,274,500
TOTAL MONEY MARKET FUNDS (Cost $3,444,419)		3,444,419

TOTAL INVESTMENT PORTFOLIO - 112.5% (Cost $29,440,334) 28,895,997

NET OTHER ASSETS - (12.5)%		(3,217,777)
NET ASSETS - 100%	$ 25,678,220

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,276
Fidelity Securities Lending Cash Central Fund	6,719
Total	$ 7,995

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 28,895,997	$ 28,895,997	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $29,583,231. Net unrealized depreciation aggregated $687,234, of which $2,125,205 related to appreciated investment securities and $2,812,439 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Consumer Staples Portfolio

May 31, 2008

1.802172.103

FOO-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BEVERAGES - 33.6%
Brewers - 7.2%
Anadolu Efes Biracilik ve Malt Sanyii AS	243,759		$ 2,279,991
Carlsberg AS:
rights 6/10/08 (a)(d)	33,400		668,738
Series B (d)	33,400		3,503,911
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	43,100		2,959,677
Heineken NV (Bearer)	202,400		11,892,779
InBev SA (d)	170,900		13,187,109
Molson Coors Brewing Co. Class B	327,180		18,976,440
SABMiller PLC	532,250		13,706,342
			67,174,987
Distillers & Vintners - 4.5%
Brown-Forman Corp. Class B (non-vtg.)	31,900		2,398,242
Constellation Brands, Inc. Class A (sub. vtg.) (a)	432,200		9,214,504
Diageo PLC sponsored ADR	175,400		13,789,948
Pernod Ricard SA	121,700		13,820,994
Remy Cointreau SA	35,000		2,067,992
			41,291,680
Soft Drinks - 21.9%
Coca-Cola Amatil Ltd.	312,000		2,412,516
Coca-Cola Femsa SA de CV sponsored ADR	152,000		9,484,800
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	154,100		6,843,581
Coca-Cola Icecek AS	237,000		2,625,123
Cott Corp. (a)	515,000		1,503,271
Embotelladora Andina SA sponsored ADR	110,841		1,972,970
Fomento Economico Mexicano SA de CV sponsored ADR	100,000		4,705,000
PepsiCo, Inc.	1,175,100		80,259,330
The Coca-Cola Co.	1,621,100		92,824,186
			202,630,777
TOTAL BEVERAGES			311,097,444
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Senomyx, Inc. (a)	201,300		1,040,721
FOOD & STAPLES RETAILING - 15.4%
Drug Retail - 8.2%
CVS Caremark Corp.	1,311,100		56,101,969
Rite Aid Corp. (a)(d)	431,400		970,650
Walgreen Co.	530,800		19,119,416
			76,192,035
	Shares		Value
Food Distributors - 1.0%
Sysco Corp.	250,800		$ 7,739,688
United Natural Foods, Inc. (a)	68,900		1,465,503
			9,205,191
Food Retail - 5.1%
Kroger Co.	837,400		23,145,736
Safeway, Inc.	648,300		20,661,321
SUPERVALU, Inc.	88,000		3,086,160
			46,893,217
Hypermarkets & Super Centers - 1.1%
Wal-Mart Stores, Inc.	186,300		10,756,962
TOTAL FOOD & STAPLES RETAILING			143,047,405
FOOD PRODUCTS - 15.6%
Agricultural Products - 4.5%
Archer Daniels Midland Co.	387,100		15,367,870
Bunge Ltd. (d)	139,400		16,640,178
Corn Products International, Inc.	49,700		2,336,397
Nutreco Holding NV	12,900		937,602
SLC Agricola SA	200,100		3,833,456
Viterra, Inc. (a)	177,600		2,431,163
			41,546,666
Packaged Foods & Meats - 11.1%
Cadbury PLC ADR	31,112		1,670,403
Groupe Danone	106,800		9,349,191
Kellogg Co.	44,400		2,300,364
Kraft Foods, Inc. Class A	243,900		7,921,872
Lindt & Spruengli AG	59		1,952,610
Marine Harvest ASA (a)(d)	5,044,000		3,401,227
Nestle SA sponsored ADR	352,700		43,523,180
Perdigao SA (ON)	82,500		2,662,927
Sadia SA ADR (d)	108,100		2,755,469
Tyson Foods, Inc. Class A	131,500		2,477,460
Unilever NV (NY Shares)	686,300		22,483,188
Wimm-Bill-Dann Foods OJSC sponsored ADR	18,200		2,276,456
			102,774,347
TOTAL FOOD PRODUCTS			144,321,013
HOTELS, RESTAURANTS & LEISURE - 0.3%
Restaurants - 0.3%
Starbucks Corp. (a)	145,700		2,650,283
HOUSEHOLD PRODUCTS - 20.0%
Household Products - 20.0%
Colgate-Palmolive Co.	420,300		31,253,508
Kimberly-Clark Corp.	167,600		10,692,880
Procter & Gamble Co.	2,176,097		143,731,206
			185,677,594
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - 4.4%
Personal Products - 4.4%
Avon Products, Inc.	761,200		$ 29,732,472
Bare Escentuals, Inc. (a)(d)	121,105		2,429,366
Estee Lauder Companies, Inc. Class A	48,100		2,289,560
Herbalife Ltd.	117,400		4,524,596
Physicians Formula Holdings, Inc. (a)	134,900		1,351,698
			40,327,692
PHARMACEUTICALS - 0.8%
Pharmaceuticals - 0.8%
Johnson & Johnson	105,000		7,007,700
TOBACCO - 9.1%
Tobacco - 9.1%
Altria Group, Inc.	929,500		20,690,670
British American Tobacco PLC sponsored ADR	392,300		29,567,651
KT&G Corp.	38,500		3,347,337
Loews Corp. - Carolina Group	39,100		2,836,705
Philip Morris International, Inc.	391,000		20,590,060
Souza Cruz Industria Comerico	225,000		6,969,259
			84,001,682
TOTAL COMMON STOCKS (Cost $839,070,022)		919,171,534
Money Market Funds - 4.0%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	6,826,447		$ 6,826,447
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	30,254,120		30,254,120
TOTAL MONEY MARKET FUNDS (Cost $37,080,567)		37,080,567

TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $876,150,589) 956,252,101

NET OTHER ASSETS - (3.3)%		(30,409,880)
NET ASSETS - 100%	$ 925,842,221

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 165,393
Fidelity Securities Lending Cash Central Fund	176,515
Total	$ 341,908

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 956,252,101	$ 956,252,101	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $879,019,799. Net unrealized appreciation aggregated $77,232,302, of which $98,863,926 related to appreciated investment securities and $21,631,624 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Advisor Select
Consumer Staples Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2008

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

1.851744.101

ACSF-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BEVERAGES - 33.6%
Brewers - 7.2%
Anadolu Efes Biracilik ve Malt Sanyii AS	243,759		$ 2,279,991
Carlsberg AS:
rights 6/10/08 (a)(d)	33,400		668,738
Series B (d)	33,400		3,503,911
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	43,100		2,959,677
Heineken NV (Bearer)	202,400		11,892,779
InBev SA (d)	170,900		13,187,109
Molson Coors Brewing Co. Class B	327,180		18,976,440
SABMiller PLC	532,250		13,706,342
			67,174,987
Distillers & Vintners - 4.5%
Brown-Forman Corp. Class B (non-vtg.)	31,900		2,398,242
Constellation Brands, Inc. Class A (sub. vtg.) (a)	432,200		9,214,504
Diageo PLC sponsored ADR	175,400		13,789,948
Pernod Ricard SA	121,700		13,820,994
Remy Cointreau SA	35,000		2,067,992
			41,291,680
Soft Drinks - 21.9%
Coca-Cola Amatil Ltd.	312,000		2,412,516
Coca-Cola Femsa SA de CV sponsored ADR	152,000		9,484,800
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	154,100		6,843,581
Coca-Cola Icecek AS	237,000		2,625,123
Cott Corp. (a)	515,000		1,503,271
Embotelladora Andina SA sponsored ADR	110,841		1,972,970
Fomento Economico Mexicano SA de CV sponsored ADR	100,000		4,705,000
PepsiCo, Inc.	1,175,100		80,259,330
The Coca-Cola Co.	1,621,100		92,824,186
			202,630,777
TOTAL BEVERAGES			311,097,444
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Senomyx, Inc. (a)	201,300		1,040,721
FOOD & STAPLES RETAILING - 15.4%
Drug Retail - 8.2%
CVS Caremark Corp.	1,311,100		56,101,969
Rite Aid Corp. (a)(d)	431,400		970,650
Walgreen Co.	530,800		19,119,416
			76,192,035
	Shares		Value
Food Distributors - 1.0%
Sysco Corp.	250,800		$ 7,739,688
United Natural Foods, Inc. (a)	68,900		1,465,503
			9,205,191
Food Retail - 5.1%
Kroger Co.	837,400		23,145,736
Safeway, Inc.	648,300		20,661,321
SUPERVALU, Inc.	88,000		3,086,160
			46,893,217
Hypermarkets & Super Centers - 1.1%
Wal-Mart Stores, Inc.	186,300		10,756,962
TOTAL FOOD & STAPLES RETAILING			143,047,405
FOOD PRODUCTS - 15.6%
Agricultural Products - 4.5%
Archer Daniels Midland Co.	387,100		15,367,870
Bunge Ltd. (d)	139,400		16,640,178
Corn Products International, Inc.	49,700		2,336,397
Nutreco Holding NV	12,900		937,602
SLC Agricola SA	200,100		3,833,456
Viterra, Inc. (a)	177,600		2,431,163
			41,546,666
Packaged Foods & Meats - 11.1%
Cadbury PLC ADR	31,112		1,670,403
Groupe Danone	106,800		9,349,191
Kellogg Co.	44,400		2,300,364
Kraft Foods, Inc. Class A	243,900		7,921,872
Lindt & Spruengli AG	59		1,952,610
Marine Harvest ASA (a)(d)	5,044,000		3,401,227
Nestle SA sponsored ADR	352,700		43,523,180
Perdigao SA (ON)	82,500		2,662,927
Sadia SA ADR (d)	108,100		2,755,469
Tyson Foods, Inc. Class A	131,500		2,477,460
Unilever NV (NY Shares)	686,300		22,483,188
Wimm-Bill-Dann Foods OJSC sponsored ADR	18,200		2,276,456
			102,774,347
TOTAL FOOD PRODUCTS			144,321,013
HOTELS, RESTAURANTS & LEISURE - 0.3%
Restaurants - 0.3%
Starbucks Corp. (a)	145,700		2,650,283
HOUSEHOLD PRODUCTS - 20.0%
Household Products - 20.0%
Colgate-Palmolive Co.	420,300		31,253,508
Kimberly-Clark Corp.	167,600		10,692,880
Procter & Gamble Co.	2,176,097		143,731,206
			185,677,594
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - 4.4%
Personal Products - 4.4%
Avon Products, Inc.	761,200		$ 29,732,472
Bare Escentuals, Inc. (a)(d)	121,105		2,429,366
Estee Lauder Companies, Inc. Class A	48,100		2,289,560
Herbalife Ltd.	117,400		4,524,596
Physicians Formula Holdings, Inc. (a)	134,900		1,351,698
			40,327,692
PHARMACEUTICALS - 0.8%
Pharmaceuticals - 0.8%
Johnson & Johnson	105,000		7,007,700
TOBACCO - 9.1%
Tobacco - 9.1%
Altria Group, Inc.	929,500		20,690,670
British American Tobacco PLC sponsored ADR	392,300		29,567,651
KT&G Corp.	38,500		3,347,337
Loews Corp. - Carolina Group	39,100		2,836,705
Philip Morris International, Inc.	391,000		20,590,060
Souza Cruz Industria Comerico	225,000		6,969,259
			84,001,682
TOTAL COMMON STOCKS (Cost $839,070,022)		919,171,534
Money Market Funds - 4.0%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	6,826,447		$ 6,826,447
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	30,254,120		30,254,120
TOTAL MONEY MARKET FUNDS (Cost $37,080,567)		37,080,567

TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $876,150,589) 956,252,101

NET OTHER ASSETS - (3.3)%		(30,409,880)
NET ASSETS - 100%	$ 925,842,221

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 165,393
Fidelity Securities Lending Cash Central Fund	176,515
Total	$ 341,908

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 956,252,101	$ 956,252,101	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $879,019,799. Net unrealized appreciation aggregated $77,232,302, of which $98,863,926 related to appreciated investment securities and $21,631,624 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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, 2008

1.802165.104

DEF-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AEROSPACE & DEFENSE - 93.8%
Aerospace & Defense - 93.8%
AAR Corp. (a)	127,000		$ 2,448,560
AeroVironment, Inc. (a)	10,000		265,800
Alliant Techsystems, Inc. (a)	160,600		17,434,736
BE Aerospace, Inc. (a)	583,100		20,379,345
Curtiss-Wright Corp.	247,800		12,764,178
DRS Technologies, Inc.	191,000		15,046,980
DynCorp International, Inc. Class A (a)	165,700		2,831,813
Esterline Technologies Corp. (a)	106,800		6,614,124
GenCorp, Inc. (non-vtg.) (a)	184,700		1,536,704
General Dynamics Corp.	625,230		57,614,945
Goodrich Corp.	854,750		55,396,348
Hexcel Corp. (a)	272,500		7,210,350
Honeywell International, Inc. (d)	1,981,200		118,119,144
L-3 Communications Holdings, Inc.	522,700		56,132,753
Lockheed Martin Corp.	998,800		109,308,672
Moog, Inc. Class A (a)	273,100		12,382,354
Northrop Grumman Corp.	773,100		58,338,126
Orbital Sciences Corp. (a)	221,092		5,739,548
Precision Castparts Corp.	485,800		58,684,640
Raytheon Co.	910,652		58,154,237
Rockwell Collins, Inc.	923,100		56,650,647
Spirit AeroSystems Holdings, Inc. Class A (a)	806,900		24,069,827
The Boeing Co.	1,941,566		160,703,418
TransDigm Group, Inc. (a)	204,200		8,903,120
Triumph Group, Inc.	101,000		6,281,190
United Technologies Corp.	2,435,800		173,039,231
			1,106,050,790
AIRLINES - 0.6%
Airlines - 0.6%
AMR Corp. (a)	423,800		3,047,122
Northwest Airlines Corp. (a)	318,300		2,247,198
UAL Corp.	90,900		776,286
US Airways Group, Inc. (a)	166,600		659,736
			6,730,342
COMMUNICATIONS EQUIPMENT - 1.2%
Communications Equipment - 1.2%
Harris Corp.	217,900		14,333,462
INDUSTRIAL CONGLOMERATES - 1.0%
Industrial Conglomerates - 1.0%
Textron, Inc.	192,800		12,059,640
	Shares		Value
MACHINERY - 0.6%
Construction & Farm Machinery & Heavy Trucks - 0.6%
Force Protection, Inc. (a)(d)	994,553		$ 4,246,741
Navistar International Corp. (a)	45,200		3,432,940
			7,679,681
METALS & MINING - 1.1%
Diversified Metals & Mining - 0.6%
RTI International Metals, Inc. (a)	72,200		3,110,376
Titanium Metals Corp. (d)	218,500		3,801,900
			6,912,276
Steel - 0.5%
Allegheny Technologies, Inc. (d)	43,200		3,240,000
Carpenter Technology Corp.	58,000		3,201,600
			6,441,600
TOTAL METALS & MINING			13,353,876
OIL, GAS & CONSUMABLE FUELS - 0.3%
Oil & Gas Refining & Marketing - 0.3%
Tesoro Corp.	131,100		3,257,835
TOTAL COMMON STOCKS (Cost $997,796,722)		1,163,465,626
Money Market Funds - 1.5%
Fidelity Cash Central Fund, 2.44% (b)	10,614,038		10,614,038
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	7,216,457		7,216,457
TOTAL MONEY MARKET FUNDS (Cost $17,830,495)		17,830,495
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,015,627,217)			1,181,296,121
NET OTHER ASSETS - (0.1)%			(1,555,523)
NET ASSETS - 100%		$ 1,179,740,598

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 23,032
Fidelity Securities Lending Cash Central Fund	98,282
Total	$ 121,314

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 1,181,296,121	$ 1,181,296,121	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,021,736,183. Net unrealized appreciation aggregated $159,559,938, of which $223,190,249 related to appreciated investment securities and $63,630,311 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Electronics Portfolio

May 31, 2008

1.802167.104

ELE-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CAPITAL MARKETS - 0.4%
Asset Management & Custody Banks - 0.4%
Harris & Harris Group, Inc. (a)(d)	691,460		$ 5,510,936
CHEMICALS - 1.3%
Specialty Chemicals - 1.3%
Nanophase Technologies Corp. (a)(d)(e)	1,632,630		5,306,048
Wacker Chemie AG (d)	50,000		11,975,001
			17,281,049
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Diversified Commercial & Professional Services - 0.8%
Arrowhead Research Corp. (a)(d)(e)	3,931,038		9,709,664
Arrowhead Research Corp. warrants 5/21/17 (a)(f)	285,468		547,045
			10,256,709
COMMUNICATIONS EQUIPMENT - 4.2%
Communications Equipment - 4.2%
Alcatel-Lucent SA sponsored ADR	365,000		2,741,150
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,131,975		5,376,881
Cisco Systems, Inc. (a)	600,000		16,032,000
Nokia Corp. sponsored ADR	177,100		5,029,640
QUALCOMM, Inc.	500,000		24,270,000
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	107,000		2,893,280
			56,342,951
COMPUTERS & PERIPHERALS - 3.9%
Computer Hardware - 2.4%
Dell, Inc. (a)	500,000		11,530,000
High Tech Computer Corp.	800,000		21,280,724
			32,810,724
Computer Storage & Peripherals - 1.5%
ASUSTeK Computer, Inc.	2,999,618		8,649,947
Synaptics, Inc. (a)	260,823		11,155,400
			19,805,347
TOTAL COMPUTERS & PERIPHERALS			52,616,071
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Other Diversifed Financial Services - 0.1%
Indochina Capital Vietnam Holdings Ltd. (a)	141,000		900,990
ELECTRICAL EQUIPMENT - 3.7%
Electrical Components & Equipment - 3.7%
First Solar, Inc. (a)	45,000		12,039,300
Neo-Neon Holdings Ltd.	4,000,000		2,270,660
Q-Cells AG (a)(d)	60,000		7,294,677
Renewable Energy Corp. AS (a)	300,000		8,909,144
	Shares		Value
SolarWorld AG (d)	175,000		$ 9,033,172
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	250,000		10,635,000
			50,181,953
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.6%
Electronic Equipment & Instruments - 0.9%
Everlight Electronics Co. Ltd.	1,000,000		3,534,731
Ibiden Co. Ltd.	18,200		766,388
Motech Industries, Inc.	877,427		7,472,375
			11,773,494
Electronic Manufacturing Services - 0.8%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,889,200		10,684,502
Technology Distributors - 0.9%
Avnet, Inc. (a)	400,000		11,808,000
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			34,265,996
MEDIA - 0.1%
Broadcasting & Cable TV - 0.1%
JumpTV, Inc.	1,431,300		1,037,278
METALS & MINING - 0.4%
Diversified Metals & Mining - 0.4%
Timminco Ltd. (a)	161,200		4,948,767
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 79.0%
Semiconductor Equipment - 20.1%
Applied Materials, Inc. (d)	5,347,400		105,931,994
ASML Holding NV:
(Netherlands)	88,400		2,646,928
(NY Shares)	400,000		11,984,000
Cymer, Inc. (a)(d)	322,371		9,967,711
FormFactor, Inc. (a)	650,000		14,189,500
Greatek Electronics, Inc.	2,479,040		3,146,435
KLA-Tencor Corp.	505,600		23,318,272
Lam Research Corp. (a)	705,900		28,730,130
MEMC Electronic Materials, Inc. (a)	264,500		18,160,570
Novellus Systems, Inc. (a)(d)	500,000		11,945,000
Rubicon Technology, Inc.	200,000		4,574,000
Topco Scientific Co. Ltd.	1,348,200		2,127,862
Varian Semiconductor Equipment Associates, Inc. (a)	850,000		32,325,500
			269,047,902
Semiconductors - 58.9%
Advanced Analogic Technologies, Inc. (a)	1,400,000		9,772,000
Advanced Micro Devices, Inc. (a)	600,000		4,128,000
Advanced Semiconductor Engineering, Inc. sponsored ADR (d)	2,604,749		13,674,932
Altera Corp.	1,400,000		32,396,000
ARM Holdings PLC sponsored ADR (d)	3,008,900		18,775,536
Atheros Communications, Inc. (a)	315,479		10,543,308
Broadcom Corp. Class A (a)(d)	1,998,600		57,339,834
Cavium Networks, Inc.	386,733		10,078,262
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Ceva, Inc. (a)	121,200		$ 1,014,444
Cypress Semiconductor Corp. (a)	155,500		4,335,340
Epistar Corp.	2,000,000		5,458,282
Himax Technologies, Inc. sponsored ADR	1,339,900		7,369,450
Hittite Microwave Corp. (a)	327,900		13,099,605
Infineon Technologies AG sponsored ADR (a)	1,262,500		11,425,625
Intel Corp. (d)	11,430,600		264,961,307
Intersil Corp. Class A	102,300		2,851,101
Linear Technology Corp. (d)	98,100		3,607,137
Marvell Technology Group Ltd. (a)	856,300		14,865,368
Maxim Integrated Products, Inc.	700,000		15,470,000
Microchip Technology, Inc.	95,800		3,529,272
Micron Technology, Inc. (a)	500,000		4,035,000
Monolithic Power Systems, Inc. (a)	700,000		16,961,000
NVIDIA Corp. (a)	2,130,650		52,627,055
PMC-Sierra, Inc. (a)(d)	1,500,000		12,765,000
Powertech Technology, Inc.	214,000		847,908
Qimonda AG sponsored ADR (a)	300,000		1,158,000
Richtek Technology Corp.	1,199,500		11,240,691
Samsung Electronics Co. Ltd.	25,000		18,016,044
Silicon Laboratories, Inc. (a)	300,000		11,055,000
Siliconware Precision Industries Co. Ltd. sponsored ADR	1,000,000		8,490,000
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,500,000		17,175,000
Texas Instruments, Inc. (d)	2,860,300		92,902,544
Xilinx, Inc. (d)	1,300,000		35,360,000
			787,328,045
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,056,375,947
SOFTWARE - 1.8%
Home Entertainment Software - 1.8%
Nintendo Co. Ltd.	45,000		24,822,001
TOTAL COMMON STOCKS (Cost $1,428,365,273)		1,314,540,648
Money Market Funds - 14.4%
Fidelity Cash Central Fund, 2.44% (b)	16,007,773		16,007,773
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	176,380,445		176,380,445
TOTAL MONEY MARKET FUNDS (Cost $192,388,218)		192,388,218
Cash Equivalents - 0.3%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 2.12%, dated 5/30/08 due 6/2/08 (Collateralized by U.S. Treasury Obligations) # (Cost $4,344,000)	$ 4,344,768		$ 4,344,000

TOTAL INVESTMENT PORTFOLIO - 113.0% (Cost $1,625,097,491) 1,511,272,866

NET OTHER ASSETS - (13.0)%		(174,040,116)
NET ASSETS - 100%	$ 1,337,232,750

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $547,045 or 0.0% of net assets.

Additional information on each holding is as follows:

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

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

Repurchase Agreement / Counterparty	Value
$4,344,000 due 6/02/08 at 2.12%
Banc of America Securities LLC	$ 682,013
Barclays Capital, Inc.	1,094,821
Credit Suisse Securities (USA) LLC	943,811
Merrill Lynch Government Securities, Inc.	1,623,355
	$ 4,344,000

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	$ 123,974
Fidelity Securities Lending Cash Central Fund	234,850
Total	$ 358,824

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Arrowhead Research Corp.	$ 10,303,312	$ 209,703	$ 1,039,719	$ -	$ 9,709,664
Nanophase Technologies Corp.	6,595,232	-	1,405,578	-	5,306,048
Total	$ 16,898,544	$ 209,703	$ 2,445,297	$ -	$ 15,015,712

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 1,511,272,866	$ 1,478,912,892	$ 32,359,974	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,633,357,108. Net unrealized depreciation aggregated $122,084,242, of which $81,354,155 related to appreciated investment securities and $203,438,397 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Energy Portfolio

May 31, 2008

1.802168.104

ENE-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CHEMICALS - 0.5%
Specialty Chemicals - 0.5%
Albemarle Corp.	414,846		$ 18,448,202
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)(d)	45,359		1,153,933
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc. (a)	210,300		19,932,234
ELECTRIC UTILITIES - 0.2%
Electric Utilities - 0.2%
Exelon Corp.	60,000		5,280,000
ELECTRICAL EQUIPMENT - 4.8%
Electrical Components & Equipment - 3.1%
Energy Conversion Devices, Inc. (a)	46		2,920
Evergreen Solar, Inc. (a)	41,500		431,600
First Solar, Inc. (a)	44,700		11,959,038
JA Solar Holdings Co. Ltd. ADR (a)(d)	1,490,782		31,708,933
Q-Cells AG (a)	167,600		20,376,465
Renewable Energy Corp. AS (a)	442,000		13,126,139
Sunpower Corp. Class A (a)(d)	361,060		29,570,814
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	303,800		12,923,652
			120,099,561
Heavy Electrical Equipment - 1.7%
Suzlon Energy Ltd. (a)	666,754		4,387,039
Vestas Wind Systems AS (a)	431,500		59,396,834
			63,783,873
TOTAL ELECTRICAL EQUIPMENT			183,883,434
ENERGY EQUIPMENT & SERVICES - 29.9%
Oil & Gas Drilling - 8.5%
Atwood Oceanics, Inc. (a)	265,100		27,016,341
Helmerich & Payne, Inc.	243,211		15,237,169
Hercules Offshore, Inc. (a)	737,733		25,023,903
Nabors Industries Ltd. (a)	3,585,623		150,739,591
Noble Corp.	277,800		17,540,292
Patterson-UTI Energy, Inc.	1,029,009		32,393,203
Pride International, Inc. (a)	639,816		28,113,515
Transocean, Inc. (a)	184,151		27,657,639
			323,721,653
Oil & Gas Equipment & Services - 21.4%
BJ Services Co.	1,200,771		36,263,284
Compagnie Generale de Geophysique SA (a)	81,653		21,946,554
Dril-Quip, Inc. (a)	60,100		3,506,234
Exterran Holdings, Inc. (a)	206,200		15,159,824
FMC Technologies, Inc. (a)	433,980		31,181,463
	Shares		Value
Fugro NV (Certificaten Van Aandelen) unit	298,602		$ 26,297,334
Halliburton Co.	1,798,430		87,367,729
Helix Energy Solutions Group, Inc. (a)	74,500		2,877,935
NATCO Group, Inc. Class A (a)	5,099		241,030
National Oilwell Varco, Inc. (a)	2,955,812		246,278,255
Oil States International, Inc. (a)	141,600		8,272,272
Petroleum Geo-Services ASA	801,000		23,591,150
ProSafe ASA	1,182,100		12,628,531
Schlumberger Ltd. (NY Shares)	1,419,960		143,600,555
Smith International, Inc.	402,297		31,749,279
Superior Energy Services, Inc. (a)	489,500		26,281,255
Tidewater, Inc.	53,900		3,682,987
TSC Offshore Group Ltd. (a)	4,812,000		1,109,907
W-H Energy Services, Inc. (a)	113,700		9,724,761
Weatherford International Ltd. (a)	1,896,400		86,532,732
			818,293,071
TOTAL ENERGY EQUIPMENT & SERVICES			1,142,014,724
GAS UTILITIES - 0.3%
Gas Utilities - 0.3%
Questar Corp.	145,328		9,332,964
Zhongyu Gas Holdings Ltd. (a)	18,872,000		1,934,622
			11,267,586
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.3%
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	119,700		2,331,756
Constellation Energy Group, Inc.	33,400		2,880,082
NRG Energy, Inc. (a)	181,414		7,545,008
			12,756,846
INDUSTRIAL CONGLOMERATES - 0.2%
Industrial Conglomerates - 0.2%
McDermott International, Inc. (a)	119,300		7,400,179
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	41,600		1,277,101
MULTI-UTILITIES - 0.1%
Multi-Utilities - 0.1%
Public Service Enterprise Group, Inc.	104,000		4,603,040
Sempra Energy	96		5,550
			4,608,590
OIL, GAS & CONSUMABLE FUELS - 62.8%
Coal & Consumable Fuels - 7.6%
Arch Coal, Inc.	892,300		57,919,193
CONSOL Energy, Inc.	412,838		40,276,475
Foundation Coal Holdings, Inc.	366,400		24,449,872
International Coal Group, Inc. (a)	98,300		989,881
Massey Energy Co.	255,300		16,497,486
Natural Resource Partners LP	13,800		543,030
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Coal & Consumable Fuels - continued
Peabody Energy Corp. (d)	1,959,800		$ 144,868,416
PT Bumi Resources Tbk	8,082,000		7,005,476
			292,549,829
Integrated Oil & Gas - 18.5%
Chevron Corp.	282,800		28,039,620
ConocoPhillips	1,588,770		147,914,487
Exxon Mobil Corp.	1,808,931		160,560,716
Hess Corp.	746,000		91,616,260
Marathon Oil Corp.	1,548,900		79,597,971
Murphy Oil Corp.	100		9,265
Occidental Petroleum Corp.	1,194,300		109,791,999
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	1,128,700		68,218,628
Suncor Energy, Inc.	300,400		20,503,396
			706,252,342
Oil & Gas Exploration & Production - 24.6%
American Oil & Gas, Inc. NV (a)	244,953		913,675
Apache Corp.	128,800		17,266,928
Cabot Oil & Gas Corp.	2,072,757		124,883,609
Canadian Natural Resources Ltd.	659,400		64,539,563
Concho Resources, Inc.	633,802		20,218,284
Continental Resources, Inc.	484,010		31,058,922
Encore Acquisition Co. (a)	347,200		23,189,488
EOG Resources, Inc.	3,947		507,703
EXCO Resources, Inc. (a)	244,600		6,100,324
Goodrich Petroleum Corp. (a)(d)	84,900		3,616,740
Junex, Inc. (a)	157,000		1,068,255
Kodiak Oil & Gas Corp. (a)	490,070		1,788,756
Newfield Exploration Co. (a)	63,000		3,984,120
Northern Oil & Gas, Inc. (a)	36,100		418,760
OPTI Canada, Inc. (a)	455,500		10,315,803
PetroHawk Energy Corp. (a)	2,745,256		80,655,621
Plains Exploration & Production Co. (a)	937,080		66,982,478
Questerre Energy Corp. (a)	373,900		2,062,377
Quicksilver Resources, Inc. (a)	1,682,300		61,286,189
Range Resources Corp.	2,831,100		186,173,136
SandRidge Energy, Inc.	319,078		17,549,290
Southwestern Energy Co. (a)	1,686,202		74,766,197
Talisman Energy, Inc.	404,900		9,300,270
Ultra Petroleum Corp. (a)	1,529,401		133,012,005
Vanguard Natural Resources LLC	16,400		290,772
XTO Energy, Inc.	6,525		415,121
			942,364,386
	Shares		Value
Oil & Gas Refining & Marketing - 10.2%
Frontier Oil Corp.	987,486		$ 29,733,203
Holly Corp.	523,319		22,214,892
Petroplus Holdings AG (a)	86,629		5,327,563
Sunoco, Inc.	1,900,462		84,513,545
Tesoro Corp.	1,767,727		43,928,016
Valero Energy Corp.	3,907,599		198,662,333
Western Refining, Inc.	356,049		4,518,262
			388,897,814
Oil & Gas Storage & Transport - 1.9%
Copano Energy LLC	91,900		3,386,515
El Paso Corp.	390,300		7,630,365
El Paso Pipeline Partners LP	109,500		2,508,645
Energy Transfer Equity LP	221,125		7,179,929
Williams Companies, Inc.	1,412,200		53,720,088
			74,425,542
TOTAL OIL, GAS & CONSUMABLE FUELS			2,404,489,913
TOTAL COMMON STOCKS (Cost $2,555,192,721)		3,812,512,742
Money Market Funds - 2.4%
Fidelity Cash Central Fund, 2.44% (b)	8,762,733		8,762,733
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	80,899,250		80,899,250
TOTAL MONEY MARKET FUNDS (Cost $89,661,983)		89,661,983

TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $2,644,854,704) 3,902,174,725

NET OTHER ASSETS - (2.0)%		(75,124,078)
NET ASSETS - 100%	$ 3,827,050,647

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 157,336
Fidelity Securities Lending Cash Central Fund	252,369
Total	$ 409,705

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 3,902,174,725	$ 3,902,174,725	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,652,978,824. Net unrealized appreciation aggregated $1,249,195,901, of which $1,346,675,478 related to appreciated investment securities and $97,479,577 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Energy Service Portfolio

May 31, 2008

1.802169.104

ENS-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
ELECTRICAL EQUIPMENT - 4.6%
Electrical Components & Equipment - 3.2%
First Solar, Inc. (a)	56,400		$ 15,089,256
JA Solar Holdings Co. Ltd. ADR (a)	610,400		12,983,208
Q-Cells AG (a)(d)	128,200		15,586,294
Renewable Energy Corp. AS (a)	201,400		5,981,006
SolarWorld AG	113,400		5,853,496
Sunpower Corp. Class A (a)(d)	317,000		25,962,300
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	229,700		9,771,438
			91,226,998
Heavy Electrical Equipment - 1.4%
Gamesa Corporacion Tecnologica, SA	119,300		6,174,746
Suzlon Energy Ltd. (a)	750,000		4,934,772
Vestas Wind Systems AS (a)	208,200		28,659,144
			39,768,662
TOTAL ELECTRICAL EQUIPMENT			130,995,660
ENERGY EQUIPMENT & SERVICES - 94.9%
Oil & Gas Drilling - 26.3%
Atwood Oceanics, Inc. (a)	365,600		37,258,296
Diamond Offshore Drilling, Inc.	353,400		48,217,896
ENSCO International, Inc.	97,000		6,967,510
Grey Wolf, Inc. (a)	2,950,400		23,101,632
Helmerich & Payne, Inc.	791,200		49,568,680
Hercules Offshore, Inc. (a)(d)	2,653,931		90,021,340
Nabors Industries Ltd. (a)(d)	3,530,160		148,407,926
Noble Corp.	1,935,800		122,226,412
Parker Drilling Co. (a)	799,872		7,150,856
Patterson-UTI Energy, Inc. (d)	1,864,700		58,700,756
Pride International, Inc. (a)	850,886		37,387,931
Rowan Companies, Inc.	132,600		5,854,290
Transocean, Inc. (a)	672,487		101,000,823
Unit Corp. (a)	197,700		15,161,613
			751,025,961
Oil & Gas Equipment & Services - 68.6%
Baker Hughes, Inc.	936		82,948
Basic Energy Services, Inc. (a)	151,600		4,361,532
BJ Services Co. (d)	2,504,100		75,623,820
Bristow Group, Inc. (a)	64,400		3,366,188
Cal Dive International, Inc. (a)	62		867
Cameron International Corp. (a)(d)	585,200		31,150,196
Carbo Ceramics, Inc.	100		4,769
Compagnie Generale de Geophysique SA (a)	73,700		19,808,960
Complete Production Services, Inc. (a)	742,800		21,288,648
Core Laboratories NV (a)	54,000		7,388,280
Dresser-Rand Group, Inc. (a)	589,100		23,752,512
Dril-Quip, Inc. (a)	570,300		33,271,302
Exterran Holdings, Inc. (a)	414,513		30,474,996
	Shares		Value
FMC Technologies, Inc. (a)(d)	755,300		$ 54,268,305
Fugro NV (Certificaten Van Aandelen) unit	304,875		26,849,786
Global Industries Ltd. (a)	378,300		6,525,675
Gulfmark Offshore, Inc. (a)	100		6,713
Halliburton Co.	5,384,634		261,585,520
Helix Energy Solutions Group, Inc. (a)(d)	280,900		10,851,167
Hornbeck Offshore Services, Inc. (a)	116,500		6,139,550
ION Geophysical Corp. (a)	183,700		3,010,843
Key Energy Services, Inc. (a)	1,079,500		18,632,170
Matrix Service Co. (a)	51,200		1,234,432
NATCO Group, Inc. Class A (a)	476,708		22,533,987
National Oilwell Varco, Inc. (a)	3,258,962		271,536,714
Newpark Resources, Inc. (a)	100		705
Oil States International, Inc. (a)(d)	533,000		31,137,860
Petroleum Geo-Services ASA	891,300		26,250,676
PHI, Inc. (non-vtg.) (a)	172,000		6,745,840
RPC, Inc. (d)	180,300		2,699,091
Saipem SpA	100		4,592
Schlumberger Ltd. (NY Shares) (d)	5,058,246		511,540,416
SEACOR Holdings, Inc. (a)	100		8,898
Smith International, Inc.	1,054,656		83,233,452
Superior Energy Services, Inc. (a)	1,205,300		64,712,557
Superior Well Services, Inc. (a)	94,500		2,337,930
T-3 Energy Services, Inc. (a)	610,900		39,537,448
Tesco Corp. (a)	138,000		4,565,737
TETRA Technologies, Inc. (a)	100		2,152
Tidewater, Inc. (d)	143,800		9,825,854
Trico Marine Services, Inc. (a)(d)	216,700		8,319,113
TSC Offshore Group Ltd. (a)	4,114,000		948,910
W-H Energy Services, Inc. (a)	566,400		48,444,192
Weatherford International Ltd. (a)	3,937,620		179,673,601
Willbros Group, Inc. (a)	220,200		9,133,896
			1,962,872,800
TOTAL ENERGY EQUIPMENT & SERVICES			2,713,898,761
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
Keppel Corp. Ltd.	127,000		1,130,963
McDermott International, Inc. (a)	100		6,203
			1,137,166
MACHINERY - 0.4%
Industrial Machinery - 0.4%
Chart Industries, Inc. (a)	201,600		8,445,024
Gardner Denver, Inc. (a)	78,700		4,175,822
			12,620,846
Common Stocks - continued
	Shares		Value
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	31,500		$ 967,036
TOTAL COMMON STOCKS (Cost $1,672,366,948)		2,859,619,469
Money Market Funds - 11.7%
Fidelity Cash Central Fund, 2.44% (b)	8,795,822		8,795,822
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	325,195,075		325,195,075
TOTAL MONEY MARKET FUNDS (Cost $333,990,897)		333,990,897

TOTAL INVESTMENT PORTFOLIO - 111.6% (Cost $2,006,357,845) 3,193,610,366

NET OTHER ASSETS - (11.6)%	(332,706,698)
NET ASSETS - 100%	$ 2,860,903,668

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 107,477
Fidelity Securities Lending Cash Central Fund	427,635
Total	$ 535,112

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 3,193,610,366	$ 3,193,610,366	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,010,568,636. Net unrealized appreciation aggregated $1,183,041,730, of which $1,191,042,573 related to appreciated investment securities and $8,000,843 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Environmental Portfolio

May 31, 2008

1.802170.104

ENV-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CHEMICALS - 13.7%
Commodity Chemicals - 0.8%
Calgon Carbon Corp. (a)(d)	22,200		$ 393,384
Specialty Chemicals - 12.9%
Ecolab, Inc.	82,200		3,685,026
Nalco Holding Co.	114,100		2,774,912
			6,459,938
TOTAL CHEMICALS			6,853,322
COMMERCIAL SERVICES & SUPPLIES - 42.9%
Environmental & Facility Services - 42.9%
Allied Waste Industries, Inc. (a)	176,600		2,378,802
Bennett Environmental, Inc. (a)	45,100		15,207
Casella Waste Systems, Inc. Class A (a)	14,700		164,052
Clean Harbors, Inc. (a)	12,600		894,978
Covanta Holding Corp. (a)(d)	77,400		2,164,878
Republic Services, Inc.	136,650		4,499,885
Stericycle, Inc. (a)	40,060		2,335,498
Tetra Tech, Inc. (a)(d)	46,900		1,240,036
TRC Companies, Inc. (a)	8,700		45,066
Waste Connections, Inc. (a)(d)	61,750		2,027,253
Waste Management, Inc.	149,193		5,658,890
Waste Services, Inc. (a)	1,000		8,050
			21,432,595
ELECTRICAL EQUIPMENT - 5.6%
Electrical Components & Equipment - 4.7%
FuelCell Energy, Inc. (a)(d)	42,700		432,551
Hydrogenics Corp. (a)	3,300		2,904
JA Solar Holdings Co. Ltd. ADR (a)(d)	26,800		570,036
Plug Power, Inc. (a)	54,600		171,444
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	27,200		1,157,088
			2,334,023
Heavy Electrical Equipment - 0.9%
Capstone Turbine Corp. (a)(d)	117,500		441,800
TOTAL ELECTRICAL EQUIPMENT			2,775,823
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.1%
Electronic Equipment & Instruments - 3.1%
Itron, Inc. (a)(d)	15,800		1,541,764
ENERGY EQUIPMENT & SERVICES - 0.6%
Oil & Gas Equipment & Services - 0.6%
Newpark Resources, Inc. (a)	44,900		316,545
FOOD & STAPLES RETAILING - 7.4%
Food Distributors - 1.0%
United Natural Foods, Inc. (a)	21,800		463,686
	Shares		Value
Food Retail - 6.4%
Whole Foods Market, Inc. (d)	110,700		$ 3,210,300
TOTAL FOOD & STAPLES RETAILING			3,673,986
FOOD PRODUCTS - 2.5%
Packaged Foods & Meats - 2.5%
Hain Celestial Group, Inc. (a)	34,400		989,688
SunOpta, Inc. (a)	40,300		266,786
			1,256,474
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 3.7%
Independent Power Producers & Energy Traders - 3.7%
Ormat Technologies, Inc. (d)	36,900		1,849,059
MACHINERY - 12.7%
Construction & Farm Machinery & Heavy Trucks - 1.5%
Lindsay Corp.	6,900		724,500
Industrial Machinery - 11.2%
CLARCOR, Inc.	28,200		1,224,444
Donaldson Co., Inc.	47,200		2,429,856
Kadant, Inc. (a)	9,000		240,570
Pall Corp.	42,300		1,726,263
			5,621,133
TOTAL MACHINERY			6,345,633
MULTI-UTILITIES - 6.4%
Multi-Utilities - 6.4%
Veolia Environnement sponsored ADR	45,100		3,212,473
TOTAL COMMON STOCKS (Cost $46,123,234)		49,257,674
Money Market Funds - 19.2%
Fidelity Cash Central Fund, 2.44% (b)	629,417		629,417
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	8,994,050		8,994,050
TOTAL MONEY MARKET FUNDS (Cost $9,623,467)		9,623,467

TOTAL INVESTMENT PORTFOLIO - 117.8% (Cost $55,746,701) 58,881,141

NET OTHER ASSETS - (17.8)%		(8,903,460)
NET ASSETS - 100%	$ 49,977,681

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,800
Fidelity Securities Lending Cash Central Fund	25,719
Total	$ 34,519

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 58,881,141	$ 58,881,141	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $56,024,405. Net unrealized appreciation aggregated $2,856,736, of which $5,793,770 related to appreciated investment securities and $2,937,034 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Financial Services Portfolio

May 31, 2008

1.802171.104

FIN-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.4%
	Shares		Value
CAPITAL MARKETS - 16.2%
Asset Management & Custody Banks - 10.1%
Bank of New York Mellon Corp.	247,000		$ 10,998,910
EFG International	83,850		3,141,459
Fortress Investment Group LLC (d)	72,200		1,034,626
Franklin Resources, Inc.	59,600		6,032,712
GLG Partners, Inc.	86,600		719,646
Janus Capital Group, Inc.	93,200		2,702,800
Julius Baer Holding AG	32,116		2,628,317
KKR Private Equity Investors, LP	48,000		624,000
KKR Private Equity Investors, LP Restricted Depositary Units (e)	47,000		611,000
Legg Mason, Inc.	10,200		548,862
State Street Corp.	117,225		8,442,545
T. Rowe Price Group, Inc.	42,600		2,467,392
The Blackstone Group LP	74,100		1,442,727
			41,394,996
Investment Banking & Brokerage - 6.1%
Charles Schwab Corp.	239,900		5,320,982
Goldman Sachs Group, Inc.	27,600		4,868,916
Lazard Ltd. Class A	35,500		1,352,195
Lehman Brothers Holdings, Inc.	192,600		7,089,606
Merrill Lynch & Co., Inc.	20,000		878,400
Morgan Stanley	120,900		5,347,407
			24,857,506
TOTAL CAPITAL MARKETS			66,252,502
COMMERCIAL BANKS - 12.4%
Diversified Banks - 8.0%
ICICI Bank Ltd. sponsored ADR	17,100		645,183
U.S. Bancorp, Delaware	260,700		8,652,633
Wachovia Corp.	219,268		5,218,578
Wells Fargo & Co. (d)	655,000		18,058,350
			32,574,744
Regional Banks - 4.4%
Associated Banc-Corp.	144,300		3,940,833
Cathay General Bancorp	133,561		2,054,168
Center Financial Corp., California	12,700		118,872
KeyCorp	121,000		2,355,870
M&T Bank Corp.	11,400		987,924
National City Corp.	29,500		172,280
PNC Financial Services Group, Inc.	130,400		8,378,200
Wintrust Financial Corp.	7,033		219,289
			18,227,436
TOTAL COMMERCIAL BANKS			50,802,180
CONSUMER FINANCE - 4.6%
Consumer Finance - 4.6%
American Express Co. (d)	107,300		4,973,355
Capital One Financial Corp. (d)	105,800		5,091,096
Discover Financial Services	178,750		3,065,563
	Shares		Value
Dollar Financial Corp. (a)	73,879		$ 1,472,408
SLM Corp. (a)(d)	195,500		4,431,985
			19,034,407
DIVERSIFIED FINANCIAL SERVICES - 17.5%
Other Diversifed Financial Services - 14.2%
Bank of America Corp.	558,931		19,009,243
Citigroup, Inc.	746,434		16,339,440
JPMorgan Chase & Co.	527,645		22,688,735
			58,037,418
Specialized Finance - 3.3%
CIT Group, Inc.	95,100		951,000
CME Group, Inc. (d)	12,000		5,163,600
Deutsche Boerse AG	26,800		3,845,323
JSE Ltd.	44,100		415,195
KKR Financial Holdings LLC	167,100		2,031,936
MarketAxess Holdings, Inc. (a)	120,200		939,964
			13,347,018
TOTAL DIVERSIFIED FINANCIAL SERVICES			71,384,436
INSURANCE - 26.8%
Insurance Brokers - 0.7%
National Financial Partners Corp. (d)	68,400		1,670,328
Willis Group Holdings Ltd.	32,660		1,170,208
			2,840,536
Life & Health Insurance - 6.8%
AFLAC, Inc.	98,600		6,619,018
MetLife, Inc. (d)	150,500		9,034,515
Principal Financial Group, Inc.	96,500		5,199,420
Prudential Financial, Inc.	93,400		6,976,980
			27,829,933
Multi-Line Insurance - 7.2%
American International Group, Inc.	593,351		21,360,636
Assurant, Inc.	40,200		2,734,806
Hartford Financial Services Group, Inc.	75,100		5,337,357
			29,432,799
Property & Casualty Insurance - 7.3%
ACE Ltd.	227,300		13,653,911
AMBAC Financial Group, Inc.	20,000		62,600
Argo Group International Holdings, Ltd. (a)	61,017		2,354,646
Aspen Insurance Holdings Ltd.	300		7,668
Axis Capital Holdings Ltd.	35,500		1,244,275
Berkshire Hathaway, Inc. Class A (a)	29		3,904,850
LandAmerica Financial Group, Inc. (d)	21,900		652,182
MBIA, Inc. (d)	61,200		425,952
The First American Corp.	46,800		1,571,076
The Travelers Companies, Inc.	55,100		2,744,531
United America Indemnity Ltd. Class A (a)	63,700		928,109
XL Capital Ltd. Class A	66,500		2,321,515
			29,871,315
Common Stocks - continued
	Shares		Value
Reinsurance - 4.8%
Everest Re Group Ltd.	100,100		$ 8,780,772
IPC Holdings Ltd.	56,079		1,592,644
Max Capital Group Ltd.	102,885		2,481,586
Montpelier Re Holdings Ltd.	27,400		459,498
Platinum Underwriters Holdings Ltd.	102,488		3,635,249
RenaissanceRe Holdings Ltd.	47,800		2,493,248
			19,442,997
TOTAL INSURANCE			109,417,580
IT SERVICES - 0.4%
Data Processing & Outsourced Services - 0.4%
Visa, Inc.	17,100		1,476,756
REAL ESTATE INVESTMENT TRUSTS - 7.3%
Mortgage REITs - 1.9%
Annaly Capital Management, Inc.	347,900		6,196,099
Chimera Investment Corp.	105,900		1,467,774
			7,663,873
Residential REITs - 1.4%
Equity Lifestyle Properties, Inc.	64,700		3,214,943
UDR, Inc.	106,500		2,634,810
			5,849,753
Retail REITs - 4.0%
CBL & Associates Properties, Inc.	38,760		1,019,776
Developers Diversified Realty Corp.	117,600		4,666,368
General Growth Properties, Inc.	175,000		7,273,000
Simon Property Group, Inc.	32,400		3,219,264
			16,178,408
TOTAL REAL ESTATE INVESTMENT TRUSTS			29,692,034
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.3%
Real Estate Management & Development - 1.3%
Mitsubishi Estate Co. Ltd.	200,000		5,386,950
THRIFTS & MORTGAGE FINANCE - 4.9%
Thrifts & Mortgage Finance - 4.9%
Countrywide Financial Corp.	244,138		1,284,166
Fannie Mae (d)	243,300		6,573,966
FirstFed Financial Corp. (a)(d)	24,100		355,234
Freddie Mac (d)	234,600		5,963,532
Hudson City Bancorp, Inc.	244,611		4,354,076
IndyMac Bancorp, Inc.	51,400		97,146
Radian Group, Inc. (d)	72,300		414,279
Washington Mutual, Inc.	124,300		1,121,186
			20,163,585
TOTAL COMMON STOCKS (Cost $363,458,756)		373,610,430
Convertible Preferred Stocks - 3.2%
	Shares		Value
CAPITAL MARKETS - 0.3%
Investment Banking & Brokerage - 0.3%
Lehman Brothers Holdings, Inc. 7.25%	1,340		$ 1,453,900
COMMERCIAL BANKS - 0.8%
Regional Banks - 0.8%
Huntington Bancshares, Inc. 8.50%	1,700		1,696,600
National City Corp.	12		1,401,600
			3,098,200
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Specialized Finance - 0.0%
CIT Group, Inc. Series C, 8.75%	3,400		182,274
INSURANCE - 1.3%
Multi-Line Insurance - 1.3%
American International Group, Inc. Series A, 8.50%	71,000		5,235,824
THRIFTS & MORTGAGE FINANCE - 0.8%
Thrifts & Mortgage Finance - 0.8%
Fannie Mae 8.75%	17,800		878,875
Washington Mutual, Inc.	22		2,267,886
			3,146,761
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,823,076)		13,116,959
Money Market Funds - 19.0%
Fidelity Cash Central Fund, 2.44% (b)	21,222,310		21,222,310
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	56,257,250		56,257,250
TOTAL MONEY MARKET FUNDS (Cost $77,479,560)		77,479,560

TOTAL INVESTMENT PORTFOLIO - 113.6% (Cost $453,761,392) 464,206,949

NET OTHER ASSETS - (13.6)%		(55,478,574)
NET ASSETS - 100%	$ 408,728,375

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $611,000 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 203,083
Fidelity Securities Lending Cash Central Fund	74,162
Total	$ 277,245

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 464,206,949	$ 451,089,990	$ 13,116,959	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $457,187,491. Net unrealized appreciation aggregated $7,019,458, of which $65,352,227 related to appreciated investment securities and $58,332,769 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Consolidated Quarterly Holdings Report
for
Fidelity ® Select Gold Portfolio

May 31, 2008

1.802173.104

GOL-QTLY-0708

Consolidated Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 9.1%
METALS & MINING - 9.1%
Gold - 9.1%
Andean Resources Ltd. (a)	2,455,000		$ 4,387,934
Centamin Egypt Ltd. (a)	827,000		1,089,406
Newcrest Mining Ltd.	5,489,283		167,053,550
Panaust Ltd. (a)	7,323,000		7,454,279
Sino Gold Mining Ltd. (a)(d)	3,228,231		17,464,175
Troy Resources NL (a)(f)	2,300,000		4,977,353
			202,426,697
Bermuda - 0.7%
METALS & MINING - 0.7%
Precious Metals & Minerals - 0.7%
Aquarius Platinum Ltd. (United Kingdom)	945,000		15,481,031
Canada - 49.6%
METALS & MINING - 49.6%
Diversified Metals & Mining - 1.1%
First Quantum Minerals Ltd.	141,200		11,091,342
Kimber Resources, Inc. (a)	16,100		26,577
Kimber Resources, Inc. unit (a)	3,888,000		7,285,752
Thompson Creek Metals Co., Inc. (a)	305,000		6,677,151
			25,080,822
Gold - 45.3%
Agnico-Eagle Mines Ltd.	1,729,300		122,452,194
Alamos Gold, Inc. (a)	2,638,500		17,581,147
Aquiline Resources, Inc. (a)	875,500		6,688,520
Aquiline Resources, Inc. (a)(f)	1,024,600		7,827,593
Aurelian Resources, Inc. (a)	1,908,600		9,029,109
Aurizon Mines Ltd. (a)	651,900		3,169,277
Barrick Gold Corp. (d)	4,987,819		200,968,691
Centerra Gold, Inc. (a)	657,900		5,860,508
Coral Gold Resources Ltd. (a)(e)	2,016,600		1,684,729
Detour Gold Corp. (f)	615,000		11,086,714
Eldorado Gold Corp. (a)	4,630,200		37,516,970
European Goldfields Ltd. (a)	371,000		1,867,136
Franco-Nevada Corp.	657,100		14,220,081
Goldcorp, Inc.	4,989,500		200,735,093
Golden Star Resources Ltd. (a)	4,875,769		14,624,853
Great Basin Gold Ltd. (a)	3,407,900		11,662,667
Guyana Goldfields, Inc. (a)	783,000		3,664,771
High River Gold Mines Ltd. (a)	2,126,800		3,746,251
High River Gold Mines Ltd. (a)(f)	1,300,000		2,289,884
High River Gold Mines Ltd. warrants 11/8/10 (a)(f)	650,000		300,956
IAMGOLD Corp.	4,124,100		24,449,873
Jaguar Mining, Inc. (a)	218,400		2,473,075
Kinross Gold Corp.	6,356,300		126,806,106
Kinross Gold Corp. warrants 9/7/11 (a)	600,000		1,962,758
Northgate Minerals Corp. (a)	1,057,800		3,194,162
Novagold Resources, Inc. (a)	800,000		6,683,442
Orezone Resources, Inc. Class A (a)	8,870,700		13,303,818
	Shares		Value
Peak Gold Ltd. (a)(f)	5,857,000		$ 4,775,209
Peak Gold Ltd. warrants 4/3/12 (a)(f)	2,928,500		442,149
Red Back Mining, Inc. (a)	2,220,800		17,703,811
Red Back Mining, Inc. (a)(f)	1,033,000		8,234,887
US Gold Canadian Acquisition Corp. (a)(e)	2,501,516		5,363,089
Western Goldfields, Inc. (a)	1,151,200		2,734,607
Yamana Gold, Inc.	7,093,100		109,662,824
			1,004,766,954
Precious Metals & Minerals - 3.2%
B2Gold Corp.	702,500		919,225
Etruscan Resources, Inc. (a)	966,800		1,819,744
Etruscan Resources, Inc. (a)(f)	1,549,400		2,916,334
Etruscan Resources, Inc. warrants 11/2/10 (a)(f)	774,700		226,133
Harry Winston Diamond Corp.	276,990		8,249,758
Minefinders Corp. Ltd. (a)	1,100,000		11,282,335
Pan American Silver Corp. (a)	500,000		16,575,003
Rockwell Diamonds, Inc. (a)	319,000		173,387
Shore Gold, Inc. (a)	2,760,000		9,667,640
Silver Standard Resources, Inc. (a)	591,300		17,815,872
			69,645,431
TOTAL METALS & MINING			1,099,493,207
China - 1.9%
METALS & MINING - 1.9%
Gold - 1.9%
Zijin Mining Group Co. Ltd. (H Shares)	44,068,000		41,730,740
Luxembourg - 0.4%
METALS & MINING - 0.4%
Steel - 0.4%
ArcelorMittal SA (NY Shares) Class A	83,800		8,323,854
Papua New Guinea - 4.5%
METALS & MINING - 4.5%
Gold - 4.5%
Lihir Gold Ltd. (a)(d)	35,560,881		101,287,489
Peru - 1.1%
METALS & MINING - 1.1%
Precious Metals & Minerals - 1.1%
Compania de Minas Buenaventura SA	340,000		22,372,000
Compania de Minas Buenaventura SA sponsored ADR	50,000		3,290,000
			25,662,000
South Africa - 10.6%
METALS & MINING - 10.6%
Diversified Metals & Mining - 0.2%
African Rainbow Minerals Ltd.	75,173		2,958,512
Common Stocks - continued
	Shares		Value
South Africa - continued
METALS & MINING - CONTINUED
Gold - 8.5%
AngloGold Ashanti Ltd.:
rights 6/23/08 (a)	413,217		$ 3,842,918
sponsored ADR (d)	1,677,000		58,342,830
Gold Fields Ltd. sponsored ADR	6,150,900		79,531,137
Harmony Gold Mining Co. Ltd. (a)	1,549,000		18,443,507
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	2,423,600		28,840,840
			189,001,232
Precious Metals & Minerals - 1.9%
Anglo Platinum Ltd.	43,058		7,497,753
Impala Platinum Holdings Ltd.	816,212		34,862,445
			42,360,198
TOTAL METALS & MINING			234,319,942
United Kingdom - 4.4%
METALS & MINING - 4.4%
Diversified Metals & Mining - 1.0%
Anglo American PLC (United Kingdom)	106,300		7,199,377
BHP Billiton PLC	397,100		15,055,819
			22,255,196
Gold - 3.0%
Randgold Resources Ltd. sponsored ADR (d)	1,547,647		65,620,233
Precious Metals & Minerals - 0.4%
Hochschild Mining PLC	1,104,058		9,026,960
TOTAL METALS & MINING			96,902,389
United States of America - 13.4%
METALS & MINING - 12.6%
Aluminum - 0.9%
Alcoa, Inc.	166,500		6,758,235
Century Aluminum Co. (a)	193,900		14,154,700
			20,912,935
Diversified Metals & Mining - 1.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	196,200		22,702,302
Gold - 10.0%
Newmont Mining Corp.	4,244,698		201,750,497
Royal Gold, Inc. (d)	610,768		18,775,008
US Gold Corp. (a)	318,400		687,744
US Gold Corp. warrants 2/22/11 (a)(g)	364,200		311,595
			221,524,844
	Shares		Value
Steel - 0.7%
Nucor Corp.	83,500		$ 6,245,800
United States Steel Corp.	48,000		8,290,080
			14,535,880
TOTAL METALS & MINING			279,675,961
OIL, GAS & CONSUMABLE FUELS - 0.8%
Coal & Consumable Fuels - 0.8%
CONSOL Energy, Inc.	172,300		16,809,588
TOTAL UNITED STATES OF AMERICA			296,485,549
TOTAL COMMON STOCKS (Cost $1,709,323,674)		2,122,112,898
Commodities - 4.2%
	Troy Ounces
Gold Bullion (a) (Cost $93,563,900)	104,500		92,641,863
Money Market Funds - 12.0%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	6,402,829		6,402,829
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	260,025,475		260,025,475
TOTAL MONEY MARKET FUNDS (Cost $266,428,304)		266,428,304

TOTAL INVESTMENT PORTFOLIO - 111.9% (Cost $2,069,315,878) 2,481,183,065

NET OTHER ASSETS - (11.9)%		(264,320,445)
NET ASSETS - 100%	$ 2,216,862,620

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,077,212 or 1.9% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $311,595 or 0.0% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
	$
Fidelity Cash Central Fund	386,720
Fidelity Securities Lending Cash Central Fund	203,452
Total	$ 590,172

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
Coral Gold Resources Ltd.	$ 2,869,001	$ -	$ -	$ -	$ 1,684,729
US Gold Canadian Acquisition Corp.	8,770,114	-	-	-	5,363,089
Total	$ 11,639,115	$ -	$ -	$ -	$ 7,047,818
Consolidated Subsidiary Fidelity Select Gold Cayman Ltd.	$ 82,233,978	$ 67,227,200	$ 44,972,300	$ -	$ 92,613,277

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 2,481,183,065	$ 2,444,367,092	$ 29,530,221	$ 7,285,752

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	4,359,951
Cost of Purchases	2,925,801
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 7,285,752

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,117,180,705. Net unrealized appreciation aggregated $364,002,360, of which $494,829,204 related to appreciated investment securities and $130,826,844 related to depreciated investment securities.

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, 2008, the Fund held $92,613,277 in the Subsidiary, representing 4.2% 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. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Consolidated Quarterly Holdings Report
for
Fidelity ® Advisor Select
Gold Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2008

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

1.851741.101

AGLD-QTLY-0708

Consolidated Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 9.1%
METALS & MINING - 9.1%
Gold - 9.1%
Andean Resources Ltd. (a)	2,455,000		$ 4,387,934
Centamin Egypt Ltd. (a)	827,000		1,089,406
Newcrest Mining Ltd.	5,489,283		167,053,550
Panaust Ltd. (a)	7,323,000		7,454,279
Sino Gold Mining Ltd. (a)(d)	3,228,231		17,464,175
Troy Resources NL (a)(f)	2,300,000		4,977,353
			202,426,697
Bermuda - 0.7%
METALS & MINING - 0.7%
Precious Metals & Minerals - 0.7%
Aquarius Platinum Ltd. (United Kingdom)	945,000		15,481,031
Canada - 49.6%
METALS & MINING - 49.6%
Diversified Metals & Mining - 1.1%
First Quantum Minerals Ltd.	141,200		11,091,342
Kimber Resources, Inc. (a)	16,100		26,577
Kimber Resources, Inc. unit (a)	3,888,000		7,285,752
Thompson Creek Metals Co., Inc. (a)	305,000		6,677,151
			25,080,822
Gold - 45.3%
Agnico-Eagle Mines Ltd.	1,729,300		122,452,194
Alamos Gold, Inc. (a)	2,638,500		17,581,147
Aquiline Resources, Inc. (a)	875,500		6,688,520
Aquiline Resources, Inc. (a)(f)	1,024,600		7,827,593
Aurelian Resources, Inc. (a)	1,908,600		9,029,109
Aurizon Mines Ltd. (a)	651,900		3,169,277
Barrick Gold Corp. (d)	4,987,819		200,968,691
Centerra Gold, Inc. (a)	657,900		5,860,508
Coral Gold Resources Ltd. (a)(e)	2,016,600		1,684,729
Detour Gold Corp. (f)	615,000		11,086,714
Eldorado Gold Corp. (a)	4,630,200		37,516,970
European Goldfields Ltd. (a)	371,000		1,867,136
Franco-Nevada Corp.	657,100		14,220,081
Goldcorp, Inc.	4,989,500		200,735,093
Golden Star Resources Ltd. (a)	4,875,769		14,624,853
Great Basin Gold Ltd. (a)	3,407,900		11,662,667
Guyana Goldfields, Inc. (a)	783,000		3,664,771
High River Gold Mines Ltd. (a)	2,126,800		3,746,251
High River Gold Mines Ltd. (a)(f)	1,300,000		2,289,884
High River Gold Mines Ltd. warrants 11/8/10 (a)(f)	650,000		300,956
IAMGOLD Corp.	4,124,100		24,449,873
Jaguar Mining, Inc. (a)	218,400		2,473,075
Kinross Gold Corp.	6,356,300		126,806,106
Kinross Gold Corp. warrants 9/7/11 (a)	600,000		1,962,758
Northgate Minerals Corp. (a)	1,057,800		3,194,162
Novagold Resources, Inc. (a)	800,000		6,683,442
Orezone Resources, Inc. Class A (a)	8,870,700		13,303,818
	Shares		Value
Peak Gold Ltd. (a)(f)	5,857,000		$ 4,775,209
Peak Gold Ltd. warrants 4/3/12 (a)(f)	2,928,500		442,149
Red Back Mining, Inc. (a)	2,220,800		17,703,811
Red Back Mining, Inc. (a)(f)	1,033,000		8,234,887
US Gold Canadian Acquisition Corp. (a)(e)	2,501,516		5,363,089
Western Goldfields, Inc. (a)	1,151,200		2,734,607
Yamana Gold, Inc.	7,093,100		109,662,824
			1,004,766,954
Precious Metals & Minerals - 3.2%
B2Gold Corp.	702,500		919,225
Etruscan Resources, Inc. (a)	966,800		1,819,744
Etruscan Resources, Inc. (a)(f)	1,549,400		2,916,334
Etruscan Resources, Inc. warrants 11/2/10 (a)(f)	774,700		226,133
Harry Winston Diamond Corp.	276,990		8,249,758
Minefinders Corp. Ltd. (a)	1,100,000		11,282,335
Pan American Silver Corp. (a)	500,000		16,575,003
Rockwell Diamonds, Inc. (a)	319,000		173,387
Shore Gold, Inc. (a)	2,760,000		9,667,640
Silver Standard Resources, Inc. (a)	591,300		17,815,872
			69,645,431
TOTAL METALS & MINING			1,099,493,207
China - 1.9%
METALS & MINING - 1.9%
Gold - 1.9%
Zijin Mining Group Co. Ltd. (H Shares)	44,068,000		41,730,740
Luxembourg - 0.4%
METALS & MINING - 0.4%
Steel - 0.4%
ArcelorMittal SA (NY Shares) Class A	83,800		8,323,854
Papua New Guinea - 4.5%
METALS & MINING - 4.5%
Gold - 4.5%
Lihir Gold Ltd. (a)(d)	35,560,881		101,287,489
Peru - 1.1%
METALS & MINING - 1.1%
Precious Metals & Minerals - 1.1%
Compania de Minas Buenaventura SA	340,000		22,372,000
Compania de Minas Buenaventura SA sponsored ADR	50,000		3,290,000
			25,662,000
South Africa - 10.6%
METALS & MINING - 10.6%
Diversified Metals & Mining - 0.2%
African Rainbow Minerals Ltd.	75,173		2,958,512
Common Stocks - continued
	Shares		Value
South Africa - continued
METALS & MINING - CONTINUED
Gold - 8.5%
AngloGold Ashanti Ltd.:
rights 6/23/08 (a)	413,217		$ 3,842,918
sponsored ADR (d)	1,677,000		58,342,830
Gold Fields Ltd. sponsored ADR	6,150,900		79,531,137
Harmony Gold Mining Co. Ltd. (a)	1,549,000		18,443,507
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	2,423,600		28,840,840
			189,001,232
Precious Metals & Minerals - 1.9%
Anglo Platinum Ltd.	43,058		7,497,753
Impala Platinum Holdings Ltd.	816,212		34,862,445
			42,360,198
TOTAL METALS & MINING			234,319,942
United Kingdom - 4.4%
METALS & MINING - 4.4%
Diversified Metals & Mining - 1.0%
Anglo American PLC (United Kingdom)	106,300		7,199,377
BHP Billiton PLC	397,100		15,055,819
			22,255,196
Gold - 3.0%
Randgold Resources Ltd. sponsored ADR (d)	1,547,647		65,620,233
Precious Metals & Minerals - 0.4%
Hochschild Mining PLC	1,104,058		9,026,960
TOTAL METALS & MINING			96,902,389
United States of America - 13.4%
METALS & MINING - 12.6%
Aluminum - 0.9%
Alcoa, Inc.	166,500		6,758,235
Century Aluminum Co. (a)	193,900		14,154,700
			20,912,935
Diversified Metals & Mining - 1.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	196,200		22,702,302
Gold - 10.0%
Newmont Mining Corp.	4,244,698		201,750,497
Royal Gold, Inc. (d)	610,768		18,775,008
US Gold Corp. (a)	318,400		687,744
US Gold Corp. warrants 2/22/11 (a)(g)	364,200		311,595
			221,524,844
	Shares		Value
Steel - 0.7%
Nucor Corp.	83,500		$ 6,245,800
United States Steel Corp.	48,000		8,290,080
			14,535,880
TOTAL METALS & MINING			279,675,961
OIL, GAS & CONSUMABLE FUELS - 0.8%
Coal & Consumable Fuels - 0.8%
CONSOL Energy, Inc.	172,300		16,809,588
TOTAL UNITED STATES OF AMERICA			296,485,549
TOTAL COMMON STOCKS (Cost $1,709,323,674)		2,122,112,898
Commodities - 4.2%
	Troy Ounces
Gold Bullion (a) (Cost $93,563,900)	104,500		92,641,863
Money Market Funds - 12.0%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	6,402,829		6,402,829
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	260,025,475		260,025,475
TOTAL MONEY MARKET FUNDS (Cost $266,428,304)		266,428,304

TOTAL INVESTMENT PORTFOLIO - 111.9% (Cost $2,069,315,878) 2,481,183,065

NET OTHER ASSETS - (11.9)%		(264,320,445)
NET ASSETS - 100%	$ 2,216,862,620

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,077,212 or 1.9% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $311,595 or 0.0% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
	$
Fidelity Cash Central Fund	386,720
Fidelity Securities Lending Cash Central Fund	203,452
Total	$ 590,172

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
Coral Gold Resources Ltd.	$ 2,869,001	$ -	$ -	$ -	$ 1,684,729
US Gold Canadian Acquisition Corp.	8,770,114	-	-	-	5,363,089
Total	$ 11,639,115	$ -	$ -	$ -	$ 7,047,818
Consolidated Subsidiary Fidelity Select Gold Cayman Ltd.	$ 82,233,978	$ 67,227,200	$ 44,972,300	$ -	$ 92,613,277

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 2,481,183,065	$ 2,444,367,092	$ 29,530,221	$ 7,285,752

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	4,359,951
Cost of Purchases	2,925,801
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 7,285,752

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,117,180,705. Net unrealized appreciation aggregated $364,002,360, of which $494,829,204 related to appreciated investment securities and $130,826,844 related to depreciated investment securities.

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, 2008, the Fund held $92,613,277 in the Subsidiary, representing 4.2% 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. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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, 2008

1.802174.104

HEA-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
BIOTECHNOLOGY - 12.7%
Biotechnology - 12.7%
Abraxis BioScience, Inc. (a)	68,405		$ 4,442,221
Acadia Pharmaceuticals, Inc. (a)	156,100		1,373,680
Acorda Therapeutics, Inc. (a)	57,700		1,244,012
Alexion Pharmaceuticals, Inc. (a)	55,864		3,985,896
Alnylam Pharmaceuticals, Inc. (a)	244,300		7,055,384
Amgen, Inc. (a)	352,804		15,533,960
Biogen Idec, Inc. (a)	313,962		19,701,116
BioMarin Pharmaceutical, Inc. (a)	367,785		14,038,353
Celgene Corp. (a)	1,375		83,683
Cephalon, Inc. (a)	23,100		1,564,101
Cepheid, Inc. (a)	175,500		4,619,160
Cougar Biotechnology, Inc. (a)	42,207		1,140,433
CSL Ltd.	631,221		24,012,177
CytRx Corp. (a)(d)	626,180		551,038
Genentech, Inc. (a)	563,100		39,906,897
Genzyme Corp. (a)	396,632		27,153,427
Gilead Sciences, Inc. (a)	607,980		33,633,454
GTx, Inc. (a)(d)	201,800		3,031,036
Idera Pharmaceuticals, Inc. (a)(d)	28,800		432,000
ImClone Systems, Inc. (a)	66,672		2,905,566
Indevus Pharmaceuticals, Inc. (a)	185,100		831,099
Molecular Insight Pharmaceuticals, Inc. (a)(d)	225,791		1,589,569
Myriad Genetics, Inc. (a)	77,000		3,728,340
Omrix Biopharmaceuticals, Inc. (a)	46,600		847,654
ONYX Pharmaceuticals, Inc. (a)	281,100		9,934,074
Orchid Cellmark, Inc. (a)	146,078		413,401
PDL BioPharma, Inc.	431,800		4,425,950
RXi Pharmaceuticals Corp. (a)	31,235		302,355
Theravance, Inc. (a)	230,740		3,121,912
United Therapeutics Corp. (a)	11,500		1,098,365
Zymogenetics, Inc. (a)(d)	56,100		506,022
			233,206,335
CHEMICALS - 1.3%
Diversified Chemicals - 0.5%
Bayer AG sponsored ADR	99,816		8,878,633
Fertilizers & Agricultural Chemicals - 0.8%
Agrium, Inc.	29,000		2,532,501
Monsanto Co.	18,251		2,325,177
The Mosaic Co. (a)	71,730		8,989,204
			13,846,882
TOTAL CHEMICALS			22,725,515
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Hillenbrand, Inc.	57,600		1,275,840
Service Corp. International	178,700		1,912,090
	Shares		Value
Stewart Enterprises, Inc. Class A	376,106		$ 2,595,131
StoneMor Partners LP	28,800		512,640
			6,295,701
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Other Diversifed Financial Services - 0.2%
MBF Healthcare Acquisition Corp. unit	396,800		3,194,240
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
Mettler-Toledo International, Inc. (a)	92,000		9,540,400
FOOD & STAPLES RETAILING - 0.7%
Drug Retail - 0.7%
A&D Pharma Holdings NV (Reg. S) unit	40,300		282,126
China Nepstar Chain Drugstore Ltd. ADR	55,300		638,162
CVS Caremark Corp.	286,186		12,245,899
			13,166,187
FOOD PRODUCTS - 0.9%
Agricultural Products - 0.8%
Archer Daniels Midland Co.	144,451		5,734,705
Bunge Ltd.	68,961		8,231,875
			13,966,580
Packaged Foods & Meats - 0.1%
Nestle SA sponsored ADR	23,000		2,838,200
TOTAL FOOD PRODUCTS			16,804,780
HEALTH CARE EQUIPMENT & SUPPLIES - 23.0%
Health Care Equipment - 19.2%
American Medical Systems Holdings, Inc. (a)	557,500		8,423,825
ArthroCare Corp. (a)(d)	18,803		829,400
Baxter International, Inc.	996,800		60,904,480
Beckman Coulter, Inc.	36,400		2,525,796
Becton, Dickinson & Co.	336,172		28,389,725
Boston Scientific Corp. (a)	1,592,900		21,169,641
C.R. Bard, Inc.	108,206		9,868,387
China Medical Technologies, Inc. sponsored ADR (d)	44,800		1,766,464
Covidien Ltd.	977,103		48,943,089
Electro-Optical Sciences, Inc. (a)(d)	524,266		4,875,674
Electro-Optical Sciences, Inc. warrants 8/2/12 (a)(h)	50,450		298,742
Gen-Probe, Inc. (a)	69,300		3,945,942
Golden Meditech Co. Ltd.	13,436,000		5,371,714
Hill-Rom Holdings, Inc.	57,600		1,771,200
Hologic, Inc. (a)	39,700		953,991
I-Flow Corp. (a)	141,279		1,939,761
IDEXX Laboratories, Inc. (a)	76,000		3,838,000
Integra LifeSciences Holdings Corp. (a)	214,719		9,022,492
Kinetic Concepts, Inc. (a)	58,100		2,523,283
Masimo Corp.	57,400		1,983,744
Medtronic, Inc.	802,811		40,678,433
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Mentor Corp.	34,600		$ 1,090,246
Meridian Bioscience, Inc.	54,800		1,607,284
Mindray Medical International Ltd. sponsored ADR	168,800		7,072,720
Mingyuan Medicare Development Co. Ltd.	8,250,000		1,310,883
Natus Medical, Inc. (a)	2,900		62,524
Orthofix International NV (a)	85,325		2,776,476
Quidel Corp. (a)	60,632		1,034,988
Smith & Nephew PLC	540,200		5,804,047
Smith & Nephew PLC sponsored ADR	240,100		12,929,385
St. Jude Medical, Inc. (a)	495,100		20,175,325
Stryker Corp.	448,739		28,966,102
Syneron Medical Ltd. (a)	546,610		8,871,480
ThermoGenesis Corp. (a)	376,000		552,720
			352,277,963
Health Care Supplies - 3.8%
Alcon, Inc.	43,369		6,808,933
Align Technology, Inc. (a)	115,100		1,515,867
Haemonetics Corp. (a)	17,300		975,028
InfuSystems Holdings, Inc. (a)(e)	1,424,500		4,273,500
InfuSystems Holdings, Inc. warrants 4/11/11 (a)	262,700		78,810
Inverness Medical Innovations, Inc. (a)	1,407,723		51,466,353
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	2,204,000		3,615,013
			68,733,504
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			421,011,467
HEALTH CARE PROVIDERS & SERVICES - 17.1%
Health Care Distributors & Services - 3.8%
Celesio AG	2,900		122,714
McKesson Corp.	775,200		44,690,280
Profarma Distribuidora de Produtos Farmaceuticos SA	1,489,300		24,493,560
			69,306,554
Health Care Facilities - 1.7%
Apollo Hospitals Enterprise Ltd.	333,733		3,878,380
Emeritus Corp. (a)	304,169		6,457,508
Health Management Associates, Inc. Class A (a)	963,200		7,474,432
LifePoint Hospitals, Inc. (a)	55,232		1,766,872
Sun Healthcare Group, Inc. (a)	465,665		6,686,949
Universal Health Services, Inc. Class B	64,900		4,218,500
			30,482,641
Health Care Services - 5.4%
Apria Healthcare Group, Inc. (a)	333,772		5,624,058
athenahealth, Inc.	1,600		50,672
CardioNet, Inc.	28,800		737,856
Diagnosticos da America SA	891,100		23,388,293
	Shares		Value
Emergency Medical Services Corp. Class A (a)	100		$ 2,331
Express Scripts, Inc. (a)	410,251		29,583,200
Genoptix, Inc.	59,100		1,602,201
Health Grades, Inc. (a)	1,124,047		6,339,625
Laboratory Corp. of America Holdings (a)	48,200		3,556,678
Medco Health Solutions, Inc. (a)	347,638		16,843,061
Nighthawk Radiology Holdings, Inc. (a)	1,240,902		9,468,082
Rural/Metro Corp. (a)	394,049		1,036,349
Virtual Radiologic Corp.	13,800		140,760
			98,373,166
Managed Health Care - 6.2%
Aetna, Inc.	41,000		1,933,560
Health Net, Inc. (a)	31,600		979,600
Humana, Inc. (a)	329,936		16,843,233
Medial Saude SA	1,222,800		13,878,197
Molina Healthcare, Inc. (a)(d)	57,800		1,743,248
UnitedHealth Group, Inc.	1,012,078		34,623,188
Universal American Financial Corp. (a)	1,097,611		12,677,407
Wellcare Health Plans, Inc. (a)	64,600		3,564,628
WellPoint, Inc. (a)	509,500		28,440,290
			114,683,351
TOTAL HEALTH CARE PROVIDERS & SERVICES			312,845,712
HEALTH CARE TECHNOLOGY - 0.8%
Health Care Technology - 0.8%
Eclipsys Corp. (a)	342,954		6,996,262
HLTH Corp. (a)	609,250		7,268,353
MedAssets, Inc.	31,500		562,590
Phase Forward, Inc. (a)	28,800		499,392
			15,326,597
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
WebMD Health Corp. Class A (a)(d)	81,989		2,462,130
IT SERVICES - 0.1%
IT Consulting & Other Services - 0.1%
Perot Systems Corp. Class A (a)	129,800		2,144,296
LIFE SCIENCES TOOLS & SERVICES - 11.0%
Life Sciences Tools & Services - 11.0%
AMAG Pharmaceuticals, Inc. (d)	177,542		7,101,680
Applera Corp. - Applied Biosystems Group	853,131		29,654,834
Bio-Rad Laboratories, Inc. Class A (a)	20,700		1,852,236
Bruker BioSciences Corp. (a)	169,398		1,971,793
Charles River Laboratories International, Inc. (a)	70,700		4,544,596
Covance, Inc. (a)	43,100		3,533,338
Dishman Pharmaceuticals and Chemicals Ltd.	235,907		1,822,180
Exelixis, Inc. (a)	239,621		1,514,405
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - CONTINUED
Life Sciences Tools & Services - continued
Harvard Bioscience, Inc. (a)	134,728		$ 646,694
Illumina, Inc. (a)	139,388		10,939,170
Invitrogen Corp. (a)	64,128		2,947,323
Lonza Group AG	82,341		11,407,503
MonoGen, Inc. (a)	500		453
PAREXEL International Corp. (a)	46,000		1,131,140
PerkinElmer, Inc.	562,654		15,911,855
Pharmaceutical Product Development, Inc.	119,500		5,283,095
QIAGEN NV (a)	618,800		12,320,308
Techne Corp. (a)	31,765		2,493,553
Thermo Fisher Scientific, Inc. (a)	1,132,816		66,858,800
Waters Corp. (a)	273,608		16,832,364
Wuxi Pharmatech Cayman, Inc. sponsored ADR (d)	146,000		2,985,700
			201,753,020
MACHINERY - 0.7%
Industrial Machinery - 0.7%
Pall Corp.	325,200		13,271,412
PERSONAL PRODUCTS - 0.1%
Personal Products - 0.1%
Nutraceutical International Corp. (a)	57,080		755,168
PHARMACEUTICALS - 27.0%
Pharmaceuticals - 27.0%
Abbott Laboratories	1,767,817		99,616,488
Alembic Ltd.	57,715		76,456
Allergan, Inc.	1,123,546		64,738,721
Alpharma, Inc. Class A (a)	79,200		1,995,048
Bristol-Myers Squibb Co. (d)	998,000		22,744,420
China Shineway Pharmaceutical Group Ltd.	3,742,000		2,781,122
Eczacibasi ILAC Sanayi TAS	250,000		791,762
Elan Corp. PLC sponsored ADR (a)	20,800		520,832
Merck & Co., Inc.	3,120,252		121,565,016
Nexmed, Inc. (a)	2,236,374		2,929,650
Novo Nordisk AS Series B sponsored ADR	174,800		11,414,440
Pfizer, Inc.	565,863		10,955,108
Piramal Healthcare Ltd.	115,095		980,601
Schering-Plough Corp.	594,400		12,125,760
Shire PLC sponsored ADR	341,000		17,581,960
Simcere Pharmaceutical Group sponsored ADR	86,600		1,333,640
Sirtris Pharmaceuticals, Inc.	64,220		1,443,666
Teva Pharmaceutical Industries Ltd. sponsored ADR	497,200		22,736,956
ULURU, Inc. (a)	77,500		98,425
	Shares		Value
Wyeth	2,150,648		$ 95,639,317
XenoPort, Inc. (a)	57,337		2,481,545
			494,550,933
SOFTWARE - 0.1%
Application Software - 0.1%
Nuance Communications, Inc. (a)	111,900		2,206,668
TOTAL COMMON STOCKS (Cost $1,585,803,064)		1,771,260,561
Nonconvertible Bonds - 0.3%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.3%
Health Care Services - 0.3%
DASA Finance Corp. 8.75% 5/29/18 (f)(g) (Cost $5,887,229)	$ 5,810,000		5,926,200
Money Market Funds - 3.4%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	52,423,516		52,423,516
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	9,967,467		9,967,467
TOTAL MONEY MARKET FUNDS (Cost $62,390,983)		62,390,983
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 2.12%, dated 5/30/08 due 6/2/08 (Collateralized by U.S. Treasury Obligations) # (Cost $4,688,000)	$ 4,688,829		4,688,000

TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $1,658,769,276) 1,844,265,744

NET OTHER ASSETS - (0.7)%		(13,233,234)
NET ASSETS - 100%	$ 1,831,032,510

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $ 5,926,200 or 0.3% of net assets.

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

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $298,742 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc. warrants 8/2/12	8/1/07	$ 50

Repurchase Agreement / Counterparty	Value
$4,688,000 due 6/02/08 at 2.12%
Banc of America Securities LLC	$ 736,021
Barclays Capital, Inc.	1,181,520
Credit Suisse Securities (USA) LLC	1,018,551
Merrill Lynch Government Securities, Inc.	1,751,908
	$ 4,688,000

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	$ 415,722
Fidelity Securities Lending Cash Central Fund	78,207
Total	$ 493,929

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
InfuSystems Holdings, Inc.	$ 5,014,240	$ -	$ -	$ -	$ 4,273,500

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 1,844,265,744	$ 1,827,548,755	$ 16,716,989	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,664,147,805. Net unrealized appreciation aggregated $180,117,939, of which $273,625,583 related to appreciated investment securities and $93,507,644 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Home Finance Portfolio

May 31, 2008

1.802175.104

SAV-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
CAPITAL MARKETS - 3.7%
Asset Management & Custody Banks - 2.5%
EFG International	30,790		$ 1,153,554
State Street Corp.	32,452		2,337,193
			3,490,747
Investment Banking & Brokerage - 1.2%
Lehman Brothers Holdings, Inc.	48,200		1,774,242
TOTAL CAPITAL MARKETS			5,264,989
COMMERCIAL BANKS - 7.3%
Diversified Banks - 4.5%
HDFC Bank Ltd. sponsored ADR (d)	9,600		957,600
ICICI Bank Ltd. sponsored ADR	15,400		581,042
Wells Fargo & Co.	173,200		4,775,124
			6,313,766
Regional Banks - 2.8%
Center Financial Corp., California	16,788		157,136
Colonial Bancgroup, Inc.	12,300		75,399
EuroBancshares, Inc. (a)	31,908		177,408
National City Corp.	19,798		115,620
PNC Financial Services Group, Inc.	14,900		957,325
Prosperity Bancshares, Inc. (d)	26,700		852,798
Sterling Financial Corp., Washington	89,600		795,648
Webster Financial Corp.	35,100		911,547
			4,042,881
TOTAL COMMERCIAL BANKS			10,356,647
CONSUMER FINANCE - 2.4%
Consumer Finance - 2.4%
American Express Co.	13,800		639,630
Capital One Financial Corp. (d)	56,902		2,738,124
			3,377,754
DIVERSIFIED FINANCIAL SERVICES - 2.9%
Other Diversifed Financial Services - 2.8%
Bank of America Corp.	49,900		1,697,099
Citigroup, Inc.	44,000		963,160
JPMorgan Chase & Co.	31,600		1,358,800
			4,019,059
Specialized Finance - 0.1%
CIT Group, Inc.	6,600		66,000
TOTAL DIVERSIFIED FINANCIAL SERVICES			4,085,059
INSURANCE - 3.3%
Property & Casualty Insurance - 3.3%
AMBAC Financial Group, Inc.	7,500		23,475
	Shares		Value
Argo Group International Holdings, Ltd. (a)	36,640		$ 1,413,938
Fidelity National Financial, Inc. Class A	68,800		1,176,480
The First American Corp.	59,900		2,010,843
			4,624,736
Reinsurance - 0.0%
RenaissanceRe Holdings Ltd.	1,003		52,316
TOTAL INSURANCE			4,677,052
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
Move, Inc. (a)	64,990		195,620
IT SERVICES - 0.9%
Data Processing & Outsourced Services - 0.9%
Fidelity National Information Services, Inc.	19,832		798,833
Visa, Inc.	5,900		509,524
			1,308,357
REAL ESTATE INVESTMENT TRUSTS - 12.4%
Mortgage REITs - 12.4%
Annaly Capital Management, Inc.	387,000		6,892,470
Chimera Investment Corp. (d)	507,300		7,031,178
MFA Mortgage Investments, Inc.	507,445		3,689,125
			17,612,773
THRIFTS & MORTGAGE FINANCE - 63.5%
Thrifts & Mortgage Finance - 63.5%
Astoria Financial Corp.	230,100		5,490,186
Bank Mutual Corp.	150,200		1,665,718
BankUnited Financial Corp. Class A (d)	97,400		306,810
Beverly Hills Bancorp, Inc.	50,000		125,000
Brookline Bancorp, Inc., Delaware	62,300		626,115
Countrywide Financial Corp. (d)	1,023,800		5,385,188
Dime Community Bancshares, Inc.	30,500		554,490
Downey Financial Corp. (d)	9,400		63,168
Fannie Mae	564,900		15,263,598
First Niagara Financial Group, Inc.	99,000		1,402,830
FirstFed Financial Corp. (a)(d)	86,500		1,275,010
Flagstar Bancorp, Inc. (d)	70,900		336,775
Freddie Mac (d)	702,600		17,860,093
Hudson City Bancorp, Inc.	381,700		6,794,260
IndyMac Bancorp, Inc. (d)	465,800		880,362
MGIC Investment Corp. (d)	109,900		1,320,998
New York Community Bancorp, Inc. (d)	302,337		6,203,955
NewAlliance Bancshares, Inc. (d)	114,300		1,531,620
People's United Financial, Inc.	412,580		6,819,947
PFF Bancorp, Inc.	22,800		28,044
Provident Financial Services, Inc.	60,200		946,946
Radian Group, Inc. (d)	159,300		912,789
Sovereign Bancorp, Inc. (d)	372,443		3,404,129
The PMI Group, Inc.	96,057		572,500
Triad Guaranty, Inc. (a)(d)	21,600		47,736
Common Stocks - continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE - CONTINUED
Thrifts & Mortgage Finance - continued
Trustco Bank Corp., New York (d)	76,800		$ 672,768
Washington Federal, Inc.	183,612		4,111,073
Washington Mutual, Inc. (d)	519,400		4,684,988
Westfield Financial, Inc.	58,500		574,470
			89,861,566
TOTAL COMMON STOCKS (Cost $192,380,620)		136,739,817
Convertible Preferred Stocks - 1.5%
COMMERCIAL BANKS - 0.9%
Regional Banks - 0.9%
National City Corp.	11		1,284,800
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Specialized Finance - 0.0%
CIT Group, Inc. Series C, 8.75%	1,200		64,332
THRIFTS & MORTGAGE FINANCE - 0.6%
Thrifts & Mortgage Finance - 0.6%
Washington Mutual, Inc.	8		824,686
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,960,000)		2,173,818
Money Market Funds - 24.0%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	1,320,922		$ 1,320,922
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	32,681,925		32,681,925
TOTAL MONEY MARKET FUNDS (Cost $34,002,847)		34,002,847

TOTAL INVESTMENT PORTFOLIO - 122.1% (Cost $228,343,467) 172,916,482

NET OTHER ASSETS - (22.1)%		(31,307,910)
NET ASSETS - 100%	$ 141,608,572

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 39,020
Fidelity Securities Lending Cash Central Fund	197,056
Total	$ 236,076

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 172,916,482	$ 170,742,664	$ 2,173,818	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $230,740,729. Net unrealized depreciation aggregated $57,824,247, of which $18,102,400 related to appreciated investment securities and $75,926,647 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Industrial Equipment Portfolio

May 31, 2008

1.802176.104

INE-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
AEROSPACE & DEFENSE - 27.4%
Aerospace & Defense - 27.4%
Honeywell International, Inc.	239,100		$ 14,255,142
Lockheed Martin Corp.	78,000		8,536,320
Precision Castparts Corp.	26,800		3,237,440
Raytheon Co.	96,300		6,149,718
Rockwell Collins, Inc.	35,000		2,147,950
Spirit AeroSystems Holdings, Inc. Class A (a)	42,900		1,279,707
The Boeing Co.	23,900		1,978,203
United Technologies Corp.	169,500		12,041,280
			49,625,760
AUTO COMPONENTS - 2.8%
Auto Parts & Equipment - 2.8%
Johnson Controls, Inc.	149,900		5,105,594
BUILDING PRODUCTS - 2.0%
Building Products - 2.0%
Masco Corp.	192,900		3,576,366
COMMERCIAL SERVICES & SUPPLIES - 1.0%
Environmental & Facility Services - 1.0%
Team, Inc. (a)	59,100		1,893,564
CONSTRUCTION & ENGINEERING - 1.5%
Construction & Engineering - 1.5%
Fluor Corp.	14,802		2,761,313
ELECTRICAL EQUIPMENT - 8.8%
Electrical Components & Equipment - 5.2%
AMETEK, Inc.	49,950		2,562,435
First Solar, Inc. (a)	7,900		2,113,566
Roper Industries, Inc.	39,400		2,562,576
Saft Groupe SA	46,900		2,212,947
			9,451,524
Heavy Electrical Equipment - 3.6%
ABB Ltd. sponsored ADR	57,400		1,864,352
Alstom SA	7,600		1,915,733
Vestas Wind Systems AS (a)	19,900		2,739,275
			6,519,360
TOTAL ELECTRICAL EQUIPMENT			15,970,884
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1%
Electronic Equipment & Instruments - 2.1%
Itron, Inc. (a)	19,900		1,941,842
Rotork PLC	82,400		1,852,617
			3,794,459
ENERGY EQUIPMENT & SERVICES - 1.0%
Oil & Gas Equipment & Services - 1.0%
National Oilwell Varco, Inc. (a)	22,100		1,841,372
	Shares		Value
INDUSTRIAL CONGLOMERATES - 13.8%
Industrial Conglomerates - 13.8%
General Electric Co.	527,850		$ 16,215,552
Siemens AG sponsored ADR	29,800		3,390,942
Tyco International Ltd.	121,600		5,495,104
			25,101,598
MACHINERY - 37.4%
Construction & Farm Machinery & Heavy Trucks - 13.2%
AGCO Corp. (a)	30,200		1,824,986
Bucyrus International, Inc. Class A	37,400		2,647,172
Caterpillar, Inc.	123,000		10,164,720
Cummins, Inc.	58,200		4,098,444
Deere & Co.	20,900		1,700,006
Navistar International Corp. (a)	19,400		1,473,430
Oshkosh Co. (d)	52,600		2,125,566
			24,034,324
Industrial Machinery - 24.2%
Colfax Corp.	10,300		255,337
Danaher Corp.	77,400		6,051,132
Donaldson Co., Inc.	49,400		2,543,112
Eaton Corp.	70,100		6,777,268
Flowserve Corp.	21,500		2,978,180
Illinois Tool Works, Inc.	126,800		6,809,160
Ingersoll-Rand Co. Ltd. Class A	112,600		4,958,904
ITT Corp.	30,400		2,006,400
SPX Corp.	20,500		2,724,040
Sulzer AG (Reg.)	33,448		4,495,889
The Weir Group PLC	105,900		1,892,191
Valmont Industries, Inc.	20,300		2,331,252
			43,822,865
TOTAL MACHINERY			67,857,189
TOTAL COMMON STOCKS (Cost $162,934,559)		177,528,099
Money Market Funds - 3.2%
Fidelity Cash Central Fund, 2.44% (b)	3,728,351		3,728,351
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	2,133,100		2,133,100
TOTAL MONEY MARKET FUNDS (Cost $5,861,451)		5,861,451

TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $168,796,010) 183,389,550

NET OTHER ASSETS - (1.0)%		(1,902,415)
NET ASSETS - 100%	$ 181,487,135

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 34,238
Fidelity Securities Lending Cash Central Fund	13,973
Total	$ 48,211

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 183,389,550	$ 183,389,550	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $169,579,459. Net unrealized appreciation aggregated $13,810,091, of which $20,110,201 related to appreciated investment securities and $6,300,110 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Industrials Portfolio

May 31, 2008

1.802164.104

CYC-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
AEROSPACE & DEFENSE - 15.1%
Aerospace & Defense - 15.1%
Honeywell International, Inc.	114,300		$ 6,814,566
Lockheed Martin Corp.	48,900		5,351,616
Northrop Grumman Corp.	15,930		1,202,078
The Boeing Co.	28,399		2,350,585
United Technologies Corp.	122,601		8,709,575
			24,428,420
AIR FREIGHT & LOGISTICS - 5.9%
Air Freight & Logistics - 5.9%
FedEx Corp.	41,500		3,805,965
United Parcel Service, Inc. Class B	81,100		5,759,722
			9,565,687
AUTO COMPONENTS - 2.9%
Auto Parts & Equipment - 2.9%
Johnson Controls, Inc.	95,900		3,266,354
WABCO Holdings, Inc.	25,700		1,343,082
			4,609,436
AUTOMOBILES - 0.5%
Automobile Manufacturers - 0.5%
Fiat SpA	38,700		862,445
BUILDING PRODUCTS - 2.0%
Building Products - 2.0%
Lennox International, Inc.	5,000		161,100
Masco Corp.	122,310		2,267,627
Owens Corning (a)	32,700		844,641
			3,273,368
CHEMICALS - 2.3%
Specialty Chemicals - 2.3%
Albemarle Corp.	33,550		1,491,969
Nalco Holding Co.	63,200		1,537,024
W.R. Grace & Co. (a)	27,200		736,576
			3,765,569
COMMERCIAL SERVICES & SUPPLIES - 8.0%
Diversified Commercial & Professional Services - 2.9%
Corrections Corp. of America (a)	40,200		1,036,356
Equifax, Inc.	33,400		1,274,544
The Brink's Co.	31,864		2,309,503
			4,620,403
Environmental & Facility Services - 4.1%
Allied Waste Industries, Inc. (a)	194,700		2,622,609
Fuel Tech, Inc. (a)(d)	48,796		1,241,370
Waste Management, Inc.	74,500		2,825,785
			6,689,764
Human Resource & Employment Services - 0.5%
Manpower, Inc.	11,984		754,992
	Shares		Value
Office Services & Supplies - 0.5%
Avery Dennison Corp.	16,800		$ 866,544
TOTAL COMMERCIAL SERVICES & SUPPLIES			12,931,703
CONSTRUCTION & ENGINEERING - 1.8%
Construction & Engineering - 1.8%
Chicago Bridge & Iron Co. NV (NY Shares)	27,000		1,233,900
Shaw Group, Inc. (a)	26,100		1,592,100
			2,826,000
ELECTRICAL EQUIPMENT - 10.9%
Electrical Components & Equipment - 6.9%
AMETEK, Inc.	17,450		895,185
Cooper Industries Ltd. Class A	56,000		2,611,280
Emerson Electric Co.	41,000		2,385,380
First Solar, Inc. (a)	6,100		1,631,994
Nexans SA	10,100		1,377,835
Saft Groupe SA	5,900		278,388
Sunpower Corp. Class A (a)(d)	14,600		1,195,740
Zumtobel AG	25,004		780,697
			11,156,499
Heavy Electrical Equipment - 4.0%
ABB Ltd. sponsored ADR	31,000		1,006,880
Alstom SA	7,200		1,814,905
China High Speed Transmission Equipment Group Co. Ltd.	220,000		386,217
Suzlon Energy Ltd. (a)	129,016		848,886
Vestas Wind Systems AS (a)	16,900		2,326,319
			6,383,207
TOTAL ELECTRICAL EQUIPMENT			17,539,706
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.1%
Electronic Equipment & Instruments - 1.1%
Itron, Inc. (a)	17,400		1,697,892
INDUSTRIAL CONGLOMERATES - 11.0%
Industrial Conglomerates - 11.0%
General Electric Co.	348,301		10,699,808
Siemens AG sponsored ADR	30,800		3,504,732
Tyco International Ltd.	79,636		3,598,751
			17,803,291
MACHINERY - 22.5%
Construction & Farm Machinery & Heavy Trucks - 8.7%
Caterpillar, Inc. (d)	71,100		5,875,704
Cummins, Inc.	52,200		3,675,924
Navistar International Corp. (a)	11,700		888,615
Oshkosh Co. (d)	44,000		1,778,040
Terex Corp. (a)	26,400		1,883,640
			14,101,923
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - 13.8%
Danaher Corp.	62,300		$ 4,870,614
Eaton Corp.	21,600		2,088,288
Flowserve Corp.	10,000		1,385,200
Illinois Tool Works, Inc.	59,400		3,189,780
Ingersoll-Rand Co. Ltd. Class A	58,900		2,593,956
Invensys PLC (a)	115,700		738,565
ITT Corp.	22,100		1,458,600
Pall Corp.	30,900		1,261,029
SPX Corp.	10,198		1,355,110
Sulzer AG (Reg.)	20,108		2,702,802
Valmont Industries, Inc.	4,700		539,748
			22,183,692
TOTAL MACHINERY			36,285,615
MARINE - 0.3%
Marine - 0.3%
Safe Bulkers, Inc.	21,000		396,900
ROAD & RAIL - 10.0%
Railroads - 6.4%
Norfolk Southern Corp.	78,100		5,262,378
Union Pacific Corp.	61,800		5,086,758
			10,349,136
Trucking - 3.6%
Con-way, Inc.	28,700		1,400,847
J.B. Hunt Transport Services, Inc.	12,000		418,080
Knight Transportation, Inc.	51,600		942,216
Landstar System, Inc.	20,418		1,137,691
Old Dominion Freight Lines, Inc. (a)	46,346		1,398,722
YRC Worldwide, Inc. (a)	28,300		494,118
			5,791,674
TOTAL ROAD & RAIL			16,140,810
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.8%
Trading Companies & Distributors - 0.8%
Rush Enterprises, Inc. Class A (a)	79,374		$ 1,284,271
TOTAL COMMON STOCKS (Cost $139,636,300)		153,411,113
Nonconvertible Bonds - 0.0%
	Principal Amount
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $19,365)	$ 670,000		26,800
Money Market Funds - 9.2%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	7,043,463		7,043,463
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	7,705,525		7,705,525
TOTAL MONEY MARKET FUNDS (Cost $14,748,988)		14,748,988

TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $154,404,653) 168,186,901

NET OTHER ASSETS - (4.3)%		(6,874,940)
NET ASSETS - 100%	$ 161,311,961

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 28,201
Fidelity Securities Lending Cash Central Fund	51,397
Total	$ 79,598

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 168,186,901	$ 168,160,101	$ 26,800	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $155,525,889. Net unrealized appreciation aggregated $12,661,012, of which $18,608,545 related to appreciated investment securities and $5,947,533 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Insurance Portfolio

May 31, 2008

1.802178.104

PRC-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
INSURANCE - 99.8%
Insurance Brokers - 6.8%
Aon Corp.	74,100		$ 3,496,779
Brown & Brown, Inc.	63,500		1,236,345
Marsh & McLennan Companies, Inc.	65,000		1,769,950
National Financial Partners Corp. (d)	12,100		295,482
Willis Group Holdings Ltd.	50,100		1,795,083
			8,593,639
Life & Health Insurance - 18.8%
AFLAC, Inc.	88,100		5,914,153
Delphi Financial Group, Inc. Class A	9,200		265,788
Lincoln National Corp.	57,030		3,145,775
MetLife, Inc. (d)	85,500		5,132,565
Phoenix Companies, Inc.	23,000		232,990
Principal Financial Group, Inc.	82,900		4,466,652
Prudential Financial, Inc.	64,100		4,788,270
			23,946,193
Multi-Line Insurance - 32.0%
American International Group, Inc. (d)	678,800		24,436,799
Assurant, Inc.	22,200		1,510,266
Genworth Financial, Inc. Class A (non-vtg.)	120,700		2,667,470
Hartford Financial Services Group, Inc.	87,800		6,239,946
HCC Insurance Holdings, Inc.	25,100		598,886
Loews Corp.	104,900		5,199,893
			40,653,260
Property & Casualty Insurance - 34.1%
ACE Ltd.	117,749		7,073,182
Admiral Group PLC	84,000		1,450,970
Allstate Corp.	63,400		3,229,596
AMBAC Financial Group, Inc. (d)	134,350		420,516
American Safety Insurance Group Ltd. (a)	84,970		1,385,011
Argo Group International Holdings, Ltd. (a)	46,268		1,785,482
Aspen Insurance Holdings Ltd.	5,100		130,356
Assured Guaranty Ltd.	40,700		940,170
Axis Capital Holdings Ltd.	51,800		1,815,590
Berkshire Hathaway, Inc.:
Class A (a)	64		8,617,600
Class B (a)	730		3,283,540
Infinity Property & Casualty Corp.	22,000		887,040
MBIA, Inc. (d)	49,400		343,824
Mercury General Corp.	20,000		1,017,200
Old Republic International Corp.	48,200		725,410
Selective Insurance Group, Inc.	11,500		251,620
The Chubb Corp.	58,558		3,148,078
The Travelers Companies, Inc.	56,900		2,834,189
	Shares		Value
United America Indemnity Ltd. Class A (a)	97,991		$ 1,427,729
XL Capital Ltd. Class A	75,300		2,628,723
			43,395,826
Reinsurance - 8.1%
Endurance Specialty Holdings Ltd.	12,600		424,116
Everest Re Group Ltd.	32,900		2,885,988
IPC Holdings Ltd.	38,000		1,079,200
Maiden Holdings Ltd. (e)	9,200		69,644
Max Capital Group Ltd.	9,200		221,904
Montpelier Re Holdings Ltd.	22,800		382,356
OdysseyRe Holdings Corp.	6,000		225,240
PartnerRe Ltd. (d)	22,200		1,635,918
Platinum Underwriters Holdings Ltd.	32,125		1,139,474
RenaissanceRe Holdings Ltd.	31,195		1,627,131
Validus Holdings Ltd.	31,200		652,704
			10,343,675
TOTAL COMMON STOCKS (Cost $122,663,337)			126,932,593
Money Market Funds - 17.6%
Fidelity Cash Central Fund, 2.44% (b)	240,157		240,157
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	22,098,000		22,098,000
TOTAL MONEY MARKET FUNDS (Cost $22,338,157)		22,338,157

TOTAL INVESTMENT PORTFOLIO - 117.4% (Cost $145,001,494) 149,270,750

NET OTHER ASSETS - (17.4)%		(22,069,985)
NET ASSETS - 100%	$ 127,200,765

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $69,644 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,064
Fidelity Securities Lending Cash Central Fund	48,287
Total	$ 51,351

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 149,270,750	$ 149,270,750	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $146,319,660. Net unrealized appreciation aggregated $2,951,090, of which $23,168,042 related to appreciated investment securities and $20,216,952 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select IT Services Portfolio

May 31, 2008

1.802158.104

BSO-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Diversified Commercial & Professional Services - 0.8%
IHS, Inc. Class A (a)	9,800		$ 583,688
COMMUNICATIONS EQUIPMENT - 1.0%
Communications Equipment - 1.0%
Nice Systems Ltd. sponsored ADR (a)	20,800		728,000
COMPUTERS & PERIPHERALS - 0.7%
Computer Hardware - 0.7%
NCR Corp. (a)	18,100		478,926
DIVERSIFIED FINANCIAL SERVICES - 1.5%
Specialized Finance - 1.5%
MSCI, Inc. Class A	30,600		1,087,830
IT SERVICES - 87.3%
Data Processing & Outsourced Services - 60.4%
Affiliated Computer Services, Inc. Class A (a)	62,400		3,382,080
Alliance Data Systems Corp. (a)	39,800		2,389,592
Automatic Data Processing, Inc.	68,400		2,944,620
CyberSource Corp. (a)	38,601		749,245
Fiserv, Inc. (a)	54,800		2,869,328
Global Payments, Inc.	22,600		1,067,172
MasterCard, Inc. Class A (d)	20,315		6,270,225
Online Resources Corp. (a)	45,500		441,350
Paychex, Inc. (d)	78,087		2,697,906
The Western Union Co.	304,800		7,205,472
TNS, Inc.	29,300		733,379
VeriFone Holdings, Inc. (a)(d)	49,000		719,320
Visa, Inc. (d)	128,612		11,106,933
Wright Express Corp. (a)	25,600		818,688
			43,395,310
IT Consulting & Other Services - 26.9%
Accenture Ltd. Class A	220,900		9,017,138
CACI International, Inc. Class A (a)	27,400		1,396,578
Cognizant Technology Solutions Corp. Class A (a)	101,116		3,567,372
Perot Systems Corp. Class A (a)	121,700		2,010,484
Sapient Corp. (a)	156,100		1,030,260
Satyam Computer Services Ltd. sponsored ADR	51,600		1,501,560
Unisys Corp. (a)	160,600		812,636
			19,336,028
TOTAL IT SERVICES			62,731,338
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
Semiconductors - 1.6%
Skyworks Solutions, Inc. (a)	112,900		$ 1,166,257
SOFTWARE - 6.6%
Application Software - 5.0%
Informatica Corp. (a)	38,500		693,000
Jack Henry & Associates, Inc.	42,800		1,018,640
Longtop Financial Technologies Ltd. ADR (d)	25,100		484,681
Nuance Communications, Inc. (a)	22,600		445,672
Quest Software, Inc. (a)	56,800		966,168
			3,608,161
Systems Software - 1.6%
CommVault Systems, Inc. (a)	65,300		1,143,403
TOTAL SOFTWARE			4,751,564
TOTAL COMMON STOCKS (Cost $63,042,428)		71,527,603
Money Market Funds - 24.0%
Fidelity Cash Central Fund, 2.44% (b)	1,190,773		1,190,773
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	16,075,940		16,075,940
TOTAL MONEY MARKET FUNDS (Cost $17,266,713)		17,266,713

TOTAL INVESTMENT PORTFOLIO - 123.5% (Cost $80,309,141) 88,794,316

NET OTHER ASSETS - (23.5)%		(16,902,854)
NET ASSETS - 100%	$ 71,891,462

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,166
Fidelity Securities Lending Cash Central Fund	7,656
Total	$ 14,822

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 88,794,316	$ 88,794,316	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $81,065,615. Net unrealized appreciation aggregated $7,728,701, of which $9,294,825 related to appreciated investment securities and $1,566,124 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Leisure Portfolio

May 31, 2008

1.802179.104

LEI-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
BEVERAGES - 1.0%
Distillers & Vintners - 1.0%
Diageo PLC sponsored ADR	12,600		$ 990,612
Pernod Ricard SA	8,800		999,382
			1,989,994
DIVERSIFIED CONSUMER SERVICES - 12.9%
Education Services - 7.1%
Apollo Group, Inc. Class A (non-vtg.) (a)(d)	115,000		5,495,850
Capella Education Co. (a)	11,300		733,483
Career Education Corp. (a)(d)	69,200		1,265,668
Corinthian Colleges, Inc. (a)	8,400		107,520
DeVry, Inc.	47,300		2,698,465
ITT Educational Services, Inc. (a)	28,000		2,033,640
Strayer Education, Inc.	10,100		2,018,990
Universal Technical Institute, Inc. (a)(d)	1,600		20,672
			14,374,288
Specialized Consumer Services - 5.8%
Coinstar, Inc. (a)	14,200		541,020
H&R Block, Inc.	248,300		5,795,322
Jackson Hewitt Tax Service, Inc. (d)	5,000		70,100
Matthews International Corp. Class A	23,200		1,104,552
Regis Corp.	33,900		1,028,526
Sotheby's Class A (ltd. vtg.) (d)	43,600		1,169,352
Steiner Leisure Ltd. (a)	11,500		444,590
Stewart Enterprises, Inc. Class A	68,500		472,650
Weight Watchers International, Inc.	23,200		969,992
			11,596,104
TOTAL DIVERSIFIED CONSUMER SERVICES			25,970,392
FOOD & STAPLES RETAILING - 2.3%
Food Distributors - 2.3%
Sysco Corp.	153,800		4,746,268
HOTELS, RESTAURANTS & LEISURE - 80.0%
Casinos & Gaming - 15.3%
Bally Technologies, Inc. (a)	51,000		2,295,510
International Game Technology	244,000		8,701,040
Las Vegas Sands Corp. (a)	84,900		5,895,456
MGM Mirage, Inc. (a)	73,747		3,629,090
Penn National Gaming, Inc. (a)	29,400		1,364,748
Pinnacle Entertainment, Inc. (a)(d)	78,000		1,081,860
Scientific Games Corp. Class A (a)(d)	54,400		1,758,752
WMS Industries, Inc. (a)	32,800		1,214,912
Wynn Resorts Ltd. (d)	48,400		4,841,452
			30,782,820
	Shares		Value
Hotels, Resorts & Cruise Lines - 18.5%
Carnival Corp. unit	311,700		$ 12,486,702
Choice Hotels International, Inc.	10,600		367,290
Gaylord Entertainment Co. (a)(d)	14,100		400,581
Marriott International, Inc. Class A	211,100		6,947,301
Morgans Hotel Group Co. (a)	37,500		482,625
Orient Express Hotels Ltd. Class A	39,300		1,848,672
Royal Caribbean Cruises Ltd.	155,700		4,627,404
Starwood Hotels & Resorts Worldwide, Inc.	149,900		7,255,160
Wyndham Worldwide Corp.	132,700		2,903,476
			37,319,211
Leisure Facilities - 1.4%
International Speedway Corp. Class A	11,000		488,180
Life Time Fitness, Inc. (a)(d)	24,800		992,496
Vail Resorts, Inc. (a)(d)	25,800		1,284,582
			2,765,258
Restaurants - 44.8%
Brinker International, Inc. (d)	26,600		583,338
Burger King Holdings, Inc.	103,600		2,957,780
Chipotle Mexican Grill, Inc. Class B (a)	25,100		2,075,519
Darden Restaurants, Inc.	67,000		2,294,750
IHOP Corp.	1,500		70,335
Jack in the Box, Inc. (a)	44,900		1,103,193
Jamba, Inc. (a)(d)	82,700		191,864
McDonald's Corp. (d)	845,700		50,166,923
P.F. Chang's China Bistro, Inc. (a)(d)	14,700		390,726
Panera Bread Co. Class A (a)(d)	12,500		649,250
Red Robin Gourmet Burgers, Inc. (a)	11,800		396,598
Sonic Corp. (a)	59,100		1,133,538
Starbucks Corp. (a)(d)	335,200		6,097,288
The Cheesecake Factory, Inc. (a)	4,000		80,120
Tim Hortons, Inc.	146,900		4,875,611
Wendy's International, Inc.	42,900		1,272,414
Yum! Brands, Inc.	396,000		15,721,200
			90,060,447
TOTAL HOTELS, RESTAURANTS & LEISURE			160,927,736
LEISURE EQUIPMENT & PRODUCTS - 2.1%
Leisure Products - 2.1%
Arctic Cat, Inc.	49,557		391,996
Brunswick Corp.	81,700		1,119,290
Hasbro, Inc. (d)	29,300		1,061,832
JAKKS Pacific, Inc. (a)	8,600		202,960
MarineMax, Inc. (a)(d)	110,800		1,084,732
Polaris Industries, Inc.	6,600		314,952
			4,175,762
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Apparel, Accessories & Luxury Goods - 0.5%
The Swatch Group AG (Reg.)	19,886		$ 1,041,711
TOTAL COMMON STOCKS (Cost $177,668,930)		198,851,863
Money Market Funds - 13.4%
Fidelity Cash Central Fund, 2.44% (b)	1,142,112		1,142,112
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	25,850,825		25,850,825
TOTAL MONEY MARKET FUNDS (Cost $26,992,937)		26,992,937

TOTAL INVESTMENT PORTFOLIO - 112.2% (Cost $204,661,867) 225,844,800

NET OTHER ASSETS - (12.2)%		(24,587,009)
NET ASSETS - 100%	$ 201,257,791

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,783
Fidelity Securities Lending Cash Central Fund	64,388
Total	$ 77,171

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 225,844,800	$ 225,844,800	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $206,374,893. Net unrealized appreciation aggregated $19,469,907, of which $32,725,793 related to appreciated investment securities and $13,255,886 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Materials Portfolio

May 31, 2008

1.802177.104

IND-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CHEMICALS - 48.3%
Commodity Chemicals - 2.5%
Celanese Corp. Class A	257,900		$ 12,559,730
Diversified Chemicals - 14.4%
Dow Chemical Co.	213,000		8,605,200
E.I. du Pont de Nemours & Co.	743,000		35,597,130
FMC Corp.	169,799		12,561,730
Hercules, Inc.	175,995		3,630,777
Huntsman Corp.	82,000		1,798,260
PPG Industries, Inc. (d)	146,900		9,259,107
			71,452,204
Fertilizers & Agricultural Chemicals - 17.4%
CF Industries Holdings, Inc.	55,300		7,570,570
Israel Chemicals Ltd.	118,300		2,711,053
K&S AG	5,900		2,765,888
Monsanto Co.	417,644		53,207,847
Terra Industries, Inc.	54,000		2,356,020
The Mosaic Co. (a)	139,038		17,424,242
			86,035,620
Industrial Gases - 4.4%
Air Products & Chemicals, Inc.	26,700		2,721,264
Airgas, Inc.	74,100		4,384,497
Praxair, Inc.	154,700		14,705,782
			21,811,543
Specialty Chemicals - 9.6%
Albemarle Corp.	221,352		9,843,523
Ecolab, Inc.	183,900		8,244,237
H.B. Fuller Co.	113,828		2,830,902
Innospec, Inc.	167,881		4,133,230
Nalco Holding Co.	306,618		7,456,950
OMNOVA Solutions, Inc. (a)	615,568		2,222,200
Rockwood Holdings, Inc. (a)	176,900		6,495,768
W.R. Grace & Co. (a)	240,200		6,504,616
			47,731,426
TOTAL CHEMICALS			239,590,523
CONSTRUCTION MATERIALS - 0.4%
Construction Materials - 0.4%
Polaris Minerals Corp. (a)	98,300		691,612
Polaris Minerals Corp. (a)(e)	151,600		1,066,617
			1,758,229
CONTAINERS & PACKAGING - 9.3%
Metal & Glass Containers - 6.7%
Ball Corp.	168,387		9,143,414
Crown Holdings, Inc. (a)	222,200		6,410,470
Greif, Inc. Class A	53,400		3,579,936
	Shares		Value
Owens-Illinois, Inc. (a)	197,900		$ 11,323,838
Pactiv Corp. (a)	125,600		3,093,528
			33,551,186
Paper Packaging - 2.6%
Packaging Corp. of America	100		2,604
Rock-Tenn Co. Class A	236,820		8,452,106
Temple-Inland, Inc. (d)	293,800		4,280,666
			12,735,376
TOTAL CONTAINERS & PACKAGING			46,286,562
ENERGY EQUIPMENT & SERVICES - 0.5%
Oil & Gas Equipment & Services - 0.5%
National Oilwell Varco, Inc. (a)	29,800		2,482,936
MARINE - 0.7%
Marine - 0.7%
Safe Bulkers, Inc.	64,900		1,226,610
Ultrapetrol (Bahamas) Ltd. (a)	152,400		2,321,052
			3,547,662
METALS & MINING - 33.4%
Aluminum - 5.7%
Alcoa, Inc.	503,500		20,437,065
Century Aluminum Co. (a)(d)	111,981		8,174,613
			28,611,678
Diversified Metals & Mining - 9.4%
BHP Billiton PLC	92,200		3,495,710
Freeport-McMoRan Copper & Gold, Inc. Class B	314,928		36,440,319
Rio Tinto PLC sponsored ADR	6,800		3,284,400
Titanium Metals Corp. (d)	187,500		3,262,500
			46,482,929
Gold - 6.1%
Agnico-Eagle Mines Ltd.	82,500		5,841,847
Goldcorp, Inc.	122,700		4,936,406
Lihir Gold Ltd. (a)	1,385,050		3,945,016
Newmont Mining Corp.	327,800		15,580,334
			30,303,603
Precious Metals & Minerals - 1.0%
Impala Platinum Holdings Ltd.	71,060		3,035,149
Pan American Silver Corp. (a)	64,900		2,151,435
			5,186,584
Steel - 11.2%
ArcelorMittal SA (NY Shares) Class A	38,200		3,794,406
Carpenter Technology Corp.	70,800		3,908,160
Nucor Corp.	274,300		20,517,640
Steel Dynamics, Inc.	237,300		8,566,530
United States Steel Corp. (d)	107,900		18,635,409
			55,422,145
TOTAL METALS & MINING			166,006,939
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 1.0%
Coal & Consumable Fuels - 1.0%
Peabody Energy Corp.	66,880		$ 4,943,770
PAPER & FOREST PRODUCTS - 2.1%
Forest Products - 2.1%
Louisiana-Pacific Corp.	90,800		1,102,312
Weyerhaeuser Co.	151,500		9,442,995
			10,545,307
SPECIALTY RETAIL - 0.2%
Home Improvement Retail - 0.2%
Sherwin-Williams Co.	15,300		859,095
TOTAL COMMON STOCKS (Cost $378,471,173)		476,021,023
Money Market Funds - 10.2%
Fidelity Cash Central Fund, 2.44% (b)	22,335,628		22,335,628
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	28,498,658		28,498,658
TOTAL MONEY MARKET FUNDS (Cost $50,834,286)		50,834,286

TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $429,305,459) 526,855,309

NET OTHER ASSETS - (6.1)%	(30,523,637)
NET ASSETS - 100%	$ 496,331,672

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,066,617 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 89,883
Fidelity Securities Lending Cash Central Fund	23,173
Total	$ 113,056

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 526,855,309	$ 526,855,309	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $431,184,928. Net unrealized appreciation aggregated $95,670,381, of which $107,286,796 related to appreciated investment securities and $11,616,415 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Advisor Select
Materials Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2008

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

1.851742.101

AMF-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CHEMICALS - 48.3%
Commodity Chemicals - 2.5%
Celanese Corp. Class A	257,900		$ 12,559,730
Diversified Chemicals - 14.4%
Dow Chemical Co.	213,000		8,605,200
E.I. du Pont de Nemours & Co.	743,000		35,597,130
FMC Corp.	169,799		12,561,730
Hercules, Inc.	175,995		3,630,777
Huntsman Corp.	82,000		1,798,260
PPG Industries, Inc. (d)	146,900		9,259,107
			71,452,204
Fertilizers & Agricultural Chemicals - 17.4%
CF Industries Holdings, Inc.	55,300		7,570,570
Israel Chemicals Ltd.	118,300		2,711,053
K&S AG	5,900		2,765,888
Monsanto Co.	417,644		53,207,847
Terra Industries, Inc.	54,000		2,356,020
The Mosaic Co. (a)	139,038		17,424,242
			86,035,620
Industrial Gases - 4.4%
Air Products & Chemicals, Inc.	26,700		2,721,264
Airgas, Inc.	74,100		4,384,497
Praxair, Inc.	154,700		14,705,782
			21,811,543
Specialty Chemicals - 9.6%
Albemarle Corp.	221,352		9,843,523
Ecolab, Inc.	183,900		8,244,237
H.B. Fuller Co.	113,828		2,830,902
Innospec, Inc.	167,881		4,133,230
Nalco Holding Co.	306,618		7,456,950
OMNOVA Solutions, Inc. (a)	615,568		2,222,200
Rockwood Holdings, Inc. (a)	176,900		6,495,768
W.R. Grace & Co. (a)	240,200		6,504,616
			47,731,426
TOTAL CHEMICALS			239,590,523
CONSTRUCTION MATERIALS - 0.4%
Construction Materials - 0.4%
Polaris Minerals Corp. (a)	98,300		691,612
Polaris Minerals Corp. (a)(e)	151,600		1,066,617
			1,758,229
CONTAINERS & PACKAGING - 9.3%
Metal & Glass Containers - 6.7%
Ball Corp.	168,387		9,143,414
Crown Holdings, Inc. (a)	222,200		6,410,470
Greif, Inc. Class A	53,400		3,579,936
	Shares		Value
Owens-Illinois, Inc. (a)	197,900		$ 11,323,838
Pactiv Corp. (a)	125,600		3,093,528
			33,551,186
Paper Packaging - 2.6%
Packaging Corp. of America	100		2,604
Rock-Tenn Co. Class A	236,820		8,452,106
Temple-Inland, Inc. (d)	293,800		4,280,666
			12,735,376
TOTAL CONTAINERS & PACKAGING			46,286,562
ENERGY EQUIPMENT & SERVICES - 0.5%
Oil & Gas Equipment & Services - 0.5%
National Oilwell Varco, Inc. (a)	29,800		2,482,936
MARINE - 0.7%
Marine - 0.7%
Safe Bulkers, Inc.	64,900		1,226,610
Ultrapetrol (Bahamas) Ltd. (a)	152,400		2,321,052
			3,547,662
METALS & MINING - 33.4%
Aluminum - 5.7%
Alcoa, Inc.	503,500		20,437,065
Century Aluminum Co. (a)(d)	111,981		8,174,613
			28,611,678
Diversified Metals & Mining - 9.4%
BHP Billiton PLC	92,200		3,495,710
Freeport-McMoRan Copper & Gold, Inc. Class B	314,928		36,440,319
Rio Tinto PLC sponsored ADR	6,800		3,284,400
Titanium Metals Corp. (d)	187,500		3,262,500
			46,482,929
Gold - 6.1%
Agnico-Eagle Mines Ltd.	82,500		5,841,847
Goldcorp, Inc.	122,700		4,936,406
Lihir Gold Ltd. (a)	1,385,050		3,945,016
Newmont Mining Corp.	327,800		15,580,334
			30,303,603
Precious Metals & Minerals - 1.0%
Impala Platinum Holdings Ltd.	71,060		3,035,149
Pan American Silver Corp. (a)	64,900		2,151,435
			5,186,584
Steel - 11.2%
ArcelorMittal SA (NY Shares) Class A	38,200		3,794,406
Carpenter Technology Corp.	70,800		3,908,160
Nucor Corp.	274,300		20,517,640
Steel Dynamics, Inc.	237,300		8,566,530
United States Steel Corp. (d)	107,900		18,635,409
			55,422,145
TOTAL METALS & MINING			166,006,939
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 1.0%
Coal & Consumable Fuels - 1.0%
Peabody Energy Corp.	66,880		$ 4,943,770
PAPER & FOREST PRODUCTS - 2.1%
Forest Products - 2.1%
Louisiana-Pacific Corp.	90,800		1,102,312
Weyerhaeuser Co.	151,500		9,442,995
			10,545,307
SPECIALTY RETAIL - 0.2%
Home Improvement Retail - 0.2%
Sherwin-Williams Co.	15,300		859,095
TOTAL COMMON STOCKS (Cost $378,471,173)		476,021,023
Money Market Funds - 10.2%
Fidelity Cash Central Fund, 2.44% (b)	22,335,628		22,335,628
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	28,498,658		28,498,658
TOTAL MONEY MARKET FUNDS (Cost $50,834,286)		50,834,286

TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $429,305,459) 526,855,309

NET OTHER ASSETS - (6.1)%	(30,523,637)
NET ASSETS - 100%	$ 496,331,672

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,066,617 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 89,883
Fidelity Securities Lending Cash Central Fund	23,173
Total	$ 113,056

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 526,855,309	$ 526,855,309	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $431,184,928. Net unrealized appreciation aggregated $95,670,381, of which $107,286,796 related to appreciated investment securities and $11,616,415 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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, 2008

1.802180.104

MED-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Alnylam Pharmaceuticals, Inc. (a)	29,300		$ 846,184
Arena Pharmaceuticals, Inc. (a)	56,746		291,107
PDL BioPharma, Inc.	3,200		32,800
			1,170,091
DIVERSIFIED CONSUMER SERVICES - 1.8%
Specialized Consumer Services - 1.8%
Carriage Services, Inc. Class A (a)	506,549		3,637,022
Service Corp. International	311,430		3,332,301
Stewart Enterprises, Inc. Class A	140,615		970,244
			7,939,567
DIVERSIFIED FINANCIAL SERVICES - 0.8%
Other Diversifed Financial Services - 0.8%
MBF Healthcare Acquisition Corp. unit	435,100		3,502,555
FOOD & STAPLES RETAILING - 2.5%
Drug Retail - 2.5%
A&D Pharma Holdings NV (Reg. S) unit	12,100		84,708
CVS Caremark Corp.	261,483		11,188,858
			11,273,566
HEALTH CARE EQUIPMENT & SUPPLIES - 8.6%
Health Care Equipment - 2.6%
Baxter International, Inc.	88,200		5,389,020
Covidien Ltd.	72,500		3,631,525
Golden Meditech Co. Ltd.	4,472,000		1,787,906
Natus Medical, Inc. (a)	1,000		21,560
Quidel Corp. (a)	50,000		853,500
			11,683,511
Health Care Supplies - 6.0%
Atrion Corp.	7,500		791,325
InfuSystems Holdings, Inc. (a)	20,000		60,000
Inverness Medical Innovations, Inc. (a)	718,500		26,268,360
			27,119,685
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			38,803,196
HEALTH CARE PROVIDERS & SERVICES - 76.6%
Health Care Distributors & Services - 14.2%
Cardinal Health, Inc.	208,800		11,805,552
McKesson Corp.	772,700		44,546,155
Profarma Distribuidora de Produtos Farmaceuticos SA	450,000		7,400,861
United Drug PLC (Ireland)	55,000		331,986
			64,084,554
Health Care Facilities - 8.8%
Apollo Hospitals Enterprise Ltd.	478,956		5,566,046
Bangkok Chain Hospital PCL	4,250,000		1,048,574
	Shares		Value
Bangkok Dusit Medical Service PCL (For. Reg.)	297,600		$ 360,241
Emeritus Corp. (a)	111,824		2,374,024
Health Management Associates, Inc. Class A (a)(e)	1,360,000		10,553,600
LifePoint Hospitals, Inc. (a)	168,000		5,374,320
Sun Healthcare Group, Inc. (a)	531,460		7,631,766
Sunrise Senior Living, Inc. (a)	10,000		264,800
Tenet Healthcare Corp. (a)	98,300		579,970
U.S. Physical Therapy, Inc. (a)	80,346		1,378,737
Universal Health Services, Inc. Class B	51,900		3,373,500
VCA Antech, Inc. (a)	29,300		919,141
			39,424,719
Health Care Services - 23.2%
Amedisys, Inc. (a)	2,660		135,155
Apria Healthcare Group, Inc. (a)	82,200		1,385,070
Bio-Reference Laboratories, Inc. (a)	20,000		496,800
Diagnosticos da America SA	528,300		13,866,048
Emergency Medical Services Corp. Class A (a)	100		2,331
Express Scripts, Inc. (a)	545,800		39,357,638
Genoptix, Inc.	61,900		1,678,109
Health Grades, Inc. (a)	1,277,615		7,205,749
Laboratory Corp. of America Holdings (a)	14,300		1,055,197
Medco Health Solutions, Inc. (a)	530,300		25,693,035
Nighthawk Radiology Holdings, Inc. (a)	721,723		5,506,746
Pediatrix Medical Group, Inc. (a)	50,500		2,718,415
Rural/Metro Corp. (a)(f)	1,957,400		5,147,962
Virtual Radiologic Corp.	3,800		38,760
			104,287,015
Managed Health Care - 30.4%
Aetna, Inc.	226,100		10,662,876
CIGNA Corp.	122,000		4,953,200
Coventry Health Care, Inc. (a)	10,000		460,300
Health Net, Inc. (a)	67,500		2,092,500
Healthspring, Inc. (a)	99,900		1,856,142
Humana, Inc. (a)	550,071		28,081,125
Medial Saude SA	1,135,000		12,881,709
Molina Healthcare, Inc. (a)(e)	17,500		527,800
UnitedHealth Group, Inc.	1,341,797		45,902,872
Universal American Financial Corp. (a)	905,096		10,453,859
Wellcare Health Plans, Inc. (a)	80,000		4,414,400
WellPoint, Inc. (a)(e)	258,300		14,418,306
			136,705,089
TOTAL HEALTH CARE PROVIDERS & SERVICES			344,501,377
HEALTH CARE TECHNOLOGY - 2.2%
Health Care Technology - 2.2%
Eclipsys Corp. (a)	228,100		4,653,240
HLTH Corp. (a)	430,800		5,139,444
			9,792,684
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
WebMD Health Corp. Class A (a)(e)	28,400		$ 852,852
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Life Sciences Tools & Services - 0.2%
Medtox Scientific, Inc. (a)	35,000		509,600
Wuxi Pharmatech Cayman, Inc. sponsored ADR	29,400		601,230
			1,110,830
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Nexmed, Inc. (a)	327,800		429,418
TOTAL COMMON STOCKS (Cost $371,805,824)		419,376,136
Nonconvertible Bonds - 0.5%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.5%
Health Care Services - 0.5%
Rural/Metro Corp.:
0% 3/15/16 (d)	$ 2,790,000		1,959,975
9.875% 3/15/15	20,000		17,200
			1,977,175
Money Market Funds - 8.7%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	28,935,003		$ 28,935,003
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	10,283,624		10,283,624
TOTAL MONEY MARKET FUNDS (Cost $39,218,627)		39,218,627

TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $413,281,501) 460,571,938

NET OTHER ASSETS - (2.4)%		(10,746,515)
NET ASSETS - 100%	$ 449,825,423

Legend

(a) Non-income producing

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

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

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

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

(f) Affiliated company

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	$ 79,910
Fidelity Securities Lending Cash Central Fund	21,297
Total	$ 101,207

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
Rural/Metro Corp.	$ 5,284,980	$ -	$ -	$ -	$ 5,147,962

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 460,571,938	$ 458,594,763	$ 1,977,175	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $417,922,302. Net unrealized appreciation aggregated $42,649,636, of which $80,934,674 related to appreciated investment securities and $38,285,038 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2008

1.802181.104

MES-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
BIOTECHNOLOGY - 0.8%
Biotechnology - 0.8%
Alnylam Pharmaceuticals, Inc. (a)(d)	190,000		$ 5,487,200
deCODE genetics, Inc. (a)(d)	700,000		812,000
Nanosphere, Inc.	80,000		768,000
Omrix Biopharmaceuticals, Inc. (a)	140,000		2,546,600
			9,613,800
DIVERSIFIED CONSUMER SERVICES - 0.8%
Specialized Consumer Services - 0.8%
Hillenbrand, Inc.	430,000		9,524,500
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
Mettler-Toledo International, Inc. (a)	60,000		6,222,000
HEALTH CARE EQUIPMENT & SUPPLIES - 83.4%
Health Care Equipment - 74.9%
American Medical Systems Holdings, Inc. (a)(d)	2,200,000		33,242,000
ArthroCare Corp. (a)(d)	55,000		2,426,050
Aspect Medical Systems, Inc. (a)	300,000		1,605,000
Baxter International, Inc.	3,120,000		190,632,000
Beckman Coulter, Inc.	40,000		2,775,600
Becton, Dickinson & Co.	640,000		54,048,000
Boston Scientific Corp. (a)	3,300,000		43,857,000
C.R. Bard, Inc. (d)	310,000		28,272,000
Covidien Ltd.	2,980,000		149,268,200
Cyberonics, Inc. (a)	425,000		7,535,250
Electro-Optical Sciences, Inc. warrants 11/2/11 (a)(e)	90,313		529,720
ev3, Inc. (a)(d)	700,000		6,965,000
Gen-Probe, Inc. (a)	570,000		32,455,800
Heartware Ltd. (a)	7,000,000		3,345,300
Hill-Rom Holdings, Inc. (d)	400,000		12,300,000
Hologic, Inc. (a)(d)	100,000		2,403,000
Integra LifeSciences Holdings Corp. (a)	230,000		9,664,600
Intuitive Surgical, Inc. (a)	3,500		1,027,565
Kinetic Concepts, Inc. (a)(d)	110,000		4,777,300
Masimo Corp.	180,000		6,220,800
Medtronic, Inc. (d)	3,800,000		192,546,000
Mentor Corp. (d)	154,000		4,852,540
Micrus Endovascular Corp. (a)	310,000		3,506,100
NuVasive, Inc. (a)	155,000		6,561,150
St. Jude Medical, Inc. (a)	670,000		27,302,500
Stryker Corp. (d)	470,000		30,338,500
The Spectranetics Corp. (a)	220,000		2,398,000
	Shares		Value
ThermoGenesis Corp. (a)	599,788		$ 881,688
Zimmer Holdings, Inc. (a)	270,000		19,656,000
			881,392,663
Health Care Supplies - 8.5%
Alcon, Inc.	320,000		50,240,000
Align Technology, Inc. (a)(d)	300,000		3,951,000
DENTSPLY International, Inc.	90,000		3,648,600
Immucor, Inc. (a)	840,000		22,537,200
Inverness Medical Innovations, Inc. (a)	390,000		14,258,400
RTI Biologics, Inc. (a)	400,000		3,980,000
TranS1, Inc.	100,000		1,418,000
			100,033,200
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			981,425,863
HEALTH CARE PROVIDERS & SERVICES - 2.1%
Health Care Distributors & Services - 1.8%
Henry Schein, Inc. (a)	370,000		20,616,400
Health Care Services - 0.3%
InVentiv Health, Inc. (a)	100,000		3,270,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			23,886,400
HEALTH CARE TECHNOLOGY - 0.2%
Health Care Technology - 0.2%
Eclipsys Corp. (a)	120,800		2,464,320
LIFE SCIENCES TOOLS & SERVICES - 6.2%
Life Sciences Tools & Services - 6.2%
Applera Corp. - Applied Biosystems Group	290,000		10,080,400
Charles River Laboratories International, Inc. (a)	130,000		8,356,400
Illumina, Inc. (a)	336,100		26,377,128
Millipore Corp. (a)	40,000		2,906,000
QIAGEN NV (a)(d)	1,030,000		20,507,300
Waters Corp. (a)	70,000		4,306,400
			72,533,628
MACHINERY - 0.6%
Industrial Machinery - 0.6%
Pall Corp.	180,000		7,345,800
PHARMACEUTICALS - 4.2%
Pharmaceuticals - 4.2%
Allergan, Inc. (d)	795,000		45,807,900
ULURU, Inc. (a)	290,365		368,764
XenoPort, Inc. (a)	70,000		3,029,600
			49,206,264
TOTAL COMMON STOCKS (Cost $998,373,354)		1,162,222,575
Money Market Funds - 12.0%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	8,541,441		$ 8,541,441
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	133,135,250		133,135,250
TOTAL MONEY MARKET FUNDS (Cost $141,676,691)		141,676,691

TOTAL INVESTMENT PORTFOLIO - 110.8% (Cost $1,140,050,045) 1,303,899,266

NET OTHER ASSETS - (10.8)%		(126,830,835)
NET ASSETS - 100%	$ 1,177,068,431

Legend

(a) Non-income producing

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

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $529,720 or 0.0% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 110,088
Fidelity Securities Lending Cash Central Fund	249,762
Total	$ 359,850

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 1,303,899,266	$ 1,303,369,546	$ 529,720	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,142,854,563. Net unrealized appreciation aggregated $161,044,703, of which $189,361,759 related to appreciated investment securities and $28,317,056 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Multimedia Portfolio

May 31, 2008

1.802182.104

BAM-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Human Resource & Employment Services - 0.4%
Monster Worldwide, Inc. (a)	8,000		$ 197,520
COMMUNICATIONS EQUIPMENT - 0.5%
Communications Equipment - 0.5%
Juniper Networks, Inc. (a)	9,300		255,936
HOTELS, RESTAURANTS & LEISURE - 0.7%
Casinos & Gaming - 0.7%
Las Vegas Sands Corp. (a)	5,600		388,864
INTERNET & CATALOG RETAIL - 0.3%
Catalog Retail - 0.3%
Liberty Media Corp. - Interactive Series A (a)	10,500		178,395
INTERNET SOFTWARE & SERVICES - 2.6%
Internet Software & Services - 2.6%
Akamai Technologies, Inc. (a)	100		3,905
Dice Holdings, Inc.	35,300		268,633
Google, Inc. Class A (sub. vtg.) (a)	1,550		907,990
Omniture, Inc. (a)	6,900		170,085
			1,350,613
MEDIA - 93.0%
Advertising - 8.9%
Focus Media Holding Ltd. ADR (a)(d)	6,800		273,972
Interpublic Group of Companies, Inc. (a)	81,600		813,552
Lamar Advertising Co. Class A (a)(d)	21,900		916,515
National CineMedia, Inc.	20,200		401,980
Omnicom Group, Inc.	46,600		2,283,866
			4,689,885
Broadcasting & Cable TV - 38.4%
CBS Corp. Class B	46,400		1,001,312
Central European Media Enterprises Ltd. Class A (a)	3,400		361,692
Citadel Broadcasting Corp.	8		14
Clear Channel Communications, Inc.	56,800		1,989,136
Comcast Corp.:
Class A	210,050		4,726,125
Class A (special) (non-vtg.)	89,600		1,997,184
Discovery Holding Co. Class A (a)	32,000		838,080
DISH Network Corp. Class A (a)	17,800		624,958
E.W. Scripps Co. Class A	17,800		838,380
Entercom Communications Corp. Class A	14,600		141,328
Grupo Televisa SA de CV (CPO) sponsored ADR	22,600		592,120
Liberty Global, Inc. Class A (a)(d)	18,375		658,744
Liberty Media Corp.:
- Capital Series A (a)	8,400		124,488
- Entertainment Class A (a)	64,700		1,746,900
RRSat Global Communications Network Ltd.	12,700		156,718
Sinclair Broadcast Group, Inc. Class A	60,500		542,685
	Shares		Value
The DIRECTV Group, Inc. (a)(d)	93,500		$ 2,627,350
Time Warner Cable, Inc. (a)	15,000		448,500
Virgin Media, Inc.	32,100		503,649
XM Satellite Radio Holdings, Inc. Class A (a)	29,600		314,648
			20,234,011
Movies & Entertainment - 42.3%
Cinemark Holdings, Inc. (d)	20,800		300,976
Cinemax India Ltd.	56,743		146,770
DreamWorks Animation SKG, Inc. Class A (a)	14,200		448,294
Lions Gate Entertainment Corp. (a)	26,000		276,900
Live Nation, Inc. (a)(d)	16,009		242,536
Marvel Entertainment, Inc. (a)(d)	4,400		149,732
News Corp. Class A	269,482		4,837,202
Regal Entertainment Group Class A	10,300		180,971
The Walt Disney Co.	190,500		6,400,800
Time Warner, Inc.	452,700		7,188,876
Viacom, Inc. Class B (non-vtg.) (a)	59,700		2,138,454
			22,311,511
Publishing - 3.4%
Gannett Co., Inc.	100		2,881
McGraw-Hill Companies, Inc.	39,400		1,634,706
R.H. Donnelley Corp. (a)	200		1,086
The New York Times Co. Class A (d)	8,900		155,038
			1,793,711
TOTAL MEDIA			49,029,118
SOFTWARE - 1.3%
Home Entertainment Software - 1.3%
Activision, Inc. (a)	4,700		158,625
Electronic Arts, Inc. (a)	4,500		225,900
Gameloft (a)	28,600		141,933
Ubisoft Entertainment SA (a)	1,500		145,380
			671,838
TOTAL COMMON STOCKS (Cost $47,219,868)		52,072,284
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	984,464		$ 984,464
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	5,129,050		5,129,050
TOTAL MONEY MARKET FUNDS (Cost $6,113,514)		6,113,514

TOTAL INVESTMENT PORTFOLIO - 110.4% (Cost $53,333,382) 58,185,798

NET OTHER ASSETS - (10.4)%	(5,500,763)
NET ASSETS - 100%	$ 52,685,035

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 17,106
Fidelity Securities Lending Cash Central Fund	10,656
Total	$ 27,762

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 58,185,798	$ 58,185,798	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $53,646,755. Net unrealized appreciation aggregated $4,539,043, of which $7,328,547 related to appreciated investment securities and $2,789,504 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Natural Gas Portfolio

May 31, 2008

1.802183.104

GAS-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Specialized Finance - 0.3%
Climate Exchange PLC (a)	169,100		$ 6,806,594
ELECTRIC UTILITIES - 0.1%
Electric Utilities - 0.1%
Enernoc, Inc. (d)	87,500		1,299,375
ELECTRICAL EQUIPMENT - 3.3%
Electrical Components & Equipment - 3.0%
JA Solar Holdings Co. Ltd. ADR (a)	75,900		1,614,393
Q-Cells AG (a)	148,800		18,090,800
Renewable Energy Corp. AS (a)(d)	793,000		23,549,838
Sunpower Corp. Class A (a)	65,800		5,389,020
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	544,500		23,163,030
			71,807,081
Heavy Electrical Equipment - 0.3%
Suzlon Energy Ltd. (a)	150,000		986,954
Vestas Wind Systems AS (a)	47,700		6,566,000
			7,552,954
TOTAL ELECTRICAL EQUIPMENT			79,360,035
ENERGY EQUIPMENT & SERVICES - 16.5%
Oil & Gas Drilling - 11.5%
Atwood Oceanics, Inc. (a)	273,145		27,836,207
Diamond Offshore Drilling, Inc.	366,300		49,977,972
ENSCO International, Inc.	77,600		5,574,008
Helmerich & Payne, Inc. (d)	669,200		41,925,380
Hercules Offshore, Inc. (a)	83,100		2,818,752
Nabors Industries Ltd. (a)	1,202,582		50,556,547
Patterson-UTI Energy, Inc.	328,300		10,334,884
Pride International, Inc. (a)	370,900		16,297,346
Rowan Companies, Inc.	182,100		8,039,715
Transocean, Inc. (a)	407,927		61,266,556
			274,627,367
Oil & Gas Equipment & Services - 5.0%
BJ Services Co.	182,300		5,505,460
Cameron International Corp. (a)	358,644		19,090,620
Complete Production Services, Inc. (a)	376,800		10,799,088
Exterran Holdings, Inc. (a)	98,600		7,249,072
Halliburton Co.	205,500		9,983,190
National Oilwell Varco, Inc. (a)	445,356		37,107,062
Oceaneering International, Inc. (a)	44,900		3,204,064
Oil States International, Inc. (a)	80,200		4,685,284
Petroleum Geo-Services ASA	316,150		9,311,288
Smith International, Inc.	66,790		5,271,067
TCS Offshore Group Ltd. (a)	3,962,000		913,851
Weatherford International Ltd. (a)	142,200		6,488,586
			119,608,632
TOTAL ENERGY EQUIPMENT & SERVICES			394,235,999
	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 3.8%
Independent Power Producers & Energy Traders - 3.8%
Clipper Windpower PLC (a)	406,700		$ 4,966,721
Dynegy, Inc. Class A (a)(d)	5,781,600		54,462,672
NRG Energy, Inc. (a)	51,600		2,146,044
Reliant Energy, Inc. (a)	1,122,200		28,683,432
			90,258,869
METALS & MINING - 0.9%
Diversified Metals & Mining - 0.9%
Ivanhoe Mines Ltd. (a)	50,000		461,500
Timminco Ltd. (a)	701,300		21,529,592
			21,991,092
OIL, GAS & CONSUMABLE FUELS - 73.4%
Coal & Consumable Fuels - 2.3%
Alpha Natural Resources, Inc. (a)	87,800		7,171,504
Arch Coal, Inc.	37,800		2,453,598
CONSOL Energy, Inc.	67,100		6,546,276
Evergreen Energy, Inc. (a)(d)(e)	5,399,315		11,878,493
International Coal Group, Inc. (a)(d)	230,600		2,322,142
Peabody Energy Corp.	140,600		10,393,152
PT Bumi Resources Tbk	16,479,500		14,284,428
			55,049,593
Integrated Oil & Gas - 1.8%
Hess Corp.	223,500		27,448,035
Occidental Petroleum Corp.	62,000		5,699,660
Repsol YPF SA sponsored ADR (d)	235,900		9,775,696
			42,923,391
Oil & Gas Exploration & Production - 58.6%
Anadarko Petroleum Corp.	356,000		26,689,320
Apache Corp.	469,000		62,874,140
Aurora Oil & Gas Corp. (a)	3,958,153		2,968,615
Cabot Oil & Gas Corp.	731,725		44,086,431
Canadian Natural Resources Ltd.	701,400		68,650,363
Chesapeake Energy Corp. (d)	2,714,500		148,673,165
Comstock Resources, Inc. (a)	161,600		9,267,760
Concho Resources, Inc.	18,900		602,910
Denbury Resources, Inc. (a)	2,772,951		94,363,523
EOG Resources, Inc. (d)	633,700		81,512,831
EXCO Resources, Inc. (a)	185,000		4,613,900
Forest Oil Corp. (a)	270,763		18,073,430
Newfield Exploration Co. (a)	236,500		14,956,260
Noble Energy, Inc.	226,900		22,111,405
PetroHawk Energy Corp. (a)	325,100		9,551,438
Plains Exploration & Production Co. (a)	2,273,150		162,484,763
Quicksilver Gas Services LP	210,600		5,444,010
Quicksilver Resources, Inc. (a)	3,063,054		111,587,057
Range Resources Corp.	2,141,500		140,825,040
SandRidge Energy, Inc.	107,300		5,901,500
Southwestern Energy Co. (a)	2,455,900		108,894,606
Ultra Petroleum Corp. (a)	1,659,319		144,310,973
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Venoco, Inc. (a)	1,964,006		$ 39,240,840
XTO Energy, Inc.	1,125,575		71,609,082
			1,399,293,362
Oil & Gas Refining & Marketing - 9.4%
CVR Energy, Inc.	285,000		7,603,800
Frontier Oil Corp.	648,400		19,523,324
Holly Corp.	143,500		6,091,575
Petroplus Holdings AG (a)	28,564		1,756,646
Reliance Industries Ltd.	112,908		6,436,774
Sunoco, Inc.	525,800		23,382,326
Tesoro Corp.	1,134,246		28,186,013
Valero Energy Corp.	2,306,700		117,272,628
Western Refining, Inc. (d)	1,065,500		13,521,195
			223,774,281
Oil & Gas Storage & Transport - 1.3%
Boardwalk Pipeline Partners, LP	188,000		5,027,120
Copano Energy LLC	514,003		18,941,011
Williams Partners LP	226,133		8,070,687
			32,038,818
TOTAL OIL, GAS & CONSUMABLE FUELS			1,753,079,445
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Management & Development - 0.1%
Indiabulls Real Estate Ltd.	200,000		2,290,797
TOTAL COMMON STOCKS (Cost $1,715,046,065)		2,349,322,206
Money Market Funds - 9.4%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	71,343,864		$ 71,343,864
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	151,775,044		151,775,044
TOTAL MONEY MARKET FUNDS (Cost $223,118,908)		223,118,908

TOTAL INVESTMENT PORTFOLIO - 107.8% (Cost $1,938,164,973) 2,572,441,114

NET OTHER ASSETS - (7.8)%	(185,063,076)
NET ASSETS - 100%	$ 2,387,378,038

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 382,562
Fidelity Securities Lending Cash Central Fund	237,048
Total	$ 619,610

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
Evergreen Energy, Inc.	$ 11,608,527	$ -	$ -	$ -	$ 11,878,493

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 2,572,441,114	$ 2,572,441,114	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,943,624,920. Net unrealized appreciation aggregated $628,816,194, of which $725,872,149 related to appreciated investment securities and $97,055,955 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Natural Resources Portfolio

May 31, 2008

1.802184.104

NAT-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CHEMICALS - 1.7%
Commodity Chemicals - 0.2%
Calgon Carbon Corp. (a)	146,700		$ 2,599,524
Formosa Chemicals & Fibre Corp.	1,255,830		2,993,758
Georgia Gulf Corp.	20,650		87,556
Tokai Carbon Co. Ltd.	22,000		256,430
			5,937,268
Fertilizers & Agricultural Chemicals - 1.0%
CF Industries Holdings, Inc.	54,900		7,515,810
Israel Chemicals Ltd.	377,700		8,655,662
The Mosaic Co. (a)	107,100		13,421,772
			29,593,244
Specialty Chemicals - 0.5%
Albemarle Corp.	309,400		13,759,018
Tokuyama Corp.	120,000		908,194
			14,667,212
TOTAL CHEMICALS			50,197,724
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Clean Harbors, Inc. (a)	7,200		511,416
CONSTRUCTION & ENGINEERING - 0.1%
Construction & Engineering - 0.1%
Jacobs Engineering Group, Inc. (a)	1,100		104,258
Quanta Services, Inc. (a)	71,790		2,300,152
			2,404,410
CONTAINERS & PACKAGING - 0.1%
Paper Packaging - 0.1%
Smurfit-Stone Container Corp. (a)	252,300		1,697,979
Temple-Inland, Inc.	59,900		872,743
			2,570,722
ELECTRIC UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp.	33,800		1,734,278
ELECTRICAL EQUIPMENT - 4.3%
Electrical Components & Equipment - 3.2%
Energy Conversion Devices, Inc. (a)	100		6,348
First Solar, Inc. (a)	42,100		11,263,434
JA Solar Holdings Co. Ltd. ADR (a)	852,000		18,122,040
Q-Cells AG (a)(d)	153,500		18,662,216
Renewable Energy Corp. AS (a)	345,800		10,269,274
Sunpower Corp. Class A (a)(d)	275,400		22,555,260
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	368,200		15,663,228
			96,541,800
Heavy Electrical Equipment - 1.1%
Areva (investment certificates)(non-vtg.)	900		1,132,691
	Shares		Value
Suzlon Energy Ltd. (a)	30,000		$ 197,391
Vestas Wind Systems AS (a)	225,400		31,026,759
			32,356,841
TOTAL ELECTRICAL EQUIPMENT			128,898,641
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Equipment & Instruments - 0.1%
Itron, Inc. (a)	34,700		3,386,026
ENERGY EQUIPMENT & SERVICES - 26.2%
Oil & Gas Drilling - 7.5%
Atwood Oceanics, Inc. (a)	195,600		19,933,596
Diamond Offshore Drilling, Inc.	100		13,644
Helmerich & Payne, Inc.	158,600		9,936,290
Hercules Offshore, Inc. (a)	551,694		18,713,460
Nabors Industries Ltd. (a)	2,582,800		108,580,912
Noble Corp.	129,900		8,201,886
Patterson-UTI Energy, Inc.	842,300		26,515,604
Pride International, Inc. (a)	323,000		14,192,620
Rowan Companies, Inc.	1,000		44,150
Transocean, Inc. (a)	127,420		19,137,210
			225,269,372
Oil & Gas Equipment & Services - 18.7%
Baker Hughes, Inc.	90		7,976
BJ Services Co.	839,500		25,352,900
Cameron International Corp. (a)	108,600		5,780,778
Compagnie Generale de Geophysique SA (a)	84,900		22,819,277
Dril-Quip, Inc. (a)	46,000		2,683,640
Exterran Holdings, Inc. (a)	110,750		8,142,340
FMC Technologies, Inc. (a)	355,800		25,564,230
Fugro NV (Certificaten Van Aandelen) unit	154,227		13,582,491
Global Industries Ltd. (a)	68,300		1,178,175
Halliburton Co.	1,441,100		70,008,638
Helix Energy Solutions Group, Inc. (a)	56,700		2,190,321
NATCO Group, Inc. Class A (a)	28,909		1,366,528
National Oilwell Varco, Inc. (a)	1,588,122		132,322,324
Oil States International, Inc. (a)	4,400		257,048
Petroleum Geo-Services ASA	392,950		11,573,211
ProSafe ASA	900,000		9,614,819
Schlumberger Ltd. (NY Shares)	1,046,452		105,827,691
Smith International, Inc.	631,400		49,830,088
Superior Energy Services, Inc. (a)	52,200		2,802,618
Tidewater, Inc.	76,900		5,254,577
TSC Offshore Group Ltd. (a)	3,250,000		749,625
W-H Energy Services, Inc. (a)	55,000		4,704,150
Weatherford International Ltd. (a)	1,360,980		62,101,517
			563,714,962
TOTAL ENERGY EQUIPMENT & SERVICES			788,984,334
Common Stocks - continued
	Shares		Value
FOOD PRODUCTS - 0.0%
Agricultural Products - 0.0%
Archer Daniels Midland Co.	3,100		$ 123,070
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
Questar Corp.	29,400		1,888,068
Zhongyu Gas Holdings Ltd. (a)	12,744,000		1,306,424
			3,194,492
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.4%
Independent Power Producers & Energy Traders - 1.4%
AES Corp. (a)	206,200		4,016,776
Constellation Energy Group, Inc.	65,800		5,673,934
Dynegy, Inc. Class A (a)	159,784		1,505,165
Mirant Corp. (a)	375,800		15,264,996
NRG Energy, Inc. (a)	318,770		13,257,644
Reliant Energy, Inc. (a)	69,600		1,778,976
			41,497,491
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
McDermott International, Inc. (a)	100		6,203
MACHINERY - 0.0%
Construction & Farm Machinery & Heavy Trucks - 0.0%
Joy Global, Inc.	50		4,212
Trinity Industries, Inc. (d)	28,200		1,151,970
			1,156,182
METALS & MINING - 8.8%
Aluminum - 0.9%
Alcoa, Inc.	496,000		20,132,640
Century Aluminum Co. (a)	90,900		6,635,700
			26,768,340
Diversified Metals & Mining - 0.7%
Freeport-McMoRan Copper & Gold, Inc. Class B	162,267		18,775,915
RTI International Metals, Inc. (a)	38		1,637
Teck Cominco Ltd. Class B (sub. vtg.)	3,400		168,272
Timminco Ltd. (a)	32,700		1,003,875
Titanium Metals Corp.	76		1,322
			19,951,021
Gold - 5.6%
Barrick Gold Corp. (d)	748,500		30,158,485
Eldorado Gold Corp. (a)	1,593,100		12,908,359
Gold Fields Ltd. sponsored ADR	653,000		8,443,290
Goldcorp, Inc.	815,300		32,800,746
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	401,100		4,773,090
IAMGOLD Corp.	963,200		5,710,365
Kinross Gold Corp.	256,167		5,110,448
Lihir Gold Ltd. (a)	4,167,781		11,871,024
Newcrest Mining Ltd.	690,632		21,017,777
	Shares		Value
Newmont Mining Corp.	343,400		$ 16,321,802
Randgold Resources Ltd. sponsored ADR	291,600		12,363,840
Royal Gold, Inc.	74,200		2,280,908
Yamana Gold, Inc.	330,000		5,101,963
			168,862,097
Precious Metals & Minerals - 0.4%
Aquarius Platinum Ltd. (United Kingdom)	734,500		12,032,611
Shore Gold, Inc. (a)	221,300		775,163
			12,807,774
Steel - 1.2%
Allegheny Technologies, Inc.	900		67,500
ArcelorMittal SA (NY Shares) Class A	91,100		9,048,963
Hitachi Metals Ltd.	10,000		147,003
Nucor Corp.	354,800		26,539,040
			35,802,506
TOTAL METALS & MINING			264,191,738
OIL, GAS & CONSUMABLE FUELS - 56.3%
Coal & Consumable Fuels - 7.9%
Alpha Natural Resources, Inc. (a)	16,400		1,339,552
Arch Coal, Inc.	574,600		37,297,286
Cameco Corp.	242,600		9,884,699
CONSOL Energy, Inc. (d)	536,700		52,360,452
Foundation Coal Holdings, Inc.	178,800		11,931,324
International Coal Group, Inc. (a)	218,100		2,196,267
Massey Energy Co.	150,100		9,699,462
Natural Resource Partners LP	39,500		1,554,325
Peabody Energy Corp.	1,512,000		111,767,040
USEC, Inc. (a)	1,600		11,152
			238,041,559
Integrated Oil & Gas - 14.9%
Chevron Corp.	147,200		14,594,880
ConocoPhillips	983,130		91,529,403
Hess Corp.	594,300		72,985,983
Husky Energy, Inc.	87,600		4,396,312
Marathon Oil Corp.	1,025,200		52,685,028
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)	600		90,457
OAO Gazprom sponsored ADR	150,257		9,090,549
Occidental Petroleum Corp.	716,400		65,858,652
OMV AG (d)	61,435		5,057,799
Petro-Canada	28,900		1,667,677
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	1,055,100		63,770,244
Suncor Energy, Inc.	998,000		68,117,141
			449,844,125
Oil & Gas Exploration & Production - 23.1%
American Oil & Gas, Inc. NV (a)	162,600		606,498
Anadarko Petroleum Corp.	1,800		134,946
Apache Corp.	141,300		18,942,678
Cabot Oil & Gas Corp.	910,700		54,869,675
Canadian Natural Resources Ltd.	900,600		88,147,301
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Chesapeake Energy Corp.	274,200		$ 15,017,934
Comstock Resources, Inc. (a)	1,300		74,555
Concho Resources, Inc.	247,800		7,904,820
Continental Resources, Inc.	369,100		23,685,147
Denbury Resources, Inc. (a)	127,400		4,335,422
Devon Energy Corp.	800		92,752
EnCana Corp.	425,884		38,370,284
Encore Acquisition Co. (a)	269,500		17,999,905
EOG Resources, Inc.	58,600		7,537,718
EXCO Resources, Inc. (a)	186,000		4,638,840
Forest Oil Corp. (a)	67,378		4,497,482
Goodrich Petroleum Corp. (a)	4,300		183,180
Hugoton Royalty Trust	19,957		666,963
Junex, Inc. (a)	123,500		840,315
Mariner Energy, Inc. (a)	85,124		2,783,555
Newfield Exploration Co. (a)	276,200		17,466,888
Nexen, Inc. (a)	233,000		8,961,178
Noble Energy, Inc.	22,300		2,173,135
OPTI Canada, Inc. (a)	332,300		7,525,667
Penn West Energy Trust	62,800		2,064,467
PetroHawk Energy Corp. (a)	1,983,540		58,276,405
Plains Exploration & Production Co. (a)	717,243		51,268,530
Questerre Energy Corp. (a)	294,000		1,621,661
Quicksilver Resources, Inc. (a)	590,700		21,519,201
Range Resources Corp.	1,005,873		66,146,208
SandRidge Energy, Inc.	217,300		11,951,500
Southwestern Energy Co. (a)	2,097,400		92,998,716
Talisman Energy, Inc.	318,400		7,313,425
Ultra Petroleum Corp. (a)	391,300		34,031,361
Vanguard Natural Resources LLC	11,200		198,576
XTO Energy, Inc.	291,350		18,535,687
			693,382,575
Oil & Gas Refining & Marketing - 8.4%
Frontier Oil Corp.	460,500		13,865,655
Holly Corp.	89,300		3,790,785
Neste Oil Oyj	2,600		86,600
Petroplus Holdings AG (a)	216,924		13,340,524
Sunoco, Inc.	1,475,400		65,611,038
Tesoro Corp.	1,936,000		48,109,600
Valero Energy Corp.	2,090,088		106,260,074
Western Refining, Inc.	212,900		2,701,701
			253,765,977
	Shares		Value
Oil & Gas Storage & Transport - 2.0%
Copano Energy LLC	70,200		$ 2,586,870
El Paso Pipeline Partners LP	75,600		1,731,996
Energy Transfer Equity LP	170,000		5,519,900
Williams Companies, Inc.	1,296,100		49,303,644
			59,142,410
TOTAL OIL, GAS & CONSUMABLE FUELS			1,694,176,646
PAPER & FOREST PRODUCTS - 0.0%
Forest Products - 0.0%
Weyerhaeuser Co.	100		6,233
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%
Real Estate Management & Development - 0.0%
Forestar Real Estate Group, Inc. (a)	19,966		499,150
TOTAL COMMON STOCKS (Cost $2,230,932,735)		2,983,538,756
Money Market Funds - 2.3%
Fidelity Cash Central Fund, 2.44% (b)	10,357,116		10,357,116
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	57,530,525		57,530,525
TOTAL MONEY MARKET FUNDS (Cost $67,887,641)		67,887,641

TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $2,298,820,376) 3,051,426,397

NET OTHER ASSETS - (1.5)%	(45,150,961)
NET ASSETS - 100%	$ 3,006,275,436

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 162,757
Fidelity Securities Lending Cash Central Fund	138,265
Total	$ 301,022

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 3,051,409,001	$ 3,051,409,001	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,302,528,524. Net unrealized appreciation aggregated $748,897,873, of which $864,466,471 related to appreciated investment securities and $115,568,598 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Networking and
Infrastructure Portfolio

May 31, 2008

1.802185.104

NET-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 83.0%
	Shares		Value
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Asahi Glass Co. Ltd.	23,000		$ 302,769
COMMUNICATIONS EQUIPMENT - 42.0%
Communications Equipment - 42.0%
Acme Packet, Inc. (a)	700		6,307
ADC Telecommunications, Inc. (a)	41,900		659,506
Adtran, Inc.	37,600		935,864
ADVA AG Optical Networking (a)(d)	108,636		483,354
Airvana, Inc.	43,500		248,385
Arris Group, Inc. (a)(d)	300,900		2,816,424
Aruba Networks, Inc. (a)	1,100		6,908
Cisco Systems, Inc. (a)	213,400		5,702,047
Cogo Group, Inc. (a)	160,200		2,246,004
Comverse Technology, Inc. (a)	48,700		908,255
Corning, Inc.	50,300		1,375,202
DragonWave, Inc.	52,400		282,174
F5 Networks, Inc. (a)(d)	49,400		1,484,470
Finisar Corp. (a)	289,500		532,680
Foxconn International Holdings Ltd. (a)	39,000		53,073
Harmonic, Inc. (a)	22,400		215,488
Harris Stratex Networks, Inc. Class A (a)	25,400		285,496
Infinera Corp.	11,800		168,504
Juniper Networks, Inc. (a)(d)	127,109		3,498,040
Nortel Networks Corp. (a)	49,857		406,986
Opnext, Inc. (a)	4,700		27,260
Optium Corp. (a)	200		2,200
Powerwave Technologies, Inc. (a)	122,500		493,675
RADWARE Ltd. (a)	6,500		63,570
Research In Motion Ltd. (a)	10,600		1,472,022
Sandvine Corp. (a)	166,900		196,551
Sandvine Corp. (U.K.) (a)	230,900		276,721
Sonus Networks, Inc. (a)(d)	124,500		534,105
Starent Networks Corp.	109,900		1,924,349
Symmetricom, Inc. (a)	82,000		345,220
			27,650,840
COMPUTERS & PERIPHERALS - 7.0%
Computer Storage & Peripherals - 7.0%
EMC Corp. (a)	128,800		2,246,272
Isilon Systems, Inc. (a)	100		490
NetApp, Inc. (a)	91,700		2,235,646
TPV Technology Ltd.	158,000		97,182
			4,579,590
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.9%
Electronic Equipment & Instruments - 1.1%
Chi Mei Optoelectronics Corp.	4,043		5,510
Nippon Electric Glass Co. Ltd.	26,000		505,501
Orbotech Ltd. (a)	12,400		212,412
			723,423
	Shares		Value
Electronic Manufacturing Services - 0.8%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	76,280		$ 431,407
SMART Modular Technologies (WWH), Inc. (a)	22,400		120,512
			551,919
Technology Distributors - 0.0%
Mellanox Technologies Ltd. (a)	100		1,634
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,276,976
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc.	100		3,167
HOUSEHOLD DURABLES - 0.2%
Consumer Electronics - 0.2%
Directed Electronics, Inc. (a)	48,100		74,074
Thomson SA	11,800		75,081
			149,155
INTERNET SOFTWARE & SERVICES - 4.5%
Internet Software & Services - 4.5%
Constant Contact, Inc.	100		1,920
DivX, Inc. (a)	100		979
Google, Inc. Class A (sub. vtg.) (a)	4,900		2,870,420
Openwave Systems, Inc.	54,200		107,316
Switch & Data Facilities Co., Inc. (a)	300		5,355
			2,985,990
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 24.7%
Semiconductor Equipment - 1.7%
Credence Systems Corp. (a)	127,500		137,700
Tessera Technologies, Inc. (a)	44,500		937,615
			1,075,315
Semiconductors - 23.0%
Advanced Semiconductor Engineering, Inc. sponsored ADR	25,300		132,825
Altera Corp.	61,100		1,413,854
Applied Micro Circuits Corp. (a)	51,450		504,725
AuthenTec, Inc.	1,800		24,534
Broadcom Corp. Class A (a)	92,150		2,643,784
Cree, Inc. (a)	2,700		68,634
Cypress Semiconductor Corp. (a)	32,800		914,464
Lattice Semiconductor Corp. (a)	34,500		122,820
Marvell Technology Group Ltd. (a)	257,080		4,462,909
Maxim Integrated Products, Inc.	6,900		152,490
MediaTek, Inc.	5,000		62,474
Mindspeed Technologies, Inc. (a)	692,133		567,549
MIPS Technologies, Inc. (a)	33,500		127,970
ON Semiconductor Corp. (a)	26,450		261,591
PMC-Sierra, Inc. (a)	72,300		615,273
Realtek Semiconductor Corp.	19,000		57,414
Richtek Technology Corp.	7,000		65,598
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Silicon Laboratories, Inc. (a)	26,100		$ 961,785
Siliconware Precision Industries Co. Ltd. sponsored ADR	14,100		119,709
Spansion, Inc. Class A (a)	46,200		145,530
Spreadtrum Communications, Inc. ADR	900		8,460
Tower Semicondutor Ltd. (a)	239,700		234,906
Xilinx, Inc.	54,500		1,482,400
			15,151,698
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			16,227,013
SOFTWARE - 2.2%
Application Software - 1.1%
Ulticom, Inc. (a)	95,200		752,080
Systems Software - 1.1%
Allot Communications Ltd. (a)	2,800		8,680
Check Point Software Technologies Ltd. (a)	21,300		528,879
Double-Take Software, Inc. (a)	12,200		159,088
Macrovision Solutions Corp. (a)	42		568
			697,215
TOTAL SOFTWARE			1,449,295
TOTAL COMMON STOCKS (Cost $63,732,094)		54,624,795
Convertible Bonds - 0.3%
	Principal Amount		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Ciena Corp. 0.25% 5/1/13 (Cost $230,000)	$ 230,000		$ 216,687
Money Market Funds - 25.1%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	10,468,385		10,468,385
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	6,051,660		6,051,660
TOTAL MONEY MARKET FUNDS (Cost $16,520,045)		16,520,045

TOTAL INVESTMENT PORTFOLIO - 108.4% (Cost $80,482,139) 71,361,527

NET OTHER ASSETS - (8.4)%		(5,509,287)
NET ASSETS - 100%	$ 65,852,240

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 38,105
Fidelity Securities Lending Cash Central Fund	5,773
Total	$ 43,878

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 71,361,527	$ 71,144,840	$ 216,687	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $80,857,119. Net unrealized depreciation aggregated $9,495,592, of which $4,627,626 related to appreciated investment securities and $14,123,218 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Paper and Forest
Products Portfolio

May 31, 2008

1.802186.104

PAP-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 2.3%
Office Services & Supplies - 2.3%
Avery Dennison Corp.	9,300		$ 479,694
CONTAINERS & PACKAGING - 35.4%
Metal & Glass Containers - 4.5%
Greif, Inc. Class A	11,100		744,144
Owens-Illinois, Inc. (a)	1,700		97,274
Pactiv Corp. (a)	4,000		98,520
			939,938
Paper Packaging - 30.9%
Bemis Co., Inc.	4,100		109,060
Cascades, Inc.	37,100		256,545
Graphic Packaging Holding Co. (a)	35,900		107,341
Kazakhstan Kagazy PLC GDR (a)(e)	5,000		18,750
Packaging Corp. of America	59,000		1,536,360
Rock-Tenn Co. Class A	23,200		828,008
Sealed Air Corp.	28,150		685,734
Smurfit-Stone Container Corp. (a)	127,870		860,565
Sonoco Products Co.	21,800		754,716
Temple-Inland, Inc. (d)	87,300		1,271,961
			6,429,040
TOTAL CONTAINERS & PACKAGING			7,368,978
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
BrasilAgro - Compania Brasileira de Propriedades Agricolas (a)	16,000		125,816
Timbercorp Ltd.	75,129		71,808
			197,624
HOUSEHOLD PRODUCTS - 0.0%
Household Products - 0.0%
Kimberly-Clark Corp.	100		6,380
MACHINERY - 1.4%
Industrial Machinery - 1.4%
Albany International Corp. Class A	1,300		44,993
Kadant, Inc. (a)	4,500		120,285
Xerium Technologies, Inc. (d)	25,900		120,953
			286,231
MEDIA - 0.2%
Publishing - 0.2%
R.H. Donnelley Corp. (a)(d)	6,800		36,924
	Shares		Value
PAPER & FOREST PRODUCTS - 34.9%
Forest Products - 15.7%
Deltic Timber Corp.	5,900		$ 318,010
Gunns Ltd.	89,568		258,539
Louisiana-Pacific Corp. (d)	66,500		807,310
Masisa SA ADR	2,000		20,000
Samling Global Ltd.	420,000		78,038
Sino-Forest Corp. (a)	6,200		129,804
TimberWest Forest Corp.	2,000		24,258
Weyerhaeuser Co.	26,300		1,639,279
			3,275,238
Paper Products - 19.2%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.) (d)	1,300		117,962
Buckeye Technologies, Inc. (a)	14,700		156,408
Canfor Pulp Income Fund	3,700		43,126
Domtar Corp. (a)	197,800		1,358,886
Glatfelter	29,500		459,610
Kapstone Paper & Packaging Corp. (a)	200		1,426
Lee & Man Paper Manufacturing Ltd.	131,600		274,198
Mercer International, Inc. (SBI) (a)(d)	5,700		45,714
Mondi PLC	8,100		57,763
Neenah Paper, Inc.	6,000		127,500
Nine Dragons Paper Holdings Ltd.	373,000		406,271
Schweitzer-Mauduit International, Inc.	31,800		648,720
Verso Paper Corp.	7,700		75,922
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	4,000		134,640
Wausau-Mosinee Paper Corp.	9,500		90,250
			3,998,396
TOTAL PAPER & FOREST PRODUCTS			7,273,634
REAL ESTATE INVESTMENT TRUSTS - 17.6%
Specialized REITs - 17.6%
Plum Creek Timber Co., Inc.	36,800		1,716,721
Potlatch Corp.	21,279		1,028,627
Rayonier, Inc.	19,200		911,232
			3,656,580
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.8%
Real Estate Management & Development - 1.8%
Forestar Real Estate Group, Inc. (a)	13,633		340,825
The St. Joe Co. (d)	1,100		42,218
			383,043
TRADING COMPANIES & DISTRIBUTORS - 0.8%
Trading Companies & Distributors - 0.8%
Beacon Roofing Supply, Inc. (a)(d)	5,500		67,155
BlueLinx Corp. (d)	19,300		91,868
			159,023
TOTAL COMMON STOCKS (Cost $24,272,312)		19,848,111
Money Market Funds - 13.1%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	317,248		$ 317,248
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	2,410,650		2,410,650
TOTAL MONEY MARKET FUNDS (Cost $2,727,898)		2,727,898

TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $27,000,210) 22,576,009

NET OTHER ASSETS - (8.5)%		(1,760,339)
NET ASSETS - 100%	$ 20,815,670

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,750 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,864
Fidelity Securities Lending Cash Central Fund	2,422
Total	$ 5,286

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 22,576,009	$ 22,576,009	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $27,367,398. Net unrealized depreciation aggregated $4,791,389, of which $988,960 related to appreciated investment securities and $5,780,349 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2008

1.802187.104

PHR-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
BIOTECHNOLOGY - 6.6%
Biotechnology - 6.6%
Acambis PLC (a)	100		$ 230
Acorda Therapeutics, Inc. (a)	21,500		463,540
Actelion Ltd. (Reg.) (a)	100		5,464
Alexion Pharmaceuticals, Inc. (a)	2,191		156,328
Alnylam Pharmaceuticals, Inc. (a)	6,900		199,272
Amylin Pharmaceuticals, Inc. (a)	11,260		357,730
Antigenics, Inc. (a)	100		231
Avant Immunotherapeutics, Inc. (a)	5,000		70,050
Biocon Ltd.	300		3,304
Biogen Idec, Inc. (a)	3,500		219,625
BioMarin Pharmaceutical, Inc. (a)	9,000		343,530
Celgene Corp. (a)	3,800		231,268
Cephalon, Inc. (a)	3,700		250,527
Cepheid, Inc. (a)	100		2,632
Cougar Biotechnology, Inc. (a)	18,500		499,870
Crucell NV sponsored ADR (a)	6,900		131,859
CSL Ltd.	57,478		2,186,511
Cubist Pharmaceuticals, Inc. (a)	7,900		150,574
Diagnocure, Inc. (a)	100		282
Dynavax Technologies Corp. (a)	100		162
EPIX Pharmaceuticals, Inc. (a)	100		219
Genentech, Inc. (a)	1,100		77,957
Genomic Health, Inc. (a)	100		1,730
Grifols SA	5,000		143,591
GTx, Inc. (a)(d)	4,000		60,080
Idenix Pharmaceuticals, Inc. (a)	7,400		48,396
ImClone Systems, Inc. (a)	6,200		270,196
Incyte Corp. (a)	14,700		142,737
Indevus Pharmaceuticals, Inc. (a)	107,900		484,471
Intercell AG (a)	12,000		556,505
Martek Biosciences (a)	100		3,776
Momenta Pharmaceuticals, Inc. (a)	100		1,282
Myriad Genetics, Inc. (a)	21,100		1,021,662
Nanosphere, Inc.	2,100		20,160
Novavax, Inc. (a)	1,000		3,000
ONYX Pharmaceuticals, Inc. (a)	8,300		293,322
OSI Pharmaceuticals, Inc. (a)	100		3,530
Prana Biotechnology Ltd. ADR (a)	1,400		5,600
Rigel Pharmaceuticals, Inc. (a)	29,100		679,194
Targacept, Inc. (a)	100		792
Transition Therapeutics, Inc. (a)	2,222		26,056
United Therapeutics Corp. (a)	2,300		219,673
Vanda Pharmaceuticals, Inc. (a)	5,100		23,868
Vertex Pharmaceuticals, Inc. (a)	80		2,290
			9,363,076
CHEMICALS - 0.7%
Diversified Chemicals - 0.5%
Bayer AG sponsored ADR	7,700		684,915
	Shares		Value
Specialty Chemicals - 0.2%
Jubilant Organosys Ltd.	1,000		$ 8,328
Sigma Aldrich Corp.	5,000		293,800
			302,128
TOTAL CHEMICALS			987,043
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Equipment & Instruments - 0.0%
Mettler-Toledo International, Inc. (a)	100		10,370
FOOD & STAPLES RETAILING - 0.3%
Drug Retail - 0.3%
China Nepstar Chain Drugstore Ltd. ADR	5,900		68,086
CVS Caremark Corp.	8,300		355,157
			423,243
HEALTH CARE EQUIPMENT & SUPPLIES - 4.3%
Health Care Equipment - 3.4%
Abiomed, Inc. (a)	100		1,478
American Medical Systems Holdings, Inc. (a)	14,100		213,051
ArthroCare Corp. (a)	174		7,675
Baxter International, Inc.	10,700		653,770
Becton, Dickinson & Co.	100		8,445
C.R. Bard, Inc.	2,400		218,880
Carl Zeiss Meditec AG	100		1,795
China Medical Technologies, Inc. sponsored ADR (d)	12,000		473,160
Conceptus, Inc. (a)	800		15,184
Covidien Ltd.	5,400		270,486
Exactech, Inc. (a)	1,700		45,203
Gen-Probe, Inc. (a)	7,700		438,438
GN Store Nordic AS (a)	100		667
Hologic, Inc. (a)	3,200		76,896
Integra LifeSciences Holdings Corp. (a)	100		4,202
Masimo Corp.	19,330		668,045
Mentor Corp.	1,644		51,802
Meridian Bioscience, Inc.	6,700		196,511
Mindray Medical International Ltd. sponsored ADR	15,400		645,260
Mingyuan Medicare Development Co. Ltd.	10,000		1,589
Nobel Biocare Holding AG (Switzerland)	100		3,943
NuVasive, Inc. (a)	3,500		148,155
Quidel Corp. (a)	22,800		389,196
ResMed, Inc. (a)	400		15,756
SonoSite, Inc. (a)	100		3,072
Sonova Holding AG	3,190		289,986
TomoTherapy, Inc.	100		891
			4,843,536
Health Care Supplies - 0.9%
Abcam PLC	100		858
Alcon, Inc.	3,300		518,100
Align Technology, Inc. (a)	14,900		196,233
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Supplies - continued
Immucor, Inc. (a)	5,900		$ 158,297
Inverness Medical Innovations, Inc. (a)	4,000		146,240
TranS1, Inc.	17,400		246,732
West Pharmaceutical Services, Inc.	100		4,743
			1,271,203
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			6,114,739
HEALTH CARE PROVIDERS & SERVICES - 1.7%
Health Care Distributors & Services - 0.6%
BMP Sunstone Corp. (a)	11,100		81,363
BMP Sunstone Corp. warrants 8/19/12 (a)(f)	1,000		864
Chindex International, Inc. (a)	150		3,552
Henry Schein, Inc. (a)	2,600		144,872
McKesson Corp.	7,500		432,375
Profarma Distribuidora de Produtos Farmaceuticos SA	7,500		123,348
			786,374
Health Care Facilities - 0.0%
Brookdale Senior Living, Inc.	500		13,190
Community Health Systems, Inc. (a)	100		3,603
Emeritus Corp. (a)	500		10,615
Psychiatric Solutions, Inc. (a)	100		3,647
Sunrise Senior Living, Inc. (a)	500		13,240
VCA Antech, Inc. (a)	100		3,137
			47,432
Health Care Services - 1.0%
Almost Family, Inc. (a)	269		6,566
CardioNet, Inc.	3,100		79,422
Diagnosticos da America SA	500		13,123
Emergency Medical Services Corp. Class A (a)	700		16,317
Express Scripts, Inc. (a)	6,800		490,348
Health Grades, Inc. (a)	3,900		21,996
HealthExtras, Inc. (a)	7,400		231,250
Healthways, Inc. (a)	100		3,230
LHC Group, Inc. (a)	500		10,835
Medco Health Solutions, Inc. (a)	12,000		581,400
			1,454,487
Managed Health Care - 0.1%
Centene Corp. (a)	2,200		46,442
Humana, Inc. (a)	700		35,735
Molina Healthcare, Inc. (a)	1,800		54,288
UnitedHealth Group, Inc.	100		3,421
			139,886
TOTAL HEALTH CARE PROVIDERS & SERVICES			2,428,179
	Shares		Value
HEALTH CARE TECHNOLOGY - 0.9%
Health Care Technology - 0.9%
Allscripts Healthcare Solutions, Inc. (a)	10,500		$ 130,515
Cerner Corp. (a)(d)	13,800		626,106
Eclipsys Corp. (a)	4,500		91,800
MedAssets, Inc.	100		1,786
Phase Forward, Inc. (a)	14,200		246,228
TriZetto Group, Inc. (a)	7,700		165,319
			1,261,754
LIFE SCIENCES TOOLS & SERVICES - 2.8%
Life Sciences Tools & Services - 2.8%
AMAG Pharmaceuticals, Inc.	3,200		128,000
Applera Corp. - Applied Biosystems Group	4,600		159,896
Bruker BioSciences Corp. (a)	9,500		110,580
Charles River Laboratories International, Inc. (a)	5,700		366,396
Covance, Inc. (a)	4,400		360,712
eResearchTechnology, Inc. (a)	100		1,599
ICON PLC sponsored ADR (a)	3,700		260,850
Illumina, Inc. (a)	6,600		517,968
Lonza Group AG	4,373		605,834
Medivation, Inc. (a)(d)	14,800		224,516
PAREXEL International Corp. (a)	13,300		327,047
PerkinElmer, Inc.	100		2,828
Pharmaceutical Product Development, Inc.	3,400		150,314
QIAGEN NV (a)	10,477		208,597
Sequenom, Inc. (a)	100		769
Techne Corp. (a)	3,866		303,481
Varian, Inc. (a)	1,400		77,686
Waters Corp. (a)	1,400		86,128
Wuxi Pharmatech Cayman, Inc. sponsored ADR	3,900		79,755
			3,972,956
MACHINERY - 0.0%
Industrial Machinery - 0.0%
Danaher Corp.	200		15,636
PERSONAL PRODUCTS - 0.6%
Personal Products - 0.6%
Chattem, Inc. (a)(d)	14,600		908,266
PHARMACEUTICALS - 80.9%
Pharmaceuticals - 80.9%
Abbott Laboratories (d)	323,900		18,251,767
Addex Pharmaceuticals Ltd.	100		3,348
Akorn, Inc. (a)	700		3,325
Allergan, Inc.	86,700		4,995,654
Allergy Therapeutics PLC (a)	100		71
Alpharma, Inc. Class A (a)	10,600		267,014
APP Pharmaceuticals, Inc. (a)	100		1,326
Ardea Biosciences, Inc. (a)	5,000		72,000
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
ARYx Therapeutics, Inc.	166		$ 1,038
Aurobindo Pharma Ltd.	1,000		7,192
Auxilium Pharmaceuticals, Inc. (a)	25,100		799,184
Barr Pharmaceuticals, Inc. (a)(d)	34,150		1,495,770
Biodel, Inc.	10,400		162,968
Bristol-Myers Squibb Co.	235,300		5,362,487
Cardiome Pharma Corp. (a)	23,100		215,073
Cipla Ltd.	100		503
Discovery Laboratories, Inc. (a)	100		187
Elan Corp. PLC sponsored ADR (a)	49,900		1,249,496
Eli Lilly & Co.	133,500		6,426,690
Endo Pharmaceuticals Holdings, Inc. (a)	20,900		514,976
Forest Laboratories, Inc. (a)	27,220		977,470
GlaxoSmithKline PLC sponsored ADR (a)	8,100		360,693
Guangzhou Pharmaceutical Co. Ltd. (H Shares)	51,000		45,746
Ipsen SA	8,200		550,708
Johnson & Johnson	269,800		18,006,452
King Pharmaceuticals, Inc. (a)	24,200		248,292
Lev Pharmaceuticals, Inc. (a)	43,100		80,166
Map Pharmaceuticals, Inc.	100		1,385
Matrixx Initiatives, Inc. (a)	5,000		82,600
Medicines Co. (a)	100		1,830
Medicis Pharmaceutical Corp. Class A	3,200		76,096
Merck & Co., Inc.	408,400		15,911,264
Merck KGaA	4,061		570,867
Mylan, Inc. (d)	79,400		1,059,990
Nexmed, Inc. (a)	413,700		541,947
Noven Pharmaceuticals, Inc. (a)	100		1,224
Novo Nordisk AS Series B sponsored ADR	33,000		2,154,900
Par Pharmaceutical Companies, Inc. (a)	100		1,824
Perrigo Co.	81,100		2,969,071
Pfizer, Inc.	220,600		4,270,816
Pharmstandard OJSC GDR unit (a)(e)	3,600		104,400
Piramal Healthcare Ltd.	1,000		8,520
Roche Holding AG (participation certificate)	2,099		361,883
Schering-Plough Corp.	366,790		7,482,516
Sciele Pharma, Inc. (a)(d)	14,400		315,504
Sepracor, Inc. (a)	8,300		179,363
Shire PLC	71,900		1,226,490
Sirtris Pharmaceuticals, Inc.	6,700		150,616
Stada Arzneimittel AG	6,500		426,223
Sucampo Pharmaceuticals, Inc. Class A	2,000		21,360
Teva Pharmaceutical Industries Ltd. sponsored ADR	23,900		1,092,947
	Shares		Value
Valeant Pharmaceuticals International (a)(d)	45,700		$ 748,109
ViroPharma, Inc. (a)	1,700		16,303
Warner Chilcott Ltd. (a)	100		1,738
Watson Pharmaceuticals, Inc. (a)	28,000		799,680
Wyeth	252,670		11,236,235
XenoPort, Inc. (a)	65,300		2,826,184
			114,741,481
TOTAL COMMON STOCKS (Cost $128,211,684)		140,226,743
Money Market Funds - 7.3%
Fidelity Cash Central Fund, 2.44% (b)	821,863		821,863
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	9,472,400		9,472,400
TOTAL MONEY MARKET FUNDS (Cost $10,294,263)		10,294,263

TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $138,505,947) 150,521,006

NET OTHER ASSETS - (6.1)%		(8,671,632)
NET ASSETS - 100%	$ 141,849,374

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $ 104,400 or 0.1% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $864 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

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

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	$ 8,073
Fidelity Securities Lending Cash Central Fund	15,815
Total	$ 23,888

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 150,521,006	$ 149,293,652	$ 1,227,354	$ 0

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $140,034,216. Net unrealized appreciation aggregated $10,486,790, of which $14,136,593 related to appreciated investment securities and $3,649,803 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Retailing Portfolio

May 31, 2008

1.802188.104

RET-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Office Services & Supplies - 1.5%
ACCO Brands Corp. (a)(d)	52,400		$ 803,816
DISTRIBUTORS - 1.5%
Distributors - 1.5%
Genuine Parts Co.	18,600		818,586
FOOD & STAPLES RETAILING - 9.9%
Drug Retail - 3.3%
CVS Caremark Corp.	42,900		1,835,691
Food Retail - 3.0%
Kroger Co.	58,500		1,616,940
Hypermarkets & Super Centers - 3.6%
Wal-Mart Stores, Inc.	34,600		1,997,804
TOTAL FOOD & STAPLES RETAILING			5,450,435
HOUSEHOLD DURABLES - 0.8%
Household Appliances - 0.8%
Whirlpool Corp. (d)	6,100		449,448
INTERNET & CATALOG RETAIL - 7.0%
Catalog Retail - 0.9%
Liberty Media Corp. - Interactive Series A (a)	29,700		504,603
Internet Retail - 6.1%
Amazon.com, Inc. (a)	22,600		1,844,612
Blue Nile, Inc. (a)(d)	24,400		1,300,764
Netflix, Inc. (a)(d)	5,800		176,088
			3,321,464
TOTAL INTERNET & CATALOG RETAIL			3,826,067
INTERNET SOFTWARE & SERVICES - 3.2%
Internet Software & Services - 3.2%
eBay, Inc. (a)	47,000		1,410,470
VistaPrint Ltd. (a)	11,900		372,708
			1,783,178
MEDIA - 3.9%
Movies & Entertainment - 3.9%
Live Nation, Inc. (a)(d)	21,200		321,180
Regal Entertainment Group Class A (d)	103,000		1,809,710
			2,130,890
METALS & MINING - 1.0%
Precious Metals & Minerals - 1.0%
Harry Winston Diamond Corp.	17,900		533,126
MULTILINE RETAIL - 15.6%
Department Stores - 7.6%
JCPenney Co., Inc.	30,000		1,207,200
Kohl's Corp. (a)(d)	22,400		1,003,520
Macy's, Inc.	30,400		719,568
	Shares		Value
Nordstrom, Inc.	26,400		$ 923,472
Saks, Inc. (a)	24,500		338,590
			4,192,350
General Merchandise Stores - 8.0%
Dollar Tree, Inc. (a)	19,300		712,170
Family Dollar Stores, Inc.	17,100		365,940
Target Corp.	61,500		3,281,640
			4,359,750
TOTAL MULTILINE RETAIL			8,552,100
SPECIALTY RETAIL - 54.0%
Apparel Retail - 13.8%
Abercrombie & Fitch Co. Class A (d)	19,700		1,430,220
Brown Shoe Co., Inc.	5,100		86,139
Citi Trends, Inc. (a)	4,200		93,240
Collective Brands, Inc. (a)(d)	13,500		152,955
DSW, Inc. Class A (a)(d)	23,800		351,526
Gymboree Corp. (a)	3,900		179,946
Hot Topic, Inc. (a)	32,100		168,525
J. Crew Group, Inc. (a)	5,000		186,350
Jos. A. Bank Clothiers, Inc. (a)(d)	2,100		57,120
Limited Brands, Inc.	12,400		240,312
Ross Stores, Inc. (d)	42,700		1,563,674
The Men's Wearhouse, Inc.	6,100		126,453
TJX Companies, Inc.	82,100		2,632,126
Tween Brands, Inc. (a)	14,100		280,026
Zumiez, Inc. (a)	1,900		39,824
			7,588,436
Automotive Retail - 7.8%
Advance Auto Parts, Inc.	43,600		1,757,080
AutoZone, Inc. (a)	15,300		1,936,368
CSK Auto Corp. (a)	100		1,153
O'Reilly Automotive, Inc. (a)	23,400		611,910
			4,306,511
Computer & Electronics Retail - 4.5%
Best Buy Co., Inc.	52,500		2,451,225
Home Improvement Retail - 8.8%
Lowe's Companies, Inc. (d)	135,100		3,242,400
Sherwin-Williams Co.	27,900		1,566,585
			4,808,985
Homefurnishing Retail - 0.5%
Rent-A-Center, Inc. (a)(d)	9,700		203,506
Select Comfort Corp. (a)	18,600		54,870
			258,376
Specialty Stores - 18.6%
A.C. Moore Arts & Crafts, Inc. (a)	21,900		153,081
OfficeMax, Inc.	75,800		1,643,344
PetSmart, Inc.	15,800		370,352
Staples, Inc. (d)	293,000		6,870,850
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
Tiffany & Co., Inc.	11,200		$ 549,136
Tsutsumi Jewelry Co. Ltd.	31,500		640,815
			10,227,578
TOTAL SPECIALTY RETAIL			29,641,111
TEXTILES, APPAREL & LUXURY GOODS - 0.7%
Apparel, Accessories & Luxury Goods - 0.7%
Bijou Brigitte Modische Accessoires AG	2,800		387,724
TOTAL COMMON STOCKS (Cost $52,625,933)		54,376,481
Money Market Funds - 23.1%
Fidelity Cash Central Fund, 2.44% (b)	298,517		298,517
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	12,366,075		12,366,075
TOTAL MONEY MARKET FUNDS (Cost $12,664,592)		12,664,592

TOTAL INVESTMENT PORTFOLIO - 122.2% (Cost $65,290,525) 67,041,073

NET OTHER ASSETS - (22.2)%		(12,179,680)
NET ASSETS - 100%	$ 54,861,393

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,271
Fidelity Securities Lending Cash Central Fund	33,071
Total	$ 37,342

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 67,041,073	$ 67,041,073	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $66,730,831. Net unrealized appreciation aggregated $310,242, of which $3,147,284 related to appreciated investment securities and $2,837,042 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Software and
Computer Services Portfolio

May 31, 2008

1.802189.104

SOF-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.5%
Communications Equipment - 0.5%
Research In Motion Ltd. (a)	32,400		$ 4,499,388
COMPUTERS & PERIPHERALS - 0.5%
Computer Hardware - 0.5%
Apple, Inc. (a)	23,400		4,416,750
DIVERSIFIED CONSUMER SERVICES - 1.0%
Education Services - 1.0%
Aptech Ltd. (a)	400,000		2,168,406
Educomp Solutions Ltd.	75,000		7,022,800
			9,191,206
INTERNET SOFTWARE & SERVICES - 18.3%
Internet Software & Services - 18.3%
eBay, Inc. (a)	531,200		15,941,312
Google, Inc. Class A (sub. vtg.) (a)	194,400		113,879,521
Omniture, Inc. (a)	201,476		4,966,383
Open Text Corp. (a)	90,000		3,215,903
Yahoo!, Inc. (a)	992,700		26,564,652
			164,567,771
IT SERVICES - 33.4%
Data Processing & Outsourced Services - 16.8%
Affiliated Computer Services, Inc. Class A (a)	153,200		8,303,440
Alliance Data Systems Corp. (a)	143,600		8,621,744
ExlService Holdings, Inc. (a)	796,293		15,878,082
Genpact Ltd.	251,600		3,648,200
MasterCard, Inc. Class A (d)	109,000		33,642,850
Paychex, Inc. (d)	171,400		5,921,870
Syntel, Inc. (d)	245,200		8,018,040
The Western Union Co.	430,400		10,174,656
Visa, Inc.	565,900		48,871,124
WNS Holdings Ltd. ADR (a)	432,650		7,722,803
			150,802,809
IT Consulting & Other Services - 16.6%
Accenture Ltd. Class A	288,700		11,784,734
Cognizant Technology Solutions Corp. Class A (a)	2,275,300		80,272,584
Infosys Technologies Ltd. sponsored ADR	415,200		20,390,472
Patni Computer Systems Ltd. sponsored ADR (d)	416,200		5,493,840
Satyam Computer Services Ltd. sponsored ADR (d)	1,071,500		31,180,650
			149,122,280
TOTAL IT SERVICES			299,925,089
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Semiconductors - 0.3%
Skyworks Solutions, Inc. (a)	235,800		2,435,814
	Shares		Value
SOFTWARE - 44.8%
Application Software - 11.4%
Adobe Systems, Inc. (a)	598,900		$ 26,387,534
Ansys, Inc. (a)(d)	219,300		10,372,890
Autonomy Corp. PLC (a)	405,400		7,119,099
Citrix Systems, Inc. (a)	162,700		5,569,221
Concur Technologies, Inc. (a)	97,900		3,589,993
Informatica Corp. (a)	807,400		14,533,200
Nuance Communications, Inc. (a)(d)	372,300		7,341,756
Quest Software, Inc. (a)	1,260,614		21,443,044
Salesforce.com, Inc. (a)	78,800		5,698,028
			102,054,765
Home Entertainment Software - 6.3%
Activision, Inc. (a)	450,300		15,197,625
Gameloft (a)	357,800		1,775,648
Nintendo Co. Ltd.	41,000		22,615,601
THQ, Inc. (a)	235,500		5,051,475
Ubisoft Entertainment SA (a)	126,568		12,266,985
			56,907,334
Systems Software - 27.1%
McAfee, Inc. (a)	246,300		8,928,375
Microsoft Corp.	4,010,100		113,566,032
Novell, Inc. (a)	1,049,336		7,429,299
Oracle Corp. (a)(d)	3,381,400		77,231,176
Red Hat, Inc. (a)	231,100		5,629,596
Symantec Corp. (a)	266,700		5,795,391
Utimaco Safeware AG (d)	121,909		1,744,815
VMware, Inc. Class A (d)	338,608		23,252,211
			243,576,895
TOTAL SOFTWARE			402,538,994
TOTAL COMMON STOCKS (Cost $741,157,987)		887,575,012
Money Market Funds - 7.9%
Fidelity Cash Central Fund, 2.44% (b)	1,083,459		1,083,459
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	70,165,388		70,165,388
TOTAL MONEY MARKET FUNDS (Cost $71,248,847)		71,248,847
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $812,406,834)			958,823,859
NET OTHER ASSETS - (6.7)%			(60,353,425)
NET ASSETS - 100%		$ 898,470,434

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 85,132
Fidelity Securities Lending Cash Central Fund	452,490
Total	$ 537,622

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 958,823,859	$ 936,208,258	$ 22,615,601	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $816,521,136. Net unrealized appreciation aggregated $142,302,723, of which $178,963,292 related to appreciated investment securities and $36,660,569 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Technology Portfolio

May 31, 2008

1.802190.104

TEC-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Diversified Commercial & Professional Services - 1.3%
China Security & Surveillance Technology, Inc. (a)(d)	1,106,600		$ 22,984,082
COMMUNICATIONS EQUIPMENT - 19.4%
Communications Equipment - 19.4%
ADVA AG Optical Networking (a)(d)	703,356		3,129,443
Arris Group, Inc. (a)	751,100		7,030,296
Aruba Networks, Inc. (a)	27,600		173,328
AudioCodes Ltd. (a)	765,600		2,985,840
Balda AG (a)(d)	255,800		779,978
Cisco Systems, Inc. (a)	5,058,200		135,155,104
Cogo Group, Inc. (a)	799,234		11,205,261
CommScope, Inc. (a)	50,000		2,742,500
Comverse Technology, Inc. (a)	829,400		15,468,310
Delta Networks, Inc.	4,418,000		1,347,383
F5 Networks, Inc. (a)	278,700		8,374,935
Foxconn International Holdings Ltd. (a)	2,038,000		2,773,429
Harris Stratex Networks, Inc. Class A (a)	418,800		4,707,312
Infinera Corp.	276,900		3,954,132
NETGEAR, Inc. (a)	30,902		586,829
Nokia Corp. sponsored ADR	31,000		880,400
Opnext, Inc. (a)	258,800		1,501,040
Powerwave Technologies, Inc. (a)	2,710,000		10,921,300
QUALCOMM, Inc.	1,131,100		54,903,594
Research In Motion Ltd. (a)	152,000		21,108,241
Riverbed Technology, Inc. (a)(d)	107,000		1,920,650
Sandvine Corp. (a)	3,502,400		4,124,618
Sandvine Corp. (U.K.) (a)	1,941,200		2,326,420
Sonus Networks, Inc. (a)(d)	2,602,494		11,164,699
Starent Networks Corp.	1,975,163		34,585,104
			343,850,146
COMPUTERS & PERIPHERALS - 14.3%
Computer Hardware - 10.2%
Apple, Inc. (a)	741,300		139,920,374
Foxconn Technology Co. Ltd.	77,000		446,872
Hewlett-Packard Co.	86,900		4,089,514
High Tech Computer Corp.	922,500		24,539,334
Palm, Inc. (d)	438,800		2,659,128
Stratasys, Inc. (a)	450,400		9,805,208
			181,460,430
Computer Storage & Peripherals - 4.1%
Innolux Display Corp.	1,572,051		4,393,731
Netezza Corp.	588,500		7,591,650
SanDisk Corp. (a)	1,190,500		33,703,055
	Shares		Value
Synaptics, Inc. (a)(d)	596,930		$ 25,530,696
TPV Technology Ltd.	3,000,000		1,845,231
			73,064,363
TOTAL COMPUTERS & PERIPHERALS			254,524,793
DIVERSIFIED CONSUMER SERVICES - 0.9%
Education Services - 0.9%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	252,300		16,588,725
ELECTRIC UTILITIES - 0.4%
Electric Utilities - 0.4%
Enernoc, Inc. (d)	541,733		8,044,735
ELECTRICAL EQUIPMENT - 3.6%
Electrical Components & Equipment - 3.4%
Canadian Solar, Inc. (a)	46,400		1,842,544
Energy Conversion Devices, Inc. (a)	31,900		2,025,012
First Solar, Inc. (a)	66,200		17,711,148
JA Solar Holdings Co. Ltd. ADR (a)	180,500		3,839,235
Neo-Neon Holdings Ltd.	12,136,000		6,889,181
Q-Cells AG (a)	31,800		3,866,179
Renewable Energy Corp. AS (a)	304,850		9,053,176
SolarWorld AG (d)	190,700		9,843,577
Sunpower Corp. Class A (a)	69,423		5,685,744
			60,755,796
Heavy Electrical Equipment - 0.2%
Suzlon Energy Ltd. (a)	474,989		3,125,283
TOTAL ELECTRICAL EQUIPMENT			63,881,079
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.2%
Electronic Equipment & Instruments - 1.1%
Amphenol Corp. Class A	150,000		6,994,500
Comverge, Inc. (d)	253,900		3,247,381
ENE Technology, Inc.	156,000		397,534
Everlight Electronics Co. Ltd.	2,275,000		8,041,513
Motech Industries, Inc. GDR (a)(e)	210,015		1,290,178
			19,971,106
Electronic Manufacturing Services - 1.1%
Trimble Navigation Ltd. (a)	498,200		19,848,288
Technology Distributors - 1.0%
Arrow Electronics, Inc. (a)	182,900		5,607,714
Avnet, Inc. (a)	384,800		11,359,296
			16,967,010
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			56,786,404
HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%
Health Care Equipment - 2.7%
Golden Meditech Co. Ltd.	4,532,000		1,811,894
I-Flow Corp. (a)	211,500		2,903,895
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Mindray Medical International Ltd. sponsored ADR	781,479		$ 32,743,970
Mingyuan Medicare Development Co. Ltd.	64,220,000		10,204,231
			47,663,990
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc.	1,500		47,505
HOTELS, RESTAURANTS & LEISURE - 1.6%
Hotels, Resorts & Cruise Lines - 1.6%
Ctrip.com International Ltd. sponsored ADR	409,000		23,877,420
Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)	182,100		4,474,197
			28,351,617
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
TomTom Group BV (a)	32,200		1,196,234
INTERNET & CATALOG RETAIL - 0.0%
Catalog Retail - 0.0%
Acorn International, Inc. sponsored ADR	2,800		22,204
INTERNET SOFTWARE & SERVICES - 4.5%
Internet Software & Services - 4.5%
Alibaba.com Ltd. (e)	938,500		1,743,776
Blinkx PLC	500,000		267,422
DealerTrack Holdings, Inc. (a)	30,700		645,928
Equinix, Inc. (a)	63,800		6,092,262
Google, Inc. Class A (sub. vtg.) (a)	58,700		34,386,460
LivePerson, Inc. (a)	717,300		2,309,706
LoopNet, Inc. (a)(d)	150,000		1,969,500
Omniture, Inc. (a)	756,589		18,649,919
Tencent Holdings Ltd.	1,297,200		10,920,955
VistaPrint Ltd. (a)	100,000		3,132,000
			80,117,928
IT SERVICES - 2.4%
Data Processing & Outsourced Services - 2.1%
Visa, Inc.	411,700		35,554,412
WNS Holdings Ltd. ADR (a)	130,300		2,325,855
			37,880,267
IT Consulting & Other Services - 0.3%
China Information Security Technology, Inc. (a)	125,000		892,500
HCL Technologies Ltd.	474,989		3,544,391
			4,436,891
TOTAL IT SERVICES			42,317,158
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
QIAGEN NV (a)	79,200		$ 1,576,872
MACHINERY - 0.2%
Industrial Machinery - 0.2%
China Fire & Security Group, Inc. (a)(d)	317,519		3,829,279
METALS & MINING - 0.2%
Diversified Metals & Mining - 0.2%
Timminco Ltd. (a)	141,300		4,337,846
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 20.9%
Semiconductor Equipment - 9.5%
Aixtron AG	363,900		5,429,083
Applied Materials, Inc.	2,020,100		40,018,181
ASML Holding NV (NY Shares)	633,805		18,988,798
Cymer, Inc. (a)	209,022		6,462,960
FormFactor, Inc. (a)	337,400		7,365,442
Global Unichip Corp.	850,000		6,274,558
Lam Research Corp. (a)	845,200		34,399,640
LTX Corp. (a)	953,485		2,803,246
MEMC Electronic Materials, Inc. (a)	93,500		6,419,710
MEMSIC, Inc.	188,000		941,880
Tessera Technologies, Inc. (a)	440,700		9,285,549
Varian Semiconductor Equipment Associates, Inc. (a)	801,900		30,496,257
			168,885,304
Semiconductors - 11.4%
Advanced Analog Technology, Inc.	580,390		2,547,705
Advanced Semiconductor Engineering, Inc. sponsored ADR (d)	1,462,200		7,676,550
Anpec Electronics Corp.	190,583		349,050
Applied Micro Circuits Corp. (a)	417,425		4,094,939
Atheros Communications, Inc. (a)	340,000		11,362,800
AuthenTec, Inc.	143,400		1,954,542
Broadcom Corp. Class A (a)	808,420		23,193,570
Cavium Networks, Inc. (d)	1,151,593		30,010,514
Cypress Semiconductor Corp. (a)(d)	807,400		22,510,312
Diodes, Inc. (a)	119,100		3,362,193
Elan Microelectronics Corp.	453,000		811,788
Epistar Corp.	1,568,041		4,279,405
Faraday Technology Corp.	539,000		1,065,151
Formosa Epitaxy, Inc.	1,957,000		2,316,548
Global Mixed-mode Technology, Inc.	285,500		1,680,378
Infineon Technologies AG sponsored ADR (a)	1,033,900		9,356,795
Marvell Technology Group Ltd. (a)	872,343		15,143,874
MediaTek, Inc.	233,000		2,911,303
NVIDIA Corp. (a)	468,300		11,567,010
ON Semiconductor Corp. (a)	893,320		8,834,935
PMC-Sierra, Inc. (a)	323,500		2,752,985
Richtek Technology Corp.	1,218,500		11,418,742
Seoul Semiconductor Co. Ltd.	70,000		1,211,767
Silicon Laboratories, Inc. (a)	180,100		6,636,685
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Siliconware Precision Industries Co. Ltd. sponsored ADR	836,000		$ 7,097,640
Spansion, Inc. Class A (a)	522,900		1,647,135
Spreadtrum Communications, Inc. ADR	22,100		207,740
Supertex, Inc. (a)(d)	43,700		1,105,610
Taiwan Semiconductor Manufacturing Co. Ltd.	10,278		22,170
Zoran Corp. (a)	318,100		4,653,803
			201,783,639
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			370,668,943
SOFTWARE - 18.4%
Application Software - 6.2%
Adobe Systems, Inc. (a)	107,000		4,714,420
Autonomy Corp. PLC (a)	668,800		11,744,582
Callidus Software, Inc. (a)	999,527		6,077,124
Citrix Systems, Inc. (a)	201,300		6,890,499
Concur Technologies, Inc. (a)(d)	288,200		10,568,294
Global Digital Creations Holdings Ltd. (a)	23,458,000		1,352,670
Longtop Financial Technologies Ltd. ADR (d)	308,700		5,960,997
Mentor Graphics Corp. (a)	99,700		1,161,505
Nuance Communications, Inc. (a)(d)	1,438,545		28,368,107
Salesforce.com, Inc. (a)	147,400		10,658,494
Smith Micro Software, Inc. (a)	1,171,882		9,890,684
SuccessFactors, Inc.	13,300		147,630
Synchronoss Technologies, Inc. (a)	363,706		4,833,653
Taleo Corp. Class A (a)	371,374		7,349,491
Ulticom, Inc. (a)	100,000		790,000
			110,508,150
Home Entertainment Software - 8.6%
Electronic Arts, Inc. (a)	321,700		16,149,340
Nintendo Co. Ltd.	229,700		126,702,523
THQ, Inc. (a)(d)	426,600		9,150,570
			152,002,433
Systems Software - 3.6%
BMC Software, Inc. (a)	91,800		3,681,180
McAfee, Inc. (a)	150,000		5,437,500
Microsoft Corp.	1,034,400		29,294,208
Moldflow Corp. (a)	93,800		2,063,600
Oracle Corp. (a)	573,600		13,101,024
Utimaco Safeware AG	125,000		1,789,055
VMware, Inc. Class A (d)	134,600		9,242,982
			64,609,549
TOTAL SOFTWARE			327,120,132
	Shares		Value
SPECIALTY RETAIL - 1.4%
Computer & Electronics Retail - 1.4%
The Game Group PLC	4,302,800		$ 24,099,960
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	99,100		3,688,502
TOTAL COMMON STOCKS (Cost $1,715,080,674)		1,701,698,134

Convertible Bonds - 0.8%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
Semiconductors - 0.8%
Advanced Micro Devices, Inc. 5.75% 8/15/12 (Cost $12,747,201)	$ 17,200,000	13,373,000

Money Market Funds - 7.8%
	Shares
Fidelity Cash Central Fund, 2.44% (b)	53,653,984		53,653,984
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	85,237,823		85,237,823
TOTAL MONEY MARKET FUNDS (Cost $138,891,807)		138,891,807

TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $1,866,719,682) 1,853,962,941

NET OTHER ASSETS - (4.4)%		(77,862,923)
NET ASSETS - 100%	$ 1,776,100,018

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,033,954 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 219,031
Fidelity Securities Lending Cash Central Fund	570,028
Total	$ 789,059

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 1,853,962,941	$ 1,712,597,240	$ 141,365,701	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,869,221,269. Net unrealized depreciation aggregated $15,258,328, of which $178,814,835 related to appreciated investment securities and $194,073,163 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Telecommunications Portfolio

May 31, 2008

1.802191.104

TEL-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 4.3%
Communications Equipment - 4.3%
Aruba Networks, Inc. (a)	392		$ 2,462
F5 Networks, Inc. (a)	1,600		48,080
Infinera Corp. (d)	75,300		1,075,284
Juniper Networks, Inc. (a)	46,300		1,274,176
Nortel Networks Corp. (a)	8,071		65,884
Polycom, Inc. (a)	1,700		42,364
Sandvine Corp. (a)	3,200		3,769
Sonus Networks, Inc. (a)	56,800		243,672
Starent Networks Corp.	698,458		12,230,000
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	300		8,112
			14,993,803
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		2,450
NetApp, Inc. (a)	700		17,066
Synaptics, Inc. (a)	300		12,831
			32,347
DIVERSIFIED TELECOMMUNICATION SERVICES - 54.2%
Alternative Carriers - 15.8%
Cable & Wireless PLC	18,800		61,187
Cogent Communications Group, Inc. (a)	58,908		969,037
Global Crossing Ltd. (a)	1,383,507		25,069,147
Iliad Group SA	600		60,094
Level 3 Communications, Inc. (a)(d)	2,025,352		6,946,957
PAETEC Holding Corp. (a)	73,600		650,624
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	1,142,642		21,367,405
			55,124,451
Integrated Telecommunication Services - 38.4%
AT&T, Inc.	1,671,602		66,696,920
BT Group PLC	5,053		22,247
Cbeyond, Inc. (a)	199,495		3,700,632
Cincinnati Bell, Inc. (a)	253,400		1,066,814
Deutsche Telekom AG (Reg.)	504,700		8,477,791
Embarq Corp.	30,400		1,438,528
FairPoint Communications, Inc.	34,149		307,341
NTELOS Holdings Corp.	632		17,645
PT Indosat Tbk	9,789,100		6,060,850
PT Telkomunikasi Indonesia Tbk Series B	355,900		310,410
Qwest Communications International, Inc. (d)	5,047,644		24,481,073
Telefonica SA	400		11,469
Telefonica SA sponsored ADR	800		68,824
Telenor ASA	4,400		95,521
Telenor ASA sponsored ADR	4,100		265,885
Telkom SA Ltd.	32,400		583,343
	Shares		Value
Verizon Communications, Inc.	503,424		$ 19,366,721
Windstream Corp.	40,308		537,709
			133,509,723
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			188,634,174
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Manufacturing Services - 0.1%
Trimble Navigation Ltd. (a)	8,940		356,170
INTERNET SOFTWARE & SERVICES - 0.9%
Internet Software & Services - 0.9%
Google, Inc. Class A (sub. vtg.) (a)	90		52,722
SAVVIS, Inc. (a)(d)	182,100		3,037,428
			3,090,150
MEDIA - 9.7%
Broadcasting & Cable TV - 9.7%
Comcast Corp. Class A	247,400		5,566,500
Dish TV India Ltd. (a)	5,888		6,452
Liberty Global, Inc. Class A (a)	400		14,340
The DIRECTV Group, Inc. (a)(d)	385,000		10,818,500
Time Warner Cable, Inc. (a)	1,200		35,880
Virgin Media, Inc.	1,103,700		17,317,053
			33,758,725
SOFTWARE - 4.2%
Application Software - 2.4%
Nuance Communications, Inc. (a)	18,400		362,848
OnMobile Global Ltd.	8,904		140,139
Synchronoss Technologies, Inc. (a)(d)	592,163		7,869,846
			8,372,833
Home Entertainment Software - 1.8%
Gameloft (a)(d)	1,080,072		5,360,055
Glu Mobile, Inc. (a)	188,414		928,881
			6,288,936
TOTAL SOFTWARE			14,661,769
WIRELESS TELECOMMUNICATION SERVICES - 25.6%
Wireless Telecommunication Services - 25.6%
America Movil SAB de CV Series L sponsored ADR	17,000		1,016,090
American Tower Corp. Class A (a)(d)	300,600		13,743,432
Bharti Airtel Ltd. (a)	111,371		2,313,933
Centennial Communications Corp. Class A (a)	100,700		762,299
China Mobile (Hong Kong) Ltd. sponsored ADR	6,700		494,393
China Unicom Ltd. sponsored ADR	4,300		100,808
Clearwire Corp. (a)(d)	17,350		245,850
Crown Castle International Corp. (a)	189,800		8,064,602
Idea Cellular Ltd. (a)	3,004,585		7,760,894
Leap Wireless International, Inc. (a)	45,314		2,603,742
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
MetroPCS Communications, Inc. (d)	54,300		$ 1,153,332
Millicom International Cellular SA	106,800		12,373,848
MTN Group Ltd.	41,500		830,027
NII Holdings, Inc. (a)	68,400		3,433,680
SBA Communications Corp. Class A (a)	135,064		5,027,082
Sprint Nextel Corp.	732,513		6,856,322
Syniverse Holdings, Inc. (a)	34,268		738,818
Telephone & Data Systems, Inc.	16,488		785,983
Turkcell Iletisim Hizmet AS sponsored ADR	226,500		4,396,365
Virgin Mobile USA, Inc. Class A	600		2,148
Vodafone Group PLC sponsored ADR	510,900		16,394,781
			89,098,429
TOTAL COMMON STOCKS (Cost $389,018,229)		344,625,567
Money Market Funds - 14.1%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	2,005,938		$ 2,005,938
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	47,178,974		47,178,974
TOTAL MONEY MARKET FUNDS (Cost $49,184,912)		49,184,912

TOTAL INVESTMENT PORTFOLIO - 113.1% (Cost $438,203,141) 393,810,479

NET OTHER ASSETS - (13.1)%	(45,624,960)
NET ASSETS - 100%	$ 348,185,519

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,546
Fidelity Securities Lending Cash Central Fund	80,812
Total	$ 96,358

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 393,810,479	$ 385,198,164	$ 8,511,507	$ 100,808

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	(88,381)
Total Unrealized Gain (Loss)	7,670
Cost of Purchases	4,816,686
Proceeds of Sales	(4,635,167)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 100,808

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $442,686,708. Net unrealized depreciation aggregated $48,876,229, of which $18,507,771 related to appreciated investment securities and $67,384,000 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Advisor
Telecommunications Portfolio
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2008

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

1.851743.101

ATLC-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 4.3%
Communications Equipment - 4.3%
Aruba Networks, Inc. (a)	392		$ 2,462
F5 Networks, Inc. (a)	1,600		48,080
Infinera Corp. (d)	75,300		1,075,284
Juniper Networks, Inc. (a)	46,300		1,274,176
Nortel Networks Corp. (a)	8,071		65,884
Polycom, Inc. (a)	1,700		42,364
Sandvine Corp. (a)	3,200		3,769
Sonus Networks, Inc. (a)	56,800		243,672
Starent Networks Corp.	698,458		12,230,000
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	300		8,112
			14,993,803
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		2,450
NetApp, Inc. (a)	700		17,066
Synaptics, Inc. (a)	300		12,831
			32,347
DIVERSIFIED TELECOMMUNICATION SERVICES - 54.2%
Alternative Carriers - 15.8%
Cable & Wireless PLC	18,800		61,187
Cogent Communications Group, Inc. (a)	58,908		969,037
Global Crossing Ltd. (a)	1,383,507		25,069,147
Iliad Group SA	600		60,094
Level 3 Communications, Inc. (a)(d)	2,025,352		6,946,957
PAETEC Holding Corp. (a)	73,600		650,624
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	1,142,642		21,367,405
			55,124,451
Integrated Telecommunication Services - 38.4%
AT&T, Inc.	1,671,602		66,696,920
BT Group PLC	5,053		22,247
Cbeyond, Inc. (a)	199,495		3,700,632
Cincinnati Bell, Inc. (a)	253,400		1,066,814
Deutsche Telekom AG (Reg.)	504,700		8,477,791
Embarq Corp.	30,400		1,438,528
FairPoint Communications, Inc.	34,149		307,341
NTELOS Holdings Corp.	632		17,645
PT Indosat Tbk	9,789,100		6,060,850
PT Telkomunikasi Indonesia Tbk Series B	355,900		310,410
Qwest Communications International, Inc. (d)	5,047,644		24,481,073
Telefonica SA	400		11,469
Telefonica SA sponsored ADR	800		68,824
Telenor ASA	4,400		95,521
Telenor ASA sponsored ADR	4,100		265,885
Telkom SA Ltd.	32,400		583,343
	Shares		Value
Verizon Communications, Inc.	503,424		$ 19,366,721
Windstream Corp.	40,308		537,709
			133,509,723
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			188,634,174
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Manufacturing Services - 0.1%
Trimble Navigation Ltd. (a)	8,940		356,170
INTERNET SOFTWARE & SERVICES - 0.9%
Internet Software & Services - 0.9%
Google, Inc. Class A (sub. vtg.) (a)	90		52,722
SAVVIS, Inc. (a)(d)	182,100		3,037,428
			3,090,150
MEDIA - 9.7%
Broadcasting & Cable TV - 9.7%
Comcast Corp. Class A	247,400		5,566,500
Dish TV India Ltd. (a)	5,888		6,452
Liberty Global, Inc. Class A (a)	400		14,340
The DIRECTV Group, Inc. (a)(d)	385,000		10,818,500
Time Warner Cable, Inc. (a)	1,200		35,880
Virgin Media, Inc.	1,103,700		17,317,053
			33,758,725
SOFTWARE - 4.2%
Application Software - 2.4%
Nuance Communications, Inc. (a)	18,400		362,848
OnMobile Global Ltd.	8,904		140,139
Synchronoss Technologies, Inc. (a)(d)	592,163		7,869,846
			8,372,833
Home Entertainment Software - 1.8%
Gameloft (a)(d)	1,080,072		5,360,055
Glu Mobile, Inc. (a)	188,414		928,881
			6,288,936
TOTAL SOFTWARE			14,661,769
WIRELESS TELECOMMUNICATION SERVICES - 25.6%
Wireless Telecommunication Services - 25.6%
America Movil SAB de CV Series L sponsored ADR	17,000		1,016,090
American Tower Corp. Class A (a)(d)	300,600		13,743,432
Bharti Airtel Ltd. (a)	111,371		2,313,933
Centennial Communications Corp. Class A (a)	100,700		762,299
China Mobile (Hong Kong) Ltd. sponsored ADR	6,700		494,393
China Unicom Ltd. sponsored ADR	4,300		100,808
Clearwire Corp. (a)(d)	17,350		245,850
Crown Castle International Corp. (a)	189,800		8,064,602
Idea Cellular Ltd. (a)	3,004,585		7,760,894
Leap Wireless International, Inc. (a)	45,314		2,603,742
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
MetroPCS Communications, Inc. (d)	54,300		$ 1,153,332
Millicom International Cellular SA	106,800		12,373,848
MTN Group Ltd.	41,500		830,027
NII Holdings, Inc. (a)	68,400		3,433,680
SBA Communications Corp. Class A (a)	135,064		5,027,082
Sprint Nextel Corp.	732,513		6,856,322
Syniverse Holdings, Inc. (a)	34,268		738,818
Telephone & Data Systems, Inc.	16,488		785,983
Turkcell Iletisim Hizmet AS sponsored ADR	226,500		4,396,365
Virgin Mobile USA, Inc. Class A	600		2,148
Vodafone Group PLC sponsored ADR	510,900		16,394,781
			89,098,429
TOTAL COMMON STOCKS (Cost $389,018,229)		344,625,567
Money Market Funds - 14.1%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	2,005,938		$ 2,005,938
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	47,178,974		47,178,974
TOTAL MONEY MARKET FUNDS (Cost $49,184,912)		49,184,912

TOTAL INVESTMENT PORTFOLIO - 113.1% (Cost $438,203,141) 393,810,479

NET OTHER ASSETS - (13.1)%	(45,624,960)
NET ASSETS - 100%	$ 348,185,519

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,546
Fidelity Securities Lending Cash Central Fund	80,812
Total	$ 96,358

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 393,810,479	$ 385,198,164	$ 8,511,507	$ 100,808

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	(88,381)
Total Unrealized Gain (Loss)	7,670
Cost of Purchases	4,816,686
Proceeds of Sales	(4,635,167)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 100,808

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $442,686,708. Net unrealized depreciation aggregated $48,876,229, of which $18,507,771 related to appreciated investment securities and $67,384,000 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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, 2008

1.802192.104

TRN-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
AEROSPACE & DEFENSE - 0.6%
Aerospace & Defense - 0.6%
Precision Castparts Corp.	1,500		$ 181,200
Spirit AeroSystems Holdings, Inc. Class A (a)	6,600		196,878
The Boeing Co.	1,500		124,155
			502,233
AIR FREIGHT & LOGISTICS - 34.1%
Air Freight & Logistics - 34.1%
C.H. Robinson Worldwide, Inc. (d)	31,500		2,031,750
Expeditors International of Washington, Inc.	45,320		2,133,666
FedEx Corp.	75,400		6,914,934
Forward Air Corp.	46,395		1,718,935
Hub Group, Inc. Class A (a)	7,260		261,941
United Parcel Service, Inc. Class B (d)	175,700		12,478,214
UTI Worldwide, Inc.	69,300		1,646,568
			27,186,008
AIRLINES - 8.4%
Airlines - 8.4%
AirTran Holdings, Inc. (a)	85,400		256,200
AMR Corp. (a)	84,900		610,431
Continental Airlines, Inc. Class B (a)	42,600		613,866
Delta Air Lines, Inc. (a)(d)	137,702		846,867
JetBlue Airways Corp. (a)	82,800		328,716
Northwest Airlines Corp. (a)	98,800		697,528
Ryanair Holdings PLC sponsored ADR (a)(d)	13,776		362,998
Southwest Airlines Co.	171,787		2,243,538
UAL Corp.	62,700		535,458
US Airways Group, Inc. (a)	46,300		183,348
			6,678,950
AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
General Motors Corp.	5,600		95,760
MARINE - 4.2%
Marine - 4.2%
Alexander & Baldwin, Inc.	12,200		627,934
Eagle Bulk Shipping, Inc.	10,400		346,736
Genco Shipping & Trading Ltd.	5,200		365,248
Horizon Lines, Inc. Class A (d)	28,490		358,119
Kirby Corp. (a)	9,300		517,638
Navios Maritime Holdings, Inc.	38,900		467,578
	Shares		Value
OceanFreight, Inc.	16,900		$ 448,188
Ultrapetrol (Bahamas) Ltd. (a)	12,300		187,329
			3,318,770
METALS & MINING - 0.8%
Diversified Metals & Mining - 0.8%
Titanium Metals Corp. (d)	36,200		629,880
OIL, GAS & CONSUMABLE FUELS - 2.6%
Oil & Gas Refining & Marketing - 0.4%
Valero Energy Corp.	5,700		289,788
Oil & Gas Storage & Transport - 2.2%
Overseas Shipholding Group, Inc.	6,600		521,796
Ship Finance International Ltd. (NY Shares)	18,700		573,903
Teekay Tankers Ltd.	16,100		352,590
Top Ships, Inc. (a)	36,133		321,584
			1,769,873
TOTAL OIL, GAS & CONSUMABLE FUELS			2,059,661
ROAD & RAIL - 44.8%
Railroads - 36.6%
Burlington Northern Santa Fe Corp.	35,200		3,979,360
Canadian Pacific Railway Ltd.	5,100		372,580
CSX Corp.	47,400		3,273,444
Genesee & Wyoming, Inc. Class A (a)	4,900		200,018
Kansas City Southern (a)	15,350		766,886
Norfolk Southern Corp.	109,800		7,398,324
Union Pacific Corp. (d)	160,300		13,194,293
			29,184,905
Trucking - 8.2%
Avis Budget Group, Inc. (a)	8,600		119,712
Con-way, Inc.	6,200		302,622
Heartland Express, Inc.	13,200		203,280
Hertz Global Holdings, Inc. (a)	32,000		423,040
J.B. Hunt Transport Services, Inc.	25,200		877,968
Knight Transportation, Inc.	33,000		602,580
Landstar System, Inc.	15,670		873,132
Marten Transport Ltd. (a)	16,500		295,680
Old Dominion Freight Lines, Inc. (a)	16,900		510,042
Ryder System, Inc.	16,900		1,240,967
Saia, Inc. (a)	32,400		450,684
Werner Enterprises, Inc.	10,800		204,552
YRC Worldwide, Inc. (a)(d)	25,100		438,246
			6,542,505
TOTAL ROAD & RAIL			35,727,410
TRADING COMPANIES & DISTRIBUTORS - 0.3%
Trading Companies & Distributors - 0.3%
Rush Enterprises, Inc. Class A (a)	17,550		283,959
TOTAL COMMON STOCKS (Cost $62,299,150)		76,482,631
Money Market Funds - 24.6%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	2,506,696		$ 2,506,696
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	17,132,800		17,132,800
TOTAL MONEY MARKET FUNDS (Cost $19,639,496)		19,639,496
TOTAL INVESTMENT PORTFOLIO - 120.5% (Cost $81,938,646)			96,122,127
NET OTHER ASSETS - (20.5)%			(16,379,295)
NET ASSETS - 100%		$ 79,742,832

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,407
Fidelity Securities Lending Cash Central Fund	16,730
Total	$ 28,137

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 96,122,127	$ 96,122,127	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $83,633,048. Net unrealized appreciation aggregated $12,489,079, of which $23,250,662 related to appreciated investment securities and $10,761,583 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Utilities Growth Portfolio

May 31, 2008

1.802193.104

UTI-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Other Diversifed Financial Services - 0.3%
Hicks Acquisition Co. I, Inc. unit	147,800		$ 1,470,610
ELECTRIC UTILITIES - 54.8%
Electric Utilities - 54.8%
Allegheny Energy, Inc.	508,300		27,829,425
American Electric Power Co., Inc.	548,600		23,222,238
Edison International	352,600		18,768,898
Entergy Corp.	306,400		37,003,928
Exelon Corp.	823,600		72,476,801
FirstEnergy Corp.	403,300		31,743,743
FPL Group, Inc.	629,400		42,497,088
PPL Corp.	1,244,200		63,839,902
Sierra Pacific Resources	668,500		9,071,545
			326,453,568
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	35,400		1,505,916
GAS UTILITIES - 3.5%
Gas Utilities - 3.5%
Equitable Resources, Inc.	131,600		9,242,268
Questar Corp.	179,353		11,518,050
			20,760,318
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 18.1%
Independent Power Producers & Energy Traders - 18.1%
AES Corp. (a)	785,298		15,297,605
Constellation Energy Group, Inc.	284,600		24,541,058
Dynegy, Inc. Class A (a)	966,000		9,099,720
Mirant Corp. (a)	403,200		16,377,984
NRG Energy, Inc. (a)	680,000		28,281,200
Reliant Energy, Inc. (a)	558,979		14,287,503
			107,885,070
MULTI-UTILITIES - 13.7%
Multi-Utilities - 13.7%
Aquila, Inc. (a)	397,100		1,512,951
	Shares		Value
CenterPoint Energy, Inc.	347,000		$ 5,878,180
PG&E Corp.	346,400		13,713,976
Public Service Enterprise Group, Inc.	710,450		31,444,517
Sempra Energy (d)	502,300		29,037,963
			81,587,587
OIL, GAS & CONSUMABLE FUELS - 2.5%
Coal & Consumable Fuels - 0.6%
Cameco Corp.	95,100		3,874,834
Oil & Gas Storage & Transport - 1.9%
Spectra Energy Corp.	411,200		11,110,624
TOTAL OIL, GAS & CONSUMABLE FUELS			14,985,458
TOTAL COMMON STOCKS (Cost $462,010,283)		554,648,527
Money Market Funds - 9.6%
Fidelity Cash Central Fund, 2.44% (b)	27,418,227		27,418,227
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	29,743,500		29,743,500
TOTAL MONEY MARKET FUNDS (Cost $57,161,727)		57,161,727

TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $519,172,010) 611,810,254

NET OTHER ASSETS - (2.8)%		(16,400,131)
NET ASSETS - 100%	$ 595,410,123

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 115,893
Fidelity Securities Lending Cash Central Fund	84,331
Total	$ 200,224

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 611,810,254	$ 611,810,254	$ -	$ -

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $520,498,336. Net unrealized appreciation aggregated $91,311,918, of which $96,547,658 related to appreciated investment securities and $5,235,740 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity ® Select Wireless Portfolio

May 31, 2008

1.802194.104

WIR-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 29.8%
Communications Equipment - 29.8%
Aruba Networks, Inc. (a)	2,184		$ 13,716
Cisco Systems, Inc. (a)	15,500		414,160
Comverse Technology, Inc. (a)	2,620		48,863
Harris Corp.	213,600		14,050,608
Motorola, Inc.	64,980		606,263
Nokia Corp. sponsored ADR	640,700		18,195,880
Powerwave Technologies, Inc. (a)	89,500		360,685
QUALCOMM, Inc. (d)	568,950		27,616,833
Research In Motion Ltd. (a)	193,800		26,913,007
Sandvine Corp. (a)	10,900		12,836
Starent Networks Corp. (d)	1,426,712		24,981,727
Tekelec (a)	1,600		26,864
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	163,800		4,429,152
			117,670,594
COMPUTERS & PERIPHERALS - 0.3%
Computer Hardware - 0.2%
Apple, Inc. (a)	4,200		792,750
Computer Storage & Peripherals - 0.1%
Synaptics, Inc. (a)	10,600		453,362
TOTAL COMPUTERS & PERIPHERALS			1,246,112
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.6%
Integrated Telecommunication Services - 4.6%
AT&T, Inc.	23,497		937,530
Cbeyond, Inc. (a)	8,500		157,675
FairPoint Communications, Inc.	4,352		39,168
NTELOS Holdings Corp.	83,200		2,322,944
PT Indosat Tbk	20,841,200		12,903,678
PT Telkomunikasi Indonesia Tbk Series B	448,000		390,738
Telefonica SA sponsored ADR	600		51,618
Telenor ASA sponsored ADR	100		6,485
Telkom SA Ltd.	47,000		846,207
Verizon Communications, Inc.	13,800		530,886
			18,186,929
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	1,000		39,840
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
Openwave Systems, Inc.	198,141		392,319
SAVVIS, Inc. (a)	6,200		103,416
			495,735
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
Semiconductors - 4.0%
Atheros Communications, Inc. (a)	87,300		2,917,566
	Shares		Value
Cree, Inc. (a)	25,200		$ 640,584
Marvell Technology Group Ltd. (a)	348,300		6,046,488
RF Micro Devices, Inc. (a)(d)	475,000		1,900,000
Skyworks Solutions, Inc. (a)(d)	402,000		4,152,660
			15,657,298
SOFTWARE - 10.0%
Application Software - 6.2%
Nuance Communications, Inc. (a)(d)	720,100		14,200,372
OnMobile Global Ltd.	12,342		194,249
Synchronoss Technologies, Inc. (a)(d)	743,155		9,876,530
			24,271,151
Home Entertainment Software - 3.8%
Gameloft (a)(d)	2,753,409		13,664,296
Glu Mobile, Inc. (a)(d)	303,279		1,495,165
			15,159,461
TOTAL SOFTWARE			39,430,612
WIRELESS TELECOMMUNICATION SERVICES - 50.5%
Wireless Telecommunication Services - 50.5%
America Movil SAB de CV Series L sponsored ADR	18,000		1,075,860
American Tower Corp. Class A (a)(d)	289,392		13,231,002
Bharti Airtel Ltd. (a)	114,891		2,387,068
China Mobile (Hong Kong) Ltd. sponsored ADR	8,500		627,215
China Unicom Ltd. sponsored ADR	1,300		30,477
Clearwire Corp. (a)(d)	227,700		3,226,509
Crown Castle International Corp. (a)	326,300		13,864,487
Idea Cellular Ltd. (a)	4,585,900		11,845,458
InPhonic, Inc. (a)	27,700		249
KDDI Corp.	959		6,648,606
Leap Wireless International, Inc. (a)(d)	274,583		15,777,539
MetroPCS Communications, Inc. (d)	197,700		4,199,148
Millicom International Cellular SA	195,800		22,685,388
MTN Group Ltd.	56,100		1,122,037
NII Holdings, Inc. (a)	257,000		12,901,400
NTT DoCoMo, Inc.	4,641		7,404,703
Orascom Telecom Holding SAE unit	400		29,560
Rogers Communications, Inc. Class B (non-vtg.)	214,400		9,430,579
SBA Communications Corp. Class A (a)	375,500		13,976,110
Sprint Nextel Corp.	709,331		6,639,338
Syniverse Holdings, Inc. (a)	172,400		3,716,944
Telephone & Data Systems, Inc.	29,664		1,414,083
Turkcell Iletisim Hizmet AS sponsored ADR (d)	285,000		5,531,850
U.S. Cellular Corp. (a)	60,600		3,795,378
Virgin Mobile USA, Inc. Class A	6,100		21,838
Vodafone Group PLC sponsored ADR	1,176,800		37,763,513
			199,346,339
TOTAL COMMON STOCKS (Cost $347,241,668)		392,073,459
Money Market Funds - 18.6%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (b)	8,391,742		$ 8,391,742
Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)	65,285,157		65,285,157
TOTAL MONEY MARKET FUNDS (Cost $73,676,899)		73,676,899

TOTAL INVESTMENT PORTFOLIO - 117.9% (Cost $420,918,567) 465,750,358

NET OTHER ASSETS - (17.9)%		(70,721,087)
NET ASSETS - 100%	$ 395,029,271

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,733
Fidelity Securities Lending Cash Central Fund	212,905
Total	$ 220,638

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets 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	$ 465,750,358	$ 458,315,178	$ 7,404,703	$ 30,477

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	(81,234)
Total Unrealized Gain (Loss)	2,371
Cost of Purchases	4,300,220
Proceeds of Sales	(4,190,880)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 30,477

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $424,584,480. Net unrealized appreciation aggregated $41,165,878, of which $64,779,277 related to appreciated investment securities and $23,613,399 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

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, 2008

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, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	July 30, 2008

EX-99.CERT

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 30, 2008

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Joseph B. Hollis, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 30, 2008

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer