-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KxKwxX6Xcnx/ps1b85h4qsHQbkp+Ne9BoTJiQzMsW2NgdX+FVg6iCihyqZAKJO07 +kzwvydomf9LeyU2JckjXw== 0000722574-09-000025.txt : 20090129 0000722574-09-000025.hdr.sgml : 20090129 20090129170836 ACCESSION NUMBER: 0000722574-09-000025 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081130 FILED AS OF DATE: 20090129 DATE AS OF CHANGE: 20090129 EFFECTIVENESS DATE: 20090129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 042732797 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 09555139 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-1413 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109

0000320351 S000007453 Air Tranportation Portfolio

C000020427 Air Transportation Portfolio FSAIX

0000320351 S000007454 Consumer Discretionary Portfolio

C000020428 Consumer Discretionary Portfolio FSCPX

0000320351 S000007455 Industrials Portfolio

C000020429 Industrials Portfolio FCYIX

0000320351 S000007456 Defense and Aerospace Portfolio

C000020430 Defense and Aerospace Portfolio FSDAX

0000320351 S000007457 Communications Equipment Portfolio

C000020431 Communications Equipment Portfolio FSDCX

0000320351 S000007458 Electronics Portfolio

C000020432 Electronics Portfolio FSELX

0000320351 S000007459 Energy Portfolio

C000020433 Energy Portfolio FSENX

0000320351 S000007460 Energy Service Portfolio

C000020434 Energy Service Portfolio FSESX

0000320351 S000007461 Environmental Portfolio

C000020435 Environmental Portfolio FSLEX

0000320351 S000007462 Financial Services Portfolio

C000020436 Financial Services Portfolio FIDSX

0000320351 S000007463 Consumer Staples Portfolio

C000020437 Consumer Staples Portfolio FDFAX

C000040616 Fidelity Advisor Consumer Staples Fund: Class A

C000040617 Fidelity Advisor Consumer Staples Fund: Class B

C000040618 Fidelity Advisor Consumer Staples Fund: Class C

C000040619 Fidelity Advisor Consumer Staples Fund: Class T

C000040620 Fidelity Advisor Consumer Staples Fund: Institutional Class

0000320351 S000007464 Automotive Portfolio

C000020438 Automotive Portfolio FSAVX

0000320351 S000007465 Gold Portfolio

C000020439 Gold Portfolio FSAGX

C000040621 Fidelity Advisor Gold Fund: Institutional Class

C000040622 Fidelity Advisor Gold Fund: Class A

C000040623 Fidelity Advisor Gold Fund: Class B

C000040624 Fidelity Advisor Gold Fund: Class C

C000040625 Fidelity Advisor Gold Fund: Class T

0000320351 S000007466 Health Care Portfolio

C000020440 Health Care Portfolio FSPHX

0000320351 S000007467 Home Finance Portfolio

C000020441 Home Finance Portfolio FSVLX

0000320351 S000007468 Industrial Equipment Portfolio

C000020442 Industrial Equipment Portfolio FSCGX

0000320351 S000007469 Materials Portfolio

C000020443 Materials Portfolio FSDPX

C000040626 Fidelity Advisor Materials Fund: Class A

C000040627 Fidelity Advisor Materials Fund: Class B

C000040628 Fidelity Advisor Materials Fund: Class C

C000040629 Fidelity Advisor Materials Fund: Class T

C000040630 Fidelity Advisor Materials Fund: Institutional Class

0000320351 S000007470 Insurance Portfolio

C000020444 Insurance Portfolio FSPCX

0000320351 S000007471 Leisure Portfolio

C000020445 Leisure Portfolio FDLSX

0000320351 S000007472 Medical Delivery Portfolio

C000020446 Medical Delivery Portfolio FSHCX

0000320351 S000007473 Medical Equipment and Systems Portfolio

C000020447 Medical Equipment and Systems Portfolio FSMEX

0000320351 S000007475 Banking Portfolio

C000020449 Banking Portfolio FSRBX

0000320351 S000007476 Multimedia Portfolio

C000020450 Multimedia Portfolio FBMPX

0000320351 S000007477 Natural Gas Portfolio

C000020451 Natural Gas Portfolio FSNGX

0000320351 S000007478 Natural Resources Portfolio

C000020452 Natural Resources Portfolio FNARX

0000320351 S000007479 Networking and Infrastructure Portfolio

C000020453 Networking and Infrastructure Portfolio FNINX

0000320351 S000007480 Paper and Forest Products Portfolio

C000020454 Paper and Forest Products Portfolio FSPFX

0000320351 S000007481 Pharmaceuticals Portfolio

C000020455 Pharmaceuticals Portfolio FPHAX

0000320351 S000007482 Retailing Portfolio

C000020456 Retailing Portfolio FSRPX

0000320351 S000007483 Software and Computer Services Portfolio

C000020457 Software and Computer Services Portfolio FSCSX

0000320351 S000007484 Technology Portfolio

C000020458 Technology Portfolio FSPTX

0000320351 S000007485 Telecommunications Portfolio

C000020459 Telecommunications Portfolio FSTCX

C000040631 Fidelity Advisor Telecommunications Fund: Class A

C000040632 Fidelity Advisor Telecommunications Fund: Class B

C000040633 Fidelity Advisor Telecommunications Fund: Class C

C000040634 Fidelity Advisor Telecommunications Fund: Class T

C000040635 Fidelity Advisor Telecommunications Fund: Institutional Class

0000320351 S000007486 Biotechnology Portfolio

C000020460 Biotechnology Portfolio FBIOX

0000320351 S000007487 Transportation Portfolio

C000020461 Transportation Portfolio FSRFX

0000320351 S000007488 Utilities Growth Portfolio

C000020462 Utilities Growth Portfolio FSUTX

0000320351 S000007489 Wireless Portfolio

C000020463 Wireless Portfolio FWRLX

0000320351 S000007490 Brokerage and Investment Management Portfolio

C000020464 Brokerage and Investment Management Portfolio FSLBX

0000320351 S000007491 IT Services Portfolio

C000020465 IT Services Portfolio FBSOX

0000320351 S000007492 Chemicals Portfolio

C000020466 Chemicals Portfolio FSCHX

0000320351 S000007493 Computers Portfolio

C000020467 Computers Portfolio FDCPX

0000320351 S000007494 Construction and Housing Portfolio

C000020468 Construction and Housing Portfolio FSHOX

N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

November 30, 2008

1.810665.104

AIR-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
AEROSPACE & DEFENSE - 21.5%
Aerospace & Defense - 21.5%
Bombardier, Inc. Class B (sub. vtg.)	270,300		$ 911,173
Goodrich Corp.	13,000		437,450
Precision Castparts Corp.	50,800		3,185,160
Raytheon Co.	2,500		122,000
Rockwell Collins, Inc.	21,100		719,088
Spirit AeroSystems Holdings, Inc. Class A (a)	132,200		1,196,410
The Boeing Co.	74,200		3,163,146
			9,734,427
AIR FREIGHT & LOGISTICS - 19.5%
Air Freight & Logistics - 19.5%
Atlas Air Worldwide Holdings, Inc. (a)	4,500		68,850
Expeditors International of Washington, Inc.	33,900		1,133,277
FedEx Corp.	46,350		3,274,628
Forward Air Corp.	18,600		430,032
United Parcel Service, Inc. Class B	55,100		3,173,760
UTI Worldwide, Inc.	69,900		749,328
			8,829,875
AIRLINES - 51.5%
Airlines - 51.5%
ACE Aviation Holdings, Inc. Class A	21,200		50,094
AirTran Holdings, Inc. (a)	300,400		1,024,364
Alaska Air Group, Inc. (a)	70,300		1,613,385
Allegiant Travel Co. (a)	11,600		500,424
AMR Corp. (a)(d)	230,200		2,021,156
Continental Airlines, Inc. Class B (a)	184,700		2,711,396
Delta Air Lines, Inc. (a)	728,090		6,414,472
ExpressJet Holdings, Inc. (a)	20		25
Frontier Airlines Holdings, Inc. (a)	5		1
Hawaiian Holdings, Inc. (a)	93,800		420,224
JetBlue Airways Corp. (a)	272,900		1,429,996
Pinnacle Airlines Corp. (a)	43,900		143,114
Republic Airways Holdings, Inc. (a)	18,200		254,254
Ryanair Holdings PLC sponsored ADR (a)(d)	65,800		1,727,908
SkyWest, Inc.	34,400		522,880
Southwest Airlines Co.	124,700		1,078,655
UAL Corp. (d)	157,600		1,773,000
US Airways Group, Inc. (a)(d)	155,666		927,769
WestJet Airlines Ltd. (a)	94,450		680,954
			23,294,071

	Shares		Value
INDUSTRIAL CONGLOMERATES - 3.2%
Industrial Conglomerates - 3.2%
Textron, Inc.	96,400		$ 1,468,172
OIL, GAS & CONSUMABLE FUELS - 0.1%
Oil & Gas Refining & Marketing - 0.1%
Valero Energy Corp.	3,300		60,555
Oil & Gas Storage & Transport - 0.0%
Ship Finance International Ltd. (NY Shares)	18		214
TOTAL OIL, GAS & CONSUMABLE FUELS			60,769
TOTAL COMMON STOCKS (Cost $57,320,529)		43,387,314

Nonconvertible Bonds - 0.1%
	Principal Amount
AIRLINES - 0.1%
Airlines - 0.1%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $104,974)	$ 3,500,000	43,750

Money Market Funds - 13.5%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	1,021,377		1,021,377
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	5,075,775		5,075,775
TOTAL MONEY MARKET FUNDS (Cost $6,097,152)		6,097,152

TOTAL INVESTMENT PORTFOLIO - 109.4%

(Cost $63,522,655)

49,528,216

NET OTHER ASSETS - (9.4)%			(4,270,502)
NET ASSETS - 100%		$ 45,257,714

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.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 20,747
Fidelity Securities Lending Cash Central Fund	44,173
Total	$ 64,920

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 49,528,216	$ 49,484,466	$ 43,750	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $65,025,057. Net unrealized depreciation aggregated $15,496,841, of which $3,612,114 related to appreciated investment securities and $19,108,955 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. 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 may 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 or deemed less relevant (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

November 30, 2008

1.810666.104

AUT-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.4%
	Shares		Value
AUTO COMPONENTS - 61.1%
Auto Parts & Equipment - 55.1%
American Axle & Manufacturing Holdings, Inc.	81,849		$ 206,259
Amerigon, Inc. (a)	29,100		108,543
ArvinMeritor, Inc. (d)	19,200		75,840
ATC Technology Corp. (a)	6,400		110,656
Autoliv, Inc.	21,700		414,253
Bharat Forge Ltd.	158		279
BorgWarner, Inc.	17,100		404,586
Dana Holding Corp. (a)	71,500		67,925
Drew Industries, Inc. (a)	5,500		77,330
Exide Technologies (a)	21,700		97,650
Federal-Mogul Corp. Class A (a)	11,000		58,190
Gentex Corp.	46,200		405,174
Hyundai Mobis	377		15,912
Johnson Controls, Inc.	110,370		1,949,136
Lear Corp. (a)	61,300		145,281
Modine Manufacturing Co.	10,100		48,581
Raser Technologies, Inc. (a)(d)	9,900		46,530
Spartan Motors, Inc.	6,400		19,072
Superior Industries International, Inc.	6,500		79,495
Tenneco, Inc. (a)	48,080		157,702
TRW Automotive Holdings Corp. (a)	46,000		163,760
Visteon Corp. (a)	102,500		76,875
WABCO Holdings, Inc.	15,900		236,274
			4,965,303
Tires & Rubber - 6.0%
Cooper Tire & Rubber Co.	18,500		88,615
Michelin SA (Compagnie Generale des Etablissements) Series B	400		19,218
The Goodyear Tire & Rubber Co. (a)	66,700		428,881
			536,714
TOTAL AUTO COMPONENTS			5,502,017
AUTOMOBILES - 28.2%
Automobile Manufacturers - 19.3%
Bayerische Motoren Werke AG (BMW)	6,100		153,476
Daimler AG	5,800		181,656
Fiat SpA	4,300		31,747
Fleetwood Enterprises, Inc. (a)	15,300		2,295
Ford Motor Co. (a)(d)	327,261		880,332
Honda Motor Co. Ltd. sponsored ADR	1,400		30,912
Maruti Suzuki India Ltd.	76		818
Monaco Coach Corp.	9,400		7,896
Renault SA	7,000		154,920
Thor Industries, Inc.	10,000		156,400

	Shares		Value
Tofas Turk Otomobil Fabrikasi AS	60,823		$ 43,855
Toyota Motor Corp. sponsored ADR	900		56,790
Winnebago Industries, Inc.	7,100		41,748
			1,742,845
Motorcycle Manufacturers - 8.9%
Bajaj Auto Ltd.	5		32
Harley-Davidson, Inc. (d)	47,100		801,171
			801,203
TOTAL AUTOMOBILES			2,544,048
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Multi-Sector Holdings - 0.0%
Bajaj Holdings & Investment Ltd.	5		25
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Equipment & Instruments - 0.0%
Iteris, Inc. (a)	400		600
ENERGY EQUIPMENT & SERVICES - 0.7%
Oil & Gas Drilling - 0.7%
ENSCO International, Inc.	1,900		61,579
INSURANCE - 0.0%
Multi-Line Insurance - 0.0%
Bajaj Finserv Ltd.	5		10
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
Accuride Corp. (a)	16,156		4,362
CNH Global NV	700		11,872
Cummins, Inc.	1,100		28,138
Navistar International Corp. (a)	1,700		37,145
			81,517
ROAD & RAIL - 0.5%
Trucking - 0.5%
Hertz Global Holdings, Inc. (a)	12,500		43,625
TOTAL COMMON STOCKS (Cost $22,145,893)		8,233,421
Nonconvertible Preferred Stocks - 2.5%

AUTOMOBILES - 2.5%
Automobile Manufacturers - 2.5%
Fiat SpA (Cost $357,541)	56,200		221,760

Nonconvertible Bonds - 1.5%
	Principal Amount	Value
AUTOMOBILES - 1.5%
Automobile Manufacturers - 1.5%
Ford Motor Co. 7.45% 7/16/31	$ 375,000	$ 93,750
General Motors Corp. 8.375% 7/15/33	210,000	46,200
		139,950

Money Market Funds - 11.6%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	283,721		283,721
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	758,575		758,575
TOTAL MONEY MARKET FUNDS (Cost $1,042,296)		1,042,296

TOTAL INVESTMENT PORTFOLIO - 107.0%

(Cost $23,808,141)

9,637,427

NET OTHER ASSETS - (7.0)%			(629,738)
NET ASSETS - 100%		$ 9,007,689

Legend

(a) Non-income producing.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,193
Fidelity Securities Lending Cash Central Fund	50,092
Total	$ 53,285

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 9,637,427	$ 8,916,356	$ 721,071	$ -

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

	Investments in Securities
Beginning Balance	$ 98,928
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(98,928)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

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 November 30, 2008, the aggregate cost of investment securities for income tax purposes was $25,882,996. Net unrealized depreciation aggregated $16,245,569, of which $267,496 related to appreciated investment securities and $16,513,065 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

November 30, 2008

1.810667.104

BAN-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value
CAPITAL MARKETS - 5.2%
Asset Management & Custody Banks - 4.2%
Bank of New York Mellon Corp.	237,503		$ 7,174,966
BlackRock, Inc. Class A (d)	11,400		1,433,094
State Street Corp.	30,973		1,304,273
			9,912,333
Investment Banking & Brokerage - 1.0%
Goldman Sachs Group, Inc.	31,100		2,456,589
TOTAL CAPITAL MARKETS			12,368,922
COMMERCIAL BANKS - 67.3%
Diversified Banks - 36.7%
U.S. Bancorp, Delaware (d)	494,500		13,341,610
Wachovia Corp.	2,474,700		13,907,814
Wells Fargo & Co.	2,077,756		60,026,369
			87,275,793
Regional Banks - 30.6%
Associated Banc-Corp.	201,920		4,387,722
BB&T Corp. (d)	159,742		4,787,468
BOK Financial Corp.	36,100		1,674,679
Boston Private Financial Holdings, Inc.	239,600		1,655,636
Capitol Bancorp Ltd.	1,200		6,600
City National Corp.	53,100		2,330,028
Cullen/Frost Bankers, Inc.	78,000		4,228,380
Fifth Third Bancorp (d)	502,500		4,803,900
Glacier Bancorp, Inc.	179,300		3,187,954
Huntington Bancshares, Inc. (d)	1,033,651		8,269,208
KeyCorp	483,500		4,535,230
M&T Bank Corp. (d)	14,400		925,200
National City Corp.	4,096,300		8,233,563
PacWest Bancorp (d)	109,200		2,904,720
PNC Financial Services Group, Inc. (d)	204,700		10,802,019
Regions Financial Corp.	560,300		5,709,457
UCBH Holdings, Inc.	596,689		2,768,637
Wintrust Financial Corp.	43,800		903,594
Zions Bancorp	26,200		835,518
			72,949,513
TOTAL COMMERCIAL BANKS			160,225,306
CONSUMER FINANCE - 0.6%
Consumer Finance - 0.6%
Capital One Financial Corp.	44,300		1,524,363
DIVERSIFIED FINANCIAL SERVICES - 6.9%
Other Diversifed Financial Services - 6.8%
Bank of America Corp.	558,591		9,077,104
JPMorgan Chase & Co.	226,800		7,180,488
			16,257,592

	Shares		Value
Specialized Finance - 0.1%
KKR Financial Holdings LLC	109,500		$ 107,310
TOTAL DIVERSIFIED FINANCIAL SERVICES			16,364,902
INSURANCE - 1.3%
Property & Casualty Insurance - 1.3%
ACE Ltd.	32,500		1,698,125
Berkshire Hathaway, Inc. Class A (a)	14		1,456,000
			3,154,125
IT SERVICES - 1.5%
Data Processing & Outsourced Services - 1.5%
Visa, Inc.	70,100		3,684,456
REAL ESTATE INVESTMENT TRUSTS - 1.6%
Mortgage REITs - 1.6%
Annaly Capital Management, Inc.	224,300		3,223,191
CapitalSource, Inc.	109,000		567,890
			3,791,081
SOFTWARE - 0.6%
Application Software - 0.6%
FactSet Research Systems, Inc. (d)	35,200		1,408,000
THRIFTS & MORTGAGE FINANCE - 7.5%
Thrifts & Mortgage Finance - 7.5%
Bank Mutual Corp.	162,000		1,660,500
Hudson City Bancorp, Inc.	594,100		9,927,411
People's United Financial, Inc.	326,790		6,231,885
			17,819,796
TOTAL COMMON STOCKS (Cost $286,044,937)		220,340,951
Convertible Preferred Stocks - 1.9%

COMMERCIAL BANKS - 1.9%
Regional Banks - 1.9%
Fifth Third Bancorp 8.50%	7,400		660,450
KeyCorp Series A, 7.75%	53,000		3,938,430
(Cost $3,364,135)			4,598,880
Money Market Funds - 18.3%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	4,209,749		$ 4,209,749
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	39,459,600		39,459,600
TOTAL MONEY MARKET FUNDS (Cost $43,669,349)		43,669,349

TOTAL INVESTMENT PORTFOLIO - 112.7%

(Cost $333,078,421)

268,609,180

NET OTHER ASSETS - (12.7)%			(30,359,673)
NET ASSETS - 100%		$ 238,249,507

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 357,209
Fidelity Securities Lending Cash Central Fund	787,056
Total	$ 1,144,265

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 268,609,180	$ 264,010,300	$ 4,598,880	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $379,267,802. Net unrealized depreciation aggregated $110,658,622, of which $3,020,802 related to appreciated investment securities and $113,679,424 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

November 30, 2008

1.810668.104

BIO-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
BIOTECHNOLOGY - 86.7%
Biotechnology - 86.7%
Acadia Pharmaceuticals, Inc. (a)	651,588		$ 834,033
Acorda Therapeutics, Inc. (a)(d)	1,613,484		29,236,330
Affymax, Inc. (a)	170,396		1,985,113
Alexion Pharmaceuticals, Inc. (a)	1,555,900		52,371,594
Alkermes, Inc. (a)	166,619		1,229,648
Alnylam Pharmaceuticals, Inc. (a)(d)	158,500		2,889,455
Amgen, Inc. (a)	3,848,978		213,772,242
Amylin Pharmaceuticals, Inc. (a)	86,073		637,801
Antigenics, Inc. (a)	1,548,000		789,480
Antigenics, Inc.:
warrants 1/9/10 (a)(f)	1,548,000		15
warrants 1/9/18 (a)(f)	1,548,000		747,278
Arena Pharmaceuticals, Inc. (a)	161,900		624,934
Biogen Idec, Inc. (a)	1,684,669		71,278,345
BioMarin Pharmaceutical, Inc. (a)(d)	1,102,015		18,767,315
Celera Corp. (a)	238,056		2,318,665
Celgene Corp. (a)(d)	974,527		50,772,857
Cephalon, Inc. (a)(d)	754,861		55,467,186
Cepheid, Inc. (a)(d)	159,600		2,167,368
Cougar Biotechnology, Inc. (a)(d)	313,400		7,584,280
Cubist Pharmaceuticals, Inc. (a)	165,285		4,059,400
CV Therapeutics, Inc. (a)	202,228		1,832,186
Dendreon Corp. (a)(d)	228,500		1,115,080
Enzon Pharmaceuticals, Inc. (a)(d)	115,000		564,650
Genentech, Inc. (a)	2,057,139		157,576,847
Genzyme Corp. (a)	794,254		50,848,141
Gilead Sciences, Inc. (a)	2,310,457		103,485,369
GTx, Inc. (a)(d)	59,546		879,494
Halozyme Therapeutics, Inc. (a)	102,690		380,980
Human Genome Sciences, Inc. (a)(d)	374,956		648,674
Incyte Corp. (a)	318,123		1,062,531
InterMune, Inc. (a)(d)	782,789		9,009,901
Isis Pharmaceuticals, Inc. (a)	412,810		4,734,931
Ligand Pharmaceuticals, Inc. Class B (a)	595,700		1,227,142
Martek Biosciences	73,800		2,062,710
Momenta Pharmaceuticals, Inc. (a)(d)	90,100		801,890
Myriad Genetics, Inc. (a)	198,246		11,752,023
Omrix Biopharmaceuticals, Inc. (a)	39,800		990,224
ONYX Pharmaceuticals, Inc. (a)(d)	690,040		19,390,124
OREXIGEN Therapeutics, Inc. (a)(d)	207,161		1,448,055
OSI Pharmaceuticals, Inc. (a)(d)	348,400		12,960,480
PDL BioPharma, Inc. (d)	569,200		5,452,936
Poniard Pharmaceuticals, Inc. (a)(d)	170,400		506,088
Progenics Pharmaceuticals, Inc. (a)	102,400		949,248
Regeneron Pharmaceuticals, Inc. (a)	182,557		2,822,331
Rigel Pharmaceuticals, Inc. (a)(d)	172,565		1,280,432
Sangamo Biosciences, Inc. (a)(d)	169,502		416,975
Savient Pharmaceuticals, Inc. (a)(d)	215,937		798,967
Theratechnologies, Inc. (a)	44,400		51,203

	Shares		Value
Theravance, Inc. (a)	169,787		$ 1,134,177
United Therapeutics Corp. (a)(d)	251,748		13,803,343
Vertex Pharmaceuticals, Inc. (a)(d)	1,020,804		25,101,570
Zymogenetics, Inc. (a)(d)	248,605		673,720
			953,295,761
HEALTH CARE EQUIPMENT & SUPPLIES - 1.0%
Health Care Equipment - 1.0%
Alsius Corp. (a)	314,300		172,865
Quidel Corp. (a)	776,100		10,578,243
			10,751,108
LIFE SCIENCES TOOLS & SERVICES - 0.5%
Life Sciences Tools & Services - 0.5%
AMAG Pharmaceuticals, Inc. (a)	57,500		1,936,600
Clinical Data, Inc. (a)(d)	114,756		1,090,182
Exelixis, Inc. (a)(d)	774,300		2,392,587
Medivation, Inc. (a)(d)	32,736		488,094
			5,907,463
PHARMACEUTICALS - 6.8%
Pharmaceuticals - 6.8%
Akorn, Inc. (a)(d)	2,653,427		4,351,620
Auxilium Pharmaceuticals, Inc. (a)(d)	1,083,104		23,590,005
Biodel, Inc. (a)(e)	2,338,348		6,430,457
Catalyst Pharmaceutical Partners, Inc. (a)	516,249		1,011,848
Elan Corp. PLC sponsored ADR (a)	1,783,400		11,181,918
Jazz Pharmaceuticals, Inc. (a)	6,965		10,448
Sepracor, Inc. (a)	307,886		3,620,739
XenoPort, Inc. (a)	765,594		24,070,275
			74,267,310
TOTAL COMMON STOCKS (Cost $1,280,912,650)		1,044,221,642
Convertible Preferred Stocks - 0.3%

BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Xenon Pharmaceuticals, Inc. Series E (f) (Cost $6,724,138)	981,626		3,416,058
Money Market Funds - 10.2%

Fidelity Cash Central Fund, 1.29% (b)	6,475,510		6,475,510
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	105,577,898		105,577,898
TOTAL MONEY MARKET FUNDS (Cost $112,053,408)		112,053,408

TOTAL INVESTMENT
PORTFOLIO - 105.5%

(Cost $1,399,690,196)

1,159,691,108

NET OTHER ASSETS - (5.5)%			(60,666,991)
NET ASSETS - 100%		$ 1,099,024,117

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,163,351 or 0.4% 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	$ 431,223
Fidelity Securities Lending Cash Central Fund	722,614
Total	$ 1,153,837

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	$ 4,531,073	$ -	$ -	$ 6,430,457
Vanda Pharmaceuticals, Inc.	6,277,223	-	1,722,579	-	-
Total	$ 27,263,398	$ 4,531,073	$ 1,722,579	$ -	$ 6,430,457

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 1,159,691,108	$ 1,155,527,757	$ 747,293	$ 3,416,058

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)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 3,416,058

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,416,955,677. Net unrealized depreciation aggregated $257,264,569, of which $49,667,150 related to appreciated investment securities and $306,931,719 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

November 30, 2008

1.810691.104

BRO-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%
	Shares		Value
CAPITAL MARKETS - 65.5%
Asset Management & Custody Banks - 31.8%
A.F.P. Provida SA sponsored ADR (d)	333,201		$ 4,478,221
Affiliated Managers Group, Inc. (a)	1,000		28,000
AllianceBernstein Holding LP	1,200		21,132
American Capital Ltd. (d)	20,000		84,800
Ameriprise Financial, Inc.	900		16,614
Ashmore Group PLC	538,200		926,373
Bank of New York Mellon Corp.	528,387		15,962,571
Bank Sarasin & Co. Ltd. Series B (Reg.)	409,688		10,077,553
BlackRock, Inc. Class A (d)	53,400		6,712,914
BlueBay Asset Management (d)	618,597		658,654
EFG International (d)	716,380		11,491,062
Franklin Resources, Inc.	167,200		10,157,400
Gluskin Sheff + Associates, Inc.	68,500		334,214
Invesco Ltd.	296,300		3,718,565
Janus Capital Group, Inc.	909,209		7,410,053
Julius Baer Holding Ltd.	330,376		10,845,257
KKR Private Equity Investors, LP Restricted Depositary Units (a)(e)	104,600		287,650
Legg Mason, Inc.	546,261		9,843,623
Man Group PLC	416,300		1,621,039
Och-Ziff Capital Management Group LLC Class A (d)	1,088,787		5,411,271
Patriot Capital Funding, Inc.	217,200		731,964
State Street Corp.	104,366		4,394,852
The Blackstone Group LP	76,400		478,264
U.S. Global Investments, Inc. Class A (d)	539,417		2,702,479
			108,394,525
Diversified Capital Markets - 8.6%
Credit Suisse Group sponsored ADR (d)	603,030		17,855,718
UBS AG (NY Shares)	900,985		11,478,549
			29,334,267
Investment Banking & Brokerage - 25.1%
Cowen Group, Inc. (a)	3,400		19,754
E*TRADE Financial Corp. (a)(d)	4,714,015		6,363,920
Evercore Partners, Inc. Class A	342,410		3,427,524
FCStone Group, Inc. (a)	646,200		2,197,080
GFI Group, Inc.	3,447,024		13,064,221
Goldman Sachs Group, Inc.	217,300		17,164,527
Greenhill & Co., Inc. (d)	46,800		3,187,080
Jefferies Group, Inc. (d)	117,200		1,457,968
Lazard Ltd. Class A	49,200		1,537,992
MF Global Ltd. (a)	3,810,851		9,984,430
Morgan Stanley (d)	1,303,100		19,220,725
Nomura Holdings, Inc. sponsored ADR	225,312		1,640,271
optionsXpress Holdings, Inc.	104,193		1,468,079
Piper Jaffray Companies (a)	36,200		1,371,618
SWS Group, Inc.	85,700		1,252,934
TD Ameritrade Holding Corp. (a)	649		8,632

	Shares		Value
Thomas Weisel Partners Group, Inc. (a)	493,003		$ 2,105,123
TradeStation Group, Inc. (a)	2,113		14,833
			85,486,711
TOTAL CAPITAL MARKETS			223,215,503
COMMERCIAL BANKS - 0.4%
Diversified Banks - 0.4%
Barclays PLC	8,200		21,742
BBVA Banco Frances SA sponsored ADR (d)	19,400		60,916
Industrial & Commercial Bank of China	756,000		370,679
Uniao de Bancos Brasileiros SA (Unibanco) GDR	2,400		153,816
Wells Fargo & Co.	31,500		910,035
			1,517,188
DIVERSIFIED FINANCIAL SERVICES - 5.3%
Other Diversifed Financial Services - 2.2%
Citigroup, Inc.	369,300		3,061,497
JPMorgan Chase & Co.	134,800		4,267,768
			7,329,265
Specialized Finance - 3.1%
BM&F BOVESPA SA	42,745		94,805
Bursa Malaysia Bhd	579,000		838,899
Climate Exchange PLC (a)	5,700		76,030
CME Group, Inc.	8,003		1,696,236
Deutsche Boerse AG	2,100		150,975
Interactive Brokers Group, Inc. (a)	13,979		254,977
IntercontinentalExchange, Inc. (a)(d)	62,632		4,609,715
JSE Ltd.	704,100		2,864,041
			10,585,678
TOTAL DIVERSIFIED FINANCIAL SERVICES			17,914,943
INSURANCE - 14.6%
Life & Health Insurance - 0.1%
Principal Financial Group, Inc.	25,900		357,679
Multi-Line Insurance - 3.7%
American International Group, Inc.	6,282,792		12,628,412
Property & Casualty Insurance - 10.8%
Fidelity National Financial, Inc. Class A	2,032,200		25,057,028
The First American Corp.	477,700		11,474,354
XL Capital Ltd. Class A	28,900		145,367
			36,676,749
TOTAL INSURANCE			49,662,840
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
China Finance Online Co. Ltd. ADR (a)	20,100		127,635
Common Stocks - continued
	Shares		Value
IT SERVICES - 8.3%
Data Processing & Outsourced Services - 8.3%
CyberSource Corp. (a)	340,000		$ 3,155,200
Fiserv, Inc. (a)	53,535		1,827,685
MasterCard, Inc. Class A	1,200		174,360
Online Resources Corp. (a)	473,600		1,506,048
VeriFone Holdings, Inc. (a)(d)	25,102		103,169
Visa, Inc.	408,900		21,491,784
			28,258,246
PROFESSIONAL SERVICES - 0.4%
Research & Consulting Services - 0.4%
Equifax, Inc.	46,700		1,188,515
REAL ESTATE INVESTMENT TRUSTS - 0.1%
Mortgage REITs - 0.1%
Annaly Capital Management, Inc.	19,900		285,963
SOFTWARE - 0.0%
Application Software - 0.0%
EPIQ Systems, Inc. (a)	5,300		86,072
TOTAL COMMON STOCKS (Cost $483,408,528)		322,256,905
Money Market Funds - 11.7%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c) (Cost $39,602,456)	39,602,456		$ 39,602,456

TOTAL INVESTMENT PORTFOLIO - 106.3%

(Cost $523,010,984)

361,859,361

NET OTHER ASSETS - (6.3)%		(21,290,201)
NET ASSETS - 100%		$ 340,569,160

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $287,650 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	$ 1,349,500
Fidelity Securities Lending Cash Central Fund	1,591,041
Total	$ 2,940,541

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 361,859,361	$ 325,703,026	$ 36,156,335	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $564,355,327. Net unrealized depreciation aggregated $202,495,966, of which $14,895,786 related to appreciated investment securities and $217,391,752 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

November 30, 2008

1.810670.104

CHE-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
CHEMICALS - 96.6%
Commodity Chemicals - 2.8%
Calgon Carbon Corp. (a)	30		$ 383
Celanese Corp. Class A	635,590		7,341,065
Georgia Gulf Corp.	225,000		472,500
			7,813,948
Diversified Chemicals - 31.2%
Cabot Corp.	30,000		620,700
Dow Chemical Co.	640,300		11,877,565
E.I. du Pont de Nemours & Co.	1,349,500		33,818,470
Eastman Chemical Co.	66,200		2,177,980
FMC Corp.	314,726		13,753,526
Gulf Resources, Inc. (a)	862,000		189,640
Huntsman Corp.	289,800		2,072,070
Olin Corp.	170,000		2,784,600
PPG Industries, Inc.	250,900		11,019,528
Solutia, Inc. (a)	1,115,713		7,586,848
Tata Chemicals Ltd.	375,000		1,119,516
			87,020,443
Fertilizers & Agricultural Chemicals - 28.7%
CF Industries Holdings, Inc.	58,900		3,099,907
Intrepid Potash, Inc.	35,000		672,000
Monsanto Co.	836,300		66,234,960
Terra Industries, Inc.	158,100		2,325,651
The Mosaic Co. (d)	241,900		7,341,665
The Scotts Miracle-Gro Co. Class A	15,000		485,400
			80,159,583
Industrial Gases - 17.1%
Air Products & Chemicals, Inc.	285,200		13,621,152
Airgas, Inc.	189,900		6,788,925
Praxair, Inc.	463,160		27,349,598
			47,759,675
Specialty Chemicals - 16.8%
Albemarle Corp.	382,600		7,778,258
Chemtura Corp.	85,000		141,950
Ecolab, Inc.	371,500		14,261,885
H.B. Fuller Co.	170,950		3,032,653
Lubrizol Corp.	155,600		5,464,672
Minerals Technologies, Inc.	20,000		939,000
Nalco Holding Co.	181,100		2,066,351

	Shares		Value
NewMarket Corp.	55,000		$ 1,841,400
OM Group, Inc. (a)	22,701		447,891
OMNOVA Solutions, Inc. (a)	914,700		969,582
RPM International, Inc.	50,000		599,500
Sigma Aldrich Corp. (d)	134,300		5,789,673
Valspar Corp.	40,000		784,800
W.R. Grace & Co. (a)	539,300		2,766,609
Zep, Inc.	10,000		181,100
			47,065,324
TOTAL CHEMICALS			269,818,973
SPECIALTY RETAIL - 0.3%
Home Improvement Retail - 0.3%
Sherwin-Williams Co.	15,000		883,950
TOTAL COMMON STOCKS (Cost $394,646,201)		270,702,923
Money Market Funds - 3.3%

Fidelity Cash Central Fund, 1.29% (b)	461,892		461,892
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	8,815,250		8,815,250
TOTAL MONEY MARKET FUNDS (Cost $9,277,142)		9,277,142

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $403,923,343)

279,980,065

NET OTHER ASSETS - (0.2)%			(617,418)
NET ASSETS - 100%		$ 279,362,647

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 227,873
Fidelity Securities Lending Cash Central Fund	127,816
Total	$ 355,689

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 279,980,065	$ 279,980,065	$ -	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $421,944,785. Net unrealized depreciation aggregated $141,964,720, of which $19,250,127 related to appreciated investment securities and $161,214,847 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

November 30, 2008

1.810680.104

DEV-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 77.5%
Communications Equipment - 77.5%
Acme Packet, Inc. (a)	2,500		$ 9,750
ADC Telecommunications, Inc. (a)(d)	859,300		6,109,623
Adtran, Inc.	8,900		126,380
ADVA AG Optical Networking (a)(d)	246,763		318,710
Alcatel-Lucent SA sponsored ADR (a)	635,900		1,360,826
Arris Group, Inc. (a)	212,156		1,525,402
Aruba Networks, Inc. (a)	4,200		9,954
AudioCodes Ltd. (a)	445,190		841,409
Ceragon Networks Ltd. (a)	4,100		24,067
China GrenTech Corp. Ltd. ADR (a)	317,306		310,960
Ciena Corp. (a)(d)	146,500		1,084,100
Cisco Systems, Inc. (a)	1,331,131		22,016,907
Cogo Group, Inc. (a)(d)	346,700		1,178,780
CommScope, Inc. (a)(d)	252,300		2,848,467
Comverse Technology, Inc. (a)	977,110		6,058,082
Corning, Inc.	207,000		1,865,070
F5 Networks, Inc. (a)	72,200		1,797,780
Finisar Corp. (a)	92,135		40,539
Foundry Networks, Inc. (a)	225,800		3,497,642
Foxconn International Holdings Ltd. (a)	80,000		20,645
Harris Stratex Networks, Inc. Class A (a)	288,136		1,437,799
Infinera Corp. (a)	42,974		419,426
Motorola, Inc.	296,100		1,276,191
Opnext, Inc. (a)	15,900		32,913
Powerwave Technologies, Inc. (a)	2,163,100		1,038,288
QUALCOMM, Inc.	812,430		27,273,273
Research In Motion Ltd. (a)	17,900		760,213
Sandvine Corp. (a)	673,800		423,842
Sandvine Corp. (U.K.) (a)	1,762,900		1,131,810
Sonus Networks, Inc. (a)	492,032		762,650
Starent Networks Corp. (a)	954,924		9,501,494
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	98,700		702,744
			95,805,736
COMPUTERS & PERIPHERALS - 1.9%
Computer Hardware - 1.9%
Compal Electronics, Inc.	1,244		648
HTC Corp.	243,200		2,420,911
			2,421,559
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		1,630
TOTAL COMPUTERS & PERIPHERALS			2,423,189
ELECTRONIC EQUIPMENT & COMPONENTS - 1.3%
Electronic Equipment & Instruments - 0.9%
China Security & Surveillance Technology, Inc. (a)(d)	187,903		1,076,684

	Shares		Value
Electronic Manufacturing Services - 0.4%
Trimble Navigation Ltd. (a)	27,000		$ 549,720
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			1,626,404
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc. (a)	300		8,199
INTERNET SOFTWARE & SERVICES - 0.7%
Internet Software & Services - 0.7%
DivX, Inc. (a)	400		1,928
Tencent Holdings Ltd.	160,600		880,698
			882,626
MEDIA - 1.9%
Advertising - 1.9%
VisionChina Media, Inc. ADR (d)	340,800		2,307,216
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
Semiconductors - 3.6%
Actel Corp. (a)	19,449		180,098
Altera Corp.	20,800		305,968
Exar Corp. (a)	6,701		45,165
Hittite Microwave Corp. (a)	11,100		324,342
Ikanos Communications, Inc. (a)	1,700		2,006
Infineon Technologies AG sponsored ADR (a)	144,500		339,575
MIPS Technologies, Inc. (a)	48,602		65,613
ON Semiconductor Corp. (a)	260,130		759,580
Pericom Semiconductor Corp. (a)	58,100		314,321
Pixelplus Co. Ltd. ADR (a)	30,925		8,041
PLX Technology, Inc. (a)	48,400		101,156
Transmeta Corp. (a)	11,835		212,438
Zoran Corp. (a)	244,100		1,835,632
			4,493,935
SOFTWARE - 4.9%
Application Software - 3.8%
ECtel Ltd. (a)	2,790		1,311
Smith Micro Software, Inc. (a)	238,139		1,216,890
Synchronoss Technologies, Inc. (a)	96,600		678,132
Taleo Corp. Class A (a)	1,800		11,628
Ulticom, Inc. (a)	608,678		2,739,051
			4,647,012
Home Entertainment Software - 1.1%
Ubisoft Entertainment SA (a)	58,200		1,346,334
Systems Software - 0.0%
Allot Communications Ltd. (a)	9,500		18,905
TOTAL SOFTWARE			6,012,251
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 2.3%
Wireless Telecommunication Services - 2.3%
American Tower Corp. Class A (a)	44,160		$ 1,202,918
Wireless Telecommunication Services - continued
Crown Castle International Corp. (a)	75,600		1,063,692
SBA Communications Corp. Class A (a)	37,000		584,230
			2,850,840
TOTAL COMMON STOCKS (Cost $242,087,913)		116,410,396

Convertible Bonds - 0.3%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Ciena Corp. 0.25% 5/1/13 (Cost $700,000)	$ 700,000	359,282

Money Market Funds - 12.8%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	5,942,729		$ 5,942,729
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	9,865,973		9,865,973
TOTAL MONEY MARKET FUNDS (Cost $15,808,702)		15,808,702

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $258,596,615)

132,578,380

NET OTHER ASSETS - (7.2)%			(8,945,765)
NET ASSETS - 100%		$ 123,632,615

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 208,893
Fidelity Securities Lending Cash Central Fund	727,865
Total	$ 936,758

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 132,578,380	$ 127,000,685	$ 5,577,695	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $260,400,942. Net unrealized depreciation aggregated $127,822,562, of which $1,338,946 related to appreciated investment securities and $129,161,508 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

November 30, 2008

1.810671.104

COM-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 3.4%
Communications Equipment - 3.4%
Adtran, Inc.	101,900		$ 1,446,980
Emulex Corp. (a)(d)	122,000		869,860
QUALCOMM, Inc.	35,300		1,185,021
Research In Motion Ltd. (a)	96,500		4,098,355
			7,600,216
COMPUTERS & PERIPHERALS - 77.9%
Computer Hardware - 62.5%
3PAR, Inc.	141,000		1,163,250
Acer, Inc.	1,337,000		1,706,538
Apple, Inc. (a)	561,000		51,987,870
Dell, Inc. (a)	918,378		10,258,282
Diebold, Inc.	48,000		1,344,000
Hewlett-Packard Co.	1,525,100		53,805,530
International Business Machines Corp.	126,050		10,285,680
NCR Corp. (a)	309,500		4,698,210
Rackable Systems, Inc. (a)	134,800		537,852
Stratasys, Inc. (a)	89,800		1,002,168
Sun Microsystems, Inc. (a)	414,925		1,315,312
Teradata Corp. (a)	116,000		1,557,880
			139,662,572
Computer Storage & Peripherals - 15.4%
Compellent Technologies, Inc. (a)(d)	192,400		2,066,376
Data Domain, Inc. (a)(d)	82,200		1,335,750
Electronics for Imaging, Inc. (a)	39,024		381,264
EMC Corp. (a)	1,089,478		11,515,782
Hutchinson Technology, Inc. (a)(d)	116,800		327,040
Intermec, Inc. (a)	83,700		1,111,536
Isilon Systems, Inc. (a)	393,200		1,281,832
Lexmark International, Inc. Class A (a)	45,700		1,196,426
NetApp, Inc. (a)	209,500		2,828,250
Netezza Corp. (a)	145,500		1,050,510
QLogic Corp. (a)	119,400		1,268,028
Quantum Corp. (a)	378,800		45,456
SanDisk Corp. (a)	252,100		2,016,800
Seagate Technology	359,600		1,513,916
SIMPLO Technology Co. Ltd.	877,400		2,047,801
Synaptics, Inc. (a)	64,900		1,425,853
Western Digital Corp. (a)	199,984		2,439,805
Xyratex Ltd. (a)	237,500		653,125
			34,505,550
TOTAL COMPUTERS & PERIPHERALS			174,168,122
ELECTRICAL EQUIPMENT - 0.4%
Electrical Components & Equipment - 0.4%
Dynapack International Technology Corp.	491,046		939,664
ELECTRONIC EQUIPMENT & COMPONENTS - 2.0%
Electronic Components - 0.0%
AU Optronics Corp. sponsored ADR	1		6

	Shares		Value
Electronic Manufacturing Services - 1.3%
Ju Teng International Holdings Ltd. (a)	14,886,000		$ 2,881,124
Technology Distributors - 0.7%
Ingram Micro, Inc. Class A (a)	149,600		1,611,192
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			4,492,322
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Syntel, Inc.	18,162		436,251
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
Semiconductors - 2.5%
Broadcom Corp. Class A (a)	63,100		966,061
Micron Technology, Inc. (a)(d)	803,500		2,201,590
Skyworks Solutions, Inc. (a)	195,000		1,051,050
Xilinx, Inc.	83,700		1,369,332
			5,588,033
SOFTWARE - 3.9%
Application Software - 2.0%
Citrix Systems, Inc. (a)(d)	57,800		1,540,948
Informatica Corp. (a)	86,100		1,195,068
Quest Software, Inc. (a)	130,100		1,736,835
			4,472,851
Systems Software - 1.9%
McAfee, Inc. (a)	55,200		1,674,216
Oracle Corp. (a)	98,800		1,589,692
Phoenix Technologies Ltd. (a)	296,300		989,642
			4,253,550
TOTAL SOFTWARE			8,726,401
SPECIALTY RETAIL - 0.3%
Computer & Electronics Retail - 0.3%
Gamestop Corp. Class A (a)	31,200		681,720
TOTAL COMMON STOCKS (Cost $325,321,088)		202,632,729
Money Market Funds - 9.4%

Fidelity Cash Central Fund, 1.29% (b)	15,867,256		15,867,256
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	5,215,250		5,215,250
TOTAL MONEY MARKET FUNDS (Cost $21,082,506)		21,082,506

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $346,403,594)

223,715,235

NET OTHER ASSETS - 0.0%			12,381
NET ASSETS - 100%		$ 223,727,616

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 259,728
Fidelity Securities Lending Cash Central Fund	313,994
Total	$ 573,722

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 223,715,235	$ 219,021,232	$ 4,694,003	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $377,359,258. Net unrealized depreciation aggregated $153,644,023, of which $200,076 related to appreciated investment securities and $153,844,099 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

November 30, 2008

1.810672.104

HOU-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
BUILDING PRODUCTS - 3.8%
Building Products - 3.8%
Masco Corp.	132,000		$ 1,264,560
Owens Corning (a)	63,500		1,012,825
			2,277,385
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Environmental & Facility Services - 0.4%
EnergySolutions, Inc.	51,800		236,208
CONSTRUCTION & ENGINEERING - 19.6%
Construction & Engineering - 19.6%
Chicago Bridge & Iron Co. NV (NY Shares)	29,700		302,049
EMCOR Group, Inc. (a)	29,600		466,792
Fluor Corp.	46,100		2,099,394
Foster Wheeler Ltd. (a)	74,400		1,656,144
Granite Construction, Inc.	25,900		1,110,851
Jacobs Engineering Group, Inc. (a)	34,700		1,553,519
KBR, Inc.	95,800		1,319,166
Perini Corp. (a)	10,800		206,820
Quanta Services, Inc. (a)(d)	24,275		394,712
Shaw Group, Inc. (a)(d)	53,800		989,920
URS Corp. (a)	40,171		1,524,891
			11,624,258
CONSTRUCTION MATERIALS - 3.8%
Construction Materials - 3.8%
Eagle Materials, Inc. (d)	10,000		210,000
Martin Marietta Materials, Inc. (d)	2,000		175,280
Vulcan Materials Co.	30,900		1,853,382
			2,238,662
HOUSEHOLD DURABLES - 15.1%
Homebuilding - 15.1%
Centex Corp.	93,500		856,460
D.R. Horton, Inc. (d)	122,266		839,967
Hovnanian Enterprises, Inc. Class A (a)	9,000		19,710
KB Home	12,600		146,538
Lennar Corp. Class A (d)	62,500		444,375
Meritage Homes Corp. (a)	27,500		341,000
NVR, Inc. (a)	700		303,975
Pulte Homes, Inc.	240,700		2,563,455
Ryland Group, Inc. (d)	68,630		1,164,651
Toll Brothers, Inc. (a)	116,084		2,313,554
			8,993,685
REAL ESTATE INVESTMENT TRUSTS - 10.8%
Residential REITs - 10.7%
Apartment Investment & Management Co. Class A	66,956		767,985
AvalonBay Communities, Inc.	4,600		279,082
BRE Properties, Inc.	11,800		346,448
Camden Property Trust (SBI)	39,600		1,048,212

	Shares		Value
Equity Residential (SBI)	63,200		$ 1,923,176
Essex Property Trust, Inc.	6,800		587,996
Home Properties, Inc. (d)	19,600		764,400
Mid-America Apartment Communities, Inc.	1,000		37,030
UDR, Inc.	40,896		618,756
			6,373,085
Retail REITs - 0.1%
CBL & Associates Properties, Inc.	2,000		8,140
Pennsylvania Real Estate Investment Trust (SBI)	4,000		18,000
			26,140
TOTAL REAL ESTATE INVESTMENT TRUSTS			6,399,225
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7%
Diversified Real Estate Activities - 1.7%
The St. Joe Co. (a)(d)	38,600		1,019,426
Real Estate Operating Companies - 0.3%
Iguatemi Empresa de Shopping Centers SA	52,000		201,550
Real Estate Services - 0.7%
CB Richard Ellis Group, Inc. Class A (a)(d)	92,100		419,976
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			1,640,952
SPECIALTY RETAIL - 39.9%
Home Improvement Retail - 39.9%
Home Depot, Inc.	482,700		11,155,197
Lowe's Companies, Inc.	543,400		11,226,646
Sherwin-Williams Co.	22,100		1,302,353
			23,684,196
TOTAL COMMON STOCKS (Cost $81,919,205)		57,094,571
Money Market Funds - 7.0%

Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c) (Cost $4,198,675)	4,198,675		4,198,675
Cash Equivalents - 0.1%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.23%, dated 11/28/08 due 12/1/08 (Collateralized by U.S. Treasury Government Obligations) # (Cost $49,000)	$ 49,000		$ 49,000

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $86,166,880)

61,342,246

NET OTHER ASSETS - (3.2)%			(1,929,630)
NET ASSETS - 100%		$ 59,412,616

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$49,000 due 12/01/08 at 0.23%
BNP Paribas Securities Corp.	$ 8,747
Barclays Capital, Inc.	14,596
Citigroup Global Markets, Inc.	5,364
Credit Suisse Securities (USA) LLC	46
Deutsche Bank Securities, Inc.	17,323
ING Financial Markets LLC	2,924
	$ 49,000

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	$ 23,643
Fidelity Securities Lending Cash Central Fund	191,706
Total	$ 215,349

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 61,342,246	$ 61,293,246	$ 49,000	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $88,220,215. Net unrealized depreciation aggregated $26,877,969, of which $2,903,750 related to appreciated investment securities and $29,781,719 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

November 30, 2008

1.810692.104

CPR-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
AUTO COMPONENTS - 0.6%
Auto Parts & Equipment - 0.6%
Gentex Corp.	11,800		$ 103,486
AUTOMOBILES - 0.0%
Motorcycle Manufacturers - 0.0%
Harley-Davidson, Inc.	100		1,701
DISTRIBUTORS - 0.9%
Distributors - 0.9%
Li & Fung Ltd.	90,000		164,901
DIVERSIFIED CONSUMER SERVICES - 5.0%
Education Services - 4.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	8,500		653,140
Princeton Review, Inc. (a)	7,214		37,441
Strayer Education, Inc.	800		191,688
			882,269
Specialized Consumer Services - 0.2%
Coinstar, Inc. (a)	2,400		44,544
TOTAL DIVERSIFIED CONSUMER SERVICES			926,813
FOOD & STAPLES RETAILING - 4.3%
Drug Retail - 0.9%
CVS Caremark Corp.	6,100		176,473
Food Retail - 1.1%
Susser Holdings Corp. (a)	16,083		195,248
Hypermarkets & Super Centers - 2.3%
Costco Wholesale Corp.	8,300		427,201
TOTAL FOOD & STAPLES RETAILING			798,922
HOTELS, RESTAURANTS & LEISURE - 15.0%
Casinos & Gaming - 3.9%
Bally Technologies, Inc. (a)	5,900		108,973
International Game Technology	20,600		220,626
Las Vegas Sands Corp. (a)	11,100		57,387
Las Vegas Sands Corp. unit (a)	900		90,000
Penn National Gaming, Inc. (a)	8,800		186,560
WMS Industries, Inc. (a)	2,200		54,230
			717,776
Restaurants - 11.1%
Burger King Holdings, Inc.	7,200		154,872
Darden Restaurants, Inc.	9,000		164,610
McDonald's Corp.	27,300		1,603,872
Sonic Corp. (a)(d)	17,300		146,185
			2,069,539
TOTAL HOTELS, RESTAURANTS & LEISURE			2,787,315
HOUSEHOLD DURABLES - 1.6%
Homebuilding - 1.1%
Centex Corp.	2,900		26,564

	Shares		Value
Lennar Corp. Class A	5,470		$ 38,892
Pulte Homes, Inc.	12,600		134,190
			199,646
Household Appliances - 0.5%
Whirlpool Corp. (d)	2,600		102,388
TOTAL HOUSEHOLD DURABLES			302,034
INTERNET & CATALOG RETAIL - 2.1%
Internet Retail - 2.1%
Amazon.com, Inc. (a)	9,200		392,840
INTERNET SOFTWARE & SERVICES - 1.9%
Internet Software & Services - 1.9%
Dice Holdings, Inc. (a)	4,100		13,079
eBay, Inc. (a)	6,200		81,406
Google, Inc. Class A (sub. vtg.) (a)	878		257,219
			351,704
LEISURE EQUIPMENT & PRODUCTS - 1.1%
Leisure Products - 1.1%
Hasbro, Inc.	7,800		209,040
MEDIA - 27.3%
Advertising - 2.9%
Interpublic Group of Companies, Inc. (a)	34,600		141,514
Lamar Advertising Co. Class A (a)(d)	4,700		69,889
Omnicom Group, Inc.	11,600		328,164
			539,567
Broadcasting - 1.4%
Grupo Televisa SA de CV (CPO) sponsored ADR	17,100		254,106
Cable & Satellite - 10.0%
Comcast Corp. Class A	61,750		1,070,745
Liberty Media Corp. - Entertainment Class A (a)	18,100		214,847
The DIRECTV Group, Inc. (a)	20,200		444,602
Time Warner Cable, Inc. (a)	4,300		87,290
Virgin Media, Inc.	8,100		38,313
			1,855,797
Movies & Entertainment - 12.0%
Ascent Media Corp. (a)	1,100		22,000
Live Nation, Inc. (a)(d)	5,866		28,685
News Corp.:
Class A	33,500		264,650
Class B	3,600		29,484
Regal Entertainment Group Class A	26,560		243,555
The Walt Disney Co.	30,800		693,616
Time Warner, Inc.	104,500		945,725
			2,227,715
Publishing - 1.0%
McGraw-Hill Companies, Inc.	7,200		180,000
TOTAL MEDIA			5,057,185
Common Stocks - continued
	Shares		Value
MULTILINE RETAIL - 7.3%
Department Stores - 0.5%
Nordstrom, Inc. (d)	7,700		$ 87,549
General Merchandise Stores - 6.8%
Target Corp.	37,200		1,255,872
TOTAL MULTILINE RETAIL			1,343,421
SPECIALTY RETAIL - 25.1%
Apparel Retail - 4.0%
Abercrombie & Fitch Co. Class A	6,900		133,377
Citi Trends, Inc. (a)	9,952		122,410
Ross Stores, Inc.	7,500		198,750
TJX Companies, Inc.	4,400		100,408
Urban Outfitters, Inc. (a)	5,900		107,203
Zumiez, Inc. (a)	7,900		68,256
			730,404
Automotive Retail - 2.7%
Advance Auto Parts, Inc.	8,100		245,916
AutoZone, Inc. (a)	2,400		262,128
			508,044
Computer & Electronics Retail - 1.1%
Best Buy Co., Inc.	3,900		80,769
Gamestop Corp. Class A (a)	5,900		128,915
			209,684
Home Improvement Retail - 11.4%
Home Depot, Inc.	17,350		400,959
Lowe's Companies, Inc.	68,700		1,419,342
Sherwin-Williams Co.	5,000		294,650
			2,114,951
Homefurnishing Retail - 0.6%
Williams-Sonoma, Inc.	15,400		107,954
Specialty Stores - 5.3%
PetSmart, Inc. (d)	13,100		229,905
Sally Beauty Holdings, Inc. (a)	6,900		30,015
Staples, Inc. (d)	38,850		674,436
Tiffany & Co., Inc.	2,100		41,559
			975,915
TOTAL SPECIALTY RETAIL			4,646,952
TEXTILES, APPAREL & LUXURY GOODS - 6.1%
Apparel, Accessories & Luxury Goods - 2.7%
Coach, Inc. (a)	6,900		123,510

	Shares		Value
G-III Apparel Group Ltd. (a)	8,859		$ 70,252
Hanesbrands, Inc. (a)	7,500		96,900
Polo Ralph Lauren Corp. Class A	1,700		73,440
VF Corp.	2,700		141,183
			505,285
Footwear - 3.4%
Iconix Brand Group, Inc. (a)(d)	30,500		258,335
NIKE, Inc. Class B	6,800		362,100
			620,435
TOTAL TEXTILES, APPAREL & LUXURY GOODS			1,125,720
TOTAL COMMON STOCKS (Cost $26,773,056)		18,212,034
Money Market Funds - 8.4%

Fidelity Cash Central Fund, 1.29% (b)	110,514		110,514
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	1,446,700		1,446,700
TOTAL MONEY MARKET FUNDS (Cost $1,557,214)		1,557,214
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.23%, dated 11/28/08 due 12/1/08 (Collateralized by U.S. Treasury Government Obligations) # (Cost $35,000)	$ 35,001		35,000

TOTAL INVESTMENT PORTFOLIO - 106.9%

(Cost $28,365,270)

19,804,248

NET OTHER ASSETS - (6.9)%			(1,283,306)
NET ASSETS - 100%		$ 18,520,942

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$35,000 due 12/01/08 at 0.23%
BNP Paribas Securities Corp.	$ 6,248
Barclays Capital, Inc.	10,426
Citigroup Global Markets, Inc.	3,831
Credit Suisse Securities (USA) LLC	33
Deutsche Bank Securities, Inc.	12,373
ING Financial Markets LLC	2,089
	$ 35,000

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	$ 4,838
Fidelity Securities Lending Cash Central Fund	26,519
Total	$ 31,357

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 19,804,248	$ 19,679,248	$ 35,000	$ 90,000

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)	-
Cost of Purchases	90,000
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 90,000

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $28,761,088. Net unrealized depreciation aggregated $8,956,840, of which $745,200 related to appreciated investment securities and $9,702,040 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

November 30, 2008

1.810694.104

FOO-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
BEVERAGES - 31.5%
Brewers - 5.2%
Anadolu Efes Biracilik ve Malt Sanyii AS	220,611		$ 1,731,442
Anheuser-Busch InBev NV (d)	529,200		8,719,870
Anheuser-Busch InBev NV rights 12/9/08 (a)(d)	332,500		4,039,336
Carlsberg AS Series B	600		18,193
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	87,900		3,821,013
Heineken NV (Bearer)	600		16,564
Molson Coors Brewing Co. Class B	470,180		20,908,905
SABMiller PLC	414,050		6,716,646
			45,971,969
Distillers & Vintners - 4.4%
Brown-Forman Corp. Class B (non-vtg.)	950		41,696
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,477,300		18,850,348
Diageo PLC sponsored ADR	222,900		12,564,873
Pernod Ricard SA	111,400		6,572,949
Remy Cointreau SA (d)	26,200		930,490
			38,960,356
Soft Drinks - 21.9%
Coca-Cola Amatil Ltd.	262,886		1,490,470
Coca-Cola Enterprises, Inc. (d)	694,700		6,377,346
Coca-Cola FEMSA SAB de CV sponsored ADR (d)	127,400		4,433,520
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	296,210		4,490,544
Coca-Cola Icecek AS	462,332		2,153,537
Cott Corp. (a)	1,590,000		1,346,371
Embotelladora Andina SA sponsored ADR	299,241		3,967,936
Fomento Economico Mexicano SA de CV sponsored ADR	67,300		1,851,423
PepsiCo, Inc.	1,322,500		74,985,750
The Coca-Cola Co.	1,972,100		92,432,327
			193,529,224
TOTAL BEVERAGES			278,461,549
FOOD & STAPLES RETAILING - 18.3%
Drug Retail - 8.9%
CVS Caremark Corp.	1,669,000		48,284,170
Walgreen Co.	1,246,400		30,835,936
			79,120,106
Food Distributors - 0.9%
Sysco Corp.	305,100		7,154,595
United Natural Foods, Inc. (a)	26,600		479,066
			7,633,661
Food Retail - 2.8%
Kroger Co.	342,700		9,479,082
Safeway, Inc.	600,400		13,088,720

	Shares		Value
SUPERVALU, Inc.	174,000		$ 2,072,340
Whole Foods Market, Inc.	1,000		10,580
			24,650,722
Hypermarkets & Super Centers - 5.7%
Wal-Mart Stores, Inc.	897,500		50,152,300
TOTAL FOOD & STAPLES RETAILING			161,556,789
FOOD PRODUCTS - 14.4%
Agricultural Products - 3.0%
Archer Daniels Midland Co. (d)	471,200		12,901,456
Bunge Ltd. (d)	206,200		8,755,252
Corn Products International, Inc.	59,300		1,624,820
SLC Agricola SA	328,800		1,515,142
Viterra, Inc. (a)	307,900		1,847,400
			26,644,070
Packaged Foods & Meats - 11.4%
Cadbury PLC sponsored ADR	65,612		2,230,152
Groupe Danone	115,600		6,666,378
Kraft Foods, Inc. Class A (d)	693,500		18,870,135
Lindt & Spruengli AG (d)	79		1,946,694
Nestle SA (Reg.)	916,027		33,183,318
Perdigao SA (ON)	126,600		2,014,041
PureCircle Ltd.	160,000		249,624
Sadia SA ADR (d)	306,000		1,349,460
Smithfield Foods, Inc. (a)	1,000		6,810
Tyson Foods, Inc. Class A	1,153,900		7,742,669
Unilever NV (NY Shares)	1,097,412		25,646,518
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)	37,600		896,008
			100,801,807
TOTAL FOOD PRODUCTS			127,445,877
HOTELS, RESTAURANTS & LEISURE - 0.0%
Restaurants - 0.0%
Starbucks Corp. (a)	600		5,358
HOUSEHOLD PRODUCTS - 20.9%
Household Products - 20.9%
Colgate-Palmolive Co.	552,100		35,925,147
Energizer Holdings, Inc. (a)	44,800		1,945,216
Kimberly-Clark Corp.	110,500		6,385,795
Procter & Gamble Co.	2,178,597		140,192,713
			184,448,871
PERSONAL PRODUCTS - 3.3%
Personal Products - 3.3%
Avon Products, Inc.	1,195,600		25,227,160
Bare Escentuals, Inc. (a)	199,905		943,552
Estee Lauder Companies, Inc. Class A	100		2,790
Herbalife Ltd.	121,800		2,165,604
Physicians Formula Holdings, Inc. (a)	270,694		801,254
			29,140,360
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 0.7%
Pharmaceuticals - 0.7%
Johnson & Johnson	110,700		$ 6,484,806
TOBACCO - 8.2%
Tobacco - 8.2%
Altria Group, Inc. (d)	1,008,900		16,223,112
British American Tobacco PLC sponsored ADR (d)	660,580		34,627,604
KT&G Corp.	990		54,858
Lorillard, Inc.	71,900		4,344,917
Philip Morris International, Inc.	361,900		15,257,704
Souza Cruz Industria Comerico	108,800		2,219,576
			72,727,771
TOTAL COMMON STOCKS (Cost $982,246,990)		860,271,381
Money Market Funds - 8.0%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	29,512,514		$ 29,512,514
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	41,472,625		41,472,625
TOTAL MONEY MARKET FUNDS (Cost $70,985,139)		70,985,139

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $1,053,232,129)

931,256,520

NET OTHER ASSETS - (5.3)%			(47,278,013)
NET ASSETS - 100%		$ 883,978,507

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 325,741
Fidelity Securities Lending Cash Central Fund	370,298
Total	$ 696,039

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 931,256,520	$ 862,196,458	$ 69,060,062	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,062,990,826. Net unrealized depreciation aggregated $131,734,306, of which $24,969,570 related to appreciated investment securities and $156,703,876 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

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

November 30, 2008

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

1.860868.101

ACSF-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
BEVERAGES - 31.5%
Brewers - 5.2%
Anadolu Efes Biracilik ve Malt Sanyii AS	220,611		$ 1,731,442
Anheuser-Busch InBev NV (d)	529,200		8,719,870
Anheuser-Busch InBev NV rights 12/9/08 (a)(d)	332,500		4,039,336
Carlsberg AS Series B	600		18,193
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	87,900		3,821,013
Heineken NV (Bearer)	600		16,564
Molson Coors Brewing Co. Class B	470,180		20,908,905
SABMiller PLC	414,050		6,716,646
			45,971,969
Distillers & Vintners - 4.4%
Brown-Forman Corp. Class B (non-vtg.)	950		41,696
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,477,300		18,850,348
Diageo PLC sponsored ADR	222,900		12,564,873
Pernod Ricard SA	111,400		6,572,949
Remy Cointreau SA (d)	26,200		930,490
			38,960,356
Soft Drinks - 21.9%
Coca-Cola Amatil Ltd.	262,886		1,490,470
Coca-Cola Enterprises, Inc. (d)	694,700		6,377,346
Coca-Cola FEMSA SAB de CV sponsored ADR (d)	127,400		4,433,520
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	296,210		4,490,544
Coca-Cola Icecek AS	462,332		2,153,537
Cott Corp. (a)	1,590,000		1,346,371
Embotelladora Andina SA sponsored ADR	299,241		3,967,936
Fomento Economico Mexicano SA de CV sponsored ADR	67,300		1,851,423
PepsiCo, Inc.	1,322,500		74,985,750
The Coca-Cola Co.	1,972,100		92,432,327
			193,529,224
TOTAL BEVERAGES			278,461,549
FOOD & STAPLES RETAILING - 18.3%
Drug Retail - 8.9%
CVS Caremark Corp.	1,669,000		48,284,170
Walgreen Co.	1,246,400		30,835,936
			79,120,106
Food Distributors - 0.9%
Sysco Corp.	305,100		7,154,595
United Natural Foods, Inc. (a)	26,600		479,066
			7,633,661
Food Retail - 2.8%
Kroger Co.	342,700		9,479,082
Safeway, Inc.	600,400		13,088,720

	Shares		Value
SUPERVALU, Inc.	174,000		$ 2,072,340
Whole Foods Market, Inc.	1,000		10,580
			24,650,722
Hypermarkets & Super Centers - 5.7%
Wal-Mart Stores, Inc.	897,500		50,152,300
TOTAL FOOD & STAPLES RETAILING			161,556,789
FOOD PRODUCTS - 14.4%
Agricultural Products - 3.0%
Archer Daniels Midland Co. (d)	471,200		12,901,456
Bunge Ltd. (d)	206,200		8,755,252
Corn Products International, Inc.	59,300		1,624,820
SLC Agricola SA	328,800		1,515,142
Viterra, Inc. (a)	307,900		1,847,400
			26,644,070
Packaged Foods & Meats - 11.4%
Cadbury PLC sponsored ADR	65,612		2,230,152
Groupe Danone	115,600		6,666,378
Kraft Foods, Inc. Class A (d)	693,500		18,870,135
Lindt & Spruengli AG (d)	79		1,946,694
Nestle SA (Reg.)	916,027		33,183,318
Perdigao SA (ON)	126,600		2,014,041
PureCircle Ltd.	160,000		249,624
Sadia SA ADR (d)	306,000		1,349,460
Smithfield Foods, Inc. (a)	1,000		6,810
Tyson Foods, Inc. Class A	1,153,900		7,742,669
Unilever NV (NY Shares)	1,097,412		25,646,518
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)	37,600		896,008
			100,801,807
TOTAL FOOD PRODUCTS			127,445,877
HOTELS, RESTAURANTS & LEISURE - 0.0%
Restaurants - 0.0%
Starbucks Corp. (a)	600		5,358
HOUSEHOLD PRODUCTS - 20.9%
Household Products - 20.9%
Colgate-Palmolive Co.	552,100		35,925,147
Energizer Holdings, Inc. (a)	44,800		1,945,216
Kimberly-Clark Corp.	110,500		6,385,795
Procter & Gamble Co.	2,178,597		140,192,713
			184,448,871
PERSONAL PRODUCTS - 3.3%
Personal Products - 3.3%
Avon Products, Inc.	1,195,600		25,227,160
Bare Escentuals, Inc. (a)	199,905		943,552
Estee Lauder Companies, Inc. Class A	100		2,790
Herbalife Ltd.	121,800		2,165,604
Physicians Formula Holdings, Inc. (a)	270,694		801,254
			29,140,360
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 0.7%
Pharmaceuticals - 0.7%
Johnson & Johnson	110,700		$ 6,484,806
TOBACCO - 8.2%
Tobacco - 8.2%
Altria Group, Inc. (d)	1,008,900		16,223,112
British American Tobacco PLC sponsored ADR (d)	660,580		34,627,604
KT&G Corp.	990		54,858
Lorillard, Inc.	71,900		4,344,917
Philip Morris International, Inc.	361,900		15,257,704
Souza Cruz Industria Comerico	108,800		2,219,576
			72,727,771
TOTAL COMMON STOCKS (Cost $982,246,990)		860,271,381
Money Market Funds - 8.0%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	29,512,514		$ 29,512,514
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	41,472,625		41,472,625
TOTAL MONEY MARKET FUNDS (Cost $70,985,139)		70,985,139

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $1,053,232,129)

931,256,520

NET OTHER ASSETS - (5.3)%			(47,278,013)
NET ASSETS - 100%		$ 883,978,507

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 325,741
Fidelity Securities Lending Cash Central Fund	370,298
Total	$ 696,039

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 931,256,520	$ 862,196,458	$ 69,060,062	$ -

Income Tax Information

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

November 30, 2008

1.810679.104

DEF-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
AEROSPACE & DEFENSE - 90.4%
Aerospace & Defense - 90.4%
AAR Corp. (a)(d)	122,500		$ 2,075,150
AeroVironment, Inc. (a)	10,000		322,300
Alliant Techsystems, Inc. (a)	182,700		15,017,940
BE Aerospace, Inc. (a)(d)	474,900		3,884,682
Curtiss-Wright Corp.	199,600		6,666,640
DynCorp International, Inc. Class A (a)	159,900		2,374,515
Esterline Technologies Corp. (a)	95,000		3,506,450
GenCorp, Inc. (non-vtg.) (a)	184,700		528,242
General Dynamics Corp.	467,930		24,177,943
Goodrich Corp.	461,550		15,531,158
Hexcel Corp. (a)	253,400		1,900,500
Honeywell International, Inc.	1,644,400		45,812,984
L-3 Communications Holdings, Inc.	328,100		22,038,477
Lockheed Martin Corp.	712,400		54,933,164
Moog, Inc. Class A (a)	230,600		7,420,708
Northrop Grumman Corp.	613,500		25,122,825
Orbital Sciences Corp. (a)	196,792		3,384,822
Precision Castparts Corp.	428,400		26,860,680
Raytheon Co.	528,952		25,812,858
Rockwell Collins, Inc.	417,500		14,228,400
Spirit AeroSystems Holdings, Inc. Class A (a)	1,056,600		9,562,230
The Boeing Co. (d)	1,800,166		76,741,077
TransDigm Group, Inc. (a)(d)	60,200		2,137,100
Triumph Group, Inc.	95,000		3,249,000
United Technologies Corp. (d)	1,852,900		89,921,236
			483,211,081
AIRLINES - 2.0%
Airlines - 2.0%
AMR Corp. (a)	413,500		3,630,530
Delta Air Lines, Inc. (a)	559,175		4,926,332
UAL Corp.	90,900		1,022,625
US Airways Group, Inc. (a)	166,600		992,936
			10,572,423
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Harris Corp.	96,800		3,376,384
INDUSTRIAL CONGLOMERATES - 2.1%
Industrial Conglomerates - 2.1%
General Electric Co.	236,300		4,057,271
Textron, Inc.	467,300		7,116,979
			11,174,250

	Shares		Value
IT SERVICES - 0.2%
IT Consulting & Other Services - 0.2%
CACI International, Inc. Class A (a)	19,500		$ 865,995
MACHINERY - 1.1%
Construction & Farm Machinery & Heavy Trucks - 1.1%
Force Protection, Inc. (a)(d)	959,553		3,819,021
Navistar International Corp. (a)	92,000		2,010,200
			5,829,221
METALS & MINING - 0.8%
Diversified Metals & Mining - 0.2%
RTI International Metals, Inc. (a)	72,200		867,844
Steel - 0.6%
Allegheny Technologies, Inc.	43,200		991,440
Carpenter Technology Corp.	140,800		2,345,728
			3,337,168
TOTAL METALS & MINING			4,205,012
TOTAL COMMON STOCKS (Cost $765,036,067)		519,234,366
Money Market Funds - 6.0%

Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c) (Cost $32,009,600)	32,009,600		32,009,600

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $797,045,667)

551,243,966

NET OTHER ASSETS - (3.2)%			(16,864,275)
NET ASSETS - 100%		$ 534,379,691

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 79,062
Fidelity Securities Lending Cash Central Fund	160,349
Total	$ 239,411

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 551,243,966	$ 551,243,966	$ -	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $802,689,600. Net unrealized depreciation aggregated $251,445,634, of which $49,269,131 related to appreciated investment securities and $300,714,765 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

November 30, 2008

1.810682.104

ELE-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CAPITAL MARKETS - 0.5%
Asset Management & Custody Banks - 0.5%
Harris & Harris Group, Inc. (a)(d)	692,860		$ 2,792,226
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Nanophase Technologies Corp. (a)(e)	1,249,630		1,274,623
COMMUNICATIONS EQUIPMENT - 4.9%
Communications Equipment - 4.9%
Alcatel-Lucent SA sponsored ADR (a)	317,300		679,022
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)	1,134,775		1,100,732
Cisco Systems, Inc. (a)	479,700		7,934,238
Nokia Corp. sponsored ADR	124,800		1,768,416
QUALCOMM, Inc.	486,100		16,318,377
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	175,400		1,248,848
			29,049,633
COMPUTERS & PERIPHERALS - 1.9%
Computer Hardware - 1.6%
Apple, Inc. (a)	20,000		1,853,400
HTC Corp.	763,000		7,595,209
			9,448,609
Computer Storage & Peripherals - 0.3%
SanDisk Corp. (a)	200,000		1,600,000
TOTAL COMPUTERS & PERIPHERALS			11,048,609
ELECTRICAL EQUIPMENT - 1.8%
Electrical Components & Equipment - 1.8%
First Solar, Inc. (a)	25,000		3,121,000
Motech Industries, Inc.	1		2
Q-Cells SE (a)(d)	67,300		2,259,119
Renewable Energy Corp. AS (a)(d)	229,000		2,162,956
SolarWorld AG (d)	113,700		2,038,465
Sunpower Corp. Class B (a)	30,000		780,600
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	16,100		137,494
			10,499,636
ELECTRONIC EQUIPMENT & COMPONENTS - 2.3%
Electronic Components - 0.5%
Everlight Electronics Co. Ltd.	2,039,993		2,572,093
Ibiden Co. Ltd.	18,200		284,893
			2,856,986
Technology Distributors - 1.8%
Avnet, Inc. (a)	389,500		5,546,480
Ingram Micro, Inc. Class A (a)	486,900		5,243,913
			10,790,393
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			13,647,379

	Shares		Value
FOOD & STAPLES RETAILING - 0.0%
Food Distributors - 0.0%
Dezina Marketing, Inc. (a)	1,000		$ 1,100
LIFE SCIENCES TOOLS & SERVICES - 0.8%
Life Sciences Tools & Services - 0.8%
Arrowhead Research Corp. (a)(d)(e)	3,436,260		4,432,775
Arrowhead Research Corp. warrants 5/21/17 (a)	285,468		316,470
			4,749,245
MEDIA - 0.1%
Cable & Satellite - 0.1%
JumpTV, Inc. (a)	1,818,100		579,153
METALS & MINING - 0.2%
Diversified Metals & Mining - 0.2%
Timminco Ltd. (a)	200,000		809,677
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 81.6%
Semiconductor Equipment - 20.2%
Aixtron AG	300,000		1,407,933
Applied Materials, Inc. (d)	5,142,100		49,261,318
ASML Holding NV:
(Netherlands)	88,400		1,349,334
(NY Shares)	750,000		11,497,500
ATMI, Inc. (a)	100,000		1,192,000
Cymer, Inc. (a)(d)	322,371		7,572,495
FormFactor, Inc. (a)	286,900		3,881,757
Global Unichip Corp.	527,382		1,585,147
KLA-Tencor Corp.	105,600		1,986,336
Lam Research Corp. (a)(d)	788,200		15,921,640
MEMC Electronic Materials, Inc. (a)	314,500		4,723,790
Tessera Technologies, Inc. (a)	200,000		3,676,000
Varian Semiconductor Equipment Associates, Inc. (a)(d)	800,000		14,720,000
			118,775,250
Semiconductors - 61.4%
Advanced Analogic Technologies, Inc. (a)	1,000,000		2,510,000
Advanced Semiconductor Engineering, Inc. sponsored ADR	1,651,170		2,724,431
Altera Corp. (d)	885,600		13,027,176
Analog Devices, Inc.	671,600		11,484,360
ARM Holdings PLC sponsored ADR	3,148,000		14,008,600
Broadcom Corp. Class A (a)(d)	874,300		13,385,533
Cavium Networks, Inc. (a)	512,933		5,565,323
Ceva, Inc. (a)	121,200		895,668
Cypress Semiconductor Corp. (a)	215,500		803,815
Fairchild Semiconductor International, Inc. (a)	973,800		3,885,462
Himax Technologies, Inc. sponsored ADR	1,339,900		1,889,259
Hittite Microwave Corp. (a)	247,700		7,237,794
Infineon Technologies AG sponsored ADR (a)	664,100		1,560,635
Intel Corp.	10,881,600		150,166,080
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Intersil Corp. Class A	102,300		$ 926,838
Linear Technology Corp.	98,100		1,957,095
LSI Corp. (a)	412,800		1,106,304
Marvell Technology Group Ltd. (a)	947,700		5,496,660
Microchip Technology, Inc.	95,800		1,772,300
Micron Technology, Inc. (a)(d)	2,518,900		6,901,786
National Semiconductor Corp.	584,300		6,427,300
NVIDIA Corp. (a)	530,650		3,963,956
PMC-Sierra, Inc. (a)	1,460,700		5,857,407
Power Integrations, Inc.	100,000		1,830,000
Powertech Technology, Inc.	235,400		337,038
Qimonda AG sponsored ADR (a)	250,000		47,500
Richtek Technology Corp.	500,000		1,919,016
Samsung Electronics Co. Ltd.	22,697		7,509,012
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	1,000,000		4,120,000
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,343,300		9,604,595
Texas Instruments, Inc.	3,464,200		53,937,594
Xilinx, Inc. (d)	959,400		15,695,784
Zoran Corp. (a)	400,000		3,008,000
			361,562,321
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			480,337,571
SOFTWARE - 1.5%
Home Entertainment Software - 1.5%
Nintendo Co. Ltd.	28,800		8,948,736
TOTAL COMMON STOCKS (Cost $1,177,860,289)		563,737,588
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	24,031,993		$ 24,031,993
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	44,207,090		44,207,090
TOTAL MONEY MARKET FUNDS (Cost $68,239,083)		68,239,083

TOTAL INVESTMENT PORTFOLIO - 107.4%

(Cost $1,246,099,372)

631,976,671

NET OTHER ASSETS - (7.4)%			(43,480,545)
NET ASSETS - 100%		$ 588,496,126

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 376,913
Fidelity Securities Lending Cash Central Fund	514,999
Total	$ 891,912

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Arrowhead Research Corp.	$ 10,303,312	$ 251,673	$ 1,746,477	$ -	$ 4,432,775
Nanophase Technologies Corp.	6,595,232	-	2,015,452	-	1,274,623
Total	$ 16,898,544	$ 251,673	$ 3,761,929	$ -	$ 5,707,398

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 631,976,671	$ 599,484,053	$ 32,492,618	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,261,153,285. Net unrealized depreciation aggregated $629,176,614, of which $281,674 related to appreciated investment securities and $629,458,288 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

November 30, 2008

1.810683.104

ENE-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	45,359		$ 400,974
CONSTRUCTION & ENGINEERING - 1.2%
Construction & Engineering - 1.2%
Jacobs Engineering Group, Inc. (a)	400,154		17,914,895
ELECTRICAL EQUIPMENT - 1.7%
Electrical Components & Equipment - 1.6%
Energy Conversion Devices, Inc. (a)	46		1,287
Evergreen Solar, Inc. (a)	730,527		1,994,339
First Solar, Inc. (a)	54,100		6,753,844
JA Solar Holdings Co. Ltd. ADR (a)(d)	870,582		3,064,449
Q-Cells Se (a)(d)	50,800		1,705,249
Renewable Energy Corp. AS (a)	198,200		1,872,043
Sunpower Corp.:
Class A (a)(d)	91,260		3,169,460
Class B (a)	141,900		3,692,238
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	122,700		1,047,858
			23,300,767
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	38,200		1,732,572
TOTAL ELECTRICAL EQUIPMENT			25,033,339
ENERGY EQUIPMENT & SERVICES - 22.9%
Oil & Gas Drilling - 11.4%
Atwood Oceanics, Inc. (a)	799,145		14,464,525
Helmerich & Payne, Inc.	788,398		19,993,773
Hercules Offshore, Inc. (a)	613,433		3,570,180
Nabors Industries Ltd. (a)	2,566,011		37,207,160
Noble Corp.	1,571,200		42,092,448
Patterson-UTI Energy, Inc.	1,414,830		17,671,227
Pioneer Drilling Co. (a)	162,805		1,194,989
Pride International, Inc. (a)	764,100		12,386,061
Rowan Companies, Inc.	8,300		144,005
Transocean, Inc. (a)	254,051		16,990,931
			165,715,299
Oil & Gas Equipment & Services - 11.5%
BJ Services Co.	474,302		5,686,881
Complete Production Services, Inc. (a)	140,270		1,148,811
Dril-Quip, Inc. (a)	75,550		1,486,824
Exterran Holdings, Inc. (a)	231,700		4,066,335
FMC Technologies, Inc. (a)	9		247
Fugro NV (Certificaten Van Aandelen) unit	5,202		165,829
Global Industries Ltd. (a)(d)	1,358,160		4,006,572
Halliburton Co.	9,930		174,768
Helix Energy Solutions Group, Inc. (a)	231,200		1,486,616
National Oilwell Varco, Inc. (a)	1,544,412		43,691,415

	Shares		Value
Oil States International, Inc. (a)	187,800		$ 4,022,676
Schlumberger Ltd. (NY Shares)	734,660		37,276,648
Smith International, Inc.	179,400		5,245,656
Superior Energy Services, Inc. (a)	610,306		10,283,656
Tenaris SA sponsored ADR	56,800		1,194,504
Tidewater, Inc.	194,900		7,694,652
TSC Offshore Group Ltd. (a)	4,332,000		301,839
Weatherford International Ltd. (a)	2,733,900		34,911,903
Willbros Group, Inc. (a)	560,618		4,636,311
			167,482,143
TOTAL ENERGY EQUIPMENT & SERVICES			333,197,442
GAS UTILITIES - 1.2%
Gas Utilities - 1.2%
Equitable Resources, Inc.	255,621		8,530,073
Questar Corp.	238,828		7,687,873
Zhongyu Gas Holdings Ltd. (a)	18,716,000		724,481
			16,942,427
MACHINERY - 0.0%
Industrial Machinery - 0.0%
Vallourec SA	200		21,363
METALS & MINING - 0.1%
Diversified Metals & Mining - 0.1%
Teck Cominco Ltd. Class B (sub. vtg.) (d)	180,900		895,747
MULTI-UTILITIES - 0.0%
Multi-Utilities - 0.0%
Public Service Enterprise Group, Inc.	100		3,090
Sempra Energy	96		4,480
			7,570
OIL, GAS & CONSUMABLE FUELS - 71.5%
Coal & Consumable Fuels - 4.3%
Alpha Natural Resources, Inc. (a)	209,284		4,644,012
Arch Coal, Inc.	383,700		5,901,306
CONSOL Energy, Inc.	524,516		15,195,229
Foundation Coal Holdings, Inc.	1,095,700		15,635,639
International Coal Group, Inc. (a)	98,300		279,172
Peabody Energy Corp. (d)	882,700		20,681,661
PT Bumi Resources Tbk	8,082,000		660,421
Walter Industries, Inc.	100		1,824
			62,999,264
Integrated Oil & Gas - 23.9%
BP PLC sponsored ADR	23,100		1,124,739
Chevron Corp.	1,284,958		101,524,528
ConocoPhillips	517,700		27,189,604
Exxon Mobil Corp.	1,045,506		83,797,306
Hess Corp.	722,800		39,060,112
Imperial Oil Ltd.	100		3,378
Marathon Oil Corp.	929,700		24,339,546
Murphy Oil Corp.	100		4,405
Occidental Petroleum Corp.	707,300		38,293,222
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - continued
Petro-Canada	628,400		$ 15,801,219
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	255,100		4,535,678
Royal Dutch Shell PLC Class A sponsored ADR	213,400		11,406,230
			347,079,967
Oil & Gas Exploration & Production - 35.4%
Anadarko Petroleum Corp.	1,276,600		52,404,430
Apache Corp.	46,900		3,625,370
Berry Petroleum Co. Class A	8,907		104,301
Cabot Oil & Gas Corp.	2,193,757		65,746,897
Canadian Natural Resources Ltd.	232,300		9,614,223
Chesapeake Energy Corp.	537,900		9,241,122
Comstock Resources, Inc. (a)	542,416		22,743,503
Concho Resources, Inc. (a)(d)	658,902		15,543,498
Denbury Resources, Inc. (a)	1,175,700		11,204,421
Devon Energy Corp.	64,300		4,651,462
Encore Acquisition Co. (a)	412,600		10,909,144
EOG Resources, Inc.	3,947		335,574
EXCO Resources, Inc. (a)	909,383		6,974,968
Forest Oil Corp. (a)	80,091		1,397,588
GMX Resources, Inc. (a)	100		2,873
Goodrich Petroleum Corp. (a)(d)	107,600		3,881,132
Newfield Exploration Co. (a)	49,800		1,124,484
Nexen, Inc.	584,300		11,318,456
Noble Energy, Inc.	646,400		33,793,792
Oil Search Ltd.	1,452,821		4,694,600
OPTI Canada, Inc. (a)	362,000		648,097
Penn Virginia Corp.	257,409		7,729,992
Petrobank Energy & Resources Ltd. (a)	74,700		1,393,396
Petrohawk Energy Corp. (a)	2,979,446		52,050,922
Petroquest Energy, Inc. (a)(d)	611,450		4,286,265
Plains Exploration & Production Co. (a)	1,203,216		27,854,450
Quicksilver Resources, Inc. (a)	1,655,710		10,315,073
Range Resources Corp.	1,910,800		79,240,876
SandRidge Energy, Inc.	14,878		131,819
Southwestern Energy Co. (a)	1,595,402		54,833,967
Stone Energy Corp. (a)	184,803		3,071,426
Talisman Energy, Inc.	14,900		137,585
Whiting Petroleum Corp. (a)	100,100		3,833,830
			514,839,536

	Shares		Value
Oil & Gas Refining & Marketing - 6.1%
Frontier Oil Corp.	1,761,586		$ 21,033,337
Holly Corp.	454,819		8,273,158
Petroplus Holdings AG	75,349		1,411,577
Sunoco, Inc. (d)	758,100		30,126,894
Tesoro Corp. (d)	687,127		6,314,697
Valero Energy Corp.	1,142,208		20,959,517
			88,119,180
Oil & Gas Storage & Transport - 1.8%
El Paso Corp.	865,900		6,399,001
Williams Companies, Inc.	1,250,800		20,287,976
			26,686,977
TOTAL OIL, GAS & CONSUMABLE FUELS			1,039,724,924
TOTAL COMMON STOCKS (Cost $1,815,630,615)		1,434,138,681
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 1.29% (b)	32,108,447		32,108,447
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	40,200,863		40,200,863
TOTAL MONEY MARKET FUNDS (Cost $72,309,310)		72,309,310

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $1,887,939,925)

1,506,447,991

NET OTHER ASSETS - (3.6)%			(52,597,674)
NET ASSETS - 100%		$ 1,453,850,317

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 327,086
Fidelity Securities Lending Cash Central Fund	1,059,535
Total	$ 1,386,621

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,506,447,991	$ 1,499,539,358	$ 6,908,633	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,963,550,695. Net unrealized depreciation aggregated $457,102,704, of which $191,396,342 related to appreciated investment securities and $648,499,046 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

November 30, 2008

1.810703.104

ENS-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
ELECTRICAL EQUIPMENT - 1.2%
Electrical Components & Equipment - 1.1%
Evergreen Solar, Inc. (a)	15,300		$ 41,769
First Solar, Inc. (a)	7,500		936,300
JA Solar Holdings Co. Ltd. ADR (a)(d)	400,000		1,408,000
Q-Cells SE (a)(d)	3,800		127,558
Renewable Energy Corp. AS (a)	20,100		189,849
Sunpower Corp.:
Class A (a)(d)	105,300		3,657,069
Class B (a)	91,300		2,375,626
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	119,900		1,023,946
			9,760,117
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	22,000		997,817
TOTAL ELECTRICAL EQUIPMENT			10,757,934
ENERGY EQUIPMENT & SERVICES - 97.4%
Oil & Gas Drilling - 32.9%
Atwood Oceanics, Inc. (a)	870,325		15,752,883
Diamond Offshore Drilling, Inc.	1,500		110,700
ENSCO International, Inc.	733,100		23,759,771
Helmerich & Payne, Inc.	884,100		22,420,776
Hercules Offshore, Inc. (a)(d)	2,595,331		15,104,826
Nabors Industries Ltd. (a)	2,686,055		38,947,798
Noble Corp.	2,606,100		69,817,419
Parker Drilling Co. (a)	839,072		2,567,560
Patterson-UTI Energy, Inc. (d)	1,727,900		21,581,471
Pride International, Inc. (a)	504,500		8,177,945
Rowan Companies, Inc.	1,099,700		19,079,795
Songa Offshore ASA (a)	344,600		874,464
Transocean, Inc. (a)	576,487		38,555,451
Unit Corp. (a)	277,900		7,970,172
			284,721,031
Oil & Gas Equipment & Services - 64.5%
Baker Hughes, Inc.	727,336		25,333,113
BJ Services Co. (d)	1,346,800		16,148,132
Bristow Group, Inc. (a)	111,000		2,511,930
Cal Dive International, Inc. (a)	62		379
Cameron International Corp. (a)	123,600		2,607,960
Carbo Ceramics, Inc.	100		4,790
Compagnie Generale de Geophysique SA (a)	6,500		107,440
Complete Production Services, Inc. (a)	486,100		3,981,159
Core Laboratories NV	43,300		2,884,213

	Shares		Value
Dresser-Rand Group, Inc. (a)	253,300		$ 4,232,643
Dril-Quip, Inc. (a)	298,600		5,876,448
Exterran Holdings, Inc. (a)(d)	397,713		6,979,863
FMC Technologies, Inc. (a)(d)	361,100		9,919,417
Global Industries Ltd. (a)(d)	2,246,400		6,626,880
Gulfmark Offshore, Inc. (a)	100		2,830
Halliburton Co.	3,072,441		54,074,962
Helix Energy Solutions Group, Inc. (a)	617,300		3,969,239
Hornbeck Offshore Services, Inc. (a)	72,100		1,217,048
ION Geophysical Corp. (a)	17,500		52,500
Key Energy Services, Inc. (a)	694,300		3,297,925
Lufkin Industries, Inc.	134,800		6,646,988
Matrix Service Co. (a)	51,200		391,168
NATCO Group, Inc. Class A (a)	207,708		3,765,746
National Oilwell Varco, Inc. (a)	2,258,562		63,894,719
Newpark Resources, Inc. (a)	100		460
Oil States International, Inc. (a)	422,700		9,054,234
Petroleum Geo-Services ASA (a)	1,050		4,777
PHI, Inc. (non-vtg.) (a)	120,800		1,491,880
Saipem SpA	100		1,554
Schlumberger Ltd. (NY Shares)	4,320,146		219,204,208
SEACOR Holdings, Inc. (a)	100		6,613
Smith International, Inc.	991,956		29,004,793
Superior Energy Services, Inc. (a)	999,775		16,846,209
T-3 Energy Services, Inc. (a)	291,400		3,831,910
Tesco Corp. (a)	122,500		845,250
TETRA Technologies, Inc. (a)	329,500		1,588,190
Tidewater, Inc.	295,500		11,666,340
Trico Marine Services, Inc. (a)(d)	225,400		861,028
TSC Offshore Group Ltd. (a)	4,114,000		286,649
Weatherford International Ltd. (a)	2,880,638		36,785,747
Willbros Group, Inc. (a)(d)	396,900		3,282,363
			559,289,697
TOTAL ENERGY EQUIPMENT & SERVICES			844,010,728
INDUSTRIAL CONGLOMERATES - 0.1%
Industrial Conglomerates - 0.1%
Keppel Corp. Ltd.	36,000		100,013
McDermott International, Inc. (a)	60,600		590,850
			690,863
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Chart Industries, Inc. (a)	201,600		1,927,296
OIL, GAS & CONSUMABLE FUELS - 0.5%
Integrated Oil & Gas - 0.5%
Exxon Mobil Corp.	48,300		3,871,245
TOTAL COMMON STOCKS (Cost $1,181,276,492)		861,258,066
Money Market Funds - 4.3%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	7,422,401		$ 7,422,401
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	29,705,475		29,705,475
TOTAL MONEY MARKET FUNDS (Cost $37,127,876)		37,127,876

TOTAL INVESTMENT
PORTFOLIO - 103.7%

(Cost $1,218,404,368)

898,385,942

NET OTHER ASSETS - (3.7)%			(31,695,855)
NET ASSETS - 100%		$ 866,690,087

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 226,182
Fidelity Securities Lending Cash Central Fund	1,429,933
Total	$ 1,656,115

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 898,385,942	$ 896,082,483	$ 2,303,459	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,254,228,916. Net unrealized depreciation aggregated $355,842,974, of which $115,054,485 related to appreciated investment securities and $470,897,459 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

November 30, 2008

1.810704.104

ENV-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.9%
	Shares		Value
BUILDING PRODUCTS - 0.9%
Building Products - 0.9%
Trex Co., Inc. (a)	24,400		$ 330,864
CHEMICALS - 16.3%
Commodity Chemicals - 2.4%
Calgon Carbon Corp. (a)	67,000		855,590
Specialty Chemicals - 13.9%
Ecolab, Inc.	115,200		4,422,526
Nalco Holding Co.	55,700		635,537
			5,058,063
TOTAL CHEMICALS			5,913,653
COMMERCIAL SERVICES & SUPPLIES - 45.8%
Environmental & Facility Services - 45.8%
Allied Waste Industries, Inc. (a)	366,700		3,938,358
Bennett Environmental, Inc. (a)	45,100		5,456
Clean Harbors, Inc. (a)	25,300		1,597,189
Covanta Holding Corp. (a)	73,400		1,464,330
Republic Services, Inc. (d)	64,450		1,546,800
Stericycle, Inc. (a)	29,960		1,716,708
Tetra Tech, Inc. (a)	53,600		1,074,144
TRC Companies, Inc. (a)	8,700		13,920
Waste Connections, Inc. (a)	46,350		1,308,461
Waste Management, Inc.	136,493		3,985,596
Waste Services, Inc. (a)	1,000		6,310
			16,657,272
CONSTRUCTION MATERIALS - 0.7%
Construction Materials - 0.7%
Headwaters, Inc. (a)	46,500		264,120
ELECTRICAL EQUIPMENT - 0.5%
Electrical Components & Equipment - 0.0%
FuelCell Energy, Inc. (a)	600		2,616
Hydrogenics Corp. (a)	3,300		1,584
			4,200
Heavy Electrical Equipment - 0.5%
Vestas Wind Systems AS (a)	4,100		185,957
TOTAL ELECTRICAL EQUIPMENT			190,157
ELECTRONIC EQUIPMENT & COMPONENTS - 1.0%
Electronic Equipment & Instruments - 1.0%
Itron, Inc. (a)(d)	7,500		355,350
ENERGY EQUIPMENT & SERVICES - 1.8%
Oil & Gas Equipment & Services - 1.8%
Newpark Resources, Inc. (a)	138,400		636,640
FOOD & STAPLES RETAILING - 0.5%
Food Retail - 0.5%
Whole Foods Market, Inc. (d)	17,200		181,976

	Shares		Value
FOOD PRODUCTS - 0.0%
Packaged Foods & Meats - 0.0%
Hain Celestial Group, Inc. (a)	100		$ 1,574
SunOpta, Inc. (a)	800		1,512
			3,086
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.2%
Independent Power Producers & Energy Traders - 1.2%
Ormat Technologies, Inc.	14,800		445,480
MACHINERY - 14.6%
Construction & Farm Machinery & Heavy Trucks - 1.6%
Lindsay Corp. (d)	15,300		595,323
Industrial Machinery - 13.0%
CLARCOR, Inc.	42,700		1,371,097
Donaldson Co., Inc. (d)	49,000		1,676,780
Kadant, Inc. (a)	30,700		459,886
Pall Corp.	43,600		1,199,436
			4,707,199
TOTAL MACHINERY			5,302,522
MULTI-UTILITIES - 7.6%
Multi-Utilities - 7.6%
Veolia Environnement sponsored ADR (d)	110,000		2,765,400
TOTAL COMMON STOCKS (Cost $42,885,104)		33,046,520
Money Market Funds - 17.5%

Fidelity Cash Central Fund, 1.29% (b)	2,830,146		2,830,146
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	3,541,500		3,541,500
TOTAL MONEY MARKET FUNDS (Cost $6,371,646)		6,371,646

TOTAL INVESTMENT PORTFOLIO - 108.4%

(Cost $49,256,750)

39,418,166

NET OTHER ASSETS - (8.4)%			(3,047,202)
NET ASSETS - 100%		$ 36,370,964

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 28,110
Fidelity Securities Lending Cash Central Fund	74,243
Total	$ 102,353

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 39,418,166	$ 39,232,209	$ 185,957	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $50,507,558. Net unrealized depreciation aggregated $11,089,392, of which $1,236,489 related to appreciated investment securities and $12,325,881 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

November 30, 2008

1.810693.104

FIN-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
CAPITAL MARKETS - 23.6%
Asset Management & Custody Banks - 8.7%
Bank of New York Mellon Corp.	173,100		$ 5,229,351
EFG International	132,633		2,127,494
Fortress Investment Group LLC	42,300		129,015
Franklin Resources, Inc.	52,200		3,171,150
GLG Partners, Inc.	99,300		252,222
Janus Capital Group, Inc.	122,600		999,190
Julius Baer Holding Ltd.	64,536		2,118,524
KKR Private Equity Investors, LP (a)	60,600		166,650
KKR Private Equity Investors, LP Restricted Depositary Units (a)(e)	47,000		129,250
Legg Mason, Inc.	316,388		5,701,312
State Street Corp.	107,225		4,515,245
T. Rowe Price Group, Inc.	14,200		485,782
The Blackstone Group LP	42,400		265,424
			25,290,609
Diversified Capital Markets - 1.6%
Credit Suisse Group sponsored ADR	67,000		1,983,870
UBS AG (NY Shares)	197,400		2,514,876
			4,498,746
Investment Banking & Brokerage - 13.3%
Charles Schwab Corp.	230,800		4,230,564
Evercore Partners, Inc. Class A	11,000		110,110
GFI Group, Inc.	1,416,349		5,367,963
Goldman Sachs Group, Inc.	171,300		13,530,987
Lazard Ltd. Class A	107,395		3,357,168
Merrill Lynch & Co., Inc.	163,300		2,158,826
Morgan Stanley (d)	670,900		9,895,775
			38,651,393
TOTAL CAPITAL MARKETS			68,440,748
COMMERCIAL BANKS - 14.7%
Diversified Banks - 7.1%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E	51,300		649,971
ICICI Bank Ltd. sponsored ADR	19,500		277,680
U.S. Bancorp, Delaware	173,700		4,686,426
Wachovia Corp.	661,186		3,715,865
Wells Fargo & Co.	393,600		11,371,104
			20,701,046
Regional Banks - 7.6%
Associated Banc-Corp.	151,800		3,298,614
Boston Private Financial Holdings, Inc.	113,100		781,521
Cathay General Bancorp (d)	57,380		1,177,438
Center Financial Corp., California	27,200		191,488
Huntington Bancshares, Inc.	233,400		1,867,200
KeyCorp	285,800		2,680,804
M&T Bank Corp. (d)	34,300		2,203,775
National City Corp.	759,200		1,525,992

	Shares		Value
PNC Financial Services Group, Inc.	105,700		$ 5,577,789
UCBH Holdings, Inc.	21,300		98,832
Wintrust Financial Corp.	65,133		1,343,694
Zions Bancorp	38,100		1,215,009
			21,962,156
TOTAL COMMERCIAL BANKS			42,663,202
CONSUMER FINANCE - 3.5%
Consumer Finance - 3.5%
American Express Co.	83,800		1,953,378
Capital One Financial Corp.	71,500		2,460,315
Discover Financial Services	100,650		1,029,650
Dollar Financial Corp. (a)	75,679		573,647
Promise Co. Ltd. (d)	78,050		1,606,407
SLM Corp. (a)	269,800		2,484,858
			10,108,255
DIVERSIFIED FINANCIAL SERVICES - 17.8%
Other Diversifed Financial Services - 15.8%
Bank of America Corp.	768,048		12,480,780
Citigroup, Inc.	2,318,209		19,217,952
JPMorgan Chase & Co.	446,645		14,140,781
			45,839,513
Specialized Finance - 2.0%
CIT Group, Inc. (d)	302,300		1,009,682
CME Group, Inc.	12,500		2,649,375
Deutsche Boerse AG	25,400		1,826,078
JSE Ltd.	58,700		238,772
KKR Financial Holdings LLC	108,200		106,036
			5,829,943
TOTAL DIVERSIFIED FINANCIAL SERVICES			51,669,456
INSURANCE - 23.4%
Insurance Brokers - 0.3%
National Financial Partners Corp.	53,700		85,383
Willis Group Holdings Ltd.	34,860		804,220
			889,603
Life & Health Insurance - 3.8%
AFLAC, Inc.	70,500		3,264,150
MetLife, Inc.	181,700		5,225,692
Principal Financial Group, Inc.	37,200		513,732
Prudential Financial, Inc.	90,200		1,957,340
			10,960,914
Multi-Line Insurance - 1.7%
American International Group, Inc.	1,720,420		3,458,044
Assurant, Inc.	40,000		870,800
Hartford Financial Services Group, Inc.	74,700		631,215
			4,960,059
Property & Casualty Insurance - 11.5%
ACE Ltd.	135,400		7,074,650
AMBAC Financial Group, Inc.	338,400		473,760
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Property & Casualty Insurance - continued
Argo Group International Holdings, Ltd. (a)	58,017		$ 1,835,658
Aspen Insurance Holdings Ltd.	300		5,529
Axis Capital Holdings Ltd.	39,900		1,009,869
Berkshire Hathaway, Inc. Class A (a)	33		3,432,000
Fidelity National Financial, Inc. Class A	821,177		10,125,112
LandAmerica Financial Group, Inc.	12,900		1,290
MBIA, Inc.	75,000		438,750
The First American Corp.	199,000		4,779,980
The Travelers Companies, Inc.	67,300		2,937,645
United America Indemnity Ltd. Class A (a)	68,800		887,520
XL Capital Ltd. Class A	90,300		454,209
			33,455,972
Reinsurance - 6.1%
Everest Re Group Ltd.	115,800		9,085,668
IPC Holdings Ltd.	61,679		1,727,012
Max Capital Group Ltd.	97,285		1,124,615
Montpelier Re Holdings Ltd.	32,600		448,902
Platinum Underwriters Holdings Ltd.	95,088		2,922,054
RenaissanceRe Holdings Ltd.	49,500		2,332,935
			17,641,186
TOTAL INSURANCE			67,907,734
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
China Finance Online Co. Ltd. ADR (a)	17,000		107,950
IT SERVICES - 3.3%
Data Processing & Outsourced Services - 3.3%
CyberSource Corp. (a)	336,672		3,124,316
MasterCard, Inc. Class A	17,000		2,470,100
Visa, Inc.	74,700		3,926,232
			9,520,648
PROFESSIONAL SERVICES - 1.2%
Research & Consulting Services - 1.2%
First Advantage Corp. Class A (a)	275,028		3,457,102
REAL ESTATE INVESTMENT TRUSTS - 3.2%
Mortgage REITs - 1.2%
Annaly Capital Management, Inc.	227,900		3,274,923
Chimera Investment Corp.	98,276		292,862
			3,567,785
Residential REITs - 1.2%
Equity Lifestyle Properties, Inc.	61,300		2,120,980
UDR, Inc.	101,000		1,528,130
			3,649,110
Retail REITs - 0.8%
CBL & Associates Properties, Inc.	43,560		177,289

	Shares		Value
Developers Diversified Realty Corp.	115,700		$ 555,360
Simon Property Group, Inc.	31,200		1,482,000
			2,214,649
TOTAL REAL ESTATE INVESTMENT TRUSTS			9,431,544
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
Diversified Real Estate Activities - 0.6%
Meruelo Maddux Properties, Inc. (a)	156,900		73,743
Mitsubishi Estate Co. Ltd.	105,000		1,560,113
			1,633,856
SOFTWARE - 1.3%
Application Software - 1.3%
EPIQ Systems, Inc. (a)	232,321		3,772,893
THRIFTS & MORTGAGE FINANCE - 1.9%
Thrifts & Mortgage Finance - 1.9%
Fannie Mae	1,361,708		1,579,581
FirstFed Financial Corp. (a)(d)	58,700		221,299
Hudson City Bancorp, Inc.	187,111		3,126,625
IndyMac Bancorp, Inc.	51,400		2,107
Radian Group, Inc.	204,000		552,840
Washington Mutual, Inc.	59,100		2,896
			5,485,348
TOTAL COMMON STOCKS (Cost $350,007,846)		274,198,736
Convertible Preferred Stocks - 0.6%

COMMERCIAL BANKS - 0.5%
Regional Banks - 0.5%
Huntington Bancshares, Inc. 8.50%	1,700		1,224,000
UCBH Holdings, Inc. Series B, 8.50%	130		142,432
			1,366,432
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Specialized Finance - 0.0%
CIT Group, Inc. Series C, 8.75%	3,400		63,410
INSURANCE - 0.0%
Multi-Line Insurance - 0.0%
American International Group, Inc. Series A, 8.50%	11,300		91,722
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae 8.75%	107,300		192,067
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,118,346)		1,713,631
Money Market Funds - 5.8%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	10,382,966		$ 10,382,966
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	6,240,025		6,240,025
TOTAL MONEY MARKET FUNDS (Cost $16,622,991)		16,622,991
Cash Equivalents - 1.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.21%, dated 11/28/08 due 12/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $3,495,000)	$ 3,495,061		3,495,000

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $373,244,183)

296,030,358

NET OTHER ASSETS - (2.1)%			(5,951,754)
NET ASSETS - 100%		$ 290,078,604

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$3,495,000 due 12/01/08 at 0.21%
Banc of America Securities LLC	$ 710,883
Barclays Capital, Inc.	938,771
Deutsche Bank Securities, Inc.	1,845,346
	$ 3,495,000

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	$ 482,299
Fidelity Securities Lending Cash Central Fund	409,936
Total	$ 892,235

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 296,030,358	$ 284,453,731	$ 11,576,627	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $408,960,848. Net unrealized depreciation aggregated $112,930,490, of which $29,793,850 related to appreciated investment securities and $142,724,340 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

November 30, 2008

1.810695.104

GOL-QTLY-0109

Consolidated Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.0%
	Shares		Value
Australia - 8.0%
METALS & MINING - 8.0%
Gold - 8.0%
Andean Resources Ltd. (a)	2,754,651		$ 1,200,681
Centamin Egypt Ltd. (a)	2,127,000		1,228,525
Newcrest Mining Ltd.	5,871,283		94,476,561
Sino Gold Mining Ltd. (a)(d)	3,458,231		8,205,445
Troy Resources NL (a)(e)	2,300,000		1,205,645
			106,316,857
Bermuda - 0.3%
METALS & MINING - 0.3%
Precious Metals & Minerals - 0.3%
Aquarius Platinum Ltd. (United Kingdom)	1,786,212		4,076,385
Canada - 43.1%
METALS & MINING - 43.1%
Diversified Metals & Mining - 0.4%
First Quantum Minerals Ltd.	153,200		2,234,990
Kimber Resources, Inc. (a)	16,100		9,348
Kimber Resources, Inc. (a)(e)	3,888,000		2,257,548
Kimber Resources, Inc. warrants 3/11/10 (a)(e)	1,944,000		548,552
			5,050,438
Gold - 41.3%
Agnico-Eagle Mines Ltd.	2,146,600		80,947,594
Alamos Gold, Inc. (a)	2,273,500		10,762,456
Aquiline Resources, Inc. (a)	875,500		1,030,831
Aquiline Resources, Inc. (a)(e)	1,024,600		1,206,384
Aurizon Mines Ltd. (a)	728,500		1,603,875
Barrick Gold Corp. (d)	4,256,619		125,810,551
Detour Gold Corp. (e)	615,000		2,464,960
Eldorado Gold Corp. (a)	5,417,300		31,367,915
European Goldfields Ltd. (a)	516,400		899,535
Franco-Nevada Corp.	906,100		12,312,730
Goldcorp, Inc. (d)	4,516,200		122,119,505
Golden Star Resources Ltd. (a)	4,875,769		3,538,865
Great Basin Gold Ltd. (a)	3,407,900		2,885,722
Guyana Goldfields, Inc. (a)	783,000		618,823
High River Gold Mines Ltd. (a)	2,126,800		197,244
High River Gold Mines Ltd. (a)(e)	1,300,000		120,565
High River Gold Mines Ltd. warrants 11/8/10 (a)(e)	650,000		7,863
IAMGOLD Corp.	3,322,100		15,324,526
Jaguar Mining, Inc. (a)	285,500		757,496
Kinross Gold Corp. (d)	4,369,600		64,486,839
New Gold, Inc. (a)	585,700		637,657
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		47,234
Northgate Minerals Corp. (a)	1,007,800		715,213
Orezone Resources, Inc. Class A (a)	8,870,700		1,287,682
Osisko Mining Corp. (a)	181,300		302,654

	Shares		Value
Red Back Mining, Inc. (a)	2,270,800		$ 10,310,165
Red Back Mining, Inc. (a)(e)	1,033,000		4,690,153
Red Back Mining, Inc. (a)	26,500		74,798
Western Goldfields, Inc. (a)	1,161,200		1,573,239
Yamana Gold, Inc.	8,665,100		50,313,484
			548,416,558
Precious Metals & Minerals - 1.4%
Etruscan Resources, Inc. (a)	1,216,800		328,732
Etruscan Resources, Inc. (a)(e)	1,549,400		418,588
Etruscan Resources, Inc. warrants 11/2/10 (a)(e)	774,700		36,111
Minefinders Corp. Ltd. (a)	1,100,000		4,462,097
Pan American Silver Corp. (a)	500,000		7,080,000
Silver Standard Resources, Inc. (a)	591,300		6,060,825
			18,386,353
TOTAL METALS & MINING			571,853,349
China - 1.1%
METALS & MINING - 1.1%
Gold - 1.1%
Zijin Mining Group Co. Ltd. (H Shares)	41,238,000		14,898,698
Luxembourg - 0.3%
METALS & MINING - 0.3%
Steel - 0.3%
ArcelorMittal SA (NY Shares) Class A (d)	152,200		3,604,096
Papua New Guinea - 3.9%
METALS & MINING - 3.9%
Gold - 3.9%
Lihir Gold Ltd. (a)	35,560,881		51,278,435
Peru - 1.1%
METALS & MINING - 1.1%
Precious Metals & Minerals - 1.1%
Compania de Minas Buenaventura SA sponsored ADR	780,000		14,040,000
South Africa - 10.1%
METALS & MINING - 10.1%
Gold - 9.5%
AngloGold Ashanti Ltd. sponsored ADR	2,071,516		44,226,867
Gold Fields Ltd. sponsored ADR	5,534,900		45,496,878
Harmony Gold Mining Co. Ltd. (a)	1,549,000		13,310,645
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	2,658,200		22,966,848
			126,001,238
Precious Metals & Minerals - 0.6%
Impala Platinum Holdings Ltd.	663,212		8,158,965
TOTAL METALS & MINING			134,160,203
Common Stocks - continued
	Shares		Value
United Kingdom - 5.5%
METALS & MINING - 5.5%
Diversified Metals & Mining - 0.4%
BHP Billiton PLC	330,400		$ 5,978,104
Gold - 5.1%
Randgold Resources Ltd. sponsored ADR	1,753,589		67,039,707
TOTAL METALS & MINING			73,017,811
United States of America - 11.6%
METALS & MINING - 11.5%
Diversified Metals & Mining - 1.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	538,200		12,911,418
Gold - 10.5%
Newmont Mining Corp.	3,584,898		120,631,818
Royal Gold, Inc.	470,768		18,830,720
US Gold Corp. warrants 2/22/11 (a)(f)	364,200		49,932
			139,512,470
TOTAL METALS & MINING			152,423,888
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Walter Industries, Inc.	120,000		2,188,800
TOTAL UNITED STATES OF AMERICA			154,612,688
TOTAL COMMON STOCKS (Cost $1,472,871,492)		1,127,858,522

Commodities - 8.1%
	Troy Ounces
Gold Bullion (Cost $114,990,600)	130,500	106,605,450

Money Market Funds - 17.6%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	35,987,771		35,987,771
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	197,478,957		197,478,957
TOTAL MONEY MARKET FUNDS (Cost $233,466,728)		233,466,728
Cash Equivalents - 0.4%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.21%, dated 11/28/08 due 12/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $5,661,000)	$ 5,661,098		$ 5,661,000

TOTAL INVESTMENT PORTFOLIO - 111.1%

(Cost $1,826,989,820)

1,473,591,700

NET OTHER ASSETS - (11.1)%			(147,186,721)
NET ASSETS - 100%		$ 1,326,404,979

Legend

(a) Non-income producing

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

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

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

Repurchase Agreement / Counterparty	Value
$5,661,000 due 12/01/08 at 0.21%
Banc of America Securities LLC	$ 1,151,447
Barclays Capital, Inc.	1,520,568
Deutsche Bank Securities, Inc.	2,988,985
	$ 5,661,000

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	$ 559,529
Fidelity Securities Lending Cash Central Fund	440,545
Total	$ 1,000,074

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Coral Gold Resources Ltd.	$ 2,869,001	$ -	$ 368,605	$ -	$ -
US Gold Canadian Acquisition Corp.	8,770,114	-	2,471,386	-	-
Total	$ 11,639,115	$ -	$ 2,839,991	$ -	$ -
Consolidated Subsidary
Fidelity Select Gold Cayman Ltd.	$ 82,253,568	$ 105,544,889	$ 63,158,413	$	$ 106,575,475

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 1,473,591,700	$ 1,442,677,580	$ 30,839,322	$ 74,798

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

	Investments
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	2,153
Cost of Purchases	72,645
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 74,798

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,890,622,863. Net unrealized depreciation aggregated $417,031,163, of which $113,132,920 related to appreciated investment securities and $530,164,083 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 November 30, 2008, the Fund held 106,575,475 in the Subsidiary, representing 8.1% 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

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.

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

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

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

November 30, 2008

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

1.860865.101

AGLD-QTLY-0109

Consolidated Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.0%
	Shares		Value
Australia - 8.0%
METALS & MINING - 8.0%
Gold - 8.0%
Andean Resources Ltd. (a)	2,754,651		$ 1,200,681
Centamin Egypt Ltd. (a)	2,127,000		1,228,525
Newcrest Mining Ltd.	5,871,283		94,476,561
Sino Gold Mining Ltd. (a)(d)	3,458,231		8,205,445
Troy Resources NL (a)(e)	2,300,000		1,205,645
			106,316,857
Bermuda - 0.3%
METALS & MINING - 0.3%
Precious Metals & Minerals - 0.3%
Aquarius Platinum Ltd. (United Kingdom)	1,786,212		4,076,385
Canada - 43.1%
METALS & MINING - 43.1%
Diversified Metals & Mining - 0.4%
First Quantum Minerals Ltd.	153,200		2,234,990
Kimber Resources, Inc. (a)	16,100		9,348
Kimber Resources, Inc. (a)(e)	3,888,000		2,257,548
Kimber Resources, Inc. warrants 3/11/10 (a)(e)	1,944,000		548,552
			5,050,438
Gold - 41.3%
Agnico-Eagle Mines Ltd.	2,146,600		80,947,594
Alamos Gold, Inc. (a)	2,273,500		10,762,456
Aquiline Resources, Inc. (a)	875,500		1,030,831
Aquiline Resources, Inc. (a)(e)	1,024,600		1,206,384
Aurizon Mines Ltd. (a)	728,500		1,603,875
Barrick Gold Corp. (d)	4,256,619		125,810,551
Detour Gold Corp. (e)	615,000		2,464,960
Eldorado Gold Corp. (a)	5,417,300		31,367,915
European Goldfields Ltd. (a)	516,400		899,535
Franco-Nevada Corp.	906,100		12,312,730
Goldcorp, Inc. (d)	4,516,200		122,119,505
Golden Star Resources Ltd. (a)	4,875,769		3,538,865
Great Basin Gold Ltd. (a)	3,407,900		2,885,722
Guyana Goldfields, Inc. (a)	783,000		618,823
High River Gold Mines Ltd. (a)	2,126,800		197,244
High River Gold Mines Ltd. (a)(e)	1,300,000		120,565
High River Gold Mines Ltd. warrants 11/8/10 (a)(e)	650,000		7,863
IAMGOLD Corp.	3,322,100		15,324,526
Jaguar Mining, Inc. (a)	285,500		757,496
Kinross Gold Corp. (d)	4,369,600		64,486,839
New Gold, Inc. (a)	585,700		637,657
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		47,234
Northgate Minerals Corp. (a)	1,007,800		715,213
Orezone Resources, Inc. Class A (a)	8,870,700		1,287,682
Osisko Mining Corp. (a)	181,300		302,654

	Shares		Value
Red Back Mining, Inc. (a)	2,270,800		$ 10,310,165
Red Back Mining, Inc. (a)(e)	1,033,000		4,690,153
Red Back Mining, Inc. (a)	26,500		74,798
Western Goldfields, Inc. (a)	1,161,200		1,573,239
Yamana Gold, Inc.	8,665,100		50,313,484
			548,416,558
Precious Metals & Minerals - 1.4%
Etruscan Resources, Inc. (a)	1,216,800		328,732
Etruscan Resources, Inc. (a)(e)	1,549,400		418,588
Etruscan Resources, Inc. warrants 11/2/10 (a)(e)	774,700		36,111
Minefinders Corp. Ltd. (a)	1,100,000		4,462,097
Pan American Silver Corp. (a)	500,000		7,080,000
Silver Standard Resources, Inc. (a)	591,300		6,060,825
			18,386,353
TOTAL METALS & MINING			571,853,349
China - 1.1%
METALS & MINING - 1.1%
Gold - 1.1%
Zijin Mining Group Co. Ltd. (H Shares)	41,238,000		14,898,698
Luxembourg - 0.3%
METALS & MINING - 0.3%
Steel - 0.3%
ArcelorMittal SA (NY Shares) Class A (d)	152,200		3,604,096
Papua New Guinea - 3.9%
METALS & MINING - 3.9%
Gold - 3.9%
Lihir Gold Ltd. (a)	35,560,881		51,278,435
Peru - 1.1%
METALS & MINING - 1.1%
Precious Metals & Minerals - 1.1%
Compania de Minas Buenaventura SA sponsored ADR	780,000		14,040,000
South Africa - 10.1%
METALS & MINING - 10.1%
Gold - 9.5%
AngloGold Ashanti Ltd. sponsored ADR	2,071,516		44,226,867
Gold Fields Ltd. sponsored ADR	5,534,900		45,496,878
Harmony Gold Mining Co. Ltd. (a)	1,549,000		13,310,645
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	2,658,200		22,966,848
			126,001,238
Precious Metals & Minerals - 0.6%
Impala Platinum Holdings Ltd.	663,212		8,158,965
TOTAL METALS & MINING			134,160,203
Common Stocks - continued
	Shares		Value
United Kingdom - 5.5%
METALS & MINING - 5.5%
Diversified Metals & Mining - 0.4%
BHP Billiton PLC	330,400		$ 5,978,104
Gold - 5.1%
Randgold Resources Ltd. sponsored ADR	1,753,589		67,039,707
TOTAL METALS & MINING			73,017,811
United States of America - 11.6%
METALS & MINING - 11.5%
Diversified Metals & Mining - 1.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	538,200		12,911,418
Gold - 10.5%
Newmont Mining Corp.	3,584,898		120,631,818
Royal Gold, Inc.	470,768		18,830,720
US Gold Corp. warrants 2/22/11 (a)(f)	364,200		49,932
			139,512,470
TOTAL METALS & MINING			152,423,888
OIL, GAS & CONSUMABLE FUELS - 0.1%
Coal & Consumable Fuels - 0.1%
Walter Industries, Inc.	120,000		2,188,800
TOTAL UNITED STATES OF AMERICA			154,612,688
TOTAL COMMON STOCKS (Cost $1,472,871,492)		1,127,858,522

Commodities - 8.1%
	Troy Ounces
Gold Bullion (Cost $114,990,600)	130,500	106,605,450

Money Market Funds - 17.6%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	35,987,771		35,987,771
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	197,478,957		197,478,957
TOTAL MONEY MARKET FUNDS (Cost $233,466,728)		233,466,728
Cash Equivalents - 0.4%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.21%, dated 11/28/08 due 12/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $5,661,000)	$ 5,661,098		$ 5,661,000

TOTAL INVESTMENT PORTFOLIO - 111.1%

(Cost $1,826,989,820)

1,473,591,700

NET OTHER ASSETS - (11.1)%			(147,186,721)
NET ASSETS - 100%		$ 1,326,404,979

Legend

(a) Non-income producing

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

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

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

Repurchase Agreement / Counterparty	Value
$5,661,000 due 12/01/08 at 0.21%
Banc of America Securities LLC	$ 1,151,447
Barclays Capital, Inc.	1,520,568
Deutsche Bank Securities, Inc.	2,988,985
	$ 5,661,000

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	$ 559,529
Fidelity Securities Lending Cash Central Fund	440,545
Total	$ 1,000,074

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Coral Gold Resources Ltd.	$ 2,869,001	$ -	$ 368,605	$ -	$ -
US Gold Canadian Acquisition Corp.	8,770,114	-	2,471,386	-	-
Total	$ 11,639,115	$ -	$ 2,839,991	$ -	$ -
Consolidated Subsidary
Fidelity Select Gold Cayman Ltd.	$ 82,253,568	$ 105,544,889	$ 63,158,413	$	$ 106,575,475

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 1,473,591,700	$ 1,442,677,580	$ 30,839,322	$ 74,798

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

	Investments
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	2,153
Cost of Purchases	72,645
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 74,798

Income Tax Information

Investment in Subsidiary

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

November 30, 2008

1.810696.104

HEA-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
BIOTECHNOLOGY - 21.1%
Biotechnology - 21.1%
Alexion Pharmaceuticals, Inc. (a)	107,974		$ 3,634,405
Alkermes, Inc. (a)	268,319		1,980,194
Alnylam Pharmaceuticals, Inc. (a)	181,200		3,303,276
Amgen, Inc. (a)	943,912		52,424,872
Biogen Idec, Inc. (a)	546,757		23,133,289
BioMarin Pharmaceutical, Inc. (a)(d)	501,836		8,546,267
Celgene Corp. (a)	65,300		3,402,130
Cephalon, Inc. (a)	57,800		4,247,144
Cougar Biotechnology, Inc. (a)	29,307		709,229
CSL Ltd.	163,251		3,713,000
Emergent BioSolutions, Inc. (a)	5,700		128,934
Genentech, Inc. (a)	899,493		68,901,164
Genzyme Corp. (a)	515,002		32,970,428
Gilead Sciences, Inc. (a)	560,125		25,087,999
GTx, Inc. (a)(d)	201,800		2,980,586
Molecular Insight Pharmaceuticals, Inc. (a)(d)	68,317		215,199
Myriad Genetics, Inc. (a)	53,473		3,169,879
Omrix Biopharmaceuticals, Inc. (a)	568,245		14,137,936
ONYX Pharmaceuticals, Inc. (a)	204,718		5,752,576
OSI Pharmaceuticals, Inc. (a)	76,900		2,860,680
PDL BioPharma, Inc.	235,648		2,257,508
Theravance, Inc. (a)(d)	129,400		864,392
United Therapeutics Corp. (a)	49,100		2,692,153
			267,113,240
CHEMICALS - 0.3%
Fertilizers & Agricultural Chemicals - 0.3%
Monsanto Co.	39,851		3,156,199
Specialty Chemicals - 0.0%
Jubilant Organosys Ltd.	161,979		398,780
TOTAL CHEMICALS			3,554,979
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Support Services - 0.0%
PRG-Schultz International, Inc. (a)	8,500		38,080
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc. Class A (a)	973,104		2,286,794
Hillenbrand, Inc.	114,500		1,822,840
Service Corp. International	4,600		26,772
Stewart Enterprises, Inc. Class A	740,400		2,361,876
			6,498,282
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Other Diversifed Financial Services - 0.0%
MBF Healthcare Acquisition Corp. warrants 4/16/11 (a)	144,380		736

	Shares		Value
FOOD & STAPLES RETAILING - 0.8%
Drug Retail - 0.8%
China Nepstar Chain Drugstore Ltd. ADR	27,700		$ 116,340
CVS Caremark Corp.	348,086		10,070,128
			10,186,468
HEALTH CARE EQUIPMENT & SUPPLIES - 18.6%
Health Care Equipment - 15.3%
American Medical Systems Holdings, Inc. (a)	414,700		3,649,360
Baxter International, Inc.	989,135		52,325,242
Beckman Coulter, Inc.	14,551		634,133
Boston Scientific Corp. (a)	2,844,787		17,552,336
CONMED Corp. (a)	169,965		3,995,877
Covidien Ltd.	1,407,619		51,870,760
Electro-Optical Sciences, Inc. (a)	365,301		1,260,288
Electro-Optical Sciences, Inc. warrants 8/2/12 (a)(f)	50,450		90,586
ev3, Inc. (a)	416,453		2,082,265
Golden Meditech Co. Ltd. (a)	10,780,000		1,488,316
Hill-Rom Holdings, Inc.	56,838		1,167,453
Hospira, Inc. (a)	593,543		17,824,096
Integra LifeSciences Holdings Corp. (a)	258,869		8,151,785
Kinetic Concepts, Inc. (a)	94,500		2,044,980
Masimo Corp. (a)	59,713		1,629,568
Medtronic, Inc.	555,611		16,957,248
Meridian Bioscience, Inc.	27,400		652,942
Micrus Endovascular Corp. (a)	168,187		1,782,782
Mindray Medical International Ltd. sponsored ADR	82,900		1,498,832
Natus Medical, Inc. (a)	1,500		19,065
NeuroMetrix, Inc. (a)	227,853		150,383
NuVasive, Inc. (a)	8,700		299,715
Quidel Corp. (a)	30,332		413,425
St. Jude Medical, Inc. (a)	168,600		4,725,858
Syneron Medical Ltd. (a)	196,780		1,438,462
			193,705,757
Health Care Supplies - 3.3%
Alcon, Inc.	176,369		14,072,483
Immucor, Inc. (a)	36,000		873,720
InfuSystems Holdings, Inc. (a)(g)	1,424,500		2,706,550
InfuSystems Holdings, Inc. warrants 4/11/11 (a)	131,400		5,256
Inverness Medical Innovations, Inc. (a)	1,150,545		20,215,076
RTI Biologics, Inc. (a)	976,600		2,656,352
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	834,000		1,183,727
			41,713,164
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			235,418,921
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 16.3%
Health Care Distributors & Services - 1.5%
Henry Schein, Inc. (a)	106,097		$ 3,790,846
McKesson Corp.	299,700		10,471,518
Profarma Distribuidora de Produtos Farmaceuticos SA	1,636,200		4,368,837
			18,631,201
Health Care Facilities - 1.5%
Community Health Systems, Inc. (a)	480,824		6,279,561
Hanger Orthopedic Group, Inc. (a)	278,300		4,466,715
Sun Healthcare Group, Inc. (a)	172,819		1,731,646
Tenet Healthcare Corp. (a)	446,900		540,749
Universal Health Services, Inc. Class B	148,200		5,505,630
			18,524,301
Health Care Services - 9.2%
athenahealth, Inc. (a)	57,800		1,579,674
Diagnosticos da America SA	108,600		1,103,773
Emergency Medical Services Corp. Class A (a)	100		3,392
Express Scripts, Inc. (a)	478,533		27,520,433
Fresenius Medical Care AG sponsored ADR	88,600		3,893,970
Genoptix, Inc. (a)	54,873		1,741,120
Health Grades, Inc. (a)	1,124,047		1,978,323
Laboratory Corp. of America Holdings (a)	172,600		10,935,936
LHC Group, Inc. (a)	104,232		3,479,264
Medco Health Solutions, Inc. (a)	1,479,228		62,127,576
NightHawk Radiology Holdings, Inc. (a)	659,502		1,912,556
Rural/Metro Corp. (a)	338,500		582,220
Virtual Radiologic Corp. (d)	40,900		296,525
			117,154,762
Managed Health Care - 4.1%
Coventry Health Care, Inc. (a)	37,700		470,119
Health Net, Inc. (a)	48,400		436,084
Humana, Inc. (a)	406,491		12,288,223
Medial Saude SA	6,100		14,948
UnitedHealth Group, Inc.	1,116,278		23,453,001
Universal American Financial Corp. (a)	299,444		2,976,473
WellPoint, Inc. (a)	339,192		12,075,235
			51,714,083
TOTAL HEALTH CARE PROVIDERS & SERVICES			206,024,347
HEALTH CARE TECHNOLOGY - 0.7%
Health Care Technology - 0.7%
Eclipsys Corp. (a)	45,102		591,738
HLTH Corp. (a)	962,650		9,020,031
			9,611,769
HOTELS, RESTAURANTS & LEISURE - 0.0%
Restaurants - 0.0%
Centerplate, Inc. unit	7,300		9,490

	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 5.3%
Life Sciences Tools & Services - 5.3%
Albany Molecular Research, Inc. (a)	15,200		$ 144,248
Bruker BioSciences Corp. (a)	271,621		1,276,619
Charles River Laboratories International, Inc. (a)	76,400		1,741,920
Illumina, Inc. (a)	596,332		13,125,267
Lonza Group AG	140,174		11,562,227
PAREXEL International Corp. (a)	71,263		592,908
QIAGEN NV (a)	597,100		9,631,223
Techne Corp.	28,327		1,756,557
Thermo Fisher Scientific, Inc. (a)	612,300		21,846,864
Varian, Inc. (a)	15,900		581,940
Waters Corp. (a)	105,900		4,366,257
			66,626,030
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Pall Corp.	32,200		885,822
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
Nutraceutical International Corp. (a)	28,580		202,346
PHARMACEUTICALS - 32.4%
Pharmaceuticals - 32.4%
Abbott Laboratories	790,053		41,390,877
Allergan, Inc.	582,746		21,957,869
Alpharma, Inc. Class A (a)	84,500		3,050,450
Auxilium Pharmaceuticals, Inc. (a)	117,000		2,548,260
Barr Pharmaceuticals, Inc. (a)	230,500		15,072,395
Bristol-Myers Squibb Co.	1,324,195		27,410,837
China Shineway Pharmaceutical Group Ltd.	1,871,000		1,013,948
Elan Corp. PLC sponsored ADR (a)	10,400		65,208
Eli Lilly & Co.	20,900		713,735
Johnson & Johnson	1,170,778		68,584,175
Merck & Co., Inc.	1,794,681		47,953,876
Pfizer, Inc.	3,181,696		52,275,265
Piramal Healthcare Ltd.	222,798		951,414
Schering-Plough Corp.	2,195,995		36,914,676
Shire PLC sponsored ADR	148,462		6,086,942
Teva Pharmaceutical Industries Ltd. sponsored ADR (d)	264,400		11,408,860
Valeant Pharmaceuticals International (a)(d)	19,090		371,873
Wyeth	1,942,909		69,964,154
XenoPort, Inc. (a)	97,137		3,053,987
			410,788,801
TOTAL COMMON STOCKS (Cost $1,383,430,535)		1,216,959,311
Convertible Preferred Stocks - 0.1%
	Shares		Value
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Mylan, Inc. 6.50% (Cost $2,008,684)	3,300		$ 1,947,000

Corporate Bonds - 0.4%
	Principal Amount
Convertible Bonds - 0.2%
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
Lincare Holdings, Inc. 2.75% 11/1/37	$ 3,650,000		2,659,025
Nonconvertible Bonds - 0.2%
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
DASA Finance Corp. 8.75% 5/29/18 (e)	4,270,000		2,818,200
TOTAL CORPORATE BONDS (Cost $7,189,394)		5,477,225

Money Market Funds - 3.2%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	25,993,073		$ 25,993,073
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	14,371,182		14,371,182
TOTAL MONEY MARKET FUNDS (Cost $40,364,255)		40,364,255

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $1,432,992,868)

1,264,747,791

NET OTHER ASSETS - 0.2%			1,966,887
NET ASSETS - 100%		$ 1,266,714,678

Legend

(a) Non-income producing

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

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

(g) 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	$ 734,085
Fidelity Securities Lending Cash Central Fund	279,364
Total	$ 1,013,449

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
InfuSystems Holdings, Inc.	$ 5,014,240	$ -	$ -	$ -	$ 2,706,550

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,264,747,791	$ 1,245,670,753	$ 19,077,038	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,463,762,269. Net unrealized depreciation aggregated $199,014,478, of which $69,994,311 related to appreciated investment securities and $269,008,789 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

November 30, 2008

1.810686.104

SAV-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.8%
	Shares		Value
CAPITAL MARKETS - 2.5%
Asset Management & Custody Banks - 2.5%
EFG International	29,380		$ 471,269
State Street Corp.	30,952		1,303,389
			1,774,658
COMMERCIAL BANKS - 10.4%
Diversified Banks - 5.9%
HDFC Bank Ltd. sponsored ADR (d)	9,200		526,240
ICICI Bank Ltd. sponsored ADR (d)	15,400		219,296
Wells Fargo & Co.	119,600		3,455,244
			4,200,780
Regional Banks - 4.5%
Center Financial Corp., California	16,788		118,188
EuroBancshares, Inc. (a)	31,908		57,753
National City Corp.	239,500		481,395
PNC Financial Services Group, Inc.	14,200		749,334
Prosperity Bancshares, Inc.	25,500		841,755
Sterling Financial Corp., Washington	85,500		454,860
Webster Financial Corp.	33,500		502,500
			3,205,785
TOTAL COMMERCIAL BANKS			7,406,565
CONSUMER FINANCE - 1.6%
Consumer Finance - 1.6%
American Express Co.	6,100		142,191
Capital One Financial Corp.	29,402		1,011,723
			1,153,914
DIVERSIFIED FINANCIAL SERVICES - 4.4%
Other Diversifed Financial Services - 4.4%
Bank of America Corp.	145,278		2,360,768
JPMorgan Chase & Co.	23,500		744,010
			3,104,778
Specialized Finance - 0.0%
CIT Group, Inc.	6,600		22,044
TOTAL DIVERSIFIED FINANCIAL SERVICES			3,126,822
INSURANCE - 3.5%
Property & Casualty Insurance - 3.4%
Argo Group International Holdings, Ltd. (a)	34,940		1,105,502
Fidelity National Financial, Inc. Class A	65,700		810,081
The First American Corp.	21,800		523,636
			2,439,219
Reinsurance - 0.1%
RenaissanceRe Holdings Ltd.	1,003		47,271
TOTAL INSURANCE			2,486,490

	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
Move, Inc. (a)	64,990		$ 77,338
IT SERVICES - 1.2%
Data Processing & Outsourced Services - 1.2%
Fidelity National Information Services, Inc.	18,932		325,252
Lender Processing Services, Inc.	9,466		208,820
Visa, Inc.	5,900		310,104
			844,176
REAL ESTATE INVESTMENT TRUSTS - 14.0%
Mortgage REITs - 14.0%
Annaly Capital Management, Inc.	345,730		4,968,140
Chimera Investment Corp.	500,884		1,492,634
MFA Mortgage Investments, Inc.	559,545		3,463,584
			9,924,358
THRIFTS & MORTGAGE FINANCE - 51.1%
Thrifts & Mortgage Finance - 51.1%
Astoria Financial Corp.	245,400		4,530,084
Bank Mutual Corp.	173,800		1,781,450
Beverly Hills Bancorp, Inc. (a)	50,000		22,500
Brookline Bancorp, Inc., Delaware	59,400		670,626
Dime Community Bancshares, Inc.	30,500		411,445
First Niagara Financial Group, Inc.	94,500		1,465,695
FirstFed Financial Corp. (a)(d)	126,200		475,774
Flagstar Bancorp, Inc.	70,900		50,339
Hudson City Bancorp, Inc.	372,100		6,217,789
MGIC Investment Corp.	272,000		739,840
New York Community Bancorp, Inc.	276,137		3,603,588
NewAlliance Bancshares, Inc.	109,100		1,503,398
People's United Financial, Inc.	295,580		5,636,711
Provident Financial Services, Inc.	57,400		860,426
Radian Group, Inc. (d)	458,000		1,241,180
Sovereign Bancorp, Inc.	984,743		2,432,315
The PMI Group, Inc.	96,057		160,415
Trustco Bank Corp., New York	73,300		776,247
Washington Federal, Inc. (d)	183,612		3,101,207
Washington Mutual, Inc.	114,128		5,592
Westfield Financial, Inc.	58,500		603,720
			36,290,341
TOTAL COMMON STOCKS (Cost $111,369,426)		63,084,662
Convertible Preferred Stocks - 0.8%

DIVERSIFIED FINANCIAL SERVICES - 0.1%
Specialized Finance - 0.1%
CIT Group, Inc. Series C, 8.75%	1,200		22,380
Convertible Preferred Stocks - continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE - 0.7%
Thrifts & Mortgage Finance - 0.7%
Fannie Mae 8.75%	281,000		$ 502,990
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $606,193)		525,370
Money Market Funds - 15.6%

Fidelity Cash Central Fund, 1.29% (b)	7,314,373		7,314,373
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	3,781,150		3,781,150
TOTAL MONEY MARKET FUNDS (Cost $11,095,523)		11,095,523

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $123,071,142)

74,705,555

NET OTHER ASSETS - (5.2)%		(3,684,811)
NET ASSETS - 100%		$ 71,020,744

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 118,581
Fidelity Securities Lending Cash Central Fund	398,823
Total	$ 517,404

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 74,705,555	$ 73,708,916	$ 996,639	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $126,508,064. Net unrealized depreciation aggregated $51,802,509, of which $8,134,842 related to appreciated investment securities and $59,937,351 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

November 30, 2008

1.810687.104

INE-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
AEROSPACE & DEFENSE - 27.9%
Aerospace & Defense - 27.9%
Honeywell International, Inc.	125,700		$ 3,502,002
Lockheed Martin Corp.	36,100		2,783,671
Precision Castparts Corp.	34,300		2,150,610
Raytheon Co.	60,900		2,971,920
Stanley, Inc. (a)	10,600		338,140
The Boeing Co.	26,700		1,138,221
United Technologies Corp.	111,400		5,406,242
			18,290,806
AUTO COMPONENTS - 4.9%
Auto Parts & Equipment - 4.3%
BorgWarner, Inc.	33,600		794,976
Federal-Mogul Corp. Class A (a)	21,900		115,851
Johnson Controls, Inc.	104,800		1,850,768
Lear Corp. (a)	34,100		80,817
			2,842,412
Tires & Rubber - 0.6%
The Goodyear Tire & Rubber Co. (a)	59,100		380,013
TOTAL AUTO COMPONENTS			3,222,425
BUILDING PRODUCTS - 3.3%
Building Products - 3.3%
Masco Corp.	140,600		1,346,948
Simpson Manufacturing Co. Ltd. (d)	31,300		813,800
			2,160,748
CHEMICALS - 0.8%
Diversified Chemicals - 0.8%
Solutia, Inc. (a)	75,800		515,440
ELECTRICAL EQUIPMENT - 17.7%
Electrical Components & Equipment - 17.0%
AMETEK, Inc.	67,650		2,363,015
Cooper Industries Ltd. Class A	36,300		876,282
Emerson Electric Co.	112,000		4,019,680
First Solar, Inc. (a)(d)	4,600		574,264
Regal-Beloit Corp.	10,200		343,128
Rockwell Automation, Inc.	33,700		1,049,755
Roper Industries, Inc.	28,600		1,309,022
Saft Groupe SA	24,500		633,729
			11,168,875
Heavy Electrical Equipment - 0.7%
Vestas Wind Systems AS (a)	9,800		444,482
TOTAL ELECTRICAL EQUIPMENT			11,613,357
ELECTRONIC EQUIPMENT & COMPONENTS - 0.6%
Electronic Equipment & Instruments - 0.6%
Rotork PLC	30,675		369,116

	Shares		Value
INDUSTRIAL CONGLOMERATES - 25.1%
Industrial Conglomerates - 25.1%
General Electric Co.	766,455		$ 13,160,032
Siemens AG sponsored ADR	19,600		1,170,120
Textron, Inc.	45,800		697,534
Tyco International Ltd.	66,600		1,391,940
			16,419,626
MACHINERY - 14.3%
Construction & Farm Machinery & Heavy Trucks - 6.1%
Cummins, Inc.	51,800		1,325,044
Deere & Co.	59,100		2,057,271
Manitowoc Co., Inc.	24,100		189,908
Navistar International Corp. (a)	18,900		412,965
			3,985,188
Industrial Machinery - 8.2%
Danaher Corp.	42,700		2,375,828
Eaton Corp.	31,800		1,473,612
Ingersoll-Rand Co. Ltd. Class A	49,600		777,728
SPX Corp.	7,200		268,704
Sulzer AG (Reg.)	9,303		499,183
			5,395,055
TOTAL MACHINERY			9,380,243
TRADING COMPANIES & DISTRIBUTORS - 3.5%
Trading Companies & Distributors - 3.5%
Fastenal Co.	20,900		804,859
Interline Brands, Inc. (a)	73,000		674,520
W.W. Grainger, Inc.	11,300		797,441
			2,276,820
TOTAL COMMON STOCKS (Cost $93,676,174)		64,248,581
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 1.29% (b)	976,895		976,895
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	736,000		736,000
TOTAL MONEY MARKET FUNDS (Cost $1,712,895)		1,712,895

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $95,389,069)

65,961,476

NET OTHER ASSETS - (0.7)%			(427,453)
NET ASSETS - 100%		$ 65,534,023

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 44,828
Fidelity Securities Lending Cash Central Fund	31,530
Total	$ 76,358

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 65,961,476	$ 64,014,966	$ 1,946,510	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $97,239,112. Net unrealized depreciation aggregated $31,277,636, of which $2,071,200 related to appreciated investment securities and $33,348,836 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

November 30, 2008

1.810678.104

CYC-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
AEROSPACE & DEFENSE - 23.4%
Aerospace & Defense - 23.4%
Honeywell International, Inc.	160,600		$ 4,474,316
Lockheed Martin Corp.	40,300		3,107,533
Precision Castparts Corp.	28,900		1,812,030
Raytheon Co.	73,100		3,567,280
The Boeing Co.	72,800		3,103,464
United Technologies Corp.	110,101		5,343,202
			21,407,825
AIR FREIGHT & LOGISTICS - 8.4%
Air Freight & Logistics - 8.4%
C.H. Robinson Worldwide, Inc.	22,500		1,149,300
FedEx Corp.	26,600		1,879,290
United Parcel Service, Inc. Class B	71,000		4,089,600
UTI Worldwide, Inc.	50,200		538,144
			7,656,334
AUTO COMPONENTS - 2.5%
Auto Parts & Equipment - 1.9%
Johnson Controls, Inc.	99,400		1,755,404
Tires & Rubber - 0.6%
The Goodyear Tire & Rubber Co. (a)	74,700		480,321
TOTAL AUTO COMPONENTS			2,235,725
AUTOMOBILES - 0.2%
Automobile Manufacturers - 0.2%
Renault SA	7,800		172,625
BUILDING PRODUCTS - 1.7%
Building Products - 1.7%
Masco Corp.	146,110		1,399,734
USG Corp. (a)	15,900		150,255
			1,549,989
CHEMICALS - 0.8%
Specialty Chemicals - 0.8%
Albemarle Corp.	10,765		218,852
Nalco Holding Co.	20,100		229,341
W.R. Grace & Co. (a)	61,062		313,248
			761,441
COMMERCIAL SERVICES & SUPPLIES - 3.1%
Environmental & Facility Services - 2.8%
Allied Waste Industries, Inc. (a)	173,100		1,859,094
Republic Services, Inc. (d)	30,800		739,200
			2,598,294
Office Services & Supplies - 0.1%
United Stationers, Inc. (a)	2,200		69,982

	Shares		Value
Security & Alarm Services - 0.2%
The Brink's Co.	8,564		$ 186,438
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,854,714
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Granite Construction, Inc.	10,647		456,650
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Brinks Home Security Holdings, Inc. (a)	24,564		491,280
ELECTRICAL EQUIPMENT - 8.7%
Electrical Components & Equipment - 7.8%
AMETEK, Inc.	44,550		1,556,132
Cooper Industries Ltd. Class A	58,600		1,414,604
Emerson Electric Co.	85,100		3,054,239
Rockwell Automation, Inc.	22,000		685,300
Saft Groupe SA	16,623		429,978
			7,140,253
Heavy Electrical Equipment - 0.9%
Alstom SA	10,100		541,567
Vestas Wind Systems AS (a)	5,300		240,383
			781,950
TOTAL ELECTRICAL EQUIPMENT			7,922,203
INDUSTRIAL CONGLOMERATES - 17.5%
Industrial Conglomerates - 17.5%
General Electric Co.	629,701		10,811,965
Siemens AG sponsored ADR	40,200		2,399,940
Textron, Inc.	66,600		1,014,318
Tyco International Ltd.	84,636		1,768,892
			15,995,115
MACHINERY - 14.2%
Construction & Farm Machinery & Heavy Trucks - 7.7%
Caterpillar, Inc.	11,200		459,088
Cummins, Inc.	95,250		2,436,495
Deere & Co.	60,300		2,099,043
Manitowoc Co., Inc.	63,600		501,168
Navistar International Corp. (a)	48,800		1,066,280
Terex Corp. (a)	29,200		416,392
			6,978,466
Industrial Machinery - 6.5%
Danaher Corp.	50,100		2,787,564
Eaton Corp.	16,200		750,708
Ingersoll-Rand Co. Ltd. Class A	26,500		415,520
Parker Hannifin Corp. (d)	26,000		1,068,080
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
SPX Corp.	11,979		$ 447,056
Sulzer AG (Reg.)	8,951		480,295
			5,949,223
TOTAL MACHINERY			12,927,689
MARINE - 0.4%
Marine - 0.4%
Safe Bulkers, Inc.	43,600		180,940
Ultrapetrol (Bahamas) Ltd. (a)	52,398		209,068
			390,008
PROFESSIONAL SERVICES - 1.0%
Human Resource & Employment Services - 0.2%
Manpower, Inc.	5,300		166,844
Research & Consulting Services - 0.8%
Equifax, Inc.	29,600		753,320
TOTAL PROFESSIONAL SERVICES			920,164
ROAD & RAIL - 9.7%
Railroads - 7.8%
CSX Corp. (d)	53,400		1,988,616
Norfolk Southern Corp.	40,900		2,023,323
Union Pacific Corp.	63,100		3,157,524
			7,169,463
Trucking - 1.9%
Con-way, Inc.	31,500		881,055
J.B. Hunt Transport Services, Inc.	10,700		286,867
Landstar System, Inc.	5,300		170,342
Old Dominion Freight Lines, Inc. (a)	15,737		374,541
			1,712,805
TOTAL ROAD & RAIL			8,882,268
TRADING COMPANIES & DISTRIBUTORS - 1.4%
Trading Companies & Distributors - 1.4%
Rush Enterprises, Inc. Class A (a)	81,674		717,098
W.W. Grainger, Inc.	8,000		564,560
			1,281,658

	Shares		Value
TRANSPORTATION INFRASTRUCTURE - 0.5%
Marine Ports & Services - 0.5%
Aegean Marine Petroleum Network, Inc.	38,200		$ 463,748
TOTAL COMMON STOCKS (Cost $119,434,380)		86,369,436
Nonconvertible Preferred Stocks - 0.2%

AUTOMOBILES - 0.2%
Automobile Manufacturers - 0.2%
Fiat SpA (Cost $285,599)	49,900		196,901

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	8,375

Money Market Funds - 8.8%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	4,298,292		4,298,292
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	3,762,250		3,762,250
TOTAL MONEY MARKET FUNDS (Cost $8,060,542)		8,060,542

TOTAL INVESTMENT PORTFOLIO - 103.5%

(Cost $127,799,886)

94,635,254

NET OTHER ASSETS - (3.5)%			(3,213,673)
NET ASSETS - 100%		$ 91,421,581

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 75,954
Fidelity Securities Lending Cash Central Fund	108,294
Total	$ 184,248

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 94,635,254	$ 92,565,130	$ 2,070,124	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $131,266,906. Net unrealized depreciation aggregated $36,631,652, of which $1,199,186 related to appreciated investment securities and $37,830,838 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

November 30, 2008

1.810674.104

PRC-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
INSURANCE - 97.4%
Insurance Brokers - 5.8%
Aon Corp.	21,900		$ 992,070
Brown & Brown, Inc.	16,900		336,310
National Financial Partners Corp.	7,900		12,561
Willis Group Holdings Ltd.	129,800		2,994,486
			4,335,427
Life & Health Insurance - 21.5%
AFLAC, Inc.	102,900		4,764,270
Delphi Financial Group, Inc. Class A	9,200		111,320
Lincoln National Corp.	23,100		317,163
MetLife, Inc.	166,491		4,788,281
Phoenix Companies, Inc.	23,000		65,550
Protective Life Corp.	14,100		131,412
Prudential Financial, Inc.	129,600		2,812,320
Unum Group	196,900		2,933,810
			15,924,126
Multi-Line Insurance - 6.4%
American International Group, Inc.	693,900		1,394,739
Assurant, Inc.	84,400		1,837,388
Genworth Financial, Inc. Class A (non-vtg.)	146,000		211,700
Hartford Financial Services Group, Inc.	118,300		999,635
Horace Mann Educators Corp.	8,600		73,272
Unitrin, Inc.	9,900		189,486
			4,706,220
Property & Casualty Insurance - 51.5%
ACE Ltd.	127,049		6,638,310
Admiral Group PLC	18,300		277,740
Allied World Assurance Co. Holdings Ltd.	28,000		990,080
Allstate Corp.	81,500		2,073,360
AMBAC Financial Group, Inc.	59,400		83,160
Argo Group International Holdings, Ltd. (a)	6,296		199,205
Aspen Insurance Holdings Ltd.	18,500		340,955
Assured Guaranty Ltd.	23,500		264,140
Axis Capital Holdings Ltd.	158,085		4,001,131
Berkshire Hathaway, Inc.:
Class A (a)	63		6,552,000
Class B (a)	620		2,169,380
CNA Financial Corp.	55,300		760,928
Fidelity National Financial, Inc. Class A	44,300		546,219
LandAmerica Financial Group, Inc.	6,200		620
Markel Corp. (a)	1,200		369,600
Old Republic International Corp.	46,273		474,761
OneBeacon Insurance Group Ltd.	21,400		233,260
The Chubb Corp.	22,958		1,179,123
The Travelers Companies, Inc.	181,100		7,905,017
United America Indemnity Ltd. Class A (a)	35,437		457,137

	Shares		Value
W.R. Berkley Corp. (d)	75,400		$ 2,143,622
XL Capital Ltd. Class A	104,755		526,918
			38,186,666
Reinsurance - 12.2%
Arch Capital Group Ltd. (a)	6,900		467,751
Enstar Group Ltd. (a)	1,746		82,987
Everest Re Group Ltd.	39,900		3,130,554
IPC Holdings Ltd.	11,100		310,800
Lancashire Holdings Ltd.	141,200		839,854
Maiden Holdings Ltd. (e)	9,200		38,180
Max Capital Group Ltd.	9,200		106,352
Montpelier Re Holdings Ltd.	32,600		448,902
OdysseyRe Holdings Corp.	6,000		269,940
PartnerRe Ltd.	21,800		1,525,128
Platinum Underwriters Holdings Ltd.	10,125		311,141
RenaissanceRe Holdings Ltd.	31,795		1,498,498
			9,030,087
TOTAL INSURANCE			72,182,526
THRIFTS & MORTGAGE FINANCE - 0.2%
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	47,297		128,175
TOTAL COMMON STOCKS (Cost $90,714,781)		72,310,701
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 1.29% (b)	39,736		39,736
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	2,156,250		2,156,250
TOTAL MONEY MARKET FUNDS (Cost $2,195,986)		2,195,986

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $92,910,767)

74,506,687

NET OTHER ASSETS - (0.6)%			(416,412)
NET ASSETS - 100%		$ 74,090,275

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,668
Fidelity Securities Lending Cash Central Fund	94,492
Total	$ 120,160

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 74,506,687	$ 73,389,093	$ 1,117,594	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $121,830,573. Net unrealized depreciation aggregated $47,323,886, of which $8,970,838 related to appreciated investment securities and $56,294,724 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

November 30, 2008

1.810669.104

BSO-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value
IT SERVICES - 99.5%
Data Processing & Outsourced Services - 75.2%
Affiliated Computer Services, Inc. Class A (a)	52,000	$ 2,103,400
Alliance Data Systems Corp. (a)	41,700	1,806,027
Automatic Data Processing, Inc.	115,500	4,742,430
Computer Sciences Corp. (a)	18,200	507,052
CyberSource Corp. (a)	90,301	837,993
Fidelity National Information Services, Inc.	103,300	1,774,694
Fiserv, Inc. (a)	62,100	2,120,094
Global Payments, Inc.	20,100	727,017
Lender Processing Services, Inc.	75,300	1,661,118
MasterCard, Inc. Class A	15,215	2,210,740
Metavante Holding Co. (a)	64,900	1,120,823
Paychex, Inc.	67,487	1,907,183
The Western Union Co.	261,300	3,467,451
TNS, Inc. (a)	62,500	534,375
VeriFone Holdings, Inc. (a)(d)	115,000	472,650
Visa, Inc. (d)	120,412	6,328,855
Wright Express Corp. (a)	66,300	754,494
		33,076,396
IT Consulting & Other Services - 24.3%
Accenture Ltd. Class A	210,600	6,524,387
Cognizant Technology Solutions Corp. Class A (a)	116,316	2,233,267

	Shares	Value
Perot Systems Corp. Class A (a)	86,400	$ 1,078,272
Sapient Corp. (a)	213,600	841,584
		10,677,510
TOTAL COMMON STOCKS (Cost $58,360,321)		43,753,906
Money Market Funds - 7.7%

Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c) (Cost $3,466,500)	3,466,500	3,466,500

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $61,826,821)

47,220,406

NET OTHER ASSETS - (7.2)%			(3,247,343)
NET ASSETS - 100%		$ 43,973,063

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 23,759
Fidelity Securities Lending Cash Central Fund	31,496
Total	$ 55,255

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 47,220,406	$ 47,220,406	$ -	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $63,001,315. Net unrealized depreciation aggregated $15,780,909, of which $1,106,593 related to appreciated investment securities and $16,887,502 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

November 30, 2008

1.810675.104

LEI-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
AUTOMOBILES - 0.0%
Motorcycle Manufacturers - 0.0%
Harley-Davidson, Inc.	100		$ 1,701
DIVERSIFIED CONSUMER SERVICES - 20.4%
Education Services - 14.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	102,800		7,899,152
Capella Education Co. (a)	19,100		1,143,326
Career Education Corp. (a)(d)	69,200		1,278,816
Corinthian Colleges, Inc. (a)	9,200		147,936
DeVry, Inc.	46,000		2,644,080
ITT Educational Services, Inc. (a)(d)	28,000		2,522,240
Strayer Education, Inc.	12,200		2,923,242
			18,558,792
Specialized Consumer Services - 5.9%
Coinstar, Inc. (a)	63,200		1,172,992
H&R Block, Inc.	234,200		4,480,246
Matthews International Corp. Class A	23,200		947,256
Regis Corp.	33,900		372,561
Sotheby's Class A (ltd. vtg.) (d)	1,600		15,904
Steiner Leisure Ltd. (a)	10,800		261,252
Stewart Enterprises, Inc. Class A	68,500		218,515
			7,468,726
TOTAL DIVERSIFIED CONSUMER SERVICES			26,027,518
FOOD & STAPLES RETAILING - 0.9%
Food Distributors - 0.0%
Sysco Corp.	100		2,345
Hypermarkets & Super Centers - 0.9%
Wal-Mart Stores, Inc.	21,900		1,223,772
TOTAL FOOD & STAPLES RETAILING			1,226,117
FOOD PRODUCTS - 0.8%
Packaged Foods & Meats - 0.8%
TreeHouse Foods, Inc. (a)(d)	42,900		1,020,591
HOTELS, RESTAURANTS & LEISURE - 73.4%
Casinos & Gaming - 12.6%
Bally Technologies, Inc. (a)	90,300		1,667,841
International Game Technology	211,900		2,269,449
Las Vegas Sands Corp. (a)	135,000		697,950
Las Vegas Sands Corp. unit (a)	12,200		1,220,000
Penn National Gaming, Inc. (a)	270,300		5,730,360
WMS Industries, Inc. (a)(d)	184,900		4,557,785
			16,143,385
Hotels, Resorts & Cruise Lines - 12.5%
Carnival Corp. unit	307,000		6,447,000
Choice Hotels International, Inc.	61,200		1,536,732
Marriott International, Inc. Class A	209,900		3,524,221
Orient Express Hotels Ltd. Class A	100		685
Royal Caribbean Cruises Ltd.	93,500		880,770

	Shares		Value
Starwood Hotels & Resorts Worldwide, Inc.	177,100		$ 2,985,906
Wyndham Worldwide Corp.	127,400		608,972
			15,984,286
Leisure Facilities - 0.6%
Life Time Fitness, Inc. (a)(d)	24,800		371,256
Vail Resorts, Inc. (a)(d)	15,500		337,125
			708,381
Restaurants - 47.7%
Brinker International, Inc.	74,000		491,360
Buffalo Wild Wings, Inc. (a)(d)	100,561		2,308,881
Burger King Holdings, Inc. (d)	224,400		4,826,844
Chipotle Mexican Grill, Inc. Class B (a)	56,398		2,599,384
Darden Restaurants, Inc. (d)	226,300		4,139,027
Domino's Pizza, Inc. (a)	91,500		353,190
McDonald's Corp.	482,600		28,352,750
Sonic Corp. (a)(d)	93,500		790,075
Starbucks Corp. (a)	275,900		2,463,787
Tim Hortons, Inc.	153,200		3,813,148
Wendy's/Arby's Group, Inc.	950		3,819
Yum! Brands, Inc.	399,500		10,762,530
			60,904,795
TOTAL HOTELS, RESTAURANTS & LEISURE			93,740,847
LEISURE EQUIPMENT & PRODUCTS - 2.7%
Leisure Products - 2.7%
Brunswick Corp.	72,500		196,475
Hasbro, Inc.	122,100		3,272,280
			3,468,755
SPECIALTY RETAIL - 0.1%
Specialty Stores - 0.1%
MarineMax, Inc. (a)	49,800		138,444
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
Apparel, Accessories & Luxury Goods - 0.0%
The Swatch Group AG (Reg.)	6		134
TOTAL COMMON STOCKS (Cost $143,578,269)		125,624,107
Money Market Funds - 14.1%

Fidelity Cash Central Fund, 1.29% (b)	4,137,067		4,137,067
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	13,885,625		13,885,625
TOTAL MONEY MARKET FUNDS (Cost $18,022,692)		18,022,692

TOTAL INVESTMENT PORTFOLIO - 112.4%

(Cost $161,600,961)

143,646,799

NET OTHER ASSETS - (12.4)%			(15,903,199)
NET ASSETS - 100%		$ 127,743,600

Legend

(a) Non-income producing.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 34,913
Fidelity Securities Lending Cash Central Fund	249,334
Total	$ 284,247

Other Information

The following is a summary of the inputs used, as of November 30, 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	$ 143,646,799	$ 142,426,665	$ 134	$ 1,220,000

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)	-
Cost of Purchases	1,220,000
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 1,220,000

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $165,813,109. Net unrealized depreciation aggregated $22,166,310, of which $19,676,546 related to appreciated investment securities and $41,842,856 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

November 30, 2008

1.810697.104

IND-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
BUILDING PRODUCTS - 1.8%
Building Products - 1.8%
Masco Corp.	262,500		$ 2,514,750
USG Corp. (a)	37,300		352,485
			2,867,235
CHEMICALS - 55.9%
Commodity Chemicals - 2.6%
Celanese Corp. Class A	369,678		4,269,781
Diversified Chemicals - 15.2%
E.I. du Pont de Nemours & Co.	492,500		12,342,050
FMC Corp.	155,499		6,795,306
Huntsman Corp.	88,400		632,060
PPG Industries, Inc.	37,800		1,660,176
Solutia, Inc. (a)	502,400		3,416,320
			24,845,912
Fertilizers & Agricultural Chemicals - 15.5%
Monsanto Co.	319,744		25,323,724
Industrial Gases - 9.6%
Airgas, Inc.	152,800		5,462,600
Praxair, Inc.	171,300		10,115,265
			15,577,865
Specialty Chemicals - 13.0%
Albemarle Corp.	203,785		4,142,949
Ecolab, Inc.	137,500		5,278,625
Lubrizol Corp.	143,900		5,053,768
Nalco Holding Co.	222,218		2,535,507
Valspar Corp.	88,100		1,728,522
W.R. Grace & Co. (a)	460,700		2,363,391
			21,102,762
TOTAL CHEMICALS			91,120,044
CONSTRUCTION & ENGINEERING - 0.8%
Construction & Engineering - 0.8%
Granite Construction, Inc.	29,808		1,278,465
CONSTRUCTION MATERIALS - 1.5%
Construction Materials - 1.5%
Martin Marietta Materials, Inc.	27,400		2,401,336
CONTAINERS & PACKAGING - 13.5%
Metal & Glass Containers - 10.0%
Ball Corp.	122,458		4,463,594
Crown Holdings, Inc. (a)	178,471		2,864,460
Myers Industries, Inc.	37,900		230,432
Owens-Illinois, Inc. (a)	249,800		5,050,956
Pactiv Corp. (a)	147,700		3,691,023
			16,300,465

	Shares		Value
Paper Packaging - 3.5%
Packaging Corp. of America	150,900		$ 2,252,937
Rock-Tenn Co. Class A	78,528		2,651,891
Temple-Inland, Inc. (d)	241,600		763,456
			5,668,284
TOTAL CONTAINERS & PACKAGING			21,968,749
MARINE - 1.0%
Marine - 1.0%
Safe Bulkers, Inc.	156,800		650,720
Ultrapetrol (Bahamas) Ltd. (a)	259,300		1,034,607
			1,685,327
METALS & MINING - 15.2%
Diversified Metals & Mining - 3.2%
BHP Billiton PLC	78,600		1,422,152
Freeport-McMoRan Copper & Gold, Inc. Class B	158,428		3,800,688
			5,222,840
Gold - 7.9%
Agnico-Eagle Mines Ltd.	27,000		1,018,161
Goldcorp, Inc.	45,000		1,216,815
Lihir Gold Ltd. (a)	512,445		738,941
Newcrest Mining Ltd.	61,376		987,619
Newmont Mining Corp.	232,800		7,833,720
Yamana Gold, Inc.	201,800		1,171,742
			12,966,998
Precious Metals & Minerals - 0.4%
Impala Platinum Holdings Ltd.	47,260		581,402
Steel - 3.7%
Cliffs Natural Resources, Inc.	77,900		1,850,125
Commercial Metals Co.	105,300		1,261,494
Reliance Steel & Aluminum Co.	37,900		781,498
Steel Dynamics, Inc.	265,200		2,190,552
			6,083,669
TOTAL METALS & MINING			24,854,909
OIL, GAS & CONSUMABLE FUELS - 1.1%
Coal & Consumable Fuels - 1.1%
CONSOL Energy, Inc.	26,100		756,117
Foundation Coal Holdings, Inc.	25,200		359,604
Massey Energy Co.	45,500		710,710
			1,826,431
PAPER & FOREST PRODUCTS - 4.1%
Forest Products - 4.1%
Weyerhaeuser Co.	179,300		6,745,266
Common Stocks - continued
	Shares		Value
TRANSPORTATION INFRASTRUCTURE - 0.6%
Marine Ports & Services - 0.6%
Aegean Marine Petroleum Network, Inc.	81,200		$ 985,768
TOTAL COMMON STOCKS (Cost $221,079,385)		155,733,530
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 1.29% (b)	7,473,416		7,473,416
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	318,175		318,175
TOTAL MONEY MARKET FUNDS (Cost $7,791,591)		7,791,591

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $228,870,976)

163,525,121

NET OTHER ASSETS - (0.3)%			(499,909)
NET ASSETS - 100%		$ 163,025,212

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 193,692
Fidelity Securities Lending Cash Central Fund	68,384
Total	$ 262,076

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 163,525,121	$ 162,102,969	$ 1,422,152	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $232,993,613. Net unrealized depreciation aggregated $69,468,492, of which $14,493,566 related to appreciated investment securities and $83,962,058 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

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

November 30, 2008

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

1.860866.101

AMF-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
BUILDING PRODUCTS - 1.8%
Building Products - 1.8%
Masco Corp.	262,500		$ 2,514,750
USG Corp. (a)	37,300		352,485
			2,867,235
CHEMICALS - 55.9%
Commodity Chemicals - 2.6%
Celanese Corp. Class A	369,678		4,269,781
Diversified Chemicals - 15.2%
E.I. du Pont de Nemours & Co.	492,500		12,342,050
FMC Corp.	155,499		6,795,306
Huntsman Corp.	88,400		632,060
PPG Industries, Inc.	37,800		1,660,176
Solutia, Inc. (a)	502,400		3,416,320
			24,845,912
Fertilizers & Agricultural Chemicals - 15.5%
Monsanto Co.	319,744		25,323,724
Industrial Gases - 9.6%
Airgas, Inc.	152,800		5,462,600
Praxair, Inc.	171,300		10,115,265
			15,577,865
Specialty Chemicals - 13.0%
Albemarle Corp.	203,785		4,142,949
Ecolab, Inc.	137,500		5,278,625
Lubrizol Corp.	143,900		5,053,768
Nalco Holding Co.	222,218		2,535,507
Valspar Corp.	88,100		1,728,522
W.R. Grace & Co. (a)	460,700		2,363,391
			21,102,762
TOTAL CHEMICALS			91,120,044
CONSTRUCTION & ENGINEERING - 0.8%
Construction & Engineering - 0.8%
Granite Construction, Inc.	29,808		1,278,465
CONSTRUCTION MATERIALS - 1.5%
Construction Materials - 1.5%
Martin Marietta Materials, Inc.	27,400		2,401,336
CONTAINERS & PACKAGING - 13.5%
Metal & Glass Containers - 10.0%
Ball Corp.	122,458		4,463,594
Crown Holdings, Inc. (a)	178,471		2,864,460
Myers Industries, Inc.	37,900		230,432
Owens-Illinois, Inc. (a)	249,800		5,050,956
Pactiv Corp. (a)	147,700		3,691,023
			16,300,465

	Shares		Value
Paper Packaging - 3.5%
Packaging Corp. of America	150,900		$ 2,252,937
Rock-Tenn Co. Class A	78,528		2,651,891
Temple-Inland, Inc. (d)	241,600		763,456
			5,668,284
TOTAL CONTAINERS & PACKAGING			21,968,749
MARINE - 1.0%
Marine - 1.0%
Safe Bulkers, Inc.	156,800		650,720
Ultrapetrol (Bahamas) Ltd. (a)	259,300		1,034,607
			1,685,327
METALS & MINING - 15.2%
Diversified Metals & Mining - 3.2%
BHP Billiton PLC	78,600		1,422,152
Freeport-McMoRan Copper & Gold, Inc. Class B	158,428		3,800,688
			5,222,840
Gold - 7.9%
Agnico-Eagle Mines Ltd.	27,000		1,018,161
Goldcorp, Inc.	45,000		1,216,815
Lihir Gold Ltd. (a)	512,445		738,941
Newcrest Mining Ltd.	61,376		987,619
Newmont Mining Corp.	232,800		7,833,720
Yamana Gold, Inc.	201,800		1,171,742
			12,966,998
Precious Metals & Minerals - 0.4%
Impala Platinum Holdings Ltd.	47,260		581,402
Steel - 3.7%
Cliffs Natural Resources, Inc.	77,900		1,850,125
Commercial Metals Co.	105,300		1,261,494
Reliance Steel & Aluminum Co.	37,900		781,498
Steel Dynamics, Inc.	265,200		2,190,552
			6,083,669
TOTAL METALS & MINING			24,854,909
OIL, GAS & CONSUMABLE FUELS - 1.1%
Coal & Consumable Fuels - 1.1%
CONSOL Energy, Inc.	26,100		756,117
Foundation Coal Holdings, Inc.	25,200		359,604
Massey Energy Co.	45,500		710,710
			1,826,431
PAPER & FOREST PRODUCTS - 4.1%
Forest Products - 4.1%
Weyerhaeuser Co.	179,300		6,745,266
Common Stocks - continued
	Shares		Value
TRANSPORTATION INFRASTRUCTURE - 0.6%
Marine Ports & Services - 0.6%
Aegean Marine Petroleum Network, Inc.	81,200		$ 985,768
TOTAL COMMON STOCKS (Cost $221,079,385)		155,733,530
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 1.29% (b)	7,473,416		7,473,416
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	318,175		318,175
TOTAL MONEY MARKET FUNDS (Cost $7,791,591)		7,791,591

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $228,870,976)

163,525,121

NET OTHER ASSETS - (0.3)%			(499,909)
NET ASSETS - 100%		$ 163,025,212

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 193,692
Fidelity Securities Lending Cash Central Fund	68,384
Total	$ 262,076

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 163,525,121	$ 162,102,969	$ 1,422,152	$ -

Income Tax Information

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

November 30, 2008

1.810676.104

MED-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Alnylam Pharmaceuticals, Inc. (a)	29,300		$ 534,139
DIVERSIFIED CONSUMER SERVICES - 1.5%
Specialized Consumer Services - 1.5%
Carriage Services, Inc. Class A (a)	806,549		1,895,390
Service Corp. International	161,430		939,523
Stewart Enterprises, Inc. Class A	211,815		675,690
			3,510,603
DIVERSIFIED FINANCIAL SERVICES - 0.9%
Other Diversifed Financial Services - 0.9%
MBF Healthcare Acquisition Corp. (a)	260,100		2,044,386
MBF Healthcare Acquisition Corp.:
unit (a)	25,000		191,250
warrants 4/16/11 (a)	260,100		1,327
			2,236,963
FOOD & STAPLES RETAILING - 4.2%
Drug Retail - 4.2%
CVS Caremark Corp.	340,183		9,841,494
HEALTH CARE EQUIPMENT & SUPPLIES - 7.6%
Health Care Equipment - 2.2%
Baxter International, Inc.	24,300		1,285,470
Covidien Ltd.	72,500		2,671,625
Golden Meditech Co. Ltd. (a)	4,472,000		617,417
Natus Medical, Inc. (a)	1,000		12,710
Quidel Corp. (a)	50,000		681,500
			5,268,722
Health Care Supplies - 5.4%
InfuSystems Holdings, Inc. (a)	20,000		38,000
Inverness Medical Innovations, Inc. (a)(e)	718,500		12,624,045
			12,662,045
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			17,930,767
HEALTH CARE PROVIDERS & SERVICES - 80.7%
Health Care Distributors & Services - 9.9%
Cardinal Health, Inc.	307,000		9,983,640
McKesson Corp.	329,200		11,502,248
Profarma Distribuidora de Produtos Farmaceuticos SA	637,700		1,702,730
United Drug PLC (Ireland)	55,000		172,143
			23,360,761
Health Care Facilities - 8.2%
Apollo Hospitals Enterprise Ltd.	4,939		37,455
Bangkok Chain Hospital PCL	4,250,000		718,917
Bangkok Dusit Medical Service PCL (For. Reg.)	297,600		131,726

	Shares		Value
Brookdale Senior Living, Inc.	29,800		$ 121,286
Community Health Systems, Inc. (a)	706,300		9,224,278
Emeritus Corp. (a)	81,824		558,040
Health Management Associates, Inc. Class A (a)(e)	35,000		51,100
LifePoint Hospitals, Inc. (a)	21,400		429,284
Sun Healthcare Group, Inc. (a)	104,538		1,047,471
Tenet Healthcare Corp. (a)	268,600		325,006
U.S. Physical Therapy, Inc. (a)	123,594		1,495,487
Universal Health Services, Inc. Class B	141,900		5,271,585
			19,411,635
Health Care Services - 27.2%
DaVita, Inc. (a)	12,400		623,100
Diagnosticos da America SA	92,300		938,105
Emergency Medical Services Corp. Class A (a)	100		3,392
Express Scripts, Inc. (a)	351,400		20,209,014
Health Grades, Inc. (a)	1,277,615		2,248,602
Healthways, Inc. (a)	62,000		501,580
Lincare Holdings, Inc. (a)	140,000		3,350,200
Medco Health Solutions, Inc. (a)	707,141		29,699,922
NightHawk Radiology Holdings, Inc. (a)	792,420		2,298,018
Quest Diagnostics, Inc.	26,500		1,234,105
Rural/Metro Corp. (a)(f)	1,957,400		3,366,728
Virtual Radiologic Corp.	3,800		27,550
			64,500,316
Managed Health Care - 35.4%
Aetna, Inc. (e)	336,456		7,341,470
CIGNA Corp.	95,600		1,157,716
Coventry Health Care, Inc. (a)	124,100		1,547,527
Health Net, Inc. (a)	108,000		973,080
Humana, Inc. (a)	559,171		16,903,739
Medial Saude SA	577,800		1,415,884
UnitedHealth Group, Inc.	1,704,497		35,811,482
Universal American Financial Corp. (a)	715,196		7,109,048
WellPoint, Inc. (a)	328,500		11,694,600
			83,954,546
TOTAL HEALTH CARE PROVIDERS & SERVICES			191,227,258
HEALTH CARE TECHNOLOGY - 2.3%
Health Care Technology - 2.3%
HLTH Corp. (a)	571,300		5,353,081
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
WebMD Health Corp. Class A (a)(e)	8,400		161,112
LIFE SCIENCES TOOLS & SERVICES - 0.5%
Life Sciences Tools & Services - 0.5%
Medtox Scientific, Inc. (a)	35,000		301,000
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - CONTINUED
Life Sciences Tools & Services - continued
Thermo Fisher Scientific, Inc. (a)	25,000		$ 892,000
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	11,200		66,752
			1,259,752
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Alpharma, Inc. Class A (a)	8,300		299,630
TOTAL COMMON STOCKS (Cost $335,992,935)		232,354,799

Nonconvertible Bonds - 0.7%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.7%
Health Care Services - 0.7%
Rural/Metro Corp.:
0% 3/15/16 (d)	$ 2,790,000	1,618,200
9.875% 3/15/15	20,000	15,800
		1,634,000

TOTAL NONCONVERTIBLE BONDS (Cost $2,399,872)		1,634,000
Money Market Funds - 5.8%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	813,338		$ 813,338
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	12,944,184		12,944,184
TOTAL MONEY MARKET FUNDS (Cost $13,757,522)		13,757,522

TOTAL INVESTMENT PORTFOLIO - 104.6%

(Cost $352,150,329)

247,746,321

NET OTHER ASSETS - (4.6)%			(10,828,347)
NET ASSETS - 100%		$ 236,917,974

Legend

(a) Non-income producing

(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	$ 216,205
Fidelity Securities Lending Cash Central Fund	87,641
Total	$ 303,846

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Rural/Metro Corp.	$ 5,284,980	$ -	$ -	$ -	$ 3,366,728

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 247,746,321	$ 245,940,178	$ 1,806,143	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $361,823,945. Net unrealized depreciation aggregated $114,077,624, of which $10,777,620 related to appreciated investment securities and $124,855,244 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

November 30, 2008

1.810698.104

MES-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
BIOTECHNOLOGY - 3.3%
Biotechnology - 3.3%
Alnylam Pharmaceuticals, Inc. (a)(d)	140,000		$ 2,552,200
CSL Ltd.	400,000		9,097,646
Myriad Genetics, Inc. (a)	60,000		3,556,800
Omrix Biopharmaceuticals, Inc. (a)(d)	850,000		21,148,000
			36,354,646
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Hillenbrand, Inc.	247,000		3,932,240
HEALTH CARE EQUIPMENT & SUPPLIES - 78.9%
Health Care Equipment - 72.7%
Abiomed, Inc. (a)(d)	72,002		1,010,908
American Medical Systems Holdings, Inc. (a)(d)	1,600,000		14,080,000
Aspect Medical Systems, Inc. (a)(d)	552,289		1,684,481
Baxter International, Inc.	3,500,000		185,150,000
Becton, Dickinson & Co.	300,000		19,059,000
Boston Scientific Corp. (a)	9,200,000		56,764,000
C.R. Bard, Inc.	510,000		41,835,300
Conceptus, Inc. (a)	300,000		4,410,000
Covidien Ltd.	3,750,000		138,187,500
Electro-Optical Sciences, Inc. warrants 11/2/11 (a)(e)	90,313		149,450
ev3, Inc. (a)(d)	1,730,000		8,650,000
Gen-Probe, Inc. (a)	400,000		14,740,000
HeartWare International, Inc. unit (a)	13,153,815		3,621,101
Hill-Rom Holdings, Inc. (d)	400,000		8,216,000
Hologic, Inc. (a)	600,000		8,436,000
Hospira, Inc. (a)	1,400,000		42,042,000
Integra LifeSciences Holdings Corp. (a)	400,000		12,596,000
Intuitive Surgical, Inc. (a)(d)	60,000		7,951,800
Kinetic Concepts, Inc. (a)	400,000		8,656,000
Masimo Corp. (a)	200,000		5,458,000
Medtronic, Inc.	4,370,000		133,372,400
Mentor Corp. (d)	217,000		3,504,550
Micrus Endovascular Corp. (a)	700,000		7,420,000
NuVasive, Inc. (a)(d)	285,000		9,818,250
ResMed, Inc. (a)	130,000		4,724,200
St. Jude Medical, Inc. (a)	1,140,000		31,954,200
Stryker Corp. (d)	230,000		8,951,600
Zimmer Holdings, Inc. (a)(d)	400,000		14,928,000
			797,370,740
Health Care Supplies - 6.2%
Alcon, Inc.	353,600		28,213,744
Align Technology, Inc. (a)(d)	200,000		1,400,000
DENTSPLY International, Inc.	200,000		5,216,000
Immucor, Inc. (a)(d)	750,000		18,202,500

	Shares		Value
Inverness Medical Innovations, Inc. (a)	562,300		$ 9,879,611
RTI Biologics, Inc. (a)	1,905,500		5,182,960
			68,094,815
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			865,465,555
HEALTH CARE PROVIDERS & SERVICES - 6.6%
Health Care Distributors & Services - 0.6%
Henry Schein, Inc. (a)	180,000		6,431,400
Health Care Facilities - 0.6%
Hanger Orthopedic Group, Inc. (a)	450,000		7,222,500
Health Care Services - 5.4%
Express Scripts, Inc. (a)	170,000		9,776,700
Fresenius Medical Care AG sponsored ADR	250,000		10,987,500
Laboratory Corp. of America Holdings (a)	70,000		4,435,200
Medco Health Solutions, Inc. (a)	800,000		33,600,000
			58,799,400
TOTAL HEALTH CARE PROVIDERS & SERVICES			72,453,300
HEALTH CARE TECHNOLOGY - 0.1%
Health Care Technology - 0.1%
Eclipsys Corp. (a)(d)	92,980		1,219,898
LIFE SCIENCES TOOLS & SERVICES - 3.9%
Life Sciences Tools & Services - 3.9%
Illumina, Inc. (a)(d)	1,000,000		22,010,000
QIAGEN NV (a)	1,300,000		20,969,000
			42,979,000
PHARMACEUTICALS - 2.6%
Pharmaceuticals - 2.6%
Allergan, Inc. (d)	670,000		25,245,600
XenoPort, Inc. (a)	100,000		3,144,000
			28,389,600
TOTAL COMMON STOCKS (Cost $1,291,387,712)		1,050,794,239
Money Market Funds - 6.6%

Fidelity Cash Central Fund, 1.29% (b)	28,550,834		28,550,834
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	43,681,838		43,681,838
TOTAL MONEY MARKET FUNDS (Cost $72,232,672)		72,232,672

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $1,363,620,384)

1,123,026,911

NET OTHER ASSETS - (2.4)%			(26,437,169)
NET ASSETS - 100%		$ 1,096,589,742

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $149,450 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	$ 515,047
Fidelity Securities Lending Cash Central Fund	533,148
Total	$ 1,048,195

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,123,026,911	$ 1,122,877,461	$ 149,450	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,384,029,230. Net unrealized depreciation aggregated $261,002,319, of which $66,076,723 related to appreciated investment securities and $327,079,042 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

November 30, 2008

1.810700.104

BAM-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Juniper Networks, Inc. (a)	9,300		$ 161,634
INTERNET & CATALOG RETAIL - 0.3%
Catalog Retail - 0.1%
Liberty Media Corp. - Interactive Series A (a)	10,500		27,615
Internet Retail - 0.2%
Priceline.com, Inc. (a)	900		62,100
TOTAL INTERNET & CATALOG RETAIL			89,715
INTERNET SOFTWARE & SERVICES - 5.0%
Internet Software & Services - 5.0%
Akamai Technologies, Inc. (a)	3,600		44,172
Baidu.com, Inc. sponsored ADR (a)	300		40,764
Dice Holdings, Inc. (a)	60,000		191,400
Google, Inc. Class A (sub. vtg.) (a)	2,950		864,232
Omniture, Inc. (a)	6,900		68,586
Sohu.com, Inc. (a)	1,200		58,248
Tencent Holdings Ltd.	27,800		152,450
			1,419,852
MEDIA - 90.5%
Advertising - 6.0%
Interpublic Group of Companies, Inc. (a)	96,200		393,458
Lamar Advertising Co. Class A (a)(d)	15,300		227,511
Omnicom Group, Inc.	38,600		1,091,994
			1,712,963
Broadcasting - 3.6%
Central European Media Enterprises Ltd. Class A (a)	4,900		75,313
Citadel Broadcasting Corp. (a)	8		1
Discovery Communications, Inc. (a)	26,750		401,250
Discovery Communications, Inc. Class C (a)	13,350		201,986
Entercom Communications Corp. Class A	3,600		3,924
Grupo Televisa SA de CV (CPO) sponsored ADR	21,800		323,948
Sinclair Broadcast Group, Inc. Class A	600		1,896
			1,008,318
Cable & Satellite - 36.7%
Cablevision Systems Corp. - NY Group Class A (d)	42,200		618,652
Comcast Corp.:
Class A (d)	199,250		3,454,995
Class A (special) (non-vtg.)	106,000		1,777,620
DISH Network Corp. Class A (a)	41,400		458,712
Liberty Global, Inc.:
Class A (a)	23,075		334,357
Class C (a)	12,800		180,480

	Shares		Value
Liberty Media Corp.:
- Capital Series A (a)	8,400		$ 27,804
- Entertainment Class A (a)	94,400		1,120,528
RRSat Global Communications Network Ltd.	12,700		120,269
Scripps Networks Interactive, Inc. Class A	12,400		344,596
Sirius XM Radio, Inc. (a)	1,460		304
The DIRECTV Group, Inc. (a)	59,000		1,298,590
Time Warner Cable, Inc. (a)	14,500		294,350
Virgin Media, Inc.	70,200		332,046
			10,363,303
Movies & Entertainment - 40.1%
Ascent Media Corp. (a)	85		1,700
Cinemark Holdings, Inc.	3,800		28,614
Cinemax India Ltd.	56,743		40,290
DreamWorks Animation SKG, Inc. Class A (a)	13,700		316,470
Lions Gate Entertainment Corp. (a)	21,100		136,517
Live Nation, Inc. (a)	109		533
Marvel Entertainment, Inc. (a)(d)	4,400		129,580
News Corp. Class A	182,582		1,442,398
Regal Entertainment Group Class A	300		2,751
The Walt Disney Co.	183,200		4,125,663
Time Warner, Inc.	429,500		3,886,975
Viacom, Inc. Class B (non-vtg.) (a)	72,700		1,157,384
Vivendi	2,304		65,471
			11,334,346
Publishing - 4.1%
E.W. Scripps Co. Class A	233		683
Gannett Co., Inc. (d)	6,000		52,260
McGraw-Hill Companies, Inc. (d)	41,200		1,030,000
R.H. Donnelley Corp. (a)	200		110
The New York Times Co. Class A (d)	8,900		67,106
			1,150,159
TOTAL MEDIA			25,569,089
PROFESSIONAL SERVICES - 0.7%
Human Resource & Employment Services - 0.7%
Monster Worldwide, Inc. (a)	15,500		177,785
SOFTWARE - 0.3%
Application Software - 0.1%
NDS Group PLC sponsored ADR (a)	350		16,713
Home Entertainment Software - 0.0%
Gameloft (a)	900		2,188
Ubisoft Entertainment SA (a)	100		2,313
			4,501
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - 0.2%
Macrovision Solutions Corp. (a)	5,800		$ 68,208
TOTAL SOFTWARE			89,422
TOTAL COMMON STOCKS (Cost $40,331,595)		27,507,497
Money Market Funds - 15.0%

Fidelity Cash Central Fund, 1.29% (b)	1,199,032		1,199,032
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	3,052,950		3,052,950
TOTAL MONEY MARKET FUNDS (Cost $4,251,982)		4,251,982

TOTAL INVESTMENT PORTFOLIO - 112.4%

(Cost $44,583,577)

31,759,479

NET OTHER ASSETS - (12.4)%			(3,508,837)
NET ASSETS - 100%		$ 28,250,642

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 42,369
Fidelity Securities Lending Cash Central Fund	47,825
Total	$ 90,194

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 31,759,479	$ 31,689,507	$ 69,972	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $44,619,734. Net unrealized depreciation aggregated $12,860,255, of which $1,117,606 related to appreciated investment securities and $13,977,861 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

November 30, 2008

1.810725.104

GAS-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Specialized Finance - 0.3%
Climate Exchange PLC (a)(d)	169,100		$ 2,255,560
ELECTRIC UTILITIES - 0.1%
Electric Utilities - 0.1%
Enernoc, Inc. (a)(d)	87,500		626,500
ELECTRICAL EQUIPMENT - 3.5%
Electrical Components & Equipment - 3.5%
First Solar, Inc. (a)(d)	80,500		10,049,620
JA Solar Holdings Co. Ltd. ADR (a)	75,900		267,168
Q-Cells SE (a)(d)	165,200		5,545,416
Renewable Energy Corp. AS (a)(d)	649,700		6,136,561
Sunpower Corp. Class B (a)	250,500		6,518,010
			28,516,775
ENERGY EQUIPMENT & SERVICES - 13.7%
Oil & Gas Drilling - 10.5%
Atwood Oceanics, Inc. (a)	378,090		6,843,429
Diamond Offshore Drilling, Inc. (d)	128,000		9,446,400
ENSCO International, Inc.	295,700		9,583,637
Helmerich & Payne, Inc.	322,815		8,186,588
Hercules Offshore, Inc. (a)	83,100		483,642
Nabors Industries Ltd. (a)	1,388,882		20,138,789
Noble Corp.	186,500		4,996,335
Patterson-UTI Energy, Inc.	667,800		8,340,822
Pride International, Inc. (a)	323,700		5,247,177
Rowan Companies, Inc.	330,800		5,739,380
Songa Offshore ASA (a)	312,300		792,499
Transocean, Inc. (a)	85,027		5,686,606
			85,485,304
Oil & Gas Equipment & Services - 3.2%
BJ Services Co.	68,100		816,519
Cameron International Corp. (a)	123,744		2,610,998
Complete Production Services, Inc. (a)	281,300		2,303,847
Exterran Holdings, Inc. (a)	56,500		991,575
Halliburton Co.	291,800		5,135,680
National Oilwell Varco, Inc. (a)	222,956		6,307,425
Oceaneering International, Inc. (a)	34,900		901,118
Oil States International, Inc. (a)	38,300		820,386
Smith International, Inc.	66,790		1,952,940
TSC Offshore Group Ltd. (a)	3,962,000		276,058
Weatherford International Ltd. (a)	288,800		3,687,976
			25,804,522
TOTAL ENERGY EQUIPMENT & SERVICES			111,289,826
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.9%
Independent Power Producers & Energy Traders - 0.9%
Dynegy, Inc. Class A (a)	3,445,100		7,682,573

	Shares		Value
METALS & MINING - 0.4%
Diversified Metals & Mining - 0.4%
Ivanhoe Mines Ltd. (a)	100,000		$ 233,871
Timminco Ltd. (a)(d)	845,100		3,421,292
			3,655,163
OIL, GAS & CONSUMABLE FUELS - 78.8%
Coal & Consumable Fuels - 3.1%
Alpha Natural Resources, Inc. (a)	50,000		1,109,500
Arch Coal, Inc. (d)	555,508		8,543,713
China Coal Energy Co. Ltd. (H Shares)	1,985,000		1,193,546
China Shenhua Energy Co. Ltd. (H Shares)	471,000		881,214
CONSOL Energy, Inc.	173,200		5,017,604
Evergreen Energy, Inc. (a)(d)	5,399,315		2,051,740
International Coal Group, Inc. (a)	230,600		654,904
Massey Energy Co.	71,500		1,116,830
Peabody Energy Corp.	131,700		3,085,731
PT Bumi Resources Tbk	16,479,500		1,346,623
			25,001,405
Integrated Oil & Gas - 0.3%
Hess Corp.	52,400		2,831,696
Oil & Gas Exploration & Production - 71.3%
Anadarko Petroleum Corp.	217,300		8,920,165
Apache Corp.	179,000		13,836,700
Aurora Oil & Gas Corp. (a)(d)	3,958,153		273,113
Cabot Oil & Gas Corp.	655,125		19,634,096
Canadian Natural Resources Ltd.	476,200		19,708,535
Chesapeake Energy Corp. (d)	2,807,600		48,234,568
CNOOC Ltd. sponsored ADR (d)	24,900		2,042,049
Comstock Resources, Inc. (a)	888,700		37,263,191
Concho Resources, Inc. (a)	256,600		6,053,194
Denbury Resources, Inc. (a)	4,131,475		39,372,957
EOG Resources, Inc.	265,000		22,530,300
EXCO Resources, Inc. (a)	391,000		2,998,970
Forest Oil Corp. (a)	270,763		4,724,814
FX Energy, Inc. (a)	100,000		355,000
Newfield Exploration Co. (a)	89,000		2,009,620
Noble Energy, Inc.	224,800		11,752,544
Petrohawk Energy Corp. (a)	911,300		15,920,411
Plains Exploration & Production Co. (a)	2,923,050		67,668,608
Quicksilver Gas Services LP	210,600		1,840,644
Quicksilver Resources, Inc. (a)	3,700,320		23,052,994
Range Resources Corp. (d)	1,925,900		79,867,073
SandRidge Energy, Inc.	495,200		4,387,472
Southwestern Energy Co. (a)	1,912,400		65,729,188
Ultra Petroleum Corp. (a)(d)	767,319		31,176,171
Venoco, Inc. (a)	1,635,695		5,463,221
Whiting Petroleum Corp. (a)	244,600		9,368,180
XTO Energy, Inc.	910,475		34,816,564
			579,000,342
Oil & Gas Refining & Marketing - 3.9%
CVR Energy, Inc. (a)(d)	149,500		523,250
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - continued
Holly Corp.	156,700		$ 2,850,373
Petroplus Holdings AG	28,564		535,114
Reliance Industries Ltd.	112,908		2,583,731
Sunoco, Inc. (d)	66,900		2,658,606
Tesoro Corp. (d)	241,146		2,216,132
Valero Energy Corp.	951,000		17,450,850
Western Refining, Inc.	333,200		2,525,656
			31,343,712
Oil & Gas Storage & Transport - 0.2%
Copano Energy LLC	141,303		1,697,049
TOTAL OIL, GAS & CONSUMABLE FUELS			639,874,204
TOTAL COMMON STOCKS (Cost $1,350,238,491)		793,900,601

Convertible Bonds - 1.5%
	Principal Amount
OIL, GAS & CONSUMABLE FUELS - 1.5%
Oil & Gas Exploration & Production - 1.5%
Chesapeake Energy Corp. 2.5% 5/15/37 (Cost $13,427,092)	$ 22,100,000	11,821,290

Money Market Funds - 9.3%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	2,392,701		$ 2,392,701
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	73,396,933		73,396,933
TOTAL MONEY MARKET FUNDS (Cost $75,789,634)		75,789,634

TOTAL INVESTMENT PORTFOLIO - 108.5%

(Cost $1,439,455,217)

881,511,525

NET OTHER ASSETS - (8.5)%			(68,986,116)
NET ASSETS - 100%		$ 812,525,409

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 514,550
Fidelity Securities Lending Cash Central Fund	1,719,297
Total	$ 2,233,847

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Evergreen Energy, Inc.	$ 11,608,527	$ -	$ -	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 881,511,525	$ 854,425,085	$ 27,086,440	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,466,911,105. Net unrealized depreciation aggregated $585,399,580, of which $95,848,098 related to appreciated investment securities and $681,247,678 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

November 30, 2008

1.810716.104

NAT-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
CHEMICALS - 0.7%
Commodity Chemicals - 0.4%
Calgon Carbon Corp. (a)	146,700		$ 1,873,359
Formosa Chemicals & Fibre Corp.	1,255,830		1,770,342
Georgia Gulf Corp.	20,650		43,365
Tokai Carbon Co. Ltd.	22,000		88,856
			3,775,922
Fertilizers & Agricultural Chemicals - 0.3%
Agrium, Inc.	50,700		1,586,010
The Mosaic Co.	51,600		1,566,060
			3,152,070
TOTAL CHEMICALS			6,927,992
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
Jacobs Engineering Group, Inc. (a)	64,400		2,883,188
CONTAINERS & PACKAGING - 0.9%
Metal & Glass Containers - 0.9%
Owens-Illinois, Inc. (a)	444,100		8,979,702
ELECTRICAL EQUIPMENT - 1.2%
Electrical Components & Equipment - 1.1%
Energy Conversion Devices, Inc. (a)	100		2,798
Evergreen Solar, Inc. (a)	698,100		1,905,813
First Solar, Inc. (a)	12,700		1,585,468
JA Solar Holdings Co. Ltd. ADR (a)(d)	305,400		1,075,008
Q-Cells SE (a)(d)	35,100		1,178,233
Renewable Energy Corp. AS (a)	19,000		179,459
Sunpower Corp.:
Class A (a)(d)	70,400		2,444,992
Class B (a)	65,900		1,714,718
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	178,400		1,523,536
			11,610,025
Heavy Electrical Equipment - 0.1%
Areva (investment certificates)(non-vtg.)	100		47,755
Vestas Wind Systems AS (a)	25,300		1,147,489
			1,195,244
TOTAL ELECTRICAL EQUIPMENT			12,805,269
ELECTRONIC EQUIPMENT & COMPONENTS - 0.1%
Electronic Equipment & Instruments - 0.1%
Itron, Inc. (a)	34,700		1,644,086
ENERGY EQUIPMENT & SERVICES - 20.9%
Oil & Gas Drilling - 11.8%
Atwood Oceanics, Inc. (a)	350,000		6,335,000
ENSCO International, Inc.	205,300		6,653,773
Helmerich & Payne, Inc.	265,600		6,735,616
Hercules Offshore, Inc. (a)	658,394		3,831,853

	Shares		Value
Nabors Industries Ltd. (a)	1,712,700		$ 24,834,150
Noble Corp.	1,058,000		28,343,820
Patterson-UTI Energy, Inc.	1,661,700		20,754,633
Pride International, Inc. (a)	578,700		9,380,727
Rowan Companies, Inc.	686,800		11,915,980
Transocean, Inc. (a)	45,620		3,051,066
			121,836,618
Oil & Gas Equipment & Services - 9.1%
BJ Services Co.	379,700		4,552,603
Cameron International Corp. (a)	100		2,110
Complete Production Services, Inc. (a)	100		819
Dril-Quip, Inc. (a)	106,000		2,086,080
Exterran Holdings, Inc. (a)	110,750		1,943,663
FMC Technologies, Inc. (a)	62,400		1,714,128
Fugro NV (Certificaten Van Aandelen) unit	127		4,049
Global Industries Ltd. (a)(d)	708,800		2,090,960
Halliburton Co.	452,100		7,956,960
Helix Energy Solutions Group, Inc. (a)	179,000		1,150,970
National Oilwell Varco, Inc. (a)	463,558		13,114,056
Oil States International, Inc. (a)	4,400		94,248
Schlumberger Ltd. (NY Shares)	456,452		23,160,374
Smith International, Inc.	249,300		7,289,532
Superior Energy Services, Inc. (a)	319,200		5,378,520
Tenaris SA sponsored ADR	500		10,515
Tidewater, Inc.	92,800		3,663,744
TSC Offshore Group Ltd. (a)	3,250,000		226,449
Weatherford International Ltd. (a)	1,304,880		16,663,318
Willbros Group, Inc. (a)	402,700		3,330,329
			94,433,427
TOTAL ENERGY EQUIPMENT & SERVICES			216,270,045
FOOD PRODUCTS - 0.0%
Agricultural Products - 0.0%
Archer Daniels Midland Co.	3,100		84,878
GAS UTILITIES - 0.6%
Gas Utilities - 0.6%
Equitable Resources, Inc.	180,300		6,016,611
Zhongyu Gas Holdings Ltd. (a)	12,744,000		493,310
			6,509,921
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.4%
Independent Power Producers & Energy Traders - 0.4%
NRG Energy, Inc. (a)	159,070		3,768,368
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
McDermott International, Inc. (a)	100		975
MACHINERY - 0.0%
Construction & Farm Machinery & Heavy Trucks - 0.0%
Joy Global, Inc.	50		1,165
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - 0.0%
Vallourec SA	700		$ 74,769
TOTAL MACHINERY			75,934
METALS & MINING - 12.3%
Aluminum - 0.0%
Alcoa, Inc.	100		1,076
Diversified Metals & Mining - 0.7%
Compass Minerals International, Inc.	31,666		1,772,979
Freeport-McMoRan Copper & Gold, Inc. Class B	127,967		3,069,928
RTI International Metals, Inc. (a)	38		457
Teck Cominco Ltd. Class B (sub. vtg.)	270,800		1,340,897
Thompson Creek Metals Co., Inc. (a)	305,800		998,782
Titanium Metals Corp.	76		642
			7,183,685
Gold - 11.3%
Agnico-Eagle Mines Ltd.	117,300		4,423,345
Barrick Gold Corp. (d)	692,100		20,456,020
Eldorado Gold Corp. (a)	1,422,900		8,239,050
Gold Fields Ltd. sponsored ADR	653,000		5,367,660
Goldcorp, Inc.	566,100		15,307,527
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	1,165,700		10,071,648
IAMGOLD Corp.	1,680,600		7,752,445
Kinross Gold Corp.	256,167		3,780,529
Lihir Gold Ltd. (a)	3,983,965		5,744,838
Newcrest Mining Ltd.	559,364		9,000,893
Newmont Mining Corp.	389,000		13,089,850
Randgold Resources Ltd. sponsored ADR	198,300		7,581,009
Royal Gold, Inc.	200		8,000
Yamana Gold, Inc.	910,700		5,287,935
			116,110,749
Precious Metals & Minerals - 0.3%
Aquarius Platinum Ltd. (United Kingdom)	1,391,600		3,175,825
Shore Gold, Inc. (a)	221,300		79,418
			3,255,243
Steel - 0.0%
Allegheny Technologies, Inc.	900		20,655
TOTAL METALS & MINING			126,571,408
OIL, GAS & CONSUMABLE FUELS - 61.3%
Coal & Consumable Fuels - 3.9%
Alpha Natural Resources, Inc. (a)	162,300		3,601,437
Arch Coal, Inc.	313,300		4,818,554
CONSOL Energy, Inc. (d)	471,600		13,662,252
Foundation Coal Holdings, Inc.	311,400		4,443,678
International Coal Group, Inc. (a)	218,100		619,404
Peabody Energy Corp.	567,800		13,303,554

	Shares		Value
USEC, Inc. (a)	1,600		$ 6,160
Walter Industries, Inc.	100		1,824
			40,456,863
Integrated Oil & Gas - 17.1%
Chevron Corp.	1,002,600		79,215,424
ConocoPhillips	93,500		4,910,620
Exxon Mobil Corp.	326,800		26,193,020
Hess Corp.	381,900		20,637,876
Marathon Oil Corp.	124,200		3,251,556
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)	600		30,964
Occidental Petroleum Corp.	539,300		29,197,702
Petro-Canada	226,700		5,700,408
Royal Dutch Shell PLC Class A sponsored ADR	85,100		4,548,595
Suncor Energy, Inc.	122,200		2,626,315
			176,312,480
Oil & Gas Exploration & Production - 36.5%
Anadarko Petroleum Corp.	464,900		19,084,145
Apache Corp.	32,800		2,535,440
Berry Petroleum Co. Class A (d)	79,900		935,629
Cabot Oil & Gas Corp.	842,000		25,234,740
Canadian Natural Resources Ltd.	641,500		26,549,823
Chesapeake Energy Corp.	1,145,400		19,677,972
Comstock Resources, Inc. (a)	324,000		13,585,320
Concho Resources, Inc. (a)	443,100		10,452,729
Denbury Resources, Inc. (a)	1,127,300		10,743,169
Devon Energy Corp.	82,500		5,968,050
EnCana Corp.	210,484		9,896,143
Encore Acquisition Co. (a)	309,700		8,188,468
EOG Resources, Inc.	39,100		3,324,282
EXCO Resources, Inc. (a)	712,850		5,467,560
Forest Oil Corp. (a)	213,091		3,718,438
GMX Resources, Inc. (a)(d)	37,700		1,083,121
Goodrich Petroleum Corp. (a)	4,300		155,101
Mariner Energy, Inc. (a)	124		1,363
Newfield Exploration Co. (a)	253,700		5,728,546
Nexen, Inc.	803,000		15,554,887
Noble Energy, Inc.	588,100		30,745,868
Oil Search Ltd.	1,308,130		4,227,050
Penn Virginia Corp.	220,100		6,609,603
Penn West Energy Trust	62,800		916,677
Petrobank Energy & Resources Ltd. (a)	50,000		932,661
Petrohawk Energy Corp. (a)(d)	2,224,740		38,866,208
Petroquest Energy, Inc. (a)(d)	363,800		2,550,238
Plains Exploration & Production Co. (a)	840,113		19,448,616
Quicksilver Resources, Inc. (a)	370,500		2,308,215
Range Resources Corp.	706,873		29,314,023
Southwestern Energy Co. (a)	1,254,800		43,127,476
Stone Energy Corp. (a)	107,500		1,786,650
Talisman Energy, Inc.	609,900		5,631,738
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Whiting Petroleum Corp. (a)	1,100		$ 42,130
XTO Energy, Inc.	59,700		2,282,928
			376,675,007
Oil & Gas Refining & Marketing - 2.6%
Frontier Oil Corp.	922,600		11,015,844
Holly Corp.	30,200		549,338
Neste Oil Oyj	2,600		36,664
Petroplus Holdings AG	105,094		1,968,815
Tesoro Corp. (d)	153,100		1,406,989
Valero Energy Corp.	625,088		11,470,365
Western Refining, Inc.	100		758
			26,448,773
Oil & Gas Storage & Transport - 1.2%
El Paso Corp.	605,100		4,471,689
Williams Companies, Inc.	500,600		8,119,732
			12,591,421
TOTAL OIL, GAS & CONSUMABLE FUELS			632,484,544
PAPER & FOREST PRODUCTS - 0.0%
Forest Products - 0.0%
Weyerhaeuser Co.	100		3,762
TOTAL COMMON STOCKS (Cost $1,431,430,631)		1,019,010,072
Money Market Funds - 5.5%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	18,552,611		$ 18,552,611
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	38,487,742		38,487,742
TOTAL MONEY MARKET FUNDS (Cost $57,040,353)		57,040,353

TOTAL INVESTMENT
PORTFOLIO - 104.2%

(Cost $1,488,470,984)

1,076,050,425

NET OTHER ASSETS - (4.2)%			(43,615,359)
NET ASSETS - 100%		$ 1,032,435,066

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 301,425
Fidelity Securities Lending Cash Central Fund	603,680
Total	$ 905,105

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,076,050,425	$ 1,066,467,025	$ 9,583,400	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,524,068,297. Net unrealized depreciation aggregated $448,017,872, of which $90,764,339 related to appreciated investment securities and $538,782,211 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and

Infrastructure Portfolio

November 30, 2008

1.810705.104

NET-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 47.5%
Communications Equipment - 47.5%
Acme Packet, Inc. (a)	700		$ 2,730
ADC Telecommunications, Inc. (a)(d)	173,400		1,232,874
Adtran, Inc.	2,200		31,240
ADVA AG Optical Networking (a)(d)	108,636		140,310
Airvana, Inc. (a)(d)	43,500		205,320
Alcatel-Lucent SA sponsored ADR (a)	225,600		482,784
Arris Group, Inc. (a)	68,700		493,953
Aruba Networks, Inc. (a)	1,100		2,607
Ciena Corp. (a)(d)	19,300		142,820
Cisco Systems, Inc. (a)	198,400		3,281,536
Cogo Group, Inc. (a)	160,200		544,680
CommScope, Inc. (a)(d)	67,600		763,204
Comverse Technology, Inc. (a)	48,700		301,940
DragonWave, Inc. (a)	52,400		48,597
F5 Networks, Inc. (a)	49,400		1,230,060
Finisar Corp. (a)	290,752		127,931
Foundry Networks, Inc. (a)	73,500		1,138,515
Foxconn International Holdings Ltd. (a)	39,000		10,064
Harmonic, Inc. (a)	95,800		493,370
Infinera Corp. (a)	11,800		115,168
Powerwave Technologies, Inc. (a)	214,000		102,720
QUALCOMM, Inc.	28,200		946,674
Research In Motion Ltd. (a)	4,200		178,374
Sandvine Corp. (a)	166,900		104,985
Sandvine Corp. (U.K.) (a)	230,900		148,242
Sonus Networks, Inc. (a)(d)	171,100		265,205
Starent Networks Corp. (a)	135,100		1,344,245
Symmetricom, Inc. (a)	45,100		188,518
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	48,400		344,608
Tellabs, Inc. (a)	89,500		373,215
			14,786,489
COMPUTERS & PERIPHERALS - 2.2%
Computer Storage & Peripherals - 2.2%
EMC Corp. (a)	31,000		327,670
Isilon Systems, Inc. (a)	100		326
NetApp, Inc. (a)	25,900		349,650
			677,646
ELECTRONIC EQUIPMENT & COMPONENTS - 1.1%
Electronic Components - 0.0%
Chi Mei Optoelectronics Corp.	4,245		1,243
Electronic Manufacturing Services - 0.2%
Flextronics International Ltd. (a)	15,700		36,738
Hon Hai Precision Industry Co. Ltd. (Foxconn)	11,442		22,272
SMART Modular Technologies (WWH), Inc. (a)	22,400		20,160
			79,170

	Shares		Value
Technology Distributors - 0.9%
Arrow Electronics, Inc. (a)	19,300		$ 266,340
Mellanox Technologies Ltd. (a)	100		740
			267,080
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			347,493
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc. (a)	100		2,733
HOUSEHOLD DURABLES - 0.0%
Consumer Electronics - 0.0%
DEI Holdings, Inc. (a)	48,100		13,468
INTERNET SOFTWARE & SERVICES - 13.7%
Internet Software & Services - 13.7%
Ariba, Inc. (a)	46,000		370,300
Constant Contact, Inc. (a)	100		1,395
DivX, Inc. (a)	100		482
Google, Inc. Class A (sub. vtg.) (a)	10,900		3,193,264
Switch & Data Facilities Co., Inc. (a)	300		1,563
VeriSign, Inc. (a)	31,800		686,562
			4,253,566
MEDIA - 0.1%
Advertising - 0.1%
SinoMedia Holding Ltd.	336,000		34,683
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 16.7%
Semiconductor Equipment - 3.6%
FormFactor, Inc. (a)	10,000		135,300
LTX-Credence Corp. (a)	78,144		28,913
Tessera Technologies, Inc. (a)	44,500		817,910
Verigy Ltd. (a)	14,000		128,940
			1,111,063
Semiconductors - 13.1%
Advanced Semiconductor Engineering, Inc. sponsored ADR	26,031		42,951
Altera Corp.	9,800		144,158
Applied Micro Circuits Corp. (a)	51,450		190,365
AuthenTec, Inc. (a)	64,700		103,520
Broadcom Corp. Class A (a)	50,950		780,045
Cavium Networks, Inc. (a)	14,600		158,410
Cypress Semiconductor Corp. (a)(d)	32,800		122,344
Hittite Microwave Corp. (a)	2,600		75,972
Infineon Technologies AG sponsored ADR (a)	72,900		171,315
Lattice Semiconductor Corp. (a)	34,500		52,440
Mindspeed Technologies, Inc. (a)(d)	138,426		128,736
MIPS Technologies, Inc. (a)	33,500		45,225
National Semiconductor Corp.	26,000		286,000
Netlogic Microsystems, Inc. (a)(d)	8,500		158,440
ON Semiconductor Corp. (a)	26,450		77,234
Silicon Laboratories, Inc. (a)	13,900		291,344
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Silicon Motion Technology Corp. sponsored ADR (a)(d)	142,000		$ 414,640
Siliconware Precision Industries Co. Ltd. sponsored ADR	14,241		58,673
Spreadtrum Communications, Inc. ADR (a)	900		657
Tower Semiconductor Ltd. (a)	239,700		52,734
Xilinx, Inc.	18,600		304,296
Zoran Corp. (a)	55,500		417,360
			4,076,859
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			5,187,922
SOFTWARE - 12.5%
Application Software - 2.9%
Cadence Design Systems, Inc. (a)	51,900		200,334
TIBCO Software, Inc. (a)	56,000		271,040
Ulticom, Inc. (a)	95,200		428,400
			899,774
Systems Software - 9.6%
Allot Communications Ltd. (a)	2,800		5,572
Double-Take Software, Inc. (a)	12,200		96,258
Macrovision Solutions Corp. (a)	42		494
McAfee, Inc. (a)	29,300		888,669
Symantec Corp. (a)	167,000		2,009,010
			3,000,003
TOTAL SOFTWARE			3,899,777
WIRELESS TELECOMMUNICATION SERVICES - 3.0%
Wireless Telecommunication Services - 3.0%
American Tower Corp. Class A (a)	11,100		302,364
Crown Castle International Corp. (a)	19,700		277,179

	Shares		Value
SBA Communications Corp. Class A (a)	18,600		$ 293,694
Syniverse Holdings, Inc. (a)	5,000		48,850
			922,087
TOTAL COMMON STOCKS (Cost $58,483,490)		30,125,864

Convertible Bonds - 0.4%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.4%
Communications Equipment - 0.4%
Ciena Corp. 0.25% 5/1/13 (Cost $230,000)	$ 230,000	118,050

Money Market Funds - 11.6%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	925,499		925,499
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	2,705,250		2,705,250
TOTAL MONEY MARKET FUNDS (Cost $3,630,749)		3,630,749

TOTAL INVESTMENT PORTFOLIO - 108.8%

(Cost $62,344,239)

33,874,663

NET OTHER ASSETS - (8.8)%			(2,746,113)
NET ASSETS - 100%		$ 31,128,550

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 100,299
Fidelity Securities Lending Cash Central Fund	22,954
Total	$ 123,253

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 33,874,663	$ 33,444,546	$ 430,117	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $62,659,579. Net unrealized depreciation aggregated $28,784,916, of which $401,673 related to appreciated investment securities and $29,186,589 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and Forest
Products Portfolio

November 30, 2008

1.810706.104

PAP-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 2.4%
Office Services & Supplies - 2.4%
Avery Dennison Corp. (d)	7,600		$ 236,360
CONTAINERS & PACKAGING - 34.7%
Metal & Glass Containers - 2.9%
Owens-Illinois, Inc. (a)	5,600		113,232
Pactiv Corp. (a)	7,100		177,429
			290,661
Paper Packaging - 31.8%
Bemis Co., Inc.	17,600		475,552
Cascades, Inc.	58,200		161,458
Graphic Packaging Holding Co. (a)	23,200		38,280
Packaging Corp. of America	42,200		630,046
Rock-Tenn Co. Class A	18,700		631,499
Sealed Air Corp.	12,450		197,084
Smurfit-Stone Container Corp. (a)	38,070		21,700
Sonoco Products Co.	23,900		599,890
Temple-Inland, Inc. (d)	133,400		421,544
			3,177,053
TOTAL CONTAINERS & PACKAGING			3,467,714
FOOD PRODUCTS - 0.1%
Agricultural Products - 0.1%
Timbercorp Ltd.	75,129		8,618
HOUSEHOLD PRODUCTS - 0.4%
Household Products - 0.4%
Kimberly-Clark Corp.	700		40,453
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Kadant, Inc. (a)	2,100		31,458
MEDIA - 0.0%
Publishing - 0.0%
R.H. Donnelley Corp. (a)	100		55
PAPER & FOREST PRODUCTS - 41.3%
Forest Products - 17.3%
Canfor Corp. (a)	5,700		33,786
Deltic Timber Corp.	2,600		124,592
Gunns Ltd.	1,650		1,044
Louisiana-Pacific Corp.	61,200		141,372
Samling Global Ltd.	420,000		20,593
Sino-Forest Corp. (a)	5,600		28,768
Weyerhaeuser Co.	36,700		1,380,652
			1,730,807
Paper Products - 24.0%
Buckeye Technologies, Inc. (a)	27,700		124,927
Canfor Pulp Income Fund	3,700		8,773
Catalyst Paper Corp. (a)	404,700		122,389
Domtar Corp. (a)	218,300		305,620

	Shares		Value
Fortress Paper Ltd.	11,500		$ 53,790
Glatfelter	19,800		188,496
Lee & Man Paper Manufacturing Ltd.	131,600		45,677
MeadWestvaco Corp.	35,600		415,096
Mondi PLC	19,800		50,828
Neenah Paper, Inc.	11,100		90,798
Nine Dragons Paper (Holdings) Ltd.	472,000		87,091
Schweitzer-Mauduit International, Inc.	25,500		470,220
Sequana	2,100		14,409
Shandong Chenming Paper Holdings Ltd. (H Shares) (a)	244,000		74,931
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) (d)	18,600		103,416
Wausau-Mosinee Paper Corp.	23,300		239,757
			2,396,218
TOTAL PAPER & FOREST PRODUCTS			4,127,025
REAL ESTATE INVESTMENT TRUSTS - 17.5%
Specialized REITs - 17.5%
Plum Creek Timber Co., Inc.	30,700		1,092,613
Potlatch Corp.	19,264		513,964
Rayonier, Inc.	4,200		140,280
			1,746,857
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.3%
Diversified Real Estate Activities - 0.3%
The St. Joe Co. (a)	1,100		29,051
Real Estate Development - 1.0%
Forestar Group, Inc. (a)	21,733		100,624
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			129,675
TOTAL COMMON STOCKS (Cost $20,616,682)		9,788,215
Money Market Funds - 2.4%

Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c) (Cost $238,500)	238,500		238,500

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $20,855,182)

10,026,715

NET OTHER ASSETS - (0.4)%			(41,007)
NET ASSETS - 100%		$ 9,985,708

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,276
Fidelity Securities Lending Cash Central Fund	7,728
Total	$ 18,004

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 10,026,715	$ 9,961,478	$ 65,237	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $22,052,078. Net unrealized depreciation aggregated $12,025,363, of which $132,915 related to appreciated investment securities and $12,158,278 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

November 30, 2008

1.810707.104

PHR-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
BIOTECHNOLOGY - 8.4%
Biotechnology - 8.4%
Acorda Therapeutics, Inc. (a)	20,400		$ 369,648
Actelion Ltd. (Reg.) (a)	1,432		64,533
Alexion Pharmaceuticals, Inc. (a)	11,236		378,204
Allos Therapeutics, Inc. (a)	6,100		43,920
Amgen, Inc. (a)	29,000		1,610,660
Amylin Pharmaceuticals, Inc. (a)	22,360		165,688
Basilea Pharmaceutica AG (a)	200		18,627
Biogen Idec, Inc. (a)	4,700		198,857
BioMarin Pharmaceutical, Inc. (a)	20,600		350,818
Celgene Corp. (a)	9,500		494,950
Cougar Biotechnology, Inc. (a)	9,500		229,900
CSL Ltd.	24,967		567,852
Genentech, Inc. (a)	21,350		1,635,410
Genzyme Corp. (a)	16,400		1,049,928
Gilead Sciences, Inc. (a)	60,000		2,687,400
Grifols SA	101		1,745
GTx, Inc. (a)	2,200		32,494
Indevus Pharmaceuticals, Inc. (a)	4,000		10,000
Intercell AG (a)	100		2,645
Micromet, Inc. (a)	100		411
Momenta Pharmaceuticals, Inc. (a)	100		890
Myriad Genetics, Inc. (a)	11,800		699,504
NPS Pharmaceuticals, Inc. (a)	100		614
Omrix Biopharmaceuticals, Inc. (a)	43,000		1,069,840
ONYX Pharmaceuticals, Inc. (a)	10,500		295,050
OSI Pharmaceuticals, Inc. (a)	9,750		362,700
Poniard Pharmaceuticals, Inc. (a)	2,100		6,237
United Therapeutics Corp. (a)	400		21,932
Vertex Pharmaceuticals, Inc. (a)	80		1,967
			12,372,424
CHEMICALS - 0.2%
Fertilizers & Agricultural Chemicals - 0.2%
Monsanto Co.	3,950		312,840
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Equipment & Instruments - 0.0%
Mettler-Toledo International, Inc. (a)	100		8,225
HEALTH CARE EQUIPMENT & SUPPLIES - 4.6%
Health Care Equipment - 3.9%
American Medical Systems Holdings, Inc. (a)	5,600		49,280
Baxter International, Inc.	22,900		1,211,410
Becton, Dickinson & Co.	10,000		635,300
C.R. Bard, Inc.	4,700		385,541
China Medical Technologies, Inc. sponsored ADR (d)	24,650		505,572
Conceptus, Inc. (a)	2,800		41,160
Covidien Ltd.	29,700		1,094,445
Edwards Lifesciences Corp. (a)	100		4,977
ev3, Inc. (a)	900		4,500

	Shares		Value
Gen-Probe, Inc. (a)	2,100		$ 77,385
Hospira, Inc. (a)	5,000		150,150
Integra LifeSciences Holdings Corp. (a)	100		3,149
Intuitive Surgical, Inc. (a)	100		13,253
Mako Surgical Corp. (d)	13,000		99,840
Masimo Corp. (a)	13,530		369,234
Mentor Corp.	2,344		37,856
Meridian Bioscience, Inc.	9,000		214,470
Mindray Medical International Ltd. sponsored ADR	23,600		426,688
Nobel Biocare Holding AG (Switzerland)	4,100		62,263
NuVasive, Inc. (a)	3,500		120,575
Quidel Corp. (a)	13,600		185,368
ResMed, Inc. (a)	100		3,634
Sonova Holding AG	150		8,105
Synthes, Inc.	100		11,590
			5,715,745
Health Care Supplies - 0.7%
Alcon, Inc.	12,000		957,480
Align Technology, Inc. (a)	4,100		28,700
Essilor International SA	300		12,047
Haemonetics Corp. (a)	100		5,719
Immucor, Inc. (a)	100		2,427
RTI Biologics, Inc. (a)	10,000		27,200
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	16,000		22,709
			1,056,282
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			6,772,027
HEALTH CARE PROVIDERS & SERVICES - 1.2%
Health Care Distributors & Services - 0.0%
BMP Sunstone Corp. warrants 8/19/12 (a)(e)	1,000		927
Henry Schein, Inc. (a)	100		3,573
Owens & Minor, Inc.	100		4,153
			8,653
Health Care Facilities - 0.0%
Community Health Systems, Inc. (a)	100		1,306
Health Care Services - 1.2%
Almost Family, Inc. (a)	100		4,396
Amedisys, Inc. (a)	100		3,889
athenahealth, Inc. (a)	9,700		265,101
Express Scripts, Inc. (a)	21,300		1,224,963
LHC Group, Inc. (a)	100		3,338
Medco Health Solutions, Inc. (a)	5,000		210,000
Synergy Health PLC	2,336		14,734
			1,726,421
Managed Health Care - 0.0%
Humana, Inc. (a)	100		3,023
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
UnitedHealth Group, Inc.	100		$ 2,101
WellPoint, Inc. (a)	100		3,560
			8,684
TOTAL HEALTH CARE PROVIDERS & SERVICES			1,745,064
HEALTH CARE TECHNOLOGY - 0.1%
Health Care Technology - 0.1%
Cerner Corp. (a)	100		3,598
HLTH Corp. (a)	15,500		145,235
			148,833
HOUSEHOLD PRODUCTS - 0.0%
Household Products - 0.0%
Reckitt Benckiser Group PLC	600		25,503
LIFE SCIENCES TOOLS & SERVICES - 1.0%
Life Sciences Tools & Services - 1.0%
Bio-Rad Laboratories, Inc. Class A (a)	100		7,416
Covance, Inc. (a)	100		3,908
Illumina, Inc. (a)	18,700		411,587
Life Technologies Corp. (a)	4,117		107,454
Lonza Group AG	2,121		174,950
Medivation, Inc. (a)	3,100		46,221
PAREXEL International Corp. (a)	100		832
Pharmaceutical Product Development, Inc.	100		2,634
QIAGEN NV (a)	32,477		523,854
Techne Corp.	2,366		146,716
			1,425,572
MACHINERY - 0.0%
Industrial Machinery - 0.0%
Danaher Corp.	100		5,564
PERSONAL PRODUCTS - 0.5%
Personal Products - 0.5%
Chattem, Inc. (a)(d)	10,300		747,471
PHARMACEUTICALS - 82.3%
Pharmaceuticals - 82.3%
Abbott Laboratories	276,600		14,491,074
Akorn, Inc. (a)	9,100		14,924
Allergan, Inc.	71,700		2,701,656
Alpharma, Inc. Class A (a)	44,900		1,620,890
ARYx Therapeutics, Inc.	100		190
Astellas Pharma, Inc.	10,000		407,032
Auxilium Pharmaceuticals, Inc. (a)	21,700		472,626
Barr Pharmaceuticals, Inc. (a)	70,500		4,609,995
Bristol-Myers Squibb Co.	348,200		7,207,740
Elan Corp. PLC sponsored ADR (a)	27,800		174,306
Eli Lilly & Co.	214,900		7,338,835

	Shares		Value
Endo Pharmaceuticals Holdings, Inc. (a)	5,100		$ 112,149
Forest Laboratories, Inc. (a)	5,120		123,802
GlaxoSmithKline PLC sponsored ADR	11,100		382,284
Inspire Pharmaceuticals, Inc. (a)	2,000		7,200
Johnson & Johnson	504,400		29,547,750
King Pharmaceuticals, Inc. (a)	34,100		327,701
Map Pharmaceuticals, Inc. (a)	2,400		11,040
Medicines Co. (a)	7,600		97,964
Medicis Pharmaceutical Corp. Class A	11,200		136,976
Merck & Co., Inc.	274,600		7,337,312
Mylan, Inc. (a)	100		941
Novartis AG sponsored ADR	23,100		1,083,852
Noven Pharmaceuticals, Inc. (a)	100		1,145
Novo Nordisk AS Series B sponsored ADR	52,100		2,662,310
Par Pharmaceutical Companies, Inc. (a)	100		1,166
Perrigo Co.	24,900		856,809
Pfizer, Inc.	992,800		16,311,704
Questcor Pharmaceuticals, Inc. (a)	31,400		268,470
Roche Holding AG (participation certificate)	290		40,636
Sanofi-Aventis sponsored ADR	10,100		279,366
Schering-Plough Corp.	426,290		7,165,935
Sepracor, Inc. (a)	5,100		59,976
Shire PLC	36,500		508,198
Teva Pharmaceutical Industries Ltd. sponsored ADR	24,200		1,044,230
Valeant Pharmaceuticals International (a)(d)	52,400		1,020,752
ViroPharma, Inc. (a)	21,700		245,210
Warner Chilcott Ltd. (a)	100		1,325
Watson Pharmaceuticals, Inc. (a)	100		2,375
Wyeth	316,520		11,397,885
XenoPort, Inc. (a)	22,300		701,112
			120,776,843
TOTAL COMMON STOCKS (Cost $152,611,697)		144,340,366
Money Market Funds - 4.2%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	4,468,550		$ 4,468,550
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	1,762,000		1,762,000
TOTAL MONEY MARKET FUNDS (Cost $6,230,550)		6,230,550

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $158,842,247)

150,570,916

NET OTHER ASSETS - (2.5)%			(3,714,115)
NET ASSETS - 100%		$ 146,856,801

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 32,050
Fidelity Securities Lending Cash Central Fund	51,020
Total	$ 83,070

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 150,570,916	$ 149,624,413	$ 946,503	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $168,673,997. Net unrealized depreciation aggregated $18,103,081, of which $3,957,992 related to appreciated investment securities and $22,061,073 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

November 30, 2008

1.810717.104

RET-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
DISTRIBUTORS - 1.5%
Distributors - 1.5%
Genuine Parts Co.	13,700		$ 536,355
FOOD & STAPLES RETAILING - 3.7%
Drug Retail - 1.6%
Walgreen Co.	23,300		576,442
Hypermarkets & Super Centers - 2.1%
Costco Wholesale Corp.	14,100		725,727
TOTAL FOOD & STAPLES RETAILING			1,302,169
INTERNET & CATALOG RETAIL - 9.0%
Catalog Retail - 1.0%
Gaiam, Inc. Class A (a)	27,400		140,836
Liberty Media Corp. - Interactive Series A (a)	78,200		205,666
			346,502
Internet Retail - 8.0%
Amazon.com, Inc. (a)	46,800		1,998,360
Blue Nile, Inc. (a)(d)	16,200		386,532
Priceline.com, Inc. (a)(d)	6,500		448,500
			2,833,392
TOTAL INTERNET & CATALOG RETAIL			3,179,894
INTERNET SOFTWARE & SERVICES - 2.0%
Internet Software & Services - 2.0%
eBay, Inc. (a)	53,500		702,455
MULTILINE RETAIL - 9.6%
Department Stores - 0.5%
Kohl's Corp. (a)(d)	5,600		182,896
General Merchandise Stores - 9.1%
Dollar Tree, Inc. (a)(d)	10,100		427,836
Target Corp.	82,900		2,798,704
			3,226,540
TOTAL MULTILINE RETAIL			3,409,436
SPECIALTY RETAIL - 73.1%
Apparel Retail - 11.4%
Abercrombie & Fitch Co. Class A	38,600		746,138
American Eagle Outfitters, Inc.	25,600		245,760
Chico's FAS, Inc. (a)	28,000		71,400
Citi Trends, Inc. (a)	11,800		145,140
Gymboree Corp. (a)	8,700		218,805
Ross Stores, Inc.	25,000		662,500
The Men's Wearhouse, Inc.	7,800		82,992
TJX Companies, Inc.	81,900		1,868,958
			4,041,693
Automotive Retail - 9.0%
Advance Auto Parts, Inc.	51,700		1,569,612

	Shares		Value
AutoZone, Inc. (a)	12,200		$ 1,332,484
O'Reilly Automotive, Inc. (a)	10,042		261,795
			3,163,891
Computer & Electronics Retail - 4.4%
Best Buy Co., Inc.	69,600		1,441,416
hhgregg, Inc. (a)	7,800		46,488
RadioShack Corp.	8,100		79,785
			1,567,689
Home Improvement Retail - 26.5%
Home Depot, Inc.	127,200		2,939,592
Lowe's Companies, Inc.	214,900		4,439,834
Lumber Liquidators, Inc.	123,200		1,167,936
Sherwin-Williams Co.	13,800		813,234
			9,360,596
Homefurnishing Retail - 2.4%
Bed Bath & Beyond, Inc. (a)	42,400		860,296
Specialty Stores - 19.4%
Dick's Sporting Goods, Inc. (a)(d)	81,700		1,030,237
Office Depot, Inc. (a)	34,000		66,980
OfficeMax, Inc.	62,300		339,535
PetSmart, Inc. (d)	33,400		586,170
Staples, Inc. (d)	258,794		4,492,664
Tiffany & Co., Inc.	17,400		344,346
			6,859,932
TOTAL SPECIALTY RETAIL			25,854,097
TOTAL COMMON STOCKS (Cost $43,219,638)		34,984,406
Money Market Funds - 9.3%

Fidelity Cash Central Fund, 1.29% (b)	292,965		292,965
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	2,977,375		2,977,375
TOTAL MONEY MARKET FUNDS (Cost $3,270,340)		3,270,340

TOTAL INVESTMENT PORTFOLIO - 108.2%

(Cost $46,489,978)

38,254,746

NET OTHER ASSETS - (8.2)%			(2,884,120)
NET ASSETS - 100%		$ 35,370,626

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,010
Fidelity Securities Lending Cash Central Fund	103,755
Total	$ 119,765

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 38,254,746	$ 38,254,746	$ -	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $51,261,924. Net unrealized depreciation aggregated $13,007,178, of which $577,743 related to appreciated investment securities and $13,584,921 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

November 30, 2008

1.810708.104

SOF-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.0%
	Shares		Value
COMPUTERS & PERIPHERALS - 0.2%
Computer Hardware - 0.2%
Apple, Inc. (a)	14,200		$ 1,315,914
DIVERSIFIED CONSUMER SERVICES - 0.7%
Education Services - 0.7%
Educomp Solutions Ltd.	73,835		3,411,899
INTERNET SOFTWARE & SERVICES - 12.6%
Internet Software & Services - 12.6%
eBay, Inc. (a)	364,200		4,781,946
Google, Inc. Class A (sub. vtg.) (a)	186,900		54,754,224
Open Text Corp. (a)(d)	99,000		2,637,073
			62,173,243
IT SERVICES - 27.3%
Data Processing & Outsourced Services - 17.2%
Affiliated Computer Services, Inc. Class A (a)	153,400		6,205,030
Alliance Data Systems Corp. (a)	165,700		7,176,467
ExlService Holdings, Inc. (a)	955,234		6,782,161
Genpact Ltd. (a)	381,100		3,022,123
Lender Processing Services, Inc.	335,348		7,397,777
MasterCard, Inc. Class A	110,300		16,026,590
Syntel, Inc. (d)	160,481		3,854,754
The Western Union Co.	418,800		5,557,476
Visa, Inc. (d)	466,400		24,513,984
WNS Holdings Ltd. sponsored ADR (a)	460,250		4,142,250
			84,678,612
IT Consulting & Other Services - 10.1%
Cognizant Technology Solutions Corp. Class A (a)(d)	1,565,800		30,063,360
Infosys Technologies Ltd. sponsored ADR	307,500		7,733,625
Patni Computer Systems Ltd. sponsored ADR	406,700		2,379,195
Satyam Computer Services Ltd. sponsored ADR (d)	769,400		9,794,462
			49,970,642
TOTAL IT SERVICES			134,649,254
PROFESSIONAL SERVICES - 1.1%
Research & Consulting Services - 1.1%
FTI Consulting, Inc. (a)	98,000		5,374,320
SOFTWARE - 52.1%
Application Software - 9.7%
Adobe Systems, Inc. (a)	312,700		7,242,132
Ansys, Inc. (a)	207,500		5,988,450
Autonomy Corp. PLC (a)	398,300		5,735,342

	Shares		Value
EPIQ Systems, Inc. (a)	291,800		$ 4,738,832
Informatica Corp. (a)(d)	748,800		10,393,344
Quest Software, Inc. (a)	1,056,114		14,099,122
			48,197,222
Home Entertainment Software - 5.2%
Activision Blizzard, Inc. (a)	683,100		7,992,270
Nintendo Co. Ltd.	38,000		11,807,360
Ubisoft Entertainment SA (a)	249,536		5,772,488
			25,572,118
Systems Software - 37.2%
BMC Software, Inc. (a)	360,700		9,003,072
CA, Inc.	637,200		10,730,448
McAfee, Inc. (a)	297,800		9,032,274
Microsoft Corp.	3,711,900		75,054,617
Novell, Inc. (a)	1,140,136		5,187,619
Oracle Corp. (a)(d)	3,522,300		56,673,807
Sybase, Inc. (a)	206,000		5,075,840
Symantec Corp. (a)	1,060,200		12,754,206
			183,511,883
TOTAL SOFTWARE			257,281,223
TOTAL COMMON STOCKS (Cost $601,380,005)		464,205,853
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 1.29% (b)	5,822,490		5,822,490
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	34,641,475		34,641,475
TOTAL MONEY MARKET FUNDS (Cost $40,463,965)		40,463,965

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $641,843,970)

504,669,818

NET OTHER ASSETS - (2.2)%			(11,012,094)
NET ASSETS - 100%		$ 493,657,724

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 183,291
Fidelity Securities Lending Cash Central Fund	871,346
Total	$ 1,054,637

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 504,669,818	$ 481,354,628	$ 23,315,190	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $645,218,968. Net unrealized depreciation aggregated $140,549,150, of which $25,696,340 related to appreciated investment securities and $166,245,490 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

November 30, 2008

1.810712.104

TEC-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 24.5%
Communications Equipment - 24.5%
ADC Telecommunications, Inc. (a)(d)	429,200		$ 3,051,612
ADVA AG Optical Networking (a)(d)	703,356		908,430
Alcatel-Lucent SA sponsored ADR (a)	35,400		75,756
Aruba Networks, Inc. (a)	27,600		65,412
AudioCodes Ltd. (a)	680,400		1,285,956
Balda AG (a)(d)	255,800		238,791
Ciena Corp. (a)	246,200		1,821,880
Cisco Systems, Inc. (a)	4,513,000		74,645,017
Cogo Group, Inc. (a)	799,234		2,717,396
CommScope, Inc. (a)	154,242		1,741,392
Comverse Technology, Inc. (a)	842,900		5,225,980
Delta Networks, Inc.	3,540,000		411,091
F5 Networks, Inc. (a)	22,200		552,780
Foundry Networks, Inc. (a)	283,000		4,383,670
Harris Stratex Networks, Inc. Class A (a)	328,400		1,638,716
Infinera Corp. (a)	276,900		2,702,544
NETGEAR, Inc. (a)	30,902		373,914
Powerwave Technologies, Inc. (a)	2,710,000		1,300,800
QUALCOMM, Inc.	1,853,775		62,231,227
Research In Motion Ltd. (a)	91,893		3,902,696
Riverbed Technology, Inc. (a)	100		939
Sandvine Corp. (a)	3,502,400		2,203,123
Sandvine Corp. (U.K.) (a)	1,941,200		1,246,282
Sonus Networks, Inc. (a)	796,491		1,234,561
Starent Networks Corp. (a)	1,891,163		18,817,072
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	10,800		76,896
Tellabs, Inc. (a)	315,800		1,316,886
			194,170,819
COMPUTERS & PERIPHERALS - 8.2%
Computer Hardware - 7.4%
Apple, Inc. (a)	315,300		29,218,851
Hewlett-Packard Co.	423,600		14,944,608
HTC Corp.	969,950		9,655,272
Palm, Inc. (d)	438,800		1,048,732
Stratasys, Inc. (a)(d)	363,600		4,057,776
			58,925,239
Computer Storage & Peripherals - 0.8%
EMC Corp. (a)	7,800		82,446
Netezza Corp. (a)	47,200		340,784
SanDisk Corp. (a)	504,590		4,036,720
Synaptics, Inc. (a)(d)	76,895		1,689,383
			6,149,333
TOTAL COMPUTERS & PERIPHERALS			65,074,572

	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	1,491		$ 76,951
ELECTRIC UTILITIES - 0.0%
Electric Utilities - 0.0%
Enernoc, Inc. (a)	8,500		60,860
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.7%
centrotherm photovoltaics AG (a)(d)	5,038		124,726
Energy Conversion Devices, Inc. (a)(d)	33,849		947,095
First Solar, Inc. (a)	15,300		1,910,052
Neo-Neon Holdings Ltd.	12,136,000		2,067,008
Q-Cells Se (a)	3,250		109,096
Roth & Rau AG	6,877		146,335
Sunpower Corp. Class B (a)	5,447		141,731
			5,446,043
Heavy Electrical Equipment - 0.1%
China High Speed Transmission Equipment Group Co. Ltd.	1,017,000		800,467
TOTAL ELECTRICAL EQUIPMENT			6,246,510
ELECTRONIC EQUIPMENT & COMPONENTS - 4.4%
Electronic Components - 0.2%
Everlight Electronics Co. Ltd.	1,432,492		1,806,135
Electronic Equipment & Instruments - 0.6%
China Security & Surveillance Technology, Inc. (a)(d)	469,719		2,691,490
Chroma ATE, Inc.	2,970,000		1,987,721
			4,679,211
Electronic Manufacturing Services - 0.7%
Trimble Navigation Ltd. (a)	280,867		5,718,452
Technology Distributors - 2.9%
Arrow Electronics, Inc. (a)	279,400		3,855,720
Avnet, Inc. (a)	497,700		7,087,248
Ingram Micro, Inc. Class A (a)	1,068,500		11,507,745
			22,450,713
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			34,654,511
ENERGY EQUIPMENT & SERVICES - 0.0%
Oil & Gas Equipment & Services - 0.0%
IHS, Inc. Class A (a)	2,400		87,096
HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
Health Care Equipment - 1.5%
China Medical Technologies, Inc. sponsored ADR (d)	224,606		4,606,669
Golden Meditech Co. Ltd. (a)	4,532,000		625,700
I-Flow Corp. (a)	96,200		382,876
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Mindray Medical International Ltd. sponsored ADR (d)	156,779		$ 2,834,564
Mingyuan Medicare Development Co. Ltd.	68,490,000		3,800,041
			12,249,850
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc. (a)	1,500		40,995
HOTELS, RESTAURANTS & LEISURE - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
Ctrip.com International Ltd. sponsored ADR	2,800		65,156
HOUSEHOLD DURABLES - 0.0%
Consumer Electronics - 0.0%
TomTom Group BV (a)	100		586
INTERNET SOFTWARE & SERVICES - 6.9%
Internet Software & Services - 6.9%
Blinkx PLC (a)	500,000		107,777
DealerTrack Holdings, Inc. (a)	7,000		82,950
Equinix, Inc. (a)(d)	112,300		5,099,543
Google, Inc. Class A (sub. vtg.) (a)	94,700		27,743,312
LivePerson, Inc. (a)	551,102		810,120
LoopNet, Inc. (a)	150,000		963,000
NetEase.com, Inc. sponsored ADR (a)	4,000		73,600
Tencent Holdings Ltd.	3,611,800		19,806,390
VeriSign, Inc. (a)	4,200		90,678
			54,777,370
IT SERVICES - 5.1%
Data Processing & Outsourced Services - 4.4%
CyberSource Corp. (a)	170,900		1,585,952
MasterCard, Inc. Class A	29,100		4,228,230
Visa, Inc. (d)	548,600		28,834,416
WNS Holdings Ltd. sponsored ADR (a)	41,900		377,100
			35,025,698
IT Consulting & Other Services - 0.7%
China Information Security Technology, Inc. (a)	185,000		740,000
Cognizant Technology Solutions Corp. Class A (a)	8,600		165,120
HCL Technologies Ltd.	474,989		1,317,418
Infosys Technologies Ltd. sponsored ADR	3,000		75,450
Satyam Computer Services Ltd. sponsored ADR	64,005		814,784
Yucheng Technologies Ltd. (a)	360,200		2,420,544
			5,533,316
TOTAL IT SERVICES			40,559,014

	Shares		Value
MACHINERY - 0.2%
Industrial Machinery - 0.2%
China Fire & Security Group, Inc. (a)(d)	234,757		$ 1,617,476
MEDIA - 1.6%
Advertising - 1.6%
SinoMedia Holding Ltd.	1,000,000		103,224
VisionChina Media, Inc. ADR (d)	1,816,504		12,297,732
			12,400,956
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	13,700		55,463
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 18.8%
Semiconductor Equipment - 12.6%
Aixtron AG	2,900		13,610
Applied Materials, Inc.	3,855,000		36,930,900
ASML Holding NV (NY Shares)	1,089,505		16,702,112
Cymer, Inc. (a)	265,522		6,237,112
FormFactor, Inc. (a)	210,500		2,848,065
Inotera Memories, Inc. (a)	6,291,000		1,323,336
Lam Research Corp. (a)	678,275		13,701,155
LTX-Credence Corp. (a)	1,191,690		440,925
MEMSIC, Inc.	338,000		642,200
Tessera Technologies, Inc. (a)	279,200		5,131,696
Varian Semiconductor Equipment Associates, Inc. (a)	655,200		12,055,680
Verigy Ltd. (a)	402,100		3,703,341
			99,730,132
Semiconductors - 6.2%
Advanced Semiconductor Engineering, Inc. sponsored ADR	498,766		822,964
Applied Micro Circuits Corp. (a)	19,125		70,763
Atheros Communications, Inc. (a)	295,700		4,317,220
AuthenTec, Inc. (a)	500,800		801,280
Cavium Networks, Inc. (a)(d)	1,031,593		11,192,784
Cypress Semiconductor Corp. (a)(d)	807,400		3,011,602
Diodes, Inc. (a)	119,100		556,197
Elan Microelectronics Corp.	453,000		264,532
Infineon Technologies AG sponsored ADR (a)	847,900		1,992,565
Micron Technology, Inc. (a)	1,099,500		3,012,630
National Semiconductor Corp.	177,900		1,956,900
NVIDIA Corp. (a)	11,400		85,158
Powertech Technology, Inc.	899,000		1,287,159
Samsung Electronics Co. Ltd.	13,390		4,429,910
Siliconware Precision Industries Co. Ltd. sponsored ADR	202,800		835,536
SiRF Technology Holdings, Inc. (a)	561,000		813,450
Spansion, Inc. Class A (a)	416,720		104,180
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	581,400		$ 4,157,010
Texas Instruments, Inc.	585,800		9,120,906
			48,832,746
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			148,562,878
SOFTWARE - 22.9%
Application Software - 6.9%
Ansys, Inc. (a)	2,700		77,922
Autodesk, Inc. (a)	42,700		708,393
Autonomy Corp. PLC (a)	347,800		5,008,164
Cadence Design Systems, Inc. (a)	3,225,500		12,450,430
Callidus Software, Inc. (a)	809,090		1,650,544
Citrix Systems, Inc. (a)	3,500		93,310
Concur Technologies, Inc. (a)(d)	85,000		2,333,250
Epicor Software Corp. (a)	68,400		280,440
Global Digital Creations Holdings Ltd. (a)	9,326,000		120,334
Kingdee International Software Group Co. Ltd.	2,818,000		290,887
Longtop Financial Technologies Ltd. ADR (a)(d)	212,600		2,912,620
Magma Design Automation, Inc. (a)	321,400		572,092
MSC.Software Corp. (a)	105,400		790,500
Nuance Communications, Inc. (a)	208,245		1,911,689
Parametric Technology Corp. (a)	344,200		3,978,952
Quest Software, Inc. (a)	78,100		1,042,635
Salesforce.com, Inc. (a)	147,400		4,218,588
Smith Micro Software, Inc. (a)	737,982		3,771,088
SuccessFactors, Inc. (d)	565,800		3,507,960
Synchronoss Technologies, Inc. (a)(d)	705,506		4,952,652
Taleo Corp. Class A (a)	212,299		1,371,452
TIBCO Software, Inc. (a)	379,400		1,836,296
Ulticom, Inc. (a)	100,000		450,000
			54,330,198
Home Entertainment Software - 6.0%
Activision Blizzard, Inc. (a)	37,300		436,410
Kingsoft Corp. Ltd.	2,000,000		572,896
Nintendo Co. Ltd.	100,700		31,289,505
Perfect World Co. Ltd. sponsored ADR Class B (a)(d)	880,055		15,356,960
			47,655,771
Systems Software - 10.0%
CA, Inc.	828,600		13,953,624
Check Point Software Technologies Ltd. (a)	3,900		80,379
Insyde Software Corp.	520,667		778,375
McAfee, Inc. (a)	71,100		2,156,463

	Shares		Value
Microsoft Corp.	2,203,180		$ 44,548,300
Oracle Corp. (a)	4,800		77,232
Symantec Corp. (a)	1,441,000		17,335,230
			78,929,603
TOTAL SOFTWARE			180,915,572
SPECIALTY RETAIL - 0.6%
Computer & Electronics Retail - 0.6%
The Game Group PLC	1,808,889		4,367,825
WIRELESS TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	142,700		3,887,148
Crown Castle International Corp. (a)	216,800		3,050,376
SBA Communications Corp. Class A (a)	209,800		3,312,742
			10,250,266
TOTAL COMMON STOCKS (Cost $1,283,484,921)		766,234,726

Convertible Bonds - 0.8%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
Semiconductors - 0.8%
Advanced Micro Devices, Inc. 5.75% 8/15/12 (Cost $13,157,661)	$ 17,200,000	6,407,000

Money Market Funds - 7.9%
	Shares
Fidelity Cash Central Fund, 1.29% (b)	20,064,857		20,064,857
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	42,190,598		42,190,598
TOTAL MONEY MARKET FUNDS (Cost $62,255,455)		62,255,455

TOTAL INVESTMENT PORTFOLIO - 105.5%

(Cost $1,358,898,037)

834,897,181

NET OTHER ASSETS - (5.5)%			(43,764,103)
NET ASSETS - 100%		$ 791,133,078

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 477,291
Fidelity Securities Lending Cash Central Fund	2,304,153
Total	$ 2,781,444

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 834,897,181	$ 767,826,524	$ 67,070,657	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,376,583,683. Net unrealized depreciation aggregated $541,686,502, of which $7,290,533 related to appreciated investment securities and $548,977,035 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

November 30, 2008

1.810721.104

TEL-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 5.2%
Communications Equipment - 5.2%
Aruba Networks, Inc. (a)	392		$ 929
F5 Networks, Inc. (a)	1,600		39,840
Infinera Corp. (a)(d)	75,300		734,928
Juniper Networks, Inc. (a)	2,100		36,498
Nortel Networks Corp. (a)	8,071		4,621
Polycom, Inc. (a)	1,700		32,011
Sandvine Corp. (a)	3,200		2,013
Sonus Networks, Inc. (a)	56,800		88,040
Starent Networks Corp. (a)	840,769		8,365,652
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		4,272
			9,308,804
COMPUTERS & PERIPHERALS - 0.1%
Computer Hardware - 0.1%
Apple, Inc. (a)	1,800		166,806
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		1,630
NetApp, Inc. (a)	700		9,450
Synaptics, Inc. (a)	450		9,887
			20,967
TOTAL COMPUTERS & PERIPHERALS			187,773
DIVERSIFIED TELECOMMUNICATION SERVICES - 53.3%
Alternative Carriers - 11.8%
Cable & Wireless PLC	19,405		44,707
Cogent Communications Group, Inc. (a)	64,802		356,411
Global Crossing Ltd. (a)	1,667,386		12,788,851
Iliad Group SA	600		45,115
Level 3 Communications, Inc. (a)(d)	1,228,676		1,155,324
PAETEC Holding Corp. (a)	73,600		106,720
tw telecom, inc. (a)	872,052		6,653,757
			21,150,885
Integrated Telecommunication Services - 41.5%
AT&T, Inc.	618,319		17,659,191
BT Group PLC	5,351		11,073
Cbeyond, Inc. (a)(d)	488,177		7,425,172
China Unicom Ltd. sponsored ADR	600		7,410
Cincinnati Bell, Inc. (a)	225,000		389,250
Deutsche Telekom AG (Reg.)	1,100		15,318
Embarq Corp.	900		29,376
FairPoint Communications, Inc.	34,149		119,522
France Telecom SA	43,400		1,117,045
NTELOS Holdings Corp.	632		14,037
PT Indosat Tbk	3,600		1,485
PT Telkomunikasi Indonesia Tbk Series B	355,900		168,448
Qwest Communications International, Inc. (d)	5,876,944		18,806,221
Telecom Italia SpA sponsored ADR (d)	12,500		169,375
Telefonica SA	400		8,111

	Shares		Value
Telefonica SA sponsored ADR	95,700		$ 5,841,528
Telenor ASA	4,400		23,969
Telenor ASA sponsored ADR	4,100		66,789
Telkom SA Ltd.	4,400		44,526
Verizon Communications, Inc.	694,124		22,663,148
Vimpel Communications sponsored ADR	1,200		11,400
Windstream Corp.	1,708		15,133
			74,607,527
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			95,758,412
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		10,994
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
Google, Inc. Class A (sub. vtg.) (a)	90		26,366
SAVVIS, Inc. (a)(d)	26,799		210,908
			237,274
MEDIA - 15.0%
Cable & Satellite - 15.0%
Comcast Corp. Class A	491,500		8,522,610
Dish TV India Ltd. (a)	5,888		1,799
Dish TV India Ltd. rights 11/28/08 (a)	7,018		0
Liberty Global, Inc. Class A (a)	400		5,796
The DIRECTV Group, Inc. (a)	159,500		3,510,595
Time Warner Cable, Inc. (a)	442,500		8,982,750
Virgin Media, Inc. (d)	1,235,300		5,842,969
			26,866,519
SOFTWARE - 4.1%
Application Software - 0.3%
Nuance Communications, Inc. (a)	800		7,344
OnMobile Global Ltd.	132,183		560,595
Synchronoss Technologies, Inc. (a)	5,863		41,158
			609,097
Home Entertainment Software - 3.8%
Gameloft (a)(d)	2,751,486		6,690,351
Glu Mobile, Inc. (a)	113,614		28,404
			6,718,755
TOTAL SOFTWARE			7,327,852
WIRELESS TELECOMMUNICATION SERVICES - 21.6%
Wireless Telecommunication Services - 21.6%
America Movil SAB de CV Series L sponsored ADR	400		12,000
American Tower Corp. Class A (a)	153,100		4,170,444
Bharti Airtel Ltd. (a)	2,129		28,818
Centennial Communications Corp. Class A (a)	89,400		691,062
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
China Mobile (Hong Kong) Ltd. sponsored ADR	1,800		$ 82,494
Clearwire Corp. (a)	17,350		114,857
Crown Castle International Corp. (a)	166,383		2,341,009
Idea Cellular Ltd. (a)	3,710		3,506
Leap Wireless International, Inc. (a)(d)	127,714		2,554,280
MetroPCS Communications, Inc. (a)	30,800		450,912
Millicom International Cellular SA	56,700		2,173,311
MTN Group Ltd.	36,900		382,930
NII Holdings, Inc. (a)	119,000		2,313,360
Rogers Communications, Inc. Class B (non-vtg.)	2,200		59,595
SBA Communications Corp. Class A (a)	88,764		1,401,584
Sprint Nextel Corp.	2,564,513		7,154,991
Syniverse Holdings, Inc. (a)	30,468		297,672
Telephone & Data Systems, Inc.	14,768		479,222
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	65,700		1,130,040
Turkcell Iletisim Hizmet AS sponsored ADR	278,000		3,830,840
Virgin Mobile USA, Inc. Class A (a)	600		600
Vivo Participacoes SA sponsored ADR	201,225		2,497,202
Vodafone Group PLC sponsored ADR	336,200		6,582,796
			38,753,525
TOTAL COMMON STOCKS (Cost $311,291,652)		178,451,153
Money Market Funds - 15.7%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	1,841,861		$ 1,841,861
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	26,286,859		26,286,859
TOTAL MONEY MARKET FUNDS (Cost $28,128,720)		28,128,720

TOTAL INVESTMENT PORTFOLIO - 115.1%

(Cost $339,420,372)

206,579,873

NET OTHER ASSETS - (15.1)%			(27,029,027)
NET ASSETS - 100%		$ 179,550,846

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 39,364
Fidelity Securities Lending Cash Central Fund	395,872
Total	$ 435,236

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 206,579,873	$ 198,624,184	$ 7,955,689	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $351,316,242. Net unrealized depreciation aggregated $144,736,369, of which $2,994,302 related to appreciated investment securities and $147,730,671 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

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

November 30, 2008

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

1.860867.101

ATLC-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 5.2%
Communications Equipment - 5.2%
Aruba Networks, Inc. (a)	392		$ 929
F5 Networks, Inc. (a)	1,600		39,840
Infinera Corp. (a)(d)	75,300		734,928
Juniper Networks, Inc. (a)	2,100		36,498
Nortel Networks Corp. (a)	8,071		4,621
Polycom, Inc. (a)	1,700		32,011
Sandvine Corp. (a)	3,200		2,013
Sonus Networks, Inc. (a)	56,800		88,040
Starent Networks Corp. (a)	840,769		8,365,652
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		4,272
			9,308,804
COMPUTERS & PERIPHERALS - 0.1%
Computer Hardware - 0.1%
Apple, Inc. (a)	1,800		166,806
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		1,630
NetApp, Inc. (a)	700		9,450
Synaptics, Inc. (a)	450		9,887
			20,967
TOTAL COMPUTERS & PERIPHERALS			187,773
DIVERSIFIED TELECOMMUNICATION SERVICES - 53.3%
Alternative Carriers - 11.8%
Cable & Wireless PLC	19,405		44,707
Cogent Communications Group, Inc. (a)	64,802		356,411
Global Crossing Ltd. (a)	1,667,386		12,788,851
Iliad Group SA	600		45,115
Level 3 Communications, Inc. (a)(d)	1,228,676		1,155,324
PAETEC Holding Corp. (a)	73,600		106,720
tw telecom, inc. (a)	872,052		6,653,757
			21,150,885
Integrated Telecommunication Services - 41.5%
AT&T, Inc.	618,319		17,659,191
BT Group PLC	5,351		11,073
Cbeyond, Inc. (a)(d)	488,177		7,425,172
China Unicom Ltd. sponsored ADR	600		7,410
Cincinnati Bell, Inc. (a)	225,000		389,250
Deutsche Telekom AG (Reg.)	1,100		15,318
Embarq Corp.	900		29,376
FairPoint Communications, Inc.	34,149		119,522
France Telecom SA	43,400		1,117,045
NTELOS Holdings Corp.	632		14,037
PT Indosat Tbk	3,600		1,485
PT Telkomunikasi Indonesia Tbk Series B	355,900		168,448
Qwest Communications International, Inc. (d)	5,876,944		18,806,221
Telecom Italia SpA sponsored ADR (d)	12,500		169,375
Telefonica SA	400		8,111

	Shares		Value
Telefonica SA sponsored ADR	95,700		$ 5,841,528
Telenor ASA	4,400		23,969
Telenor ASA sponsored ADR	4,100		66,789
Telkom SA Ltd.	4,400		44,526
Verizon Communications, Inc.	694,124		22,663,148
Vimpel Communications sponsored ADR	1,200		11,400
Windstream Corp.	1,708		15,133
			74,607,527
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			95,758,412
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	540		10,994
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
Google, Inc. Class A (sub. vtg.) (a)	90		26,366
SAVVIS, Inc. (a)(d)	26,799		210,908
			237,274
MEDIA - 15.0%
Cable & Satellite - 15.0%
Comcast Corp. Class A	491,500		8,522,610
Dish TV India Ltd. (a)	5,888		1,799
Dish TV India Ltd. rights 11/28/08 (a)	7,018		0
Liberty Global, Inc. Class A (a)	400		5,796
The DIRECTV Group, Inc. (a)	159,500		3,510,595
Time Warner Cable, Inc. (a)	442,500		8,982,750
Virgin Media, Inc. (d)	1,235,300		5,842,969
			26,866,519
SOFTWARE - 4.1%
Application Software - 0.3%
Nuance Communications, Inc. (a)	800		7,344
OnMobile Global Ltd.	132,183		560,595
Synchronoss Technologies, Inc. (a)	5,863		41,158
			609,097
Home Entertainment Software - 3.8%
Gameloft (a)(d)	2,751,486		6,690,351
Glu Mobile, Inc. (a)	113,614		28,404
			6,718,755
TOTAL SOFTWARE			7,327,852
WIRELESS TELECOMMUNICATION SERVICES - 21.6%
Wireless Telecommunication Services - 21.6%
America Movil SAB de CV Series L sponsored ADR	400		12,000
American Tower Corp. Class A (a)	153,100		4,170,444
Bharti Airtel Ltd. (a)	2,129		28,818
Centennial Communications Corp. Class A (a)	89,400		691,062
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
China Mobile (Hong Kong) Ltd. sponsored ADR	1,800		$ 82,494
Clearwire Corp. (a)	17,350		114,857
Crown Castle International Corp. (a)	166,383		2,341,009
Idea Cellular Ltd. (a)	3,710		3,506
Leap Wireless International, Inc. (a)(d)	127,714		2,554,280
MetroPCS Communications, Inc. (a)	30,800		450,912
Millicom International Cellular SA	56,700		2,173,311
MTN Group Ltd.	36,900		382,930
NII Holdings, Inc. (a)	119,000		2,313,360
Rogers Communications, Inc. Class B (non-vtg.)	2,200		59,595
SBA Communications Corp. Class A (a)	88,764		1,401,584
Sprint Nextel Corp.	2,564,513		7,154,991
Syniverse Holdings, Inc. (a)	30,468		297,672
Telephone & Data Systems, Inc.	14,768		479,222
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	65,700		1,130,040
Turkcell Iletisim Hizmet AS sponsored ADR	278,000		3,830,840
Virgin Mobile USA, Inc. Class A (a)	600		600
Vivo Participacoes SA sponsored ADR	201,225		2,497,202
Vodafone Group PLC sponsored ADR	336,200		6,582,796
			38,753,525
TOTAL COMMON STOCKS (Cost $311,291,652)		178,451,153
Money Market Funds - 15.7%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	1,841,861		$ 1,841,861
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	26,286,859		26,286,859
TOTAL MONEY MARKET FUNDS (Cost $28,128,720)		28,128,720

TOTAL INVESTMENT PORTFOLIO - 115.1%

(Cost $339,420,372)

206,579,873

NET OTHER ASSETS - (15.1)%			(27,029,027)
NET ASSETS - 100%		$ 179,550,846

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 39,364
Fidelity Securities Lending Cash Central Fund	395,872
Total	$ 435,236

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 206,579,873	$ 198,624,184	$ 7,955,689	$ -

Income Tax Information

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

November 30, 2008

1.810722.104

TRN-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
AEROSPACE & DEFENSE - 1.2%
Aerospace & Defense - 1.2%
AerCap Holdings NV (a)	173,500		$ 803,305
The Boeing Co.	12,600		537,138
			1,340,443
AIR FREIGHT & LOGISTICS - 34.5%
Air Freight & Logistics - 34.5%
Atlas Air Worldwide Holdings, Inc. (a)	6,900		105,570
C.H. Robinson Worldwide, Inc.	95,600		4,883,248
Expeditors International of Washington, Inc.	121,420		4,059,071
FedEx Corp.	77,500		5,475,375
Forward Air Corp. (d)	71,495		1,652,964
Hub Group, Inc. Class A (a)	69,960		1,867,932
Pacer International, Inc.	13,300		128,877
Panalpina Welttransport Holding AG	12,010		574,392
United Parcel Service, Inc. Class B	303,200		17,464,319
UTI Worldwide, Inc.	198,500		2,127,920
			38,339,668
AIRLINES - 9.2%
Airlines - 9.2%
AirTran Holdings, Inc. (a)	53,200		181,412
Alaska Air Group, Inc. (a)	15,900		364,905
AMR Corp. (a)	108,500		952,630
Continental Airlines, Inc. Class B (a)	77,800		1,142,104
Delta Air Lines, Inc. (a)	246,402		2,170,802
JetBlue Airways Corp. (a)	59,000		309,160
SkyWest, Inc.	16,600		252,320
Southwest Airlines Co.	389,487		3,369,063
UAL Corp.	92,900		1,045,125
US Airways Group, Inc. (a)	71,600		426,736
			10,214,257
IT SERVICES - 0.3%
Data Processing & Outsourced Services - 0.3%
The Western Union Co.	28,100		372,887
MARINE - 2.5%
Marine - 2.5%
Alexander & Baldwin, Inc.	21,500		555,775
Eagle Bulk Shipping, Inc. (d)	19,400		84,002
Genco Shipping & Trading Ltd.	15,100		137,561
Horizon Lines, Inc. Class A (d)	39,290		157,160
Kirby Corp. (a)	29,500		750,185
Kuehne & Nagel International AG	16,786		1,024,549
Ultrapetrol (Bahamas) Ltd. (a)	16,100		64,239
			2,773,471
PROFESSIONAL SERVICES - 0.3%
Human Resource & Employment Services - 0.3%
51job, Inc. sponsored ADR (a)	38,800		273,152

	Shares		Value
ROAD & RAIL - 45.7%
Railroads - 38.9%
Burlington Northern Santa Fe Corp.	68,300		$ 5,232,463
Canadian National Railway Co.	7,000		246,016
Canadian Pacific Railway Ltd.	9,000		290,032
CSX Corp. (d)	254,900		9,492,476
Genesee & Wyoming, Inc. Class A (a)	16,400		498,232
Kansas City Southern (a)	54,450		1,193,544
Norfolk Southern Corp. (d)	228,000		11,279,160
Union Pacific Corp. (d)	299,000		14,961,960
			43,193,883
Trucking - 6.8%
Avis Budget Group, Inc. (a)	7,900		6,004
Con-way, Inc.	24,500		685,265
Heartland Express, Inc.	19,600		302,624
Hertz Global Holdings, Inc. (a)	60,000		209,400
J.B. Hunt Transport Services, Inc.	52,400		1,404,844
Knight Transportation, Inc.	57,800		910,928
Landstar System, Inc.	48,170		1,548,184
Old Dominion Freight Lines, Inc. (a)	33,100		787,780
Ryder System, Inc.	36,900		1,325,079
Werner Enterprises, Inc.	20,200		351,076
			7,531,184
TOTAL ROAD & RAIL			50,725,067
SOFTWARE - 1.0%
Systems Software - 1.0%
Versant Corp. (a)	95,000		1,148,550
TOTAL COMMON STOCKS (Cost $123,410,047)		105,187,495
Money Market Funds - 31.4%

Fidelity Cash Central Fund, 1.29% (b)	4,993,545		4,993,545
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	29,855,375		29,855,375
TOTAL MONEY MARKET FUNDS (Cost $34,848,920)		34,848,920

TOTAL INVESTMENT PORTFOLIO - 126.1%

(Cost $158,258,967)

140,036,415

NET OTHER ASSETS - (26.1)%			(29,011,652)
NET ASSETS - 100%		$ 111,024,763

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 45,375
Fidelity Securities Lending Cash Central Fund	53,707
Total	$ 99,082

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 140,036,415	$ 138,437,474	$ 1,598,941	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $160,477,537. Net unrealized depreciation aggregated $20,441,122, of which $8,634,204 related to appreciated investment securities and $29,075,326 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

November 30, 2008

1.810724.104

UTI-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Other Diversifed Financial Services - 0.3%
Hicks Acquisition Co. I, Inc. unit (a)	136,300		$ 1,185,810
ELECTRIC UTILITIES - 59.2%
Electric Utilities - 59.2%
Allegheny Energy, Inc. (d)	402,600		14,191,650
American Electric Power Co., Inc.	625,500		19,571,895
DPL, Inc.	277,100		5,769,222
Duke Energy Corp.	1,020,000		15,871,200
Edison International	365,300		12,201,020
Entergy Corp.	304,100		25,878,910
Exelon Corp.	725,200		40,763,491
FirstEnergy Corp.	417,100		24,433,718
FPL Group, Inc.	371,406		18,109,757
Northeast Utilities	311,300		7,253,290
NV Energy, Inc.	811,500		7,693,020
PPL Corp.	311,290		10,549,618
Progress Energy, Inc.	340,000		13,494,600
Westar Energy, Inc.	94,900		1,919,827
			217,701,218
GAS UTILITIES - 3.5%
Gas Utilities - 3.5%
AGL Resources, Inc.	50,200		1,511,522
Atmos Energy Corp.	74,000		1,844,820
Energen Corp.	60,319		1,857,825
ONEOK, Inc.	83,100		2,438,154
Questar Corp.	145,353		4,678,913
UGI Corp.	20,900		488,224
			12,819,458
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 3.9%
Independent Power Producers & Energy Traders - 3.9%
AES Corp. (a)	605,459		4,655,980
Dynegy, Inc. Class A (a)	415,500		926,565
Mirant Corp. (a)	172,200		2,965,284
NRG Energy, Inc. (a)	206,917		4,901,864
Reliant Energy, Inc. (a)	160,379		920,575
			14,370,268
MULTI-UTILITIES - 28.7%
Multi-Utilities - 28.7%
Alliant Energy Corp.	92,517		2,948,517

	Shares		Value
Ameren Corp.	166,190		$ 5,913,040
CenterPoint Energy, Inc.	292,100		3,776,853
CMS Energy Corp. (d)	209,700		2,130,552
Dominion Resources, Inc.	473,000		17,415,860
NiSource, Inc.	240,000		2,892,000
OGE Energy Corp.	76,300		2,021,187
PG&E Corp.	365,751		13,913,168
Public Service Enterprise Group, Inc.	700,550		21,646,995
Puget Energy, Inc.	113,591		2,780,708
Sempra Energy	371,300		17,328,571
TECO Energy, Inc. (d)	176,001		2,288,013
Wisconsin Energy Corp.	75,800		3,294,268
Xcel Energy, Inc. (d)	376,500		7,081,965
			105,431,697
TOTAL COMMON STOCKS (Cost $381,116,466)		351,508,451
Money Market Funds - 6.9%

Fidelity Cash Central Fund, 1.29% (b)	13,198,106		13,198,106
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	12,375,857		12,375,857
TOTAL MONEY MARKET FUNDS (Cost $25,573,963)		25,573,963

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $406,690,429)

377,082,414

NET OTHER ASSETS - (2.5)%			(9,231,045)
NET ASSETS - 100%		$ 367,851,369

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 355,432
Fidelity Securities Lending Cash Central Fund	125,834
Total	$ 481,266

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 377,082,414	$ 377,082,414	$ -	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $417,155,685. Net unrealized depreciation aggregated $40,073,271, of which $7,729,866 related to appreciated investment securities and $47,803,137 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

November 30, 2008

1.810702.104

WIR-QTLY-0109

Investments November 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 28.2%
Communications Equipment - 28.2%
Aruba Networks, Inc. (a)	78,884		$ 186,955
Harris Corp.	45,100		1,573,088
Juniper Networks, Inc. (a)	36,800		639,584
Motorola, Inc.	674,180		2,905,716
Nokia Corp. sponsored ADR	417,900		5,921,643
Powerwave Technologies, Inc. (a)	89,500		42,960
QUALCOMM, Inc.	408,250		13,704,953
Research In Motion Ltd. (a)	49,300		2,093,771
Starent Networks Corp. (a)(d)	1,565,912		15,580,824
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	626,600		4,461,392
			47,110,886
COMPUTERS & PERIPHERALS - 1.4%
Computer Hardware - 1.2%
Apple, Inc. (a)	21,400		1,983,138
Computer Storage & Peripherals - 0.2%
Synaptics, Inc. (a)(d)	15,900		349,323
TOTAL COMPUTERS & PERIPHERALS			2,332,461
DIVERSIFIED TELECOMMUNICATION SERVICES - 8.4%
Integrated Telecommunication Services - 8.4%
China Unicom Ltd. sponsored ADR (d)	603,600		7,454,460
Deutsche Telekom AG (Reg.)	100		1,393
NTELOS Holdings Corp.	54,200		1,203,782
PT Indosat Tbk	6,200		2,558
PT Telkomunikasi Indonesia Tbk Series B	448,000		212,038
Telefonica SA sponsored ADR	49,500		3,021,480
Telenor ASA	1,000		5,448
Telkom SA Ltd.	6,400		64,765
Verizon Communications, Inc.	65,700		2,145,105
			14,111,029
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
Openwave Systems, Inc. (a)	15,641		8,446
SAVVIS, Inc. (a)	6,200		48,794
			57,240
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
Semiconductors - 1.2%
Atheros Communications, Inc. (a)(d)	87,300		1,274,580
Cree, Inc. (a)(d)	11,500		182,620

	Shares		Value
Marvell Technology Group Ltd. (a)	1,300		$ 7,540
RF Micro Devices, Inc. (a)	409,400		544,502
			2,009,242
SOFTWARE - 8.0%
Application Software - 1.0%
OnMobile Global Ltd.	275,473		1,168,294
Synchronoss Technologies, Inc. (a)	78,200		548,964
			1,717,258
Home Entertainment Software - 7.0%
Gameloft (a)(d)(e)	4,791,962		11,651,852
Glu Mobile, Inc. (a)	223,623		55,906
			11,707,758
TOTAL SOFTWARE			13,425,016
WIRELESS TELECOMMUNICATION SERVICES - 52.2%
Wireless Telecommunication Services - 52.2%
America Movil SAB de CV Series L sponsored ADR	400		12,000
American Tower Corp. Class A (a)	73,892		2,012,818
Bharti Airtel Ltd. (a)	1,124		15,215
China Mobile (Hong Kong) Ltd. sponsored ADR	208,800		9,569,304
Clearwire Corp. (a)(d)	115,700		765,934
Crown Castle International Corp. (a)	252,600		3,554,082
Idea Cellular Ltd. (a)	81,905		77,403
KDDI Corp.	665		4,314,115
Leap Wireless International, Inc. (a)(d)	171,299		3,425,980
MetroPCS Communications, Inc. (a)(d)	114,600		1,677,744
Millicom International Cellular SA	144,700		5,546,351
MTN Group Ltd.	51,500		534,441
NII Holdings, Inc. (a)(d)	258,700		5,029,128
NTT DoCoMo, Inc.	3,215		5,377,829
Orascom Telecom Holding SAE unit	400		8,780
Rogers Communications, Inc. Class B (non-vtg.)	93,100		2,521,959
SBA Communications Corp. Class A (a)(d)	318,800		5,033,852
Sprint Nextel Corp.	2,593,531		7,235,951
Syniverse Holdings, Inc. (a)	90,100		880,277
Telephone & Data Systems, Inc.	25,711		834,322
TIM Participacoes SA sponsored ADR (non-vtg.)	37,000		636,400
Turkcell Iletisim Hizmet AS sponsored ADR	236,400		3,257,592
U.S. Cellular Corp. (a)	44,200		1,742,806
Vivo Participacoes SA sponsored ADR (d)	508,850		6,314,829
Vodafone Group PLC sponsored ADR	864,600		16,928,868
			87,307,980
TOTAL COMMON STOCKS (Cost $260,557,050)		166,353,854
Money Market Funds - 13.3%
	Shares		Value
Fidelity Cash Central Fund, 1.29% (b)	680,642		$ 680,642
Fidelity Securities Lending Cash Central Fund, 1.11% (b)(c)	21,522,395		21,522,395
TOTAL MONEY MARKET FUNDS (Cost $22,203,037)		22,203,037

TOTAL INVESTMENT PORTFOLIO - 112.7%

(Cost $282,760,087)

188,556,891

NET OTHER ASSETS - (12.7)%			(21,232,292)
NET ASSETS - 100%		$ 167,324,599

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 21,644
Fidelity Securities Lending Cash Central Fund	462,542
Total	$ 484,186

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Gameloft	$ -	$ 22,410,793	$ 210,395	$ -	$ 11,651,852

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 188,556,891	$ 171,520,369	$ 17,036,522	$ -

Income Tax Information

At November 30, 2008, the aggregate cost of investment securities for income tax purposes was $298,467,309. Net unrealized depreciation aggregated $109,910,418, of which $3,581,070 related to appreciated investment securities and $113,491,488 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

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

Date:	January 29, 2009

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:	January 29, 2009

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

Date:	January 29, 2009

EX-99.CERT 2 sel99cert.htm

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: January 29, 2009

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

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

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

Date: January 29, 2009

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

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