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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2006

1.802153.102

AIR-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 101.3%
	Shares		Value
AEROSPACE & DEFENSE - 37.8%
Aerospace & Defense - 37.8%
Alliant Techsystems, Inc. (a)	11,700		$ 913,302
Bombardier, Inc. Class B (sub. vtg.) (a)	1,813,700		5,187,882
General Dynamics Corp.	135,500		8,623,219
Goodrich Corp.	4,200		179,046
Hexcel Corp. (a)	104,300		2,146,494
Honeywell International, Inc.	21,000		864,780
L-3 Communications Holdings, Inc.	18,600		1,357,056
Lockheed Martin Corp.	22,200		1,609,278
Orbital Sciences Corp. (a)	60,200		902,398
Precision Castparts Corp.	141,000		8,125,830
Raytheon Co.	55,800		2,558,430
Rockwell Collins, Inc.	143,400		7,829,640
Rolls-Royce Group PLC	2,300		17,764
The Boeing Co.	13,900		1,157,175
United Technologies Corp.	50,600		3,163,512
			44,635,806
AIR FREIGHT & LOGISTICS - 22.3%
Air Freight & Logistics - 22.3%
C.H. Robinson Worldwide, Inc.	167,500		7,376,700
EGL, Inc. (a)	3		135
Expeditors International of Washington, Inc.	75,300		7,413,285
FedEx Corp.	27,850		3,043,170
Forward Air Corp.	48,300		1,807,386
Hub Group, Inc. Class A (a)	5,350		253,162
United Parcel Service, Inc. Class B	55,100		4,438,305
UTI Worldwide, Inc.	70,900		1,930,607
			26,262,750
AIRLINES - 28.2%
Airlines - 28.2%
AirTran Holdings, Inc. (a)	273,100		3,359,130
Alaska Air Group, Inc. (a)	100		3,874
AMR Corp. (a)	245,500		6,054,030
British Airways PLC ADR (a)	800		51,144
Continental Airlines, Inc. Class B (a)	34,500		855,600
Delta Air Lines, Inc. (a)	76,800		51,456
ExpressJet Holdings, Inc. Class A (a)	200		1,174
Frontier Airlines Holdings, Inc. (a)(d)	144,565		894,857
JetBlue Airways Corp. (a)(d)	273,118		2,845,890
Northwest Airlines Corp. (a)	49,300		28,594
Pinnacle Airlines Corp. (a)	600		4,104
Republic Airways Holdings, Inc. (a)	108,100		1,659,335
Ryanair Holdings PLC sponsored ADR (a)(d)	52,600		2,576,874
SkyWest, Inc.	200		4,646
Southwest Airlines Co.	474,825		7,644,683
UAL Corp. (a)	125,300		3,687,579

	Shares		Value
US Airways Group, Inc. (a)(d)	70,066		$ 3,272,082
WestJet Airlines Ltd. (a)	22,050		227,258
			33,222,310
COMMERCIAL SERVICES & SUPPLIES - 3.7%
Diversified Commercial & Professional Services - 3.7%
The Brink's Co.	79,500		4,368,525
COMMUNICATIONS EQUIPMENT - 3.6%
Communications Equipment - 3.6%
Harris Corp.	105,400		4,291,888
METALS & MINING - 5.7%
Diversified Metals & Mining - 5.0%
RTI International Metals, Inc. (a)	25,800		1,549,290
Titanium Metals Corp. (a)	113,700		4,114,803
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 9/28/06 (a)	1,180		253,110
			5,917,203
Steel - 0.7%
Allegheny Technologies, Inc.	13,500		859,005
TOTAL METALS & MINING			6,776,208
OIL, GAS & CONSUMABLE FUELS - 0.0%
Oil & Gas Storage & Transport - 0.0%
Ship Finance International Ltd. (NY Shares)	18		306
TOTAL COMMON STOCKS (Cost $103,114,060)		119,557,793
Money Market Funds - 9.0%

Fidelity Cash Central Fund, 5.03% (b)	1,365,694		1,365,694
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	9,274,625		9,274,625
TOTAL MONEY MARKET FUNDS (Cost $10,640,319)		10,640,319

TOTAL INVESTMENT PORTFOLIO - 110.3%

(Cost $113,754,379)

130,198,112

NET OTHER ASSETS - (10.3)%		(12,200,239)
NET ASSETS - 100%		$ 117,997,873

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 63,995
Fidelity Securities Lending Cash Central Fund	15,841
Total	$ 79,836

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $113,927,334. Net unrealized appreciation aggregated $16,270,778, of which $21,710,868 related to appreciated investment securities and $5,440,090 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2006

1.802154.102

AUT-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
AUTO COMPONENTS - 33.1%
Auto Parts & Equipment - 31.8%
American Axle & Manufacturing Holdings, Inc.	28,696		$ 503,041
Amerigon, Inc. (a)	82,900		659,055
Autoliv, Inc.	1,100		61,160
Bharat Forge Ltd.	24,786		181,111
BorgWarner, Inc.	12,000		789,360
Gentex Corp.	56,700		821,583
Johnson Controls, Inc.	20,690		1,762,166
Kongsberg Automotive AS	200		1,875
Lear Corp. (d)	5,600		132,720
LKQ Corp. (a)	13,500		263,925
Magna International, Inc. Class A	500		38,411
Quantum Fuel Systems Technologies Worldwide, Inc. (a)(d)	37,600		150,400
Tenneco, Inc. (a)	3,100		73,904
TRW Automotive Holdings Corp. (a)	12,600		345,114
Visteon Corp. (a)	87,100		646,282
			6,430,107
Tires & Rubber - 1.3%
Continental AG (d)	1,900		207,555
Goodyear Tire & Rubber Co. (a)	3,500		44,520
			252,075
TOTAL AUTO COMPONENTS			6,682,182
AUTOMOBILES - 25.7%
Automobile Manufacturers - 24.6%
Bayerische Motoren Werke AG (BMW)	4,100		210,934
DaimlerChrysler AG	3,600		189,396
Ford Motor Co.	20,100		143,916
General Motors Corp. (d)	8,200		220,826
Honda Motor Co. Ltd. sponsored ADR	33,300		1,099,899
Hyundai Motor Co.	7,220		556,090
Maruti Udyog Ltd.	2,240		35,556
Monaco Coach Corp.	1,100		14,344
Nissan Motor Co. Ltd. sponsored ADR (d)	39,000		945,750
Renault SA	1,800		206,943
Toyota Motor Corp.	22,600		1,213,394
Toyota Motor Corp. sponsored ADR	900		96,642
Winnebago Industries, Inc.	1,000		28,380
			4,962,070
Motorcycle Manufacturers - 1.1%
Bajaj Auto Ltd.	2,162		127,985
Harley-Davidson, Inc.	2,000		99,700
			227,685
TOTAL AUTOMOBILES			5,189,755

	Shares		Value
BEVERAGES - 0.3%
Distillers & Vintners - 0.3%
MGP Ingredients, Inc.	2,100		$ 59,808
BUILDING PRODUCTS - 0.2%
Building Products - 0.2%
Quixote Corp.	2,600		50,752
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Diversified Commercial & Professional Services - 0.6%
Adesa, Inc.	2,200		50,072
Copart, Inc. (a)	2,500		68,600
			118,672
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Ituran Location & Control Ltd.	4,200		62,454
DISTRIBUTORS - 2.5%
Distributors - 2.5%
Genuine Parts Co.	9,800		421,988
Keystone Automotive Industries, Inc. (a)	2,000		80,640
			502,628
DIVERSIFIED CONSUMER SERVICES - 0.2%
Education Services - 0.2%
Universal Technical Institute, Inc. (a)	1,700		42,075
ELECTRICAL EQUIPMENT - 1.2%
Electrical Components & Equipment - 1.2%
Energy Conversion Devices, Inc. (a)	4,100		162,975
Hoku Scientific, Inc.	7,500		33,300
Millennium Cell, Inc. (a)	29,500		46,610
			242,885
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.3%
Electronic Equipment & Instruments - 1.3%
Iteris, Inc. (a)	102,200		243,236
LoJack Corp. (a)	1,600		28,240
			271,476
FOOD & STAPLES RETAILING - 1.0%
Food Distributors - 1.0%
Andersons, Inc.	2,000		206,560
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.3%
Archer-Daniels-Midland Co.	1,400		58,198
HOUSEHOLD DURABLES - 5.8%
Consumer Electronics - 5.6%
Directed Electronics, Inc.	4,000		55,200
Harman International Industries, Inc.	12,700		1,076,071
			1,131,271
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - CONTINUED
Household Appliances - 0.2%
Snap-On, Inc.	900		$ 37,692
TOTAL HOUSEHOLD DURABLES			1,168,963
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
Traffic.com, Inc.	7,700		37,884
LEISURE EQUIPMENT & PRODUCTS - 5.1%
Leisure Products - 5.1%
Brunswick Corp.	6,200		222,766
MarineMax, Inc. (a)	23,700		681,849
Polaris Industries, Inc.	2,900		129,137
			1,033,752
MACHINERY - 5.6%
Construction & Farm Machinery & Heavy Trucks - 4.3%
Cummins, Inc.	900		99,189
Oshkosh Truck Co.	7,200		380,520
PACCAR, Inc.	2,525		194,046
Tata Motors Ltd. sponsored ADR	2,400		40,320
Terex Corp. (a)	1,700		155,550
			869,625
Industrial Machinery - 1.3%
Eaton Corp.	3,700		272,098
TOTAL MACHINERY			1,141,723
MEDIA - 0.4%
Broadcasting & Cable TV - 0.4%
XM Satellite Radio Holdings, Inc. Class A (a)	5,500		79,310
METALS & MINING - 0.6%
Aluminum - 0.3%
Alcoa, Inc.	1,800		57,096
Steel - 0.3%
Allegheny Technologies, Inc.	1,000		63,630
TOTAL METALS & MINING			120,726
OIL, GAS & CONSUMABLE FUELS - 0.9%
Oil & Gas Exploration & Production - 0.9%
Pacific Ethanol, Inc. (a)(d)	6,100		177,571
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Semiconductors - 0.2%
SiRF Technology Holdings, Inc. (a)	1,584		46,427
SOFTWARE - 3.1%
Application Software - 2.9%
NAVTEQ Corp. (a)	14,200		592,850

	Shares		Value
Systems Software - 0.2%
Quorum Information Technologies, Inc. (a)	23,000		$ 31,955
TOTAL SOFTWARE			624,805
SPECIALTY RETAIL - 9.1%
Automotive Retail - 9.1%
Advance Auto Parts, Inc.	3,100		118,172
Asbury Automotive Group, Inc. (a)	3,600		75,096
AutoNation, Inc. (a)	6,900		149,661
AutoZone, Inc. (a)	7,800		707,694
Group 1 Automotive, Inc.	6,000		364,620
Lithia Motors, Inc. Class A (sub. vtg.)	5,000		160,000
Monro Muffler Brake, Inc.	4,100		148,133
O'Reilly Automotive, Inc. (a)	2,000		63,380
United Auto Group, Inc.	1,100		46,354
			1,833,110
TOTAL COMMON STOCKS (Cost $19,788,293)		19,751,716
Nonconvertible Preferred Stocks - 1.0%

AUTOMOBILES - 1.0%
Automobile Manufacturers - 1.0%
Porsche AG (non-vtg.) (Cost $181,756)	206		199,689
Money Market Funds - 7.9%

Fidelity Cash Central Fund, 5.03% (b)	254,007		254,007
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	1,334,010		1,334,010
TOTAL MONEY MARKET FUNDS (Cost $1,588,017)		1,588,017

TOTAL INVESTMENT PORTFOLIO - 106.6%

(Cost $21,558,066)

21,539,422

NET OTHER ASSETS - (6.6)%		(1,330,272)
NET ASSETS - 100%		$ 20,209,150

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 6,669
Fidelity Securities Lending Cash Central Fund	7,186
Total	$ 13,855

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $21,673,993. Net unrealized depreciation aggregated $134,571, of which $1,499,313 related to appreciated investment securities and $1,633,884 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

May 31, 2006

1.802182.102

BAM-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.5%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.7%
Human Resource & Employment Services - 1.7%
Monster Worldwide, Inc. (a)	28,200		$ 1,378,134
HOTELS, RESTAURANTS & LEISURE - 2.8%
Hotels, Resorts & Cruise Lines - 2.8%
Ctrip.com International Ltd. sponsored ADR	26,400		1,269,840
eLong, Inc. sponsored ADR (a)	69,400		1,033,366
			2,303,206
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Dolby Laboratories, Inc. Class A (a)	14,000		309,120
INTERNET & CATALOG RETAIL - 1.3%
Internet Retail - 1.3%
Expedia, Inc. (a)	78,600		1,116,906
INTERNET SOFTWARE & SERVICES - 24.6%
Internet Software & Services - 24.6%
AD Pepper Media International NV (a)	33,300		473,328
aQuantive, Inc. (a)	57,500		1,425,425
CNET Networks, Inc. (a)	30,700		268,932
Digitas, Inc. (a)	29,500		383,795
eBay, Inc. (a)	10,300		337,943
Equinix, Inc. (a)	4,900		285,572
Google, Inc. Class A (sub. vtg.) (a)	22,300		8,291,585
Homestore, Inc. (a)	106,000		631,760
NHN Corp. (a)	1,600		480,861
Sina Corp. (a)	13,400		328,836
Sohu.com, Inc. (a)	14,500		361,485
ValueClick, Inc. (a)	25,000		394,000
WebSideStory, Inc. (a)	19,300		264,603
Yahoo!, Inc. (a)	197,650		6,243,764
			20,171,889
MEDIA - 54.5%
Advertising - 9.6%
Focus Media Holding Ltd. ADR	3,200		202,144
Harte-Hanks, Inc.	14,100		385,494
Interpublic Group of Companies, Inc. (a)	134,147		1,278,421
Lamar Advertising Co. Class A (a)	23,700		1,292,124
Omnicom Group, Inc.	49,800		4,736,478
			7,894,661
Broadcasting & Cable TV - 12.9%
Central European Media Enterprises Ltd. Class A (a)	20,700		1,230,822
Clear Channel Communications, Inc.	26,200		806,960
E.W. Scripps Co. Class A	29,500		1,365,260
EchoStar Communications Corp. Class A (a)	48,800		1,460,584
Gestevision Telecinco SA	8,100		195,281

	Shares		Value
Grupo Televisa SA de CV (CPO) sponsored ADR	59,100		$ 1,086,849
Impresa SGPS (a)	32,900		193,551
Liberty Global, Inc.:
Class A	35,944		824,196
Class C (a)	36,744		814,247
Mediaset Spa	35,100		407,138
NTL, Inc. (a)	16,000		426,880
Radio One, Inc. Class D (non-vtg.) (a)	58,900		431,737
TiVo, Inc. (a)(d)	54,300		343,719
TVN SA (a)	17,480		497,366
Univision Communications, Inc. Class A (a)	12,500		449,375
			10,533,965
Movies & Entertainment - 19.4%
Carmike Cinemas, Inc. (d)	28,700		606,431
News Corp.:
Class A	227,082		4,330,454
Class B (d)	34,300		684,971
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	55,460		534,634
Regal Entertainment Group Class A	24,200		468,754
The Walt Disney Co. (d)	177,900		5,425,950
Viacom, Inc. Class B (non-vtg.) (a)	91,900		3,469,225
World Wrestling Entertainment, Inc. Class A	22,300		398,055
			15,918,474
Publishing - 12.6%
ADVO, Inc.	13,800		368,046
Dow Jones & Co., Inc.	17,200		594,776
Gannett Co., Inc.	47,500		2,565,475
Getty Images, Inc. (a)	5,400		354,618
McGraw-Hill Companies, Inc.	98,800		5,098,080
Media General, Inc. Class A	16,400		617,132
Reuters Group PLC sponsored ADR	17,400		738,456
			10,336,583
TOTAL MEDIA			44,683,683
SOFTWARE - 3.3%
Application Software - 1.7%
NDS Group PLC sponsored ADR (a)	27,000		1,372,410
Home Entertainment Software - 1.6%
Activision, Inc. (a)	30,266		395,577
Electronic Arts, Inc. (a)	7,600		319,732
Shanda Interactive Entertainment Ltd. sponsored ADR (a)(d)	42,300		604,044
			1,319,353
TOTAL SOFTWARE			2,691,763
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
Wireless Telecommunication Services - 1.9%
American Tower Corp. Class A (a)	51,230		$ 1,586,593
TOTAL COMMON STOCKS (Cost $54,126,724)		74,241,294
Money Market Funds - 12.0%

Fidelity Cash Central Fund, 5.03% (b)	4,560,497		4,560,497
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	5,244,500		5,244,500
TOTAL MONEY MARKET FUNDS (Cost $9,804,997)		9,804,997

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $63,931,721)

84,046,291

NET OTHER ASSETS - (2.5)%		(2,053,534)
NET ASSETS - 100%		$ 81,992,757

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 12,681
Fidelity Securities Lending Cash Central Fund	14,671
Total	$ 27,352

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $64,028,527. Net unrealized appreciation aggregated $20,017,764, of which $24,111,690 related to appreciated investment securities and $4,093,926 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Cyclical Industries Portfolio

May 31, 2006

1.802164.102

CYC-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
AEROSPACE & DEFENSE - 18.3%
Aerospace & Defense - 18.3%
Alliant Techsystems, Inc. (a)	1,600		$ 124,896
BAE Systems PLC sponsored ADR	16,400		469,860
DRS Technologies, Inc.	8,400		447,384
EADS NV	63,500		2,262,585
EDO Corp.	10,200		266,934
General Dynamics Corp.	24,100		1,533,724
Goodrich Corp.	10,500		447,615
Hexcel Corp. (a)	77,700		1,599,066
Honeywell International, Inc.	70,400		2,899,072
L-3 Communications Holdings, Inc.	12,300		897,408
Lockheed Martin Corp.	14,700		1,065,603
Meggitt PLC	31,200		172,995
Precision Castparts Corp.	14,400		829,872
Raytheon Co.	20,000		917,000
Rockwell Collins, Inc.	7,140		389,844
Rolls-Royce Group PLC	20,992		162,128
The Boeing Co.	540		44,955
United Technologies Corp.	90,700		5,670,564
			20,201,505
AIR FREIGHT & LOGISTICS - 4.0%
Air Freight & Logistics - 4.0%
C.H. Robinson Worldwide, Inc.	14,000		616,560
FedEx Corp.	9,800		1,070,846
Forward Air Corp.	5,170		193,461
Hub Group, Inc. Class A (a)	11,311		535,237
United Parcel Service, Inc. Class B	18,000		1,449,900
UTI Worldwide, Inc.	19,988		544,273
			4,410,277
AIRLINES - 2.0%
Airlines - 2.0%
AirTran Holdings, Inc. (a)	67,100		825,330
JetBlue Airways Corp. (a)	100		1,042
Midwest Air Group, Inc. (a)(d)	18,400		82,248
Republic Airways Holdings, Inc. (a)	14,912		228,899
Ryanair Holdings PLC sponsored ADR (a)	2,700		132,273
UAL Corp. (a)	12,500		367,875
US Airways Group, Inc. (a)	13,000		607,100
			2,244,767
AUTO COMPONENTS - 1.8%
Auto Parts & Equipment - 1.6%
Amerigon, Inc. (a)	64,627		513,785
BorgWarner, Inc.	5,900		388,102
Johnson Controls, Inc.	10,300		877,251
			1,779,138

	Shares		Value
Tires & Rubber - 0.2%
Continental AG (d)	2,100		$ 229,403
TOTAL AUTO COMPONENTS			2,008,541
AUTOMOBILES - 1.6%
Automobile Manufacturers - 1.6%
Bayerische Motoren Werke AG (BMW)	18,100		931,199
General Motors Corp. (d)	22,900		616,697
Toyota Motor Corp. sponsored ADR	1,800		193,284
			1,741,180
BUILDING PRODUCTS - 1.6%
Building Products - 1.6%
American Standard Companies, Inc.	18,110		769,494
Goodman Global, Inc.	1,000		16,950
Masco Corp.	32,710		1,014,664
			1,801,108
CHEMICALS - 15.5%
Commodity Chemicals - 2.1%
Celanese Corp. Class A	25,600		504,576
Georgia Gulf Corp.	15,500		499,565
Lyondell Chemical Co.	22,200		537,240
NOVA Chemicals Corp.	7,200		219,089
Pioneer Companies, Inc. (a)	7,000		194,390
Westlake Chemical Corp.	10,700		334,054
			2,288,914
Diversified Chemicals - 5.1%
Ashland, Inc.	18,100		1,131,250
Dow Chemical Co.	62,900		2,507,823
E.I. du Pont de Nemours & Co.	26,400		1,122,792
FMC Corp.	13,200		852,324
			5,614,189
Fertilizers & Agricultural Chemicals - 2.5%
Agrium, Inc.	14,100		345,570
Monsanto Co.	10,500		883,680
Mosaic Co. (a)(d)	47,800		743,768
Potash Corp. of Saskatchewan, Inc.	8,000		729,903
The Scotts Miracle-Gro Co. Class A	2,400		104,784
			2,807,705
Industrial Gases - 2.5%
Air Products & Chemicals, Inc.	9,800		635,530
Airgas, Inc.	13,900		532,231
Linde AG	5,400		446,624
Praxair, Inc.	22,400		1,180,480
			2,794,865
Specialty Chemicals - 3.3%
Albemarle Corp.	10,000		480,000
Chemtura Corp.	41,641		409,331
Cytec Industries, Inc.	28,800		1,658,304
Ecolab, Inc.	15,500		600,005
Ferro Corp.	12,200		214,720
Common Stocks - continued
	Shares		Value
CHEMICALS - CONTINUED
Specialty Chemicals - continued
Lubrizol Corp.	100		$ 4,042
Minerals Technologies, Inc.	100		5,834
Rohm & Haas Co.	5,000		252,050
			3,624,286
TOTAL CHEMICALS			17,129,959
COMMERCIAL SERVICES & SUPPLIES - 2.7%
Diversified Commercial & Professional Services - 0.2%
The Brink's Co.	3,800		208,810
Environmental & Facility Services - 1.6%
Allied Waste Industries, Inc. (a)	41,700		497,481
Republic Services, Inc.	4,400		179,520
Waste Connections, Inc. (a)	6,450		248,003
Waste Management, Inc.	23,300		853,246
			1,778,250
Human Resource & Employment Services - 0.9%
CDI Corp.	18,500		544,825
Robert Half International, Inc.	10,500		430,920
			975,745
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,962,805
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Dycom Industries, Inc. (a)	6,500		140,010
Harris Corp.	13,275		540,558
			680,568
CONSTRUCTION & ENGINEERING - 5.9%
Construction & Engineering - 5.9%
Chicago Bridge & Iron Co. NV (NY Shares)	41,600		943,488
Comfort Systems USA, Inc.	20,300		263,900
Fluor Corp.	25,400		2,226,564
Foster Wheeler Ltd. (a)	4,600		203,550
Infrasource Services, Inc. (a)	29,700		546,480
Jacobs Engineering Group, Inc. (a)	5,700		444,771
Perini Corp. (a)	38,700		950,472
Shaw Group, Inc. (a)	8,400		223,776
SNC-Lavalin Group, Inc.	25,300		677,960
			6,480,961
CONSTRUCTION MATERIALS - 1.0%
Construction Materials - 1.0%
Martin Marietta Materials, Inc.	1,500		137,265
U.S. Concrete, Inc. (a)	34,900		432,062
Vulcan Materials Co.	7,300		569,765
			1,139,092

	Shares		Value
CONTAINERS & PACKAGING - 0.2%
Metal & Glass Containers - 0.2%
Crown Holdings, Inc. (a)	8,100		$ 130,653
Owens-Illinois, Inc. (a)	5,520		93,840
			224,493
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Services - 0.1%
Education Management Corp. (a)	3,000		128,850
ELECTRICAL EQUIPMENT - 2.8%
Electrical Components & Equipment - 1.8%
AMETEK, Inc.	2,600		118,638
Cooper Industries Ltd. Class A	6,300		561,078
Emerson Electric Co.	1,700		140,284
Hubbell, Inc. Class B	4,500		226,575
Rockwell Automation, Inc.	10,500		716,940
Roper Industries, Inc.	3,160		148,014
Thomas & Betts Corp. (a)	2,300		132,250
			2,043,779
Heavy Electrical Equipment - 1.0%
ABB Ltd. sponsored ADR	44,000		555,280
Global Power Equipment Group, Inc. (a)(d)	62,200		218,322
Vestas Wind Systems AS (a)	12,600		324,809
			1,098,411
TOTAL ELECTRICAL EQUIPMENT			3,142,190
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Cogent, Inc. (a)(d)	3,900		60,528
CPI International, Inc.	500		8,500
FARO Technologies, Inc. (a)	6,400		96,192
			165,220
FOOD PRODUCTS - 0.2%
Packaged Foods & Meats - 0.2%
Imperial Sugar Co.	7,100		165,146
HOUSEHOLD DURABLES - 2.2%
Homebuilding - 2.2%
D.R. Horton, Inc.	19,200		506,112
KB Home	14,900		762,880
Pulte Homes, Inc.	11,000		357,170
Ryland Group, Inc.	13,420		660,398
Toll Brothers, Inc. (a)	6,400		180,864
			2,467,424
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.2%
Independent Power & Energy Trade - 0.2%
Mirant Corp. (a)	7,200		179,136
Common Stocks - continued
	Shares		Value
INDUSTRIAL CONGLOMERATES - 15.7%
Industrial Conglomerates - 15.7%
3M Co.	50,760		$ 4,246,582
General Electric Co.	239,260		8,197,042
Smiths Group PLC	28,700		476,057
Textron, Inc.	12,000		1,091,160
Tyco International Ltd.	96,130		2,606,084
Walter Industries, Inc.	11,500		668,840
			17,285,765
IT SERVICES - 0.6%
IT Consulting & Other Services - 0.6%
CACI International, Inc. Class A (a)	4,100		249,772
ManTech International Corp. Class A (a)	7,600		257,260
NCI, Inc. Class A	1,200		16,308
SI International, Inc. (a)	2,900		91,901
			615,241
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Science Tools & Services - 0.0%
Varian, Inc. (a)	1,200		52,812
MACHINERY - 11.1%
Construction & Farm Machinery & Heavy Trucks - 5.7%
AGCO Corp. (a)	4,900		119,854
American Railcar Industries, Inc.	100		3,437
Bucyrus International, Inc. Class A	6,471		330,280
Caterpillar, Inc.	36,000		2,626,200
Deere & Co.	12,800		1,095,680
Joy Global, Inc.	10,675		573,675
Manitowoc Co., Inc.	9,100		418,509
Navistar International Corp. (a)	7,270		193,237
Samsung Heavy Industries Ltd.	350		7,354
Terex Corp. (a)	3,200		292,800
Toro Co.	11,100		535,797
Wabash National Corp.	5,900		99,120
			6,295,943
Industrial Machinery - 5.4%
Actuant Corp. Class A	700		41,321
Atlas Copco AB (B Shares)	18,900		472,072
Briggs & Stratton Corp.	4,600		149,040
Danaher Corp.	15,800		1,012,938
Dover Corp.	8,300		405,372
Illinois Tool Works, Inc.	39,600		1,966,140
ITT Industries, Inc.	17,100		891,765
KCI Konecranes Oyj	31,700		646,422
Pentair, Inc.	4,160		142,106
Schindler Holding AG (participation certificate)	4,484		233,521
			5,960,697
TOTAL MACHINERY			12,256,640

	Shares		Value
MARINE - 0.8%
Marine - 0.8%
Alexander & Baldwin, Inc.	2,420		$ 109,505
Camillo Eitzen & Co. ASA (d)	16,100		173,434
Odfjell ASA (A Shares)	17,950		301,115
Stolt-Nielsen SA (d)	11,000		284,932
			868,986
METALS & MINING - 2.8%
Steel - 2.8%
Allegheny Technologies, Inc.	8,400		534,492
Carpenter Technology Corp.	5,000		559,000
IPSCO, Inc.	2,300		215,767
Nucor Corp.	5,900		621,093
Oregon Steel Mills, Inc. (a)	12,300		577,239
United States Steel Corp.	8,800		584,144
			3,091,735
OIL, GAS & CONSUMABLE FUELS - 0.3%
Coal & Consumable Fuels - 0.3%
CONSOL Energy, Inc.	2,900		255,925
Massey Energy Co.	3,000		111,960
			367,885
Oil & Gas Storage & Transport - 0.0%
Overseas Shipholding Group, Inc.	100		5,135
TOTAL OIL, GAS & CONSUMABLE FUELS			373,020
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Specialized REITs - 0.2%
Potlatch Corp.	4,942		186,165
ROAD & RAIL - 5.3%
Railroads - 4.5%
Burlington Northern Santa Fe Corp.	18,400		1,424,344
Canadian National Railway Co.	35,500		1,571,510
Kansas City Southern (a)	200		5,306
Norfolk Southern Corp.	33,020		1,742,135
Union Pacific Corp.	2,700		250,560
			4,993,855
Trucking - 0.8%
Laidlaw International, Inc.	8,388		211,378
Landstar System, Inc.	11,336		500,938
Old Dominion Freight Lines, Inc. (a)	5,400		166,374
			878,690
TOTAL ROAD & RAIL			5,872,545
SPECIALTY RETAIL - 0.2%
Computer & Electronics Retail - 0.0%
Gamestop Corp. Class B (a)	1,000		38,650
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Home Improvement Retail - 0.2%
Sherwin-Williams Co.	3,800		$ 183,806
TOTAL SPECIALTY RETAIL			222,456
TRADING COMPANIES & DISTRIBUTORS - 0.3%
Trading Companies & Distributors - 0.3%
H&E Equipment Services, Inc.	200		5,950
Watsco, Inc.	3,200		179,232
WESCO International, Inc. (a)	2,200		144,628
			329,810
TRANSPORTATION INFRASTRUCTURE - 0.0%
Airport Services - 0.0%
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	200		6,660
TOTAL COMMON STOCKS (Cost $96,686,647)		108,435,057
Nonconvertible Preferred Stocks - 0.5%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series B	1,118,609		2,186
AUTOMOBILES - 0.5%
Automobile Manufacturers - 0.5%
Renault SA (participation certificate) TITRES (a)	464		558,432
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $576,685)		560,618
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	1,668,247		$ 1,668,247
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	1,416,586		1,416,586
TOTAL MONEY MARKET FUNDS (Cost $3,084,833)		3,084,833

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $100,348,165)

112,080,508

NET OTHER ASSETS - (1.5)%			(1,643,482)
NET ASSETS - 100%		$ 110,437,026

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 39,238
Fidelity Securities Lending Cash Central Fund	9,705
Total	$ 48,943

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $100,786,045. Net unrealized appreciation aggregated $11,294,463, of which $14,343,405 related to appreciated investment securities and $3,048,942 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2006

1.802155.102

BAN-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.1%
	Shares		Value
CAPITAL MARKETS - 11.0%
Asset Management & Custody Banks - 10.6%
Bank of New York Co., Inc.	405,716		$ 13,481,943
Investors Financial Services Corp.	29,000		1,268,460
Mellon Financial Corp.	320,700		11,602,926
Northern Trust Corp.	185,800		10,389,936
State Street Corp.	29,400		1,825,740
			38,569,005
Investment Banking & Brokerage - 0.4%
Macquarie Bank Ltd.	10,100		486,178
TD Ameritrade Holding Corp.	53,800		914,600
			1,400,778
TOTAL CAPITAL MARKETS			39,969,783
COMMERCIAL BANKS - 66.7%
Diversified Banks - 18.2%
ABN-AMRO Holding NV	12,235		338,665
Allied Irish Banks PLC sponsored ADR	12,200		584,624
Anglo Irish Bank Corp. PLC	33,600		523,241
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	43,200		896,400
Bank Hapoalim BM (Reg.)	186,900		871,897
Bank of Montreal	6,700		377,269
Finansbank AS	923,240		4,429,909
Kookmin Bank sponsored ADR	10,100		812,848
Royal Bank of Scotland Group PLC	16,900		544,850
Sumitomo Trust & Banking Co. Ltd.	86,000		828,140
U.S. Bancorp, Delaware	143,500		4,429,845
Wachovia Corp. (d)	464,992		24,877,072
Wells Fargo & Co.	405,000		26,879,850
			66,394,610
Regional Banks - 48.5%
AmSouth Bancorp.	115,900		3,106,120
Associated Banc-Corp.	118,020		3,901,741
BancorpSouth, Inc.	14,100		366,882
Bank of Hawaii Corp.	18,000		913,140
BB&T Corp.	214,442		8,914,354
BOK Financial Corp.	50,400		2,474,136
Cathay General Bancorp	48,700		1,747,843
Center Financial Corp., California	80,700		1,882,731
City National Corp.	84,500		6,145,685
Colonial Bancgroup, Inc.	41,000		1,093,060
Commerce Bancshares, Inc.	18,668		965,322
Community Bank of Nevada (a)	17,300		549,967
Compass Bancshares, Inc.	101,010		5,621,207
Cullen/Frost Bankers, Inc.	22,300		1,264,410
East West Bancorp, Inc.	50,100		2,001,495
Fifth Third Bancorp	163,100		6,197,800
First Bancorp, Puerto Rico	58,600		622,918
First Horizon National Corp.	23,300		931,068
Flag Financial Corp.	35,500		748,340

	Shares		Value
Greater Bay Bancorp	53,800		$ 1,603,778
KeyCorp	233,900		8,354,908
M&T Bank Corp.	81,000		9,323,100
Marshall & Ilsley Corp.	177,000		8,025,180
Nara Bancorp, Inc.	268,600		5,210,840
National City Corp.	146,089		5,387,762
North Fork Bancorp, Inc., New York	83,500		2,460,745
Pacific Capital Bancorp	32,900		1,131,102
PNC Financial Services Group, Inc.	258,800		17,833,908
Popular, Inc.	199,700		3,868,189
Preferred Bank, Los Angeles California	18,900		998,676
PrivateBancorp, Inc.	20,400		899,232
Regions Financial Corp.	167,100		5,656,335
SunTrust Banks, Inc.	142,048		10,754,454
SVB Financial Group (a)	32,500		1,567,150
Synovus Financial Corp.	238,200		6,267,042
TD Banknorth, Inc.	159,520		4,568,653
Texas Capital Bancshares, Inc. (a)	33,500		768,825
Texas Regional Bancshares, Inc. Class A	69,455		2,194,083
Tokyo Tomin Bank Ltd.	40,300		1,637,794
UCBH Holdings, Inc.	171,200		3,026,816
UnionBanCal Corp.	152,834		10,339,220
Valley Bancorp, Nevada (a)	9,700		379,852
Valley National Bancorp	14,595		357,723
Westamerica Bancorp.	25,800		1,252,332
Wilmington Trust Corp., Delaware	6,800		290,428
Wintrust Financial Corp.	52,800		2,710,224
Zions Bancorp	130,501		10,574,496
			176,891,066
TOTAL COMMERCIAL BANKS			243,285,676
CONSUMER FINANCE - 0.5%
Consumer Finance - 0.5%
Capital One Financial Corp.	21,300		1,763,001
DIVERSIFIED FINANCIAL SERVICES - 10.8%
Other Diversifed Financial Services - 10.8%
Bank of America Corp.	416,669		20,166,780
Citigroup, Inc.	73,700		3,633,410
FirstRand Ltd.	122,600		322,263
JPMorgan Chase & Co.	352,726		15,040,237
Kotak Mahindra Bank Ltd. sponsored GDR (a)(e)	18,732		118,928
			39,281,618
INSURANCE - 2.0%
Insurance Brokers - 0.2%
Willis Group Holdings Ltd.	25,800		896,550
Life & Health Insurance - 0.2%
Lincoln National Corp.	9,900		556,182
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Multi-Line Insurance - 0.7%
American International Group, Inc.	28,800		$ 1,751,040
Hartford Financial Services Group, Inc.	10,600		932,164
			2,683,204
Property & Casualty Insurance - 0.2%
The St. Paul Travelers Companies, Inc.	19,900		875,998
Reinsurance - 0.7%
Endurance Specialty Holdings Ltd.	27,200		830,960
Platinum Underwriters Holdings Ltd.	60,700		1,635,258
			2,466,218
TOTAL INSURANCE			7,478,152
REAL ESTATE INVESTMENT TRUSTS - 1.0%
Mortgage REITs - 1.0%
CapitalSource, Inc.	151,000		3,540,950
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
Real Estate Management & Development - 0.5%
New World Development Co. Ltd.	500,900		807,065
Wharf Holdings Ltd.	240,400		861,443
			1,668,508
THRIFTS & MORTGAGE FINANCE - 0.6%
Thrifts & Mortgage Finance - 0.6%
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	23,800		349,860
Clayton Holdings, Inc.	13,900		195,295
Hudson City Bancorp, Inc.	67,100		918,599
Washington Federal, Inc.	38,600		885,484
			2,349,238
TOTAL COMMON STOCKS (Cost $237,050,678)		339,336,926
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	21,954,576	$ 21,954,576
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	6,750,000		6,750,000
TOTAL MONEY MARKET FUNDS (Cost $28,704,576)		28,704,576

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $265,755,254)

368,041,502

NET OTHER ASSETS - (1.0)%		(3,526,901)
NET ASSETS - 100%		$ 364,514,601

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 period end, the value of these securities amounted to $118,928 or 0.0% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 197,493
Fidelity Securities Lending Cash Central Fund	6,379
Total	$ 203,872

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $265,930,547. Net unrealized appreciation aggregated $102,110,955, of which $105,398,659 related to appreciated investment securities and $3,287,704 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2006

1.802156.102

BIO-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
BIOTECHNOLOGY - 76.9%
Biotechnology - 76.9%
Acadia Pharmaceuticals, Inc. (a)(d)	589,500		$ 6,107,220
Alexion Pharmaceuticals, Inc. (a)	1,062,100		34,528,871
Alkermes, Inc. (a)	1,136,057		22,516,650
Alnylam Pharmaceuticals, Inc. (a)	279,100		4,127,889
Altus Pharmaceuticals, Inc.	95,800		1,799,124
Amgen, Inc. (a)	1,223,700		82,709,883
Amylin Pharmaceuticals, Inc. (a)(d)	1,358,398		61,739,189
Anadys Pharmaceuticals, Inc. (a)	307,200		3,154,944
Arena Pharmaceuticals, Inc. (a)(d)	302,900		4,131,556
Biogen Idec, Inc. (a)	2,421,542		112,916,503
BioMarin Pharmaceutical, Inc. (a)	1,358,100		17,641,719
Celgene Corp. (a)(d)	3,000,734		124,380,425
Cephalon, Inc. (a)(d)	1,058,140		63,192,121
Coley Pharmaceutical Group, Inc. (d)	185,700		2,466,096
Combinatorx, Inc. (d)	353,100		2,913,075
Cubist Pharmaceuticals, Inc. (a)	593,400		14,045,778
Digene Corp. (a)	225,400		8,425,452
Genentech, Inc. (a)(d)	1,248,300		103,558,968
Genomic Health, Inc.	224,400		2,549,184
Genzyme Corp. (a)	1,227,300		73,024,350
Gilead Sciences, Inc. (a)	1,606,000		92,071,980
Human Genome Sciences, Inc. (a)	1,785,600		19,570,176
ImClone Systems, Inc. (a)(d)	250,200		10,008,000
Isis Pharmaceuticals, Inc. (a)(d)	473,000		3,698,860
Ligand Pharmaceuticals, Inc. Class B (a)	714,700		7,825,965
MannKind Corp. (a)(d)	605,300		11,524,912
Martek Biosciences (a)(d)	352,900		8,946,015
Medarex, Inc. (a)	1,115,900		11,449,134
MedImmune, Inc. (a)	2,262,120		71,980,658
Momenta Pharmaceuticals, Inc. (a)(d)	322,092		4,586,590
Myogen, Inc. (a)(d)	862,808		26,876,469
Myriad Genetics, Inc. (a)	349,600		9,128,056
Neurochem, Inc. (a)(d)	122,200		1,596,784
Neurocrine Biosciences, Inc. (a)	189,500		3,735,045
Novacea, Inc.	120,500		792,890
OSI Pharmaceuticals, Inc. (a)(d)	1,145,000		32,769,900
PDL BioPharma, Inc. (a)	1,329,200		26,916,300
Pharmion Corp. (a)(d)	300,600		5,894,766
Regeneron Pharmaceuticals, Inc. (a)	445,800		5,768,652
Renovis, Inc. (a)(d)	418,000		6,813,400
SGX Pharmaceuticals, Inc.	241,025		1,455,791
Tanox, Inc. (a)(d)	731,800		10,457,422
Tercica, Inc. (a)(d)	422,200		2,157,442
Theravance, Inc. (a)	490,800		11,739,936
Threshold Pharmaceuticals, Inc. (a)(d)	361,622		1,482,650
United Therapeutics Corp. (a)	67,300		3,241,168
Vertex Pharmaceuticals, Inc. (a)	1,400,700		48,324,150
ViaCell, Inc. (a)	17,500		87,850

	Shares		Value
Vion Pharmaceuticals, Inc. (a)	825,487		$ 1,353,799
Zymogenetics, Inc. (a)	692,000		11,937,000
		1,200,120,757
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Mettler-Toledo International, Inc. (a)	40,500		2,623,995
HEALTH CARE EQUIPMENT & SUPPLIES - 1.3%
Health Care Equipment - 1.2%
IDEXX Laboratories, Inc. (a)	237,200		18,129,196
Health Care Supplies - 0.1%
Gen-Probe, Inc. (a)	44,700		2,413,800
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			20,542,996
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
Oracle Healthcare Acquisition Corp. unit	267,600		2,440,512
LIFE SCIENCES TOOLS & SERVICES - 10.6%
Life Science Tools & Services - 10.6%
Affymetrix, Inc. (a)(d)	505,100		13,895,301
Albany Molecular Research, Inc. (a)	373,500		3,850,785
Applera Corp.:
- Applied Biosystems Group	1,337,900		39,601,840
- Celera Genomics Group (a)	719,500		8,058,400
Bruker BioSciences Corp. (a)	82,900		479,991
Charles River Laboratories International, Inc. (a)	747,600		29,933,904
Exelixis, Inc. (a)	874,800		9,491,580
Illumina, Inc. (a)	58,600		1,601,538
Invitrogen Corp. (a)	453,454		28,903,158
Luminex Corp. (a)	109,900		1,791,370
Nektar Therapeutics (a)(d)	278,200		5,561,218
Techne Corp. (a)	398,200		21,773,576
			164,942,661
PHARMACEUTICALS - 10.5%
Pharmaceuticals - 10.5%
Adams Respiratory Therapeutics, Inc.	353,100		16,341,468
Adolor Corp. (a)	291,949		6,822,848
Barrier Therapeutics, Inc. (a)	239,300		1,416,656
Cardiome Pharma Corp. (a)	285,000		2,569,852
Connetics Corp. (a)	279,900		3,288,825
Cypress Bioscience, Inc. (a)	525,900		3,623,451
Elan Corp. PLC sponsored ADR (a)	985,100		18,529,731
Kos Pharmaceuticals, Inc. (a)	368,308		15,804,096
MGI Pharma, Inc. (a)	74,577		1,343,132
New River Pharmaceuticals, Inc. (a)(d)	746,400		22,018,800
Sepracor, Inc. (a)(d)	1,274,100		65,960,157
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Somaxon Pharmaceuticals, Inc.	56,600		$ 820,134
Xenoport, Inc.	209,900		4,651,384
		163,190,534
TOTAL COMMON STOCKS (Cost $1,303,543,623)		1,553,861,455
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.2%
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Xenon Pharmaceuticals, Inc. Series E (e)	981,626		3,416,058
Nonconvertible Preferred Stocks - 0.0%
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Science Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(e)	180,000		2
TOTAL PREFERRED STOCKS (Cost $7,698,817)		3,416,060
Money Market Funds - 17.7%

Fidelity Cash Central Fund, 5.03% (b)	6,405,609		6,405,609
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	269,292,784	269,292,784
TOTAL MONEY MARKET FUNDS (Cost $275,698,393)		275,698,393

TOTAL INVESTMENT PORTFOLIO - 117.5%

(Cost $1,586,940,833)

1,832,975,908

NET OTHER ASSETS - (17.5)%		(273,130,444)
NET ASSETS - 100%		$ 1,559,845,464

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 $3,416,060 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
GeneProt, Inc. Series A	7/7/00	$ 974,679
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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 64,711
Fidelity Securities Lending Cash Central Fund	433,853
Total	$ 498,564

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,607,151,973. Net unrealized appreciation aggregated $225,823,935, of which $361,159,137 related to appreciated investment securities and $135,335,202 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2006

1.802157.102

BRO-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CAPITAL MARKETS - 64.0%
Asset Management & Custody Banks - 24.5%
Affiliated Managers Group, Inc. (a)(d)	397,600		$ 35,863,520
American Capital Strategies Ltd. (d)	830,200		28,434,350
Cohen & Steers, Inc.	43,400		1,066,772
Eaton Vance Corp. (non-vtg.)	401,100		10,637,172
EFG International	141,390		4,009,541
Federated Investors, Inc. Class B (non-vtg.)	155,700		5,001,084
Franklin Resources, Inc.	456,800		41,089,160
Investors Financial Services Corp.	169,760		7,425,302
Janus Capital Group, Inc.	213,500		3,845,135
Julius Baer Holding AG (Bearer)	57,361		5,061,195
Legg Mason, Inc.	139,748		13,406,026
Nuveen Investments, Inc. Class A	270,600		12,152,646
State Street Corp.	590,700		36,682,470
T. Rowe Price Group, Inc.	425,500		33,657,050
Technology Investment Capital Corp.	214,451		3,015,181
U.S. Global Investments, Inc. Class A (a)(d)	16,804		381,148
			241,727,752
Diversified Capital Markets - 5.5%
UBS AG (NY Shares)	479,900		54,334,278
Investment Banking & Brokerage - 34.0%
A.G. Edwards, Inc.	80,800		4,330,880
Bear Stearns Companies, Inc.	69,300		9,268,875
Charles Schwab Corp.	518,000		8,629,880
Daiwa Securities Group, Inc.	440,000		5,451,520
E*TRADE Financial Corp. (a)	1,877,200		45,559,644
E*TRADE Securities Co. Ltd. (d)	5,087		7,592,513
GFI Group, Inc. (a)	255,800		13,905,288
Greenhill & Co., Inc.	62,900		3,736,260
IL&FS Investsmart Ltd.	724,728		2,576,967
Jefferies Group, Inc.	379,300		11,090,732
KKR Private Equity Investors, L.P. Restricted Depositary Units (e)	114,300		2,751,201
Knight Capital Group, Inc. Class A (a)	350,300		5,401,626
Lazard Ltd. Class A	220,700		8,757,376
MCF Corp. (a)	2,973,000		3,032,460
Merrill Lynch & Co., Inc.	653,850		47,345,279
Morgan Stanley	924,600		55,124,652
Nikko Cordial Corp.	326,000		4,792,378
Nomura Holdings, Inc. sponsored ADR	398,200		7,844,540
optionsXpress Holdings, Inc.	1,026,639		29,577,470
Stifel Financial Corp. (a)	84,600		3,140,352
TD Ameritrade Holding Corp.	2,264,349		38,493,933
TradeStation Group, Inc. (a)	1,174,313		16,334,694
			334,738,520
TOTAL CAPITAL MARKETS			630,800,550

	Shares		Value
COMMERCIAL BANKS - 2.0%
Diversified Banks - 2.0%
HDFC Bank Ltd.	143,906		$ 2,315,922
HDFC Bank Ltd. sponsored ADR	55,900		2,959,346
KBC Groupe SA	29,100		3,131,123
Kookmin Bank sponsored ADR	136,500		10,985,520
State Bank of India	23,867		510,003
			19,901,914
CONSUMER FINANCE - 4.6%
Consumer Finance - 4.6%
American Express Co.	826,800		44,944,848
DIVERSIFIED CONSUMER SERVICES - 0.8%
Education Services - 0.3%
INVESTools, Inc. (a)	353,700		3,087,801
Specialized Consumer Services - 0.5%
Jackson Hewitt Tax Service, Inc.	149,300		4,882,110
TOTAL DIVERSIFIED CONSUMER SERVICES			7,969,911
DIVERSIFIED FINANCIAL SERVICES - 9.6%
Other Diversifed Financial Services - 3.3%
JPMorgan Chase & Co.	766,200		32,670,768
Specialized Finance - 6.3%
Deutsche Boerse AG (d)	39,400		5,121,607
Hong Kong Exchanges & Clearing Ltd.	281,400		1,898,839
IntercontinentalExchange, Inc.	299,812		16,699,528
OMX AB	108,400		1,860,030
Osaka Securities Exchange Co. Ltd. (d)	344		3,092,959
Primus Guaranty Ltd. (a)	176,100		1,831,440
Singapore Exchange Ltd.	1,436,000		3,510,202
The NASDAQ Stock Market, Inc. (a)(d)	927,500		28,233,100
			62,247,705
TOTAL DIVERSIFIED FINANCIAL SERVICES			94,918,473
INSURANCE - 18.2%
Insurance Brokers - 2.2%
Marsh & McLennan Companies, Inc. (d)	552,600		15,489,378
National Financial Partners Corp.	132,800		5,956,080
			21,445,458
Life & Health Insurance - 2.8%
Phoenix Companies, Inc.	43,400		615,412
Prudential Financial, Inc.	357,900		27,254,085
			27,869,497
Multi-Line Insurance - 10.8%
American International Group, Inc.	1,480,800		90,032,639
Assurant, Inc.	207,200		10,127,936
Hartford Financial Services Group, Inc.	77,000		6,771,380
			106,931,955
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Property & Casualty Insurance - 1.1%
Aspen Insurance Holdings Ltd.	459,700		$ 9,961,699
Republic Companies Group, Inc.	28,200		425,820
			10,387,519
Reinsurance - 1.3%
Endurance Specialty Holdings Ltd.	330,500		10,096,775
PartnerRe Ltd.	52,000		3,193,840
			13,290,615
TOTAL INSURANCE		179,925,044
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Mortgage REITs - 0.3%
KKR Financial Corp.	130,100		2,803,655
THRIFTS & MORTGAGE FINANCE - 0.2%
Thrifts & Mortgage Finance - 0.2%
NetBank, Inc.	316,500		1,997,115
TOTAL COMMON STOCKS (Cost $813,763,201)		983,261,510
Money Market Funds - 7.6%

Fidelity Cash Central Fund, 5.03% (b)	3,738,018		3,738,018
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	70,915,126		70,915,126
TOTAL MONEY MARKET FUNDS (Cost $74,653,144)		74,653,144

TOTAL INVESTMENT PORTFOLIO - 107.3%

(Cost $888,416,345)

1,057,914,654

NET OTHER ASSETS - (7.3)%		(72,144,149)
NET ASSETS - 100%		$ 985,770,505

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
KKR Private Equity Investors, L.P. Restricted Depositary Units	5/3/06	$ 2,857,500

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 259,735
Fidelity Securities Lending Cash Central Fund	193,547
Total	$ 453,282

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $889,354,978. Net unrealized appreciation aggregated $168,559,676, of which $194,102,141 related to appreciated investment securities and $25,542,465 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Business Services and

Outsourcing Portfolio

May 31, 2006

1.802158.102

BSO-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CAPITAL MARKETS - 1.6%
Asset Management & Custody Banks - 1.0%
State Street Corp.	6,800		$ 422,280
Investment Banking & Brokerage - 0.6%
TD Ameritrade Holding Corp.	14,700		249,900
TOTAL CAPITAL MARKETS			672,180
COMMERCIAL SERVICES & SUPPLIES - 6.8%
Commercial Printing - 0.6%
Banta Corp.	5,800		286,868
Diversified Commercial & Professional Services - 2.5%
ChoicePoint, Inc. (a)	3,550		158,011
Dun & Bradstreet Corp. (a)	1,200		87,444
Equifax, Inc.	13,450		485,276
Exponent, Inc. (a)	5,700		171,000
Global Cash Access Holdings, Inc.	1,200		18,612
Navigant Consulting, Inc. (a)	7,800		157,638
			1,077,981
Human Resource & Employment Services - 3.7%
Capita Group PLC	13,700		116,762
CDI Corp.	900		26,505
Kforce, Inc. (a)	10,400		158,912
Robert Half International, Inc.	31,400		1,288,656
			1,590,835
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,955,684
COMPUTERS & PERIPHERALS - 3.1%
Computer Storage & Peripherals - 3.1%
Hypercom Corp. (a)	122,300		1,323,286
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Coinmach Service Corp. Class A	6,700		66,665
Weight Watchers International, Inc.	2,000		83,760
			150,425
DIVERSIFIED FINANCIAL SERVICES - 1.8%
Specialized Finance - 1.8%
Moody's Corp.	12,600		658,980
NETeller PLC (a)	8,300		97,474
			756,454
FOOD & STAPLES RETAILING - 1.9%
Food Distributors - 1.9%
Sysco Corp. (d)	26,900		822,602
HEALTH CARE PROVIDERS & SERVICES - 3.2%
Health Care Services - 3.0%
DaVita, Inc. (a)	11,300		598,448
Quest Diagnostics, Inc.	12,700		707,898
			1,306,346

	Shares		Value
Managed Health Care - 0.2%
Health Net, Inc. (a)	2,200		$ 94,644
TOTAL HEALTH CARE PROVIDERS & SERVICES			1,400,990
INTERNET SOFTWARE & SERVICES - 3.4%
Internet Software & Services - 3.4%
CyberSource Corp. (a)	58,000		552,160
Digital Insight Corp. (a)	22,600		731,110
Google, Inc. Class A (sub. vtg.) (a)	500		185,910
			1,469,180
IT SERVICES - 60.3%
Data Processing & Outsourced Services - 39.1%
Affiliated Computer Services, Inc. Class A (a)	12,400		619,008
Alliance Data Systems Corp. (a)	39,600		2,101,572
Automatic Data Processing, Inc.	23,100		1,050,357
Ceridian Corp. (a)	52,100		1,267,593
Convergys Corp. (a)	400		7,456
DST Systems, Inc. (a)(d)	4,600		270,480
eFunds Corp. (a)	4,600		103,868
Electronic Clearing House, Inc. (a)	8,100		105,381
Electronic Data Systems Corp.	22,400		549,248
First Data Corp.	96,100		4,431,170
Hewitt Associates, Inc. Class A (a)	6,600		175,758
Iron Mountain, Inc. (a)	10,700		395,258
Lightbridge, Inc. (a)	14,700		171,990
MoneyGram International, Inc.	81,300		2,843,874
Paychex, Inc.	67,087		2,462,764
Sabre Holdings Corp. Class A	7,800		166,920
Syntel, Inc.	8,500		195,500
Total System Services, Inc.	400		7,228
			16,925,425
IT Consulting & Other Services - 21.2%
Accenture Ltd. Class A	124,400		3,501,860
BearingPoint, Inc. (a)	18,000		144,540
CACI International, Inc. Class A (a)	3,200		194,944
Cognizant Technology Solutions Corp. Class A (a)	35,008		2,065,472
Forrester Research, Inc. (a)	6,600		169,026
Gartner, Inc. Class A (a)	1,500		23,475
HCL Infosystems Ltd.	13,609		45,672
HCL Technologies Ltd.	24,254		264,094
Infosys Technologies Ltd. sponsored ADR	600		42,360
Kanbay International, Inc. (a)	6,400		88,512
NCI, Inc. Class A	4,400		59,796
Ness Technologies, Inc. (a)	18,600		202,926
Sapient Corp. (a)	344,600		1,843,610
Satyam Computer Services Ltd. sponsored ADR	400		12,868
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
IT Consulting & Other Services - continued
SRA International, Inc. Class A (a)	8,200		$ 257,972
Unisys Corp. (a)	35,200		231,616
			9,148,743
TOTAL IT SERVICES			26,074,168
MEDIA - 3.8%
Advertising - 3.8%
Interpublic Group of Companies, Inc. (a)	791		7,538
Omnicom Group, Inc.	17,300		1,645,403
			1,652,941
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
Exar Corp. (a)	900		11,880
SOFTWARE - 11.9%
Application Software - 11.9%
Epicor Software Corp. (a)	3,400		36,686
EPIQ Systems, Inc. (a)	16,000		256,320
Fair, Isaac & Co., Inc.	30,500		1,084,885
Intuit, Inc. (a)	6,600		364,914
NAVTEQ Corp. (a)	7,700		321,475
Open Solutions, Inc. (a)	109,600		3,041,400
Reynolds & Reynolds Co. Class A	700		19,607
			5,125,287
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Apparel, Accessories & Luxury Goods - 0.1%
Quiksilver, Inc. (a)	4,900		61,054
TOTAL COMMON STOCKS (Cost $36,708,530)		42,476,131
Money Market Funds - 6.9%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	2,685,657		$ 2,685,657
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	283,075		283,075
TOTAL MONEY MARKET FUNDS (Cost $2,968,732)		2,968,732

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $39,677,262)

45,444,863

NET OTHER ASSETS - (5.2)%		(2,228,609)
NET ASSETS - 100%		$ 43,216,254

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 20,357
Fidelity Securities Lending Cash Central Fund	84
Total	$ 20,441

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $39,691,341. Net unrealized appreciation aggregated $5,753,522, of which $6,726,307 related to appreciated investment securities and $972,785 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2006

1.802159.102

CHE-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
AEROSPACE & DEFENSE - 0.3%
Aerospace & Defense - 0.3%
Hexcel Corp. (a)	13,400		$ 275,772
CHEMICALS - 84.3%
Commodity Chemicals - 14.2%
Celanese Corp. Class A	190,386		3,752,508
Georgia Gulf Corp.	166,816		5,376,480
Lyondell Chemical Co.	17,523		424,057
NL Industries, Inc. (d)	40,200		478,782
Pioneer Companies, Inc. (a)	39,900		1,108,023
Spartech Corp.	35,100		805,896
Westlake Chemical Corp.	84,800		2,647,456
			14,593,202
Diversified Chemicals - 18.1%
Ashland, Inc.	12,600		787,500
BASF AG sponsored ADR	200		16,280
Dow Chemical Co.	13,100		522,297
E.I. du Pont de Nemours & Co.	74,100		3,151,473
Eastman Chemical Co.	28,300		1,595,554
Engelhard Corp.	19,800		770,814
FMC Corp.	126,356		8,158,805
Hercules, Inc. (a)	25,800		399,126
PPG Industries, Inc.	49,300		3,171,962
			18,573,811
Fertilizers & Agricultural Chemicals - 12.9%
Agrium, Inc.	21,500		526,933
Israel Chemicals Ltd.	137,700		583,010
Monsanto Co.	75,000		6,312,000
Mosaic Co. (a)(d)	152,800		2,377,568
Potash Corp. of Saskatchewan, Inc.	9,188		838,293
Syngenta AG sponsored ADR	37,200		1,025,232
The Scotts Miracle-Gro Co. Class A	37,500		1,637,250
			13,300,286
Industrial Gases - 14.7%
Air Products & Chemicals, Inc.	95,900		6,219,115
Airgas, Inc.	102,000		3,905,580
L'Air Liquide SA	2,100		436,573
Praxair, Inc.	85,660		4,514,282
			15,075,550
Specialty Chemicals - 24.4%
Albemarle Corp.	64,400		3,091,200
Arch Chemicals, Inc.	52,850		1,836,538
Chemtura Corp.	548,773		5,394,439
Cytec Industries, Inc.	105,900		6,097,722
Ecolab, Inc.	19,800		766,458
Ferro Corp.	26,200		461,120
H.B. Fuller Co.	26,649		1,285,814
Minerals Technologies, Inc.	11,000		641,740
OM Group, Inc. (a)	17,200		544,896

	Shares		Value
PolyOne Corp. (a)	67,400		$ 636,930
Rohm & Haas Co.	80,100		4,037,841
Valspar Corp.	10,000		275,200
			25,069,898
TOTAL CHEMICALS			86,612,747
INDUSTRIAL CONGLOMERATES - 7.1%
Industrial Conglomerates - 7.1%
3M Co.	87,400		7,311,884
MARINE - 0.8%
Marine - 0.8%
Odfjell ASA (A Shares)	30,600		513,322
Stolt-Nielsen SA (d)	11,700		303,064
			816,386
METALS & MINING - 1.0%
Diversified Metals & Mining - 1.0%
Compass Minerals International, Inc.	41,300		1,052,324
TRADING COMPANIES & DISTRIBUTORS - 3.9%
Trading Companies & Distributors - 3.9%
UAP Holding Corp.	167,500		3,953,000
TOTAL COMMON STOCKS (Cost $77,584,486)		100,022,113
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 5.03% (b)	5,762,158		5,762,158
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	2,694,150		2,694,150
TOTAL MONEY MARKET FUNDS (Cost $8,456,308)		8,456,308

TOTAL INVESTMENT PORTFOLIO - 105.6%

(Cost $86,040,794)

108,478,421

NET OTHER ASSETS - (5.6)%			(5,760,843)
NET ASSETS - 100%		$ 102,717,578

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 9,694
Fidelity Securities Lending Cash Central Fund	2,193
Total	$ 11,887

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $86,417,799. Net unrealized appreciation aggregated $22,060,622, of which $24,610,255 related to appreciated investment securities and $2,549,633 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2006

1.802161.102

COM-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 6.2%
Communications Equipment - 6.2%
Cisco Systems, Inc. (a)	880,100		$ 17,320,368
Corning, Inc. (a)	279,000		6,765,750
ITF Optical Technologies, Inc. Series A (a)(f)	31,365		0
JDS Uniphase Corp. (a)	1,316,900		3,990,207
Sandvine Corp. (e)	208,900		425,812
			28,502,137
COMPUTERS & PERIPHERALS - 46.2%
Computer Hardware - 30.1%
Apple Computer, Inc. (a)	609,600		36,435,792
Dell, Inc. (a)	452,700		11,489,526
Diebold, Inc.	28,500		1,211,535
Gateway, Inc. (a)	442,800		761,616
Hewlett-Packard Co.	1,273,600		41,239,169
International Business Machines Corp.	302,300		24,153,770
NCR Corp. (a)	259,400		10,137,352
Sun Microsystems, Inc. (a)	2,817,700		13,130,482
			138,559,242
Computer Storage & Peripherals - 16.1%
EMC Corp. (a)	1,395,100		17,857,280
Lexmark International, Inc. Class A (a)	93,900		5,375,775
M-Systems Flash Disk Pioneers Ltd. (a)	282,600		9,452,970
Network Appliance, Inc. (a)	267,500		8,560,000
QLogic Corp. (a)	171,900		3,073,572
Rackable Systems, Inc.	343,100		13,006,921
SanDisk Corp. (a)	152,200		8,564,294
Seagate Technology	279,240		6,520,254
Xyratex Ltd. (a)	60,700		1,631,616
			74,042,682
TOTAL COMPUTERS & PERIPHERALS			212,601,924
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.3%
Electronic Equipment & Instruments - 0.8%
LG.Philips LCD Co. Ltd. (a)	106,860		3,952,849
Technology Distributors - 2.5%
Arrow Electronics, Inc. (a)	99,700		3,240,250
Avnet, Inc. (a)	100,000		2,208,000
CDW Corp.	32,800		1,834,504
Ingram Micro, Inc. Class A (a)	186,000		3,210,360
Insight Enterprises, Inc. (a)	50,000		907,000
			11,400,114
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			15,352,963

	Shares		Value
HOTELS, RESTAURANTS & LEISURE - 0.3%
Hotels, Resorts & Cruise Lines - 0.3%
Ctrip.com International Ltd. sponsored ADR	28,800		$ 1,385,280
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
LG Electronics, Inc.	23,290		1,683,988
OFFICE ELECTRONICS - 2.1%
Office Electronics - 2.1%
Xerox Corp. (a)	713,300		9,793,609
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 27.1%
Semiconductors - 27.1%
Advanced Micro Devices, Inc. (a)	389,900		12,044,011
Agere Systems, Inc. (a)	139,500		2,079,945
Altera Corp. (a)	433,900		8,487,084
Analog Devices, Inc.	220,170		7,426,334
Cypress Semiconductor Corp. (a)	125,000		1,897,500
Freescale Semiconductor, Inc. Class A (a)	86,600		2,669,878
Intel Corp.	619,300		11,159,786
Linear Technology Corp.	240,300		8,110,125
LSI Logic Corp. (a)	372,000		3,619,560
Marvell Technology Group Ltd. (a)	191,500		9,128,805
Maxim Integrated Products, Inc.	157,600		4,843,048
MediaTek, Inc.	93,000		1,038,186
Microchip Technology, Inc.	146,000		5,007,800
Micron Technology, Inc. (a)	245,500		4,065,480
National Semiconductor Corp.	302,900		7,778,472
O2Micro International Ltd. sponsored ADR (a)	226,700		1,967,756
RF Micro Devices, Inc. (a)	111,400		807,650
Samsung Electronics Co. Ltd.	6,723		4,311,564
Silicon On Insulator Technologies SA (SOITEC) (a)	50,000		1,464,983
Spansion, Inc.	344,600		6,213,138
Texas Instruments, Inc.	371,000		11,586,330
Vimicro International Corp. sponsored ADR	93,000		1,520,252
Volterra Semiconductor Corp. (a)	69,800		1,065,148
Xilinx, Inc.	250,200		6,505,200
			124,798,035
SOFTWARE - 0.9%
Application Software - 0.9%
NAVTEQ Corp. (a)	93,000		3,882,750
SPECIALTY RETAIL - 6.7%
Computer & Electronics Retail - 3.9%
Best Buy Co., Inc. (d)	332,300		17,611,900
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - 2.8%
Staples, Inc.	550,800	$ 12,938,292
TOTAL SPECIALTY RETAIL			30,550,192
TOTAL COMMON STOCKS (Cost $457,931,663)		428,550,878
Money Market Funds - 7.1%

Fidelity Cash Central Fund, 5.03% (b)	32,617,093		32,617,093
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	52,000		52,000
TOTAL MONEY MARKET FUNDS (Cost $32,669,093)		32,669,093

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $490,600,756)

461,219,971

NET OTHER ASSETS - (0.3)%		(1,337,013)
NET ASSETS - 100%		$ 459,882,958

Legend

(a) Non-income producing

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

(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 $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
ITF Optical Technologies, Inc. Series A	10/11/00	$ 1,575,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 192,361
Fidelity Securities Lending Cash Central Fund	3,403
Total	$ 195,764

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $496,277,269. Net unrealized depreciation aggregated $35,057,298, of which $15,065,245 related to appreciated investment securities and $50,122,543 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Industries Portfolio

May 31, 2006

1.802163.102

CPR-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
AUTOMOBILES - 0.3%
Motorcycle Manufacturers - 0.3%
Harley-Davidson, Inc.	3,000		$ 149,550
BEVERAGES - 8.4%
Brewers - 0.9%
InBev SA	4,200		201,975
SABMiller PLC	13,800		257,551
			459,526
Distillers & Vintners - 0.6%
Diageo PLC sponsored ADR	4,100		271,379
Soft Drinks - 6.9%
Coca-Cola Enterprises, Inc.	18,900		371,574
PepsiCo, Inc.	34,500		2,085,870
The Coca-Cola Co.	24,000		1,056,720
			3,514,164
TOTAL BEVERAGES			4,245,069
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Human Resource & Employment Services - 1.3%
Monster Worldwide, Inc. (a)	6,900		337,203
Robert Half International, Inc.	7,400		303,696
			640,899
COMPUTERS & PERIPHERALS - 0.5%
Computer Hardware - 0.5%
Apple Computer, Inc. (a)	4,200		251,034
DISTRIBUTORS - 0.8%
Distributors - 0.8%
Keystone Automotive Industries, Inc. (a)	3,300		133,056
Li & Fung Ltd.	134,200		276,771
			409,827
DIVERSIFIED CONSUMER SERVICES - 1.3%
Education Services - 0.9%
Apollo Group, Inc. Class A (a)	8,300		434,173
Specialized Consumer Services - 0.4%
Weight Watchers International, Inc.	4,900		205,212
TOTAL DIVERSIFIED CONSUMER SERVICES			639,385
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
Evergreen Solar, Inc. (a)	21,400		238,610
SolarWorld AG	700		194,690
			433,300

	Shares		Value
FOOD & STAPLES RETAILING - 8.2%
Drug Retail - 2.9%
CVS Corp.	21,000		$ 585,900
Walgreen Co.	21,600		876,960
			1,462,860
Food Retail - 0.6%
Whole Foods Market, Inc.	5,000		325,000
Hypermarkets & Super Centers - 4.7%
Costco Wholesale Corp.	12,300		651,039
Wal-Mart Stores, Inc.	35,500		1,719,975
			2,371,014
TOTAL FOOD & STAPLES RETAILING			4,158,874
FOOD PRODUCTS - 4.4%
Agricultural Products - 0.4%
Archer-Daniels-Midland Co.	5,100		212,007
Packaged Foods & Meats - 4.0%
Diamond Foods, Inc.	6,900		99,222
Flowers Foods, Inc.	3,600		104,652
Green Mountain Coffee Roasters, Inc. (a)	2,600		102,648
Lindt & Spruengli AG (participation certificate)	312		598,725
Nestle SA sponsored ADR	14,900		1,115,265
			2,020,512
TOTAL FOOD PRODUCTS			2,232,519
HOTELS, RESTAURANTS & LEISURE - 12.8%
Casinos & Gaming - 2.6%
Aristocrat Leisure Ltd. (d)	24,600		248,342
Boyd Gaming Corp.	2,700		121,500
International Game Technology (d)	7,800		290,394
MGM MIRAGE (a)	10,600		439,476
Station Casinos, Inc.	1,600		116,800
WMS Industries, Inc. (a)	4,000		103,760
			1,320,272
Hotels, Resorts & Cruise Lines - 5.7%
Carnival Corp. unit	16,200		646,542
Ctrip.com International Ltd. sponsored ADR	8,000		384,800
eLong, Inc. sponsored ADR (a)	26,900		400,541
Kerzner International Ltd. (a)	5,600		444,024
Royal Caribbean Cruises Ltd.	10,900		415,072
Starwood Hotels & Resorts Worldwide, Inc.	9,500		580,450
			2,871,429
Leisure Facilities - 0.1%
International Speedway Corp. Class A	1,400		67,956
Restaurants - 4.4%
Buffalo Wild Wings, Inc. (a)	22,554		885,470
CBRL Group, Inc.	917		34,323
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - CONTINUED
Restaurants - continued
Domino's Pizza, Inc.	7,250		$ 171,680
OSI Restaurant Partners, Inc.	13,800		506,184
Starbucks Corp. (a)	17,600		627,440
			2,225,097
TOTAL HOTELS, RESTAURANTS & LEISURE			6,484,754
HOUSEHOLD DURABLES - 0.4%
Homebuilding - 0.4%
D.R. Horton, Inc.	3,900		102,804
Ryland Group, Inc.	1,900		93,499
			196,303
Housewares & Specialties - 0.0%
Sealy Corp., Inc.	500		6,565
TOTAL HOUSEHOLD DURABLES			202,868
HOUSEHOLD PRODUCTS - 4.2%
Household Products - 4.2%
Colgate-Palmolive Co.	9,900		597,366
Procter & Gamble Co. (d)	28,400		1,540,700
			2,138,066
INTERNET & CATALOG RETAIL - 1.4%
Catalog Retail - 0.8%
Coldwater Creek, Inc. (a)	14,700		377,790
Internet Retail - 0.6%
Priceline.com, Inc. (a)	10,200		317,220
TOTAL INTERNET & CATALOG RETAIL			695,010
INTERNET SOFTWARE & SERVICES - 12.0%
Internet Software & Services - 12.0%
Bankrate, Inc. (a)	2,200		100,210
Digitas, Inc. (a)	10,900		141,809
eBay, Inc. (a)	46,600		1,528,946
Google, Inc. Class A (sub. vtg.) (a)	7,554		2,808,727
Homestore, Inc. (a)	32,162		191,686
Sina Corp. (a)	5,300		130,062
Sohu.com, Inc. (a)	5,600		139,608
Yahoo!, Inc. (a)	32,396		1,023,390
			6,064,438
LEISURE EQUIPMENT & PRODUCTS - 2.9%
Leisure Products - 2.9%
Brunswick Corp.	6,600		237,138
K2, Inc. (a)	8,500		93,755
MarineMax, Inc. (a)	17,800		512,106

	Shares		Value
Pool Corp.	12,400		$ 535,556
RC2 Corp. (a)	2,400		85,320
			1,463,875
MEDIA - 10.8%
Advertising - 2.0%
Harte-Hanks, Inc.	6,000		164,040
Interpublic Group of Companies, Inc. (a)	24,956		237,831
Omnicom Group, Inc.	6,500		618,215
			1,020,086
Movies & Entertainment - 6.2%
Carmike Cinemas, Inc.	5,200		109,876
News Corp. Class A	53,800		1,025,966
The Walt Disney Co.	45,000		1,372,500
Viacom, Inc. Class B (non-vtg.) (a)	17,000		641,750
			3,150,092
Publishing - 2.6%
Dow Jones & Co., Inc.	3,300		114,114
Gannett Co., Inc.	6,500		351,065
McGraw-Hill Companies, Inc.	11,200		577,920
Media General, Inc. Class A	2,900		109,127
Reuters Group PLC sponsored ADR	3,300		140,052
			1,292,278
TOTAL MEDIA			5,462,456
MULTILINE RETAIL - 8.8%
Department Stores - 5.3%
Federated Department Stores, Inc.	13,700		997,771
JCPenney Co., Inc.	8,700		528,612
KarstadtQuelle AG (a)	15,200		422,951
Kohl's Corp. (a)	2,000		107,380
Nordstrom, Inc.	7,800		287,274
Saks, Inc.	8,400		134,820
Sears Holdings Corp. (a)	1,400		212,618
			2,691,426
General Merchandise Stores - 3.5%
Family Dollar Stores, Inc.	8,600		214,828
Target Corp.	31,500		1,540,980
			1,755,808
TOTAL MULTILINE RETAIL			4,447,234
PERSONAL PRODUCTS - 1.8%
Personal Products - 1.8%
Avon Products, Inc.	20,100		637,170
Herbalife Ltd. (a)	7,700		302,225
			939,395
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Specialized REITs - 0.2%
Host Hotels & Resorts, Inc.	5,815		116,707
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Semiconductor Equipment - 0.2%
MEMC Electronic Materials, Inc. (a)	3,400		$ 119,068
SOFTWARE - 0.6%
Home Entertainment Software - 0.6%
Activision, Inc. (a)	11,433		149,429
Electronic Arts, Inc. (a)	3,400		143,038
			292,467
SPECIALTY RETAIL - 12.5%
Apparel Retail - 4.3%
Aeropostale, Inc. (a)	7,000		173,180
American Eagle Outfitters, Inc.	6,500		212,225
Casual Male Retail Group, Inc. (a)	15,200		148,200
Charlotte Russe Holding, Inc. (a)	5,700		121,011
Chico's FAS, Inc. (a)	10,100		302,697
Esprit Holdings Ltd.	32,100		259,430
Foot Locker, Inc.	10,800		261,036
Gymboree Corp. (a)	7,900		279,581
Hot Topic, Inc. (a)	5,150		71,276
TJX Companies, Inc.	5,000		118,550
Urban Outfitters, Inc. (a)	12,300		228,411
			2,175,597
Automotive Retail - 0.4%
AutoZone, Inc. (a)	2,500		226,825
Computer & Electronics Retail - 2.2%
Best Buy Co., Inc.	16,850		893,050
Gamestop Corp. Class B (a)	6,300		243,495
			1,136,545
Home Improvement Retail - 2.0%
Lowe's Companies, Inc. (d)	16,200		1,008,936
Specialty Stores - 3.6%
Guitar Center, Inc. (a)	5,500		264,825
Office Depot, Inc. (a)	14,500		602,765
OfficeMax, Inc.	3,400		140,522
PETsMART, Inc.	3,900		104,052
Staples, Inc.	24,650		579,029
Tractor Supply Co. (a)	2,300		127,903
			1,819,096
TOTAL SPECIALTY RETAIL			6,366,999
TEXTILES, APPAREL & LUXURY GOODS - 5.1%
Apparel, Accessories & Luxury Goods - 3.8%
Carter's, Inc. (a)	10,000		584,400

	Shares		Value
Coach, Inc. (a)	9,300		$ 270,444
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	2,800		68,796
Liz Claiborne, Inc.	9,200		355,764
Polo Ralph Lauren Corp. Class A	7,100		401,150
Ports Design Ltd.	109,000		151,739
Quiksilver, Inc. (a)	8,500		105,910
			1,938,203
Footwear - 1.3%
Deckers Outdoor Corp. (a)	4,300		152,478
NIKE, Inc. Class B	6,300		505,953
			658,431
TOTAL TEXTILES, APPAREL & LUXURY GOODS			2,596,634
TOTAL COMMON STOCKS (Cost $44,761,002)		50,550,428
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 5.03% (b)	1,423,215		1,423,215
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	2,759,960		2,759,960
TOTAL MONEY MARKET FUNDS (Cost $4,183,175)		4,183,175

TOTAL INVESTMENT PORTFOLIO - 107.9%

(Cost $48,944,177)

54,733,603

NET OTHER ASSETS - (7.9)%		(4,011,880)
NET ASSETS - 100%		$ 50,721,723

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 10,512
Fidelity Securities Lending Cash Central Fund	7,386
Total	$ 17,898

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $49,024,925. Net unrealized appreciation aggregated $5,708,678, of which $7,660,794 related to appreciated investment securities and $1,952,116 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2006

1.802165.102

DEF-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
AEROSPACE & DEFENSE - 72.4%
Aerospace & Defense - 72.4%
AAR Corp. (a)	524,200		$ 12,622,736
Alliant Techsystems, Inc. (a)	510,255		39,830,505
BE Aerospace, Inc. (a)	1,049,750		23,272,958
Bombardier, Inc. Class B (sub. vtg.) (a)	1,186,500		3,393,848
DRS Technologies, Inc.	748,000		39,838,480
DynCorp International, Inc. Class A	357,100		4,178,070
EADS NV	248,000		8,836,552
EDO Corp. (d)	270,300		7,073,751
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	87,700		2,933,565
Essex Corp. (a)	489,800		8,909,462
GenCorp, Inc. (non-vtg.) (a)(d)	665,300		12,068,542
General Dynamics Corp.	1,095,200		69,698,527
Goodrich Corp.	888,350		37,870,361
Hexcel Corp. (a)	603,500		12,420,030
Honeywell International, Inc.	765,100		31,506,818
K&F Industries Holdings, Inc.	266,000		5,067,300
L-3 Communications Holdings, Inc.	734,400		53,581,824
Lockheed Martin Corp.	460,100		33,352,649
Meggitt PLC	560		3,105
MTC Technologies, Inc. (a)	187,700		5,203,044
MTU Aero Engines Holding AG	9,200		295,381
Northrop Grumman Corp.	380,748		24,626,781
Orbital Sciences Corp. (a)	1,297,392		19,447,906
Precision Castparts Corp.	1,091,000		62,874,330
Raytheon Co.	1,490,552		68,341,809
Rockwell Collins, Inc.	1,117,400		61,010,040
Rolls-Royce Group PLC	348,900		2,694,662
The Boeing Co.	116,200		9,673,650
Triumph Group, Inc. (a)	199,800		9,436,554
United Technologies Corp.	498,200		31,147,464
			701,210,704
COMMUNICATIONS EQUIPMENT - 7.1%
Communications Equipment - 7.1%
Anaren, Inc. (a)	109,700		2,156,702
Harris Corp.	1,452,200		59,133,584
Powerwave Technologies, Inc. (a)	80,932		792,324
REMEC, Inc.	235,064		265,622
ViaSat, Inc. (a)	233,400		5,951,700
			68,299,932

	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.9%
Electronic Equipment & Instruments - 0.8%
Aeroflex, Inc. (a)	628,300		$ 7,357,393
CPI International, Inc.	4,700		79,900
			7,437,293
Electronic Manufacturing Services - 2.1%
Mercury Computer Systems, Inc. (a)	85,700		1,407,194
Trimble Navigation Ltd. (a)	417,950		19,200,623
			20,607,817
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			28,045,110
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Harman International Industries, Inc.	45,500		3,855,215
INDUSTRIAL CONGLOMERATES - 1.7%
Industrial Conglomerates - 1.7%
General Electric Co.	477,100		16,345,446
IT SERVICES - 3.7%
IT Consulting & Other Services - 3.7%
CACI International, Inc. Class A (a)	196,200		11,952,504
NCI, Inc. Class A	179,256		2,436,089
SI International, Inc. (a)	6,300		199,647
SRA International, Inc. Class A (a)	671,000		21,109,660
			35,697,900
MEDIA - 4.6%
Broadcasting & Cable TV - 4.6%
EchoStar Communications Corp. Class A (a)	1,320,100		39,510,593
The DIRECTV Group, Inc. (a)	297,811		5,229,561
			44,740,154
METALS & MINING - 3.1%
Diversified Metals & Mining - 1.5%
Sumitomo Titanium Corp. (d)	29,400		5,080,617
Toho Titanium Co. Ltd. (d)	148,200		9,300,779
			14,381,396
Steel - 1.6%
Allegheny Technologies, Inc.	243,200		15,474,816
TOTAL METALS & MINING			29,856,212
SOFTWARE - 0.0%
Application Software - 0.0%
NAVTEQ Corp. (a)	5,800		242,150
TOTAL COMMON STOCKS (Cost $733,183,420)		928,292,823
Money Market Funds - 3.8%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	13,286,383		$ 13,286,383
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	23,262,850		23,262,850
TOTAL MONEY MARKET FUNDS (Cost $36,549,233)		36,549,233

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $769,732,653)

964,842,056

NET OTHER ASSETS - 0.3%			2,931,528
NET ASSETS - 100%		$ 967,773,584

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 426,787
Fidelity Securities Lending Cash Central Fund	38,473
Total	$ 465,260

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $770,134,553. Net unrealized appreciation aggregated $194,707,503, of which $218,341,043 related to appreciated investment securities and $23,633,540 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Developing

Communications Portfolio

May 31, 2006

1.802166.102

DEV-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Commercial & Professional Services - 0.5%
Tele Atlas NV (a)(d)	85,000		$ 2,005,668
COMMUNICATIONS EQUIPMENT - 68.3%
Communications Equipment - 68.3%
3Com Corp. (a)	410,900		1,853,159
ADC Telecommunications, Inc. (a)	261,700		4,689,664
ADVA AG Optical Networking (a)	243,368		2,691,911
Alvarion Ltd. (a)	124,600		904,596
Andrew Corp. (a)	273,400		2,766,808
Arris Group, Inc. (a)	132,100		1,587,842
AudioCodes Ltd. (a)	505,190		6,097,643
Bookham, Inc. (a)(d)	753,028		2,899,158
C-COR, Inc. (a)	33,600		230,496
Ceragon Networks Ltd. (a)	406,000		1,867,600
CIENA Corp. (a)	2,844,144		11,916,963
CommScope, Inc. (a)	9,400		274,762
Comtech Group, Inc. (a)	99,500		1,564,140
Comverse Technology, Inc. (a)	1,014,110		22,837,757
Corning, Inc. (a)	1,267,700		30,741,725
CSR PLC (a)	104,500		2,829,685
ECI Telecom Ltd. (a)	141,300		1,359,306
F5 Networks, Inc. (a)	164,700		7,991,244
Foundry Networks, Inc. (a)	360,500		4,636,030
Foxconn International Holdings Ltd. (a)	80,000		214,487
InterDigital Communication Corp. (a)	73,600		2,086,560
Ixia (a)	195,700		2,017,667
JDS Uniphase Corp. (a)	1,507,200		4,566,816
Juniper Networks, Inc. (a)	705,659		11,241,148
Lucent Technologies, Inc. (a)	5,492,600		14,006,130
Motorola, Inc.	1,441,600		30,403,344
MRV Communications, Inc. (a)(d)	735,283		2,198,496
NETGEAR, Inc. (a)	103,100		2,413,571
Nokia Corp. sponsored ADR	1,090,700		23,417,329
Nortel Networks Corp. (a)	11,037,800		26,252,073
Orckit Communications Ltd. (a)(d)	143,300		1,809,879
Powerwave Technologies, Inc. (a)	449,000		4,395,710
QUALCOMM, Inc.	631,200		28,536,552
Research In Motion Ltd. (a)	199,000		12,904,317
Riverstone Networks, Inc. (a)	1,129,500		1,016,550
Sandvine Corp. (e)	712,100		1,451,512
Sonus Networks, Inc. (a)(d)	929,396		4,330,985
Stratex Networks, Inc. (a)	194,400		812,592
Symmetricom, Inc. (a)	459,300		3,329,925
Tekelec (a)	371,100		5,354,973
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	1,848		59,191
Tellabs, Inc. (a)	503,000		7,192,900
Telson Electronics Co. Ltd. (a)	850,529		0
Terayon Communication Systems, Inc. (a)	187,000		316,030

	Shares		Value
TomTom Group BV	10,800		$ 478,669
Tut Systems, Inc. (a)	109,700		295,093
			300,842,988
COMPUTERS & PERIPHERALS - 3.0%
Computer Hardware - 1.4%
Compal Electronics, Inc.	240,559		244,333
Concurrent Computer Corp. (a)	2,230,978		6,045,950
NEC Corp. sponsored ADR	700		4,228
			6,294,511
Computer Storage & Peripherals - 1.6%
M-Systems Flash Disk Pioneers Ltd. (a)	29,900		1,000,155
Novatel Wireless, Inc. (a)(d)	131,000		1,459,340
Synaptics, Inc. (a)	157,500		3,729,600
Xyratex Ltd. (a)	32,300		868,224
			7,057,319
TOTAL COMPUTERS & PERIPHERALS			13,351,830
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6%
Alternative Carriers - 0.3%
Level 3 Communications, Inc. (a)	232,400		1,155,028
Integrated Telecommunication Services - 0.3%
Embarq Corp. (a)	1,035		43,128
Philippine Long Distance Telephone Co. sponsored ADR	33,400		1,257,844
			1,300,972
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			2,456,000
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Energy Conversion Devices, Inc. (a)	14,600		580,350
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.7%
Electronic Equipment & Instruments - 0.4%
Chi Mei Optoelectronics Corp.	396,582		465,435
HannStar Display Corp.	2,368,000		434,834
Photon Dynamics, Inc. (a)	43,484		693,570
			1,593,839
Electronic Manufacturing Services - 0.3%
Molex, Inc.	25,700		912,350
Trimble Navigation Ltd. (a)	13,500		620,190
			1,532,540
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,126,379
HOUSEHOLD DURABLES - 0.7%
Consumer Electronics - 0.7%
Directed Electronics, Inc.	85,300		1,177,140
Dolby Laboratories, Inc. Class A (a)	79,700		1,759,776
Garmin Ltd.	3,800		354,502
			3,291,418
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - 9.3%
Internet Software & Services - 9.3%
aQuantive, Inc. (a)	41,200		$ 1,021,348
Google, Inc. Class A (sub. vtg.) (a)	85,407		31,756,031
Openwave Systems, Inc. (a)	509,319		7,201,771
Traffic.com, Inc.	156,200		768,504
			40,747,654
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.6%
Semiconductor Equipment - 1.2%
EMCORE Corp. (a)(d)	229,300		2,185,229
MEMC Electronic Materials, Inc. (a)	93,700		3,281,374
			5,466,603
Semiconductors - 9.4%
Actel Corp. (a)	19,449		269,952
Advanced Analogic Technologies, Inc.	229,600		2,647,288
AMIS Holdings, Inc. (a)	248,100		2,433,861
ANADIGICS, Inc. (a)	145,100		1,239,154
Applied Micro Circuits Corp. (a)	443,268		1,303,208
ARM Holdings PLC sponsored ADR	232,100		1,531,860
ATI Technologies, Inc. (a)	141,200		2,329,625
Broadcom Corp. Class A (a)	24,100		814,821
Conexant Systems, Inc. (a)	1,434,200		4,202,206
Exar Corp. (a)	6,701		88,453
Freescale Semiconductor, Inc. Class A (a)	166,500		5,133,195
Ikanos Communications, Inc.	1,700		27,013
Marvell Technology Group Ltd. (a)	22,600		1,077,342
Microtune, Inc. (a)	276,300		1,768,320
Mindspeed Technologies, Inc. (a)(d)	794,563		2,280,396
MIPS Technologies, Inc. (a)	48,602		280,434
Netlogic Microsystems, Inc. (a)	72,700		2,374,382
O2Micro International Ltd. sponsored ADR (a)	366,400		3,180,352
Pericom Semiconductor Corp. (a)	48,700		423,690
Pixelplus Co. Ltd. sponsored ADR	123,700		384,707
PMC-Sierra, Inc. (a)	1,200		11,568
PowerDsine Ltd. (a)	142,300		1,097,133
Sigma Designs, Inc. (a)	8,312		115,537
Silicon On Insulator Technologies SA (SOITEC) (a)	79,300		2,323,463
SiRF Technology Holdings, Inc. (a)	7,600		222,756
Transmeta Corp. (a)	236,700		345,582
Trident Microsystems, Inc. (a)	34,000		750,720
Vimicro International Corp. sponsored ADR	154,000		2,517,407
			41,174,425
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			46,641,028
SOFTWARE - 2.6%
Application Software - 2.0%
Catapult Communications Corp. (a)	42,242		519,577

	Shares		Value
NAVTEQ Corp. (a)	51,200		$ 2,137,600
Ulticom, Inc. (a)	695,878		6,318,572
			8,975,749
Home Entertainment Software - 0.3%
Ubisoft Entertainment SA (a)	23,600		1,210,530
Systems Software - 0.3%
Wind River Systems, Inc. (a)	145,900		1,378,755
TOTAL SOFTWARE			11,565,034
WIRELESS TELECOMMUNICATION SERVICES - 3.5%
Wireless Telecommunication Services - 3.5%
American Tower Corp. Class A (a)	160,900		4,983,073
Crown Castle International Corp. (a)	160,700		5,105,439
MTN Group Ltd.	154,700		1,278,930
NII Holdings, Inc. (a)	9,900		539,154
Sprint Nextel Corp.	20,700		439,047
Syniverse Holdings, Inc. (a)	93,600		1,525,680
Vimpel Communications sponsored ADR (a)	29,200		1,222,312
WiderThan Co. Ltd. ADR	25,600		324,608
			15,418,243
TOTAL COMMON STOCKS (Cost $479,214,285)		440,026,592

Convertible Bonds - 0.1%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
CIENA Corp. 0.25% 5/1/13 (Cost $700,000)	$ 700,000	639,940

Money Market Funds - 2.9%
	Shares
Fidelity Cash Central Fund, 5.03% (b)	933,789		933,789
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	11,622,625		11,622,625
TOTAL MONEY MARKET FUNDS (Cost $12,556,414)		12,556,414

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $492,470,699)

453,222,946

NET OTHER ASSETS - (2.9)%		(12,760,244)
NET ASSETS - 100%		$ 440,462,702

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 29,860
Fidelity Securities Lending Cash Central Fund	75,935
Total	$ 105,795

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $498,711,616. Net unrealized depreciation aggregated $45,488,670, of which $24,238,542 related to appreciated investment securities and $69,727,212 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, 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 dealer supplied prices. Investments in open-end mutual 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

May 31, 2006

1.802167.102

ELE-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Asahi Glass Co. Ltd.	600,000		$ 8,021,913
CHEMICALS - 1.4%
Specialty Chemicals - 1.4%
Nitto Denko Corp.	170,000		13,145,075
Tokuyama Corp. (d)	1,400,000		21,235,321
			34,380,396
COMMUNICATIONS EQUIPMENT - 6.1%
Communications Equipment - 6.1%
CSR PLC (a)	1,500,000		40,617,486
Motorola, Inc.	5,000,000		105,450,000
			146,067,486
COMPUTERS & PERIPHERALS - 1.6%
Computer Hardware - 0.2%
High Tech Computer Corp.	50,000		1,473,988
Quanta Computer, Inc.	1,500,000		2,234,206
			3,708,194
Computer Storage & Peripherals - 1.4%
Ichia Technologies, Inc.	4,000,000		5,487,198
Lite-On Technology Corp.	1,000,000		1,551,403
M-Systems Flash Disk Pioneers Ltd. (a)	250,000		8,362,500
Phison Electronics Corp.	700,000		3,901,733
Seagate Technology	175,000		4,086,250
Synaptics, Inc. (a)	250,000		5,920,000
TPV Technology Ltd.	4,000,000		3,918,510
			33,227,594
TOTAL COMPUTERS & PERIPHERALS			36,935,788
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Services - 0.1%
104 Corp.	250,000		1,919,900
ELECTRICAL EQUIPMENT - 1.8%
Electrical Components & Equipment - 1.8%
Evergreen Solar, Inc. (a)(d)	2,500,000		27,875,000
Q-Cells AG	100,000		7,754,285
Suntech Power Holdings Co. Ltd. sponsored ADR	300,025		8,454,705
			44,083,990
ELECTRONIC EQUIPMENT & INSTRUMENTS - 12.3%
Electronic Equipment & Instruments - 3.1%
Amphenol Corp. Class A	450,000		24,997,500
AU Optronics Corp. sponsored ADR (d)	1,000,000		14,520,000
Cogent, Inc. (a)(d)	200,000		3,104,000
Kyocera Corp. sponsored ADR	50,000		4,175,000
Motech Industries, Inc.	900,000		23,187,439
Vishay Intertechnology, Inc. (a)	300,000		4,875,000
			74,858,939

	Shares		Value
Electronic Manufacturing Services - 4.7%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	17,500,000	$ 111,632,903
Technology Distributors - 4.5%
Arrow Electronics, Inc. (a)	2,100,000		68,250,000
Avnet, Inc. (a)	1,200,014		26,496,309
Wolfson Microelectronics PLC (a)	1,500,000		12,622,838
			107,369,147
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			293,860,989
HOUSEHOLD DURABLES - 1.1%
Consumer Electronics - 1.1%
Koninklijke Philips Electronics NV (NY Shares)	250,000		7,902,500
LG Electronics, Inc.	100,000		7,230,519
Sharp Corp.	600,000		10,034,134
			25,167,153
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 74.1%
Semiconductor Equipment - 15.5%
Applied Materials, Inc.	7,500,000		126,825,000
ATMI, Inc. (a)	150,000		3,930,000
Brooks Automation, Inc. (a)	100,000		1,208,000
Cohu, Inc.	800,000		13,864,000
Cymer, Inc. (a)	350,000		16,236,500
Entegris, Inc. (a)	300,000		2,904,000
FormFactor, Inc. (a)	250,000		9,685,000
KLA-Tencor Corp. (d)	2,750,000		112,860,000
MEMC Electronic Materials, Inc. (a)	1,000,000		35,020,000
MKS Instruments, Inc. (a)	425,000		9,277,750
Teradyne, Inc. (a)	1,400,000		21,798,000
Varian Semiconductor Equipment Associates, Inc. (a)	500,000		15,475,000
			369,083,250
Semiconductors - 58.6%
Actel Corp. (a)	200,000		2,776,000
Altera Corp. (a)	3,000,000		58,680,000
Analog Devices, Inc.	3,000,000		101,190,000
ARM Holdings PLC sponsored ADR	7,115,900		46,964,940
Broadcom Corp. Class A (a)	2,800,000		94,668,000
Cree, Inc. (a)(d)	700,000		17,955,000
Cypress Semiconductor Corp. (a)	500,000		7,590,000
Elpida Memory, Inc. (a)	100,000		4,540,536
Exar Corp. (a)	700,000		9,240,000
Freescale Semiconductor, Inc.:
Class A (a)	600,000		18,498,000
Class B (a)	600,000		18,726,000
Holtek Semiconductor, Inc.	5,500,000		10,934,141
Intel Corp.	7,800,000		140,556,000
Linear Technology Corp.	5,200,000		175,499,998
LSI Logic Corp. (a)	3,000,000		29,190,000
Marvell Technology Group Ltd. (a)	2,526,300		120,428,721
Maxim Integrated Products, Inc.	3,500,000		107,555,000
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
MediaTek, Inc.	125,000		$ 1,395,411
Nanya Technology Corp.	5,000,000		3,189,512
National Semiconductor Corp. (d)	4,750,000		121,980,000
ON Semiconductor Corp. (a)	1,000,000		6,040,000
PMC-Sierra, Inc. (a)	500,000		4,820,000
Power Integrations, Inc. (a)	200,000		3,524,000
Promos Technologies, Inc.	25,000,000		9,599,501
Rambus, Inc. (a)(d)	400,000		9,704,000
Saifun Semiconductors Ltd.	300,000		8,949,000
Samsung Electronics Co. Ltd.	140,000		89,784,178
Silicon On Insulator Technologies SA (SOITEC) (a)	500,000		14,649,831
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	2,500,002		15,200,012
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,000,000		18,940,000
Texas Instruments, Inc.	1,300,000		40,599,000
Vimicro International Corp. sponsored ADR	1,000,000		16,346,800
Volterra Semiconductor Corp. (a)(d)	650,043		9,919,656
Xilinx, Inc.	2,300,000		59,800,000
		1,399,433,237
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,768,516,487
SOFTWARE - 0.4%
Application Software - 0.4%
Cadence Design Systems, Inc. (a)	300,000		5,412,000
Synopsys, Inc. (a)	150,000		3,064,500
			8,476,500
SPECIALTY RETAIL - 0.2%
Computer & Electronics Retail - 0.2%
Gamestop Corp. Class B (a)	100,000		3,865,000
TOTAL COMMON STOCKS (Cost $2,375,078,957)		2,371,295,602

Convertible Bonds - 0.2%
	Principal Amount		Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc. 4.375% 7/1/12 (e) (Cost $2,980,000)	$ 2,980,000	$ 4,693,500

Money Market Funds - 4.4%
	Shares
Fidelity Cash Central Fund, 5.03% (b)	14,133,976		14,133,976
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	91,007,623		91,007,623
TOTAL MONEY MARKET FUNDS (Cost $105,141,599)		105,141,599

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $2,483,200,556)

2,481,130,701

NET OTHER ASSETS - (4.0)%		(95,800,705)
NET ASSETS - 100%		$ 2,385,329,996

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 348,073
Fidelity Securities Lending Cash Central Fund	330,942
Total	$ 679,015

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,495,797,918. Net unrealized depreciation aggregated $14,667,217, of which $288,462,077 related to appreciated investment securities and $303,129,294 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, 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 dealer supplied prices. Investments in open-end mutual 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2006

1.802168.102

ENE-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
AIRLINES - 0.0%
Airlines - 0.0%
UAL Corp. (a)	4,000		$ 117,720
CHEMICALS - 0.4%
Commodity Chemicals - 0.0%
Arkema sponsored ADR (a)	8,245		292,698
Diversified Chemicals - 0.3%
Ashland, Inc.	144,100		9,006,250
Specialty Chemicals - 0.1%
Tokuyama Corp.	78,600		1,192,212
TOTAL CHEMICALS			10,491,160
CONSTRUCTION & ENGINEERING - 1.6%
Construction & Engineering - 1.6%
Chicago Bridge & Iron Co. NV (NY Shares)	335,000		7,597,800
Fluor Corp.	192,300		16,857,018
Jacobs Engineering Group, Inc. (a)	113,500		8,856,405
SNC-Lavalin Group, Inc.	409,100		10,962,580
			44,273,803
ELECTRIC UTILITIES - 0.9%
Electric Utilities - 0.9%
Exelon Corp.	455,800		25,802,838
ELECTRICAL EQUIPMENT - 1.4%
Electrical Components & Equipment - 0.5%
Energy Conversion Devices, Inc. (a)	251,500		9,997,125
Evergreen Solar, Inc. (a)	289,800		3,231,270
Suntech Power Holdings Co. Ltd. sponsored ADR	36,300		1,022,934
			14,251,329
Heavy Electrical Equipment - 0.9%
Vestas Wind Systems AS (a)	902,400		23,262,528
TOTAL ELECTRICAL EQUIPMENT			37,513,857
ENERGY EQUIPMENT & SERVICES - 34.4%
Oil & Gas Drilling - 8.7%
Diamond Offshore Drilling, Inc.	622,400		53,364,576
GlobalSantaFe Corp.	1,432,800		86,154,264
Noble Corp.	465,500		32,366,215
Pride International, Inc. (a)	2,044,716		66,146,563
Transocean, Inc. (a)	58,000		4,719,460
			242,751,078
Oil & Gas Equipment & Services - 25.7%
Baker Hughes, Inc.	1,083,350		93,493,105
BJ Services Co.	462,500		16,950,625
Halliburton Co.	2,230,982		166,408,947
Hydril Co. (a)	114,000		8,537,460
Key Energy Services, Inc. (a)	530,000		8,930,500
National Oilwell Varco, Inc. (a)	1,745,950		115,337,457

	Shares		Value
Oil States International, Inc. (a)	355,800		$ 12,360,492
Schlumberger Ltd. (NY Shares) (d)	2,245,860		147,261,040
Smith International, Inc.	2,268,964		92,936,765
Superior Energy Services, Inc. (a)	590,000		19,411,000
W-H Energy Services, Inc. (a)	141,400		7,966,476
Weatherford International Ltd. (a)	505,500		26,306,220
			715,900,087
TOTAL ENERGY EQUIPMENT & SERVICES			958,651,165
GAS UTILITIES - 0.8%
Gas Utilities - 0.8%
Questar Corp.	187,700		13,831,613
Xinao Gas Holdings Ltd.	9,239,000		9,646,226
			23,477,839
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 2.7%
Independent Power & Energy Trade - 2.7%
AES Corp. (a)	1,444,600		26,580,640
Mirant Corp. (a)	754,700		18,776,936
NRG Energy, Inc. (a)	418,500		20,820,375
TXU Corp.	133,400		7,643,820
			73,821,771
MACHINERY - 2.1%
Construction & Farm Machinery & Heavy Trucks - 2.1%
Bucyrus International, Inc. Class A	650,400		33,196,416
Joy Global, Inc.	465,600		25,021,344
			58,217,760
MARINE - 0.1%
Marine - 0.1%
American Commercial Lines, Inc.	50,100		2,750,991
MULTI-UTILITIES - 1.1%
Multi-Utilities - 1.1%
Dominion Resources, Inc.	428,300		31,086,014
OIL, GAS & CONSUMABLE FUELS - 54.2%
Coal & Consumable Fuels - 5.3%
Arch Coal, Inc.	352,000		17,022,720
CONSOL Energy, Inc.	654,600		57,768,450
Foundation Coal Holdings, Inc.	353,200		16,010,556
Peabody Energy Corp.	905,600		56,455,104
			147,256,830
Integrated Oil & Gas - 22.4%
BG Group PLC sponsored ADR	29,500		1,975,025
BP PLC sponsored ADR	298,600		21,111,020
Chevron Corp.	1,841,632		110,111,177
ConocoPhillips	2,998,526		189,776,708
ENI Spa sponsored ADR	507,950		30,746,214
Exxon Mobil Corp.	2,369,110		144,302,490
Hess Corp.	105,000		15,750,000
Husky Energy, Inc.	122,400		7,191,174
OAO Gazprom sponsored ADR	424,850		18,119,853
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - continued
Occidental Petroleum Corp.	404,300		$ 40,062,087
OMV AG	204,590		11,907,547
Royal Dutch Shell PLC Class A sponsored ADR	1,300		86,203
Suncor Energy, Inc.	364,400		29,410,099
Total SA sponsored ADR	50,000		3,260,500
			623,810,097
Oil & Gas Exploration & Production - 20.6%
Cabot Oil & Gas Corp.	123,800		5,431,106
Canadian Natural Resources Ltd.	1,469,800		77,410,579
Chesapeake Energy Corp.	2,654,400		81,198,096
Comstock Resources, Inc. (a)	156,300		4,429,542
EnCana Corp.	316,376		15,961,726
Energy Partners Ltd. (a)(d)	750,900		15,919,080
EOG Resources, Inc.	1,800		118,188
Forest Oil Corp. (a)	25,600		835,584
Houston Exploration Co. (a)	600,700		32,011,303
Hugoton Royalty Trust	416,115		11,518,063
Kerr-McGee Corp.	351,600		37,568,460
Mariner Energy, Inc. (a)	133,218		2,275,363
Nexen, Inc.	310,700		17,280,704
Plains Exploration & Production Co. (a)	985,605		35,186,099
Quicksilver Resources, Inc. (a)	564,200		19,786,494
Range Resources Corp.	1,913,227		49,552,579
Talisman Energy, Inc.	1,158,900		21,099,610
Ultra Petroleum Corp. (a)	1,386,300		79,781,565
UTS Energy Corp. (a)	2,793,400		18,466,245
XTO Energy, Inc.	1,189,500		49,031,190
			574,861,576
Oil & Gas Refining & Marketing - 3.8%
Sunoco, Inc.	247,300		16,962,307
Valero Energy Corp.	1,464,432		89,842,903
			106,805,210
Oil & Gas Storage & Transport - 2.1%
El Paso Corp.	564,600		8,790,822
Energy Transfer Equity LP	236,500		6,314,550
Enterprise GP Holdings LP	142,500		5,058,750

	Shares		Value
OMI Corp.	1,051,500	$ 19,599,960
Overseas Shipholding Group, Inc.	226,500		11,630,775
Williams Companies, Inc.	266,300		6,018,380
			57,413,237
TOTAL OIL, GAS & CONSUMABLE FUELS		1,510,146,950
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
Renewable Energy Corp. AS	5,800		89,188
TOTAL COMMON STOCKS (Cost $2,232,092,352)		2,776,441,056
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 5.03% (b)	33,533,704		33,533,704
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	11,688,450		11,688,450
TOTAL MONEY MARKET FUNDS (Cost $45,222,154)		45,222,154

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $2,277,314,506)

2,821,663,210

NET OTHER ASSETS - (1.3)%		(36,020,237)
NET ASSETS - 100%		$ 2,785,642,973

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 667,628
Fidelity Securities Lending Cash Central Fund	85,206
Total	$ 752,834

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,288,154,379. Net unrealized appreciation aggregated $533,508,831, of which $593,607,037 related to appreciated investment securities and $60,098,206 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

May 31, 2006

1.802169.102

ENS-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
ELECTRICAL EQUIPMENT - 0.6%
Heavy Electrical Equipment - 0.6%
Vestas Wind Systems AS (a)	481,200		$ 12,404,620
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Sunpower Corp. Class A	170,300		5,175,417
ENERGY EQUIPMENT & SERVICES - 95.0%
Oil & Gas Drilling - 34.0%
Atwood Oceanics, Inc. (a)	184,400		8,993,188
Diamond Offshore Drilling, Inc.	1,590,200		136,343,748
ENSCO International, Inc.	1,434,800		71,725,652
GlobalSantaFe Corp.	2,351,210		141,378,257
Grey Wolf, Inc. (a)	1,200		9,180
Helmerich & Payne, Inc.	3,600		236,736
Hercules Offshore, Inc.	257,100		9,402,147
Noble Corp.	1,752,650		121,861,755
Patterson-UTI Energy, Inc.	1,300		38,870
Pride International, Inc. (a)	1,933,986		62,564,447
Rowan Companies, Inc.	595,500		23,712,810
TODCO Class A	32,300		1,426,691
Transocean, Inc. (a)	1,148,927		93,488,190
			671,181,671
Oil & Gas Equipment & Services - 61.0%
Baker Hughes, Inc.	1,760,436		151,925,625
Basic Energy Services, Inc.	440,300		14,468,258
BJ Services Co.	1,811,374		66,386,857
Cameron International Corp. (a)	892,300		41,848,870
Carbo Ceramics, Inc.	22,400		1,126,048
Compagnie Generale de Geophysique SA (a)	24,100		4,092,789
Complete Production Services, Inc.	252,400		6,044,980
Core Laboratories NV (a)	136,000		7,684,000
Dresser-Rand Group, Inc.	184,900		4,467,184
Dril-Quip, Inc. (a)	258,400		20,343,832
FMC Technologies, Inc. (a)	566,100		37,781,514
Global Industries Ltd. (a)	574,000		11,141,340
Grant Prideco, Inc. (a)	1,172,705		56,336,748
Halliburton Co.	1,198,767		89,416,031
Hanover Compressor Co. (a)(d)	701,400		12,604,158
Helix Energy Solutions Group, Inc. (a)	682,700		24,208,542
Hornbeck Offshore Services, Inc. (a)	433,700		15,352,980
Hydril Co. (a)	306,200		22,931,318
Key Energy Services, Inc. (a)	1,200		20,220
Lone Star Technologies, Inc. (a)	157,900		7,658,150
Maverick Tube Corp. (a)	164,000		7,904,800
National Oilwell Varco, Inc. (a)	2,097,931		138,589,322
Oceaneering International, Inc. (a)	240,200		18,015,000
Oil States International, Inc. (a)	574,700		19,965,078
Petroleum Geo-Services ASA sponsored ADR (a)	25,000		1,593,750

	Shares		Value
RPC, Inc.	573,450	$ 13,412,996
Schlumberger Ltd. (NY Shares)	1,687,790	110,668,390
Smith International, Inc.	1,251,256		51,251,446
Superior Energy Services, Inc. (a)	726,400		23,898,560
Superior Well Services, Inc.	52,100		1,655,738
TETRA Technologies, Inc. (a)	514,300		14,935,272
TGS Nopec Geophysical Co. ASA (a)	133,200		10,241,267
Tidewater, Inc.	5,800		294,176
Universal Compression Holdings, Inc. (a)	479,700		27,880,164
Veritas DGC, Inc. (a)	486,100		22,958,503
W-H Energy Services, Inc. (a)	579,800		32,665,932
Warrior Energy Service Corp. (a)	8,400		220,248
Weatherford International Ltd. (a)	2,191,710	114,056,588
		1,206,046,674
TOTAL ENERGY EQUIPMENT & SERVICES		1,877,228,345
INDUSTRIAL CONGLOMERATES - 2.6%
Industrial Conglomerates - 2.6%
McDermott International, Inc. (a)	795,100		52,166,511
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
Joy Global, Inc.	51,300		2,756,862
OIL, GAS & CONSUMABLE FUELS - 0.9%
Coal & Consumable Fuels - 0.9%
Arch Coal, Inc.	167,500		8,100,300
Peabody Energy Corp.	150,500		9,382,170
			17,482,470
TOTAL COMMON STOCKS (Cost $1,361,762,557)		1,967,214,225
Money Market Funds - 1.0%

Fidelity Cash Central Fund, 5.03% (b)	18,253,304		18,253,304
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	900,000		900,000
TOTAL MONEY MARKET FUNDS (Cost $19,153,304)		19,153,304

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $1,380,915,861)

1,986,367,529

NET OTHER ASSETS - (0.5)%		(9,493,511)
NET ASSETS - 100%		$ 1,976,874,018

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 437,748
Fidelity Securities Lending Cash Central Fund	12,951
Total	$ 450,699

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,391,422,320. Net unrealized appreciation aggregated $594,945,209, of which $626,450,500 related to appreciated investment securities and $31,505,291 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

May 31, 2006

1.802170.102

ENV-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.1%
	Shares		Value
AUTO COMPONENTS - 1.8%
Auto Parts & Equipment - 1.8%
Ballard Power Systems, Inc. (a)(d)	258,000		$ 1,861,491
BUILDING PRODUCTS - 1.3%
Building Products - 1.3%
Trex Co., Inc. (a)(d)	48,000		1,303,200
CHEMICALS - 5.2%
Commodity Chemicals - 0.7%
Calgon Carbon Corp. (d)	107,800		735,196
Specialty Chemicals - 4.5%
Nalco Holding Co. (a)	272,600		4,691,446
TOTAL CHEMICALS			5,426,642
COMMERCIAL SERVICES & SUPPLIES - 37.4%
Environmental & Facility Services - 37.4%
Allied Waste Industries, Inc. (a)(d)	428,600		5,113,198
Bennett Environmental, Inc. (a)	45,900		152,132
Clean Harbors, Inc. (a)	47,800		1,734,662
Marsulex, Inc. (a)	38,000		282,951
Republic Services, Inc.	189,700		7,739,760
Stericycle, Inc. (a)	78,500		5,233,595
Waste Connections, Inc. (a)	164,400		6,321,180
Waste Management, Inc.	333,093		12,197,866
			38,775,344
CONSTRUCTION & ENGINEERING - 2.6%
Construction & Engineering - 2.6%
Insituform Technologies, Inc. Class A (a)	107,600		2,754,560
ELECTRICAL EQUIPMENT - 2.5%
Electrical Components & Equipment - 1.8%
FuelCell Energy, Inc. (a)	114,500		1,197,670
Hydrogenics Corp. (a)(d)	214,800		712,650
			1,910,320
Heavy Electrical Equipment - 0.7%
Capstone Turbine Corp. (a)(d)	241,100		735,355
TOTAL ELECTRICAL EQUIPMENT			2,645,675
ENERGY EQUIPMENT & SERVICES - 1.6%
Oil & Gas Equipment & Services - 1.6%
Newpark Resources, Inc. (a)	275,300		1,618,764

	Shares		Value
FOOD & STAPLES RETAILING - 10.5%
Food Distributors - 4.1%
United Natural Foods, Inc. (a)	129,500		$ 4,286,450
Food Retail - 6.4%
Whole Foods Market, Inc.	85,500		5,557,500
Wild Oats Markets, Inc. (a)(d)	67,600		1,078,220
			6,635,720
TOTAL FOOD & STAPLES RETAILING			10,922,170
FOOD PRODUCTS - 5.5%
Packaged Foods & Meats - 5.5%
Green Mountain Coffee Roasters, Inc. (a)	24,200		955,416
Hain Celestial Group, Inc. (a)	121,900		3,129,173
SunOpta, Inc. (a)	175,700		1,597,430
			5,682,019
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 4.3%
Independent Power & Energy Trade - 4.3%
Nevada Geothermal Power, Inc. unit (a)(e)	1,300,000		1,272,666
Ormat Technologies, Inc. (d)	84,500		3,149,315
			4,421,981
LIFE SCIENCES TOOLS & SERVICES - 4.9%
Life Science Tools & Services - 4.9%
Millipore Corp. (a)	72,900		5,059,260
MACHINERY - 12.9%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Lindsay Manufacturing Co.	26,800		590,940
Industrial Machinery - 12.4%
Pall Corp. (d)	202,600		6,096,234
Pentair, Inc.	197,600		6,750,016
			12,846,250
TOTAL MACHINERY			13,437,190
OIL, GAS & CONSUMABLE FUELS - 0.2%
Oil & Gas Exploration & Production - 0.2%
Cheniere Energy, Inc. (a)	5,000		194,650
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
Semiconductor Equipment - 1.0%
Asyst Technologies, Inc. (a)	150,100		1,032,688
Semiconductors - 1.4%
Renewable Energy Corp. AS	93,025		1,430,471
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			2,463,159
TOTAL COMMON STOCKS (Cost $94,909,384)		96,566,105
Money Market Funds - 20.2%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	820,834		$ 820,834
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	20,167,150		20,167,150
TOTAL MONEY MARKET FUNDS (Cost $20,987,984)		20,987,984

TOTAL INVESTMENT PORTFOLIO - 113.3%

(Cost $115,897,368)

117,554,089

NET OTHER ASSETS - (13.3)%		(13,753,692)
NET ASSETS - 100%		$ 103,800,397

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
Nevada Geothermal Power, Inc. unit	4/12/06	$ 1,020,720

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 110,361
Fidelity Securities Lending Cash Central Fund	60,301
Total	$ 170,662

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $116,280,699. Net unrealized appreciation aggregated $1,273,390, of which $5,204,237 related to appreciated investment securities and $3,930,847 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2006

1.802171.102

FIN-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CAPITAL MARKETS - 17.9%
Asset Management & Custody Banks - 6.0%
Affiliated Managers Group, Inc. (a)	12,700		$ 1,145,540
American Capital Strategies Ltd. (d)	65,000		2,226,250
Ameriprise Financial, Inc.	36,040		1,649,551
Bank of New York Co., Inc.	68,136		2,264,159
Federated Investors, Inc. Class B (non-vtg.)	16,750		538,010
Franklin Resources, Inc.	45,500		4,092,725
Investors Financial Services Corp.	95,200		4,164,048
Legg Mason, Inc.	15,200		1,458,136
Northern Trust Corp.	46,600		2,605,872
Nuveen Investments, Inc. Class A	29,300		1,315,863
State Street Corp.	92,500		5,744,250
Technology Investment Capital Corp.	65,700		923,742
			28,128,146
Diversified Capital Markets - 1.6%
Deutsche Bank AG (NY Shares)	6,200		710,892
UBS AG (NY Shares)	59,300		6,713,946
			7,424,838
Investment Banking & Brokerage - 10.3%
Bear Stearns Companies, Inc.	14,100		1,885,875
Charles Schwab Corp.	116,300		1,937,558
Daiwa Securities Group, Inc.	74,000		916,847
E*TRADE Financial Corp. (a)	349,200		8,475,084
E*TRADE Securities Co. Ltd.	312		465,670
Goldman Sachs Group, Inc.	44,700		6,747,465
KKR Private Equity Investors, L.P. Restricted Depositary Units (e)	47,000		1,131,290
Lazard Ltd. Class A	28,000		1,111,040
Lehman Brothers Holdings, Inc.	21,600		1,438,776
MCF Corp. (a)	455,100		464,202
Merrill Lynch & Co., Inc.	204,800		14,829,568
Morgan Stanley	74,600		4,447,652
Nikko Cordial Corp.	55,500		815,880
Nomura Holdings, Inc.	58,600		1,154,420
TD Ameritrade Holding Corp.	65,965		1,121,405
TradeStation Group, Inc. (a)	138,947		1,932,753
			48,875,485
TOTAL CAPITAL MARKETS			84,428,469
COMMERCIAL BANKS - 18.8%
Diversified Banks - 15.3%
ABN-AMRO Holding NV sponsored ADR	41,600		1,151,488
Absa Group Ltd.	50,900		838,575
Banco Bilbao Vizcaya Argentaria SA	60,100		1,247,075
Banco Popolare di Verona e Novara	117,800		3,229,553
Bangkok Bank Ltd. PCL (For. Reg.)	400,200		1,112,395
Bank Hapoalim BM (Reg.)	143,100		667,568
Bank of Montreal	84,100		4,735,565
HDFC Bank Ltd. sponsored ADR	32,900		1,741,726

	Shares		Value
HSBC Holdings PLC:
(United Kingdom) (Reg.)	87,500		$ 1,526,350
sponsored ADR	17,300		1,508,906
ICICI Bank Ltd.	104,030		1,212,392
Kookmin Bank	16,530		1,342,440
Korea Exchange Bank (a)	330		4,029
Mizrahi Tefahot Bank Ltd. (a)	115,300		702,048
Standard Chartered PLC (United Kingdom)	96,536		2,370,321
State Bank of India	50,969		1,089,133
Toronto-Dominion Bank	56,600		3,069,891
U.S. Bancorp, Delaware	243,800		7,526,106
Unicredito Italiano Spa (d)	167,100		1,273,253
Wachovia Corp.	361,096		19,318,636
Wells Fargo & Co.	251,650		16,702,011
			72,369,461
Regional Banks - 3.5%
Cathay General Bancorp	74,928		2,689,166
Center Financial Corp., California	66,000		1,539,780
City National Corp.	11,600		843,668
East West Bancorp, Inc.	19,423		775,949
Kansai Urban Banking Corp.	237,000		999,394
M&T Bank Corp.	9,800		1,127,980
Nara Bancorp, Inc.	46,141		895,135
North Fork Bancorp, Inc., New York	43,632		1,285,835
SVB Financial Group (a)	58,400		2,816,048
The Keiyo Bank Ltd.	106,000		702,407
UCBH Holdings, Inc.	55,300		977,704
UnionBanCal Corp.	27,600		1,867,140
			16,520,206
TOTAL COMMERCIAL BANKS			88,889,667
CONSUMER FINANCE - 4.5%
Consumer Finance - 4.5%
American Express Co.	215,600		11,720,016
Capital One Financial Corp.	42,400		3,509,448
Dollar Financial Corp. (a)	138,379		2,644,423
SLM Corp.	63,500		3,413,760
			21,287,647
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Jackson Hewitt Tax Service, Inc.	39,600		1,294,920
DIVERSIFIED FINANCIAL SERVICES - 15.6%
Other Diversifed Financial Services - 13.4%
Bank of America Corp.	596,731		28,881,780
Citigroup, Inc.	154,934		7,638,246
FirstRand Ltd.	298,500		784,629
ING Groep NV sponsored ADR	25,100		984,171
JPMorgan Chase & Co.	585,845		24,980,431
			63,269,257
Common Stocks - continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - CONTINUED
Specialized Finance - 2.2%
Asset Acceptance Capital Corp. (a)	62,638		$ 1,083,637
CIT Group, Inc.	18,900		971,460
IntercontinentalExchange, Inc.	46,600		2,595,620
Marlin Business Services Corp. (a)	44,234		935,107
NETeller PLC (a)	173,200		2,034,046
The NASDAQ Stock Market, Inc. (a)	86,300		2,626,972
			10,246,842
TOTAL DIVERSIFIED FINANCIAL SERVICES			73,516,099
HOUSEHOLD DURABLES - 0.2%
Homebuilding - 0.2%
D.R. Horton, Inc.	33,300		877,788
INSURANCE - 29.6%
Insurance Brokers - 0.6%
National Financial Partners Corp.	38,000		1,704,300
Willis Group Holdings Ltd.	34,800		1,209,300
			2,913,600
Life & Health Insurance - 4.6%
AFLAC, Inc.	104,900		4,909,320
Lincoln National Corp.	29,500		1,657,310
MetLife, Inc.	119,200		6,135,224
Protective Life Corp.	10,500		465,360
Prudential Financial, Inc.	61,900		4,713,685
Shin Kong Financial Holding Co. Ltd.	919,000		939,110
Sun Life Financial, Inc.	76,900		3,154,908
			21,974,917
Multi-Line Insurance - 9.9%
American International Group, Inc.	647,651		39,377,179
Hartford Financial Services Group, Inc.	64,700		5,689,718
HCC Insurance Holdings, Inc.	49,350		1,514,552
			46,581,449
Property & Casualty Insurance - 8.3%
ACE Ltd.	243,300		12,595,641
Allstate Corp.	92,600		5,093,926
AMBAC Financial Group, Inc.	16,300		1,306,445
Aspen Insurance Holdings Ltd.	217,400		4,711,058
Axis Capital Holdings Ltd.	56,200		1,472,440
Berkshire Hathaway, Inc. Class B (a)	910		2,792,790
MBIA, Inc.	41,500		2,370,895
The St. Paul Travelers Companies, Inc.	145,900		6,422,518
XL Capital Ltd. Class A	39,100		2,474,248
			39,239,961
Reinsurance - 6.2%
Endurance Specialty Holdings Ltd.	405,770		12,396,274
Everest Re Group Ltd.	12,800		1,143,680

	Shares		Value
IPC Holdings Ltd.	6,200		$ 151,156
Max Re Capital Ltd.	92,199		2,212,776
PartnerRe Ltd.	19,700		1,209,974
Platinum Underwriters Holdings Ltd.	329,800		8,884,812
Scottish Re Group Ltd.	94,000		1,825,480
Swiss Reinsurance Co. (Reg.)	17,963		1,262,799
			29,086,951
TOTAL INSURANCE			139,796,878
REAL ESTATE INVESTMENT TRUSTS - 4.0%
Office REITs - 0.7%
Digital Realty Trust, Inc.	53,500		1,342,850
Duke Realty Corp.	26,300		892,622
Reckson Associates Realty Corp.	28,900		1,110,916
			3,346,388
Residential REITs - 1.5%
Equity Lifestyle Properties, Inc.	16,300		703,345
Equity Residential (SBI)	93,800		4,136,580
United Dominion Realty Trust, Inc. (SBI)	82,700		2,233,727
			7,073,652
Retail REITs - 1.8%
CBL & Associates Properties, Inc.	30,360		1,135,768
Developers Diversified Realty Corp.	23,600		1,207,140
General Growth Properties, Inc.	18,500		809,560
Kimco Realty Corp.	25,800		924,930
Simon Property Group, Inc.	53,300		4,244,279
			8,321,677
TOTAL REAL ESTATE INVESTMENT TRUSTS			18,741,717
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Real Estate Management & Development - 0.3%
Mitsui Fudosan Co. Ltd.	73,000		1,503,052
THRIFTS & MORTGAGE FINANCE - 8.4%
Thrifts & Mortgage Finance - 8.4%
Countrywide Financial Corp.	146,553		5,610,049
Doral Financial Corp.	26,150		197,171
Downey Financial Corp.	8,100		551,610
Fannie Mae	198,600		9,880,350
Freddie Mac	39,900		2,395,596
Golden West Financial Corp., Delaware	70,600		5,160,860
Hudson City Bancorp, Inc.	250,411		3,428,127
MGIC Investment Corp.	19,600		1,291,052
Radian Group, Inc.	24,000		1,466,880
Sovereign Bancorp, Inc.	89,100		1,986,930
The PMI Group, Inc.	27,300		1,242,150
W Holding Co., Inc.	118,907		887,046
Washington Mutual, Inc. (d)	119,400		5,481,654
			39,579,475
TOTAL COMMON STOCKS (Cost $340,101,747)		469,915,712
Money Market Funds - 1.6%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	1,515,414		$ 1,515,414
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	6,068,600		6,068,600
TOTAL MONEY MARKET FUNDS (Cost $7,584,014)		7,584,014

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $347,685,761)

477,499,726

NET OTHER ASSETS - (1.2)%			(5,809,183)
NET ASSETS - 100%		$ 471,690,543

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
KKR Private Equity Investors, L.P. Restricted Depositary Units	5/3/06	$ 1,175,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 27,883
Fidelity Securities Lending Cash Central Fund	22,175
Total	$ 50,058

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $348,681,279. Net unrealized appreciation aggregated $128,818,447, of which $138,472,265 related to appreciated investment securities and $9,653,818 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Food and Agriculture Portfolio

May 31, 2006

1.802172.102

FOO-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.1%
	Shares		Value
BEVERAGES - 22.3%
Brewers - 3.1%
Anheuser-Busch Companies, Inc.	100		$ 4,564
Efes Breweries International NV unit (a)(e)	8,000		258,000
InBev SA	29,800		1,433,064
Molson Coors Brewing Co. Class B	16,500		1,068,870
SABMiller PLC	93,900		1,752,465
			4,516,963
Distillers & Vintners - 2.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	39,400		973,180
Diageo PLC sponsored ADR	26,500		1,754,035
Pernod Ricard SA	7,300		1,424,981
			4,152,196
Soft Drinks - 16.3%
Coca-Cola Enterprises, Inc.	213,900		4,205,274
Coca-Cola Femsa SA de CV sponsored ADR	9,800		302,918
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	23,300		734,416
Fomento Economico Mexicano SA de CV sponsored ADR	12,000		1,029,480
PepsiCo, Inc.	140,300		8,482,538
The Coca-Cola Co.	196,500		8,651,895
			23,406,521
TOTAL BEVERAGES			32,075,680
BIOTECHNOLOGY - 0.3%
Biotechnology - 0.3%
Senomyx, Inc. (a)	27,300		435,981
CHEMICALS - 3.7%
Fertilizers & Agricultural Chemicals - 3.7%
Agrium, Inc.	13,400		328,414
Bodisen Biotech, Inc. (a)(d)	30,000		343,200
CF Industries Holdings, Inc.	100		1,708
Monsanto Co.	44,500		3,745,120
Mosaic Co. (a)(d)	16,800		261,408
Potash Corp. of Saskatchewan, Inc.	3,300		301,085
Syngenta AG sponsored ADR	11,000		303,160
			5,284,095
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Commercial & Professional Services - 0.0%
Aramark Corp. Class B	100		3,275
FOOD & STAPLES RETAILING - 10.0%
Drug Retail - 0.5%
CVS Corp.	27,000		753,300

	Shares		Value
Food Distributors - 3.3%
Central European Distribution Corp. (a)	10,000		$ 320,200
Sysco Corp. (d)	144,100		4,406,578
			4,726,778
Food Retail - 5.7%
Convenience Retail Asia Ltd.	2,000		773
Kroger Co.	226,400		4,552,904
Safeway, Inc.	138,000		3,254,040
Whole Foods Market, Inc.	7,400		481,000
			8,288,717
Hypermarkets & Super Centers - 0.5%
Wal-Mart Stores, Inc.	13,700		663,765
TOTAL FOOD & STAPLES RETAILING			14,432,560
FOOD PRODUCTS - 29.6%
Agricultural Products - 4.0%
Archer-Daniels-Midland Co.	108,300		4,502,031
Bunge Ltd.	5,900		333,940
Corn Products International, Inc.	37,600		1,003,168
			5,839,139
Packaged Foods & Meats - 25.6%
Cadbury Schweppes PLC sponsored ADR	18,200		701,428
General Mills, Inc.	95,900		4,976,251
Groupe Danone	3,000		362,016
Hershey Co.	15,000		853,650
Kellogg Co.	129,700		6,108,870
Koninklijke Numico NV	7,800		346,405
Kraft Foods, Inc. Class A	100		3,310
Lindt & Spruengli AG	30		585,054
McCormick & Co., Inc. (non-vtg.)	10,000		344,500
Nestle SA sponsored ADR	148,000		11,077,800
People's Food Holdings Ltd.	100		71
Sanderson Farms, Inc. (d)	7,000		214,340
Tyson Foods, Inc. Class A	21,100		337,811
Unilever NV (NY Shares)	396,300		8,968,269
Wm. Wrigley Jr. Co.	42,250		1,931,670
			36,811,445
TOTAL FOOD PRODUCTS			42,650,584
HOTELS, RESTAURANTS & LEISURE - 13.3%
Restaurants - 13.3%
Applebee's International, Inc.	7,100		143,562
Buffalo Wild Wings, Inc. (a)	75,814		2,976,458
California Pizza Kitchen, Inc. (a)	100		2,901
Chipotle Mexican Grill, Inc. Class A	100		5,777
Domino's Pizza, Inc.	32,500		769,600
McCormick & Schmick's Seafood Restaurants (a)	14,100		337,695
McDonald's Corp.	217,700		7,221,109
OSI Restaurant Partners, Inc.	100		3,668
Red Robin Gourmet Burgers, Inc. (a)(d)	37,500		1,573,125
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - CONTINUED
Restaurants - continued
Starbucks Corp. (a)(d)	118,600		$ 4,228,090
Texas Roadhouse, Inc. Class A (a)	25,000		340,250
Tim Hortons, Inc. (d)	5,200		137,540
Yum! Brands, Inc.	27,600		1,391,040
			19,130,815
HOUSEHOLD DURABLES - 0.3%
Housewares & Specialties - 0.3%
Fortune Brands, Inc.	4,700		347,800
HOUSEHOLD PRODUCTS - 2.5%
Household Products - 2.5%
Colgate-Palmolive Co.	54,650		3,297,581
Procter & Gamble Co.	6,097		330,762
			3,628,343
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
AGCO Corp. (a)	20,500		501,430
CNH Global NV	14,100		349,398
Deere & Co.	5,800		496,480
			1,347,308
PERSONAL PRODUCTS - 1.0%
Personal Products - 1.0%
Avon Products, Inc.	31,200		989,040
Herbalife Ltd. (a)	12,700		498,475
			1,487,515
TOBACCO - 9.2%
Tobacco - 9.2%
Altria Group, Inc.	127,600		9,231,860
British American Tobacco PLC sponsored ADR	20,500		1,020,900
Imperial Tobacco Group PLC	11,400		348,559
Japan Tobacco, Inc.	95		342,518

	Shares		Value
Loews Corp. - Carolina Group	16,100		$ 747,684
Reynolds American, Inc.	13,800		1,517,172
			13,208,693
TOTAL COMMON STOCKS (Cost $109,977,444)		134,032,649
Money Market Funds - 14.1%

Fidelity Cash Central Fund, 5.03% (b)	10,474,804		10,474,804
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	9,806,575		9,806,575
TOTAL MONEY MARKET FUNDS (Cost $20,281,379)		20,281,379

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $130,258,823)

154,314,028

NET OTHER ASSETS - (7.2)%		(10,315,012)
NET ASSETS - 100%		$ 143,999,016

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 26,367
Fidelity Securities Lending Cash Central Fund	24,606
Total	$ 50,973

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $130,753,698. Net unrealized appreciation aggregated $23,560,330, of which $25,078,856 related to appreciated investment securities and $1,518,526 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

May 31, 2006

1.802183.102

GAS-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
CHEMICALS - 0.2%
Commodity Chemicals - 0.2%
MG Technologies AG	128,400		$ 2,238,156
CONSTRUCTION & ENGINEERING - 0.1%
Construction & Engineering - 0.1%
Fluor Corp.	13,000		1,139,580
ELECTRIC UTILITIES - 1.1%
Electric Utilities - 1.1%
Exelon Corp.	264,900		14,995,989
ELECTRICAL EQUIPMENT - 0.1%
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	73,900		1,905,032
ENERGY EQUIPMENT & SERVICES - 22.2%
Oil & Gas Drilling - 9.2%
Cathedral Energy Services Income Trust	476,000		5,290,570
Diamond Offshore Drilling, Inc.	65,400		5,607,396
ENSCO International, Inc.	374,700		18,731,253
GlobalSantaFe Corp.	706,300		42,469,819
Noble Corp.	328,700		22,854,511
Pride International, Inc. (a)	960,100		31,059,235
			126,012,784
Oil & Gas Equipment & Services - 13.0%
BJ Services Co.	82,800		3,034,620
Carbo Ceramics, Inc.	154,900		7,786,823
Halliburton Co.	701,400		52,317,426
Helix Energy Solutions Group, Inc. (a)	213,500		7,570,710
Hydril Co. (a)	109,500		8,200,455
National Oilwell Varco, Inc. (a)	452,128		29,867,576
Savanna Energy Services Corp. (a)	68,700		1,762,338
Schlumberger Ltd. (NY Shares)	207,100		13,579,547
Smith International, Inc.	780,890		31,985,254
TETRA Technologies, Inc. (a)	256,400		7,445,856
Veritas DGC, Inc. (a)	122,600		5,790,398
W-H Energy Services, Inc. (a)	136,000		7,662,240
			177,003,243
TOTAL ENERGY EQUIPMENT & SERVICES			303,016,027
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.0%
Independent Power & Energy Trade - 1.0%
AES Corp. (a)	257,300		4,734,320
NRG Energy, Inc. (a)	125,600		6,248,600
TXU Corp.	43,500		2,492,550
			13,475,470
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
Bucyrus International, Inc. Class A	231,000		11,790,240

	Shares		Value
METALS & MINING - 1.2%
Steel - 1.2%
Oregon Steel Mills, Inc. (a)	348,000		$ 16,331,640
OIL, GAS & CONSUMABLE FUELS - 72.6%
Coal & Consumable Fuels - 4.6%
Alpha Natural Resources, Inc. (a)	213,400		4,600,904
Arch Coal, Inc.	142,900		6,910,644
Cameco Corp.	90,100		3,697,270
CONSOL Energy, Inc.	285,200		25,168,900
International Coal Group, Inc. (a)(d)	984,500		8,693,135
Peabody Energy Corp.	235,700		14,693,538
			63,764,391
Integrated Oil & Gas - 1.6%
Hess Corp.	40,900		6,135,000
Murphy Oil Corp.	73,300		3,865,109
OAO Gazprom sponsored ADR	278,300		11,869,495
			21,869,604
Oil & Gas Exploration & Production - 57.0%
Apache Corp.	245,400		15,921,552
Aurora Oil & Gas Corp. (a)	748,300		3,591,840
Cabot Oil & Gas Corp.	281,700		12,358,179
Canadian Natural Resources Ltd.	1,319,600		69,499,932
Chesapeake Energy Corp. (d)	1,367,500		41,831,825
Denbury Resources, Inc. (a)	285,500		9,021,800
EnCana Corp.	300,200		15,145,618
Encore Acquisition Co. (a)	356,250		9,462,000
Energy Partners Ltd. (a)(d)	326,300		6,917,560
EOG Resources, Inc.	581,700		38,194,422
Forest Oil Corp. (a)	1,005,300		32,812,992
Gastar Exploration Ltd. (a)	431,400		1,273,144
Goodrich Petroleum Corp. (a)(d)	116,800		2,861,600
Houston Exploration Co. (a)	396,900		21,150,801
Hugoton Royalty Trust	189,526		5,246,080
Kerr-McGee Corp.	254,900		27,236,065
Mariner Energy, Inc. (a)	503,889		8,606,424
Newfield Exploration Co. (a)	94,900		4,055,077
Noble Energy, Inc.	212,900		9,252,634
Paramount Resources Ltd. Class A (a)	41,400		1,452,618
Penn Virginia Corp.	134,400		9,125,760
Penn West Energy Trust (d)	84,200		3,325,948
Plains Exploration & Production Co. (a)	2,370,500		84,626,850
Quicksilver Resources, Inc. (a)(d)	2,358,300		82,705,581
Range Resources Corp.	4,190,700		108,539,130
Southwestern Energy Co. (a)	530,400		17,131,920
Talisman Energy, Inc.	2,222,500		40,464,132
Ultra Petroleum Corp. (a)	924,600		53,210,730
XTO Energy, Inc.	1,046,200		43,124,364
			778,146,578
Oil & Gas Refining & Marketing - 8.9%
Tesoro Corp.	178,700		12,171,257
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - continued
Valero Energy Corp.	1,773,800	$ 108,822,630
Western Refining, Inc.	25,100		449,290
			121,443,177
Oil & Gas Storage & Transport - 0.5%
DCP Midstream Partners LP	42,600		1,210,692
Plains All American Pipeline LP	108,800		5,276,800
			6,487,492
TOTAL OIL, GAS & CONSUMABLE FUELS			991,711,242
TOTAL COMMON STOCKS (Cost $1,092,782,256)		1,356,603,376
Money Market Funds - 7.6%

Fidelity Cash Central Fund, 5.03% (b)	14,902,747		14,902,747
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	88,772,115		88,772,115
TOTAL MONEY MARKET FUNDS (Cost $103,674,862)		103,674,862

TOTAL INVESTMENT PORTFOLIO - 107.0%

(Cost $1,196,457,118)

1,460,278,238

NET OTHER ASSETS - (7.0)%		(94,915,513)
NET ASSETS - 100%		$ 1,365,362,725

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 167,651
Fidelity Securities Lending Cash Central Fund	36,448
Total	$ 204,099

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,198,944,179. Net unrealized appreciation aggregated $261,334,059, of which $287,920,199 related to appreciated investment securities and $26,586,140 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

May 31, 2006

1.802173.102

GOL-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%
	Shares		Value
Australia - 9.0%
METALS & MINING - 9.0%
Gold - 8.7%
Newcrest Mining Ltd.	8,799,971	$ 133,388,530
Precious Metals & Minerals - 0.3%
Central Asia Gold Ltd. (a)(e)	12,025,834		4,387,520
TOTAL METALS & MINING			137,776,050
Bermuda - 1.8%
METALS & MINING - 1.8%
Precious Metals & Minerals - 1.8%
Aquarius Platinum Ltd. (Australia)	2,042,877		27,016,139
Canada - 50.6%
METALS & MINING - 50.6%
Diversified Metals & Mining - 4.8%
Teck Cominco Ltd. Class B (sub. vtg.)	1,150,000		73,203,178
Gold - 34.5%
Arizona Star Resource Corp. (a)(e)	2,800,000		32,265,153
Barrick Gold Corp. (d)	2,600,000		79,328,036
Bema Gold Corp. (a)	6,000,000		33,071,510
Cambior, Inc. (a)(d)(e)	27,000,000		85,811,578
Crystallex International Corp. (a)(e)	14,000,000		61,021,566
Goldcorp, Inc.	400,000		12,295,119
High River Gold Mines Ltd.:
warrants 10/26/06 (a)	1,500,000		512,396
warrants 1/27/08 (a)	332,500		235,191
IAMGOLD Corp.	3,500,000		33,053,348
Kinross Gold Corp. (a)(f)	866,666		9,475,286
Kinross Gold Corp. (a)	1,033,334		11,297,472
Meridian Gold, Inc. (a)	4,900,000		151,727,585
Orezone Resources, Inc. Class A (a)(e)	10,000,000		17,525,539
			527,619,779
Precious Metals & Minerals - 11.3%
Aber Diamond Corp. (e)	3,499,990		122,201,694
Minefinders Corp. Ltd. (a)(e)	4,300,000		32,994,325
Pan American Silver Corp. (a)	300,000		5,768,069
Shore Gold, Inc. (a)	2,256,900		11,210,209
SouthernEra Diamonds, Inc. Class A (a)	2,789,500		1,367,837
			173,542,134
TOTAL METALS & MINING			774,365,091
Cayman Islands - 1.4%
METALS & MINING - 1.4%
Precious Metals & Minerals - 1.4%
Apex Silver Mines Ltd. (a)(d)	1,500,000		20,925,000

	Shares		Value
Papua New Guinea - 2.4%
METALS & MINING - 2.4%
Gold - 2.4%
Lihir Gold Ltd. (a)	17,000,020		$ 37,341,734
Peru - 4.9%
METALS & MINING - 4.9%
Precious Metals & Minerals - 4.9%
Compania de Minas Buenaventura SA	400,000		9,946,339
Compania de Minas Buenaventura SA sponsored ADR (d)	2,520,000		64,940,400
			74,886,739
South Africa - 6.9%
METALS & MINING - 6.9%
Diversified Metals & Mining - 0.5%
African Rainbow Minerals Ltd. (a)	1,000,000		7,272,727
Gold - 3.7%
Gold Fields Ltd. sponsored ADR	1,400,000		30,674,000
Harmony Gold Mining Co. Ltd. (a)	1,511,990		21,681,937
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	88,010		1,262,063
Western Areas Ltd. (a)	447,500		2,789,610
			56,407,610
Precious Metals & Minerals - 2.7%
Impala Platinum Holdings Ltd.	250,000		42,115,028
TOTAL METALS & MINING			105,795,365
United Kingdom - 5.1%
METALS & MINING - 5.1%
Diversified Metals & Mining - 0.7%
African Platinum PLC (a)(d)	18,000,000		11,276,402
Gold - 1.2%
Randgold Resources Ltd. sponsored ADR (a)(d)	900,000		17,649,000
Precious Metals & Minerals - 3.2%
Lonmin PLC	1,000,000		49,182,315
TOTAL METALS & MINING			78,107,717
United States of America - 9.6%
METALS & MINING - 9.6%
Diversified Metals & Mining - 1.8%
Freeport-McMoRan Copper & Gold, Inc. Class B	500,000		27,995,000
Common Stocks - continued
	Shares		Value
United States of America - continued
METALS & MINING - CONTINUED
Gold - 7.8%
Newmont Mining Corp.	2,150,000	$ 112,122,500
US Gold Corp. (subscription receipt) (a)(g)	728,400	7,524,082
		119,646,582
TOTAL METALS & MINING		147,641,582
TOTAL COMMON STOCKS (Cost $1,148,738,825)		1,403,855,417
Money Market Funds - 14.3%

Fidelity Cash Central Fund, 5.03% (b)	127,372,391	127,372,391
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	91,160,318		91,160,318
TOTAL MONEY MARKET FUNDS (Cost $218,532,709)		218,532,709

TOTAL INVESTMENT PORTFOLIO - 106.0%

(Cost $1,367,271,534)

1,622,388,126

NET OTHER ASSETS - (6.0)%		(91,544,436)
NET ASSETS - 100%		$ 1,530,843,690

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $9,475,286 or 0.6% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,524,082 or 0.5% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. (subscription receipt)	2/8/06	$ 3,277,800

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 2,801,353
Fidelity Securities Lending Cash Central Fund	140,850
Total	$ 2,942,203

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:

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aber Diamond Corp.	$ 101,949,189	$ 42,793,742	$ 12,253,783	$ 636,353	$ 122,201,694
Arizona Star Resource Corp.	15,418,356	10,415,853	-	-	32,265,153
Bolivar Gold Corp.	31,025,393	-	31,022,986	-	-
Cambior, Inc.	65,449,104	17,259,255	-	-	85,811,578
Central Asia Gold Ltd.	-	4,104,140	-	-	4,387,520
Crystallex International Corp.	42,908,067	-	6,023,354	-	61,021,566
Minefinders Corp. Ltd.	29,636,932	4,727,146	-	-	32,994,325
Orezone Resources, Inc. Class A	14,417,110	5,744,298	-	-	17,525,539
Total	$ 300,804,151	$ 85,044,434	$ 49,300,123	$ 636,353	$ 356,207,375

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,396,152,138. Net unrealized appreciation aggregated $226,235,988, of which $283,628,066 related to appreciated investment securities and $57,392,078 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

May 31, 2006

1.802174.102

HEA-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BEVERAGES - 0.6%
Soft Drinks - 0.6%
Hansen Natural Corp. (a)	71,489		$ 13,216,171
BIOTECHNOLOGY - 13.8%
Biotechnology - 13.8%
Acadia Pharmaceuticals, Inc. (a)	4,200		43,512
Alizyme PLC (a)	71,600		182,433
Alnylam Pharmaceuticals, Inc. (a)	48,400		715,836
Altus Pharmaceuticals, Inc.	85,300		1,601,934
Amgen, Inc. (a)	1,179,104		79,695,639
Amylin Pharmaceuticals, Inc. (a)	199,500		9,067,275
Arena Pharmaceuticals, Inc. (a)	21,000		286,440
Biogen Idec, Inc. (a)	355,600		16,581,628
BioMarin Pharmaceutical, Inc. (a)	54,500		707,955
BioSphere Medical, Inc. (a)	71,500		403,975
Celgene Corp. (a)	306,800		12,716,860
Cephalon, Inc. (a)	68,600		4,096,792
DOV Pharmaceutical, Inc. (a)	49,100		151,719
DUSA Pharmaceuticals, Inc. (a)	250,138		1,480,817
Genentech, Inc. (a)	973,100		80,728,376
Genmab AS (a)	17,800		570,513
Gentium Spa sponsored ADR	8,300		108,398
Genzyme Corp. (a)	22,500		1,338,750
Gilead Sciences, Inc. (a)	525,800		30,144,114
GTx, Inc. (a)	700		6,041
Human Genome Sciences, Inc. (a)	175,500		1,923,480
ICOS Corp. (a)	204,100		4,147,312
ImClone Systems, Inc. (a)	100,100		4,004,000
Inhibitex, Inc. (a)	23,000		44,390
MannKind Corp. (a)	71,800		1,367,072
Martek Biosciences (a)(d)	41,100		1,041,885
MedImmune, Inc. (a)	300,770		9,570,501
Memory Pharmaceuticals Corp. (a)	18,000		31,140
Millennium Pharmaceuticals, Inc. (a)	403,200		3,451,392
Myogen, Inc. (a)	57,600		1,794,240
Neopharm, Inc. (a)	8,400		47,292
Neurocrine Biosciences, Inc. (a)	45,634		899,446
ONYX Pharmaceuticals, Inc. (a)	84,421		1,687,576
Panacos Pharmaceuticals, Inc. (a)	18,500		116,550
PDL BioPharma, Inc. (a)	148,000		2,997,000
Renovis, Inc. (a)	166,400		2,712,320
Solexa, Inc. (a)	142,300		1,287,815
Tercica, Inc. (a)(d)	680,700		3,478,377
Theravance, Inc. (a)	19,900		476,008
Vertex Pharmaceuticals, Inc. (a)	173,100		5,971,950
			287,678,753
CHEMICALS - 0.4%
Fertilizers & Agricultural Chemicals - 0.4%
Monsanto Co.	104,400		8,786,304
Syngenta AG sponsored ADR	9,300		256,308
			9,042,612

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.2%
Advisory Board Co. (a)	70,266		$ 3,632,752
Human Resource & Employment Services - 0.2%
Kforce, Inc. (a)	188,100		2,874,168
On Assignment, Inc. (a)	178,458		2,109,374
			4,983,542
Office Services & Supplies - 0.0%
Mine Safety Appliances Co.	100		4,121
TOTAL COMMERCIAL SERVICES & SUPPLIES			8,620,415
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
Service Corp. International (SCI)	178,700		1,427,813
Weight Watchers International, Inc.	1,400		58,632
			1,486,445
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Multi-Sector Holdings - 0.0%
PICO Holdings, Inc. (a)	10,616		360,944
FOOD & STAPLES RETAILING - 0.2%
Food Distributors - 0.1%
United Natural Foods, Inc. (a)	79,000		2,614,900
Food Retail - 0.1%
Whole Foods Market, Inc.	36,800		2,392,000
TOTAL FOOD & STAPLES RETAILING			5,006,900
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.1%
Bunge Ltd.	35,900		2,031,940
Packaged Foods & Meats - 0.2%
Groupe Danone	35,700		4,307,992
Hain Celestial Group, Inc. (a)	7,200		184,824
Nestle SA sponsored ADR	2,900		217,065
			4,709,881
TOTAL FOOD PRODUCTS			6,741,821
HEALTH CARE EQUIPMENT & SUPPLIES - 15.4%
Health Care Equipment - 11.5%
Advanced Medical Optics, Inc. (a)	82,500		3,738,900
American Medical Systems Holdings, Inc. (a)	700		13,839
Baxter International, Inc.	676,500		25,504,050
Beckman Coulter, Inc.	43,700		2,416,610
Becton, Dickinson & Co.	353,900		21,386,177
BioLase Technology, Inc.	107,900		802,776
Biomet, Inc.	40		1,408
Boston Scientific Corp. (a)	1,283,600		26,544,848
C.R. Bard, Inc.	294,600		21,803,346
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
China Medical Technologies, Inc. sponsored ADR	100		$ 2,562
CONMED Corp. (a)	100		1,944
Cyberonics, Inc. (a)	700		17,493
Cytyc Corp. (a)	354,700		9,321,516
Dade Behring Holdings, Inc.	116,900		4,354,525
Edwards Lifesciences Corp. (a)	57,800		2,562,852
Epix Pharmaceuticals, Inc. (a)(d)	285,050		1,020,479
HealthTronics, Inc. (a)	85,370		630,031
Hillenbrand Industries, Inc.	35,800		1,809,332
Hologic, Inc. (a)	65,700		2,594,493
Hospira, Inc. (a)	117,540		5,266,967
IDEXX Laboratories, Inc. (a)	38,800		2,965,484
Imaging Dynamics Co. Ltd. (a)	450,700		1,841,680
Integra LifeSciences Holdings Corp. (a)	100		3,844
IntraLase Corp. (a)	136,400		2,612,060
Intuitive Surgical, Inc. (a)	38,800		4,318,052
Invacare Corp.	39,700		1,124,304
Kinetic Concepts, Inc. (a)	89,000		3,462,100
Medtronic, Inc. (d)	655,260		33,084,077
Mentor Corp.	120,100		4,850,839
Natus Medical, Inc. (a)	189,003		2,356,867
NMT Medical, Inc. (a)	14,900		178,055
NuVasive, Inc. (a)	65,200		1,071,236
Optos PLC	620,700		2,533,315
Phonak Holding AG	3,574		205,343
PhotoMedex, Inc. (a)	334,004		541,086
Quidel Corp. (a)	700		6,601
ResMed, Inc. (a)	149,800		6,809,908
Respironics, Inc. (a)	106,400		3,619,728
SonoSite, Inc. (a)	168,200		6,186,396
St. Jude Medical, Inc. (a)	275,000		9,377,500
Stereotaxis, Inc. (a)	819,571		8,039,992
Steris Corp.	59,000		1,342,250
Stryker Corp.	200		8,780
Synthes, Inc.	20,791		2,546,081
The Spectranetics Corp. (a)	7,200		93,312
Varian Medical Systems, Inc. (a)	145,100		6,805,190
Zimmer Holdings, Inc. (a)	78,800		4,771,340
			240,549,568
Health Care Supplies - 3.9%
Alcon, Inc.	390,300		42,183,624
Arrow International, Inc.	64,198		2,069,744
Bausch & Lomb, Inc.	100		4,915
Cooper Companies, Inc.	93,800		4,441,430
DENTSPLY International, Inc.	99,000		5,920,200
DJ Orthopedics, Inc. (a)	294,900		11,309,415
Gen-Probe, Inc. (a)	59,400		3,207,600
Immucor, Inc. (a)	87,000		1,582,530
Inverness Medical Innovations, Inc. (a)	121,000		3,490,850
Inverness Medical Innovations, Inc. (a)(e)	42,205		1,095,853

	Shares		Value
LifeCell Corp. (a)	100		$ 2,700
Lifecore Biomedical, Inc. (a)	152,100		2,281,500
Medical Action Industries, Inc. (a)	100		2,296
Nutraceutical International Corp. (a)	223,300		3,628,625
West Pharmaceutical Services, Inc.	3,100		105,462
			81,326,744
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			321,876,312
HEALTH CARE PROVIDERS & SERVICES - 25.5%
Health Care Distributors & Services - 3.6%
AmerisourceBergen Corp.	259,200		11,298,528
Andrx Corp. (a)	97,000		2,265,920
Arcadia Resources, Inc. (a)	100		271
Cardinal Health, Inc.	429,100		28,711,081
Henry Schein, Inc. (a)	143,400		6,609,306
McKesson Corp.	526,900		26,081,550
Patterson Companies, Inc. (a)	14,400		493,200
Symbion Health Ltd.	448,500		1,056,012
			76,515,868
Health Care Facilities - 5.3%
Acibadem Saglik Hizmetleri AS	191,340		2,091,546
Apollo Hospitals Enterprise Ltd.	61,375		548,670
Brookdale Senior Living, Inc.	702,700		34,748,515
Bumrungrad Hospital PCL (For. Reg.)	3,861,000		3,272,257
Capital Senior Living Corp. (a)	693,600		7,629,600
Community Health Systems, Inc. (a)	361,200		13,617,240
Emeritus Corp. (a)	78,700		1,691,263
Genesis HealthCare Corp. (a)	700		32,949
HCA, Inc.	128,000		5,689,600
Health Management Associates, Inc. Class A	109,900		2,291,415
HealthSouth Corp. (a)	35,700		154,581
LCA-Vision, Inc.	76,091		4,134,785
LifePoint Hospitals, Inc. (a)	73,100		2,582,623
Manor Care, Inc.	25,200		1,170,288
NovaMed Eyecare, Inc. (a)	12,500		89,000
Odyssey Healthcare, Inc. (a)	285,734		4,660,322
Psychiatric Solutions, Inc. (a)	163,600		4,809,840
Radiation Therapy Services, Inc. (a)	700		16,989
Sun Healthcare Group, Inc. (a)	66,500		545,965
Sunrise Senior Living, Inc. (a)	88,300		2,957,167
Tenet Healthcare Corp. (a)	380,700		3,015,144
Triad Hospitals, Inc. (a)	55,900		2,251,652
U.S. Physical Therapy, Inc. (a)	63,404		952,962
United Surgical Partners International, Inc. (a)	47,500		1,477,725
Universal Health Services, Inc. Class B	61,600		3,126,816
VCA Antech, Inc. (a)	249,300		7,508,916
			111,067,830
Health Care Services - 7.1%
Apria Healthcare Group, Inc. (a)	14,200		272,640
Caremark Rx, Inc.	537,600		25,788,672
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - continued
Chemed Corp.	323,500		$ 17,420,475
Cross Country Healthcare, Inc. (a)	700		12,341
DaVita, Inc. (a)	294,100		15,575,536
Emergency Medical Services Corp. Class A	151,800		1,902,054
Express Scripts, Inc. (a)	179,500		13,153,760
Fresenius Medical Care AG sponsored ADR	700		26,285
Gentiva Health Services, Inc. (a)	700		12,159
HAPC, Inc. unit	627,500		3,783,825
Health Grades, Inc. (a)	416,120		1,861,263
HealthExtras, Inc. (a)	29,000		871,160
Healthways, Inc. (a)	250,800		13,327,512
I-trax, Inc. (a)	71,500		228,085
Laboratory Corp. of America Holdings (a)	100		5,936
Lincare Holdings, Inc. (a)	161,000		6,005,300
Matria Healthcare, Inc. (a)	59,500		1,717,170
Medco Health Solutions, Inc. (a)	430,200		23,187,780
Nighthawk Radiology Holdings, Inc.	38,200		706,700
Omnicare, Inc.	199,900		9,267,364
Pediatric Services of America, Inc. (a)	22,900		299,990
Pediatrix Medical Group, Inc. (a)	59,200		2,734,448
QMed, Inc. (a)	25,000		134,000
Quest Diagnostics, Inc.	100		5,574
RehabCare Group, Inc. (a)	126,000		2,125,620
ResCare, Inc. (a)	384,811		7,638,498
Visicu, Inc.	2,600		48,204
			148,112,351
Managed Health Care - 9.5%
Aetna, Inc.	759,900		29,225,754
AMERIGROUP Corp. (a)	27,400		786,380
CIGNA Corp.	123,300		11,434,842
Coventry Health Care, Inc. (a)	43,000		2,246,750
Health Net, Inc. (a)	212,600		9,146,052
Humana, Inc. (a)	289,400		14,652,322
Magellan Health Services, Inc. (a)	37,200		1,504,740
Sierra Health Services, Inc. (a)	135,400		5,578,480
UnitedHealth Group, Inc.	1,704,220		74,917,511
WellPoint, Inc. (a)	691,200		49,476,096
			198,968,927
TOTAL HEALTH CARE PROVIDERS & SERVICES			534,664,976
HEALTH CARE TECHNOLOGY - 1.4%
Healthcare Technology - 1.4%
Cerner Corp. (a)	65,100		2,472,498
Computer Programs & Systems, Inc.	5,700		229,026
Eclipsys Corp. (a)	434,200		8,440,848
Emdeon Corp. (a)	378,430		4,393,572

	Shares		Value
IMS Health, Inc.	271,800		$ 7,333,164
Merge Technologies, Inc. (a)	31,700		402,907
Systems Xcellence, Inc. (a)	71,500		286,974
Vital Images, Inc. (a)	6,100		142,069
WebMD Health Corp. Class A (d)	120,989		4,748,818
			28,449,876
INTERNET & CATALOG RETAIL - 0.6%
Internet Retail - 0.6%
NutriSystem, Inc. (a)(d)	187,821		12,756,802
LIFE SCIENCES TOOLS & SERVICES - 3.9%
Life Science Tools & Services - 3.9%
Affymetrix, Inc. (a)	200,500		5,515,755
Applera Corp.:
- Applied Biosystems Group	275,000		8,140,000
- Celera Genomics Group (a)	54,700		612,640
Charles River Laboratories International, Inc. (a)	131,900		5,281,276
Covance, Inc. (a)	140,500		8,299,335
eResearchTechnology, Inc. (a)	3,600		32,832
Exelixis, Inc. (a)	210,500		2,283,925
Fisher Scientific International, Inc. (a)	149,500		11,100,375
Illumina, Inc. (a)	35,000		956,550
Invitrogen Corp. (a)	98,500		6,278,390
Millipore Corp. (a)	75,330		5,227,902
Nektar Therapeutics (a)	107,500		2,148,925
PAREXEL International Corp. (a)	700		20,090
Pharmaceutical Product Development, Inc.	74,400		2,702,952
Techne Corp. (a)	89,700		4,904,796
Thermo Electron Corp. (a)	200,600		7,370,044
Waters Corp. (a)	235,521		9,809,450
			80,685,237
PERSONAL PRODUCTS - 1.3%
Personal Products - 1.3%
Herbalife Ltd. (a)	641,500		25,178,875
NBTY, Inc. (a)	80,500		2,110,710
			27,289,585
PHARMACEUTICALS - 35.4%
Pharmaceuticals - 35.4%
Abbott Laboratories	370,400		15,816,080
Abraxis BioScience, Inc. (a)	14,400		412,416
Allergan, Inc.	474,400		44,982,608
Altana AG sponsored ADR	3,400		202,776
AnorMED, Inc. (a)	69,500		498,570
Astellas Pharma, Inc.	95,400		3,774,129
AstraZeneca PLC sponsored ADR	100		5,294
Barr Pharmaceuticals, Inc. (a)	155,800		8,210,660
Biovail Corp.	78,900		1,944,469
Bristol-Myers Squibb Co.	100		2,455
Collagenex Pharmaceuticals, Inc. (a)	91,500		1,138,260
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Dr. Reddy's Laboratories Ltd. sponsored ADR	15,500		$ 449,500
Eli Lilly & Co.	231,100		11,934,004
Endo Pharmaceuticals Holdings, Inc. (a)	169,700		4,978,998
First Horizon Pharmaceutical Corp. (a)	90,300		1,906,233
Flamel Technologies SA sponsored ADR (a)	100		1,948
Forest Laboratories, Inc. (a)	546,200		20,471,576
GlaxoSmithKline PLC sponsored ADR	18,700		1,034,110
Impax Laboratories, Inc. (a)	26,400		189,288
Johnson & Johnson	2,732,384		164,544,164
King Pharmaceuticals, Inc. (a)	315,000		5,600,700
Kos Pharmaceuticals, Inc. (a)	37,603		1,613,545
Labopharm, Inc. (a)	20,800		186,988
Mayne Pharma Ltd. (a)	586,300		1,181,998
Medicis Pharmaceutical Corp. Class A	63,800		1,902,516
Merck & Co., Inc.	2,929,200		97,513,068
MGI Pharma, Inc. (a)	90,800		1,635,308
Mylan Laboratories, Inc.	170,800		3,571,428
New River Pharmaceuticals, Inc. (a)	6,500		191,750
Novartis AG sponsored ADR	58,400		3,240,032
Par Pharmaceutical Companies, Inc. (a)	44,000		1,009,800
Penwest Pharmaceuticals Co. (a)	170,100		3,289,734
Pfizer, Inc.	7,221,910		170,870,393
Ranbaxy Laboratories Ltd. sponsored GDR	170,608		1,526,942
Roche Holding AG (participation certificate)	111,438		17,351,162
Sanofi-Aventis sponsored ADR	46,800		2,212,236
Schering-Plough Corp.	843,200		16,071,392
Schwarz Pharma AG sponsored ADR	100		8,550
Sepracor, Inc. (a)	129,800		6,719,746
Takeda Pharamaceutical Co. Ltd.	39,600		2,584,922
Taro Pharmaceutical Industries Ltd. (a)	10,700		129,042
Teva Pharmaceutical Industries Ltd. sponsored ADR	480,463		17,493,658
Valeant Pharmaceuticals International	34,700		596,840
Watson Pharmaceuticals, Inc. (a)	38,500		975,205
Wyeth	2,215,270		101,326,450
			741,300,943
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
Apparel, Accessories & Luxury Goods - 0.0%
Gildan Activewear, Inc. Class A (a)	1,400		58,479
Quiksilver, Inc. (a)	100		1,246
Under Armour, Inc. Class A (sub. vtg.)	100		3,570
			63,295

	Shares		Value
Footwear - 0.0%
NIKE, Inc. Class B	100		$ 8,031
TOTAL TEXTILES, APPAREL & LUXURY GOODS			71,326
TOTAL COMMON STOCKS (Cost $1,757,622,246)		2,079,249,118
Nonconvertible Preferred Stocks - 0.0%

LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Science Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(e) (Cost $601,052)	111,000		1
Money Market Funds - 1.4%

Fidelity Cash Central Fund, 5.03% (b)	6,684,153		6,684,153
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	21,551,175		21,551,175
TOTAL MONEY MARKET FUNDS (Cost $28,235,328)		28,235,328

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $1,786,458,626)

2,107,484,447

NET OTHER ASSETS - (0.7)%		(14,073,446)
NET ASSETS - 100%		$ 2,093,411,001

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
GeneProt, Inc. Series A	7/7/00	$ 601,052
Inverness Medical Innovations, Inc.	2/8/06	$ 1,030,224

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 31,448
Fidelity Securities Lending Cash Central Fund	220,639
Total	$ 252,087

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,789,600,280. Net unrealized appreciation aggregated $317,884,167, of which $395,111,243 related to appreciated investment securities and $77,227,076 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2006

1.802162.102

HOU-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
BUILDING PRODUCTS - 8.7%
Building Products - 8.7%
American Standard Companies, Inc.	147,900		$ 6,284,271
Masco Corp. (d)	280,500		8,701,110
NCI Building Systems, Inc. (a)	19,200		1,164,288
Quixote Corp.	32,300		630,496
Wienerberger Baustoffindust AG	12,400		635,723
			17,415,888
CHEMICALS - 0.3%
Diversified Chemicals - 0.3%
Ashland, Inc.	10,300		643,750
COMMUNICATIONS EQUIPMENT - 1.5%
Communications Equipment - 1.5%
Dycom Industries, Inc. (a)	93,700		2,018,298
MasTec, Inc. (a)	71,800		924,066
			2,942,364
CONSTRUCTION & ENGINEERING - 10.1%
Construction & Engineering - 10.1%
Chicago Bridge & Iron Co. NV (NY Shares)	47,000		1,065,960
Fluor Corp.	99,400		8,713,404
Granite Construction, Inc.	49,800		2,058,234
Hochtief AG	11,300		664,635
Infrasource Services, Inc. (a)	49,700		914,480
Jacobs Engineering Group, Inc. (a)	12,800		998,784
Perini Corp. (a)	25,600		628,736
Shaw Group, Inc. (a)	41,600		1,108,224
Skanska AB (B Shares)	35,300		549,536
URS Corp. (a)	52,500		2,225,475
Veidekke ASA	16,400		620,354
YIT-Yhtyma OY	23,600		598,913
			20,146,735
CONSTRUCTION MATERIALS - 9.3%
Construction Materials - 9.3%
Cemex SA de CV sponsored ADR	36,600		2,085,102
Eagle Materials, Inc.	25,200		1,227,996
Florida Rock Industries, Inc.	59,575		3,133,645
Martin Marietta Materials, Inc.	44,900		4,108,799
Rinker Group Ltd. sponsored ADR	10,900		772,265
Texas Industries, Inc.	9,101		445,676
Vulcan Materials Co.	85,900		6,704,495
			18,477,978
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
Genlyte Group, Inc. (a)	23,600		1,646,808
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
FARO Technologies, Inc. (a)	31,400		471,942

	Shares		Value
HOUSEHOLD DURABLES - 17.6%
Home Furnishings - 0.3%
Samson Holding Ltd.	1,025,000		$ 554,907
Homebuilding - 17.3%
Barratt Developments PLC	68,400		1,174,227
Beazer Homes USA, Inc. (d)	30,000		1,492,500
D.R. Horton, Inc.	278,166		7,332,456
KB Home	71,500		3,660,800
Lennar Corp. Class A (d)	113,000		5,413,830
Meritage Homes Corp. (a)	19,500		1,045,005
Pulte Homes, Inc.	203,500		6,607,645
Ryland Group, Inc.	45,000		2,214,450
Standard Pacific Corp.	62,500		1,879,375
Toll Brothers, Inc. (a)	127,200		3,594,672
			34,414,960
TOTAL HOUSEHOLD DURABLES			34,969,867
INDUSTRIAL CONGLOMERATES - 0.9%
Industrial Conglomerates - 0.9%
Walter Industries, Inc.	32,700		1,901,832
MACHINERY - 15.1%
Construction & Farm Machinery & Heavy Trucks - 8.9%
A.S.V., Inc. (a)(d)	20,600		421,270
Bucyrus International, Inc. Class A	31,300		1,597,552
Caterpillar, Inc.	183,700		13,400,915
Joy Global, Inc.	25,400		1,364,996
Toro Co.	20,600		994,362
			17,779,095
Industrial Machinery - 6.2%
Danaher Corp. (d)	192,900		12,366,819
TOTAL MACHINERY			30,145,914
REAL ESTATE INVESTMENT TRUSTS - 3.2%
Residential REITs - 1.6%
Equity Lifestyle Properties, Inc.	5,800		250,270
Equity Residential (SBI)	51,900		2,288,790
United Dominion Realty Trust, Inc. (SBI)	26,596		718,358
			3,257,418
Retail REITs - 1.6%
General Growth Properties, Inc.	70,300		3,076,328
TOTAL REAL ESTATE INVESTMENT TRUSTS			6,333,746
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.1%
Real Estate Management & Development - 3.1%
AV Jennings Homes Ltd.	768,664		690,982
China Overseas Land & Investment Ltd.	2,040,000		1,203,008
The St. Joe Co. (d)	90,600		4,260,012
			6,154,002
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - 12.6%
Home Improvement Retail - 12.1%
Home Depot, Inc.	271,050		$ 10,332,426
Lowe's Companies, Inc.	151,700		9,447,876
Sherwin-Williams Co.	89,400		4,324,278
			24,104,580
Homefurnishing Retail - 0.5%
Pier 1 Imports, Inc.	106,600		905,034
TOTAL SPECIALTY RETAIL			25,009,614
THRIFTS & MORTGAGE FINANCE - 9.6%
Thrifts & Mortgage Finance - 9.6%
Countrywide Financial Corp.	165,048		6,318,037
Fannie Mae	255,800		12,726,050
			19,044,087
TRADING COMPANIES & DISTRIBUTORS - 5.8%
Trading Companies & Distributors - 5.8%
Beacon Roofing Supply, Inc. (a)	46,700		1,760,590
MSC Industrial Direct Co., Inc. Class A	29,700		1,373,031
Watsco, Inc.	9,700		543,297
WESCO International, Inc. (a)	119,000		7,823,060
			11,499,978
TRANSPORTATION INFRASTRUCTURE - 0.3%
Highways & Railtracks - 0.3%
Cintra Concesiones de Infrastructuras de Transporte SA	45,800		589,954
TOTAL COMMON STOCKS (Cost $165,934,981)		197,394,459
Money Market Funds - 5.8%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c) (Cost $11,442,475)	11,442,475	$ 11,442,475

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $177,377,456)

208,836,934

NET OTHER ASSETS - (4.9)%		(9,724,081)
NET ASSETS - 100%		$ 199,112,853

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 30,695
Fidelity Securities Lending Cash Central Fund	15,559
Total	$ 46,254

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $177,623,750. Net unrealized appreciation aggregated $31,213,184, of which $38,652,049 related to appreciated investment securities and $7,438,865 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Materials Portfolio

May 31, 2006

1.802177.102

IND-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
BUILDING PRODUCTS - 2.3%
Building Products - 2.3%
American Standard Companies, Inc.	52,300		$ 2,222,227
Masco Corp. (d)	110,000		3,412,200
			5,634,427
CHEMICALS - 16.6%
Diversified Chemicals - 6.9%
Dow Chemical Co.	280,000		11,163,600
E.I. du Pont de Nemours & Co. (d)	125,800		5,350,274
			16,513,874
Industrial Gases - 6.4%
Air Products & Chemicals, Inc.	91,800		5,953,230
Airgas, Inc.	76,800		2,940,672
Praxair, Inc.	122,100		6,434,670
			15,328,572
Specialty Chemicals - 3.3%
Albemarle Corp.	60,000		2,880,000
Chemtura Corp.	83,200		817,856
Cytec Industries, Inc.	27,400		1,577,692
Rohm & Haas Co.	50,000		2,520,500
			7,796,048
TOTAL CHEMICALS			39,638,494
CONSTRUCTION & ENGINEERING - 1.4%
Construction & Engineering - 1.4%
SNC-Lavalin Group, Inc.	130,000		3,483,587
CONSTRUCTION MATERIALS - 5.4%
Construction Materials - 5.4%
Martin Marietta Materials, Inc.	30,000		2,745,300
Polaris Minerals Corp. (e)	1,000,000		4,631,101
Vulcan Materials Co.	70,000		5,463,500
			12,839,901
CONTAINERS & PACKAGING - 0.6%
Metal & Glass Containers - 0.6%
Pactiv Corp. (a)	60,000		1,480,200
MACHINERY - 1.7%
Industrial Machinery - 1.7%
Wajax Income Fund	100,000		4,009,081
METALS & MINING - 41.9%
Aluminum - 10.0%
Alcan, Inc.	235,000		12,174,118
Alcoa, Inc.	373,998		11,863,217
Novelis, Inc.	40		850
			24,038,185

	Shares		Value
Diversified Metals & Mining - 17.2%
AUR Resources, Inc. (d)	100,000		$ 1,622,701
BHP Billiton Ltd. sponsored ADR	25,800		1,116,624
Birch Mountain Resources Ltd. (a)	600,000		4,533,031
Coalcorp Mining, Inc. (a)	7,670,500		5,920,477
Coalcorp Mining, Inc. warrants 2/8/11 (a)	89,000		32,731
Falconbridge Ltd. (d)	232,664		11,567,177
FNX Mining Co., Inc. (a)	168,000		1,806,238
Inco Ltd.	100,000		6,583,428
Phelps Dodge Corp.	10,400		891,176
Skye Resources, Inc. (a)	200,000		1,489,217
Teck Cominco Ltd. Class B (sub. vtg.)	60,000		3,819,296
Zinifex Ltd.	200,000		1,793,364
			41,175,460
Gold - 6.5%
Agnico-Eagle Mines Ltd.	100,000		3,350,738
Cambior, Inc. (a)	1,000,000		3,178,207
Meridian Gold, Inc. (a)	120,000		3,715,778
Newmont Mining Corp.	100,000		5,215,000
			15,459,723
Steel - 8.2%
Chaparral Steel Co. (a)	50,000		3,071,500
IPSCO, Inc.	14,000		1,313,362
Nucor Corp.	48,000		5,052,960
Reliance Steel & Aluminum Co.	30,000		2,418,300
Schnitzer Steel Industries, Inc. Class A	30,000		1,075,200
United States Steel Corp. (d)	100,000		6,638,000
			19,569,322
TOTAL METALS & MINING			100,242,690
OIL, GAS & CONSUMABLE FUELS - 12.9%
Coal & Consumable Fuels - 12.9%
Arch Coal, Inc.	51,400		2,485,704
Cameco Corp.	125,600		5,154,020
CONSOL Energy, Inc.	121,200		10,695,900
Massey Energy Co.	30,000		1,119,600
Peabody Energy Corp.	181,000		11,283,540
			30,738,764
ROAD & RAIL - 13.2%
Railroads - 13.2%
Burlington Northern Santa Fe Corp.	105,600		8,174,496
Canadian National Railway Co.	137,300		6,077,980
CSX Corp.	72,200		4,831,624
Norfolk Southern Corp.	126,500		6,674,140
Union Pacific Corp.	63,200		5,864,960
			31,623,200
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.5%
Trading Companies & Distributors - 0.5%
Finning International, Inc.	32,300		$ 1,105,753
TOTAL COMMON STOCKS (Cost $199,609,203)		230,796,097
Money Market Funds - 14.7%

Fidelity Cash Central Fund, 5.03% (b)	7,338,008		7,338,008
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	27,773,790		27,773,790
TOTAL MONEY MARKET FUNDS (Cost $35,111,798)		35,111,798

TOTAL INVESTMENT PORTFOLIO - 111.2%

(Cost $234,721,001)

265,907,895

NET OTHER ASSETS - (11.2)%		(26,866,898)
NET ASSETS - 100%		$ 239,040,997

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 133,834
Fidelity Securities Lending Cash Central Fund	16,163
Total	$ 149,997

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $235,230,652. Net unrealized appreciation aggregated $30,677,243, of which $39,696,974 related to appreciated investment securities and $9,019,731 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

May 31, 2006

1.802176.102

INE-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AEROSPACE & DEFENSE - 9.3%
Aerospace & Defense - 9.3%
Bombardier, Inc. Class B (sub. vtg.) (a)	92,800		$ 265,444
Honeywell International, Inc.	178,700		7,358,866
Precision Castparts Corp.	37,000		2,132,310
			9,756,620
AUTO COMPONENTS - 0.5%
Auto Parts & Equipment - 0.5%
Johnson Controls, Inc.	6,300		536,571
BUILDING PRODUCTS - 2.7%
Building Products - 2.7%
American Standard Companies, Inc.	52,700		2,239,223
Goodman Global, Inc.	1,100		18,645
Jacuzzi Brands, Inc. (a)	45,300		424,461
Trex Co., Inc. (a)(d)	4,500		122,175
			2,804,504
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Office Services & Supplies - 0.5%
IKON Office Solutions, Inc.	38,300		494,836
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
TANDBERG ASA	22,000		187,241
COMPUTERS & PERIPHERALS - 0.8%
Computer Hardware - 0.4%
NCR Corp. (a)	11,600		453,328
Computer Storage & Peripherals - 0.4%
EMC Corp. (a)	28,500		364,800
TOTAL COMPUTERS & PERIPHERALS			818,128
CONSTRUCTION & ENGINEERING - 2.5%
Construction & Engineering - 2.5%
EMCOR Group, Inc. (a)	33,000		1,586,970
SNC-Lavalin Group, Inc.	17,500		468,944
URS Corp. (a)	14,100		597,699
			2,653,613
ELECTRICAL EQUIPMENT - 8.0%
Electrical Components & Equipment - 8.0%
A.O. Smith Corp.	8,100		355,995
American Power Conversion Corp.	17,100		336,528
AMETEK, Inc.	23,000		1,049,490
Cooper Industries Ltd. Class A	16,400		1,460,584
Emerson Electric Co.	26,200		2,162,024
Hubbell, Inc. Class B	8,900		448,115
Rockwell Automation, Inc.	31,200		2,130,336
Roper Industries, Inc.	11,600		543,344
			8,486,416

	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.0%
Electronic Equipment & Instruments - 0.5%
Cognex Corp.	3,900		$ 97,929
Napco Security Systems, Inc. (a)	27,650		402,584
			500,513
Electronic Manufacturing Services - 0.5%
Molex, Inc.	16,100		571,550
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,072,063
ENERGY EQUIPMENT & SERVICES - 6.4%
Oil & Gas Equipment & Services - 6.4%
Halliburton Co.	90,900		6,780,231
HOUSEHOLD DURABLES - 0.3%
Household Appliances - 0.3%
Blount International, Inc. (a)	24,000		307,680
INDUSTRIAL CONGLOMERATES - 16.4%
Industrial Conglomerates - 16.4%
General Electric Co.	262,350		8,988,111
Textron, Inc.	15,800		1,436,694
Tyco International Ltd.	254,800		6,907,628
			17,332,433
MACHINERY - 36.6%
Construction & Farm Machinery & Heavy Trucks - 15.6%
AGCO Corp. (a)	13,200		322,872
American Railcar Industries, Inc.	100		3,437
Astec Industries, Inc. (a)	12,600		435,204
Bucyrus International, Inc. Class A	14,750		752,840
Caterpillar, Inc.	75,900		5,536,905
Cummins, Inc.	5,900		650,239
Deere & Co.	51,025		4,367,740
Manitowoc Co., Inc.	39,100		1,798,209
Navistar International Corp. (a)	52,000		1,382,160
Toro Co.	9,400		453,738
Toromont Industries Ltd.	23,400		527,815
Wabash National Corp.	11,800		198,240
			16,429,399
Industrial Machinery - 21.0%
Actuant Corp. Class A	18,300		1,080,249
Albany International Corp. Class A	3,800		151,848
Atlas Copco AB (B Shares)	21,000		524,524
Crane Co.	1,600		64,288
Danaher Corp.	53,100		3,404,241
Donaldson Co., Inc.	12,500		415,125
Dover Corp.	55,500		2,710,620
Harsco Corp.	11,700		947,934
IDEX Corp.	5,900		285,265
Illinois Tool Works, Inc.	59,600		2,959,140
Ingersoll-Rand Co. Ltd. Class A	27,900		1,216,719
ITT Industries, Inc.	50,200		2,617,930
KCI Konecranes Oyj	58,550		1,193,943
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Palfinger AG	11,500		$ 1,148,211
Pentair, Inc.	14,400		491,904
RBC Bearings, Inc.	28,200		705,846
Schindler Holding AG (participation certificate)	23,088		1,202,391
SPX Corp.	13,100		689,191
Wajax Income Fund	1,000		40,091
Watts Water Technologies, Inc. Class A	7,200		246,816
			22,096,276
TOTAL MACHINERY			38,525,675
MARINE - 0.6%
Marine - 0.6%
Kirby Corp. (a)	8,200		616,066
OFFICE ELECTRONICS - 2.2%
Office Electronics - 2.2%
Xerox Corp. (a)	132,900		1,824,717
Zebra Technologies Corp. Class A (a)	14,700		519,057
			2,343,774
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.8%
Semiconductor Equipment - 6.8%
Applied Materials, Inc.	233,900		3,955,249
Cascade Microtech, Inc. (a)	4,700		52,452
FormFactor, Inc. (a)	6,800		263,432
KLA-Tencor Corp.	27,700		1,136,808
Lam Research Corp. (a)	20,900		936,111
Teradyne, Inc. (a)	53,400		831,438
			7,175,490
SPECIALTY RETAIL - 1.0%
Home Improvement Retail - 1.0%
Sherwin-Williams Co.	21,800		1,054,466
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Trading Companies & Distributors - 3.0%
Fastenal Co.	27,100		1,165,300

	Shares		Value
Finning International, Inc.	15,900		$ 544,318
H&E Equipment Services, Inc.	200		5,950
Interline Brands, Inc. (a)	23,700		576,858
W.W. Grainger, Inc.	5,600		404,096
Watsco, Inc.	8,400		470,484
			3,167,006
TOTAL COMMON STOCKS (Cost $90,297,481)		104,112,813
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 5.03% (b)	1,354,220		1,354,220
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	39,200		39,200
TOTAL MONEY MARKET FUNDS (Cost $1,393,420)		1,393,420

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $91,690,901)

105,506,233

NET OTHER ASSETS - (0.1)%			(111,682)
NET ASSETS - 100%		$ 105,394,551

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 44,061
Fidelity Securities Lending Cash Central Fund	608
Total	$ 44,669

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $91,991,754. Net unrealized appreciation aggregated $13,514,479, of which $16,908,271 related to appreciated investment securities and $3,393,792 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

May 31, 2006

1.802179.102

LEI-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 1.8%
Education Services - 1.8%
Educate, Inc. (a)	444,800		$ 3,905,344
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
Integrated Telecommunication Services - 0.0%
AT&T, Inc.	100		2,606
BellSouth Corp.	100		3,377
Verizon Communications, Inc.	100		3,121
			9,104
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
Electronic Equipment & Instruments - 0.2%
Photon Dynamics, Inc. (a)	23,300		371,635
Technology Distributors - 0.7%
Bell Microproducts, Inc. (a)	196,200		1,185,048
PFSweb, Inc. (a)	244,800		298,656
			1,483,704
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,855,339
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Supplies - 0.2%
Align Technology, Inc. (a)	68,900		509,171
HOTELS, RESTAURANTS & LEISURE - 45.5%
Casinos & Gaming - 20.2%
Aristocrat Leisure Ltd. (d)	109,500		1,105,424
Boyd Gaming Corp.	165,800		7,461,000
FortuNet, Inc. (d)	16,455		299,646
Harrah's Entertainment, Inc.	23,900		1,817,356
International Game Technology	103,000		3,834,690
Isle of Capri Casinos, Inc. (a)	78,900		2,229,714
Las Vegas Sands Corp. (a)	35,800		2,527,838
MGM MIRAGE (a)	57,000		2,363,220
Penn National Gaming, Inc. (a)	241,000		9,261,630
Pinnacle Entertainment, Inc. (a)	50,200		1,553,690
Progressive Gaming International Corp. (a)	2,600		26,286
Shuffle Master, Inc. (a)(d)	59,200		2,158,432
Station Casinos, Inc.	37,300		2,722,900
WMS Industries, Inc. (a)	74,400		1,929,936
Wynn Resorts Ltd. (a)(d)	64,800		4,613,760
			43,905,522
Hotels, Resorts & Cruise Lines - 16.8%
Carnival Corp. unit	308,900		12,328,199
eLong, Inc. sponsored ADR (a)	1,100		16,379
Gaylord Entertainment Co. (a)	88,300		3,869,306
Marriott International, Inc. Class A	37,900		2,741,307
Morgans Hotel Group Co.	87,400		1,310,126

	Shares		Value
Royal Caribbean Cruises Ltd.	242,700		$ 9,242,016
Starwood Hotels & Resorts Worldwide, Inc.	113,100		6,910,410
			36,417,743
Leisure Facilities - 2.9%
Vail Resorts, Inc. (a)	173,400		6,233,730
Restaurants - 5.6%
Buffalo Wild Wings, Inc. (a)	63,015		2,473,969
McDonald's Corp.	175,400		5,818,018
Starbucks Corp. (a)(d)	67,100		2,392,115
Wendy's International, Inc.	24,800		1,494,944
			12,179,046
TOTAL HOTELS, RESTAURANTS & LEISURE			98,736,041
HOUSEHOLD DURABLES - 0.3%
Homebuilding - 0.3%
D.R. Horton, Inc.	25,200		664,272
INTERNET & CATALOG RETAIL - 0.7%
Catalog Retail - 0.0%
dELiA*s, Inc. (a)	143		1,423
Internet Retail - 0.7%
Expedia, Inc. (a)	99,300		1,411,053
TOTAL INTERNET & CATALOG RETAIL			1,412,476
INTERNET SOFTWARE & SERVICES - 19.2%
Internet Software & Services - 19.2%
Baidu.com, Inc. sponsored ADR (d)	11,200		871,584
China Lotsynergy Holding Ltd. (a)	17,536,000		1,966,515
CMGI, Inc. (a)	87,100		114,972
eBay, Inc. (a)	23,300		764,473
Equinix, Inc. (a)	41,900		2,441,932
Google, Inc. Class A (sub. vtg.) (a)	43,500		16,174,170
Yahoo!, Inc. (a)	613,804		19,390,066
			41,723,712
LEISURE EQUIPMENT & PRODUCTS - 3.9%
Leisure Products - 3.9%
Aruze Corp.	219,900		5,021,976
Brunswick Corp.	26,700		959,331
MarineMax, Inc. (a)	36,000		1,035,720
Nautilus, Inc.	72,600		1,226,940
Polaris Industries, Inc.	5,500		244,915
			8,488,882
MEDIA - 15.5%
Advertising - 0.7%
Interpublic Group of Companies, Inc. (a)	384		3,660
Lamar Advertising Co. Class A (a)(d)	28,300		1,542,916
			1,546,576
Broadcasting & Cable TV - 5.5%
Charter Communications, Inc. Class A (a)	1,899,700		1,994,685
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Broadcasting & Cable TV - continued
Comcast Corp. Class A (a)	106,700		$ 3,428,271
EchoStar Communications Corp. Class A (a)	47,300		1,415,689
Salem Communications Corp. Class A (a)	29,500		426,865
Television Broadcasts Ltd.	112,000		645,317
Univision Communications, Inc. Class A (a)	101,500		3,648,925
XM Satellite Radio Holdings, Inc. Class A (a)	23,535		339,375
			11,899,127
Movies & Entertainment - 8.8%
News Corp. Class A	301,296		5,745,715
The Walt Disney Co.	281,800		8,594,900
Time Warner, Inc.	284,100		4,889,361
			19,229,976
Publishing - 0.5%
McGraw-Hill Companies, Inc.	19,500		1,006,200
TOTAL MEDIA			33,681,879
REAL ESTATE INVESTMENT TRUSTS - 1.8%
Specialized REITs - 1.8%
Hersha Hospitality Trust	56,500		527,710
Host Hotels & Resorts, Inc.	141,639		2,842,695
Strategic Hotel & Resorts, Inc.	21,900		449,388
			3,819,793
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.7%
Real Estate Management & Development - 1.7%
Far East Consortium International Ltd.	1,925,000		818,827
Lai Fung Holdings Ltd. (a)	65,513,000		2,871,136
			3,689,963
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Semiconductors - 0.3%
Pixelworks, Inc. (a)	229,400		644,614
SOFTWARE - 0.7%
Application Software - 0.7%
NAVTEQ Corp. (a)	7,700		321,475
Plato Learning, Inc. (a)	178,671		1,211,389
			1,532,864

	Shares		Value
SPECIALTY RETAIL - 2.6%
Apparel Retail - 2.2%
Pacific Sunwear of California, Inc. (a)	220,400		$ 4,837,780
Homefurnishing Retail - 0.4%
Pier 1 Imports, Inc.	99,200		842,208
TOTAL SPECIALTY RETAIL			5,679,988
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
Apparel, Accessories & Luxury Goods - 0.4%
Carter's, Inc. (a)	15,500		905,820
WIRELESS TELECOMMUNICATION SERVICES - 1.2%
Wireless Telecommunication Services - 1.2%
American Tower Corp. Class A (a)	87,000		2,694,390
TOTAL COMMON STOCKS (Cost $185,042,059)		209,953,652
Money Market Funds - 6.9%

Fidelity Cash Central Fund, 5.03% (b)	3,662,817		3,662,817
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	11,363,127		11,363,127
TOTAL MONEY MARKET FUNDS (Cost $15,025,944)		15,025,944

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $200,068,003)

224,979,596

NET OTHER ASSETS - (3.6)%		(7,812,571)
NET ASSETS - 100%		$ 217,167,025

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 58,444
Fidelity Securities Lending Cash Central Fund	54,290
Total	$ 112,734

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $200,136,707. Net unrealized appreciation aggregated $24,842,889, of which $35,955,380 related to appreciated investment securities and $11,112,491 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

May 31, 2006

1.802180.102

MED-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AUTOMOBILES - 0.1%
Motorcycle Manufacturers - 0.1%
Bajaj Auto Ltd.	12,500		$ 739,971
BIOTECHNOLOGY - 0.4%
Biotechnology - 0.4%
Cepheid, Inc. (a)	70,000		677,600
DUSA Pharmaceuticals, Inc. (a)	117,200		693,824
Gilead Sciences, Inc. (a)	5,000		286,650
MannKind Corp. (a)	6,300		119,952
Myogen, Inc. (a)	15,000		467,250
Pharmion Corp. (a)	39,100		766,751
Renovo Group PLC	65,000		113,045
Theravance, Inc. (a)	12,800		306,176
			3,431,248
CHEMICALS - 0.0%
Fertilizers & Agricultural Chemicals - 0.0%
Bodisen Biotech, Inc. (a)(e)	23,100		264,264
COMMERCIAL BANKS - 0.1%
Diversified Banks - 0.1%
ICICI Bank Ltd.	35,000		407,899
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.3%
Advisory Board Co. (a)	45,000		2,326,500
Healthcare Services Group, Inc.	10,000		203,100
			2,529,600
Human Resource & Employment Services - 0.1%
Kforce, Inc. (a)	69,700		1,065,016
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,594,616
DIVERSIFIED CONSUMER SERVICES - 5.8%
Specialized Consumer Services - 5.8%
Carriage Services, Inc. Class A (a)	506,549		2,406,108
Service Corp. International (SCI)	2,201,830		17,592,622
Weight Watchers International, Inc.	662,900		27,762,252
			47,760,982
FOOD & STAPLES RETAILING - 1.3%
Drug Retail - 0.4%
Cosmos Pharmaceutical Corp.	53,300		1,480,817
Nihon Chouzai Co. Ltd.	2,500		102,724
Sugi Pharmacy Co. Ltd.	10,000		206,347
Sundrug Co. Ltd.	57,500		1,483,766
			3,273,654
Food Retail - 0.9%
Safeway, Inc.	302,700		7,137,666
TOTAL FOOD & STAPLES RETAILING			10,411,320

	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 4.9%
Health Care Equipment - 2.4%
Abiomed, Inc. (a)	500		$ 6,700
Aspect Medical Systems, Inc. (a)	401,100		7,869,582
BioLase Technology, Inc.	25,000		186,000
Cardiodynamics International Corp. (a)	150,000		204,000
China Medical Technologies, Inc. sponsored ADR (e)	24,800		635,376
DexCom, Inc. (a)	27,000		525,420
Hospira, Inc. (a)	11,400		510,834
IDEXX Laboratories, Inc. (a)	6,900		527,367
Imaging Dynamics Co. Ltd. (a)	100,000		408,627
IRIS International, Inc. (a)	5,000		71,100
Kinetic Concepts, Inc. (a)	44,500		1,731,050
Mentor Corp.	6,600		266,574
NeuroMetrix, Inc. (a)	57,700		1,681,378
Phonak Holding AG	15,000		861,821
PhotoMedex, Inc. (a)	100,000		162,000
Quidel Corp. (a)	40,000		377,200
Syneron Medical Ltd. (a)(e)	92,600		1,807,552
Sysmex Corp.	10,000		415,392
Varian Medical Systems, Inc. (a)	10,000		469,000
Viasys Healthcare, Inc. (a)	20,000		503,800
William Demant Holding AS (a)	10,000		753,592
			19,974,365
Health Care Supplies - 2.5%
Alcon, Inc.	26,400		2,853,312
Align Technology, Inc. (a)	5,000		36,950
Coloplast AS Series B	12,500		938,767
Cynosure, Inc. Class A	56,900		833,016
ICU Medical, Inc. (a)	24,500		1,016,015
Inverness Medical Innovations, Inc. (a)	451,000		13,011,350
Regeneration Technologies, Inc. (a)	50,000		354,500
West Pharmaceutical Services, Inc.	32,500		1,105,650
			20,149,560
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			40,123,925
HEALTH CARE PROVIDERS & SERVICES - 74.3%
Health Care Distributors & Services - 8.2%
DrugMax, Inc. (a)	351,880		232,241
Henry Schein, Inc. (a)	277,700		12,799,193
McKesson Corp.	850,000		42,075,000
MWI Veterinary Supply, Inc.	22,700		692,350
Patterson Companies, Inc. (a)	342,135		11,718,124
			67,516,908
Health Care Facilities - 10.1%
Acibadem Saglik Hizmetleri AS	276,000		3,016,969
American Retirement Corp. (a)	3,100		99,851
AmSurg Corp. (a)	50,500		1,216,545
Apollo Hospitals Enterprise Ltd.	901,565		8,059,666
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Facilities - continued
Bangkok Dusit Medical Service PCL Class F (For. Reg.)	2,372,600		$ 1,835,366
Brookdale Senior Living, Inc. (e)	279,500		13,821,275
Bumrungrad Hospital PCL (For. Reg.)	2,268,300		1,922,419
Capio AB (a)	10,000		183,352
Capital Senior Living Corp. (a)	175,700		1,932,700
Community Health Systems, Inc. (a)	325,300		12,263,810
Emeritus Corp. (a)	107,300		2,305,877
Generale de Sante	5,000		171,043
HealthSouth Corp. (a)	2,180		9,439
Kindred Healthcare, Inc. (a)	100		2,536
LCA-Vision, Inc.	10,000		543,400
LifePoint Hospitals, Inc. (a)	2,200		77,726
Manor Care, Inc.	190,000		8,823,600
Medi-Clinic Corp. Ltd.	450,000		1,302,412
Network Healthcare Holdings Ltd.	1,000,000		1,358,071
Odyssey Healthcare, Inc. (a)	43,400		707,854
Orpea (a)	17,500		1,295,318
Radiation Therapy Services, Inc. (a)	70,964		1,722,296
Rhoen-Klinikum AG	27,500		1,211,783
Sun Healthcare Group, Inc. (a)	10,100		82,921
Sunrise Senior Living, Inc. (a)	188,400		6,309,516
Symbion, Inc. (a)	33,500		734,990
U.S. Physical Therapy, Inc. (a)	274,052		4,119,002
United Surgical Partners International, Inc. (a)	3,750		116,663
Universal Health Services, Inc. Class B	148,700		7,548,012
			82,794,412
Health Care Services - 22.2%
Allied Healthcare International, Inc. (a)	90,321		345,026
Allion Healthcare, Inc.	96,700		780,369
American Dental Partners, Inc. (a)	488		6,764
AMN Healthcare Services, Inc. (a)	208,700		4,107,216
Apria Healthcare Group, Inc. (a)	55,500		1,065,600
Caremark Rx, Inc.	879,500		42,189,615
Cross Country Healthcare, Inc. (a)	39,100		689,333
DaVita, Inc. (a)	140,200		7,424,992
Diagnosticos Da America SA (a)	170,000		3,320,571
Dialysis Corp. of America (a)	10,000		122,500
Emergency Medical Services Corp. Class A	240,600		3,014,718
Express Scripts, Inc. (a)	400		29,312
Health Grades, Inc. (a)	1,054,070		4,714,750
Healthways, Inc. (a)	99,448		5,284,667
HMS Holdings Corp. (a)	301,629		2,907,704
Hooper Holmes, Inc.	5,000		15,050
LHC Group, Inc.	5,000		92,450
Lincare Holdings, Inc. (a)	100		3,730
Medco Health Solutions, Inc. (a)	896,500		48,321,350
Nighthawk Radiology Holdings, Inc.	75,000		1,387,500

	Shares		Value
Omnicare, Inc.	765,700		$ 35,497,852
Pediatric Services of America, Inc. (a)	37,500		491,250
Providence Service Corp. (a)	46,700		1,456,573
Rural/Metro Corp. (a)(f)	1,957,400		13,956,262
Ventiv Health, Inc. (a)	5,000		147,700
Visicu, Inc.	122,000		2,261,880
VistaCare, Inc. Class A (a)	131,100		1,811,802
			181,446,536
Managed Health Care - 33.8%
Aetna, Inc.	1,087,800		41,836,788
AMERIGROUP Corp. (a)	117,700		3,377,990
Centene Corp. (a)	1,800		46,890
CIGNA Corp.	361,000		33,479,140
Coventry Health Care, Inc. (a)	468,300		24,468,675
Health Net, Inc. (a)	828,700		35,650,674
Healthspring, Inc.	305,500		5,114,070
Humana, Inc. (a)	973,000		49,262,990
Molina Healthcare, Inc. (a)	1,473		55,709
Sierra Health Services, Inc. (a)	31,000		1,277,200
UnitedHealth Group, Inc.	1,168,301		51,358,509
WellPoint, Inc. (a)	431,500		30,886,770
			276,815,405
TOTAL HEALTH CARE PROVIDERS & SERVICES			608,573,261
HEALTH CARE TECHNOLOGY - 1.8%
Healthcare Technology - 1.8%
Allscripts Healthcare Solutions, Inc. (a)	30,900		538,896
AMICAS, Inc. (a)	50,000		178,000
Cerner Corp. (a)	154,701		5,875,544
Computer Programs & Systems, Inc.	27,500		1,104,950
Emageon, Inc. (a)	126,298		1,629,244
Per-Se Technologies, Inc. (a)	25,000		623,000
Phase Forward, Inc. (a)	62,800		799,444
Systems Xcellence, Inc. (a)	20,000		80,272
Vital Images, Inc. (a)	48,697		1,134,153
WebMD Health Corp. Class A (e)	63,400		2,488,450
			14,451,953
HOTELS, RESTAURANTS & LEISURE - 0.7%
Leisure Facilities - 0.7%
Life Time Fitness, Inc. (a)	126,600		5,791,950
INDUSTRIAL CONGLOMERATES - 0.1%
Industrial Conglomerates - 0.1%
Max India Ltd. (a)	60,000		963,395
Tyco International Ltd.	6,800		184,348
			1,147,743
INSURANCE - 1.2%
Life & Health Insurance - 1.2%
China Life Insurance Co. Ltd. ADR (e)	15,000		897,450
Discovery Holdings Ltd. (a)	134,910		433,514
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Life & Health Insurance - continued
Prudential Financial, Inc.	6,900		$ 525,435
Universal American Financial Corp. (a)	558,700		7,816,213
			9,672,612
Reinsurance - 0.0%
Platinum Underwriters Holdings Ltd.	15,000		404,100
TOTAL INSURANCE			10,076,712
INTERNET & CATALOG RETAIL - 0.5%
Catalog Retail - 0.3%
Gaiam, Inc. Class A (a)	145,000		2,505,600
Internet Retail - 0.2%
NutriSystem, Inc. (a)(e)	19,556		1,328,244
TOTAL INTERNET & CATALOG RETAIL			3,833,844
LIFE SCIENCES TOOLS & SERVICES - 2.6%
Life Science Tools & Services - 2.6%
Covance, Inc. (a)	167,200		9,876,504
Kendle International, Inc. (a)	14,200		460,364
Pharmaceutical Product Development, Inc.	105,800		3,843,714
PRA International (a)	285,478		7,156,933
			21,337,515
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Basin Water, Inc.	40,357		609,391
PERSONAL PRODUCTS - 1.1%
Personal Products - 1.1%
Herbalife Ltd. (a)	208,100		8,167,925
Natura Cosmeticos SA	66,100		667,720
Reliv International, Inc.	5,000		55,500
			8,891,145
PHARMACEUTICALS - 2.7%
Pharmaceuticals - 2.7%
Adams Respiratory Therapeutics, Inc.	551		25,500
Akorn, Inc. (a)	50,000		200,500
Allergan, Inc.	87,200		8,268,304
Atherogenics, Inc. (a)	39,200		520,968
Cipla Ltd.	750		3,715
Lupin Ltd.	5,000		111,592
Nastech Pharmaceutical Co., Inc. (a)	10,000		139,900
New River Pharmaceuticals, Inc. (a)	58,000		1,711,000
Nichi-iko Pharmaceutical Co. Ltd.	50,000		672,089
Strides Arcolab Ltd.	20,000		115,754
Teva Pharmaceutical Industries Ltd. sponsored ADR	273,400		9,954,494
Towa Pharmaceutical Co. Ltd. (e)	27,500		688,610
			22,412,426

	Shares		Value
SOFTWARE - 0.5%
Systems Software - 0.5%
DATATRAK International, Inc. (a)(e)	65,000		$ 529,750
Quality Systems, Inc. (e)	107,500		3,571,150
			4,100,900
TOTAL COMMON STOCKS (Cost $728,759,583)		807,961,065

Nonconvertible Bonds - 0.2%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
Rural/Metro Corp.:
0% 3/15/16 (d)	$ 2,790,000	2,036,700
9.875% 3/15/15	20,000	21,000
		2,057,700

Money Market Funds - 3.7%
	Shares
Fidelity Cash Central Fund, 5.03% (b)	15,415,079		15,415,079
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	14,520,450		14,520,450
TOTAL MONEY MARKET FUNDS (Cost $29,935,529)		29,935,529

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $760,462,204)

839,954,294

NET OTHER ASSETS - (2.5)%		(20,679,775)
NET ASSETS - 100%		$ 819,274,519

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 43,745
Fidelity Securities Lending Cash Central Fund	73,347
Total	$ 117,092

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Rural/Metro Corp.	$ 16,872,788	$ -	$ -	$ -	$ 13,956,262

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $761,378,588. Net unrealized appreciation aggregated $78,575,706, of which $112,622,297 related to appreciated investment securities and $34,046,591 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, 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 dealer supplied prices. Investments in open-end mutual 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2006

1.802181.102

MES-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BIOTECHNOLOGY - 2.5%
Biotechnology - 2.5%
Alnylam Pharmaceuticals, Inc. (a)(d)	545,800		$ 8,072,382
BioSphere Medical, Inc. (a)	200,896		1,135,062
CuraGen Corp. (a)	112,900		425,633
deCODE genetics, Inc. (a)(d)	259,800		1,795,218
DUSA Pharmaceuticals, Inc. (a)(d)(e)	897,643		5,314,047
Epigenomics AG (a)	63,300		397,545
MannKind Corp. (a)	84,300		1,605,072
Neurocrine Biosciences, Inc. (a)	15,600		307,476
Sirna Therapeutics, Inc. (a)(d)	122,400		736,848
Solexa, Inc. (a)(d)	179,861		1,627,742
			21,417,025
CHEMICALS - 0.4%
Fertilizers & Agricultural Chemicals - 0.1%
Bodisen Biotech, Inc. (a)(d)	89,800		1,027,312
Specialty Chemicals - 0.3%
Lonza Group AG	31,834		2,173,915
TOTAL CHEMICALS			3,201,227
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Diversified Commercial & Professional Services - 0.2%
Advisory Board Co. (a)	35,500		1,835,350
HEALTH CARE EQUIPMENT & SUPPLIES - 69.3%
Health Care Equipment - 50.1%
Advanced Medical Optics, Inc. (a)	338,294		15,331,484
American Medical Systems Holdings, Inc. (a)	181,800		3,594,186
ArthroCare Corp. (a)	19,900		840,576
Aspect Medical Systems, Inc. (a)	942,506		18,491,968
Baxter International, Inc.	1,530,020		57,681,754
Becton, Dickinson & Co.	1,010,400		61,058,472
BioLase Technology, Inc.	37,100		276,024
Boston Scientific Corp. (a)	2,028,042		41,939,909
C.R. Bard, Inc.	575,700		42,607,557
Conceptus, Inc. (a)	429,800		5,720,638
Conor Medsystems, Inc. (a)(d)	156,700		3,651,110
Cyberonics, Inc. (a)	77,800		1,944,222
Cytyc Corp. (a)	547,400		14,385,672
Delcath Systems, Inc. (a)(d)	79,900		414,681
DexCom, Inc. (a)	58,300		1,134,518
Edwards Lifesciences Corp. (a)(d)	202,000		8,956,680
GN Store Nordic AS	71,500		801,776
Greatbatch, Inc. (a)	170,500		3,868,645
Hologic, Inc. (a)	95,600		3,775,244
Imaging Dynamics Co. Ltd. (a)	113,000		461,748
IntraLase Corp. (a)	58,300		1,116,445
Kinetic Concepts, Inc. (a)	169,700		6,601,330
Kyphon, Inc. (a)	131,700		5,227,173

	Shares		Value
Mentor Corp.	90,400		$ 3,651,256
Meridian Bioscience, Inc.	1,050		24,980
NeuroMetrix, Inc. (a)	618,800		18,031,832
NMT Medical, Inc. (a)(d)	136,904		1,636,003
Nobel Biocare Holding AG (Switzerland)	10,828		2,628,457
Northstar Neuroscience, Inc.	2,300		31,418
NuVasive, Inc. (a)	81,500		1,339,045
Phonak Holding AG	18,600		1,068,658
PhotoMedex, Inc. (a)	380,000		615,600
ResMed, Inc. (a)	281,400		12,792,444
Respironics, Inc. (a)	235,900		8,025,318
Restore Medical, Inc.	492,800		3,774,848
Sonic Innovations, Inc. (a)	97,700		475,799
SonoSite, Inc. (a)	88,100		3,240,318
St. Jude Medical, Inc. (a)	1,038,800		35,423,080
Stereotaxis, Inc. (a)	334,129		3,277,805
Straumann Holding AG	5,385		1,401,112
Syneron Medical Ltd. (a)(d)	71,300		1,391,776
The Spectranetics Corp. (a)	233,300		3,023,568
Thermogenesis Corp. (a)	694,298		3,054,911
Thoratec Corp. (a)	231,600		3,281,772
William Demant Holding AS (a)	15,300		1,152,995
Zimmer Holdings, Inc. (a)	418,400		25,334,120
			434,558,927
Health Care Supplies - 19.2%
Alcon, Inc.	565,300		61,097,624
Bausch & Lomb, Inc. (d)	145,100		7,131,665
Cooper Companies, Inc.	799,700		37,865,795
DJ Orthopedics, Inc. (a)	66,900		2,565,615
Inverness Medical Innovations, Inc. (a)	1,663,600		47,994,860
Inverness Medical Innovations, Inc. (a)(f)	20,683		537,034
Merit Medical Systems, Inc. (a)	221,700		2,538,465
NUCRYST Pharmaceuticals Corp.	388,505		5,626,928
Shamir Optical Industry Ltd. (a)	2,000		19,540
Utah Medical Products, Inc.	35,500		1,049,735
			166,427,261
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			600,986,188
HEALTH CARE PROVIDERS & SERVICES - 3.1%
Health Care Facilities - 0.4%
Brookdale Senior Living, Inc.	26,600		1,315,370
Odyssey Healthcare, Inc. (a)	119,000		1,940,890
			3,256,260
Health Care Services - 2.4%
Amedisys, Inc. (a)	37,200		1,329,900
Chemed Corp.	87,100		4,690,335
DaVita, Inc. (a)	25,400		1,345,184
Fresenius Medical Care AG sponsored ADR	33,600		1,261,680
Gentiva Health Services, Inc. (a)	78,400		1,361,808
Health Grades, Inc. (a)	185,200		828,381
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - continued
Healthways, Inc. (a)	135,100		$ 7,179,214
Matria Healthcare, Inc. (a)	47,276		1,364,385
QMed, Inc. (a)	60,900		326,424
Visicu, Inc.	1,100		20,394
VistaCare, Inc. Class A (a)	110,300		1,524,346
			21,232,051
Managed Health Care - 0.3%
Magellan Health Services, Inc. (a)	60,800		2,459,360
TOTAL HEALTH CARE PROVIDERS & SERVICES			26,947,671
HEALTH CARE TECHNOLOGY - 0.8%
Healthcare Technology - 0.8%
Cerner Corp. (a)	122,100		4,637,358
Vital Images, Inc. (a)	32,700		761,583
WebMD Health Corp. Class A (d)	39,630		1,555,478
			6,954,419
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Life Science Tools & Services - 2.0%
Affymetrix, Inc. (a)	172,030		4,732,545
Caliper Life Sciences, Inc. (a)	125,000		642,500
Grifols SA	541,400		3,781,822
Illumina, Inc. (a)	56,574		1,546,167
Millipore Corp. (a)	36,900		2,560,860
QIAGEN NV (a)	206,100		2,936,925
Seracare Life Sciences, Inc. (a)	126,600		727,950
Ventana Medical Systems, Inc. (a)	9,100		431,886
			17,360,655
PERSONAL PRODUCTS - 0.2%
Personal Products - 0.2%
Herbalife Ltd. (a)	48,500		1,903,625
PHARMACEUTICALS - 20.2%
Pharmaceuticals - 20.2%
Allergan, Inc. (d)	918,700		87,111,136
BioMimetics Therapeutics, Inc.	360,300		2,882,400
Johnson & Johnson	1,418,000		85,391,960
			175,385,496

	Shares		Value
SOFTWARE - 0.2%
Systems Software - 0.2%
Quality Systems, Inc.	47,900		$ 1,591,238
TOTAL COMMON STOCKS (Cost $759,491,736)		857,582,894
Money Market Funds - 4.6%

Fidelity Cash Central Fund, 5.03% (b)	11,694,884		11,694,884
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	27,908,875		27,908,875
TOTAL MONEY MARKET FUNDS (Cost $39,603,759)		39,603,759

TOTAL INVESTMENT PORTFOLIO - 103.5%

(Cost $799,095,495)

897,186,653

NET OTHER ASSETS - (3.5)%		(29,926,587)
NET ASSETS - 100%		$ 867,260,066

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inverness Medical Innovations, Inc.	2/8/06	$ 504,872

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 24,677
Fidelity Securities Lending Cash Central Fund	91,944
Total	$ 116,621

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value,end of period
DUSA Pharmaceuticals, Inc.	$ 8,302,700	$ -	$ 1,690,471	$ -	$ 5,314,047
Seracare Life Sciences, Inc.	8,349,208	-	4,443,425	-	-
Totals	$ 16,651,908	$ -	$ 6,133,896	$ -	$ 5,314,047

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $801,289,921. Net unrealized appreciation aggregated $95,896,732, of which $139,574,274 related to appreciated investment securities and $43,677,542 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Money Market Portfolio

May 31, 2006

1.802201.102

MON-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 1.2%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Conoco Funding Co.
10/15/06	4.77%	$ 4,635,000		$ 4,644,145
Household Finance Corp.
1/30/07	4.64	7,300,000		7,342,468
PNC Funding Corp.
8/1/06	4.66	1,000,000		1,001,508
Sprint Capital Corp.
8/17/06	4.76	1,010,000		1,009,873
TOTAL CORPORATE BONDS			13,997,994
Certificates of Deposit - 21.9%

Domestic Certificates Of Deposit - 0.2%
Countrywide Bank, Alexandria Virginia
8/15/06	5.18 (d)	2,000,000		1,999,959
PNC Bank NA, Pittsburgh
1/24/07	5.15	500,000		498,825
				2,498,784
London Branch, Eurodollar, Foreign Banks - 10.7%
Barclays Bank PLC
6/26/06	5.05	40,000,000		39,999,996
Calyon
7/18/06	4.00	5,000,000		5,000,000
10/4/06	4.40	3,000,000		3,000,000
2/12/07	5.00	5,000,000		5,000,000
Credit Agricole SA
7/17/06	4.00	5,000,000		5,000,000
7/19/06	4.00	5,000,000		5,000,000
Credit Industriel et Commercial
9/18/06	5.04	5,000,000		5,000,000
11/7/06	4.76	5,000,000		5,000,000
3/30/07	5.22	5,000,000		5,000,000
Deutsche Bank AG
1/30/07	4.86	5,000,000		5,000,000
Societe Generale
6/19/06	5.05	10,000,000		10,000,000
6/26/06	5.04	25,000,000		25,000,000
8/18/06	4.25	3,000,000		3,000,000
12/6/06	4.80	5,000,000		5,000,000
				125,999,996
New York Branch, Yankee Dollar, Foreign Banks - 11.0%
Bank Tokyo-Mitsubishi UFJ Ltd.
6/29/06	5.07	8,000,000		8,000,000
Barclays Bank PLC
6/29/06	5.05	5,000,000		5,000,000
8/8/06	5.12	10,000,000		10,000,000
BNP Paribas SA
11/8/06	4.93	5,000,000		5,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Canadian Imperial Bank of Commerce
6/15/06	5.16% (d)	$ 14,000,000		$ 14,000,000
Credit Industriel et Commercial
6/28/06	4.27	5,000,000		5,000,000
11/22/06	5.30	5,000,000		5,000,000
Credit Suisse First Boston New York Branch
6/19/06	5.06 (d)	5,000,000		5,000,000
6/26/06	4.93 (d)	5,000,000		5,000,000
7/19/06	5.05 (d)	5,000,000		5,000,000
Credit Suisse Group
6/4/07	5.44	3,000,000		3,000,000
Deutsche Bank AG
6/5/06	4.80 (d)	5,000,000		5,000,000
Eurohypo AG
6/29/06	4.98	4,000,000		4,000,000
8/7/06	4.97 (a)	5,000,000		5,000,000
8/8/06	4.94 (a)	2,000,000		2,000,000
Mizuho Corporate Bank Ltd.
6/12/06	5.06	3,000,000		3,000,000
6/29/06	5.08	7,000,000		7,000,000
6/30/06	5.08	7,000,000		7,000,000
Skandinaviska Enskilda Banken AB
7/6/06	4.97 (d)	10,000,000		9,999,857
3/30/07	5.35	1,400,000		1,398,197
Sumitomo Mitsui Banking Corp.
6/5/06	5.04	2,000,000		2,000,000
6/12/06	5.06	6,000,000		6,000,000
6/15/06	5.06	1,000,000		1,000,000
6/26/06	5.07	2,000,000		2,000,000
Unicredito Italiano Spa
11/20/06	5.26	5,000,000		5,000,000
				130,398,054
TOTAL CERTIFICATES OF DEPOSIT			258,896,834
Commercial Paper - 29.4%

ALLTEL Corp.
8/2/06	5.17 (b)	2,000,000		1,982,433
8/2/06	5.18 (b)	2,000,000		1,982,399
Aquifer Funding LLC
6/6/06	5.04	2,000,000		1,998,606
AT&T, Inc.
6/5/06	5.03	2,000,000		1,998,887
6/28/06	5.08	2,000,000		1,992,440
Bavaria TRR Corp.
6/1/06	5.05	5,000,000		5,000,000
6/9/06	5.07	14,615,000		14,598,566
6/12/06	5.06	8,000,000		7,987,656
6/26/06	5.06	7,000,000		6,975,500
6/26/06	5.08	6,000,000		5,978,917
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Bavaria TRR Corp. - continued
6/29/06	5.07%	$ 5,000,000		$ 4,980,361
British Telecommunications PLC
7/11/06	5.16	1,000,000		994,322
Capital One Multi-Asset Execution Trust
7/5/06	5.09	1,000,000		995,231
Citigroup Funding, Inc.
6/22/06	5.05	2,000,000		1,994,132
6/26/06	5.07	10,000,000		9,964,931
6/26/06	5.08	3,000,000		2,989,458
6/27/06	5.04	2,000,000		1,992,778
ConocoPhillips
6/1/06	5.07	1,000,000		1,000,000
Countrywide Financial Corp.
6/1/06	5.04	5,000,000		5,000,000
6/9/06	5.07	1,000,000		998,878
8/8/06	5.16	10,000,000		9,903,856
Credit Suisse First Boston New York Branch
6/16/06	5.04	8,000,000		7,983,283
CVS Corp.
6/6/06	5.13	1,000,000		999,288
7/27/06	5.22	2,000,000		1,983,884
7/28/06	5.22	1,000,000		991,798
8/10/06	5.25	1,000,000		989,889
DaimlerChrysler NA Holding Corp.
6/13/06	5.16	2,000,000		1,996,580
6/14/06	5.17	1,000,000		998,140
6/16/06	5.17	1,000,000		997,858
6/16/06	5.18	1,000,000		997,850
6/20/06	5.18	1,000,000		997,277
6/28/06	5.21	1,000,000		996,108
6/30/06	5.21	1,000,000		995,819
Dominion Resources, Inc.
6/1/06	5.08	1,000,000		1,000,000
6/15/06	5.11	1,000,000		998,024
6/23/06	5.11	1,000,000		996,893
6/26/06	5.12	2,000,000		1,992,931
DZ Bank AG
7/10/06	5.11	5,000,000		4,972,592
Emerald (MBNA Credit Card Master Note Trust)
7/11/06	5.04	2,000,000		1,988,933
FCAR Owner Trust
6/2/06	4.81	2,000,000		1,999,736
6/2/06	4.83	5,000,000		4,999,338
6/20/06	5.04	5,000,000		4,986,753
6/23/06	5.05	5,000,000		4,984,661
7/18/06	4.76	5,000,000		4,969,646
8/3/06	5.13	1,000,000		991,128
Fortune Brands, Inc.
6/12/06	5.02	1,000,000		998,478
6/13/06	5.03	1,000,000		998,337

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
7/17/06	5.14%	$ 1,000,000		$ 993,509
7/25/06	5.18	500,000		496,168
France Telecom SA
6/6/06	5.12 (b)	413,000		412,707
6/19/06	5.06 (b)	1,000,000		997,490
6/23/06	5.10 (b)	1,000,000		996,911
7/11/06	5.11 (b)	1,000,000		994,389
7/18/06	5.11 (b)	1,000,000		993,407
General Electric Capital Corp.
6/23/06	5.04	6,000,000		5,981,630
Giro Funding US Corp.
7/7/06	5.10	1,000,000		994,940
Govco, Inc.
8/28/06	5.20	5,000,000		4,937,300
Kellogg Co.
6/19/06	5.04	1,000,000		997,500
6/27/06	5.11	1,000,000		996,331
7/25/06	5.14	500,000		496,194
Market Street Funding Corp.
6/16/06	5.04	5,000,000		4,989,542
6/22/06	5.05	5,000,000		4,985,358
Monument Gardens Funding
6/20/06	5.06	10,000,000		9,973,400
6/22/06	5.06	5,000,000		4,985,300
Motown Notes Program
7/5/06	5.00	1,000,000		995,334
7/5/06	5.01	5,000,000		4,976,625
7/7/06	5.11	2,000,000		1,989,860
Nissan Motor Acceptance Corp.
7/17/06	5.10	5,000,000		4,967,800
Paradigm Funding LLC
6/15/06	5.05	5,000,000		4,990,229
6/20/06	5.04	5,000,000		4,986,753
6/22/06	5.05	5,000,000		4,985,358
6/26/06	5.04	15,000,000		14,947,708
Park Granada LLC
6/16/06	5.05	5,000,000		4,989,500
8/7/06	5.14	1,000,000		990,564
Park Sienna LLC
6/20/06	5.05	5,000,000		4,986,779
8/7/06	5.15	4,000,000		3,962,182
Rockies Express Pipeline LLC
6/23/06	5.13 (b)	1,000,000		996,883
6/26/06	5.13 (b)	1,000,000		996,451
Strand Capital LLC
7/5/06	5.09	1,000,000		995,231
7/6/06	5.02	1,000,000		995,178
7/7/06	5.09	10,000,000		9,949,500
9/22/06	5.12	5,000,000		4,921,528
Stratford Receivables Co. LLC
6/6/06	5.05	5,000,000		4,996,500
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Stratford Receivables Co. LLC - continued
6/12/06	4.97%	$ 2,000,000		$ 1,996,987
6/13/06	5.05	5,000,000		4,991,600
6/14/06	5.06	5,000,000		4,990,900
6/19/06	5.08	3,000,000		2,992,425
6/20/06	5.07	2,000,000		1,994,680
7/7/06	5.10	18,000,000		17,909,010
7/7/06	5.11	1,000,000		994,935
Thames Asset Global Securities No. 1, Inc.
6/20/06	5.04	15,000,000		14,960,258
The Walt Disney Co.
7/18/06	5.07	3,000,000		2,980,378
Time Warner, Inc.
6/1/06	5.09 (b)	1,000,000		1,000,000
6/6/06	5.11 (b)	1,000,000		999,294
6/26/06	5.15 (b)	1,000,000		996,438
Variable Funding Capital Co. LLC
6/16/06	5.05 (b)	5,000,000		4,989,521
Viacom, Inc.
6/2/06	5.28 (b)	700,000		699,898
6/5/06	5.29 (b)	800,000		799,531
6/6/06	5.29 (b)	400,000		399,707
6/12/06	5.28 (b)	1,000,000		998,393
6/14/06	5.28 (b)	2,000,000		1,996,201
Weatherford International Ltd.
6/14/06	5.12 (b)	1,000,000		998,158
Whirlpool Corp.
6/1/06	5.10	500,000		500,000
6/13/06	5.11	2,000,000		1,996,600
6/19/06	5.05	1,000,000		997,495
Xcel Energy, Inc.
10/17/06	5.35	1,000,000		980,028
TOTAL COMMERCIAL PAPER			348,119,051
U.S. Treasury Obligations - 0.8%

U.S. Treasury Bills - 0.8%
8/3/06	4.53	10,000,000		9,922,475
Master Notes - 1.7%

Goldman Sachs Group, Inc.
6/9/06	5.13 (d)(f)	15,000,000		15,000,000
6/12/06	5.14 (d)(f)	5,000,000		5,000,000
TOTAL MASTER NOTES			20,000,000
Medium-Term Notes - 22.5%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
AIG Matched Funding Corp.
6/15/06	4.93% (d)	$ 5,000,000		$ 5,000,000
7/3/06	5.00 (d)	5,000,000		5,000,000
7/11/06	5.04 (d)	5,000,000		5,000,000
7/24/06	5.10 (d)	5,000,000		5,000,000
Australia & New Zealand Banking Group Ltd.
6/23/06	5.06 (b)(d)	2,000,000		2,000,000
Bank of Ireland
6/20/06	5.05 (b)(d)	5,000,000		5,000,071
Bank of New York Co., Inc.
6/27/06	5.15 (b)(d)	5,000,000		5,000,000
Bayerische Landesbank Girozentrale
8/21/06	5.18 (d)	5,000,000		5,000,000
BellSouth Corp.
4/26/07	5.34 (b)	10,000,000		9,896,108
BMW U.S. Capital LLC
6/15/06	5.08 (d)	1,000,000		1,000,000
BNP Paribas SA
8/21/06	5.14 (b)(d)	5,000,000		5,000,000
Commonwealth Bank of Australia
6/26/06	5.05 (d)	2,000,000		2,000,000
ConocoPhillips
7/11/06	5.03 (d)	2,000,000		2,000,000
Countrywide Bank, Alexandria Virginia
6/15/06	5.09 (d)	2,000,000		1,999,942
DnB NOR ASA
6/25/06	5.08 (b)(c)(d)	10,000,000		10,000,000
GE Capital Assurance Co.
6/1/06	5.10 (d)(f)	5,000,000		5,000,000
General Electric Capital Corp.
6/7/06	5.09 (d)	5,000,000		5,000,000
6/9/06	5.18 (d)	10,000,000		10,004,874
6/19/06	5.18 (d)	9,000,000		9,002,370
HBOS Treasury Services PLC
6/9/06	5.05 (b)(d)	5,000,000		4,999,462
6/26/06	5.00 (d)	10,000,000		10,000,000
HSBC Finance Corp.
6/26/06	5.11 (d)	2,000,000		2,000,000
HSH Nordbank AG
6/23/06	5.08 (b)(d)	2,000,000		2,000,000
ING USA Annuity & Life Insurance Co.
6/26/06	5.03 (d)(f)	1,000,000		1,000,000
K2 (USA) LLC
6/12/06	5.04 (b)(d)	1,000,000		999,869
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Links Finance LLC
6/19/06	5.04% (b)(d)	$ 10,000,000		$ 9,999,174
MBIA Global Funding LLC
7/17/06	5.03 (b)(d)	1,000,000		1,000,000
Merrill Lynch & Co., Inc.
6/5/06	5.11 (d)	2,000,000		2,001,413
6/12/06	5.28 (d)	1,000,000		1,001,493
6/15/06	5.06 (d)	4,000,000		4,000,000
Metropolitan Life Insurance Co.
6/6/06	5.08 (b)(d)	2,213,000		2,213,000
Morgan Stanley
6/1/06	5.17 (d)	1,000,000		1,000,000
6/5/06	5.11 (d)	5,000,000		5,000,000
6/15/06	5.11 (d)	2,000,000		2,000,000
Nationwide Building Society
6/28/06	5.02 (b)(d)	5,000,000		5,002,082
Nordea Bank AB
6/9/06	5.06 (b)(d)	5,000,000		5,000,000
6/12/06	5.06 (b)(d)	4,000,000		4,000,199
Pacific Life Global Funding
6/5/06	5.10 (b)(d)	2,000,000		2,001,182
RACERS
6/22/06	5.10 (b)(d)	10,000,000		10,000,000
Royal Bank of Scotland PLC
6/21/06	5.07 (b)(d)	5,000,000		5,000,000
SBC Communications, Inc.
6/5/06	3.96 (b)	1,600,000		1,600,063
6/5/06	4.11 (b)	100,000		100,002
6/5/06	4.68 (b)	850,000		849,947
Security Life of Denver Insurance Co.
8/29/06	5.30 (d)(f)	1,000,000		1,000,000
Societe Generale
6/2/06	4.99 (b)(d)	5,000,000		5,000,000
UniCredito Italiano Bank (Ireland) PLC
6/15/06	5.09 (b)(d)	10,000,000		10,000,000
Verizon Global Funding Corp.
6/15/06	5.02 (b)(d)	20,000,000		20,000,011
Washington Mutual Bank
8/25/06	5.19 (d)	3,000,000		3,000,000
8/31/06	5.21 (d)	7,000,000		7,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Washington Mutual Bank FA
6/26/06	5.06% (d)	$ 10,000,000		$ 10,000,000
Washington Mutual Bank, California
6/20/06	4.91 (d)	4,000,000		4,000,000
7/26/06	4.98 (d)	10,000,000		9,999,931
Wells Fargo & Co.
6/2/06	5.07 (d)	5,000,000		5,000,000
6/15/06	5.07 (d)	5,000,000		5,000,000
WestLB AG
6/12/06	5.12 (b)(d)	2,000,000		2,000,000
6/30/06	4.99 (b)(d)	3,000,000		3,000,000
TOTAL MEDIUM-TERM NOTES			265,671,193
Short-Term Notes - 0.8%

Metropolitan Life Insurance Co.
7/3/06	5.11 (d)(f)	5,000,000		5,000,000
New York Life Insurance Co.
6/30/06	5.06 (d)(f)	5,000,000		5,000,000
TOTAL SHORT-TERM NOTES			10,000,000
Asset-Backed Securities - 0.2%

Wind Master Trust Notes
9/25/06	4.96 (b)(d)	1,000,000		1,000,000
Wind Trust
2/25/07	5.08 (b)(d)	1,000,000		1,000,000
TOTAL ASSET-BACKED SECURITIES			2,000,000
Municipal Securities - 1.5%

Connecticut Hsg. Fin. Auth. (Hsg. Mortgage Fin. Prog.) Series F2, 5.08% (AMBAC Insured), VRDN (d)
6/7/06		5,000,000		5,000,000
Michigan Gen. Oblig. Bonds Series 2006 A, 5.27% tender 10/11/06 (Liquidity Facility DEPFA BANK PLC), CP mode
10/11/06		9,500,000		9,500,000
New York State Dorm. Auth. Revs. Series A, 5.07% (MBIA Insured), VRDN (d)
6/7/06		2,900,000		2,900,000
TOTAL MUNICIPAL SECURITIES			17,400,000

Repurchase Agreements - 20.5%
	Maturity Amount		Value
In a joint trading account (Collateralized by U.S. Government Obligations) dated 5/31/06 due 6/1/06 at 5.06%	$ 6,915,972		$ 6,915,000
With:
Banc of America Securities LLC at 5.11%, dated 5/31/06 due 6/1/06 (Collateralized by Commercial Paper Obligations valued at $59,160,001, 0%, 6/28/06 - 6/30/06)	58,008,233		58,000,000
Citigroup Global Markets, Inc. at 5.12%, dated 5/31/06 due 6/1/06 (Collateralized by Mortgage Loan Obligations valued at $59,850,000, 3.41% - 7.1%, 12/25/18 - 12/11/40)	57,008,111		57,000,000
Goldman Sachs & Co. at 5.16%, dated:
5/23/06 due 8/21/06 (Collateralized by Corporate Obligations valued at $14,700,000, 8.25% - 12%, 7/15/10 - 6/15/14) (d)(e)	14,180,600		14,000,000
5/31/06 due 6/1/06 (Collateralized by Corporate Obligations valued at $25,200,001, 7.65%, 8/15/09)	24,003,442		24,000,000
J.P. Morgan Securities, Inc. at 5.16%, dated 5/11/06 due 6/30/06 (Collateralized by Corporate Obligations valued at $19,009,781, 6.13% - 8%, 8/28/07 - 6/15/11) (d)(e)	18,129,000		18,000,000
Merrill Lynch, Pierce, Fenner & Smith at:
5.16%, dated 5/31/06 due 6/1/06 (Collateralized by Equity Securities valued at $48,496,816)	46,006,597		46,000,000

	Maturity Amount		Value
5.19%, dated 4/21/06 due 7/19/06 (Collateralized by Corporate Obligations valued at $5,259,478, 7% - 7.25%, 8/15/11 - 3/15/27) (d)(e)	$ 5,064,154		$ 5,000,000
Morgan Stanley & Co. at 5.13%, dated 5/11/06 due 6/30/06 (Collateralized by Mortgage Loan Obligations valued at $14,927,352, 1.35% - 2.14%, 10/10/20 - 11/21/28)	14,099,750		14,000,000
TOTAL REPURCHASE AGREEMENTS		242,915,000

TOTAL INVESTMENT PORTFOLIO - 100.5%
(Cost $1,188,922,547)

1,188,922,547

NET OTHER ASSETS - (0.5)%		(5,359,868)
NET ASSETS - 100%		$ 1,183,562,679

Security Type Abbreviations

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $157,891,381 or 13.3% of net assets.

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

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

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
GE Capital Assurance Co. 5.1%, 6/1/06	7/28/05	$ 5,000,000
Goldman Sachs Group, Inc.: 5.13%, 6/9/06	1/9/06	$ 15,000,000
5.14%, 6/12/06	11/10/05	$ 5,000,000
ING USA Annuity & Life Insurance Co. 5.03%, 6/26/06	6/23/05	$ 1,000,000
Metropolitan Life Insurance Co. 5.11%, 7/3/06	3/26/02	$ 5,000,000
New York Life Insurance Co. 5.06%, 6/30/06	2/28/02	$ 5,000,000
Security Life of Denver Insurance Co. 5.3%, 8/29/06	8/26/05	$ 1,000,000

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,188,922,547.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2006

1.802184.102

NAT-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
AIRLINES - 0.2%
Airlines - 0.2%
AirTran Holdings, Inc. (a)	204,700		$ 2,517,810
CHEMICALS - 1.9%
Commodity Chemicals - 0.3%
Celanese Corp. Class A	35,600		701,676
Formosa Chemicals & Fibre Corp.	1,561,000		2,416,907
Georgia Gulf Corp.	20,350		655,881
Tokai Carbon Co. Ltd.	22,000		134,903
			3,909,367
Diversified Chemicals - 0.3%
Ashland, Inc.	53,900		3,368,750
Fertilizers & Agricultural Chemicals - 1.1%
Agrium, Inc.	67,900		1,664,128
CF Industries Holdings, Inc.	170,200		2,907,016
Mosaic Co. (a)(d)	462,800		7,201,168
Terra Nitrogen Co. LP	17,165		360,808
			12,133,120
Specialty Chemicals - 0.2%
Tokuyama Corp.	132,000		2,002,187
TOTAL CHEMICALS			21,413,424
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Clean Harbors, Inc. (a)	7,200		261,288
Human Resource & Employment Services - 0.0%
Brunel International NV	728		24,988
TOTAL COMMERCIAL SERVICES & SUPPLIES			286,276
CONSTRUCTION & ENGINEERING - 1.2%
Construction & Engineering - 1.2%
Chicago Bridge & Iron Co. NV (NY Shares)	387,500		8,788,500
Fluor Corp.	44,800		3,927,168
Infrasource Services, Inc. (a)	64,700		1,190,480
			13,906,148
CONTAINERS & PACKAGING - 1.2%
Metal & Glass Containers - 0.6%
Owens-Illinois, Inc. (a)	456,900		7,767,300
Paper Packaging - 0.6%
Smurfit-Stone Container Corp. (a)	293,300		3,510,801
Temple-Inland, Inc.	72,900		3,135,429
			6,646,230
TOTAL CONTAINERS & PACKAGING			14,413,530

	Shares		Value
ELECTRICAL EQUIPMENT - 1.1%
Electrical Components & Equipment - 0.3%
Q-Cells AG	26,600		$ 2,062,640
Suntech Power Holdings Co. Ltd. sponsored ADR	53,000		1,493,540
			3,556,180
Heavy Electrical Equipment - 0.8%
Areva (investment certificates)(non-vtg.)	100		68,507
Vestas Wind Systems AS (a)	362,000		9,331,821
			9,400,328
TOTAL ELECTRICAL EQUIPMENT			12,956,508
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	38,300		2,290,340
ENERGY EQUIPMENT & SERVICES - 26.9%
Oil & Gas Drilling - 7.4%
Diamond Offshore Drilling, Inc.	81,600		6,996,384
GlobalSantaFe Corp.	631,400		37,966,082
Nabors Industries Ltd. (a)	2,600		93,366
Noble Corp.	144,700		10,060,991
Patterson-UTI Energy, Inc.	3,200		95,680
Pride International, Inc. (a)	745,100		24,103,985
Rowan Companies, Inc.	1,000		39,820
TODCO Class A	1,400		61,838
Transocean, Inc. (a)	67,100		5,459,927
			84,878,073
Oil & Gas Equipment & Services - 19.5%
Baker Hughes, Inc.	249,190		21,505,097
BJ Services Co.	143,500		5,259,275
Cameron International Corp. (a)	3,000		140,700
FMC Technologies, Inc. (a)	2,300		153,502
Global Industries Ltd. (a)	4,900		95,109
Grant Prideco, Inc. (a)	2,400		115,296
Halliburton Co.	619,700		46,223,423
Hydril Co. (a)	65,400		4,897,806
Key Energy Services, Inc. (a)	219,300		3,695,205
Maverick Tube Corp. (a)	2,400		115,680
National Oilwell Varco, Inc. (a)	584,911		38,639,221
Oil States International, Inc. (a)	4,400		152,856
RPC, Inc.	3,550		83,035
Saipem Spa	4,500		105,779
Schlumberger Ltd. (NY Shares)	744,652		48,826,832
Smith International, Inc.	928,300		38,023,168
W-H Energy Services, Inc. (a)	60,700		3,419,838
Weatherford International Ltd. (a)	268,290		13,961,812
			225,413,634
TOTAL ENERGY EQUIPMENT & SERVICES			310,291,707
Common Stocks - continued
	Shares		Value
FOOD PRODUCTS - 0.4%
Agricultural Products - 0.4%
Archer-Daniels-Midland Co.	3,100		$ 128,867
Corn Products International, Inc.	166,611		4,445,181
Global Bio-Chem Technology Group Co. Ltd.	78,700		32,208
			4,606,256
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
Questar Corp.	14,500		1,068,505
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.5%
Independent Power & Energy Trade - 1.5%
Mirant Corp. (a)	306,900		7,635,672
NRG Energy, Inc. (a)	108,400		5,392,900
TXU Corp.	67,300		3,856,290
			16,884,862
INDUSTRIAL CONGLOMERATES - 0.4%
Industrial Conglomerates - 0.4%
McDermott International, Inc. (a)	68,000		4,461,480
Walter Industries, Inc.	1,900		110,504
			4,571,984
INSURANCE - 0.0%
Property & Casualty Insurance - 0.0%
Navigators Group, Inc. (a)	7,900		325,638
MACHINERY - 2.6%
Construction & Farm Machinery & Heavy Trucks - 2.6%
Bucyrus International, Inc. Class A	332,205		16,955,743
Joy Global, Inc.	218,250		11,728,755
Trinity Industries, Inc.	18,800		1,171,992
			29,856,490
MARINE - 0.1%
Marine - 0.1%
American Commercial Lines, Inc.	21,223		1,165,355
Stolt-Nielsen SA (d)	2,800		72,528
			1,237,883
METALS & MINING - 14.8%
Aluminum - 4.1%
Alcan, Inc.	900		46,624
Alcoa, Inc.	1,282,900		40,693,588
Century Aluminum Co. (a)	1,900		79,135
Novelis, Inc.	308,000		6,547,360
			47,366,707
Diversified Metals & Mining - 4.1%
Falconbridge Ltd. (d)	236,800		11,772,804
Freeport-McMoRan Copper & Gold, Inc. Class B	1,363		76,314
Phelps Dodge Corp.	1,200		102,828
RTI International Metals, Inc. (a)	82,200		4,936,110

	Shares		Value
Teck Cominco Ltd. Class B (sub. vtg.)	110,800		$ 7,052,967
Titanium Metals Corp. (a)(d)	628,200		22,734,558
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 9/28/06 (a)	5,900		1,265,550
			47,941,131
Gold - 3.7%
Bema Gold Corp. (a)	242,900		1,338,845
Eldorado Gold Corp. (a)	612,700		3,104,532
Meridian Gold, Inc. (a)	418,900		12,971,160
Newmont Mining Corp.	484,600		25,271,890
Sasamat Capital Corp. (a)	61		182
			42,686,609
Steel - 2.9%
AK Steel Holding Corp. (a)	81,400		1,094,830
Allegheny Technologies, Inc.	202,600		12,891,438
Commercial Metals Co.	43,400		1,068,074
Companhia Vale do Rio Doce sponsored ADR	1,800		83,862
Hitachi Metals Ltd.	10,000		102,409
Mittal Steel Co. NV Class A (NY Shares)	33,700		1,111,426
Oregon Steel Mills, Inc. (a)	308,400		14,473,212
United States Steel Corp.	39,500		2,622,010
			33,447,261
TOTAL METALS & MINING			171,441,708
OIL, GAS & CONSUMABLE FUELS - 44.9%
Coal & Consumable Fuels - 5.4%
Arch Coal, Inc.	199,100		9,628,476
Cameco Corp.	307,400		12,614,217
CONSOL Energy, Inc.	140,200		12,372,650
Foundation Coal Holdings, Inc.	225,900		10,240,047
Peabody Energy Corp.	285,900		17,823,006
USEC, Inc.	1,600		19,296
			62,697,692
Integrated Oil & Gas - 18.9%
BP PLC sponsored ADR	84,764		5,992,815
Chevron Corp.	907,632		54,267,317
ConocoPhillips	1,208,630		76,494,192
ENI Spa sponsored ADR	155,700		9,424,521
Exxon Mobil Corp.	584,415		35,596,718
Hess Corp.	800		120,000
Husky Energy, Inc.	50,300		2,955,196
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)	600		61,472
OAO Gazprom sponsored ADR	185,157		7,896,946
Occidental Petroleum Corp.	91,600		9,076,644
OMV AG	74,735		4,349,726
Suncor Energy, Inc.	144,600		11,670,418
			217,905,965
Oil & Gas Exploration & Production - 15.1%
Anadarko Petroleum Corp.	1,800		89,406
Apache Corp.	800		51,904
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Cabot Oil & Gas Corp.	107,200		$ 4,702,864
Canadian Natural Resources Ltd.	317,700		16,732,440
Chesapeake Energy Corp.	1,097,700		33,578,643
Comstock Resources, Inc. (a)	1,300		36,842
Denbury Resources, Inc. (a)	2,300		72,680
Devon Energy Corp.	800		45,888
EnCana Corp.	134,084		6,764,774
Energy Partners Ltd. (a)	78,400		1,662,080
EOG Resources, Inc.	80,800		5,305,328
EXCO Resources, Inc.	3,600		43,200
Goodrich Petroleum Corp. (a)	4,300		105,350
Houston Exploration Co. (a)	124,900		6,655,921
Hugoton Royalty Trust	19,957		552,410
Kerr-McGee Corp.	120,100		12,832,685
Mariner Energy, Inc. (a)	49,324		842,454
Newfield Exploration Co. (a)	1,800		76,914
Nexen, Inc.	123,100		6,846,652
Penn West Energy Trust	69,300		2,737,389
Plains Exploration & Production Co. (a)	140,800		5,026,560
Pogo Producing Co.	1,300		58,578
Quicksilver Resources, Inc. (a)	64,750		2,270,783
Range Resources Corp.	684,000		17,715,600
Southwestern Energy Co. (a)	1,800		58,140
Talisman Energy, Inc.	971,900		17,694,978
Ultra Petroleum Corp. (a)	308,800		17,771,440
XTO Energy, Inc.	346,900		14,299,218
			174,631,121
Oil & Gas Refining & Marketing - 3.2%
ERG Spa	3,400		84,105
Frontier Oil Corp.	3,000		168,000
Neste Oil Oyj	2,600		87,143
Sunoco, Inc.	101,600		6,968,744
Valero Energy Corp.	471,788		28,944,194
Western Refining, Inc.	5,800		103,820
			36,356,006
Oil & Gas Storage & Transport - 2.3%
El Paso Corp.	367,300		5,718,861
Kinder Morgan, Inc.	13,700		1,376,576
OMI Corp.	271,000		5,051,440
Overseas Shipholding Group, Inc.	81,500		4,185,025
Plains All American Pipeline LP	36,800		1,784,800
TransCanada Corp.	110,000		3,346,198
Williams Companies, Inc.	218,700		4,942,620
			26,405,520
TOTAL OIL, GAS & CONSUMABLE FUELS			517,996,304

	Shares		Value
PAPER & FOREST PRODUCTS - 1.5%
Forest Products - 1.3%
Canfor Corp. (a)	341		$ 3,948
Sino-Forest Corp. (a)	839,000		4,304,518
Weyerhaeuser Co.	163,500		10,457,460
			14,765,926
Paper Products - 0.2%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	60,100		3,074,115
TOTAL PAPER & FOREST PRODUCTS			17,840,041
REAL ESTATE INVESTMENT TRUSTS - 0.1%
Specialized REITs - 0.1%
Plum Creek Timber Co., Inc.	47,300		1,690,975
ROAD & RAIL - 0.5%
Railroads - 0.5%
Burlington Northern Santa Fe Corp.	67,900		5,256,139
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
Renewable Energy Corp. AS	2,400		36,905
TOTAL COMMON STOCKS (Cost $981,710,544)		1,150,889,433
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.03% (b)	15,060,367		15,060,367
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	15,547,865		15,547,865
TOTAL MONEY MARKET FUNDS (Cost $30,608,232)		30,608,232

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $1,012,318,776)

1,181,497,665

NET OTHER ASSETS - (2.3)%		(26,503,702)
NET ASSETS - 100%		$ 1,154,993,963

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 237,509
Fidelity Securities Lending Cash Central Fund	44,255
Total	$ 281,764

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,016,905,138. Net unrealized appreciation aggregated $164,592,527, of which $194,773,141 related to appreciated investment securities and $30,180,614 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and

Infrastructure Portfolio

May 31, 2006

1.802185.102

NET-QTLY-0106

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Asahi Glass Co. Ltd.	27,000		$ 360,986
COMMUNICATIONS EQUIPMENT - 38.9%
Communications Equipment - 38.9%
3Com Corp. (a)	115,600		521,356
ADC Telecommunications, Inc. (a)	40,428		724,470
ADVA AG Optical Networking (a)	80,000		884,886
Andrew Corp. (a)	41,400		418,968
AudioCodes Ltd. (a)	119,500		1,442,365
Bookham, Inc. (a)(d)	241,000		927,850
Ceragon Networks Ltd. (a)	296,300		1,362,980
CIENA Corp. (a)	882,028		3,695,697
CommScope, Inc. (a)	3,100		90,613
Comtech Group, Inc. (a)	32,300		507,756
Comverse Technology, Inc. (a)	91,200		2,053,824
Corning, Inc. (a)	362,800		8,797,901
ECI Telecom Ltd. (a)	64,200		617,604
F5 Networks, Inc. (a)	36,900		1,790,388
Finisar Corp. (a)	369,700		1,689,529
Foundry Networks, Inc. (a)	94,900		1,220,414
Foxconn International Holdings Ltd. (a)	40,000		107,243
Ixia (a)	16,400		169,084
Juniper Networks, Inc. (a)	161,209		2,568,059
Lucent Technologies, Inc. (a)	2,025,300		5,164,515
MRV Communications, Inc. (a)(d)	229,900		687,401
NETGEAR, Inc. (a)	30,700		718,687
Nortel Networks Corp. (a)	1,779,800		4,233,039
Oplink Communications, Inc. (a)	19,200		362,688
Optical Communication Products, Inc. (a)	36,100		74,005
Orckit Communications Ltd. (a)	29,900		377,637
Powerwave Technologies, Inc. (a)	89,100		872,289
Research In Motion Ltd. (a)	17,400		1,128,317
Riverstone Networks, Inc. (a)	94,100		84,690
Sandvine Corp. (e)	207,900		423,774
Sonus Networks, Inc. (a)	160,500		747,930
Stratex Networks, Inc. (a)	78,800		329,384
Symmetricom, Inc. (a)	101,500		735,875
Tekelec (a)	53,400		770,562
Terayon Communication Systems, Inc. (a)	55,900		94,471
Tut Systems, Inc. (a)	66,700		179,423
			46,575,674
COMPUTERS & PERIPHERALS - 15.7%
Computer Hardware - 1.6%
Concurrent Computer Corp. (a)	694,600		1,882,366
Computer Storage & Peripherals - 14.1%
ASUSTeK Computer, Inc.	4,356		10,211
EMC Corp. (a)	472,700		6,050,560
Emulex Corp. (a)	46,800		829,296
M-Systems Flash Disk Pioneers Ltd. (a)	20,000		669,000
McDATA Corp. Class A (a)	118,300		447,174

	Shares		Value
Network Appliance, Inc. (a)	167,200		$ 5,350,400
Novatel Wireless, Inc. (a)(d)	41,600		463,424
QLogic Corp. (a)	12,300		219,924
Quantum Corp. (a)	20,000		58,200
Read-Rite Corp. (a)	44,000		4
Synaptics, Inc. (a)	98,400		2,330,112
Xyratex Ltd. (a)	15,800		424,704
			16,853,009
TOTAL COMPUTERS & PERIPHERALS			18,735,375
ELECTRICAL EQUIPMENT - 0.4%
Electrical Components & Equipment - 0.4%
Energy Conversion Devices, Inc. (a)	13,400		532,650
ELECTRONIC EQUIPMENT & INSTRUMENTS - 10.7%
Electronic Equipment & Instruments - 7.2%
Agilent Technologies, Inc. (a)	177,100		6,179,019
AU Optronics Corp. sponsored ADR	25,400		368,808
Chi Mei Optoelectronics Corp.	81,000		95,063
Coherent, Inc. (a)	16,100		530,173
HannStar Display Corp.	341,000		62,618
LG.Philips LCD Co. Ltd. sponsored ADR (a)(d)	15,000		281,550
Nippon Electric Glass Co. Ltd.	18,000		396,510
Orbotech Ltd. (a)	19,400		487,328
Sunpower Corp. Class A (d)	8,000		243,120
			8,644,189
Electronic Manufacturing Services - 3.5%
Benchmark Electronics, Inc. (a)	15,800		382,518
Hon Hai Precision Industry Co. Ltd. (Foxconn)	62,000		395,499
Jabil Circuit, Inc.	76,900		2,677,658
M-Flex Electronix, Inc. (a)	100		3,327
Smart Modular Tech WWH, Inc.	60,400		518,836
Solectron Corp. (a)	50,000		178,000
			4,155,838
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			12,800,027
HOUSEHOLD DURABLES - 0.5%
Consumer Electronics - 0.5%
Directed Electronics, Inc.	30,600		422,280
Thomson SA	12,500		237,115
			659,395
INDUSTRIAL CONGLOMERATES - 0.3%
Industrial Conglomerates - 0.3%
Orkla ASA (A Shares)	6,800		334,945
INTERNET SOFTWARE & SERVICES - 9.1%
Internet Software & Services - 9.1%
24/7 Real Media, Inc. (a)	40,000		334,000
aQuantive, Inc. (a)	14,200		352,018
Ariba, Inc. (a)	25,100		213,099
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
Baidu.com, Inc. sponsored ADR	800		$ 62,256
Google, Inc. Class A (sub. vtg.) (a)	20,400		7,585,128
Marchex, Inc. Class B (a)	12,000		204,960
Openwave Systems, Inc. (a)	149,800		2,118,172
			10,869,633
IT SERVICES - 0.1%
IT Consulting & Other Services - 0.1%
Sapient Corp. (a)	21,700		116,095
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.8%
Semiconductor Equipment - 0.9%
EMCORE Corp. (a)	40,700		387,871
MEMC Electronic Materials, Inc. (a)	19,100		668,882
			1,056,753
Semiconductors - 18.9%
Advanced Analogic Technologies, Inc.	53,300		614,549
AMIS Holdings, Inc. (a)	23,000		225,630
ANADIGICS, Inc. (a)	43,700		373,198
Applied Micro Circuits Corp. (a)	254,100		747,054
Atheros Communications, Inc. (a)	14,500		320,305
ATI Technologies, Inc. (a)	13,600		224,383
Broadcom Corp. Class A (a)	194,950		6,591,260
Conexant Systems, Inc. (a)	388,600		1,138,598
Cree, Inc. (a)	2,700		69,255
Cypress Semiconductor Corp. (a)	13,300		201,894
Exar Corp. (a)	43,600		575,520
Ikanos Communications, Inc.	300		4,767
Marvell Technology Group Ltd. (a)	67,740		3,229,166
Maxim Integrated Products, Inc.	8,300		255,059
Microtune, Inc. (a)	134,600		861,440
Mindspeed Technologies, Inc. (a)(d)	340,833		978,191
MIPS Technologies, Inc. (a)	43,500		250,995
National Semiconductor Corp.	46,600		1,196,688
Netlogic Microsystems, Inc. (a)	36,700		1,198,622
O2Micro International Ltd. sponsored ADR (a)	61,900		537,292
Pericom Semiconductor Corp. (a)	4,100		35,670
Pixelplus Co. Ltd. sponsored ADR	77,100		239,781
Pixelworks, Inc. (a)	6,400		17,984
PMC-Sierra, Inc. (a)	400		3,856
PowerDsine Ltd. (a)	40,500		312,255
Saifun Semiconductors Ltd.	10,500		313,215
Sigma Designs, Inc. (a)	23,000		319,700
Silicon On Insulator Technologies SA (SOITEC) (a)	31,100		911,219

	Shares		Value
Trident Microsystems, Inc. (a)	28,100		$ 620,448
Vimicro International Corp. sponsored ADR	15,000		245,202
			22,613,196
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			23,669,949
SOFTWARE - 3.3%
Application Software - 1.3%
Cognos, Inc. (a)	2,400		73,534
Informatica Corp. (a)	26,800		376,808
Ulticom, Inc. (a)	119,100		1,081,428
			1,531,770
Home Entertainment Software - 0.1%
Ubisoft Entertainment SA (a)	2,300		117,975
Systems Software - 1.9%
Symantec Corp. (a)	105,400		1,644,240
Wind River Systems, Inc. (a)	71,900		679,455
			2,323,695
TOTAL SOFTWARE			3,973,440
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
InPhonic, Inc. (a)	200		1,440
Syniverse Holdings, Inc. (a)	29,600		482,480
WiderThan Co. Ltd. ADR	5,500		69,740
			553,660
TOTAL COMMON STOCKS (Cost $129,860,012)		119,181,829

Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
CIENA Corp. 0.25% 5/1/13 (Cost $240,000)	$ 240,000	219,408

Money Market Funds - 2.1%
	Shares
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c) (Cost $2,487,800)	2,487,800	2,487,800

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $132,587,812)

121,889,037

NET OTHER ASSETS - (1.9)%		(2,295,913)
NET ASSETS - 100%		$ 119,593,124

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 31,482
Fidelity Securities Lending Cash Central Fund	38,622
Total	$ 70,104

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $132,756,435. Net unrealized depreciation aggregated $10,867,398, of which $5,828,246 related to appreciated investment securities and $16,695,644 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, 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 dealer supplied prices. Investments in open-end mutual 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and Forest
Products Portfolio

May 31, 2006

1.802186.102

PAP-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Commercial Printing - 0.7%
Cenveo, Inc. (a)	7,700		$ 145,915
CONTAINERS & PACKAGING - 35.1%
Metal & Glass Containers - 2.5%
Ball Corp.	2,508		93,849
Owens-Illinois, Inc. (a)	13,100		222,700
Silgan Holdings, Inc.	6,200		231,818
			548,367
Paper Packaging - 32.6%
Bemis Co., Inc.	37,300		1,133,920
Packaging Corp. of America	59,200		1,260,960
Rock-Tenn Co. Class A	7,500		116,025
Sealed Air Corp.	15,100		778,707
Smurfit-Stone Container Corp. (a)	106,970		1,280,431
Sonoco Products Co.	38,100		1,207,008
Temple-Inland, Inc.	32,300		1,389,223
			7,166,274
TOTAL CONTAINERS & PACKAGING			7,714,641
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.0%
Electronic Equipment & Instruments - 1.0%
Metrologic Instruments, Inc. (a)	14,100		211,923
HOUSEHOLD PRODUCTS - 7.3%
Household Products - 7.3%
Kimberly-Clark Corp.	23,200		1,407,544
Procter & Gamble Co.	3,600		195,300
			1,602,844
MACHINERY - 0.9%
Industrial Machinery - 0.9%
Heidelberger Druckmaschinen AG	2,700		122,989
Kadant, Inc. (a)	2,800		65,632
			188,621
MEDIA - 0.4%
Publishing - 0.4%
McGraw-Hill Companies, Inc.	1,700		87,720
PAPER & FOREST PRODUCTS - 31.0%
Forest Products - 15.0%
Canfor Corp. (a)	86,900		1,006,107
West Fraser Timber Co. Ltd.	22,200		748,904
Weyerhaeuser Co.	24,000		1,535,040
			3,290,051
Paper Products - 16.0%
Abitibi-Consolidated, Inc.	500		1,716
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	7,100		363,165
Bowater, Inc.	7,500		173,550

	Shares		Value
Buckeye Technologies, Inc. (a)	22,400		$ 174,944
Domtar, Inc.	100		655
Lee & Man Paper Manufacturing Ltd.	48,000		76,720
MeadWestvaco Corp.	37,500		1,027,500
Mercer International, Inc. (SBI) (a)	26,800		235,572
Neenah Paper, Inc.	1,800		55,224
Nine Dragons Paper (Holdings) Ltd.	12,000		9,977
P.H. Glatfelter Co.	22,300		389,804
Schweitzer-Mauduit International, Inc.	19,200		487,104
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	15,700		223,411
Wausau-Mosinee Paper Corp.	22,300		298,151
			3,517,493
TOTAL PAPER & FOREST PRODUCTS			6,807,544
REAL ESTATE INVESTMENT TRUSTS - 19.7%
Specialized REITs - 19.7%
Longview Fibre Co.	33,900		865,806
Plum Creek Timber Co., Inc.	39,200		1,401,400
Potlatch Corp.	26,679		1,004,998
Rayonier, Inc.	27,287		1,061,191
			4,333,395
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%
Real Estate Management & Development - 1.0%
Consolidated-Tomoka Land Co.	3,800		220,780
TEXTILES, APPAREL & LUXURY GOODS - 1.1%
Textiles - 1.1%
Xerium Technologies, Inc.	25,400		248,666
TOTAL COMMON STOCKS (Cost $23,504,253)		21,562,049
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.03% (b) (Cost $585,205)	585,205		585,205

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $24,089,458)

22,147,254

NET OTHER ASSETS - (0.9)%			(187,779)
NET ASSETS - 100%		$ 21,959,475

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 6,161
Fidelity Securities Lending Cash Central Fund	296
Total	$ 6,457

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $24,293,399. Net unrealized depreciation aggregated $2,146,145, of which $373,194 related to appreciated investment securities and $2,519,339 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2006

1.802187.102

PHR-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
BIOTECHNOLOGY - 6.8%
Biotechnology - 6.8%
Acadia Pharmaceuticals, Inc. (a)(d)	111,900		$ 1,159,284
Acambis PLC (a)	27,600		88,775
AEterna Zentaris, Inc. (sub. vtg.) (a)	93,400		631,007
Alizyme PLC (a)	57,400		146,252
Alnylam Pharmaceuticals, Inc. (a)	26,000		384,540
Altus Pharmaceuticals, Inc.	17,300		324,894
Amylin Pharmaceuticals, Inc. (a)	6,060		275,427
Arena Pharmaceuticals, Inc. (a)	1,100		15,004
Basilea Pharmaceutica AG (a)	1,200		170,197
Biogen Idec, Inc. (a)	5,500		256,465
BioMarin Pharmaceutical, Inc. (a)	3,400		44,166
BioSphere Medical, Inc. (a)	125,400		708,510
Cephalon, Inc. (a)	8,200		489,704
Critical Therapeutics, Inc. (a)(d)	5,000		23,500
CSL Ltd.	16,965		657,239
DUSA Pharmaceuticals, Inc. (a)	16,500		97,680
Genentech, Inc. (a)	3,100		257,176
Genmab AS (a)	24,700		791,667
Human Genome Sciences, Inc. (a)	37,300		408,808
MannKind Corp. (a)(d)	90,000		1,713,600
Myogen, Inc. (a)	13,000		404,950
Neopharm, Inc. (a)	36,300		204,369
Neurocrine Biosciences, Inc. (a)	6,900		135,999
QLT, Inc. (a)	2,690		19,409
Renovis, Inc. (a)	28,500		464,550
Seattle Genetics, Inc. (a)	48,100		199,615
Senomyx, Inc. (a)	9,000		143,730
Tanox, Inc. (a)	7,500		107,175
Tercica, Inc. (a)(d)	114,100		583,051
Theratechnologies, Inc. (a)	400,000		573,893
Theravance, Inc. (a)	2,900		69,368
			11,550,004
CHEMICALS - 1.2%
Diversified Chemicals - 0.1%
Akzo Nobel NV sponsored ADR	3,000		161,790
Fertilizers & Agricultural Chemicals - 0.9%
Bodisen Biotech, Inc. (a)(d)	20,200		231,088
Monsanto Co.	15,371		1,293,623
			1,524,711
Specialty Chemicals - 0.2%
Novozymes AS Series B	4,000		285,970
TOTAL CHEMICALS			1,972,471
FOOD PRODUCTS - 0.1%
Packaged Foods & Meats - 0.1%
Koninklijke Numico NV	3,100		137,674

	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 6.2%
Health Care Equipment - 3.6%
Adeza Biomedical Corp. (a)	3,000		$ 39,390
BioLase Technology, Inc.	23,600		175,584
Elekta AB (B Shares)	8,600		136,856
Encore Medical Corp. (a)	2,600		12,948
HealthTronics, Inc. (a)	83,700		617,706
Imaging Dynamics Co. Ltd. (a)	388,900		1,589,149
NeuroMetrix, Inc. (a)	9,600		279,744
Nobel Biocare Holding AG (Switzerland)	2,618		635,510
NuVasive, Inc. (a)	3,800		62,434
Optos PLC	117,000		477,522
Restore Medical, Inc.	200,000		1,532,000
Stereotaxis, Inc. (a)	35,300		346,293
Straumann Holding AG	1,000		260,188
			6,165,324
Health Care Supplies - 2.6%
Cooper Companies, Inc.	200		9,470
Gen-Probe, Inc. (a)	4,300		232,200
Inverness Medical Innovations, Inc. (a)	136,400		3,935,140
Inverness Medical Innovations, Inc. (a)(f)	2,497		64,835
OraSure Technologies, Inc. (a)	13,000		113,490
			4,355,135
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			10,520,459
HEALTH CARE PROVIDERS & SERVICES - 10.5%
Health Care Distributors & Services - 5.0%
AmerisourceBergen Corp.	38,400		1,673,856
Cardinal Health, Inc.	56,462		3,777,872
Futuremed Healthcare Income Fund	16,000		189,457
McKesson Corp.	56,730		2,808,135
			8,449,320
Health Care Facilities - 2.9%
Apollo Hospitals Enterprise Ltd.	11,490		102,716
Brookdale Senior Living, Inc.	50,700		2,507,115
Bumrungrad Hospital PCL (For. Reg.)	101,100		85,684
HealthSouth Corp. (a)	28,700		124,271
LCA-Vision, Inc.	5,900		320,606
NovaMed Eyecare, Inc. (a)	82,500		587,400
Odyssey Healthcare, Inc. (a)	6,000		97,860
U.S. Physical Therapy, Inc. (a)	75,000		1,127,250
			4,952,902
Health Care Services - 2.0%
DaVita, Inc. (a)	20,400		1,080,384
Diagnosticos Da America SA (a)	6,000		117,197
Health Grades, Inc. (a)	20,300		90,800
HealthExtras, Inc. (a)	5,000		150,200
Healthways, Inc. (a)	22,700		1,206,278
HMS Holdings Corp. (a)	22,100		213,044
I-trax, Inc. (a)	10,000		31,900
LHC Group, Inc.	100		1,849
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - continued
Medco Health Solutions, Inc. (a)	2,400		$ 129,360
QMed, Inc. (a)	10,000		53,600
ResCare, Inc. (a)	13,000		258,050
			3,332,662
Managed Health Care - 0.6%
Humana, Inc. (a)	18,600		941,718
TOTAL HEALTH CARE PROVIDERS & SERVICES			17,676,602
HEALTH CARE TECHNOLOGY - 1.7%
Healthcare Technology - 1.7%
Emdeon Corp. (a)	12,948		150,326
Systems Xcellence, Inc. (a)	680,500		2,731,269
			2,881,595
INTERNET & CATALOG RETAIL - 3.3%
Internet Retail - 3.3%
NutriSystem, Inc. (a)(d)	82,400		5,596,608
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Science Tools & Services - 0.1%
Applera Corp. - Celera Genomics Group (a)	1,000		11,200
Exelixis, Inc. (a)	12,300		133,455
			144,655
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
Herbalife Ltd. (a)	15,900		624,075
PHARMACEUTICALS - 69.5%
Pharmaceuticals - 69.5%
Adams Respiratory Therapeutics, Inc.	5,800		268,424
Adolor Corp. (a)	1,000		23,370
Allergan, Inc.	32,650		3,095,873
Altana AG	5,970		353,358
Altana AG sponsored ADR	8,600		512,904
Astellas Pharma, Inc.	119,700		4,735,464
AstraZeneca PLC sponsored ADR	129,830		6,873,200
AVANIR Pharmaceuticals Class A (a)	250		2,448
Barr Pharmaceuticals, Inc. (a)	22,250		1,172,575
Barrier Therapeutics, Inc. (a)(d)	115,100		681,392
Biovail Corp.	23,910		589,255
Bristol-Myers Squibb Co.	82,000		2,013,100
Chugai Pharmaceutical Co. Ltd.	15,900		345,962
Cipla Ltd. GDR (a)(e)	120,000		593,531
Collagenex Pharmaceuticals, Inc. (a)	23,000		286,120

	Shares		Value
Cypress Bioscience, Inc. (a)	25,000		$ 172,250
Daiichi Sankyo Co. Ltd.	44,400		1,221,575
Eisai Co. Ltd.	18,600		851,229
Elan Corp. PLC sponsored ADR (a)	75,000		1,410,750
Eli Lilly & Co.	25,200		1,301,328
Endo Pharmaceuticals Holdings, Inc. (a)	30,700		900,738
First Horizon Pharmaceutical Corp. (a)	57,000		1,203,270
Forest Laboratories, Inc. (a)	65,620		2,459,438
GlaxoSmithKline PLC sponsored ADR	52,700		2,914,310
H. Lundbeck AS (d)	26,280		578,099
Hi-Tech Pharmacal Co., Inc. (a)	4,650		92,163
Ipsen SA	4,200		177,644
Johnson & Johnson	139,300		8,388,646
King Pharmaceuticals, Inc. (a)	300		5,334
Kos Pharmaceuticals, Inc. (a)	4,000		171,640
Mayne Pharma Ltd. (a)	241,100		486,065
Medicines Co. (a)	36,700		678,950
Medicis Pharmaceutical Corp. Class A	9,800		292,236
Merck & Co., Inc.	334,100		11,122,188
Merck KGaA	4,020		412,710
MGI Pharma, Inc. (a)	15,700		282,757
Mylan Laboratories, Inc.	11,547		241,448
New River Pharmaceuticals, Inc. (a)	68,800		2,029,600
Novartis AG sponsored ADR	183,840		10,199,443
Novo Nordisk AS:
Series B	17,650		1,091,978
Series B sponsored ADR	26,400		1,640,760
Penwest Pharmaceuticals Co. (a)(d)	53,200		1,028,888
Perrigo Co.	170		2,859
Pfizer, Inc.	435,400		10,301,564
Pliva D.D. GDR	30,000		629,100
Recordati Spa	26,800		216,299
Roche Holding AG (participation certificate)	29,731		4,629,188
Sanofi-Aventis	100		9,454
Sanofi-Aventis sponsored ADR (d)	74,156		3,505,354
Schering AG	20,400		2,228,700
Schering-Plough Corp.	102,490		1,953,459
Shionogi & Co. Ltd.	66,000		1,201,668
Sinclair Pharma PLC (a)	60,000		127,911
Strides Arcolab Ltd.	20,000		115,754
Takeda Pharamaceutical Co. Ltd.	77,800		5,078,459
Teva Pharmaceutical Industries Ltd. sponsored ADR	145,301		5,290,409
Valeant Pharmaceuticals International	15,100		259,720
Watson Pharmaceuticals, Inc. (a)	100		2,533
Wyeth	190,820		8,728,107
			117,182,951
TOTAL COMMON STOCKS (Cost $162,019,888)		168,287,094
Money Market Funds - 7.0%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	828,158		$ 828,158
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	10,948,225		10,948,225
TOTAL MONEY MARKET FUNDS (Cost $11,776,383)		11,776,383

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $173,796,271)

180,063,477

NET OTHER ASSETS - (6.8)%		(11,421,872)
NET ASSETS - 100%		$ 168,641,605

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
Inverness Medical Innovations, Inc.	2/8/06	$ 60,952

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 14,174
Fidelity Securities Lending Cash Central Fund	46,061
Total	$ 60,235

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $174,379,941. Net unrealized appreciation aggregated $5,683,536, of which $14,780,195 related to appreciated investment securities and $9,096,659 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2006

1.802178.102

PRC-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
Ameriprise Financial, Inc.	7,400		$ 338,698
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Multi-Sector Holdings - 0.3%
Leucadia National Corp.	10,500		672,420
HEALTH CARE PROVIDERS & SERVICES - 3.8%
Managed Health Care - 3.8%
Aetna, Inc.	12,600		484,596
Health Net, Inc. (a)	7,500		322,650
UnitedHealth Group, Inc.	145,000		6,374,200
			7,181,446
INSURANCE - 93.1%
Insurance Brokers - 4.5%
Aon Corp.	47,700		1,700,505
Brown & Brown, Inc.	13,600		414,392
Hilb Rogal & Hobbs Co.	10,000		389,100
Marsh & McLennan Companies, Inc.	40,800		1,143,624
National Financial Partners Corp.	19,300		865,605
USI Holdings Corp. (a)	95,200		1,311,856
Willis Group Holdings Ltd.	76,100		2,644,475
			8,469,557
Life & Health Insurance - 20.7%
AFLAC, Inc.	192,500		9,009,000
American Equity Investment Life Holding Co.	20,200		263,610
Lincoln National Corp.	105,229		5,911,765
Manulife Financial Corp.	81,822		2,693,346
MetLife, Inc.	201,600		10,376,352
Protective Life Corp.	13,600		602,752
Prudential Financial, Inc.	112,700		8,582,105
Shin Kong Financial Holding Co. Ltd.	378,000		386,272
StanCorp Financial Group, Inc.	20,500		1,000,810
Universal American Financial Corp. (a)	27,300		381,927
			39,207,939
Multi-Line Insurance - 19.7%
American Financial Group, Inc., Ohio	28,200		1,188,912
American International Group, Inc.	291,700		17,735,357
Assurant, Inc.	36,800		1,798,784
Genworth Financial, Inc. Class A (non-vtg.)	108,100		3,620,269
Hartford Financial Services Group, Inc.	128,000		11,256,320
HCC Insurance Holdings, Inc.	50,000		1,534,500
			37,134,142
Property & Casualty Insurance - 34.7%
ACE Ltd.	230,149		11,914,814
Admiral Group PLC	61,500		724,551
Alleghany Corp.	1,572		443,776

	Shares		Value
Allstate Corp.	135,200		$ 7,437,352
AMBAC Financial Group, Inc.	19,750		1,582,963
Aspen Insurance Holdings Ltd.	163,600		3,545,212
Axis Capital Holdings Ltd.	73,800		1,933,560
Berkshire Hathaway, Inc. Class A (a)	9		830,610
Catlin Group Ltd.	155,100		1,218,188
Fidelity National Financial, Inc.	26,984		1,119,566
Fidelity National Title Group, Inc. Class A (d)	30,302		661,796
Markel Corp. (a)	3,100		1,047,025
MBIA, Inc.	57,200		3,267,836
Navigators Group, Inc. (a)	21,100		869,742
Old Republic International Corp.	82,325		1,759,285
Philadelphia Consolidated Holdings Corp. (a)	19,200		636,480
RLI Corp.	20,300		960,190
Specialty Underwriters' Alliance, Inc. (a)	83,500		565,295
The Chubb Corp.	92,958		4,697,168
The St. Paul Travelers Companies, Inc.	238,291		10,489,570
United America Indemnity Ltd. Class A (a)	48,500		1,102,405
W.R. Berkley Corp.	151,743		5,215,407
XL Capital Ltd. Class A	54,900		3,474,072
			65,496,863
Reinsurance - 13.5%
Arch Capital Group Ltd. (a)	18,000		1,033,200
Benfield Group PLC	55,700		376,545
Endurance Specialty Holdings Ltd.	198,200		6,055,010
Everest Re Group Ltd.	38,800		3,466,780
IPC Holdings Ltd.	20,700		504,666
Max Re Capital Ltd.	36,600		878,400
Montpelier Re Holdings Ltd.	24,500		381,710
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	8,100		1,097,872
PartnerRe Ltd.	44,500		2,733,190
Platinum Underwriters Holdings Ltd.	148,825		4,009,346
RAM Holdings Ltd.	23,000		296,700
Reinsurance Group of America, Inc.	32,500		1,542,125
Scottish Re Group Ltd.	101,500		1,971,130
Swiss Reinsurance Co. (Reg.)	13,909		977,803
Transatlantic Holdings, Inc.	4,862		279,565
			25,604,042
TOTAL INSURANCE			175,912,543
THRIFTS & MORTGAGE FINANCE - 2.3%
Thrifts & Mortgage Finance - 2.3%
MGIC Investment Corp.	30,500		2,009,035
Radian Group, Inc.	20,400		1,246,848
The PMI Group, Inc.	23,000		1,046,500
			4,302,383
TOTAL COMMON STOCKS (Cost $147,768,695)		188,407,490
Money Market Funds - 0.4%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	93,018		$ 93,018
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	640,700		640,700
TOTAL MONEY MARKET FUNDS (Cost $733,718)		733,718

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $148,502,413)

189,141,208

NET OTHER ASSETS - (0.1)%			(167,494)
NET ASSETS - 100%		$ 188,973,714

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 6,788
Fidelity Securities Lending Cash Central Fund	2,140
Total	$ 8,928

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $149,160,055. Net unrealized appreciation aggregated $39,981,153, of which $44,505,078 related to appreciated investment securities and $4,523,925 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2006

1.802188.102

RET-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	7,400		$ 197,950
FOOD & STAPLES RETAILING - 15.1%
Drug Retail - 5.9%
CVS Corp.	78,500		2,190,150
Rite Aid Corp. (a)	30,000		141,000
Walgreen Co.	31,000		1,258,600
			3,589,750
Food Retail - 1.3%
Safeway, Inc.	11,000		259,380
Whole Foods Market, Inc.	5,000		325,000
Wild Oats Markets, Inc. (a)	10,000		159,500
			743,880
Hypermarkets & Super Centers - 7.9%
BJ's Wholesale Club, Inc. (a)	5,700		168,150
Costco Wholesale Corp.	17,300		915,689
Wal-Mart de Mexico SA de CV Series V	123,911		324,054
Wal-Mart Stores, Inc.	70,000		3,391,500
			4,799,393
TOTAL FOOD & STAPLES RETAILING			9,133,023
HOTELS, RESTAURANTS & LEISURE - 9.0%
Restaurants - 9.0%
Buffalo Wild Wings, Inc. (a)	5,000		196,300
Burger King Holdings, Inc.	8,800		164,560
Cosi, Inc. (a)	41,700		339,021
Domino's Pizza, Inc.	3,600		85,248
McDonald's Corp.	55,000		1,824,350
OSI Restaurant Partners, Inc.	4,500		165,060
Panera Bread Co. Class A (a)	4,600		297,896
Red Robin Gourmet Burgers, Inc. (a)	8,000		335,600
Starbucks Corp. (a)(d)	30,000		1,069,500
Wendy's International, Inc.	15,000		904,200
Yum! Brands, Inc.	800		40,320
			5,422,055
INTERNET & CATALOG RETAIL - 2.6%
Catalog Retail - 2.0%
Coldwater Creek, Inc. (a)	46,500		1,195,050
Internet Retail - 0.6%
Amazon.com, Inc. (a)	1,100		38,071
Blue Nile, Inc. (a)(d)	11,700		349,830
			387,901
TOTAL INTERNET & CATALOG RETAIL			1,582,951

	Shares		Value
INTERNET SOFTWARE & SERVICES - 4.1%
Internet Software & Services - 4.1%
eBay, Inc. (a)	76,000		$ 2,493,560
MULTILINE RETAIL - 23.9%
Department Stores - 18.1%
Federated Department Stores, Inc.	57,000		4,151,310
JCPenney Co., Inc.	27,000		1,640,520
KarstadtQuelle AG (a)(d)	16,000		445,211
Kohl's Corp. (a)	22,000		1,181,180
Nordstrom, Inc.	36,000		1,325,880
Saks, Inc.	44,500		714,225
Sears Holdings Corp. (a)	9,864		1,498,046
			10,956,372
General Merchandise Stores - 5.8%
Family Dollar Stores, Inc.	9,000		224,820
Target Corp.	67,500		3,302,100
			3,526,920
TOTAL MULTILINE RETAIL			14,483,292
SPECIALTY RETAIL - 38.2%
Apparel Retail - 19.7%
Abercrombie & Fitch Co. Class A	13,000		752,050
Aeropostale, Inc. (a)	19,000		470,060
American Eagle Outfitters, Inc.	5,000		163,250
AnnTaylor Stores Corp. (a)	8,000		307,680
Casual Male Retail Group, Inc. (a)	70,000		682,500
Charlotte Russe Holding, Inc. (a)	42,000		891,660
Chico's FAS, Inc. (a)	16,000		479,520
Christopher & Banks Corp.	12,000		323,280
Eddie Bauer Holdings, Inc. (a)	10,000		150,000
Gymboree Corp. (a)	56,000		1,981,840
Hot Topic, Inc. (a)	16,100		222,824
Limited Brands, Inc.	38,000		1,032,080
Pacific Sunwear of California, Inc. (a)	6,000		131,700
Ross Stores, Inc.	13,400		378,550
The Children's Place Retail Stores, Inc. (a)	4,000		232,680
The Men's Wearhouse, Inc.	5,000		169,350
TJX Companies, Inc.	48,000		1,138,080
Too, Inc. (a)	33,500		1,373,500
Urban Outfitters, Inc. (a)	16,000		297,120
Wet Seal, Inc. Class A (a)(d)	22,000		100,100
Zumiez, Inc.	20,300		681,877
			11,959,701
Automotive Retail - 1.0%
Asbury Automotive Group, Inc. (a)	5,000		104,300
AutoZone, Inc. (a)	5,600		508,088
			612,388
Computer & Electronics Retail - 6.8%
Best Buy Co., Inc. (d)	38,500		2,040,500
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Computer & Electronics Retail - continued
Circuit City Stores, Inc.	48,000		$ 1,442,400
Gamestop Corp. Class A (a)	14,563		625,335
			4,108,235
Home Improvement Retail - 4.0%
Home Depot, Inc.	32,500		1,238,900
Lowe's Companies, Inc. (d)	18,500		1,152,180
			2,391,080
Homefurnishing Retail - 0.1%
Pier 1 Imports, Inc.	10,000		84,900
Specialty Stores - 6.6%
Office Depot, Inc. (a)	44,000		1,829,080
OfficeMax, Inc.	11,000		454,630
Staples, Inc.	52,500		1,233,225
Tiffany & Co., Inc.	14,000		478,660
			3,995,595
TOTAL SPECIALTY RETAIL			23,151,899
TEXTILES, APPAREL & LUXURY GOODS - 6.5%
Apparel, Accessories & Luxury Goods - 3.0%
Carter's, Inc. (a)	8,500		496,740
Coach, Inc. (a)	16,000		465,280
Liz Claiborne, Inc.	3,000		116,010
Polo Ralph Lauren Corp. Class A	12,400		700,600
Volcom, Inc.	1,800		57,726
			1,836,356
Footwear - 3.5%
Deckers Outdoor Corp. (a)(d)	55,000		1,950,300
Iconix Brand Group, Inc. (a)	10,000		159,700
			2,110,000
TOTAL TEXTILES, APPAREL & LUXURY GOODS			3,946,356
TOTAL COMMON STOCKS (Cost $48,865,949)		60,411,086
Money Market Funds - 11.2%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	15,077		$ 15,077
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	6,762,325		6,762,325
TOTAL MONEY MARKET FUNDS (Cost $6,777,402)		6,777,402

TOTAL INVESTMENT PORTFOLIO - 110.9%

(Cost $55,643,351)

67,188,488

NET OTHER ASSETS - (10.9)%		(6,618,982)
NET ASSETS - 100%		$ 60,569,506

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 6,453
Fidelity Securities Lending Cash Central Fund	23,708
Total	$ 30,161

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $55,927,407. Net unrealized appreciation aggregated $11,261,081, of which $12,897,501 related to appreciated investment securities and $1,636,420 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

May 31, 2006

1.802175.102

SAV-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.9%
	Shares		Value
COMMERCIAL BANKS - 18.4%
Diversified Banks - 2.5%
Wells Fargo & Co.	111,000		$ 7,367,070
Regional Banks - 15.9%
Center Financial Corp., California	29,788		694,954
Colonial Bancgroup, Inc.	310,600		8,280,596
East West Bancorp, Inc.	25,600		1,022,720
EuroBancshares, Inc. (a)	43,200		426,384
Nara Bancorp, Inc.	27,200		527,680
North Fork Bancorp, Inc., New York	385,659		11,365,371
PNC Financial Services Group, Inc.	170,800		11,769,828
TCF Financial Corp.	104,600		2,792,820
TD Banknorth, Inc.	283,675		8,124,452
UCBH Holdings, Inc.	59,144		1,045,666
			46,050,471
TOTAL COMMERCIAL BANKS			53,417,541
DIVERSIFIED FINANCIAL SERVICES - 4.5%
Other Diversifed Financial Services - 4.5%
JPMorgan Chase & Co.	305,600		13,030,784
INSURANCE - 13.3%
Multi-Line Insurance - 2.9%
Genworth Financial, Inc. Class A (non-vtg.)	248,135		8,310,041
Property & Casualty Insurance - 10.4%
Fidelity National Financial, Inc.	256,266		10,632,476
First American Corp., California	195,100		8,188,347
Old Republic International Corp.	533,275		11,396,087
			30,216,910
TOTAL INSURANCE			38,526,951
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
Homestore, Inc. (a)	71,659		427,088
REAL ESTATE INVESTMENT TRUSTS - 1.3%
Mortgage REITs - 0.7%
CapitalSource, Inc.	80,613		1,890,375
Origen Financial, Inc.	44,400		276,168
			2,166,543
Office REITs - 0.6%
American Financial Realty Trust (SBI)	179,100		1,773,090
TOTAL REAL ESTATE INVESTMENT TRUSTS			3,939,633
THRIFTS & MORTGAGE FINANCE - 56.3%
Thrifts & Mortgage Finance - 56.3%
Astoria Financial Corp.	180,600		5,464,956
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	46,400		682,080

	Shares		Value
Capitol Federal Financial	83,400		$ 2,716,338
Clayton Holdings, Inc.	69,774		980,325
Countrywide Financial Corp.	529,300		20,261,603
Dime Community Bancshares, Inc.	30,500		431,270
Doral Financial Corp. (d)	250,892		1,891,726
Downey Financial Corp.	4,300		292,830
Fannie Mae	339,700		16,900,075
FirstFed Financial Corp., Delaware (a)	9,700		561,048
Freddie Mac	255,400		15,334,216
Golden West Financial Corp., Delaware	211,000		15,424,100
Independence Community Bank Corp.	179,582		7,538,852
IndyMac Bancorp, Inc.	600		27,540
MGIC Investment Corp. (d)	177,200		11,672,164
New York Community Bancorp, Inc.	454,337		7,569,254
People's Bank, Connecticut	212,800		7,005,376
Radian Group, Inc.	212,400		12,981,888
Sovereign Bancorp, Inc.	550,699		12,280,588
The PMI Group, Inc.	111,657		5,080,394
Triad Guaranty, Inc. (a)	16,400		887,732
Washington Federal, Inc.	170,462		3,910,398
Washington Mutual, Inc. (d)	192,700		8,846,857
Webster Financial Corp.	97,900		4,747,171
		163,488,781
TOTAL COMMON STOCKS (Cost $205,943,631)		272,830,778
Money Market Funds - 12.3%

Fidelity Cash Central Fund, 5.03% (b)	14,746,402		14,746,402
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	21,022,750		21,022,750
TOTAL MONEY MARKET FUNDS (Cost $35,769,152)		35,769,152

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $241,712,783)

308,599,930

NET OTHER ASSETS - (6.2)%		(18,104,255)
NET ASSETS - 100%		$ 290,495,675

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 112,880
Fidelity Securities Lending Cash Central Fund	7,333
Total	$ 120,213

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $244,051,717. Net unrealized appreciation aggregated $64,548,213, of which $73,001,643 related to appreciated investment securities and $8,453,430 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

May 31, 2006

1.802189.102

SOF-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CAPITAL MARKETS - 1.3%
Asset Management & Custody Banks - 1.3%
Aberdeen Asset Management PLC	2,225,000		$ 6,865,421
COMMERCIAL SERVICES & SUPPLIES - 1.1%
Human Resource & Employment Services - 1.1%
Taleo Corp. Class A	465,641		5,541,128
COMMUNICATIONS EQUIPMENT - 0.9%
Communications Equipment - 0.9%
Comverse Technology, Inc. (a)	200,000		4,504,000
COMPUTERS & PERIPHERALS - 4.8%
Computer Hardware - 1.8%
Acer, Inc.	253,000		410,524
Cray, Inc. (a)	927,090		1,724,387
International Business Machines Corp.	1,000		79,900
Sun Microsystems, Inc. (a)	1,553,700		7,240,242
			9,455,053
Computer Storage & Peripherals - 3.0%
ActivIdentity Corp. (a)	1,929,700		8,201,225
Rackable Systems, Inc.	97,400		3,692,434
Xyratex Ltd. (a)	145,000		3,897,600
			15,791,259
TOTAL COMPUTERS & PERIPHERALS			25,246,312
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.1%
Electronic Equipment & Instruments - 0.4%
National Instruments Corp.	83,900		2,350,039
Technology Distributors - 0.7%
CDW Corp.	60,900		3,406,137
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			5,756,176
HEALTH CARE TECHNOLOGY - 0.9%
Healthcare Technology - 0.9%
IMS Health, Inc.	175,200		4,726,896
INTERNET & CATALOG RETAIL - 0.5%
Internet Retail - 0.5%
Expedia, Inc. (a)	195,100		2,772,371
INTERNET SOFTWARE & SERVICES - 18.5%
Internet Software & Services - 18.5%
Google, Inc. Class A (sub. vtg.) (a)	150,800		56,070,456
Interwoven, Inc. (a)	111,200		1,020,816
Supportsoft, Inc. (a)	120,187		468,729
Traffic.com, Inc.	153,600		755,712
VeriSign, Inc. (a)	195,500		4,388,975
Vitria Technology, Inc. (a)(e)	2,091,663		5,626,573
Yahoo!, Inc. (a)	918,700		29,021,733
			97,352,994

	Shares		Value
IT SERVICES - 10.3%
Data Processing & Outsourced Services - 6.5%
Affiliated Computer Services, Inc. Class A (a)	337,800		$ 16,862,976
First Data Corp.	130,000		5,994,300
The BISYS Group, Inc. (a)	607,000		8,953,250
VeriFone Holdings, Inc. (a)	75,000		2,373,000
			34,183,526
IT Consulting & Other Services - 3.8%
HCL Technologies Ltd.	207,287		2,257,080
Infosys Technologies Ltd. sponsored ADR	144,900		10,229,940
Kanbay International, Inc. (a)	520,611		7,200,050
			19,687,070
TOTAL IT SERVICES			53,870,596
SOFTWARE - 54.4%
Application Software - 17.2%
Altiris, Inc. (a)	8,900		155,305
Ansys, Inc. (a)	90,000		4,539,600
Autodesk, Inc. (a)	50,000		1,819,500
BEA Systems, Inc. (a)	1,507,600		20,443,056
FileNET Corp. (a)	822,886		21,436,180
Hyperion Solutions Corp. (a)	204,200		5,862,582
Informatica Corp. (a)	539,600		7,586,776
Mercury Interactive Corp. (a)	95,000		3,363,000
NAVTEQ Corp. (a)	87,300		3,644,775
Ninetowns Digital World Trade Ltd. sponsored ADR (a)	380,300		1,935,727
Parametric Technology Corp. (a)	515,000		6,870,100
Quest Software, Inc. (a)	500,000		6,940,000
SAP AG sponsored ADR	4,200		221,046
SPSS, Inc. (a)	1,400		51,800
TIBCO Software, Inc. (a)	600,000		4,602,000
Verint Systems, Inc. (a)	28,010		909,205
			90,380,652
Home Entertainment Software - 8.0%
Electronic Arts, Inc. (a)	300,000		12,621,000
Nintendo Co. Ltd.	155,200		26,317,771
The9 Ltd. sponsored ADR (a)	35,000		976,150
Ubisoft Entertainment SA (a)(d)	40,000		2,051,745
			41,966,666
Systems Software - 29.2%
Check Point Software Technologies Ltd. (a)	253,200		4,891,824
Microsoft Corp.	1,464,600		33,173,190
Moldflow Corp. (a)	44,100		572,859
Oracle Corp. (a)	1,837,900		26,134,938
Protect Data AB	180,000		2,789,713
Symantec Corp. (a)	4,413,471		68,850,150
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - continued
Utimaco Safeware AG (a)	670,000		$ 8,338,356
WatchGuard Technologies, Inc. (a)(e)	1,866,312		8,920,971
			153,672,001
TOTAL SOFTWARE			286,019,319
SPECIALTY RETAIL - 2.1%
Computer & Electronics Retail - 2.1%
Circuit City Stores, Inc.	212,800		6,394,640
RadioShack Corp.	271,700		4,569,994
			10,964,634
TOTAL COMMON STOCKS (Cost $541,367,386)		503,619,847
Money Market Funds - 8.7%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	21,474,566	$ 21,474,566
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	24,276,010		24,276,010
TOTAL MONEY MARKET FUNDS (Cost $45,750,576)		45,750,576

TOTAL INVESTMENT PORTFOLIO - 104.6%

(Cost $587,117,962)

549,370,423

NET OTHER ASSETS - (4.6)%		(24,077,055)
NET ASSETS - 100%		$ 525,293,368

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 135,935
Fidelity Securities Lending Cash Central Fund	2,114
Total	$ 138,049

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $593,620,957. Net unrealized depreciation aggregated $44,250,534, of which $47,817,530 related to appreciated investment securities and $92,068,064 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

May 31, 2006

1.802190.102

TEC-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
AUTO COMPONENTS - 0.4%
Auto Parts & Equipment - 0.4%
IMPCO Technologies, Inc. (a)	700,000		$ 7,483,000
COMMUNICATIONS EQUIPMENT - 11.9%
Communications Equipment - 11.9%
Alcatel SA sponsored ADR (a)	500,000		6,635,000
Arris Group, Inc. (a)	200,000		2,404,000
Cisco Systems, Inc. (a)	1,800,000		35,424,000
Comverse Technology, Inc. (a)	900,000		20,268,000
Corning, Inc. (a)	200,000		4,850,000
CSR PLC (a)	500,000		13,539,162
F5 Networks, Inc. (a)	100,000		4,852,000
ITF Optical Technologies, Inc. Series A (a)(f)	65,118		1
Juniper Networks, Inc. (a)	1,150,000		18,319,500
Lucent Technologies, Inc. (a)	3,800,000		9,690,000
Motorola, Inc.	2,500,000		52,725,000
Nortel Networks Corp. (a)	3,500,000		8,324,327
QUALCOMM, Inc.	250,000		11,302,500
Research In Motion Ltd. (a)	150,000		9,726,872
Sandvine Corp. (e)	2,000,000		4,076,709
Tellabs, Inc. (a)	100,000		1,430,000
			203,567,071
COMPUTERS & PERIPHERALS - 12.5%
Computer Hardware - 9.1%
Apple Computer, Inc. (a)	800,000		47,816,000
Dell, Inc. (a)	3,750,000		95,175,000
NCR Corp. (a)	100,000		3,908,000
Sun Microsystems, Inc. (a)	2,200,000		10,252,000
			157,151,000
Computer Storage & Peripherals - 3.4%
EMC Corp. (a)	2,750,000		35,200,000
Network Appliance, Inc. (a)	250,000		8,000,000
Seagate Technology	500,000		11,675,000
TPV Technology Ltd.	3,000,000		2,938,883
			57,813,883
TOTAL COMPUTERS & PERIPHERALS			214,964,883
DIVERSIFIED CONSUMER SERVICES - 0.6%
Education Services - 0.6%
Apollo Group, Inc. Class A (a)	200,000		10,462,000
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Specialized Finance - 0.2%
NETeller PLC (a)	311,600		3,659,404
ELECTRICAL EQUIPMENT - 4.0%
Electrical Components & Equipment - 4.0%
Energy Conversion Devices, Inc. (a)	175,000		6,956,250
Evergreen Solar, Inc. (a)(d)	2,000,000		22,300,000
Hoku Scientific, Inc. (d)	49,200		218,448
Q-Cells AG	40,000		3,101,714

	Shares		Value
SolarWorld AG (d)	100,000		$ 27,812,890
Suntech Power Holdings Co. Ltd. sponsored ADR	275,000		7,749,500
			68,138,802
ELECTRONIC EQUIPMENT & INSTRUMENTS - 6.1%
Electronic Equipment & Instruments - 1.5%
Amphenol Corp. Class A	175,000		9,721,250
Motech Industries, Inc.	600,000		15,458,293
			25,179,543
Electronic Manufacturing Services - 2.4%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	5,999,971		38,273,953
Jabil Circuit, Inc.	100,000		3,482,000
			41,755,953
Technology Distributors - 2.2%
Arrow Electronics, Inc. (a)	525,000		17,062,500
Avnet, Inc. (a)	500,000		11,040,000
CDW Corp.	175,000		9,787,750
			37,890,250
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			104,825,746
HOTELS, RESTAURANTS & LEISURE - 0.2%
Hotels, Resorts & Cruise Lines - 0.2%
eLong, Inc. sponsored ADR (a)	200,000		2,978,000
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Directed Electronics, Inc.	250,000		3,450,000
Harman International Industries, Inc.	50,000		4,236,500
			7,686,500
INTERNET & CATALOG RETAIL - 0.2%
Internet Retail - 0.2%
Expedia, Inc. (a)	250,000		3,552,500
INTERNET SOFTWARE & SERVICES - 14.9%
Internet Software & Services - 14.9%
aQuantive, Inc. (a)	100,000		2,479,000
CNET Networks, Inc. (a)	500,000		4,380,000
Digital Insight Corp. (a)	50,000		1,617,500
eBay, Inc. (a)(d)	3,000,000		98,430,000
Equinix, Inc. (a)	125,000		7,285,000
Google, Inc. Class A (sub. vtg.) (a)	330,000		122,700,600
Openwave Systems, Inc. (a)	300,010		4,242,141
Spark Networks PLC unit (a)	58,439		352,036
VeriSign, Inc. (a)	250,000		5,612,500
Yahoo!, Inc. (a)	250,000		7,897,500
			254,996,277
IT SERVICES - 5.2%
Data Processing & Outsourced Services - 3.6%
Affiliated Computer Services, Inc. Class A (a)	175,000		8,736,000
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Alliance Data Systems Corp. (a)	50,000		$ 2,653,500
First Data Corp.	650,000		29,971,500
Hewitt Associates, Inc. Class A (a)	200,000		5,326,000
MoneyGram International, Inc.	100,000		3,498,000
Paychex, Inc.	325,000		11,930,750
			62,115,750
IT Consulting & Other Services - 1.6%
Cognizant Technology Solutions Corp. Class A (a)	150,000		8,850,000
HCL Infosystems Ltd.	500,000		1,678,005
HCL Technologies Ltd.	250,000		2,722,168
Infosys Technologies Ltd.	150,000		9,426,142
Satyam Computer Services Ltd. sponsored ADR	150,000		4,825,500
			27,501,815
TOTAL IT SERVICES			89,617,565
MEDIA - 0.2%
Movies & Entertainment - 0.1%
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	130,000		1,253,200
Publishing - 0.1%
Getty Images, Inc. (a)	25,000		1,641,750
TOTAL MEDIA			2,894,950
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 28.5%
Semiconductor Equipment - 5.3%
Applied Materials, Inc.	1,500,000		25,365,000
ASML Holding NV (NY Shares) (a)	500,000		10,170,000
Cohu, Inc.	300,000		5,199,000
Cymer, Inc. (a)	50,000		2,319,500
KLA-Tencor Corp.	500,000		20,520,000
Lam Research Corp. (a)	125,000		5,598,750
MEMC Electronic Materials, Inc. (a)	500,000		17,510,000
Varian Semiconductor Equipment Associates, Inc. (a)	150,000		4,642,500
			91,324,750
Semiconductors - 23.2%
Altera Corp. (a)	750,000		14,670,000
Analog Devices, Inc.	700,000		23,611,000
ARM Holdings PLC sponsored ADR	1,883,900		12,433,740
Broadcom Corp. Class A (a)	400,000		13,524,000
Ersol Solar Energy AG (d)	50,000		3,242,060
Exar Corp. (a)	200,000		2,640,000
Freescale Semiconductor, Inc.:
Class A (a)	200,000		6,166,000
Class B (a)	450,000		14,044,500
Intel Corp.	5,827,500		105,011,550

	Shares		Value
Intersil Corp. Class A	200,000		$ 5,362,000
Linear Technology Corp.	600,000		20,250,000
LSI Logic Corp. (a)	500,000		4,865,000
Marvell Technology Group Ltd. (a)	568,900		27,119,463
Maxim Integrated Products, Inc.	1,000,000		30,730,000
National Semiconductor Corp.	1,050,000		26,964,000
Samsung Electronics Co. Ltd.	60,000		38,478,933
Silicon On Insulator Technologies SA (SOITEC) (a)	150,000		4,394,949
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,000,000		9,470,000
Texas Instruments, Inc.	500,000		15,615,000
Vimicro International Corp. sponsored ADR	350,000		5,721,380
Xilinx, Inc.	500,000		13,000,000
			397,313,575
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			488,638,325
SOFTWARE - 11.4%
Application Software - 2.5%
Adobe Systems, Inc. (a)	150,000		4,294,500
Agile Software Corp. (a)	250,000		1,647,500
Amdocs Ltd. (a)	200,000		7,494,000
Autodesk, Inc. (a)	150,000		5,458,500
BEA Systems, Inc. (a)	300,000		4,068,000
Blackboard, Inc. (a)	50,000		1,324,000
Cognos, Inc. (a)	150,000		4,595,868
Hyperion Solutions Corp. (a)	100,000		2,871,000
NAVTEQ Corp. (a)	100,000		4,175,000
Quest Software, Inc. (a)	200,000		2,776,000
TIBCO Software, Inc. (a)	500,000		3,835,000
			42,539,368
Home Entertainment Software - 0.9%
Electronic Arts, Inc. (a)	100,000		4,207,000
Take-Two Interactive Software, Inc. (a)(d)	500,000		8,145,000
THQ, Inc. (a)	150,000		3,499,500
			15,851,500
Systems Software - 8.0%
Check Point Software Technologies Ltd. (a)	250,000		4,830,000
McAfee, Inc. (a)	175,000		4,138,750
Microsoft Corp.	800,000		18,120,000
Moldflow Corp. (a)	150,000		1,948,500
Oracle Corp. (a)	5,300,000		75,366,000
Symantec Corp. (a)	2,000,000		31,200,000
Wind River Systems, Inc. (a)	250,000		2,362,500
			137,965,750
TOTAL SOFTWARE			196,356,618
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - 0.5%
Computer & Electronics Retail - 0.5%
Best Buy Co., Inc.	150,000		$ 7,950,000
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
Wireless Telecommunication Services - 1.9%
China Mobile (Hong Kong) Ltd. sponsored ADR (d)	300,000		7,755,000
Crown Castle International Corp. (a)	500,000		15,885,000
Sprint Nextel Corp.	250,000		5,302,500
Syniverse Holdings, Inc. (a)	200,000		3,260,000
			32,202,500
TOTAL COMMON STOCKS (Cost $1,761,405,170)		1,699,974,141
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(f) (Cost $496,562)	33,100		0

Convertible Bonds - 0.2%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc. 4.375% 7/1/12 (e) (Cost $2,020,000)	$ 2,020,000	3,181,500

Money Market Funds - 5.2%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	28,658,004	$ 28,658,004
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	61,197,700		61,197,700
TOTAL MONEY MARKET FUNDS (Cost $89,855,704)		89,855,704

TOTAL INVESTMENT PORTFOLIO - 104.5%

(Cost $1,853,777,436)

1,793,011,345

NET OTHER ASSETS - (4.5)%		(76,534,766)
NET ASSETS - 100%		$ 1,716,476,579

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
Chorum Technologies, Inc. Series E	9/19/00	$ 496,562
ITF Optical Technologies, Inc. Series A	10/11/00	$ 3,269,910

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 371,432
Fidelity Securities Lending Cash Central Fund	153,088
Total	$ 524,520

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,861,071,380. Net unrealized depreciation aggregated $68,060,035, of which $167,020,937 related to appreciated investment securities and $235,080,972 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, 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 dealer supplied prices. Investments in open-end mutual 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

May 31, 2006

1.802191.102

TEL-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 34.4%
Communications Equipment - 34.4%
ADC Telecommunications, Inc. (a)(d)	530,400		$ 9,504,768
Alcatel SA sponsored ADR (a)	393,100		5,216,437
CIENA Corp. (a)	217,800		912,582
Cisco Systems, Inc. (a)	215,400		4,239,072
Comverse Technology, Inc. (a)	298,000		6,710,960
Corning, Inc. (a)	776,600		18,832,550
Juniper Networks, Inc. (a)	380,300		6,058,179
Motorola, Inc.	902,100		19,025,289
Nokia Corp. sponsored ADR	876,400		18,816,308
Nortel Networks Corp. (a)	6,061,900		14,417,496
QUALCOMM, Inc.	415,000		18,762,150
Tellabs, Inc. (a)	913,300		13,060,190
			135,555,981
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.6%
Alternative Carriers - 2.9%
Comstar United Telesystem Ojsc GDR (a)(e)	194,200		1,163,433
Global Crossing Ltd. (a)	95,400		1,941,390
Level 3 Communications, Inc. (a)	21,600		107,352
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)(d)	366,900		5,587,887
Vonage Holdings Corp.	228,300		2,744,166
			11,544,228
Integrated Telecommunication Services - 45.7%
Alaska Communication Systems Group, Inc.	117,000		1,453,140
AT&T, Inc. (d)	2,017,642		52,579,751
BellSouth Corp.	699,800		23,632,246
Cbeyond Communications, Inc.	140,400		2,792,556
Embarq Corp. (a)	3,188		132,844
Nippon Telegraph & Telephone Corp. sponsored ADR	100,000		2,471,000
Qwest Communications International, Inc. (a)	7,317,344		51,294,581
Telenor ASA sponsored ADR	75,000		2,863,500
Verizon Communications, Inc.	1,360,924		42,474,438
			179,694,056
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			191,238,284

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 9.5%
Wireless Telecommunication Services - 9.5%
American Tower Corp. Class A (a)	136,900		$ 4,239,793
Dobson Communications Corp. Class A (a)	373,700		3,210,083
Leap Wireless International, Inc. (a)	110,000		4,821,300
Sprint Nextel Corp.	1,175,298		24,928,071
Vodafone Group PLC sponsored ADR	700		16,100
			37,215,347
TOTAL COMMON STOCKS (Cost $370,713,761)		364,009,612
Money Market Funds - 5.1%

Fidelity Cash Central Fund, 5.03% (b)	8,950,504		8,950,504
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	11,239,000		11,239,000
TOTAL MONEY MARKET FUNDS (Cost $20,189,504)		20,189,504

TOTAL INVESTMENT PORTFOLIO - 97.6%

(Cost $390,903,265)

384,199,116

NET OTHER ASSETS - 2.4%			9,426,018
NET ASSETS - 100%		$ 393,625,134

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 108,491
Fidelity Securities Lending Cash Central Fund	65,121
Total	$ 173,612

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $394,700,546. Net unrealized depreciation aggregated $10,501,430, of which $35,294,602 related to appreciated investment securities and $45,796,032 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

May 31, 2006

1.802192.102

TRN-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
AEROSPACE & DEFENSE - 3.8%
Aerospace & Defense - 3.8%
Armor Holdings, Inc. (a)	3,500		$ 199,920
Bombardier, Inc. Class B (sub. vtg.) (a)	767,100		2,194,202
EADS NV	7,900		281,487
Goodrich Corp.	5,500		234,465
Hexcel Corp. (a)	21,900		450,702
Precision Castparts Corp.	20,200		1,164,126
Rockwell Collins, Inc.	11,000		600,600
			5,125,502
AIR FREIGHT & LOGISTICS - 19.6%
Air Freight & Logistics - 19.6%
C.H. Robinson Worldwide, Inc.	108,800		4,791,552
EGL, Inc. (a)	36,300		1,636,041
Expeditors International of Washington, Inc.	63,660		6,267,327
FedEx Corp.	43,500		4,753,245
Forward Air Corp.	27,750		1,038,405
Hub Group, Inc. Class A (a)	39,730		1,880,024
United Parcel Service, Inc. Class B	35,100		2,827,305
UTI Worldwide, Inc.	116,700		3,177,741
			26,371,640
AIRLINES - 12.7%
Airlines - 12.7%
ACE Aviation Holdings, Inc. Class A (a)	4,300		129,635
AirTran Holdings, Inc. (a)	199,000		2,447,700
AMR Corp. (a)	154,500		3,809,970
Gol Linhas Aereas Inteligentes SA sponsored ADR	8,900		278,214
JetBlue Airways Corp. (a)	52,696		549,092
Republic Airways Holdings, Inc. (a)	23,600		362,260
Ryanair Holdings PLC sponsored ADR (a)	14,900		729,951
Southwest Airlines Co.	350,887		5,649,281
TAM SA (PN) sponsored ADR (ltd. vtg.)	10,600		238,076
UAL Corp. (a)	86,600		2,548,638
US Airways Group, Inc. (a)	8,300		387,610
			17,130,427
AUTO COMPONENTS - 0.8%
Auto Parts & Equipment - 0.8%
Johnson Controls, Inc.	2,600		221,442
TRW Automotive Holdings Corp. (a)	32,800		898,392
			1,119,834
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Harris Corp.	10,900		443,848
ENERGY EQUIPMENT & SERVICES - 0.3%
Oil & Gas Equipment & Services - 0.3%
Halliburton Co.	4,700		350,573

	Shares		Value
MACHINERY - 8.8%
Construction & Farm Machinery & Heavy Trucks - 6.6%
American Railcar Industries, Inc.	11,200		$ 384,944
Cummins, Inc.	3,800		418,798
FreightCar America, Inc.	10,900		657,924
Greenbrier Companies, Inc.	8,500		294,525
Navistar International Corp. (a)	24,800		659,184
Oshkosh Truck Co.	42,300		2,235,555
PACCAR, Inc.	22,100		1,698,385
Tata Motors Ltd. sponsored ADR (d)	6,000		100,800
Trinity Industries, Inc.	30,300		1,888,902
Wabash National Corp.	15,300		257,040
Wabtec Corp.	8,200		286,754
			8,882,811
Industrial Machinery - 2.2%
Eaton Corp.	39,300		2,890,122
TOTAL MACHINERY			11,772,933
MARINE - 3.3%
Marine - 3.3%
Alexander & Baldwin, Inc.	13,900		628,975
American Commercial Lines, Inc.	41,591		2,283,762
Kirby Corp. (a)	18,600		1,397,418
Seaspan Corp.	7,400		154,512
			4,464,667
METALS & MINING - 1.8%
Diversified Metals & Mining - 1.6%
RTI International Metals, Inc. (a)	3,400		204,170
Titanium Metals Corp. (a)	53,700		1,943,403
			2,147,573
Steel - 0.2%
Allegheny Technologies, Inc.	5,100		324,513
TOTAL METALS & MINING			2,472,086
OIL, GAS & CONSUMABLE FUELS - 4.1%
Oil & Gas Refining & Marketing - 1.3%
Valero Energy Corp.	29,800		1,828,230
Oil & Gas Storage & Transport - 2.8%
Frontline Ltd. (e)	4,300		139,316
General Maritime Corp.	19,800		616,176
OMI Corp.	36,100		672,904
Overseas Shipholding Group, Inc.	16,200		831,870
Teekay Shipping Corp.	39,900		1,486,275
			3,746,541
TOTAL OIL, GAS & CONSUMABLE FUELS			5,574,771
ROAD & RAIL - 40.2%
Railroads - 32.1%
Burlington Northern Santa Fe Corp.	106,000		8,205,460
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Railroads - continued
Canadian National Railway Co.	145,200		$ 6,427,696
Canadian Pacific Railway Ltd.	72,500		3,726,220
CSX Corp.	97,900		6,551,468
Genesee & Wyoming, Inc. Class A (a)	25,400		763,016
Guangshen Railway Co. Ltd. sponsored ADR	1,000		18,270
Kansas City Southern (a)	66,450		1,762,919
Norfolk Southern Corp.	172,900		9,122,203
Union Pacific Corp.	71,300		6,616,640
			43,193,892
Trucking - 8.1%
Con-way, Inc.	28,300		1,672,247
Dollar Thrifty Automotive Group, Inc. (a)	11,900		541,212
J.B. Hunt Transport Services, Inc.	62,300		1,524,481
Laidlaw International, Inc.	57,600		1,451,520
Landstar System, Inc.	59,970		2,650,074
Old Dominion Freight Lines, Inc. (a)	14,400		443,664
Ryder System, Inc.	10,700		578,121
Swift Transportation Co., Inc. (a)	50,700		1,452,048
Universal Truckload Services, Inc. (a)	13,000		418,340
USA Truck, Inc. (a)	10,800		213,516
			10,945,223
TOTAL ROAD & RAIL			54,139,115
SOFTWARE - 1.6%
Application Software - 1.6%
NAVTEQ Corp. (a)	50,700		2,116,725
TRADING COMPANIES & DISTRIBUTORS - 0.3%
Trading Companies & Distributors - 0.3%
GATX Corp.	8,600		373,326
TOTAL COMMON STOCKS (Cost $105,954,699)		131,455,447
Money Market Funds - 2.3%
	Shares		Value
Fidelity Cash Central Fund, 5.03% (b)	3,020,944		$ 3,020,944
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	100,300		100,300
TOTAL MONEY MARKET FUNDS (Cost $3,121,244)		3,121,244

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $109,075,943)

134,576,691

NET OTHER ASSETS - 0.1%			139,567
NET ASSETS - 100%		$ 134,716,258

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 44,690
Fidelity Securities Lending Cash Central Fund	3,167
Total	$ 47,857

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $109,697,993. Net unrealized appreciation aggregated $24,878,698, of which $29,540,417 related to appreciated investment securities and $4,661,719 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

May 31, 2006

1.802193.102

UTI-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 49.0%
Alternative Carriers - 1.5%
Global Crossing Ltd. (a)	64,500		$ 1,312,575
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	81,100		1,235,153
Vonage Holdings Corp.	142,600		1,714,052
			4,261,780
Integrated Telecommunication Services - 47.5%
Alaska Communication Systems Group, Inc.	215,700		2,678,994
AT&T, Inc.	1,367,226		35,629,910
BellSouth Corp.	1,004,900		33,935,473
Cbeyond Communications, Inc.	157,500		3,132,675
Cincinnati Bell, Inc. (a)	248,700		967,443
Embarq Corp. (a)	52,951		2,206,468
NTELOS Holding Corp.	14,700		204,624
Qwest Communications International, Inc. (a)	1,900,400		13,321,804
Verizon Communications, Inc.	1,214,310		37,898,614
			129,976,005
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			134,237,785
ELECTRIC UTILITIES - 18.3%
Electric Utilities - 18.3%
Allegheny Energy, Inc. (a)	147,300		5,372,031
Edison International	57,100		2,240,604
Entergy Corp.	125,100		8,770,761
Exelon Corp.	230,500		13,048,605
FirstEnergy Corp.	175,400		9,194,468
FPL Group, Inc. (d)	166,900		6,647,627
Northeast Utilities	23,500		475,405
PPL Corp.	67,300		2,003,521
Southern Co.	70,800		2,263,476
			50,016,498
GAS UTILITIES - 0.2%
Gas Utilities - 0.2%
UGI Corp.	19,400		451,244
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.2%
Independent Power & Energy Trade - 10.2%
AES Corp. (a)	472,800		8,699,520
Constellation Energy Group, Inc.	55,400		2,864,180
Mirant Corp. (a)(d)	287,100		7,143,048
NRG Energy, Inc. (a)	59,700		2,970,075
TXU Corp.	109,100		6,251,430
			27,928,253

	Shares		Value
MEDIA - 0.4%
Broadcasting & Cable TV - 0.4%
EchoStar Communications Corp. Class A (a)	3,500		$ 104,755
The DIRECTV Group, Inc. (a)	64,300		1,129,108
			1,233,863
MULTI-UTILITIES - 5.8%
Multi-Utilities - 5.8%
CMS Energy Corp. (a)	168,100		2,158,404
Dominion Resources, Inc.	51,900		3,766,902
Duke Energy Corp.	96,900		2,734,518
Public Service Enterprise Group, Inc.	64,700		4,123,331
Sempra Energy	67,300		3,026,481
			15,809,636
WIRELESS TELECOMMUNICATION SERVICES - 12.8%
Wireless Telecommunication Services - 12.8%
ALLTEL Corp.	139,569		8,632,343
American Tower Corp. Class A (a)	31,285		968,896
Crown Castle International Corp. (a)	42,200		1,340,694
Dobson Communications Corp. Class A (a)	230,800		1,982,572
Sprint Nextel Corp.	1,039,223		22,041,920
			34,966,425
TOTAL COMMON STOCKS (Cost $256,477,639)		264,643,704
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 5.03% (b)	6,569,669		6,569,669
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	8,534,000		8,534,000
TOTAL MONEY MARKET FUNDS (Cost $15,103,669)		15,103,669

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $271,581,308)

279,747,373

NET OTHER ASSETS - (2.2)%		(5,921,896)
NET ASSETS - 100%		$ 273,825,477

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 32,989
Fidelity Securities Lending Cash Central Fund	2,659
Total	$ 35,648

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $277,783,279. Net unrealized appreciation aggregated $1,964,094, of which $20,904,116 related to appreciated investment securities and $18,940,022 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

May 31, 2006

1.802194.102

WIR-QTLY-0706

Investments May 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 45.7%
Communications Equipment - 45.7%
ADC Telecommunications, Inc. (a)	75,000		$ 1,344,000
Andrew Corp. (a)	658,900		6,668,068
Arris Group, Inc. (a)	860,200		10,339,604
Comverse Technology, Inc. (a)	1,113,220		25,069,714
Harris Corp.	614,200		25,010,224
InterDigital Communication Corp. (a)	262,500		7,441,875
Motorola, Inc.	1,474,880		31,105,219
Nokia Corp. sponsored ADR	1,666,000		35,769,020
Powerwave Technologies, Inc. (a)	394,300		3,860,197
QUALCOMM, Inc.	613,300		27,727,293
Research In Motion Ltd. (a)	278,000		18,027,136
Tekelec (a)	306,600		4,424,238
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	59,200		1,896,176
			198,682,764
COMPUTERS & PERIPHERALS - 1.9%
Computer Hardware - 1.2%
Palm, Inc. (a)(d)	314,600		5,184,608
Computer Storage & Peripherals - 0.7%
Novatel Wireless, Inc. (a)(d)	275,000		3,063,500
TOTAL COMPUTERS & PERIPHERALS			8,248,108
DIVERSIFIED TELECOMMUNICATION SERVICES - 11.9%
Alternative Carriers - 1.2%
Global Crossing Ltd. (a)	105,500		2,146,925
Vonage Holdings Corp.	247,800		2,978,556
			5,125,481
Integrated Telecommunication Services - 10.7%
AT&T, Inc.	434,100		11,312,646
BellSouth Corp.	106,000		3,579,620
Embarq Corp. (a)	4,457		185,723
Nippon Telegraph & Telephone Corp. sponsored ADR	50,000		1,235,500
NTELOS Holding Corp.	63,800		888,096
Telenor ASA sponsored ADR	357,600		13,653,168
Verizon Communications, Inc.	509,800		15,910,858
			46,765,611
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			51,891,092
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
Electronic Manufacturing Services - 1.8%
Trimble Navigation Ltd. (a)	168,000		7,717,920
INTERNET SOFTWARE & SERVICES - 1.8%
Internet Software & Services - 1.8%
Openwave Systems, Inc. (a)	547,441		7,740,816

	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
Semiconductors - 2.9%
Atheros Communications, Inc. (a)	22,000		$ 485,980
Atmel Corp. (a)	828,200		3,975,360
RF Micro Devices, Inc. (a)	738,700		5,355,575
Skyworks Solutions, Inc. (a)	525,400		2,973,764
			12,790,679
WIRELESS TELECOMMUNICATION SERVICES - 29.5%
Wireless Telecommunication Services - 29.5%
ALLTEL Corp.	277,988		17,193,558
American Tower Corp. Class A (a)	822,192		25,463,286
Crown Castle International Corp. (a)	279,800		8,889,246
Dobson Communications Corp. Class A (a)	1,275,000		10,952,250
Leap Wireless International, Inc. (a)	301,200		13,201,596
Sprint Nextel Corp.	1,747,931		37,073,617
Vodafone Group PLC sponsored ADR	683,000		15,709,000
			128,482,553
TOTAL COMMON STOCKS (Cost $419,124,110)		415,553,932
Money Market Funds - 4.0%

Fidelity Cash Central Fund, 5.03% (b)	9,871,931		9,871,931
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)	7,305,225		7,305,225
TOTAL MONEY MARKET FUNDS (Cost $17,177,156)		17,177,156

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $436,301,266)

432,731,088

NET OTHER ASSETS - 0.5%			2,249,044
NET ASSETS - 100%		$ 434,980,132

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 60,362
Fidelity Securities Lending Cash Central Fund	86,164
Total	$ 146,526

Income Tax Information

At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $438,943,283. Net unrealized depreciation aggregated $6,212,195, of which $22,069,083 related to appreciated investment securities and $28,281,278 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

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

Date:	July 18, 2006

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

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

Date:	July 18, 2006

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

Date:	July 18, 2006