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)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

November 30, 2013

1.810671.109

COM-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
QUALCOMM, Inc.	30,200		$ 2,222,116
COMPUTERS & PERIPHERALS - 78.7%
Computer Hardware - 42.9%
3D Systems Corp. (a)	95,500		7,177,780
Apple, Inc.	256,764		142,778,758
Avid Technology, Inc. (a)	681,700		6,033,045
Cray, Inc. (a)	512,500		12,202,625
Diebold, Inc.	370,000		12,628,100
Hewlett-Packard Co.	1,874,405		51,264,977
NCR Corp. (a)	642,200		22,444,890
Silicon Graphics International Corp. (a)(d)	331,700		4,418,244
Super Micro Computer, Inc. (a)	766,200		12,167,256
			271,115,675
Computer Storage & Peripherals - 35.8%
Datalink Corp. (a)	673,000		7,046,310
Electronics for Imaging, Inc. (a)	547,215		21,669,714
EMC Corp.	2,075,178		49,492,995
Fusion-io, Inc. (a)(d)	631,600		6,341,264
Imation Corp. (a)	919,300		4,017,341
Intevac, Inc. (a)	737,290		4,880,860
Lexmark International, Inc. Class A (d)	272,700		9,645,399
NetApp, Inc.	701,260		28,926,975
QLogic Corp. (a)	900,000		11,169,000
Quantum Corp. (a)	4,246,900		5,308,625
SanDisk Corp.	358,700		24,445,405
Seagate Technology	553,500		27,143,640
Western Digital Corp.	342,084		25,669,983
			225,757,511
TOTAL COMPUTERS & PERIPHERALS			496,873,186
ELECTRONIC EQUIPMENT & COMPONENTS - 1.1%
Electronic Components - 0.6%
InvenSense, Inc. (a)(d)	204,700		3,539,263
Electronic Manufacturing Services - 0.5%
Jabil Circuit, Inc.	157,300		3,188,471
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			6,727,734

	Shares		Value
INTERNET SOFTWARE & SERVICES - 4.0%
Internet Software & Services - 4.0%
Google, Inc. Class A (a)	11,800		$ 12,503,162
Yahoo!, Inc. (a)	345,100		12,761,798
			25,264,960
IT SERVICES - 14.4%
IT Consulting & Other Services - 14.4%
IBM Corp.	410,448		73,749,297
Teradata Corp. (a)	369,457		16,862,017
			90,611,314
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
Synaptics, Inc. (a)	5,600		282,856
TOTAL COMMON STOCKS (Cost $495,088,218)		621,982,166
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.10% (b)	10,239,520		10,239,520
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	17,916,475		17,916,475
TOTAL MONEY MARKET FUNDS (Cost $28,155,995)		28,155,995
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $523,244,213)			650,138,161
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(18,802,929)
NET ASSETS - 100%		$ 631,335,232

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,872
Fidelity Securities Lending Cash Central Fund	278,737
Total	$ 286,609

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Novatel Wireless, Inc.	$ 3,909,971	$ 201,181	$ 4,157,799	$ -	$ -
Total	$ 3,909,971	$ 201,181	$ 4,157,799	$ -	$ -

Other Information

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

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $526,578,326. Net unrealized appreciation aggregated $123,559,835, of which $146,955,964 related to appreciated investment securities and $23,396,129 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

November 30, 2013

1.810682.109

ELE-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)	285,468		$ 3
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Office Services & Supplies - 0.3%
West Corp.	142,333		3,277,929
COMMUNICATIONS EQUIPMENT - 6.8%
Communications Equipment - 6.8%
Cisco Systems, Inc.	300,327		6,381,949
CommScope Holding Co., Inc.	87,600		1,409,484
F5 Networks, Inc. (a)	28,700		2,360,862
Juniper Networks, Inc. (a)	363,121		7,360,463
NETGEAR, Inc. (a)	117,000		3,756,870
Polycom, Inc. (a)	244,747		2,631,030
QUALCOMM, Inc.	370,061		27,229,088
Radware Ltd. (a)	225,508		3,833,636
Riverbed Technology, Inc. (a)	460,050		7,958,865
			62,922,247
COMPUTERS & PERIPHERALS - 3.1%
Computer Hardware - 1.5%
Apple, Inc.	25,668		14,273,205
Computer Storage & Peripherals - 1.6%
EMC Corp.	606,300		14,460,255
TOTAL COMPUTERS & PERIPHERALS			28,733,460
ELECTRONIC EQUIPMENT & COMPONENTS - 8.1%
Electronic Components - 2.0%
Aeroflex Holding Corp. (a)	1,663,756		11,230,353
Audience, Inc. (a)	74,900		756,490
Corning, Inc.	21,700		370,636
InvenSense, Inc. (a)(d)	357,820		6,186,708
			18,544,187
Electronic Manufacturing Services - 6.1%
Flextronics International Ltd. (a)	1,669,222		12,652,703
Jabil Circuit, Inc.	1,379,282		27,958,046
Multi-Fineline Electronix, Inc. (a)	16,036		226,428
Plexus Corp. (a)	18		727
TTM Technologies, Inc. (a)	1,584,354		15,368,234
			56,206,138
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			74,750,325
INTERNET SOFTWARE & SERVICES - 0.5%
Internet Software & Services - 0.5%
Demand Media, Inc. (a)	519,550		2,862,721
Rackspace Hosting, Inc. (a)	37,100		1,417,591
			4,280,312

	Shares		Value
IT SERVICES - 0.8%
Data Processing & Outsourced Services - 0.4%
EVERTEC, Inc.	175,420		$ 3,871,519
IT Consulting & Other Services - 0.4%
Teradata Corp. (a)	74,100		3,381,924
TOTAL IT SERVICES			7,253,443
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 74.7%
Semiconductor Equipment - 2.5%
GT Advanced Technologies, Inc. (a)(d)	382,210		3,749,480
Lam Research Corp. (a)	125,100		6,518,961
LTX-Credence Corp. (a)	503,351		3,634,194
Teradyne, Inc. (a)(d)	549,375		9,355,856
			23,258,491
Semiconductors - 72.2%
Altera Corp.	1,722,018		55,535,081
Analog Devices, Inc.	377,123		18,184,871
Applied Micro Circuits Corp. (a)	140,047		1,757,590
ARM Holdings PLC sponsored ADR	17		848
Avago Technologies Ltd.	132,562		5,929,498
Broadcom Corp. Class A	3,594,721		95,943,103
Cypress Semiconductor Corp.	1,437,885		13,933,106
Entropic Communications, Inc. (a)	623,452		3,092,322
EZchip Semiconductor Ltd. (a)	250,210		6,022,555
Freescale Semiconductor Holdings I Ltd. (a)(d)	1,330,386		19,370,420
Inphi Corp. (a)	188,376		2,354,700
Intel Corp.	5,265,622		125,532,427
Intermolecular, Inc. (a)	427,290		2,435,553
Intersil Corp. Class A	2,956,582		31,103,243
LSI Corp.	3,257,536		26,288,316
Marvell Technology Group Ltd.	925,817		13,174,376
Maxim Integrated Products, Inc.	1,276,612		36,357,910
Micron Technology, Inc. (a)	1,345,959		28,399,735
Motech Industries, Inc. (a)	1		2
NVIDIA Corp.	1,323,706		20,649,814
NXP Semiconductors NV (a)	95,856		4,073,880
O2Micro International Ltd. sponsored ADR (a)	606,278		1,685,453
Omnivision Technologies, Inc. (a)	351,828		5,639,803
ON Semiconductor Corp. (a)	5,469,757		38,780,577
Pericom Semiconductor Corp. (a)	75,728		722,445
PMC-Sierra, Inc. (a)	2,471,862		14,831,172
RF Micro Devices, Inc. (a)	309,300		1,633,104
Samsung Electronics Co. Ltd.	11,800		16,659,453
Skyworks Solutions, Inc. (a)	894,399		23,782,069
Spansion, Inc. Class A (a)	521,637		6,463,082
Texas Instruments, Inc.	267,212		11,490,116
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Wolfson Microelectronics PLC (a)	1,379,029		$ 3,350,910
Xilinx, Inc.	741,550		32,947,067
			668,124,601
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			691,383,092
SOFTWARE - 1.3%
Application Software - 1.1%
BroadSoft, Inc. (a)	55,212		1,466,983
Citrix Systems, Inc. (a)	78,440		4,653,061
Nuance Communications, Inc. (a)	278,137		3,760,412
			9,880,456
Systems Software - 0.2%
Allot Communications Ltd. (a)	137,120		1,788,045
Check Point Software Technologies Ltd. (a)	400		24,744
			1,812,789
TOTAL SOFTWARE			11,693,245
TOTAL COMMON STOCKS (Cost $966,813,358)		884,294,056
Money Market Funds - 7.4%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	38,451,636		$ 38,451,636
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	29,488,955		29,488,955
TOTAL MONEY MARKET FUNDS (Cost $67,940,591)		67,940,591
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,034,753,949)			952,234,647
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(27,425,239)
NET ASSETS - 100%		$ 924,809,408

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 33,795
Fidelity Securities Lending Cash Central Fund	329,192
Total	$ 362,987

Other Information

The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 884,294,056	$ 884,294,053	$ 3	$ -
Money Market Funds	67,940,591	67,940,591	-	-
Total Investments in Securities:	$ 952,234,647	$ 952,234,644	$ 3	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,050,289,370. Net unrealized depreciation aggregated $98,054,723, of which $37,762,496 related to appreciated investment securities and $135,817,219 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

November 30, 2013

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

1.860868.106

ACSF-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BEVERAGES - 26.5%
Brewers - 3.6%
Ambev SA sponsored ADR	1,069,610		$ 8,086,252
Anheuser-Busch InBev SA NV	299,590		30,539,807
SABMiller PLC	959,484		49,502,216
			88,128,275
Distillers & Vintners - 6.6%
Diageo PLC sponsored ADR	424,126		54,148,166
Pernod Ricard SA (d)	445,401		50,492,744
Remy Cointreau SA	560,683		47,806,468
Treasury Wine Estates Ltd.	1,338,976		5,984,322
			158,431,700
Soft Drinks - 16.3%
Coca-Cola Bottling Co. Consolidated	89,298		6,063,334
Coca-Cola Central Japan Co. Ltd.	54,000		1,080,580
Coca-Cola FEMSA S.A.B. de CV sponsored ADR	52,329		6,339,658
Coca-Cola Icecek A/S	388,162		11,139,455
Embotelladora Andina SA:
ADR	223,112		4,999,940
sponsored ADR	197,000		5,890,300
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	72,987		6,930,116
PepsiCo, Inc.	653,288		55,176,704
The Coca-Cola Co.	7,397,758		297,315,894
			394,935,981
TOTAL BEVERAGES			641,495,956
FOOD & STAPLES RETAILING - 19.3%
Drug Retail - 9.3%
CVS Caremark Corp.	2,974,473		199,170,712
Drogasil SA	882,000		6,427,255
Walgreen Co.	334,280		19,789,376
			225,387,343
Food Distributors - 0.1%
Chefs' Warehouse Holdings (a)	51,459		1,320,438
Food Retail - 5.5%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	89,400		6,562,703
Fresh Market, Inc. (a)	113,746		4,630,600
Kroger Co.	2,871,018		119,865,002
Whole Foods Market, Inc.	41,000		2,320,600
			133,378,905
Hypermarkets & Super Centers - 4.4%
Wal-Mart Stores, Inc.	1,315,856		106,597,495
TOTAL FOOD & STAPLES RETAILING			466,684,181
FOOD PRODUCTS - 12.8%
Agricultural Products - 4.7%
Archer Daniels Midland Co.	1,047,263		42,152,336

	Shares		Value
Bunge Ltd.	832,413		$ 66,692,930
SLC Agricola SA	717,100		6,045,851
			114,891,117
Packaged Foods & Meats - 8.1%
Annie's, Inc. (a)(d)	111,615		5,128,709
Danone SA	148,731		10,808,077
Green Mountain Coffee Roasters, Inc. (d)	303,037		20,418,633
Hain Celestial Group, Inc. (a)	72,039		5,956,905
Kellogg Co.	336,108		20,381,589
Lindt & Spruengli AG	141		7,234,339
Mead Johnson Nutrition Co. Class A	629,316		53,183,495
Nestle SA	376,901		27,494,682
Orion Corp.	7,012		5,976,908
Ulker Biskuvi Sanayi A/S	776,525		6,378,029
Unilever NV (NY Reg.)	765,498		30,053,451
Want Want China Holdings Ltd.	1,511,000		2,237,493
			195,252,310
TOTAL FOOD PRODUCTS			310,143,427
HOUSEHOLD DURABLES - 0.2%
Housewares & Specialties - 0.2%
Tupperware Brands Corp.	67,600		6,174,584
HOUSEHOLD PRODUCTS - 14.1%
Household Products - 14.1%
Colgate-Palmolive Co.	784,675		51,639,462
Procter & Gamble Co.	3,352,365		282,336,180
Svenska Cellulosa AB (SCA) (B Shares)	217,800		6,358,664
			340,334,306
PERSONAL PRODUCTS - 1.4%
Personal Products - 1.4%
Hengan International Group Co. Ltd.	506,000		6,376,766
Herbalife Ltd.	118,690		8,270,319
L'Oreal SA	73,300		12,265,745
Nu Skin Enterprises, Inc. Class A	51,567		6,592,325
			33,505,155
PHARMACEUTICALS - 0.3%
Pharmaceuticals - 0.3%
Perrigo Co.	40,706		6,345,658
TOBACCO - 24.7%
Tobacco - 24.7%
Altria Group, Inc.	3,318,645		122,723,492
British American Tobacco PLC sponsored ADR (d)	3,377,645		359,144,993
Imperial Tobacco Group PLC	310,697		11,815,065
ITC Ltd.	1,620,070		8,318,570
Japan Tobacco, Inc.	261,300		8,825,203
Lorillard, Inc.	481,761		24,728,792
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	580,992		$ 49,698,056
Souza Cruz SA	1,101,800		11,106,503
			596,360,674
TOTAL COMMON STOCKS (Cost $1,724,863,986)		2,401,043,941
Money Market Funds - 0.4%

Fidelity Cash Central Fund, 0.10% (b)	238		238
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	10,575,932		10,575,932
TOTAL MONEY MARKET FUNDS (Cost $10,576,170)		10,576,170
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $1,735,440,156)			2,411,620,111
NET OTHER ASSETS (LIABILITIES) - 0.3%			6,516,476
NET ASSETS - 100%		$ 2,418,136,587

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 61,790
Fidelity Securities Lending Cash Central Fund	311,471
Total	$ 373,261

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,401,043,941	$ 2,343,009,452	$ 58,034,489	$ -
Money Market Funds	10,576,170	10,576,170	-	-
Total Investments in Securities:	$ 2,411,620,111	$ 2,353,585,622	$ 58,034,489	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,738,780,243. Net unrealized appreciation aggregated $672,839,868, of which $685,929,488 related to appreciated investment securities and $13,089,620 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

November 30, 2013

1.810694.109

FOO-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BEVERAGES - 26.5%
Brewers - 3.6%
Ambev SA sponsored ADR	1,069,610		$ 8,086,252
Anheuser-Busch InBev SA NV	299,590		30,539,807
SABMiller PLC	959,484		49,502,216
			88,128,275
Distillers & Vintners - 6.6%
Diageo PLC sponsored ADR	424,126		54,148,166
Pernod Ricard SA (d)	445,401		50,492,744
Remy Cointreau SA	560,683		47,806,468
Treasury Wine Estates Ltd.	1,338,976		5,984,322
			158,431,700
Soft Drinks - 16.3%
Coca-Cola Bottling Co. Consolidated	89,298		6,063,334
Coca-Cola Central Japan Co. Ltd.	54,000		1,080,580
Coca-Cola FEMSA S.A.B. de CV sponsored ADR	52,329		6,339,658
Coca-Cola Icecek A/S	388,162		11,139,455
Embotelladora Andina SA:
ADR	223,112		4,999,940
sponsored ADR	197,000		5,890,300
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	72,987		6,930,116
PepsiCo, Inc.	653,288		55,176,704
The Coca-Cola Co.	7,397,758		297,315,894
			394,935,981
TOTAL BEVERAGES			641,495,956
FOOD & STAPLES RETAILING - 19.3%
Drug Retail - 9.3%
CVS Caremark Corp.	2,974,473		199,170,712
Drogasil SA	882,000		6,427,255
Walgreen Co.	334,280		19,789,376
			225,387,343
Food Distributors - 0.1%
Chefs' Warehouse Holdings (a)	51,459		1,320,438
Food Retail - 5.5%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	89,400		6,562,703
Fresh Market, Inc. (a)	113,746		4,630,600
Kroger Co.	2,871,018		119,865,002
Whole Foods Market, Inc.	41,000		2,320,600
			133,378,905
Hypermarkets & Super Centers - 4.4%
Wal-Mart Stores, Inc.	1,315,856		106,597,495
TOTAL FOOD & STAPLES RETAILING			466,684,181
FOOD PRODUCTS - 12.8%
Agricultural Products - 4.7%
Archer Daniels Midland Co.	1,047,263		42,152,336

	Shares		Value
Bunge Ltd.	832,413		$ 66,692,930
SLC Agricola SA	717,100		6,045,851
			114,891,117
Packaged Foods & Meats - 8.1%
Annie's, Inc. (a)(d)	111,615		5,128,709
Danone SA	148,731		10,808,077
Green Mountain Coffee Roasters, Inc. (d)	303,037		20,418,633
Hain Celestial Group, Inc. (a)	72,039		5,956,905
Kellogg Co.	336,108		20,381,589
Lindt & Spruengli AG	141		7,234,339
Mead Johnson Nutrition Co. Class A	629,316		53,183,495
Nestle SA	376,901		27,494,682
Orion Corp.	7,012		5,976,908
Ulker Biskuvi Sanayi A/S	776,525		6,378,029
Unilever NV (NY Reg.)	765,498		30,053,451
Want Want China Holdings Ltd.	1,511,000		2,237,493
			195,252,310
TOTAL FOOD PRODUCTS			310,143,427
HOUSEHOLD DURABLES - 0.2%
Housewares & Specialties - 0.2%
Tupperware Brands Corp.	67,600		6,174,584
HOUSEHOLD PRODUCTS - 14.1%
Household Products - 14.1%
Colgate-Palmolive Co.	784,675		51,639,462
Procter & Gamble Co.	3,352,365		282,336,180
Svenska Cellulosa AB (SCA) (B Shares)	217,800		6,358,664
			340,334,306
PERSONAL PRODUCTS - 1.4%
Personal Products - 1.4%
Hengan International Group Co. Ltd.	506,000		6,376,766
Herbalife Ltd.	118,690		8,270,319
L'Oreal SA	73,300		12,265,745
Nu Skin Enterprises, Inc. Class A	51,567		6,592,325
			33,505,155
PHARMACEUTICALS - 0.3%
Pharmaceuticals - 0.3%
Perrigo Co.	40,706		6,345,658
TOBACCO - 24.7%
Tobacco - 24.7%
Altria Group, Inc.	3,318,645		122,723,492
British American Tobacco PLC sponsored ADR (d)	3,377,645		359,144,993
Imperial Tobacco Group PLC	310,697		11,815,065
ITC Ltd.	1,620,070		8,318,570
Japan Tobacco, Inc.	261,300		8,825,203
Lorillard, Inc.	481,761		24,728,792
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	580,992		$ 49,698,056
Souza Cruz SA	1,101,800		11,106,503
			596,360,674
TOTAL COMMON STOCKS (Cost $1,724,863,986)		2,401,043,941
Money Market Funds - 0.4%

Fidelity Cash Central Fund, 0.10% (b)	238		238
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	10,575,932		10,575,932
TOTAL MONEY MARKET FUNDS (Cost $10,576,170)		10,576,170
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $1,735,440,156)			2,411,620,111
NET OTHER ASSETS (LIABILITIES) - 0.3%			6,516,476
NET ASSETS - 100%		$ 2,418,136,587

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 61,790
Fidelity Securities Lending Cash Central Fund	311,471
Total	$ 373,261

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,401,043,941	$ 2,343,009,452	$ 58,034,489	$ -
Money Market Funds	10,576,170	10,576,170	-	-
Total Investments in Securities:	$ 2,411,620,111	$ 2,353,585,622	$ 58,034,489	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

November 30, 2013

1.810708.109

SOF-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
ICG Group, Inc. (a)	367,789		$ 6,322,293
COMMUNICATIONS EQUIPMENT - 0.8%
Communications Equipment - 0.8%
F5 Networks, Inc. (a)	150,000		12,339,000
Radware Ltd. (a)	762,800		12,967,600
			25,306,600
COMPUTERS & PERIPHERALS - 0.7%
Computer Hardware - 0.7%
Cray, Inc. (a)	7		167
NCR Corp. (a)	620,937		21,701,748
			21,701,915
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
H&R Block, Inc.	753,900		21,026,271
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%
Alternative Carriers - 1.0%
8x8, Inc. (a)	464,600		4,841,132
inContact, Inc. (a)(e)	3,337,956		25,034,670
			29,875,802
INTERNET & CATALOG RETAIL - 0.4%
Internet Retail - 0.4%
Qunar Cayman Islands Ltd. sponsored ADR	481,500		12,711,600
INTERNET SOFTWARE & SERVICES - 37.2%
Internet Software & Services - 37.2%
Angie's List, Inc. (a)(d)	816,800		10,634,736
ChannelAdvisor Corp. (a)	133,712		4,590,333
Demand Media, Inc. (a)	1,222,838		6,737,837
Demandware, Inc. (a)	312,750		17,723,543
E2open, Inc. (a)(d)	808,493		18,013,224
eBay, Inc. (a)	929,000		46,933,080
Endurance International Group Holdings, Inc.	500,000		7,145,000
Facebook, Inc. Class A (a)	3,288,500		154,592,385
Google, Inc. Class A (a)	346,500		367,147,935
IAC/InterActiveCorp	272,900		15,612,609
MercadoLibre, Inc. (d)	40,800		4,516,968
Rackspace Hosting, Inc. (a)	375,200		14,336,392
Responsys, Inc. (a)	1,258,347		21,278,648
SciQuest, Inc. (a)	1,126,562		31,498,674
SPS Commerce, Inc. (a)	36		2,368
VeriSign, Inc. (a)	334,900		19,042,414
Web.com Group, Inc. (a)	2,423,202		69,182,417
Wix.com Ltd. (a)	147,000		3,013,500
Yahoo!, Inc. (a)	8,192,259		302,949,738
			1,114,951,801

	Shares		Value
IT SERVICES - 19.5%
Data Processing & Outsourced Services - 11.9%
Computer Sciences Corp.	79,600		$ 4,188,552
ExlService Holdings, Inc. (a)	197,310		5,201,092
Fidelity National Information Services, Inc.	434,500		22,020,460
Fiserv, Inc. (a)	117,000		12,857,130
FleetCor Technologies, Inc. (a)	184,000		22,407,520
Global Payments, Inc.	21,500		1,355,575
MasterCard, Inc. Class A	132,100		100,503,001
Total System Services, Inc.	130,100		4,039,605
Vantiv, Inc. (a)	152,300		4,614,690
VeriFone Systems, Inc. (a)	500,000		12,805,000
Visa, Inc. Class A	498,200		101,363,772
WEX, Inc. (a)	76,800		7,623,168
WNS Holdings Ltd. sponsored ADR (a)(e)	2,927,854		58,615,637
			357,595,202
IT Consulting & Other Services - 7.6%
Camelot Information Systems, Inc. ADR (a)	1,577,937		3,092,757
Cognizant Technology Solutions Corp. Class A (a)	694,700		65,225,383
EPAM Systems, Inc. (a)	447,986		15,890,063
HCL Technologies Ltd.	1		17
IBM Corp.	427,500		76,813,200
Lionbridge Technologies, Inc. (a)(e)	6,154,175		35,017,256
Sapient Corp. (a)	858,000		13,496,340
Teradata Corp. (a)	130,300		5,946,892
Unisys Corp. (a)	119,000		3,268,930
Virtusa Corp. (a)	223,796		7,897,761
			226,648,599
TOTAL IT SERVICES			584,243,801
MEDIA - 2.6%
Advertising - 2.6%
MDC Partners, Inc. Class A (sub. vtg.) (e)	3,411,462		78,629,686
PROFESSIONAL SERVICES - 1.4%
Research & Consulting Services - 1.4%
ICF International, Inc. (a)(e)	1,156,241		41,832,799
SOFTWARE - 35.4%
Application Software - 11.2%
Actuate Corp. (a)	245,000		1,925,700
Adobe Systems, Inc. (a)	833,700		47,337,486
Aspen Technology, Inc. (a)	162,215		6,412,359
Citrix Systems, Inc. (a)	753,800		44,715,416
Compuware Corp.	3,396,800		37,330,832
Comverse, Inc. (e)	1,323,200		44,327,200
Descartes Systems Group, Inc. (a)	1,385,500		18,993,390
Diligent Board Member Services, Inc. (a)	466,350		1,475,862
Guidewire Software, Inc. (a)	338,200		16,142,286
Interactive Intelligence Group, Inc. (a)	42,240		2,747,290
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Jive Software, Inc. (a)	634,400		$ 7,035,496
Kingdee International Software Group Co. Ltd. (a)	13,170,000		3,822,241
Nuance Communications, Inc. (a)	350,000		4,732,000
Parametric Technology Corp. (a)	172,700		5,619,658
QLIK Technologies, Inc. (a)	164,400		4,123,152
RealPage, Inc. (a)	62,000		1,389,420
salesforce.com, Inc. (a)	1,389,026		72,354,364
Synchronoss Technologies, Inc. (a)	62,932		1,996,832
TIBCO Software, Inc. (a)	351,400		8,493,338
TiVo, Inc. (a)	267,100		3,426,893
Workday, Inc. Class A (a)	19,900		1,638,765
			336,039,980
Home Entertainment Software - 1.5%
Activision Blizzard, Inc.	292,000		5,025,320
Electronic Arts, Inc. (a)	1,751,000		38,837,180
			43,862,500
Systems Software - 22.7%
Microsoft Corp.	11,560,000		440,782,800
NetSuite, Inc. (a)	101,500		9,752,120
Oracle Corp.	5,096,800		179,866,072
Qualys, Inc. (a)	760,796		18,806,877
Red Hat, Inc. (a)	337,100		15,793,135
Rovi Corp. (a)	601,100		11,060,240
VMware, Inc. Class A (a)	73,200		5,902,116
			681,963,360
TOTAL SOFTWARE			1,061,865,840
TOTAL COMMON STOCKS (Cost $2,150,762,826)		2,998,468,408
Convertible Preferred Stocks - 0.3%

DIVERSIFIED FINANCIAL SERVICES - 0.3%
Other Diversified Financial Services - 0.3%
Deem, Inc. (f) (Cost $8,064,516)	159,864,333		8,064,516
Money Market Funds - 0.8%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	12,539,775		$ 12,539,775
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	12,472,375		12,472,375
TOTAL MONEY MARKET FUNDS (Cost $25,012,150)		25,012,150
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $2,183,839,492)			3,031,545,074
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(30,159,978)
NET ASSETS - 100%		$ 3,001,385,096

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,064,516 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Deem, Inc.	9/19/13	$ 8,064,516

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,664
Fidelity Securities Lending Cash Central Fund	508,160
Total	$ 521,824

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Active Network, Inc.	$ 27,734,470	$ -	$ 81,544,599	$ -	$ -
Callidus Software, Inc.	10,334,151	-	19,118,771	-	-
Camelot Information Systems, Inc. ADR	3,705,183	-	1,237,609	-	-
Comverse, Inc.	36,689,664	-	300,007	-	44,327,200
ICF International, Inc.	-	32,658,029	-	-	41,832,799
inContact, Inc.	22,664,721	-	-	-	25,034,670
Lionbridge Technologies, Inc.	23,508,949	-	-	-	35,017,256
MDC Partners, Inc. Class A (sub. vtg.)	31,271,740	-	-	1,333,882	78,629,686
Responsys, Inc.	16,557,994	3,924,516	18,947,733	-	-
Web.com Group, Inc.	35,488,841	25,624,458	25,556,044	-	-
WNS Holdings Ltd. sponsored ADR	14,530,630	31,726,921	-	-	58,615,637
Total	$ 222,486,343	$ 93,933,924	$ 146,704,763	$ 1,333,882	$ 283,457,248

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,998,468,408	$ 2,998,468,408	$ -	$ -
Convertible Preferred Stocks	8,064,516	-	-	8,064,516
Money Market Funds	25,012,150	25,012,150	-	-
Total Investments in Securities:	$ 3,031,545,074	$ 3,023,480,558	$ -	$ 8,064,516

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $2,194,274,569. Net unrealized appreciation aggregated $837,270,505, of which $865,546,197 related to appreciated investment securities and $28,275,692 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

November 30, 2013

1.810665.109

AIR-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
AEROSPACE & DEFENSE - 25.9%
Aerospace & Defense - 25.9%
Bombardier, Inc. Class B (sub. vtg.)	612,400		$ 2,756,117
Honeywell International, Inc.	25,700		2,274,707
Precision Castparts Corp.	72,340		18,696,273
Rockwell Collins, Inc.	160,100		11,644,073
Spirit AeroSystems Holdings, Inc. Class A (a)	224,800		7,337,472
Textron, Inc.	316,300		10,510,649
The Boeing Co.	277,900		37,308,075
United Technologies Corp.	16,500		1,829,190
			92,356,556
AIR FREIGHT & LOGISTICS - 26.4%
Air Freight & Logistics - 26.4%
C.H. Robinson Worldwide, Inc. (d)	140,400		8,231,652
Expeditors International of Washington, Inc.	239,000		10,382,160
FedEx Corp.	164,500		22,816,150
Hub Group, Inc. Class A (a)	276,000		10,385,880
Park-Ohio Holdings Corp. (a)	100,600		4,283,548
United Parcel Service, Inc. Class B	370,800		37,962,505
			94,061,895
AIRLINES - 40.6%
Airlines - 40.6%
Air Canada Class A (a)	1,585,600		11,256,401
Alaska Air Group, Inc.	157,900		12,275,146
Controladora Vuela Compania de Aviacion S.A.B. de CV ADR	119,500		1,689,730
Copa Holdings SA Class A	6,300		953,946
Dart Group PLC	804,986		3,014,012
Delta Air Lines, Inc.	1,139,502		33,022,768
JetBlue Airways Corp. (a)	94,000		835,660
Republic Airways Holdings, Inc. (a)	430,100		4,842,926
Ryanair Holdings PLC sponsored ADR	327,200		15,713,780
SkyWest, Inc.	204,000		3,447,600
Southwest Airlines Co.	726,300		13,501,917
Spirit Airlines, Inc. (a)	139,500		6,398,865
U.S. Airways Group, Inc. (a)(d)	232,000		5,447,360
United Continental Holdings, Inc. (a)	547,485		21,488,786
WestJet Airlines Ltd.	417,800		10,880,659
			144,769,556
CONSTRUCTION & ENGINEERING - 0.4%
Construction & Engineering - 0.4%
URS Corp.	26,900		1,397,993

	Shares		Value
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
General Electric Co.	65,400		$ 1,743,564
MACHINERY - 0.0%
Construction & Farm Machinery & Heavy Trucks - 0.0%
ASL Marine Holdings Ltd.	281,000		145,532
ROAD & RAIL - 0.4%
Trucking - 0.4%
Universal Truckload Services, Inc.	47,587		1,370,030
TRANSPORTATION INFRASTRUCTURE - 1.4%
Airport Services - 1.4%
BBA Aviation PLC	947,700		5,072,409
TOTAL COMMON STOCKS (Cost $272,951,373)		340,917,535
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.10% (b)	18,738,879		18,738,879
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	6,103,000		6,103,000
TOTAL MONEY MARKET FUNDS (Cost $24,841,879)		24,841,879
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $297,793,252)			365,759,414
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(9,251,186)
NET ASSETS - 100%		$ 356,508,228

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,583
Fidelity Securities Lending Cash Central Fund	24,819
Total	$ 34,402

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $299,089,199. Net unrealized appreciation aggregated $66,670,215, of which $68,727,474 related to appreciated investment securities and $2,057,259 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

November 30, 2013

1.810683.109

ENE-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
URS Corp.	96,022		$ 4,990,263
ENERGY EQUIPMENT & SERVICES - 21.4%
Oil & Gas Drilling - 3.1%
Ensco PLC Class A	626,975		37,041,683
Noble Corp.	317,262		12,094,027
Northern Offshore Ltd.	1,076,682		1,589,231
Odfjell Drilling A/S	765,800		5,120,946
Vantage Drilling Co. (a)	3,111,007		5,817,583
Xtreme Drilling & Coil Services Corp. (a)	662,500		2,151,987
			63,815,457
Oil & Gas Equipment & Services - 18.3%
Cameron International Corp. (a)	593,757		32,888,200
Core Laboratories NV	108,010		19,672,941
FMC Technologies, Inc. (a)	652,109		31,366,443
Forum Energy Technologies, Inc. (a)	459,054		12,399,049
Halliburton Co.	1,363,292		71,818,223
National Oilwell Varco, Inc.	1,036,642		84,486,323
Oceaneering International, Inc.	72,127		5,567,483
Schlumberger Ltd.	1,391,186		123,008,666
Total Energy Services, Inc.	173,000		3,063,864
			384,271,192
TOTAL ENERGY EQUIPMENT & SERVICES			448,086,649
METALS & MINING - 0.1%
Diversified Metals & Mining - 0.1%
U.S. Silica Holdings, Inc.	68,100		2,350,131
OIL, GAS & CONSUMABLE FUELS - 76.7%
Coal & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)	244,500		1,633,260
Peabody Energy Corp.	1,773,822		32,283,560
			33,916,820
Integrated Oil & Gas - 27.3%
Chevron Corp.	1,626,502		199,148,905
Exxon Mobil Corp.	2,746,699		256,761,422
Hess Corp.	489,803		39,737,717
Occidental Petroleum Corp.	378,156		35,909,694
Suncor Energy, Inc.	1,199,400		41,128,093
			572,685,831
Oil & Gas Exploration & Production - 39.6%
Anadarko Petroleum Corp.	1,156,415		102,712,780
Bankers Petroleum Ltd. (a)	3,032,400		11,334,741
Bonanza Creek Energy, Inc. (a)	404,849		18,570,424
Cabot Oil & Gas Corp.	1,176,028		40,514,165
Cimarex Energy Co.	581,545		55,002,526

	Shares		Value
Cobalt International Energy, Inc. (a)	1,090,066		$ 24,232,167
ConocoPhillips Co.	1,295,196		94,290,269
Continental Resources, Inc. (a)(d)	318,777		34,271,715
Emerald Oil, Inc. (a)	162,400		1,179,024
Energen Corp.	47,962		3,461,418
EOG Resources, Inc.	866,559		142,982,235
EPL Oil & Gas, Inc. (a)	187,200		5,363,280
EQT Corp.	345,553		29,410,016
Gulfport Energy Corp. (a)	167,267		9,773,411
Halcon Resources Corp. (a)	1,010,000		4,050,100
Kodiak Oil & Gas Corp. (a)	1,656,251		18,781,886
Laredo Petroleum Holdings, Inc. (a)	468,701		12,650,240
Murphy Oil Corp.	33,700		2,188,141
Newfield Exploration Co. (a)	73,000		2,051,300
Noble Energy, Inc.	912,088		64,065,061
Northern Oil & Gas, Inc. (a)	577,901		9,217,521
Oasis Petroleum, Inc. (a)	81,152		3,743,542
Painted Pony Petroleum Ltd. (a)	416,900		2,527,856
PDC Energy, Inc. (a)	391,326		23,053,015
Pioneer Natural Resources Co.	256,899		45,663,797
Rex Energy Corp. (a)	4,434		85,044
Rosetta Resources, Inc. (a)	120,500		6,093,685
Sanchez Energy Corp. (a)(d)	208,600		5,354,762
SM Energy Co.	323,889		28,547,576
Synergy Resources Corp. (a)	209,520		1,977,869
TAG Oil Ltd. (a)	280,875		915,006
Tullow Oil PLC	143,340		2,040,011
Whiting Petroleum Corp. (a)	399,601		24,135,900
			830,240,483
Oil & Gas Refining & Marketing - 2.0%
Marathon Petroleum Corp.	303,546		25,115,396
Phillips 66 Co.	193,370		13,460,486
Tesoro Corp.	37,600		2,204,488
			40,780,370
Oil & Gas Storage & Transport - 6.2%
Access Midstream Partners LP	464,158		26,071,755
Atlas Pipeline Partners LP	282,458		9,874,732
Magellan Midstream Partners LP	186,440		11,585,382
Markwest Energy Partners LP	145,439		10,045,472
MPLX LP	117,940		4,495,873
Phillips 66 Partners LP	184,333		6,071,929
Spectra Energy Corp.	156,098		5,237,088
Targa Resources Corp.	138,592		11,238,425
Tesoro Logistics LP	181,853		9,319,966
The Williams Companies, Inc.	1,037,432		36,538,355
			130,478,977
TOTAL OIL, GAS & CONSUMABLE FUELS			1,608,102,481
TOTAL COMMON STOCKS (Cost $1,570,624,965)		2,063,529,524
Money Market Funds - 3.3%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	40,211,074		$ 40,211,074
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	29,548,553		29,548,553
TOTAL MONEY MARKET FUNDS (Cost $69,759,627)		69,759,627
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,640,384,592)			2,133,289,151
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(37,660,636)
NET ASSETS - 100%		$ 2,095,628,515

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 20,097
Fidelity Securities Lending Cash Central Fund	759,585
Total	$ 779,682

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,643,393,355. Net unrealized appreciation aggregated $489,895,796, of which $527,391,394 related to appreciated investment securities and $37,495,598 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

November 30, 2013

1.810675.109

LEI-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Diversified Support Services - 0.6%
KAR Auction Services, Inc.	127,400		$ 3,514,966
COMPUTERS & PERIPHERALS - 1.0%
Computer Hardware - 1.0%
Gaming & Leisure Properties (a)	129,112		5,954,645
DIVERSIFIED CONSUMER SERVICES - 3.3%
Specialized Consumer Services - 3.3%
H&R Block, Inc.	155,800		4,345,262
Outerwall, Inc. (a)(d)	36,920		2,525,328
Steiner Leisure Ltd. (a)	203,644		12,047,579
			18,918,169
HOTELS, RESTAURANTS & LEISURE - 90.9%
Casinos & Gaming - 17.4%
Bally Technologies, Inc. (a)	270,700		20,186,099
Las Vegas Sands Corp.	675,776		48,439,624
Melco Crown Entertainment Ltd. sponsored ADR (a)	178,870		6,365,983
MGM China Holdings Ltd.	900,000		3,204,107
Penn National Gaming, Inc. (a)(d)	489,112		7,062,777
Wynn Resorts Ltd.	84,400		13,999,428
			99,258,018
Hotels, Resorts & Cruise Lines - 17.5%
Carnival Corp. unit	190,528		6,879,966
Extended Stay America, Inc. unit	135,500		3,411,890
Hyatt Hotels Corp. Class A (a)	212,961		10,300,924
InterContinental Hotel Group PLC	200,000		6,217,058
Marriott International, Inc. Class A	306,800		14,425,736
Starwood Hotels & Resorts Worldwide, Inc.	362,100		26,969,208
Wyndham Worldwide Corp.	447,200		32,068,712
			100,273,494
Leisure Facilities - 0.7%
Cedar Fair LP (depositary unit)	80,588		4,013,282
Restaurants - 55.3%
Bloomin' Brands, Inc. (a)	203,000		5,318,600
Bravo Brio Restaurant Group, Inc. (a)	144,169		2,302,379
Brinker International, Inc.	325,200		15,294,156
Chipotle Mexican Grill, Inc. (a)	24,029		12,587,832
Del Frisco's Restaurant Group, Inc. (a)	220,600		4,670,102
Denny's Corp. (a)	171,001		1,231,207
Domino's Pizza, Inc.	135,000		9,332,550
Fiesta Restaurant Group, Inc. (a)	59,200		2,899,024
Jack in the Box, Inc. (a)	388,600		18,400,210
McDonald's Corp.	571,700		55,666,429
Panera Bread Co. Class A (a)	75,000		13,266,750
Papa John's International, Inc.	77,566		6,583,414
Ruth's Hospitality Group, Inc.	483,822		6,957,360
Sonic Corp. (a)	185,400		3,669,066

	Shares		Value
Starbucks Corp.	1,076,400		$ 87,683,545
Texas Roadhouse, Inc. Class A	255,508		7,149,114
The Cheesecake Factory, Inc.	145,000		7,068,750
Whitbread PLC	51,764		3,021,300
Yum! Brands, Inc.	688,600		53,490,448
			316,592,236
TOTAL HOTELS, RESTAURANTS & LEISURE			520,137,030
IT SERVICES - 0.1%
Data Processing & Outsourced Services - 0.1%
The Western Union Co.	31,000		516,770
MEDIA - 1.8%
Broadcasting - 0.5%
CBS Corp. Class B	50,300		2,945,568
Cable & Satellite - 0.4%
DIRECTV (a)	36,925		2,441,112
Movies & Entertainment - 0.9%
Twenty-First Century Fox, Inc. Class A	99,500		3,332,255
Viacom, Inc. Class B (non-vtg.)	19,500		1,563,315
			4,895,570
TOTAL MEDIA			10,282,250
SOFTWARE - 0.4%
Application Software - 0.4%
Intuit, Inc.	26,500		1,967,095
SPECIALTY RETAIL - 0.9%
Apparel Retail - 0.9%
Express, Inc. (a)	70,600		1,737,466
Urban Outfitters, Inc. (a)	85,300		3,328,406
			5,065,872
TOTAL COMMON STOCKS (Cost $357,446,894)		566,356,797
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.10% (b)	6,354,019		6,354,019
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	6,527,825		6,527,825
TOTAL MONEY MARKET FUNDS (Cost $12,881,844)		12,881,844
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $370,328,738)			579,238,641
NET OTHER ASSETS (LIABILITIES) - (1.3)%			(7,180,397)
NET ASSETS - 100%		$ 572,058,244

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,539
Fidelity Securities Lending Cash Central Fund	212,653
Total	$ 218,192

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 566,356,797	$ 560,139,739	$ 6,217,058	$ -
Money Market Funds	12,881,844	12,881,844	-	-
Total Investments in Securities:	$ 579,238,641	$ 573,021,583	$ 6,217,058	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $373,906,274. Net unrealized appreciation aggregated $205,332,367, of which $205,623,478 related to appreciated investment securities and $291,111 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

November 30, 2013

1.810696.109

HEA-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
BIOTECHNOLOGY - 29.5%
Biotechnology - 29.5%
Acorda Therapeutics, Inc. (a)	200,000		$ 6,962,000
Actelion Ltd.	280,000		23,321,750
Aegerion Pharmaceuticals, Inc. (a)	270,000		19,151,100
Alexion Pharmaceuticals, Inc. (a)	1,140,000		141,930,000
Alnylam Pharmaceuticals, Inc. (a)	26,400		1,615,680
Amgen, Inc.	2,340,000		266,947,200
ARIAD Pharmaceuticals, Inc. (a)	1,800,000		8,730,000
Array BioPharma, Inc. (a)	2,600,000		14,872,000
Biogen Idec, Inc. (a)	640,000		186,220,800
Celldex Therapeutics, Inc. (a)	158,029		4,386,885
Cubist Pharmaceuticals, Inc.	750,000		51,382,500
Discovery Laboratories, Inc. (a)	3,600,000		8,640,000
Dyax Corp. (a)	1,280,000		10,880,000
Genomic Health, Inc. (a)	370,000		13,016,600
Gilead Sciences, Inc. (a)	3,700,000		276,796,998
Grifols SA ADR	1,280,000		43,948,800
Insmed, Inc. (a)	800,000		12,960,000
Intercept Pharmaceuticals, Inc. (a)	200,000		10,474,000
InterMune, Inc. (a)	1,996,501		27,611,609
Lexicon Pharmaceuticals, Inc. (a)	3,500,000		8,400,000
Medivation, Inc. (a)	600,000		37,806,000
Neurocrine Biosciences, Inc. (a)	1,949,319		19,142,313
Novavax, Inc. (a)	2,160,000		8,035,200
NPS Pharmaceuticals, Inc. (a)	450,000		11,884,500
Pharmacyclics, Inc. (a)	255,000		31,752,600
PTC Therapeutics, Inc. (a)	500,000		7,835,000
Puma Biotechnology, Inc. (a)	310,000		15,434,900
Regeneron Pharmaceuticals, Inc. (a)	215,000		63,179,900
Spectrum Pharmaceuticals, Inc.	900,000		8,667,000
Swedish Orphan Biovitrum AB (a)	1,500,000		15,615,348
TESARO, Inc. (a)	150,000		5,850,000
Vanda Pharmaceuticals, Inc. (a)(d)	1,000,000		11,740,000
ZIOPHARM Oncology, Inc. (a)(d)	2,000,000		8,360,000
			1,383,550,683
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Carriage Services, Inc.	850,000		15,954,500
FOOD & STAPLES RETAILING - 0.4%
Drug Retail - 0.4%
CVS Caremark Corp.	270,000		18,079,200
HEALTH CARE EQUIPMENT & SUPPLIES - 13.7%
Health Care Equipment - 12.7%
Accuray, Inc. (a)	1,000,000		7,980,000
Boston Scientific Corp. (a)	14,000,000		162,120,000
C.R. Bard, Inc.	130,000		18,054,400
Cardiovascular Systems, Inc. (a)	400,000		13,280,000
CONMED Corp.	700,000		28,497,000
Covidien PLC	900,000		61,434,000

	Shares		Value
Genmark Diagnostics, Inc. (a)	1,411,500		$ 16,796,850
HeartWare International, Inc. (a)	290,000		27,956,000
Insulet Corp. (a)	600,000		22,212,000
Intuitive Surgical, Inc. (a)	140,000		52,766,000
Masimo Corp.	1,130,118		32,355,278
Smith & Nephew PLC sponsored ADR	500,000		33,440,000
Stryker Corp.	850,000		63,257,000
Volcano Corp. (a)	1,500,000		34,155,000
Zeltiq Aesthetics, Inc. (a)	1,100,000		19,294,000
			593,597,528
Health Care Supplies - 1.0%
Derma Sciences, Inc. (a)(e)	970,000		11,252,000
The Cooper Companies, Inc.	280,000		36,887,200
			48,139,200
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			641,736,728
HEALTH CARE PROVIDERS & SERVICES - 15.1%
Health Care Distributors & Services - 4.1%
Amplifon SpA	2,800,000		15,025,010
McKesson Corp.	1,060,000		175,843,400
			190,868,410
Health Care Facilities - 2.1%
Brookdale Senior Living, Inc. (a)	700,000		20,412,000
Emeritus Corp. (a)	600,000		13,506,000
Hanger, Inc. (a)	300,000		11,652,000
HCA Holdings, Inc.	200,000		9,284,000
NMC Health PLC	1,700,000		11,333,367
Ramsay Health Care Ltd.	350,000		12,352,926
Surgical Care Affiliates, Inc.	600,000		18,264,000
			96,804,293
Health Care Services - 4.0%
Air Methods Corp.	320,000		17,907,200
BioScrip, Inc. (a)	901,592		6,139,842
Catamaran Corp. (a)	1,850,000		83,782,130
MEDNAX, Inc. (a)	400,000		44,320,000
Quest Diagnostics, Inc. (d)	600,000		36,564,000
			188,713,172
Managed Health Care - 4.9%
Aetna, Inc.	140,000		9,650,200
Cigna Corp.	1,200,000		104,940,000
Humana, Inc.	690,000		71,753,100
UnitedHealth Group, Inc.	600,000		44,688,000
			231,031,300
TOTAL HEALTH CARE PROVIDERS & SERVICES			707,417,175
HEALTH CARE TECHNOLOGY - 3.7%
Health Care Technology - 3.7%
athenahealth, Inc. (a)(d)	150,000		19,675,500
Cerner Corp. (a)	2,170,000		124,709,900
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - CONTINUED
Health Care Technology - continued
HealthStream, Inc. (a)	500,000		$ 16,820,000
HMS Holdings Corp. (a)	500,000		11,455,000
			172,660,400
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
Danaher Corp.	300,000		22,440,000
IT SERVICES - 0.5%
Data Processing & Outsourced Services - 0.5%
Maximus, Inc.	500,000		22,750,000
LIFE SCIENCES TOOLS & SERVICES - 6.6%
Life Sciences Tools & Services - 6.6%
Bruker BioSciences Corp. (a)	970,000		18,759,800
Illumina, Inc. (a)(d)	1,400,000		137,200,000
Thermo Fisher Scientific, Inc.	1,500,000		151,275,000
			307,234,800
PERSONAL PRODUCTS - 0.5%
Personal Products - 0.5%
Prestige Brands Holdings, Inc. (a)	700,000		24,668,000
PHARMACEUTICALS - 26.4%
Pharmaceuticals - 26.4%
AbbVie, Inc.	2,000,000		96,900,000
Actavis PLC (a)	1,530,000		249,497,100
Aratana Therapeutics, Inc. (d)	600,000		11,880,000
Bayer AG	420,000		56,029,973
Cadence Pharmaceuticals, Inc. (a)	42,807		386,119
Dechra Pharmaceuticals PLC	1,700,000		18,963,146
Endo Health Solutions, Inc. (a)(d)	400,000		26,876,000
Impax Laboratories, Inc. (a)	600,000		14,424,000
Jazz Pharmaceuticals PLC (a)	290,000		33,906,800
Merck & Co., Inc.	1,700,000		84,711,000
Mylan, Inc. (a)	1,400,000		61,782,000
Orexo AB (a)	538,472		13,962,712
Pacira Pharmaceuticals, Inc. (a)	310,000		17,108,900
Perrigo Co. (d)	900,000		140,301,000
Salix Pharmaceuticals Ltd. (a)	1,080,000		91,594,800
Santarus, Inc. (a)	1,000,000		32,180,000
Shire PLC sponsored ADR	750,000		101,857,500
Teva Pharmaceutical Industries Ltd. sponsored ADR	750,000		30,570,000
The Medicines Company (a)	880,000		32,216,800
UCB SA	400,000		26,841,243
Valeant Pharmaceuticals International, Inc. (Canada) (a)	500,000		53,883,815
Zoetis, Inc. Class A	1,280,000		39,872,000
			1,235,744,908

	Shares		Value
PROFESSIONAL SERVICES - 0.4%
Human Resource & Employment Services - 0.4%
WageWorks, Inc. (a)	300,000		$ 17,190,000
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Development - 0.1%
PT Lippo Karawaci Tbk	80,000,000		6,085,684
TOTAL COMMON STOCKS (Cost $3,256,624,415)		4,575,512,078
Convertible Preferred Stocks - 0.4%

BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Ariosa Diagnostics (a)(f)	496,689		3,000,002
HEALTH CARE TECHNOLOGY - 0.3%
Health Care Technology - 0.3%
Castlight Health, Inc.:
Series C (f)	90,850		723,166
Series D (a)(f)	1,784,800		14,207,008
			14,930,174
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,322,475)		17,930,176
Money Market Funds - 8.0%

Fidelity Cash Central Fund, 0.10% (b)	136,704,692		136,704,692
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	237,727,030		237,727,030
TOTAL MONEY MARKET FUNDS (Cost $374,431,722)		374,431,722
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $3,645,378,612)			4,967,873,976
NET OTHER ASSETS (LIABILITIES) - (6.1)%			(284,717,173)
NET ASSETS - 100%		$ 4,683,156,803

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 restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Ariosa Diagnostics	11/30/11	$ 3,000,002
Castlight Health, Inc. Series C	12/6/12	$ 548,421
Castlight Health, Inc. Series D	4/25/12	$ 10,774,052

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 37,932
Fidelity Securities Lending Cash Central Fund	677,502
Total	$ 715,434

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carriage Services, Inc.	$ 18,143,653	$ -	$ 2,749,537	$ 66,250	$ -
Derma Sciences, Inc.	11,097,000	837,986	-	-	11,252,000
Total	$ 29,240,653	$ 837,986	$ 2,749,537	$ 66,250	$ 11,252,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 4,575,512,078	$ 4,575,512,078	$ -	$ -
Convertible Preferred Stocks	17,930,176	-	-	17,930,176
Money Market Funds	374,431,722	374,431,722	-	-
Total Investments in Securities:	$ 4,967,873,976	$ 4,949,943,800	$ -	$ 17,930,176

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $3,648,940,840. Net unrealized appreciation aggregated $1,318,933,136, of which $1,347,360,603 related to appreciated investment securities and $28,427,467 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

November 30, 2013

1.810712.109

TEC-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
DigitalGlobe, Inc. (a)	797		$ 31,561
AUTOMOBILES - 0.0%
Automobile Manufacturers - 0.0%
Tesla Motors, Inc. (a)(d)	8,754		1,114,209
CHEMICALS - 0.1%
Diversified Chemicals - 0.1%
Oci Co. Ltd.	11,086		1,838,570
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Sanix, Inc. (a)(d)	43,000		438,206
COMMUNICATIONS EQUIPMENT - 8.7%
Communications Equipment - 8.7%
AAC Technology Holdings, Inc.	42,500		191,872
ADTRAN, Inc.	178,452		4,582,647
ADVA Optical Networking SE (a)	581,293		3,064,660
Alcatel-Lucent SA sponsored ADR	1,077,169		4,642,598
Aruba Networks, Inc. (a)	123,633		2,205,613
BlackBerry Ltd. (a)	600		3,798
Brocade Communications Systems, Inc. (a)	35,610		313,012
Ciena Corp. (a)(d)	617,232		13,708,723
Cisco Systems, Inc.	245,933		5,226,076
Comba Telecom Systems Holdings Ltd. (a)	198,000		68,192
F5 Networks, Inc. (a)	272,611		22,424,981
Finisar Corp. (a)	30		621
Infinera Corp. (a)(d)	716,242		6,661,051
Ixia (a)	511,401		6,643,099
JDS Uniphase Corp. (a)	1,495		18,149
Juniper Networks, Inc. (a)	2,489,314		50,458,395
Motorola Solutions, Inc.	60		3,953
Nokia Corp. (a)	1,122,800		9,069,132
Nokia Corp. sponsored ADR (a)	2,636,012		21,246,257
Palo Alto Networks, Inc. (a)	474		23,676
QUALCOMM, Inc.	43		3,164
Radware Ltd. (a)	435,363		7,401,171
Riverbed Technology, Inc. (a)	1,287		22,265
Ruckus Wireless, Inc.	308,876		4,027,743
Sandvine Corp. (U.K.) (a)	3,926,712		9,941,043
Sonus Networks, Inc. (a)	3,011,489		8,763,433
Spirent Communications PLC	3,168,632		5,620,358
			186,335,682
COMPUTERS & PERIPHERALS - 7.0%
Computer Hardware - 5.8%
3D Systems Corp. (a)	13,945		1,048,106
Advantech Co. Ltd.	427,000		2,639,631
Apple, Inc.	121,668		67,655,925
Cray, Inc. (a)	362,686		8,635,554
Hewlett-Packard Co.	1,669		45,647

	Shares		Value
Lenovo Group Ltd.	13,164,000		$ 15,604,822
NCR Corp. (a)	664,079		23,209,561
Silicon Graphics International Corp. (a)	214,900		2,862,468
Stratasys Ltd. (a)	17,999		2,119,742
			123,821,456
Computer Storage & Peripherals - 1.2%
ADLINK Technology, Inc.	5,750		10,295
Catcher Technology Co. Ltd.	2,000		12,161
Chicony Electronics Co. Ltd.	380		950
EMC Corp.	1,060,561		25,294,380
Gemalto NV	2,478		279,874
NetApp, Inc.	63		2,599
SanDisk Corp.	330		22,490
			25,622,749
TOTAL COMPUTERS & PERIPHERALS			149,444,205
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Services - 0.0%
Educomp Solutions Ltd. (a)	53,012		24,213
Specialized Consumer Services - 0.1%
LifeLock, Inc. (a)	186,100		3,204,642
TOTAL DIVERSIFIED CONSUMER SERVICES			3,228,855
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Multi-Sector Holdings - 0.2%
Investment AB Kinnevik (B Shares)	115,600		4,545,152
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
SolarCity Corp. (d)	22,156		1,158,316
TECO Electric & Machinery Co. Ltd.	1,969,000		2,161,690
			3,320,006
ELECTRONIC EQUIPMENT & COMPONENTS - 4.2%
Electronic Components - 1.8%
Aeroflex Holding Corp. (a)	234		1,580
Delta Electronics, Inc.	209,000		1,115,495
InvenSense, Inc. (a)(d)	396,265		6,851,422
Ledlink Optics, Inc.	1,423,313		3,918,522
Omron Corp.	200,200		8,237,034
Sapphire Technology Co. Ltd. (a)	24,541		871,983
Tong Hsing Electronics Industries Ltd.	2,743,000		14,593,876
Universal Display Corp. (a)	651		23,508
Yaskawa Electric Corp.	317,000		4,245,439
			39,858,859
Electronic Equipment & Instruments - 0.7%
Chroma ATE, Inc.	463,644		939,724
FEI Co.	8,700		792,135
Keyence Corp.	19,250		7,732,320
National Instruments Corp.	170,063		5,316,169
Test Research, Inc.	62,557		90,234
			14,870,582
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Manufacturing Services - 1.3%
Fabrinet (a)	128		$ 2,534
Jabil Circuit, Inc.	107		2,169
KEMET Corp. (a)	4,077		24,462
TE Connectivity Ltd.	264,026		13,919,451
Trimble Navigation Ltd. (a)	430,428		13,730,653
			27,679,269
Technology Distributors - 0.4%
Arrow Electronics, Inc. (a)	47		2,413
Digital China Holdings Ltd. (H Shares)	7,366,000		8,598,758
Redington India Ltd.	174,887		184,279
			8,785,450
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			91,194,160
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Biosensors International Group Ltd.	875,000		658,943
PW Medtech Group Ltd. (a)	1,991,000		924,547
			1,583,490
HEALTH CARE TECHNOLOGY - 1.8%
Health Care Technology - 1.8%
athenahealth, Inc. (a)(d)	99,635		13,069,123
Cerner Corp. (a)	126,828		7,288,805
M3, Inc.	7,065		18,434,032
			38,791,960
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.1%
500 Com Ltd. sponsored ADR Class A	67,700		1,368,894
HOUSEHOLD DURABLES - 0.8%
Consumer Electronics - 0.7%
Panasonic Corp.	5,800		66,655
Sony Corp. sponsored ADR	570,313		10,436,728
TCL Multimedia Technology Holdings Ltd.	11,824,000		5,582,143
Tonly Electronics Holdings Ltd. (a)	42,600		29,398
			16,114,924
Homebuilding - 0.1%
West Holdings Corp. (d)	128,800		1,823,027
Household Appliances - 0.0%
Haier Electronics Group Co. Ltd.	53,000		124,834
TOTAL HOUSEHOLD DURABLES			18,062,785
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
Toshiba Corp.	5,000		21,573
INTERNET & CATALOG RETAIL - 2.5%
Internet Retail - 2.5%
Amazon.com, Inc. (a)	56,157		22,104,518

	Shares		Value
E-Commerce China Dangdang, Inc. ADR (a)	990		$ 9,217
Expedia, Inc.	71		4,522
Groupon, Inc. Class A (a)	989,539		8,955,328
HomeAway, Inc. (a)	28,801		1,051,237
Netflix, Inc. (a)	136		49,749
priceline.com, Inc. (a)	9,431		11,244,864
Qunar Cayman Islands Ltd. sponsored ADR	53,000		1,399,200
Rakuten, Inc.	25,300		388,718
Start Today Co. Ltd.	154,300		3,955,213
TripAdvisor, Inc. (a)	11,212		990,244
YOOX SpA (a)	88,619		3,750,943
			53,903,753
INTERNET SOFTWARE & SERVICES - 31.2%
Internet Software & Services - 31.2%
58.com, Inc. ADR	700		22,897
Angie's List, Inc. (a)(d)	528,736		6,884,143
AOL, Inc.	6,389		284,822
Baidu.com, Inc. sponsored ADR (a)	300		49,971
Bankrate, Inc. (a)	113,072		2,118,969
Bazaarvoice, Inc. (a)	8,500		67,150
Blinkx PLC (a)(d)	1,026,433		3,363,304
ChannelAdvisor Corp. (a)	37,079		1,272,922
comScore, Inc. (a)	740		20,135
Cornerstone OnDemand, Inc. (a)	159,479		8,040,931
Cvent, Inc.	2,500		81,425
DealerTrack Holdings, Inc. (a)	153,003		6,395,525
Demandware, Inc. (a)	190,574		10,799,829
E2open, Inc. (a)	246,145		5,484,111
eBay, Inc. (a)	3,939		198,998
eGain Communications Corp. (a)	29,800		342,998
Facebook, Inc. Class A (a)	1,390,631		65,373,563
Google, Inc. Class A (a)	198,003		209,801,995
INFO Edge India Ltd. (a)	114,388		817,594
IntraLinks Holdings, Inc. (a)	1,973		21,525
Kakaku.com, Inc.	3,600		65,854
LinkedIn Corp. (a)	191,727		42,952,600
Livesense, Inc. (a)(d)	118,400		5,073,708
LogMeIn, Inc. (a)	6,610		228,045
Mail.Ru Group Ltd. GDR (Reg. S)	53,306		2,204,203
Marketo, Inc.	61,100		1,778,010
MercadoLibre, Inc.	236		26,128
Millennial Media, Inc. (a)(d)	322,576		2,051,583
Move, Inc. (a)	868,395		13,416,703
NHN Corp.	124,420		81,362,526
NIC, Inc.	90,490		2,206,146
Pandora Media, Inc. (a)(d)	180,016		5,112,454
Qihoo 360 Technology Co. Ltd. ADR (a)	2,570		209,506
Rackspace Hosting, Inc. (a)	85,991		3,285,716
Renren, Inc. ADR (a)(d)	18,800		56,024
Responsys, Inc. (a)	774,546		13,097,573
Saba Software, Inc. (a)	10,000		119,000
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
SciQuest, Inc. (a)	229,832		$ 6,426,103
Sohu.com, Inc. (a)(d)	390		26,282
SouFun Holdings Ltd. ADR	317		20,589
TelecityGroup PLC	77,668		892,794
Tencent Holdings Ltd.	668,300		38,653,826
Textura Corp.	235,785		7,983,680
Trulia, Inc. (a)	10,010		343,743
VeriSign, Inc. (a)	4,074		231,648
Vocus, Inc. (a)	350,450		3,490,482
Web.com Group, Inc. (a)	264,673		7,556,414
XO Group, Inc. (a)	16,300		255,421
Yahoo! Japan Corp.	636,500		3,069,266
Yahoo!, Inc. (a)	2,629,893		97,253,443
Yandex NV (a)	7,699		306,035
Yelp, Inc. (a)	136,695		8,296,020
Youku Tudou, Inc. ADR (a)	808		22,769
Zillow, Inc. (a)	100		7,862
			669,524,963
IT SERVICES - 11.5%
Data Processing & Outsourced Services - 9.0%
Automatic Data Processing, Inc.	29,585		2,367,392
DST Systems, Inc.	106,851		9,434,943
Euronet Worldwide, Inc. (a)	83,498		4,045,478
EVERTEC, Inc.	192,802		4,255,140
Fidelity National Information Services, Inc.	1,138,151		57,681,493
Fiserv, Inc. (a)	99,732		10,959,549
FleetCor Technologies, Inc. (a)	124,292		15,136,280
Global Payments, Inc.	415		26,166
Heartland Payment Systems, Inc.	51,887		2,330,245
Jack Henry & Associates, Inc.	62,208		3,531,548
MasterCard, Inc. Class A	6,356		4,835,708
Paychex, Inc.	53,997		2,361,289
QIWI PLC Class B sponsored ADR	26,000		1,216,280
Syntel, Inc.	2,913		257,422
Total System Services, Inc.	628,247		19,507,069
VeriFone Systems, Inc. (a)	134		3,432
Visa, Inc. Class A	232,199		47,243,209
WEX, Inc. (a)	75,190		7,463,359
WNS Holdings Ltd. sponsored ADR (a)	26,900		538,538
			193,194,540
IT Consulting & Other Services - 2.5%
Accenture PLC Class A	218		16,888
Anite Group PLC	587,232		852,788
Bit-isle, Inc.	4,900		40,752
Camelot Information Systems, Inc. ADR (a)	555		1,088
ChinaSoft International Ltd. (a)	50,000		14,189

	Shares		Value
Cognizant Technology Solutions Corp. Class A (a)	385,168		$ 36,163,424
EPAM Systems, Inc. (a)	132,494		4,699,562
IBM Corp.	966		173,571
Infosys Ltd. sponsored ADR	139,883		7,556,480
InterXion Holding N.V. (a)	18,100		407,431
Pactera Technology International Ltd. ADR	288,865		2,033,610
ServiceSource International, Inc. (a)	114,962		1,116,281
Teradata Corp. (a)	100		4,564
Virtusa Corp. (a)	49,000		1,729,210
			54,809,838
TOTAL IT SERVICES			248,004,378
LIFE SCIENCES TOOLS & SERVICES - 0.4%
Life Sciences Tools & Services - 0.4%
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	230,677		7,642,329
MACHINERY - 0.6%
Industrial Machinery - 0.6%
Airtac International Group	37,450		298,558
Fanuc Corp.	39,200		6,596,788
King Slide Works Co. Ltd.	283,000		2,930,092
Mirle Automation Corp.	301,893		241,184
Proto Labs, Inc. (a)	10,727		797,016
Shin Zu Shing Co. Ltd.	8,000		17,593
SMC Corp.	8,800		2,118,288
			12,999,519
MEDIA - 0.2%
Advertising - 0.0%
Dentsu, Inc.	500		20,792
ReachLocal, Inc. (a)	1,527		19,317
			40,109
Cable & Satellite - 0.0%
DIRECTV (a)	429		28,361
Movies & Entertainment - 0.1%
IMAX Corp. (a)	75,770		2,335,989
Publishing - 0.1%
NEXT Co. Ltd.	32,500		1,013,593
TOTAL MEDIA			3,418,052
PHARMACEUTICALS - 0.0%
Pharmaceuticals - 0.0%
China Medical System Holdings Ltd.	229,500		212,847
PROFESSIONAL SERVICES - 0.5%
Research & Consulting Services - 0.5%
Acacia Research Corp.	825		12,276
Verisk Analytics, Inc. (a)	151,400		9,857,654
			9,869,930
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 0.0%
Specialized REITs - 0.0%
American Tower Corp.	30		$ 2,333
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
Real Estate Operating Companies - 0.2%
Global Logistic Properties Ltd.	2,173,000		5,108,459
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.1%
Semiconductor Equipment - 1.7%
Aixtron AG (a)(d)	140,774		1,947,472
Amkor Technology, Inc. (a)	4,848		29,088
Applied Materials, Inc.	1,269		21,954
ASM International NV (depositary receipt)	5,660		192,327
Entegris, Inc. (a)	21,460		235,631
GCL-Poly Energy Holdings Ltd. (a)	18,738,000		6,139,208
GT Advanced Technologies, Inc. (a)	2,054		20,150
Lam Research Corp. (a)	414		21,574
Nanometrics, Inc. (a)	21,591		407,638
Rubicon Technology, Inc. (a)(d)	660,347		6,722,332
Teradyne, Inc. (a)	10,804		183,992
Tessera Technologies, Inc.	826,681		16,533,620
Ultratech, Inc. (a)	80,995		2,143,128
Veeco Instruments, Inc. (a)	36,119		1,163,754
			35,761,868
Semiconductors - 7.4%
Advanced Micro Devices, Inc. (a)(d)	3,611		13,144
Alpha & Omega Semiconductor Ltd. (a)	25,812		200,043
Altera Corp.	527,548		17,013,423
Analog Devices, Inc.	4,310		207,828
Applied Micro Circuits Corp. (a)	257,393		3,230,282
ARM Holdings PLC sponsored ADR	75		3,743
Avago Technologies Ltd.	474		21,202
Broadcom Corp. Class A	317,818		8,482,562
Cavium, Inc. (a)	120,404		4,358,625
Chipbond Technology Corp.	4,545,000		9,503,614
ChipMOS TECHNOLOGIES (Bermuda) Ltd.	143,086		2,930,401
Cirrus Logic, Inc. (a)(d)	8,830		178,189
Cree, Inc. (a)	235,267		13,127,899
Crystalwise Technology, Inc. (a)	103,000		80,722
Cypress Semiconductor Corp.	417,602		4,046,563
Diodes, Inc. (a)	1,138		23,249
Epistar Corp.	1,131,000		1,956,126
EZchip Semiconductor Ltd. (a)	32,637		785,573
Fairchild Semiconductor International, Inc. (a)	1,421		18,089
Freescale Semiconductor Holdings I Ltd. (a)	294,127		4,282,489
Himax Technologies, Inc. sponsored ADR (d)	68,800		688,000
Hittite Microwave Corp. (a)	319		20,170
Infineon Technologies AG	2,431		24,675

	Shares		Value
Inotera Memories, Inc. (a)	14,743,000		$ 10,508,303
Inphi Corp. (a)	333,564		4,169,550
Intermolecular, Inc. (a)	837,612		4,774,388
International Rectifier Corp. (a)	8,726		208,900
Intersil Corp. Class A	101,289		1,065,560
JA Solar Holdings Co. Ltd. ADR (a)(d)	937		8,855
Linear Technology Corp.	532		22,637
LSI Corp.	26,908		217,148
MagnaChip Semiconductor Corp. (a)	99		2,010
Marvell Technology Group Ltd.	1,741		24,774
Maxim Integrated Products, Inc.	53		1,509
MediaTek, Inc.	2,506		36,909
Melexis NV	85,467		2,715,179
Mellanox Technologies Ltd. (a)(d)	156,322		6,087,179
Micron Technology, Inc. (a)	11,092		234,041
Mindspeed Technologies, Inc. (a)	404,379		2,034,026
Monolithic Power Systems, Inc.	65,295		2,180,853
Novatek Microelectronics Corp.	1,960,000		7,912,036
NVIDIA Corp.	332		5,179
NXP Semiconductors NV (a)	113,450		4,821,625
O2Micro International Ltd. sponsored ADR (a)	44,200		122,876
ON Semiconductor Corp. (a)	24,095		170,834
PMC-Sierra, Inc. (a)	545,911		3,275,466
Power Integrations, Inc.	4,013		214,535
Radiant Opto-Electronics Corp.	364,881		1,300,373
Rambus, Inc. (a)	699,037		6,004,728
RDA Microelectronics, Inc. sponsored ADR	236,921		4,174,548
RF Micro Devices, Inc. (a)	3,958		20,898
Samsung Electronics Co. Ltd.	4		5,647
Semtech Corp. (a)	6,531		194,101
Seoul Semiconductor Co. Ltd.	251,407		9,930,744
Silicon Laboratories, Inc. (a)	108,800		4,248,640
Silicon Motion Technology Corp. sponsored ADR	122		1,821
SK Hynix, Inc. (a)	830		27,766
Skyworks Solutions, Inc. (a)	9,130		242,767
Spreadtrum Communications, Inc. ADR	681		20,845
STMicroelectronics NV (NY Shares)	2,550		20,069
Synaptics, Inc. (a)	530		26,770
Texas Instruments, Inc.	8,405		361,415
Trina Solar Ltd. (a)	406		5,684
Xilinx, Inc.	242,440		10,771,609
YoungTek Electronics Corp.	87,384		165,895
			159,535,303
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			195,297,171
SOFTWARE - 16.4%
Application Software - 12.8%
Adobe Systems, Inc. (a)	394,001		22,371,377
ANSYS, Inc. (a)	114,927		9,845,796
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Aspen Technology, Inc. (a)	268,071		$ 10,596,847
Autodesk, Inc. (a)	494,319		22,367,935
Blackbaud, Inc.	6,393		231,235
BroadSoft, Inc. (a)	251,479		6,681,797
Citrix Systems, Inc. (a)	780,556		46,302,582
Comverse, Inc.	2,623		87,871
Concur Technologies, Inc. (a)(d)	62,244		6,043,270
Descartes Systems Group, Inc. (a)	581,300		7,894,366
Guidewire Software, Inc. (a)	225,411		10,758,867
Informatica Corp. (a)	70		2,717
Interactive Intelligence Group, Inc. (a)	35,051		2,279,717
Intuit, Inc.	29,610		2,197,950
Jive Software, Inc. (a)	202,646		2,247,344
Kingdee International Software Group Co. Ltd. (a)	27,707,600		8,041,496
Linx SA	78,100		1,550,791
Manhattan Associates, Inc. (a)	14,555		1,750,384
MicroStrategy, Inc. Class A (a)	84,111		10,878,076
Nuance Communications, Inc. (a)	45		608
Open Text Corp.	400		34,227
Parametric Technology Corp. (a)	33,208		1,080,588
Pegasystems, Inc.	58,639		2,952,474
PROS Holdings, Inc. (a)	26,200		1,009,748
QLIK Technologies, Inc. (a)	84,974		2,131,148
RealPage, Inc. (a)	100		2,241
salesforce.com, Inc. (a)	1,156,657		60,250,263
SAP AG	318		26,294
SAP AG sponsored ADR	74		6,121
SolarWinds, Inc. (a)	29,236		977,652
Solera Holdings, Inc.	101,300		6,761,775
Splunk, Inc. (a)	42,601		3,074,088
Sungy Mobile Ltd. ADR	29,700		453,222
Synchronoss Technologies, Inc. (a)	31,605		1,002,827
Synopsys, Inc. (a)	13		476
TIBCO Software, Inc. (a)	435,783		10,532,875
TiVo, Inc. (a)	26,100		334,863
Ultimate Software Group, Inc. (a)	52,100		8,163,549
Verint Systems, Inc. (a)	605		22,942
Workday, Inc. Class A (a)	41,746		3,437,783
			274,386,182
Home Entertainment Software - 1.6%
Activision Blizzard, Inc.	486,900		8,379,549
Capcom Co. Ltd.	3,400		65,713
Electronic Arts, Inc. (a)	344,500		7,641,010
Kingsoft Corp. Ltd.	464,000		1,128,795
NHN Entertainment Corp. (a)	6,390		577,280
Nintendo Co. Ltd.	79,500		10,265,083
Perfect World Co. Ltd. sponsored ADR Class B	360,382		6,836,447
Take-Two Interactive Software, Inc. (a)	11,706		191,510
			35,085,387

	Shares		Value
Systems Software - 2.0%
Allot Communications Ltd. (a)(d)	483,222		$ 6,301,215
Check Point Software Technologies Ltd. (a)	47		2,907
CommVault Systems, Inc. (a)	38,873		2,909,644
FleetMatics Group PLC (a)	220,428		8,530,564
Fortinet, Inc. (a)	1,137		19,443
Imperva, Inc. (a)	451		20,286
Infoblox, Inc. (a)	33,400		1,061,452
Insyde Software Corp.	36,000		55,940
Microsoft Corp.	6,330		241,363
NetSuite, Inc. (a)	117,626		11,301,506
Red Hat, Inc. (a)	22,534		1,055,718
ServiceNow, Inc. (a)	192,466		10,221,869
Tableau Software, Inc.	3,700		242,498
VMware, Inc. Class A (a)	2,700		217,701
			42,182,106
TOTAL SOFTWARE			351,653,675
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
RingCentral, Inc.	286,715		4,550,167
SBA Communications Corp. Class A (a)	44		3,747
SoftBank Corp.	66,000		5,340,817
			9,894,731
TOTAL COMMON STOCKS (Cost $1,678,367,867)		2,068,851,448
Money Market Funds - 6.6%

Fidelity Cash Central Fund, 0.10% (b)	104,682,097		104,682,097
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	37,112,240		37,112,240
TOTAL MONEY MARKET FUNDS (Cost $141,794,337)		141,794,337
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,820,162,204)			2,210,645,785
NET OTHER ASSETS (LIABILITIES) - (2.9)%			(63,040,373)
NET ASSETS - 100%		$ 2,147,605,412

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,953
Fidelity Securities Lending Cash Central Fund	341,739
Total	$ 371,692

Other Information

The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,068,851,448	$ 2,047,476,812	$ 21,374,636	$ -
Money Market Funds	141,794,337	141,794,337	-	-
Total Investments in Securities:	$ 2,210,645,785	$ 2,189,271,149	$ 21,374,636	$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers	Total
Level 1 to Level 2	$ 0
Level 2 to Level 1	$ 54,579,469

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,829,919,289. Net unrealized appreciation aggregated $380,726,496, of which $438,421,348 related to appreciated investment securities and $57,694,852 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Portfolio

November 30, 2013

1.810724.109

UTI-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
ELECTRIC UTILITIES - 26.7%
Electric Utilities - 26.7%
American Electric Power Co., Inc.	470,347		$ 22,134,530
Duke Energy Corp.	159,353		11,148,336
Edison International	475,312		21,964,168
ITC Holdings Corp.	97,202		8,794,837
NextEra Energy, Inc.	581,385		49,179,357
OGE Energy Corp.	898,385		30,922,412
			144,143,640
GAS UTILITIES - 6.0%
Gas Utilities - 6.0%
ONEOK, Inc.	561,574		32,610,602
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.6%
Independent Power Producers & Energy Traders - 10.6%
Calpine Corp. (a)	959,437		18,142,954
NRG Energy, Inc.	927,102		24,531,119
The AES Corp.	1,009,002		14,701,159
			57,375,232
MULTI-UTILITIES - 38.7%
Multi-Utilities - 38.7%
Ameren Corp.	726,636		26,049,901
CenterPoint Energy, Inc.	1,289,108		30,203,800
Dominion Resources, Inc.	781,812		50,747,417
NiSource, Inc.	743,923		23,522,845
PG&E Corp.	670,737		27,077,653
Sempra Energy	585,051		51,741,909
			209,343,525
OIL, GAS & CONSUMABLE FUELS - 15.3%
Oil & Gas Exploration & Production - 2.2%
Energen Corp.	164,320		11,858,974
Oil & Gas Storage & Transport - 13.1%
Cheniere Energy, Inc. (a)	454,592		17,997,297

	Shares		Value
Enbridge, Inc. (d)	376,200		$ 15,544,738
Energy Transfer Equity LP	353,558		26,435,532
Plains GP Holdings LP Class A	457,000		10,739,500
			70,717,067
TOTAL OIL, GAS & CONSUMABLE FUELS			82,576,041
TOTAL COMMON STOCKS (Cost $470,785,345)		526,049,040
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.10% (b)	31,593,768		31,593,768
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	10,139,222		10,139,222
TOTAL MONEY MARKET FUNDS (Cost $41,732,990)		41,732,990
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $512,518,335)			567,782,030
NET OTHER ASSETS (LIABILITIES) - (5.0)%			(26,979,353)
NET ASSETS - 100%		$ 540,802,677

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,946
Fidelity Securities Lending Cash Central Fund	45,418
Total	$ 55,364

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $513,118,021. Net unrealized appreciation aggregated $54,664,009, of which $59,228,585 related to appreciated investment securities and $4,564,576 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

November 30, 2013

1.810693.109

FIN-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CAPITAL MARKETS - 13.6%
Asset Management & Custody Banks - 10.4%
Affiliated Managers Group, Inc. (a)	48,983		$ 9,808,846
Ameriprise Financial, Inc.	81,140		8,783,405
BlackRock, Inc. Class A	19,303		5,843,983
Carlyle Group LP	179,106		5,820,945
Franklin Resources, Inc.	149,500		8,280,805
Invesco Ltd.	492,409		17,160,454
Oaktree Capital Group LLC Class A	99,300		5,532,996
The Blackstone Group LP	430,904		12,315,236
			73,546,670
Diversified Capital Markets - 0.3%
UBS AG (NY Shares)	108,799		2,067,181
Investment Banking & Brokerage - 2.9%
E*TRADE Financial Corp. (a)	351,700		6,302,464
FXCM, Inc. Class A	236,100		3,933,426
Raymond James Financial, Inc.	212,161		10,221,917
			20,457,807
TOTAL CAPITAL MARKETS			96,071,658
COMMERCIAL BANKS - 16.9%
Diversified Banks - 9.5%
Comerica, Inc.	79,907		3,623,782
U.S. Bancorp	879,284		34,485,518
Wells Fargo & Co.	655,501		28,855,154
			66,964,454
Regional Banks - 7.4%
BB&T Corp.	336,100		11,676,114
CIT Group, Inc.	70,037		3,535,468
CoBiz, Inc.	259,500		3,075,075
Commerce Bancshares, Inc.	129,237		5,831,173
Fifth Third Bancorp	492,428		10,006,137
M&T Bank Corp. (d)	96,750		11,161,080
PNC Financial Services Group, Inc.	200		15,390
Popular, Inc. (a)	180,300		5,152,974
Texas Capital Bancshares, Inc. (a)	36,434		2,046,498
			52,499,909
TOTAL COMMERCIAL BANKS			119,464,363
CONSUMER FINANCE - 6.2%
Consumer Finance - 6.2%
Capital One Financial Corp.	386,916		27,714,793
SLM Corp.	484,159		12,902,837
Springleaf Holdings, Inc.	163,300		3,442,364
			44,059,994
DIVERSIFIED CONSUMER SERVICES - 1.0%
Specialized Consumer Services - 1.0%
H&R Block, Inc.	256,672		7,158,582

	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 21.6%
Multi-Sector Holdings - 1.1%
Berkshire Hathaway, Inc. Class B (a)	70,390		$ 8,202,547
Other Diversified Financial Services - 16.4%
Bank of America Corp.	2,564,417		40,569,078
Citigroup, Inc.	705,380		37,328,710
JPMorgan Chase & Co.	660,400		37,788,088
			115,685,876
Specialized Finance - 4.1%
IntercontinentalExchange Group, Inc.	54,097		11,538,349
McGraw-Hill Companies, Inc.	158,276		11,791,562
MSCI, Inc. Class A (a)	122,200		5,424,458
			28,754,369
TOTAL DIVERSIFIED FINANCIAL SERVICES			152,642,792
HEALTH CARE PROVIDERS & SERVICES - 1.0%
Health Care Facilities - 1.0%
Brookdale Senior Living, Inc. (a)	230,700		6,727,212
INSURANCE - 18.2%
Insurance Brokers - 1.9%
Marsh & McLennan Companies, Inc.	291,964		13,853,692
Life & Health Insurance - 4.2%
MetLife, Inc.	387,250		20,210,578
Prudential PLC	180,182		3,842,753
Torchmark Corp.	71,400		5,426,400
			29,479,731
Multi-Line Insurance - 1.0%
HCC Insurance Holdings, Inc.	149,500		6,874,010
Property & Casualty Insurance - 9.7%
ACE Ltd.	146,762		15,084,198
Allied World Assurance Co. Holdings Ltd.	87,904		9,902,386
Allstate Corp.	246,200		13,361,274
Fidelity National Financial, Inc. Class A	316,100		9,189,027
ProAssurance Corp.	79,600		3,827,168
The Travelers Companies, Inc.	186,398		16,913,755
			68,277,808
Reinsurance - 1.4%
Everest Re Group Ltd.	61,580		9,657,591
TOTAL INSURANCE			128,142,832
INTERNET SOFTWARE & SERVICES - 1.2%
Internet Software & Services - 1.2%
eBay, Inc. (a)	106,000		5,355,120
Equinix, Inc. (a)	19,200		3,085,440
			8,440,560
IT SERVICES - 4.8%
Data Processing & Outsourced Services - 4.8%
EVERTEC, Inc.	212,870		4,698,041
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Fiserv, Inc. (a)	87,955		$ 9,665,375
FleetCor Technologies, Inc. (a)	59,795		7,281,835
The Western Union Co.	305,900		5,099,353
Visa, Inc. Class A	35,200		7,161,792
			33,906,396
REAL ESTATE INVESTMENT TRUSTS - 9.1%
Mortgage REITs - 1.1%
Blackstone Mortgage Trust, Inc.	107,200		2,770,048
Redwood Trust, Inc. (d)	284,150		5,279,507
			8,049,555
Retail REITs - 2.8%
CBL & Associates Properties, Inc.	217,500		3,928,050
Simon Property Group, Inc.	105,479		15,806,028
			19,734,078
Specialized REITs - 5.2%
American Tower Corp.	298,940		23,248,564
Rayonier, Inc.	175,831		7,755,905
Ventas, Inc.	98,104		5,575,250
			36,579,719
TOTAL REAL ESTATE INVESTMENT TRUSTS			64,363,352
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.3%
Real Estate Services - 3.3%
Altisource Portfolio Solutions SA	63,360		10,199,693
CBRE Group, Inc. (a)	527,631		12,789,775
			22,989,468
THRIFTS & MORTGAGE FINANCE - 1.3%
Thrifts & Mortgage Finance - 1.3%
MGIC Investment Corp. (a)	251,500		2,039,665

	Shares		Value
Ocwen Financial Corp. (a)	105,480		$ 5,976,497
Radian Group, Inc.	103,200		1,471,632
			9,487,794
TOTAL COMMON STOCKS (Cost $614,765,325)		693,455,003
Money Market Funds - 4.3%

Fidelity Cash Central Fund, 0.10% (b)	13,232,055		13,232,055
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	16,693,025		16,693,025
TOTAL MONEY MARKET FUNDS (Cost $29,925,080)		29,925,080
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $644,690,405)			723,380,083
NET OTHER ASSETS (LIABILITIES) - (2.5)%			(17,322,170)
NET ASSETS - 100%		$ 706,057,913

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,855
Fidelity Securities Lending Cash Central Fund	108,353
Total	$ 123,208

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 693,455,003	$ 689,612,250	$ 3,842,753	$ -
Money Market Funds	29,925,080	29,925,080	-	-
Total Investments in Securities:	$ 723,380,083	$ 719,537,330	$ 3,842,753	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $650,232,153. Net unrealized appreciation aggregated $73,147,930, of which $81,663,167 related to appreciated investment securities and $8,515,237 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

November 30, 2013

1.810679.109

DEF-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
AEROSPACE & DEFENSE - 95.8%
Aerospace & Defense - 95.8%
BAE Systems PLC	2,791,600		$ 19,523,183
Esterline Technologies Corp. (a)	304,034		26,761,073
HEICO Corp.	303,425		17,319,499
Hexcel Corp. (a)	267,100		11,733,703
Honeywell International, Inc.	469,376		41,544,470
Huntington Ingalls Industries, Inc.	432,908		35,598,025
Lockheed Martin Corp.	76,696		10,865,522
Meggitt PLC	3,925,395		32,057,811
Precision Castparts Corp.	223,263		57,702,322
Raytheon Co.	247,356		21,935,530
Rolls-Royce Group PLC	2,064,734		41,724,774
Safran SA	645,900		42,526,478
SIFCO Industries, Inc.	82,763		2,036,797
Teledyne Technologies, Inc. (a)	413,526		38,346,266
Textron, Inc.	1,284,236		42,675,162
The Boeing Co.	1,202,868		161,485,029
TransDigm Group, Inc.	220,133		34,455,217
Triumph Group, Inc.	561,935		41,549,474
United Technologies Corp.	1,967,901		218,161,506
			898,001,841
CHEMICALS - 1.4%
Specialty Chemicals - 1.4%
Cytec Industries, Inc.	146,216		13,083,408
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
AMETEK, Inc.	599		29,483
ELECTRONIC EQUIPMENT & COMPONENTS - 0.4%
Electronic Manufacturing Services - 0.4%
Mercury Systems, Inc. (a)	379,705		4,153,973

	Shares		Value
METALS & MINING - 0.9%
Steel - 0.9%
Carpenter Technology Corp.	135,200		$ 8,151,208
Haynes International, Inc.	52		2,819
			8,154,027
TOTAL COMMON STOCKS (Cost $626,698,237)		923,422,732
Nonconvertible Preferred Stocks - 0.0%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series C (Cost $288,245)	177,567,124		290,553
Money Market Funds - 4.4%

Fidelity Cash Central Fund,0.10% (b) (Cost $41,383,935)	41,383,935		41,383,935
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $668,370,417)			965,097,220
NET OTHER ASSETS (LIABILITIES) - (2.9)%			(27,184,085)
NET ASSETS - 100%		$ 937,913,135

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,940
Fidelity Securities Lending Cash Central Fund	24,837
Total	$ 43,777

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $668,710,304. Net unrealized appreciation aggregated $296,386,916, of which $297,795,575 related to appreciated investment securities and $1,408,659 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

November 30, 2013

1.810691.109

BRO-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CAPITAL MARKETS - 84.1%
Asset Management & Custody Banks - 56.2%
Affiliated Managers Group, Inc. (a)	175,000		$ 35,043,750
American Capital Ltd. (a)	1,750,000		26,775,000
Ameriprise Financial, Inc.	400,000		43,300,001
Apollo Global Management LLC Class A	250,000		7,547,500
Apollo Investment Corp.	1,536,117		13,855,775
Ares Capital Corp.	870,879		16,006,756
Bank of New York Mellon Corp.	100,000		3,370,000
BlackRock, Inc. Class A	123,000		37,238,250
Carlyle Group LP	200,000		6,500,000
Eaton Vance Corp. (non-vtg.)	400,000		16,724,000
Franklin Resources, Inc.	675,000		37,388,250
Invesco Ltd.	1,075,000		37,463,750
KKR & Co. LP	350,000		8,305,500
Northern Trust Corp.	275,000		16,222,250
Oaktree Capital Group LLC Class A	250,000		13,930,000
Partners Group Holding AG	45,000		11,205,318
SEI Investments Co.	350,000		11,753,000
State Street Corp.	540,000		39,209,400
T. Rowe Price Group, Inc.	170,000		13,678,200
The Blackstone Group LP	450,000		12,861,000
Virtus Investment Partners, Inc. (a)	100,000		20,780,000
WisdomTree Investments, Inc. (a)	500,000		7,660,000
			436,817,700
Diversified Capital Markets - 0.5%
UBS AG (NY Shares)	200,000		3,800,000
Investment Banking & Brokerage - 27.4%
Charles Schwab Corp.	850,000		20,808,000
E*TRADE Financial Corp. (a)	1,925,000		34,496,000
Evercore Partners, Inc. Class A	450,000		24,682,500
FXCM, Inc. Class A	900,000		14,994,000
GFI Group, Inc.	2,200,000		8,316,000
Goldman Sachs Group, Inc.	80,000		13,515,200
Investment Technology Group, Inc. (a)	200,000		3,918,000
KCG Holdings, Inc. Class A	200,000		2,390,000
LPL Financial	400,000		17,148,000
Monex Group, Inc.	900,000		3,637,073
Morgan Stanley	1,175,000		36,777,500
Raymond James Financial, Inc.	675,000		32,521,500
			213,203,773
TOTAL CAPITAL MARKETS			653,821,473

	Shares		Value
COMMERCIAL BANKS - 0.5%
Diversified Banks - 0.5%
Barclays PLC	950,000		$ 4,209,905
DIVERSIFIED FINANCIAL SERVICES - 10.9%
Other Diversified Financial Services - 5.7%
Citigroup, Inc.	350,000		18,522,000
JPMorgan Chase & Co.	450,000		25,749,000
			44,271,000
Specialized Finance - 5.2%
Interactive Brokers Group, Inc.	400,000		9,700,000
IntercontinentalExchange Group, Inc.	75,000		15,996,750
The NASDAQ Stock Market, Inc.	375,000		14,733,750
			40,430,500
TOTAL DIVERSIFIED FINANCIAL SERVICES			84,701,500
THRIFTS & MORTGAGE FINANCE - 0.6%
Thrifts & Mortgage Finance - 0.6%
Ocwen Financial Corp. (a)	75,000		4,249,500
TOTAL COMMON STOCKS (Cost $651,995,653)		746,982,378
Money Market Funds - 4.6%

Fidelity Cash Central Fund, 0.10% (b) (Cost $35,835,058)	35,835,058		35,835,058
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $687,830,711)			782,817,436
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(5,532,991)
NET ASSETS - 100%		$ 777,284,445

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 17,611
Fidelity Securities Lending Cash Central Fund	118,758
Total	$ 136,369

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 746,982,378	$ 742,772,473	$ 4,209,905	$ -
Money Market Funds	35,835,058	35,835,058	-	-
Total Investments in Securities:	$ 782,817,436	$ 778,607,531	$ 4,209,905	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $691,325,070. Net unrealized appreciation aggregated $91,492,366, of which $104,230,634 related to appreciated investment securities and $12,738,268 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

November 30, 2013

1.810670.109

CHE-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
BUILDING PRODUCTS - 0.2%
Building Products - 0.2%
Ply Gem Holdings, Inc.	148,752		$ 2,609,110
CHEMICALS - 96.5%
Commodity Chemicals - 16.1%
Axiall Corp.	877,936		39,770,501
Cabot Corp.	901,386		43,987,637
Kronos Worldwide, Inc.	406,800		6,777,288
LyondellBasell Industries NV Class A	1,545,922		119,314,260
Methanex Corp.	218,100		13,345,560
OCI Partners LP	1,400		34,748
			223,229,994
Diversified Chemicals - 23.0%
Arkema SA	123,150		14,074,888
E.I. du Pont de Nemours & Co.	1,147,100		70,408,998
Eastman Chemical Co.	1,314,751		101,275,270
FMC Corp.	682,700		49,741,522
Huntsman Corp.	1,876,800		43,035,024
The Dow Chemical Co.	1,059,947		41,401,530
			319,937,232
Fertilizers & Agricultural Chemicals - 15.3%
CF Industries Holdings, Inc.	277,200		60,257,736
Monsanto Co.	1,062,349		120,396,012
Potash Corp. of Saskatchewan, Inc.	805,700		25,245,924
The Mosaic Co.	141,200		6,763,480
			212,663,152
Industrial Gases - 9.6%
Airgas, Inc.	269,200		29,243,196
Praxair, Inc.	821,207		103,685,596
			132,928,792
Specialty Chemicals - 32.5%
Ashland, Inc.	675,050		61,483,554
Celanese Corp. Class A	1,121,179		62,931,777
Chemtura Corp. (a)	813,100		21,465,840
Cytec Industries, Inc.	107,881		9,653,192
Ecolab, Inc.	738,999		79,198,523
Ferro Corp. (a)	1,976,753		27,536,169
PPG Industries, Inc.	277,104		51,003,762
Royal DSM NV	169,375		13,292,642
RPM International, Inc.	1,054,279		41,749,448
Sigma Aldrich Corp.	342,037		29,497,271
W.R. Grace & Co. (a)	510,384		49,012,176
Wacker Chemie AG	53,795		5,736,089
			452,560,443
TOTAL CHEMICALS			1,341,319,613

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Swisher Hygiene, Inc. (Canada) (a)	344,640		$ 171,979
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Other Diversified Financial Services - 0.1%
Quinpario Acquisition Corp. unit	150,000		1,537,500
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
BW LPG Ltd. (a)	90,009		726,678
MARINE - 0.9%
Marine - 0.9%
DryShips, Inc. (a)(d)	3,751,468		12,905,050
OIL, GAS & CONSUMABLE FUELS - 0.0%
Oil & Gas Storage & Transport - 0.0%
Navigator Holdings Ltd. (a)	10,500		222,075
StealthGas, Inc. (a)	14,039		172,399
			394,474
TOTAL COMMON STOCKS (Cost $991,944,028)		1,359,664,404
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 0.10% (b)	30,707,515		30,707,515
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	6,152,300		6,152,300
TOTAL MONEY MARKET FUNDS (Cost $36,859,815)		36,859,815
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $1,028,803,843)			1,396,524,219
NET OTHER ASSETS (LIABILITIES) - (0.4)%			(5,794,348)
NET ASSETS - 100%		$ 1,390,729,871

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 24,228
Fidelity Securities Lending Cash Central Fund	213,393
Total	$ 237,621

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,034,363,344. Net unrealized appreciation aggregated $362,160,875, of which $368,061,886 related to appreciated investment securities and $5,901,011 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

November 30, 2013

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

1.860867.106

ATLC-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 59.0%
Alternative Carriers - 14.2%
8x8, Inc. (a)	554,940		$ 5,782,475
Cogent Communications Group, Inc.	206,268		8,046,515
inContact, Inc. (a)	427,823		3,208,673
Iridium Communications, Inc. (a)(d)	619,076		3,807,317
Level 3 Communications, Inc. (a)	335,467		10,204,906
Lumos Networks Corp.	430,778		9,933,741
Premiere Global Services, Inc. (a)	418,083		3,900,714
Towerstream Corp. (a)(d)	830,224		1,942,724
TW Telecom, Inc. (a)	257,457		7,291,182
Vonage Holdings Corp. (a)	1,076,771		3,564,112
			57,682,359
Integrated Telecommunication Services - 44.8%
AT&T, Inc.	1,379,850		48,584,519
Atlantic Tele-Network, Inc.	126,200		7,076,034
Bezeq The Israeli Telecommunication Corp. Ltd.	1,515,900		2,535,108
BT Group PLC	378,100		2,308,439
Cbeyond, Inc. (a)	56,285		312,382
CenturyLink, Inc.	517,409		15,884,456
Cincinnati Bell, Inc. (a)	1,194,414		3,822,125
Consolidated Communications Holdings, Inc.	56,298		1,087,959
Frontier Communications Corp. (d)	1,945,783		9,106,264
General Communications, Inc. Class A (a)	493,496		4,910,285
Hawaiian Telcom Holdco, Inc. (a)	100,965		3,062,268
IDT Corp. Class B	105,565		2,344,599
Telekomunikacja Polska SA	428,200		1,432,732
Verizon Communications, Inc.	1,580,251		78,412,055
Windstream Holdings, Inc. (d)	190,682		1,538,804
			182,418,029
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			240,100,388
INTERNET SOFTWARE & SERVICES - 1.1%
Internet Software & Services - 1.1%
Equinix, Inc. (a)	17,000		2,731,900
Rackspace Hosting, Inc. (a)	43,500		1,662,135
			4,394,035
IT SERVICES - 0.5%
IT Consulting & Other Services - 0.5%
InterXion Holding N.V. (a)	88,800		1,998,888

	Shares		Value
MEDIA - 3.3%
Cable & Satellite - 3.3%
Comcast Corp. Class A	55,700		$ 2,777,759
DISH Network Corp. Class A	40,700		2,204,312
Liberty Global PLC:
Class A (a)	41,718		3,579,822
Class C (a)	43,218		3,520,106
Shaw Communications, Inc. Class B	60,500		1,406,950
			13,488,949
REAL ESTATE INVESTMENT TRUSTS - 8.6%
Office REITs - 0.7%
CyrusOne, Inc.	136,700		2,792,781
Specialized REITs - 7.9%
American Tower Corp.	416,690		32,405,981
TOTAL REAL ESTATE INVESTMENT TRUSTS			35,198,762
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
Semiconductors - 0.6%
Broadcom Corp. Class A	90,031		2,402,927
SOFTWARE - 0.2%
Application Software - 0.2%
Synchronoss Technologies, Inc. (a)	26,303		834,594
WIRELESS TELECOMMUNICATION SERVICES - 24.8%
Wireless Telecommunication Services - 24.8%
Boingo Wireless, Inc. (a)(d)	524,145		3,422,667
Crown Castle International Corp. (a)	155,156		11,517,230
KDDI Corp.	45,600		2,862,102
Leap Wireless International, Inc. (a)	426,900		7,090,809
Millicom International Cellular SA (depository receipt)	25,400		2,278,869
NII Holdings, Inc. (a)(d)	795,369		2,020,237
NTELOS Holdings Corp.	44,454		951,760
SBA Communications Corp. Class A (a)	254,156		21,646,467
Shenandoah Telecommunications Co.	113,426		2,833,381
Sprint Corp. (a)	94,985		796,924
T-Mobile U.S., Inc. (a)	644,247		16,756,864
Tele2 AB (B Shares)	155,300		1,892,906
Telephone & Data Systems, Inc.	523,464		14,557,534
U.S. Cellular Corp.	101,100		4,485,807
Vodafone Group PLC sponsored ADR	209,909		7,785,525
			100,899,082
TOTAL COMMON STOCKS (Cost $351,730,894)		399,317,625
Money Market Funds - 3.7%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	1,159,954		$ 1,159,954
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	13,774,750		13,774,750
TOTAL MONEY MARKET FUNDS (Cost $14,934,704)		14,934,704
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $366,665,598)			414,252,329
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(7,257,227)
NET ASSETS - 100%		$ 406,995,102

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,550
Fidelity Securities Lending Cash Central Fund	184,785
Total	$ 194,335

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 399,317,625	$ 397,009,186	$ 2,308,439	$ -
Money Market Funds	14,934,704	14,934,704	-	-
Total Investments in Securities:	$ 414,252,329	$ 411,943,890	$ 2,308,439	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $369,010,620. Net unrealized appreciation aggregated $45,241,709, of which $62,240,750 related to appreciated investment securities and $16,999,041 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

November 30, 2013

1.810721.109

TEL-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 59.0%
Alternative Carriers - 14.2%
8x8, Inc. (a)	554,940		$ 5,782,475
Cogent Communications Group, Inc.	206,268		8,046,515
inContact, Inc. (a)	427,823		3,208,673
Iridium Communications, Inc. (a)(d)	619,076		3,807,317
Level 3 Communications, Inc. (a)	335,467		10,204,906
Lumos Networks Corp.	430,778		9,933,741
Premiere Global Services, Inc. (a)	418,083		3,900,714
Towerstream Corp. (a)(d)	830,224		1,942,724
TW Telecom, Inc. (a)	257,457		7,291,182
Vonage Holdings Corp. (a)	1,076,771		3,564,112
			57,682,359
Integrated Telecommunication Services - 44.8%
AT&T, Inc.	1,379,850		48,584,519
Atlantic Tele-Network, Inc.	126,200		7,076,034
Bezeq The Israeli Telecommunication Corp. Ltd.	1,515,900		2,535,108
BT Group PLC	378,100		2,308,439
Cbeyond, Inc. (a)	56,285		312,382
CenturyLink, Inc.	517,409		15,884,456
Cincinnati Bell, Inc. (a)	1,194,414		3,822,125
Consolidated Communications Holdings, Inc.	56,298		1,087,959
Frontier Communications Corp. (d)	1,945,783		9,106,264
General Communications, Inc. Class A (a)	493,496		4,910,285
Hawaiian Telcom Holdco, Inc. (a)	100,965		3,062,268
IDT Corp. Class B	105,565		2,344,599
Telekomunikacja Polska SA	428,200		1,432,732
Verizon Communications, Inc.	1,580,251		78,412,055
Windstream Holdings, Inc. (d)	190,682		1,538,804
			182,418,029
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			240,100,388
INTERNET SOFTWARE & SERVICES - 1.1%
Internet Software & Services - 1.1%
Equinix, Inc. (a)	17,000		2,731,900
Rackspace Hosting, Inc. (a)	43,500		1,662,135
			4,394,035
IT SERVICES - 0.5%
IT Consulting & Other Services - 0.5%
InterXion Holding N.V. (a)	88,800		1,998,888

	Shares		Value
MEDIA - 3.3%
Cable & Satellite - 3.3%
Comcast Corp. Class A	55,700		$ 2,777,759
DISH Network Corp. Class A	40,700		2,204,312
Liberty Global PLC:
Class A (a)	41,718		3,579,822
Class C (a)	43,218		3,520,106
Shaw Communications, Inc. Class B	60,500		1,406,950
			13,488,949
REAL ESTATE INVESTMENT TRUSTS - 8.6%
Office REITs - 0.7%
CyrusOne, Inc.	136,700		2,792,781
Specialized REITs - 7.9%
American Tower Corp.	416,690		32,405,981
TOTAL REAL ESTATE INVESTMENT TRUSTS			35,198,762
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
Semiconductors - 0.6%
Broadcom Corp. Class A	90,031		2,402,927
SOFTWARE - 0.2%
Application Software - 0.2%
Synchronoss Technologies, Inc. (a)	26,303		834,594
WIRELESS TELECOMMUNICATION SERVICES - 24.8%
Wireless Telecommunication Services - 24.8%
Boingo Wireless, Inc. (a)(d)	524,145		3,422,667
Crown Castle International Corp. (a)	155,156		11,517,230
KDDI Corp.	45,600		2,862,102
Leap Wireless International, Inc. (a)	426,900		7,090,809
Millicom International Cellular SA (depository receipt)	25,400		2,278,869
NII Holdings, Inc. (a)(d)	795,369		2,020,237
NTELOS Holdings Corp.	44,454		951,760
SBA Communications Corp. Class A (a)	254,156		21,646,467
Shenandoah Telecommunications Co.	113,426		2,833,381
Sprint Corp. (a)	94,985		796,924
T-Mobile U.S., Inc. (a)	644,247		16,756,864
Tele2 AB (B Shares)	155,300		1,892,906
Telephone & Data Systems, Inc.	523,464		14,557,534
U.S. Cellular Corp.	101,100		4,485,807
Vodafone Group PLC sponsored ADR	209,909		7,785,525
			100,899,082
TOTAL COMMON STOCKS (Cost $351,730,894)		399,317,625
Money Market Funds - 3.7%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	1,159,954		$ 1,159,954
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	13,774,750		13,774,750
TOTAL MONEY MARKET FUNDS (Cost $14,934,704)		14,934,704
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $366,665,598)			414,252,329
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(7,257,227)
NET ASSETS - 100%		$ 406,995,102

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,550
Fidelity Securities Lending Cash Central Fund	184,785
Total	$ 194,335

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 399,317,625	$ 397,009,186	$ 2,308,439	$ -
Money Market Funds	14,934,704	14,934,704	-	-
Total Investments in Securities:	$ 414,252,329	$ 411,943,890	$ 2,308,439	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

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

November 30, 2013

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

1.860865.106

AGLD-QTLY-0114

Consolidated Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.2%
	Shares		Value
Australia - 6.7%
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Boart Longyear Ltd. (d)	1,590,000		$ 434,571
METALS & MINING - 6.7%
Gold - 6.7%
Ampella Mining Ltd. (a)(d)	2,785,000		210,594
Beadell Resources Ltd. (a)	10,803,618		7,480,403
Evolution Mining Ltd.	2,371,395		1,307,078
Gryphon Minerals Ltd. (a)	5,060,010		599,290
Intrepid Mines Ltd.:
(Australia) (a)	8,469,798		2,044,848
(Canada) (a)	320,000		76,829
Kingsgate Consolidated NL (d)	453,274		429,473
Medusa Mining Ltd. (a)	2,746,085		4,228,077
Newcrest Mining Ltd.	6,672,758		46,749,169
Papillon Resources Ltd. (a)	2,682,068		2,309,105
Perseus Mining Ltd.:
(Australia) (a)	3,240,134		826,539
(Canada) (a)	1,300,000		342,717
Ramelius Resources Ltd. (a)	980,000		89,283
Red 5 Ltd. (a)	1,326,000		102,684
Regis Resources Ltd.	2,672,293		7,303,777
Resolute Mining Ltd.	2,988,261		1,361,227
Saracen Mineral Holdings Ltd. (a)	4,816,787		877,667
Silver Lake Resources Ltd. (a)	4,346,985		1,841,549
St Barbara Ltd. (a)(d)	4,478,377		1,142,407
Troy Resources NL (a)(d)	195,000		176,766
Troy Resources NL (e)	734,826		671,106
			80,170,588
TOTAL AUSTRALIA			80,605,159
Bailiwick of Jersey - 6.9%
METALS & MINING - 6.9%
Gold - 6.9%
Centamin PLC (a)	4,836,900		3,416,994
Lydian International Ltd. (a)(d)	2,325,200		1,641,936
Polyus Gold International Ltd.	422,400		1,306,716
Polyus Gold International Ltd. sponsored GDR	3,919,931		12,034,188
Randgold Resources Ltd. sponsored ADR	907,395		64,198,196
			82,598,030
Bermuda - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Continental Gold Ltd. (a)	3,076,700		7,705,510
Canada - 59.9%
METALS & MINING - 59.9%
Diversified Metals & Mining - 0.2%
NovaCopper, Inc. (a)(d)	488,333		965,539

	Shares		Value
Rio Alto Mining Ltd. (a)	365,000		$ 560,164
Sabina Gold & Silver Corp. (a)(d)	780,000		425,949
True Gold Mining, Inc. (a)	80,000		24,103
			1,975,755
Gold - 59.0%
Agnico Eagle Mines Ltd. (Canada)	1,509,600		41,176,078
Alacer Gold Corp.	2,235,063		4,482,331
Alamos Gold, Inc.	1,083,000		13,877,818
Argonaut Gold, Inc. (a)	3,620,062		19,121,126
ATAC Resources Ltd. (a)	67,200		44,290
B2Gold Corp. (a)	13,091,858		27,364,584
Banro Corp. (a)(d)	2,326,482		1,533,318
Barrick Gold Corp. (d)	5,548,769		92,000,586
Belo Sun Mining Corp. (a)(d)	6,797,400		2,687,984
Centerra Gold, Inc.	1,501,600		4,495,893
Colossus Minerals, Inc. (a)(d)	2,352,600		664,514
Detour Gold Corp. (a)	2,629,800		10,226,037
Detour Gold Corp. (a)(e)	785,900		3,055,990
Eldorado Gold Corp.	8,553,208		51,378,841
Exeter Resource Corp. (a)	176,641		111,430
Franco-Nevada Corp. (d)	1,109,900		44,527,671
Gabriel Resources Ltd. (a)	1,040,600		852,389
Goldcorp, Inc.	5,105,100		113,676,320
Golden Queen Mining Co. Ltd. (a)	15,000		12,005
GoldQuest Mining Corp. (a)	2,318,500		567,564
Guyana Goldfields, Inc. (a)(d)	2,933,700		5,220,500
Guyana Goldfields, Inc. (a)(e)	155,000		275,821
IAMGOLD Corp.	3,344,000		14,640,429
Kinross Gold Corp.	10,203,691		47,939,382
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		33,692
Kirkland Lake Gold, Inc. (a)(d)	581,000		1,586,385
Lake Shore Gold Corp. (a)(d)	3,226,600		1,291,126
Midas Gold Corp. (a)	100,500		63,398
New Gold, Inc. (a)	8,673,175		44,995,004
NGEx Resources, Inc. (a)	65,000		104,651
Novagold Resources, Inc. (a)(d)	2,787,500		6,456,313
OceanaGold Corp. (a)	3,002,300		5,059,897
Orezone Gold Corp. (a)	372,100		157,655
Osisko Mining Corp. (a)	3,727,331		15,195,691
Osisko Mining Corp. (a)(e)	3,000,000		12,230,487
Pilot Gold, Inc. (a)(d)	1,418,150		1,255,118
Premier Gold Mines Ltd. (a)(d)	6,849,322		10,447,135
Pretium Resources, Inc. (a)(d)	897,238		4,865,917
Pretium Resources, Inc. (a)(e)	225,000		1,220,224
Pretium Resources, Inc. (a)(f)	225,000		1,220,224
Primero Mining Corp. (a)	861,200		4,492,089
Probe Mines Ltd. (a)	85,000		197,674
Richmont Mines, Inc. (a)	240,900		249,496
Romarco Minerals, Inc. (a)	14,013,600		4,947,839
Romarco Minerals, Inc. (a)(e)	5,900,000		2,110,912
Rubicon Minerals Corp. (a)	5,252,102		5,142,817
Sandstorm Gold Ltd. (a)(d)	137,000		621,731
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Seabridge Gold, Inc. (a)(d)	601,905		$ 4,256,008
SEMAFO, Inc. (d)	2,924,700		7,655,274
Sulliden Gold Corp. Ltd. (a)(d)	4,103,400		2,781,704
Teranga Gold Corp. (a)	35,000		15,982
Teranga Gold Corp. CDI unit (a)	3,430,974		1,437,863
Timmins Gold Corp. (a)	122,600		139,672
Torex Gold Resources, Inc. (a)	14,614,400		13,071,914
Yamana Gold, Inc.	6,480,500		58,148,164
			711,384,957
Precious Metals & Minerals - 0.7%
Chesapeake Gold Corp. (a)	12,000		34,234
Dalradian Resources, Inc. (a)(d)	56,000		31,635
Fortuna Mines, Inc. (a)	20,000		67,225
Gold Standard Ventures Corp. (a)	425,400		328,432
MAG Silver Corp. (a)	171,000		1,030,411
Pan American Silver Corp.	28,287		302,019
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		3,421
Silver Wheaton Corp.	56,500		1,179,898
Tahoe Resources, Inc. (a)	341,900		6,039,021
Wildcat Silver Corp. (a)	75,200		22,480
			9,038,776
TOTAL METALS & MINING			722,399,488
Cayman Islands - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Endeavour Mining Corp. (a)	7,632,400		4,096,100
Peru - 0.5%
METALS & MINING - 0.5%
Gold - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	517,500		6,106,500
South Africa - 5.9%
METALS & MINING - 5.9%
Gold - 5.9%
AngloGold Ashanti Ltd. sponsored ADR	2,160,708		29,364,022
Gold Fields Ltd.	55,000		220,755
Gold Fields Ltd. sponsored ADR	6,413,126		25,716,635
Harmony Gold Mining Co. Ltd.	1,484,000		4,274,687
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	2,123,300		6,051,405
Sibanye Gold Ltd. ADR (d)	1,195,006		5,915,280
			71,542,784

	Shares		Value
United Kingdom - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Patagonia Gold PLC (a)(d)	260,000		$ 50,004
Petropavlovsk PLC (d)	1,026,970		1,050,590
			1,100,594
United States of America - 5.3%
METALS & MINING - 5.3%
Gold - 5.2%
Allied Nevada Gold Corp. (a)	281,800		935,576
Allied Nevada Gold Corp. (Canada) (a)	30,000		99,991
Gold Resource Corp. (d)	100,000		516,000
Newmont Mining Corp.	1,326,000		32,924,580
Royal Gold, Inc.	611,713		27,582,139
			62,058,286
Precious Metals & Minerals - 0.1%
McEwen Mining, Inc. (a)(d)	679,110		1,378,593
TOTAL METALS & MINING			63,436,879
TOTAL COMMON STOCKS (Cost $1,702,379,215)		1,039,591,044
Commodities - 13.4%
	Troy Ounces
Gold Bullion (a)	82,510		103,250,539
Silver Bullion (a)	2,950,000		59,000,000
TOTAL COMMODITIES (Cost $176,438,543)		162,250,539
Money Market Funds - 10.0%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	4,115,414		4,115,414
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	116,590,099		116,590,099
TOTAL MONEY MARKET FUNDS (Cost $120,705,513)		120,705,513

TOTAL INVESTMENT PORTFOLIO - 109.6%

(Cost $1,999,523,271)

1,322,547,096

NET OTHER ASSETS (LIABILITIES) - (9.6)%			(116,287,215)
NET ASSETS - 100%		$ 1,206,259,881

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,564,540 or 1.6% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Pretium Resources, Inc.	3/31/11	$ 2,172,293

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,014
Fidelity Securities Lending Cash Central Fund	448,449
Total	$ 456,463

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 116,121,090	$ 368,172,909	$ 294,765,231	$ -	$ 162,147,168

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 3,981	$ -	$ 2,315	$ -	$ -
Kimber Resources, Inc. (144A)	1,379,164	-	774,753	-	-
Total	$ 1,383,145	$ -	$ 777,068	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,039,591,044	$ 1,035,092,181	$ 4,498,863	$ -
Commodities	162,250,539	162,250,539	-	-
Money Market Funds	120,705,513	120,705,513	-	-
Total Investments in Securities:	$ 1,322,547,096	$ 1,318,048,233	$ 4,498,863	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes on an unconsolidated basis was $2,123,702,571. Net unrealized depreciation aggregated $801,258,847, of which $111,341,028 related to appreciated investment securities and $912,599,875 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2013, the Fund held $162,147,168 in the Subsidiary, representing 13.4% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments in commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

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

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

November 30, 2013

1.810695.109

GOL-QTLY-0114

Consolidated Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.2%
	Shares		Value
Australia - 6.7%
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Boart Longyear Ltd. (d)	1,590,000		$ 434,571
METALS & MINING - 6.7%
Gold - 6.7%
Ampella Mining Ltd. (a)(d)	2,785,000		210,594
Beadell Resources Ltd. (a)	10,803,618		7,480,403
Evolution Mining Ltd.	2,371,395		1,307,078
Gryphon Minerals Ltd. (a)	5,060,010		599,290
Intrepid Mines Ltd.:
(Australia) (a)	8,469,798		2,044,848
(Canada) (a)	320,000		76,829
Kingsgate Consolidated NL (d)	453,274		429,473
Medusa Mining Ltd. (a)	2,746,085		4,228,077
Newcrest Mining Ltd.	6,672,758		46,749,169
Papillon Resources Ltd. (a)	2,682,068		2,309,105
Perseus Mining Ltd.:
(Australia) (a)	3,240,134		826,539
(Canada) (a)	1,300,000		342,717
Ramelius Resources Ltd. (a)	980,000		89,283
Red 5 Ltd. (a)	1,326,000		102,684
Regis Resources Ltd.	2,672,293		7,303,777
Resolute Mining Ltd.	2,988,261		1,361,227
Saracen Mineral Holdings Ltd. (a)	4,816,787		877,667
Silver Lake Resources Ltd. (a)	4,346,985		1,841,549
St Barbara Ltd. (a)(d)	4,478,377		1,142,407
Troy Resources NL (a)(d)	195,000		176,766
Troy Resources NL (e)	734,826		671,106
			80,170,588
TOTAL AUSTRALIA			80,605,159
Bailiwick of Jersey - 6.9%
METALS & MINING - 6.9%
Gold - 6.9%
Centamin PLC (a)	4,836,900		3,416,994
Lydian International Ltd. (a)(d)	2,325,200		1,641,936
Polyus Gold International Ltd.	422,400		1,306,716
Polyus Gold International Ltd. sponsored GDR	3,919,931		12,034,188
Randgold Resources Ltd. sponsored ADR	907,395		64,198,196
			82,598,030
Bermuda - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
Continental Gold Ltd. (a)	3,076,700		7,705,510
Canada - 59.9%
METALS & MINING - 59.9%
Diversified Metals & Mining - 0.2%
NovaCopper, Inc. (a)(d)	488,333		965,539

	Shares		Value
Rio Alto Mining Ltd. (a)	365,000		$ 560,164
Sabina Gold & Silver Corp. (a)(d)	780,000		425,949
True Gold Mining, Inc. (a)	80,000		24,103
			1,975,755
Gold - 59.0%
Agnico Eagle Mines Ltd. (Canada)	1,509,600		41,176,078
Alacer Gold Corp.	2,235,063		4,482,331
Alamos Gold, Inc.	1,083,000		13,877,818
Argonaut Gold, Inc. (a)	3,620,062		19,121,126
ATAC Resources Ltd. (a)	67,200		44,290
B2Gold Corp. (a)	13,091,858		27,364,584
Banro Corp. (a)(d)	2,326,482		1,533,318
Barrick Gold Corp. (d)	5,548,769		92,000,586
Belo Sun Mining Corp. (a)(d)	6,797,400		2,687,984
Centerra Gold, Inc.	1,501,600		4,495,893
Colossus Minerals, Inc. (a)(d)	2,352,600		664,514
Detour Gold Corp. (a)	2,629,800		10,226,037
Detour Gold Corp. (a)(e)	785,900		3,055,990
Eldorado Gold Corp.	8,553,208		51,378,841
Exeter Resource Corp. (a)	176,641		111,430
Franco-Nevada Corp. (d)	1,109,900		44,527,671
Gabriel Resources Ltd. (a)	1,040,600		852,389
Goldcorp, Inc.	5,105,100		113,676,320
Golden Queen Mining Co. Ltd. (a)	15,000		12,005
GoldQuest Mining Corp. (a)	2,318,500		567,564
Guyana Goldfields, Inc. (a)(d)	2,933,700		5,220,500
Guyana Goldfields, Inc. (a)(e)	155,000		275,821
IAMGOLD Corp.	3,344,000		14,640,429
Kinross Gold Corp.	10,203,691		47,939,382
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		33,692
Kirkland Lake Gold, Inc. (a)(d)	581,000		1,586,385
Lake Shore Gold Corp. (a)(d)	3,226,600		1,291,126
Midas Gold Corp. (a)	100,500		63,398
New Gold, Inc. (a)	8,673,175		44,995,004
NGEx Resources, Inc. (a)	65,000		104,651
Novagold Resources, Inc. (a)(d)	2,787,500		6,456,313
OceanaGold Corp. (a)	3,002,300		5,059,897
Orezone Gold Corp. (a)	372,100		157,655
Osisko Mining Corp. (a)	3,727,331		15,195,691
Osisko Mining Corp. (a)(e)	3,000,000		12,230,487
Pilot Gold, Inc. (a)(d)	1,418,150		1,255,118
Premier Gold Mines Ltd. (a)(d)	6,849,322		10,447,135
Pretium Resources, Inc. (a)(d)	897,238		4,865,917
Pretium Resources, Inc. (a)(e)	225,000		1,220,224
Pretium Resources, Inc. (a)(f)	225,000		1,220,224
Primero Mining Corp. (a)	861,200		4,492,089
Probe Mines Ltd. (a)	85,000		197,674
Richmont Mines, Inc. (a)	240,900		249,496
Romarco Minerals, Inc. (a)	14,013,600		4,947,839
Romarco Minerals, Inc. (a)(e)	5,900,000		2,110,912
Rubicon Minerals Corp. (a)	5,252,102		5,142,817
Sandstorm Gold Ltd. (a)(d)	137,000		621,731
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Seabridge Gold, Inc. (a)(d)	601,905		$ 4,256,008
SEMAFO, Inc. (d)	2,924,700		7,655,274
Sulliden Gold Corp. Ltd. (a)(d)	4,103,400		2,781,704
Teranga Gold Corp. (a)	35,000		15,982
Teranga Gold Corp. CDI unit (a)	3,430,974		1,437,863
Timmins Gold Corp. (a)	122,600		139,672
Torex Gold Resources, Inc. (a)	14,614,400		13,071,914
Yamana Gold, Inc.	6,480,500		58,148,164
			711,384,957
Precious Metals & Minerals - 0.7%
Chesapeake Gold Corp. (a)	12,000		34,234
Dalradian Resources, Inc. (a)(d)	56,000		31,635
Fortuna Mines, Inc. (a)	20,000		67,225
Gold Standard Ventures Corp. (a)	425,400		328,432
MAG Silver Corp. (a)	171,000		1,030,411
Pan American Silver Corp.	28,287		302,019
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		3,421
Silver Wheaton Corp.	56,500		1,179,898
Tahoe Resources, Inc. (a)	341,900		6,039,021
Wildcat Silver Corp. (a)	75,200		22,480
			9,038,776
TOTAL METALS & MINING			722,399,488
Cayman Islands - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Endeavour Mining Corp. (a)	7,632,400		4,096,100
Peru - 0.5%
METALS & MINING - 0.5%
Gold - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	517,500		6,106,500
South Africa - 5.9%
METALS & MINING - 5.9%
Gold - 5.9%
AngloGold Ashanti Ltd. sponsored ADR	2,160,708		29,364,022
Gold Fields Ltd.	55,000		220,755
Gold Fields Ltd. sponsored ADR	6,413,126		25,716,635
Harmony Gold Mining Co. Ltd.	1,484,000		4,274,687
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	2,123,300		6,051,405
Sibanye Gold Ltd. ADR (d)	1,195,006		5,915,280
			71,542,784

	Shares		Value
United Kingdom - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Patagonia Gold PLC (a)(d)	260,000		$ 50,004
Petropavlovsk PLC (d)	1,026,970		1,050,590
			1,100,594
United States of America - 5.3%
METALS & MINING - 5.3%
Gold - 5.2%
Allied Nevada Gold Corp. (a)	281,800		935,576
Allied Nevada Gold Corp. (Canada) (a)	30,000		99,991
Gold Resource Corp. (d)	100,000		516,000
Newmont Mining Corp.	1,326,000		32,924,580
Royal Gold, Inc.	611,713		27,582,139
			62,058,286
Precious Metals & Minerals - 0.1%
McEwen Mining, Inc. (a)(d)	679,110		1,378,593
TOTAL METALS & MINING			63,436,879
TOTAL COMMON STOCKS (Cost $1,702,379,215)		1,039,591,044
Commodities - 13.4%
	Troy Ounces
Gold Bullion (a)	82,510		103,250,539
Silver Bullion (a)	2,950,000		59,000,000
TOTAL COMMODITIES (Cost $176,438,543)		162,250,539
Money Market Funds - 10.0%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	4,115,414		4,115,414
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	116,590,099		116,590,099
TOTAL MONEY MARKET FUNDS (Cost $120,705,513)		120,705,513

TOTAL INVESTMENT PORTFOLIO - 109.6%

(Cost $1,999,523,271)

1,322,547,096

NET OTHER ASSETS (LIABILITIES) - (9.6)%			(116,287,215)
NET ASSETS - 100%		$ 1,206,259,881

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Pretium Resources, Inc.	3/31/11	$ 2,172,293

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,014
Fidelity Securities Lending Cash Central Fund	448,449
Total	$ 456,463

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 116,121,090	$ 368,172,909	$ 294,765,231	$ -	$ 162,147,168

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 3,981	$ -	$ 2,315	$ -	$ -
Kimber Resources, Inc. (144A)	1,379,164	-	774,753	-	-
Total	$ 1,383,145	$ -	$ 777,068	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,039,591,044	$ 1,035,092,181	$ 4,498,863	$ -
Commodities	162,250,539	162,250,539	-	-
Money Market Funds	120,705,513	120,705,513	-	-
Total Investments in Securities:	$ 1,322,547,096	$ 1,318,048,233	$ 4,498,863	$ -

Income Tax Information

Consolidated Subsidiary

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

November 30, 2013

1.810668.109

BIO-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
BIOTECHNOLOGY - 96.7%
Biotechnology - 96.7%
ACADIA Pharmaceuticals, Inc. (a)(d)	4,205,963		$ 97,956,878
Acceleron Pharma, Inc. (e)	1,599,169		34,813,909
Acorda Therapeutics, Inc. (a)	1,656,031		57,646,439
ADMA Biologics, Inc.	399,700		3,197,600
Aegerion Pharmaceuticals, Inc. (a)(e)	2,173,495		154,166,000
Agenus, Inc. (a)(d)	150,089		396,235
Agenus, Inc. warrants 6/9/18 (a)	1,548,000		41,997
Agios Pharmaceuticals, Inc. (d)	68,333		1,199,244
Agios Pharmaceuticals, Inc.	83,457		1,318,203
Alexion Pharmaceuticals, Inc. (a)	2,612,080		325,203,960
Alkermes PLC (a)	2,026,794		81,841,942
Alnylam Pharmaceuticals, Inc. (a)	1,595,818		97,664,062
AMAG Pharmaceuticals, Inc. (a)	739,909		18,149,968
Ambit Biosciences Corp. (d)	729,500		9,155,225
Amgen, Inc.	6,756,203		770,747,638
Arena Pharmaceuticals, Inc. (a)(d)	53,045		345,853
ARIAD Pharmaceuticals, Inc. (a)(d)	9,117,251		44,218,667
ArQule, Inc. (a)	8,342		20,271
Array BioPharma, Inc. (a)	600,885		3,437,062
Biogen Idec, Inc. (a)	2,235,967		650,599,318
BioMarin Pharmaceutical, Inc. (a)	2,033,144		143,092,675
Bionovo, Inc. warrants 2/2/16 (a)	1,043,150		751
BioTime, Inc. (a)(d)	1,340,195		5,347,378
Bluebird Bio, Inc. (d)	153,175		3,127,834
Bluebird Bio, Inc.	28,244		519,068
Catalyst Pharmaceutical Partners, Inc.:
warrants 5/2/17 (a)	141,443		65,318
warrants 5/30/17 (a)	282,100		200,632
Celgene Corp. (a)	2,799,607		452,892,424
Cell Therapeutics, Inc. (a)(d)	5,779,280		11,211,803
Cell Therapeutics, Inc. warrants 7/6/16 (a)	835,596		39,783
Celldex Therapeutics, Inc. (a)(d)	2,982,484		82,793,756
Cepheid, Inc. (a)(d)	638,300		28,991,586
Chimerix, Inc.	324,647		5,200,845
Clovis Oncology, Inc. (a)	899,719		54,235,061
Cubist Pharmaceuticals, Inc.	1,164,008		79,746,188
Curis, Inc. (a)(d)	3,562,162		11,398,918
Cytokinetics, Inc. (a)(d)	1,063,466		6,901,894
Cytokinetics, Inc. warrants 6/25/17 (a)	3,828,480		547,358
Dendreon Corp. (a)(d)	887,140		2,634,806
Dyax Corp. (a)(e)	10,908,795		92,724,758
Dynavax Technologies Corp. (a)	53,843		95,302
Elan Corp. PLC sponsored ADR (a)	7,198		130,140
Emergent BioSolutions, Inc. (a)	234,700		5,269,015
Enanta Pharmaceuticals, Inc.	53,445		1,444,618
Epizyme, Inc. (d)	1,218,630		25,518,112
Esperion Therapeutics, Inc.	78,392		935,217
Exact Sciences Corp. (a)	1,393,802		17,115,889
Exelixis, Inc. (a)(d)	1,725,987		10,062,504
Fate Therapeutics, Inc.	1,381,284		6,961,671

	Shares		Value
Fibrocell Science, Inc. (a)	2,432,240		$ 9,972,184
Fibrocell Science, Inc. (a)	894,400		3,667,040
Genmab A/S (a)	302,451		12,533,946
Genomic Health, Inc. (a)	558,528		19,649,015
Geron Corp. (a)	3,439,635		18,470,840
Gilead Sciences, Inc. (a)	17,269,043		1,291,897,106
Halozyme Therapeutics, Inc. (a)(d)	2,474,023		36,516,579
Hyperion Therapeutics, Inc. (a)(d)(e)	1,712,983		43,749,586
Idenix Pharmaceuticals, Inc. (a)(d)	179,922		966,181
ImmunoGen, Inc. (a)(d)	1,586,457		23,051,220
Immunomedics, Inc. (a)(d)	3,014,504		13,022,657
Incyte Corp. (a)	2,418,094		112,683,180
Infinity Pharmaceuticals, Inc. (a)	954,233		13,941,344
Intercept Pharmaceuticals, Inc. (a)(e)	1,315,567		68,896,244
InterMune, Inc. (a)(d)	3,525,413		48,756,462
Intrexon Corp.	164,600		3,767,694
Intrexon Corp. (a)	133,761		2,755,610
Ironwood Pharmaceuticals, Inc.Class A (a)	4,692,810		53,591,890
Isis Pharmaceuticals, Inc. (a)(d)	2,288,076		88,685,826
KaloBios Pharmaceuticals, Inc.	1,288,200		5,461,968
KaloBios Pharmaceuticals, Inc. (f)	224,464		951,727
Karyopharm Therapeutics, Inc. (e)	1,799,700		29,317,113
Keryx Biopharmaceuticals, Inc. (a)	190,259		2,642,698
KYTHERA Biopharmaceuticals, Inc. (a)(d)(e)	1,304,079		50,832,999
Lexicon Pharmaceuticals, Inc. (a)	8,359,023		20,061,655
Ligand Pharmaceuticals, Inc.Class B (a)(d)(e)	1,497,001		83,353,016
Macrogenics, Inc. (d)	726,543		19,231,593
MannKind Corp. (a)(d)	6,279,721		31,335,808
Medivation, Inc. (a)	1,958,696		123,417,435
Merrimack Pharmaceuticals, Inc. (a)	44,600		175,724
Mirati Therapeutics, Inc. (a)	198,700		3,324,251
Momenta Pharmaceuticals, Inc. (a)	1,149,777		20,454,533
Myriad Genetics, Inc. (a)(d)	1,419,290		42,223,878
Neurocrine Biosciences, Inc. (a)	2,330,609		22,886,580
NeurogesX, Inc. (a)	3,131,785		15,659
NewLink Genetics Corp. (a)(d)	1,201,924		27,043,290
Novavax, Inc. (a)(d)	9,222,934		34,309,314
Novelos Therapeutics, Inc. (a)	2,334,890		910,607
Novelos Therapeutics, Inc. warrants 12/6/16 (a)	2,362,400		567
NPS Pharmaceuticals, Inc. (a)	2,457,213		64,894,995
OncoMed Pharmaceuticals, Inc. (d)	175,400		2,360,884
Onconova Therapeutics, Inc. (d)	610,740		8,959,556
Ophthotech Corp. (d)	1,469,224		41,505,578
Opko Health, Inc. (a)(d)	7,277,029		76,699,886
Oragenics, Inc. (a)	1,058,300		3,164,317
Oragenics, Inc. (a)	1,558,058		4,658,593
Orexigen Therapeutics, Inc. (a)	4,906,585		33,511,976
Osiris Therapeutics, Inc. (a)(d)(e)	2,020,095		35,523,371
Common Stocks - continued
	Shares		Value
BIOTECHNOLOGY - CONTINUED
Biotechnology - continued
OvaScience, Inc. (a)	212,300		$ 2,031,711
PDL BioPharma, Inc. (d)	1,159,133		11,324,729
Pharmacyclics, Inc. (a)	1,249,513		155,589,359
PolyMedix, Inc. (a)(e)	115,509		2,587
PolyMedix, Inc. warrants 4/10/16 (a)	2,961,167		30
Portola Pharmaceuticals, Inc.	1,502,087		37,552,175
Progenics Pharmaceuticals, Inc. (a)(e)	7,575,263		38,785,347
Prosensa Holding BV (a)	3,166		15,482
Protalix BioTherapeutics, Inc. (a)(d)	1,055,842		4,149,459
Prothena Corp. PLC (a)	366,932		10,358,490
PTC Therapeutics, Inc. (a)(d)	495,938		7,771,348
Puma Biotechnology, Inc. (a)	582,258		28,990,626
Raptor Pharmaceutical Corp. (a)(d)(e)	3,086,957		42,877,833
Receptos, Inc.	59,769		1,383,055
Regeneron Pharmaceuticals, Inc. (a)	1,116,725		328,160,809
Regulus Therapeutics, Inc. (a)	1,600,001		10,064,006
Rigel Pharmaceuticals, Inc. (a)	15,551		41,366
Sangamo Biosciences, Inc. (a)(d)(e)	3,841,485		46,904,532
Sarepta Therapeutics, Inc. (a)(d)	566,670		10,562,729
Seattle Genetics, Inc. (a)(d)	1,983,060		81,483,935
Sophiris Bio, Inc. (a)(e)	1,289,615		5,485,916
Sorrento Therapeutics, Inc. (a)	471,200		4,146,560
Sorrento Therapeutics, Inc. (a)	133,000		1,170,400
Spectrum Pharmaceuticals, Inc. (d)(e)	4,223,900		40,676,157
Stemline Therapeutics, Inc. (e)	1,243,399		25,688,623
Sunesis Pharmaceuticals, Inc. (a)(d)	2,100,978		10,609,939
Synageva BioPharma Corp. (a)(d)	508,324		30,707,853
Synergy Pharmaceuticals, Inc. (a)(d)	2,411,172		11,067,279
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a)	354,400		549,320
Synta Pharmaceuticals Corp. (a)(d)	3,520,817		17,850,542
Synthetic Biologics, Inc. (a)	900		1,152
TESARO, Inc. (a)	1,555,667		60,671,013
Theravance, Inc. (a)(d)	1,419,256		53,591,107
Threshold Pharmaceuticals, Inc. (a)	1,262,685		6,225,037
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a)	631,520		1,666,127
United Therapeutics Corp. (a)	1,003,551		92,637,793
Verastem, Inc. (a)	897,567		9,496,259
Vertex Pharmaceuticals, Inc. (a)	3,539,631		245,721,184
Vical, Inc. (a)(d)(e)	6,407,245		7,432,404
XOMA Corp. (a)	178,298		852,264
ZIOPHARM Oncology, Inc. (a)(d)	3,811,792		15,933,291
			7,517,359,778
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%
Health Care Equipment - 0.0%
Alsius Corp. (a)	314,300		3

	Shares		Value
Aradigm Corp. (a)	6,398,160		$ 1,183,660
InVivo Therapeutics Holdings Corp. (a)	1,004,700		1,989,306
			3,172,969
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
Intra-Cellular Therapies, Inc. (g)	100		572
Intra-Cellular Therapies, Inc.	900,410		5,717,604
			5,718,176
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
BG Medicine, Inc. (a)(d)	1,177,641		706,702
ChromaDex, Inc. (a)(d)	2,195,100		2,326,806
Transgenomic, Inc. (a)	3,392,882		1,526,797
Transgenomic, Inc. warrants 2/3/17 (a)	1,419,000		14
			4,560,319
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
MYOS Corp. (a)	1,666,700		250,172
PHARMACEUTICALS - 2.7%
Pharmaceuticals - 2.7%
AcelRx Pharmaceuticals, Inc. (a)(d)	654,629		6,402,272
Auxilium Pharmaceuticals, Inc. (a)	628,851		12,834,849
AVANIR Pharmaceuticals Class A (a)	4,969,885		22,066,289
Horizon Pharma, Inc. (a)(d)	2,319,967		16,750,162
Horizon Pharma, Inc.:
warrants 2/28/17 (a)	319,539		964,030
warrants 9/25/17 (a)	759,050		2,140,217
Jazz Pharmaceuticals PLC (a)	319,665		37,375,232
Pacira Pharmaceuticals, Inc. (a)(d)	1,026,533		56,654,356
Repros Therapeutics, Inc. (a)	776,100		13,310,115
TherapeuticsMD, Inc. (a)	1,330,507		6,506,179
Zogenix, Inc. (a)(d)(e)	9,804,706		31,669,200
Zogenix, Inc. warrants 7/27/17 (a)	498,465		185,843
			206,858,744
TOTAL COMMON STOCKS (Cost $4,791,807,298)		7,737,920,158
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.3%
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Xenon Pharmaceuticals, Inc.Series E (a)(g)	981,626		4,476,215
Preferred Stocks - continued
	Shares		Value
Convertible Preferred Stocks - continued
PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
aTyr Pharma, Inc. 8.00% (g)	3,455,296		$ 8,738,444
Zafgen, Inc. Series E (a)(g)	5,172,990		11,238,321
			19,976,765
TOTAL CONVERTIBLE PREFERRED STOCKS			24,452,980
Nonconvertible Preferred Stocks - 0.1%
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Moderna LLC Series D, 8.00% (a)(g)	207,494		4,425,847
PHARMACEUTICALS - 0.0%
Pharmaceuticals - 0.0%
Equilibrate Asia TherapeuticsSeries D (g)	3,661,108		59,749
Equilibrate Worldwide Therapeutics Series D (g)	3,661,108		147,067
Neuropathic Worldwide Therapeutics Series D (g)	3,661,108		27,568
Oculus Worldwide Therapeutics Series D (g)	3,661,108		45,947
Orchestrate U.S. Therapeutics, Inc. Series D (g)	3,661,108		64,326
Orchestrate Worldwide Therapeutics Series D (g)	3,661,108		114,886
			459,543
TOTAL NONCONVERTIBLE PREFERRED STOCKS			4,885,390
TOTAL PREFERRED STOCKS (Cost $31,586,293)		29,338,370
Money Market Funds - 7.5%

Fidelity Cash Central Fund, 0.10% (b)	20,735,308		20,735,308
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	559,801,893		559,801,893
TOTAL MONEY MARKET FUNDS (Cost $580,537,201)		580,537,201
TOTAL INVESTMENT PORTFOLIO - 107.4% (Cost $5,403,930,792)			8,347,795,729
NET OTHER ASSETS (LIABILITIES) - (7.4)%			(575,809,595)
NET ASSETS - 100%		$ 7,771,986,134

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 end of the period, the value of these securities amounted to $951,727 or 0.0% 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 $29,338,942 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
aTyr Pharma, Inc. 8.00%	4/8/13 - 5/17/13	$ 8,738,444
Equilibrate Asia TherapeuticsSeries D	5/17/13	$ 59,749
Equilibrate Worldwide Therapeutics Series D	5/17/13	$ 147,067
Intra-Cellular Therapies, Inc.	8/29/13	$ 635
Moderna LLC Series D, 8.00%	11/6/13	$ 4,425,847
Neuropathic Worldwide Therapeutics Series D	5/17/13	$ 27,568
Oculus Worldwide Therapeutics Series D	5/17/13	$ 45,947
Orchestrate U.S. Therapeutics, Inc. Series D	5/17/13	$ 64,326
Orchestrate Worldwide Therapeutics Series D	5/17/13	$ 114,886
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138
Zafgen, Inc. Series E	11/25/13	$ 11,238,321

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 27,195
Fidelity Securities Lending Cash Central Fund	8,836,831
Total	$ 8,864,026

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acceleron Pharma, Inc.	$ -	$ 34,318,702	$ -	$ -	$ 34,813,909
Aegerion Pharmaceuticals, Inc.	59,281,220	57,064,799	51,857,257	-	154,166,000
Agenus, Inc.	642,381	-	-	-	-
Agenus, Inc. warrants 6/9/18	78,596	-	-	-	-
Cell Therapeutics, Inc.	8,945,719	-	1,057,557	-	-
Cell Therapeutics, Inc. warrants 7/6/16	20,931	-	-	-	-
Coronado Biosciences, Inc.	-	18,641,698	4,602,336	-	-
Cytokinetics, Inc.	6,368,038	-	-	-	-
Cytokinetics, Inc. warrants 6/25/17	393,737	-	-	-	-
Dyax Corp.	12,120,655	53,384,996	1,592,713	-	92,724,758
Hyperion Therapeutics, Inc.	-	38,800,928	-	-	43,749,586
Intercept Pharmaceuticals, Inc.	4,597,883	58,319,907	-	-	68,896,244
Karyopharm Therapeutics, Inc.	-	31,152,018	-	-	29,317,113
KYTHERA Biopharmaceuticals, Inc.	-	51,350,080	-	-	50,832,999
Ligand Pharmaceuticals, Inc. Class B	9,019,689	37,667,095	-	-	83,353,016
Novavax, Inc.	13,380,647	5,266,140	-	-	-
Novelos Therapeutics, Inc.	1,144,096	-	-	-	-
Novelos Therapeutics, Inc. warrants 12/6/16	23,713	-	-	-	-
Orexigen Therapeutics, Inc.	15,372,407	19,047,180	2,254,854	-	-
Osiris Therapeutics, Inc.	2,851,890	28,257,412	-	-	35,523,371
PolyMedix, Inc.	698,828	-	-	-	2,587
PolyMedix, Inc. warrants 4/10/16	4,541	-	-	-	-
Progenics Pharmaceuticals, Inc.	11,847,515	14,774,742	837,716	-	38,785,347
Raptor Pharmaceutical Corp.	7,318,718	9,155,046	-	-	42,877,833
Sangamo Biosciences, Inc.	19,381,686	21,083,675	-	-	46,904,532
Sophiris Bio, Inc.	-	6,305,000	88,563	-	5,485,916
Spectrum Pharmaceuticals, Inc.	39,774,600	7,913,424	2,109,435	-	40,676,157
Stemline Therapeutics, Inc.	5,884,230	14,212,900	-	-	25,688,623
Targacept, Inc.	5,509,566	4,261,692	10,108,560	-	-
Vical, Inc.	12,922,016	8,780,477	-	-	7,432,404
Zogenix, Inc.	2,701,510	15,232,983	217,706	-	31,669,200
Zogenix, Inc. warrants 7/27/17	5,428	-	-	-	-
Total	$ 240,290,240	$ 534,990,894	$ 74,726,697	$ -	$ 832,899,595

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 7,737,920,158	$ 7,709,308,844	$ 17,407,219	$ 11,204,095
Preferred Stocks	29,338,370	-	-	29,338,370
Money Market Funds	580,537,201	580,537,201	-	-
Total Investments in Securities:	$ 8,347,795,729	$ 8,289,846,045	$ 17,407,219	$ 40,542,465

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $5,437,510,015. Net unrealized appreciation aggregated $2,910,285,714, of which $3,127,212,873 related to appreciated investment securities and $216,927,159 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

November 30, 2013

1.810703.109

ENS-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 99.6%
Oil & Gas Drilling - 18.0%
C.A.T. oil AG (Bearer)	36,800		$ 1,167,340
Cathedral Energy Services Ltd.	272,100		1,293,214
Ensco PLC Class A	922,600		54,507,208
Hercules Offshore, Inc. (a)	334,900		2,140,011
Nabors Industries Ltd.	276,700		4,579,385
Noble Corp.	1,165,135		44,414,946
Ocean Rig UDW, Inc. (United States) (a)	843,313		17,566,210
Odfjell Drilling A/S	1,544,047		10,332,541
Pacific Drilling SA (a)	277,200		3,132,360
Rowan Companies PLC (a)	538,400		18,639,408
Transocean Ltd. (United States)	134,400		6,771,072
Unit Corp. (a)	98,200		4,729,312
Vantage Drilling Co. (a)	8,539,100		15,968,117
Xtreme Drilling & Coil Services Corp. (a)	2,852,300		9,261,150
			194,502,274
Oil & Gas Equipment & Services - 81.6%
Baker Hughes, Inc.	839,122		47,796,389
C&J Energy Services, Inc. (a)(d)	100,000		2,370,000
Cameron International Corp. (a)	1,544,188		85,532,573
Core Laboratories NV (d)	146,300		26,647,082
Dresser-Rand Group, Inc. (a)	330,800		18,670,352
Dril-Quip, Inc. (a)	313,600		34,044,416
Exterran Holdings, Inc. (a)(d)	106,100		3,450,372
FMC Technologies, Inc. (a)	887,062		42,667,682
Geospace Technologies Corp. (a)(d)	53,600		4,677,672
Gulf Island Fabrication, Inc.	54,781		1,449,505
Halliburton Co.	3,190,734		168,087,867
Helix Energy Solutions Group, Inc. (a)	331,100		7,353,731
Hornbeck Offshore Services, Inc. (a)	233,200		11,806,916
National Oilwell Varco, Inc.	1,489,562		121,399,303
Oceaneering International, Inc.	419,600		32,388,924
Oil States International, Inc. (a)	239,100		24,471,885
Petrofac Ltd.	486,300		10,073,976
Schlumberger Ltd.	2,170,111		191,881,215
ShawCor Ltd. Class A	65,800		2,452,289
Spectrum ASA	315,910		1,881,997
Tesco Corp. (a)	377,585		6,751,220
Weatherford International Ltd. (a)	2,216,566		34,711,424
			880,566,790
TOTAL ENERGY EQUIPMENT & SERVICES			1,075,069,064

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 0.4%
Coal & Consumable Fuels - 0.1%
Peabody Energy Corp.	69,200		$ 1,259,440
Oil & Gas Refining & Marketing - 0.0%
San-Ai Oil Co. Ltd.	34,000		150,676
Oil & Gas Storage & Transport - 0.3%
StealthGas, Inc. (a)	233,500		2,867,380
TOTAL OIL, GAS & CONSUMABLE FUELS			4,277,496
TOTAL COMMON STOCKS (Cost $699,960,368)		1,079,346,560
Money Market Funds - 0.6%

Fidelity Cash Central Fund, 0.10% (b)	91		91
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	6,550,800		6,550,800
TOTAL MONEY MARKET FUNDS (Cost $6,550,891)		6,550,891
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $706,511,259)			1,085,897,451
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(6,008,898)
NET ASSETS - 100%		$ 1,079,888,553

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 20,518
Fidelity Securities Lending Cash Central Fund	10,830
Total	$ 31,348

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $708,932,199. Net unrealized appreciation aggregated $376,965,252, of which $380,358,185 related to appreciated investment securities and $3,392,933 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

November 30, 2013

1.810674.109

PRC-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CAPITAL MARKETS - 0.6%
Asset Management & Custody Banks - 0.6%
Carlyle Group LP	129,000		$ 4,192,500
DIVERSIFIED FINANCIAL SERVICES - 0.7%
Multi-Sector Holdings - 0.6%
Berkshire Hathaway, Inc. Class B (a)	32,700		3,810,531
Specialized Finance - 0.1%
The NASDAQ Stock Market, Inc.	12,500		491,125
TOTAL DIVERSIFIED FINANCIAL SERVICES			4,301,656
INSURANCE - 96.7%
Insurance Brokers - 10.2%
Aon PLC	23,800		1,943,032
Arthur J. Gallagher & Co.	304,200		14,157,468
Brown & Brown, Inc.	322,100		10,184,802
Marsh & McLennan Companies, Inc.	805,800		38,235,210
			64,520,512
Life & Health Insurance - 25.2%
AFLAC, Inc.	417,600		27,716,112
Lincoln National Corp.	185,700		9,531,981
MetLife, Inc.	988,275		51,578,073
Primerica, Inc.	84,000		3,614,520
Principal Financial Group, Inc.	56,300		2,850,469
Protective Life Corp.	110,000		5,277,800
Prudential Financial, Inc.	243,889		21,647,588
Prudential PLC	935,234		19,945,797
Symetra Financial Corp.	242,300		4,644,891
Torchmark Corp.	128,900		9,796,400
Unum Group	98,000		3,289,860
			159,893,491
Multi-Line Insurance - 12.9%
American Financial Group, Inc.	42,500		2,450,550
American International Group, Inc.	819,700		40,780,075
American International Group, Inc. warrants 1/19/21 (a)	61,569		1,274,478
FBD Holdings PLC	126,200		2,872,299
Hartford Financial Services Group, Inc.	504,200		17,964,646
Zurich Insurance Group AG	59,170		16,509,370
			81,851,418
Property & Casualty Insurance - 42.9%
ACE Ltd.	493,549		50,726,966
Allied World Assurance Co. Holdings Ltd.	207,900		23,419,935
Allstate Corp.	366,700		19,900,809

	Shares		Value
Beazley PLC	1,586,896		$ 6,413,696
esure Group PLC	1,452,100		6,035,221
Fidelity National Financial, Inc. Class A	702,100		20,410,047
First American Financial Corp.	325,200		8,604,792
Hanover Insurance Group, Inc.	109,800		6,622,038
Hiscox Ltd.	594,981		6,600,787
Lancashire Holdings Ltd.	588,000		7,576,887
ProAssurance Corp.	325,800		15,664,464
Progressive Corp.	332,700		9,292,311
The Chubb Corp.	394,058		38,006,894
The Travelers Companies, Inc.	540,700		49,063,118
W.R. Berkley Corp.	41,300		1,808,527
XL Group PLC Class A	62,800		2,008,972
			272,155,464
Reinsurance - 5.5%
Everest Re Group Ltd.	174,500		27,366,835
Reinsurance Group of America, Inc.	48,400		3,629,032
RenaissanceRe Holdings Ltd.	37,000		3,503,900
Third Point Reinsurance Ltd.	38,100		634,746
			35,134,513
TOTAL INSURANCE			613,555,398
TOTAL COMMON STOCKS (Cost $502,181,079)		622,049,554
Money Market Funds - 2.5%

Fidelity Cash Central Fund,0.10% (b) (Cost $15,919,907)	15,919,907		15,919,907
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $518,100,986)			637,969,461
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(3,317,605)
NET ASSETS - 100%		$ 634,651,856

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,478
Fidelity Securities Lending Cash Central Fund	329
Total	$ 9,807

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 622,049,554	$ 602,103,757	$ 19,945,797	$ -
Money Market Funds	15,919,907	15,919,907	-	-
Total Investments in Securities:	$ 637,969,461	$ 618,023,664	$ 19,945,797	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $519,607,652. Net unrealized appreciation aggregated $118,361,809, of which $119,157,351 related to appreciated investment securities and $795,542 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

November 30, 2013

1.810717.109

RET-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BEVERAGES - 0.5%
Distillers & Vintners - 0.5%
Remy Cointreau SA	72,000		$ 6,139,058
FOOD & STAPLES RETAILING - 1.2%
Hypermarkets & Super Centers - 1.2%
Costco Wholesale Corp.	111,500		13,985,445
FOOD PRODUCTS - 2.4%
Packaged Foods & Meats - 2.4%
Annie's, Inc. (a)(d)	239,700		11,014,215
Associated British Foods PLC	451,000		16,921,682
			27,935,897
HOUSEHOLD DURABLES - 0.7%
Household Appliances - 0.7%
Techtronic Industries Co. Ltd.	2,820,500		7,585,559
INTERNET & CATALOG RETAIL - 25.7%
Internet Retail - 25.7%
Amazon.com, Inc. (a)	346,120		136,239,754
Netflix, Inc. (a)	90,900		33,251,220
Ocado Group PLC (a)	1,558,000		10,426,864
priceline.com, Inc. (a)	75,280		89,758,602
TripAdvisor, Inc. (a)	291,000		25,701,120
			295,377,560
SOFTWARE - 1.3%
Home Entertainment Software - 1.3%
Take-Two Interactive Software, Inc. (a)	909,350		14,876,966
SPECIALTY RETAIL - 51.5%
Apparel Retail - 22.8%
Express, Inc. (a)	892,102		21,954,630
H&M Hennes & Mauritz AB (B Shares)	465,100		19,711,984
Inditex SA	141,462		22,556,849
L Brands, Inc.	701,789		45,609,267
Ross Stores, Inc.	536,795		41,043,346
TJX Companies, Inc.	1,306,400		82,146,432
Urban Outfitters, Inc. (a)	747,600		29,171,352
			262,193,860
Automotive Retail - 6.9%
AutoZone, Inc. (a)	88,783		40,982,233
O'Reilly Automotive, Inc. (a)	311,565		38,933,162
			79,915,395
Home Improvement Retail - 17.8%
Home Depot, Inc.	2,207,200		178,054,825
Lowe's Companies, Inc.	558,300		26,508,084
			204,562,909
Specialty Stores - 4.0%
Dick's Sporting Goods, Inc.	496,100		28,039,572

	Shares		Value
Sally Beauty Holdings, Inc. (a)	498,000		$ 14,013,720
The Container Store Group, Inc.	96,700		3,934,723
			45,988,015
TOTAL SPECIALTY RETAIL			592,660,179
TEXTILES, APPAREL & LUXURY GOODS - 15.6%
Apparel, Accessories & Luxury Goods - 15.6%
adidas AG	184,600		22,454,703
Compagnie Financiere Richemont SA Series A	193,300		19,641,361
G-III Apparel Group Ltd. (a)	569,344		34,302,976
Kering SA	82,000		18,189,576
lululemon athletica, Inc. (a)(d)	241,657		16,848,326
Prada SpA	808,000		7,801,149
PVH Corp.	191,300		25,618,896
Swatch Group AG (Bearer) (Reg.)	106,267		11,876,486
VF Corp.	97,503		22,872,254
			179,605,727
TOTAL COMMON STOCKS (Cost $812,241,323)		1,138,166,391

Convertible Bonds - 0.1%
	Principal Amount
SOFTWARE - 0.1%
Home Entertainment Software - 0.1%
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (Cost $1,000,000)	$ 1,000,000	1,135,625

Money Market Funds - 1.8%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	15,226,190		15,226,190
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	5,794,075		5,794,075
TOTAL MONEY MARKET FUNDS (Cost $21,020,265)		21,020,265
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $834,261,588)			1,160,322,281
NET OTHER ASSETS (LIABILITIES) - (0.8)%			(9,011,773)
NET ASSETS - 100%		$ 1,151,310,508

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,338
Fidelity Securities Lending Cash Central Fund	140,643
Total	$ 150,981

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,138,166,391	$ 1,138,166,391	$ -	$ -
Convertible Bonds	1,135,625	-	1,135,625	-
Money Market Funds	21,020,265	21,020,265	-	-
Total Investments in Securities:	$ 1,160,322,281	$ 1,159,186,656	$ 1,135,625	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $835,698,247. Net unrealized appreciation aggregated $324,624,034, of which $326,301,407 related to appreciated investment securities and $1,677,373 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

November 30, 2013

1.810707.109

PHR-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
BIOTECHNOLOGY - 4.6%
Biotechnology - 4.6%
Agios Pharmaceuticals, Inc.	2,300		$ 40,365
Agios Pharmaceuticals, Inc.	18,514		292,429
Alexion Pharmaceuticals, Inc. (a)	14,700		1,830,150
AMAG Pharmaceuticals, Inc. (a)	110,000		2,698,300
Amgen, Inc.	166,700		19,017,136
Celldex Therapeutics, Inc. (a)	33,100		918,856
Cubist Pharmaceuticals, Inc.	131,900		9,036,469
Discovery Laboratories, Inc. (a)	232,000		556,800
Elan Corp. PLC sponsored ADR (a)	481,300		8,701,904
Genmab A/S (a)	53,100		2,199,989
Gentium SpA sponsored ADR (a)	54,000		2,927,880
Grifols SA Class B	5,400		184,241
Innate Pharma SA (a)(d)	244,300		1,566,481
Insmed, Inc. (a)	72,100		1,168,020
Intercept Pharmaceuticals, Inc. (a)	15,798		827,341
Medivation, Inc. (a)	74,500		4,694,245
Novavax, Inc. (a)	336,200		1,250,664
Regulus Therapeutics, Inc. (a)	54,000		339,660
Swedish Orphan Biovitrum AB (a)	153,900		1,602,135
Vanda Pharmaceuticals, Inc. (a)	134,200		1,575,508
			61,428,573
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Royal DSM NV	39,201		3,076,516
FOOD PRODUCTS - 0.2%
Packaged Foods & Meats - 0.2%
Mead Johnson Nutrition Co. Class A	37,400		3,160,674
HEALTH CARE EQUIPMENT & SUPPLIES - 2.9%
Health Care Equipment - 2.2%
Abbott Laboratories	730,500		27,897,795
DBV Technologies SA (a)	83,000		1,095,983
Genmark Diagnostics, Inc. (a)	63,400		754,460
			29,748,238
Health Care Supplies - 0.7%
Ansell Ltd.	163,231		3,020,332
Antares Pharma, Inc. (a)(d)	410,000		1,615,400
Cerus Corp. (a)	211,700		1,416,273
West Pharmaceutical Services, Inc.	62,300		3,110,016
			9,162,021
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			38,910,259
HEALTH CARE PROVIDERS & SERVICES - 0.8%
Health Care Distributors & Services - 0.8%
McKesson Corp.	31,200		5,175,768
PharMerica Corp. (a)	247,800		5,595,324
			10,771,092

	Shares		Value
HOUSEHOLD PRODUCTS - 1.0%
Household Products - 1.0%
Reckitt Benckiser Group PLC	158,400		$ 12,727,521
LIFE SCIENCES TOOLS & SERVICES - 0.3%
Life Sciences Tools & Services - 0.3%
Eurofins Scientific SA	14,700		3,763,337
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
MYOS Corp. (a)	2,000,000		300,200
Prestige Brands Holdings, Inc. (a)	125,892		4,436,434
			4,736,634
PHARMACEUTICALS - 88.7%
Pharmaceuticals - 88.7%
AbbVie, Inc.	1,800,690		87,243,431
Actavis PLC (a)	409,020		66,698,891
Aerie Pharmaceuticals, Inc.	100,000		1,125,000
Akorn, Inc. (a)	46,100		1,187,075
ALK-Abello A/S	30,500		3,416,013
Allergan, Inc.	94,700		9,190,635
AstraZeneca PLC sponsored ADR	1,201,200		68,696,628
Auxilium Pharmaceuticals, Inc. (a)	63,900		1,304,199
Bayer AG	83,700		11,165,973
Biodelivery Sciences International, Inc. (a)(d)	563,600		2,705,280
Bristol-Myers Squibb Co.	1,109,410		57,001,486
Cadence Pharmaceuticals, Inc. (a)	30,900		278,718
DepoMed, Inc. (a)	431,600		3,806,712
Durect Corp. (a)	888,800		1,555,400
Eli Lilly & Co.	254,000		12,755,880
Endo Health Solutions, Inc. (a)(d)	287,800		19,337,282
Genomma Lab Internacional SA de CV (a)	860,300		2,521,297
GlaxoSmithKline PLC sponsored ADR	936,900		49,580,748
Hikma Pharmaceuticals PLC	90,371		1,783,906
Hospira, Inc. (a)	50,300		1,977,293
Impax Laboratories, Inc. (a)	273,500		6,574,940
Jazz Pharmaceuticals PLC (a)	172,300		20,145,316
Johnson & Johnson	928,700		87,910,742
Merck & Co., Inc.	1,184,236		59,010,480
Mylan, Inc. (a)	956,800		42,223,584
Novartis AG sponsored ADR	941,598		74,499,234
Novo Nordisk A/S Series B sponsored ADR	107,200		19,159,856
Pain Therapeutics, Inc.	233,817		1,070,882
Paladin Labs, Inc. (a)	65,100		7,110,065
Perrigo Co. (d)	402,900		62,808,081
Pfizer, Inc.	2,434,688		77,252,650
Questcor Pharmaceuticals, Inc. (d)	171,500		9,948,715
Roche Holding AG (participation certificate)	121,217		33,792,858
Salix Pharmaceuticals Ltd. (a)	253,500		21,499,335
Sanofi SA sponsored ADR	1,967,122		103,923,056
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Santarus, Inc. (a)	266,100		$ 8,563,098
Shire PLC sponsored ADR (d)	280,400		38,081,124
Teva Pharmaceutical Industries Ltd. sponsored ADR	612,089		24,948,748
The Medicines Company (a)	287,000		10,507,070
UCB SA	190,000		12,749,590
Valeant Pharmaceuticals International, Inc. (Canada) (a)	442,127		47,646,979
ViroPharma, Inc. (a)	177,300		8,778,123
XenoPort, Inc. (a)	167,700		895,518
Zoetis, Inc. Class A	123,400		3,843,910
			1,186,275,801
TOTAL COMMON STOCKS (Cost $973,463,413)		1,324,850,407
Convertible Preferred Stocks - 0.0%

LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Living Proof, Inc. 8.00% (e) (Cost $200,000)	112,714		200,000
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 0.10% (b)	11,119,894		11,119,894
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	92,919,933		92,919,933
TOTAL MONEY MARKET FUNDS (Cost $104,039,827)		104,039,827
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $1,077,703,240)			1,429,090,234
NET OTHER ASSETS (LIABILITIES) - (6.9)%			(91,648,243)
NET ASSETS - 100%		$ 1,337,441,991

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 $200,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Living Proof, Inc. 8.00%	2/13/13	$ 200,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 21,207
Fidelity Securities Lending Cash Central Fund	214,434
Total	$ 235,641

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,324,850,407	$ 1,324,373,737	$ 476,670	$ -
Convertible Preferred Stocks	200,000	-	-	200,000
Money Market Funds	104,039,827	104,039,827	-	-
Total Investments in Securities:	$ 1,429,090,234	$ 1,428,413,564	$ 476,670	$ 200,000

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,080,168,592. Net unrealized appreciation aggregated $348,921,642, of which $351,781,466 related to appreciated investment securities and $2,859,824 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Finance Portfolio

November 30, 2013

1.810686.109

SAV-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CAPITAL MARKETS - 1.0%
Investment Banking & Brokerage - 1.0%
E*TRADE Financial Corp. (a)	144,400		$ 2,587,648
COMMERCIAL BANKS - 7.1%
Diversified Banks - 4.9%
U.S. Bancorp	158,400		6,212,448
Wells Fargo & Co.	133,900		5,894,278
			12,106,726
Regional Banks - 2.2%
PNC Financial Services Group, Inc.	72,100		5,548,095
TOTAL COMMERCIAL BANKS			17,654,821
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Diversified Support Services - 0.6%
Intrum Justitia AB	61,000		1,553,050
CONSUMER FINANCE - 25.6%
Consumer Finance - 25.6%
American Express Co.	166,700		14,302,860
Capital One Financial Corp.	249,500		17,871,684
Cash America International, Inc.	31,746		1,193,967
Discover Financial Services	168,600		8,986,380
EZCORP, Inc. (non-vtg.) Class A (a)	67,800		791,904
First Cash Financial Services, Inc. (a)	65,300		4,151,774
International Personal Finance PLC	87,500		850,467
Nelnet, Inc. Class A	48,100		2,164,500
SLM Corp.	495,900		13,215,735
			63,529,271
DIVERSIFIED FINANCIAL SERVICES - 10.1%
Other Diversified Financial Services - 9.4%
Bank of America Corp.	507,300		8,025,486
Citigroup, Inc.	141,500		7,488,180
JPMorgan Chase & Co.	137,600		7,873,472
			23,387,138
Specialized Finance - 0.7%
PHH Corp. (a)(d)	76,000		1,827,040
TOTAL DIVERSIFIED FINANCIAL SERVICES			25,214,178
IT SERVICES - 19.9%
Data Processing & Outsourced Services - 19.9%
Alliance Data Systems Corp. (a)(d)	7,900		1,913,854
EVERTEC, Inc.	3,900		86,073
FleetCor Technologies, Inc. (a)	24,200		2,947,076
Global Payments, Inc.	33,100		2,086,955
MasterCard, Inc. Class A	23,200		17,650,792
Total System Services, Inc.	252,200		7,830,810
Visa, Inc. Class A	83,884		17,067,039
			49,582,599

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 13.9%
Mortgage REITs - 13.9%
American Capital Agency Corp.	405,600		$ 8,266,128
Annaly Capital Management, Inc.	790,700		8,033,512
Capstead Mortgage Corp.	57,300		689,319
Chimera Investment Corp.	1,071,300		3,160,335
Hatteras Financial Corp.	172,500		2,882,475
Invesco Mortgage Capital, Inc.	195,057		2,945,361
MFA Financial, Inc.	677,100		4,936,059
New Residential Investment Corp.	288,600		1,743,144
Redwood Trust, Inc. (d)	100,200		1,861,716
			34,518,049
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
Real Estate Services - 1.2%
Altisource Portfolio Solutions SA	18,700		3,010,326
THRIFTS & MORTGAGE FINANCE - 20.3%
Thrifts & Mortgage Finance - 20.3%
BofI Holding, Inc. (a)	18,500		1,516,260
Capitol Federal Financial, Inc.	98,000		1,181,880
EverBank Financial Corp.	48,100		821,067
Flagstar Bancorp, Inc. (a)	34,100		625,735
Hudson City Bancorp, Inc.	775,685		7,244,898
MGIC Investment Corp. (a)	422,653		3,427,716
Nationstar Mortgage Holdings, Inc. (a)(d)	95,600		3,788,628
New York Community Bancorp, Inc. (d)	472,200		7,800,744
Northfield Bancorp, Inc.	49,900		648,700
Ocwen Financial Corp. (a)	171,900		9,739,854
People's United Financial, Inc.	309,100		4,679,774
Provident Financial Services, Inc.	37,100		725,305
Radian Group, Inc.	232,565		3,316,377
TFS Financial Corp. (a)	234,000		2,742,480
Washington Federal, Inc.	92,300		2,158,897
			50,418,315
TOTAL COMMON STOCKS (Cost $192,741,314)		248,068,257
Money Market Funds - 6.4%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	1,094,944		$ 1,094,944
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	14,762,950		14,762,950
TOTAL MONEY MARKET FUNDS (Cost $15,857,894)		15,857,894
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $208,599,208)			263,926,151
NET OTHER ASSETS (LIABILITIES) - (6.1)%			(15,238,615)
NET ASSETS - 100%		$ 248,687,536

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,757
Fidelity Securities Lending Cash Central Fund	43,330
Total	$ 46,087

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $209,220,599. Net unrealized appreciation aggregated $54,705,552, of which $62,639,618 related to appreciated investment securities and $7,934,066 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

November 30, 2013

1.810669.109

BSO-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Office Services & Supplies - 0.5%
West Corp.	268,500		$ 6,183,555
COMPUTERS & PERIPHERALS - 1.5%
Computer Hardware - 0.5%
NCR Corp. (a)	163,400		5,710,830
Computer Storage & Peripherals - 1.0%
Electronics for Imaging, Inc. (a)	329,800		13,060,080
TOTAL COMPUTERS & PERIPHERALS			18,770,910
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
H&R Block, Inc.	213,300		5,948,937
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
Veeva Systems, Inc. Class A	1,000		40,490
INTERNET SOFTWARE & SERVICES - 2.5%
Internet Software & Services - 2.5%
Demandware, Inc. (a)	118,420		6,710,861
Endurance International Group Holdings, Inc. (d)	587,400		8,393,946
Web.com Group, Inc. (a)	309,150		8,826,233
Wix.com Ltd. (a)	123,912		2,540,196
Xoom Corp.	214,401		5,924,972
			32,396,208
IT SERVICES - 87.5%
Data Processing & Outsourced Services - 51.6%
Alliance Data Systems Corp. (a)(d)	138,248		33,491,960
Broadridge Financial Solutions, Inc.	7,800		297,570
Cardtronics, Inc. (a)	115,800		4,931,922
Cass Information Systems, Inc.	13,552		850,388
Computer Sciences Corp.	716,300		37,691,706
Convergys Corp.	60,900		1,249,668
CoreLogic, Inc. (a)	493,900		17,400,097
CSG Systems International, Inc.	456,970		13,192,724
Euronet Worldwide, Inc. (a)	373,900		18,115,455
EVERTEC, Inc.	698,300		15,411,481
ExlService Holdings, Inc. (a)	947,900		24,986,644
Fidelity National Information Services, Inc.	800,700		40,579,476
Fiserv, Inc. (a)	52,800		5,802,192
FleetCor Technologies, Inc. (a)	201,400		24,526,492
Genpact Ltd. (a)	187,800		3,361,620
Global Payments, Inc.	198,000		12,483,900
Heartland Payment Systems, Inc. (d)	247,900		11,133,189
Jack Henry & Associates, Inc.	1,600		90,832
Lender Processing Services, Inc.	222,200		7,801,442
MasterCard, Inc. Class A	139,740		106,315,589
Maximus, Inc.	66,100		3,007,550
MoneyGram International, Inc. (a)	92,600		1,952,934

	Shares		Value
NeuStar, Inc. Class A (a)	123,800		$ 6,035,250
Sykes Enterprises, Inc. (a)	145,300		3,216,942
Syntel, Inc.	224,900		19,874,413
Teletech Holdings, Inc. (a)	2,000		51,360
The Western Union Co.	580,500		9,676,935
Total System Services, Inc.	459,700		14,273,685
Vantiv, Inc. (a)	810,900		24,570,270
VeriFone Systems, Inc. (a)	262,200		6,714,942
Visa, Inc. Class A	798,712		162,505,943
WEX, Inc. (a)	121,500		12,060,090
WNS Holdings Ltd. sponsored ADR (a)	740,929		14,833,399
			658,488,060
IT Consulting & Other Services - 35.9%
Accenture PLC Class A	970,900		75,215,623
Acxiom Corp. (a)	175,900		5,853,952
Atos Origin SA (d)	222,824		18,862,774
Booz Allen Hamilton Holding Corp. Class A	192,100		3,359,829
CACI International, Inc. Class A (a)	122,400		8,784,648
Camelot Information Systems, Inc. ADR (a)	805,344		1,578,474
Cap Gemini SA	84,300		5,498,248
CGI Group, Inc. Class A (sub. vtg.) (a)	31,700		1,170,682
Ciber, Inc. (a)	689,900		2,732,004
Cognizant Technology Solutions Corp. Class A (a)	997,066		93,614,527
Computer Task Group, Inc.	103,100		1,963,024
EPAM Systems, Inc. (a)(d)	870,600		30,880,182
Forrester Research, Inc.	31,800		1,271,364
Gartner, Inc. Class A (a)	184,400		11,921,460
IBM Corp.	503,950		90,549,736
IBS Group Holding Ltd. GDR (Reg. S)	286,646		9,425,769
iGATE Corp. (a)	138,700		4,643,676
Leidos Holdings, Inc. (d)	44,225		2,150,662
Luxoft Holding, Inc.	366,836		13,914,089
ManTech International Corp. Class A (d)	233,100		6,706,287
NCI, Inc. Class A (a)	199,300		1,299,436
Sapient Corp. (a)	684,000		10,759,320
ServiceSource International, Inc. (a)	958,400		9,306,064
Teradata Corp. (a)	151,100		6,896,204
Unisys Corp. (a)	280,140		7,695,446
Virtusa Corp. (a)	942,012		33,243,603
			459,297,083
TOTAL IT SERVICES			1,117,785,143
PROFESSIONAL SERVICES - 1.6%
Research & Consulting Services - 1.6%
Equifax, Inc.	90,400		6,086,632
ICF International, Inc. (a)	249,100		9,012,438
Verisk Analytics, Inc. (a)	76,000		4,948,360
			20,047,430
Common Stocks - continued
	Shares		Value
SOFTWARE - 3.3%
Application Software - 1.5%
Bottomline Technologies, Inc. (a)	224,800		$ 7,771,336
Descartes Systems Group, Inc. (a)	68,400		928,909
Diligent Board Member Services, Inc. (a)(d)	1,198,061		3,791,515
Guidewire Software, Inc. (a)	55,600		2,653,788
SAP AG sponsored ADR (d)	36,700		3,035,824
Workday, Inc. Class A (a)	1,400		115,290
Zensar Technologies Ltd. (a)	138,123		715,086
			19,011,748
Systems Software - 1.8%
Exact Holdings NV	20,300		649,181
FleetMatics Group PLC (a)	156,900		6,072,030
NetSuite, Inc. (a)	46,400		4,458,112
Oracle Corp.	358,900		12,665,581
			23,844,904
TOTAL SOFTWARE			42,856,652
TOTAL COMMON STOCKS (Cost $972,395,620)		1,244,029,325
Money Market Funds - 6.6%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	33,089,735		$ 33,089,735
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	50,610,860		50,610,860
TOTAL MONEY MARKET FUNDS (Cost $83,700,595)		83,700,595
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $1,056,096,215)			1,327,729,920
NET OTHER ASSETS (LIABILITIES) - (4.0)%			(50,943,744)
NET ASSETS - 100%		$ 1,276,786,176

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,591
Fidelity Securities Lending Cash Central Fund	44,517
Total	$ 58,108

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,060,231,610. Net unrealized appreciation aggregated $267,498,310, of which $280,230,291 related to appreciated investment securities and $12,731,981 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

November 30, 2013

1.810698.109

MES-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
BIOTECHNOLOGY - 1.9%
Biotechnology - 1.9%
Genomic Health, Inc. (a)(d)	180,000		$ 6,332,400
Grifols SA ADR	700,000		24,034,500
			30,366,900
HEALTH CARE EQUIPMENT & SUPPLIES - 86.2%
Health Care Equipment - 75.0%
Abbott Laboratories	2,280,000		87,073,200
Accuray, Inc. (a)(d)	1,500,000		11,970,000
ArthroCare Corp. (a)	170,000		6,412,400
Atricure, Inc. (a)	600,000		9,396,000
Baxter International, Inc.	500,000		34,225,000
Boston Scientific Corp. (a)	16,900,000		195,702,000
C.R. Bard, Inc.	360,000		49,996,800
Cardiovascular Systems, Inc. (a)	280,000		9,296,000
CONMED Corp.	660,000		26,868,600
Covidien PLC	2,050,000		139,933,000
Edwards Lifesciences Corp. (a)	220,000		14,416,600
Exactech, Inc. (a)(e)	800,000		19,904,000
Genmark Diagnostics, Inc. (a)(d)	1,157,806		13,777,891
HeartWare International, Inc. (a)	250,000		24,100,000
Insulet Corp. (a)	670,000		24,803,400
Integra LifeSciences Holdings Corp. (a)	550,000		25,547,500
Intuitive Surgical, Inc. (a)	174,000		65,580,600
Masimo Corp.	848,256		24,285,569
Medtronic, Inc.	1,500,000		85,980,000
Natus Medical, Inc. (a)	600,000		13,818,000
NxStage Medical, Inc. (a)	500,000		5,105,000
PW Medtech Group Ltd. (a)	6,123,000		2,843,297
ResMed, Inc. (d)	470,000		22,940,700
Smith & Nephew PLC sponsored ADR (d)	550,000		36,784,000
St. Jude Medical, Inc.	300,000		17,526,000
Steris Corp.	143,320		6,612,785
Stryker Corp.	1,540,000		114,606,800
Tandem Diabetes Care, Inc.	97,300		2,141,573
Teleflex, Inc.	70,000		6,881,700
Tornier NV (a)	1,000,000		18,090,000
Varian Medical Systems, Inc. (a)	250,000		19,512,500
Volcano Corp. (a)	1,500,000		34,155,000
Wright Medical Group, Inc. (a)	650,000		19,376,500
Zeltiq Aesthetics, Inc. (a)(d)	730,000		12,804,200
Zimmer Holdings, Inc.	280,000		25,594,800
			1,228,061,415
Health Care Supplies - 11.2%
Alere, Inc. (a)	150,000		4,908,000
Align Technology, Inc. (a)	350,000		19,124,000
ASAHI INTECC Co. Ltd.	80,000		5,497,584
DENTSPLY International, Inc.	950,000		45,182,000
Derma Sciences, Inc. (a)	500,000		5,800,000

	Shares		Value
The Cooper Companies, Inc.	440,000		$ 57,965,600
The Spectranetics Corp. (a)	800,000		18,608,000
Vascular Solutions, Inc. (a)	360,000		7,506,000
West Pharmaceutical Services, Inc.	370,000		18,470,400
			183,061,584
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,411,122,999
HEALTH CARE PROVIDERS & SERVICES - 2.4%
Health Care Distributors & Services - 0.5%
Amplifon SpA	1,600,000		8,587,616
Health Care Facilities - 0.4%
Hanger, Inc. (a)	150,000		5,826,000
Health Care Services - 1.5%
Catamaran Corp. (a)	300,000		13,693,473
Miraca Holdings, Inc.	250,000		11,615,989
			25,309,462
TOTAL HEALTH CARE PROVIDERS & SERVICES			39,723,078
HEALTH CARE TECHNOLOGY - 1.4%
Health Care Technology - 1.4%
Cerner Corp. (a)	400,000		22,988,000
LIFE SCIENCES TOOLS & SERVICES - 3.3%
Life Sciences Tools & Services - 3.3%
Bruker BioSciences Corp. (a)	460,000		8,896,400
Eurofins Scientific SA	35,000		8,962,305
Illumina, Inc. (a)	360,000		35,280,000
			53,138,705
PHARMACEUTICALS - 3.1%
Pharmaceuticals - 3.1%
Actavis PLC (a)	190,001		30,983,463
Perrigo Co. (d)	128,000		19,953,920
			50,937,383
TOTAL COMMON STOCKS (Cost $1,153,404,739)		1,608,277,065
Preferred Stocks - 1.6%

Convertible Preferred Stocks - 0.9%
BIOTECHNOLOGY - 0.4%
Biotechnology - 0.4%
Ariosa Diagnostics (a)(f)	347,782		2,100,603
Ariosa Diagnostics Series B (f)	53,177		321,189
Roka Bioscience, Inc. Series E, 8.00% (a)(f)	3,136,640		4,000,000
			6,421,792
Preferred Stocks - continued
	Shares		Value
Convertible Preferred Stocks - continued
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Castlight Health, Inc. Series D (a)(f)	999,300		$ 7,954,428
TOTAL CONVERTIBLE PREFERRED STOCKS			14,376,220
Nonconvertible Preferred Stocks - 0.7%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.7%
Health Care Equipment - 0.7%
Sartorius AG (non-vtg.)	100,000		11,210,100
TOTAL PREFERRED STOCKS (Cost $21,847,076)		25,586,320
Money Market Funds - 4.1%

Fidelity Cash Central Fund, 0.10% (b)	11,017,232		11,017,232
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	56,871,785		56,871,785
TOTAL MONEY MARKET FUNDS (Cost $67,889,017)		67,889,017
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $1,243,140,832)			1,701,752,402
NET OTHER ASSETS (LIABILITIES) - (4.0)%			(65,173,881)
NET ASSETS - 100%		$ 1,636,578,521

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 restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Ariosa Diagnostics	11/30/11 - 3/1/13	$ 2,100,603
Ariosa Diagnostics Series B	3/1/13	$ 321,189
Castlight Health, Inc. Series D	4/25/12	$ 6,032,334
Roka Bioscience, Inc. Series E, 8.00%	11/20/13	$ 4,000,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,640
Fidelity Securities Lending Cash Central Fund	190,958
Total	$ 200,598

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Exactech, Inc.	$ 16,569,000	$ 2,043,545	$ 4,146,176	$ -	$ 19,904,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,608,277,065	$ 1,608,277,065	$ -	$ -
Preferred Stocks	25,586,320	11,210,100	-	14,376,220
Money Market Funds	67,889,017	67,889,017	-	-
Total Investments in Securities:	$ 1,701,752,402	$ 1,687,376,182	$ -	$ 14,376,220

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,246,398,204. Net unrealized appreciation aggregated $455,354,198, of which $473,287,949 related to appreciated investment securities and $17,933,751 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

November 30, 2013

1.810666.109

AUT-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
AUTO COMPONENTS - 44.7%
Auto Parts & Equipment - 38.8%
American Axle & Manufacturing Holdings, Inc. (a)	159,000		$ 3,180,000
Autoliv, Inc.	36,355		3,375,925
BorgWarner, Inc.	147,100		15,764,707
Dana Holding Corp.	248,900		5,047,692
Delphi Automotive PLC	359,778		21,065,002
Dorman Products, Inc.	63,800		3,175,964
Federal-Mogul Corp. Class A (a)	111,255		2,282,953
Gentex Corp.	121,300		3,615,953
Johnson Controls, Inc.	330,270		16,681,938
Lear Corp.	101,000		8,373,910
Linamar Corp.	3,900		153,607
Magna International, Inc. Class A (sub. vtg.) (e)	131,584		10,711,982
Tenneco, Inc. (a)	293,146		16,826,580
TRW Automotive Holdings Corp. (a)	223,100		17,312,560
Visteon Corp. (a)	80,700		6,346,248
			133,915,021
Tires & Rubber - 5.9%
Cooper Tire & Rubber Co. (e)	63,200		1,554,720
Pirelli & C SpA	465,100		7,166,629
The Goodyear Tire & Rubber Co.	517,826		11,526,807
			20,248,156
TOTAL AUTO COMPONENTS			154,163,177
AUTOMOBILES - 50.5%
Automobile Manufacturers - 45.7%
Ford Motor Co.	1,337,861		22,850,666
General Motors Co. (a)	791,444		30,652,626
Honda Motor Co. Ltd. sponsored ADR (e)	1,107,605		46,918,148
Tesla Motors, Inc. (a)(e)	55,700		7,089,496
Toyota Motor Corp. sponsored ADR (e)	401,497		50,207,199
			157,718,135
Motorcycle Manufacturers - 4.8%
Harley-Davidson, Inc.	248,100		16,627,662
TOTAL AUTOMOBILES			174,345,797
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Research Frontiers, Inc. (a)(e)	128,570		858,848
TOTAL COMMON STOCKS (Cost $239,808,771)		329,367,822
Nonconvertible Preferred Stocks - 3.0%
	Shares		Value
AUTOMOBILES - 3.0%
Automobile Manufacturers - 3.0%
Volkswagen AG (Cost $8,186,652)	39,400		$ 10,455,721

Nonconvertible Bonds - 0.0%
	Principal Amount
AUTOMOBILES - 0.0%
Automobile Manufacturers - 0.0%
General Motors Corp. 6.75% 5/1/28 (d) (Cost $284,356)	$ 31,005,000	3

Money Market Funds - 15.8%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	4,732,136		4,732,136
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	49,785,021		49,785,021
TOTAL MONEY MARKET FUNDS (Cost $54,517,157)		54,517,157
TOTAL INVESTMENT PORTFOLIO - 114.2% (Cost $302,796,936)			394,340,703
NET OTHER ASSETS (LIABILITIES) - (14.2)%			(49,109,692)
NET ASSETS - 100%		$ 345,231,011

Legend

(a) Non-income producing

(d) Non-income producing - Security is in default.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,478
Fidelity Securities Lending Cash Central Fund	149,718
Total	$ 155,196

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 329,367,822	$ 329,367,822	$ -	$ -
Nonconvertible Preferred Stocks	10,455,721	10,455,721	-	-
Nonconvertible Bonds	3	-	-	3
Money Market Funds	54,517,157	54,517,157	-	-
Total Investments in Securities:	$ 394,340,703	$ 394,340,700	$ -	$ 3

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $303,852,325. Net unrealized appreciation aggregated $90,488,378, of which $91,722,717 related to appreciated investment securities and $1,234,339 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

November 30, 2013

1.810700.109

BAM-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
INTERNET & CATALOG RETAIL - 2.1%
Internet Retail - 2.1%
Netflix, Inc. (a)	53,800		$ 19,680,040
zulily, Inc.	2,200		76,978
			19,757,018
INTERNET SOFTWARE & SERVICES - 2.0%
Internet Software & Services - 2.0%
Yahoo!, Inc. (a)	519,200		19,200,016
MEDIA - 95.4%
Advertising - 4.2%
Digital Generation, Inc. (a)	195,200		2,305,312
Interpublic Group of Companies, Inc.	401,900		6,993,060
National CineMedia, Inc.	182,900		3,411,085
Omnicom Group, Inc.	377,600		26,979,520
			39,688,977
Broadcasting - 16.9%
Belo Corp. Series A	332,300		4,562,479
CBS Corp. Class B	1,215,400		71,173,824
Cumulus Media, Inc. Class A (a)(d)	780,310		5,446,564
Discovery Communications, Inc.:
Class A (a)	115,550		10,084,049
Class C (non-vtg.) (a)	251,150		20,285,386
Entercom Communications Corp. Class A (a)	76,053		796,275
Liberty Media Corp. Class A (a)	210,793		32,348,294
Nexstar Broadcasting Group, Inc. Class A	16,200		804,654
Sinclair Broadcast Group, Inc. Class A	500,600		16,429,692
			161,931,217
Cable & Satellite - 33.5%
AMC Networks, Inc. Class A (a)	107,000		6,868,330
Charter Communications, Inc. Class A (a)	105,900		14,307,090
Comcast Corp.:
Class A	1,816,350		90,581,375
Class A (special) (non-vtg.)	589,270		28,373,351
DIRECTV (a)	343,913		22,736,088
DISH Network Corp. Class A	330,800		17,916,128
Liberty Global PLC:
Class A (a)	268,389		23,030,460
Class C (a)	266,779		21,729,150
Sirius XM Holdings, Inc. (d)	5,718,360		21,558,217
Starz - Liberty Capital Series A (a)	170,700		4,827,396
Time Warner Cable, Inc.	495,069		68,428,437
			320,356,022
Movies & Entertainment - 36.9%
DreamWorks Animation SKG, Inc. Class A (a)(d)	161,700		5,151,762
Lions Gate Entertainment Corp. (a)(d)	194,177		6,143,760
Live Nation Entertainment, Inc. (a)	1,306,500		24,000,405

	Shares		Value
The Madison Square Garden Co. Class A (a)	107,500		$ 6,058,700
The Walt Disney Co.	2,125,804		149,954,211
Time Warner, Inc.	717,422		47,141,800
Twenty-First Century Fox, Inc.:
Class A	1,936,007		64,836,874
Class B	56,600		1,869,498
Viacom, Inc. Class B (non-vtg.)	595,100		47,709,167
			352,866,177
Publishing - 3.9%
E.W. Scripps Co. Class A (a)	205,200		4,159,404
Gannett Co., Inc.	417,800		11,305,668
Graham Holdings Co.	10,400		7,004,400
Journal Communications, Inc. Class A (a)	360,975		3,487,019
Martha Stewart Living Omnimedia, Inc. Class A (a)	521,433		1,924,088
Meredith Corp. (d)	93,400		4,981,956
The New York Times Co. Class A	345,400		4,821,784
Valassis Communications, Inc.	100		2,936
			37,687,255
TOTAL MEDIA			912,529,648
TOTAL COMMON STOCKS (Cost $646,398,029)		951,486,682
Money Market Funds - 4.2%

Fidelity Cash Central Fund, 0.10% (b)	11,849,427		11,849,427
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	28,080,728		28,080,728
TOTAL MONEY MARKET FUNDS (Cost $39,930,155)		39,930,155
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $686,328,184)			991,416,837
NET OTHER ASSETS (LIABILITIES) - (3.7)%			(35,512,497)
NET ASSETS - 100%		$ 955,904,340

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,838
Fidelity Securities Lending Cash Central Fund	104,277
Total	$ 130,115

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $688,633,956. Net unrealized appreciation aggregated $302,782,881, of which $304,002,256 related to appreciated investment securities and $1,219,375 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

November 30, 2013

1.810676.109

MED-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Sigma Aldrich Corp.	21,000		$ 1,811,040
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Environmental & Facility Services - 0.2%
Stericycle, Inc. (a)	15,700		1,844,436
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
H&R Block, Inc.	179,100		4,995,099
FOOD & STAPLES RETAILING - 1.1%
Drug Retail - 1.1%
CVS Caremark Corp.	98,700		6,608,952
Jean Coutu Group, Inc. Class A (sub. vtg.)	97,100		1,656,791
			8,265,743
HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
Health Care Equipment - 0.5%
Covidien PLC	28,400		1,938,584
NxStage Medical, Inc. (a)	139,300		1,422,253
			3,360,837
HEALTH CARE PROVIDERS & SERVICES - 94.1%
Health Care Distributors & Services - 22.9%
AmerisourceBergen Corp.	186,900		13,182,057
Cardinal Health, Inc.	786,900		50,833,740
Henry Schein, Inc. (a)	175,700		20,029,800
McKesson Corp.	409,300		67,898,777
MWI Veterinary Supply, Inc. (a)	38,200		6,958,894
Patterson Companies, Inc.	213,800		8,870,562
			167,773,830
Health Care Facilities - 9.0%
Community Health Systems, Inc.	429,500		17,716,875
HCA Holdings, Inc.	780,300		36,221,526
LifePoint Hospitals, Inc. (a)	54,300		2,781,789
Surgical Care Affiliates, Inc.	11,300		343,972
The Ensign Group, Inc.	60,200		2,719,234
U.S. Physical Therapy, Inc.	49,000		1,654,240
Universal Health Services, Inc. Class B	56,500		4,657,295
			66,094,931
Health Care Services - 31.6%
Air Methods Corp. (d)	136,900		7,660,924
BioScrip, Inc. (a)	829,100		5,646,171
Catamaran Corp. (a)	116,912		5,336,438
Corvel Corp. (a)	85,200		3,943,908
DaVita, Inc. (a)	548,700		32,675,085
Express Scripts Holding Co. (a)	1,534,350		103,338,473
Fresenius SE & Co. KGaA	105,900		14,994,059
Laboratory Corp. of America Holdings (a)	46,300		4,715,655
Landauer, Inc.	91,600		4,854,800

	Shares		Value
MEDNAX, Inc. (a)	155,100		$ 17,185,080
Quest Diagnostics, Inc. (d)	473,700		28,867,278
Team Health Holdings, Inc. (a)	36,900		1,724,337
			230,942,208
Managed Health Care - 30.6%
Aetna, Inc.	332,300		22,905,439
Centene Corp. (a)	167,700		10,016,721
CIGNA Corp.	407,500		35,635,875
Molina Healthcare, Inc. (a)	307,500		10,332,000
Qualicorp SA (a)	314,700		2,941,739
Triple-S Management Corp. (a)	110,000		2,228,600
UnitedHealth Group, Inc.	1,755,697		130,764,312
WellPoint, Inc.	96,100		8,925,768
			223,750,454
TOTAL HEALTH CARE PROVIDERS & SERVICES			688,561,423
HEALTH CARE TECHNOLOGY - 0.2%
Health Care Technology - 0.2%
HMS Holdings Corp. (a)	71,000		1,626,610
INDUSTRIAL CONGLOMERATES - 0.3%
Industrial Conglomerates - 0.3%
Danaher Corp.	25,500		1,907,400
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Maximus, Inc.	32,000		1,456,000
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Pall Corp.	22,900		1,916,730
PROFESSIONAL SERVICES - 0.3%
Research & Consulting Services - 0.3%
Verisk Analytics, Inc. (a)	30,700		1,998,877
TOTAL COMMON STOCKS (Cost $475,848,803)		717,744,195
Money Market Funds - 4.0%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	13,669,645		$ 13,669,645
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	15,724,025		15,724,025
TOTAL MONEY MARKET FUNDS (Cost $29,393,670)		29,393,670
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $505,242,473)			747,137,865
NET OTHER ASSETS (LIABILITIES) - (2.1)%			(15,286,740)
NET ASSETS - 100%		$ 731,851,125

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,650
Fidelity Securities Lending Cash Central Fund	7,667
Total	$ 20,317

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $508,384,110. Net unrealized appreciation aggregated $238,753,755, of which $247,061,470 related to appreciated investment securities and $8,307,715 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

November 30, 2013

1.810667.109

BAN-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
COMMERCIAL BANKS - 77.9%
Diversified Banks - 29.1%
Aozora Bank Ltd.	1,172,000		$ 3,374,884
Banco Santander Chile sponsored ADR	149,900		3,351,764
Barclays PLC	767,809		3,402,529
Comerica, Inc.	345,900		15,686,565
Itau Unibanco Holding SA sponsored ADR	530,540		7,464,698
Standard Chartered PLC (United Kingdom)	288,257		6,832,211
U.S. Bancorp	2,418,800		94,865,336
Wells Fargo & Co.	1,913,292		84,223,114
			219,201,101
Regional Banks - 48.8%
1st Source Corp.	218,800		6,990,660
Bank of the Ozarks, Inc.	153,300		8,607,795
BB&T Corp.	566,100		19,666,314
BBCN Bancorp, Inc.	717,312		11,971,937
Boston Private Financial Holdings, Inc.	1,191,000		14,166,945
Capital Bank Financial Corp. Series A (a)	95,600		2,231,304
CapitalSource, Inc.	641,300		9,016,678
City National Corp.	136,900		10,453,684
Commerce Bancshares, Inc.	449,255		20,270,386
CVB Financial Corp.	465,800		7,518,012
Fifth Third Bancorp	924,800		18,791,936
First Republic Bank	301,400		15,401,540
Hanmi Financial Corp.	311,800		6,410,608
Heartland Financial U.S.A., Inc.	126,300		3,765,003
Huntington Bancshares, Inc.	3,525,651		32,365,476
IBERIABANK Corp.	161,000		10,094,700
Lakeland Financial Corp.	19,760		757,796
M&T Bank Corp. (d)	307,800		35,507,808
National Penn Bancshares, Inc.	841,549		9,501,088
OFG Bancorp	213,180		3,666,696
PacWest Bancorp (d)	162,400		6,681,136
PNC Financial Services Group, Inc.	447,141		34,407,500
Popular, Inc. (a)	221,600		6,333,328
Prosperity Bancshares, Inc.	148,600		9,529,718
Spar Nord Bank A/S (a)	735,000		6,332,860
SunTrust Banks, Inc.	985,100		35,690,173
Texas Capital Bancshares, Inc. (a)	103,500		5,813,595
UMB Financial Corp.	132,200		8,476,664
Wilshire Bancorp, Inc.	694,600		7,341,922
			367,763,262
TOTAL COMMERCIAL BANKS			586,964,363
CONSUMER FINANCE - 5.6%
Consumer Finance - 5.6%
American Express Co.	50,400		4,324,320

	Shares		Value
Capital One Financial Corp.	342,800		$ 24,554,764
SLM Corp.	504,900		13,455,585
			42,334,669
DIVERSIFIED FINANCIAL SERVICES - 5.3%
Other Diversified Financial Services - 4.9%
Bank of America Corp.	1,313,600		20,781,152
JPMorgan Chase & Co.	290,100		16,599,522
			37,380,674
Specialized Finance - 0.4%
McGraw-Hill Companies, Inc.	38,400		2,860,800
TOTAL DIVERSIFIED FINANCIAL SERVICES			40,241,474
INSURANCE - 0.9%
Property & Casualty Insurance - 0.9%
Fidelity National Financial, Inc. Class A	221,000		6,424,470
IT SERVICES - 1.4%
Data Processing & Outsourced Services - 1.4%
Total System Services, Inc.	328,500		10,199,925
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Mortgage REITs - 0.2%
Redwood Trust, Inc.	92,762		1,723,518
THRIFTS & MORTGAGE FINANCE - 4.4%
Thrifts & Mortgage Finance - 4.4%
Dime Community Bancshares, Inc.	459,800		7,733,836
Ocwen Financial Corp. (a)	387,900		21,978,414
Radian Group, Inc.	104,300		1,487,318
United Financial Bancorp, Inc.	116,600		2,300,518
			33,500,086
TOTAL COMMON STOCKS (Cost $604,185,090)		721,388,505
Money Market Funds - 10.5%

Fidelity Cash Central Fund, 0.10% (b)	42,303,688		42,303,688
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	36,641,175		36,641,175
TOTAL MONEY MARKET FUNDS (Cost $78,944,863)		78,944,863

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $683,129,953)

800,333,368

NET OTHER ASSETS (LIABILITIES) - (6.2)%			(46,768,330)
NET ASSETS - 100%		$ 753,565,038

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,255
Fidelity Securities Lending Cash Central Fund	35,898
Total	$ 51,153

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 721,388,505	$ 717,985,976	$ 3,402,529	$ -
Money Market Funds	78,944,863	78,944,863	-	-
Total Investments in Securities:	$ 800,333,368	$ 796,930,839	$ 3,402,529	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $715,573,236. Net unrealized appreciation aggregated $84,760,132, of which $119,794,597 related to appreciated investment securities and $35,034,465 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

November 30, 2013

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

1.860866.106

AMF-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CHEMICALS - 69.7%
Commodity Chemicals - 10.2%
Axiall Corp.	849,357		$ 38,475,872
Cabot Corp.	812,049		39,627,991
LyondellBasell Industries NV Class A	1,521,996		117,467,651
			195,571,514
Diversified Chemicals - 10.2%
Eastman Chemical Co.	1,011,025		77,879,256
FMC Corp.	1,365,661		99,502,060
Lanxess AG (d)	270,593		17,900,310
Olin Corp.	20,000		496,600
			195,778,226
Fertilizers & Agricultural Chemicals - 16.2%
CF Industries Holdings, Inc.	282,552		61,421,154
Intrepid Potash, Inc. (d)	719,334		11,113,710
Monsanto Co.	1,708,978		193,678,481
Potash Corp. of Saskatchewan, Inc.	1,417,520		44,416,783
			310,630,128
Industrial Gases - 7.8%
Airgas, Inc.	381,166		41,406,063
Praxair, Inc.	862,974		108,959,097
			150,365,160
Specialty Chemicals - 25.3%
Ashland, Inc.	468,841		42,702,038
Celanese Corp. Class A	239,800		13,459,973
Chemtura Corp. (a)	79,900		2,109,360
Cytec Industries, Inc.	340,830		30,497,468
Ecolab, Inc.	811,641		86,983,566
H.B. Fuller Co.	225,006		11,527,057
NewMarket Corp.	72,376		23,446,205
PPG Industries, Inc.	412,553		75,934,505
Royal DSM NV	245,999		19,306,135
RPM International, Inc.	458,090		18,140,364
Sherwin-Williams Co.	271,727		49,734,193
Sigma Aldrich Corp.	558,521		48,166,851
W.R. Grace & Co. (a)	646,640		62,096,839
			484,104,554
TOTAL CHEMICALS			1,336,449,582
CONSTRUCTION MATERIALS - 4.7%
Construction Materials - 4.7%
Eagle Materials, Inc.	426,955		33,302,490
Vulcan Materials Co.	1,025,035		57,781,223
			91,083,713
CONTAINERS & PACKAGING - 9.7%
Metal & Glass Containers - 3.9%
Aptargroup, Inc.	540,224		35,071,342

	Shares		Value
Ball Corp.	319,735		$ 15,980,355
Silgan Holdings, Inc.	522,265		24,415,889
			75,467,586
Paper Packaging - 5.8%
Graphic Packaging Holding Co. (a)	3,858,858		34,652,545
MeadWestvaco Corp.	719,566		25,263,962
Rock-Tenn Co. Class A	534,070		50,426,889
			110,343,396
TOTAL CONTAINERS & PACKAGING			185,810,982
METALS & MINING - 7.6%
Diversified Metals & Mining - 1.2%
Copper Mountain Mining Corp. (a)	4,161,827		5,995,288
First Quantum Minerals Ltd.	511,200		8,528,824
Grupo Mexico SA de CV Series B	3,184,100		9,438,600
			23,962,712
Gold - 1.8%
Franco-Nevada Corp.	212,500		8,525,209
Goldcorp, Inc.	394,000		8,773,279
Royal Gold, Inc.	365,246		16,468,942
			33,767,430
Steel - 4.6%
Carpenter Technology Corp.	578,733		34,891,813
Haynes International, Inc.	205,151		11,123,287
Reliance Steel & Aluminum Co.	568,527		41,803,790
Worthington Industries, Inc.	20,200		846,986
			88,665,876
TOTAL METALS & MINING			146,396,018
OIL, GAS & CONSUMABLE FUELS - 2.5%
Coal & Consumable Fuels - 2.5%
Peabody Energy Corp.	2,606,853		47,444,725
PAPER & FOREST PRODUCTS - 4.2%
Forest Products - 0.1%
Boise Cascade Co.	63,410		1,627,101
Paper Products - 4.1%
International Paper Co.	1,402,702		65,436,048
P.H. Glatfelter Co.	463,714		12,979,355
			78,415,403
TOTAL PAPER & FOREST PRODUCTS			80,042,504
TOTAL COMMON STOCKS (Cost $1,410,857,218)		1,887,227,524

Convertible Bonds - 0.5%
	Principal Amount	Value
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $8,904,827)	$ 8,904,827	$ 8,904,827

Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	26,208,652		26,208,652
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	17,390,586		17,390,586
TOTAL MONEY MARKET FUNDS (Cost $43,599,238)		43,599,238
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,463,361,283)			1,939,731,589
NET OTHER ASSETS (LIABILITIES) - (1.2)%			(22,091,946)
NET ASSETS - 100%		$ 1,917,639,643

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 8,904,827

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,587
Fidelity Securities Lending Cash Central Fund	137,582
Total	$ 167,169

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,887,227,524	$ 1,887,227,524	$ -	$ -
Convertible Bonds	8,904,827	-	-	8,904,827
Money Market Funds	43,599,238	43,599,238	-	-
Total Investments in Securities:	$ 1,939,731,589	$ 1,930,826,762	$ -	$ 8,904,827

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $1,465,392,365. Net unrealized appreciation aggregated $474,339,224, of which $504,522,427 related to appreciated investment securities and $30,183,203 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

November 30, 2013

1.810697.109

IND-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CHEMICALS - 69.7%
Commodity Chemicals - 10.2%
Axiall Corp.	849,357		$ 38,475,872
Cabot Corp.	812,049		39,627,991
LyondellBasell Industries NV Class A	1,521,996		117,467,651
			195,571,514
Diversified Chemicals - 10.2%
Eastman Chemical Co.	1,011,025		77,879,256
FMC Corp.	1,365,661		99,502,060
Lanxess AG (d)	270,593		17,900,310
Olin Corp.	20,000		496,600
			195,778,226
Fertilizers & Agricultural Chemicals - 16.2%
CF Industries Holdings, Inc.	282,552		61,421,154
Intrepid Potash, Inc. (d)	719,334		11,113,710
Monsanto Co.	1,708,978		193,678,481
Potash Corp. of Saskatchewan, Inc.	1,417,520		44,416,783
			310,630,128
Industrial Gases - 7.8%
Airgas, Inc.	381,166		41,406,063
Praxair, Inc.	862,974		108,959,097
			150,365,160
Specialty Chemicals - 25.3%
Ashland, Inc.	468,841		42,702,038
Celanese Corp. Class A	239,800		13,459,973
Chemtura Corp. (a)	79,900		2,109,360
Cytec Industries, Inc.	340,830		30,497,468
Ecolab, Inc.	811,641		86,983,566
H.B. Fuller Co.	225,006		11,527,057
NewMarket Corp.	72,376		23,446,205
PPG Industries, Inc.	412,553		75,934,505
Royal DSM NV	245,999		19,306,135
RPM International, Inc.	458,090		18,140,364
Sherwin-Williams Co.	271,727		49,734,193
Sigma Aldrich Corp.	558,521		48,166,851
W.R. Grace & Co. (a)	646,640		62,096,839
			484,104,554
TOTAL CHEMICALS			1,336,449,582
CONSTRUCTION MATERIALS - 4.7%
Construction Materials - 4.7%
Eagle Materials, Inc.	426,955		33,302,490
Vulcan Materials Co.	1,025,035		57,781,223
			91,083,713
CONTAINERS & PACKAGING - 9.7%
Metal & Glass Containers - 3.9%
Aptargroup, Inc.	540,224		35,071,342

	Shares		Value
Ball Corp.	319,735		$ 15,980,355
Silgan Holdings, Inc.	522,265		24,415,889
			75,467,586
Paper Packaging - 5.8%
Graphic Packaging Holding Co. (a)	3,858,858		34,652,545
MeadWestvaco Corp.	719,566		25,263,962
Rock-Tenn Co. Class A	534,070		50,426,889
			110,343,396
TOTAL CONTAINERS & PACKAGING			185,810,982
METALS & MINING - 7.6%
Diversified Metals & Mining - 1.2%
Copper Mountain Mining Corp. (a)	4,161,827		5,995,288
First Quantum Minerals Ltd.	511,200		8,528,824
Grupo Mexico SA de CV Series B	3,184,100		9,438,600
			23,962,712
Gold - 1.8%
Franco-Nevada Corp.	212,500		8,525,209
Goldcorp, Inc.	394,000		8,773,279
Royal Gold, Inc.	365,246		16,468,942
			33,767,430
Steel - 4.6%
Carpenter Technology Corp.	578,733		34,891,813
Haynes International, Inc.	205,151		11,123,287
Reliance Steel & Aluminum Co.	568,527		41,803,790
Worthington Industries, Inc.	20,200		846,986
			88,665,876
TOTAL METALS & MINING			146,396,018
OIL, GAS & CONSUMABLE FUELS - 2.5%
Coal & Consumable Fuels - 2.5%
Peabody Energy Corp.	2,606,853		47,444,725
PAPER & FOREST PRODUCTS - 4.2%
Forest Products - 0.1%
Boise Cascade Co.	63,410		1,627,101
Paper Products - 4.1%
International Paper Co.	1,402,702		65,436,048
P.H. Glatfelter Co.	463,714		12,979,355
			78,415,403
TOTAL PAPER & FOREST PRODUCTS			80,042,504
TOTAL COMMON STOCKS (Cost $1,410,857,218)		1,887,227,524

Convertible Bonds - 0.5%
	Principal Amount	Value
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $8,904,827)	$ 8,904,827	$ 8,904,827

Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	26,208,652		26,208,652
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	17,390,586		17,390,586
TOTAL MONEY MARKET FUNDS (Cost $43,599,238)		43,599,238
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,463,361,283)			1,939,731,589
NET OTHER ASSETS (LIABILITIES) - (1.2)%			(22,091,946)
NET ASSETS - 100%		$ 1,917,639,643

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 8,904,827

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,587
Fidelity Securities Lending Cash Central Fund	137,582
Total	$ 167,169

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,887,227,524	$ 1,887,227,524	$ -	$ -
Convertible Bonds	8,904,827	-	-	8,904,827
Money Market Funds	43,599,238	43,599,238	-	-
Total Investments in Securities:	$ 1,939,731,589	$ 1,930,826,762	$ -	$ 8,904,827

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

November 30, 2013

1.810687.109

INE-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
AEROSPACE & DEFENSE - 21.1%
Aerospace & Defense - 21.1%
Honeywell International, Inc.	95,200		$ 8,426,152
Meggitt PLC	650,400		5,311,669
Precision Castparts Corp.	58,600		15,145,170
Teledyne Technologies, Inc. (a)	92,800		8,605,344
The Boeing Co.	102,900		13,814,325
United Technologies Corp.	335,700		37,215,702
			88,518,362
AUTO COMPONENTS - 1.3%
Auto Parts & Equipment - 1.3%
Johnson Controls, Inc.	109,700		5,540,947
BUILDING PRODUCTS - 1.2%
Building Products - 1.2%
American Woodmark Corp. (a)	138,400		4,994,164
CHEMICALS - 0.5%
Commodity Chemicals - 0.5%
Cabot Corp.	44,000		2,147,200
CONSTRUCTION & ENGINEERING - 3.8%
Construction & Engineering - 3.8%
AECOM Technology Corp. (a)	126,000		3,661,560
Argan, Inc.	35,300		827,785
URS Corp.	218,600		11,360,642
			15,849,987
CONSTRUCTION MATERIALS - 0.4%
Construction Materials - 0.4%
RHI AG	46,000		1,645,126
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
H&R Block, Inc.	104,500		2,914,505
ELECTRICAL EQUIPMENT - 14.7%
Electrical Components & Equipment - 13.2%
AMETEK, Inc.	140,250		6,903,105
Eaton Corp. PLC	240,100		17,445,666
Generac Holdings, Inc.	44,400		2,364,744
Hubbell, Inc. Class B	72,200		7,791,102
Regal-Beloit Corp.	68,328		5,027,574
Rockwell Automation, Inc.	64,100		7,280,478
Roper Industries, Inc.	67,400		8,741,780
			55,554,449
Heavy Electrical Equipment - 1.5%
AZZ, Inc.	124,300		6,075,784
TOTAL ELECTRICAL EQUIPMENT			61,630,233

	Shares		Value
INDUSTRIAL CONGLOMERATES - 20.5%
Industrial Conglomerates - 20.5%
3M Co.	49,200		$ 6,568,692
Danaher Corp.	325,600		24,354,880
General Electric Co.	2,067,555		55,121,017
			86,044,589
LIFE SCIENCES TOOLS & SERVICES - 0.4%
Life Sciences Tools & Services - 0.4%
Eurofins Scientific SA	7,700		1,971,707
MACHINERY - 26.7%
Construction & Farm Machinery & Heavy Trucks - 15.8%
Caterpillar, Inc.	258,800		21,894,480
Cummins, Inc.	93,300		12,349,188
Joy Global, Inc. (d)	82,100		4,643,576
Manitowoc Co., Inc. (d)	519,600		10,698,564
Terex Corp.	150,000		5,448,000
Toro Co.	50,100		3,091,671
Wabtec Corp.	118,200		8,155,800
			66,281,279
Industrial Machinery - 10.9%
Blount International, Inc. (a)	112,540		1,630,705
Global Brass & Copper Holdings, Inc.	453,700		7,486,050
Harsco Corp.	123,423		3,227,511
Hurco Companies, Inc.	40,600		1,075,088
Hy-Lok Corp.	34,588		915,191
Illinois Tool Works, Inc.	179,500		14,284,610
Ingersoll-Rand PLC	108,500		7,749,070
Metka SA	74,099		1,226,352
Standex International Corp.	55,600		3,275,952
Sun Hydraulics Corp.	40,100		1,723,097
Timken Co.	61,100		3,162,536
			45,756,162
TOTAL MACHINERY			112,037,441
PROFESSIONAL SERVICES - 2.6%
Human Resource & Employment Services - 0.6%
Towers Watson & Co.	22,000		2,477,200
Research & Consulting Services - 2.0%
CBIZ, Inc. (a)	247,100		2,214,016
Dun & Bradstreet Corp.	52,600		6,146,310
			8,360,326
TOTAL PROFESSIONAL SERVICES			10,837,526
TRADING COMPANIES & DISTRIBUTORS - 5.2%
Trading Companies & Distributors - 5.2%
Houston Wire & Cable Co.	159,234		2,149,659
MSC Industrial Direct Co., Inc. Class A	55,200		4,242,120
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - CONTINUED
Trading Companies & Distributors - continued
Watsco, Inc.	73,200		$ 7,024,272
WESCO International, Inc. (a)(d)	98,000		8,426,040
			21,842,091
TOTAL COMMON STOCKS (Cost $316,538,858)		415,973,878
Nonconvertible Preferred Stocks - 0.7%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series C	17,956,800		29,383
AUTOMOBILES - 0.7%
Automobile Manufacturers - 0.7%
Volkswagen AG	10,400		2,759,886
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,148,727)		2,789,269
Money Market Funds - 3.0%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) (Cost $12,612,750)	12,612,750		$ 12,612,750
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $331,300,335)			431,375,897
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(11,854,494)
NET ASSETS - 100%		$ 419,521,403

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,592
Fidelity Securities Lending Cash Central Fund	5,176
Total	$ 11,768

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $331,734,519. Net unrealized appreciation aggregated $99,641,378, of which $102,667,795 related to appreciated investment securities and $3,026,417 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

November 30, 2013

1.810672.109

HOU-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BUILDING PRODUCTS - 9.3%
Building Products - 9.3%
American Woodmark Corp. (a)	89,414		$ 3,226,504
Fortune Brands Home & Security, Inc.	266,300		11,610,680
Masco Corp.	664,500		14,898,090
Ply Gem Holdings, Inc.	130,101		2,281,972
USG Corp. (a)(d)	208,300		5,705,337
			37,722,583
CONSTRUCTION & ENGINEERING - 14.0%
Construction & Engineering - 14.0%
AECOM Technology Corp. (a)	233,700		6,791,322
EMCOR Group, Inc.	236,500		9,396,145
Fluor Corp.	57,049		4,438,983
Jacobs Engineering Group, Inc. (a)	194,350		11,616,300
MasTec, Inc. (a)	220,800		6,988,320
Quanta Services, Inc. (a)	412,300		12,208,203
Tutor Perini Corp. (a)	217,036		5,315,212
			56,754,485
CONSTRUCTION MATERIALS - 6.9%
Construction Materials - 6.9%
Eagle Materials, Inc.	131,000		10,218,000
Texas Industries, Inc. (a)(d)	79,008		4,591,945
Vulcan Materials Co.	238,165		13,425,361
			28,235,306
ELECTRICAL EQUIPMENT - 1.6%
Electrical Components & Equipment - 1.6%
Generac Holdings, Inc.	124,826		6,648,233
HOUSEHOLD DURABLES - 12.3%
Homebuilding - 12.3%
D.R. Horton, Inc.	502,237		9,984,472
KB Home (d)	368,900		6,466,817
Lennar Corp. Class A (d)	318,278		11,381,621
Ryland Group, Inc.	165,570		6,543,326
Taylor Morrison Home Corp.	208,100		4,546,985
Toll Brothers, Inc. (a)	329,514		11,236,427
			50,159,648
PAPER & FOREST PRODUCTS - 1.0%
Forest Products - 1.0%
Boise Cascade Co.	159,100		4,082,506
REAL ESTATE INVESTMENT TRUSTS - 13.8%
Residential REITs - 13.8%
Apartment Investment & Management Co. Class A	335,071		8,413,633
AvalonBay Communities, Inc.	85,759		10,167,587
Equity Residential (SBI)	160,192		8,256,296
Essex Property Trust, Inc.	80,400		12,205,524
Home Properties, Inc.	8,434		443,460

	Shares		Value
Mid-America Apartment Communities, Inc.	188,475		$ 11,353,734
UDR, Inc.	234,000		5,445,180
			56,285,414
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.1%
Diversified Real Estate Activities - 1.1%
The St. Joe Co. (a)(d)	243,126		4,313,055
Real Estate Operating Companies - 2.0%
Forest City Enterprises, Inc. Class A (a)	424,400		8,275,800
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			12,588,855
SPECIALTY RETAIL - 36.2%
Home Improvement Retail - 36.2%
Home Depot, Inc.	1,247,561		100,640,745
Lowe's Companies, Inc.	941,334		44,694,538
Tile Shop Holdings, Inc. (a)(d)	116,163		1,945,730
			147,281,013
TOTAL COMMON STOCKS (Cost $303,947,847)		399,758,043
Convertible Preferred Stocks - 1.0%

HOUSEHOLD DURABLES - 1.0%
Homebuilding - 1.0%
Blu Homes, Inc. Series A, 5.00% (e) (Cost $4,000,001)	865,801		4,000,001
Money Market Funds - 7.6%

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) (Cost $31,255,591)	31,255,591		31,255,591
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $339,203,439)			435,013,635
NET OTHER ASSETS (LIABILITIES) - (6.8)%			(27,887,160)
NET ASSETS - 100%		$ 407,126,475

Legend

(a) Non-income producing

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

Security	Acquisition Date	Acquisition Cost
Blu Homes, Inc. Series A, 5.00%	6/10/13	$ 4,000,001

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,433
Fidelity Securities Lending Cash Central Fund	64,184
Total	$ 67,617

Other Information

The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 399,758,043	$ 399,758,043	$ -	$ -
Convertible Preferred Stocks	4,000,001	-	-	4,000,001
Money Market Funds	31,255,591	31,255,591	-	-
Total Investments in Securities:	$ 435,013,635	$ 431,013,634	$ -	$ 4,000,001

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $340,604,143. Net unrealized appreciation aggregated $94,409,492, of which $100,333,933 related to appreciated investment securities and $5,924,441 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. For equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

November 30, 2013

1.810722.109

TRN-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
AIR FREIGHT & LOGISTICS - 26.5%
Air Freight & Logistics - 26.5%
C.H. Robinson Worldwide, Inc.	112,696		$ 6,607,366
Expeditors International of Washington, Inc.	25,000		1,086,000
FedEx Corp.	216,400		30,014,680
Hub Group, Inc. Class A (a)	190,200		7,157,226
Park-Ohio Holdings Corp. (a)	52,534		2,236,898
United Parcel Service, Inc. Class B	755,800		77,378,804
			124,480,974
AIRLINES - 20.5%
Airlines - 20.5%
Air Canada Class A (a)	160,700		1,140,832
Alaska Air Group, Inc.	39,600		3,078,504
Controladora Vuela Compania de Aviacion S.A.B. de CV ADR	83,300		1,177,862
Dart Group PLC	730,417		2,734,813
Delta Air Lines, Inc.	1,274,902		36,946,660
Republic Airways Holdings, Inc. (a)	300,300		3,381,378
Southwest Airlines Co.	455,300		8,464,027
Spirit Airlines, Inc. (a)	293,359		13,456,377
U.S. Airways Group, Inc. (a)(d)	243,600		5,719,728
United Continental Holdings, Inc. (a)	520,636		20,434,963
			96,535,144
CONSTRUCTION & ENGINEERING - 0.4%
Construction & Engineering - 0.4%
Cosco International Holdings Ltd.	24,000		10,402
URS Corp.	39,600		2,058,012
			2,068,414
DIVERSIFIED FINANCIAL SERVICES - 0.8%
Multi-Sector Holdings - 0.8%
Berkshire Hathaway, Inc. Class B (a)	31,600		3,682,348
MACHINERY - 1.4%
Construction & Farm Machinery & Heavy Trucks - 1.2%
ASL Marine Holdings Ltd.	1,310,200		678,563
Wabtec Corp.	71,100		4,905,900
			5,584,463
Industrial Machinery - 0.2%
Global Brass & Copper Holdings, Inc.	49,292		813,318
TOTAL MACHINERY			6,397,781

	Shares		Value
MARINE - 0.8%
Marine - 0.8%
Diana Shipping, Inc. (a)	25,100		$ 287,395
Kirby Corp. (a)	22,900		2,162,905
Matson, Inc.	55,600		1,391,668
			3,841,968
OIL, GAS & CONSUMABLE FUELS - 1.2%
Oil & Gas Storage & Transport - 1.2%
Scorpio Tankers, Inc.	508,233		5,834,515
ROAD & RAIL - 42.2%
Railroads - 28.0%
CSX Corp.	778,619		21,232,940
Genesee & Wyoming, Inc. Class A (a)	47,500		4,569,500
Norfolk Southern Corp.	237,100		20,791,299
Union Pacific Corp.	523,068		84,757,938
			131,351,677
Trucking - 14.2%
AMERCO	25,200		5,839,596
Arkansas Best Corp.	59,200		1,926,368
Con-way, Inc.	146,500		6,063,635
Contrans Group, Inc.:
(sub. vtg.) (a)(e)	12,800		161,009
Class A	265,200		3,335,912
Hertz Global Holdings, Inc. (a)	73,200		1,775,832
J.B. Hunt Transport Services, Inc.	165,700		12,458,983
Landstar System, Inc.	137,000		7,689,810
Marten Transport Ltd.	240,100		4,665,143
Quality Distribution, Inc. (a)	621,426		7,600,040
Ryder System, Inc.	62,600		4,371,984
Swift Transporation Co. (a)(d)	340,100		7,873,315
Universal Truckload Services, Inc.	106,833		3,075,722
			66,837,349
TOTAL ROAD & RAIL			198,189,026
TRANSPORTATION INFRASTRUCTURE - 1.2%
Airport Services - 1.2%
BBA Aviation PLC	445,300		2,383,395
Macquarie Infrastructure Co. LLC	39,900		2,175,747
Wesco Aircraft Holdings, Inc. (a)	49,700		1,037,736
			5,596,878
TOTAL COMMON STOCKS (Cost $330,142,862)		446,627,048

Convertible Bonds - 0.2%
	Principal Amount	Value
MARINE - 0.2%
Marine - 0.2%
DryShips, Inc. 5% 12/1/14 (Cost $891,027)	$ 1,020,000	$ 990,675

Money Market Funds - 7.7%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	24,604,569		24,604,569
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	11,762,875		11,762,875
TOTAL MONEY MARKET FUNDS (Cost $36,367,444)		36,367,444
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $367,401,333)			483,985,167
NET OTHER ASSETS (LIABILITIES) - (2.9)%			(13,729,593)
NET ASSETS - 100%		$ 470,255,574

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,144
Fidelity Securities Lending Cash Central Fund	23,371
Total	$ 39,515

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 446,627,048	$ 446,627,048	$ -	$ -
Convertible Bonds	990,675	-	990,675	-
Money Market Funds	36,367,444	36,367,444	-	-
Total Investments in Securities:	$ 483,985,167	$ 482,994,492	$ 990,675	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $367,653,140. Net unrealized appreciation aggregated $116,332,027, of which $116,993,285 related to appreciated investment securities and $661,258 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

November 30, 2013

1.810725.109

GAS-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 32.0%
Oil & Gas Drilling - 8.4%
Ensco PLC Class A	647,500		$ 38,254,300
Nabors Industries Ltd.	527,600		8,731,780
Precision Drilling Corp.	418,700		3,886,999
Rowan Companies PLC (a)	227,600		7,879,512
			58,752,591
Oil & Gas Equipment & Services - 23.6%
Baker Hughes, Inc.	591,200		33,674,754
Halliburton Co.	653,602		34,431,753
National Oilwell Varco, Inc.	574,400		46,813,600
Schlumberger Ltd.	550,100		48,639,839
Trican Well Service Ltd.	168,900		2,003,710
			165,563,656
TOTAL ENERGY EQUIPMENT & SERVICES			224,316,247
GAS UTILITIES - 3.4%
Gas Utilities - 3.4%
National Fuel Gas Co.	25,850		1,744,358
ONEOK, Inc.	377,400		21,915,618
			23,659,976
MULTI-UTILITIES - 2.2%
Multi-Utilities - 2.2%
CenterPoint Energy, Inc.	280,700		6,576,801
NiSource, Inc.	271,300		8,578,506
			15,155,307
OIL, GAS & CONSUMABLE FUELS - 59.8%
Integrated Oil & Gas - 9.9%
Hess Corp.	143,400		11,634,042
Husky Energy, Inc. (d)	642,100		18,130,665
Occidental Petroleum Corp.	157,000		14,908,720
Suncor Energy, Inc.	709,700		24,336,008
			69,009,435
Oil & Gas Exploration & Production - 39.0%
Anadarko Petroleum Corp.	347,200		30,838,304
Apache Corp.	54,133		4,952,628
Athabasca Oil Corp. (a)	686,100		4,185,979
Athlon Energy, Inc.	9,600		313,153
Bellatrix Exploration Ltd. (a)	577,200		3,853,072
Cabot Oil & Gas Corp.	679,700		23,415,665
Cimarex Energy Co.	108,000		10,214,640
Cobalt International Energy, Inc. (a)	68,350		1,519,421
ConocoPhillips Co.	236,400		17,209,920
Crown Point Energy, Inc. (a)(e)	181,658		73,546
Devon Energy Corp.	565,046		34,253,089
Emerald Oil, Inc. warrants 2/4/16 (a)	15,002		0
Encana Corp. (d)	2,055,500		39,325,638
Energy XXI (Bermuda) Ltd.	138,300		3,756,228
EOG Resources, Inc.	101,285		16,712,025

	Shares		Value
Lekoil Ltd. (a)	3,246,900		$ 3,779,957
Lightstream Resources Ltd. (d)	412,493		2,163,248
Marathon Oil Corp.	684,500		24,669,380
Newfield Exploration Co. (a)	282,200		7,929,820
Painted Pony Petroleum Ltd. (a)	267,200		1,620,156
Paramount Resources Ltd. Class A (a)	126,300		4,332,086
PDC Energy, Inc. (a)	79,300		4,671,563
Resolute Energy Corp. (a)	734,300		6,616,043
Talisman Energy, Inc.	1,582,600		18,521,531
Tourmaline Oil Corp. (a)	58,000		2,293,569
Ultra Petroleum Corp. (a)(d)	286,900		5,872,843
			273,093,504
Oil & Gas Refining & Marketing - 3.8%
Dynagas LNG Partners LP (a)	141,700		2,656,875
Marathon Petroleum Corp.	86,400		7,148,736
Phillips 66 Co.	244,600		17,026,606
			26,832,217
Oil & Gas Storage & Transport - 7.1%
Cheniere Energy, Inc. (a)	177,500		7,027,225
Spectra Energy Corp.	705,100		23,656,105
StealthGas, Inc. (a)	302,100		3,709,788
The Williams Companies, Inc.	74,499		2,623,855
TransCanada Corp. (d)	280,100		12,355,414
			49,372,387
TOTAL OIL, GAS & CONSUMABLE FUELS			418,307,543
TOTAL COMMON STOCKS (Cost $648,473,672)		681,439,073

Convertible Bonds - 0.1%
	Principal Amount
OIL, GAS & CONSUMABLE FUELS - 0.1%
Oil & Gas Exploration & Production - 0.1%
Cobalt International Energy, Inc. 2.625% 12/1/19 (Cost $595,500)	$ 600,000	596,250

Money Market Funds - 10.4%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	15,383,913		$ 15,383,913
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	57,891,826		57,891,826
TOTAL MONEY MARKET FUNDS (Cost $73,275,739)		73,275,739
TOTAL INVESTMENT PORTFOLIO - 107.9% (Cost $722,344,911)			755,311,062
NET OTHER ASSETS (LIABILITIES) - (7.9)%			(55,496,310)
NET ASSETS - 100%		$ 699,814,752

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,600
Fidelity Securities Lending Cash Central Fund	275,451
Total	$ 289,051

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 681,439,073	$ 681,439,073	$ -	$ -
Convertible Bonds	596,250	-	596,250	-
Money Market Funds	73,275,739	73,275,739	-	-
Total Investments in Securities:	$ 755,311,062	$ 754,714,812	$ 596,250	$ -

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $723,040,614. Net unrealized appreciation aggregated $32,270,448, of which $49,116,273 related to appreciated investment securities and $16,845,825 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

November 30, 2013

1.810716.109

NAT-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
CHEMICALS - 1.7%
Commodity Chemicals - 0.5%
LyondellBasell Industries NV Class A	71,300		$ 5,502,934
Fertilizers & Agricultural Chemicals - 1.2%
Monsanto Co.	103,800		11,763,654
TOTAL CHEMICALS			17,266,588
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
URS Corp.	48,800		2,536,136
CONTAINERS & PACKAGING - 2.5%
Metal & Glass Containers - 1.2%
Ball Corp.	241,700		12,080,166
Paper Packaging - 1.3%
Rock-Tenn Co. Class A	146,400		13,823,088
TOTAL CONTAINERS & PACKAGING			25,903,254
ENERGY EQUIPMENT & SERVICES - 22.1%
Oil & Gas Drilling - 1.7%
Ensco PLC Class A	175,200		10,350,816
Northern Offshore Ltd.	941,800		1,390,139
Odfjell Drilling A/S	389,600		2,605,276
Vantage Drilling Co. (a)	1,205,100		2,253,537
Xtreme Drilling & Coil Services Corp. (a)	317,300		1,030,680
			17,630,448
Oil & Gas Equipment & Services - 20.4%
Baker Hughes, Inc.	54,300		3,092,928
Cameron International Corp. (a)	292,800		16,218,192
Core Laboratories NV	52,300		9,525,922
FMC Technologies, Inc. (a)	308,100		14,819,610
Forum Energy Technologies, Inc. (a)	228,100		6,160,981
Halliburton Co.	801,900		42,244,092
National Oilwell Varco, Inc.	645,858		52,637,427
Oceaneering International, Inc.	38,600		2,979,534
Schlumberger Ltd.	676,292		59,797,739
Total Energy Services, Inc.	100,000		1,771,020
			209,247,445
TOTAL ENERGY EQUIPMENT & SERVICES			226,877,893
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Atlantic Power Corp.	50,000		185,000
METALS & MINING - 7.7%
Diversified Metals & Mining - 1.7%
Freeport-McMoRan Copper & Gold, Inc.	302,100		10,479,849
Teck Resources Ltd. Class B (sub. vtg.)	210,700		5,072,591

	Shares		Value
Turquoise Hill Resources Ltd. (a)(d)	218,025		$ 890,903
U.S. Silica Holdings, Inc.	34,300		1,183,693
			17,627,036
Gold - 5.4%
AngloGold Ashanti Ltd. sponsored ADR	196,700		2,673,153
Barrick Gold Corp.	267,900		4,441,878
Franco-Nevada Corp.	274,300		11,004,541
Gold Fields Ltd. sponsored ADR	1,414,800		5,673,348
Goldcorp, Inc.	276,300		6,152,429
Harmony Gold Mining Co. Ltd. sponsored ADR	530,400		1,511,640
IAMGOLD Corp.	508,200		2,224,960
Kinross Gold Corp.	295,867		1,390,054
Newmont Mining Corp.	216,800		5,383,144
Randgold Resources Ltd. sponsored ADR	134,100		9,487,575
Royal Gold, Inc.	37,600		1,695,384
Yamana Gold, Inc.	416,600		3,738,064
			55,376,170
Precious Metals & Minerals - 0.6%
Pan American Silver Corp. (d)	128,600		1,373,057
Silver Wheaton Corp.	212,600		4,439,759
			5,812,816
TOTAL METALS & MINING			78,816,022
OIL, GAS & CONSUMABLE FUELS - 63.0%
Coal & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)	138,900		927,852
Peabody Energy Corp.	884,500		16,097,900
			17,025,752
Integrated Oil & Gas - 11.9%
Chevron Corp.	361,100		44,213,084
Hess Corp.	197,000		15,982,610
InterOil Corp. (a)(d)	33,200		2,934,880
Occidental Petroleum Corp.	265,300		25,192,888
Suncor Energy, Inc.	974,700		33,423,005
			121,746,467
Oil & Gas Exploration & Production - 40.8%
Anadarko Petroleum Corp.	566,000		50,272,120
Bankers Petroleum Ltd. (a)	1,330,000		4,971,377
Bonanza Creek Energy, Inc. (a)	162,600		7,458,462
BPZ Energy, Inc. (a)	500,300		1,050,630
Cabot Oil & Gas Corp.	576,000		19,843,200
Cimarex Energy Co.	316,400		29,925,112
Cobalt International Energy, Inc. (a)	494,900		11,001,627
ConocoPhillips Co.	614,100		44,706,480
Continental Resources, Inc. (a)(d)	164,900		17,728,399
Emerald Oil, Inc. (a)	82,600		599,676
Energen Corp.	24,400		1,760,948
EOG Resources, Inc.	427,400		70,521,001
EPL Oil & Gas, Inc. (a)	76,440		2,190,006
EQT Corp.	172,200		14,655,942
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Gulfport Energy Corp. (a)	79,100		$ 4,621,813
Halcon Resources Corp. (a)	570,000		2,285,700
Kodiak Oil & Gas Corp. (a)	840,800		9,534,672
Laredo Petroleum Holdings, Inc. (a)	286,100		7,721,839
Murphy Oil Corp.	71,700		4,655,481
Newfield Exploration Co. (a)	36,200		1,017,220
Noble Energy, Inc.	523,000		36,735,520
Northern Oil & Gas, Inc. (a)(d)	341,095		5,440,465
Oasis Petroleum, Inc. (a)	33,700		1,554,581
PDC Energy, Inc. (a)	150,200		8,848,282
Pioneer Natural Resources Co.	124,000		22,041,000
Range Resources Corp.	16,000		1,242,400
Rex Energy Corp. (a)	78,300		1,501,794
Rosetta Resources, Inc. (a)	60,900		3,079,713
Sanchez Energy Corp. (a)(d)	105,100		2,697,917
SM Energy Co.	160,400		14,137,656
Synergy Resources Corp. (a)	106,100		1,001,584
TAG Oil Ltd. (a)	144,000		469,108
Tullow Oil PLC	71,200		1,013,317
Whiting Petroleum Corp. (a)	199,400		12,043,760
			418,328,802
Oil & Gas Refining & Marketing - 2.0%
Marathon Petroleum Corp.	170,100		14,074,074
Phillips 66 Co.	72,300		5,032,803
Tesoro Corp.	18,300		1,072,929
			20,179,806
Oil & Gas Storage & Transport - 6.7%
Access Midstream Partners LP	217,700		12,228,209
Atlas Pipeline Partners LP	183,900		6,429,144
Magellan Midstream Partners LP	103,700		6,443,918
Markwest Energy Partners LP	69,400		4,793,458
MPLX LP	58,800		2,241,456
Phillips 66 Partners LP	88,300		2,908,602
Spectra Energy Corp.	154,400		5,180,120
Targa Resources Corp.	71,100		5,765,499

	Shares		Value
Tesoro Logistics LP	110,400		$ 5,658,000
The Williams Companies, Inc.	479,000		16,870,380
			68,518,786
TOTAL OIL, GAS & CONSUMABLE FUELS			645,799,613
PAPER & FOREST PRODUCTS - 1.4%
Paper Products - 1.4%
International Paper Co.	309,100		14,419,515
TOTAL COMMON STOCKS (Cost $927,466,168)		1,011,804,021
Money Market Funds - 4.3%

Fidelity Cash Central Fund, 0.10% (b)	15,890,255		15,890,255
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	28,874,690		28,874,690
TOTAL MONEY MARKET FUNDS (Cost $44,764,945)		44,764,945
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $972,231,113)			1,056,568,966
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(31,252,397)
NET ASSETS - 100%		$ 1,025,316,569

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,807
Fidelity Securities Lending Cash Central Fund	507,736
Total	$ 521,543

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $975,055,801. Net unrealized appreciation aggregated $81,513,165, of which $147,733,228 related to appreciated investment securities and $66,220,063 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

November 30, 2013

1.810678.109

CYC-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
AEROSPACE & DEFENSE - 16.0%
Aerospace & Defense - 16.0%
Honeywell International, Inc.	539,029		$ 47,709,457
Precision Castparts Corp.	127,831		33,037,922
Teledyne Technologies, Inc. (a)	219,300		20,335,689
Textron, Inc.	203,200		6,752,336
Triumph Group, Inc.	27,124		2,005,549
United Technologies Corp.	785,021		87,027,428
			196,868,381
AIR FREIGHT & LOGISTICS - 3.9%
Air Freight & Logistics - 3.9%
FedEx Corp.	344,975		47,848,033
AUTO COMPONENTS - 1.9%
Auto Parts & Equipment - 1.9%
Johnson Controls, Inc.	467,977		23,637,518
BUILDING PRODUCTS - 2.0%
Building Products - 2.0%
A.O. Smith Corp.	380,744		20,617,288
Aspen Aerogels, Inc. warrants 3/28/23 (a)(c)	4,617,874		46
Lennox International, Inc.	44,328		3,652,627
			24,269,961
COMMERCIAL SERVICES & SUPPLIES - 2.5%
Diversified Support Services - 0.5%
Iron Mountain, Inc.	195,908		5,508,933
Environmental & Facility Services - 2.0%
Stericycle, Inc. (a)	94,891		11,147,795
Waste Connections, Inc.	317,113		13,933,945
			25,081,740
TOTAL COMMERCIAL SERVICES & SUPPLIES			30,590,673
CONSTRUCTION & ENGINEERING - 4.0%
Construction & Engineering - 4.0%
Chicago Bridge & Iron Co. NV	76,265		5,848,000
EMCOR Group, Inc.	385,082		15,299,308
KBR, Inc.	167,300		5,659,759
URS Corp.	425,307		22,103,205
			48,910,272
ELECTRICAL EQUIPMENT - 7.7%
Electrical Components & Equipment - 7.7%
AMETEK, Inc.	244,912		12,054,569
Eaton Corp. PLC	401,849		29,198,348
Generac Holdings, Inc.	221,410		11,792,297
Hubbell, Inc. Class B	194,058		20,940,799
Rockwell Automation, Inc.	174,900		19,865,142
			93,851,155

	Shares		Value
INDUSTRIAL CONGLOMERATES - 16.9%
Industrial Conglomerates - 16.9%
Danaher Corp.	887,041		$ 66,350,667
General Electric Co.	5,282,924		140,842,749
			207,193,416
MACHINERY - 26.7%
Construction & Farm Machinery & Heavy Trucks - 11.1%
Caterpillar, Inc.	506,196		42,824,182
Cummins, Inc.	211,178		27,951,520
Manitowoc Co., Inc.	1,139,392		23,460,081
Oshkosh Truck Corp.	166,882		8,135,498
Toro Co.	206,003		12,712,445
Wabtec Corp.	312,620		21,570,780
			136,654,506
Industrial Machinery - 15.6%
Dover Corp.	187,508		17,014,476
GEA Group AG	263,046		12,261,530
Global Brass & Copper Holdings, Inc.	142,477		2,350,871
Graco, Inc.	178,513		13,786,559
Harsco Corp.	368,852		9,645,480
IDEX Corp.	212,298		15,143,216
Ingersoll-Rand PLC	37,128		2,651,682
ITT Corp.	319,560		13,044,439
Pall Corp.	205,129		17,169,297
Parker Hannifin Corp.	178,837		21,074,152
Pentair Ltd.	278,112		19,668,081
Timken Co.	243,012		12,578,301
TriMas Corp. (a)	259,241		9,483,036
Valmont Industries, Inc.	174,938		25,315,278
			191,186,398
TOTAL MACHINERY			327,840,904
PROFESSIONAL SERVICES - 7.9%
Human Resource & Employment Services - 1.8%
Towers Watson & Co.	192,874		21,717,612
Research & Consulting Services - 6.1%
Dun & Bradstreet Corp.	204,780		23,928,543
Huron Consulting Group, Inc. (a)	2,508		149,076
Nielsen Holdings B.V.	713,273		30,784,863
Verisk Analytics, Inc. (a)	307,050		19,992,026
			74,854,508
TOTAL PROFESSIONAL SERVICES			96,572,120
ROAD & RAIL - 5.1%
Railroads - 3.7%
Union Pacific Corp.	278,965		45,203,489
Trucking - 1.4%
J.B. Hunt Transport Services, Inc.	225,851		16,981,737
TOTAL ROAD & RAIL			62,185,226
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 3.8%
Trading Companies & Distributors - 3.8%
MRC Global, Inc. (a)	55,691		$ 1,703,588
W.W. Grainger, Inc.	56,650		14,611,168
Watsco, Inc.	111,515		10,700,979
WESCO International, Inc. (a)	233,988		20,118,288
			47,134,023
TOTAL COMMON STOCKS (Cost $892,671,757)		1,206,901,682

Convertible Bonds - 0.2%
	Principal Amount
BUILDING PRODUCTS - 0.2%
Building Products - 0.2%
Aspen Aerogels, Inc.:
8% 6/1/14 (c)	$ 1,336,292	1,336,292
8% 12/6/14 (c)	1,456,502	1,456,502
8% 3/28/16 (c)	119,403	119,403
(Cost $2,912,151)		2,912,197

Money Market Funds - 1.4%
	Shares
Fidelity Cash Central Fund, 0.10% (b) (Cost $17,520,787)	17,520,787		17,520,787
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $913,104,695)			1,227,334,666
NET OTHER ASSETS (LIABILITIES) - 0.0%			(199,456)
NET ASSETS - 100%		$ 1,227,135,210

Legend

(a) Non-income producing

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,912,243 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. warrants 3/28/23	5/6/13	$ 46
Aspen Aerogels, Inc. 8% 6/1/14	6/14/11 - 12/31/12	$ 1,336,292
Aspen Aerogels, Inc. 8% 12/6/14	12/6/11 - 12/31/12	$ 1,456,502
Aspen Aerogels, Inc. 8% 3/28/16	5/6/13	$ 119,357

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 17,431
Fidelity Securities Lending Cash Central Fund	13,037
Total	$ 30,468

Other Information

The following is a summary of the inputs used, as of November 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,206,901,682	$ 1,206,901,636	$ -	$ 46
Convertible Bonds	2,912,197	-	-	2,912,197
Money Market Funds	17,520,787	17,520,787	-	-
Total Investments in Securities:	$ 1,227,334,666	$ 1,224,422,423	$ -	$ 2,912,243

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $914,472,772. Net unrealized appreciation aggregated $312,861,894, of which $314,300,962 related to appreciated investment securities and $1,439,068 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environment and
Alternative Energy Portfolio

November 30, 2013

1.810704.109

ENV-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
Energy Efficiency - 30.6%
Buildings Energy Efficiency - 11.3%
Cree, Inc. (a)(d)	24,300		$ 1,355,940
Ingersoll-Rand PLC	52,200		3,728,124
Johnson Controls, Inc.	69,700		3,520,547
Owens Corning (a)	27,000		1,057,320
Zumtobel AG	28,000		441,338
TOTAL BUILDINGS ENERGY EFFICIENCY			10,103,269
Diversified Energy Efficiency - 1.0%
Corning, Inc.	52,900		903,532
Industrial Energy Efficiency - 1.1%
ON Semiconductor Corp. (a)	134,000		950,060
Power Network Efficiency - 16.7%
Eaton Corp. PLC	56,800		4,127,088
Emerson Electric Co.	94,000		6,297,060
Hubbell, Inc. Class B	28,000		3,021,480
Itron, Inc. (a)	13,700		580,195
Quanta Services, Inc. (a)	29,400		870,534
TOTAL POWER NETWORK EFFICIENCY			14,896,357
Transport Energy Efficiency - 0.5%
Delphi Automotive PLC	7,300		427,415
TOTAL ENERGY EFFICIENCY			27,280,633
Environmental Support Services - 14.3%
Diversified Environmental - 10.7%
3M Co.	14,000		1,869,140
Air Products & Chemicals, Inc.	41,200		4,483,796
Parker Hannifin Corp.	27,200		3,205,248
TOTAL DIVERSIFIED ENVIRONMENTAL			9,558,184
Environmental Consultancies - 3.6%
AECOM Technology Corp. (a)	20,700		601,542
Jacobs Engineering Group, Inc. (a)	36,700		2,193,559
Tetra Tech, Inc. (a)	13,000		371,670
TOTAL ENVIRONMENTAL CONSULTANCIES			3,166,771
TOTAL ENVIRONMENTAL SUPPORT SERVICES			12,724,955
Pollution Control - 2.7%
Pollution Control Solutions - 2.7%
Cummins, Inc.	6,600		873,576
Tenneco, Inc. (a)	26,100		1,498,140
TOTAL POLLUTION CONTROL SOLUTIONS			2,371,716

	Shares		Value
Renewable & Alternative Energy - 13.1%
Biofuels - 0.3%
Amyris, Inc. (a)(d)	106,700		$ 296,626
Renewable Energy Developers and Independent Power Producers (IPPs) - 9.7%
Bunge Ltd.	20,400		1,634,448
Covanta Holding Corp.	92,100		1,648,590
EDP Renovaveis SA	151,619		810,482
Empresa Nacional de Electricidad SA sponsored ADR (d)	12,300		538,494
Iberdrola SA	633,020		4,032,372
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPs)			8,664,386
Solar Energy Generation Equipment - 3.1%
First Solar, Inc. (a)	10,800		646,056
GT Advanced Technologies, Inc. (a)(d)	89,200		875,052
SolarCity Corp. (d)	8,800		460,064
SunEdison, Inc. (a)	58,500		743,535
TOTAL SOLAR ENERGY GENERATION EQUIPMENT			2,724,707
TOTAL RENEWABLE & ALTERNATIVE ENERGY			11,685,719
Waste Management & Technologies - 13.7%
General Waste Management - 5.2%
Republic Services, Inc.	100,300		3,501,473
Waste Connections, Inc.	25,200		1,107,288
TOTAL GENERAL WASTE MANAGEMENT			4,608,761
Hazardous Waste Management - 5.9%
Clean Harbors, Inc. (a)	20,000		1,055,400
Stericycle, Inc. (a)	29,400		3,453,912
U.S. Ecology, Inc.	19,300		742,664
TOTAL HAZARDOUS WASTE MANAGEMENT			5,251,976
Recycling and Value Added Waste Processing - 2.6%
Commercial Metals Co.	59,400		1,153,548
Interface, Inc.	29,400		589,470
Schnitzer Steel Industries, Inc. Class A	19,100		585,129
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING			2,328,147
TOTAL WASTE MANAGEMENT & TECHNOLOGIES			12,188,884
Water Infrastructure & Technologies - 24.4%
Water Infrastructure - 6.8%
Aegion Corp. (a)	48,000		1,044,960
Pentair Ltd.	49,100		3,472,352
Xylem, Inc.	45,300		1,565,568
TOTAL WATER INFRASTRUCTURE			6,082,880
Common Stocks - continued
	Shares		Value
Water Infrastructure & Technologies - continued
Water Treatment Equipment - 17.6%
Ashland, Inc.	40,000		$ 3,643,200
Danaher Corp.	100,000		7,480,000
Ecolab, Inc.	42,100		4,511,857
TOTAL WATER TREATMENT EQUIPMENT			15,635,057
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES			21,717,937
TOTAL COMMON STOCKS (Cost $66,884,516)		87,969,844
Convertible Bonds - 0.4%
	Principal Amount
Energy Efficiency - 0.4%
Buildings Energy Efficiency - 0.4%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $312,414)	$ 312,414		312,414
Cash Equivalents - 3.9%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	783,842		783,842
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	2,655,950		2,655,950
TOTAL CASH EQUIVALENTS (Cost $3,439,792)		3,439,792
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $70,636,722)			91,722,050
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(2,721,115)
NET ASSETS - 100%		$ 89,000,935

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 312,414

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,410
Fidelity Securities Lending Cash Central Fund	23,690
Total	$ 25,100

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 87,969,844	$ 87,969,844	$ -	$ -
Convertible Bonds	312,414	-	-	312,414
Money Market Funds	3,439,792	3,439,792	-	-
Total Investments in Securities:	$ 91,722,050	$ 91,409,636	$ -	$ 312,414

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $71,423,604. Net unrealized appreciation aggregated $20,298,446, of which $23,488,375 related to appreciated investment securities and $3,189,929 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

November 30, 2013

1.810692.109

CPR-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
AUTO COMPONENTS - 2.7%
Auto Parts & Equipment - 2.7%
Delphi Automotive PLC	276,093		$ 16,165,245
COMMERCIAL SERVICES & SUPPLIES - 1.6%
Diversified Support Services - 1.6%
KAR Auction Services, Inc.	341,676		9,426,841
DISTRIBUTORS - 1.1%
Distributors - 1.1%
LKQ Corp. (a)	198,828		6,591,148
HOTELS, RESTAURANTS & LEISURE - 10.7%
Hotels, Resorts & Cruise Lines - 1.9%
Wyndham Worldwide Corp.	163,204		11,703,359
Restaurants - 8.8%
Bloomin' Brands, Inc. (a)	288,658		7,562,840
Burger King Worldwide, Inc.	114,800		2,432,612
Panera Bread Co. Class A (a)	62,654		11,082,866
Texas Roadhouse, Inc. Class A	224,938		6,293,765
Yum! Brands, Inc.	325,193		25,260,992
			52,633,075
TOTAL HOTELS, RESTAURANTS & LEISURE			64,336,434
HOUSEHOLD DURABLES - 3.5%
Homebuilding - 1.8%
NVR, Inc. (a)	10,900		10,572,782
Housewares & Specialties - 1.7%
Jarden Corp. (a)	184,061		10,351,591
TOTAL HOUSEHOLD DURABLES			20,924,373
INTERNET & CATALOG RETAIL - 6.3%
Internet Retail - 6.3%
Liberty Media Corp.:
Interactive Series A (a)	493,947		13,870,032
Series A (a)	59,304		7,208,401
priceline.com, Inc. (a)	14,118		16,833,315
			37,911,748
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
eBay, Inc. (a)	24,475		1,236,477
LEISURE EQUIPMENT & PRODUCTS - 1.5%
Leisure Products - 1.5%
Brunswick Corp.	191,749		8,762,929
MEDIA - 22.3%
Broadcasting - 3.6%
Discovery Communications, Inc. Class A (a)	132,133		11,531,247
Liberty Media Corp. Class A (a)	65,960		10,122,222
			21,653,469

	Shares		Value
Cable & Satellite - 6.0%
DIRECTV (a)	274,337		$ 18,136,419
Liberty Global PLC Class A (a)	203,541		17,465,853
			35,602,272
Movies & Entertainment - 12.7%
The Walt Disney Co.	476,947		33,643,838
Time Warner, Inc.	275,705		18,116,576
Twenty-First Century Fox, Inc. Class A	726,789		24,340,164
			76,100,578
TOTAL MEDIA			133,356,319
MULTILINE RETAIL - 7.7%
General Merchandise Stores - 7.7%
Dollar General Corp. (a)	302,141		17,203,909
Dollar Tree, Inc. (a)	250,314		13,929,974
Target Corp.	232,300		14,850,939
			45,984,822
SPECIALTY RETAIL - 28.2%
Apparel Retail - 9.8%
Abercrombie & Fitch Co. Class A (d)	128,250		4,396,410
Foot Locker, Inc.	323,996		12,600,204
L Brands, Inc.	194,098		12,614,429
Ross Stores, Inc.	156,672		11,979,141
TJX Companies, Inc.	273,795		17,216,230
			58,806,414
Automotive Retail - 3.9%
AutoZone, Inc. (a)	27,598		12,739,237
O'Reilly Automotive, Inc. (a)	83,221		10,399,296
			23,138,533
Home Improvement Retail - 3.7%
Lowe's Companies, Inc.	464,047		22,032,952
Homefurnishing Retail - 2.6%
Bed Bath & Beyond, Inc. (a)	65,031		5,074,369
Williams-Sonoma, Inc.	171,873		10,161,132
			15,235,501
Specialty Stores - 8.2%
Cabela's, Inc. Class A (a)	98,175		6,013,219
Dick's Sporting Goods, Inc.	246,457		13,929,750
PetSmart, Inc.	150,471		11,151,406
Sally Beauty Holdings, Inc. (a)	382,470		10,762,706
Vitamin Shoppe, Inc. (a)	138,050		7,491,974
			49,349,055
TOTAL SPECIALTY RETAIL			168,562,455
TEXTILES, APPAREL & LUXURY GOODS - 12.1%
Apparel, Accessories & Luxury Goods - 7.5%
PVH Corp.	92,952		12,448,132
Ralph Lauren Corp.	66,830		11,710,621
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - CONTINUED
Apparel, Accessories & Luxury Goods - continued
Swatch Group AG (Bearer) (Reg.)	67,944		$ 7,593,477
VF Corp.	56,688		13,297,871
			45,050,101
Footwear - 4.6%
NIKE, Inc. Class B	213,546		16,900,030
Wolverine World Wide, Inc.	327,010		10,761,899
			27,661,929
TOTAL TEXTILES, APPAREL & LUXURY GOODS			72,712,030
TOTAL COMMON STOCKS (Cost $456,972,983)		585,970,821
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.10% (b)	15,192,078		15,192,078
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	874,200		874,200
TOTAL MONEY MARKET FUNDS (Cost $16,066,278)		16,066,278
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $473,039,261)			602,037,099
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(3,352,282)
NET ASSETS - 100%		$ 598,684,817

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,267
Fidelity Securities Lending Cash Central Fund	35,272
Total	$ 42,539

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $475,086,803. Net unrealized appreciation aggregated $126,950,296, of which $129,740,093 related to appreciated investment securities and $2,789,797 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

November 30, 2013

1.810680.109

DEV-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 87.5%
Communications Equipment - 87.5%
ADVA Optical Networking SE (a)	282,083		$ 1,487,182
Alcatel-Lucent SA sponsored ADR (d)	2,426,843		10,459,693
Anaren, Inc. (a)	59,200		1,651,088
Aruba Networks, Inc. (a)	295,423		5,270,346
BlackBerry Ltd. (a)(d)	484,500		3,066,884
Brocade Communications Systems, Inc. (a)	601,841		5,290,182
Cisco Systems, Inc.	2,274,976		48,343,241
Comtech Telecommunications Corp.	41,900		1,346,666
F5 Networks, Inc. (a)	149,035		12,259,619
Infinera Corp. (a)(d)	60,600		563,580
InterDigital, Inc. (d)	58,600		1,985,954
Ixia (a)	54,800		711,852
Juniper Networks, Inc. (a)	809,712		16,412,862
Motorola Solutions, Inc.	85,281		5,618,312
NETGEAR, Inc. (a)	152,850		4,908,014
Nokia Corp. sponsored ADR (a)(d)	1,532,330		12,350,580
Oclaro, Inc. (a)(d)	236,700		534,942
Palo Alto Networks, Inc. (a)	55,300		2,762,235
Plantronics, Inc.	89,100		3,985,443
Polycom, Inc. (a)	782,863		8,415,777
QUALCOMM, Inc.	590,619		43,457,746
Radware Ltd. (a)	230,000		3,910,000
Riverbed Technology, Inc. (a)	471,842		8,162,867
Sonus Networks, Inc. (a)	808,200		2,351,862
Spirent Communications PLC	868,300		1,540,146
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	906,780		11,343,818
Wi-Lan, Inc. (d)	405,400		1,304,850
			219,495,741
COMPUTERS & PERIPHERALS - 1.8%
Computer Hardware - 1.8%
Apple, Inc.	5,000		2,780,350
Super Micro Computer, Inc. (a)	113,700		1,805,556
			4,585,906
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Technology Distributors - 0.5%
Arrow Electronics, Inc. (a)	23,100		1,185,954
HEALTH CARE TECHNOLOGY - 0.3%
Health Care Technology - 0.3%
Vocera Communications, Inc. (a)	44,700		794,319
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Equinix, Inc. (a)	8,800		1,414,160

	Shares		Value
Google, Inc. Class A (a)	1,200		$ 1,271,508
Rackspace Hosting, Inc. (a)	14,900		569,329
			3,254,997
IT SERVICES - 1.6%
IT Consulting & Other Services - 1.6%
Amdocs Ltd.	97,700		3,952,942
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
Semiconductors - 3.3%
Altera Corp.	142,200		4,585,950
Broadcom Corp. Class A	132,200		3,528,418
			8,114,368
SOFTWARE - 1.0%
Application Software - 0.5%
Citrix Systems, Inc. (a)	20,800		1,233,856
Systems Software - 0.5%
Rovi Corp. (a)	69,100		1,271,440
TOTAL SOFTWARE			2,505,296
TOTAL COMMON STOCKS (Cost $234,209,886)		243,889,523
Money Market Funds - 4.9%

Fidelity Cash Central Fund, 0.10% (b)	6,499,601		6,499,601
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	5,896,505		5,896,505
TOTAL MONEY MARKET FUNDS (Cost $12,396,106)		12,396,106
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $246,605,992)			256,285,629
NET OTHER ASSETS (LIABILITIES) - (2.2)%			(5,502,614)
NET ASSETS - 100%		$ 250,783,015

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,460
Fidelity Securities Lending Cash Central Fund	292,475
Total	$ 299,935

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $250,640,955. Net unrealized appreciation aggregated $5,644,674, of which $27,876,554 related to appreciated investment securities and $22,231,880 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

November 30, 2013

1.810702.109

WIR-QTLY-0114

Investments November 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
AEROSPACE & DEFENSE - 0.5%
Aerospace & Defense - 0.5%
Kratos Defense & Security Solutions, Inc. (a)	217,700		$ 1,456,413
COMMUNICATIONS EQUIPMENT - 21.3%
Communications Equipment - 21.3%
Aruba Networks, Inc. (a)	136,584		2,436,659
BlackBerry Ltd. (a)	401,800		2,543,393
Globecomm Systems, Inc. (a)	66,400		936,904
Harris Corp.	22,100		1,425,671
InterDigital, Inc. (d)	44,300		1,501,327
Motorola Solutions, Inc.	75,468		4,971,832
Nokia Corp. sponsored ADR (a)	1,869,200		15,065,752
QUALCOMM, Inc.	381,150		28,045,017
Sierra Wireless, Inc. (a)	36,900		706,710
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	181,900		2,275,569
ViaSat, Inc. (a)	15,100		908,567
			60,817,401
COMPUTERS & PERIPHERALS - 1.5%
Computer Hardware - 1.5%
Apple, Inc.	7,900		4,392,953
DIVERSIFIED TELECOMMUNICATION SERVICES - 11.6%
Alternative Carriers - 0.3%
Towerstream Corp. (a)	334,423		782,550
Integrated Telecommunication Services - 11.3%
AT&T, Inc.	321,300		11,312,973
Telefonica SA sponsored ADR (d)	126,411		2,076,933
Verizon Communications, Inc.	382,000		18,954,840
			32,344,746
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			33,127,296
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Manufacturing Services - 0.5%
Neonode, Inc. (a)(d)	236,500		1,497,045
INTERNET SOFTWARE & SERVICES - 5.7%
Internet Software & Services - 5.7%
Global Eagle Entertainment, Inc. (a)	24,200		371,470
Google, Inc. Class A (a)	10,400		11,019,736
Web.com Group, Inc. (a)	105,800		3,020,590
Yahoo!, Inc. (a)	45,400		1,678,892
			16,090,688
IT SERVICES - 3.9%
IT Consulting & Other Services - 3.9%
Amdocs Ltd.	40,700		1,646,722
Cognizant Technology Solutions Corp. Class A (a)	101,100		9,492,279
			11,139,001

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 10.5%
Specialized REITs - 10.5%
American Tower Corp.	383,092		$ 29,793,065
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
Semiconductors - 2.1%
RF Micro Devices, Inc. (a)	536,900		2,834,832
Samsung Electronics Co. Ltd.	2,181		3,079,175
			5,914,007
SOFTWARE - 4.0%
Application Software - 4.0%
Gameloft Se (a)	346,462		3,653,195
Synchronoss Technologies, Inc. (a)	141,100		4,477,103
Tangoe, Inc. (a)	208,700		3,284,938
			11,415,236
WIRELESS TELECOMMUNICATION SERVICES - 37.3%
Wireless Telecommunication Services - 37.3%
America Movil S.A.B. de CV Series L sponsored ADR	104,100		2,419,284
China Mobile Ltd. sponsored ADR (d)	84,200		4,567,008
Crown Castle International Corp. (a)	184,400		13,688,012
Leap Wireless International, Inc. (a)	150,900		2,506,449
NII Holdings, Inc. (a)(d)	478,100		1,214,374
NTELOS Holdings Corp.	45,600		976,296
NTT DoCoMo, Inc. sponsored ADR (d)	151,200		2,429,784
Rogers Communications, Inc. Class B (non-vtg.) (d)	228,800		10,264,831
SBA Communications Corp. Class A (a)	164,300		13,993,431
Shenandoah Telecommunications Co.	1,300		32,474
Sprint Corp. (a)	714,633		5,995,771
T-Mobile U.S., Inc. (a)	347,975		9,050,830
Telephone & Data Systems, Inc.	101,014		2,809,199
U.S. Cellular Corp.	28,200		1,251,234
U.S.A. Mobility, Inc.	61,900		909,311
Vodafone Group PLC sponsored ADR	924,000		34,271,159
			106,379,447
TOTAL COMMON STOCKS (Cost $214,895,190)		282,022,552
Money Market Funds - 3.5%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	479		$ 479
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	10,144,473		10,144,473
TOTAL MONEY MARKET FUNDS (Cost $10,144,952)		10,144,952
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $225,040,142)			292,167,504
NET OTHER ASSETS (LIABILITIES) - (2.4)%			(6,893,734)
NET ASSETS - 100%		$ 285,273,770

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,685
Fidelity Securities Lending Cash Central Fund	180,940
Total	$ 184,625

Other Information

Income Tax Information

At November 30, 2013, the cost of investment securities for income tax purposes was $226,388,850. Net unrealized appreciation aggregated $65,778,654, of which $72,178,918 related to appreciated investment securities and $6,400,264 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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/Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	January 29, 2014

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/ Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	January 29, 2014
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	January 29, 2014