N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

November 30, 2012

1.810665.108

AIR-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
AEROSPACE & DEFENSE - 24.7%
Aerospace & Defense - 24.7%
Bombardier, Inc. Class B (sub. vtg.)	166,800		$ 589,387
Ducommun, Inc. (a)	37,700		590,759
Embraer SA sponsored ADR	13,100		326,583
General Dynamics Corp.	10,000		665,000
Meggitt PLC	56,545		352,771
Precision Castparts Corp.	17,800		3,264,342
Rockwell Collins, Inc.	73,900		4,225,602
Spirit AeroSystems Holdings, Inc. Class A (a)	31,100		489,825
Textron, Inc.	149,700		3,516,453
The Boeing Co.	52,500		3,899,700
United Technologies Corp.	4,600		368,506
			18,288,928
AIR FREIGHT & LOGISTICS - 33.2%
Air Freight & Logistics - 33.2%
C.H. Robinson Worldwide, Inc.	60,200		3,716,748
Expeditors International of Washington, Inc.	90,800		3,397,736
FedEx Corp.	61,600		5,515,048
Forward Air Corp.	44,200		1,469,650
Kintetsu World Express, Inc.	3,100		93,941
United Parcel Service, Inc. Class B	130,900		9,570,099
UTI Worldwide, Inc.	57,000		804,840
			24,568,062
AIRLINES - 34.1%
Airlines - 34.1%
Alaska Air Group, Inc. (a)	68,900		2,945,475
Copa Holdings SA Class A	8,100		768,204
Dart Group PLC	536,386		996,870
Delta Air Lines, Inc. (a)	394,102		3,941,020
JetBlue Airways Corp. (a)	126,600		650,724
Republic Airways Holdings, Inc. (a)	120,600		700,686
Ryanair Holdings PLC sponsored ADR	84,600		2,912,778
SkyWest, Inc.	154,200		1,787,178
Southwest Airlines Co.	291,900		2,781,807
Spirit Airlines, Inc. (a)	4,600		77,188
United Continental Holdings, Inc. (a)	133,985		2,709,177
US Airways Group, Inc. (a)(d)	179,000		2,307,310
WestJet Airlines Ltd.	139,400		2,638,264
			25,216,681
INDUSTRIAL CONGLOMERATES - 0.9%
Industrial Conglomerates - 0.9%
General Electric Co.	31,400		663,482

	Shares		Value
MACHINERY - 0.2%
Construction & Farm Machinery & Heavy Trucks - 0.2%
ASL Marine Holdings Ltd.	240,000		$ 127,806
MEDIA - 0.2%
Movies & Entertainment - 0.2%
Advanced Inflight Alliance AG	28,200		183,378
ROAD & RAIL - 1.7%
Trucking - 1.7%
DSV de Sammensluttede Vognmaend A/S	7,500		177,030
Landstar System, Inc.	9,800		495,586
Ryder System, Inc.	3,800		178,866
Universal Truckload Services, Inc.	24,800		384,648
			1,236,130
TOTAL COMMON STOCKS (Cost $57,992,806)		70,284,467
Money Market Funds - 7.4%

Fidelity Cash Central Fund, 0.19% (b)	3,501,498		3,501,498
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	1,956,150		1,956,150
TOTAL MONEY MARKET FUNDS (Cost $5,457,648)		5,457,648
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $63,450,454)			75,742,115
NET OTHER ASSETS (LIABILITIES) - (2.4)%			(1,769,723)
NET ASSETS - 100%		$ 73,972,392

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. 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	$ 5,224
Fidelity Securities Lending Cash Central Fund	2,671
Total	$ 7,895

Other Information

The following is a summary of the inputs used, as of November 30, 2012, 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	$ 70,284,467	$ 70,190,526	$ 93,941	$ -
Money Market Funds	5,457,648	5,457,648	-	-
Total Investments in Securities:	$ 75,742,115	$ 75,648,174	$ 93,941	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $63,575,051. Net unrealized appreciation aggregated $12,167,064, of which $12,844,453 related to appreciated investment securities and $677,389 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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:

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 significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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 Chemicals Portfolio

November 30, 2012

1.810670.108

CHE-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.4%
	Shares		Value
CHEMICALS - 89.8%
Commodity Chemicals - 6.9%
Arkema SA	138,800		$ 14,197,610
Cabot Corp.	329,403		12,428,375
Mexichem SAB de CV	1,788,500		9,218,067
PetroLogistics LP	323,932		3,796,483
Westlake Chemical Corp. (d)	269,285		19,498,927
			59,139,462
Diversified Chemicals - 23.6%
E.I. du Pont de Nemours & Co.	1,400,000		60,396,000
Eastman Chemical Co.	988,500		60,150,225
PPG Industries, Inc.	172,100		21,386,867
The Dow Chemical Co.	1,979,438		59,759,233
			201,692,325
Fertilizers & Agricultural Chemicals - 14.5%
CF Industries Holdings, Inc.	137,353		29,397,663
CVR Partners LP	33		866
Monsanto Co.	937,753		85,888,797
The Mosaic Co.	152,842		8,262,639
			123,549,965
Industrial Gases - 8.3%
Praxair, Inc.	657,407		70,480,604
Specialty Chemicals - 36.5%
Albemarle Corp.	377,202		22,552,908
Ashland, Inc.	585,950		41,555,574
Celanese Corp. Class A	47,000		1,928,880
Cytec Industries, Inc.	247,143		16,963,896
Ecolab, Inc.	570,099		41,092,736
Innophos Holdings, Inc.	234,108		11,216,114
Innospec, Inc.	341,066		10,856,131
LyondellBasell Industries NV Class A	1,205,026		59,925,943
NewMarket Corp.	10,000		2,653,500
Rockwood Holdings, Inc.	199,527		9,152,303
Royal DSM NV	78,100		4,498,158
Sherwin-Williams Co.	151,600		23,122,032
Sigma Aldrich Corp.	392,200		28,442,344
Valspar Corp.	202,300		12,700,394
W.R. Grace & Co. (a)	386,184		25,283,466
			311,944,379
TOTAL CHEMICALS			766,806,735
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Environmental & Facility Services - 0.2%
Swisher Hygiene, Inc. (a)	549,240		706,872
Swisher Hygiene, Inc. (Canada) (a)	559,700		800,371
			1,507,243

	Shares		Value
ENERGY EQUIPMENT & SERVICES - 2.1%
Oil & Gas Drilling - 2.1%
Ocean Rig UDW, Inc. (United States) (a)	540,424		$ 8,511,678
Seadrill Ltd.	600		23,118
Seadrill Partners LLC	347,500		9,128,825
			17,663,621
MARINE - 0.0%
Marine - 0.0%
DryShips, Inc. (a)	20		34
OIL, GAS & CONSUMABLE FUELS - 0.3%
Oil & Gas Storage & Transport - 0.3%
Southcross Energy Partners LP	3,600		84,528
Tesoro Logistics LP	62,400		2,876,640
			2,961,168
TOTAL COMMON STOCKS (Cost $617,878,180)		788,938,801

Convertible Bonds - 0.3%
	Principal Amount
MARINE - 0.3%
Marine - 0.3%
DryShips, Inc. 5% 12/1/14 (Cost $2,471,487)	$ 2,790,000	2,155,275

Money Market Funds - 7.4%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	57,361,577		57,361,577
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	6,170,175		6,170,175
TOTAL MONEY MARKET FUNDS (Cost $63,531,752)		63,531,752
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $683,881,419)			854,625,828
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(1,036,697)
NET ASSETS - 100%		$ 853,589,131

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	$ 63,442
Fidelity Securities Lending Cash Central Fund	285,297
Total	$ 348,739

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 788,938,801	$ 788,231,929	$ 706,872	$ -
Convertible Bonds	2,155,275	-	2,155,275	-
Money Market Funds	63,531,752	63,531,752	-	-
Total Investments in Securities:	$ 854,625,828	$ 851,763,681	$ 2,862,147	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $693,040,140. Net unrealized appreciation aggregated $161,585,688, of which $175,191,400 related to appreciated investment securities and $13,605,712 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 Defense and Aerospace Portfolio

November 30, 2012

1.810679.108

DEF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
AEROSPACE & DEFENSE - 89.1%
Aerospace & Defense - 89.1%
BE Aerospace, Inc. (a)	358,569		$ 16,981,828
DigitalGlobe, Inc. (a)(d)	315,470		7,867,822
Ducommun, Inc. (a)	525,929		8,241,307
Esterline Technologies Corp. (a)	333,434		20,386,155
General Dynamics Corp.	581,506		38,670,149
HEICO Corp.	437,234		18,005,296
Honeywell International, Inc.	450,928		27,655,414
Lockheed Martin Corp.	145,340		13,560,222
Meggitt PLC	2,022,600		12,618,541
Moog, Inc. Class A (a)	276,631		10,168,956
MTU Aero Engines Holdings AG	93,112		8,281,811
Northrop Grumman Corp.	129,142		8,613,771
Precision Castparts Corp.	242,537		44,478,860
Raytheon Co.	417,256		23,837,835
Rockwell Collins, Inc.	524,554		29,993,998
Rolls-Royce Group PLC	346,600		4,944,993
Rolls-Royce Group PLC Class C	26,341,600		42,203
SIFCO Industries, Inc.	82,763		1,267,102
Teledyne Technologies, Inc. (a)	350,126		22,057,938
Textron, Inc.	1,134,341		26,645,670
The Boeing Co.	844,737		62,747,064
TransDigm Group, Inc.	223,833		30,445,765
United Technologies Corp.	1,457,878		116,790,606
			554,303,306
CHEMICALS - 1.5%
Specialty Chemicals - 1.5%
Cytec Industries, Inc.	139,116		9,548,922
ELECTRICAL EQUIPMENT - 1.1%
Electrical Components & Equipment - 1.1%
AMETEK, Inc.	177,214		6,615,399
ELECTRONIC EQUIPMENT & COMPONENTS - 1.2%
Electronic Equipment & Instruments - 0.7%
FLIR Systems, Inc.	211,600		4,316,640
Electronic Manufacturing Services - 0.5%
Mercury Systems, Inc. (a)	369,796		3,250,507
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			7,567,147
METALS & MINING - 2.1%
Diversified Metals & Mining - 0.6%
Titanium Metals Corp.	230,400		3,829,248

	Shares		Value
Steel - 1.5%
Carpenter Technology Corp.	119,800		$ 5,805,508
Haynes International, Inc.	74,452		3,464,996
			9,270,504
TOTAL METALS & MINING			13,099,752
TRADING COMPANIES & DISTRIBUTORS - 3.5%
Trading Companies & Distributors - 3.5%
AerCap Holdings NV (a)	946,229		11,837,325
Air Lease Corp. Class A (a)(d)	438,141		9,748,637
			21,585,962
TOTAL COMMON STOCKS (Cost $524,240,194)		612,720,488
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.19% (b)	9,258,040		9,258,040
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	8,523,225		8,523,225
TOTAL MONEY MARKET FUNDS (Cost $17,781,265)		17,781,265
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $542,021,459)		630,501,753
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(8,789,397)
NET ASSETS - 100%		$ 621,712,356

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	$ 22,753
Fidelity Securities Lending Cash Central Fund	34,451
Total	$ 57,204

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
Ducommun, Inc.	$ -	$ 7,563,548	$ 255,041	$ -	$ -
Total	$ -	$ 7,563,548	$ 255,041	$ -	$ -

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, 2012, the cost of investment securities for income tax purposes was $547,722,873. Net unrealized appreciation aggregated $82,778,880, of which $92,864,428 related to appreciated investment securities and $10,085,548 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 Environment and
Alternative Energy Portfolio

November 30, 2012

1.810704.108

ENV-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
Energy Efficiency - 35.3%
Buildings Energy Efficiency - 13.5%
Apogee Enterprises, Inc.	20,200		$ 462,984
Cree, Inc. (a)(d)	40,600		1,311,786
Ingersoll-Rand PLC	62,600		3,053,628
Johnson Controls, Inc.	86,700		2,387,718
Lennox International, Inc.	18,500		972,915
Owens Corning (a)	30,700		1,061,606
Zumtobel AG	29,400		313,575
TOTAL BUILDINGS ENERGY EFFICIENCY			9,564,212
Diversified Energy Efficiency - 1.3%
Corning, Inc.	60,400		738,692
Honeywell International, Inc.	2,500		153,325
TOTAL DIVERSIFIED ENERGY EFFICIENCY			892,017
Industrial Energy Efficiency - 1.4%
ON Semiconductor Corp. (a)	153,000		1,014,390
Power Network Efficiency - 17.7%
Eaton Corp.	45,200		2,357,632
Emerson Electric Co.	116,300		5,841,749
ESCO Technologies, Inc.	13,200		484,440
Exide Technologies (a)	89,100		257,499
Hubbell, Inc. Class B	32,100		2,704,425
Quanta Services, Inc. (a)	33,600		868,896
TOTAL POWER NETWORK EFFICIENCY			12,514,641
Transport Energy Efficiency - 1.4%
Sensata Technologies Holding BV (a)	31,700		978,262
TOTAL ENERGY EFFICIENCY			24,963,522
Environmental Support Services - 14.2%
Diversified Environmental - 11.0%
3M Co.	8,900		809,455
Air Products & Chemicals, Inc.	51,300		4,254,822
Parker Hannifin Corp.	32,900		2,702,735
TOTAL DIVERSIFIED ENVIRONMENTAL			7,767,012
Environmental Consultancies - 3.2%
AECOM Technology Corp. (a)	25,500		576,045
Jacobs Engineering Group, Inc. (a)	42,000		1,719,480
TOTAL ENVIRONMENTAL CONSULTANCIES			2,295,525
TOTAL ENVIRONMENTAL SUPPORT SERVICES			10,062,537

	Shares		Value
Pollution Control - 1.1%
Pollution Control Solutions - 1.1%
Tenneco, Inc. (a)	24,300		$ 779,301
Renewable & Alternative Energy - 8.1%
Biofuels - 0.5%
Amyris, Inc. (a)(d)	110,100		311,583
Renewable Energy Developers and Independent Power Producers (IPPs) - 7.2%
EDP Renovaveis SA (a)	173,238		847,146
Empresa Nacional de Electricidad SA sponsored ADR	14,200		637,864
Iberdrola SA	722,400		3,588,956
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPs)			5,073,966
Solar Energy Generation Equipment - 0.4%
GT Advanced Technologies, Inc. (a)(d)	89,900		302,963
TOTAL RENEWABLE & ALTERNATIVE ENERGY			5,688,512
Waste Management & Technologies - 19.6%
General Waste Management - 7.0%
Republic Services, Inc.	140,800		4,008,576
Waste Management, Inc.	29,600		964,072
TOTAL GENERAL WASTE MANAGEMENT			4,972,648
Hazardous Waste Management - 7.6%
Clean Harbors, Inc. (a)	17,000		973,760
EnergySolutions, Inc. (a)	126,300		413,001
Stericycle, Inc. (a)	37,400		3,495,778
US Ecology, Inc.	22,000		480,920
TOTAL HAZARDOUS WASTE MANAGEMENT			5,363,459
Recycling and Value Added Waste Processing - 5.0%
Commercial Metals Co.	67,800		918,690
Covanta Holding Corp.	80,700		1,523,616
Interface, Inc.	33,500		492,115
Schnitzer Steel Industries, Inc. Class A	21,800		614,542
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING			3,548,963
TOTAL WASTE MANAGEMENT & TECHNOLOGIES			13,885,070
Water Infrastructure & Technologies - 20.4%
Water Infrastructure - 1.8%
Aegion Corp. (a)	62,500		1,288,750
Water Treatment Equipment - 18.6%
Ashland, Inc.	45,700		3,241,044
Common Stocks - continued
	Shares		Value
Water Infrastructure & Technologies - continued
Water Treatment Equipment - continued
Danaher Corp.	120,800		$ 6,519,575
Ecolab, Inc.	46,800		3,373,344
TOTAL WATER TREATMENT EQUIPMENT			13,133,963
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES			14,422,713
TOTAL COMMON STOCKS (Cost $66,233,383)		69,801,655
Convertible Bonds - 0.4%
	Principal Amount
Energy Efficiency - 0.4%
Buildings Energy Efficiency - 0.4%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $275,800)	$ 275,800		275,800
Cash Equivalents - 9.2%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	5,127,176		5,127,176
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	1,358,025		1,358,025
TOTAL CASH EQUIVALENTS (Cost $6,485,201)		6,485,201
TOTAL INVESTMENT PORTFOLIO - 108.3% (Cost $72,994,384)		76,562,656
NET OTHER ASSETS (LIABILITIES) - (8.3)%		(5,883,317)
NET ASSETS - 100%		$ 70,679,339

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 $275,800 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 275,800

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 630
Fidelity Securities Lending Cash Central Fund	45,867
Total	$ 46,497

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 69,801,655	$ 69,801,655	$ -	$ -
Convertible Bonds	275,800	-	-	275,800
Money Market Funds	6,485,201	6,485,201	-	-
Total Investments in Securities:	$ 76,562,656	$ 76,286,856	$ -	$ 275,800

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $73,801,594. Net unrealized appreciation aggregated $2,761,062, of which $7,403,319 related to appreciated investment securities and $4,642,257 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 Health Care Portfolio

November 30, 2012

1.810696.108

HEA-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
BIOTECHNOLOGY - 31.5%
Biotechnology - 31.5%
Achillion Pharmaceuticals, Inc. (a)	1,050,000		$ 8,179,500
Acorda Therapeutics, Inc. (a)	200,000		5,036,000
Amgen, Inc.	2,370,000		210,456,000
AVEO Pharmaceuticals, Inc. (a)	400,000		2,600,000
Biogen Idec, Inc. (a)	360,000		53,672,400
BioMarin Pharmaceutical, Inc. (a)	1,025,000		49,815,000
Biovitrum AB (a)	2,145,200		10,349,812
Discovery Laboratories, Inc. (a)(d)	1,961,800		4,217,870
Dynavax Technologies Corp. (a)	2,800,000		7,952,000
Genomic Health, Inc. (a)	250,000		6,915,000
Gilead Sciences, Inc. (a)	2,300,000		172,500,000
Grifols SA ADR	1,280,000		31,219,200
Infinity Pharmaceuticals, Inc. (a)	250,000		6,337,500
Insmed, Inc. (a)	264,994		1,897,357
Intercept Pharmaceuticals, Inc.	72,960		1,705,075
Lexicon Pharmaceuticals, Inc. (a)	2,612,400		4,493,328
Medivation, Inc. (a)	600,000		31,290,000
Merrimack Pharmaceuticals, Inc.	500,000		3,570,000
Momenta Pharmaceuticals, Inc. (a)	400,000		4,280,000
Neurocrine Biosciences, Inc. (a)	1,005,500		7,521,140
NPS Pharmaceuticals, Inc. (a)	800,000		8,184,000
Onyx Pharmaceuticals, Inc. (a)	200,000		15,094,000
Puma Biotechnology, Inc.	400,000		8,240,000
Regeneron Pharmaceuticals, Inc. (a)	280,000		49,434,000
Seattle Genetics, Inc. (a)	400,000		10,124,000
Spectrum Pharmaceuticals, Inc. (a)	505,000		5,979,200
Synageva BioPharma Corp. (a)	330,000		16,146,900
Synta Pharmaceuticals Corp. (a)	400,000		3,228,000
Targacept, Inc. (a)	1,000,000		4,290,000
Theravance, Inc. (a)(d)	940,000		21,131,200
Thrombogenics NV (a)	150,000		7,220,003
United Therapeutics Corp. (a)	200,000		10,510,000
Vertex Pharmaceuticals, Inc. (a)	147,400		5,865,046
Vical, Inc. (a)	1,000,000		3,140,000
ZIOPHARM Oncology, Inc. (a)	503,120		2,203,666
			794,797,197
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Carriage Services, Inc. (e)	996,904		11,075,603
FOOD & STAPLES RETAILING - 1.9%
Drug Retail - 1.9%
CVS Caremark Corp.	600,000		27,906,000
Walgreen Co.	600,000		20,346,000
			48,252,000
HEALTH CARE EQUIPMENT & SUPPLIES - 7.8%
Health Care Equipment - 6.3%
Boston Scientific Corp. (a)	9,000,000		49,860,000
Conceptus, Inc. (a)	400,000		8,324,000
CONMED Corp.	265,000		7,321,950

	Shares		Value
Covidien PLC	350,000		$ 20,338,500
Genmark Diagnostics, Inc. (a)	1,342,600		13,291,740
HeartWare International, Inc. (a)(d)	200,000		16,462,000
Insulet Corp. (a)	530,000		11,633,500
Opto Circuits India Ltd.	1,800,000		3,594,029
Volcano Corp. (a)	550,000		14,993,000
Wright Medical Group, Inc. (a)	400,000		8,448,000
Zeltiq Aesthetics, Inc. (a)	1,050,000		4,977,000
			159,243,719
Health Care Supplies - 1.5%
Derma Sciences, Inc. (a)	589,225		6,711,273
The Cooper Companies, Inc.	343,000		32,564,420
			39,275,693
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			198,519,412
HEALTH CARE PROVIDERS & SERVICES - 16.8%
Health Care Distributors & Services - 0.2%
Amplifon SpA	1,200,000		5,446,703
Health Care Facilities - 1.7%
Brookdale Senior Living, Inc. (a)	800,000		20,448,000
Emeritus Corp. (a)	434,000		9,817,080
Hanger, Inc. (a)	300,000		7,833,000
LCA-Vision, Inc. (a)	260,204		835,255
Raffles Medical Group Ltd.	2,500,000		5,058,987
			43,992,322
Health Care Services - 9.6%
Accretive Health, Inc. (a)	566,312		6,756,102
BioScrip, Inc. (a)	1,290,000		13,287,000
Catamaran Corp. (a)	1,625,000		79,765,440
Express Scripts Holding Co. (a)	150,000		8,077,500
Fresenius Medical Care AG & Co. KGaA	280,000		19,225,649
HMS Holdings Corp. (a)	500,000		11,585,000
MEDNAX, Inc. (a)	620,000		48,980,000
Quest Diagnostics, Inc.	925,000		53,446,500
			241,123,191
Managed Health Care - 5.3%
Aetna, Inc.	250,000		10,797,500
CIGNA Corp.	1,000,000		52,270,000
Humana, Inc.	300,000		19,623,000
Qualicorp SA (a)	700,000		6,797,548
UnitedHealth Group, Inc.	800,000		43,512,000
			133,000,048
TOTAL HEALTH CARE PROVIDERS & SERVICES			423,562,264
HEALTH CARE TECHNOLOGY - 3.3%
Health Care Technology - 3.3%
athenahealth, Inc. (a)(d)	270,000		17,196,300
Cerner Corp. (a)	800,000		61,776,000
HealthStream, Inc. (a)	200,000		4,744,000
			83,716,300
Common Stocks - continued
	Shares		Value
IT SERVICES - 1.0%
IT Consulting & Other Services - 1.0%
Maximus, Inc.	400,000		$ 25,196,000
PERSONAL PRODUCTS - 0.7%
Personal Products - 0.7%
Prestige Brands Holdings, Inc. (a)	770,000		16,632,000
PHARMACEUTICALS - 32.5%
Pharmaceuticals - 32.5%
Cadence Pharmaceuticals, Inc. (a)	900,000		3,834,000
Elan Corp. PLC sponsored ADR (a)	3,000,000		29,940,000
Eli Lilly & Co.	1,200,000		58,848,000
Endo Pharmaceuticals Holdings, Inc. (a)	1,800,000		51,588,000
Hi-Tech Pharmacal Co., Inc.	250,000		7,550,000
Johnson & Johnson	700,000		48,811,000
Meda AB (A Shares)	1,000,000		10,295,565
Merck & Co., Inc.	5,000,000		221,500,001
Mylan, Inc. (a)	700,000		19,026,000
Optimer Pharmaceuticals, Inc. (a)(d)	1,000,000		10,190,000
Pacira Pharmaceuticals, Inc. (a)(d)	250,000		4,262,500
Pfizer, Inc.	5,700,000		142,614,000
Shire PLC sponsored ADR	400,000		34,652,000
Teva Pharmaceutical Industries Ltd. sponsored ADR	300,000		12,105,000
The Medicines Company (a)	320,000		6,870,400
UCB SA	240,000		13,623,001
Valeant Pharmaceuticals International, Inc. (Canada) (a)	500,000		27,855,237
ViroPharma, Inc. (a)	1,415,482		35,089,799
Warner Chilcott PLC	1,100,000		12,826,000
Watson Pharmaceuticals, Inc. (a)	700,000		61,607,000
XenoPort, Inc. (a)	1,030,000		8,085,500
			821,173,003
PROFESSIONAL SERVICES - 0.5%
Research & Consulting Services - 0.5%
Advisory Board Co. (a)	280,000		12,670,000
SOFTWARE - 0.4%
Application Software - 0.4%
Nuance Communications, Inc. (a)	470,000		10,452,800
TOTAL COMMON STOCKS (Cost $2,022,498,428)		2,446,046,579
Convertible Preferred Stocks - 0.6%

BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Ariosa Diagnostics (f)	496,689		3,000,002

	Shares		Value
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Castlight Health, Inc. Series D (a)(f)	1,784,800		$ 12,493,600
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $13,774,054)		15,493,602
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.19% (b)	57,967,899		57,967,899
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	30,460,365		30,460,365
TOTAL MONEY MARKET FUNDS (Cost $88,428,264)		88,428,264
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $2,124,700,746)			2,549,968,445
NET OTHER ASSETS (LIABILITIES) - (0.9)%			(23,669,105)
NET ASSETS - 100%		$ 2,526,299,340

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 $15,493,602 or 0.6% of net assets.

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 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	$ 72,406
Fidelity Securities Lending Cash Central Fund	339,480
Total	$ 411,886

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carriage Services, Inc.	$ 5,971,455	$ -	$ -	$ 74,768	$ 11,075,603
Genmark Diagnostics, Inc.	3,923,962	1,671,998	-	-	-
Total	$ 9,895,417	$ 1,671,998	$ -	$ 74,768	$ 11,075,603

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,446,046,579	$ 2,426,820,930	$ 19,225,649	$ -
Convertible Preferred Stocks	15,493,602	-	-	15,493,602
Money Market Funds	88,428,264	88,428,264	-	-
Total Investments in Securities:	$ 2,549,968,445	$ 2,515,249,194	$ 19,225,649	$ 15,493,602

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $2,127,183,825. Net unrealized appreciation aggregated $422,784,620, of which $495,338,833 related to appreciated investment securities and $72,554,213 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 Industrial Equipment Portfolio

November 30, 2012

1.810687.108

INE-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
AEROSPACE & DEFENSE - 18.9%
Aerospace & Defense - 18.9%
Alliant Techsystems, Inc.	22,500		$ 1,350,000
American Science & Engineering, Inc.	11,900		760,172
Ducommun, Inc. (a)	2,641		41,384
Honeywell International, Inc.	192,000		11,775,360
Precision Castparts Corp.	39,600		7,262,244
Raytheon Co.	146,300		8,358,119
Rockwell Collins, Inc.	51,700		2,956,206
Teledyne Technologies, Inc. (a)	20,100		1,266,300
The Boeing Co.	11,600		861,648
TransDigm Group, Inc.	17,100		2,325,942
United Technologies Corp.	250,400		20,059,544
			57,016,919
AIR FREIGHT & LOGISTICS - 0.5%
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	13,800		852,012
Expeditors International of Washington, Inc.	20,100		752,142
			1,604,154
BUILDING PRODUCTS - 2.3%
Building Products - 2.3%
AAON, Inc.	42,200		888,310
Armstrong World Industries, Inc.	15,900		803,109
Gibraltar Industries, Inc. (a)	70,241		974,243
Quanex Building Products Corp.	136,778		2,861,396
Simpson Manufacturing Co. Ltd.	43,600		1,426,156
			6,953,214
CONSTRUCTION & ENGINEERING - 3.3%
Construction & Engineering - 3.3%
Fluor Corp.	69,900		3,710,292
Jacobs Engineering Group, Inc. (a)	68,900		2,820,766
KBR, Inc.	64,800		1,801,440
Larsen & Toubro Ltd.	18,430		566,468
Primoris Services Corp.	65,300		945,544
			9,844,510
ELECTRICAL EQUIPMENT - 12.5%
Electrical Components & Equipment - 11.9%
Acuity Brands, Inc.	24,700		1,633,905
AMETEK, Inc.	79,650		2,973,335
Emerson Electric Co.	221,400		11,120,922
GrafTech International Ltd. (a)	95,800		929,260
Hubbell, Inc. Class B	20,900		1,760,825
II-VI, Inc. (a)	44,200		756,262
Regal-Beloit Corp.	127,332		8,881,407
Rockwell Automation, Inc.	55,300		4,381,972
Roper Industries, Inc.	30,400		3,390,512
			35,828,400

	Shares		Value
Heavy Electrical Equipment - 0.6%
AZZ, Inc.	27,600		$ 1,052,112
Bharat Heavy Electricals Ltd.	165,641		715,341
			1,767,453
TOTAL ELECTRICAL EQUIPMENT			37,595,853
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
FLIR Systems, Inc.	41,300		842,520
INDUSTRIAL CONGLOMERATES - 26.3%
Industrial Conglomerates - 26.3%
3M Co.	195,000		17,735,250
Danaher Corp.	155,400		8,386,938
General Electric Co.	2,478,455		52,369,754
Raven Industries, Inc.	32,800		852,472
			79,344,414
MACHINERY - 28.4%
Construction & Farm Machinery & Heavy Trucks - 13.6%
Ashok Leyland Ltd.	1,508,133		789,293
Caterpillar, Inc.	174,100		14,840,284
Cummins, Inc.	127,800		12,544,848
Joy Global, Inc.	39,600		2,256,804
Manitowoc Co., Inc.	142,700		2,140,500
PACCAR, Inc.	132,000		5,800,080
WABCO Holdings, Inc. (a)	15,600		967,980
Wabtec Corp.	21,000		1,777,020
			41,116,809
Industrial Machinery - 14.8%
Actuant Corp. Class A	42,800		1,231,356
Alfa Laval AB	43,200		849,280
Blount International, Inc. (a)	59,800		853,346
Donaldson Co., Inc.	75,500		2,535,290
Flowserve Corp.	19,100		2,646,305
Gorman-Rupp Co.	31,200		868,296
Graco, Inc.	30,100		1,487,241
Illinois Tool Works, Inc.	191,600		11,796,812
Ingersoll-Rand PLC	120,200		5,863,356
Lincoln Electric Holdings, Inc.	36,200		1,719,862
Middleby Corp. (a)	11,800		1,503,202
Nordson Corp.	26,500		1,621,535
Pall Corp.	41,400		2,462,472
Parker Hannifin Corp.	54,700		4,493,605
Sun Hydraulics Corp.	35,500		927,970
Valmont Industries, Inc.	11,600		1,620,056
Weg SA	68,200		869,735
Woodward, Inc.	35,800		1,309,206
			44,658,925
TOTAL MACHINERY			85,775,734
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 2.7%
Trading Companies & Distributors - 2.7%
Applied Industrial Technologies, Inc.	30,700		$ 1,228,921
Houston Wire & Cable Co.	74,000		830,280
MSC Industrial Direct Co., Inc. Class A	24,100		1,751,106
Watsco, Inc.	16,500		1,182,885
WESCO International, Inc. (a)	48,800		3,154,920
			8,148,112
TRANSPORTATION INFRASTRUCTURE - 0.2%
Highways & Railtracks - 0.2%
CCR SA	87,700		753,544
TOTAL COMMON STOCKS (Cost $243,791,161)		287,878,974
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b) (Cost $13,559,126)	13,559,126		$ 13,559,126
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $257,350,287)		301,438,100
NET OTHER ASSETS (LIABILITIES) - 0.1%		231,989
NET ASSETS - 100%		$ 301,670,089

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	$ 20,757
Fidelity Securities Lending Cash Central Fund	1,015
Total	$ 21,772

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Key Technology, Inc.	$ 3,964,961	$ -	$ 2,818,293	$ -	$ -
Total	$ 3,964,961	$ -	$ 2,818,293	$ -	$ -

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $257,810,865. Net unrealized appreciation aggregated $43,627,235, of which $45,973,985 related to appreciated investment securities and $2,346,750 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, 2012

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

1.860868.105

ACSF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
BEVERAGES - 28.0%
Brewers - 5.0%
Anheuser-Busch InBev SA NV	794,828		$ 69,795,743
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	225,485		9,382,431
Compania Cervecerias Unidas SA sponsored ADR (d)	68,600		5,035,240
SABMiller PLC	504,000		22,831,599
			107,045,013
Distillers & Vintners - 8.7%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,383,229		49,630,257
Diageo PLC sponsored ADR	547,197		65,428,345
Pernod Ricard SA	363,401		41,146,399
Remy Cointreau SA (d)	267,260		29,940,971
			186,145,972
Soft Drinks - 14.3%
Coca-Cola Bottling Co. CONSOLIDATED	94,145		6,462,113
Coca-Cola FEMSA SAB de CV sponsored ADR	38,829		5,477,995
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	88,006		2,026,778
Coca-Cola Icecek A/S	358,162		7,015,513
Embotelladora Andina SA:
ADR	43,689		1,321,592
sponsored ADR	241,600		9,173,552
Fomento Economico Mexicano SAB de CV sponsored ADR	13,387		1,312,997
PepsiCo, Inc.	476,071		33,424,945
The Coca-Cola Co.	6,295,457		238,723,729
			304,939,214
TOTAL BEVERAGES			598,130,199
FOOD & STAPLES RETAILING - 12.8%
Drug Retail - 8.5%
CVS Caremark Corp.	3,154,863		146,732,678
Drogasil SA	521,400		5,124,204
Walgreen Co.	856,660		29,049,341
			180,906,223
Food Distributors - 0.1%
Chefs' Warehouse Holdings (a)	212,300		3,356,463
Food Retail - 1.9%
Fresh Market, Inc. (a)	28,100		1,456,423
Kroger Co.	1,091,717		28,646,654
Susser Holdings Corp. (a)	134,000		4,892,340
The Pantry, Inc. (a)	427,135		5,484,413
			40,479,830

	Shares		Value
Hypermarkets & Super Centers - 2.3%
Wal-Mart Stores, Inc.	679,596		$ 48,944,504
TOTAL FOOD & STAPLES RETAILING			273,687,020
FOOD PRODUCTS - 10.3%
Agricultural Products - 3.1%
Archer Daniels Midland Co.	562,763		15,025,772
Bunge Ltd.	637,187		46,616,601
First Resources Ltd.	1,413,000		2,465,746
SLC Agricola SA	253,600		2,123,224
			66,231,343
Packaged Foods & Meats - 7.2%
Annie's, Inc.	80,671		2,893,669
Calavo Growers, Inc.	68,273		1,642,648
Green Mountain Coffee Roasters, Inc. (a)(d)	362,037		13,275,897
Lindt & Spruengli AG	121		4,571,938
Mead Johnson Nutrition Co. Class A	512,216		34,928,009
Nestle SA	458,726		30,022,372
TreeHouse Foods, Inc. (a)	114,300		5,993,892
Tyson Foods, Inc. Class A	593,100		11,369,727
Ulker Biskuvi Sanayi A/S	437,525		2,169,444
Unilever NV (NY Reg.)	1,147,171		43,397,479
Want Want China Holdings Ltd.	1,771,000		2,586,736
			152,851,811
TOTAL FOOD PRODUCTS			219,083,154
HOUSEHOLD PRODUCTS - 17.3%
Household Products - 17.3%
Colgate-Palmolive Co.	559,871		60,746,004
Procter & Gamble Co.	4,430,558		309,385,865
			370,131,869
PERSONAL PRODUCTS - 2.3%
Personal Products - 2.3%
Hengan International Group Co. Ltd.	576,500		5,206,962
Herbalife Ltd.	23,190		1,066,044
L'Oreal SA	206,200		27,983,896
Natura Cosmeticos SA	68,400		1,810,513
Nu Skin Enterprises, Inc. Class A (d)	303,319		13,770,683
			49,838,098
PHARMACEUTICALS - 2.0%
Pharmaceuticals - 2.0%
Johnson & Johnson	613,460		42,776,566
TOBACCO - 22.2%
Tobacco - 22.2%
Altria Group, Inc.	3,089,820		104,466,814
British American Tobacco PLC sponsored ADR	2,723,391		287,127,113
ITC Ltd.	392,068		2,156,681
Japan Tobacco, Inc.	187,900		5,634,100
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Lorillard, Inc.	128,411		$ 15,558,277
Philip Morris International, Inc.	554,847		49,869,648
Souza Cruz SA	478,600		6,959,052
Swedish Match Co. AB	57,200		2,013,458
			473,785,143
TOTAL COMMON STOCKS (Cost $1,533,420,887)		2,027,432,049
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 0.19% (b)	97,540,721		97,540,721
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	13,720,739		13,720,739
TOTAL MONEY MARKET FUNDS (Cost $111,261,460)		111,261,460
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,644,682,347)		2,138,693,509
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(2,087,978)
NET ASSETS - 100%		$ 2,136,605,531

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	$ 82,009
Fidelity Securities Lending Cash Central Fund	381,468
Total	$ 463,477

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,027,432,049	$ 1,952,002,206	$ 75,429,843	$ -
Money Market Funds	111,261,460	111,261,460	-	-
Total Investments in Securities:	$ 2,138,693,509	$ 2,063,263,666	$ 75,429,843	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,647,948,999. Net unrealized appreciation aggregated $490,744,510, of which $497,457,314 related to appreciated investment securities and $6,712,804 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, 2012

1.810694.108

FOO-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
BEVERAGES - 28.0%
Brewers - 5.0%
Anheuser-Busch InBev SA NV	794,828		$ 69,795,743
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	225,485		9,382,431
Compania Cervecerias Unidas SA sponsored ADR (d)	68,600		5,035,240
SABMiller PLC	504,000		22,831,599
			107,045,013
Distillers & Vintners - 8.7%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,383,229		49,630,257
Diageo PLC sponsored ADR	547,197		65,428,345
Pernod Ricard SA	363,401		41,146,399
Remy Cointreau SA (d)	267,260		29,940,971
			186,145,972
Soft Drinks - 14.3%
Coca-Cola Bottling Co. CONSOLIDATED	94,145		6,462,113
Coca-Cola FEMSA SAB de CV sponsored ADR	38,829		5,477,995
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	88,006		2,026,778
Coca-Cola Icecek A/S	358,162		7,015,513
Embotelladora Andina SA:
ADR	43,689		1,321,592
sponsored ADR	241,600		9,173,552
Fomento Economico Mexicano SAB de CV sponsored ADR	13,387		1,312,997
PepsiCo, Inc.	476,071		33,424,945
The Coca-Cola Co.	6,295,457		238,723,729
			304,939,214
TOTAL BEVERAGES			598,130,199
FOOD & STAPLES RETAILING - 12.8%
Drug Retail - 8.5%
CVS Caremark Corp.	3,154,863		146,732,678
Drogasil SA	521,400		5,124,204
Walgreen Co.	856,660		29,049,341
			180,906,223
Food Distributors - 0.1%
Chefs' Warehouse Holdings (a)	212,300		3,356,463
Food Retail - 1.9%
Fresh Market, Inc. (a)	28,100		1,456,423
Kroger Co.	1,091,717		28,646,654
Susser Holdings Corp. (a)	134,000		4,892,340
The Pantry, Inc. (a)	427,135		5,484,413
			40,479,830

	Shares		Value
Hypermarkets & Super Centers - 2.3%
Wal-Mart Stores, Inc.	679,596		$ 48,944,504
TOTAL FOOD & STAPLES RETAILING			273,687,020
FOOD PRODUCTS - 10.3%
Agricultural Products - 3.1%
Archer Daniels Midland Co.	562,763		15,025,772
Bunge Ltd.	637,187		46,616,601
First Resources Ltd.	1,413,000		2,465,746
SLC Agricola SA	253,600		2,123,224
			66,231,343
Packaged Foods & Meats - 7.2%
Annie's, Inc.	80,671		2,893,669
Calavo Growers, Inc.	68,273		1,642,648
Green Mountain Coffee Roasters, Inc. (a)(d)	362,037		13,275,897
Lindt & Spruengli AG	121		4,571,938
Mead Johnson Nutrition Co. Class A	512,216		34,928,009
Nestle SA	458,726		30,022,372
TreeHouse Foods, Inc. (a)	114,300		5,993,892
Tyson Foods, Inc. Class A	593,100		11,369,727
Ulker Biskuvi Sanayi A/S	437,525		2,169,444
Unilever NV (NY Reg.)	1,147,171		43,397,479
Want Want China Holdings Ltd.	1,771,000		2,586,736
			152,851,811
TOTAL FOOD PRODUCTS			219,083,154
HOUSEHOLD PRODUCTS - 17.3%
Household Products - 17.3%
Colgate-Palmolive Co.	559,871		60,746,004
Procter & Gamble Co.	4,430,558		309,385,865
			370,131,869
PERSONAL PRODUCTS - 2.3%
Personal Products - 2.3%
Hengan International Group Co. Ltd.	576,500		5,206,962
Herbalife Ltd.	23,190		1,066,044
L'Oreal SA	206,200		27,983,896
Natura Cosmeticos SA	68,400		1,810,513
Nu Skin Enterprises, Inc. Class A (d)	303,319		13,770,683
			49,838,098
PHARMACEUTICALS - 2.0%
Pharmaceuticals - 2.0%
Johnson & Johnson	613,460		42,776,566
TOBACCO - 22.2%
Tobacco - 22.2%
Altria Group, Inc.	3,089,820		104,466,814
British American Tobacco PLC sponsored ADR	2,723,391		287,127,113
ITC Ltd.	392,068		2,156,681
Japan Tobacco, Inc.	187,900		5,634,100
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Lorillard, Inc.	128,411		$ 15,558,277
Philip Morris International, Inc.	554,847		49,869,648
Souza Cruz SA	478,600		6,959,052
Swedish Match Co. AB	57,200		2,013,458
			473,785,143
TOTAL COMMON STOCKS (Cost $1,533,420,887)		2,027,432,049
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 0.19% (b)	97,540,721		97,540,721
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	13,720,739		13,720,739
TOTAL MONEY MARKET FUNDS (Cost $111,261,460)		111,261,460
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,644,682,347)		2,138,693,509
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(2,087,978)
NET ASSETS - 100%		$ 2,136,605,531

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	$ 82,009
Fidelity Securities Lending Cash Central Fund	381,468
Total	$ 463,477

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,027,432,049	$ 1,952,002,206	$ 75,429,843	$ -
Money Market Funds	111,261,460	111,261,460	-	-
Total Investments in Securities:	$ 2,138,693,509	$ 2,063,263,666	$ 75,429,843	$ -

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 Industrials Portfolio

November 30, 2012

1.810678.108

CYC-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
AEROSPACE & DEFENSE - 16.4%
Aerospace & Defense - 16.4%
Honeywell International, Inc.	356,496		$ 21,863,900
Precision Castparts Corp.	105,349		19,319,953
Teledyne Technologies, Inc. (a)	130,822		8,241,786
Textron, Inc.	609,033		14,306,185
United Technologies Corp.	497,285		39,837,501
			103,569,325
AUTO COMPONENTS - 0.7%
Auto Parts & Equipment - 0.7%
Johnson Controls, Inc.	171,919		4,734,649
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
American Woodmark Corp. (a)	67,906		1,929,209
Armstrong World Industries, Inc.	70,500		3,560,955
			5,490,164
CHEMICALS - 0.5%
Specialty Chemicals - 0.5%
Cytec Industries, Inc.	45,339		3,112,069
COMMERCIAL SERVICES & SUPPLIES - 4.7%
Diversified Support Services - 0.5%
Aggreko PLC	81,900		2,928,743
Environmental & Facility Services - 2.1%
Republic Services, Inc.	390,561		11,119,272
Stericycle, Inc. (a)	23,886		2,232,624
			13,351,896
Office Services & Supplies - 0.3%
Mine Safety Appliances Co.	51,800		2,003,624
Security & Alarm Services - 1.8%
ADT Corp.	155,947		7,157,967
Corrections Corp. of America	125,199		4,244,246
			11,402,213
TOTAL COMMERCIAL SERVICES & SUPPLIES			29,686,476
CONSTRUCTION & ENGINEERING - 3.7%
Construction & Engineering - 3.7%
AECOM Technology Corp. (a)	201,859		4,559,995
EMCOR Group, Inc.	183,142		6,016,215
Jacobs Engineering Group, Inc. (a)	210,816		8,630,807
MasTec, Inc. (a)	97,886		2,235,716
Quanta Services, Inc. (a)	30,909		799,307
URS Corp.	27,100		1,021,128
			23,263,168
ELECTRICAL EQUIPMENT - 5.7%
Electrical Components & Equipment - 5.7%
AMETEK, Inc.	256,512		9,575,593
Brady Corp. Class A	113,021		3,609,891

	Shares		Value
Emerson Electric Co.	140,552		$ 7,059,927
Hubbell, Inc. Class B	102,126		8,604,116
Regal-Beloit Corp.	100,312		6,996,762
			35,846,289
INDUSTRIAL CONGLOMERATES - 21.4%
Industrial Conglomerates - 21.4%
3M Co.	167,833		15,264,411
Carlisle Companies, Inc.	78,446		4,445,535
Danaher Corp.	462,498		24,961,017
General Electric Co.	4,286,215		90,567,723
			135,238,686
MACHINERY - 28.2%
Construction & Farm Machinery & Heavy Trucks - 10.7%
Cummins, Inc.	191,856		18,832,585
Deere & Co.	178,946		15,040,411
Manitowoc Co., Inc. (d)	479,649		7,194,735
Oshkosh Truck Corp. (a)	180,106		5,286,111
PACCAR, Inc.	194,481		8,545,495
Toro Co.	114,086		5,117,898
WABCO Holdings, Inc. (a)	47,900		2,972,195
Wabtec Corp.	51,900		4,391,778
			67,381,208
Industrial Machinery - 17.5%
Actuant Corp. Class A	124,816		3,590,956
Donaldson Co., Inc.	97,500		3,274,050
Dover Corp.	115,714		7,358,253
Eaton Corp.	239,429		12,488,617
Graco, Inc.	126,900		6,270,129
IDEX Corp.	18,500		831,575
Illinois Tool Works, Inc.	273,369		16,831,329
Ingersoll-Rand PLC	211,364		10,310,336
Pall Corp.	119,960		7,135,221
Parker Hannifin Corp.	147,304		12,101,024
Pentair Ltd.	177,446		8,604,357
Timken Co.	177,237		7,984,527
TriMas Corp. (a)	260,161		6,738,170
Valmont Industries, Inc.	52,265		7,299,330
			110,817,874
TOTAL MACHINERY			178,199,082
PROFESSIONAL SERVICES - 5.2%
Human Resource & Employment Services - 2.3%
Manpower, Inc.	112,863		4,338,454
Towers Watson & Co.	195,278		10,326,301
			14,664,755
Research & Consulting Services - 2.9%
Bureau Veritas SA	56,278		6,244,040
Common Stocks - continued
	Shares		Value
PROFESSIONAL SERVICES - CONTINUED
Research & Consulting Services - continued
IHS, Inc. Class A (a)	72,060		$ 6,639,608
Nielsen Holdings B.V. (a)	194,844		5,517,982
			18,401,630
TOTAL PROFESSIONAL SERVICES			33,066,385
ROAD & RAIL - 5.7%
Railroads - 4.5%
Genesee & Wyoming, Inc. Class A (a)	35,951		2,622,625
Union Pacific Corp.	212,808		26,128,566
			28,751,191
Trucking - 1.2%
J.B. Hunt Transport Services, Inc.	115,619		6,873,550
Quality Distribution, Inc. (a)	81,087		542,472
			7,416,022
TOTAL ROAD & RAIL			36,167,213
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Trading Companies & Distributors - 3.0%
W.W. Grainger, Inc.	38,519		7,473,456
Watsco, Inc.	82,329		5,902,166
WESCO International, Inc. (a)	85,650		5,537,273
			18,912,895
TOTAL COMMON STOCKS (Cost $502,864,916)		607,286,401
Convertible Preferred Stocks - 0.2%

AEROSPACE & DEFENSE - 0.2%
Aerospace & Defense - 0.2%
United Technologies Corp. 7.50% (Cost $1,388,022)	26,900		1,471,968

Convertible Bonds - 0.4%
	Principal Amount
BUILDING PRODUCTS - 0.4%
Building Products - 0.4%
Aspen Aerogels, Inc.:
8% 6/1/14 (f)	$ 1,179,681	1,179,681
8% 12/6/14 (f)	1,348,600	1,348,600
TOTAL CONVERTIBLE BONDS (Cost $2,528,281)		2,528,281
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.08% 2/14/13 (e) (Cost $449,925)	450,000	449,945

Money Market Funds - 6.7%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	38,943,941		$ 38,943,941
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	3,050,000		3,050,000
TOTAL MONEY MARKET FUNDS (Cost $41,993,941)		41,993,941
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $549,225,085)		653,730,536
NET OTHER ASSETS (LIABILITIES) - (3.4)%			(21,392,250)
NET ASSETS - 100%		$ 632,338,286

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
149 CME E-mini Industrial Select Sector Index Contracts	Dec. 2012	$ 5,504,060	$ (27,044)

The face value of futures purchased as a percentage of net assets is 0.9%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $449,945.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/14/11	$ 1,179,681
Aspen Aerogels, Inc. 8% 12/6/14	12/6/11 - 6/12/12	$ 1,348,600

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	$ 27,360
Fidelity Securities Lending Cash Central Fund	24,620
Total	$ 51,980

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 607,286,401	$ 607,286,401	$ -	$ -
Convertible Preferred Stocks	1,471,968	1,471,968	-	-
Convertible Bonds	2,528,281	-	-	2,528,281
U.S. Treasury Obligations	449,945	-	449,945	-
Money Market Funds	41,993,941	41,993,941	-	-
Total Investments in Securities:	$ 653,730,536	$ 650,752,310	$ 449,945	$ 2,528,281
Derivative Instruments:
Liabilities
Futures Contracts	$ (27,044)	$ (27,044)	$ -	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $550,763,283. Net unrealized appreciation aggregated $102,967,253, of which $106,151,673 related to appreciated investment securities and $3,184,420 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 and U.S. government and government agency obligations, 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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

Quarterly Holdings Report

for

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

November 30, 2012

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

1.860866.105

AMF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
CHEMICALS - 60.0%
Commodity Chemicals - 1.7%
Arkema SA	69,701		$ 7,129,594
Westlake Chemical Corp.	239,370		17,332,782
			24,462,376
Diversified Chemicals - 16.8%
E.I. du Pont de Nemours & Co.	2,050,586		88,462,280
Eastman Chemical Co.	903,963		55,006,149
FMC Corp.	582,535		32,307,391
Lanxess AG	88,393		7,694,240
PPG Industries, Inc.	482,827		60,000,911
			243,470,971
Fertilizers & Agricultural Chemicals - 9.0%
Monsanto Co.	1,425,652		130,575,468
Industrial Gases - 7.4%
Air Products & Chemicals, Inc.	1,045,378		86,703,651
Airgas, Inc.	232,766		20,616,085
			107,319,736
Specialty Chemicals - 25.1%
Albemarle Corp.	634,711		37,949,371
Ashland, Inc.	496,186		35,189,511
Cytec Industries, Inc.	325,130		22,316,923
Ecolab, Inc.	864,182		62,290,239
LyondellBasell Industries NV Class A	1,341,062		66,691,013
PolyOne Corp.	229,951		4,631,213
Rockwood Holdings, Inc.	341,532		15,666,073
Sherwin-Williams Co.	285,827		43,594,334
Sigma Aldrich Corp.	484,644		35,146,383
W.R. Grace & Co. (a)	610,196		39,949,532
			363,424,592
TOTAL CHEMICALS			869,253,143
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Swisher Hygiene, Inc. (a)	262,171		337,414
CONSTRUCTION MATERIALS - 2.4%
Construction Materials - 2.4%
Lafarge SA (Bearer)	120,300		6,988,897
Martin Marietta Materials, Inc. (d)	312,011		28,080,990
			35,069,887
CONTAINERS & PACKAGING - 7.8%
Metal & Glass Containers - 5.3%
Aptargroup, Inc.	575,839		27,450,245

	Shares		Value
Ball Corp.	808,402		$ 36,127,485
Silgan Holdings, Inc.	292,778		13,022,765
			76,600,495
Paper Packaging - 2.5%
Rock-Tenn Co. Class A	558,359		36,315,669
TOTAL CONTAINERS & PACKAGING			112,916,164
METALS & MINING - 20.1%
Diversified Metals & Mining - 8.3%
Copper Mountain Mining Corp. (a)	1,992,200		7,520,763
First Quantum Minerals Ltd.	652,500		13,400,111
Freeport-McMoRan Copper & Gold, Inc.	2,045,745		79,804,512
HudBay Minerals, Inc.	304,000		2,940,998
Iluka Resources Ltd.	257,420		2,210,936
Inmet Mining Corp.	10,500		716,137
Turquoise Hill Resources Ltd. (a)	1,715,140		12,915,133
			119,508,590
Gold - 6.0%
Allied Nevada Gold Corp. (a)	404,472		13,165,564
Barrick Gold Corp.	204,800		7,110,839
Franco-Nevada Corp.	247,800		14,024,579
Goldcorp, Inc.	486,600		18,962,386
Newmont Mining Corp.	446,921		21,045,510
Royal Gold, Inc.	156,951		12,675,363
			86,984,241
Steel - 5.8%
Carpenter Technology Corp.	449,255		21,770,897
Commercial Metals Co.	921,189		12,482,111
Haynes International, Inc.	273,652		12,735,764
Nucor Corp.	365,342		15,044,784
Reliance Steel & Aluminum Co.	390,602		22,029,953
			84,063,509
TOTAL METALS & MINING			290,556,340
OIL, GAS & CONSUMABLE FUELS - 0.7%
Coal & Consumable Fuels - 0.7%
Peabody Energy Corp.	409,968		10,294,296
PAPER & FOREST PRODUCTS - 3.4%
Paper Products - 3.4%
International Paper Co.	1,319,769		49,016,221
TRADING COMPANIES & DISTRIBUTORS - 0.4%
Trading Companies & Distributors - 0.4%
MRC Global, Inc.	195,700		5,485,471
TOTAL COMMON STOCKS (Cost $1,144,036,628)		1,372,928,936

Convertible Bonds - 0.5%
	Principal Amount	Value
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $7,861,200)	$ 7,861,200	$ 7,861,200
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.08% 2/14/13 (e) (Cost $849,858)	850,000	849,896

Money Market Funds - 6.0%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	61,064,041		61,064,041
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	25,432,050		25,432,050
TOTAL MONEY MARKET FUNDS (Cost $86,496,091)		86,496,091
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $1,239,243,777)		1,468,136,123
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(19,716,908)
NET ASSETS - 100%		$ 1,448,419,215

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
350 CME E-mini S&P Materials Select Sector Index Contracts	Dec. 2012	$ 13,482,000	$ (24,780)

The face value of futures purchased as a percentage of net assets is 0.9%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $699,915.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 7,861,200

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 75,878
Fidelity Securities Lending Cash Central Fund	403,195
Total	$ 479,073

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,372,928,936	$ 1,372,591,522	$ 337,414	$ -
Convertible Bonds	7,861,200	-	-	7,861,200
U.S. Treasury Obligations	849,896	-	849,896	-
Money Market Funds	86,496,091	86,496,091	-	-
Total Investments in Securities:	$ 1,468,136,123	$ 1,459,087,613	$ 1,187,310	$ 7,861,200
Derivative Instruments:
Liabilities
Futures Contracts	$ (24,780)	$ (24,780)	$ -	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,241,992,280. Net unrealized appreciation aggregated $226,143,843, of which $264,934,884 related to appreciated investment securities and $38,791,041 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 and U.S. government and government agency obligations, 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.

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, 2012

1.810697.108

IND-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
CHEMICALS - 60.0%
Commodity Chemicals - 1.7%
Arkema SA	69,701		$ 7,129,594
Westlake Chemical Corp.	239,370		17,332,782
			24,462,376
Diversified Chemicals - 16.8%
E.I. du Pont de Nemours & Co.	2,050,586		88,462,280
Eastman Chemical Co.	903,963		55,006,149
FMC Corp.	582,535		32,307,391
Lanxess AG	88,393		7,694,240
PPG Industries, Inc.	482,827		60,000,911
			243,470,971
Fertilizers & Agricultural Chemicals - 9.0%
Monsanto Co.	1,425,652		130,575,468
Industrial Gases - 7.4%
Air Products & Chemicals, Inc.	1,045,378		86,703,651
Airgas, Inc.	232,766		20,616,085
			107,319,736
Specialty Chemicals - 25.1%
Albemarle Corp.	634,711		37,949,371
Ashland, Inc.	496,186		35,189,511
Cytec Industries, Inc.	325,130		22,316,923
Ecolab, Inc.	864,182		62,290,239
LyondellBasell Industries NV Class A	1,341,062		66,691,013
PolyOne Corp.	229,951		4,631,213
Rockwood Holdings, Inc.	341,532		15,666,073
Sherwin-Williams Co.	285,827		43,594,334
Sigma Aldrich Corp.	484,644		35,146,383
W.R. Grace & Co. (a)	610,196		39,949,532
			363,424,592
TOTAL CHEMICALS			869,253,143
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Swisher Hygiene, Inc. (a)	262,171		337,414
CONSTRUCTION MATERIALS - 2.4%
Construction Materials - 2.4%
Lafarge SA (Bearer)	120,300		6,988,897
Martin Marietta Materials, Inc. (d)	312,011		28,080,990
			35,069,887
CONTAINERS & PACKAGING - 7.8%
Metal & Glass Containers - 5.3%
Aptargroup, Inc.	575,839		27,450,245

	Shares		Value
Ball Corp.	808,402		$ 36,127,485
Silgan Holdings, Inc.	292,778		13,022,765
			76,600,495
Paper Packaging - 2.5%
Rock-Tenn Co. Class A	558,359		36,315,669
TOTAL CONTAINERS & PACKAGING			112,916,164
METALS & MINING - 20.1%
Diversified Metals & Mining - 8.3%
Copper Mountain Mining Corp. (a)	1,992,200		7,520,763
First Quantum Minerals Ltd.	652,500		13,400,111
Freeport-McMoRan Copper & Gold, Inc.	2,045,745		79,804,512
HudBay Minerals, Inc.	304,000		2,940,998
Iluka Resources Ltd.	257,420		2,210,936
Inmet Mining Corp.	10,500		716,137
Turquoise Hill Resources Ltd. (a)	1,715,140		12,915,133
			119,508,590
Gold - 6.0%
Allied Nevada Gold Corp. (a)	404,472		13,165,564
Barrick Gold Corp.	204,800		7,110,839
Franco-Nevada Corp.	247,800		14,024,579
Goldcorp, Inc.	486,600		18,962,386
Newmont Mining Corp.	446,921		21,045,510
Royal Gold, Inc.	156,951		12,675,363
			86,984,241
Steel - 5.8%
Carpenter Technology Corp.	449,255		21,770,897
Commercial Metals Co.	921,189		12,482,111
Haynes International, Inc.	273,652		12,735,764
Nucor Corp.	365,342		15,044,784
Reliance Steel & Aluminum Co.	390,602		22,029,953
			84,063,509
TOTAL METALS & MINING			290,556,340
OIL, GAS & CONSUMABLE FUELS - 0.7%
Coal & Consumable Fuels - 0.7%
Peabody Energy Corp.	409,968		10,294,296
PAPER & FOREST PRODUCTS - 3.4%
Paper Products - 3.4%
International Paper Co.	1,319,769		49,016,221
TRADING COMPANIES & DISTRIBUTORS - 0.4%
Trading Companies & Distributors - 0.4%
MRC Global, Inc.	195,700		5,485,471
TOTAL COMMON STOCKS (Cost $1,144,036,628)		1,372,928,936

Convertible Bonds - 0.5%
	Principal Amount	Value
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $7,861,200)	$ 7,861,200	$ 7,861,200
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.08% 2/14/13 (e) (Cost $849,858)	850,000	849,896

Money Market Funds - 6.0%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	61,064,041		61,064,041
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	25,432,050		25,432,050
TOTAL MONEY MARKET FUNDS (Cost $86,496,091)		86,496,091
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $1,239,243,777)		1,468,136,123
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(19,716,908)
NET ASSETS - 100%		$ 1,448,419,215

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
350 CME E-mini S&P Materials Select Sector Index Contracts	Dec. 2012	$ 13,482,000	$ (24,780)

The face value of futures purchased as a percentage of net assets is 0.9%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $699,915.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 7,861,200

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 75,878
Fidelity Securities Lending Cash Central Fund	403,195
Total	$ 479,073

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,372,928,936	$ 1,372,591,522	$ 337,414	$ -
Convertible Bonds	7,861,200	-	-	7,861,200
U.S. Treasury Obligations	849,896	-	849,896	-
Money Market Funds	86,496,091	86,496,091	-	-
Total Investments in Securities:	$ 1,468,136,123	$ 1,459,087,613	$ 1,187,310	$ 7,861,200
Derivative Instruments:
Liabilities
Futures Contracts	$ (24,780)	$ (24,780)	$ -	$ -

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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 and U.S. government and government agency obligations, 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

November 30, 2012

1.810722.108

TRN-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
AEROSPACE & DEFENSE - 2.6%
Aerospace & Defense - 2.6%
Ducommun, Inc. (a)	58,500		$ 916,695
General Dynamics Corp.	13,000		864,500
Rockwell Collins, Inc.	30,100		1,721,118
United Technologies Corp.	10,700		857,177
			4,359,490
AIR FREIGHT & LOGISTICS - 30.3%
Air Freight & Logistics - 30.3%
Air Transport Services Group, Inc. (a)	116,308		440,807
C.H. Robinson Worldwide, Inc.	87,196		5,383,481
Expeditors International of Washington, Inc.	73,000		2,731,660
FedEx Corp.	102,600		9,185,778
Forward Air Corp.	48,700		1,619,275
Hub Group, Inc. Class A (a)	96,300		3,117,231
Pacer International, Inc. (a)	63,854		221,573
United Parcel Service, Inc. Class B	372,400		27,226,164
UTI Worldwide, Inc.	23,300		328,996
			50,254,965
AIRLINES - 17.6%
Airlines - 17.6%
Alaska Air Group, Inc. (a)	99,200		4,240,800
Copa Holdings SA Class A	18,500		1,754,540
Dart Group PLC	638,217		1,186,122
Delta Air Lines, Inc. (a)	688,802		6,888,020
Republic Airways Holdings, Inc. (a)	205,400		1,193,374
SkyWest, Inc.	203,000		2,352,770
Southwest Airlines Co.	570,600		5,437,818
Spirit Airlines, Inc. (a)	70,600		1,184,668
United Continental Holdings, Inc. (a)(d)	193,636		3,915,320
US Airways Group, Inc. (a)	78,100		1,006,709
			29,160,141
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
Stoneridge, Inc. (a)	64,208		316,545
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Cosco International Holdings Ltd.	24,000		9,847
MACHINERY - 0.7%
Construction & Farm Machinery & Heavy Trucks - 0.7%
ASL Marine Holdings Ltd.	1,250,200		665,763
Wabtec Corp.	5,100		431,562
			1,097,325

	Shares		Value
MARINE - 0.9%
Marine - 0.9%
Diana Shipping, Inc. (a)	25,100		$ 186,493
Kirby Corp. (a)	22,520		1,303,458
			1,489,951
MEDIA - 0.4%
Movies & Entertainment - 0.4%
Advanced Inflight Alliance AG	87,100		566,390
OIL, GAS & CONSUMABLE FUELS - 0.8%
Oil & Gas Storage & Transport - 0.8%
Scorpio Tankers, Inc. (a)	203,800		1,304,320
ROAD & RAIL - 40.7%
Railroads - 27.8%
CSX Corp.	356,519		7,044,815
Kansas City Southern	32,000		2,500,800
Norfolk Southern Corp.	96,100		5,802,518
Union Pacific Corp.	249,968		30,691,074
			46,039,207
Trucking - 12.9%
AMERCO	12,800		1,536,128
Con-way, Inc.	86,700		2,435,403
Contrans Group, Inc.:
(sub. vtg.) (a)(e)	12,800		119,708
Class A	74,100		692,997
DSV de Sammensluttede Vognmaend A/S	18,300		431,954
J.B. Hunt Transport Services, Inc.	88,200		5,243,490
Landstar System, Inc.	71,700		3,625,869
Marten Transport Ltd.	70,200		1,328,184
Quality Distribution, Inc. (a)	118,000		789,420
Roadrunner Transportation Systems, Inc. (a)	38,300		689,783
Ryder System, Inc.	42,700		2,009,889
Swift Transporation Co. (a)	157,000		1,328,220
Universal Truckload Services, Inc.	53,800		834,438
Vitran Corp., Inc. (a)	64,600		324,938
			21,390,421
TOTAL ROAD & RAIL			67,429,628
SPECIALTY RETAIL - 0.5%
Specialty Stores - 0.5%
Staples, Inc.	75,300		881,010
TOTAL COMMON STOCKS (Cost $131,151,135)		156,869,612

Convertible Bonds - 0.5%
	Principal Amount	Value
MARINE - 0.5%
Marine - 0.5%
DryShips, Inc. 5% 12/1/14 (Cost $783,975)	$ 1,020,000	$ 787,950

Money Market Funds - 4.7%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	7,672,018		7,672,018
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	186,750		186,750
TOTAL MONEY MARKET FUNDS (Cost $7,858,768)		7,858,768
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $139,793,878)			165,516,330
NET OTHER ASSETS (LIABILITIES) - 0.1%			215,529
NET ASSETS - 100%		$ 165,731,859

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 $119,708 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,349
Fidelity Securities Lending Cash Central Fund	22,442
Total	$ 32,791

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 156,869,612	$ 156,869,612	$ -	$ -
Convertible Bonds	787,950	-	787,950	-
Money Market Funds	7,858,768	7,858,768	-	-
Total Investments in Securities:	$ 165,516,330	$ 164,728,380	$ 787,950	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $139,998,555. Net unrealized appreciation aggregated $25,517,775, of which $29,838,064 related to appreciated investment securities and $4,320,289 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 Construction and
Housing Portfolio

November 30, 2012

1.810672.108

HOU-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
BUILDING PRODUCTS - 4.8%
Building Products - 4.8%
American Woodmark Corp. (a)	95,721		$ 2,719,434
Armstrong World Industries, Inc.	82,050		4,144,346
Lennox International, Inc.	16,900		888,771
Masco Corp.	216,900		3,678,624
Owens Corning (a)	87,369		3,021,220
USG Corp. (a)(d)	177,900		4,773,057
			19,225,452
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Office Services & Supplies - 0.8%
Interface, Inc.	210,780		3,096,358
CONSTRUCTION & ENGINEERING - 13.6%
Construction & Engineering - 13.6%
AECOM Technology Corp. (a)	113,900		2,573,001
Dycom Industries, Inc. (a)	288,300		5,177,868
Fluor Corp.	261,500		13,880,420
Foster Wheeler AG (a)	213,734		4,800,466
Furmanite Corp. (a)	410,696		1,819,383
Jacobs Engineering Group, Inc. (a)	209,150		8,562,601
KBR, Inc.	102,500		2,849,500
MasTec, Inc. (a)	77,200		1,763,248
Quanta Services, Inc. (a)	349,000		9,025,140
Tutor Perini Corp. (a)	181,900		2,339,234
URS Corp.	41,771		1,573,931
			54,364,792
CONSTRUCTION MATERIALS - 6.8%
Construction Materials - 6.8%
Eagle Materials, Inc.	102,600		5,460,372
James Hardie Industries NV CDI	207,567		1,969,048
Lafarge SA (Bearer)	49,900		2,898,969
Martin Marietta Materials, Inc.	76,200		6,858,000
Vulcan Materials Co.	191,860		10,137,882
			27,324,271
ELECTRICAL EQUIPMENT - 0.2%
Heavy Electrical Equipment - 0.2%
Babcock & Wilcox Co.	37,800		952,182
ENERGY EQUIPMENT & SERVICES - 0.7%
Oil & Gas Equipment & Services - 0.7%
McDermott International, Inc. (a)	257,100		2,707,263
HEALTH CARE PROVIDERS & SERVICES - 0.7%
Health Care Facilities - 0.7%
Brookdale Senior Living, Inc. (a)	109,500		2,798,820
HOUSEHOLD DURABLES - 12.6%
Homebuilding - 12.3%
D.R. Horton, Inc.	431,537		8,397,710
KB Home (d)	211,600		3,038,576

	Shares		Value
Lennar Corp. Class A (d)	258,978		$ 9,851,523
M/I Homes, Inc. (a)	207,900		4,575,879
Meritage Homes Corp. (a)	32,400		1,134,648
PulteGroup, Inc. (a)	268,283		4,509,837
Ryland Group, Inc.	175,170		5,859,437
Toll Brothers, Inc. (a)	372,114		11,848,110
			49,215,720
Household Appliances - 0.3%
Whirlpool Corp.	9,700		987,848
TOTAL HOUSEHOLD DURABLES			50,203,568
MACHINERY - 0.7%
Industrial Machinery - 0.7%
Stanley Black & Decker, Inc.	41,300		2,969,883
REAL ESTATE INVESTMENT TRUSTS - 18.2%
Residential REITs - 16.9%
Apartment Investment & Management Co. Class A	327,271		8,204,684
AvalonBay Communities, Inc.	76,259		10,050,174
BRE Properties, Inc.	135,000		6,567,750
Camden Property Trust (SBI)	101,700		6,681,690
Equity Residential (SBI)	245,892		13,649,465
Essex Property Trust, Inc.	62,300		8,752,527
Home Properties, Inc.	101,900		6,000,891
Mid-America Apartment Communities, Inc.	6,090		379,529
Post Properties, Inc.	50,900		2,500,717
Sun Communities, Inc.	120,400		4,647,440
UDR, Inc.	8,438		194,158
			67,629,025
Retail REITs - 1.3%
CBL & Associates Properties, Inc.	229,500		5,166,045
TOTAL REAL ESTATE INVESTMENT TRUSTS			72,795,070
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.3%
Real Estate Operating Companies - 1.3%
Forest City Enterprises, Inc. Class A (a)	334,800		5,038,740
SPECIALTY RETAIL - 36.3%
Home Improvement Retail - 36.3%
Home Depot, Inc.	1,476,990		96,107,737
Lowe's Companies, Inc.	1,360,534		49,101,672
			145,209,409
THRIFTS & MORTGAGE FINANCE - 0.2%
Thrifts & Mortgage Finance - 0.2%
Walker & Dunlop, Inc. (a)	50,970		838,457
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.8%
Trading Companies & Distributors - 0.8%
Watsco, Inc.	43,500		$ 3,118,515
TOTAL COMMON STOCKS (Cost $336,308,942)		390,642,780
Nonconvertible Preferred Stocks - 0.4%

HOUSEHOLD DURABLES - 0.4%
Homebuilding - 0.4%
M/I Homes, Inc. Series A, 9.75% (a) (Cost $1,428,107)	68,800		1,554,880
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.19% (b)	14,175,764		14,175,764
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	16,762,275		16,762,275
TOTAL MONEY MARKET FUNDS (Cost $30,938,039)		30,938,039
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $368,675,088)			423,135,699
NET OTHER ASSETS (LIABILITIES) - (5.8)%			(23,279,601)
NET ASSETS - 100%		$ 399,856,098

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	$ 7,917
Fidelity Securities Lending Cash Central Fund	33,168
Total	$ 41,085

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $373,586,852. Net unrealized appreciation aggregated $49,548,847, of which $58,799,900 related to appreciated investment securities and $9,251,053 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, 2012

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

1.860867.105

ATLC-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Nortel Networks Corp. (a)	8,071		$ 0
DIVERSIFIED TELECOMMUNICATION SERVICES - 61.0%
Alternative Carriers - 7.6%
Cogent Communications Group, Inc.	398,602		8,426,446
Level 3 Communications, Inc. (a)	477,291		9,001,708
tw telecom, inc. (a)	318,557		8,183,729
Vonage Holdings Corp. (a)	1,966,800		4,779,324
			30,391,207
Integrated Telecommunication Services - 53.4%
AT&T, Inc.	1,980,219		67,584,874
Atlantic Tele-Network, Inc.	121,400		4,477,232
CenturyLink, Inc.	506,584		19,675,723
China Unicom Ltd. sponsored ADR	261,900		4,067,307
Frontier Communications Corp. (d)	2,118,100		10,188,061
General Communications, Inc. Class A (a)	1,224,900		10,325,907
PT Telkomunikasi Indonesia Tbk Series B	1,295,500		1,221,694
Telefonica Brasil SA sponsored ADR	186,363		4,088,804
Verizon Communications, Inc.	2,113,547		93,249,694
Windstream Corp.	182		1,525
			214,880,821
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			245,272,028
MEDIA - 2.3%
Cable & Satellite - 2.3%
Time Warner Cable, Inc.	21,800		2,068,602
Virgin Media, Inc. (d)	208,900		7,347,013
			9,415,615
REAL ESTATE INVESTMENT TRUSTS - 3.6%
Specialized REITs - 3.6%
American Tower Corp.	191,000		14,311,630
SOFTWARE - 0.1%
Application Software - 0.1%
Comverse Technology, Inc.	37		132
Comverse, Inc.	3		86
Synchronoss Technologies, Inc. (a)	29,003		529,595
			529,813
WIRELESS TELECOMMUNICATION SERVICES - 27.5%
Wireless Telecommunication Services - 27.5%
Clearwire Corp. Class A (a)(d)	4,460,536		10,348,444

	Shares		Value
Crown Castle International Corp. (a)	316,383		$ 21,362,180
Leap Wireless International, Inc. (a)(d)	445,500		2,895,750
MetroPCS Communications, Inc. (a)	641,106		6,827,779
Mobile TeleSystems OJSC sponsored ADR	67,800		1,181,754
NII Holdings, Inc. (a)(d)	492,400		2,496,468
NTELOS Holdings Corp.	15,706		202,607
NTT DoCoMo, Inc.	1,037		1,503,367
SBA Communications Corp. Class A (a)	292,682		20,142,375
Sprint Nextel Corp. (a)	3,502,250		20,067,893
Telephone & Data Systems, Inc.	519,600		11,955,996
Turkcell Iletisim Hizmet A/S (a)	314,000		1,897,526
Vodafone Group PLC sponsored ADR	366,500		9,455,700
			110,337,839
TOTAL COMMON STOCKS (Cost $384,438,746)		379,866,925
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 0.19% (b)	5,794,071		5,794,071
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	28,841,524		28,841,524
TOTAL MONEY MARKET FUNDS (Cost $34,635,595)		34,635,595
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $419,074,341)			414,502,520
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(12,496,172)
NET ASSETS - 100%		$ 402,006,348

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	$ 22,478
Fidelity Securities Lending Cash Central Fund	229,529
Total	$ 252,007

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 379,866,925	$ 375,244,338	$ 4,622,587	$ -
Money Market Funds	34,635,595	34,635,595	-	-
Total Investments in Securities:	$ 414,502,520	$ 409,879,933	$ 4,622,587	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $427,658,505. Net unrealized depreciation aggregated $13,155,985, of which $37,555,428 related to appreciated investment securities and $50,711,413 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 Automotive Portfolio

November 30, 2012

1.810666.108

AUT-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
AUTO COMPONENTS - 47.7%
Auto Parts & Equipment - 44.5%
American Axle & Manufacturing Holdings, Inc. (a)	81,000		$ 847,260
Autoliv, Inc. (e)	50,855		3,069,608
BorgWarner, Inc. (a)	53,800		3,566,940
Dana Holding Corp.	145,600		2,064,608
Delphi Automotive PLC	151,578		5,152,136
Dorman Products, Inc.	17,300		591,660
Drew Industries, Inc.	30,800		999,768
Exide Technologies (a)	153,300		443,037
Federal-Mogul Corp. Class A (a)	53,624		421,485
Fuel Systems Solutions, Inc. (a)	22,600		341,486
Gentex Corp.	117,300		2,082,075
Gentherm, Inc. (a)	28,800		348,192
Johnson Controls, Inc.	147,170		4,053,062
Lear Corp.	62,000		2,707,540
Linamar Corp.	35,600		773,391
Magna International, Inc. Class A (sub. vtg.) (e)	72,484		3,382,125
Martinrea International, Inc. (a)	67,500		522,550
Modine Manufacturing Co. (a)	67,700		500,980
Motorcar Parts of America, Inc. (a)	49,000		317,520
Spartan Motors, Inc.	83,300		410,669
Standard Motor Products, Inc.	25,900		506,604
Stoneridge, Inc. (a)	54,789		270,110
Tenneco, Inc. (a)	105,246		3,375,239
Tower International, Inc. (a)	35,400		277,890
TRW Automotive Holdings Corp. (a)	101,200		5,124,768
Visteon Corp. (a)	29,400		1,472,940
			43,623,643
Tires & Rubber - 3.2%
Cooper Tire & Rubber Co.	55,800		1,393,884
The Goodyear Tire & Rubber Co. (a)	138,826		1,749,208
			3,143,092
TOTAL AUTO COMPONENTS			46,766,735
AUTOMOBILES - 45.7%
Automobile Manufacturers - 41.9%
Ford Motor Co.	801,361		9,175,583
General Motors Co. (a)	188,444		4,876,931
Honda Motor Co. Ltd. sponsored ADR	303,000		10,089,900
Thor Industries, Inc.	31,000		1,169,940
Toyota Motor Corp. sponsored ADR (e)	175,600		15,115,647
Winnebago Industries, Inc. (a)	41,600		591,552
			41,019,553

	Shares		Value
Motorcycle Manufacturers - 3.8%
Harley-Davidson, Inc.	79,800		$ 3,747,408
TOTAL AUTOMOBILES			44,766,961
MACHINERY - 1.4%
Construction & Farm Machinery & Heavy Trucks - 1.4%
Meritor, Inc. (a)	95,000		406,600
Westport Innovations, Inc. (a)(e)	38,300		1,005,375
			1,411,975
TOTAL COMMON STOCKS (Cost $73,052,492)		92,945,671

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 - 14.0%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	4,773,070		4,773,070
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	8,924,470		8,924,470
TOTAL MONEY MARKET FUNDS (Cost $13,697,540)		13,697,540
TOTAL INVESTMENT PORTFOLIO - 108.8% (Cost $87,034,388)			106,643,214
NET OTHER ASSETS (LIABILITIES) - (8.8)%			(8,663,208)
NET ASSETS - 100%		$ 97,980,006

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	$ 6,719
Fidelity Securities Lending Cash Central Fund	128,492
Total	$ 135,211

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 92,945,671	$ 92,945,671	$ -	$ -
Nonconvertible Bonds	3	-	-	3
Money Market Funds	13,697,540	13,697,540	-	-
Total Investments in Securities:	$ 106,643,214	$ 106,643,211	$ -	$ 3

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $87,300,494. Net unrealized appreciation aggregated $19,342,720, of which $23,382,082 related to appreciated investment securities and $4,039,362 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 Multimedia Portfolio

November 30, 2012

1.810700.108

BAM-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
INTERNET SOFTWARE & SERVICES - 2.8%
Internet Software & Services - 2.8%
Baidu.com, Inc. sponsored ADR (a)	19,000		$ 1,829,890
Bankrate, Inc. (a)	118,300		1,423,149
Demand Media, Inc. (a)	105,200		936,280
Facebook, Inc. Class A	109,000		3,052,000
Google, Inc. Class A (a)	4,700		3,282,339
Mail.ru Group Ltd. GDR (Reg. S)	24,700		815,100
Yandex NV (a)	51,700		1,128,094
			12,466,852
MEDIA - 95.0%
Advertising - 4.3%
Lamar Advertising Co. Class A (a)	164,900		6,475,623
Omnicom Group, Inc.	236,200		11,748,588
ReachLocal, Inc. (a)	81,500		893,240
			19,117,451
Broadcasting - 12.2%
Belo Corp. Series A	193,300		1,391,760
CBS Corp. Class B	449,600		16,176,608
Discovery Communications, Inc. (a)	129,750		7,838,198
Discovery Communications, Inc. Class C (non-vtg.) (a)	120,750		6,795,810
Liberty Media Corp. Capital Series A (a)	132,893		14,616,901
Pandora Media, Inc. (a)(d)	251,400		2,192,208
Scripps Networks Interactive, Inc. Class A	68,100		4,020,624
Sinclair Broadcast Group, Inc. Class A	119,700		1,320,291
			54,352,400
Cable & Satellite - 39.8%
AMC Networks, Inc. Class A (a)	52,200		2,754,072
Cablevision Systems Corp. - NY Group Class A	444,700		6,154,648
Charter Communications, Inc. Class A (a)	77,500		5,490,875
Comcast Corp.:
Class A	1,742,050		64,769,418
Class A (special) (non-vtg.)	325,600		11,734,624
DIRECTV (a)	438,513		21,794,096
DISH Network Corp. Class A	300,500		11,130,520
Liberty Global, Inc.:
Class A (a)	150,375		8,427,015
Class C (a)	136,800		7,214,832
Sirius XM Radio, Inc. (a)(d)	2,524,560		7,018,277
Time Warner Cable, Inc.	215,269		20,426,875
Virgin Media, Inc. (d)	293,400		10,318,878
			177,234,130
Movies & Entertainment - 33.4%
Cinemark Holdings, Inc.	60,500		1,645,600
DreamWorks Animation SKG, Inc. Class A (a)(d)	118,300		2,026,479
Lions Gate Entertainment Corp. (a)(d)	263,000		4,307,940

	Shares		Value
Live Nation Entertainment, Inc. (a)	55,600		$ 488,168
News Corp.:
Class A	1,097,882		27,051,812
Class B	138,800		3,500,536
Regal Entertainment Group Class A (d)	265,000		4,128,700
The Walt Disney Co.	1,191,304		59,160,157
Time Warner, Inc.	635,966		30,081,192
Viacom, Inc. Class B (non-vtg.)	318,300		16,427,463
			148,818,047
Publishing - 5.3%
E.W. Scripps Co. Class A (a)	114,100		1,161,538
Gannett Co., Inc.	115,400		2,065,660
John Wiley & Sons, Inc. Class A	95,200		4,065,040
McGraw-Hill Companies, Inc.	293,700		15,598,407
The New York Times Co. Class A (a)	96,500		782,615
			23,673,260
TOTAL MEDIA			423,195,288
SOFTWARE - 0.2%
Home Entertainment Software - 0.2%
Nexon Co. Ltd.	83,200		935,172
TOTAL COMMON STOCKS (Cost $348,445,267)		436,597,312
Money Market Funds - 8.4%

Fidelity Cash Central Fund, 0.19% (b)	10,839,607		10,839,607
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	26,644,863		26,644,863
TOTAL MONEY MARKET FUNDS (Cost $37,484,470)		37,484,470
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $385,929,737)			474,081,782
NET OTHER ASSETS (LIABILITIES) - (6.4)%		(28,432,218)
NET ASSETS - 100%		$ 445,649,564

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	$ 18,269
Fidelity Securities Lending Cash Central Fund	92,603
Total	$ 110,872

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 436,597,312	$ 435,662,140	$ 935,172	$ -
Money Market Funds	37,484,470	37,484,470	-	-
Total Investments in Securities:	$ 474,081,782	$ 473,146,610	$ 935,172	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $386,471,373. Net unrealized appreciation aggregated $87,610,409, of which $94,435,375 related to appreciated investment securities and $6,824,966 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, 2012

1.810667.108

BAN-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CAPITAL MARKETS - 0.8%
Diversified Capital Markets - 0.8%
UBS AG (NY Shares)	238,900		$ 3,753,119
COMMERCIAL BANKS - 85.7%
Diversified Banks - 31.1%
Banco ABC Brasil SA	475,680		2,782,666
Banco do Brasil SA	114,800		1,177,119
BanColombia SA sponsored ADR	62,600		4,023,302
Comerica, Inc.	566,900		16,774,571
Itau Unibanco Holding SA sponsored ADR	403,100		6,106,965
U.S. Bancorp	1,899,200		61,268,190
Wells Fargo & Co.	1,798,092		59,355,017
			151,487,830
Regional Banks - 54.6%
1st Source Corp.	265,500		5,615,325
Bank of the Ozarks, Inc.	370,400		11,771,312
BB&T Corp.	518,900		14,617,413
BBCN Bancorp, Inc.	716,512		8,153,907
BOK Financial Corp.	42,200		2,322,688
CapitalSource, Inc.	482,500		3,884,125
Central Valley Community Bancorp	80,600		703,638
CIT Group, Inc. (a)	382,000		14,153,100
City National Corp.	196,300		9,557,847
Commerce Bancshares, Inc.	353,010		12,630,698
Cullen/Frost Bankers, Inc. (d)	233,800		12,767,818
CVB Financial Corp.	721,800		7,333,488
East West Bancorp, Inc.	450,900		9,536,535
Fifth Third Bancorp	581,600		8,514,624
First Horizon National Corp. (d)	861,000		8,145,060
First Republic Bank	247,200		8,360,304
Huntington Bancshares, Inc.	2,488,951		15,307,049
International Bancshares Corp.	248,800		4,503,280
KeyCorp	415,600		3,358,048
M&T Bank Corp.	206,700		20,200,791
National Bank Holdings Corp.	13,300		243,656
Oriental Financial Group, Inc.	213,180		2,566,687
PacWest Bancorp	222,000		5,530,020
PNC Financial Services Group, Inc.	264,441		14,845,718
Regions Financial Corp.	477,600		3,185,592
SunTrust Banks, Inc.	254,200		6,901,530
Susquehanna Bancshares, Inc.	1,001,300		10,293,364
SVB Financial Group (a)	169,165		9,341,291
Texas Capital Bancshares, Inc. (a)	226,700		10,210,568
UMB Financial Corp.	248,075		10,513,419
Western Alliance Bancorp. (a)	374,300		3,802,888
Wintrust Financial Corp.	202,800		7,461,012
			266,332,795
TOTAL COMMERCIAL BANKS			417,820,625

	Shares		Value
CONSUMER FINANCE - 1.7%
Consumer Finance - 1.7%
Capital One Financial Corp.	144,100		$ 8,300,160
IT SERVICES - 1.3%
Data Processing & Outsourced Services - 1.3%
Global Payments, Inc.	70,400		3,091,264
Total System Services, Inc.	156,200		3,428,590
			6,519,854
THRIFTS & MORTGAGE FINANCE - 7.0%
Thrifts & Mortgage Finance - 7.0%
Ocwen Financial Corp. (a)	212,100		7,605,906
People's United Financial, Inc.	829,200		10,107,948
Trustco Bank Corp., New York	1,126,300		5,935,601
Washington Federal, Inc.	378,000		6,074,460
WSFS Financial Corp.	105,000		4,557,000
			34,280,915
TOTAL COMMON STOCKS (Cost $473,660,061)		470,674,673
Money Market Funds - 4.1%

Fidelity Cash Central Fund, 0.19% (b)	14,936,495		14,936,495
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	5,028,875		5,028,875
TOTAL MONEY MARKET FUNDS (Cost $19,965,370)		19,965,370
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $493,625,431)		490,640,043
NET OTHER ASSETS (LIABILITIES) - (0.6)%		(3,148,108)
NET ASSETS - 100%		$ 487,491,935

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	$ 24,996
Fidelity Securities Lending Cash Central Fund	5,983
Total	$ 30,979

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $533,271,300. Net unrealized depreciation aggregated $42,631,257, of which $24,885,542 related to appreciated investment securities and $67,516,799 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
Discretionary Portfolio

November 30, 2012

1.810692.108

CPR-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AUTO COMPONENTS - 0.9%
Auto Parts & Equipment - 0.9%
Delphi Automotive PLC	93,231		$ 3,168,922
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Office Services & Supplies - 0.7%
Interface, Inc.	176,900		2,598,661
DISTRIBUTORS - 1.8%
Distributors - 1.8%
LKQ Corp. (a)	291,886		6,398,141
HOTELS, RESTAURANTS & LEISURE - 10.9%
Hotels, Resorts & Cruise Lines - 0.4%
Wyndham Worldwide Corp.	28,840		1,415,756
Restaurants - 10.5%
Buffalo Wild Wings, Inc. (a)	31,800		2,303,592
Domino's Pizza, Inc.	136,800		5,690,880
McDonald's Corp.	138,446		12,050,340
Panera Bread Co. Class A (a)	16,999		2,728,340
Texas Roadhouse, Inc. Class A	55,983		929,878
Yum! Brands, Inc.	202,339		13,572,900
			37,275,930
TOTAL HOTELS, RESTAURANTS & LEISURE			38,691,686
HOUSEHOLD DURABLES - 3.6%
Housewares & Specialties - 3.6%
Jarden Corp.	134,109		7,095,707
Newell Rubbermaid, Inc.	133,800		2,918,178
Tupperware Brands Corp.	43,700		2,833,945
			12,847,830
INTERNET & CATALOG RETAIL - 4.8%
Catalog Retail - 1.5%
Liberty Media Corp. Interactive Series A (a)	273,297		5,274,632
Internet Retail - 3.3%
Amazon.com, Inc. (a)	16,868		4,251,579
Priceline.com, Inc. (a)	11,003		7,296,749
			11,548,328
TOTAL INTERNET & CATALOG RETAIL			16,822,960
LEISURE EQUIPMENT & PRODUCTS - 1.4%
Leisure Products - 1.4%
Brunswick Corp.	196,932		5,074,938
MEDIA - 27.0%
Broadcasting - 1.4%
Discovery Communications, Inc. (a)	80,900		4,887,169
Cable & Satellite - 12.6%
Comcast Corp. Class A	809,660		30,103,160

	Shares		Value
DIRECTV (a)	199,315		$ 9,905,956
Sirius XM Radio, Inc. (a)(d)	1,624,777		4,516,880
			44,525,996
Movies & Entertainment - 13.0%
News Corp. Class A	592,206		14,591,956
The Walt Disney Co.	386,255		19,181,423
Time Warner, Inc.	256,327		12,124,267
			45,897,646
TOTAL MEDIA			95,310,811
MULTILINE RETAIL - 7.4%
General Merchandise Stores - 7.4%
Dollar General Corp. (a)	163,433		8,171,650
Dollar Tree, Inc. (a)	171,316		7,150,730
Target Corp.	172,036		10,860,633
			26,183,013
SPECIALTY RETAIL - 32.5%
Apparel Retail - 7.7%
Abercrombie & Fitch Co. Class A	73,880		3,390,353
Ascena Retail Group, Inc. (a)	201,244		4,045,004
Limited Brands, Inc.	104,640		5,456,976
Ross Stores, Inc.	115,300		6,562,876
TJX Companies, Inc.	175,671		7,789,252
			27,244,461
Automotive Retail - 5.3%
AutoZone, Inc. (a)	16,625		6,380,176
CarMax, Inc. (a)	179,963		6,525,458
O'Reilly Automotive, Inc. (a)	64,000		6,021,120
			18,926,754
Home Improvement Retail - 3.7%
Lowe's Companies, Inc.	358,335		12,932,310
Homefurnishing Retail - 2.9%
Bed Bath & Beyond, Inc. (a)	74,612		4,381,217
Mattress Firm Holding Corp.	41,251		1,180,191
Williams-Sonoma, Inc.	103,017		4,662,549
			10,223,957
Specialty Stores - 12.9%
Dick's Sporting Goods, Inc.	153,380		8,053,984
Hibbett Sports, Inc. (a)	56,300		3,025,562
PetSmart, Inc.	110,100		7,779,666
Sally Beauty Holdings, Inc. (a)	210,800		5,343,780
Signet Jewelers Ltd.	113,500		6,100,625
Tiffany & Co., Inc.	77,854		4,591,829
Tractor Supply Co.	51,339		4,601,001
Ulta Salon, Cosmetics & Fragrance, Inc.	38,985		3,909,416
Vitamin Shoppe, Inc. (a)	38,173		2,262,132
			45,667,995
TOTAL SPECIALTY RETAIL			114,995,477
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 7.6%
Apparel, Accessories & Luxury Goods - 4.8%
Hanesbrands, Inc. (a)	131,700		$ 4,754,370
PVH Corp.	65,985		7,561,221
VF Corp.	29,344		4,710,005
			17,025,596
Footwear - 2.8%
NIKE, Inc. Class B	74,708		7,282,536
Wolverine World Wide, Inc.	55,900		2,419,352
			9,701,888
TOTAL TEXTILES, APPAREL & LUXURY GOODS			26,727,484
TOTAL COMMON STOCKS (Cost $303,121,269)		348,819,923
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.19% (b)	4,887,451		4,887,451
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	4,874,100		4,874,100
TOTAL MONEY MARKET FUNDS (Cost $9,761,551)		9,761,551
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $312,882,820)			358,581,474
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(4,878,810)
NET ASSETS - 100%		$ 353,702,664

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	$ 4,624
Fidelity Securities Lending Cash Central Fund	58,909
Total	$ 63,533

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $314,651,822. Net unrealized appreciation aggregated $43,929,652, of which $49,377,374 related to appreciated investment securities and $5,447,722 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, 2012

1.810683.108

ENE-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CHEMICALS - 0.9%
Specialty Chemicals - 0.9%
LyondellBasell Industries NV Class A	346,641		$ 17,238,457
ENERGY EQUIPMENT & SERVICES - 22.6%
Oil & Gas Drilling - 7.7%
Discovery Offshore S.A. (a)(e)	2,188,208		4,442,513
Ensco PLC Class A	1,044,773		60,837,132
Noble Corp.	1,629,596		56,204,766
Northern Offshore Ltd.	1,076,682		1,900,771
Ocean Rig UDW, Inc. (United States) (a)	639,938		10,079,024
Rowan Companies PLC (a)	421,084		13,360,995
Tuscany International Drilling, Inc. (a)	3,442,200		848,985
Unit Corp. (a)	100,017		4,492,764
Vantage Drilling Co. (a)	2,710,400		4,878,720
			157,045,670
Oil & Gas Equipment & Services - 14.9%
Anton Oilfield Services Group	1,334,000		538,750
Cameron International Corp. (a)	391,615		21,127,629
Compagnie Generale de Geophysique SA (a)	380,981		11,651,890
Core Laboratories NV	35,600		3,673,208
FMC Technologies, Inc. (a)	351,500		14,362,290
Fugro NV (Certificaten Van Aandelen)	629,564		37,774,391
Gulfmark Offshore, Inc. Class A (a)	351,794		11,025,224
Halliburton Co.	608,083		20,279,568
McDermott International, Inc. (a)	505,700		5,325,021
National Oilwell Varco, Inc.	1,273,708		86,994,256
Oceaneering International, Inc.	38,000		2,001,840
Oil States International, Inc. (a)	256,021		18,105,805
Petroleum Geo-Services ASA	118,800		1,991,378
Schlumberger Ltd.	837,894		60,009,968
Superior Energy Services, Inc. (a)	169,176		3,435,965
Total Energy Services, Inc.	173,000		2,413,832
Weatherford International Ltd. (a)	416,573		4,336,525
			305,047,540
TOTAL ENERGY EQUIPMENT & SERVICES			462,093,210
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights (a)	215,902		2
OIL, GAS & CONSUMABLE FUELS - 75.4%
Coal & Consumable Fuels - 1.4%
Cloud Peak Energy, Inc. (a)	265,900		5,044,123
Peabody Energy Corp.	947,425		23,789,842
			28,833,965
Integrated Oil & Gas - 38.8%
Chevron Corp.	1,707,576		180,473,707
ENI SpA sponsored ADR (d)	305,400		14,485,122

	Shares		Value
Exxon Mobil Corp.	2,558,302		$ 225,488,738
Hess Corp.	1,405,155		69,709,740
InterOil Corp. (a)(d)	188,600		10,497,476
Murphy Oil Corp.	1,090,268		61,861,806
Occidental Petroleum Corp.	1,557,785		117,161,010
Royal Dutch Shell PLC Class A sponsored ADR	903,161		60,484,692
Suncor Energy, Inc.	1,571,300		51,345,848
			791,508,139
Oil & Gas Exploration & Production - 25.5%
Anadarko Petroleum Corp.	772,332		56,526,979
Apache Corp.	41,959		3,234,619
BPZ Energy, Inc. (a)	807,923		2,044,045
Cabot Oil & Gas Corp.	888,150		41,831,865
Cobalt International Energy, Inc. (a)	444,200		10,358,744
Comstock Resources, Inc. (a)	877,260		14,387,064
Concho Resources, Inc. (a)	541,600		43,468,816
Energen Corp.	185,083		8,241,746
EOG Resources, Inc.	348,444		40,983,983
EQT Corp.	1,327,233		79,713,614
EV Energy Partners LP	221,935		13,471,455
Gran Tierra Energy, Inc. (Canada) (a)	1,214,700		6,921,228
Gulfport Energy Corp. (a)	159,854		6,080,846
Halcon Resources Corp.	1,010,000		6,241,800
Harvest Natural Resources, Inc. (a)(d)	398,850		3,509,880
Kodiak Oil & Gas Corp. (a)	480,700		4,124,406
Marathon Oil Corp.	825,397		25,463,497
Noble Energy, Inc.	456,044		44,578,301
Northern Oil & Gas, Inc. (a)	679,101		10,661,886
Painted Pony Petroleum Ltd. (a)(e)	15,500		170,861
Painted Pony Petroleum Ltd. Class A (a)	11,100		122,359
Pioneer Natural Resources Co.	486,002		52,002,214
Plains Exploration & Production Co. (a)	213,868		7,635,088
Range Resources Corp.	62,700		4,014,054
Rosetta Resources, Inc. (a)	437,505		19,661,475
SM Energy Co.	276,674		13,747,931
TAG Oil Ltd. (a)	242,425		1,503,335
TAG Oil Ltd. (e)	36,500		226,345
			520,928,436
Oil & Gas Refining & Marketing - 6.6%
Alon USA Partners LP	203,400		3,840,192
Calumet Specialty Products Partners LP	369,699		11,475,457
Marathon Petroleum Corp.	582,106		34,658,591
Northern Tier Energy LP Class A	284,305		6,624,307
Phillips 66	392,400		20,549,988
Tesoro Corp.	923,271		39,035,898
Valero Energy Corp.	576,121		18,585,663
			134,770,096
Oil & Gas Storage & Transport - 3.1%
Atlas Energy LP	98,278		3,321,796
Atlas Pipeline Partners LP	335,458		11,066,759
Cheniere Energy, Inc. (a)	225,000		3,780,000
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - continued
Markwest Energy Partners LP	110,300		$ 5,700,304
Tesoro Logistics LP	326,322		15,043,444
The Williams Companies, Inc.	760,017		24,958,958
			63,871,261
TOTAL OIL, GAS & CONSUMABLE FUELS			1,539,911,897
TOTAL COMMON STOCKS (Cost $1,726,395,402)		2,019,243,566
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.19% (b)	26,447,727		26,447,727
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	20,043,575		20,043,575
TOTAL MONEY MARKET FUNDS (Cost $46,491,302)		46,491,302
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,772,886,704)			2,065,734,868
NET OTHER ASSETS (LIABILITIES) - (1.2)%			(24,074,721)
NET ASSETS - 100%		$ 2,041,660,147

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	$ 33,084
Fidelity Securities Lending Cash Central Fund	370,871
Total	$ 403,955

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,019,243,566	$ 2,007,591,674	$ 11,651,890	$ 2
Money Market Funds	46,491,302	46,491,302	-	-
Total Investments in Securities:	$ 2,065,734,868	$ 2,054,082,976	$ 11,651,890	$ 2

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,779,128,268. Net unrealized appreciation aggregated $286,606,600, of which $383,949,183 related to appreciated investment securities and $97,342,583 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, 2012

1.810703.108

ENS-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 98.5%
Oil & Gas Drilling - 16.1%
Discovery Offshore S.A. (a)(e)	578,100		$ 1,173,662
Ensco PLC Class A	895,900		52,168,257
Helmerich & Payne, Inc.	80,472		4,200,638
Hercules Offshore, Inc. (a)	647,800		3,342,648
Noble Corp.	1,183,435		40,816,673
Ocean Rig UDW, Inc. (United States) (a)	816,204		12,855,213
Pacific Drilling SA (a)	377,200		3,583,400
Patterson-UTI Energy, Inc. (d)	834,500		14,820,720
Pioneer Energy Services Corp. (a)	314,600		2,274,558
Rowan Companies PLC (a)	384,200		12,190,666
Tuscany International Drilling, Inc. (a)	10,514,500		2,593,298
Unit Corp. (a)	116,300		5,224,196
Vantage Drilling Co. (a)	6,622,300		11,920,140
			167,164,069
Oil & Gas Equipment & Services - 82.4%
Anton Oilfield Services Group	5,472,000		2,209,925
Baker Hughes, Inc.	496,522		21,424,924
C&J Energy Services, Inc. (a)(d)	184,900		3,692,453
Cameron International Corp. (a)	1,948,488		105,120,928
Core Laboratories NV (d)	321,900		33,213,642
Dresser-Rand Group, Inc. (a)	639,800		33,787,838
Exterran Holdings, Inc. (a)	358,400		7,479,808
FMC Technologies, Inc. (a)	1,231,362		50,313,451
Forum Energy Technologies, Inc.	392,000		9,894,080
Fugro NV (Certificaten Van Aandelen)	80,000		4,800,070
Geospace Technologies Corp. (a)	67,500		5,141,475
Global Geophysical Services, Inc. (a)	561,913		2,365,654
Gulf Island Fabrication, Inc.	81,200		1,889,524
Halliburton Co.	3,777,399		125,976,257
Helix Energy Solutions Group, Inc. (a)	578,000		10,120,780
Hornbeck Offshore Services, Inc. (a)	175,800		6,323,526
ION Geophysical Corp. (a)	451,955		2,693,652
Key Energy Services, Inc. (a)	876,918		5,866,581
McDermott International, Inc. (a)	2,381,300		25,075,089
National Oilwell Varco, Inc.	1,554,662		106,183,415
Oceaneering International, Inc.	667,800		35,179,704
Oil States International, Inc. (a)	457,300		32,340,256
Petrofac Ltd.	348,800		9,097,751
Schlumberger Ltd.	2,363,911		169,303,305
Superior Energy Services, Inc. (a)	569,400		11,564,514

	Shares		Value
Tesco Corp. (a)	724,485		$ 7,824,438
Weatherford International Ltd. (a)	2,311,171		24,059,290
			852,942,330
TOTAL ENERGY EQUIPMENT & SERVICES			1,020,106,399
MACHINERY - 0.9%
Industrial Machinery - 0.9%
Rotork PLC	237,000		9,416,797
TOTAL COMMON STOCKS (Cost $861,995,921)		1,029,523,196
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.19% (b)	1,075,748		1,075,748
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	18,428,550		18,428,550
TOTAL MONEY MARKET FUNDS (Cost $19,504,298)		19,504,298
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $881,500,219)		1,049,027,494
NET OTHER ASSETS (LIABILITIES) - (1.3)%		(13,293,986)
NET ASSETS - 100%		$ 1,035,733,508

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	$ 48,820
Fidelity Securities Lending Cash Central Fund	22,665
Total	$ 71,485

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $884,297,921. Net unrealized appreciation aggregated $164,729,573, of which $216,525,695 related to appreciated investment securities and $51,796,122 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, 2012

1.810693.108

FIN-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
CAPITAL MARKETS - 11.9%
Asset Management & Custody Banks - 7.3%
A.F.P. Provida SA sponsored ADR	110,400		$ 11,316,000
Affiliated Managers Group, Inc. (a)	298		38,403
Ameriprise Financial, Inc.	800		48,536
Apollo Global Management LLC Class A	344,400		5,403,636
Ares Capital Corp.	321,100		5,696,314
Bank of New York Mellon Corp.	1,879		44,983
BlackRock, Inc. Class A	193		38,029
Cetip SA - Mercados Organizado	112,700		1,157,696
Cohen & Steers, Inc.	11,000		314,380
Franklin Resources, Inc.	327		43,171
Invesco Ltd.	1,786		44,632
Janus Capital Group, Inc.	497,804		4,081,993
Legg Mason, Inc.	2,318		59,179
Northern Trust Corp.	893		42,882
State Street Corp.	973		43,240
The Blackstone Group LP	456,347		6,703,737
			35,076,811
Diversified Capital Markets - 2.2%
Credit Suisse Group sponsored ADR	1,638		38,673
HFF, Inc.	41,200		610,996
UBS AG (NY Shares)	613,037		9,630,811
			10,280,480
Investment Banking & Brokerage - 2.4%
Charles Schwab Corp.	2,400		31,440
E*TRADE Financial Corp. (a)	4,464		37,587
Evercore Partners, Inc. Class A	237,913		6,535,470
GFI Group, Inc.	1,115,636		3,112,624
Goldman Sachs Group, Inc.	386		45,467
Investment Technology Group, Inc. (a)	4,400		39,336
Knight Capital Group, Inc. Class A (a)	148,741		501,257
Lazard Ltd. Class A	1,497		44,087
Macquarie Group Ltd.	1,078		36,855
Monex Group, Inc.	116		24,336
Morgan Stanley	70,927		1,196,538
Nomura Holdings, Inc. sponsored ADR	9,700		40,255
			11,645,252
TOTAL CAPITAL MARKETS			57,002,543
COMMERCIAL BANKS - 18.7%
Diversified Banks - 10.3%
Banco ABC Brasil SA	34,600		202,405
Banco Bradesco SA (PN) sponsored ADR	136,900		2,305,396
Banco de Chile sponsored ADR	425		38,344
Banco Macro SA sponsored ADR (a)	3,700		56,351
Banco Pine SA	570		3,518
Banco Santander Chile sponsored ADR	1,039		27,980
Banco Santander SA (Spain) sponsored ADR	6,400		49,024
Banco Santander SA (Brasil) ADR	105,710		707,200
BanColombia SA sponsored ADR (d)	120,900		7,770,243

	Shares		Value
Bangkok Bank Public Co. Ltd. (For. Reg.)	74,200		$ 466,697
Bank of Baroda	23,878		335,564
Bank of the Philippine Islands (BPI)	53,430		116,551
Barclays PLC sponsored ADR	3,038		48,092
BBVA Banco Frances SA sponsored ADR (a)	6,900		29,325
BNP Paribas SA	948		52,948
China CITIC Bank Corp. Ltd. (H Shares)	88,000		45,418
Comerica, Inc.	720,763		21,327,375
CorpBanca SA sponsored ADR	1,600		31,168
Credicorp Ltd. (NY Shares)	300		41,970
Credit Agricole SA (a)	600		4,549
Development Credit Bank Ltd. (a)	95,718		82,639
Grupo Financiero Banorte SAB de CV Series O	259,300		1,486,016
Grupo Financiero Galicia SA sponsored ADR (a)(d)	5,400		28,890
Guaranty Trust Bank PLC GDR (Reg. S)	14,800		90,280
Hana Financial Group, Inc.	11,260		349,502
HDFC Bank Ltd. sponsored ADR	31,200		1,314,144
Hong Leong Bank Bhd	12,100		58,355
HSBC Holdings PLC sponsored ADR	1,000		51,130
ICICI Bank Ltd. sponsored ADR	213,325		8,744,192
Industrial & Commercial Bank of China Ltd. (H Shares)	17,000		11,472
Intesa Sanpaolo SpA	30,559		51,428
Itau Unibanco Holding SA sponsored ADR	1,875		28,406
KB Financial Group, Inc.	10,300		339,742
Malayan Banking Bhd	114,087		339,662
National Australia Bank Ltd.	697		17,676
Nordea Bank AB	3,400		31,121
PT Bank Bukopin Tbk	16,869,000		1,090,192
PT Bank Central Asia Tbk	37,000		33,940
Raiffeisen International Bank-Holding AG (d)	3,700		152,373
Sberbank (Savings Bank of the Russian Federation) sponsored ADR	3,100		36,580
Standard Chartered PLC (United Kingdom)	1,911		44,548
Sumitomo Mitsui Financial Group, Inc.	5,900		190,985
Swedbank AB (A Shares)	2,600		48,027
The Jammu & Kashmir Bank Ltd.	20,167		511,171
U.S. Bancorp	1,299		41,906
UniCredit SpA (a)	1,710		7,962
United Overseas Bank Ltd.	3,000		46,010
Wells Fargo & Co.	1,394		46,016
Yes Bank Ltd.	6,614		53,903
			48,988,386
Regional Banks - 8.4%
Alerus Financial Corp.	1,500		46,890
Banco Daycoval SA (PN)	55,000		244,525
Bancorp New Jersey, Inc.	300		3,144
BancTrust Financial Group, Inc. (a)	83,350		230,046
Bank of the Ozarks, Inc.	26,248		834,161
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Regional Banks - continued
BankUnited, Inc.	1,500		$ 35,250
Boston Private Financial Holdings, Inc.	6,000		55,380
Bridge Capital Holdings (a)	132,440		2,032,954
BS Financial Group, Inc.	226,000		2,526,191
Canadian Western Bank, Edmonton (d)	23,700		694,287
Cascade Bancorp (a)	2,530		12,954
Citizens & Northern Corp.	1,500		27,000
City Holding Co.	1,200		40,320
City National Corp.	872		42,458
CNB Financial Corp., Pennsylvania	2,300		36,455
CoBiz, Inc.	599,793		4,210,547
Fifth Third Bancorp	81,399		1,191,681
First Business Finance Services, Inc.	2,000		45,780
First Commonwealth Financial Corp.	71,700		459,597
First Interstate Bancsystem, Inc.	307,386		4,696,858
First Midwest Bancorp, Inc., Delaware	3,900		48,750
First Republic Bank	12,426		420,247
FirstMerit Corp.	2,700		38,016
FNB Corp., Pennsylvania	4,000		43,200
Glacier Bancorp, Inc.	3,186		46,293
Huntington Bancshares, Inc.	769,196		4,730,555
NBT Bancorp, Inc.	400		7,908
Northrim Bancorp, Inc.	6,100		135,481
Pacific Continental Corp.	92,452		838,540
PNC Financial Services Group, Inc.	137,389		7,713,018
PrivateBancorp, Inc.	3,000		49,170
PT Bank Tabungan Negara Tbk	4,918,000		825,346
Regions Financial Corp.	376,912		2,514,003
Sandy Spring Bancorp, Inc.	400		7,536
SCBT Financial Corp.	2,500		96,875
SunTrust Banks, Inc.	17,300		469,695
Susquehanna Bancshares, Inc.	161,475		1,659,963
SVB Financial Group (a)	698		38,544
UMB Financial Corp.	4,700		199,186
Valley National Bancorp (d)	4,290		40,927
Virginia Commerce Bancorp, Inc. (a)	9,600		83,232
Washington Trust Bancorp, Inc.	25,900		653,198
Webster Financial Corp.	20,700		430,974
Westamerica Bancorp.	100		4,256
Western Alliance Bancorp. (a)	155,461		1,579,484
			40,140,875
TOTAL COMMERCIAL BANKS			89,129,261
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Support Services - 0.0%
Intrum Justitia AB	2,600		36,538
CONSTRUCTION MATERIALS - 0.0%
Construction Materials - 0.0%
Headwaters, Inc. (a)	18,400		139,840

	Shares		Value
CONSUMER FINANCE - 1.5%
Consumer Finance - 1.5%
American Express Co.	42,825		$ 2,393,918
Capital One Financial Corp.	814		46,886
DFC Global Corp. (a)	7,948		138,693
Discover Financial Services	6,129		255,028
EZCORP, Inc. (non-vtg.) Class A (a)	68,804		1,322,413
First Cash Financial Services, Inc. (a)	16,028		774,313
International Personal Finance PLC	662		3,669
Nelnet, Inc. Class A	1,800		51,462
Netspend Holdings, Inc. (a)	3,724		43,385
PT Clipan Finance Indonesia Tbk	928,000		39,176
Regional Management Corp.	44,400		777,000
SLM Corp.	82,359		1,363,041
			7,208,984
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
Sotheby's Class A (Ltd. vtg.)	1,530		44,156
DIVERSIFIED FINANCIAL SERVICES - 8.8%
Other Diversified Financial Services - 4.1%
Bank of America Corp.	4,658		45,928
Citigroup, Inc.	563,900		19,494,023
JPMorgan Chase & Co.	1,136		46,667
			19,586,618
Specialized Finance - 4.7%
BM&F Bovespa SA	6,400		38,458
CBOE Holdings, Inc.	241,389		7,236,842
CME Group, Inc.	922		50,959
IntercontinentalExchange, Inc. (a)	247		32,641
MarketAxess Holdings, Inc.	3,800		117,268
Moody's Corp.	927		45,034
NYSE Euronext	1,300		30,355
PHH Corp. (a)(d)	331,887		7,271,644
The NASDAQ Stock Market, Inc.	322,317		7,809,741
			22,632,942
TOTAL DIVERSIFIED FINANCIAL SERVICES			42,219,560
ENERGY EQUIPMENT & SERVICES - 0.0%
Oil & Gas Equipment & Services - 0.0%
SBM Offshore NV (a)	3,500		39,274
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Las Vegas Sands Corp.	1,029		48,003
MGM Mirage, Inc. (a)	3,000		30,450
Wynn Resorts Ltd.	397		44,623
			123,076
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - CONTINUED
Hotels, Resorts & Cruise Lines - 0.0%
Starwood Hotels & Resorts Worldwide, Inc.	849		$ 45,812
TOTAL HOTELS, RESTAURANTS & LEISURE			168,888
HOUSEHOLD DURABLES - 0.0%
Homebuilding - 0.0%
M.D.C. Holdings, Inc.	1,500		52,860
PulteGroup, Inc. (a)	5,200		87,412
			140,272
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
General Electric Co.	100		2,113
Keppel Corp. Ltd.	4,000		35,097
			37,210
INSURANCE - 13.6%
Insurance Brokers - 0.5%
Aon PLC	900		51,120
Brasil Insurance Participacoes e Administracao SA	112,000		927,742
Marsh & McLennan Companies, Inc.	30,600		1,077,732
National Financial Partners Corp. (a)	26,900		446,809
			2,503,403
Life & Health Insurance - 1.4%
AFLAC, Inc.	1,023		54,209
AIA Group Ltd.	233,200		907,200
Challenger Ltd.	335,451		1,165,755
Citizens, Inc. Class A (a)	5,800		58,348
CNO Financial Group, Inc.	5,900		53,690
Delta Lloyd NV	2,909		43,413
FBL Financial Group, Inc. Class A	800		26,592
Lincoln National Corp.	1,700		41,990
MetLife, Inc.	40,418		1,341,474
Phoenix Companies, Inc. (a)	785		18,981
Ping An Insurance Group Co. China Ltd. (H Shares)	10,500		79,459
Prudential Financial, Inc.	41,091		2,141,663
Resolution Ltd.	8,700		33,132
StanCorp Financial Group, Inc.	11,900		404,719
Symetra Financial Corp.	3,000		36,690
Torchmark Corp.	900		46,791
Unum Group	1,900		38,742
			6,492,848
Multi-Line Insurance - 3.3%
American International Group, Inc. (a)	401,184		13,291,226
Assurant, Inc.	39,100		1,337,611
Fairfax Financial Holdings Ltd. (sub. vtg.)	579		198,866
Genworth Financial, Inc. Class A (a)	7,354		43,756
Hartford Financial Services Group, Inc.	16,800		355,824

	Shares		Value
Loews Corp.	9,000		$ 367,920
Porto Seguro SA	38,100		401,719
			15,996,922
Property & Casualty Insurance - 6.5%
ACE Ltd.	179,119		14,191,598
Allied World Assurance Co. Holdings Ltd.	9,500		771,115
Allstate Corp.	1,075		43,516
Arch Capital Group Ltd. (a)	40,500		1,826,550
Assured Guaranty Ltd.	2,600		36,270
Axis Capital Holdings Ltd.	25,200		906,444
Berkshire Hathaway, Inc. Class B (a)	490		43,159
CNA Financial Corp.	14,700		414,981
Erie Indemnity Co. Class A	1,437		102,429
Fidelity National Financial, Inc. Class A	2,000		48,420
First American Financial Corp.	21,400		509,320
Hanover Insurance Group, Inc.	8,175		298,796
Hiscox Ltd.	305,900		2,356,390
RLI Corp.	100		6,444
The Travelers Companies, Inc.	93,702		6,635,976
W.R. Berkley Corp.	11,800		469,050
XL Group PLC Class A	97,512		2,372,467
			31,032,925
Reinsurance - 1.9%
Everest Re Group Ltd.	21,300		2,310,411
Montpelier Re Holdings Ltd.	18,600		407,154
Platinum Underwriters Holdings Ltd.	25,904		1,153,246
RenaissanceRe Holdings Ltd.	33,400		2,764,184
Swiss Re Ltd.	648		46,675
Validus Holdings Ltd.	68,007		2,411,528
			9,093,198
TOTAL INSURANCE			65,119,296
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
eBay, Inc. (a)	1,300		68,666
IT SERVICES - 8.4%
Data Processing & Outsourced Services - 8.4%
Alliance Data Systems Corp. (a)	400		56,996
Cielo SA	1,560		40,628
Fidelity National Information Services, Inc.	1,800		64,980
Fiserv, Inc. (a)	938		72,217
Global Cash Access Holdings, Inc. (a)	43,300		340,771
Jack Henry & Associates, Inc.	92,437		3,593,026
Lender Processing Services, Inc.	200		4,970
MoneyGram International, Inc. (a)	2,100		25,221
The Western Union Co.	677,683		8,545,583
Total System Services, Inc.	291,371		6,395,593
Vantiv, Inc.	280,207		6,072,086
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
VeriFone Systems, Inc. (a)	486,242		$ 14,776,894
Visa, Inc. Class A	360		53,896
			40,042,861
IT Consulting & Other Services - 0.0%
Accenture PLC Class A	600		40,752
Cognizant Technology Solutions Corp. Class A (a)	578		38,859
			79,611
TOTAL IT SERVICES			40,122,472
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Middleby Corp. (a)	2,211		281,659
MEDIA - 0.0%
Publishing - 0.0%
McGraw-Hill Companies, Inc.	900		47,799
PROFESSIONAL SERVICES - 0.0%
Research & Consulting Services - 0.0%
Equifax, Inc.	1,015		52,009
IHS, Inc. Class A (a)	410		37,777
			89,786
REAL ESTATE INVESTMENT TRUSTS - 32.0%
Diversified REITs - 1.6%
American Assets Trust, Inc.	19,200		522,816
Duke Realty LP	74,100		1,000,350
First Potomac Realty Trust	2,900		34,017
Lexington Corporate Properties Trust	606,547		5,816,786
Vornado Realty Trust	400		30,572
			7,404,541
Industrial REITs - 0.8%
DCT Industrial Trust, Inc.	140,500		878,125
Prologis, Inc.	88,100		2,990,114
Stag Industrial, Inc.	3,000		56,550
			3,924,789
Mortgage REITs - 1.6%
American Capital Agency Corp.	107,014		3,376,292
American Capital Mortgage Investment Corp.	4,800		122,592
Invesco Mortgage Capital, Inc.	129,700		2,745,749
PennyMac Mortgage Investment Trust	2,100		51,765
Two Harbors Investment Corp.	113,400		1,283,688
			7,580,086
Office REITs - 3.4%
Boston Properties, Inc.	62,400		6,404,112
Corporate Office Properties Trust (SBI)	18,400		454,112
Douglas Emmett, Inc.	280,983		6,381,124

	Shares		Value
Highwoods Properties, Inc. (SBI)	53,692		$ 1,731,030
Kilroy Realty Corp.	13,100		590,810
MPG Office Trust, Inc. (a)(d)	14,400		40,896
SL Green Realty Corp.	7,012		528,565
			16,130,649
Residential REITs - 8.1%
American Campus Communities, Inc.	29,200		1,278,960
Apartment Investment & Management Co. Class A	251,121		6,295,603
AvalonBay Communities, Inc.	64,700		8,526,813
BRE Properties, Inc.	1,400		68,110
Camden Property Trust (SBI)	55,000		3,613,500
Campus Crest Communities, Inc.	3,100		35,464
Colonial Properties Trust (SBI)	144,500		2,947,800
Equity Lifestyle Properties, Inc.	53,800		3,531,432
Equity Residential (SBI)	89,838		4,986,907
Essex Property Trust, Inc.	14,600		2,051,154
Home Properties, Inc.	28,235		1,662,759
Post Properties, Inc.	56,446		2,773,192
UDR, Inc.	48,679		1,120,104
			38,891,798
Retail REITs - 0.8%
Federal Realty Investment Trust (SBI)	19,000		1,976,760
Glimcher Realty Trust	1,278		13,700
Kimco Realty Corp.	1,800		34,668
Realty Income Corp. (d)	39,000		1,586,520
Simon Property Group, Inc.	268		40,771
Urstadt Biddle Properties, Inc. Class A	3,900		73,281
			3,725,700
Specialized REITs - 15.7%
American Tower Corp.	700		52,451
Big Yellow Group PLC	3,485,792		19,284,182
CubeSmart	3,100		42,780
DiamondRock Hospitality Co.	43,805		382,856
HCP, Inc.	377,907		17,024,710
Health Care REIT, Inc.	289,190		17,030,399
Host Hotels & Resorts, Inc.	6,300		92,547
National Health Investors, Inc.	24,400		1,354,200
Plum Creek Timber Co., Inc.	2,300		98,555
Potlatch Corp.	6,000		233,700
Public Storage	16,023		2,253,475
Rayonier, Inc.	30,500		1,520,120
Sovran Self Storage, Inc.	1,500		92,685
Strategic Hotel & Resorts, Inc. (a)	649,067		4,043,687
Sunstone Hotel Investors, Inc. (a)	63,700		657,384
Ventas, Inc.	166,319		10,586,204
Weyerhaeuser Co.	16,259		448,098
			75,198,033
TOTAL REAL ESTATE INVESTMENT TRUSTS			152,855,596
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
Diversified Real Estate Activities - 0.6%
Tejon Ranch Co. (a)	23,367		$ 651,939
The St. Joe Co. (a)(d)	107,392		2,296,041
			2,947,980
Real Estate Development - 0.0%
Bukit Sembawang Estates Ltd.	23,000		111,363
Real Estate Operating Companies - 0.1%
BR Malls Participacoes SA	1,900		24,408
Castellum AB	2,857		38,947
Forest City Enterprises, Inc. Class A (a)	29,296		440,905
Thomas Properties Group, Inc.	6,200		33,790
			538,050
Real Estate Services - 0.1%
CBRE Group, Inc. (a)	2,088		39,526
Jones Lang LaSalle, Inc.	495		40,595
Kennedy-Wilson Holdings, Inc.	6,100		79,910
			160,031
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			3,757,424
SOFTWARE - 0.0%
Application Software - 0.0%
EPIQ Systems, Inc.	1,600		19,184
Fair Isaac Corp.	200		8,564
			27,748
SPECIALTY RETAIL - 1.1%
Computer & Electronics Retail - 1.1%
Rent-A-Center, Inc.	151,296		5,259,049
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Brookline Bancorp, Inc., Delaware	2,200		18,612
Cape Bancorp, Inc.	3,700		31,820
Cheviot Financial Corp.	22,986		213,770
Eagle Bancorp Montana, Inc.	1,300		13,390

	Shares		Value
Hudson City Bancorp, Inc.	2,300		$ 18,538
People's United Financial, Inc.	3,000		36,570
			332,700
TOTAL COMMON STOCKS (Cost $454,993,488)		464,128,721
Nonconvertible Preferred Stocks - 0.1%

COMMERCIAL BANKS - 0.1%
Diversified Banks - 0.1%
Texas Capital Bancshares, Inc. 6.50% (a) (Cost $640,000)	25,600		649,984
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 0.19% (b)	14,766,297		14,766,297
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	9,905,675		9,905,675
TOTAL MONEY MARKET FUNDS (Cost $24,671,972)			24,671,972
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $480,305,460)		489,450,677
NET OTHER ASSETS (LIABILITIES) - (2.3)%		(11,174,527)
NET ASSETS - 100%		$ 478,276,150

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,435
Fidelity Securities Lending Cash Central Fund	55,431
Total	$ 84,866

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 464,128,721	$ 463,573,658	$ 555,063	$ -
Nonconvertible Preferred Stocks	649,984	649,984	-	-
Money Market Funds	24,671,972	24,671,972	-	-
Total Investments in Securities:	$ 489,450,677	$ 488,895,614	$ 555,063	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $488,207,300. Net unrealized appreciation aggregated $1,243,377, of which $20,945,871 related to appreciated investment securities and $19,702,494 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 Natural Gas Portfolio

November 30, 2012

1.810725.108

GAS-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
ELECTRIC UTILITIES - 0.3%
Electric Utilities - 0.3%
Pepco Holdings, Inc.	83,350		$ 1,645,329
ENERGY EQUIPMENT & SERVICES - 26.0%
Oil & Gas Drilling - 6.1%
Cathedral Energy Services Ltd.	51,500		275,296
Diamond Offshore Drilling, Inc.	19,200		1,324,800
Ensco PLC Class A	272,400		15,861,852
Helmerich & Payne, Inc.	112,400		5,867,280
Hercules Offshore, Inc. (a)	382,400		1,973,184
Patterson-UTI Energy, Inc. (d)	305,800		5,431,008
Rowan Companies PLC (a)	81,850		2,597,101
Transocean Ltd. (United States)	107,200		4,952,640
			38,283,161
Oil & Gas Equipment & Services - 19.9%
C&J Energy Services, Inc. (a)(d)	205,100		4,095,847
Cameron International Corp. (a)	173,950		9,384,603
Canadian Energy Services & Tech Credit (d)	227,900		2,457,149
Core Laboratories NV	30,000		3,095,400
Halliburton Co.	1,080,500		36,034,675
National Oilwell Varco, Inc.	476,100		32,517,630
Oil States International, Inc. (a)	70,200		4,964,544
Pason Systems, Inc.	167,900		2,817,630
Schlumberger Ltd.	310,700		22,252,334
Trican Well Service Ltd.	134,100		1,657,772
Weatherford International Ltd. (a)	616,100		6,413,601
			125,691,185
TOTAL ENERGY EQUIPMENT & SERVICES			163,974,346
GAS UTILITIES - 9.9%
Gas Utilities - 9.9%
Atmos Energy Corp.	332,287		11,633,368
National Fuel Gas Co.	255,900		13,327,272
ONEOK, Inc.	607,200		27,245,064
Questar Corp.	175,600		3,445,272
UGI Corp.	209,100		6,946,302
			62,597,278
MULTI-UTILITIES - 0.5%
Multi-Utilities - 0.5%
Sempra Energy	46,739		3,197,882
OIL, GAS & CONSUMABLE FUELS - 62.4%
Coal & Consumable Fuels - 0.2%
CONSOL Energy, Inc.	49,400		1,548,690
Integrated Oil & Gas - 4.9%
Hess Corp.	148,700		7,377,007

	Shares		Value
InterOil Corp. (a)(d)	85,150		$ 4,739,449
Suncor Energy, Inc. (d)	584,700		19,106,420
			31,222,876
Oil & Gas Exploration & Production - 44.8%
Americas Petrogas, Inc. (a)	340,700		600,216
Americas Petrogas, Inc. (a)(e)	232,000		408,718
Anadarko Petroleum Corp.	511,600		37,444,004
Apache Corp.	556,933		42,933,964
Baytex Energy Corp. (d)	69,000		3,063,271
Cabot Oil & Gas Corp.	136,400		6,424,440
Canadian Natural Resources Ltd.	1,129,400		32,505,709
Canadian Oil Sands Ltd.	443,200		8,994,727
Chesapeake Energy Corp. (d)	309,100		5,263,973
Cobalt International Energy, Inc. (a)	82,150		1,915,738
Crew Energy, Inc. (a)	252,450		1,717,987
Crown Point Energy, Inc. (e)	747,316		259,550
Denbury Resources, Inc. (a)	559,775		8,637,328
Devon Energy Corp.	264,046		13,643,257
Emerald Oil, Inc. warrants 2/4/16 (a)	15,002		0
Encana Corp.	117,800		2,573,373
Energen Corp.	96,000		4,274,880
EOG Resources, Inc.	126,085		14,830,118
EQT Corp.	126,300		7,585,578
Falkland Oil & Gas Ltd. (a)	34,900		17,473
Halcon Resources Corp.	80,000		494,400
Kosmos Energy Ltd. (a)	82,150		974,299
Madalena Ventures, Inc. (a)	1,517,000		389,425
Marathon Oil Corp.	821,600		25,346,360
Midstates Petroleum Co., Inc.	237,700		1,632,999
Newfield Exploration Co. (a)	167,300		4,072,082
Nexen, Inc.	332,000		8,151,689
Noble Energy, Inc.	200,907		19,638,659
Painted Pony Petroleum Ltd. Class A (a)	506,600		5,584,406
Pengrowth Energy Corp. (d)	216,000		1,124,196
Penn West Petroleum Ltd.	629,400		7,033,110
Petrobank Energy & Resources Ltd. (a)	117,450		1,455,489
Progress Energy Resources Corp.	83,100		1,688,184
QEP Resources, Inc.	141,300		3,973,356
Talisman Energy, Inc.	111,700		1,257,166
WPX Energy, Inc.	451,033		7,121,811
			283,031,935
Oil & Gas Refining & Marketing - 2.2%
Marathon Petroleum Corp.	79,400		4,727,476
Phillips 66	174,400		9,133,328
			13,860,804
Oil & Gas Storage & Transport - 10.3%
Enbridge, Inc. (d)	356,700		14,442,517
Spectra Energy Corp.	82,600		2,308,670
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - continued
The Williams Companies, Inc.	570,999		$ 18,751,607
TransCanada Corp.	632,800		29,290,929
			64,793,723
TOTAL OIL, GAS & CONSUMABLE FUELS			394,458,028
TOTAL COMMON STOCKS (Cost $679,993,734)		625,872,863
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 0.19% (b)	4,359,793		4,359,793
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	47,581,555		47,581,555
TOTAL MONEY MARKET FUNDS (Cost $51,941,348)		51,941,348
TOTAL INVESTMENT PORTFOLIO - 107.3% (Cost $731,935,082)		677,814,211
NET OTHER ASSETS (LIABILITIES) - (7.3)%		(46,057,169)
NET ASSETS - 100%		$ 631,757,042

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	$ 33,156
Fidelity Securities Lending Cash Central Fund	427,316
Total	$ 460,472

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $734,983,548. Net unrealized depreciation aggregated $57,169,337, of which $18,606,876 related to appreciated investment securities and $75,776,213 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, 2012

1.810675.108

LEI-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 5.4%
Education Services - 0.7%
K12, Inc. (a)(d)	128,312		$ 2,223,647
Specialized Consumer Services - 4.7%
Coinstar, Inc. (a)(d)	80,700		3,796,128
Hillenbrand, Inc.	23,900		505,724
Steiner Leisure Ltd. (a)	247,101		11,366,646
			15,668,498
TOTAL DIVERSIFIED CONSUMER SERVICES			17,892,145
FOOD & STAPLES RETAILING - 1.5%
Hypermarkets & Super Centers - 1.5%
Wal-Mart Stores, Inc.	71,400		5,142,228
HOTELS, RESTAURANTS & LEISURE - 87.0%
Casinos & Gaming - 15.8%
International Game Technology	115,300		1,599,211
Las Vegas Sands Corp.	728,065		33,964,233
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d)	70,870		1,081,476
MGM China Holdings Ltd.	900,000		1,683,828
Penn National Gaming, Inc. (a)	148,312		7,537,216
SHFL Entertainment, Inc. (a)	222,706		3,064,435
Wynn Resorts Ltd.	31,000		3,484,400
			52,414,799
Hotels, Resorts & Cruise Lines - 16.2%
Hyatt Hotels Corp. Class A (a)	399,511		14,582,152
Starwood Hotels & Resorts Worldwide, Inc.	275,100		14,844,396
Wyndham Worldwide Corp.	492,200		24,162,098
			53,588,646
Leisure Facilities - 0.8%
Cedar Fair LP (depository unit)	83,990		2,774,190
Restaurants - 54.2%
BJ's Restaurants, Inc. (a)	126,500		4,337,685
Bravo Brio Restaurant Group, Inc. (a)	131,269		1,791,822
Brinker International, Inc.	372,900		11,168,355
Buffalo Wild Wings, Inc. (a)	37,000		2,680,280
CEC Entertainment, Inc.	52,815		1,653,110
Chipotle Mexican Grill, Inc. (a)	52,729		13,908,856
Denny's Corp. (a)	147,009		698,293
Jack in the Box, Inc. (a)	78,900		2,173,695
McDonald's Corp.	526,700		45,843,968
Panera Bread Co. Class A (a)	77,000		12,358,500
Papa John's International, Inc. (a)	92,000		4,869,560
Ruth's Hospitality Group, Inc. (a)	690,218		5,176,635
Starbucks Corp.	955,400		49,556,593

	Shares		Value
Texas Roadhouse, Inc. Class A	514,308		$ 8,542,656
Yum! Brands, Inc.	219,200		14,703,936
			179,463,944
TOTAL HOTELS, RESTAURANTS & LEISURE			288,241,579
HOUSEHOLD DURABLES - 0.5%
Housewares & Specialties - 0.5%
Tupperware Brands Corp.	26,200		1,699,070
SOFTWARE - 1.7%
Application Software - 1.0%
Intuit, Inc.	56,500		3,384,915
Home Entertainment Software - 0.7%
Playtech Ltd.	360,000		2,422,451
TOTAL SOFTWARE			5,807,366
SPECIALTY RETAIL - 1.0%
Apparel Retail - 1.0%
Express, Inc. (a)	215,000		3,209,950
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Apparel, Accessories & Luxury Goods - 0.5%
PVH Corp.	13,940		1,597,385
TOTAL COMMON STOCKS (Cost $214,850,588)		323,589,723

Convertible Bonds - 0.1%
	Principal Amount
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.1%
MGM Mirage, Inc. 4.25% 4/15/15 (Cost $300,000)	$ 300,000	306,938

Money Market Funds - 3.6%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	5,766,687		5,766,687
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	5,987,236		5,987,236
TOTAL MONEY MARKET FUNDS (Cost $11,753,923)		11,753,923
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $226,904,511)			335,650,584
NET OTHER ASSETS (LIABILITIES) - (1.3)%			(4,178,670)
NET ASSETS - 100%		$ 331,471,914

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	$ 6,130
Fidelity Securities Lending Cash Central Fund	278,641
Total	$ 284,771

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 323,589,723	$ 323,589,723	$ -	$ -
Convertible Bonds	306,938	-	306,938	-
Money Market Funds	11,753,923	11,753,923	-	-
Total Investments in Securities:	$ 335,650,584	$ 335,343,646	$ 306,938	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $230,945,424. Net unrealized appreciation aggregated $104,705,160, of which $109,386,436 related to appreciated investment securities and $4,681,276 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 Medical Delivery Portfolio

November 30, 2012

1.810676.108

MED-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Sigma Aldrich Corp.	13,900		$ 1,008,028
COMMERCIAL SERVICES & SUPPLIES - 1.0%
Environmental & Facility Services - 1.0%
Stericycle, Inc. (a)	71,500		6,683,105
DIVERSIFIED CONSUMER SERVICES - 1.9%
Specialized Consumer Services - 1.9%
Weight Watchers International, Inc. (d)	237,400		12,335,304
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Opto Circuits India Ltd.	759,861		1,517,201
HEALTH CARE PROVIDERS & SERVICES - 91.8%
Health Care Distributors & Services - 24.2%
AmerisourceBergen Corp.	794,200		33,531,124
Henry Schein, Inc. (a)	414,200		33,454,934
McKesson Corp.	348,600		32,932,242
MWI Veterinary Supply, Inc. (a)	114,500		12,782,780
Owens & Minor, Inc.	783,900		21,463,182
Patterson Companies, Inc.	790,400		26,952,640
			161,116,902
Health Care Facilities - 3.6%
The Ensign Group, Inc.	96,500		2,488,735
Universal Health Services, Inc. Class B	338,300		15,247,181
VCA Antech, Inc. (a)	299,100		6,215,298
			23,951,214
Health Care Services - 33.2%
Air Methods Corp. (a)	55,600		6,069,852
Catamaran Corp. (a)	70,612		3,466,091
Chemed Corp.	193,200		13,153,056
Corvel Corp. (a)	112,200		4,706,790
Express Scripts Holding Co. (a)	1,944,650		104,719,403
Laboratory Corp. of America Holdings (a)	352,500		29,817,975
Landauer, Inc.	77,700		4,629,366
LHC Group, Inc. (a)	92,900		1,799,938
MEDNAX, Inc. (a)	273,700		21,622,300
Quest Diagnostics, Inc.	543,100		31,380,318
			221,365,089
Managed Health Care - 30.8%
Centene Corp. (a)	154,200		6,770,922

	Shares		Value
CIGNA Corp.	987,000		$ 51,590,490
Magellan Health Services, Inc. (a)	99,700		5,172,436
Molina Healthcare, Inc. (a)	88,900		2,474,976
Qualicorp SA (a)	171,000		1,660,544
UnitedHealth Group, Inc.	2,534,697		137,862,169
			205,531,537
TOTAL HEALTH CARE PROVIDERS & SERVICES			611,964,742
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
Danaher Corp.	64,100		3,459,477
PROFESSIONAL SERVICES - 0.5%
Research & Consulting Services - 0.5%
Verisk Analytics, Inc. (a)	70,600		3,518,704
TOTAL COMMON STOCKS (Cost $540,453,321)		640,486,561
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.19% (b)	17,708,940		17,708,940
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	12,558,150		12,558,150
TOTAL MONEY MARKET FUNDS (Cost $30,267,090)		30,267,090
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $570,720,411)			670,753,651
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(4,284,037)
NET ASSETS - 100%		$ 666,469,614

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	$ 18,500
Fidelity Securities Lending Cash Central Fund	193,575
Total	$ 212,075

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $575,048,637. Net unrealized appreciation aggregated $95,705,014, of which $102,016,258 related to appreciated investment securities and $6,311,244 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, 2012

1.810698.108

MES-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
BIOTECHNOLOGY - 2.4%
Biotechnology - 2.4%
Genomic Health, Inc. (a)	140,000		$ 3,872,400
Grifols SA ADR (d)	1,100,000		26,829,000
			30,701,400
HEALTH CARE EQUIPMENT & SUPPLIES - 85.2%
Health Care Equipment - 73.5%
ArthroCare Corp. (a)	300,000		10,047,000
Baxter International, Inc.	1,080,000		71,571,600
Boston Scientific Corp. (a)	15,800,000		87,532,000
C.R. Bard, Inc.	420,000		41,584,200
CareFusion Corp. (a)	300,000		8,376,000
Conceptus, Inc. (a)	500,000		10,405,000
CONMED Corp.	300,000		8,289,000
Covidien PLC	2,550,000		148,180,499
Cyberonics, Inc. (a)	125,000		6,462,500
Edwards Lifesciences Corp. (a)	240,000		20,824,800
Exactech, Inc. (a)(e)	800,000		13,592,000
Fisher & Paykel Healthcare Corp.	3,500,000		7,355,712
Genmark Diagnostics, Inc. (a)	1,130,306		11,190,029
HeartWare International, Inc. (a)	100,000		8,231,000
HeartWare International, Inc. CDI (a)	5,500,000		12,455,366
Hill-Rom Holdings, Inc.	400,003		11,184,084
Hologic, Inc. (a)	360,000		6,868,800
Insulet Corp. (a)	1,160,000		25,462,000
Integra LifeSciences Holdings Corp. (a)	385,700		14,949,732
Intuitive Surgical, Inc. (a)	90,000		47,610,000
Ion Beam Applications SA (a)	208,993		1,617,245
Mako Surgical Corp. (a)(d)	400,000		5,520,000
Medtronic, Inc.	1,350,000		56,848,500
Natus Medical, Inc. (a)	600,000		6,792,000
NxStage Medical, Inc. (a)	650,000		7,813,000
Opto Circuits India Ltd.	1,900,000		3,793,698
Sirona Dental Systems, Inc. (a)	200,000		12,522,000
St. Jude Medical, Inc.	1,200,000		41,136,000
Stryker Corp.	1,400,000		75,824,000
Teleflex, Inc.	220,000		15,224,000
Tornier BV (a)	769,900		12,487,778
Trauson Holdings Co. Ltd.	10,000,000		5,535,341
Varian Medical Systems, Inc. (a)(d)	140,000		9,682,400
Volcano Corp. (a)	900,000		24,534,000
Wright Medical Group, Inc. (a)(d)	550,000		11,616,000
Zeltiq Aesthetics, Inc. (a)(d)	900,000		4,266,000
Zimmer Holdings, Inc.	1,200,000		79,164,000
			946,547,284
Health Care Supplies - 11.7%
Align Technology, Inc. (a)	600,000		16,434,000
DENTSPLY International, Inc.	1,250,000		49,625,000
Derma Sciences, Inc. (a)	115,041		1,310,317
OraSure Technologies, Inc. (a)	600,000		4,620,000
The Cooper Companies, Inc.	592,700		56,270,938

	Shares		Value
The Spectranetics Corp. (a)	850,000		$ 12,240,000
Unilife Corp. (a)(d)	2,000,000		4,560,000
Vascular Solutions, Inc. (a)	400,000		5,980,000
			151,040,255
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,097,587,539
HEALTH CARE PROVIDERS & SERVICES - 5.7%
Health Care Distributors & Services - 0.3%
Amplifon SpA	1,000,000		4,538,920
Health Care Facilities - 0.6%
Hanger, Inc. (a)	300,000		7,833,000
Health Care Services - 4.8%
Accretive Health, Inc. (a)(d)	301,700		3,599,281
Catamaran Corp. (a)	770,000		37,796,547
Quest Diagnostics, Inc.	350,000		20,223,000
			61,618,828
TOTAL HEALTH CARE PROVIDERS & SERVICES			73,990,748
HEALTH CARE TECHNOLOGY - 1.5%
Health Care Technology - 1.5%
athenahealth, Inc. (a)(d)	120,000		7,642,800
Cerner Corp. (a)	150,000		11,583,000
			19,225,800
LIFE SCIENCES TOOLS & SERVICES - 0.3%
Life Sciences Tools & Services - 0.3%
Eurofins Scientific SA	28,027		4,312,096
PHARMACEUTICALS - 1.5%
Pharmaceuticals - 1.5%
Endo Pharmaceuticals Holdings, Inc. (a)	650,000		18,629,000
TOTAL COMMON STOCKS (Cost $1,069,295,044)		1,244,446,583
Preferred Stocks - 1.3%

Convertible Preferred Stocks - 0.7%
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Ariosa Diagnostics (f)	331,126		2,000,001
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Castlight Health, Inc. Series D (a)(f)	999,300		6,995,100
TOTAL CONVERTIBLE PREFERRED STOCKS			8,995,101
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 0.6%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
Health Care Equipment - 0.6%
Sartorius AG (non-vtg.)	80,000		$ 7,411,054
TOTAL PREFERRED STOCKS (Cost $14,916,313)		16,406,155
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 0.19% (b)	25,883,333		25,883,333
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	13,524,030		13,524,030
TOTAL MONEY MARKET FUNDS (Cost $39,407,363)		39,407,363
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,123,618,720)			1,300,260,101
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(12,265,252)
NET ASSETS - 100%		$ 1,287,994,849

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	$ 2,000,001
Castlight Health, Inc. Series D	4/25/12	$ 6,032,334

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	$ 36,721
Fidelity Securities Lending Cash Central Fund	494,024
Total	$ 530,745

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Exactech, Inc.	$ 5,637,391	$ 7,353,864	$ -	$ -	$ 13,592,000
Genmark Diagnostics, Inc.	4,160,254	555,059	-	-	-
Total	$ 9,797,645	$ 7,908,923	$ -	$ -	$ 13,592,000

Other Information

The following is a summary of the inputs used, as of November 30, 2012, 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	$ 1,244,446,583	$ 1,244,446,583	$ -	$ -
Preferred Stocks	16,406,155	7,411,054	-	8,995,101
Money Market Funds	39,407,363	39,407,363	-	-
Total Investments in Securities:	$ 1,300,260,101	$ 1,291,265,000	$ -	$ 8,995,101

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,127,361,309. Net unrealized appreciation aggregated $172,898,792, of which $225,540,319 related to appreciated investment securities and $52,641,527 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 Natural Resources Portfolio

November 30, 2012

1.810716.108

NAT-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CHEMICALS - 1.5%
Specialty Chemicals - 1.5%
LyondellBasell Industries NV Class A	335,700		$ 16,694,361
CONTAINERS & PACKAGING - 1.5%
Metal & Glass Containers - 0.7%
Ball Corp.	183,200		8,187,208
Paper Packaging - 0.8%
Rock-Tenn Co. Class A	131,100		8,526,744
TOTAL CONTAINERS & PACKAGING			16,713,952
ENERGY EQUIPMENT & SERVICES - 20.2%
Oil & Gas Drilling - 6.5%
Discovery Offshore S.A. (a)(e)	1,522,800		3,091,598
Ensco PLC Class A	404,300		23,542,389
Noble Corp.	777,200		26,805,628
Northern Offshore Ltd.	945,000		1,668,300
Ocean Rig UDW, Inc. (United States) (a)	443,900		6,991,425
Rowan Companies PLC (a)	120,500		3,823,465
Tuscany International Drilling, Inc. (a)	885,100		218,301
Unit Corp. (a)	40,900		1,837,228
Vantage Drilling Co. (a)	1,977,700		3,559,860
			71,538,194
Oil & Gas Equipment & Services - 13.7%
Cameron International Corp. (a)	208,000		11,221,600
Compagnie Generale de Geophysique SA (a)	226,000		6,911,965
Core Laboratories NV (d)	19,700		2,032,646
FMC Technologies, Inc. (a)	198,800		8,122,968
Fugro NV (Certificaten Van Aandelen)	340,529		20,432,038
Gulfmark Offshore, Inc. Class A (a)	173,400		5,434,356
Halliburton Co.	397,600		13,259,960
McDermott International, Inc. (a)	332,000		3,495,960
National Oilwell Varco, Inc.	559,558		38,217,811
Oceaneering International, Inc.	21,100		1,111,548
Oil States International, Inc. (a)	118,600		8,387,392
Petroleum Geo-Services ASA	65,700		1,101,292
Schlumberger Ltd.	371,992		26,642,067
Total Energy Services, Inc.	100,000		1,395,279
Weatherford International Ltd. (a)	127,900		1,331,439
			149,098,321
TOTAL ENERGY EQUIPMENT & SERVICES			220,636,515
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights (a)	282,600		3
METALS & MINING - 11.5%
Diversified Metals & Mining - 2.9%
Anglo American PLC (United Kingdom)	143,262		3,976,559

	Shares		Value
Freeport-McMoRan Copper & Gold, Inc.	395,134		$ 15,414,177
Kenmare Resources PLC (a)	4,978,800		2,576,501
Teck Resources Ltd. Class B (sub. vtg.)	227,100		7,688,502
Turquoise Hill Resources Ltd. (a)	218,025		1,641,745
			31,297,484
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	200,200		6,200,194
Barrick Gold Corp.	296,200		10,284,329
Gold Fields Ltd. sponsored ADR	578,700		7,106,436
Goldcorp, Inc.	253,000		9,859,194
Harmony Gold Mining Co. Ltd. sponsored ADR	530,400		4,142,424
IAMGOLD Corp.	508,200		6,006,209
Kinross Gold Corp.	295,867		2,996,348
Newcrest Mining Ltd.	412,256		11,035,409
Newmont Mining Corp.	255,200		12,017,368
Randgold Resources Ltd. sponsored ADR	49,800		5,346,528
Yamana Gold, Inc.	433,600		8,171,331
			83,165,770
Precious Metals & Minerals - 1.0%
Pan American Silver Corp.	128,600		2,449,830
Silver Wheaton Corp.	224,400		8,261,245
			10,711,075
TOTAL METALS & MINING			125,174,329
OIL, GAS & CONSUMABLE FUELS - 63.5%
Coal & Consumable Fuels - 1.2%
Cloud Peak Energy, Inc. (a)	135,900		2,578,023
Peabody Energy Corp.	427,900		10,744,569
			13,322,592
Integrated Oil & Gas - 27.2%
Chevron Corp.	311,800		32,954,142
ENI SpA sponsored ADR	165,900		7,868,637
Exxon Mobil Corp.	523,300		46,123,662
Hess Corp.	762,300		37,817,703
InterOil Corp. (a)(d)	96,900		5,393,454
Murphy Oil Corp.	551,400		31,286,436
Occidental Petroleum Corp.	843,300		63,424,593
Royal Dutch Shell PLC Class A sponsored ADR	460,397		30,832,787
Suncor Energy, Inc. (d)	1,242,900		40,614,621
			296,316,035
Oil & Gas Exploration & Production - 26.0%
Anadarko Petroleum Corp.	330,000		24,152,700
Apache Corp.	26,100		2,012,049
BPZ Energy, Inc. (a)	500,300		1,265,759
Cabot Oil & Gas Corp.	468,400		22,061,640
Canadian Natural Resources Ltd.	234,400		6,746,359
Cobalt International Energy, Inc. (a)	251,000		5,853,320
Comstock Resources, Inc. (a)	425,200		6,973,280
Concho Resources, Inc. (a)	312,400		25,073,224
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Energen Corp.	98,600		$ 4,390,658
EOG Resources, Inc.	174,100		20,477,642
EQT Corp.	695,700		41,783,742
EV Energy Partners LP	137,500		8,346,250
Gran Tierra Energy, Inc. (Canada) (a)	1,285,800		7,326,348
Gulfport Energy Corp. (a)	71,000		2,700,840
Halcon Resources Corp.	570,000		3,522,600
Harvest Natural Resources, Inc. (a)(d)	228,900		2,014,320
Kodiak Oil & Gas Corp. (a)	272,600		2,338,908
Marathon Oil Corp.	492,800		15,202,880
Noble Energy, Inc.	261,500		25,561,625
Northern Oil & Gas, Inc. (a)(d)	378,295		5,939,232
Painted Pony Petroleum Ltd. (a)(e)	9,500		104,721
Pioneer Natural Resources Co.	253,200		27,092,400
Plains Exploration & Production Co. (a)	99,300		3,545,010
Range Resources Corp.	34,700		2,221,494
Rosetta Resources, Inc. (a)	217,100		9,756,474
SM Energy Co.	137,300		6,822,437
TAG Oil Ltd. (a)	126,100		781,976
TAG Oil Ltd. (e)	20,400		126,505
			284,194,393
Oil & Gas Refining & Marketing - 6.0%
Alon USA Partners LP	110,300		2,082,464
Calumet Specialty Products Partners LP	208,200		6,462,528
Marathon Petroleum Corp.	309,600		18,433,584
Northern Tier Energy LP Class A	153,700		3,581,210
Phillips 66	202,600		10,610,162
Tesoro Corp.	436,800		18,467,904
Valero Energy Corp.	167,900		5,416,454
			65,054,306
Oil & Gas Storage & Transport - 3.1%
Atlas Energy LP	73,000		2,467,400
Atlas Pipeline Partners LP	210,500		6,944,395
Cheniere Energy, Inc. (a)	138,100		2,320,080
Markwest Energy Partners LP	60,900		3,147,312
Tesoro Logistics LP	180,400		8,316,440
The Williams Companies, Inc.	308,800		10,140,992
			33,336,619
TOTAL OIL, GAS & CONSUMABLE FUELS			692,223,945

	Shares		Value
PAPER & FOREST PRODUCTS - 0.8%
Paper Products - 0.8%
International Paper Co.	236,700		$ 8,791,038
TOTAL COMMON STOCKS (Cost $1,043,018,904)		1,080,234,143
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.19% (b)	11,997,755		11,997,755
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	19,543,795		19,543,795
TOTAL MONEY MARKET FUNDS (Cost $31,541,550)		31,541,550
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $1,074,560,454)			1,111,775,693
NET OTHER ASSETS (LIABILITIES) - (1.9)%			(20,540,269)
NET ASSETS - 100%		$ 1,091,235,424

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	$ 18,261
Fidelity Securities Lending Cash Central Fund	290,489
Total	$ 308,750

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,080,234,143	$ 1,073,322,175	$ 6,911,965	$ 3
Money Market Funds	31,541,550	31,541,550	-	-
Total Investments in Securities:	$ 1,111,775,693	$ 1,104,863,725	$ 6,911,965	$ 3

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,083,992,138. Net unrealized appreciation aggregated $27,783,555, of which $110,124,198 related to appreciated investment securities and $82,340,643 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, 2012

1.810674.108

PRC-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
CAPITAL MARKETS - 0.1%
Asset Management & Custody Banks - 0.1%
GP Investments Ltd. (depositary receipt) (a)	115,940		$ 290,284
INSURANCE - 95.4%
Insurance Brokers - 9.2%
Aon PLC	69,247		3,933,230
Arthur J. Gallagher & Co.	60,600		2,213,112
Brasil Insurance Participacoes e Administracao SA	332,350		2,752,993
Brown & Brown, Inc.	139,900		3,754,916
Marsh & McLennan Companies, Inc.	329,500		11,604,990
Willis Group Holdings PLC	24,700		866,476
			25,125,717
Life & Health Insurance - 14.9%
AFLAC, Inc.	187,200		9,919,728
AIA Group Ltd.	7,600		29,566
Lincoln National Corp.	112,200		2,771,340
MetLife, Inc.	372,975		12,379,040
Prudential Financial, Inc.	249,289		12,992,943
Prudential PLC	2,060		29,946
Torchmark Corp.	50,400		2,620,296
			40,742,859
Multi-Line Insurance - 11.6%
American Financial Group, Inc.	109,700		4,349,605
American International Group, Inc. (a)	490,900		16,263,517
American International Group, Inc. warrants 1/19/21 (a)	95,169		1,322,849
Assurant, Inc.	11,900		407,099
Fairfax Financial Holdings Ltd. (sub. vtg.)	29		9,960
FBD Holdings PLC	501,500		6,913,594
Hartford Financial Services Group, Inc.	117,000		2,478,060
			31,744,684
Property & Casualty Insurance - 54.5%
ACE Ltd.	322,449		25,547,634
Allied World Assurance Co. Holdings Ltd.	125,700		10,203,069
Allstate Corp.	180,200		7,294,496
Axis Capital Holdings Ltd.	380,900		13,700,973
Beazley PLC	2,847,940		8,044,264
Berkshire Hathaway, Inc. Class B (a)	545,669		48,062,526

	Shares		Value
ProAssurance Corp.	39,200		$ 3,554,656
RLI Corp.	7,800		502,632
The Chubb Corp.	66,758		5,139,698
The Travelers Companies, Inc.	313,800		22,223,316
W.R. Berkley Corp.	115,300		4,583,175
XL Group PLC Class A	18,200		442,806
			149,299,245
Reinsurance - 5.2%
Everest Re Group Ltd.	15,500		1,681,285
PartnerRe Ltd.	17,900		1,483,552
RenaissanceRe Holdings Ltd.	11,300		935,188
Validus Holdings Ltd.	285,600		10,127,376
			14,227,401
TOTAL INSURANCE			261,139,906
PROFESSIONAL SERVICES - 1.8%
Human Resource & Employment Services - 1.8%
Towers Watson & Co.	90,400		4,780,352
TOTAL COMMON STOCKS (Cost $242,573,449)		266,210,542
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 0.19% (b) (Cost $6,837,455)	6,837,455		6,837,455
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $249,410,904)			273,047,997
NET OTHER ASSETS (LIABILITIES) - 0.2%			634,268
NET ASSETS - 100%		$ 273,682,265

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	$ 7,469
Fidelity Securities Lending Cash Central Fund	76
Total	$ 7,545

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 266,210,542	$ 266,180,596	$ 29,946	$ -
Money Market Funds	6,837,455	6,837,455	-	-
Total Investments in Securities:	$ 273,047,997	$ 273,018,051	$ 29,946	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $251,716,819. Net unrealized appreciation aggregated $21,331,178, of which $25,076,666 related to appreciated investment securities and $3,745,488 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, 2012

1.810717.108

RET-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
DISTRIBUTORS - 2.8%
Distributors - 2.8%
LKQ Corp. (a)	741,900		$ 16,262,448
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Steiner Leisure Ltd. (a)	48,759		2,242,914
FOOD & STAPLES RETAILING - 3.9%
Food Retail - 0.7%
Susser Holdings Corp. (a)	110,179		4,022,635
Hypermarkets & Super Centers - 3.2%
Costco Wholesale Corp.	66,600		6,925,734
Wal-Mart Stores, Inc.	164,000		11,811,280
			18,737,014
TOTAL FOOD & STAPLES RETAILING			22,759,649
INTERNET & CATALOG RETAIL - 16.2%
Internet Retail - 16.2%
Amazon.com, Inc. (a)	221,100		55,728,255
Priceline.com, Inc. (a)	57,880		38,383,701
			94,111,956
MULTILINE RETAIL - 4.3%
Department Stores - 1.7%
PPR SA	52,800		9,847,140
General Merchandise Stores - 2.6%
Target Corp.	244,221		15,417,672
TOTAL MULTILINE RETAIL			25,264,812
SOFTWARE - 0.9%
Home Entertainment Software - 0.9%
Take-Two Interactive Software, Inc. (a)	418,000		5,170,660
SPECIALTY RETAIL - 63.9%
Apparel Retail - 21.1%
DSW, Inc. Class A	144,400		9,823,532
Express, Inc. (a)	864,897		12,912,912
Guess?, Inc.	169,600		4,387,552
H&M Hennes & Mauritz AB (B Shares)	342,900		11,127,043
Inditex SA	61,054		8,369,158
Limited Brands, Inc.	538,198		28,067,026
Ross Stores, Inc.	149,800		8,526,616
TJX Companies, Inc.	538,900		23,894,826
Urban Outfitters, Inc. (a)	425,400		16,037,580
			123,146,245
Automotive Retail - 11.6%
Advance Auto Parts, Inc.	24,200		1,770,230
Asbury Automotive Group, Inc. (a)	210,923		6,367,765

	Shares		Value
AutoZone, Inc. (a)	72,043		$ 27,647,942
Monro Muffler Brake, Inc.	153,470		4,923,318
O'Reilly Automotive, Inc. (a)	284,125		26,730,480
			67,439,735
Computer & Electronics Retail - 0.9%
Best Buy Co., Inc.	409,579		5,369,581
Home Improvement Retail - 22.9%
Home Depot, Inc.	1,474,300		95,932,702
Lowe's Companies, Inc.	1,035,100		37,356,759
			133,289,461
Specialty Stores - 7.4%
Dick's Sporting Goods, Inc.	309,700		16,262,347
GNC Holdings, Inc.	271,900		9,551,847
Ulta Salon, Cosmetics & Fragrance, Inc.	169,700		17,017,516
			42,831,710
TOTAL SPECIALTY RETAIL			372,076,732
TEXTILES, APPAREL & LUXURY GOODS - 4.9%
Apparel, Accessories & Luxury Goods - 3.0%
G-III Apparel Group Ltd. (a)	155,523		5,917,650
VF Corp.	71,300		11,444,363
			17,362,013
Footwear - 1.9%
NIKE, Inc. Class B	114,700		11,180,956
TOTAL TEXTILES, APPAREL & LUXURY GOODS			28,542,969
TOTAL COMMON STOCKS (Cost $451,179,766)		566,432,140

Convertible Bonds - 0.2%
	Principal Amount
SOFTWARE - 0.2%
Home Entertainment Software - 0.2%
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (Cost $1,000,000)	$ 1,000,000	981,250

Money Market Funds - 2.6%
	Shares
Fidelity Cash Central Fund, 0.19% (b) (Cost $15,479,374)	15,479,374		15,479,374
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $467,659,140)			582,892,764
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(819,605)
NET ASSETS - 100%		$ 582,073,159

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	$ 15,384
Fidelity Securities Lending Cash Central Fund	58,980
Total	$ 74,364

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 566,432,140	$ 566,432,140	$ -	$ -
Convertible Bonds	981,250	-	981,250	-
Money Market Funds	15,479,374	15,479,374	-	-
Total Investments in Securities:	$ 582,892,764	$ 581,911,514	$ 981,250	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $470,390,487. Net unrealized appreciation aggregated $112,502,277, of which $122,966,840 related to appreciated investment securities and $10,464,563 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 Consumer Finance Portfolio

November 30, 2012

1.810686.108

SAV-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMERCIAL BANKS - 19.4%
Diversified Banks - 7.8%
Comerica, Inc.	127,300		$ 3,766,807
U.S. Bancorp	390,600		12,600,756
Wells Fargo & Co.	283,800		9,368,238
			25,735,801
Regional Banks - 11.6%
BankUnited, Inc.	15,000		352,500
BB&T Corp.	111,400		3,138,138
Fifth Third Bancorp	439,400		6,432,816
First Republic Bank	48,400		1,636,888
KeyCorp	193,700		1,565,096
M&T Bank Corp.	20,500		2,003,465
PNC Financial Services Group, Inc.	146,500		8,224,510
Regions Financial Corp.	1,323,800		8,829,746
SunTrust Banks, Inc.	215,300		5,845,395
			38,028,554
TOTAL COMMERCIAL BANKS			63,764,355
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Diversified Support Services - 0.9%
Edenred SA	63,800		1,943,691
Intrum Justitia AB	63,400		890,965
			2,834,656
CONSUMER FINANCE - 21.2%
Consumer Finance - 21.2%
American Express Co.	338,500		18,922,150
Capital One Financial Corp.	332,000		19,123,200
DFC Global Corp. (a)	50,000		872,500
Discover Financial Services	278,500		11,588,385
International Personal Finance PLC	150,000		831,276
Regional Management Corp.	75,000		1,312,500
SLM Corp.	1,025,300		16,968,715
			69,618,726
DIVERSIFIED FINANCIAL SERVICES - 8.4%
Other Diversified Financial Services - 7.3%
Bank of America Corp.	948,000		9,347,280
Citigroup, Inc.	236,100		8,161,977
JPMorgan Chase & Co.	157,700		6,478,316
			23,987,573
Specialized Finance - 1.1%
PHH Corp. (a)(d)	169,500		3,713,745
TOTAL DIVERSIFIED FINANCIAL SERVICES			27,701,318

	Shares		Value
INSURANCE - 0.7%
Property & Casualty Insurance - 0.7%
First American Financial Corp.	96,800		$ 2,303,840
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
Bankrate, Inc. (a)	100,000		1,203,000
eBay, Inc. (a)	30,000		1,584,600
			2,787,600
IT SERVICES - 18.7%
Data Processing & Outsourced Services - 18.7%
Alliance Data Systems Corp. (a)	26,900		3,832,981
Fidelity National Information Services, Inc.	96,800		3,494,480
Fiserv, Inc. (a)	13,200		1,016,268
Global Payments, Inc.	100,900		4,430,519
MasterCard, Inc. Class A	45,300		22,137,204
Total System Services, Inc.	96,800		2,124,760
Visa, Inc. Class A	163,200		24,432,671
			61,468,883
REAL ESTATE INVESTMENT TRUSTS - 16.0%
Mortgage REITs - 16.0%
American Capital Agency Corp.	370,300		11,682,965
Annaly Capital Management, Inc.	553,800		8,151,936
Capstead Mortgage Corp.	108,200		1,313,548
Chimera Investment Corp.	1,646,200		4,510,588
Dynex Capital, Inc.	125,000		1,225,000
Hatteras Financial Corp.	108,500		2,892,610
Invesco Mortgage Capital, Inc.	292,900		6,200,693
MFA Financial, Inc.	1,275,300		10,725,273
Redwood Trust, Inc. (d)	282,800		4,728,416
Two Harbors Investment Corp.	115,000		1,301,800
			52,732,829
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
Real Estate Services - 1.2%
Altisource Portfolio Solutions SA (a)	38,700		4,114,971
THRIFTS & MORTGAGE FINANCE - 11.5%
Thrifts & Mortgage Finance - 11.5%
Flushing Financial Corp.	261,400		3,910,544
Hudson City Bancorp, Inc.	1,725,300		13,905,918
Nationstar Mortgage Holdings, Inc. (d)	43,100		1,319,722
New York Community Bancorp, Inc. (d)	288,900		3,758,589
Ocwen Financial Corp. (a)	306,400		10,987,504
People's United Financial, Inc.	115,100		1,403,069
WSFS Financial Corp.	58,100		2,521,540
			37,806,886
TOTAL COMMON STOCKS (Cost $289,077,643)		325,134,064
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	7,687,754		$ 7,687,754
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	6,979,793		6,979,793
TOTAL MONEY MARKET FUNDS (Cost $14,667,547)		14,667,547

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $303,745,190)

339,801,611

NET OTHER ASSETS (LIABILITIES) - (3.3)%			(10,856,240)
NET ASSETS - 100%		$ 328,945,371

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	$ 15,415
Fidelity Securities Lending Cash Central Fund	10,778
Total	$ 26,193

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $304,305,713. Net unrealized appreciation aggregated $35,495,898, of which $43,506,281 related to appreciated investment securities and $8,010,383 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 Telecommunications Portfolio

November 30, 2012

1.810721.108

TEL-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Nortel Networks Corp. (a)	8,071		$ 0
DIVERSIFIED TELECOMMUNICATION SERVICES - 61.0%
Alternative Carriers - 7.6%
Cogent Communications Group, Inc.	398,602		8,426,446
Level 3 Communications, Inc. (a)	477,291		9,001,708
tw telecom, inc. (a)	318,557		8,183,729
Vonage Holdings Corp. (a)	1,966,800		4,779,324
			30,391,207
Integrated Telecommunication Services - 53.4%
AT&T, Inc.	1,980,219		67,584,874
Atlantic Tele-Network, Inc.	121,400		4,477,232
CenturyLink, Inc.	506,584		19,675,723
China Unicom Ltd. sponsored ADR	261,900		4,067,307
Frontier Communications Corp. (d)	2,118,100		10,188,061
General Communications, Inc. Class A (a)	1,224,900		10,325,907
PT Telkomunikasi Indonesia Tbk Series B	1,295,500		1,221,694
Telefonica Brasil SA sponsored ADR	186,363		4,088,804
Verizon Communications, Inc.	2,113,547		93,249,694
Windstream Corp.	182		1,525
			214,880,821
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			245,272,028
MEDIA - 2.3%
Cable & Satellite - 2.3%
Time Warner Cable, Inc.	21,800		2,068,602
Virgin Media, Inc. (d)	208,900		7,347,013
			9,415,615
REAL ESTATE INVESTMENT TRUSTS - 3.6%
Specialized REITs - 3.6%
American Tower Corp.	191,000		14,311,630
SOFTWARE - 0.1%
Application Software - 0.1%
Comverse Technology, Inc.	37		132
Comverse, Inc.	3		86
Synchronoss Technologies, Inc. (a)	29,003		529,595
			529,813
WIRELESS TELECOMMUNICATION SERVICES - 27.5%
Wireless Telecommunication Services - 27.5%
Clearwire Corp. Class A (a)(d)	4,460,536		10,348,444

	Shares		Value
Crown Castle International Corp. (a)	316,383		$ 21,362,180
Leap Wireless International, Inc. (a)(d)	445,500		2,895,750
MetroPCS Communications, Inc. (a)	641,106		6,827,779
Mobile TeleSystems OJSC sponsored ADR	67,800		1,181,754
NII Holdings, Inc. (a)(d)	492,400		2,496,468
NTELOS Holdings Corp.	15,706		202,607
NTT DoCoMo, Inc.	1,037		1,503,367
SBA Communications Corp. Class A (a)	292,682		20,142,375
Sprint Nextel Corp. (a)	3,502,250		20,067,893
Telephone & Data Systems, Inc.	519,600		11,955,996
Turkcell Iletisim Hizmet A/S (a)	314,000		1,897,526
Vodafone Group PLC sponsored ADR	366,500		9,455,700
			110,337,839
TOTAL COMMON STOCKS (Cost $384,438,746)		379,866,925
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 0.19% (b)	5,794,071		5,794,071
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	28,841,524		28,841,524
TOTAL MONEY MARKET FUNDS (Cost $34,635,595)		34,635,595
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $419,074,341)			414,502,520
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(12,496,172)
NET ASSETS - 100%		$ 402,006,348

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	$ 22,478
Fidelity Securities Lending Cash Central Fund	229,529
Total	$ 252,007

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 379,866,925	$ 375,244,338	$ 4,622,587	$ -
Money Market Funds	34,635,595	34,635,595	-	-
Total Investments in Securities:	$ 414,502,520	$ 409,879,933	$ 4,622,587	$ -

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 Utilities Portfolio

November 30, 2012

1.810724.108

UTI-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
ELECTRIC UTILITIES - 47.4%
Electric Utilities - 47.4%
American Electric Power Co., Inc.	994,739		$ 42,425,618
Duke Energy Corp.	1,052,153		67,148,405
Edison International	784,012		35,656,866
Exelon Corp.	266,400		8,050,608
FirstEnergy Corp.	484,254		20,561,425
ITC Holdings Corp.	131,006		10,290,521
NextEra Energy, Inc.	383,986		26,383,678
Northeast Utilities	439,077		17,009,843
OGE Energy Corp.	179,469		10,253,064
Pepco Holdings, Inc. (d)	513,300		10,132,542
UIL Holdings Corp.	167,372		6,003,634
			253,916,204
GAS UTILITIES - 6.9%
Gas Utilities - 6.9%
National Fuel Gas Co.	136,976		7,133,710
ONEOK, Inc.	671,651		30,136,980
			37,270,690
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 13.7%
Independent Power Producers & Energy Traders - 13.7%
Calpine Corp. (a)	1,235,939		21,332,307
GenOn Energy, Inc. (a)	2,944,519		7,508,523
NRG Energy, Inc.	755,828		15,947,971
The AES Corp.	2,699,302		28,801,552
			73,590,353
MULTI-UTILITIES - 23.0%
Multi-Utilities - 23.0%
CenterPoint Energy, Inc.	1,215,864		23,988,997
CMS Energy Corp.	385,800		9,425,094
NiSource, Inc.	947,323		22,896,797
PG&E Corp.	555,597		22,751,697
Sempra Energy	623,585		42,665,686
Veolia Environnement SA	120,900		1,311,344
			123,039,615
OIL, GAS & CONSUMABLE FUELS - 5.7%
Oil & Gas Exploration & Production - 1.3%
EQT Corp.	68,600		4,120,116
LinnCo LLC	74,000		2,858,620
			6,978,736

	Shares		Value
Oil & Gas Storage & Transport - 4.4%
Cheniere Energy, Inc. (a)	432,935		$ 7,273,308
Kinder Morgan Holding Co. LLC	314,400		10,629,864
Markwest Energy Partners LP	55,600		2,873,408
Spectra Energy Corp.	94,900		2,652,455
			23,429,035
TOTAL OIL, GAS & CONSUMABLE FUELS			30,407,771
WATER UTILITIES - 2.6%
Water Utilities - 2.6%
American Water Works Co., Inc.	372,700		14,225,959
TOTAL COMMON STOCKS (Cost $521,361,178)		532,450,592
Money Market Funds - 0.5%

Fidelity Cash Central Fund, 0.19% (b)	1,853,257		1,853,257
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	623,700		623,700
TOTAL MONEY MARKET FUNDS (Cost $2,476,957)		2,476,957
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $523,838,135)		534,927,549
NET OTHER ASSETS (LIABILITIES) - 0.2%		1,066,089
NET ASSETS - 100%		$ 535,993,638

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	$ 14,625
Fidelity Securities Lending Cash Central Fund	29,004
Total	$ 43,629

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 532,450,592	$ 531,139,248	$ 1,311,344	$ -
Money Market Funds	2,476,957	2,476,957	-	-
Total Investments in Securities:	$ 534,927,549	$ 533,616,205	$ 1,311,344	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $525,241,248. Net unrealized appreciation aggregated $9,686,301, of which $22,099,519 related to appreciated investment securities and $12,413,218 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, 2012

1.810702.108

WIR-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
AEROSPACE & DEFENSE - 0.6%
Aerospace & Defense - 0.6%
Kratos Defense & Security Solutions, Inc. (a)	325,500		$ 1,448,475
COMMUNICATIONS EQUIPMENT - 25.5%
Communications Equipment - 25.5%
Acme Packet, Inc. (a)	56,000		1,117,200
Aruba Networks, Inc. (a)(d)	174,384		3,397,000
Globecomm Systems, Inc. (a)	8,700		103,356
Harris Corp.	78,600		3,704,418
InterDigital, Inc. (d)	57,400		2,449,832
Motorola Solutions, Inc.	192,068		10,458,103
Nokia Corp. sponsored ADR (d)	1,687,500		5,501,250
Polycom, Inc. (a)	91,400		956,044
QUALCOMM, Inc.	324,950		20,673,319
Research In Motion Ltd. (a)(d)	481,000		5,579,600
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	549,200		5,156,988
Ubiquiti Networks, Inc. (d)	18,100		212,675
ViaSat, Inc. (a)	82,000		3,134,860
			62,444,645
COMPUTERS & PERIPHERALS - 4.2%
Computer Hardware - 4.2%
Apple, Inc.	17,550		10,271,664
DIVERSIFIED TELECOMMUNICATION SERVICES - 13.6%
Integrated Telecommunication Services - 13.6%
AT&T, Inc.	341,900		11,669,047
China Unicom Ltd. sponsored ADR (d)	306,000		4,752,180
Telefonica SA sponsored ADR	344,611		4,490,281
Verizon Communications, Inc.	277,400		12,238,888
			33,150,396
ELECTRONIC EQUIPMENT & COMPONENTS - 0.1%
Electronic Manufacturing Services - 0.1%
Uni-Pixel, Inc. (a)	33,300		264,402
INTERNET SOFTWARE & SERVICES - 3.6%
Internet Software & Services - 3.6%
Baidu.com, Inc. sponsored ADR (a)	7,800		751,218
Facebook, Inc. Class A	52,900		1,481,201
Google, Inc. Class A (a)	6,200		4,329,894
Web.com Group, Inc. (a)	149,000		2,251,390
			8,813,703
IT SERVICES - 0.0%
Data Processing & Outsourced Services - 0.0%
NeuStar, Inc. Class A (a)	400		16,080

	Shares		Value
MEDIA - 1.4%
Cable & Satellite - 1.4%
DISH Network Corp. Class A	6,000		$ 222,240
Virgin Media, Inc. (d)	93,950		3,304,222
			3,526,462
REAL ESTATE INVESTMENT TRUSTS - 5.5%
Specialized REITs - 5.5%
American Tower Corp.	179,792		13,471,815
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
Semiconductors - 2.7%
Analog Devices, Inc.	10,600		430,360
Avago Technologies Ltd.	18,300		642,330
Freescale Semiconductor Holdings I Ltd. (a)	126,200		1,168,612
NXP Semiconductors NV (a)	23,700		580,176
RF Micro Devices, Inc. (a)	695,200		3,003,264
Skyworks Solutions, Inc. (a)	39,400		892,410
			6,717,152
SOFTWARE - 2.6%
Application Software - 2.6%
AsiaInfo-Linkage, Inc. (a)	54,750		628,530
Comverse Technology, Inc.	421,685		1,501,199
Comverse, Inc.	42,168		1,213,173
Gameloft Se (a)	311,362		2,275,773
Synchronoss Technologies, Inc. (a)	34,750		634,535
			6,253,210
WIRELESS TELECOMMUNICATION SERVICES - 39.5%
Wireless Telecommunication Services - 39.5%
China Mobile Ltd. sponsored ADR	169,400		9,642,248
Clearwire Corp. Class A (a)(d)	1,364,550		3,165,756
Crown Castle International Corp. (a)	122,500		8,271,200
Leap Wireless International, Inc. (a)(d)	143,450		932,425
MetroPCS Communications, Inc. (a)	312,450		3,327,593
NII Holdings, Inc. (a)(d)	427,900		2,169,453
NTELOS Holdings Corp.	31,775		409,898
NTT DoCoMo, Inc. sponsored ADR	161,600		2,336,736
Rogers Communications, Inc. Class B (non-vtg.) (d)	190,000		8,391,101
SBA Communications Corp. Class A (a)	160,900		11,073,138
Sprint Nextel Corp. (a)	2,062,931		11,820,595
Telephone & Data Systems, Inc.	139,014		3,198,712
U.S. Cellular Corp. (a)	50,600		1,763,410
USA Mobility, Inc.	36,400		420,784
Vodafone Group PLC sponsored ADR	1,146,800		29,587,437
			96,510,486
TOTAL COMMON STOCKS (Cost $210,797,442)		242,888,490
Money Market Funds - 9.7%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	1,395,971		$ 1,395,971
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	22,347,591		22,347,591
TOTAL MONEY MARKET FUNDS (Cost $23,743,562)		23,743,562
TOTAL INVESTMENT PORTFOLIO - 109.0% (Cost $234,541,004)			266,632,052
NET OTHER ASSETS (LIABILITIES) - (9.0)%		(21,989,046)
NET ASSETS - 100%		$ 244,643,006

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	$ 3,564
Fidelity Securities Lending Cash Central Fund	178,633
Total	$ 182,197

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $240,372,155. Net unrealized appreciation aggregated $26,259,897, of which $43,851,872 related to appreciated investment securities and $17,591,975 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

Consolidated Quarterly Holdings Report

for

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

November 30, 2012

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

1.860865.105

AGLD-QTLY-0113

Consolidated Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
Australia - 11.1%
METALS & MINING - 11.1%
Gold - 11.1%
ABM Resources NL (a)	2,300,000		$ 112,813
Alkane Resources Ltd.	195,000		142,451
Ampella Mining Ltd. (a)(d)	2,515,000		879,259
Beadell Resources Ltd. (a)	7,630,765		8,600,544
CGA Mining Ltd. (Canada) (a)	2,047,000		5,131,152
Evolution Mining Ltd. (a)	3,078,738		5,976,126
Focus Minerals Ltd. (a)	2,300,000		79,209
Gold One International Ltd. (a)	90,277		32,975
Gryphon Minerals Ltd. (a)	4,905,010		3,224,887
Integra Mining Ltd. (a)	1,415,000		804,798
Intrepid Mines Ltd.:
(Australia) (a)	9,209,798		2,883,404
(Canada) (a)	320,000		98,253
Kingsgate Consolidated NL (d)	2,388,274		12,113,077
Kula Gold Ltd. (a)	31,245		12,228
Marengo Mining Ltd. (a)	560,000		78,896
Medusa Mining Ltd.	2,552,885		16,091,712
Newcrest Mining Ltd.	9,474,792		253,624,454
Papillon Resources Ltd. (a)(d)	835,000		1,429,106
Perseus Mining Ltd.:
(Australia) (a)	5,504,308		13,441,652
(Canada) (a)	1,300,000		3,075,452
Ramelius Resources Ltd. (a)(d)	980,000		490,909
Red 5 Ltd. (a)	841,000		877,668
Regis Resources Ltd. (a)	4,849,692		27,583,205
Resolute Mining Ltd.	3,984,261		7,713,043
Saracen Mineral Holdings Ltd. (a)	2,032,488		954,497
Silver Lake Resources Ltd. (a)(d)	2,049,000		7,420,027
St Barbara Ltd. (a)(d)	6,313,377		10,772,427
Tanami Gold NL (a)	130,000		84,793
Troy Resources NL	195,000		846,568
Troy Resources NL (f)	734,826		3,217,892
			387,793,477
Bailiwick of Jersey - 4.6%
METALS & MINING - 4.6%
Gold - 4.6%
Centamin PLC (a)	12,081,900		11,362,569
Lydian International Ltd. (a)	909,600		1,941,261
Polyus Gold International Ltd.	422,400		1,394,101
Polyus Gold International Ltd. sponsored GDR	5,848,190		18,831,172
Randgold Resources Ltd. sponsored ADR	1,175,267		126,176,665
			159,705,768

	Shares		Value
Bermuda - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Continental Gold Ltd. (a)	995,400		$ 9,349,255
G-Resources Group Ltd. (a)	24,390,000		1,148,661
			10,497,916
Steel - 0.0%
African Minerals Ltd. (a)	417,100		1,650,594
TOTAL METALS & MINING			12,148,510
British Virgin Islands - 0.0%
METALS & MINING - 0.0%
Precious Metals & Minerals - 0.0%
Gem Diamonds Ltd. (a)	285,000		737,430
Canada - 58.2%
METALS & MINING - 58.2%
Diversified Metals & Mining - 0.3%
Copper Mountain Mining Corp. (a)	97,000		366,185
East Asia Minerals Corp. (a)	5,000		805
Eastmain Resources, Inc. (a)	10,000		7,047
Kimber Resources, Inc. (a)(e)	16,100		7,618
Kimber Resources, Inc. (a)(e)(f)	5,632,000		2,664,761
NovaCopper, Inc. (a)(d)	488,333		983,204
Prodigy Gold, Inc. (a)	610,000		614,084
Sabina Gold & Silver Corp. (a)	555,000		1,536,468
Turquoise Hill Resources Ltd. (a)	499,550		3,761,649
			9,941,821
Gold - 57.5%
Agnico-Eagle Mines Ltd. (Canada) (d)	2,133,400		118,960,111
Alacer Gold Corp. (a)	3,409,063		15,512,120
Alamos Gold, Inc.	1,908,800		35,933,518
Argonaut Gold, Inc. (a)(d)	1,144,800		11,075,178
ATAC Resources Ltd. (a)	67,200		121,770
Aura Minerals, Inc. (a)	10,000		2,819
AuRico Gold, Inc. (a)	3,493,563		27,608,063
Aurizon Mines Ltd. (a)	2,190,600		7,983,059
B2Gold Corp. (a)(d)	6,022,400		20,977,001
Banro Corp. (a)	4,018,482		13,390,220
Barrick Gold Corp. (d)	10,902,019		378,527,846
Belo Sun Mining Corp. (a)(d)	3,607,600		6,246,612
Canaco Resources, Inc. (a)	710,100		239,476
Canaco Resources, Inc. (a)(f)	561,600		189,395
Centerra Gold, Inc.	2,042,200		18,317,815
Claude Resources, Inc. (a)	80,000		45,905
Colossus Minerals, Inc. (a)	2,047,800		8,761,413
Detour Gold Corp. (a)	843,800		20,896,441
Detour Gold Corp. (a)(f)	785,900		19,462,566
Eldorado Gold Corp.	9,426,708		136,178,849
Exeter Resource Corp. (a)	272,300		348,136
Franco-Nevada Corp.	1,702,300		96,343,994
Gabriel Resources Ltd. (a)	920,600		2,279,837
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Gold Canyon Resources, Inc. (a)	790,000		$ 890,723
Goldcorp, Inc.	10,092,300		393,288,303
Golden Predator Corp. (a)	5,000		1,435
Golden Queen Mining Co. Ltd. (a)	5,000		12,231
GoldQuest Mining Corp. (a)	1,968,500		961,114
Gran Colombia Gold Corp. (a)	1,765,000		675,190
Guyana Goldfields, Inc. (a)	1,429,700		4,418,562
Guyana Goldfields, Inc. (a)(f)	155,000		479,036
IAMGOLD Corp.	4,774,500		56,427,875
International Minerals Corp.:
(Canada)	157,100		806,574
(Switzerland)	15,000		76,886
International Tower Hill Mines Ltd. (a)	546,700		1,177,770
Keegan Resources, Inc. (a)	90,000		355,162
Kinross Gold Corp.	14,498,891		146,835,298
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		414,268
Kirkland Lake Gold, Inc. (a)	906,000		7,880,244
Lake Shore Gold Corp. (a)(d)	4,446,600		3,088,694
Midas Gold Corp. (a)	20,000		47,919
New Gold, Inc. (a)	7,075,855		75,150,018
Novagold Resources, Inc. (a)(d)	2,930,000		13,066,794
OceanaGold Corp. (a)	2,220,000		7,442,090
Orezone Gold Corp. (a)	362,100		572,303
Orvana Minerals Corp. (a)	10,000		8,557
Osisko Mining Corp. (a)	2,701,500		22,028,641
Osisko Mining Corp. (a)(f)	3,000,000		24,462,677
Pilot Gold, Inc. (a)	491,250		890,170
Premier Gold Mines Ltd. (a)	4,440,640		19,222,582
Pretium Resources, Inc. (a)	379,938		5,144,376
Pretium Resources, Inc. (a)(f)	225,000		3,046,509
Pretium Resources, Inc. (a)(g)	225,000		3,046,509
Primero Mining Corp. (a)	669,300		4,393,050
Queenston Mining, Inc. (a)	437,900		2,151,258
Rainy River Resources Ltd. (a)	2,174,500		11,186,082
Richmont Mines, Inc. (a)	145,300		412,489
Romarco Minerals, Inc. (a)	10,948,600		10,801,458
Romarco Minerals, Inc. (a)(f)	5,900,000		5,820,708
Rubicon Minerals Corp. (a)	3,441,352		10,219,951
San Gold Corp. (a)	4,926,900		4,166,302
Seabridge Gold, Inc. (a)	601,905		9,100,802
SEMAFO, Inc.	4,346,900		15,184,721
St. Andrew Goldfields Ltd. (a)	440,000		199,326
Sulliden Gold Corp. Ltd. (a)	2,795,400		2,673,408
Teranga Gold Corp. (a)	35,000		80,687
Teranga Gold Corp. CDI unit (a)	3,430,974		8,127,881
Torex Gold Resources, Inc. (a)	9,357,500		19,782,302

	Shares		Value
Volta Resources, Inc. (a)	55,000		$ 28,238
Yamana Gold, Inc.	9,286,400		175,005,193
			2,010,654,510
Precious Metals & Minerals - 0.4%
Chesapeake Gold Corp. (a)	6,000		54,362
Dalradian Resources, Inc. (a)	51,000		90,361
Gold Standard Ventures Corp. (a)	350,400		447,987
Kaminak Gold Corp. Class A (a)	20,000		24,161
MAG Silver Corp. (a)	35,400		341,402
Pan American Silver Corp.	174,887		3,331,598
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		202,844
Silver Wheaton Corp.	100,300		3,692,526
Silvercorp Metals, Inc.	37,500		206,876
Tahoe Resources, Inc. (a)	300,500		5,351,432
Wildcat Silver Corp. (a)	75,200		69,647
			13,813,196
TOTAL METALS & MINING			2,034,409,527
Cayman Islands - 0.2%
METALS & MINING - 0.2%
Gold - 0.2%
China Precious Metal Resources Holdings Co. Ltd. (a)	2,542,000		485,427
Endeavour Mining Corp. (a)(d)	3,234,500		6,837,922
			7,323,349
China - 0.4%
METALS & MINING - 0.4%
Gold - 0.4%
Zhaojin Mining Industry Co. Ltd. (H Shares)	1,013,650		1,718,583
Zijin Mining Group Co. Ltd. (H Shares)	29,384,000		11,829,124
			13,547,707
Netherlands - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Nord Gold NV GDR (Reg. S) (a)	15,000		73,500
Peru - 0.7%
METALS & MINING - 0.7%
Gold - 0.7%
Compania de Minas Buenaventura SA sponsored ADR	798,400		26,163,568
South Africa - 8.6%
METALS & MINING - 8.6%
Gold - 8.6%
AngloGold Ashanti Ltd. sponsored ADR	4,791,552		148,394,365
Gold Fields Ltd.	55,000		674,204
Gold Fields Ltd. sponsored ADR	8,991,626		110,417,167
Common Stocks - continued
	Shares		Value
South Africa - continued
METALS & MINING - CONTINUED
Gold - continued
Harmony Gold Mining Co. Ltd.	1,484,000		$ 11,525,658
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	3,747,300		29,266,413
			300,277,807
Sweden - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Nordic Mines AB (a)(d)	20,000		6,102
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
African Barrick Gold Ltd.	1,280,463		8,472,669
Patagonia Gold PLC (a)(d)	260,000		94,767
Petropavlovsk PLC	2,100,929		11,511,732
			20,079,168
Steel - 0.0%
London Mining PLC (a)(d)	543,500		1,101,522
TOTAL METALS & MINING			21,180,690
United States of America - 10.7%
METALS & MINING - 10.5%
Gold - 10.4%
Allied Nevada Gold Corp. (a)	1,336,300		43,496,565
Allied Nevada Gold Corp. (Canada) (a)	45,000		1,460,512
Gold Resource Corp. (d)	30,000		475,800
Newmont Mining Corp.	5,665,350		266,781,332
Royal Gold, Inc.	658,213		53,157,282
			365,371,491
Precious Metals & Minerals - 0.1%
McEwen Mining, Inc. (a)(d)	705,100		2,608,870
McEwen Mining, Inc. rights 12/4/12 (a)	705,100		109,291
			2,718,161
TOTAL METALS & MINING			368,089,652
OIL, GAS & CONSUMABLE FUELS - 0.2%
Coal & Consumable Fuels - 0.2%
Alpha Natural Resources, Inc. (a)	516,800		3,865,664
Peabody Energy Corp.	28,900		725,679
			4,591,343
TOTAL UNITED STATES OF AMERICA			372,680,995
TOTAL COMMON STOCKS (Cost $3,002,929,968)		3,336,048,430
Commodities - 4.6%
	Troy Ounces		Value
Gold Bullion (a)	91,500		$ 156,826,425
Silver Bullion (a)	117,000		3,908,970
TOTAL COMMODITIES (Cost $137,311,875)		160,735,395
Money Market Funds - 13.2%

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c) (Cost $461,449,913)	461,449,913		461,449,913

TOTAL INVESTMENT PORTFOLIO - 113.2%

(Cost $3,601,691,756)

3,958,233,738

NET OTHER ASSETS (LIABILITIES) - (13.2)%			(460,904,797)
NET ASSETS - 100%		$ 3,497,328,941

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 $59,343,544 or 1.7% 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 $3,046,509 or 0.1% 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	$ 12,086
Fidelity Securities Lending Cash Central Fund	574,718
Total	$ 586,804

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 43,125,922	$ 111,196,706	$ -	$ -	$ 160,693,057

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 16,919	$ -	$ -	$ -	$ 7,618
Kimber Resources, Inc. (144A)	6,128,712	-	119,267	-	2,664,761
Total	$ 6,145,631	$ -	$ 119,267	$ -	$ 2,672,379

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 3,336,048,430	$ 3,323,645,724	$ 12,402,706	$ -
Commodities	160,735,395	160,735,395	-	-
Money Market Funds	461,449,913	461,449,913	-	-
Total Investments in Securities:	$ 3,958,233,738	$ 3,945,831,032	$ 12,402,706	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes on an unconsolidated basis was $3,890,752,118. Net unrealized appreciation aggregated $67,439,282, of which $613,798,034 related to appreciated investment securities and $546,358,752 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, 2012, the Fund held $160,693,057 in the Subsidiary, representing 4.6% 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

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

November 30, 2012

1.810668.108

BIO-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BIOTECHNOLOGY - 95.6%
Biotechnology - 95.6%
A.P. Pharma, Inc.	14,288,530		$ 7,572,921
Acadia Pharmaceuticals, Inc. (a)(d)	2,793,559		14,526,507
Achillion Pharmaceuticals, Inc. (a)	727,408		5,666,508
Acorda Therapeutics, Inc. (a)	1,153,614		29,048,001
Aegerion Pharmaceuticals, Inc. (a)(d)(e)	1,968,168		43,102,879
Affymax, Inc. (a)	1,067,659		26,093,586
Agenus, Inc. (a)(d)(e)	150,089		649,885
Agenus, Inc. warrants 6/9/18 (a)(e)(f)	1,548,000		114,659
Alexion Pharmaceuticals, Inc. (a)	610,519		58,622,034
Alkermes PLC (a)	1,298,858		25,080,948
Alnylam Pharmaceuticals, Inc. (a)	1,563,203		26,527,555
AMAG Pharmaceuticals, Inc. (a)	654,551		9,837,902
Amarin Corp. PLC ADR (a)(d)	870,224		10,799,480
Amgen, Inc.	3,866,495		343,344,756
Anacor Pharmaceuticals, Inc. (a)	336,858		1,785,347
Arena Pharmaceuticals, Inc. (a)(d)	3,619,844		32,071,818
ARIAD Pharmaceuticals, Inc. (a)	1,822,605		40,753,448
ArQule, Inc. (a)	2,649,542		7,047,782
AVEO Pharmaceuticals, Inc. (a)(d)	389,487		2,531,666
Biogen Idec, Inc. (a)	1,327,956		197,984,960
BioMarin Pharmaceutical, Inc. (a)	1,358,328		66,014,741
Bionovo, Inc. warrants 2/2/16 (a)	1,043,150		1,713
Biospecifics Technologies Corp. (a)	21,004		279,983
BioTime, Inc. (a)(d)	517,483		1,857,764
Catalyst Pharmaceutical Partners, Inc.:
warrants 5/2/17 (a)	141,443		1
warrants 5/30/17 (a)	282,100		5
Celgene Corp. (a)	1,589,001		124,879,589
Cell Therapeutics, Inc. (a)(d)(e)	6,675,910		9,212,756
Cell Therapeutics, Inc. warrants 7/6/16 (a)(e)	835,596		94,547
Celldex Therapeutics, Inc. (a)(d)	1,741,605		10,345,134
Cepheid, Inc. (a)	503,500		16,323,470
Clovis Oncology, Inc. (d)	296,187		4,555,356
Codexis, Inc. (a)(d)	765,258		1,637,652
Cubist Pharmaceuticals, Inc. (a)	558,508		22,681,010
Cytokinetics, Inc. (e)	6,380,800		4,097,112
Cytokinetics, Inc. warrants 6/25/17 (a)(e)	3,828,480		15,516
Dendreon Corp. (a)(d)	1,572,752		6,998,746
Durata Therapeutics, Inc. (d)	200,000		1,818,000
Dyax Corp. (a)	3,078,905		10,068,019
Dynavax Technologies Corp. (a)	3,096,043		8,792,762
Emergent BioSolutions, Inc. (a)	258,400		3,881,168
Enzon Pharmaceuticals, Inc.	439,366		3,066,775
Exact Sciences Corp. (a)	718,361		7,047,121
Exelixis, Inc. (a)(d)	1,280,168		6,260,022
Fibrocell Science, Inc. (f)	60,806,000		8,756,064
Genomic Health, Inc. (a)	263,985		7,301,825
Gilead Sciences, Inc. (a)	4,923,072		369,230,400
Halozyme Therapeutics, Inc. (a)	2,121,568		13,217,369

	Shares		Value
Idenix Pharmaceuticals, Inc. (a)(d)	1,092,049		$ 5,591,291
ImmunoGen, Inc. (a)(d)	984,415		12,492,226
Immunomedics, Inc. (a)	568,085		1,812,191
Incyte Corp. (a)(d)	1,134,380		19,965,088
Infinity Pharmaceuticals, Inc. (a)	461,734		11,704,957
Intercept Pharmaceuticals, Inc.	72,702		1,699,046
InterMune, Inc. (a)(d)	2,865,113		26,244,435
Ironwood Pharmaceuticals, Inc. Class A (a)	3,969,115		42,866,442
Isis Pharmaceuticals, Inc. (a)(d)	1,090,791		10,035,277
Keryx Biopharmaceuticals, Inc. (a)(d)	240,074		753,832
KYTHERA Biopharmaceuticals, Inc.	23,652		578,764
Lexicon Pharmaceuticals, Inc. (a)	7,487,723		12,878,884
Ligand Pharmaceuticals, Inc. Class B (a)	449,928		8,877,079
MannKind Corp. (a)(d)	793,022		1,697,067
Medivation, Inc. (a)	1,793,896		93,551,676
Merrimack Pharmaceuticals, Inc.	44,600		318,444
Metabolix, Inc. (a)(d)	930,144		1,051,063
Momenta Pharmaceuticals, Inc. (a)(d)	503,548		5,387,964
Myriad Genetics, Inc. (a)	853,918		24,524,525
Neurocrine Biosciences, Inc. (a)	858,052		6,418,229
NeurogesX, Inc. (a)	3,131,785		688,993
NewLink Genetics Corp. (d)	723,855		8,707,976
Novavax, Inc. (a)(d)	7,352,004		13,674,727
Novelos Therapeutics, Inc. (a)(e)	2,334,890		1,844,563
Novelos Therapeutics, Inc. warrants 12/6/16 (a)(e)	2,362,400		490,561
NPS Pharmaceuticals, Inc. (a)	1,640,126		16,778,489
OncoGenex Pharmaceuticals, Inc. (a)	241,795		3,049,035
Onyx Pharmaceuticals, Inc. (a)	1,281,245		96,695,560
Opko Health, Inc. (a)(d)	2,043,900		8,952,282
Oragenics, Inc.	1,558,058		3,225,180
OREXIGEN Therapeutics, Inc. (a)(d)	2,124,563		10,027,937
Osiris Therapeutics, Inc. (a)(d)	444,118		4,263,533
PDL BioPharma, Inc. (d)	1,282,633		10,132,801
Pharmacyclics, Inc. (a)(d)	664,354		35,243,980
PolyMedix, Inc. (a)(e)	5,775,434		981,824
PolyMedix, Inc. warrants 4/10/16 (a)(e)	2,961,167		17,991
Progenics Pharmaceuticals, Inc. (a)(e)	3,727,858		8,797,745
PROLOR Biotech, Inc. (a)(d)	1,178,684		5,563,388
Protalix BioTherapeutics, Inc. (a)(d)	1,168,542		6,485,408
Puma Biotechnology, Inc.	854,701		17,606,841
Raptor Pharmaceutical Corp. (a)(d)	1,508,779		7,981,441
Regeneron Pharmaceuticals, Inc. (a)	879,087		155,202,810
Rigel Pharmaceuticals, Inc. (a)	1,147,051		9,520,523
Sangamo Biosciences, Inc. (a)(d)	1,139,572		6,529,748
Savient Pharmaceuticals, Inc. (a)(d)	2,676,836		3,212,203
Seattle Genetics, Inc. (a)(d)	860,619		21,782,267
SIGA Technologies, Inc. (a)(d)	1,651,514		4,459,088
Sophiris Bio, Inc.	2,502,000		654,875
Sorrento Therapeutics, Inc.	11,780,000		2,591,600
Spectrum Pharmaceuticals, Inc. (a)(d)	2,146,858		25,418,799
Sunesis Pharmaceuticals, Inc. (a)	614,064		3,051,898
Common Stocks - continued
	Shares		Value
BIOTECHNOLOGY - CONTINUED
Biotechnology - continued
Synageva BioPharma Corp. (a)	211,500		$ 10,348,695
Synergy Pharmaceuticals, Inc. (a)	546,554		3,038,840
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a)	354,400		886,000
Synta Pharmaceuticals Corp. (a)(d)	2,343,090		18,908,736
Synthetic Biologics, Inc. (a)	900		1,800
Targacept, Inc. (a)	664,933		2,852,563
Theravance, Inc. (a)(d)	815,869		18,340,735
Threshold Pharmaceuticals, Inc. (a)(d)	1,262,685		5,581,068
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a)	631,520		1,815,050
Tranzyme, Inc. (a)(d)	1,194,686		915,846
Trius Therapeutics, Inc. (a)	942,306		4,513,646
United Therapeutics Corp. (a)	431,851		22,693,770
Vanda Pharmaceuticals, Inc. (a)	880,400		3,063,792
Verastem, Inc.	95,367		649,449
Vertex Pharmaceuticals, Inc. (a)	1,842,018		73,293,896
Vical, Inc. (a)	4,038,130		12,679,728
ZIOPHARM Oncology, Inc. (a)(d)	2,149,292		9,413,899
			2,562,677,321
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Alsius Corp. (a)	314,300		3
Aradigm Corp. (a)	6,398,160		767,779
InVivo Therapeutics Holdings Corp. (a)(d)	1,549,300		2,432,401
			3,200,183
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
OvaScience, Inc. (a)	212,300		1,921,315
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Life Sciences Tools & Services - 0.2%
BG Medicine, Inc. (a)(e)	1,177,641		1,707,579
ChromaDex, Inc. (a)(d)	2,283,700		1,484,405
Transgenomic, Inc. (a)	3,392,882		2,544,662
Transgenomic, Inc. warrants 2/3/17 (a)(f)	1,419,000		813
			5,737,459
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
MYOS Corp.	1,666,700		366,674
PHARMACEUTICALS - 2.2%
Pharmaceuticals - 2.2%
AcelRx Pharmaceuticals, Inc. (a)(d)	985,100		4,196,526

	Shares		Value
Auxilium Pharmaceuticals, Inc. (a)	404,451		$ 7,741,192
AVANIR Pharmaceuticals Class A (a)(d)	4,969,885		13,120,496
Corcept Therapeutics, Inc. (a)	45,769		65,907
Elan Corp. PLC sponsored ADR (a)	942,398		9,405,132
Horizon Pharma, Inc. (d)	1,607,800		4,164,202
Horizon Pharma, Inc.:
warrants 2/28/17 (a)	319,539		704
warrants 9/25/17 (a)	759,050		1,383
Jazz Pharmaceuticals PLC (a)	106,217		5,722,972
Omeros Corp. (a)(d)	433,823		3,244,996
TherapeuticsMD, Inc. (a)	1,323,507		3,970,521
Ventrus Biosciences, Inc. (a)(d)	77,902		193,197
ViroPharma, Inc. (a)	84,599		2,097,209
XenoPort, Inc. (a)	129,509		1,016,646
Zogenix, Inc. (a)	1,472,258		3,886,761
Zogenix, Inc. warrants 7/27/17 (a)	498,465		77,338
			58,905,182
TOTAL COMMON STOCKS (Cost $2,044,277,806)		2,632,808,134
Convertible Preferred Stocks - 0.3%

BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
bluebird bio (f)	535,716		266,947
Xenon Pharmaceuticals, Inc.Series E (a)(f)	981,626		3,416,058
			3,683,005
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc.Series C (f)	229,509		1,127,142
KaloBios Pharmaceuticals, Inc. Series E (f)	693,000		2,356,200
			3,483,342
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,474,427)		7,166,347
Money Market Funds - 11.1%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	41,243,536		$ 41,243,536
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	257,387,538		257,387,538
TOTAL MONEY MARKET FUNDS (Cost $298,631,074)		298,631,074
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $2,353,383,307)		2,938,605,555
NET OTHER ASSETS (LIABILITIES) - (9.6)%		(258,129,607)
NET ASSETS - 100%		$ 2,680,475,948

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
Agenus, Inc. warrants 6/9/18	1/9/08	$ 1,930,622
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 1,127,142
bluebird bio	7/23/12	$ 266,947
Fibrocell Science, Inc.	10/8/12	$ 6,080,600
KaloBios Pharmaceuticals, Inc. Series E	5/2/12	$ 2,356,200
Transgenomic, Inc. warrants 2/3/17	2/3/12	$ 9,800
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,493
Fidelity Securities Lending Cash Central Fund	5,772,877
Total	$ 5,791,370

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 5,217,290	$ 4,520,104	$ 3,169,265	$ -	$ -
AcelRx Pharmaceuticals, Inc.	2,938,158	-	172,730	-	-
Aegerion Pharmaceuticals, Inc.	12,553,506	23,183,874	6,611,061	-	43,102,879
Agenus, Inc.	1,182,412	-	1,326,203	-	649,885
Agenus, Inc. warrants 6/9/18	210,780	-	-	-	114,659
ArQule, Inc.	6,759,157	14,501,481	2,825,193	-	-
BG Medicine, Inc.	5,510,191	2,915,171	7,359	-	1,707,579
Catalyst Pharmaceutical Partners, Inc.	1,960,391	225,677	1,130,731	-	-
Catalyst Pharmaceutical Partners, Inc. warrants 5/2/17	72,699	-	-	-	-
Catalyst Pharmaceutical Partners, Inc. warrants 5/30/17	-	3	-	-	-
Cell Therapeutics, Inc.	13,577,687	6,500,000	514,929	-	9,212,756
Cell Therapeutics, Inc. warrants 7/6/16	620,755	-	-	-	94,547
Cytokinetics, Inc.	-	4,849,408	-	-	4,097,112
Cytokinetics, Inc. warrants 6/25/17	-	-	-	-	15,516
Novavax, Inc.	3,095,123	7,859,673	445,152	-	-
Novelos Therapeutics, Inc.	1,181,200	-	54,744	-	1,844,563
Novelos Therapeutics, Inc. warrants 12/6/16	46,546	-	-	-	490,561
OREXIGEN Therapeutics, Inc.	12,734,873	4,344,338	7,388,537	-	-
Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
PolyMedix, Inc.	$ 7,699,034	$ -	$ 151,839	$ -	$ 981,824
PolyMedix, Inc. warrants 4/10/16	2,392,472	-	-	-	17,991
Progenics Pharmaceuticals, Inc.	21,224,629	8,823,562	698,061	-	8,797,745
Vanda Pharmaceuticals, Inc.	-	8,137,480	3,243,427	-	-
Ventrus Biosciences, Inc.	7,280,513	-	3,740,997	-	-
Total	$ 106,257,416	$ 85,860,771	$ 31,480,228	$ -	$ 71,127,617

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,632,808,134	$ 2,621,421,786	$ 11,386,345	$ 3
Convertible Preferred Stocks	7,166,347	-	-	7,166,347
Money Market Funds	298,631,074	298,631,074	-	-
Total Investments in Securities:	$ 2,938,605,555	$ 2,920,052,860	$ 11,386,345	$ 7,166,350

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $2,369,466,327. Net unrealized appreciation aggregated $569,139,228, of which $760,323,983 related to appreciated investment securities and $191,184,755 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, 2012

1.810691.108

BRO-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
BAE Systems PLC	100		$ 524
CAPITAL MARKETS - 68.3%
Asset Management & Custody Banks - 46.4%
A.F.P. Provida SA sponsored ADR	199,339		20,432,248
Affiliated Managers Group, Inc. (a)	50,518		6,510,255
AllianceBernstein Holding LP	185,000		3,252,300
American Capital Ltd. (a)	8,800		105,424
Ameriprise Financial, Inc.	700		42,469
Apollo Global Management LLC Class A	657,832		10,321,384
Apollo Investment Corp.	207,743		1,686,873
Ares Capital Corp.	1,100,705		19,526,507
Artio Global Investors, Inc. Class A	239,385		541,010
Ashmore Group PLC	2,500,800		14,431,978
Bank of New York Mellon Corp.	17,462		418,040
Bank Sarasin & Cie AG Series B (Reg.) (a)	1,380		40,207
BlackRock Kelso Capital Corp.	566,620		5,722,862
BlackRock, Inc. Class A	87,422		17,225,631
Calamos Asset Management, Inc. Class A	30,000		294,000
Cetip SA - Mercados Organizado	307,300		3,156,699
Cohen & Steers, Inc. (d)	529,900		15,144,542
Eaton Vance Corp. (non-vtg.)	62,200		1,982,936
EFG International (d)	239,793		2,083,019
Federated Investors, Inc. Class B (non-vtg.) (d)	39,800		790,030
Fifth Street Finance Corp.	168,668		1,818,241
Franklin Resources, Inc.	300		39,606
Invesco Ltd.	338,272		8,453,417
Janus Capital Group, Inc.	1,144,197		9,382,415
Julius Baer Group Ltd.	980		33,566
KKR & Co. LP	2,600		35,750
Legg Mason, Inc.	196,861		5,025,861
Man Group PLC	20,311		24,992
MCG Capital Corp.	95,707		426,853
MVC Capital, Inc.	17,300		206,216
Northern Trust Corp.	900		43,218
Oaktree Capital Group LLC	31,990		1,296,555
Och-Ziff Capital Management Group LLC Class A	649,449		6,182,754
PennantPark Investment Corp.	359,370		3,870,415
Pzena Investment Management, Inc.	36,849		204,143
SEI Investments Co.	60,090		1,322,581
Solar Capital Ltd.	47,664		1,091,506
State Street Corp.	136,900		6,083,836
T. Rowe Price Group, Inc.	1,300		84,071
The Blackstone Group LP	1,170,783		17,198,802
U.S. Global Investments, Inc. Class A	509,503		2,822,647
Virtus Investment Partners, Inc. (a)	2,800		321,608
Waddell & Reed Financial, Inc. Class A	1,200		38,988
WisdomTree Investments, Inc. (a)	59,000		360,490
			190,076,945

	Shares		Value
Diversified Capital Markets - 3.4%
Credit Suisse Group sponsored ADR	1,800		$ 42,498
Deutsche Bank AG (NY Shares)	900		39,717
UBS AG	29,730		466,212
UBS AG (NY Shares)	838,085		13,166,315
			13,714,742
Investment Banking & Brokerage - 18.5%
BGC Partners, Inc. Class A	500		1,800
Charles Schwab Corp.	3,100		40,610
Cowen Group, Inc. Class A (a)	14,900		34,568
Duff & Phelps Corp. Class A	100		1,214
E*TRADE Financial Corp. (a)	40,800		343,536
Evercore Partners, Inc. Class A	603,815		16,586,798
GFI Group, Inc.	3,400,207		9,486,578
Gleacher & Co., Inc. (a)	50,081		33,053
Goldman Sachs Group, Inc.	300		35,337
Greenhill & Co., Inc.	820		38,966
ICAP PLC	59,200		276,480
Investment Technology Group, Inc. (a)	437,896		3,914,790
Jefferies Group, Inc.	2,849		48,319
KBW, Inc.	53,800		928,050
Knight Capital Group, Inc. Class A (a)(d)	476,759		1,606,678
Lazard Ltd. Class A	1,400		41,230
LPL Financial	122,200		3,422,822
Morgan Stanley	1,240,830		20,932,802
Nomura Holdings, Inc. sponsored ADR	8,800		36,520
Oppenheimer Holdings, Inc. Class A (non-vtg.)	1,600		25,776
Piper Jaffray Companies (a)	43,943		1,246,663
Raymond James Financial, Inc.	352,867		13,320,729
Stifel Financial Corp. (a)	1,100		33,462
SWS Group, Inc. (a)	205,719		987,451
TD Ameritrade Holding Corp.	132,924		2,153,369
			75,577,601
TOTAL CAPITAL MARKETS			279,369,288
COMMERCIAL BANKS - 9.7%
Diversified Banks - 9.5%
Banco de Chile sponsored ADR	407		36,720
Banco Santander SA (Spain) sponsored ADR	3,900		29,874
Banco Santander SA (Brasil) ADR	4,700		31,443
BanColombia SA sponsored ADR	81,400		5,231,578
Barclays PLC sponsored ADR (d)	25,062		396,731
BNP Paribas SA	1,000		55,852
BPI-SGPS SA (a)	302,300		317,670
Comerica, Inc.	1,091,084		32,285,178
HSBC Holdings PLC sponsored ADR	800		40,904
ICICI Bank Ltd. sponsored ADR	1,207		49,475
Industrial & Commercial Bank of China Ltd. (H Shares)	214,000		144,412
The Toronto-Dominion Bank	500		41,768
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Diversified Banks - continued
UniCredit SpA (a)	630		$ 2,933
United Overseas Bank Ltd.	3,000		46,010
			38,710,548
Regional Banks - 0.2%
CIT Group, Inc. (a)	1,200		44,460
Fifth Third Bancorp	2,800		40,992
First Interstate Bancsystem, Inc.	19,337		295,469
PNC Financial Services Group, Inc.	8,400		471,576
Regions Financial Corp.	7,284		48,584
SunTrust Banks, Inc.	2,000		54,300
			955,381
TOTAL COMMERCIAL BANKS			39,665,929
CONSUMER FINANCE - 0.0%
Consumer Finance - 0.0%
SLM Corp.	2,600		43,030
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
Sotheby's Class A (Ltd. vtg.)	1,100		31,746
DIVERSIFIED FINANCIAL SERVICES - 13.3%
Other Diversified Financial Services - 4.9%
Bank of America Corp.	4,354		42,930
Citigroup, Inc.	582,210		20,127,000
JPMorgan Chase & Co.	900		36,972
			20,206,902
Specialized Finance - 8.4%
BM&F Bovespa SA	301,300		1,810,507
Bursa Malaysia Bhd	151,100		308,190
CBOE Holdings, Inc.	404,300		12,120,914
CME Group, Inc.	36,789		2,033,328
Deutsche Boerse AG	6,500		366,124
Hellenic Exchanges Holding SA	6,800		33,606
IntercontinentalExchange, Inc. (a)	226		29,866
NYSE Euronext	100		2,335
The NASDAQ Stock Market, Inc.	727,300		17,622,479
			34,327,349
TOTAL DIVERSIFIED FINANCIAL SERVICES			54,534,251
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Boyd Gaming Corp. (a)	4,900		26,950
Las Vegas Sands Corp.	700		32,655
			59,605

	Shares		Value
Hotels, Resorts & Cruise Lines - 0.0%
Starwood Hotels & Resorts Worldwide, Inc.	700		$ 37,772
TOTAL HOTELS, RESTAURANTS & LEISURE			97,377
INSURANCE - 2.3%
Insurance Brokers - 0.2%
National Financial Partners Corp. (a)	57,200		950,092
Life & Health Insurance - 0.0%
AFLAC, Inc.	800		42,392
Multi-Line Insurance - 2.1%
American International Group, Inc. (a)	250,500		8,299,065
Genworth Financial, Inc. Class A (a)	6,300		37,485
			8,336,550
Property & Casualty Insurance - 0.0%
ACE Ltd.	500		39,615
Fidelity National Financial, Inc. Class A	2,487		60,210
The Travelers Companies, Inc.	600		42,492
			142,317
TOTAL INSURANCE			9,471,351
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
China Finance Online Co. Ltd. ADR (a)	1,600		1,840
eBay, Inc. (a)	1,100		58,102
			59,942
IT SERVICES - 1.2%
Data Processing & Outsourced Services - 1.2%
Fidelity National Information Services, Inc.	2,100		75,810
Fiserv, Inc. (a)	400		30,796
MasterCard, Inc. Class A	100		48,868
The Western Union Co.	80,510		1,015,231
Total System Services, Inc.	163,270		3,583,777
			4,754,482
MEDIA - 0.0%
Publishing - 0.0%
Morningstar, Inc.	700		44,681
PROFESSIONAL SERVICES - 0.0%
Research & Consulting Services - 0.0%
Equifax, Inc.	900		46,116
IHS, Inc. Class A (a)	500		46,070
			92,186
REAL ESTATE INVESTMENT TRUSTS - 1.2%
Mortgage REITs - 1.0%
American Capital Agency Corp.	129,300		4,079,415
Retail REITs - 0.2%
Federal Realty Investment Trust (SBI)	6,500		676,260
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Specialized REITs - 0.0%
Big Yellow Group PLC	19,400		$ 107,325
Strategic Hotel & Resorts, Inc. (a)	19,100		118,993
			226,318
TOTAL REAL ESTATE INVESTMENT TRUSTS			4,981,993
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
CBRE Group, Inc. (a)	22,437		424,732
Jones Lang LaSalle, Inc.	500		41,005
			465,737
ROAD & RAIL - 0.0%
Railroads - 0.0%
Canadian Pacific	100		9,334
SPECIALTY RETAIL - 0.3%
Computer & Electronics Retail - 0.3%
Rent-A-Center, Inc.	35,200		1,223,552
TRADING COMPANIES & DISTRIBUTORS - 0.0%
Trading Companies & Distributors - 0.0%
Noble Group Ltd.	75,000		66,668
TOTAL COMMON STOCKS (Cost $419,460,496)		394,912,071
Money Market Funds - 9.2%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	25,370,585		$ 25,370,585
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	12,160,842		12,160,842
TOTAL MONEY MARKET FUNDS (Cost $37,531,427)		37,531,427
TOTAL INVESTMENT PORTFOLIO - 105.6% (Cost $456,991,923)			432,443,498
NET OTHER ASSETS (LIABILITIES) - (5.6)%			(22,857,522)
NET ASSETS - 100%		$ 409,585,976

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 42,263
Fidelity Securities Lending Cash Central Fund	43,692
Total	$ 85,955

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 394,912,071	$ 394,445,859	$ 466,212	$ -
Money Market Funds	37,531,427	37,531,427	-	-
Total Investments in Securities:	$ 432,443,498	$ 431,977,286	$ 466,212	$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $466,772,713. Net unrealized depreciation aggregated $34,329,215, of which $15,026,106 related to appreciated investment securities and $49,355,321 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, 2012

1.810669.108

BSO-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Support Services - 0.0%
Performant Financial Corp.	22		$ 213
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Palo Alto Networks, Inc.	400		21,768
COMPUTERS & PERIPHERALS - 1.0%
Computer Hardware - 1.0%
NCR Corp. (a)	144,700		3,462,671
INTERNET SOFTWARE & SERVICES - 2.9%
Internet Software & Services - 2.9%
Demandware, Inc.	49,620		1,359,092
E2open, Inc. (d)	125,000		1,763,750
Web.com Group, Inc. (a)	433,450		6,549,430
			9,672,272
IT SERVICES - 87.4%
Data Processing & Outsourced Services - 43.3%
Alliance Data Systems Corp. (a)(d)	45,448		6,475,886
Automatic Data Processing, Inc.	600		34,056
Broadridge Financial Solutions, Inc.	7,800		184,158
Cardtronics, Inc. (a)	154,100		3,535,054
Cass Information Systems, Inc.	12,320		578,917
Convergys Corp.	60,900		950,649
CoreLogic, Inc. (a)	71,300		1,842,392
DST Systems, Inc.	9,400		541,816
Euronet Worldwide, Inc. (a)	15,100		336,126
ExlService Holdings, Inc. (a)	365,400		9,810,990
Fidelity National Information Services, Inc.	418,100		15,093,410
Fiserv, Inc. (a)	73,000		5,620,270
FleetCor Technologies, Inc. (a)	16,200		845,478
Global Cash Access Holdings, Inc. (a)	215,900		1,699,133
Global Payments, Inc.	89,800		3,943,118
Heartland Payment Systems, Inc.	153,500		4,548,205
Higher One Holdings, Inc. (a)	2,700		23,868
Jack Henry & Associates, Inc.	6,600		256,542
MasterCard, Inc. Class A	49,140		24,013,735
ModusLink Global Solutions, Inc. (a)	4,400		14,652
NeuStar, Inc. Class A (a)	85,600		3,441,120
Paychex, Inc.	800		26,032
Syntel, Inc.	70,400		4,235,264
Teletech Holdings, Inc. (a)	2,000		34,040
The Western Union Co.	136,100		1,716,221
TNS, Inc. (a)	92,700		1,353,420
Total System Services, Inc.	44,000		965,800
Vantiv, Inc.	171,700		3,720,739
VeriFone Systems, Inc. (a)	108,300		3,291,237
Visa, Inc. Class A	262,912		39,360,554

	Shares		Value
WEX, Inc. (a)	600		$ 43,176
WNS Holdings Ltd. sponsored ADR (a)	478,229		5,083,574
			143,619,632
IT Consulting & Other Services - 44.1%
Accenture PLC Class A	335,000		22,753,200
Acxiom Corp. (a)	193,400		3,421,246
Atos Origin SA	24,921		1,769,317
Booz Allen Hamilton Holding Corp. Class A	26,900		376,869
Camelot Information Systems, Inc. ADR (a)	805,344		1,087,214
CGI Group, Inc. Class A (sub. vtg.) (a)	203,100		4,661,680
Ciber, Inc. (a)	236,200		718,048
Cognizant Technology Solutions Corp. Class A (a)	438,966		29,511,684
EPAM Systems, Inc.	651,700		13,405,469
Forrester Research, Inc.	97,600		2,733,776
Gartner, Inc. Class A (a)	7,500		359,100
HCL Technologies Ltd.	1,614		19,526
IBM Corp.	110,150		20,936,211
IBS Group Holding Ltd. GDR (Reg. S) (a)	115,700		2,430,149
iGate Corp. (a)	142,907		2,142,176
Maximus, Inc.	53,500		3,369,965
NCI, Inc. Class A (a)	199,300		837,060
Pactera Technology International Ltd. ADR	583,962		4,368,036
Sapient Corp. (a)	419,500		4,442,505
ServiceSource International, Inc. (a)	92,100		472,473
Teradata Corp. (a)	108,100		6,429,788
Unisys Corp. (a)	304,940		5,269,363
Virtusa Corp. (a)	925,266		14,489,666
			146,004,521
TOTAL IT SERVICES			289,624,153
OFFICE ELECTRONICS - 0.5%
Office Electronics - 0.5%
Xerox Corp.	255,800		1,741,998
PROFESSIONAL SERVICES - 0.8%
Research & Consulting Services - 0.8%
IHS, Inc. Class A (a)	28,500		2,625,990
SOFTWARE - 6.5%
Application Software - 3.4%
Autodesk, Inc. (a)	26,000		861,380
Citrix Systems, Inc. (a)	26,200		1,602,392
Descartes Systems Group, Inc. (a)	68,400		588,735
Guidewire Software, Inc.	214,500		6,413,550
Intuit, Inc.	600		35,946
Jive Software, Inc. (d)	88,200		1,275,372
MicroStrategy, Inc. Class A (a)	100		8,849
Splunk, Inc.	600		18,120
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Workday, Inc.	1,400		$ 70,140
Zensar Technologies Ltd.	65,071		312,554
			11,187,038
Systems Software - 3.1%
Check Point Software Technologies Ltd. (a)	164,300		7,585,731
Eloqua, Inc.	300		5,415
Fortinet, Inc. (a)	85,100		1,700,298
Qualys, Inc.	83,700		1,119,906
			10,411,350
TOTAL SOFTWARE			21,598,388
TOTAL COMMON STOCKS (Cost $273,971,002)		328,747,453
Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	3,662,239		$ 3,662,239
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	4,928,925		4,928,925
TOTAL MONEY MARKET FUNDS (Cost $8,591,164)		8,591,164
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $282,562,166)			337,338,617
NET OTHER ASSETS (LIABILITIES) - (1.7)%			(5,752,668)
NET ASSETS - 100%		$ 331,585,949

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	$ 6,720
Fidelity Securities Lending Cash Central Fund	41,352
Total	$ 48,072

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $285,081,529. Net unrealized appreciation aggregated $52,257,088, of which $63,112,361 related to appreciated investment securities and $10,855,273 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 Computers Portfolio

November 30, 2012

1.810671.108

COM-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.5%
Communications Equipment - 2.5%
Motorola Solutions, Inc.	314,400		$ 17,119,080
COMPUTERS & PERIPHERALS - 71.5%
Computer Hardware - 39.7%
Apple, Inc.	288,664		168,949,267
Avid Technology, Inc. (a)	328,200		2,143,146
Cray, Inc. (a)	940,500		13,373,910
Dell, Inc.	2,198,407		21,192,643
Diebold, Inc.	82,900		2,479,539
Hewlett-Packard Co.	1,200,705		15,597,158
NCR Corp. (a)	1,728,600		41,365,398
Silicon Graphics International Corp. (a)(d)	393,800		3,303,982
Super Micro Computer, Inc. (a)	403,200		3,761,856
			272,166,899
Computer Storage & Peripherals - 31.8%
Datalink Corp. (a)	290,000		2,505,600
Electronics for Imaging, Inc. (a)	1,609,615		29,552,531
EMC Corp. (a)	1,876,378		46,571,702
Imation Corp. (a)	425,000		1,819,000
Immersion Corp. (a)	211,490		1,389,489
Intermec, Inc. (a)	795,151		6,003,390
Intevac, Inc. (a)	211,790		1,001,767
Lexmark International, Inc. Class A (d)	897,901		21,845,931
NetApp, Inc. (a)	601,960		19,088,152
Novatel Wireless, Inc. (a)	208,224		283,185
OCZ Technology Group, Inc. (a)	1,120,987		1,872,048
QLogic Corp. (a)	65,000		616,200
Quantum Corp. (a)(d)	3,143,100		3,771,720
Rimage Corp.	156,100		1,072,407
SanDisk Corp. (a)	789,600		30,873,360
Seagate Technology	403,000		10,115,300
STEC, Inc. (a)	325,280		1,597,125
Synaptics, Inc. (a)	207,000		5,531,040
Western Digital Corp.	917,084		30,667,289
Xyratex Ltd.	130,800		1,225,596
			217,402,832
TOTAL COMPUTERS & PERIPHERALS			489,569,731
ELECTRONIC EQUIPMENT & COMPONENTS - 2.8%
Electronic Manufacturing Services - 1.7%
Jabil Circuit, Inc.	616,800		11,719,200
Technology Distributors - 1.1%
Arrow Electronics, Inc. (a)	204,900		7,634,574
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			19,353,774

	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
Velti PLC (a)(d)	367,900		$ 1,254,539
IT SERVICES - 14.5%
IT Consulting & Other Services - 14.5%
EPAM Systems, Inc.	463,800		9,540,366
IBM Corp.	376,548		71,570,478
Teradata Corp. (a)	296,957		17,663,002
			98,773,846
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
Semiconductors - 3.5%
Samsung Electronics Co. Ltd.	18,488		24,013,064
Skyworks Solutions, Inc. (a)	4,100		92,865
			24,105,929
SOFTWARE - 1.2%
Application Software - 1.2%
Guidewire Software, Inc.	270,000		8,073,000
TOTAL COMMON STOCKS (Cost $608,089,708)		658,249,899
Money Market Funds - 5.1%

Fidelity Cash Central Fund, 0.19% (b)	8,195,619		8,195,619
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	27,043,250		27,043,250
TOTAL MONEY MARKET FUNDS (Cost $35,238,869)		35,238,869
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $643,328,577)		693,488,768
NET OTHER ASSETS (LIABILITIES) - (1.3)%			(8,882,115)
NET ASSETS - 100%		$ 684,606,653

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 28,039
Fidelity Securities Lending Cash Central Fund	458,393
Total	$ 486,432

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $677,853,342. Net unrealized appreciation aggregated $15,635,426, of which $95,645,899 related to appreciated investment securities and $80,010,473 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, 2012

1.810680.108

DEV-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 82.9%
Communications Equipment - 82.9%
Acme Packet, Inc. (a)	187,191		$ 3,734,460
ADTRAN, Inc. (d)	224,900		4,417,036
Alcatel-Lucent SA sponsored ADR (a)(d)	649,643		714,607
Aruba Networks, Inc. (a)(d)	180,223		3,510,744
Brocade Communications Systems, Inc. (a)	1,380,841		7,843,177
Ciena Corp. (a)	37,100		552,048
Cisco Systems, Inc.	2,234,876		42,261,505
Comtech Telecommunications Corp.	73,300		1,873,548
Emulex Corp. (a)	51,900		381,465
F5 Networks, Inc. (a)	58,535		5,483,559
Finisar Corp. (a)(d)	315,152		4,276,613
Harris Corp.	72,000		3,393,360
Infinera Corp. (a)(d)	395,400		2,206,332
InterDigital, Inc. (d)	72,200		3,081,496
JDS Uniphase Corp. (a)	130,100		1,578,113
Juniper Networks, Inc. (a)	643,812		11,575,740
Motorola Solutions, Inc.	182,681		9,946,980
NETGEAR, Inc. (a)	90,050		3,139,143
Nokia Corp. sponsored ADR (d)	1,087,830		3,546,326
Plantronics, Inc.	50,600		1,701,678
Polycom, Inc. (a)	693,163		7,250,485
QUALCOMM, Inc.	736,219		46,838,253
Research In Motion Ltd. (a)(d)	623,200		7,229,120
Riverbed Technology, Inc. (a)	237,442		4,250,212
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	1,306,680		12,269,725
ViaSat, Inc. (a)	98,200		3,754,186
Wi-Lan, Inc.	257,900		1,305,921
			198,115,832
COMPUTERS & PERIPHERALS - 0.3%
Computer Hardware - 0.3%
Super Micro Computer, Inc. (a)	67,400		628,842
ELECTRONIC EQUIPMENT & COMPONENTS - 4.7%
Electronic Components - 0.5%
Vishay Intertechnology, Inc. (a)	130,000		1,261,000
Electronic Manufacturing Services - 3.7%
Fabrinet (a)	127,700		1,586,034
Flextronics International Ltd. (a)	519,700		3,009,063
TE Connectivity Ltd.	117,500		4,134,825
			8,729,922
Technology Distributors - 0.5%
Arrow Electronics, Inc. (a)	32,600		1,214,676
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			11,205,598
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	14,900		508,537

	Shares		Value
IT SERVICES - 0.5%
IT Consulting & Other Services - 0.5%
Amdocs Ltd.	32,800		$ 1,097,488
MEDIA - 0.3%
Advertising - 0.3%
Digital Generation, Inc. (a)(d)	60,500		642,510
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
Semiconductor Equipment - 0.5%
ASML Holding NV	19,943		1,247,834
Semiconductors - 4.0%
Altera Corp.	72,900		2,361,231
Analog Devices, Inc.	105,200		4,271,120
GSI Technology, Inc. (a)	227,400		1,282,536
Skyworks Solutions, Inc. (a)	25,600		579,840
Texas Instruments, Inc.	37,100		1,093,337
			9,588,064
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			10,835,898
SOFTWARE - 0.2%
Systems Software - 0.2%
Allot Communications Ltd. (a)	26,700		583,128
TOTAL COMMON STOCKS (Cost $242,941,880)		223,617,833
Money Market Funds - 18.3%

Fidelity Cash Central Fund, 0.19% (b)	13,383,793		13,383,793
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	30,301,081		30,301,081
TOTAL MONEY MARKET FUNDS (Cost $43,684,874)		43,684,874
TOTAL INVESTMENT PORTFOLIO - 111.9% (Cost $286,626,754)			267,302,707
NET OTHER ASSETS (LIABILITIES) - (11.9)%			(28,473,682)
NET ASSETS - 100%		$ 238,829,025

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,372
Fidelity Securities Lending Cash Central Fund	218,633
Total	$ 227,005

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $290,960,945. Net unrealized depreciation aggregated $23,658,238, of which $13,056,508 related to appreciated investment securities and $36,714,746 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 Electronics Portfolio

November 30, 2012

1.810682.108

ELE-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)(g)	285,468		$ 3
COMMUNICATIONS EQUIPMENT - 3.7%
Communications Equipment - 3.7%
Brocade Communications Systems, Inc. (a)	343,679		1,952,097
Finisar Corp. (a)	145,359		1,972,522
Polycom, Inc. (a)	740,222		7,742,722
QUALCOMM, Inc.	306,806		19,518,998
			31,186,339
COMPUTERS & PERIPHERALS - 2.8%
Computer Hardware - 2.7%
Apple, Inc.	25,701		15,042,281
Dell, Inc.	171,800		1,656,152
Hewlett-Packard Co.	426,130		5,535,429
			22,233,862
Computer Storage & Peripherals - 0.1%
SanDisk Corp. (a)	33,528		1,310,945
TOTAL COMPUTERS & PERIPHERALS			23,544,807
ELECTRONIC EQUIPMENT & COMPONENTS - 10.9%
Electronic Components - 2.5%
Aeroflex Holding Corp. (a)	1,620,395		10,500,160
Amphenol Corp. Class A	7,700		476,784
Audience, Inc. (d)	156,801		1,356,329
Corning, Inc.	285,041		3,486,051
InvenSense, Inc. (d)	484,977		4,874,019
Universal Display Corp. (a)	24,600		587,448
			21,280,791
Electronic Equipment & Instruments - 0.1%
TPK Holding Co. Ltd.	26,000		415,070
Electronic Manufacturing Services - 8.2%
Benchmark Electronics, Inc. (a)	330,833		5,141,145
Fabrinet (a)	91,912		1,141,547
Flextronics International Ltd. (a)	3,728,138		21,585,919
Jabil Circuit, Inc.	1,437,556		27,313,564
Plexus Corp. (a)	18		417
TE Connectivity Ltd.	40,100		1,411,119
TTM Technologies, Inc. (a)	1,279,459		11,540,720
Uni-Pixel, Inc. (a)	43,800		347,772
			68,482,203
Technology Distributors - 0.1%
Arrow Electronics, Inc. (a)	18,211		678,542
Avnet, Inc. (a)	11,300		330,977
			1,009,519
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			91,187,583

	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 77.5%
Semiconductor Equipment - 3.1%
Advanced Energy Industries, Inc. (a)	795		$ 10,168
Amkor Technology, Inc. (a)(d)	1,955		8,309
Applied Materials, Inc.	192,616		2,066,770
ASML Holding NV	121,245		7,586,300
Cabot Microelectronics Corp.	3,600		117,432
Cohu, Inc.	1,100		10,670
Cymer, Inc. (a)	9,748		854,900
Entegris, Inc. (a)	642,809		5,759,569
KLA-Tencor Corp.	69,200		3,146,524
Lam Research Corp. (a)	174,873		6,141,540
MEMC Electronic Materials, Inc. (a)	5,538		16,226
Nanometrics, Inc. (a)	23,700		342,702
Teradyne, Inc. (a)	1,730		27,057
			26,088,167
Semiconductors - 74.4%
Advanced Micro Devices, Inc. (a)(d)	43,081		94,778
Alpha & Omega Semiconductor Ltd. (a)	151,684		1,319,651
Altera Corp.	1,969,469		63,791,101
Analog Devices, Inc.	203,400		8,258,040
Applied Micro Circuits Corp. (a)	252,477		1,724,418
ARM Holdings PLC sponsored ADR	17		634
Atmel Corp. (a)	2,351		13,142
Avago Technologies Ltd.	1,558,547		54,705,000
BCD Semiconductor Manufacturing Ltd. ADR (a)(e)	1,349,802		5,466,698
Broadcom Corp. Class A	2,684,217		86,914,943
Chipbond Technology Corp.	245,000		474,574
Cirrus Logic, Inc. (a)	33,360		1,044,835
Cree, Inc. (a)	10,300		332,793
Cypress Semiconductor Corp.	2,055,999		20,868,390
Entropic Communications, Inc. (a)	522,552		2,712,045
Exar Corp. (a)	1,770		14,514
Fairchild Semiconductor International, Inc. (a)	80,095		1,068,467
First Solar, Inc. (a)(d)	121,542		3,280,419
Freescale Semiconductor Holdings I Ltd. (a)(d)	4,472,871		41,418,785
Inphi Corp. (a)	587,377		4,581,541
Intel Corp.	2,844,848		55,673,675
Intermolecular, Inc.	527,994		3,695,958
Intersil Corp. Class A	6,167,446		43,973,890
Linear Technology Corp.	89,877		2,983,018
LSI Corp. (a)	2,430		16,378
M/A-COM Technology Solutions, Inc.	285,720		4,034,366
Marvell Technology Group Ltd.	3,534,649		29,973,824
Maxim Integrated Products, Inc.	165,000		4,816,350
MediaTek, Inc.	204,000		2,319,697
Micron Technology, Inc. (a)	3,192,595		19,091,718
Monolithic Power Systems, Inc. (a)	200		4,232
Motech Industries, Inc. (a)	1		1
Novatek Microelectronics Corp.	168,000		676,277
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
NVIDIA Corp.	1,970,034		$ 23,601,007
NXP Semiconductors NV (a)	787,975		19,289,628
O2Micro International Ltd. sponsored ADR (a)	598,785		1,826,294
ON Semiconductor Corp. (a)	5,121,459		33,955,273
PMC-Sierra, Inc. (a)	2,554,517		13,155,763
RDA Microelectronics, Inc. sponsored ADR	57,882		595,606
Renesas Electronics Corp. (a)(d)	530,400		1,832,683
RF Micro Devices, Inc. (a)	197,928		855,049
Samsung Electronics Co. Ltd.	2,391		3,105,541
Skyworks Solutions, Inc. (a)	1,760,179		39,868,054
Spreadtrum Communications, Inc. ADR	59,202		1,099,973
Texas Instruments, Inc.	576,229		16,981,469
Volterra Semiconductor Corp. (a)	900		15,804
Xilinx, Inc.	5,700		197,505
			621,723,801
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			647,811,968
SOFTWARE - 0.0%
Home Entertainment Software - 0.0%
Zynga, Inc.	9,565		23,530
Systems Software - 0.0%
Check Point Software Technologies Ltd. (a)	400		18,468
TOTAL SOFTWARE			41,998
TOTAL COMMON STOCKS (Cost $1,022,488,394)		793,772,698

Convertible Bonds - 1.0%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0%
Semiconductors - 1.0%
Micron Technology, Inc.:
1.875% 8/1/31	$ 4,730,000		4,135,794
3.125% 5/1/32 (f)	4,430,000		4,130,975
TOTAL CONVERTIBLE BONDS (Cost $8,072,353)		8,266,769

Money Market Funds - 8.9%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	32,797,788		$ 32,797,788
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	41,152,695		41,152,695
TOTAL MONEY MARKET FUNDS (Cost $73,950,483)		73,950,483
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $1,104,511,230)			875,989,950
NET OTHER ASSETS (LIABILITIES) - (4.8)%			(39,948,202)
NET ASSETS - 100%		$ 836,041,748

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

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	$ 26,285
Fidelity Securities Lending Cash Central Fund	264,339
Total	$ 290,624

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
BCD Semiconductor Manufacturing Ltd. ADR	$ 7,544,993	$ 1,018,209	$ 1,891,257	$ -	$ 5,466,698
Total	$ 7,544,993	$ 1,018,209	$ 1,891,257	$ -	$ 5,466,698

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 793,772,698	$ 791,940,012	$ 1,832,683	$ 3
Convertible Bonds	8,266,769	-	8,266,769	-
Money Market Funds	73,950,483	73,950,483	-	-
Total Investments in Securities:	$ 875,989,950	$ 865,890,495	$ 10,099,452	$ 3

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,113,571,530. Net unrealized depreciation aggregated $237,581,580, of which $16,144,547 related to appreciated investment securities and $253,726,127 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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

Consolidated Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

November 30, 2012

1.810695.108

GOL-QTLY-0113

Consolidated Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
Australia - 11.1%
METALS & MINING - 11.1%
Gold - 11.1%
ABM Resources NL (a)	2,300,000		$ 112,813
Alkane Resources Ltd.	195,000		142,451
Ampella Mining Ltd. (a)(d)	2,515,000		879,259
Beadell Resources Ltd. (a)	7,630,765		8,600,544
CGA Mining Ltd. (Canada) (a)	2,047,000		5,131,152
Evolution Mining Ltd. (a)	3,078,738		5,976,126
Focus Minerals Ltd. (a)	2,300,000		79,209
Gold One International Ltd. (a)	90,277		32,975
Gryphon Minerals Ltd. (a)	4,905,010		3,224,887
Integra Mining Ltd. (a)	1,415,000		804,798
Intrepid Mines Ltd.:
(Australia) (a)	9,209,798		2,883,404
(Canada) (a)	320,000		98,253
Kingsgate Consolidated NL (d)	2,388,274		12,113,077
Kula Gold Ltd. (a)	31,245		12,228
Marengo Mining Ltd. (a)	560,000		78,896
Medusa Mining Ltd.	2,552,885		16,091,712
Newcrest Mining Ltd.	9,474,792		253,624,454
Papillon Resources Ltd. (a)(d)	835,000		1,429,106
Perseus Mining Ltd.:
(Australia) (a)	5,504,308		13,441,652
(Canada) (a)	1,300,000		3,075,452
Ramelius Resources Ltd. (a)(d)	980,000		490,909
Red 5 Ltd. (a)	841,000		877,668
Regis Resources Ltd. (a)	4,849,692		27,583,205
Resolute Mining Ltd.	3,984,261		7,713,043
Saracen Mineral Holdings Ltd. (a)	2,032,488		954,497
Silver Lake Resources Ltd. (a)(d)	2,049,000		7,420,027
St Barbara Ltd. (a)(d)	6,313,377		10,772,427
Tanami Gold NL (a)	130,000		84,793
Troy Resources NL	195,000		846,568
Troy Resources NL (f)	734,826		3,217,892
			387,793,477
Bailiwick of Jersey - 4.6%
METALS & MINING - 4.6%
Gold - 4.6%
Centamin PLC (a)	12,081,900		11,362,569
Lydian International Ltd. (a)	909,600		1,941,261
Polyus Gold International Ltd.	422,400		1,394,101
Polyus Gold International Ltd. sponsored GDR	5,848,190		18,831,172
Randgold Resources Ltd. sponsored ADR	1,175,267		126,176,665
			159,705,768

	Shares		Value
Bermuda - 0.3%
METALS & MINING - 0.3%
Gold - 0.3%
Continental Gold Ltd. (a)	995,400		$ 9,349,255
G-Resources Group Ltd. (a)	24,390,000		1,148,661
			10,497,916
Steel - 0.0%
African Minerals Ltd. (a)	417,100		1,650,594
TOTAL METALS & MINING			12,148,510
British Virgin Islands - 0.0%
METALS & MINING - 0.0%
Precious Metals & Minerals - 0.0%
Gem Diamonds Ltd. (a)	285,000		737,430
Canada - 58.2%
METALS & MINING - 58.2%
Diversified Metals & Mining - 0.3%
Copper Mountain Mining Corp. (a)	97,000		366,185
East Asia Minerals Corp. (a)	5,000		805
Eastmain Resources, Inc. (a)	10,000		7,047
Kimber Resources, Inc. (a)(e)	16,100		7,618
Kimber Resources, Inc. (a)(e)(f)	5,632,000		2,664,761
NovaCopper, Inc. (a)(d)	488,333		983,204
Prodigy Gold, Inc. (a)	610,000		614,084
Sabina Gold & Silver Corp. (a)	555,000		1,536,468
Turquoise Hill Resources Ltd. (a)	499,550		3,761,649
			9,941,821
Gold - 57.5%
Agnico-Eagle Mines Ltd. (Canada) (d)	2,133,400		118,960,111
Alacer Gold Corp. (a)	3,409,063		15,512,120
Alamos Gold, Inc.	1,908,800		35,933,518
Argonaut Gold, Inc. (a)(d)	1,144,800		11,075,178
ATAC Resources Ltd. (a)	67,200		121,770
Aura Minerals, Inc. (a)	10,000		2,819
AuRico Gold, Inc. (a)	3,493,563		27,608,063
Aurizon Mines Ltd. (a)	2,190,600		7,983,059
B2Gold Corp. (a)(d)	6,022,400		20,977,001
Banro Corp. (a)	4,018,482		13,390,220
Barrick Gold Corp. (d)	10,902,019		378,527,846
Belo Sun Mining Corp. (a)(d)	3,607,600		6,246,612
Canaco Resources, Inc. (a)	710,100		239,476
Canaco Resources, Inc. (a)(f)	561,600		189,395
Centerra Gold, Inc.	2,042,200		18,317,815
Claude Resources, Inc. (a)	80,000		45,905
Colossus Minerals, Inc. (a)	2,047,800		8,761,413
Detour Gold Corp. (a)	843,800		20,896,441
Detour Gold Corp. (a)(f)	785,900		19,462,566
Eldorado Gold Corp.	9,426,708		136,178,849
Exeter Resource Corp. (a)	272,300		348,136
Franco-Nevada Corp.	1,702,300		96,343,994
Gabriel Resources Ltd. (a)	920,600		2,279,837
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Gold Canyon Resources, Inc. (a)	790,000		$ 890,723
Goldcorp, Inc.	10,092,300		393,288,303
Golden Predator Corp. (a)	5,000		1,435
Golden Queen Mining Co. Ltd. (a)	5,000		12,231
GoldQuest Mining Corp. (a)	1,968,500		961,114
Gran Colombia Gold Corp. (a)	1,765,000		675,190
Guyana Goldfields, Inc. (a)	1,429,700		4,418,562
Guyana Goldfields, Inc. (a)(f)	155,000		479,036
IAMGOLD Corp.	4,774,500		56,427,875
International Minerals Corp.:
(Canada)	157,100		806,574
(Switzerland)	15,000		76,886
International Tower Hill Mines Ltd. (a)	546,700		1,177,770
Keegan Resources, Inc. (a)	90,000		355,162
Kinross Gold Corp.	14,498,891		146,835,298
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		414,268
Kirkland Lake Gold, Inc. (a)	906,000		7,880,244
Lake Shore Gold Corp. (a)(d)	4,446,600		3,088,694
Midas Gold Corp. (a)	20,000		47,919
New Gold, Inc. (a)	7,075,855		75,150,018
Novagold Resources, Inc. (a)(d)	2,930,000		13,066,794
OceanaGold Corp. (a)	2,220,000		7,442,090
Orezone Gold Corp. (a)	362,100		572,303
Orvana Minerals Corp. (a)	10,000		8,557
Osisko Mining Corp. (a)	2,701,500		22,028,641
Osisko Mining Corp. (a)(f)	3,000,000		24,462,677
Pilot Gold, Inc. (a)	491,250		890,170
Premier Gold Mines Ltd. (a)	4,440,640		19,222,582
Pretium Resources, Inc. (a)	379,938		5,144,376
Pretium Resources, Inc. (a)(f)	225,000		3,046,509
Pretium Resources, Inc. (a)(g)	225,000		3,046,509
Primero Mining Corp. (a)	669,300		4,393,050
Queenston Mining, Inc. (a)	437,900		2,151,258
Rainy River Resources Ltd. (a)	2,174,500		11,186,082
Richmont Mines, Inc. (a)	145,300		412,489
Romarco Minerals, Inc. (a)	10,948,600		10,801,458
Romarco Minerals, Inc. (a)(f)	5,900,000		5,820,708
Rubicon Minerals Corp. (a)	3,441,352		10,219,951
San Gold Corp. (a)	4,926,900		4,166,302
Seabridge Gold, Inc. (a)	601,905		9,100,802
SEMAFO, Inc.	4,346,900		15,184,721
St. Andrew Goldfields Ltd. (a)	440,000		199,326
Sulliden Gold Corp. Ltd. (a)	2,795,400		2,673,408
Teranga Gold Corp. (a)	35,000		80,687
Teranga Gold Corp. CDI unit (a)	3,430,974		8,127,881
Torex Gold Resources, Inc. (a)	9,357,500		19,782,302

	Shares		Value
Volta Resources, Inc. (a)	55,000		$ 28,238
Yamana Gold, Inc.	9,286,400		175,005,193
			2,010,654,510
Precious Metals & Minerals - 0.4%
Chesapeake Gold Corp. (a)	6,000		54,362
Dalradian Resources, Inc. (a)	51,000		90,361
Gold Standard Ventures Corp. (a)	350,400		447,987
Kaminak Gold Corp. Class A (a)	20,000		24,161
MAG Silver Corp. (a)	35,400		341,402
Pan American Silver Corp.	174,887		3,331,598
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		202,844
Silver Wheaton Corp.	100,300		3,692,526
Silvercorp Metals, Inc.	37,500		206,876
Tahoe Resources, Inc. (a)	300,500		5,351,432
Wildcat Silver Corp. (a)	75,200		69,647
			13,813,196
TOTAL METALS & MINING			2,034,409,527
Cayman Islands - 0.2%
METALS & MINING - 0.2%
Gold - 0.2%
China Precious Metal Resources Holdings Co. Ltd. (a)	2,542,000		485,427
Endeavour Mining Corp. (a)(d)	3,234,500		6,837,922
			7,323,349
China - 0.4%
METALS & MINING - 0.4%
Gold - 0.4%
Zhaojin Mining Industry Co. Ltd. (H Shares)	1,013,650		1,718,583
Zijin Mining Group Co. Ltd. (H Shares)	29,384,000		11,829,124
			13,547,707
Netherlands - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Nord Gold NV GDR (Reg. S) (a)	15,000		73,500
Peru - 0.7%
METALS & MINING - 0.7%
Gold - 0.7%
Compania de Minas Buenaventura SA sponsored ADR	798,400		26,163,568
South Africa - 8.6%
METALS & MINING - 8.6%
Gold - 8.6%
AngloGold Ashanti Ltd. sponsored ADR	4,791,552		148,394,365
Gold Fields Ltd.	55,000		674,204
Gold Fields Ltd. sponsored ADR	8,991,626		110,417,167
Common Stocks - continued
	Shares		Value
South Africa - continued
METALS & MINING - CONTINUED
Gold - continued
Harmony Gold Mining Co. Ltd.	1,484,000		$ 11,525,658
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	3,747,300		29,266,413
			300,277,807
Sweden - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Nordic Mines AB (a)(d)	20,000		6,102
United Kingdom - 0.6%
METALS & MINING - 0.6%
Gold - 0.6%
African Barrick Gold Ltd.	1,280,463		8,472,669
Patagonia Gold PLC (a)(d)	260,000		94,767
Petropavlovsk PLC	2,100,929		11,511,732
			20,079,168
Steel - 0.0%
London Mining PLC (a)(d)	543,500		1,101,522
TOTAL METALS & MINING			21,180,690
United States of America - 10.7%
METALS & MINING - 10.5%
Gold - 10.4%
Allied Nevada Gold Corp. (a)	1,336,300		43,496,565
Allied Nevada Gold Corp. (Canada) (a)	45,000		1,460,512
Gold Resource Corp. (d)	30,000		475,800
Newmont Mining Corp.	5,665,350		266,781,332
Royal Gold, Inc.	658,213		53,157,282
			365,371,491
Precious Metals & Minerals - 0.1%
McEwen Mining, Inc. (a)(d)	705,100		2,608,870
McEwen Mining, Inc. rights 12/4/12 (a)	705,100		109,291
			2,718,161
TOTAL METALS & MINING			368,089,652
OIL, GAS & CONSUMABLE FUELS - 0.2%
Coal & Consumable Fuels - 0.2%
Alpha Natural Resources, Inc. (a)	516,800		3,865,664
Peabody Energy Corp.	28,900		725,679
			4,591,343
TOTAL UNITED STATES OF AMERICA			372,680,995
TOTAL COMMON STOCKS (Cost $3,002,929,968)		3,336,048,430
Commodities - 4.6%
	Troy Ounces		Value
Gold Bullion (a)	91,500		$ 156,826,425
Silver Bullion (a)	117,000		3,908,970
TOTAL COMMODITIES (Cost $137,311,875)		160,735,395
Money Market Funds - 13.2%

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c) (Cost $461,449,913)	461,449,913		461,449,913

TOTAL INVESTMENT PORTFOLIO - 113.2%

(Cost $3,601,691,756)

3,958,233,738

NET OTHER ASSETS (LIABILITIES) - (13.2)%			(460,904,797)
NET ASSETS - 100%		$ 3,497,328,941

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
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	$ 12,086
Fidelity Securities Lending Cash Central Fund	574,718
Total	$ 586,804

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 43,125,922	$ 111,196,706	$ -	$ -	$ 160,693,057

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 16,919	$ -	$ -	$ -	$ 7,618
Kimber Resources, Inc. (144A)	6,128,712	-	119,267	-	2,664,761
Total	$ 6,145,631	$ -	$ 119,267	$ -	$ 2,672,379

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 3,336,048,430	$ 3,323,645,724	$ 12,402,706	$ -
Commodities	160,735,395	160,735,395	-	-
Money Market Funds	461,449,913	461,449,913	-	-
Total Investments in Securities:	$ 3,958,233,738	$ 3,945,831,032	$ 12,402,706	$ -

Income Tax Information

Consolidated Subsidiary

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

November 30, 2012

1.810707.108

PHR-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
BIOTECHNOLOGY - 9.9%
Biotechnology - 9.9%
Acorda Therapeutics, Inc. (a)	64,000		$ 1,611,520
Alnylam Pharmaceuticals, Inc. (a)	33,800		573,586
AMAG Pharmaceuticals, Inc. (a)	318,000		4,779,540
Amgen, Inc.	99,000		8,791,200
ARIAD Pharmaceuticals, Inc. (a)	242,500		5,422,300
Biogen Idec, Inc. (a)	24,000		3,578,160
BioMarin Pharmaceutical, Inc. (a)	136,500		6,633,900
BioMimetic Therapeutics, Inc. (a)	81,500		620,215
Biovitrum AB (a)	250,000		1,206,159
Celldex Therapeutics, Inc. (a)	150,000		891,000
Cubist Pharmaceuticals, Inc. (a)	125,000		5,076,250
Discovery Laboratories, Inc. (a)	128,200		275,630
Dyax Corp. (a)	20,000		65,400
Grifols SA (a)	110,000		3,518,573
ImmunoGen, Inc. (a)	49,100		623,079
Insmed, Inc. (a)	68,700		491,892
Intercept Pharmaceuticals, Inc.	23,098		539,800
KYTHERA Biopharmaceuticals, Inc.	120,000		2,936,400
Medivation, Inc. (a)	146,000		7,613,900
Merrimack Pharmaceuticals, Inc.	13,500		96,390
Neurocrine Biosciences, Inc. (a)	224,794		1,681,459
NPS Pharmaceuticals, Inc. (a)	130,600		1,336,038
Onyx Pharmaceuticals, Inc. (a)	81,800		6,173,446
Pharmacyclics, Inc. (a)	16,000		848,800
Puma Biotechnology, Inc.	140,233		2,888,800
QLT, Inc. (a)	48,500		380,725
Regeneron Pharmaceuticals, Inc. (a)	20,000		3,531,000
Sarepta Therapeutics, Inc. (a)(d)	45,000		1,319,850
Sunesis Pharmaceuticals, Inc. (a)	100,500		499,485
Synageva BioPharma Corp. (a)	79,600		3,894,828
Theravance, Inc. (a)	119,900		2,695,352
United Therapeutics Corp. (a)	29,500		1,550,225
Vical, Inc. (a)	70,000		219,800
			82,364,702
HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
Health Care Equipment - 0.1%
Genmark Diagnostics, Inc. (a)	45,500		450,450
Opto Circuits India Ltd.	300,000		599,005
			1,049,455
Health Care Supplies - 0.4%
Align Technology, Inc. (a)	59,000		1,616,010
Antares Pharma, Inc. (a)(d)	315,000		1,260,000
			2,876,010
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			3,925,465
HEALTH CARE PROVIDERS & SERVICES - 0.7%
Health Care Facilities - 0.0%
Apollo Hospitals Enterprise Ltd.	26,018		392,679

	Shares		Value
Health Care Services - 0.6%
Catamaran Corp. (a)	95,434		$ 4,684,514
Managed Health Care - 0.1%
Qualicorp SA (a)	50,000		485,539
TOTAL HEALTH CARE PROVIDERS & SERVICES			5,562,732
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Patheon, Inc. (a)	22,000		81,281
Patheon, Inc. rights 12/28/12 (a)	42,000		1,057
			82,338
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
MYOS Corp.	2,000,000		440,000
Prestige Brands Holdings, Inc. (a)	121,892		2,632,867
			3,072,867
PHARMACEUTICALS - 87.9%
Pharmaceuticals - 87.9%
Abbott Laboratories	555,690		36,119,850
Akorn, Inc. (a)	324,100		4,372,109
Allergan, Inc.	279,300		25,905,075
Auxilium Pharmaceuticals, Inc. (a)	110,200		2,109,228
Bristol-Myers Squibb Co.	216,110		7,051,669
Cadence Pharmaceuticals, Inc. (a)	101,300		431,538
Columbia Laboratories, Inc. (a)	420,600		252,360
Daiichi Sankyo Kabushiki Kaisha	190,000		2,937,672
Dechra Pharmaceuticals PLC	196,760		1,839,420
DepoMed, Inc. (a)	176,000		1,059,520
Dr. Reddy's Laboratories Ltd. sponsored ADR	84,400		2,830,776
Durect Corp. (a)	744,500		744,500
Elan Corp. PLC sponsored ADR (a)	1,639,400		16,361,212
Eli Lilly & Co.	893,200		43,802,528
Endo Pharmaceuticals Holdings, Inc. (a)	269,400		7,721,004
Endo Pharmaceuticals Holdings, Inc. rights (a)	9,000		0
Forest Laboratories, Inc. (a)	396,520		14,060,599
GlaxoSmithKline PLC sponsored ADR	1,043,400		44,876,634
Hi-Tech Pharmacal Co., Inc.	64,000		1,932,800
Hospira, Inc. (a)	155,000		4,619,000
Impax Laboratories, Inc. (a)	212,500		4,322,250
Ipca Laboratories Ltd.	50,000		421,496
Jazz Pharmaceuticals PLC (a)	341,000		18,373,080
Johnson & Johnson	530,100		36,963,873
MAP Pharmaceuticals, Inc. (a)	27,112		432,165
Meda AB (A Shares)	50,000		514,778
Medicis Pharmaceutical Corp. Class A	175,200		7,577,400
Merck & Co., Inc.	1,616,536		71,612,545
Mylan, Inc. (a)	950,200		25,826,436
Nektar Therapeutics (a)(d)	320,500		2,092,865
Novartis AG sponsored ADR	495,198		30,727,036
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Novo Nordisk A/S Series B sponsored ADR	192,500		$ 30,543,975
Obagi Medical Products, Inc. (a)	138,000		1,885,080
Ono Pharmaceutical Co. Ltd.	28,000		1,533,715
Optimer Pharmaceuticals, Inc. (a)	293,000		2,985,670
Pain Therapeutics, Inc. (a)	171,721		546,073
Paladin Labs, Inc. (a)	136,600		5,606,465
Perrigo Co.	101,400		10,494,900
Pfizer, Inc.	2,645,388		66,187,608
Questcor Pharmaceuticals, Inc. (d)	134,200		3,482,490
Repros Therapeutics, Inc. (a)(d)	43,000		645,430
Salix Pharmaceuticals Ltd. (a)	229,900		9,851,215
Sanofi SA sponsored ADR	1,484,022		66,217,062
Santarus, Inc. (a)	516,500		5,149,505
Shire PLC sponsored ADR	205,000		17,759,150
Teva Pharmaceutical Industries Ltd. sponsored ADR	536,289		21,639,261
The Medicines Company (a)	225,500		4,841,485
UCB SA	72,000		4,086,900
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d)	574,927		32,029,456
Vectura Group PLC (a)	275,000		374,503
Virbac SA	11,467		2,116,212
ViroPharma, Inc. (a)	169,100		4,191,989
Warner Chilcott PLC	200,000		2,332,000
Watson Pharmaceuticals, Inc. (a)	184,800		16,264,248
XenoPort, Inc. (a)	285,000		2,237,250
			730,893,060
TOTAL COMMON STOCKS (Cost $658,581,111)		825,901,164
Convertible Preferred Stocks - 0.0%

PHARMACEUTICALS - 0.0%
Pharmaceuticals - 0.0%
Agios Pharmaceuticals, Inc. Series C (e) (Cost $250,054)	50,916		250,054
Money Market Funds - 1.8%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c) (Cost $14,821,279)	14,821,279		$ 14,821,279
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $673,652,444)			840,972,497
NET OTHER ASSETS (LIABILITIES) - (1.2)%			(9,780,339)
NET ASSETS - 100%		$ 831,192,158

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
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 250,054

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	$ 33,300
Fidelity Securities Lending Cash Central Fund	264,921
Total	$ 298,221

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 825,901,164	$ 821,429,777	$ 4,471,387	$ -
Convertible Preferred Stocks	250,054	-	-	250,054
Money Market Funds	14,821,279	14,821,279	-	-
Total Investments in Securities:	$ 840,972,497	$ 836,251,056	$ 4,471,387	$ 250,054

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $679,372,509. Net unrealized appreciation aggregated $161,599,988, of which $177,873,708 related to appreciated investment securities and $16,273,720 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 Software and

Computer Services Portfolio

November 30, 2012

1.810708.108

SOF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
ICG Group, Inc. (a)	367,789		$ 4,100,847
COMMUNICATIONS EQUIPMENT - 1.5%
Communications Equipment - 1.5%
Infinera Corp. (a)	400,000		2,232,000
Polycom, Inc. (a)	2,432,095		25,439,714
			27,671,714
COMPUTERS & PERIPHERALS - 0.4%
Computer Hardware - 0.0%
Cray, Inc. (a)	7		100
Computer Storage & Peripherals - 0.4%
Electronics for Imaging, Inc. (a)	413,620		7,594,063
TOTAL COMPUTERS & PERIPHERALS			7,594,163
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9%
Alternative Carriers - 0.9%
inContact, Inc. (a)(e)	3,337,956		17,357,371
ELECTRONIC EQUIPMENT & COMPONENTS - 1.6%
Electronic Manufacturing Services - 1.3%
Fabrinet (a)	513,434		6,376,850
Flextronics International Ltd. (a)	1,616,800		9,361,272
Jabil Circuit, Inc.	450,000		8,550,000
			24,288,122
Technology Distributors - 0.3%
Arrow Electronics, Inc. (a)	138,657		5,166,360
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			29,454,482
INTERNET SOFTWARE & SERVICES - 24.5%
Internet Software & Services - 24.5%
Active Network, Inc. (a)(d)(e)	6,056,597		32,463,360
Bazaarvoice, Inc. (d)	1,021,900		9,994,182
Blinkx PLC (a)(d)	645,000		692,369
Constant Contact, Inc. (a)(d)	160,814		2,142,042
Demand Media, Inc. (a)(d)	1,951,278		17,366,374
Demandware, Inc.	40,942		1,121,401
eBay, Inc. (a)	1,547,900		81,760,078
Equinix, Inc. (a)	46,000		8,544,960
ExactTarget, Inc.	303,500		6,255,135
Facebook, Inc. Class A	429,100		12,014,800
Google, Inc. Class A (a)	278,900		194,775,395
IAC/InterActiveCorp	76,400		3,602,260
KIT digital, Inc. (a)(d)	1,927,816		1,455,501
LogMeIn, Inc. (a)	40,000		856,000
MercadoLibre, Inc.	40,800		2,935,560
Rackspace Hosting, Inc. (a)	132,400		9,151,488
Responsys, Inc. (a)	2,256,796		14,714,310
SciQuest, Inc. (a)	141,949		2,312,349
SPS Commerce, Inc. (a)	35,556		1,310,594

	Shares		Value
Velti PLC (a)(d)	579,600		$ 1,976,436
VeriSign, Inc. (a)	200,000		6,826,000
Vocus, Inc. (a)	245,000		4,179,700
Web.com Group, Inc. (a)	1,334,645		20,166,486
Yahoo!, Inc. (a)	1,359,200		25,512,184
			462,128,964
IT SERVICES - 22.8%
Data Processing & Outsourced Services - 9.4%
Fidelity National Information Services, Inc.	856,100		30,905,210
Fiserv, Inc. (a)	100,000		7,699,000
FleetCor Technologies, Inc. (a)	80,000		4,175,200
Global Payments, Inc.	142,600		6,261,566
MasterCard, Inc. Class A	86,900		42,466,292
Visa, Inc. Class A	518,800		77,669,548
WNS Holdings Ltd. sponsored ADR (a)	737,904		7,843,920
			177,020,736
IT Consulting & Other Services - 13.4%
Amdocs Ltd.	474,300		15,870,078
Camelot Information Systems, Inc. ADR (a)(e)	2,301,356		3,106,831
Cognizant Technology Solutions Corp. Class A (a)	254,000		17,076,420
EPAM Systems, Inc.	1,930,688		39,714,252
HCL Technologies Ltd.	1		12
IBM Corp.	662,789		125,976,305
Lionbridge Technologies, Inc. (a)(e)	6,154,175		25,293,659
Sapient Corp. (a)	108,725		1,151,398
Teradata Corp. (a)	145,400		8,648,392
Unisys Corp. (a)	178,100		3,077,568
Virtusa Corp. (a)	849,797		13,307,821
			253,222,736
TOTAL IT SERVICES			430,243,472
MEDIA - 1.3%
Advertising - 1.3%
MDC Partners, Inc. Class A (sub. vtg.) (e)	2,274,308		24,107,665
SOFTWARE - 46.6%
Application Software - 20.7%
Actuate Corp. (a)	245,000		1,305,850
Adobe Systems, Inc. (a)	356,100		12,324,621
AsiaInfo-Linkage, Inc. (a)	885,200		10,162,096
Aspen Technology, Inc. (a)	162,215		4,215,968
Callidus Software, Inc. (a)(d)(e)	2,375,667		10,001,558
Citrix Systems, Inc. (a)	522,000		31,925,520
Compuware Corp. (a)	4,546,800		42,512,580
Comverse Technology, Inc. (e)	14,047,054		50,007,512
Comverse, Inc. (e)	1,404,705		40,413,363
Concur Technologies, Inc. (a)	175,200		11,512,392
Descartes Systems Group, Inc. (a)	1,429,500		12,304,047
Ebix, Inc. (d)	880,825		14,806,668
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Guidewire Software, Inc.	272,181		$ 8,138,212
Informatica Corp. (a)	224,600		6,035,002
Jive Software, Inc. (d)	434,400		6,281,424
Kingdee International Software Group Co. Ltd. (a)	13,170,000		2,752,884
Nuance Communications, Inc. (a)	763,600		16,982,464
Parametric Technology Corp. (a)	567,900		11,494,296
Pegasystems, Inc.	144,100		2,930,994
PROS Holdings, Inc. (a)	84,300		1,494,639
QLIK Technologies, Inc. (a)	457,800		8,872,164
salesforce.com, Inc. (a)	360,578		56,852,333
SolarWinds, Inc. (a)	43,200		2,420,496
Solera Holdings, Inc.	120,000		6,211,200
Synchronoss Technologies, Inc. (a)	62,932		1,149,138
Synopsys, Inc. (a)	264,410		8,672,648
TIBCO Software, Inc. (a)	226,100		5,663,805
TiVo, Inc. (a)	267,100		3,125,070
Workday, Inc.	18,300		916,830
			391,485,774
Home Entertainment Software - 3.2%
Activision Blizzard, Inc.	1,028,400		11,764,896
Electronic Arts, Inc. (a)	3,200,700		47,402,367
Take-Two Interactive Software, Inc. (a)	131,500		1,626,655
			60,793,918
Systems Software - 22.7%
AVG Technologies NV	110,746		1,524,972
CA Technologies, Inc.	209,700		4,646,952
Check Point Software Technologies Ltd. (a)	153,400		7,082,478
Eloqua, Inc.	64,815		1,169,911
Fortinet, Inc. (a)	546,300		10,915,074
Imperva, Inc.	120,665		3,711,655
Microsoft Corp.	6,953,000		185,088,860
NetSuite, Inc. (a)	17,600		1,049,312
Oracle Corp.	4,267,700		136,993,170
Pervasive Software, Inc. (a)	341,112		3,001,786
Qualys, Inc.	604,796		8,092,170

	Shares		Value
Red Hat, Inc. (a)	31,500		$ 1,556,100
Rovi Corp. (a)	150,000		2,301,000
ServiceNow, Inc.	33,800		1,102,894
Symantec Corp. (a)	1,956,600		36,705,816
VMware, Inc. Class A (a)	255,300		23,219,535
			428,161,685
TOTAL SOFTWARE			880,441,377
TOTAL COMMON STOCKS (Cost $1,765,915,811)		1,883,100,055
Money Market Funds - 1.7%

Fidelity Cash Central Fund, 0.19% (b)	9,095,398		9,095,398
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	22,234,395		22,234,395
TOTAL MONEY MARKET FUNDS (Cost $31,329,793)		31,329,793
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,797,245,604)		1,914,429,848
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(27,471,145)
NET ASSETS - 100%		$ 1,886,958,703

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 53,191
Fidelity Securities Lending Cash Central Fund	1,616,150
Total	$ 1,669,341

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Active Network, Inc.	$ 31,326,256	$ 41,793,081	$ -	$ -	$ 32,463,360
Callidus Software, Inc.	16,897,742	406,500	-	-	10,001,558
Camelot Information Systems, Inc. ADR	4,176,153	1,935,729	827,853	-	3,106,831
Comverse Technology, Inc.	8,625,912	58,129,344	-	24,441,867	50,007,512
Comverse, Inc.	-	40,736,445	-	-	40,413,363
inContact, Inc.	14,738,399	2,856,003	-	-	17,357,371
Lionbridge Technologies, Inc.	13,016,304	3,256,430	-	-	25,293,659
MDC Partners, Inc. Class A (sub. vtg.)	16,274,035	10,753,253	-	390,732	24,107,665
Total	$ 105,054,801	$ 159,866,785	$ 827,853	$ 24,832,599	$ 202,751,319

Other Information

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,804,680,889. Net unrealized appreciation aggregated $109,748,959, of which $276,478,650 related to appreciated investment securities and $166,729,691 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, 2012

1.810712.108

TEC-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
AEROSPACE & DEFENSE - 0.1%
Aerospace & Defense - 0.1%
DigitalGlobe, Inc. (a)	39,539		$ 986,103
GeoEye, Inc. (a)	8,552		261,349
			1,247,452
AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
Tesla Motors, Inc. (a)	40,095		1,356,013
CHEMICALS - 0.5%
Specialty Chemicals - 0.5%
JSR Corp.	462,100		8,571,811
Nitto Denko Corp.	19,000		992,311
			9,564,122
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Commercial Printing - 0.1%
Nissha Printing Co. Ltd. (a)	89,500		984,968
COMMUNICATIONS EQUIPMENT - 7.6%
Communications Equipment - 7.6%
AAC Acoustic Technology Holdings, Inc.	264,000		991,252
Acme Packet, Inc. (a)	628,574		12,540,051
ADTRAN, Inc.	246,381		4,838,923
ADVA AG Optical Networking (a)	97,916		543,125
Aruba Networks, Inc. (a)(d)	300,956		5,862,623
Brocade Communications Systems, Inc. (a)	40,810		231,801
Ciena Corp. (a)	481,351		7,162,503
Cisco Systems, Inc.	220,790		4,175,139
Comba Telecom Systems Holdings Ltd.	198,000		71,278
F5 Networks, Inc. (a)	124,208		11,635,805
Finisar Corp. (a)	645,752		8,762,855
Infinera Corp. (a)	381,629		2,129,490
JDS Uniphase Corp. (a)	352,976		4,281,599
Juniper Networks, Inc. (a)	623,079		11,202,960
Motorola Solutions, Inc.	115,803		6,305,473
NETGEAR, Inc. (a)	5,884		205,116
Polycom, Inc. (a)	254,023		2,657,081
QUALCOMM, Inc.	1,088,626		69,258,386
Research In Motion Ltd. (a)	27,700		321,320
Riverbed Technology, Inc. (a)	1,287		23,037
Sandvine Corp. (a)	1,941,200		2,565,827
Sandvine Corp. (U.K.) (a)	2,252,512		2,879,841
Sonus Networks, Inc. (a)	240,901		402,305
Spirent Communications PLC	87,200		210,399
ZTE Corp. (H Shares)	783,400		1,182,651
			160,440,840
COMPUTERS & PERIPHERALS - 24.3%
Computer Hardware - 21.2%
3D Systems Corp. (a)(d)	181,498		8,114,776
Advantech Co. Ltd.	1,001,000		3,736,745

	Shares		Value
Apple, Inc.	679,405		$ 397,642,159
Foxconn Technology Co. Ltd.	42,050		146,846
Getac Technology Corp.	1,373,000		739,290
Hewlett-Packard Co.	1,669		21,680
Lenovo Group Ltd.	15,698,000		14,786,122
Pegatron Corp. (a)	1,751,000		2,283,258
Quanta Computer, Inc.	911,000		2,288,078
Stratasys, Inc. (a)	228,230		17,105,839
Wistron Corp.	908,250		996,841
			447,861,634
Computer Storage & Peripherals - 3.1%
ADLINK Technology, Inc.	5,750		6,331
Catcher Technology Co. Ltd.	43,000		220,437
Chicony Electronics Co. Ltd.	482,000		1,129,338
EMC Corp. (a)	1,610,146		39,963,824
Fusion-io, Inc. (a)(d)	132,500		3,091,225
Gemalto NV	23,335		2,145,627
NetApp, Inc. (a)	7,012		222,351
SanDisk Corp. (a)	441,836		17,275,788
SIMPLO Technology Co. Ltd.	5,000		25,288
Synaptics, Inc. (a)	9,130		243,954
Wacom Co. Ltd.	405		1,157,901
			65,482,064
TOTAL COMPUTERS & PERIPHERALS			513,343,698
DIVERSIFIED CONSUMER SERVICES - 0.5%
Education Services - 0.5%
Educomp Solutions Ltd.	53,012		147,074
New Oriental Education & Technology Group, Inc. sponsored ADR	523,476		10,553,276
			10,700,350
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
Dynapack International Technology Corp.	40,000		155,514
ELECTRONIC EQUIPMENT & COMPONENTS - 4.0%
Electronic Components - 2.2%
Aeroflex Holding Corp. (a)	60,538		392,286
Amphenol Corp. Class A	379		23,468
AU Optronics Corp. (a)	2,602,000		1,099,293
AU Optronics Corp. sponsored ADR (a)	1,640,495		6,758,839
Cheng Uei Precision Industries Co. Ltd.	298,739		704,064
Chimei Innolux Corp. (a)	4,076,347		1,823,241
Corning, Inc.	368,600		4,507,978
FLEXium Interconnect, Inc.	1,467		5,981
InvenSense, Inc.	307,791		3,093,300
Ledlink Optics, Inc.	98,000		229,279
Omron Corp.	11,300		251,244
Tong Hsing Electronics Industries Ltd.	2,394,000		8,277,894
TXC Corp.	1,965,000		3,346,551
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Components - continued
Universal Display Corp. (a)(d)	479,760		$ 11,456,669
Vishay Intertechnology, Inc. (a)	73,647		714,376
Yageo Corp. (a)	6,108,000		1,864,028
Yaskawa Electric Corp.	156,000		1,250,894
Zhen Ding Technology Holding Ltd.	67,300		184,082
			45,983,467
Electronic Equipment & Instruments - 0.6%
Chroma ATE, Inc.	1,088,644		2,509,518
Hitachi High-Technologies Corp.	700		15,634
Keyence Corp.	950		265,943
National Instruments Corp.	44,988		1,094,108
SFA Engineering Corp.	4,365		175,003
SNU Precision Co. Ltd. (a)	22,427		81,939
Test Research, Inc.	59,016		105,179
TPK Holding Co. Ltd.	253,284		4,043,481
TPK Holding Co. Ltd. GDR (Reg. S)	363,965		5,810,417
			14,101,222
Electronic Manufacturing Services - 1.1%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	22,300		71,507
Jabil Circuit, Inc.	596,764		11,338,516
Ju Teng International Holdings Ltd.	3,110,000		1,264,032
KEMET Corp. (a)	4,077		18,020
TE Connectivity Ltd.	23,294		819,716
Trimble Navigation Ltd. (a)	188,671		10,497,654
			24,009,445
Technology Distributors - 0.1%
Arrow Electronics, Inc. (a)	47		1,751
Digital China Holdings Ltd. (H Shares)	333,000		556,848
Redington India Ltd.	174,887		266,206
VST Holdings Ltd.	2,990,000		617,274
WPG Holding Co. Ltd.	18,200		24,077
WT Microelectronics Co. Ltd.	52,529		64,340
			1,530,496
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			85,624,630
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.2%
Biosensors International Group Ltd. (a)	4,882,000		4,659,618
Trauson Holdings Co. Ltd.	586,000		324,371
			4,983,989
HEALTH CARE TECHNOLOGY - 0.3%
Health Care Technology - 0.3%
athenahealth, Inc. (a)	17,000		1,082,730
Cerner Corp. (a)	15,701		1,212,431
So-net M3, Inc.	2,511		4,629,575
			6,924,736

	Shares		Value
HOUSEHOLD DURABLES - 0.0%
Household Appliances - 0.0%
Haier Electronics Group Co. Ltd. (a)	53,000		$ 72,762
HOUSEHOLD PRODUCTS - 0.0%
Household Products - 0.0%
NVC Lighting Holdings Ltd.	546,000		143,013
INDUSTRIAL CONGLOMERATES - 0.1%
Industrial Conglomerates - 0.1%
Samsung Techwin Co. Ltd.	24,982		1,338,528
INTERNET & CATALOG RETAIL - 0.6%
Internet Retail - 0.6%
Amazon.com, Inc. (a)	18,928		4,770,802
E-Commerce China Dangdang, Inc. ADR (a)	990		4,425
Expedia, Inc.	12,555		776,652
Rakuten, Inc.	726,400		6,124,082
Start Today Co. Ltd. (d)	154,300		1,612,303
TripAdvisor, Inc.	6,992		267,024
			13,555,288
INTERNET SOFTWARE & SERVICES - 13.9%
Internet Software & Services - 13.9%
Active Network, Inc. (a)	186,079		997,383
Akamai Technologies, Inc. (a)	5,578		204,266
Baidu.com, Inc. sponsored ADR (a)	21,458		2,066,620
Bankrate, Inc. (a)	77,119		927,742
Bazaarvoice, Inc. (d)	8,500		83,130
Blinkx PLC (a)(d)	500,000		536,720
Cornerstone OnDemand, Inc. (a)	221,640		6,214,786
DealerTrack Holdings, Inc. (a)	7,000		188,230
eBay, Inc. (a)	1,225,145		64,712,159
ExactTarget, Inc.	154,944		3,193,396
Facebook, Inc. Class A	581,571		16,283,988
Google, Inc. Class A (a)	212,361		148,306,552
INFO Edge India Ltd.	114,388		769,402
Kakaku.com, Inc. (d)	26,800		924,047
LogMeIn, Inc. (a)	72,925		1,560,595
Mail.ru Group Ltd. GDR (e)	5,600		184,800
MercadoLibre, Inc. (d)	236		16,980
Millennial Media, Inc. (d)	334,976		4,605,920
NHN Corp.	100		23,279
Open Text Corp. (a)	400		22,981
PChome Online, Inc.	219,000		926,785
Qihoo 360 Technology Co. Ltd. ADR (a)(d)	8,670		216,663
Rackspace Hosting, Inc. (a)	123,235		8,518,003
Renren, Inc. ADR (a)(d)	18,800		64,484
Responsys, Inc. (a)	790,883		5,156,557
Saba Software, Inc. (a)	10,000		78,200
SciQuest, Inc. (a)	305,358		4,974,282
SINA Corp. (a)	4,631		210,803
SouFun Holdings Ltd. ADR (d)	51,517		1,110,191
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
Tencent Holdings Ltd.	290,800		$ 9,500,472
Velti PLC (a)	32,400		110,484
VeriSign, Inc. (a)	80,800		2,757,704
Vocus, Inc. (a)	243,243		4,149,726
XO Group, Inc. (a)	16,300		128,770
Yahoo!, Inc. (a)	110,250		2,069,393
Yandex NV (a)	85,249		1,860,133
YouKu.com, Inc. ADR (a)	10,383		177,134
			293,832,760
IT SERVICES - 7.5%
Data Processing & Outsourced Services - 5.8%
Automatic Data Processing, Inc.	4,032		228,856
Fidelity National Information Services, Inc.	73,895		2,667,610
Fiserv, Inc. (a)	30,100		2,317,399
Global Payments, Inc.	98,518		4,325,925
Jack Henry & Associates, Inc.	62,208		2,418,025
MasterCard, Inc. Class A	21,110		10,316,035
Paychex, Inc.	7,115		231,522
Syntel, Inc.	23,201		1,395,772
VeriFone Systems, Inc. (a)	5,919		179,878
Visa, Inc. Class A	656,393		98,268,596
WNS Holdings Ltd. sponsored ADR (a)	26,900		285,947
			122,635,565
IT Consulting & Other Services - 1.7%
Accenture PLC Class A	139,341		9,464,041
Bit-isle, Inc.	4,900		45,997
Camelot Information Systems, Inc. ADR (a)	555		749
ChinaSoft International Ltd. (a)	50,000		12,838
Cognizant Technology Solutions Corp. Class A (a)	15,483		1,040,922
IBM Corp.	82,101		15,604,937
Pactera Technology International Ltd. ADR	288,865		2,160,710
ServiceSource International, Inc. (a)	1,383,462		7,097,160
Teradata Corp. (a)	3,397		202,054
Virtusa Corp. (a)	49,000		767,340
			36,396,748
TOTAL IT SERVICES			159,032,313
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
Illumina, Inc. (a)(d)	25,400		1,364,234
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	87,200		1,429,208
			2,793,442

	Shares		Value
MACHINERY - 0.4%
Industrial Machinery - 0.4%
Airtac International Group	624,000		$ 3,295,510
Fanuc Corp.	100		16,931
HIWIN Technologies Corp.	248,154		1,818,572
Mirle Automation Corp.	301,893		174,499
Nippon Thompson Co. Ltd.	129,000		476,092
Shin Zu Shing Co. Ltd.	978,000		3,193,263
			8,974,867
MEDIA - 0.7%
Advertising - 0.6%
Dentsu, Inc.	500		12,252
Focus Media Holding Ltd. ADR	469,540		11,405,127
ReachLocal, Inc. (a)	43,033		471,642
			11,889,021
Cable & Satellite - 0.1%
DIRECTV (a)	43,029		2,138,541
DISH Network Corp. Class A	7,233		267,910
			2,406,451
Movies & Entertainment - 0.0%
IMAX Corp. (a)	19,570		423,691
TOTAL MEDIA			14,719,163
OFFICE ELECTRONICS - 0.0%
Office Electronics - 0.0%
Xerox Corp.	27,023		184,027
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
China Medical System Holdings Ltd.	3,994,500		2,721,344
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
Acacia Research Corp. (a)	27,700		615,771
IHS, Inc. Class A (a)	20,600		1,898,084
			2,513,855
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%
Real Estate Services - 0.0%
E-House China Holdings Ltd. ADR	186,422		639,427
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 15.9%
Semiconductor Equipment - 1.2%
Amkor Technology, Inc. (a)(d)	4,848		20,604
Applied Materials, Inc.	174,938		1,877,085
Asia Pacific Systems, Inc. (a)	25,887		168,116
ASM International NV:
unit	161,691		5,659,185
(Netherlands)	112,900		3,957,125
ASML Holding NV	25,744		1,610,802
Dainippon Screen Manufacturing Co. Ltd. (d)	56,000		308,962
Entegris, Inc. (a)	322,643		2,890,881
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductor Equipment - continued
GCL-Poly Energy Holdings Ltd.	96,000		$ 15,979
GT Advanced Technologies, Inc. (a)	4,100		13,817
ICD Co. Ltd.	16,152		184,275
Lam Research Corp. (a)	6,213		218,201
Rubicon Technology, Inc. (a)(d)	1,926		12,365
Teradyne, Inc. (a)	120,105		1,878,442
Ultratech, Inc. (a)	209,095		6,862,498
			25,678,337
Semiconductors - 14.7%
Advanced Micro Devices, Inc. (a)	3,611		7,944
Alpha & Omega Semiconductor Ltd. (a)	25,812		224,564
Altera Corp.	1,441,509		46,690,477
Analog Devices, Inc.	5,826		236,536
Applied Micro Circuits Corp. (a)	453,625		3,098,259
ARM Holdings PLC sponsored ADR	9,175		342,411
Atmel Corp. (a)	35,096		196,187
Avago Technologies Ltd.	113,973		4,000,452
Broadcom Corp. Class A	259,946		8,417,051
Cavium, Inc. (a)(d)	362,551		12,772,672
Chipbond Technology Corp.	659,000		1,276,508
Cirrus Logic, Inc. (a)	171,600		5,374,512
Cree, Inc. (a)(d)	1,457,489		47,091,470
Cypress Semiconductor Corp.	16,994		172,489
Dialog Semiconductor PLC (a)	11,134		226,545
Diodes, Inc. (a)	1,138		17,229
Duksan Hi-Metal Co. Ltd. (a)	1,376		25,296
Epistar Corp.	2,176,000		3,234,241
Fairchild Semiconductor International, Inc. (a)	1,780		23,745
Freescale Semiconductor Holdings I Ltd. (a)	2,121		19,640
Genesis Photonics, Inc.	49,803		33,842
Global Unichip Corp.	73,000		248,650
Hittite Microwave Corp. (a)	20,711		1,256,743
Imagination Technologies Group PLC (a)	623,752		4,061,335
Infineon Technologies AG	32,031		245,615
Inotera Memories, Inc. (a)	17,560,000		1,317,076
Inphi Corp. (a)	125,395		978,081
International Rectifier Corp. (a)	58,126		992,792
Intersil Corp. Class A	366,000		2,609,580
JA Solar Holdings Co. Ltd. ADR (a)	124,687		92,892
LSI Corp. (a)	606,218		4,085,909
MagnaChip Semiconductor Corp. (a)	17,582		221,533
Marvell Technology Group Ltd.	1,741		14,764
Maxim Integrated Products, Inc.	53		1,547
MediaTek, Inc.	2,023,506		23,009,418
Mellanox Technologies Ltd. (a)	58,000		4,227,040
Micrel, Inc.	22,021		211,622
Micron Technology, Inc. (a)	3,642,860		21,784,303
Mindspeed Technologies, Inc. (a)	411,022		1,492,010
Monolithic Power Systems, Inc. (a)	447,105		9,460,742

	Shares		Value
MStar Semiconductor, Inc.	241,000		$ 2,064,648
Novatek Microelectronics Corp.	1,843,000		7,418,923
NVIDIA Corp.	18,332		219,617
NXP Semiconductors NV (a)	295,178		7,225,957
O2Micro International Ltd. sponsored ADR (a)	44,200		134,810
Omnivision Technologies, Inc. (a)	470,565		7,105,532
ON Semiconductor Corp. (a)	174,233		1,155,165
Phison Electronics Corp.	187,000		1,318,940
PMC-Sierra, Inc. (a)	179,949		926,737
Power Integrations, Inc.	144,188		4,485,689
Radiant Opto-Electronics Corp.	44,710		202,283
Rambus, Inc. (a)	450,961		2,205,199
RDA Microelectronics, Inc. sponsored ADR	64,515		663,859
RF Micro Devices, Inc. (a)	1,258,741		5,437,761
Samsung Electronics Co. Ltd.	2,398		3,114,633
Semtech Corp. (a)	99,683		2,726,330
Seoul Semiconductor Co. Ltd.	34,306		717,812
Silicon Laboratories, Inc. (a)	5,500		230,010
Silicon Motion Technology Corp. sponsored ADR (a)(d)	218,400		2,839,200
SK Hynix, Inc.	315,100		7,102,489
Skyworks Solutions, Inc. (a)	345,171		7,818,123
Spreadtrum Communications, Inc. ADR (d)	1,571,912		29,206,125
STMicroelectronics NV	195,900		1,247,098
STMicroelectronics NV (NY Shares) unit (d)	368,280		2,342,261
Taiwan Surface Mounting Technology Co. Ltd.	326,750		483,408
Texas Instruments, Inc.	8,405		247,695
Trina Solar Ltd. (a)(d)	30,406		87,265
TriQuint Semiconductor, Inc. (a)	224,319		1,135,054
United Microelectronics Corp.	11,000		4,248
Vanguard International Semiconductor Corp.	52,000		34,530
Xilinx, Inc.	31,070		1,076,576
YoungTek Electronics Corp.	2,536		5,602
			310,777,301
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			336,455,638
SOFTWARE - 17.1%
Application Software - 10.1%
Adobe Systems, Inc. (a)	6,775		234,483
ANSYS, Inc. (a)	87,536		5,806,263
AsiaInfo-Linkage, Inc. (a)	769,326		8,831,862
Aspen Technology, Inc. (a)	491,911		12,784,767
Autodesk, Inc. (a)	69,202		2,292,662
AutoNavi Holdings Ltd. ADR (a)	17,224		210,133
Blackbaud, Inc.	40,000		893,600
BroadSoft, Inc. (a)(d)	232,912		7,367,007
Citrix Systems, Inc. (a)	259,291		15,858,238
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Compuware Corp. (a)	238,725		$ 2,232,079
Comverse Technology, Inc.	26,230		93,379
Comverse, Inc.	2,623		75,464
Concur Technologies, Inc. (a)	163,188		10,723,083
Descartes Systems Group, Inc. (a)	419,000		3,606,433
Informatica Corp. (a)	114,744		3,083,171
Intuit, Inc.	3,958		237,124
JDA Software Group, Inc. (a)	37,737		1,685,334
Jive Software, Inc. (d)	374,880		5,420,765
Kingdee International Software Group Co. Ltd. (a)	34,913,600		7,297,880
Manhattan Associates, Inc. (a)	14,555		833,128
MicroStrategy, Inc. Class A (a)	48,198		4,265,041
Nuance Communications, Inc. (a)	618,921		13,764,803
Parametric Technology Corp. (a)	575,649		11,651,136
Pegasystems, Inc. (d)	191,449		3,894,073
PROS Holdings, Inc. (a)	26,200		464,526
QLIK Technologies, Inc. (a)	241,854		4,687,131
RealPage, Inc. (a)	13,700		271,123
salesforce.com, Inc. (a)	419,742		66,180,721
SolarWinds, Inc. (a)	87,112		4,880,885
Splunk, Inc.	445		13,439
Synchronoss Technologies, Inc. (a)	278,649		5,088,131
Synopsys, Inc. (a)	7,993		262,170
TIBCO Software, Inc. (a)	294,244		7,370,812
TiVo, Inc. (a)	26,100		305,370
Workday, Inc.	13,100		656,310
			213,322,526
Home Entertainment Software - 1.1%
Activision Blizzard, Inc.	19,590		224,110
Capcom Co. Ltd.	193,000		3,636,467
Giant Interactive Group, Inc. ADR (d)	1,575,855		8,352,032
Nintendo Co. Ltd.	1,700		204,296
Perfect World Co. Ltd. sponsored ADR Class B	730,670		8,125,050
Take-Two Interactive Software, Inc. (a)	195,638		2,420,042
			22,961,997
Systems Software - 5.9%
Allot Communications Ltd. (a)	58,500		1,277,640
BMC Software, Inc. (a)	51,299		2,101,207
Check Point Software Technologies Ltd. (a)	4,413		203,748
CommVault Systems, Inc. (a)	120,353		7,986,625
Fortinet, Inc. (a)	45,537		909,829
Infoblox, Inc.	8,900		168,744
Insyde Software Corp.	563,000		1,499,267
Microsoft Corp.	7,982		212,481
NetSuite, Inc. (a)	134,600		8,024,852
Oracle Corp.	1,255,911		40,314,743
Progress Software Corp. (a)	64,222		1,291,504
Red Hat, Inc. (a)	442,402		21,854,659

	Shares		Value
ServiceNow, Inc.	34,300		$ 1,119,209
Sourcefire, Inc. (a)	25,106		1,235,968
Symantec Corp. (a)	403,598		7,571,498
Totvs SA	242,400		4,536,492
VMware, Inc. Class A (a)	279,475		25,418,251
			125,726,717
TOTAL SOFTWARE			362,011,240
WIRELESS TELECOMMUNICATION SERVICES - 0.7%
Wireless Telecommunication Services - 0.7%
SBA Communications Corp. Class A (a)	221,320		15,231,242
TOTAL COMMON STOCKS (Cost $1,837,083,659)		2,009,545,221

Convertible Bonds - 0.3%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Semiconductors - 0.3%
JA Solar Holdings Co. Ltd. 4.5% 5/15/13 (Cost $6,397,975)	$ 6,990,000	6,448,275

Money Market Funds - 7.7%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	98,788,823		98,788,823
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	62,862,211		62,862,211
TOTAL MONEY MARKET FUNDS (Cost $161,651,034)		161,651,034
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $2,005,132,668)			2,177,644,530
NET OTHER ASSETS (LIABILITIES) - (2.9)%			(60,926,430)
NET ASSETS - 100%		$ 2,116,718,100

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	$ 192,604
Fidelity Securities Lending Cash Central Fund	521,797
Total	$ 714,401

Other Information

The following is a summary of the inputs used, as of November 30, 2012, 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	$ 2,009,545,221	$ 1,975,712,872	$ 33,832,349	$ -
Convertible Bonds	6,448,275	-	6,448,275	-
Money Market Funds	161,651,034	161,651,034	-	-
Total Investments in Securities:	$ 2,177,644,530	$ 2,137,363,906	$ 40,280,624	$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2012. 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	$ 33,858,157
Level 2 to Level 1	$ 0

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $2,024,922,592. Net unrealized appreciation aggregated $152,721,938, of which $312,154,980 related to appreciated investment securities and $159,433,042 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	January 29, 2013

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

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

Date:	January 29, 2013
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	January 29, 2013