N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 3114

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

November 30, 2004

AIR-QTLY-0105

1.810665.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
AEROSPACE & DEFENSE - 37.4%
Bombardier, Inc. Class B (sub. vtg.)	387,800		$ 752,089
General Dynamics Corp.	18,300		1,982,988
Goodrich Corp.	59,600		1,892,300
Honeywell International, Inc.	56,200		1,985,546
Lockheed Martin Corp.	34,000		2,068,560
Precision Castparts Corp.	28,800		1,867,392
Rockwell Collins, Inc.	51,700		2,060,762
The Boeing Co.	36,700		1,966,019
United Technologies Corp.	6,000		585,480
TOTAL AEROSPACE & DEFENSE			15,161,136
AIR FREIGHT & LOGISTICS - 26.1%
C.H. Robinson Worldwide, Inc.	19,900		1,069,625
Dynamex, Inc. (a)	26,300		529,156
EGL, Inc. (a)	24,963		842,252
Expeditors International of Washington, Inc.	37,400		1,991,924
FedEx Corp.	21,600		2,052,648
Forward Air Corp. (a)	24,400		1,130,940
Hub Group, Inc. Class A (a)	14,500		630,750
United Parcel Service, Inc. Class B	25,400		2,137,410
UTI Worldwide, Inc.	3,000		206,790
TOTAL AIR FREIGHT & LOGISTICS			10,591,495
AIRLINES - 23.6%
AirTran Holdings, Inc. (a)	87,600		1,035,432
Alaska Air Group, Inc. (a)	17,600		549,648
America West Holding Corp. Class B (a)	20,100		116,781
AMR Corp. (a)	74,400		671,832
British Airways PLC ADR (a)	9,400		394,800
Continental Airlines, Inc. Class B (a)	38,700		431,118
Delta Air Lines, Inc. (a)	74,900		522,053
ExpressJet Holdings, Inc. Class A (a)	10,900		127,094
Frontier Airlines, Inc. (a)	20,500		240,465
JetBlue Airways Corp. (a)	69,775		1,675,298
Mesa Air Group, Inc. (a)	14,900		104,598
Northwest Airlines Corp. (a)	60,400		618,496
Republic Airways Holdings, Inc.	5,200		59,800
SkyWest, Inc.	17,000		323,510
Southwest Airlines Co.	131,525		2,068,888
WestJet Airlines Ltd. (a)	66,950		629,447
TOTAL AIRLINES			9,569,260
COMMERCIAL SERVICES & SUPPLIES - 2.2%
The Brink's Co.	22,500		868,725
IT SERVICES - 2.9%
Sabre Holdings Corp. Class A	51,000		1,177,080

	Shares		Value
OIL & GAS - 7.7%
Frontline Ltd.	1,850		$ 111,928
Frontline Ltd. (d)	8,900		538,466
General Maritime Corp. (a)	7,900		359,055
OMI Corp.	24,300		519,291
Ship Finance International Ltd.	1,617		40,506
Stelmar Shipping Ltd.	7,100		313,465
Teekay Shipping Corp.	3,700		197,062
Top Tankers, Inc.	34,300		773,465
Tsakos Energy Navigation Ltd.	5,900		249,275
TOTAL OIL & GAS			3,102,513
TOTAL COMMON STOCKS (Cost $31,349,690)		40,470,209
Money Market Funds - 5.5%

Fidelity Securities Lending Cash Central Fund, 2% (b)(c) (Cost $2,239,100)	2,239,100		2,239,100
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $33,588,790)		42,709,309
NET OTHER ASSETS - (5.4)%		(2,188,845)
NET ASSETS - 100%		$ 40,520,464

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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $538,466 or 1.3% of net assets.

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $33,617,231. Net unrealized appreciation aggregated $9,092,078, of which $10,470,047 related to appreciated investment securities and $1,377,969 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

November 30, 2004

AUT-QTLY-0105

1.810666.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
AIR FREIGHT & LOGISTICS - 0.1%
Ryder System, Inc.	500		$ 26,820
AUTO COMPONENTS - 31.0%
American Axle & Manufacturing Holdings, Inc.	2,200		64,152
Amerigon, Inc. (a)	69,600		221,328
Autoliv, Inc.	4,500		210,330
Bharat Forge Ltd.	2,500		50,556
BorgWarner, Inc.	14,100		705,846
Continental AG	6,200		377,880
Cooper Tire & Rubber Co.	4,400		89,848
Dana Corp.	4,100		67,035
Denso Corp. ADR	500		48,625
ElringKlinger AG	600		44,760
Gentex Corp.	24,500		791,840
Johnson Controls, Inc.	29,290		1,798,406
Keystone Automotive Industries, Inc. (a)	1,300		30,459
Lear Corp.	7,500		435,000
LKQ Corp.	5,100		91,494
Magna International, Inc. Class A	500		39,820
Midas, Inc. (a)	4,600		88,826
Nokian Tyres Ltd.	690		99,151
Sundaram Fasteners Ltd.	16,200		40,063
TRW Automotive Holdings Corp.	12,600		266,868
TOTAL AUTO COMPONENTS			5,562,287
AUTOMOBILES - 25.6%
Bayerische Motoren Werke AG (BMW)	2,100		88,715
Coachmen Industries, Inc.	2,600		41,782
DaimlerChrysler AG	1,900		85,139
Ford Motor Co.	6,400		90,752
General Motors Corp.	400		15,436
Harley-Davidson, Inc.	1,600		92,512
Honda Motor Co. Ltd. sponsored ADR	35,200		843,040
Hyundai Motor Co.	14,820		729,339
Monaco Coach Corp.	2,100		41,790
National R.V. Holdings, Inc. (a)	5,100		49,623
Nissan Motor Co. Ltd. sponsored ADR	38,700		811,539
Renault SA	1,100		90,000
Tata Motors Ltd. ADR (a)	17,600		195,888
Toyota Motor Corp.	36,200		1,352,251
Winnebago Industries, Inc.	1,900		72,067
TOTAL AUTOMOBILES			4,599,873
BUILDING PRODUCTS - 0.2%
Quixote Corp.	1,400		29,344
CHEMICALS - 0.2%
Recticel SA	3,300		37,989

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.6%
Adesa, Inc.	6,300		$ 125,748
Copart, Inc. (a)	1,300		28,080
Standard Parking Corp.	1,300		20,878
Universal Technical Institute, Inc.	3,200		106,560
TOTAL COMMERCIAL SERVICES & SUPPLIES			281,266
DISTRIBUTORS - 2.8%
Genuine Parts Co.	11,400		494,874
ELECTRICAL EQUIPMENT - 0.2%
Energy Conversion Devices, Inc. (a)	1,900		42,294
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.5%
BEI Technologies, Inc.	5,400		158,490
Iteris, Inc. (a)	23,300		81,783
Nestor, Inc. (a)	3,700		25,345
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			265,618
HOTELS, RESTAURANTS & LEISURE - 0.2%
International Speedway Corp. Class A	800		39,112
HOUSEHOLD DURABLES - 1.8%
Harman International Industries, Inc.	2,200		270,270
Snap-On, Inc.	1,500		47,415
TOTAL HOUSEHOLD DURABLES			317,685
LEISURE EQUIPMENT & PRODUCTS - 1.9%
Brunswick Corp.	3,100		151,342
MarineMax, Inc. (a)	2,700		79,380
RC2 Corp. (a)	3,800		118,902
TOTAL LEISURE EQUIPMENT & PRODUCTS			349,624
MACHINERY - 16.7%
Commercial Vehicle Group, Inc.	4,100		80,360
Cummins, Inc.	5,800		461,796
Danaher Corp.	4,000		227,520
Eaton Corp.	8,900		599,860
Federal Signal Corp.	2,200		37,840
Navistar International Corp. (a)	8,694		357,758
Oshkosh Truck Co.	3,200		201,024
PACCAR, Inc.	9,325		728,283
SPX Corp.	6,200		254,882
Weichai Power Co. Ltd. (H Shares)	20,000		45,528
TOTAL MACHINERY			2,994,851
MEDIA - 1.2%
XM Satellite Radio Holdings, Inc. Class A (a)	5,600		206,696
REAL ESTATE - 0.5%
Capital Automotive (SBI)	2,700		91,017
Common Stocks - continued
	Shares		Value
ROAD & RAIL - 0.1%
Landstar System, Inc. (a)	300		$ 21,153
SOFTWARE - 0.6%
NAVTEQ Corp.	2,700		116,505
SPECIALTY RETAIL - 11.7%
Advance Auto Parts, Inc. (a)	10,800		445,608
Asbury Automotive Group, Inc. (a)	6,400		88,832
AutoNation, Inc. (a)	31,000		574,120
AutoZone, Inc. (a)	700		59,920
CarMax, Inc. (a)	3,500		97,475
Lithia Motors, Inc. Class A (sub. vtg.)	2,900		73,602
Monro Muffler Brake, Inc. (a)	2,700		66,285
O'Reilly Automotive, Inc. (a)	3,000		130,620
Rush Enterprises, Inc. Class B (a)	2,100		33,852
Sonic Automotive, Inc. Class A (sub. vtg.)	8,345		207,206
TBC Corp. (a)	4,600		122,682
The Pep Boys - Manny, Moe & Jack	9,700		152,775
United Auto Group, Inc.	1,900		54,188
TOTAL SPECIALTY RETAIL			2,107,165
TOTAL COMMON STOCKS (Cost $16,923,869)		17,584,173
Nonconvertible Preferred Stocks - 0.6%
AUTOMOBILES - 0.6%
Porsche AG (non-vtg.) (Cost $126,945)	186		118,606
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 1.98% (b)	350,097		350,097
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	23,500		23,500
TOTAL MONEY MARKET FUNDS (Cost $373,597)		373,597
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $17,424,411)		18,076,376
NET OTHER ASSETS - (0.6)%		(111,736)
NET ASSETS - 100%		$ 17,964,640

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $17,569,945. Net unrealized appreciation aggregated $506,431, of which $1,310,520 related to appreciated investment securities and $804,089 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

November 30, 2004

BAN-QTLY-0105

1.810667.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.9%
	Shares		Value
CAPITAL MARKETS - 11.1%
Bank of New York Co., Inc.	568,196		$ 18,699,330
Charles Schwab Corp.	560,700		6,044,346
Investors Financial Services Corp.	53,300		2,336,672
Lehman Brothers Holdings, Inc.	60,400		5,060,312
Mellon Financial Corp.	236,000		6,895,920
Merrill Lynch & Co., Inc.	71,700		3,994,407
Morgan Stanley	147,000		7,460,250
Northern Trust Corp.	119,100		5,602,464
TOTAL CAPITAL MARKETS			56,093,701
COMMERCIAL BANKS - 68.3%
AmSouth Bancorp.	37,200		964,596
Associated Banc-Corp.	67,620		2,247,013
Bank of America Corp.	556,504		25,749,440
Banknorth Group, Inc.	168,000		6,042,960
BB&T Corp.	15,642		664,003
BOK Financial Corp. (a)	109,200		5,328,960
Center Financial Corp., California	443,900		9,139,901
City National Corp.	23,900		1,634,760
Comerica, Inc.	334,700		20,584,050
Commerce Bancorp, Inc., New Jersey	15,011		937,737
Commerce Bancshares, Inc.	33,103		1,619,068
Compass Bancshares, Inc.	72,400		3,370,944
East West Bancorp, Inc.	130,000		5,391,100
Fifth Third Bancorp	322,080		16,219,949
First Bancorp, Puerto Rico	40,400		2,590,448
First Commonwealth Financial Corp.	60,000		921,000
FirstMerit Corp.	900		24,633
Fulton Financial Corp.	50,232		1,125,197
Greater Bay Bancorp	46,000		1,336,300
Hanmi Financial Corp.	78,989		2,936,811
Huntington Bancshares, Inc.	129,070		3,131,238
KeyCorp	379,300		12,626,897
M&T Bank Corp.	143,100		15,084,171
Marshall & Ilsley Corp.	38,200		1,592,558
Mercantile Bankshares Corp.	75,100		3,867,650
National City Corp.	124,789		4,627,176
North Fork Bancorp, Inc., New York	386,578		11,133,446
Pacific Capital Bancorp	3		99
PNC Financial Services Group, Inc.	59,600		3,242,240
Popular, Inc.	298,400		7,907,600
PrivateBancorp, Inc.	89,800		3,092,712
Regions Financial Corp. New	72,100		2,522,779
Santander Bancorp	58,410		1,582,911
Silicon Valley Bancshares (a)	101,600		4,265,168
Southwest Bancorp of Texas, Inc.	106,400		2,602,544
SunTrust Banks, Inc.	282,448		20,138,542
Synovus Financial Corp.	317,800		8,580,600
Texas Regional Bancshares, Inc. Class A	143,250		5,093,970

	Shares		Value
U.S. Bancorp, Delaware	269,500		$ 7,985,285
Umpqua Holdings Corp.	57,120		1,460,558
UnionBanCal Corp.	241,934		14,958,779
Valley National Bancorp	75,890		2,122,643
Wachovia Corp.	1,200,192		62,109,938
Wells Fargo & Co.	411,200		25,399,824
Westamerica Bancorp.	43,500		2,529,960
Wintrust Financial Corp.	43,500		2,603,040
Zions Bancorp	79,000		5,253,500
TOTAL COMMERCIAL BANKS			344,344,698
CONSUMER FINANCE - 0.8%
MBNA Corp.	145,000		3,851,200
DIVERSIFIED FINANCIAL SERVICES - 8.6%
Citigroup, Inc.	409,400		18,320,650
EuroBancshares, Inc.	388,200		7,915,398
J.P. Morgan Chase & Co.	461,426		17,372,689
TOTAL DIVERSIFIED FINANCIAL SERVICES			43,608,737
THRIFTS & MORTGAGE FINANCE - 3.1%
Commercial Capital Bancorp, Inc.	131,657		3,141,336
Doral Financial Corp.	24,900		1,155,360
Golden West Financial Corp., Delaware	44,200		5,270,408
IndyMac Bancorp, Inc.	100		3,249
W Holding Co., Inc.	269,284		5,929,634
TOTAL THRIFTS & MORTGAGE FINANCE			15,499,987
TOTAL COMMON STOCKS (Cost $311,187,172)		463,398,323
Money Market Funds - 11.2%

Fidelity Cash Central Fund, 1.98% (b)	41,562,297		41,562,297
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	15,080,000		15,080,000
TOTAL MONEY MARKET FUNDS (Cost $56,642,297)		56,642,297

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $367,829,469)

520,040,620

NET OTHER ASSETS - (3.1)%		(15,685,070)
NET ASSETS - 100%		$ 504,355,550

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $367,961,530. Net unrealized appreciation aggregated $152,079,090, of which $152,554,907 related to appreciated investment securities and $475,817 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

November 30, 2004

BIO-QTLY-0105

1.810668.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
BIOTECHNOLOGY - 85.1%
Actelion Ltd. (Reg.) (a)	412,947		$ 38,036,260
Affymetrix, Inc. (a)	1,323,600		44,936,220
Alkermes, Inc. (a)	2,165,757		29,865,789
Amgen, Inc. (a)	752,300		45,168,092
Amylin Pharmaceuticals, Inc. (a)	238,100		4,852,478
Biogen Idec, Inc. (a)	3,000,542		176,071,805
Celgene Corp. (a)	4,431,330		121,507,069
Cephalon, Inc. (a)	1,879,340		89,325,030
Chiron Corp. (a)	100		3,257
Curis, Inc. (a)	1,304,820		5,284,521
Dendreon Corp. (a)	1,201,600		11,787,696
Dyax Corp. (a)	145,800		1,156,194
Enzon Pharmaceuticals, Inc. (a)	761,300		10,308,002
Genentech, Inc. (a)	4,863,900		234,683,175
Genta, Inc. (a)	486,300		632,190
Genzyme Corp. - General Division (a)	1,421,900		79,640,619
Gilead Sciences, Inc. (a)	1,934,300		66,655,978
Harvard Bioscience, Inc. (a)	11,600		46,052
ICOS Corp. (a)	810,600		19,575,990
ImClone Systems, Inc. (a)	1,592,200		67,222,684
ImmunoGen, Inc. (a)	1,814,756		14,191,392
Immunomedics, Inc. (a)	297,100		834,851
Invitrogen Corp. (a)	923,854		55,893,167
Ligand Pharmaceuticals, Inc. Class B (a)	1,372,400		15,370,880
Medarex, Inc. (a)	852,500		9,292,250
MedImmune, Inc. (a)	3,718,320		98,907,312
Millennium Pharmaceuticals, Inc. (a)	7,401,362		93,405,188
Myogen, Inc.	100		816
Neurocrine Biosciences, Inc. (a)	622,000		28,612,000
NPS Pharmaceuticals, Inc. (a)	383,000		6,859,530
Oscient Pharmaceuticals Corp. (a)	89,500		291,770
OSI Pharmaceuticals, Inc. (a)	119,000		5,662,020
Pharmion Corp.	480,996		20,365,371
Protein Design Labs, Inc. (a)	1,526,500		27,660,180
Regeneron Pharmaceuticals, Inc. (a)	715,000		6,592,300
Seattle Genetics, Inc. (a)	837,589		5,720,733
Serologicals Corp. (a)	825,100		19,257,834
Tanox, Inc. (a)	334,600		4,634,210
Techne Corp. (a)	558,200		20,737,130
Telik, Inc. (a)	243,500		4,653,285
Transkaryotic Therapies, Inc. (a)	380,600		8,681,486
XOMA Ltd. (a)	1,542,100		3,084,200
TOTAL BIOTECHNOLOGY		1,497,467,006
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Cholestech Corp. (a)	60,000		480,000
Cyberonics, Inc. (a)	48,700		904,359
Epix Pharmaceuticals, Inc. (a)	114,400		2,013,440
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			3,397,799

	Shares		Value
PHARMACEUTICALS - 14.1%
Cypress Bioscience, Inc. (a)	97,200		$ 1,132,380
Elan Corp. PLC sponsored ADR (a)	4,054,600		107,041,440
Guilford Pharmaceuticals, Inc. (a)	918,200		5,178,648
Medicines Co. (a)	558,500		13,928,990
Merck KGaA	482,612		27,964,560
MGI Pharma, Inc. (a)	1,227,300		33,124,827
Sepracor, Inc. (a)	1,253,600		55,797,736
SkyePharma PLC (a)	2,744,787		3,486,839
TOTAL PHARMACEUTICALS			247,655,420
TOTAL COMMON STOCKS (Cost $1,508,401,506)		1,748,520,225
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.4%
BIOTECHNOLOGY - 0.4%
Xenon Genetics, Inc. Series E (d)	981,626		6,056,632
Nonconvertible Preferred Stocks - 0.0%
BIOTECHNOLOGY - 0.0%
Geneprot, Inc. Series A (d)	180,000		630,000
TOTAL PREFERRED STOCKS (Cost $7,714,138)		6,686,632
Money Market Funds - 9.9%

Fidelity Securities Lending Cash Central Fund, 2% (b)(c) (Cost $173,680,250)	173,680,250	173,680,250
TOTAL INVESTMENT PORTFOLIO - 109.7% (Cost $1,689,795,894)		1,928,887,107
NET OTHER ASSETS - (9.7)%		(169,839,915)
NET ASSETS - 100%		$ 1,759,047,192

Legend

(a) Non-income producing

(d) 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 $6,686,632 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Geneprot, Inc. Series A	7/7/00	$ 990,000
Xenon Genetics, Inc. Series E	3/23/01	$ 6,724,138

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $1,701,390,629. Net unrealized appreciation aggregated $227,496,478, of which $387,805,047 related to appreciated investment securities and $160,308,569 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

November 30, 2004

BRO-QTLY-0105

1.810691.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.0%
	Shares		Value
CAPITAL MARKETS - 71.1%
3i Group PLC	75,000		$ 936,286
Affiliated Managers Group, Inc. (a)	179,000		11,345,020
Allied Capital Corp.	90,000		2,485,800
American Capital Strategies Ltd.	241,000		7,697,540
Ameritrade Holding Corp. (a)	1,384,800		19,290,264
Bear Stearns Companies, Inc.	154,986		15,123,534
BlackRock, Inc. Class A	37,900		2,825,824
Calamos Asset Management, Inc. Class A	2,000		47,440
Charles Schwab Corp.	1,264,900		13,635,622
D. Carnegie & Co. AB	70,000		807,496
DAB Bank AG (a)	90,000		641,254
E*TRADE Financial Corp. (a)	1,431,400		19,839,204
Eaton Vance Corp. (non-vtg.)	125,700		6,027,315
Federated Investors, Inc. Class B (non-vtg.)	68,350		2,010,857
Franklin Resources, Inc.	278,900		18,304,207
Goldman Sachs Group, Inc.	193,800		20,302,488
Greenhill & Co., Inc.	200		5,440
Intermediate Capital Group PLC	40,000		767,941
Investors Financial Services Corp.	100,000		4,384,000
Janus Capital Group, Inc.	212,300		3,513,565
Jefferies Group, Inc.	100,000		4,062,000
Knight Trading Group, Inc. (a)	425,000		4,849,250
Legg Mason, Inc.	99,848		6,803,643
Lehman Brothers Holdings, Inc.	338,550		28,363,717
MCF Corp. (a)	110,000		178,200
Merrill Lynch & Co., Inc.	351,500		19,582,065
Morgan Stanley	372,330		18,895,748
National Financial Partners Corp.	65,000		2,258,100
Northern Trust Corp.	148,100		6,966,624
Raymond James Financial, Inc.	32,987		975,755
SEI Investments Co.	1,000		39,110
State Street Corp.	169,700		7,561,832
T. Rowe Price Group, Inc.	162,200		9,595,752
Technology Investment Capital Corp.	905		13,656
TradeStation Group, Inc. (a)	996,022		7,390,483
UBS AG (NY Shares)	199,500		16,159,500
TOTAL CAPITAL MARKETS			283,686,532
COMMERCIAL BANKS - 1.0%
Boston Private Financial Holdings, Inc.	75,000		2,031,750
HSBC Holdings PLC sponsored ADR	25,000		2,134,500
PrivateBancorp, Inc.	1,500		51,660
TOTAL COMMERCIAL BANKS			4,217,910

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Bowne & Co., Inc.	150,300		$ 2,314,620
Dun & Bradstreet Corp. (a)	1,000		59,360
Equifax, Inc.	1,000		27,620
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,401,600
CONSUMER FINANCE - 2.8%
American Express Co.	67,500		3,760,425
MBNA Corp.	278,100		7,386,336
TOTAL CONSUMER FINANCE			11,146,761
DIVERSIFIED FINANCIAL SERVICES - 9.5%
Alliance Capital Management Holding LP	50,000		1,982,000
Archipelago Holdings, Inc.	307,670		6,845,658
Citigroup, Inc.	112,066		5,014,954
Deutsche Boerse AG	5,007		296,516
eSpeed, Inc. Class A (a)	140,000		1,566,600
Indiabulls Financial Services Ltd.	1,026,000		962,596
Instinet Group, Inc. (a)	1,857,917		11,128,923
J.P. Morgan Chase & Co.	237,220		8,931,333
Nasdaq Stock Market, Inc. (a)	70,000		490,000
OMX AB (a)	60,000		759,121
TOTAL DIVERSIFIED FINANCIAL SERVICES			37,977,701
INSURANCE - 5.1%
American International Group, Inc.	297,200		18,827,620
Hartford Financial Services Group, Inc.	18,300		1,171,200
Scottish Re Group Ltd.	10,100		232,300
TOTAL INSURANCE			20,231,120
IT SERVICES - 0.1%
Certegy, Inc.	10,000		344,000
MEDIA - 2.6%
Citadel Broadcasting Corp. (a)	53,000		817,260
Cumulus Media, Inc. Class A (a)	98,590		1,506,455
Emmis Communications Corp. Class A (a)	141,616		2,618,480
Entercom Communications Corp. Class A (a)	55,000		1,981,100
Entravision Communications Corp. Class A (a)	175,000		1,435,000
Radio One, Inc. Class D (non-vtg.) (a)	150,000		2,092,500
TOTAL MEDIA			10,450,795
THRIFTS & MORTGAGE FINANCE - 1.2%
New York Community Bancorp, Inc.	244,700		4,840,166
TOTAL COMMON STOCKS (Cost $279,457,468)		375,296,585
Money Market Funds - 9.3%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	24,530,833	$ 24,530,833
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	12,493,500		12,493,500
TOTAL MONEY MARKET FUNDS (Cost $37,024,333)		37,024,333

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $316,481,801)

412,320,918

NET OTHER ASSETS - (3.3)%		(13,112,647)
NET ASSETS - 100%		$ 399,208,271

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $317,857,538. Net unrealized appreciation aggregated $94,463,380, of which $99,990,275 related to appreciated investment securities and $5,526,895 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Business Services and

Outsourcing Portfolio

November 30, 2004

BSO-QTLY-0105

1.810669.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 9.5%
Adecco SA sponsored ADR	14,300		$ 178,607
Apollo Group, Inc. Class A (a)	17,500		1,394,750
Banta Corp.	3,100		137,950
Capita Group PLC	15,100		102,979
Cendant Corp.	1,200		27,204
Exponent, Inc. (a)	22,300		619,717
First Advantage Corp. (a)	13,100		245,494
H&R Block, Inc.	300		14,310
Hudson Highland Group, Inc. (a)	11,000		300,410
Korn/Ferry International (a)	21,400		398,682
Robert Half International, Inc.	1,900		51,357
Vertrue, Inc. (a)	1,600		55,520
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,526,980
COMPUTERS & PERIPHERALS - 0.0%
Maxtor Corp. (a)	3,500		13,370
HEALTH CARE PROVIDERS & SERVICES - 8.0%
DaVita, Inc. (a)	29,600		983,312
IMS Health, Inc.	8,578		193,605
Pediatrix Medical Group, Inc. (a)	8,000		498,400
Quest Diagnostics, Inc.	13,900		1,303,125
TOTAL HEALTH CARE PROVIDERS & SERVICES			2,978,442
INSURANCE - 0.2%
Hilb Rogal & Hobbs Co.	1,600		55,504
USI Holdings Corp. (a)	2,900		33,292
TOTAL INSURANCE			88,796
IT SERVICES - 71.9%
Accenture Ltd. Class A (a)	69,100		1,792,454
Affiliated Computer Services, Inc. Class A (a)	59,700		3,533,046
Alliance Data Systems Corp. (a)	2,600		111,540
BearingPoint, Inc. (a)	135,600		1,179,720
Ceridian Corp. (a)	156,000		2,949,960
Certegy, Inc.	11,800		405,920
Cognizant Technology Solutions Corp. Class A (a)	16,908		644,702
Computer Horizons Corp. (a)	21,100		80,180
Computer Sciences Corp. (a)	37,400		2,023,340
Convergys Corp. (a)	400		5,948
DST Systems, Inc. (a)	35,000		1,706,250
First Data Corp.	71,100		2,921,499
Forrester Research, Inc. (a)	8,300		135,456
HCL Technologies Ltd.	13,800		115,734
Inforte Corp. (a)	25,800		174,408
Infosys Technologies Ltd.	49,145		2,373,538
Intelligroup, Inc. (a)	20,589		28,001

	Shares		Value
Kanbay International, Inc.	14,300		$ 410,839
Lionbridge Technologies, Inc. (a)	19,000		104,690
Mastek Ltd.	5,251		37,919
Maximus, Inc. (a)	13,600		426,088
Patni Computer Systems Ltd.	11,519		95,659
Paychex, Inc.	37,487		1,243,069
Sabre Holdings Corp. Class A	8,600		198,488
Satyam Computer Services Ltd.	69,500		677,508
Satyam Computer Services Ltd. ADR	100		2,648
Syntel, Inc.	20,300		397,474
The BISYS Group, Inc. (a)	86,400		1,383,264
Titan Corp. (a)	95,400		1,536,894
TOTAL IT SERVICES			26,696,236
MEDIA - 3.8%
Interpublic Group of Companies, Inc. (a)	28,603		354,963
Lamar Advertising Co. Class A (a)	27,100		1,068,824
TOTAL MEDIA			1,423,787
SOFTWARE - 6.5%
Amdocs Ltd. (a)	46,900		1,212,365
BEA Systems, Inc. (a)	15,100		122,008
Intuit, Inc. (a)	600		25,104
Lawson Software, Inc. (a)	72,600		448,668
Microsoft Corp.	18,900		506,709
Reynolds & Reynolds Co. Class A	4,000		94,920
TOTAL SOFTWARE			2,409,774
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
Oxford Industries, Inc.	2,300		93,840
TOTAL COMMON STOCKS (Cost $30,340,855)		37,231,225
Money Market Funds - 11.9%

Fidelity Cash Central Fund, 1.98% (b)	24,728		24,728
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	4,386,550		4,386,550
TOTAL MONEY MARKET FUNDS (Cost $4,411,278)		4,411,278
TOTAL INVESTMENT PORTFOLIO - 112.1% (Cost $34,752,133)		41,642,503
NET OTHER ASSETS - (12.1)%		(4,483,921)
NET ASSETS - 100%		$ 37,158,582

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $34,932,446. Net unrealized appreciation aggregated $6,710,057, of which $7,910,700 related to appreciated investment securities and $1,200,643 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

November 30, 2004

CHE-QTLY-0105

1.810670.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
CHEMICALS - 81.8%
Agrium, Inc.	49,400		$ 926,810
Air Products & Chemicals, Inc.	161,800		9,263,050
Airgas, Inc.	123,500		3,282,630
Albemarle Corp.	97,200		3,872,448
Arch Chemicals, Inc.	39,750		1,160,700
BASF AG sponsored ADR	7,300		492,385
BOC Group PLC sponsored ADR	17,500		626,150
Braskem SA Series A (a)	26,880,200		1,165,533
Cytec Industries, Inc.	76,800		3,733,248
Dow Chemical Co.	156,000		7,873,320
Eastman Chemical Co.	60,500		3,289,990
Ecolab, Inc.	30,900		1,080,882
Engelhard Corp.	76,700		2,292,563
Ferro Corp.	117,400		2,686,112
FMC Corp. (a)	71,600		3,547,780
Great Lakes Chemical Corp.	115,100		3,372,430
Hercules, Inc. (a)	102,400		1,525,760
International Flavors & Fragrances, Inc.	33,700		1,364,850
L'Air Liquide SA	5,400		933,886
Lubrizol Corp.	33,300		1,150,515
Lyondell Chemical Co.	403,300		11,316,599
Millennium Chemicals, Inc. (a)	411,814		10,946,016
Minerals Technologies, Inc.	16,300		1,081,505
Monsanto Co.	179,300		8,251,386
Mosaic Co. (a)	207,600		3,608,088
Nalco Holding Co.	4,000		76,920
NOVA Chemicals Corp.	117,500		5,449,218
Olin Corp.	60,552		1,373,925
Pioneer Companies, Inc. (a)	175,500		4,168,125
PolyOne Corp. (a)	172,200		1,589,406
Potash Corp. of Saskatchewan	40,900		3,138,328
PPG Industries, Inc.	43,500		2,934,945
Praxair, Inc.	197,160		8,852,484
Rohm & Haas Co.	3,300		145,497
Spartech Corp.	59,300		1,657,435
Syngenta AG sponsored ADR	113,500		2,411,875
Thai Olefins PCL (a)	23,800		42,872
The Scotts Co. Class A (a)	26,200		1,796,010
Valspar Corp.	74,600		3,597,212
Wellman, Inc.	77,800		800,562
Westlake Chemical Corp.	117,900		3,700,881
TOTAL CHEMICALS			130,580,331
CONTAINERS & PACKAGING - 0.0%
Applied Extrusion Technologies, Inc. (a)	40,246		6,439
ELECTRICAL EQUIPMENT - 0.1%
Hydrogenics Corp. (a)	30,100		156,090
FOOD PRODUCTS - 3.4%
Archer-Daniels-Midland Co.	33,100		701,720
Bunge Ltd.	44,100		2,324,952

	Shares		Value
Corn Products International, Inc.	23,100		$ 1,257,102
Delta & Pine Land Co.	44,800		1,196,160
TOTAL FOOD PRODUCTS			5,479,934
INDUSTRIAL CONGLOMERATES - 5.4%
3M Co.	108,000		8,595,720
LEISURE EQUIPMENT & PRODUCTS - 0.1%
SCP Pool Corp.	4,500		141,885
MACHINERY - 0.4%
Pall Corp.	23,700		642,033
METALS & MINING - 0.7%
Compass Minerals International, Inc.	50,400		1,139,040
OIL & GAS - 1.2%
Ashland, Inc.	27,700		1,638,455
Nippon Oil Corp.	36,000		236,863
TOTAL OIL & GAS			1,875,318
TRADING COMPANIES & DISTRIBUTORS - 0.1%
UAP Holding Corp.	7,900		129,165
TOTAL COMMON STOCKS (Cost $119,174,102)		148,745,955
Money Market Funds - 12.6%

Fidelity Cash Central Fund, 1.98% (b)	12,847,613		12,847,613
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	7,367,250		7,367,250
TOTAL MONEY MARKET FUNDS (Cost $20,214,863)		20,214,863
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $139,388,965)		168,960,818
NET OTHER ASSETS - (5.8)%		(9,307,636)
NET ASSETS - 100%		$ 159,653,182

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $139,481,818. Net unrealized appreciation aggregated $29,479,000, of which $29,906,946 related to appreciated investment securities and $427,946 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

November 30, 2004

COM-QTLY-0105

1.810671.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 18.1%
Adtran, Inc.	119,900		$ 2,686,959
Alvarion Ltd. (a)	200,100		2,935,467
Andrew Corp. (a)	188,500		2,676,700
Avaya, Inc. (a)	566,600		9,303,572
Carrier Access Corp. (a)	138,100		1,247,043
Cisco Systems, Inc. (a)	1,833,500		34,304,785
Comverse Technology, Inc. (a)	94,200		2,003,634
Corning, Inc. (a)	115,800		1,456,764
CSR PLC	203,800		1,368,457
Enterasys Networks, Inc. (a)	1,049,000		1,835,750
Extreme Networks, Inc. (a)	196,900		1,344,827
F5 Networks, Inc. (a)	46,600		2,006,130
Foundry Networks, Inc. (a)	147,500		1,969,125
ITF Optical Technologies, Inc. Series A (d)	31,365		39,206
Juniper Networks, Inc. (a)	283,832		7,813,895
Lucent Technologies, Inc. (a)	1,507,500		5,924,475
Motorola, Inc.	997,800		19,217,628
Nokia Corp. sponsored ADR	218,800		3,537,996
Packeteer, Inc. (a)	108,900		1,415,700
Plantronics, Inc.	67,100		2,763,849
Powerwave Technologies, Inc. (a)	445,399		3,602,387
QUALCOMM, Inc.	313,400		13,043,708
Research In Motion Ltd. (a)	76,500		6,760,795
Riverstone Networks, Inc. (a)	1,393,400		1,588,476
SafeNet, Inc. (a)	35,300		1,258,798
Sierra Wireless, Inc. (a)	108,700		2,053,105
TOTAL COMMUNICATIONS EQUIPMENT			134,159,231
COMPUTERS & PERIPHERALS - 29.4%
Acer, Inc.	1,236,438		1,888,629
Adaptec, Inc. (a)	393,100		3,066,180
Apple Computer, Inc. (a)	406,300		27,242,415
Compal Electronics, Inc.	1,523,825		1,461,850
Creative Technology Ltd. (Nasdaq)	127,300		1,629,440
Dell, Inc. (a)	1,680,800		68,106,017
Dot Hill Systems Corp. (a)	462,500		3,052,500
EMC Corp. (a)	4,047,500		54,317,450
Iomega Corp.	379,900		1,728,545
Lexmark International, Inc. Class A (a)	73,700		6,257,130
Network Appliance, Inc. (a)	147,800		4,457,648
palmOne, Inc. (a)	51,720		1,812,269
QLogic Corp. (a)	113,200		3,892,948
Quanta Computer, Inc.	1,261,312		2,055,849
Seagate Technology	413,000		6,186,740
Sun Microsystems, Inc. (a)	3,792,000		21,045,600
Synaptics, Inc. (a)	115,700		4,442,880
Western Digital Corp. (a)	508,400		4,967,068
TOTAL COMPUTERS & PERIPHERALS			217,611,158

	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
PT Indosat Tbk sponsored ADR	37,700		$ 1,200,368
ELECTRONIC EQUIPMENT & INSTRUMENTS - 6.8%
Aeroflex, Inc. (a)	67,400		825,650
Arrow Electronics, Inc. (a)	164,800		4,042,544
AU Optronics Corp. sponsored ADR	118,400		1,554,592
Avnet, Inc. (a)	94,400		1,736,960
Bell Microproducts, Inc. (a)	497,900		4,257,045
Benchmark Electronics, Inc. (a)	45,400		1,591,270
CDW Corp.	64,100		4,212,652
Celestica, Inc. (sub. vtg.) (a)	234,200		3,564,493
Flextronics International Ltd. (a)	204,800		2,938,880
Hon Hai Precision Industries Co. Ltd.	1,450,465		5,854,097
Ingram Micro, Inc. Class A (a)	61,700		1,187,108
M-Flex Electronix, Inc.	87,600		1,600,452
National Instruments Corp.	46,125		1,319,175
Solectron Corp. (a)	586,600		3,666,250
Somera Communications, Inc. (a)	431,300		478,743
SpatiaLight, Inc. (a)	100,800		904,176
Symbol Technologies, Inc.	154,800		2,346,768
Tech Data Corp. (a)	62,400		2,832,336
Vishay Intertechnology, Inc. (a)	75,000		1,095,750
World Peace Industrial Co. Ltd.	3,263,130		1,995,767
Xyratex Ltd.	169,000		2,399,800
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			50,404,508
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Waters Corp. (a)	14,400		671,904
HOTELS, RESTAURANTS & LEISURE - 0.0%
eLong, Inc. ADR	1,500		31,290
HOUSEHOLD DURABLES - 0.3%
LG Electronics, Inc.	23,840		1,439,267
ReignCom Ltd.	19,384		454,789
TOTAL HOUSEHOLD DURABLES			1,894,056
INTERNET & CATALOG RETAIL - 0.7%
Amazon.com, Inc. (a)	19,500		773,760
Blue Nile, Inc.	24,700		636,766
eBay, Inc. (a)	35,100		3,946,995
TOTAL INTERNET & CATALOG RETAIL			5,357,521
INTERNET SOFTWARE & SERVICES - 3.7%
DoubleClick, Inc. (a)	122,400		918,000
Google, Inc. Class A	54,500		9,973,500
Openwave Systems, Inc. (a)	153,933		2,028,837
RealNetworks, Inc. (a)	317,000		1,997,100
SonicWALL, Inc. (a)	391,500		2,407,725
Supportsoft, Inc. (a)	222,100		1,128,268
VeriSign, Inc. (a)	64,300		2,115,470
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
webMethods, Inc. (a)	222,800		$ 1,367,992
Yahoo!, Inc. (a)	146,400		5,507,568
TOTAL INTERNET SOFTWARE & SERVICES			27,444,460
IT SERVICES - 0.3%
Kanbay International, Inc.	30,800		884,884
Sapient Corp. (a)	198,600		1,570,926
TOTAL IT SERVICES			2,455,810
MEDIA - 0.1%
Sirius Satellite Radio, Inc. (a)	153,900		1,021,896
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 31.6%
Agere Systems, Inc.:
Class A (a)	303,000		415,110
Class B (a)	1,303,000		1,772,080
Altera Corp. (a)	657,600		14,914,368
Analog Devices, Inc.	794,370		29,351,972
Applied Materials, Inc. (a)	91,800		1,527,552
Applied Micro Circuits Corp. (a)	211,300		777,584
ATMI, Inc. (a)	92,800		2,136,256
Axcelis Technologies, Inc. (a)	170,700		1,246,110
Broadcom Corp. Class A (a)	35,600		1,157,712
Cree, Inc. (a)	26,700		955,326
Cypress Semiconductor Corp. (a)	457,600		4,507,360
Fairchild Semiconductor International, Inc. (a)	166,200		2,542,860
Freescale Semiconductor, Inc. Class A	256,800		4,535,088
Integrated Circuit Systems, Inc. (a)	534,500		12,635,580
Integrated Device Technology, Inc. (a)	694,500		7,882,575
Intel Corp.	2,768,100		61,867,035
International Rectifier Corp. (a)	76,200		3,226,308
Intersil Corp. Class A	258,100		4,155,410
KLA-Tencor Corp. (a)	49,300		2,221,458
Linear Technology Corp.	120,100		4,583,016
Marvell Technology Group Ltd. (a)	372,200		11,932,732
MediaTek, Inc.	141,000		906,147
Mindspeed Technologies, Inc. (a)	442,300		1,105,750
National Semiconductor Corp. (a)	1,299,700		20,093,362
Novatek Microelectronics Corp.	242,000		713,753
O2Micro International Ltd. (a)	314,000		3,799,400
ON Semiconductor Corp. (a)	447,800		1,634,470
PMC-Sierra, Inc. (a)	245,000		2,704,800
Portalplayer, Inc.	600		17,514
Samsung Electronics Co. Ltd.	6,133		2,541,523
Sigmatel, Inc. (a)	158,800		5,681,864
Silicon Image, Inc. (a)	62,000		1,041,600
STATS ChipPAC Ltd. ADR (a)	108,400		608,232
Taiwan Semiconductor Manufacturing Co. Ltd.	1,416,109		2,079,539

	Shares		Value
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	573,977		$ 4,574,597
Teradyne, Inc. (a)	140,300		2,393,518
Texas Instruments, Inc.	46,300		1,119,534
Trident Microsystems, Inc. (a)	163,200		2,545,920
United Microelectronics Corp. (a)	1,779,000		1,115,672
United Microelectronics Corp. sponsored ADR (a)	522,844		1,829,954
Xilinx, Inc.	90,500		2,825,410
Zoran Corp. (a)	24,300		287,955
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			233,964,006
SOFTWARE - 6.1%
Adobe Systems, Inc.	31,900		1,931,864
Altiris, Inc. (a)	49,700		1,391,600
Amdocs Ltd. (a)	41,300		1,067,605
Ascential Software Corp. (a)	63,900		873,513
BakBone Software, Inc. (a)	460,600		415,567
Concord Communications, Inc. (a)	172,800		1,605,312
E.piphany, Inc. (a)	172,300		778,796
Embarcadero Technologies, Inc. (a)	261,700		2,313,428
Geodesic Information Systems Ltd.	28,687		386,791
Hyperion Solutions Corp. (a)	34,700		1,554,907
JAMDAT Mobile, Inc.	600		13,728
Macrovision Corp. (a)	105,400		2,798,370
McAfee, Inc. (a)	101,000		2,918,900
Micromuse, Inc. (a)	250,000		1,314,500
Novell, Inc. (a)	509,700		3,109,170
Oracle Corp. (a)	226,900		2,872,554
PeopleSoft, Inc. (a)	44,400		1,048,284
Quest Software, Inc. (a)	57,300		887,004
Red Hat, Inc. (a)	273,067		3,954,010
Siebel Systems, Inc. (a)	318,078		3,206,226
Symantec Corp. (a)	98,700		6,298,047
VERITAS Software Corp. (a)	141,700		3,103,230
Visual Networks, Inc. (a)	100,000		322,000
WatchGuard Technologies, Inc. (a)	289,100		1,185,310
TOTAL SOFTWARE			45,350,716
SPECIALTY RETAIL - 1.7%
Best Buy Co., Inc.	193,400		10,903,892
RadioShack Corp.	57,300		1,808,961
TOTAL SPECIALTY RETAIL			12,712,853
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
InPhonic, Inc.	1,000		25,510
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Leap Wireless International, Inc. (a)	53,400		$ 1,356,360
Telesystem International Wireless, Inc. (a)	164,700		1,913,711
TOTAL WIRELESS TELECOMMUNICATION SERVICES			3,295,581
TOTAL COMMON STOCKS (Cost $683,439,302)		737,575,358
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Procket Networks, Inc. Series C (a)(d)	233,000		2
SOFTWARE - 0.0%
Monterey Design Systems Series E (d)	29,800		26,820
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,865,608)		26,822
Money Market Funds - 1.1%

Fidelity Cash Central Fund, 1.98% (b)	2,642,718		2,642,718
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	5,456,023		5,456,023
TOTAL MONEY MARKET FUNDS (Cost $8,098,741)		8,098,741

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $695,403,651)

745,700,921

NET OTHER ASSETS - (0.6)%		(4,631,709)
NET ASSETS - 100%		$ 741,069,212

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
ITF Optical Technologies, Inc. Series A	10/11/00	$ 1,575,000
Monterey Design Systems Series E	11/1/00	$ 1,564,500
Procket Networks, Inc. Series C	11/15/00 - 12/26/00	$ 2,301,108

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $699,113,986. Net unrealized appreciation aggregated $46,586,935, of which $123,683,999 related to appreciated investment securities and $77,097,064 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

November 30, 2004

HOU-QTLY-0105

1.810672.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
BUILDING PRODUCTS - 10.7%
American Standard Companies, Inc. (a)	85,200		$ 3,317,688
Lennox International, Inc.	24,700		444,353
Masco Corp.	164,800		5,812,496
NCI Building Systems, Inc. (a)	7,700		285,670
Simpson Manufacturing Co. Ltd.	22,400		752,640
Trex Co., Inc. (a)	8,600		403,770
Universal Forest Products, Inc.	6,800		293,488
York International Corp.	16,600		612,042
TOTAL BUILDING PRODUCTS			11,922,147
COMMERCIAL SERVICES & SUPPLIES - 2.0%
Herman Miller, Inc.	45,500		1,117,617
HNI Corp.	20,400		864,756
Steelcase, Inc. Class A	20,400		271,320
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,253,693
CONSTRUCTION & ENGINEERING - 5.1%
Dycom Industries, Inc. (a)	38,700		1,127,718
EMCOR Group, Inc. (a)	5,800		268,076
Fluor Corp.	30,000		1,557,000
Granite Construction, Inc.	25,300		671,462
Jacobs Engineering Group, Inc. (a)	21,700		997,549
MasTec, Inc. (a)	41,300		346,507
Perini Corp. (a)	7,600		113,620
URS Corp. (a)	18,900		567,756
TOTAL CONSTRUCTION & ENGINEERING			5,649,688
CONSTRUCTION MATERIALS - 5.5%
Eagle Materials, Inc.	9,177		719,201
Florida Rock Industries, Inc.	18,450		1,038,735
Lafarge North America, Inc.	22,200		1,113,330
Texas Industries, Inc.	17,900		1,074,000
Vulcan Materials Co.	41,400		2,146,590
TOTAL CONSTRUCTION MATERIALS			6,091,856
ELECTRICAL EQUIPMENT - 0.6%
A.O. Smith Corp.	5,000		150,250
AMETEK, Inc.	3,200		104,576
Genlyte Group, Inc. (a)	5,100		408,867
TOTAL ELECTRICAL EQUIPMENT			663,693
ENERGY EQUIPMENT & SERVICES - 0.1%
Willbros Group, Inc. (a)	6,600		118,866
HOUSEHOLD DURABLES - 37.7%
Beazer Homes USA, Inc.	4,900		607,600
Centex Corp.	85,800		4,501,926

	Shares		Value
D.R. Horton, Inc.	175,474		$ 6,178,440
Fortune Brands, Inc.	3,000		235,440
Hovnanian Enterprises, Inc. Class A (a)	57,400		2,311,498
Interface, Inc. Class A (a)	29,500		292,050
KB Home	58,200		5,115,198
Leggett & Platt, Inc.	68,500		2,044,725
Lennar Corp. Class A	46,400		2,084,752
Meritage Homes Corp. (a)	4,700		439,920
Pulte Homes, Inc.	65,000		3,591,900
Ryland Group, Inc.	47,600		4,824,260
Southern Energy Homes, Inc. (a)	22,900		107,172
Standard Pacific Corp.	17,600		985,776
Technical Olympic USA, Inc.	19,150		468,218
Techtronic Industries Co. Ltd.	389,300		781,053
Tempur-Pedic International, Inc.	2,200		42,658
The Stanley Works	31,300		1,463,588
Toll Brothers, Inc. (a)	117,400		6,032,012
TOTAL HOUSEHOLD DURABLES			42,108,186
INDUSTRIAL CONGLOMERATES - 0.7%
Carlisle Companies, Inc.	13,600		813,416
MACHINERY - 9.3%
Briggs & Stratton Corp.	22,000		862,840
Caterpillar, Inc.	24,300		2,224,665
Crane Co.	22,700		686,902
Cummins, Inc.	1,400		111,468
Danaher Corp.	101,900		5,796,072
Toro Co.	10,000		725,000
TOTAL MACHINERY			10,406,947
PAPER & FOREST PRODUCTS - 3.1%
Georgia-Pacific Corp.	94,500		3,459,645
REAL ESTATE - 3.1%
Catellus Development Corp.	39,300		1,234,020
Equity Lifestyle Properties, Inc.	8,200		297,660
General Growth Properties, Inc.	8,690		298,154
The St. Joe Co.	30,800		1,689,380
TOTAL REAL ESTATE			3,519,214
SPECIALTY RETAIL - 9.7%
Home Depot, Inc.	151,650		6,331,387
Lowe's Companies, Inc.	36,300		2,008,479
Sherwin-Williams Co.	55,100		2,457,460
TOTAL SPECIALTY RETAIL			10,797,326
THRIFTS & MORTGAGE FINANCE - 7.0%
Countrywide Financial Corp.	176,601		5,864,919
Common Stocks - continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE - CONTINUED
Doral Financial Corp.	34,950		$ 1,621,680
Golden West Financial Corp., Delaware	2,400		286,176
TOTAL THRIFTS & MORTGAGE FINANCE			7,772,775
TRADING COMPANIES & DISTRIBUTORS - 1.0%
Hughes Supply, Inc.	30,200		992,976
MSC Industrial Direct Co., Inc. Class A	3,100		110,422
TOTAL TRADING COMPANIES & DISTRIBUTORS			1,103,398
TOTAL COMMON STOCKS (Cost $82,411,103)		106,680,850
Money Market Funds - 13.0%

Fidelity Cash Central Fund, 1.98% (b)	4,194,600		4,194,600
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	10,313,200		10,313,200
TOTAL MONEY MARKET FUNDS (Cost $14,507,800)		14,507,800

TOTAL INVESTMENT PORTFOLIO - 108.6%

(Cost $96,918,903)

121,188,650

NET OTHER ASSETS - (8.6)%		(9,582,571)
NET ASSETS - 100%		$ 111,606,079

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $97,180,182. Net unrealized appreciation aggregated $24,008,468, of which $24,376,625 related to appreciated investment securities and $368,157 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Industries Portfolio

November 30, 2004

CPR-QTLY-0105

1.810692.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
AUTOMOBILES - 2.1%
Harley-Davidson, Inc.	8,400		$ 485,688
Thor Industries, Inc.	8,300		277,220
TOTAL AUTOMOBILES			762,908
BEVERAGES - 2.6%
Anheuser-Busch Companies, Inc.	4,300		215,387
PepsiCo, Inc.	6,100		304,451
The Coca-Cola Co.	10,900		428,479
TOTAL BEVERAGES			948,317
CHEMICALS - 0.2%
Monsanto Co.	1,900		87,438
COMMERCIAL SERVICES & SUPPLIES - 3.7%
Apollo Group, Inc. Class A (a)	7,300		581,810
Bright Horizons Family Solutions, Inc. (a)	3,196		200,549
Cendant Corp.	13,700		310,579
R.R. Donnelley & Sons Co.	2,800		97,160
Strayer Education, Inc.	1,600		171,968
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,362,066
FOOD & STAPLES RETAILING - 6.1%
Costco Wholesale Corp.	9,100		442,260
CVS Corp.	6,400		290,368
Safeway, Inc. (a)	12,800		246,784
Sysco Corp.	100		3,475
Wal-Mart Stores, Inc.	23,300		1,212,998
Whole Foods Market, Inc.	600		54,462
TOTAL FOOD & STAPLES RETAILING			2,250,347
FOOD PRODUCTS - 3.9%
Bunge Ltd.	7,300		384,856
Dean Foods Co. (a)	9,140		289,464
Fresh Del Monte Produce, Inc.	6,400		176,000
Smithfield Foods, Inc. (a)	14,500		421,225
SunOpta, Inc. (a)	5,200		31,570
The J.M. Smucker Co.	2,600		118,248
TOTAL FOOD PRODUCTS			1,421,363
HOTELS, RESTAURANTS & LEISURE - 14.9%
Boyd Gaming Corp.	100		3,676
Brinker International, Inc. (a)	6,270		213,995
Buffalo Wild Wings, Inc.	200		6,626
Caesars Entertainment, Inc. (a)	6,900		129,720
Carnival Corp. unit	9,500		503,595
CBRL Group, Inc.	2,300		93,771
Ctrip.com International Ltd. ADR	3,400		164,322
Hilton Hotels Corp.	9,300		192,138
International Game Technology	5,300		187,355
Kerzner International Ltd. (a)	2,000		113,940

	Shares		Value
Krispy Kreme Doughnuts, Inc. (a)	13,900		$ 139,973
McDonald's Corp.	35,800		1,100,492
MGM MIRAGE (a)	7,700		448,910
Outback Steakhouse, Inc.	8,400		363,720
Royal Caribbean Cruises Ltd.	8,100		402,570
Starbucks Corp. (a)	3,200		180,032
Starwood Hotels & Resorts Worldwide, Inc. unit	10,700		559,503
Wendy's International, Inc.	9,420		336,011
Wyndham International, Inc. Class A (a)	163,900		139,315
Yum! Brands, Inc.	4,700		213,380
TOTAL HOTELS, RESTAURANTS & LEISURE			5,493,044
HOUSEHOLD PRODUCTS - 5.0%
Colgate-Palmolive Co.	8,400		386,316
Kimberly-Clark Corp.	2,000		127,220
Procter & Gamble Co.	25,020		1,338,070
TOTAL HOUSEHOLD PRODUCTS			1,851,606
INDUSTRIAL CONGLOMERATES - 0.8%
3M Co.	3,700		294,483
INTERNET & CATALOG RETAIL - 1.6%
Amazon.com, Inc. (a)	4,800		190,464
eBay, Inc. (a)	3,400		382,330
TOTAL INTERNET & CATALOG RETAIL			572,794
INTERNET SOFTWARE & SERVICES - 5.8%
Google, Inc. Class A	5,500		1,006,500
iVillage, Inc. (a)	100		475
Sina Corp. (a)	3,900		143,988
Sohu.com, Inc. (a)	2,900		49,155
Yahoo!, Inc. (a)	25,196		947,874
TOTAL INTERNET SOFTWARE & SERVICES			2,147,992
LEISURE EQUIPMENT & PRODUCTS - 4.5%
Brunswick Corp.	13,700		668,834
MarineMax, Inc. (a)	7,300		214,620
Polaris Industries, Inc.	7,200		474,480
SCP Pool Corp.	9,400		296,382
TOTAL LEISURE EQUIPMENT & PRODUCTS			1,654,316
MEDIA - 17.0%
ADVO, Inc.	3,900		136,929
Clear Channel Communications, Inc.	27		909
E.W. Scripps Co. Class A	6,700		313,158
EchoStar Communications Corp. Class A	2,600		85,254
Fox Entertainment Group, Inc. Class A (a)	12,200		358,680
Gannett Co., Inc.	4,800		395,952
Harte-Hanks, Inc.	2,900		74,878
JC Decaux SA (a)	21,300		565,716
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Lamar Advertising Co. Class A (a)	8,710		$ 343,522
Liberty Media Corp. Class A (a)	17,400		179,742
McGraw-Hill Companies, Inc.	2,100		184,233
News Corp. Class A	84,000		1,485,958
Omnicom Group, Inc.	5,300		429,300
Radio One, Inc. Class D (non-vtg.) (a)	5,400		75,330
Reuters Group PLC sponsored ADR	2,400		105,792
SBS Broadcasting SA (a)	2,500		86,075
Spanish Broadcasting System, Inc. Class A (a)	8,840		94,500
Univision Communications, Inc. Class A (a)	1,400		42,140
Walt Disney Co.	33,700		905,856
Washington Post Co. Class B	430		403,340
TOTAL MEDIA			6,267,264
MULTILINE RETAIL - 4.8%
Big Lots, Inc. (a)	6,400		74,240
Family Dollar Stores, Inc.	6,200		181,660
Federated Department Stores, Inc.	3,400		186,320
JCPenney Co., Inc.	4,700		181,420
Neiman Marcus Group, Inc. Class A	1,300		84,903
Nordstrom, Inc.	2,900		126,875
Saks, Inc.	2,100		29,211
Target Corp.	17,800		911,716
TOTAL MULTILINE RETAIL			1,776,345
PERSONAL PRODUCTS - 3.5%
Alberto-Culver Co.	7,900		365,770
Avon Products, Inc.	15,100		566,854
Gillette Co.	8,100		352,269
TOTAL PERSONAL PRODUCTS			1,284,893
REAL ESTATE - 0.6%
MeriStar Hospitality Corp. (a)	16,000		108,800
ZipRealty, Inc.	6,000		101,340
TOTAL REAL ESTATE			210,140
SOFTWARE - 0.5%
Electronic Arts, Inc. (a)	3,900		190,710
SPECIALTY RETAIL - 11.8%
Aeropostale, Inc. (a)	2,900		82,650
American Eagle Outfitters, Inc.	14,800		618,196
Best Buy Co., Inc.	2,900		163,502
Chico's FAS, Inc. (a)	3,800		146,680
Foot Locker, Inc.	10,500		272,790
Gap, Inc.	3,600		78,660

	Shares		Value
Home Depot, Inc.	35,060		$ 1,463,755
Hot Topic, Inc. (a)	2,750		45,018
Limited Brands, Inc.	1,027		25,100
Lowe's Companies, Inc.	6,700		370,711
Office Depot, Inc. (a)	10,000		164,000
PETsMART, Inc.	3,300		113,091
Staples, Inc.	9,600		306,336
Steiner Leisure Ltd. (a)	10,300		277,276
Toys 'R' Us, Inc. (a)	5,900		114,106
West Marine, Inc. (a)	4,300		99,330
TOTAL SPECIALTY RETAIL			4,341,201
TEXTILES, APPAREL & LUXURY GOODS - 3.8%
Coach, Inc. (a)	3,700		184,408
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	2,000		59,040
Liz Claiborne, Inc.	6,900		283,383
NIKE, Inc. Class B	6,500		550,290
Phoenix Footwear Group, Inc. (a)	7,000		46,760
Polo Ralph Lauren Corp. Class A	5,100		200,889
Quiksilver, Inc. (a)	3,100		91,915
TOTAL TEXTILES, APPAREL & LUXURY GOODS			1,416,685
TOTAL COMMON STOCKS (Cost $29,973,305)		34,333,912
Money Market Funds - 7.1%

Fidelity Cash Central Fund, 1.98% (b)	2,454,965		2,454,965
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	155,750		155,750
TOTAL MONEY MARKET FUNDS (Cost $2,610,715)		2,610,715
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $32,584,020)		36,944,627
NET OTHER ASSETS - (0.3)%		(113,499)
NET ASSETS - 100%		$ 36,831,128

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $32,602,941. Net unrealized appreciation aggregated $4,341,686, of which $5,280,626 related to appreciated investment securities and $938,940 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Cyclical Industries Portfolio

November 30, 2004

CYC-QTLY-0105

1.810678.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
AEROSPACE & DEFENSE - 19.7%
BAE Systems PLC	36,536		$ 171,172
BE Aerospace, Inc. (a)	33,000		349,701
Bombardier, Inc. Class B (sub. vtg.)	1,300		2,521
DRS Technologies, Inc. (a)	10,000		427,200
EADS NV	15,050		455,136
EDO Corp.	14,240		433,893
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	5,300		148,241
General Dynamics Corp.	2,200		238,392
Goodrich Corp.	7,800		247,650
Honeywell International, Inc.	47,400		1,674,642
L-3 Communications Holdings, Inc.	3,000		223,260
Lockheed Martin Corp.	19,690		1,197,940
Northrop Grumman Corp.	19,808		1,115,785
Precision Castparts Corp.	9,600		622,464
Raytheon Co.	15,900		641,406
Rockwell Collins, Inc.	8,240		328,446
The Boeing Co.	23,940		1,282,466
United Defense Industries, Inc. (a)	8,800		398,640
United Technologies Corp.	5,200		507,416
TOTAL AEROSPACE & DEFENSE			10,466,371
AIR FREIGHT & LOGISTICS - 8.8%
Dynamex, Inc. (a)	15,135		304,516
EGL, Inc. (a)	9,800		330,652
Expeditors International of Washington, Inc.	6,200		330,212
FedEx Corp.	9,600		912,288
Forward Air Corp. (a)	6,580		304,983
Hub Group, Inc. Class A (a)	2,900		126,150
Park-Ohio Holdings Corp. (a)	5,953		133,823
Ryder System, Inc.	4,700		252,108
United Parcel Service, Inc. Class B	21,600		1,817,640
UTI Worldwide, Inc.	2,600		179,218
TOTAL AIR FREIGHT & LOGISTICS			4,691,590
AIRLINES - 2.7%
AirTran Holdings, Inc. (a)	46,500		549,630
Alaska Air Group, Inc. (a)	1,300		40,599
AMR Corp. (a)	400		3,612
Continental Airlines, Inc. Class B (a)	11,700		130,338
Frontier Airlines, Inc. (a)	10,106		118,543
Southwest Airlines Co.	37,700		593,021
TOTAL AIRLINES			1,435,743
AUTO COMPONENTS - 0.0%
Amerigon, Inc. (a)	1,000		3,180
Delphi Corp.	100		900
Goodyear Tire & Rubber Co. (a)	200		2,524
TOTAL AUTO COMPONENTS			6,604

	Shares		Value
AUTOMOBILES - 0.3%
Ford Motor Co.	400		$ 5,672
Hyundai Motor Co.	680		33,465
Renault SA	1,400		114,546
TOTAL AUTOMOBILES			153,683
BUILDING PRODUCTS - 1.4%
American Standard Companies, Inc. (a)	10,510		409,259
Masco Corp.	9,010		317,783
York International Corp.	400		14,748
TOTAL BUILDING PRODUCTS			741,790
CHEMICALS - 19.1%
Agrium, Inc.	17,700		332,076
Air Products & Chemicals, Inc.	13,000		744,250
Airgas, Inc.	5,900		156,822
Albemarle Corp.	5,600		223,104
Cytec Industries, Inc.	5,900		286,799
Dow Chemical Co.	20,500		1,034,635
Ecolab, Inc.	17,100		598,158
Engelhard Corp.	3,100		92,659
Ferro Corp.	7,690		175,947
FMC Corp. (a)	5,800		287,390
Great Lakes Chemical Corp.	6,900		202,170
Hercules, Inc. (a)	7,500		111,750
Lyondell Chemical Co.	41,760		1,171,786
Millennium Chemicals, Inc. (a)	19,990		531,334
Monsanto Co.	10,000		460,200
Mosaic Co. (a)	13,200		229,416
Nalco Holding Co.	1,600		30,768
NOVA Chemicals Corp.	14,300		663,181
Olin Corp.	10,400		235,976
Pioneer Companies, Inc. (a)	22,000		522,500
PolyOne Corp. (a)	22,510		207,767
Potash Corp. of Saskatchewan	10,800		828,703
Praxair, Inc.	14,200		637,580
Rohm & Haas Co.	200		8,818
Spartech Corp.	2,100		58,695
Valspar Corp.	6,700		323,074
TOTAL CHEMICALS			10,155,558
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Heidrick & Struggles International, Inc. (a)	1,600		55,040
Herman Miller, Inc.	8,000		196,504
Ionics, Inc. (a)	25		1,080
Korn/Ferry International (a)	2,500		46,575
Waste Connections, Inc. (a)	3,950		134,537
Waste Services, Inc. (a)	72,900		268,943
TOTAL COMMERCIAL SERVICES & SUPPLIES			702,679
Common Stocks - continued
	Shares		Value
CONSTRUCTION & ENGINEERING - 3.6%
Dycom Industries, Inc. (a)	17,100		$ 498,294
EMCOR Group, Inc. (a)	2,200		101,684
Fluor Corp.	3,700		192,030
Foster Wheeler Ltd. (a)	6,460		91,926
Granite Construction, Inc.	10,200		270,708
Jacobs Engineering Group, Inc. (a)	11,200		514,864
Perini Corp. (a)	6,900		103,155
Shaw Group, Inc. (a)	100		1,473
Washington Group International, Inc. (a)	3,300		128,700
TOTAL CONSTRUCTION & ENGINEERING			1,902,834
CONSTRUCTION MATERIALS - 1.1%
Eagle Materials, Inc.	3,440		269,593
Texas Industries, Inc.	3,400		204,000
Vulcan Materials Co.	2,500		129,625
TOTAL CONSTRUCTION MATERIALS			603,218
CONTAINERS & PACKAGING - 0.1%
Owens-Illinois, Inc. (a)	1,420		29,706
ELECTRICAL EQUIPMENT - 0.9%
A.O. Smith Corp.	1,700		51,085
Baldor Electric Co.	100		2,758
Cooper Industries Ltd. Class A	800		53,048
Emerson Electric Co.	2,600		173,732
NEOMAX Co. Ltd.	3,000		50,965
Roper Industries, Inc.	2,680		164,954
TOTAL ELECTRICAL EQUIPMENT			496,542
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
Cognex Corp.	1,900		49,020
Dionex Corp. (a)	1,897		108,869
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			157,889
ENERGY EQUIPMENT & SERVICES - 0.2%
Willbros Group, Inc. (a)	6,900		124,269
FOOD PRODUCTS - 0.1%
Delta & Pine Land Co.	2,600		69,420
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Thermo Electron Corp. (a)	1,830		55,358
HOUSEHOLD DURABLES - 4.6%
Blount International, Inc. (a)	6,300		109,809
D.R. Horton, Inc.	9,800		345,058
Dixie Group, Inc. (a)	3,476		55,720
Interface, Inc. Class A (a)	20,400		201,960
KB Home	5,800		509,762
Maytag Corp.	10,500		211,050
Ryland Group, Inc.	4,760		482,426

	Shares		Value
Standard Pacific Corp.	100		$ 5,601
Toll Brothers, Inc. (a)	9,800		503,524
TOTAL HOUSEHOLD DURABLES			2,424,910
INDUSTRIAL CONGLOMERATES - 14.6%
3M Co.	25,460		2,026,361
Carlisle Companies, Inc.	400		23,924
General Electric Co.	59,760		2,113,114
Siemens AG sponsored ADR	13,200		1,053,624
Tyco International Ltd.	74,830		2,541,975
TOTAL INDUSTRIAL CONGLOMERATES			7,758,998
MACHINERY - 7.0%
AGCO Corp. (a)	22,710		494,851
Bucyrus International, Inc. Class A	3,100		122,450
Caterpillar, Inc.	3,400		311,270
Danaher Corp.	3,400		193,392
Dover Corp.	5,400		218,430
IDEX Corp.	3,440		137,600
Ingersoll-Rand Co. Ltd. Class A	1,600		119,072
ITT Industries, Inc.	5,800		493,696
Kennametal, Inc.	644		33,037
Manitowoc Co., Inc.	7,900		295,065
Navistar International Corp. (a)	3,870		159,251
PACCAR, Inc.	1,142		89,190
Pall Corp.	10,400		281,736
Pentair, Inc.	4,060		162,481
SPX Corp.	8,300		341,213
Toro Co.	1,000		72,500
Wabash National Corp. (a)	7,000		174,090
TOTAL MACHINERY			3,699,324
MARINE - 0.0%
Alexander & Baldwin, Inc.	40		1,692
MEDIA - 0.2%
EchoStar Communications Corp. Class A	2,600		85,254
METALS & MINING - 0.2%
Brush Engineered Materials, Inc. (a)	1,400		27,300
Massey Energy Co.	2,800		98,336
TOTAL METALS & MINING			125,636
OFFICE ELECTRONICS - 0.0%
Xerox Corp. (a)	100		1,532
OIL & GAS - 1.6%
Ashland, Inc.	4,400		260,260
Frontline Ltd. (NY Shares)	5,000		300,250
Ship Finance International Ltd.	666		16,683
Common Stocks - continued
	Shares		Value
OIL & GAS - CONTINUED
Teekay Shipping Corp.	2,400		$ 127,824
Top Tankers, Inc.	7,100		160,105
TOTAL OIL & GAS			865,122
ROAD & RAIL - 5.3%
Burlington Northern Santa Fe Corp.	12,800		576,512
Canadian National Railway Co.	5,000		289,852
CSX Corp.	9,570		364,904
Landstar System, Inc. (a)	3,197		225,420
Norfolk Southern Corp.	19,820		680,421
Swift Transportation Co., Inc. (a)	12,800		249,472
Union Pacific Corp.	6,410		406,650
TOTAL ROAD & RAIL			2,793,231
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Cabot Microelectronics Corp. (a)	600		22,170
SPECIALTY RETAIL - 0.5%
Advance Auto Parts, Inc. (a)	1,700		70,142
AutoNation, Inc. (a)	2,600		48,152
Lithia Motors, Inc. Class A (sub. vtg.)	1,900		48,222
The Pep Boys - Manny, Moe & Jack	5,300		83,475
TOTAL SPECIALTY RETAIL			249,991
TRADING COMPANIES & DISTRIBUTORS - 1.1%
Fastenal Co.	3,800		232,408
MSC Industrial Direct Co., Inc. Class A	5,200		185,224
W.W. Grainger, Inc.	2,240		138,566
TOTAL TRADING COMPANIES & DISTRIBUTORS			556,198
TOTAL COMMON STOCKS (Cost $41,374,301)		50,377,312
Money Market Funds - 10.9%

Fidelity Cash Central Fund, 1.98% (b)	3,052,703		3,052,703
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	2,740,700		2,740,700
TOTAL MONEY MARKET FUNDS (Cost $5,793,403)		5,793,403

TOTAL INVESTMENT PORTFOLIO - 105.8%

(Cost $47,167,704)

56,170,715

NET OTHER ASSETS - (5.8)%		(3,082,607)
NET ASSETS - 100%		$ 53,088,108

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $47,259,299. Net unrealized appreciation aggregated $8,911,416, of which $9,167,587 related to appreciated investment securities and $256,171 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

November 30, 2004

DEF-QTLY-0105

1.810679.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.1%
	Shares		Value
AEROSPACE & DEFENSE - 75.0%
AAR Corp. (a)	524,200		$ 7,165,814
Alliant Techsystems, Inc. (a)	176,955		11,656,026
BE Aerospace, Inc. (a)	679,300		7,198,542
DRS Technologies, Inc. (a)	257,900		11,017,488
EADS NV	766,791		23,188,968
EDO Corp.	101,900		3,104,893
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	649,000		18,152,530
Engineered Support Systems, Inc.	217,375		11,955,625
Essex Corp. (a)	23,900		421,357
Esterline Technologies Corp. (a)	72,900		2,595,240
GenCorp, Inc. (non-vtg.) (a)	242,500		4,076,425
General Dynamics Corp.	129,300		14,010,948
Goodrich Corp.	906,750		28,789,313
Honeywell International, Inc.	998,700		35,284,071
L-3 Communications Holdings, Inc.	248,400		18,485,928
Lockheed Martin Corp.	421,400		25,637,976
Mercury Computer Systems, Inc. (a)	85,700		2,699,550
Northrop Grumman Corp.	343,748		19,363,325
Orbital Sciences Corp. (a)	165,508		2,151,604
Precision Castparts Corp.	374,400		24,276,096
Raytheon Co.	497,752		20,079,316
Rockwell Collins, Inc.	496,300		19,782,518
The Boeing Co.	659,800		35,345,483
Triumph Group, Inc. (a)	199,800		8,103,888
United Defense Industries, Inc. (a)	247,500		11,211,750
United Technologies Corp.	139,000		13,563,620
TOTAL AEROSPACE & DEFENSE			379,318,294
COMMUNICATIONS EQUIPMENT - 5.0%
Anaren, Inc. (a)	109,700		1,473,710
Harris Corp.	268,600		17,778,634
REMEC, Inc. (a)	527,050		3,178,112
ViaSat, Inc. (a)	139,600		2,913,452
TOTAL COMMUNICATIONS EQUIPMENT			25,343,908
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.5%
Aeroflex, Inc. (a)	430,000		5,267,500
Trimble Navigation Ltd. (a)	226,450		7,149,027
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			12,416,527
IT SERVICES - 1.0%
SRA International, Inc. Class A (a)	87,400		5,072,696
MEDIA - 8.6%
EchoStar Communications Corp. Class A	811,700		26,615,643
The DIRECTV Group, Inc. (a)	1,070,111		17,111,075
TOTAL MEDIA			43,726,718
TOTAL COMMON STOCKS (Cost $357,828,636)		465,878,143
Money Market Funds - 14.1%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	49,332,509		$ 49,332,509
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	21,889,426		21,889,426
TOTAL MONEY MARKET FUNDS (Cost $71,221,935)		71,221,935

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $429,050,571)

537,100,078

NET OTHER ASSETS - (6.2)%		(31,420,012)
NET ASSETS - 100%		$ 505,680,066

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $430,361,721. Net unrealized appreciation aggregated $106,738,357, of which $111,642,448 related to appreciated investment securities and $4,904,091 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Developing

Communications Portfolio

November 30, 2004

DEV-QTLY-0105

1.810680.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
51Job, Inc. ADR	115,400		$ 4,108,240
COMMUNICATIONS EQUIPMENT - 54.9%
3Com Corp. (a)	676,400		3,003,216
Adtran, Inc.	168,000		3,764,880
Adva AG Optical Networking (a)	518,980		3,476,996
Airspan Networks, Inc. (a)	100		549
Alcatel SA sponsored ADR (a)	824,300		12,809,622
Alvarion Ltd. (a)	650,200		9,538,434
Andrew Corp. (a)	329,600		4,680,320
AudioCodes Ltd. (a)	573,700		8,433,390
Avanex Corp. (a)	107,100		332,010
Avaya, Inc. (a)	537,200		8,820,824
Bookham, Inc. (a)	29,430		157,745
Brooktrout, Inc. (a)	164,300		2,014,318
C-COR.net Corp. (a)	76		680
Carrier Access Corp. (a)	126,300		1,140,489
CIENA Corp. (a)	3,219,900		8,210,745
Comverse Technology, Inc. (a)	1,158,240		24,635,765
Ditech Communications Corp. (a)	117,900		1,858,104
Enterasys Networks, Inc. (a)	4,364,500		7,637,875
Extreme Networks, Inc. (a)	1,281,200		8,750,596
F5 Networks, Inc. (a)	90,800		3,908,940
Foundry Networks, Inc. (a)	146,200		1,951,770
Harmonic, Inc. (a)	942,400		7,322,448
InterDigital Communication Corp. (a)	72,800		1,481,480
Ixia (a)	182,700		2,576,070
JDS Uniphase Corp. (a)	101,700		322,389
Juniper Networks, Inc. (a)	1,200,100		33,038,753
Marconi Corp. PLC (a)	949,304		10,363,898
Motorola, Inc.	2,938,600		56,597,437
NMS Communications Corp. (a)	1,199,600		7,663,045
Nokia Corp. sponsored ADR	1,294,900		20,938,533
Oplink Communications, Inc. (a)	156,600		321,030
Packeteer, Inc. (a)	483,300		6,282,900
Polycom, Inc. (a)	71,500		1,633,060
Powerwave Technologies, Inc. (a)	819,500		6,628,116
QUALCOMM, Inc.	1,215,300		50,580,786
Redback Networks, Inc. (a)	1,530,000		7,344,000
REMEC, Inc. (a)	1,208,000		7,284,240
Research In Motion Ltd. (a)	389,300		34,404,935
Riverstone Networks, Inc. (a)	4,880,400		5,563,656
SeaChange International, Inc. (a)	150,000		2,562,000
Sierra Wireless, Inc. (a)	188,300		3,556,575
SiRF Technology Holdings, Inc.	805,500		10,205,685
Sonus Networks, Inc. (a)	1,427,400		9,435,114
SpectraLink Corp.	12,600		184,590
Stratex Networks, Inc. (a)	387,300		797,838
Tekelec (a)	250,900		5,873,569
Telefonaktiebolaget LM Ericsson ADR (a)	1,848		61,446
Tellabs, Inc. (a)	151,600		1,296,180
Telson Electronics Co. Ltd. (a)	850,529		0

	Shares		Value
TTP Communications PLC (a)	2,998,000		$ 3,350,341
Tut Systems, Inc. (a)	109,700		433,315
Vyyo, Inc. (a)	100		725
Westell Technologies, Inc. Class A (a)	285,400		1,869,370
WJ Communications, Inc. (a)	185,951		630,374
TOTAL COMMUNICATIONS EQUIPMENT			415,731,166
COMPUTERS & PERIPHERALS - 2.2%
Compal Electronics, Inc.	231,363		221,953
Concurrent Computer Corp. (a)	334,978		636,458
Emulex Corp. (a)	93,200		1,317,848
Hutchinson Technology, Inc. (a)	54,000		1,769,580
Maxtor Corp. (a)	177,400		677,668
NEC Corp. ADR	700		3,857
QLogic Corp. (a)	61,100		2,101,229
Seagate Technology	40,300		603,694
Storage Technology Corp. (a)	55,700		1,623,098
Synaptics, Inc. (a)	70,000		2,688,000
Western Digital Corp. (a)	480,000		4,689,600
TOTAL COMPUTERS & PERIPHERALS			16,332,985
CONSTRUCTION & ENGINEERING - 0.1%
Dycom Industries, Inc. (a)	21,500		626,510
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
Philippine Long Distance Telephone Co. sponsored ADR (a)	63,300		1,552,116
PT Indosat Tbk sponsored ADR	31,700		1,009,328
PT Telkomunikasi Indonesia Tbk sponsored ADR	42,000		931,560
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			3,493,004
ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.2%
Aeroflex, Inc. (a)	1,243,000		15,226,750
AU Optronics Corp. sponsored ADR	508,385		6,675,095
CellStar Corp. (a)	351,996		1,284,785
Flextronics International Ltd. (a)	95,100		1,364,685
Ingram Micro, Inc. Class A (a)	134,500		2,587,780
Interlink Electronics, Inc. (a)	87,600		785,772
LG.Philips LCD Co. Ltd. ADR	232,900		3,994,235
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			31,919,102
HOUSEHOLD DURABLES - 0.4%
LG Electronics, Inc.	50,760		3,064,479
INTERNET & CATALOG RETAIL - 0.2%
eBay, Inc. (a)	13,600		1,529,320
INTERNET SOFTWARE & SERVICES - 7.6%
AsiaInfo Holdings, Inc. (a)	501,000		3,006,000
Google, Inc. Class A	163,200		29,865,600
InfoSpace, Inc. (a)	377,100		16,705,530
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Netease.com, Inc. sponsored ADR (a)	20,100		$ 1,063,692
Openwave Systems, Inc. (a)	243,619		3,210,898
RealNetworks, Inc. (a)	239,500		1,508,850
Sina Corp. (a)	9,000		332,280
Tom Online, Inc. ADR	109,900		1,617,728
TOTAL INTERNET SOFTWARE & SERVICES			57,310,578
MEDIA - 1.8%
EchoStar Communications Corp. Class A	85,900		2,816,661
News Corp. Class A	18,820		332,926
The DIRECTV Group, Inc. (a)	19		304
Time Warner, Inc. (a)	526,400		9,322,544
Univision Communications, Inc. Class A (a)	43,500		1,309,350
TOTAL MEDIA			13,781,785
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 13.9%
Advanced Energy Industries, Inc. (a)	337,500		2,885,625
Agere Systems, Inc. Class B (a)	3,108,000		4,226,880
Amkor Technology, Inc. (a)	132,000		726,000
Applied Materials, Inc. (a)	122,300		2,035,072
Atheros Communications, Inc.	59,500		665,805
Cypress Semiconductor Corp. (a)	126,000		1,241,100
Fairchild Semiconductor International, Inc. (a)	116,800		1,787,040
FormFactor, Inc. (a)	54,800		1,321,228
Freescale Semiconductor, Inc. Class A	923,300		16,305,478
Helix Technology Corp.	128,700		1,939,509
Integrated Circuit Systems, Inc. (a)	52,000		1,229,280
Integrated Device Technology, Inc. (a)	153,200		1,738,820
Intel Corp.	679,900		15,195,765
Intersil Corp. Class A	436,100		7,021,210
KLA-Tencor Corp. (a)	104,500		4,708,770
LTX Corp. (a)	210,100		1,500,114
Marvell Technology Group Ltd. (a)	71,200		2,282,672
Microsemi Corp. (a)	40,300		717,340
Microtune, Inc. (a)	110,000		657,800
Mindspeed Technologies, Inc. (a)	4,867,699		12,169,248
National Semiconductor Corp. (a)	245,500		3,795,430
O2Micro International Ltd. (a)	362,700		4,388,670
ON Semiconductor Corp. (a)	188,700		688,755
Portalplayer, Inc.	600		17,514
PowerDsine Ltd.	46,000		622,840
RF Micro Devices, Inc. (a)	94,600		658,416
Rohm Co. Ltd.	35,200		3,362,807
Silicon Laboratories, Inc. (a)	59,200		1,784,288
Teradyne, Inc. (a)	55,800		951,948
Texas Instruments, Inc.	150,900		3,648,762

	Shares		Value
Varian Semiconductor Equipment Associates, Inc. (a)	97,900		$ 3,477,408
Vitesse Semiconductor Corp. (a)	324,800		1,058,848
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			104,810,442
SOFTWARE - 3.1%
Intervoice, Inc. (a)	492,700		6,405,100
JAMDAT Mobile, Inc.	171,700		3,928,496
Macrovision Corp. (a)	222,364		5,903,764
NAVTEQ Corp.	18,100		781,015
Portal Software, Inc. (a)	224,300		773,835
RADWARE Ltd. (a)	192,000		4,878,720
Ulticom, Inc. (a)	62,078		1,114,300
TOTAL SOFTWARE			23,785,230
WIRELESS TELECOMMUNICATION SERVICES - 6.5%
Centennial Communications Corp. Class A (a)	57,200		378,092
Crown Castle International Corp. (a)	287,100		4,846,248
Hutchison Telecommunications International Ltd. ADR	208,900		2,533,957
InPhonic, Inc.	900		22,959
Leap Wireless International, Inc. (a)	80,100		2,034,540
Nextel Communications, Inc. Class A (a)	225,400		6,414,884
Nextel Partners, Inc. Class A (a)	370,600		6,704,154
NII Holdings, Inc. (a)	132,700		5,740,602
SpectraSite, Inc. (a)	61,200		3,547,152
Telesystem International Wireless, Inc. (a)	544,480		6,326,518
Wireless Facilities, Inc. (a)	1,251,669		10,363,819
TOTAL WIRELESS TELECOMMUNICATION SERVICES			48,912,925
TOTAL COMMON STOCKS (Cost $734,459,380)		725,405,766
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Procket Networks, Inc. Series C (a)(d) (Cost $1,293,756)	131,000		1
Money Market Funds - 7.7%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	12,319,581		$ 12,319,581
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	46,347,450		46,347,450
TOTAL MONEY MARKET FUNDS (Cost $58,667,031)		58,667,031

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $794,420,167)

784,072,798

NET OTHER ASSETS - (3.6)%		(27,383,586)
NET ASSETS - 100%		$ 756,689,212

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Procket Networks, Inc. Series C	12/26/00	$ 1,293,756

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $800,937,868. Net unrealized depreciation aggregated $16,865,070, of which $67,195,732 related to appreciated investment securities and $84,060,802 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

November 30, 2004

ELE-QTLY-0105

1.810682.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
BIOTECHNOLOGY - 0.7%
Affymetrix, Inc. (a)	300,000		$ 10,185,000
Caliper Life Sciences, Inc. (a)(d)	1,600,000		11,184,000
TOTAL BIOTECHNOLOGY			21,369,000
BUILDING PRODUCTS - 0.4%
Asahi Glass Co. Ltd.	980,000		10,762,427
CHEMICALS - 0.6%
Nitto Denko Corp.	309,500		16,122,455
COMMUNICATIONS EQUIPMENT - 5.1%
ADC Telecommunications, Inc. (a)	1,000,100		2,350,235
Alcatel SA sponsored ADR (a)	150,000		2,331,000
CIENA Corp. (a)	2,450,000		6,247,500
Corning, Inc. (a)	2,822,700		35,509,566
Juniper Networks, Inc. (a)	898,600		24,738,458
Lucent Technologies, Inc. (a)	500,000		1,965,000
Motorola, Inc.	3,250,000		62,595,000
Plantronics, Inc.	68,400		2,817,396
Powerwave Technologies, Inc. (a)	300,000		2,426,400
SiRF Technology Holdings, Inc.	620,000		7,855,400
TOTAL COMMUNICATIONS EQUIPMENT			148,835,955
COMPUTERS & PERIPHERALS - 5.0%
Brocade Communications Systems, Inc. (a)	427,700		2,963,961
Dell, Inc. (a)	1,924,200		77,968,584
Maxtor Corp. (a)	1,216,300		4,646,266
QLogic Corp. (a)	860,000		29,575,400
Quanta Computer, Inc.	15,999,328		26,077,762
Western Digital Corp. (a)	600,000		5,862,000
TOTAL COMPUTERS & PERIPHERALS			147,093,973
ELECTRONIC EQUIPMENT & INSTRUMENTS - 13.5%
Agilysys, Inc.	85,000		1,405,050
Amphenol Corp. Class A (a)	238,000		8,356,180
Arrow Electronics, Inc. (a)	1,540,800		37,795,824
Avnet, Inc. (a)	1,579,714		29,066,738
AVX Corp.	1,582,500		19,923,675
Celestica, Inc. (sub. vtg.) (a)	1,000,000		15,219,866
Flextronics International Ltd. (a)	7,000,000		100,450,000
Hon Hai Precision Industries Co. Ltd.	25,541,593		103,086,219
Ingram Micro, Inc. Class A (a)	876,700		16,867,708
KEMET Corp. (a)	750,000		6,645,000
LG.Philips LCD Co. Ltd. ADR	838,500		14,380,275
Nippon Electric Glass Co. Ltd.	182,000		4,740,366
Photon Dynamics, Inc. (a)	100,000		2,205,000
Vishay Intertechnology, Inc. (a)	2,082,900		30,431,169
World Peace Industrial Co. Ltd.	4,000,000		2,446,445
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			393,019,515

	Shares		Value
HOUSEHOLD DURABLES - 1.3%
LG Electronics, Inc.	650,000		$ 39,241,756
INTERNET SOFTWARE & SERVICES - 1.7%
Google, Inc. Class A	267,100		48,879,300
METALS & MINING - 0.1%
Carpenter Technology Corp.	25,100		1,467,095
OFFICE ELECTRONICS - 1.0%
Canon, Inc. ADR	572,100		28,702,257
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 66.5%
Agere Systems, Inc. Class B (a)	16,452,900		22,375,944
Altera Corp. (a)	5,382,700		122,079,636
Analog Devices, Inc.	7,568,200		279,644,990
Applied Materials, Inc. (a)	6,841,958		113,850,181
ARM Holdings PLC sponsored ADR	2,000,000		11,660,000
ASML Holding NV (NY Shares) (a)	550,000		8,387,500
ATI Technologies, Inc. (a)	1,761,200		33,874,086
ATMI, Inc. (a)	214,600		4,940,092
Axcelis Technologies, Inc. (a)	2,550,000		18,615,000
Broadcom Corp. Class A (a)	300,000		9,756,000
Cohu, Inc.	190,000		3,184,400
Credence Systems Corp. (a)	521,800		3,986,552
Cypress Semiconductor Corp. (a)	775,000		7,633,750
DSP Group, Inc. (a)	632,200		14,022,196
FormFactor, Inc. (a)	539,922		13,017,519
Freescale Semiconductor, Inc. Class A	1,300,000		22,958,000
Infineon Technologies AG sponsored ADR (a)	1,319,700		14,516,700
Integrated Circuit Systems, Inc. (a)	1,030,150		24,352,746
Intel Corp.	13,265,600		296,486,159
International Rectifier Corp. (a)	363,200		15,377,888
KLA-Tencor Corp. (a)	2,572,960		115,937,578
Lam Research Corp. (a)	4,420,481		114,976,711
Marvell Technology Group Ltd. (a)	2,284,300		73,234,658
Microchip Technology, Inc.	101,900		2,871,542
Micronas Semiconductor Holding AG (a)	200,000		8,640,730
Mindspeed Technologies, Inc. (a)	2,016,900		5,042,250
MKS Instruments, Inc. (a)	90,600		1,539,294
National Semiconductor Corp. (a)	15,983,125		247,099,113
ON Semiconductor Corp. (a)	2,300,000		8,395,000
PMC-Sierra, Inc. (a)	2,275,205		25,118,263
Samsung Electronics Co. Ltd.	126,350		52,359,608
Samsung Electronics Co. Ltd. GDR	42,900		8,794,500
Semiconductor Manufacturing International Corp. sponsored ADR	3,806,740		45,528,610
Silicon Laboratories, Inc. (a)	740,300		22,312,642
STATS ChipPAC Ltd. ADR (a)	1,000,000		5,611,000
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	924,010		7,364,360
Teradyne, Inc. (a)	3,415,252		58,264,199
Texas Instruments, Inc.	1,350,900		32,664,762
Trident Microsystems, Inc. (a)	794,100		12,387,960
United Microelectronics Corp. (a)	12,272,000		7,696,194
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Varian Semiconductor Equipment Associates, Inc. (a)	465,900		$ 16,548,768
Vitesse Semiconductor Corp. (a)	550,000		1,793,000
Volterra Semiconductor Corp.	215,500		4,549,205
Xilinx, Inc.	544,200		16,989,924
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,936,439,210
SOFTWARE - 2.4%
Cadence Design Systems, Inc. (a)	1,558,900		21,419,286
Microsoft Corp.	1,300,000		34,853,000
Symantec Corp. (a)	25,000		1,595,250
Synopsys, Inc. (a)	764,700		13,481,661
TOTAL SOFTWARE			71,349,197
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Nextel Communications, Inc. Class A (a)	250,000		7,115,000
TOTAL COMMON STOCKS (Cost $2,886,680,831)		2,870,397,140
Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%
Procket Networks, Inc. Series C (a)(e) (Cost $2,469,000)	250,000		3

Convertible Bonds - 0.1%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
TriQuint Semiconductor, Inc. 4% 3/1/07 (Cost $1,462,500)	$ 1,500,000	1,462,500

Money Market Funds - 5.0%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	49,571,266		$ 49,571,266
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	96,716,250		96,716,250
TOTAL MONEY MARKET FUNDS (Cost $146,287,516)		146,287,516
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $3,036,899,847)		3,018,147,159
NET OTHER ASSETS - (3.6)%		(104,322,693)
NET ASSETS - 100%		$ 2,913,824,466

Legend

(a) Non-income producing

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Procket Networks, Inc. Series C	11/15/00	$ 2,469,000

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Caliper Life Sciences, Inc.	$ 9,973,320	$ 2,806,507	$ 1,039,179	$ -	$ 11,184,000
FormFactor, Inc.	36,878,454	998,301	25,277,885	-	-
National Semiconductor Corp.	204,471,264	134,813,547	41,526,162	-	-
Total	$ 251,323,038	$ 138,618,355	$ 67,843,226	$ -	$ 11,184,000

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $3,074,255,158. Net unrealized depreciation aggregated $56,107,999, of which $272,979,903 related to appreciated investment securities and $329,087,902 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

November 30, 2004

ENE-QTLY-0105

1.810683.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 33.2%
Baker Hughes, Inc.	246,550		$ 10,929,562
BJ Services Co.	90,600		4,590,702
Core Laboratories NV (a)	33,200		781,860
Diamond Offshore Drilling, Inc.	400		14,984
Global Industries Ltd. (a)	76,800		658,944
GlobalSantaFe Corp.	166,219		5,219,277
Grant Prideco, Inc. (a)	181,500		3,911,325
Halliburton Co.	930,400		38,472,040
Helmerich & Payne, Inc.	200		6,526
Maverick Tube Corp. (a)	200		6,340
Nabors Industries Ltd. (a)	110,900		5,766,800
National-Oilwell, Inc. (a)	104,900		3,797,380
Noble Corp. (a)	119,600		5,794,620
Oil States International, Inc. (a)	86,400		1,759,968
Pason Systems, Inc.	86,600		2,866,099
Precision Drilling Corp. (a)	41,300		2,707,597
Pride International, Inc. (a)	244,000		4,772,640
Rowan Companies, Inc. (a)	17,000		440,300
RPC, Inc.	24,700		673,075
Saipem Spa	88,700		1,051,747
Schlumberger Ltd. (NY Shares)	581,380		38,155,969
Smith International, Inc. (a)	391,000		23,682,870
Superior Energy Services, Inc. (a)	337,400		4,953,032
Tenaris SA sponsored ADR	35,100		1,771,146
Transocean, Inc. (a)	271,600		10,937,332
Varco International, Inc. (a)	270,940		8,057,756
Weatherford International Ltd. (a)	271,660		14,501,211
Willbros Group, Inc. (a)	167,900		3,023,879
TOTAL ENERGY EQUIPMENT & SERVICES			199,304,981
METALS & MINING - 1.9%
CONSOL Energy, Inc.	28,000		1,195,600
Massey Energy Co.	94,394		3,315,117
Peabody Energy Corp.	86,300		7,162,900
TOTAL METALS & MINING			11,673,617
MULTI-UTILITIES & UNREGULATED POWER - 2.5%
AES Corp. (a)	319,700		3,913,128
Dominion Resources, Inc.	127,200		8,327,784
Questar Corp.	52,800		2,682,768
TOTAL MULTI-UTILITIES & UNREGULATED POWER			14,923,680
OIL & GAS - 56.8%
Amerada Hess Corp.	25,600		2,274,560
Anadarko Petroleum Corp.	900		62,640
Ashland, Inc.	24,100		1,425,515
BP PLC sponsored ADR	601,400		36,895,890
Burlington Resources, Inc.	244,200		11,333,322
Canadian Natural Resources Ltd.	309,000		13,295,898

	Shares		Value
Chesapeake Energy Corp.	98,300		$ 1,769,400
ChevronTexaco Corp.	198,132		10,818,007
ConocoPhillips	396,786		36,103,558
Denbury Resources, Inc. (a)	178,600		5,170,470
EnCana Corp.	383,988		21,952,347
Encore Acquisition Co. (a)	106,600		3,753,386
ENI Spa sponsored ADR	26,600		3,278,450
EOG Resources, Inc.	80,100		6,013,107
Exxon Mobil Corp.	656,910		33,666,638
Forest Oil Corp. (a)	70,300		2,392,309
Frontier Oil Corp.	111,500		2,971,475
Holly Corp.	214,000		6,028,380
Marathon Oil Corp.	111,600		4,401,504
McMoRan Exploration Co. (a)	83,300		1,306,977
Newfield Exploration Co. (a)	84,100		5,285,685
Noble Energy, Inc.	400		25,516
Occidental Petroleum Corp.	216,900		13,059,549
Patina Oil & Gas Corp.	135,000		4,482,000
Petro-Canada	179,400		10,254,670
Pioneer Natural Resources Co.	110,000		3,872,000
Pogo Producing Co.	90,100		4,550,050
Premcor, Inc.	217,900		9,707,445
Quicksilver Resources, Inc. (a)	143,800		4,946,720
Range Resources Corp.	338,700		7,024,638
Repsol YPF SA sponsored ADR	300		7,308
Royal Dutch Petroleum Co. (NY Shares)	100		5,726
Sunoco, Inc.	18,900		1,560,384
Total SA sponsored ADR	398,100		43,631,760
Ultra Petroleum Corp. (a)	50,400		2,654,064
Valero Energy Corp.	516,900		24,185,751
TOTAL OIL & GAS			340,167,099
TOTAL COMMON STOCKS (Cost $438,165,452)		566,069,377
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 1.98% (b)	26,705,152		26,705,152
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	1,801,975		1,801,975
TOTAL MONEY MARKET FUNDS (Cost $28,507,127)		28,507,127
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $466,672,579)		594,576,504
NET OTHER ASSETS - 0.8%			4,752,503
NET ASSETS - 100%		$ 599,329,007

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $468,752,070. Net unrealized appreciation aggregated $125,824,434, of which $126,035,011 related to appreciated investment securities and $210,577 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

November 30, 2004

ENS-QTLY-0105

1.810703.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 96.5%
Baker Hughes, Inc.	400,636		$ 17,760,194
BJ Services Co.	579,387		29,357,539
Cal Dive International, Inc. (a)	53,700		2,312,322
Carbo Ceramics, Inc.	30,500		2,369,850
Cooper Cameron Corp. (a)	160,076		8,354,366
Diamond Offshore Drilling, Inc.	245,300		9,188,938
Dril-Quip, Inc. (a)	65,400		1,561,098
ENSCO International, Inc.	394,800		12,361,188
FMC Technologies, Inc. (a)	272,500		8,951,625
GlobalSantaFe Corp.	560,510		17,600,014
Grant Prideco, Inc. (a)	1,011,205		21,791,468
Grey Wolf, Inc. (a)	456,000		2,508,000
Halliburton Co.	1,710,067		70,711,271
Helmerich & Payne, Inc.	197,400		6,441,162
Hornbeck Offshore Services, Inc.	125,300		2,531,060
Hydril Co. (a)	64,200		3,011,622
Key Energy Services, Inc. (a)	126,100		1,578,772
Lone Star Technologies, Inc. (a)	45,500		1,428,700
Maverick Tube Corp. (a)	183,700		5,823,290
Nabors Industries Ltd. (a)	792,177		41,193,204
National-Oilwell, Inc. (a)	529,000		19,149,800
Noble Corp. (a)	918,650		44,508,593
Oceaneering International, Inc. (a)	79,700		3,060,480
Offshore Logistics, Inc. (a)	70,200		2,660,580
Oil States International, Inc. (a)	162,500		3,310,125
Patterson-UTI Energy, Inc.	780,300		15,606,000
Precision Drilling Corp. (a)	33,000		2,163,455
Pride International, Inc. (a)	1,442,286		28,211,114
Rowan Companies, Inc. (a)	92,900		2,406,110
RPC, Inc.	124,800		3,400,800
Schlumberger Ltd. (NY Shares)	666,645		43,751,911
Smith International, Inc. (a)	614,328		37,209,847
Superior Energy Services, Inc. (a)	639,500		9,387,860
Transocean, Inc. (a)	1,133,727		45,655,186
Unit Corp. (a)	82,400		3,264,688
Varco International, Inc. (a)	731,698		21,760,699
Weatherford International Ltd. (a)	547,205		29,209,803
TOTAL ENERGY EQUIPMENT & SERVICES			581,552,734
OIL & GAS - 0.7%
Quicksilver Resources, Inc. (a)	116,500		4,007,600
TOTAL COMMON STOCKS (Cost $429,382,927)		585,560,334
Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	16,138,390		$ 16,138,390
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	23,186,850		23,186,850
TOTAL MONEY MARKET FUNDS (Cost $39,325,240)		39,325,240

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $468,708,167)

624,885,574

NET OTHER ASSETS - (3.7)%		(22,400,549)
NET ASSETS - 100%		$ 602,485,025

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $470,998,291. Net unrealized appreciation aggregated $153,887,283, of which $155,391,944 related to appreciated investment securities and $1,504,661 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

November 30, 2004

ENV-QTLY-0105

1.810704.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%
	Shares		Value
BUILDING PRODUCTS - 1.7%
Trex Co., Inc. (a)	4,400		$ 206,580
CHEMICALS - 9.7%
Calgon Carbon Corp.	27,900		260,865
Ecolab, Inc.	18,100		633,138
Headwaters, Inc. (a)	9,700		310,691
TOTAL CHEMICALS			1,204,694
COMMERCIAL SERVICES & SUPPLIES - 23.5%
Allied Waste Industries, Inc. (a)	26,400		239,976
Bennett Environmental, Inc. (a)	5,900		25,372
Casella Waste Systems, Inc. Class A (a)	33,500		506,185
Clean Harbors, Inc. (a)	4,000		50,120
Ionics, Inc. (a)	2,900		125,309
Stericycle, Inc. (a)	12,000		501,480
Tetra Tech, Inc. (a)	15,900		242,316
TRC Companies, Inc. (a)	4,500		80,280
Waste Connections, Inc. (a)	14,800		504,088
Waste Management, Inc.	19,993		595,991
WCA Waste Corp.	4,200		43,050
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,914,167
CONSTRUCTION & ENGINEERING - 1.8%
Insituform Technologies, Inc. Class A (a)	9,300		217,062
ELECTRIC UTILITIES - 1.2%
TXU Corp.	2,400		150,768
ELECTRICAL EQUIPMENT - 3.9%
Capstone Turbine Corp. (a)	69,400		129,778
FuelCell Energy, Inc. (a)	12,700		127,635
Hydrogenics Corp. (a)	21,200		109,937
Plug Power, Inc. (a)	20,200		119,382
TOTAL ELECTRICAL EQUIPMENT			486,732
ENERGY EQUIPMENT & SERVICES - 0.9%
Newpark Resources, Inc. (a)	18,600		106,392
FOOD & STAPLES RETAILING - 9.2%
United Natural Foods, Inc. (a)	16,700		469,771
Whole Foods Market, Inc.	6,700		608,159
Wild Oats Markets, Inc. (a)	8,100		57,996
TOTAL FOOD & STAPLES RETAILING			1,135,926
FOOD PRODUCTS - 2.8%
Green Mountain Coffee Roasters, Inc. (a)	5,900		141,482
Hain Celestial Group, Inc. (a)	10,500		204,015
TOTAL FOOD PRODUCTS			345,497
HEALTH CARE EQUIPMENT & SUPPLIES - 4.2%
Millipore Corp. (a)	10,800		526,176

	Shares		Value
MACHINERY - 20.6%
CLARCOR, Inc.	13,400		$ 703,768
CUNO, Inc. (a)	5,200		340,756
Donaldson Co., Inc.	10,900		337,900
Kadant, Inc. (a)	4,606		93,272
Pall Corp.	7,300		197,757
Pentair, Inc.	18,500		740,370
Zenon Environmental, Inc. (a)	7,100		139,192
TOTAL MACHINERY			2,553,015
MULTI-UTILITIES & UNREGULATED POWER - 10.4%
Calpine Corp. (a)	101,100		392,268
NRG Energy, Inc. (a)	6,100		195,200
Veolia Environnement sponsored ADR	22,200		701,742
TOTAL MULTI-UTILITIES & UNREGULATED POWER			1,289,210
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
Mykrolis Corp. (a)	18,200		223,132
TOTAL COMMON STOCKS (Cost $11,223,870)		11,359,351
Money Market Funds - 5.8%

Fidelity Cash Central Fund, 1.98% (b)	101,161		101,161
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	616,500		616,500
TOTAL MONEY MARKET FUNDS (Cost $717,661)		717,661
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.9%, dated 11/30/04 due 12/1/04) (Cost $41,000)	$ 41,002		41,000
TOTAL INVESTMENT PORTFOLIO - 97.8% (Cost $11,982,531)		12,118,012
NET OTHER ASSETS - 2.2%			267,298
NET ASSETS - 100%		$ 12,385,310

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $12,326,582. Net unrealized depreciation aggregated $208,570, of which $1,214,457 related to appreciated investment securities and $1,423,027 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

November 30, 2004

FIN-QTLY-0105

1.810693.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%
	Shares		Value
CAPITAL MARKETS - 19.0%
American Capital Strategies Ltd.	12,100		$ 386,474
Ameritrade Holding Corp. (a)	473,400		6,594,462
Bank of New York Co., Inc.	48,036		1,580,865
Bear Stearns Companies, Inc.	21,700		2,117,486
Calamos Asset Management, Inc. Class A	15,900		377,148
Charles Schwab Corp.	323,600		3,488,408
E*TRADE Financial Corp. (a)	184,300		2,554,398
Federated Investors, Inc. Class B (non-vtg.)	20,050		589,871
Firstcity Financial Corp. (a)	29,010		259,640
Franklin Resources, Inc.	45,400		2,979,602
Goldman Sachs Group, Inc.	83,700		8,768,412
LaBranche & Co., Inc. (a)	29,200		233,892
Legg Mason, Inc.	19,700		1,342,358
Lehman Brothers Holdings, Inc.	85,700		7,179,946
Merrill Lynch & Co., Inc.	383,300		21,353,643
Morgan Stanley	482,700		24,497,025
Northern Trust Corp.	56,100		2,638,944
Piper Jaffray Companies (a)	2,352		108,216
State Street Corp.	113,300		5,048,648
TradeStation Group, Inc. (a)	250,000		1,855,000
UBS AG (NY Shares)	22,000		1,782,000
Waddell & Reed Financial, Inc. Class A	68,702		1,559,535
TOTAL CAPITAL MARKETS			97,295,973
COMMERCIAL BANKS - 24.3%
Banco Popolare di Verona e Novara	93,800		1,794,265
Bangkok Bank Ltd. PCL (For. Reg.)	281,900		815,339
Bank of America Corp.	997,626		46,160,154
Cathay General Bancorp	67,521		2,614,413
Center Financial Corp., California	60,800		1,251,872
City National Corp.	9,800		670,320
East West Bancorp, Inc.	48,723		2,020,543
Hanmi Financial Corp.	51,100		1,899,898
HDFC Bank Ltd. sponsored ADR	46,600		1,910,600
M&T Bank Corp.	5,700		600,837
Mitsubishi Tokyo Financial Group, Inc. (MTFG) sponsored ADR	187,700		1,779,396
Nara Bancorp, Inc.	4,900		101,724
National Bank of Canada	68,200		2,682,685
North Fork Bancorp, Inc., New York	127,732		3,678,682
Royal Bank of Canada	55,500		2,920,191
Silicon Valley Bancshares (a)	37,500		1,574,250
State Bank of India	11,670		151,484
Synovus Financial Corp.	1,000		27,000
U.S. Bancorp, Delaware	302,900		8,974,927
UCBH Holdings, Inc.	84,900		3,849,366
Valley National Bancorp	236		6,601
Wachovia Corp.	392,159		20,294,228

	Shares		Value
Wells Fargo & Co.	230,750		$ 14,253,428
Westcorp	109,600		4,633,888
TOTAL COMMERCIAL BANKS			124,666,091
COMMERCIAL SERVICES & SUPPLIES - 1.0%
Asset Acceptance Capital Corp.	243,295		5,014,310
CONSUMER FINANCE - 10.0%
American Express Co.	321,100		17,888,481
AmeriCredit Corp. (a)	41,400		866,916
Capital One Financial Corp.	88,300		6,938,614
First Marblehead Corp.	103,500		5,874,660
MBNA Corp.	653,100		17,346,336
SLM Corp.	46,000		2,353,820
TOTAL CONSUMER FINANCE			51,268,827
DIVERSIFIED FINANCIAL SERVICES - 8.1%
Archipelago Holdings, Inc.	52,600		1,170,350
Chicago Mercantile Exchange Holdings, Inc. Class A	300		58,713
CIT Group, Inc.	73,200		3,129,300
Citigroup, Inc.	390,734		17,485,347
Encore Capital Group, Inc. (a)	28,900		724,812
eSpeed, Inc. Class A (a)	49,700		556,143
J.P. Morgan Chase & Co.	454,245		17,102,324
Principal Financial Group, Inc.	30,000		1,130,400
TOTAL DIVERSIFIED FINANCIAL SERVICES			41,357,389
INDUSTRIAL CONGLOMERATES - 0.6%
General Electric Co.	85,300		3,016,208
INSURANCE - 19.7%
ACE Ltd.	195,800		7,914,236
AFLAC, Inc.	96,400		3,626,568
AMBAC Financial Group, Inc.	19,600		1,594,068
American International Group, Inc.	647,351		41,009,686
Berkshire Hathaway, Inc. Class B (a)	4,010		11,147,800
Endurance Specialty Holdings Ltd.	170,070		5,709,250
Fidelity National Financial, Inc.	32,475		1,392,853
Genworth Financial, Inc. Class A	26,600		699,580
Hartford Financial Services Group, Inc.	84,300		5,395,200
HCC Insurance Holdings, Inc.	24,700		818,558
Lincoln National Corp.	6,300		289,926
MBIA, Inc.	53,300		3,195,868
MetLife, Inc.	134,800		5,257,200
Montpelier Re Holdings Ltd.	22,400		827,232
PartnerRe Ltd.	23,600		1,444,792
Protective Life Corp.	15,800		661,230
Scottish Re Group Ltd.	26,900		618,700
St. Paul Travelers Companies, Inc.	36,600		1,335,168
Sun Life Financial, Inc.	146,000		4,695,341
Torchmark Corp.	17,600		966,416
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Unitrin, Inc.	6,500		$ 309,660
XL Capital Ltd. Class A	27,600		2,079,936
TOTAL INSURANCE			100,989,268
REAL ESTATE - 2.9%
Apartment Investment & Management Co. Class A	121,900		4,433,503
CBL & Associates Properties, Inc.	11,480		841,369
Duke Realty Corp.	22,200		767,010
Equity Lifestyle Properties, Inc.	13,100		475,530
Equity Residential (SBI)	28,600		964,106
Federal Realty Investment Trust (SBI)	7,200		361,080
Healthcare Realty Trust, Inc.	49,800		2,026,860
Novastar Financial, Inc.	11,900		523,481
Reckson Associates Realty Corp.	23,500		760,930
Simon Property Group, Inc.	53,700		3,333,696
The Mills Corp.	9,200		546,112
Vornado Realty Trust	200		14,700
TOTAL REAL ESTATE			15,048,377
THRIFTS & MORTGAGE FINANCE - 7.4%
Countrywide Financial Corp.	191,923		6,373,763
Doral Financial Corp.	850		39,440
Fannie Mae	92,500		6,354,750
First Niagara Financial Group, Inc.	4,500		64,980
Freddie Mac	64,100		4,375,466
Golden West Financial Corp., Delaware	38,300		4,566,892
MGIC Investment Corp.	17,700		1,203,600
New York Community Bancorp, Inc.	59,900		1,184,822
Provident Financial Services, Inc.	87,500		1,700,125
Radian Group, Inc.	20,900		1,071,125
Sovereign Bancorp, Inc.	296,700		6,482,895
The PMI Group, Inc.	27,300		1,124,214
W Holding Co., Inc.	46,900		1,032,738
Washington Mutual, Inc.	51,100		2,080,281
TOTAL THRIFTS & MORTGAGE FINANCE			37,655,091
TOTAL COMMON STOCKS (Cost $343,800,605)		476,311,534
Money Market Funds - 7.2%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	36,618,006	$ 36,618,006
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	104,400		104,400
TOTAL MONEY MARKET FUNDS (Cost $36,722,406)		36,722,406

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $380,523,011)

513,033,940

NET OTHER ASSETS - (0.2)%		(1,161,966)
NET ASSETS - 100%		$ 511,871,974

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $381,696,920. Net unrealized appreciation aggregated $131,337,020, of which $134,761,160 related to appreciated investment securities and $3,424,140 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Food and Agriculture Portfolio

November 30, 2004

FOO-QTLY-0105

1.810694.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
BEVERAGES - 14.2%
Anheuser-Busch Companies, Inc.	74,700		$ 3,741,723
Coca-Cola Enterprises, Inc.	14,100		293,280
Constellation Brands, Inc. Class A (sub. vtg.) (a)	18,400		822,480
Diageo PLC sponsored ADR	3,300		185,922
Efes Breweries International NV unit (d)	14,000		422,100
Lotte Chilsung Beverage Co. Ltd.	200		155,269
Molson, Inc. Class A (a)	6,100		178,224
Pepsi Bottling Group, Inc.	200		5,604
PepsiAmericas, Inc.	5,900		124,549
PepsiCo, Inc.	134,100		6,692,931
The Coca-Cola Co.	94,000		3,695,140
TOTAL BEVERAGES			16,317,222
BIOTECHNOLOGY - 0.5%
Global Bio-Chem Technology Group Co. Ltd.	204,000		154,794
Senomyx, Inc.	38,200		378,180
TOTAL BIOTECHNOLOGY			532,974
CHEMICALS - 1.7%
Monsanto Co.	34,600		1,592,292
Mosaic Co. (a)	3,300		57,354
The Scotts Co. Class A (a)	4,300		294,765
TOTAL CHEMICALS			1,944,411
FOOD & STAPLES RETAILING - 6.9%
Albertsons, Inc.	137,000		3,466,100
Kroger Co. (a)	100		1,618
Ruddick Corp.	7,800		170,118
Safeway, Inc. (a)	88,000		1,696,640
SUPERVALU, Inc.	14,300		451,737
Sysco Corp.	53,200		1,848,700
United Natural Foods, Inc. (a)	2,100		59,073
Weis Markets, Inc.	4,500		172,800
Whole Foods Market, Inc.	100		9,077
TOTAL FOOD & STAPLES RETAILING			7,875,863
FOOD PRODUCTS - 34.7%
Archer-Daniels-Midland Co.	239,200		5,071,040
Bunge Ltd.	26,800		1,412,896
Cadbury Schweppes PLC sponsored ADR	3,700		133,200
Campbell Soup Co.	4,200		119,826
ConAgra Foods, Inc.	100		2,705
Corn Products International, Inc.	27,400		1,491,108
Dean Foods Co. (a)	14,950		473,467
Del Monte Foods Co. (a)	10,200		110,670
Flowers Foods, Inc.	1,900		58,007
Fresh Del Monte Produce, Inc.	100		2,750

	Shares		Value
General Mills, Inc.	29,700		$ 1,351,053
Groupe Danone sponsored ADR	3,900		69,420
H.J. Heinz Co.	22,400		832,384
Hershey Foods Corp.	36,600		1,895,880
Hormel Foods Corp.	4,400		134,684
Kellogg Co.	132,700		5,798,990
Kraft Foods, Inc. Class A	132,800		4,541,760
Lotte Confectionery Co. Ltd.	200		122,270
McCormick & Co., Inc. (non-vtg.)	26,400		962,280
Nestle SA ADR	81,600		5,226,480
People's Food Holdings Ltd.	242,600		205,901
Petra Foods Ltd.	409,000		199,786
Sanderson Farms, Inc.	100		3,725
Sara Lee Corp. (a)	33,000		774,840
Smithfield Foods, Inc. (a)	25,400		737,870
Tyson Foods, Inc. Class A	18,100		296,659
Unilever NV (NY Shares)	94,300		5,940,900
Wm. Wrigley Jr. Co.	27,700		1,905,760
TOTAL FOOD PRODUCTS			39,876,311
HOTELS, RESTAURANTS & LEISURE - 23.5%
Applebee's International, Inc.	7,475		192,108
Brinker International, Inc. (a)	48,900		1,668,957
Buffalo Wild Wings, Inc.	105,214		3,485,740
California Pizza Kitchen, Inc. (a)	1,500		37,575
CBRL Group, Inc.	900		36,693
Darden Restaurants, Inc.	100		2,726
Domino's Pizza, Inc.	48,300		866,985
Famous Dave's of America, Inc. (a)	13,200		146,784
Jack in the Box, Inc. (a)	3,458		130,643
McCormick & Schmick Seafood Restaurants	9,100		150,514
McDonald's Corp.	271,500		8,345,909
Outback Steakhouse, Inc.	40,700		1,762,310
P.F. Chang's China Bistro, Inc. (a)	1,168		65,688
Panera Bread Co. Class A (a)	3,000		119,820
Rare Hospitality International, Inc. (a)	200		5,992
Red Robin Gourmet Burgers, Inc. (a)	57,900		2,973,165
Sonic Corp. (a)	34,650		1,010,741
Starbucks Corp. (a)	46,000		2,587,960
The Cheesecake Factory, Inc. (a)	1,234		60,330
Wendy's International, Inc.	69,600		2,482,632
Yum! Brands, Inc.	20,700		939,780
TOTAL HOTELS, RESTAURANTS & LEISURE			27,073,052
HOUSEHOLD PRODUCTS - 5.8%
Colgate-Palmolive Co.	50,300		2,313,297
Kimberly-Clark Corp.	8,100		515,241
Procter & Gamble Co.	68,000		3,636,640
Reckitt Benckiser PLC	6,000		176,856
TOTAL HOUSEHOLD PRODUCTS			6,642,034
Common Stocks - continued
	Shares		Value
MACHINERY - 0.6%
AGCO Corp. (a)	13,400		$ 291,986
CNH Global NV	5,900		110,566
Deere & Co.	3,900		279,747
TOTAL MACHINERY			682,299
PERSONAL PRODUCTS - 1.3%
Alberto-Culver Co.	1,200		55,560
Avon Products, Inc.	7,600		285,304
Gillette Co.	27,700		1,204,673
TOTAL PERSONAL PRODUCTS			1,545,537
SPECIALTY RETAIL - 0.0%
Weight Watchers International, Inc. (a)	100		3,965
TOBACCO - 8.6%
Altria Group, Inc.	79,800		4,587,702
British American Tobacco PLC sponsored ADR	8,700		290,232
Imperial Tobacco Group PLC	6,800		177,054
Loews Corp. - Carolina Group	27,100		796,740
Reynolds American, Inc.	27,500		2,079,825
Universal Corp.	5,800		282,344
UST, Inc.	38,500		1,695,155
TOTAL TOBACCO			9,909,052
TRADING COMPANIES & DISTRIBUTORS - 0.1%
UAP Holding Corp.	6,500		106,275
TOTAL COMMON STOCKS (Cost $94,477,859)		112,508,995
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 1.98% (b)	2,803,109		2,803,109
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	2,783,600		2,783,600
TOTAL MONEY MARKET FUNDS (Cost $5,586,709)		5,586,709

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $100,064,568)

118,095,704

NET OTHER ASSETS - (2.7)%		(3,139,765)
NET ASSETS - 100%		$ 114,955,939

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $100,464,762. Net unrealized appreciation aggregated $17,630,942, of which $19,746,828 related to appreciated investment securities and $2,115,886 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

November 30, 2004

HEA-QTLY-0105

1.810696.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
BIOTECHNOLOGY - 15.0%
Affymetrix, Inc. (a)	136,900		$ 4,647,755
Alkermes, Inc. (a)	278,936		3,846,527
Amgen, Inc. (a)	1,463,400		87,862,536
Angiotech Pharmaceuticals, Inc. (a)	100,000		1,849,150
Biogen Idec, Inc. (a)	322,600		18,930,168
Charles River Laboratories International, Inc. (a)	36,288		1,696,464
Genentech, Inc. (a)	1,869,800		90,217,850
Genzyme Corp. - General Division (a)	400,600		22,437,606
ImClone Systems, Inc. (a)	112,900		4,766,638
MedImmune, Inc. (a)	506,170		13,464,122
Millennium Pharmaceuticals, Inc. (a)	1,169,600		14,760,352
Neurocrine Biosciences, Inc. (a)	200,600		9,227,600
OSI Pharmaceuticals, Inc. (a)	62,800		2,988,024
Protein Design Labs, Inc. (a)	136,500		2,473,380
TOTAL BIOTECHNOLOGY			279,168,172
HEALTH CARE EQUIPMENT & SUPPLIES - 32.5%
Advanced Medical Optics, Inc. (a)	122,500		5,093,550
Alcon, Inc.	566,000		42,178,320
Animas Corp.	600		9,720
Aspect Medical Systems, Inc. (a)	50,400		1,229,760
Baxter International, Inc.	3,432,700		108,644,955
Beckman Coulter, Inc.	80,200		5,249,892
Biomet, Inc.	1,027,600		49,191,212
Boston Scientific Corp. (a)	927,900		32,300,199
Cytyc Corp. (a)	662,800		17,789,552
Dade Behring Holdings, Inc. (a)	156,150		8,383,694
DJ Orthopedics, Inc. (a)	199,500		4,023,915
Edwards Lifesciences Corp. (a)	416,700		15,672,087
Epix Pharmaceuticals, Inc. (a)	240,200		4,227,520
Foxhollow Technologies, Inc.	38,530		997,927
Guidant Corp.	1,057,000		68,525,310
Hospira, Inc. (a)	9,940		320,366
IntraLase Corp.	11,700		208,845
Kinetic Concepts, Inc.	167,000		10,591,140
Medtronic, Inc.	2,765,704		132,892,077
ResMed, Inc. (a)	153,700		7,694,222
Respironics, Inc. (a)	137,300		7,603,674
St. Jude Medical, Inc. (a)	1,478,800		56,401,432
Stereotaxis, Inc.	423,976		4,133,766

	Shares		Value
Waters Corp. (a)	384,821		$ 17,955,748
Zimmer Holdings, Inc. (a)	73,000		5,956,800
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			607,275,683
HEALTH CARE PROVIDERS & SERVICES - 16.3%
Cardinal Health, Inc.	424,800		22,208,544
Community Health Systems, Inc. (a)	156,000		4,313,400
DaVita, Inc. (a)	168,900		5,610,858
Health Net, Inc. (a)	224,800		6,119,056
IMS Health, Inc.	648,700		14,641,159
Laboratory Corp. of America Holdings (a)	237,800		11,402,510
McKesson Corp.	1,256,900		37,141,395
Omnicare, Inc.	393,900		12,766,299
PacifiCare Health Systems, Inc. (a)	678,600		32,844,240
Patterson Companies, Inc. (a)	117,800		4,813,308
Quest Diagnostics, Inc.	186,800		17,512,500
UnitedHealth Group, Inc.	1,550,200		128,434,070
WebMD Corp. (a)	742,200		5,380,950
TOTAL HEALTH CARE PROVIDERS & SERVICES			303,188,289
PERSONAL PRODUCTS - 0.1%
NBTY, Inc. (a)	100,600		2,621,636
PHARMACEUTICALS - 34.9%
Abbott Laboratories	2,652,600		111,303,096
Allergan, Inc.	194,900		14,325,150
Eli Lilly & Co.	1,233,300		65,771,889
Endo Pharmaceuticals Holdings, Inc. (a)	205,500		4,208,640
Forest Laboratories, Inc. (a)	215,300		8,390,241
Hollis-Eden Pharmaceutcals, Inc. (a)	394,500		4,000,230
Johnson & Johnson	2,875,884		173,473,323
King Pharmaceuticals, Inc. (a)	362,500		4,513,125
Medicis Pharmaceutical Corp. Class A	71,200		2,619,448
Merck & Co., Inc.	2,355,300		65,995,506
Pfizer, Inc.	4,387,610		121,843,930
Schering-Plough Corp.	1,332,500		23,785,125
Sepracor, Inc. (a)	136,000		6,053,360
Watson Pharmaceuticals, Inc. (a)	239,200		6,948,760
Wyeth	948,570		37,819,486
TOTAL PHARMACEUTICALS			651,051,309
TOTAL COMMON STOCKS (Cost $1,385,141,766)		1,843,305,089
Nonconvertible Preferred Stocks - 0.0%

BIOTECHNOLOGY - 0.0%
Geneprot, Inc. Series A (d) (Cost $610,500)	111,000		388,500
Money Market Funds - 2.9%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	25,850,545		$ 25,850,545
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	28,787,050		28,787,050
TOTAL MONEY MARKET FUNDS (Cost $54,637,595)		54,637,595

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $1,440,389,861)

1,898,331,184

NET OTHER ASSETS - (1.7)%		(31,774,961)
NET ASSETS - 100%		$ 1,866,556,223

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Geneprot, Inc. Series A	7/7/00	$ 610,500

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $1,447,110,025. Net unrealized appreciation aggregated $451,221,159, of which $529,829,605 related to appreciated investment securities and $78,608,446 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

November 30, 2004

INE-QTLY-0105

1.810687.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AEROSPACE & DEFENSE - 13.4%
Bombardier, Inc. Class B (sub. vtg.)	53,300		$ 103,369
Honeywell International, Inc.	109,800		3,879,234
Lockheed Martin Corp.	8,800		535,392
Precision Castparts Corp.	14,200		920,728
United Defense Industries, Inc. (a)	10,500		475,650
TOTAL AEROSPACE & DEFENSE			5,914,373
AUTO COMPONENTS - 0.1%
TRW Automotive Holdings Corp.	1,700		36,006
BUILDING PRODUCTS - 6.0%
American Standard Companies, Inc. (a)	58,900		2,293,566
Trex Co., Inc. (a)	2,600		122,070
York International Corp.	6,500		239,655
TOTAL BUILDING PRODUCTS			2,655,291
COMMERCIAL SERVICES & SUPPLIES - 0.6%
IKON Office Solutions, Inc.	22,000		248,160
COMMUNICATIONS EQUIPMENT - 0.4%
Avaya, Inc. (a)	10,400		170,768
CONSTRUCTION & ENGINEERING - 1.4%
EMCOR Group, Inc. (a)	8,000		369,760
URS Corp. (a)	8,200		246,328
TOTAL CONSTRUCTION & ENGINEERING			616,088
ELECTRICAL EQUIPMENT - 3.7%
A.O. Smith Corp.	4,700		141,235
Cooper Industries Ltd. Class A	8,100		537,111
Emerson Electric Co.	13,500		902,070
Rockwell Automation, Inc.	900		42,570
TOTAL ELECTRICAL EQUIPMENT			1,622,986
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.9%
Cognex Corp.	2,300		59,340
Molex, Inc.	9,100		250,887
Newport Corp. (a)	15,300		188,802
Symbol Technologies, Inc.	80,500		1,220,380
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,719,409
INDUSTRIAL CONGLOMERATES - 18.0%
Carlisle Companies, Inc.	6,000		358,860
General Electric Co.	56,950		2,013,752
Siemens AG sponsored ADR	2,800		223,496

	Shares		Value
Textron, Inc.	8,000		$ 580,960
Tyco International Ltd.	141,200		4,796,563
TOTAL INDUSTRIAL CONGLOMERATES			7,973,631
MACHINERY - 34.4%
AGCO Corp. (a)	42,900		934,791
Albany International Corp. Class A	2,200		73,590
Astec Industries, Inc. (a)	53,900		896,896
Bucyrus International, Inc. Class A	8,400		331,800
Caterpillar, Inc.	10,800		988,740
Crane Co.	900		27,234
Cummins, Inc.	8,500		676,770
Danaher Corp.	18,000		1,023,840
Deere & Co.	900		64,557
Donaldson Co., Inc.	16,400		508,400
Dover Corp.	37,700		1,524,965
Harsco Corp.	1,500		79,725
IDEX Corp.	3,400		136,000
Ingersoll-Rand Co. Ltd. Class A	13,200		982,344
ITT Industries, Inc.	28,300		2,408,896
Manitowoc Co., Inc.	9,200		343,620
Navistar International Corp. (a)	23,500		967,025
Oshkosh Truck Co.	9,000		565,380
Pentair, Inc.	10,400		416,208
SPX Corp.	42,600		1,751,286
Trinity Industries, Inc.	6,300		222,705
Wabash National Corp. (a)	6,700		166,629
Watts Water Technologies, Inc. Class A	3,600		110,268
TOTAL MACHINERY			15,201,669
OFFICE ELECTRONICS - 3.3%
Xerox Corp. (a)	69,000		1,057,080
Zebra Technologies Corp. Class A (a)	8,400		422,352
TOTAL OFFICE ELECTRONICS			1,479,432
ROAD & RAIL - 0.0%
Marten Transport Ltd. (a)	750		16,463
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.2%
Applied Materials, Inc. (a)	165,800		2,758,912
FormFactor, Inc. (a)	4,400		106,084
KLA-Tencor Corp. (a)	13,900		626,334
Lam Research Corp. (a)	17,700		460,377
Teradyne, Inc. (a)	31,300		533,978
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			4,485,685
TRADING COMPANIES & DISTRIBUTORS - 3.4%
Fastenal Co.	4,100		250,756
Finning International, Inc.	1,200		33,897
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - CONTINUED
United Rentals, Inc. (a)	28,000		$ 500,360
W.W. Grainger, Inc.	11,800		729,948
TOTAL TRADING COMPANIES & DISTRIBUTORS			1,514,961
TOTAL COMMON STOCKS (Cost $35,097,235)		43,654,922
Money Market Funds - 11.7%

Fidelity Cash Central Fund, 1.98% (b)	336,951		336,951
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	4,829,250		4,829,250
TOTAL MONEY MARKET FUNDS (Cost $5,166,201)		5,166,201
TOTAL INVESTMENT PORTFOLIO - 110.5% (Cost $40,263,436)		48,821,123
NET OTHER ASSETS - (10.5)%		(4,654,770)
NET ASSETS - 100%		$ 44,166,353

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $40,388,214. Net unrealized appreciation aggregated $8,432,909, of which $10,058,893 related to appreciated investment securities and $1,625,984 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Materials Portfolio

November 30, 2004

IND-QTLY-0105

1.810697.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
BUILDING PRODUCTS - 1.2%
American Standard Companies, Inc. (a)	40,900		$ 1,592,646
CHEMICALS - 19.7%
Air Products & Chemicals, Inc.	48,200		2,759,450
Airgas, Inc.	14,700		390,726
Cytec Industries, Inc.	31,000		1,506,910
Dow Chemical Co.	163,900		8,272,033
E.I. du Pont de Nemours & Co.	100,000		4,532,000
International Flavors & Fragrances, Inc.	30,000		1,215,000
Millennium Chemicals, Inc. (a)	20,000		531,600
NOVA Chemicals Corp.	41,600		1,929,255
Praxair, Inc.	97,100		4,359,790
TOTAL CHEMICALS			25,496,764
CONSTRUCTION MATERIALS - 2.9%
Eagle Materials, Inc.	15,900		1,246,083
Florida Rock Industries, Inc.	10,000		563,000
Texas Industries, Inc.	31,500		1,890,000
TOTAL CONSTRUCTION MATERIALS			3,699,083
CONTAINERS & PACKAGING - 5.9%
Owens-Illinois, Inc. (a)	61,000		1,276,120
Packaging Corp. of America	113,100		2,601,300
Pactiv Corp. (a)	57,300		1,423,905
Smurfit-Stone Container Corp. (a)	132,200		2,374,312
TOTAL CONTAINERS & PACKAGING			7,675,637
INDUSTRIAL CONGLOMERATES - 5.1%
3M Co.	82,900		6,598,011
MACHINERY - 1.8%
Bucyrus International, Inc. Class A	60,000		2,370,000
MARINE - 0.4%
Odfjell ASA (A Shares)	6,800		445,035
METALS & MINING - 30.6%
Alcan, Inc.	88,200		4,495,712
Alcoa, Inc.	193,598		6,578,460
Apex Silver Mines Ltd. (a)	9,800		190,610
Caemi Mineracao E Metalurgia SA (PN) (a)	1,000,000		720,588
Cameco Corp.	11,300		1,114,326
Companhia Vale do Rio Doce sponsored ADR	21,900		543,558
CONSOL Energy, Inc.	20,000		854,000
Falconbridge Ltd.	39,400		1,041,519
First Quantum Minerals Ltd. (a)	32,800		515,806

	Shares		Value
Freeport-McMoRan Copper & Gold, Inc. Class B	39,000		$ 1,526,070
Goldcorp, Inc.	60,000		915,722
Inco Ltd. (a)	1		38
Inmet Mining Corp. (a)	376,600		6,376,431
IPSCO, Inc.	41,200		1,660,576
Massey Energy Co.	20,000		702,400
Newmont Mining Corp.	120,000		5,682,000
Nucor Corp.	32,000		1,692,800
Peru Copper, Inc.	730,000		861,756
Peru Copper, Inc. warrants 3/18/06 (a)	365,000		73,865
Phelps Dodge Corp.	19,100		1,855,183
Placer Dome, Inc.	100,000		2,162,823
TOTAL METALS & MINING			39,564,243
PAPER & FOREST PRODUCTS - 12.0%
Bowater, Inc.	34,800		1,409,748
Georgia-Pacific Corp.	67,900		2,485,819
International Paper Co.	140,400		5,829,408
Pope & Talbot, Inc.	19,800		332,640
Tembec, Inc. (a)	230,200		1,560,612
Weyerhaeuser Co.	60,000		3,960,000
TOTAL PAPER & FOREST PRODUCTS			15,578,227
ROAD & RAIL - 13.2%
Burlington Northern Santa Fe Corp.	60,000		2,702,400
Canadian National Railway Co.	47,950		2,779,681
Canadian Pacific Railway Ltd.	50,000		1,637,927
CSX Corp.	58,100		2,215,353
Norfolk Southern Corp.	110,000		3,776,300
Union Pacific Corp.	62,400		3,958,656
TOTAL ROAD & RAIL			17,070,317
TRADING COMPANIES & DISTRIBUTORS - 2.2%
Finning International, Inc.	100,000		2,824,740
TOTAL COMMON STOCKS (Cost $106,351,186)		122,914,703
Money Market Funds - 9.3%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b) (Cost $12,028,901)	12,028,901	$ 12,028,901
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $118,380,087)		134,943,604
NET OTHER ASSETS - (4.3)%		(5,541,999)
NET ASSETS - 100%		$ 129,401,605

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $118,616,422. Net unrealized appreciation aggregated $16,327,182, of which $17,702,140 related to appreciated investment securities and $1,374,958 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

November 30, 2004

LEI-QTLY-0105

1.810675.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AUTOMOBILES - 2.0%
Harley-Davidson, Inc.	53,900		$ 3,116,498
Winnebago Industries, Inc.	29,000		1,099,970
TOTAL AUTOMOBILES			4,216,468
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Cendant Corp.	117,600		2,665,992
COMMUNICATIONS EQUIPMENT - 0.6%
Scientific-Atlanta, Inc.	39,000		1,155,180
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
BellSouth Corp.	100		2,682
SBC Communications, Inc.	100		2,517
Verizon Communications, Inc.	100		4,123
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			9,322
HOTELS, RESTAURANTS & LEISURE - 27.5%
Boyd Gaming Corp.	17,000		624,920
Brinker International, Inc. (a)	57,600		1,965,888
Buffalo Wild Wings, Inc.	78,400		2,597,392
Carnival Corp. unit	141,200		7,485,012
GTECH Holdings Corp.	7,400		178,710
Harrah's Entertainment, Inc.	7,400		454,360
International Game Technology	51,000		1,802,850
Kerzner International Ltd. (a)	53,500		3,047,895
Marriott International, Inc. Class A	18,900		1,074,465
McDonald's Corp.	338,500		10,405,490
MGM MIRAGE (a)	20,000		1,166,000
Outback Steakhouse, Inc.	62,100		2,688,930
Penn National Gaming, Inc. (a)	42,400		2,237,448
Red Robin Gourmet Burgers, Inc. (a)	17,300		888,355
Royal Caribbean Cruises Ltd.	78,800		3,916,360
Starbucks Corp. (a)	82,300		4,630,198
Starwood Hotels & Resorts Worldwide, Inc. unit	43,000		2,248,470
Station Casinos, Inc.	15,500		884,120
Wendy's International, Inc.	110,700		3,948,669
Wynn Resorts Ltd. (a)	26,200		1,521,958
Yum! Brands, Inc.	55,000		2,497,000
TOTAL HOTELS, RESTAURANTS & LEISURE			56,264,490
HOUSEHOLD DURABLES - 3.3%
Centex Corp.	34,200		1,794,474
D.R. Horton, Inc.	54,100		1,904,861
Harman International Industries, Inc.	18,300		2,248,155
KB Home	8,900		782,221
TOTAL HOUSEHOLD DURABLES			6,729,711
INTERNET SOFTWARE & SERVICES - 7.2%
CNET Networks, Inc. (a)	35,000		326,200

	Shares		Value
Google, Inc. Class A	10,200		$ 1,866,600
Sina Corp. (a)	12,000		443,040
Sohu.com, Inc. (a)	16,700		283,065
Yahoo!, Inc. (a)	312,804		11,767,688
TOTAL INTERNET SOFTWARE & SERVICES			14,686,593
LEISURE EQUIPMENT & PRODUCTS - 3.5%
Brunswick Corp.	91,800		4,481,676
Eastman Kodak Co.	41,400		1,354,194
JAKKS Pacific, Inc. (a)	23,600		439,432
MarineMax, Inc. (a)	22,300		655,620
Polaris Industries, Inc.	5,500		362,450
TOTAL LEISURE EQUIPMENT & PRODUCTS			7,293,372
MEDIA - 50.7%
Cablevision Systems Corp. - NY Group Class A (a)	15,300		326,655
Clear Channel Communications, Inc.	173,241		5,834,757
Comcast Corp. Class A (a)	34,900		1,048,396
E.W. Scripps Co. Class A	38,400		1,794,816
EchoStar Communications Corp. Class A	102,100		3,347,859
Fox Entertainment Group, Inc. Class A (a)	127,600		3,751,440
Gannett Co., Inc.	30,300		2,499,447
Getty Images, Inc. (a)	36,700		2,137,775
Grupo Televisa SA de CV sponsored ADR	37,100		2,310,217
JC Decaux SA (a)	114,300		3,035,741
Lamar Advertising Co. Class A (a)	274,300		10,818,392
Liberty Media Corp. Class A (a)	606,968		6,269,979
Liberty Media International, Inc. Class A (a)	21,501		925,833
McGraw-Hill Companies, Inc.	16,700		1,465,091
News Corp. Class A	611,096		10,810,288
Omnicom Group, Inc.	53,000		4,293,000
Salem Communications Corp. Class A (a)	30,500		749,080
Spanish Broadcasting System, Inc. Class A (a)	70,600		754,714
The DIRECTV Group, Inc. (a)	240,901		3,852,007
Time Warner, Inc. (a)	270,300		4,787,013
Tribune Co.	70,100		3,040,237
UnitedGlobalCom, Inc. Class A (a)	191,300		1,593,529
Univision Communications, Inc. Class A (a)	291,400		8,771,140
Viacom, Inc. Class B (non-vtg.)	168,496		5,846,811
Walt Disney Co.	420,500		11,303,040
Washington Post Co. Class B	100		93,800
XM Satellite Radio Holdings, Inc. Class A (a)	64,700		2,388,077
TOTAL MEDIA			103,849,134
REAL ESTATE - 0.1%
Host Marriott Corp.	10,300		161,298
Common Stocks - continued
	Shares		Value
SOFTWARE - 0.3%
Electronic Arts, Inc. (a)	11,300		$ 552,570
SPECIALTY RETAIL - 0.1%
Cabela's, Inc. Class A	9,600		205,920
WIRELESS TELECOMMUNICATION SERVICES - 2.2%
American Tower Corp. Class A (a)	245,900		4,458,167
TOTAL COMMON STOCKS (Cost $170,771,733)		202,248,217
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 1.98% (b)	2,335,841		2,335,841
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	3,648,650		3,648,650
TOTAL MONEY MARKET FUNDS (Cost $5,984,491)		5,984,491
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $176,756,224)		208,232,708
NET OTHER ASSETS - (1.7)%		(3,454,509)
NET ASSETS - 100%		$ 204,778,199

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $177,159,218. Net unrealized appreciation aggregated $31,073,490, of which $34,671,583 related to appreciated investment securities and $3,598,093 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

November 30, 2004

MED-QTLY-0105

1.810676.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 92.8%
Aetna, Inc.	231,300		$ 27,411,363
American Healthways, Inc. (a)	54,448		1,815,841
AMERIGROUP Corp. (a)	184,300		12,716,700
Anthem, Inc. (a)	134,200		13,598,486
Apria Healthcare Group, Inc. (a)	236,000		7,238,120
Centene Corp. (a)	224,500		12,010,750
Community Health Systems, Inc. (a)	151,200		4,180,680
Health Net, Inc. (a)	288,600		7,855,692
HealthSouth Corp. (a)	846,680		4,826,076
Humana, Inc. (a)	1,110,900		27,572,538
Lincare Holdings, Inc. (a)	206,400		7,964,976
Molina Healthcare, Inc. (a)	300,373		13,051,207
PacifiCare Health Systems, Inc. (a)	466,039		22,556,288
Sierra Health Services, Inc. (a)	245,500		13,657,165
UnitedHealth Group, Inc.	482,845		40,003,708
Wellcare Health Plans, Inc.	420,400		13,776,508
WellChoice, Inc. (a)	486,500		23,833,635
WellPoint Health Networks, Inc. (a)	108,600		13,585,860
TOTAL COMMON STOCKS (Cost $224,186,282)		267,655,593
Money Market Funds - 10.8%

Fidelity Cash Central Fund, 1.98% (b) (Cost $31,142,218)	31,142,218	31,142,218

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $255,328,500)

298,797,811

NET OTHER ASSETS - (3.6)%		(10,396,292)
NET ASSETS - 100%		$ 288,401,519

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $256,045,808. Net unrealized appreciation aggregated $42,752,003, of which $43,145,936 related to appreciated investment securities and $393,933 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

November 30, 2004

MES-QTLY-0105

1.810698.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
BIOTECHNOLOGY - 0.4%
Affymetrix, Inc. (a)	35,400		$ 1,201,830
Digene Corp. (a)	76,000		1,837,908
TOTAL BIOTECHNOLOGY			3,039,738
HEALTH CARE EQUIPMENT & SUPPLIES - 75.8%
Advanced Medical Optics, Inc. (a)	98,000		4,074,840
Alcon, Inc.	653,700		48,713,724
American Medical Systems Holdings, Inc. (a)	76,800		2,930,688
Animas Corp.	50,200		813,240
Aspect Medical Systems, Inc. (a)	208,000		5,075,200
Bausch & Lomb, Inc.	78,800		4,639,744
Baxter International, Inc.	1,467,420		46,443,843
Becton, Dickinson & Co.	194,400		10,649,232
Biomet, Inc.	663,747		31,773,569
Boston Scientific Corp. (a)	704,500		24,523,645
C.R. Bard, Inc.	276,000		16,535,160
Conceptus, Inc. (a)	500,000		4,465,000
Cooper Companies, Inc.	56,000		3,893,680
Cyberonics, Inc. (a)	289,200		5,370,444
Cytyc Corp. (a)	685,900		18,409,556
Dade Behring Holdings, Inc. (a)	270,000		14,496,300
DENTSPLY International, Inc.	226,100		11,895,121
DJ Orthopedics, Inc. (a)	200,000		4,034,000
Edwards Lifesciences Corp. (a)	342,200		12,870,142
Encore Medical Corp. (a)	50,000		314,750
Epix Pharmaceuticals, Inc. (a)	85,000		1,496,000
Foxhollow Technologies, Inc.	47,230		1,223,257
Guidant Corp.	712,600		46,197,858
Hologic, Inc. (a)	369,300		9,228,807
Integra LifeSciences Holdings Corp. (a)	150,000		5,098,500
IntraLase Corp.	4,600		82,110
Invacare Corp.	75,000		3,788,250
Inverness Medical Innovations, Inc. (a)	120,000		2,916,000
Kinetic Concepts, Inc.	267,300		16,952,166
Medtronic, Inc.	1,511,816		72,642,759
Memry Corp. (a)	350,000		980,000
PolyMedica Corp.	75,000		2,666,250
Regeneration Technologies, Inc. (a)	250,000		2,325,000
ResMed, Inc. (a)	183,900		9,206,034
Respironics, Inc. (a)	122,600		6,789,588
Smith & Nephew PLC sponsored ADR	128,500		6,617,750
Sonic Innovations, Inc. (a)	150,000		610,500
St. Jude Medical, Inc. (a)	1,177,200		44,898,408
Stereotaxis, Inc.	374,300		3,649,425
Steris Corp. (a)	194,200		4,443,296
SurModics, Inc. (a)	164,900		4,963,490
Synthes, Inc.	147,141		15,928,066
Thoratec Corp. (a)	488,700		4,887,000

	Shares		Value
VISX, Inc. (a)	150,000		$ 3,879,000
Waters Corp. (a)	534,500		24,939,770
Wright Medical Group, Inc. (a)	101,959		2,696,816
Zimmer Holdings, Inc. (a)	384,500		31,375,200
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			602,403,178
HEALTH CARE PROVIDERS & SERVICES - 6.3%
Cryolife, Inc. (a)	300,000		2,136,000
Hanger Orthopedic Group, Inc. (a)	240,000		1,872,000
IMPAC Medical Systems, Inc. (a)	126,100		2,112,175
Laboratory Corp. of America Holdings (a)	259,500		12,443,025
Merge Technologies, Inc. (a)	347,000		6,686,690
Patterson Companies, Inc. (a)	235,000		9,602,100
ProxyMed, Inc. (a)	150,000		1,050,000
Quest Diagnostics, Inc.	156,000		14,625,000
TOTAL HEALTH CARE PROVIDERS & SERVICES			50,526,990
PHARMACEUTICALS - 16.5%
Abbott Laboratories	958,920		40,236,283
Allergan, Inc.	304,200		22,358,700
Endo Pharmaceuticals Holdings, Inc. (a)	242,200		4,960,256
Johnson & Johnson	661,700		39,913,744
Medicines Co. (a)	130,000		3,242,200
Roche Holding AG (participation certificate)	194,374		20,461,319
TOTAL PHARMACEUTICALS			131,172,502
TOTAL COMMON STOCKS (Cost $659,144,717)		787,142,408
Money Market Funds - 4.3%

Fidelity Cash Central Fund, 1.98% (b)	9,267,741		9,267,741
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	24,950,915		24,950,915
TOTAL MONEY MARKET FUNDS (Cost $34,218,656)		34,218,656
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $693,363,373)		821,361,064
NET OTHER ASSETS - (3.3)%		(26,390,774)
NET ASSETS - 100%		$ 794,970,290

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $694,933,676. Net unrealized appreciation aggregated $126,427,388, of which $143,776,932 related to appreciated investment securities and $17,349,544 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Money Market
Portfolio

November 30, 2004

MON-QTLY-0105

1.810699.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 23.5%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Domestic Certificates Of Deposit - 1.3%
Washington Mutual Bank, California
1/27/05	1.90%	$ 7,000,000		$ 7,000,110
London Branch, Eurodollar, Foreign Banks - 6.3%
Barclays Bank PLC
2/28/05	1.93	5,000,000		5,000,000
Calyon
2/28/05	1.94	5,000,000		5,000,000
Landesbank Hessen-Thuringen
2/28/05	1.95	5,000,000		5,000,000
Societe Generale
1/5/05	1.19	5,000,000		5,000,000
1/6/05	1.29	10,000,000		10,000,000
Unicredito Italiano Spa
2/28/05	2.03	5,000,000		5,000,061
				35,000,061
New York Branch, Yankee Dollar, Foreign Banks - 15.9%
Canadian Imperial Bank of Commerce
12/15/04	2.15 (b)	14,000,000		14,000,000
12/29/04	2.13 (b)	4,000,000		3,999,461
12/29/04	2.14 (b)	10,000,000		9,999,249
Deutsche Bank AG
12/3/04	1.76 (b)	5,000,000		5,000,000
12/16/04	1.20	5,000,000		5,000,000
HBOS Treasury Services PLC
12/4/04	1.77 (b)	5,000,000		5,000,000
3/7/05	2.00	10,000,000		10,000,000
Landesbank Baden-Wuerttemberg
2/25/05	2.31 (b)	5,000,000		4,999,281
2/28/05	2.32 (b)	5,000,000		4,998,193
Societe Generale
12/8/04	1.99 (b)	5,000,000		4,999,597
UBS AG
1/5/05	1.94 (b)	10,000,000		9,997,023
Unicredito Italiano Spa
1/14/05	1.99 (b)	5,000,000		4,998,992
2/14/05	2.21 (b)	5,000,000		4,998,843
				87,990,639
TOTAL CERTIFICATES OF DEPOSIT			129,990,810
Commercial Paper - 22.0%

Bank of America Corp.
3/16/05	2.06	5,000,000		4,970,250
Bank of Ireland
3/8/05	2.03	5,000,000		4,972,988
Charta LLC
2/1/05	2.15	5,000,000		4,981,572

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Citibank Credit Card Master Trust I (Dakota Certificate Program)
1/3/05	2.01%	$ 5,000,000		$ 4,990,833
1/24/05	2.09	5,000,000		4,984,400
1/25/05	2.09	5,000,000		4,984,111
DaimlerChrysler NA Holding Corp.
12/16/04	2.21	2,000,000		1,998,158
12/29/04	2.36	1,000,000		998,164
Dorada Finance, Inc.
3/14/05	2.03 (a)	5,000,000		4,971,246
Edison Asset Securitization LLC
2/1/05	1.89	5,000,000		4,983,897
Emerald (MBNA Credit Card Master Note Trust)
1/12/05	2.13	5,000,000		4,987,633
1/26/05	2.26	5,000,000		4,982,500
Falcon Asset Securitization Corp.
1/10/05	1.89	2,000,000		1,995,822
Ford Motor Credit Co.
12/9/04	2.19	5,000,000		4,997,567
General Electric Capital Services, Inc.
2/10/05	1.87	10,000,000		9,963,514
Govco, Inc.
1/18/05	2.04	7,000,000		6,981,053
Grampian Funding Ltd.
1/20/05	2.03	15,000,000		14,957,917
Motown Notes Program
1/18/05	2.22	5,000,000		4,985,267
2/1/05	2.16	5,000,000		4,981,486
2/7/05	2.27	5,000,000		4,978,656
Park Granada LLC
2/10/05	2.26	5,000,000		4,977,813
SBC Communications, Inc.
1/18/05	2.10	5,000,000		4,986,067
Sheffield Receivables Corp.
1/20/05	2.28	5,000,000		4,984,236
TOTAL COMMERCIAL PAPER			121,595,150
Federal Agencies - 6.3%

Fannie Mae - 2.7%
Agency Coupons - 2.7%
3/29/05	1.40	10,000,000		10,000,000
4/28/05	1.33	5,000,000		5,000,000
				15,000,000
Federal Home Loan Bank - 3.6%
Agency Coupons - 3.6%
2/25/05	1.40	20,000,000		20,000,000
TOTAL FEDERAL AGENCIES			35,000,000
Master Notes - 4.7%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
General Motors Acceptance Corp. Mortgage Credit
12/1/04	2.49% (b)(d)	$ 5,000,000		$ 5,000,000
12/1/04	2.63 (b)(d)	1,000,000		1,000,000
Goldman Sachs Group, Inc.
2/14/05	2.13 (d)	5,000,000		5,000,000
4/12/05	2.12 (d)	15,000,000		15,000,000
TOTAL MASTER NOTES			26,000,000
Medium-Term Notes - 20.0%

American Express Credit Corp.
12/29/04	2.30 (b)	9,580,000		9,583,846
Bank of New York Co., Inc.
12/29/04	2.21 (a)(b)	5,000,000		5,000,000
Bayerische Landesbank Girozentrale
2/19/05	2.30 (b)	5,000,000		5,000,000
GE Capital Assurance Co.
12/1/04	2.11 (b)(d)	5,000,000		5,000,000
General Electric Capital Corp.
12/7/04	2.08 (b)	5,000,000		5,000,000
12/9/04	2.17 (b)	5,000,000		5,000,000
12/17/04	2.21 (b)	8,000,000		8,002,156
HBOS Treasury Services PLC
12/24/04	1.96 (b)	10,000,000		10,000,000
Household Finance Corp.
12/17/04	2.19 (b)	2,000,000		2,003,307
M&I Marshall & Ilsley Bank
12/20/04	1.94 (b)	3,000,000		3,000,081
Morgan Stanley
12/1/04	2.16 (b)	1,000,000		1,000,000
12/6/04	2.04 (b)	5,000,000		5,000,000
12/15/04	2.10 (b)	2,000,000		2,000,000
National City Bank
12/1/04	1.71 (b)	5,000,000		4,999,252
RACERS
12/22/04	2.14 (a)(b)	10,000,000		10,000,000
Verizon Global Funding Corp.
12/15/04	1.99 (b)	20,000,000		20,000,065
Wells Fargo & Co.
12/2/04	2.02 (b)	5,000,000		5,000,000
12/15/04	2.07 (b)	5,000,000		5,000,000
TOTAL MEDIUM-TERM NOTES			110,588,707
Short-Term Notes - 1.8%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Metropolitan Life Insurance Co.
1/3/05	2.20% (b)(d)	$ 5,000,000		$ 5,000,000
New York Life Insurance Co.
1/3/05	2.14 (b)(d)	5,000,000		5,000,000
TOTAL SHORT-TERM NOTES			10,000,000
Municipal Securities - 1.3%

Catholic Univ. of America 2.23% (Liquidity Facility Wachovia Bank NA), VRDN (b)		2,000,000		2,000,000
West Baton Rouge Parish Indl. District #3 Rev. Bonds (Dow Chemical Co. Proj.) Series 1995, 1.95% tender 12/7/04, CP mode		5,000,000		5,000,000
TOTAL MUNICIPAL SECURITIES			7,000,000

Repurchase Agreements - 21.4%
	Maturity Amount
In a joint trading account (Collateralized by U.S. Government Obligations) dated 11/30/04 due 12/1/04 At 2.1%	$ 9,654,563		9,654,000
With:
Banc of America Securities LLC At:
2.11%, dated 11/30/04 due 12/1/04 (Collateralized by Mortgage Loan Obligations with principal amounts of $12,883,869, 2.92%, 4/25/44)	11,000,645		11,000,000
2.19%, dated 11/30/04 due 12/1/04 (Collateralized by Mortgage Loan Obligations with principal amounts of $40,873,440, 0% - 6.75%, 4/25/19 - 12/25/34)	11,000,669		11,000,000
Citigroup Global Markets, Inc. At 2.12%, dated 11/30/04 due 12/1/04 (Collateralized by Corporate Obligations with principal amounts of $24,806,000, 4.55% - 7%, 1/15/08 - 8/15/11)	25,001,472		25,000,000
Deutsche Bank Securities, Inc. At 2.19%, dated 11/30/04 due 12/1/04 (Collateralized by Corporate Obligations with principal amounts of $64,877,446, 6.38% - 14%, 8/1/05 - 10/1/32)	15,000,913		15,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Goldman Sachs & Co. At 2.18%, dated 11/22/04 due 2/18/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $8,128,969, 6%, 11/25/34) (b)(c)	$ 8,042,631		$ 8,000,000
J.P. Morgan Securities, Inc. At 2.13%, dated 11/12/04 due 12/15/04 (Collateralized by Corporate Obligations with principal amounts of $6,079,000, 3.85% - 5%, 3/3/08 - 12/1/35)	6,011,715		6,000,000
Merrill Lynch, Pierce, Fenner & Smith At 2.21%, dated 11/8/04 due 2/1/05 (Collateralized by Corporate Obligations with principal amounts of $5,140,000, 6.75% - 8.5%, 7/1/13 - 8/1/29) (b)(c)	5,026,090		5,000,000
Morgan Stanley & Co. At 2.13%, dated 11/12/04 due 12/15/04 (Collateralized by Corporate Obligations with principal amounts of $19,592,161, 2.9% - 4.54%, 9/15/10 - 12/25/34)	20,039,050		20,000,000
Wachovia Securities, Inc. At 2.13%, dated 11/30/04 due 12/1/04 (Collateralized by Mortgage Loan Obligations with principal amounts of $8,160,000, 3.01% - 3.1%, 10/25/34 - 10/25/34)	8,000,473		8,000,000
TOTAL REPURCHASE AGREEMENTS		118,654,000
TOTAL INVESTMENT PORTFOLIO - 101.0%		558,828,667
NET OTHER ASSETS - (1.0)%		(5,692,881)
NET ASSETS - 100%		$ 553,135,786

Total Cost for Federal Income Tax Purposes $ 558,828,667

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $19,971,246 or 3.6% of net assets.

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

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
GE Capital Assurance Co. 2.11%, 12/1/04	7/30/04	$ 5,000,000
General Motors Acceptance Corp. Mortgage Credit: 2.49%, 12/1/04	11/1/04	$ 5,000,000
2.63%, 12/1/04	11/1/04	$ 1,000,000
Goldman Sachs Group, Inc.: 2.12%, 4/12/05	9/14/04	$ 15,000,000
2.13%, 2/14/05	9/30/04	$ 5,000,000
Metropolitan Life Insurance Co. 2.2%, 1/3/05	3/26/02	$ 5,000,000
New York Life Insurance Co. 2.14%, 1/3/05	2/28/02	$ 5,000,000

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

November 30, 2004

BAM-QTLY-0105

1.810700.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 2.5%
51Job, Inc. ADR	4,300		$ 153,080
Apollo Group, Inc. Class A (a)	9,600		765,120
Monster Worldwide, Inc. (a)	34,500		972,555
R.R. Donnelley & Sons Co.	50,100		1,738,470
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,629,225
HOTELS, RESTAURANTS & LEISURE - 0.3%
Ctrip.com International Ltd. ADR	10,400		502,632
INTERNET & CATALOG RETAIL - 0.8%
IAC/InterActiveCorp (a)	48,400		1,194,996
INTERNET SOFTWARE & SERVICES - 10.9%
Google, Inc. Class A	26,000		4,758,000
iVillage, Inc. (a)	45,300		214,949
Netease.com, Inc. sponsored ADR (a)	3,700		195,804
Sina Corp. (a)	12,100		446,732
Yahoo!, Inc. (a)	271,500		10,213,830
TOTAL INTERNET SOFTWARE & SERVICES			15,829,315
MEDIA - 76.7%
ADVO, Inc.	8,800		308,968
British Sky Broadcasting Group PLC (BSkyB) sponsored ADR	41,800		1,779,426
Cablevision Systems Corp. - NY Group Class A (a)	51,655		1,102,834
Central European Media Enterprises Ltd. Class A (a)	16,300		512,798
Cheil Communications, Inc.	30		4,335
Citadel Broadcasting Corp. (a)	40,700		627,594
Clear Channel Communications, Inc.	157,426		5,302,108
E.W. Scripps Co. Class A	92,600		4,328,124
EchoStar Communications Corp. Class A	64,600		2,118,234
Fox Entertainment Group, Inc. Class A (a)	145,100		4,265,940
Gannett Co., Inc.	88,400		7,292,116
Getty Images, Inc. (a)	25,000		1,456,250
Grupo Televisa SA de CV sponsored ADR	11,700		728,559
Harte-Hanks, Inc.	11,300		291,766
ITV PLC	152,101		318,888
JC Decaux SA (a)	101,200		2,687,813
Lamar Advertising Co. Class A (a)	78,000		3,076,320
Liberty Media Corp. Class A (a)	147,404		1,522,683
Liberty Media International, Inc. Class A (a)	13,670		588,630
Lions Gate Entertainment Corp. (a)	54,200		582,697
McGraw-Hill Companies, Inc.	66,600		5,842,818
Mediaset Spa	60,100		727,726
News Corp.:
Class A	393,422		6,959,635
Class B	201,100		3,637,899
Omnicom Group, Inc.	79,300		6,423,300
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	101,460		1,227,666

	Shares		Value
Point.360 (a)	1,000		$ 2,460
R.H. Donnelley Corp. (a)	7,100		388,370
Radio One, Inc. Class D (non-vtg.) (a)	84,300		1,175,985
Reuters Group PLC sponsored ADR	18,400		811,072
SBS Broadcasting SA (a)	11,600		399,388
Sogecable SA (a)	6,900		292,776
The DIRECTV Group, Inc. (a)	163,434		2,613,310
Time Warner, Inc. (a)	243,125		4,305,744
Tribune Co.	111,400		4,831,418
UnitedGlobalCom, Inc. Class A (a)	241,600		2,012,528
Univision Communications, Inc. Class A (a)	91,200		2,745,120
Viacom, Inc. Class B (non-vtg.)	205,796		7,141,121
Walt Disney Co.	425,000		11,423,999
Washington Post Co. Class B	6,800		6,378,400
World Wrestling Entertainment, Inc. Class A	28,800		345,600
XM Satellite Radio Holdings, Inc. Class A (a)	62,200		2,295,802
TOTAL MEDIA			110,878,220
REAL ESTATE - 0.3%
ZipRealty, Inc.	23,500		396,915
SOFTWARE - 1.2%
Electronic Arts, Inc. (a)	27,900		1,364,310
Macrovision Corp. (a)	200		5,310
Shanda Interactive Entertainment Ltd. ADR	8,300		333,245
TOTAL SOFTWARE			1,702,865
WIRELESS TELECOMMUNICATION SERVICES - 1.4%
SpectraSite, Inc. (a)	34,000		1,970,640
TOTAL COMMON STOCKS (Cost $116,559,393)		136,104,808
Money Market Funds - 12.7%
Fidelity Cash Central Fund, 1.98% (b)	9,288,235		9,288,235
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	9,022,650		9,022,650
TOTAL MONEY MARKET FUNDS (Cost $18,310,885)		18,310,885

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $134,870,278)

154,415,693

NET OTHER ASSETS - (6.8)%		(9,767,502)
NET ASSETS - 100%		$ 144,648,191

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $135,201,060. Net unrealized appreciation aggregated $19,214,633, of which $22,074,442 related to appreciated investment securities and $2,859,809 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

November 30, 2004

GAS-QTLY-0105

1.810725.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.0%
	Shares		Value
ELECTRIC UTILITIES - 1.7%
PG&E Corp. (a)	150,000		$ 4,989,000
TXU Corp.	87,900		5,521,878
TOTAL ELECTRIC UTILITIES			10,510,878
ENERGY EQUIPMENT & SERVICES - 35.1%
Baker Hughes, Inc.	125,000		5,541,250
BJ Services Co.	610,000		30,908,700
Cooper Cameron Corp. (a)	374,700		19,555,593
Diamond Offshore Drilling, Inc.	149,200		5,589,032
ENSCO International, Inc.	675,000		21,134,250
GlobalSantaFe Corp.	100,000		3,140,000
Grant Prideco, Inc. (a)	383,696		8,268,649
Grey Wolf, Inc. (a)	322,000		1,771,000
Nabors Industries Ltd. (a)	450,000		23,400,000
Patterson-UTI Energy, Inc.	555,000		11,100,000
Precision Drilling Corp. (a)	50,000		3,277,500
Pride International, Inc. (a)	371,100		7,258,716
Rowan Companies, Inc. (a)	768,000		19,891,200
Schlumberger Ltd. (NY Shares)	430,400		28,247,152
Smith International, Inc. (a)	19,360		1,172,635
Transocean, Inc. (a)	500,000		20,135,000
W-H Energy Services, Inc. (a)	161,115		3,683,089
Weatherford International Ltd. (a)	85,502		4,564,097
TOTAL ENERGY EQUIPMENT & SERVICES			218,637,863
METALS & MINING - 9.6%
Arch Coal, Inc.	83,300		3,182,060
CONSOL Energy, Inc.	112,800		4,816,560
Massey Energy Co.	406,800		14,286,816
Peabody Energy Corp.	454,550		37,727,649
TOTAL METALS & MINING			60,013,085
MULTI-UTILITIES & UNREGULATED POWER - 5.7%
Dominion Resources, Inc.	309,000		20,230,230
Duke Energy Corp.	400,000		10,112,000
Reliant Energy, Inc. (a)	470,000		5,583,600
TOTAL MULTI-UTILITIES & UNREGULATED POWER			35,925,830
OIL & GAS - 39.9%
Apache Corp.	307,000		16,596,420
Berry Petroleum Co. Class A	187,600		8,685,880
Bonavista Energy Trust	59,000		1,390,489
BP PLC sponsored ADR	250,000		15,337,500
Burlington Resources, Inc.	460,000		21,348,600
CNOOC Ltd. sponsored ADR	24,100		1,366,470
Cyries Energy, Inc. (a)	20,000		129,179
Denbury Resources, Inc. (a)	144,900		4,194,855
Devon Energy Corp.	20,000		828,400
El Paso Corp.	500,000		5,220,000
Encore Acquisition Co. (a)	105,900		3,728,739

	Shares		Value
EOG Resources, Inc.	100,000		$ 7,507,000
Exxon Mobil Corp.	500,000		25,625,000
Forest Oil Corp. (a)	35,500		1,208,065
General Maritime Corp. (a)	55,000		2,499,750
Harvest Natural Resources, Inc. (a)	25,000		456,250
Marathon Oil Corp.	55,000		2,169,200
Occidental Petroleum Corp.	126,800		7,634,628
Overseas Shipholding Group, Inc.	25,000		1,642,250
Patina Oil & Gas Corp.	394,200		13,087,440
PetroChina Co. Ltd. sponsored ADR	88,300		4,975,705
Pioneer Natural Resources Co.	654,100		23,024,320
Pogo Producing Co.	175,000		8,837,500
Premcor, Inc.	70,000		3,118,500
ProEX Energy Ltd. (a)	20,000		130,697
Progress Energy Trust	100,000		1,163,624
Quicksilver Resources, Inc. (a)	325,000		11,180,000
Range Resources Corp.	94,500		1,959,930
Talisman Energy, Inc.	109,200		3,080,012
Teekay Shipping Corp.	75,000		3,994,500
Tesoro Petroleum Corp. (a)	288,800		9,565,056
Valero Energy Corp.	330,000		15,440,700
Vintage Petroleum, Inc.	479,100		11,618,175
Williams Companies, Inc.	600,000		10,002,000
TOTAL OIL & GAS			248,746,834
TOTAL COMMON STOCKS (Cost $471,902,480)		573,834,490
Money Market Funds - 10.3%

Fidelity Cash Central Fund, 1.98% (b)	28,832,392		28,832,392
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	35,045,475		35,045,475
TOTAL MONEY MARKET FUNDS (Cost $63,877,867)		63,877,867
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $535,780,347)		637,712,357
NET OTHER ASSETS - (2.3)%		(14,275,148)
NET ASSETS - 100%		$ 623,437,209

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $537,342,497. Net unrealized appreciation aggregated $100,369,860, of which $101,824,392 related to appreciated investment securities and $1,454,532 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

November 30, 2004

NAT-QTLY-0105

1.810716.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
CHEMICALS - 0.3%
Stuart Energy Systems Corp. (a)	132,700		$ 500,164
CONTAINERS & PACKAGING - 1.8%
Packaging Corp. of America	39,800		915,400
Smurfit-Stone Container Corp. (a)	130,400		2,341,984
TOTAL CONTAINERS & PACKAGING			3,257,384
ENERGY EQUIPMENT & SERVICES - 27.2%
Baker Hughes, Inc.	57,090		2,530,800
BJ Services Co.	30,200		1,530,234
Core Laboratories NV (a)	12,900		303,795
FMC Technologies, Inc. (a)	12,600		413,910
Grant Prideco, Inc. (a)	87,900		1,894,245
Grey Wolf, Inc. (a)	37,900		208,450
Halliburton Co.	251,000		10,378,850
Nabors Industries Ltd. (a)	35,700		1,856,400
National-Oilwell, Inc. (a)	41,000		1,484,200
Noble Corp. (a)	40,700		1,971,915
Oil States International, Inc. (a)	34,100		694,617
Pason Systems, Inc.	5,900		195,265
Precision Drilling Corp. (a)	16,400		1,075,172
Pride International, Inc. (a)	57,300		1,120,788
RPC, Inc.	7,600		207,100
Schlumberger Ltd. (NY Shares)	123,126		8,080,759
Smith International, Inc. (a)	76,200		4,615,434
Superior Energy Services, Inc. (a)	105,000		1,541,400
Tenaris SA sponsored ADR	10,800		544,968
Transocean, Inc. (a)	87,800		3,535,706
Varco International, Inc. (a)	97,060		2,886,564
Weatherford International Ltd. (a)	45,795		2,444,537
Willbros Group, Inc. (a)	34,400		619,544
TOTAL ENERGY EQUIPMENT & SERVICES			50,134,653
MACHINERY - 0.6%
Bucyrus International, Inc. Class A	28,970		1,144,315
METALS & MINING - 13.3%
Alcan, Inc.	64,800		3,302,972
Alcoa, Inc.	150,100		5,100,398
Breakwater Resources Ltd. (a)	664,600		297,009
Cameco Corp.	8,900		877,655
CONSOL Energy, Inc.	27,700		1,182,790
Eldorado Gold Corp. (a)	126,500		419,196
Freeport-McMoRan Copper & Gold, Inc. Class B	22,763		890,716
Industrias Penoles SA de CV	11,000		57,341
Massey Energy Co.	14,200		498,704
Newmont Mining Corp.	187,000		8,854,450
Peabody Energy Corp.	21,400		1,776,200

	Shares		Value
Stillwater Mining Co. (a)	29,400		$ 348,684
Wheaton River Minerals Ltd. (a)	260,700		852,916
TOTAL METALS & MINING			24,459,031
MULTI-UTILITIES & UNREGULATED POWER - 0.3%
Questar Corp.	11,000		558,910
OIL & GAS - 49.2%
Abraxas Petroleum Corp. (a)	83,800		210,338
Amerada Hess Corp.	3,700		328,745
BP PLC sponsored ADR	245,364		15,053,081
Burlington Resources, Inc.	22,800		1,058,148
Canadian Natural Resources Ltd.	55,300		2,379,492
ChevronTexaco Corp.	80,732		4,407,967
ConocoPhillips	124,982		11,372,112
Denbury Resources, Inc. (a)	52,900		1,531,455
EnCana Corp.	101,142		5,782,223
Encore Acquisition Co. (a)	24,200		852,082
ENI Spa sponsored ADR	7,000		862,750
EOG Resources, Inc.	6,600		495,462
Exxon Mobil Corp.	295,596		15,149,297
Forest Oil Corp. (a)	42,000		1,429,260
Frontier Oil Corp.	26,100		695,565
Holly Corp.	45,500		1,281,735
Marathon Oil Corp.	46,200		1,822,128
Newfield Exploration Co. (a)	17,400		1,093,590
Noble Energy, Inc.	100		6,379
Occidental Petroleum Corp.	70,100		4,220,721
Patina Oil & Gas Corp.	53,000		1,759,600
Petro-Canada	21,300		1,217,528
Pioneer Natural Resources Co.	12,200		429,440
Pogo Producing Co.	16,800		848,400
Premcor, Inc.	33,500		1,492,425
Quicksilver Resources, Inc. (a)	47,700		1,640,880
Range Resources Corp.	72,300		1,499,502
Royal Dutch Petroleum Co. (NY Shares)	3,000		171,780
Sibneft sponsored ADR	200		5,700
Tesoro Petroleum Corp. (a)	23,800		788,256
Total SA sponsored ADR	48,300		5,293,680
Ultra Petroleum Corp. (a)	15,100		795,166
Valero Energy Corp.	96,400		4,510,556
TOTAL OIL & GAS			90,485,443
PAPER & FOREST PRODUCTS - 4.5%
Canfor Corp. (a)	341		4,310
Georgia-Pacific Corp.	38,400		1,405,824
International Paper Co.	83,600		3,471,072
MeadWestvaco Corp.	24,089		810,595
Tembec, Inc. (a)	42,300		286,768
Weyerhaeuser Co.	34,700		2,290,200
TOTAL PAPER & FOREST PRODUCTS			8,268,769
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.1%
UAP Holding Corp.	9,700		$ 158,595
TOTAL COMMON STOCKS (Cost $149,728,150)		178,967,264
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 1.98% (b)	7,290,807		7,290,807
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	1,540,000		1,540,000
TOTAL MONEY MARKET FUNDS (Cost $8,830,807)		8,830,807

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $158,558,957)

187,798,071

NET OTHER ASSETS - (2.1)%		(3,902,244)
NET ASSETS - 100%		$ 183,895,827

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $159,327,005. Net unrealized appreciation aggregated $28,471,066, of which $29,094,882 related to appreciated investment securities and $623,816 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and

Infrastructure Portfolio

November 30, 2004

NET-QTLY-0105

1.810705.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 52.8%
3Com Corp. (a)	205,900		$ 914,196
ADC Telecommunications, Inc. (a)	978,100		2,298,535
Adtran, Inc.	127,960		2,867,584
Adva AG Optical Networking (a)	99,500		666,617
Alvarion Ltd. (a)	109,100		1,600,497
Andrew Corp. (a)	46,400		658,880
AudioCodes Ltd. (a)	146,100		2,147,670
Avanex Corp. (a)	114,100		353,710
Avaya, Inc. (a)	246,900		4,054,098
Brooktrout, Inc. (a)	49,500		606,870
CIENA Corp. (a)	430,000		1,096,500
Cisco Systems, Inc. (a)	40		748
Comverse Technology, Inc. (a)	377,000		8,018,790
Ditech Communications Corp. (a)	15,300		241,128
Enterasys Networks, Inc. (a)	204,400		357,700
Extreme Networks, Inc. (a)	446,500		3,049,595
Harmonic, Inc. (a)	79,700		619,269
Harris Corp.	26,900		1,780,511
InterDigital Communication Corp. (a)	37,800		769,230
Ixia (a)	93,400		1,316,940
JDS Uniphase Corp. (a)	216,700		686,939
Juniper Networks, Inc. (a)	179,009		4,928,118
Marconi Corp. PLC (a)	56,900		621,198
Motorola, Inc.	483,800		9,317,987
NMS Communications Corp. (a)	322,600		2,060,769
Nortel Networks Corp. (a)	171,300		594,411
Packeteer, Inc. (a)	186,800		2,428,400
Powerwave Technologies, Inc. (a)	173,900		1,406,503
QUALCOMM, Inc.	115,900		4,823,758
Redback Networks, Inc. (a)	256,600		1,231,680
REMEC, Inc. (a)	184,500		1,112,535
Research In Motion Ltd. (a)	73,000		6,451,478
Riverstone Networks, Inc. (a)	188,100		214,434
SeaChange International, Inc. (a)	20,900		356,972
Sierra Wireless, Inc. (a)	19,700		372,090
SiRF Technology Holdings, Inc.	121,400		1,538,138
Sonus Networks, Inc. (a)	372,900		2,464,869
Sycamore Networks, Inc. (a)	239,000		896,250
Tekelec (a)	58,300		1,364,803
Telefonaktiebolaget LM Ericsson ADR (a)	400		13,300
Tellabs, Inc. (a)	40,000		342,000
TTP Communications PLC (a)	637,400		712,311
Tut Systems, Inc. (a)	42,500		167,875
TOTAL COMMUNICATIONS EQUIPMENT			77,525,886
COMPUTERS & PERIPHERALS - 10.9%
ASUSTeK Computer, Inc.	3,960		9,159
Brocade Communications Systems, Inc. (a)	104,600		724,878
EMC Corp. (a)	316,900		4,252,798
Emulex Corp. (a)	22,900		323,806
LaserCard Corp. (a)	600		5,964

	Shares		Value
Maxtor Corp. (a)	38,100		$ 145,542
Network Appliance, Inc. (a)	36,200		1,091,792
QLogic Corp. (a)	21,380		735,258
Read-Rite Corp. (a)	44,000		44
Seagate Technology	86,900		1,301,762
Storage Technology Corp. (a)	11,600		338,024
Sun Microsystems, Inc. (a)	968,300		5,374,065
Synaptics, Inc. (a)	9,500		364,800
Western Digital Corp. (a)	135,600		1,324,812
TOTAL COMPUTERS & PERIPHERALS			15,992,704
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
Covad Communications Group, Inc. (a)	1,800		2,808
ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.1%
Aeroflex, Inc. (a)	264,900		3,245,025
Agilent Technologies, Inc. (a)	300		6,867
AU Optronics Corp. sponsored ADR	30,100		395,213
Avnet, Inc. (a)	409		7,526
CellStar Corp. (a)	84,800		309,520
Flextronics International Ltd. (a)	55,300		793,555
Jabil Circuit, Inc. (a)	13,300		333,298
LG.Philips LCD Co. Ltd. ADR	22,800		391,020
Sanmina-SCI Corp. (a)	63,900		564,237
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			6,046,261
INTERNET SOFTWARE & SERVICES - 5.8%
AsiaInfo Holdings, Inc. (a)	329,300		1,975,800
Google, Inc. Class A	10,000		1,830,000
InfoSpace, Inc. (a)	42,500		1,882,750
Openwave Systems, Inc. (a)	62,000		817,160
RADVision Ltd.	65,500		873,770
RealNetworks, Inc. (a)	61,700		388,710
Sina Corp. (a)	5,600		206,752
Tom Online, Inc. ADR	33,100		487,232
Vignette Corp. (a)	80,500		102,235
TOTAL INTERNET SOFTWARE & SERVICES			8,564,409
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 15.2%
Agere Systems, Inc. Class B (a)	877,440		1,193,318
Analog Devices, Inc.	16,500		609,675
Applied Materials, Inc. (a)	18,600		309,504
Broadcom Corp. Class A (a)	10,600		344,712
Cypress Semiconductor Corp. (a)	33,200		327,020
DSP Group, Inc. (a)	15,700		348,226
Fairchild Semiconductor International, Inc. (a)	27,400		419,220
Freescale Semiconductor, Inc. Class A	95,100		1,679,466
Integrated Circuit Systems, Inc. (a)	13,700		323,868
Integrated Device Technology, Inc. (a)	43,600		494,860
Integrated Silicon Solution, Inc. (a)	100		766
Intel Corp.	32,100		717,435
Intersil Corp. Class A	53,700		864,570
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
KLA-Tencor Corp. (a)	29,600		$ 1,333,776
Lam Research Corp. (a)	5,400		140,454
Lattice Semiconductor Corp. (a)	98,200		524,192
Marvell Technology Group Ltd. (a)	162,740		5,217,444
Microsemi Corp. (a)	8,600		153,080
Microtune, Inc. (a)	46,100		275,678
Mindspeed Technologies, Inc. (a)	675,433		1,688,583
National Semiconductor Corp. (a)	132,800		2,053,088
O2Micro International Ltd. (a)	58,000		701,800
Portalplayer, Inc.	200		5,838
PowerDsine Ltd.	9,800		132,692
Silicon Laboratories, Inc. (a)	5,600		168,784
STMicroelectronics NV (NY Shares)	13,800		276,000
Texas Instruments, Inc.	54,700		1,322,646
Vitesse Semiconductor Corp. (a)	220,000		717,200
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			22,343,895
SOFTWARE - 6.4%
BEA Systems, Inc. (a)	173,510		1,401,961
Chinadotcom Corp. Class A (a)	61,800		272,538
Intervoice, Inc. (a)	136,200		1,770,600
JAMDAT Mobile, Inc.	30,400		695,552
Macrovision Corp. (a)	47,200		1,253,160
McAfee, Inc. (a)	1,050		30,345
NAVTEQ Corp.	3,500		151,025
Portal Software, Inc. (a)	143,100		493,695
RADWARE Ltd. (a)	40,600		1,031,646
Symantec Corp. (a)	10,200		650,862
Vastera, Inc. (a)	50,100		92,685
VERITAS Software Corp. (a)	67,900		1,487,010
TOTAL SOFTWARE			9,331,079
WIRELESS TELECOMMUNICATION SERVICES - 2.0%
Alamosa Holdings, Inc. (a)	37,800		412,020
Hutchison Telecommunications International Ltd. ADR	43,700		530,081
InPhonic, Inc.	200		5,102
Leap Wireless International, Inc. (a)	19,400		492,760
Nextel Communications, Inc. Class A (a)	25,500		725,730
Wireless Facilities, Inc. (a)	89,100		737,748
TOTAL WIRELESS TELECOMMUNICATION SERVICES			2,903,441
TOTAL COMMON STOCKS (Cost $131,826,690)		142,710,483
Convertible Preferred Stocks - 0.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.2%
Lucent Technologies Capital Trust I 7.75% (d) (Cost $300,000)	300		$ 360,564
Money Market Funds - 5.3%

Fidelity Cash Central Fund, 1.98% (b)	1,221,538		1,221,538
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	6,559,550		6,559,550
TOTAL MONEY MARKET FUNDS (Cost $7,781,088)		7,781,088
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $139,907,778)		150,852,135
NET OTHER ASSETS - (2.7)%		(3,953,951)
NET ASSETS - 100%		$ 146,898,184

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $140,881,951. Net unrealized appreciation aggregated $9,970,184, of which $22,298,070 related to appreciated investment securities and $12,327,886 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and

Forest Products Portfolio

November 30, 2004

PAP-QTLY-0105

1.810706.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
BUILDING PRODUCTS - 0.8%
Trex Co., Inc. (a)	4,500		$ 211,275
CONTAINERS & PACKAGING - 32.7%
Bemis Co., Inc.	26,900		748,896
Caraustar Industries, Inc. (a)	15,600		251,004
Longview Fibre Co.	2,400		41,712
Packaging Corp. of America	74,700		1,718,100
Pactiv Corp. (a)	3,200		79,520
Sealed Air Corp. (a)	21,200		1,089,892
Smurfit-Stone Container Corp. (a)	147,270		2,644,970
Sonoco Products Co.	22,800		648,432
Temple-Inland, Inc.	18,100		1,078,579
TOTAL CONTAINERS & PACKAGING			8,301,105
HOUSEHOLD PRODUCTS - 3.1%
Kimberly-Clark Corp.	12,400		788,764
MACHINERY - 0.2%
Albany International Corp. Class A	1,200		40,140
PAPER & FOREST PRODUCTS - 52.8%
Abitibi-Consolidated, Inc.	108,300		730,554
Aracruz Celulose SA sponsored ADR	1,800		66,762
Bowater, Inc.	49,400		2,001,194
Buckeye Technologies, Inc. (a)	30,900		382,851
Canfor Corp. (a)	25,500		322,311
Cascades, Inc.	24,700		291,372
Domtar, Inc.	36,500		444,112
Georgia-Pacific Corp.	48,500		1,775,585
International Paper Co.	50,500		2,096,760
Louisiana-Pacific Corp.	31,300		765,911
MeadWestvaco Corp.	35,700		1,201,305
Mercer International, Inc. (SBI) (a)	8,300		90,470
Pope & Talbot, Inc.	6,400		107,520
Potlatch Corp.	6,600		334,752
Sappi Ltd. sponsored ADR	9,400		127,840
Sino-Forest Corp. (a)	58,800		179,481
Tembec, Inc. (a)	64,200		435,236
Wausau-Mosinee Paper Corp.	29,200		524,140
West Fraser Timber Co. Ltd.	4,200		155,329
Weyerhaeuser Co.	20,700		1,366,200
TOTAL PAPER & FOREST PRODUCTS			13,399,685
REAL ESTATE - 6.1%
Plum Creek Timber Co., Inc.	23,000		851,000
Rayonier, Inc.	14,825		707,894
TOTAL REAL ESTATE			1,558,894
SPECIALTY RETAIL - 2.8%
OfficeMax, Inc. Delaware	23,200		702,264
TOTAL COMMON STOCKS (Cost $24,089,844)		25,002,127
Money Market Funds - 1.3%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b) (Cost $338,178)	338,178		$ 338,178
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $24,428,022)		25,340,305
NET OTHER ASSETS - 0.2%			48,017
NET ASSETS - 100%		$ 25,388,322

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $24,562,130. Net unrealized appreciation aggregated $778,175, of which $1,473,605 related to appreciated investment securities and $695,430 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

November 30, 2004

PHR-QTLY-0105

1.810707.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
BIOTECHNOLOGY - 18.2%
Alkermes, Inc. (a)	75,700		$ 1,043,903
BioMarin Pharmaceutical, Inc. (a)	57,000		303,810
Cell Therapeutics, Inc. (a)	49,300		368,764
Cephalon, Inc. (a)	8,200		389,746
CSL Ltd.	20,865		428,328
CV Therapeutics, Inc. (a)	16,100		349,048
DOV Pharmaceutical, Inc. (a)	79,200		1,465,992
Eyetech Pharmaceuticals, Inc.	43,700		1,761,984
Genelabs Technologies, Inc. (a)	5,100		3,621
Genentech, Inc. (a)	10,500		506,625
ICOS Corp. (a)	200		4,830
ImmunoGen, Inc. (a)	63,100		493,442
Introgen Therapeutics, Inc. (a)	700		4,886
MedImmune, Inc. (a)	100		2,660
Millennium Pharmaceuticals, Inc. (a)	20,700		261,234
Myogen, Inc.	81,200		662,592
Neopharm, Inc. (a)	76,700		893,555
Neurocrine Biosciences, Inc. (a)	24,000		1,104,000
ONYX Pharmaceuticals, Inc. (a)	32,500		1,016,600
Protein Design Labs, Inc. (a)	18,100		327,972
QLT, Inc. (a)	2,690		43,595
Seattle Genetics, Inc. (a)	48,500		331,255
Telik, Inc. (a)	95,235		1,819,941
Vertex Pharmaceuticals, Inc. (a)	600		6,372
TOTAL BIOTECHNOLOGY			13,594,755
CHEMICALS - 0.0%
Monsanto Co.	71		3,267
HEALTH CARE EQUIPMENT & SUPPLIES - 4.8%
Advanced Medical Optics, Inc. (a)	3		125
Baxter International, Inc.	100		3,165
Cyberonics, Inc. (a)	16,800		311,976
Illumina, Inc. (a)	433,100		3,291,560
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			3,606,826
HEALTH CARE PROVIDERS & SERVICES - 4.6%
Cardinal Health, Inc.	38,262		2,000,337
McKesson Corp.	30,630		905,117
Medco Health Solutions, Inc. (a)	87		3,282
Omnicell, Inc. (a)	10,600		113,950
Priority Healthcare Corp. Class B (a)	13,600		284,240
Tenet Healthcare Corp. (a)	10,900		118,265
TOTAL HEALTH CARE PROVIDERS & SERVICES			3,425,191
PHARMACEUTICALS - 68.4%
Allergan, Inc.	3,450		253,575

	Shares		Value
Alpharma, Inc. Class A	7,300		$ 121,253
Altana AG	6,070		332,114
Altana AG sponsored ADR	29,000		1,582,820
AstraZeneca PLC sponsored ADR	62,430		2,459,118
Barr Pharmaceuticals, Inc. (a)	47,450		1,852,923
Biovail Corp. (a)	48,010		727,467
Bristol-Myers Squibb Co.	10,240		240,640
Chugai Pharmaceutical Co. Ltd.	17,400		273,104
Daiichi Pharmaceutical Co. Ltd.	11,100		221,148
Dr. Reddy's Laboratories Ltd. ADR	21,800		386,078
Eisai Co. Ltd.	9,400		280,461
Elan Corp. PLC sponsored ADR (a)	57,400		1,515,360
Endo Pharmaceuticals Holdings, Inc. (a)	60,200		1,232,896
Forest Laboratories, Inc. (a)	19,620		764,591
Fujisawa Pharmaceutical Co. Ltd.	9,700		251,232
GlaxoSmithKline PLC sponsored ADR	47,100		2,003,634
H. Lundbeck AS	8,880		166,810
IVAX Corp. (a)	25,737		401,755
Johnson & Johnson	3		181
King Pharmaceuticals, Inc. (a)	300		3,735
Kyorin Pharmaceutical Co. Ltd.	9,000		128,753
Merck & Co., Inc.	101,120		2,833,382
Merck KGaA	4,720		273,497
Mylan Laboratories, Inc.	11,547		209,694
Nektar Therapeutics (a)	44,300		827,746
Novartis AG sponsored ADR	28,540		1,371,347
Novo Nordisk AS:
ADR	14,200		753,310
Series B	5,650		300,209
Perrigo Co.	170		3,067
Pfizer, Inc.	149,140		4,141,618
Recordati Spa	6,700		151,372
Roche Holding AG (participation certificate)	41,276		4,345,033
Sankyo Co. Ltd.	15,300		299,621
Sanofi-Aventis	15,050		1,136,576
Sanofi-Aventis sponsored ADR	47,156		1,780,611
Schering-Plough Corp.	303,490		5,417,297
Sepracor, Inc. (a)	79,900		3,556,349
Shionogi & Co. Ltd.	15,000		202,342
Shire Pharmaceuticals Group PLC sponsored ADR	12,900		387,387
Takeda Pharamaceutical Co. Ltd.	25,200		1,239,244
Tanabe Seiyaku Co. Ltd.	17,000		162,904
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,440		66,563
Watson Pharmaceuticals, Inc. (a)	15,100		438,655
Wyeth	137,320		5,474,944
Yamanouchi Pharmaceutical Co. Ltd.	15,600		570,057
TOTAL PHARMACEUTICALS			51,142,473
TOTAL COMMON STOCKS (Cost $76,134,536)		71,772,512
Money Market Funds - 5.9%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	3,105,644		$ 3,105,644
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	1,287,250		1,287,250
TOTAL MONEY MARKET FUNDS (Cost $4,392,894)		4,392,894

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $80,527,430)

76,165,406

NET OTHER ASSETS - (1.9)%		(1,417,680)
NET ASSETS - 100%		$ 74,747,726

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $81,309,733. Net unrealized depreciation aggregated $5,144,327, of which $7,483,061 related to appreciated investment securities and $12,627,388 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

November 30, 2004

PRC-QTLY-0105

1.810674.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CAPITAL MARKETS - 0.1%
National Financial Partners Corp.	6,400		$ 222,336
DIVERSIFIED FINANCIAL SERVICES - 2.2%
Leucadia National Corp.	1,400		87,780
Principal Financial Group, Inc.	90,900		3,425,112
TOTAL DIVERSIFIED FINANCIAL SERVICES			3,512,892
HEALTH CARE PROVIDERS & SERVICES - 2.8%
Anthem, Inc. (a)	44,000		4,458,520
INDUSTRIAL CONGLOMERATES - 0.3%
Alleghany Corp. (a)	1,412		398,989
INSURANCE - 91.6%
ACE Ltd.	179,700		7,263,474
AFLAC, Inc.	176,000		6,621,120
Allmerica Financial Corp. (a)	23,073		751,026
Allstate Corp.	113,100		5,711,550
AMBAC Financial Group, Inc.	76,350		6,209,546
American Financial Group, Inc., Ohio	2,500		78,700
American International Group, Inc.	217,500		13,778,623
Aon Corp.	24,500		517,440
Arch Capital Group Ltd. (a)	14,400		560,880
Arthur J. Gallagher & Co.	11,700		358,605
Aspen Insurance Holdings Ltd.	19,100		472,725
Assurant, Inc.	33,600		1,008,000
Axis Capital Holdings Ltd.	101,400		2,642,484
Berkshire Hathaway, Inc.:
Class A (a)	45		3,766,500
Class B (a)	62		172,360
Brown & Brown, Inc.	8,800		356,840
Cincinnati Financial Corp.	11,335		507,808
CNA Financial Corp. (a)	2,800		73,108
Conseco, Inc. (a)	35,700		677,943
Endurance Specialty Holdings Ltd.	116,400		3,907,548
Erie Indemnity Co. Class A	400		20,872
Everest Re Group Ltd.	57,800		4,870,806
Fidelity National Financial, Inc.	42,984		1,843,584
Genworth Financial, Inc. Class A	133,200		3,503,160
Hartford Financial Services Group, Inc.	121,100		7,750,400
HCC Insurance Holdings, Inc.	15,900		526,926
Hilb Rogal & Hobbs Co.	1,300		45,097
Infinity Property & Casualty Corp.	1,300		48,100
IPC Holdings Ltd.	15,500		659,835

	Shares		Value
Jefferson-Pilot Corp.	7,150		$ 351,709
Lincoln National Corp.	16,900		777,738
Manulife Financial Corp.	59,011		2,649,636
Markel Corp. (a)	2,200		708,400
MBIA, Inc.	83,800		5,024,648
Mercury General Corp.	1,000		56,700
MetLife, Inc.	180,100		7,023,900
Montpelier Re Holdings Ltd.	74,500		2,751,285
Nationwide Financial Services, Inc. Class A (sub. vtg.)	300		11,274
Odyssey Re Holdings Corp.	12,700		306,705
Ohio Casualty Corp. (a)	2,300		49,404
Old Republic International Corp.	57,800		1,444,422
PartnerRe Ltd.	33,300		2,038,626
Philadelphia Consolidated Holding Corp. (a)	5,700		389,025
Phoenix Companies, Inc.	31,900		389,180
Platinum Underwriters Holdings Ltd.	6,600		196,746
Protective Life Corp.	26,500		1,109,025
Prudential Financial, Inc.	149,700		7,327,815
PXRE Group Ltd.	2,100		50,673
Reinsurance Group of America, Inc.	12,600		584,892
RLI Corp.	1,300		54,145
SAFECO Corp.	10,600		513,782
Scottish Re Group Ltd.	34,300		788,900
St. Paul Travelers Companies, Inc.	204,491		7,459,832
StanCorp Financial Group, Inc.	35,200		2,782,560
The Chubb Corp.	68,629		5,230,216
Torchmark Corp.	33,300		1,828,503
Transatlantic Holdings, Inc.	4,562		266,147
UICI	17,600		587,840
UnumProvident Corp.	145,735		2,269,094
USI Holdings Corp. (a)	12,700		145,796
W.R. Berkley Corp.	101,275		4,592,821
Willis Group Holdings Ltd.	138,700		5,249,795
XL Capital Ltd. Class A	63,500		4,785,360
Zenith National Insurance Corp.	600		27,582
TOTAL INSURANCE			144,529,236
THRIFTS & MORTGAGE FINANCE - 2.6%
MGIC Investment Corp.	29,200		1,985,600
Radian Group, Inc.	20,600		1,055,750
The PMI Group, Inc.	23,500		967,730
TOTAL THRIFTS & MORTGAGE FINANCE			4,009,080
TOTAL COMMON STOCKS (Cost $123,833,262)		157,131,053
Money Market Funds - 0.5%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	498,142		$ 498,142
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	235,125		235,125
TOTAL MONEY MARKET FUNDS (Cost $733,267)		733,267
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $124,566,529)		157,864,320
NET OTHER ASSETS - (0.1)%		(149,053)
NET ASSETS - 100%		$ 157,715,267

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $125,219,662. Net unrealized appreciation aggregated $32,644,658, of which $33,756,243 related to appreciated investment securities and $1,111,585 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

November 30, 2004

RET-QTLY-0105

1.810717.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.6%
	Shares		Value
BEVERAGES - 0.4%
Pyramid Breweries, Inc.	131,900		$ 283,585
The Coca-Cola Co.	5,300		208,343
TOTAL BEVERAGES			491,928
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	1,400		21,952
DISTRIBUTORS - 0.5%
Advanced Marketing Services, Inc.	65,500		704,125
FOOD & STAPLES RETAILING - 30.2%
Albertsons, Inc.	211,400		5,348,420
BJ's Wholesale Club, Inc. (a)	10,700		317,683
Costco Wholesale Corp.	11,100		539,460
CVS Corp.	290,100		13,161,837
Kroger Co. (a)	90,000		1,456,200
Longs Drug Stores Corp.	20,300		542,010
Rite Aid Corp. (a)	34,300		125,881
Safeway, Inc. (a)	435,625		8,398,850
Spartan Stores, Inc. (a)	71,400		371,280
Wal-Mart Stores, Inc.	151,500		7,887,090
Walgreen Co.	60,700		2,317,526
Weis Markets, Inc.	2,600		99,840
Wild Oats Markets, Inc. (a)	59,700		427,452
Winn-Dixie Stores, Inc. (a)	45,300		181,200
TOTAL FOOD & STAPLES RETAILING			41,174,729
HOTELS, RESTAURANTS & LEISURE - 12.3%
Buca, Inc. (a)	21,500		129,000
Darden Restaurants, Inc.	73,700		2,009,062
Jack in the Box, Inc. (a)	400		15,112
Krispy Kreme Doughnuts, Inc. (a)	66,500		669,655
McDonald's Corp.	385,800		11,859,492
Outback Steakhouse, Inc.	6,000		259,800
Ruby Tuesday, Inc.	6,200		170,810
Starbucks Corp. (a)	18,700		1,052,062
Wendy's International, Inc.	13,200		470,844
Yum! Brands, Inc.	2,700		122,580
TOTAL HOTELS, RESTAURANTS & LEISURE			16,758,417
HOUSEHOLD DURABLES - 0.2%
Yankee Candle Co., Inc. (a)	9,200		280,232
INTERNET & CATALOG RETAIL - 4.3%
Amazon.com, Inc. (a)	9,600		380,928
eBay, Inc. (a)	13,500		1,518,075
eCost.com, Inc.	202,100		3,900,530
TOTAL INTERNET & CATALOG RETAIL			5,799,533

	Shares		Value
MULTILINE RETAIL - 8.3%
99 Cents Only Stores (a)	1,800		$ 26,856
Big Lots, Inc. (a)	100,300		1,163,480
Dollar General Corp.	5,400		106,650
Dollar Tree Stores, Inc. (a)	39,500		1,099,285
Family Dollar Stores, Inc.	16,500		483,450
Federated Department Stores, Inc.	2,800		153,440
Fred's, Inc. Class A	24,000		415,920
JCPenney Co., Inc.	5,200		200,720
Kohl's Corp. (a)	36,100		1,666,376
Nordstrom, Inc.	5,700		249,375
Saks, Inc.	18,300		254,553
Sears, Roebuck & Co.	14,100		733,623
ShopKo Stores, Inc. (a)	248,200		4,437,816
Target Corp.	7,000		358,540
The May Department Stores Co.	300		8,436
TOTAL MULTILINE RETAIL			11,358,520
SPECIALTY RETAIL - 31.0%
Abercrombie & Fitch Co. Class A	121,500		5,534,325
American Eagle Outfitters, Inc.	133,200		5,563,764
Barnes & Noble, Inc. (a)	3,900		105,612
Best Buy Co., Inc.	10,000		563,800
Blockbuster, Inc. Class A	17,800		150,944
Cabela's, Inc. Class A	2,200		47,190
CarMax, Inc. (a)	21,200		590,420
Charming Shoppes, Inc. (a)	10,800		100,980
Christopher & Banks Corp.	19,300		380,789
Circuit City Stores, Inc.	16,900		263,471
GameStop Corp. Class B (a)	1,657		35,162
Gap, Inc.	24,900		544,065
Home Depot, Inc.	319,900		13,355,824
Kirkland's, Inc. (a)	50,200		481,920
Linens 'N Things, Inc. (a)	44,500		1,105,380
Lowe's Companies, Inc.	2,400		132,792
Office Depot, Inc. (a)	40,000		656,000
Payless ShoeSource, Inc. (a)	17,400		203,232
PETCO Animal Supplies, Inc. (a)	40,400		1,460,864
PETsMART, Inc.	20,700		709,389
RadioShack Corp.	73,500		2,320,395
Ross Stores, Inc.	10,500		282,450
Shoe Carnival, Inc. (a)	10,000		130,400
Staples, Inc.	19,500		622,245
Talbots, Inc.	7,700		220,374
Tiffany & Co., Inc.	16,500		504,900
TJX Companies, Inc.	22,300		524,942
Too, Inc. (a)	134,100		3,406,140
Toys 'R' Us, Inc. (a)	97,300		1,881,782
Whitehall Jewellers, Inc. (a)	34,700		287,316
TOTAL SPECIALTY RETAIL			42,166,867
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
Jones Apparel Group, Inc.	5,500		$ 195,415
Oshkosh B'Gosh, Inc. Class A	17,300		354,650
Wolverine World Wide, Inc.	500		14,975
TOTAL TEXTILES, APPAREL & LUXURY GOODS			565,040
TOTAL COMMON STOCKS (Cost $99,492,279)		119,321,343
Money Market Funds - 23.1%

Fidelity Cash Central Fund, 1.98% (b)	20,704,409		20,704,409
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	10,834,900		10,834,900
TOTAL MONEY MARKET FUNDS (Cost $31,539,309)		31,539,309
TOTAL INVESTMENT PORTFOLIO - 110.7% (Cost $131,031,588)		150,860,652
NET OTHER ASSETS - (10.7)%		(14,571,688)
NET ASSETS - 100%		$ 136,288,964

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $131,390,913. Net unrealized appreciation aggregated $19,469,739, of which $23,742,372 related to appreciated investment securities and $4,272,633 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

November 30, 2004

SAV-QTLY-0105

1.810686.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%
	Shares		Value
CAPITAL MARKETS - 0.8%
Bank of New York Co., Inc.	97,100		$ 3,195,561
COMMERCIAL BANKS - 21.6%
Bank of the Ozarks, Inc.	29		1,034
Banknorth Group, Inc.	1,175		42,265
Comerica, Inc.	103,100		6,340,650
Dime Bancorp, Inc. warrants 11/22/05 (a)	425,000		68,000
Fifth Third Bancorp	81,700		4,114,412
IBERIABANK Corp.	67,500		4,360,500
M&T Bank Corp.	88,000		9,276,080
Nara Bancorp, Inc.	85,380		1,772,489
North Fork Bancorp, Inc., New York	889,159		25,607,779
TCF Financial Corp.	133,000		4,111,030
UCBH Holdings, Inc.	127,429		5,777,631
Wells Fargo & Co.	346,800		21,421,836
Wintrust Financial Corp.	144,200		8,628,928
TOTAL COMMERCIAL BANKS			91,522,634
CONSUMER FINANCE - 1.2%
First Marblehead Corp.	93,200		5,290,032
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Imperial Credit Industries, Inc. warrants 1/31/08 (a)	31,281		3
J.P. Morgan Chase & Co.	21,500		809,475
TOTAL DIVERSIFIED FINANCIAL SERVICES			809,478
INSURANCE - 7.8%
American International Group, Inc.	67,800		4,295,130
Fidelity National Financial, Inc.	322,066		13,813,411
Old Republic International Corp.	594,700		14,861,553
TOTAL INSURANCE			32,970,094
REAL ESTATE - 0.4%
HomeBanc Mortgage Corp., Georgia	195,700		1,763,257
THRIFTS & MORTGAGE FINANCE - 61.8%
Astoria Financial Corp.	113,800		4,722,700
Bank United Corp. Litigation Contingent Payment Rights Trust rights 12/31/04 (a)	126,300		1
Countrywide Financial Corp.	1,008,100		33,479,001
Doral Financial Corp.	394,079		18,285,266
Downey Financial Corp.	35,700		2,061,318
Fannie Mae	301,500		20,713,050
FirstFed Financial Corp., Delaware (a)	152,800		8,040,336
Freddie Mac	309,200		21,105,992
Golden West Financial Corp., Delaware	346,900		41,364,357
Hudson City Bancorp, Inc.	56,500		2,270,170
Independence Community Bank Corp.	62,882		2,671,227
IndyMac Bancorp, Inc.	30,800		1,000,692
MGIC Investment Corp.	234,700		15,959,600

	Shares		Value
New York Community Bancorp, Inc.	882,137		$ 17,448,670
Northwest Bancorp, Inc.	167,600		4,335,812
People's Bank, Connecticut	213,200		8,476,832
Radian Group, Inc.	303,800		15,569,750
Rainier Pacific Financial Group, Inc.	187,873		3,372,320
Sovereign Bancorp, Inc.	946,899		20,689,743
The PMI Group, Inc.	94,574		3,894,557
W Holding Co., Inc.	323,121		7,115,124
Washington Federal, Inc.	122,420		3,301,667
Webster Financial Corp.	119,400		5,975,970
TOTAL THRIFTS & MORTGAGE FINANCE			261,854,155
TOTAL COMMON STOCKS (Cost $263,854,469)		397,405,211
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 1.98% (b) (Cost $26,929,566)	26,929,566	26,929,566
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $290,784,035)		424,334,777
NET OTHER ASSETS - (0.1)%		(552,377)
NET ASSETS - 100%		$ 423,782,400

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $290,921,972. Net unrealized appreciation aggregated $133,412,805, of which $135,875,109 related to appreciated investment securities and $2,462,304 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

November 30, 2004

SOF-QTLY-0105

1.810708.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AEROSPACE & DEFENSE - 0.4%
Orbital Sciences Corp. (a)	245,400		$ 3,190,200
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Resources Connection, Inc. (a)	159,100		7,216,776
COMMUNICATIONS EQUIPMENT - 3.6%
Adtran, Inc.	158,500		3,551,985
Comverse Technology, Inc. (a)	671,000		14,272,170
Redback Networks, Inc. (a)	1,000,000		4,800,000
Research In Motion Ltd. (a)	72,000		6,363,101
TOTAL COMMUNICATIONS EQUIPMENT			28,987,256
COMPUTERS & PERIPHERALS - 4.1%
ActivCard Corp. (a)	550,000		4,378,000
Adaptec, Inc. (a)	425,000		3,315,000
Advanced Digital Information Corp. (a)	111,600		1,024,488
Cray, Inc. (a)	449,900		1,579,149
Dot Hill Systems Corp. (a)	472,200		3,116,520
EMC Corp. (a)	309,800		4,157,516
International Business Machines Corp.	1,000		94,240
Pinnacle Systems, Inc. (a)	590,700		3,083,454
Seagate Technology	275,000		4,119,500
Sun Microsystems, Inc. (a)	850,000		4,717,500
Western Digital Corp. (a)	328,400		3,208,468
TOTAL COMPUTERS & PERIPHERALS			32,793,835
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.7%
CDW Corp.	168,400		11,067,248
National Instruments Corp.	191,100		5,465,460
Tech Data Corp. (a)	61,700		2,800,563
Xyratex Ltd.	183,500		2,605,700
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			21,938,971
HEALTH CARE PROVIDERS & SERVICES - 0.6%
IMS Health, Inc.	224,496		5,066,875
HOUSEHOLD DURABLES - 0.3%
Ngai Lik Industrial Holdings Ltd.	8,244,000		2,306,051
INTERNET SOFTWARE & SERVICES - 5.4%
Aladdin Knowledge Systems Ltd. (a)	130,000		3,780,530
Ariba, Inc. (a)	101,816		1,679,964
AsiaInfo Holdings, Inc. (a)	580,000		3,480,000
EarthLink, Inc. (a)	255,975		2,774,769
Google, Inc. Class A	79,600		14,566,800
RealNetworks, Inc. (a)	225,900		1,423,170
Retek, Inc. (a)	185,000		1,128,500
SonicWALL, Inc. (a)	1,159,000		7,127,850
Vitria Technology, Inc. (a)(d)	2,133,350		7,381,391
TOTAL INTERNET SOFTWARE & SERVICES			43,342,974

	Shares		Value
IT SERVICES - 18.0%
Affiliated Computer Services, Inc. Class A (a)	166,400		$ 9,847,552
Ceridian Corp. (a)	387,900		7,335,189
First Data Corp.	100		4,109
Infosys Technologies Ltd.	563,704		27,225,003
Kanbay International, Inc.	407,911		11,719,283
Mastek Ltd.	380,000		2,744,112
Paychex, Inc.	465,000		15,419,400
Satyam Computer Services Ltd.	1,310,630		12,776,434
SM&A (a)	340,800		2,750,256
SunGard Data Systems, Inc. (a)	159,000		4,215,090
The BISYS Group, Inc. (a)	2,927,100		46,862,871
Titan Corp. (a)	300,000		4,833,000
TOTAL IT SERVICES			145,732,299
LEISURE EQUIPMENT & PRODUCTS - 0.3%
JAKKS Pacific, Inc. (a)	153,900		2,865,618
SOFTWARE - 59.8%
Altiris, Inc. (a)	3,900		109,200
Amdocs Ltd. (a)	727,000		18,792,950
BEA Systems, Inc. (a)	9,846,000		79,555,680
Cadence Design Systems, Inc. (a)	945,500		12,991,170
Cognos, Inc. (a)	440,000		17,166,660
Compuware Corp. (a)	333,600		1,924,872
Concord Communications, Inc. (a)	321,600		2,987,664
Concur Technologies, Inc. (a)	8,483		79,740
E.piphany, Inc. (a)	1,363,600		6,163,472
FileNET Corp. (a)	611,486		16,393,940
Informatica Corp. (a)	354,439		2,764,624
Microsoft Corp.	4,527,700		121,387,637
NetIQ Corp. (a)	190,000		2,331,300
Nintendo Co. Ltd.	204,100		24,556,664
Oracle Corp. (a)	5,094,500		64,496,370
Phase Forward, Inc.	79,100		649,411
Quest Software, Inc. (a)	750,700		11,620,836
RM PLC	1,401,900		4,217,928
SAP AG sponsored ADR	4,200		186,900
Siebel Systems, Inc. (a)	5,343,600		53,863,488
Symantec Corp. (a)	357,300		22,799,313
Verint Systems, Inc. (a)	19,010		782,071
VERITAS Software Corp. (a)	554,700		12,147,930
WatchGuard Technologies, Inc. (a)	747,000		3,062,700
Wind River Systems, Inc. (a)	191,100		2,312,310
TOTAL SOFTWARE			483,344,830
SPECIALTY RETAIL - 2.7%
Circuit City Stores, Inc.	200,000		3,118,000
Office Depot, Inc. (a)	150,000		2,460,000
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
RadioShack Corp.	474,000		$ 14,964,180
Tweeter Home Entertainment Group, Inc. (a)	260,500		1,669,805
TOTAL SPECIALTY RETAIL			22,211,985
TOTAL COMMON STOCKS (Cost $768,935,718)		798,997,670
Nonconvertible Preferred Stocks - 0.2%

HOUSEHOLD DURABLES - 0.2%
LG Electronics, Inc. (Cost $1,173,280)	36,100		1,285,965
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 1.98% (b)	1,732,521		1,732,521
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	22,015,050		22,015,050
TOTAL MONEY MARKET FUNDS (Cost $23,747,571)		23,747,571
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $793,856,569)		824,031,206
NET OTHER ASSETS - (1.9)%		(15,685,508)
NET ASSETS - 100%		$ 808,345,698

Legend

(a) Non-income producing

(d) Affiliated company

Other Information

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Blue Coat Systems, Inc.	$ 17,897,462	$ 13,698,133	$ 14,010,475	$ -	$ -
Vitria Technology, Inc.	-	7,325,617	-	-	7,381,391
Total	$ 17,897,462	$ 21,023,750	$ 14,010,475	$ -	$ 7,381,391

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $799,306,171. Net unrealized appreciation aggregated $24,725,035, of which $96,422,959 related to appreciated investment securities and $71,697,924 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

November 30, 2004

TEC-QTLY-0105

1.810712.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 19.6%
Alcatel SA sponsored ADR (a)	756,500		$ 11,756,010
Alvarion Ltd. (a)	167,400		2,455,758
Andrew Corp. (a)	448,200		6,364,440
Avaya, Inc. (a)	1,463,700		24,033,954
Carrier Access Corp. (a)	282,500		2,550,975
Cisco Systems, Inc. (a)	6,078,000		113,719,380
Comverse Technology, Inc. (a)	335,630		7,138,850
Corning, Inc. (a)	194,200		2,443,036
CSR PLC	591,191		3,969,673
Enterasys Networks, Inc. (a)	2,575,100		4,506,425
Extreme Networks, Inc. (a)	875,000		5,976,250
Foundry Networks, Inc. (a)	427,500		5,707,125
ITF Optical Technologies, Inc. Series A (d)	65,118		81,398
Juniper Networks, Inc. (a)	1,019,574		28,068,872
Lucent Technologies, Inc. (a)	6,237,900		24,514,947
Motorola, Inc.	3,853,100		74,210,706
Nokia Corp. sponsored ADR	638,100		10,318,077
Plantronics, Inc.	197,800		8,147,382
Powerwave Technologies, Inc. (a)	1,183,400		9,571,339
QUALCOMM, Inc.	1,233,200		51,325,784
Research In Motion Ltd. (a)	270,300		23,888,143
Sierra Wireless, Inc. (a)	318,200		6,010,102
TOTAL COMMUNICATIONS EQUIPMENT			426,758,626
COMPUTERS & PERIPHERALS - 24.1%
Adaptec, Inc. (a)	259,600		2,024,880
Apple Computer, Inc. (a)	992,000		66,513,600
Compal Electronics, Inc.	4,073,179		3,907,520
Dell, Inc. (a)	4,014,400		162,663,488
Dot Hill Systems Corp. (a)	1,467,700		9,686,820
EMC Corp. (a)	9,710,045		130,308,804
Hewlett-Packard Co.	342,900		6,858,000
International Business Machines Corp.	208,250		19,625,480
Lexmark International, Inc. Class A (a)	173,500		14,730,150
Network Appliance, Inc. (a)	460,500		13,888,680
palmOne, Inc. (a)	143,044		5,012,262
QLogic Corp. (a)	308,100		10,595,559
Quanta Computer, Inc.	3,286,432		5,356,650
Seagate Technology	1,212,700		18,166,246
Sun Microsystems, Inc. (a)	6,977,900		38,727,345
Synaptics, Inc. (a)	164,231		6,306,470
Western Digital Corp. (a)	1,262,890		12,338,435
TOTAL COMPUTERS & PERIPHERALS			526,710,389
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.9%
Aeroflex, Inc. (a)	198,300		2,429,175
Arrow Electronics, Inc. (a)	270,100		6,625,553
Avnet, Inc. (a)	254,600		4,684,640
Benchmark Electronics, Inc. (a)	111,500		3,908,075
CDW Corp.	188,900		12,414,508
Celestica, Inc. (sub. vtg.) (a)	839,600		12,778,599

	Shares		Value
Flextronics International Ltd. (a)	564,300		$ 8,097,705
Hon Hai Precision Industries Co. Ltd.	2,187,297		8,827,961
Ingram Micro, Inc. Class A (a)	180,400		3,470,896
Solectron Corp. (a)	787,800		4,923,750
Symbol Technologies, Inc.	503,700		7,636,092
Vishay Intertechnology, Inc. (a)	218,600		3,193,746
Xyratex Ltd.	381,000		5,410,200
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			84,400,900
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Waters Corp. (a)	42,100		1,964,386
HOTELS, RESTAURANTS & LEISURE - 0.0%
eLong, Inc. ADR	2,500		52,150
HOUSEHOLD DURABLES - 0.5%
Harman International Industries, Inc.	45,100		5,540,535
LG Electronics, Inc.	69,990		4,225,432
ReignCom Ltd.	51,800		1,215,336
TOTAL HOUSEHOLD DURABLES			10,981,303
INTERNET & CATALOG RETAIL - 2.2%
Amazon.com, Inc. (a)	313,400		12,435,712
eBay, Inc. (a)	321,300		36,130,185
TOTAL INTERNET & CATALOG RETAIL			48,565,897
INTERNET SOFTWARE & SERVICES - 4.5%
DoubleClick, Inc. (a)	357,300		2,679,750
Google, Inc. Class A	168,800		30,890,400
Openwave Systems, Inc. (a)	420,133		5,537,353
SonicWALL, Inc. (a)	695,300		4,276,095
Supportsoft, Inc. (a)	652,100		3,312,668
VeriSign, Inc. (a)	189,300		6,227,970
Yahoo!, Inc. (a)	1,219,300		45,870,066
TOTAL INTERNET SOFTWARE & SERVICES			98,794,302
IT SERVICES - 1.1%
Ceridian Corp. (a)	310,200		5,865,882
Cognizant Technology Solutions Corp. Class A (a)	313,400		11,949,942
Infosys Technologies Ltd. sponsored ADR	87,400		6,285,808
Kanbay International, Inc.	13,500		387,855
TOTAL IT SERVICES			24,489,487
MEDIA - 0.1%
Sirius Satellite Radio, Inc. (a)	450,000		2,988,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 27.2%
Agere Systems, Inc.:
Class A (a)	1,141,500		1,563,855
Class B (a)	588,500		800,360
Altera Corp. (a)	567,700		12,875,436
Analog Devices, Inc.	1,121,000		41,420,950
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Applied Materials, Inc. (a)	2,035,600		$ 33,872,384
Applied Micro Circuits Corp. (a)	618,500		2,276,080
ATMI, Inc. (a)	230,000		5,294,600
Broadcom Corp. Class A (a)	87,500		2,845,500
Cree, Inc. (a)	139,060		4,975,567
Cypress Semiconductor Corp. (a)	976,100		9,614,585
Fairchild Semiconductor International, Inc. (a)	340,700		5,212,710
Freescale Semiconductor, Inc. Class A	395,400		6,982,764
Integrated Circuit Systems, Inc. (a)	1,470,100		34,753,164
Integrated Device Technology, Inc. (a)	1,106,400		12,557,640
Intel Corp.	7,633,660		170,612,297
International Rectifier Corp. (a)	257,100		10,885,614
Intersil Corp. Class A	472,700		7,610,470
KLA-Tencor Corp. (a)	531,800		23,962,908
Lam Research Corp. (a)	115,000		2,991,150
Linear Technology Corp.	155,300		5,926,248
Marvell Technology Group Ltd. (a)	1,113,700		35,705,222
Mindspeed Technologies, Inc. (a)	1,472,600		3,681,500
National Semiconductor Corp. (a)	3,534,000		54,635,640
O2Micro International Ltd. (a)	265,700		3,214,970
ON Semiconductor Corp. (a)	653,900		2,386,735
PMC-Sierra, Inc. (a)	151,400		1,671,456
Portalplayer, Inc.	1,400		40,866
Samsung Electronics Co. Ltd.	20,850		8,640,268
Semiconductor Manufacturing International Corp. sponsored ADR	22,080		264,077
Sigmatel, Inc. (a)	566,900		20,283,682
Silicon Image, Inc. (a)	281,751		4,733,417
Taiwan Semiconductor Manufacturing Co. Ltd.	3,913,944		5,747,580
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,635,488		13,034,839
Teradyne, Inc. (a)	1,267,400		21,621,844
Texas Instruments, Inc.	198,300		4,794,894
Trident Microsystems, Inc. (a)	52,000		811,200
United Microelectronics Corp.	5,202,000		3,262,353
United Microelectronics Corp. sponsored ADR	2,428,355		8,499,243

	Shares		Value
Varian Semiconductor Equipment Associates, Inc. (a)	69,100		$ 2,454,432
Zoran Corp. (a)	71,300		844,905
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			593,363,405
SOFTWARE - 15.6%
Adobe Systems, Inc.	93,225		5,645,706
Amdocs Ltd. (a)	118,600		3,065,810
JAMDAT Mobile, Inc.	1,800		41,184
Lawson Software, Inc. (a)	310,604		1,919,533
Macrovision Corp. (a)	305,765		8,118,061
McAfee, Inc. (a)	391,300		11,308,570
Microsoft Corp.	5,460,360		146,392,252
Novell, Inc. (a)	1,214,319		7,407,346
Oracle Corp. (a)	4,626,100		58,566,426
PeopleSoft, Inc. (a)	130,500		3,081,105
Quest Software, Inc. (a)	765,699		11,853,021
Red Hat, Inc. (a)	1,570,500		22,740,840
SAP AG sponsored ADR	198,700		8,842,150
Secure Computing Corp. (a)	103,200		1,075,344
Siebel Systems, Inc. (a)	1,065,028		10,735,482
Symantec Corp. (a)	280,900		17,924,229
VERITAS Software Corp. (a)	917,455		20,092,265
Visual Networks, Inc. (a)	263,300		847,826
TOTAL SOFTWARE			339,657,150
SPECIALTY RETAIL - 0.3%
Best Buy Co., Inc.	5,200		293,176
RadioShack Corp.	168,000		5,303,760
TOTAL SPECIALTY RETAIL			5,596,936
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
InPhonic, Inc.	2,900		73,979
Leap Wireless International, Inc. (a)	156,300		3,970,020
Nextel Communications, Inc. Class A (a)	102,300		2,911,458
TOTAL WIRELESS TELECOMMUNICATION SERVICES			6,955,457
TOTAL COMMON STOCKS (Cost $2,024,104,055)		2,171,278,388
Convertible Preferred Stocks - 0.0%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Chorum Technologies, Inc. Series E (a)(d)	33,100		$ 0
Procket Networks, Inc. Series C (a)(d)	504,045		5
TOTAL COMMUNICATIONS EQUIPMENT			5
SOFTWARE - 0.0%
Monterey Design Systems Series E (d)	62,733		56,460
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,768,008)		56,465
Money Market Funds - 2.3%
Fidelity Cash Central Fund, 1.98% (b)	7,370,159		7,370,159
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	43,615,113		43,615,113
TOTAL MONEY MARKET FUNDS (Cost $50,985,272)		50,985,272
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $2,083,857,335)		2,222,320,125
NET OTHER ASSETS - (1.8)%		(39,672,666)
NET ASSETS - 100%		$ 2,182,647,459

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 570,644
ITF Optical Technologies, Inc. Series A	10/11/00	$ 3,269,910
Monterey Design Systems Series E	11/1/00	$ 3,293,498
Procket Networks, Inc. Series C	11/15/00 - 12/26/00	$ 4,977,948

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $2,110,792,531. Net unrealized appreciation aggregated $111,527,594, of which $305,127,916 related to appreciated investment securities and $193,600,322 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

November 30, 2004

TEL-QTLY-0105

1.810721.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 20.8%
Adtran, Inc.	4,100		$ 91,881
Alcatel SA sponsored ADR (a)	189,600		2,946,384
Avaya, Inc. (a)	22,300		366,166
Avocent Corp. (a)	5,100		193,443
Comverse Technology, Inc. (a)	134,200		2,854,434
Corning, Inc. (a)	5,000		62,900
Juniper Networks, Inc. (a)	464,600		12,790,438
Lucent Technologies, Inc. (a)	1,557,200		6,119,796
Motorola, Inc.	1,036,200		19,957,212
Nokia Corp. sponsored ADR	639,200		10,335,864
Nortel Networks Corp. (a)	36,100		125,267
QUALCOMM, Inc.	440,300		18,325,286
Research In Motion Ltd. (a)	13,700		1,210,757
Sonus Networks, Inc. (a)	220,300		1,456,183
Tekelec (a)	1,800		42,138
Telefonaktiebolaget LM Ericsson ADR (a)	17,200		571,900
TOTAL COMMUNICATIONS EQUIPMENT			77,450,049
DIVERSIFIED TELECOMMUNICATION SERVICES - 52.0%
ALLTEL Corp.	311,300		17,647,597
BellSouth Corp.	630,000		16,896,600
Citizens Communications Co.	1,270,200		18,163,860
Iowa Telecommunication Services, Inc.	27,700		587,517
Qwest Communications International, Inc. (a)	11,889,044		47,556,176
SBC Communications, Inc.	1,548,500		38,975,745
Sprint Corp.	577,100		13,163,651
Verizon Communications, Inc.	979,000		40,364,170
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			193,355,316
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Amphenol Corp. Class A (a)	5,300		186,083
INTERNET SOFTWARE & SERVICES - 0.1%
Raindance Communications, Inc. (a)	134,000		309,540
MEDIA - 4.3%
Comcast Corp. Class A (a)	64,900		1,949,596
EchoStar Communications Corp. Class A	194,600		6,380,934
Liberty Media Corp. Class A (a)	5,000		51,650
The DIRECTV Group, Inc. (a)	449,800		7,192,302
UnitedGlobalCom, Inc. Class A (a)	49,400		411,502
TOTAL MEDIA			15,985,984
WIRELESS TELECOMMUNICATION SERVICES - 21.9%
Alamosa Holdings, Inc. (a)	360,800		3,932,720
American Tower Corp. Class A (a)	29,000		525,770
Crown Castle International Corp. (a)	247,500		4,177,800

	Shares		Value
Nextel Communications, Inc. Class A (a)	1,035,500		$ 29,470,330
Nextel Partners, Inc. Class A (a)	559,900		10,128,591
NII Holdings, Inc. (a)	178,900		7,739,214
SpectraSite, Inc. (a)	30,000		1,738,800
Vodafone Group PLC sponsored ADR	670,400		18,281,808
Western Wireless Corp. Class A (a)	205,700		5,553,900
TOTAL WIRELESS TELECOMMUNICATION SERVICES			81,548,933
TOTAL COMMON STOCKS (Cost $321,463,386)		368,835,905
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 1.98% (b)	490,740		490,740
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	7,965,500		7,965,500
TOTAL MONEY MARKET FUNDS (Cost $8,456,240)		8,456,240

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $329,919,626)

377,292,145

NET OTHER ASSETS - (1.5)%		(5,743,823)
NET ASSETS - 100%		$ 371,548,322

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $334,234,497. Net unrealized appreciation aggregated $43,057,648, of which $61,731,736 related to appreciated investment securities and $18,674,088 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

November 30, 2004

TRN-QTLY-0105

1.810722.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
AEROSPACE & DEFENSE - 0.7%
Bombardier, Inc. Class B (sub. vtg.)	440,200		$ 853,712
AIR FREIGHT & LOGISTICS - 21.2%
C.H. Robinson Worldwide, Inc.	56,100		3,015,375
CNF, Inc.	34,800		1,626,900
Dynamex, Inc. (a)	57,400		1,154,888
EGL, Inc. (a)	24,800		836,752
Expeditors International of Washington, Inc.	68,460		3,646,180
FedEx Corp.	61,800		5,872,854
Forward Air Corp. (a)	34,700		1,608,345
Hub Group, Inc. Class A (a)	19,115		831,503
Ryder System, Inc.	44,800		2,403,072
United Parcel Service, Inc. Class B	71,800		6,041,970
UTI Worldwide, Inc.	9,200		634,156
TOTAL AIR FREIGHT & LOGISTICS			27,671,995
AIRLINES - 10.8%
AirTran Holdings, Inc. (a)	102,200		1,208,004
Alaska Air Group, Inc. (a)	18,200		568,386
AMR Corp. (a)	107,200		968,016
Continental Airlines, Inc. Class B (a)	44,500		495,730
Delta Air Lines, Inc. (a)	91,500		637,755
ExpressJet Holdings, Inc. Class A (a)	29,200		340,472
Frontier Airlines, Inc. (a)	24,900		292,077
JetBlue Airways Corp. (a)	45,325		1,088,253
Mesa Air Group, Inc. (a)	22,400		157,248
Northwest Airlines Corp. (a)	58,400		598,016
Pinnacle Airlines Corp.	900		11,295
Republic Airways Holdings, Inc.	19,800		227,700
SkyWest, Inc.	38,800		738,364
Southwest Airlines Co.	404,787		6,367,300
WestJet Airlines Ltd. (a)	41,250		387,822
TOTAL AIRLINES			14,086,438
AUTO COMPONENTS - 1.0%
TRW Automotive Holdings Corp.	62,800		1,330,104
DIVERSIFIED FINANCIAL SERVICES - 0.7%
GATX Corp.	32,400		953,856
IT SERVICES - 1.7%
Sabre Holdings Corp. Class A	94,780		2,187,522
MACHINERY - 14.4%
Commercial Vehicle Group, Inc.	12,000		235,200
Cummins, Inc.	20,200		1,608,324
Eaton Corp.	88,700		5,978,380
Navistar International Corp. (a)	49,000		2,016,350

	Shares		Value
Oshkosh Truck Co.	22,600		$ 1,419,732
PACCAR, Inc.	75,775		5,918,028
Trinity Industries, Inc.	30,000		1,060,500
Wabash National Corp. (a)	21,100		524,757
TOTAL MACHINERY			18,761,271
MARINE - 0.7%
Alexander & Baldwin, Inc.	15,800		668,498
Kirby Corp. (a)	5,100		232,152
TOTAL MARINE			900,650
OIL & GAS - 11.0%
Arlington Tankers Ltd.	300		6,891
Frontline Ltd. (d)	12,100		732,072
General Maritime Corp. (a)	43,300		1,967,985
OMI Corp.	113,400		2,423,358
Overseas Shipholding Group, Inc.	27,900		1,832,751
Ship Finance International Ltd.	1,613		40,406
Stelmar Shipping Ltd.	29,300		1,293,595
Teekay Shipping Corp.	58,600		3,121,036
Top Tankers, Inc.	116,900		2,636,095
Tsakos Energy Navigation Ltd.	4,900		207,025
TOTAL OIL & GAS			14,261,214
ROAD & RAIL - 34.0%
Arkansas Best Corp.	9,600		413,952
Burlington Northern Santa Fe Corp.	139,500		6,283,080
Canadian National Railway Co.	111,850		6,483,987
Canadian Pacific Railway Ltd.	102,500		3,357,751
CSX Corp.	126,400		4,819,632
Dollar Thrifty Automotive Group, Inc. (a)	17,500		470,575
Florida East Coast Industries, Inc. Class A	20,200		861,530
Heartland Express, Inc.	53,143		1,167,020
J.B. Hunt Transport Services, Inc.	52,600		2,114,520
Kansas City Southern (a)	43,850		745,889
Knight Transportation, Inc. (a)	37,600		906,160
Landstar System, Inc. (a)	7,185		506,614
Norfolk Southern Corp.	186,600		6,405,978
Overnite Corp.	18,000		636,120
Swift Transportation Co., Inc. (a)	55,841		1,088,341
Union Pacific Corp.	94,200		5,976,048
USA Truck, Inc. (a)	15,700		194,523
USF Corp.	18,300		676,551
Werner Enterprises, Inc.	52,807		1,188,158
TOTAL ROAD & RAIL			44,296,429
SOFTWARE - 2.1%
NAVTEQ Corp.	64,200		2,770,230
TOTAL COMMON STOCKS (Cost $108,021,678)		128,073,421
Money Market Funds - 5.3%
	Shares		Value
Fidelity Cash Central Fund, 1.98% (b)	3,637,111		$ 3,637,111
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	3,194,525		3,194,525
TOTAL MONEY MARKET FUNDS (Cost $6,831,636)		6,831,636
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $114,853,314)		134,905,057
NET OTHER ASSETS - (3.6)%		(4,649,404)
NET ASSETS - 100%		$ 130,255,653

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $115,022,497. Net unrealized appreciation aggregated $19,882,560, of which $21,164,207 related to appreciated investment securities and $1,281,647 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

November 30, 2004

UTI-QTLY-0105

1.810724.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Adesa, Inc.	9,900		$ 197,604
CONSTRUCTION & ENGINEERING - 0.6%
Dycom Industries, Inc. (a)	69,500		2,025,230
DIVERSIFIED TELECOMMUNICATION SERVICES - 39.2%
ALLTEL Corp.	34,900		1,978,481
BellSouth Corp.	1,158,700		31,076,334
Citizens Communications Co.	1,087,800		15,555,540
Golden Telecom, Inc.	12,300		372,665
Iowa Telecommunication Services, Inc.	25,900		549,339
Qwest Communications International, Inc. (a)	1,937,000		7,748,000
SBC Communications, Inc.	1,320,300		33,231,951
Sprint Corp.	405,100		9,240,331
TELUS Corp. (non-vtg.) (a)	69,100		1,773,020
Verizon Communications, Inc.	860,366		35,472,890
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			136,998,551
ELECTRIC UTILITIES - 25.2%
Allegheny Energy, Inc. (a)	47,700		912,978
Allete, Inc.	2,033		74,001
Entergy Corp.	124,900		8,096,018
Exelon Corp.	352,800		14,715,288
FirstEnergy Corp.	336,500		14,210,395
PG&E Corp. (a)	437,000		14,534,620
PPL Corp.	126,900		6,592,455
TXU Corp.	385,300		24,204,546
Westar Energy, Inc.	15,000		332,250
Wisconsin Energy Corp.	128,800		4,285,176
TOTAL ELECTRIC UTILITIES			87,957,727
GAS UTILITIES - 1.4%
KeySpan Corp.	30,800		1,217,216
Nicor, Inc.	17,100		630,990
NiSource, Inc.	40,600		884,674
Peoples Energy Corp.	12,300		548,826
Piedmont Natural Gas Co., Inc.	9,600		225,696
Southern Union Co. (a)	35,600		872,912
UGI Corp. (a)	9,500		385,510
TOTAL GAS UTILITIES			4,765,824
INTERNET SOFTWARE & SERVICES - 0.1%
Raindance Communications, Inc. (a)	125,060		288,889
MEDIA - 8.1%
EchoStar Communications Corp. Class A	504,600		16,545,834
NTL, Inc. (a)	13,100		911,498

	Shares		Value
The DIRECTV Group, Inc. (a)	486,411		$ 7,777,712
XM Satellite Radio Holdings, Inc. Class A (a)	83,200		3,070,912
TOTAL MEDIA			28,305,956
MULTI-UTILITIES & UNREGULATED POWER - 7.3%
AES Corp. (a)	290,000		3,549,600
Constellation Energy Group, Inc.	44,600		1,949,020
Dominion Resources, Inc.	212,100		13,886,187
Energen Corp.	13,000		752,180
Equitable Resources, Inc.	20,200		1,201,900
ONEOK, Inc.	63,600		1,775,712
Sierra Pacific Resources (a)	235,000		2,408,750
TOTAL MULTI-UTILITIES & UNREGULATED POWER			25,523,349
WATER UTILITIES - 0.2%
Aqua America, Inc.	34,147		809,967
WIRELESS TELECOMMUNICATION SERVICES - 16.7%
American Tower Corp. Class A (a)	536,120		9,719,856
Crown Castle International Corp. (a)	261,000		4,405,680
InPhonic, Inc.	500		12,755
Nextel Communications, Inc. Class A (a)	927,400		26,393,804
Nextel Partners, Inc. Class A (a)	296,500		5,363,685
NII Holdings, Inc. (a)	128,500		5,558,910
Price Communications Corp. (a)	32,900		595,819
SpectraSite, Inc. (a)	56,500		3,274,740
Western Wireless Corp. Class A (a)	107,460		2,901,420
TOTAL WIRELESS TELECOMMUNICATION SERVICES			58,226,669
TOTAL COMMON STOCKS (Cost $312,947,078)		345,099,766
Money Market Funds - 5.8%

Fidelity Cash Central Fund, 1.98% (b)	14,773,496		14,773,496
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	5,325,700		5,325,700
TOTAL MONEY MARKET FUNDS (Cost $20,099,196)		20,099,196
TOTAL INVESTMENT PORTFOLIO - 104.6% (Cost $333,046,274)		365,198,962
NET OTHER ASSETS - (4.6)%		(16,089,387)
NET ASSETS - 100%		$ 349,109,575

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $340,903,106. Net unrealized appreciation aggregated $24,295,856, of which $40,308,054 related to appreciated investment securities and $16,012,198 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

November 30, 2004

WIR-QTLY-0105

1.810702.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 43.1%
Andrew Corp. (a)	573,900		$ 8,149,380
Comverse Technology, Inc. (a)	1,013,520		21,557,570
Harris Corp.	210,700		13,946,233
Lucent Technologies, Inc. (a)	293,200		1,152,276
Motorola, Inc.	1,827,280		35,193,412
Nokia Corp. sponsored ADR	2,038,900		32,969,013
Powerwave Technologies, Inc. (a)	644,800		5,215,142
QUALCOMM, Inc.	606,400		25,238,368
REMEC, Inc. (a)	640,500		3,862,215
Research In Motion Ltd. (a)	356,200		31,479,676
Sierra Wireless, Inc. (a)	36,200		683,739
Tekelec (a)	229,600		5,374,936
Telefonaktiebolaget LM Ericsson ADR (a)	541,100		17,991,575
TOTAL COMMUNICATIONS EQUIPMENT			202,813,535
COMPUTERS & PERIPHERALS - 1.0%
Novatel Wireless, Inc.	181,800		3,828,708
palmOne, Inc. (a)	29,800		1,044,192
TOTAL COMPUTERS & PERIPHERALS			4,872,900
DIVERSIFIED TELECOMMUNICATION SERVICES - 11.4%
ALLTEL Corp.	234,290		13,281,900
BellSouth Corp.	142,900		3,832,578
SBC Communications, Inc.	237,200		5,970,324
Sprint Corp.	873,675		19,928,527
Verizon Communications, Inc.	253,100		10,435,313
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			53,448,642
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
Trimble Navigation Ltd. (a)	93,200		2,942,324
INTERNET SOFTWARE & SERVICES - 1.5%
Openwave Systems, Inc. (a)	486,966		6,418,212
Raindance Communications, Inc. (a)	164,700		380,457
TOTAL INTERNET SOFTWARE & SERVICES			6,798,669
MEDIA - 0.8%
EchoStar Communications Corp. Class A	118,400		3,882,336
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
AMIS Holdings, Inc. (a)	60,700		920,212
Atheros Communications, Inc.	200,500		2,243,595
RF Micro Devices, Inc. (a)	479,400		3,336,624
Skyworks Solutions, Inc. (a)	85,100		845,043
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			7,345,474
SOFTWARE - 0.1%
JAMDAT Mobile, Inc.	19,300		441,584

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 38.5%
Alamosa Holdings, Inc. (a)	1,209,174		$ 13,179,997
American Tower Corp. Class A (a)	718,450		13,025,499
At Road, Inc. (a)	94,300		568,629
Crown Castle International Corp. (a)	1,130,000		19,074,400
InPhonic, Inc.	600		15,306
Nextel Communications, Inc. Class A (a)	1,010,550		28,760,253
Nextel Partners, Inc. Class A (a)	1,331,700		24,090,453
NII Holdings, Inc. (a)	385,600		16,681,056
Price Communications Corp. (a)	309,400		5,603,234
SpectraSite, Inc. (a)	245,100		14,205,996
Telephone & Data Systems, Inc.	20,223		1,567,283
Vodafone Group PLC sponsored ADR	1,092,990		29,805,837
Western Wireless Corp. Class A (a)	546,800		14,763,600
TOTAL WIRELESS TELECOMMUNICATION SERVICES			181,341,543
TOTAL COMMON STOCKS (Cost $379,705,283		463,887,007
Money Market Funds - 5.9%

Fidelity Cash Central Fund, 1.98% (b)	5,497,582		5,497,582
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	22,455,975		22,455,975
TOTAL MONEY MARKET FUNDS (Cost $27,953,557)		27,953,557
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $407,658,840)		491,840,564
NET OTHER ASSETS - (4.5)%		(21,364,256)
NET ASSETS - 100%		$ 470,476,308

Legend

(a) Non-income producing

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $410,664,682. Net unrealized appreciation aggregated $81,175,882, of which $87,670,181 related to appreciated investment securities and $6,494,299 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

November 30, 2004

GOL-QTLY-0105

1.810695.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
Australia - 4.1%
METALS & MINING - 4.1%
Gold - 4.1%
Newcrest Mining Ltd.	2,400,000		$ 32,376,456
Sons of Gwalia Ltd. (a)	6,000,000		46
			32,376,502
Bermuda - 1.2%
METALS & MINING - 1.2%
Precious Metals & Minerals - 1.2%
Aquarius Platinum Ltd. (Australia)	2,081,244		9,235,650
Canada - 58.5%
METALS & MINING - 58.5%
Diversified Metals & Mining - 3.8%
Major Drilling Group International, Inc. (a)	700,400		7,382,267
Orezone Resources, Inc. Class A (a)	4,000,000		4,452,127
Teck Cominco Ltd. Class B (sub. vtg.)	600,000		18,203,128
			30,037,522
Gold - 48.1%
Agnico-Eagle Mines Ltd.	500,000		7,888,191
Alamos Gold, Inc. (a)	2,432,900		7,385,168
Arizona Star Resource Corp. (a)	1,347,300		6,475,492
Aurizon Mines Ltd. (a)	2,500,000		3,225,262
Bema Gold Corp. (a)	1,500,000		5,489,270
Chesapeake Gold Corp. (a)	501,000		2,217,842
Chesapeake Gold Corp. (a)(e)	199,000		880,939
Crystallex International Corp. (a)(e)	72,800		278,690
Cumberland Resources Ltd. (a)	500,000		969,687
Eldorado Gold Corp. (a)(d)	15,000,000		49,706,986
Gabriel Resources Ltd. (a)(d)	10,170,000		13,291,876
Gabriel Resources Ltd. (d)(e)	1,130,000		1,476,875
Goldcorp, Inc.	3,500,000		53,417,092
Guinor Gold Corp. (a)	6,848,000		5,832,017
High River Gold Mines Ltd. (a)	7,000,000		9,739,028
High River Gold Mines Ltd. (a)(f)	2,500,000		3,130,402
High River Gold Mines Ltd. warrants 10/26/06 (a)	1,500,000		13
Kinross Gold Corp. (a)(e)	866,666		6,825,465
Kinross Gold Corp. (a)	8,133,334		64,054,419
Kinross Gold Corp. warrants 12/5/07 (a)	1,300,000		712,509
Meridian Gold, Inc. (a)	1,500,000		29,482,693
Metallic Ventures Gold, Inc. (a)	79,400		115,155
Metallic Ventures Gold, Inc. warrants 3/17/09 (a)	202,750		30,773
Novagold Resources, Inc. (a)	300,000		2,436,022
Novagold Resources, Inc. (a)(e)	200,000		1,624,015
Orvana Minerals Corp. (a)	1,000,000		1,011,847
Placer Dome, Inc.	1,300,000		28,116,700
Richmont Mines, Inc. (a)(d)	1,000,000		4,561,744
Wheaton River Minerals Ltd. (a)	19,500,000		63,796,956

	Shares		Value
Wheaton River Minerals Ltd. warrants 8/25/08 (a)	206,450		$ 295,936
Yamana Gold, Inc. (a)	1,000,000		3,094,566
			377,563,630
Precious Metals & Minerals - 6.6%
Aber Diamond Corp. (a)	250,000		9,629,411
IMA Exploration, Inc. (a)	720,000		2,549,855
Intrepid Minerals Corp. (a)(d)	4,512,800		2,207,027
Minefinders Corp. Ltd. (a)(d)	3,645,000		29,351,785
SouthernEra Diamonds, Inc. Class A (a)(d)	7,868,610		4,379,006
Tahera Diamond Corp. (a)	12,300,000		3,941,144
			52,058,228
TOTAL METALS & MINING			459,659,380
Cayman Islands - 1.3%
METALS & MINING - 1.3%
Precious Metals & Minerals - 1.3%
Apex Silver Mines Ltd. (a)	528,800		10,285,160
Mexico - 0.0%
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Industrias Penoles SA de CV	45,400		236,664
Papua New Guinea - 0.5%
METALS & MINING - 0.5%
Gold - 0.5%
Lihir Gold Ltd. (a)	4,000,020		3,951,380
Peru - 6.0%
METALS & MINING - 6.0%
Precious Metals & Minerals - 6.0%
Compania de Minas Buenaventura SA	1,000,000		23,664,700
Compania de Minas Buenaventura SA sponsored ADR	1,000,000		23,500,000
			47,164,700
South Africa - 9.8%
METALS & MINING - 9.8%
Gold - 7.6%
Durban Roodepoort Deep Ltd. sponsored ADR (a)	2,000,000		3,460,000
Harmony Gold Mining Co. Ltd.	2,911,990		30,517,655
Harmony Gold Mining Co. Ltd. sponsored ADR	2,020,000		21,169,600
Western Areas Ltd. (a)	1,000,000		4,673,540
			59,820,795
Precious Metals & Minerals - 2.2%
Impala Platinum Holdings Ltd.	200,000		17,044,674
TOTAL METALS & MINING			76,865,469
Common Stocks - continued
	Shares		Value
United Kingdom - 3.9%
METALS & MINING - 3.9%
Diversified Metals & Mining - 0.7%
Southern African Resources PLC (a)	6,000,000		$ 4,928,574
Gold - 0.3%
Randgold Resources Ltd. ADR (a)	193,500		2,453,580
Precious Metals & Minerals - 2.9%
Lonmin PLC	1,292,784		22,992,025
TOTAL METALS & MINING			30,374,179
United States of America - 10.3%
METALS & MINING - 10.3%
Diversified Metals & Mining - 3.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	600,000		23,478,000
Gold - 6.1%
Newmont Mining Corp.	795,624		37,672,796
Newmont Mining Corp. CHESS Depository Interests	672,776		3,260,669
Royal Gold, Inc.	370,000		6,556,400
			47,489,865
Precious Metals & Minerals - 1.2%
Stillwater Mining Co. (a)	800,000		9,488,000
TOTAL METALS & MINING			80,455,865
TOTAL COMMON STOCKS (Cost $606,234,748)		750,604,949
Money Market Funds - 14.0%

Fidelity Cash Central Fund, 1.98% (b)	36,729,813		36,729,813
Fidelity Securities Lending Cash Central Fund, 2% (b)(c)	73,462,601		73,462,601
TOTAL MONEY MARKET FUNDS (Cost $110,192,414)		110,192,414
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $716,427,162)		860,797,363

NET OTHER ASSETS - (9.6)%

(75,224,581)

NET ASSETS - 100%

$ 785,572,782

Legend

(a) Non-income producing

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $11,085,984 or 1.4% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,130,402 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
High River Gold Mines Ltd.	9/27/04	$ 3,144,036

Other Information

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Eldorado Gold Corp.	$ 5,780,823	$ 33,705,240	$ 1,519,818	$ -	$ 49,706,986
Gabriel Resources Ltd.	25,128,608	576,087	-	-	13,291,876
Gabriel Resources Ltd. (144A)	2,876,933	-	-	-	1,476,875
Intrepid Minerals Corp.	-	4,174,344	-	-	2,207,027
Minefinders Corp. Ltd.	18,720,282	11,892,853	-	-	29,351,785
Novagold Resources, Inc.	16,223,745	1,399,637	22,303,412	-	-
Novagold Resources, Inc. (144A)	3,291,774	-	4,010,717	-	-
Richmont Mines, Inc.	4,462,915	-	-	-	4,561,744
Southern Platinum Corp.	-	-	10,564,476	-	-
SouthernEra Diamonds, Inc. Class A	-	339,036	-	-	4,379,006
SouthernEra Resources Ltd.	21,179,827	4,920,515	-	-	-
TOTALS	$ 97,664,907	$ 57,007,712	$ 38,398,423	$ -	$ 104,975,299

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $731,774,424. Net unrealized appreciation aggregated $129,022,939, of which $169,671,571 related to appreciated investment securities and $40,648,632 related to depreciated investment securities.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

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

Date:	January 24, 2005

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

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

Date:	January 24, 2005

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	January 24, 2005

Fidelity ® Select Air Transportation Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Automotive Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Banking Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Biotechnology Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Brokerage and Investment Management Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Business Services and

Outsourcing Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Chemicals Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Computers Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Construction and Housing Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Consumer Industries Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Cyclical Industries Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Defense and Aerospace Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Developing

Communications Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Electronics Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Energy Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Energy Service Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Environmental Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Financial Services Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Food and Agriculture Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Health Care Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Industrial Equipment Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Industrial Materials Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Leisure Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Medical Delivery Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Medical Equipment and Systems Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Money Market Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Multimedia Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Natural Gas Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Natural Resources Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Networking and

Infrastructure Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Paper and

Forest Products Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Pharmaceuticals Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Insurance Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Retailing Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Home Finance Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Software and

Computer Services Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Technology Portfolio

Investments November 30, 2004 (Unaudited)

Fidelity ® Select Telecommunications Portfolio

Fidelity ® Select Brokerage and Investment
Management Portfolio

Fidelity ® Select Construction and
Housing Portfolio

Fidelity ® Select Medical Equipment and
Systems Portfolio

Fidelity ® Select Money Market
Portfolio