N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Scott C. Goebel, Secretary

245 Summer St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

May 31, 2013

1.802174.109

HEA-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
BIOTECHNOLOGY - 32.7%
Biotechnology - 32.7%
Achillion Pharmaceuticals, Inc. (a)	1,600,000		$ 13,344,000
Acorda Therapeutics, Inc. (a)	200,000		6,690,000
Alexion Pharmaceuticals, Inc. (a)	905,000		88,273,700
Amgen, Inc.	2,400,000		241,272,000
Biogen Idec, Inc. (a)	200,000		47,498,000
BioMarin Pharmaceutical, Inc. (a)	660,000		41,382,000
Biovitrum AB (a)	1,700,000		10,574,709
Cubist Pharmaceuticals, Inc. (a)	250,000		13,737,500
Discovery Laboratories, Inc. (a)(d)	2,275,700		4,073,503
Dynavax Technologies Corp. (a)	1,800,000		4,698,000
Genomic Health, Inc. (a)	436,500		15,923,520
Gilead Sciences, Inc. (a)	4,865,000		265,045,202
Grifols SA ADR	1,200,000		32,712,000
Infinity Pharmaceuticals, Inc. (a)	450,000		12,127,500
Insmed, Inc. (a)	264,994		3,556,219
Intercept Pharmaceuticals, Inc.	83,260		2,784,214
InterMune, Inc. (a)	1,000,000		9,880,000
Lexicon Pharmaceuticals, Inc. (a)	3,500,000		8,365,000
Medivation, Inc. (a)	690,000		33,506,400
Merrimack Pharmaceuticals, Inc. (a)	500,000		2,770,000
Momenta Pharmaceuticals, Inc. (a)	600,000		7,896,000
Neurocrine Biosciences, Inc. (a)	1,280,000		16,550,400
NPS Pharmaceuticals, Inc. (a)	800,000		12,600,000
Onyx Pharmaceuticals, Inc. (a)	770,000		73,496,500
Puma Biotechnology, Inc. (a)	320,000		12,457,600
Regeneron Pharmaceuticals, Inc. (a)	280,000		67,723,600
Spectrum Pharmaceuticals, Inc.	900,000		7,389,000
Synageva BioPharma Corp. (a)	130,000		5,358,600
Synta Pharmaceuticals Corp. (a)	600,000		4,428,000
Targacept, Inc. (a)	1,000,000		5,630,000
Theravance, Inc. (a)(d)	400,000		14,016,000
ZIOPHARM Oncology, Inc. (a)(d)	2,000,000		4,380,000
			1,090,139,167
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc.	900,000		17,037,000
FOOD & STAPLES RETAILING - 1.6%
Drug Retail - 1.6%
CVS Caremark Corp.	900,000		51,822,000
HEALTH CARE EQUIPMENT & SUPPLIES - 10.0%
Health Care Equipment - 8.5%
Boston Scientific Corp. (a)	11,800,000		109,032,000
Cardiovascular Systems, Inc. (a)	500,000		10,275,000
CONMED Corp.	600,000		19,758,000
Covidien PLC	300,000		19,080,000
Genmark Diagnostics, Inc. (a)	1,342,600		20,004,740
HeartWare International, Inc. (a)(d)	90,000		8,214,300
Insulet Corp. (a)	637,400		19,032,764

	Shares		Value
Intuitive Surgical, Inc. (a)	22,000		$ 10,945,660
Tornier NV (a)	103,719		1,639,797
Volcano Corp. (a)	1,175,000		22,442,500
Zeltiq Aesthetics, Inc. (a)	1,200,000		6,228,000
Zimmer Holdings, Inc.	450,000		35,329,500
			281,982,261
Health Care Supplies - 1.5%
Derma Sciences, Inc. (a)(e)	950,000		12,673,000
The Cooper Companies, Inc.	340,000		38,423,400
			51,096,400
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			333,078,661
HEALTH CARE PROVIDERS & SERVICES - 16.3%
Health Care Distributors & Services - 3.6%
Amplifon SpA	1,200,000		5,970,532
McKesson Corp.	1,000,000		113,860,000
			119,830,532
Health Care Facilities - 2.8%
Brookdale Senior Living, Inc. (a)	700,000		19,845,000
Emeritus Corp. (a)	561,542		14,274,398
Hanger, Inc. (a)	300,000		9,573,000
HCA Holdings, Inc.	800,000		31,248,000
NMC Health PLC	1,700,000		7,606,876
Ramsay Health Care Ltd.	350,000		11,567,765
			94,115,039
Health Care Services - 5.8%
BioScrip, Inc. (a)	2,084,531		29,141,743
Catamaran Corp. (a)	1,000,000		49,057,150
MEDNAX, Inc. (a)	640,000		59,411,200
Quest Diagnostics, Inc.	900,000		55,656,000
			193,266,093
Managed Health Care - 4.1%
Aetna, Inc.	140,000		8,453,200
CIGNA Corp.	700,000		47,530,000
Humana, Inc.	650,000		52,507,000
UnitedHealth Group, Inc.	450,000		28,183,500
			136,673,700
TOTAL HEALTH CARE PROVIDERS & SERVICES			543,885,364
HEALTH CARE TECHNOLOGY - 5.4%
Health Care Technology - 5.4%
athenahealth, Inc. (a)(d)	450,000		38,047,500
Cerner Corp. (a)	1,130,000		111,056,400
HealthStream, Inc. (a)	658,101		17,623,945
HMS Holdings Corp. (a)	500,000		12,450,000
			179,177,845
IT SERVICES - 0.9%
Data Processing & Outsourced Services - 0.9%
Maximus, Inc.	400,000		29,852,000
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 3.3%
Life Sciences Tools & Services - 3.3%
Agilent Technologies, Inc.	350,000		$ 15,907,500
Bruker BioSciences Corp. (a)	500,000		8,265,000
Illumina, Inc. (a)(d)	1,200,000		84,384,000
			108,556,500
PERSONAL PRODUCTS - 0.7%
Personal Products - 0.7%
Prestige Brands Holdings, Inc. (a)	770,000		22,630,300
PHARMACEUTICALS - 27.8%
Pharmaceuticals - 27.8%
AbbVie, Inc.	750,000		32,017,500
Actavis, Inc. (a)	1,080,000		133,153,200
Bayer AG	300,000		32,320,883
Bristol-Myers Squibb Co.	1,400,000		64,414,000
Cadence Pharmaceuticals, Inc. (a)	750,000		4,987,500
Endo Health Solutions, Inc. (a)	550,000		19,965,000
Hi-Tech Pharmacal Co., Inc.	280,000		8,948,800
Impax Laboratories, Inc. (a)	800,000		15,160,000
Jazz Pharmaceuticals PLC (a)	260,000		17,672,200
Meda AB (A Shares)	1,000,000		12,908,875
Merck & Co., Inc.	2,400,000		112,080,000
Mylan, Inc. (a)	1,400,000		42,672,000
Optimer Pharmaceuticals, Inc. (a)(d)	900,000		13,392,000
Pacira Pharmaceuticals, Inc. (a)(d)	282,700		8,283,110
Pfizer, Inc.	2,600,000		70,798,000
Salix Pharmaceuticals Ltd. (a)	410,000		24,874,700
Sanofi SA	800,000		85,302,599
Shire PLC sponsored ADR	200,000		19,694,000
The Medicines Company (a)	370,000		11,917,700
UCB SA	280,000		15,392,419
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d)	840,000		77,287,292
ViroPharma, Inc. (a)	1,500,000		41,250,000
Warner Chilcott PLC	3,200,000		61,440,000
			925,931,778
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
Real Estate Development - 0.5%
PT Lippo Karawaci Tbk	90,000,000		16,906,335
TOTAL COMMON STOCKS (Cost $2,480,852,386)		3,319,016,950
Convertible Preferred Stocks - 0.5%

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

	Shares		Value
HEALTH CARE TECHNOLOGY - 0.4%
Health Care Technology - 0.4%
Castlight Health, Inc.:
Series C (f)	90,850		$ 675,924
Series D (f)	1,784,800		13,278,912
			13,954,836
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,322,475)		16,954,838
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 0.12% (b)	21,977,205		21,977,205
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	98,751,537		98,751,537
TOTAL MONEY MARKET FUNDS (Cost $120,728,742)		120,728,742
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $2,615,903,603)		3,456,700,530
NET OTHER ASSETS (LIABILITIES) - (3.8)%			(125,545,125)
NET ASSETS - 100%		$ 3,331,155,405

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $16,954,838 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,033
Fidelity Securities Lending Cash Central Fund	444,752
Total	$ 460,785

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carriage Services, Inc.	$ 18,143,653	$ -	$ 1,859,240	$ 22,500	$ -
Derma Sciences, Inc.	11,097,000	593,651	-	-	12,673,000
Total	$ 29,240,653	$ 593,651	$ 1,859,240	$ 22,500	$ 12,673,000

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 3,319,016,950	$ 3,205,240,251	$ 113,776,699	$ -
Convertible Preferred Stocks	16,954,838	-	-	16,954,838
Money Market Funds	120,728,742	120,728,742	-	-
Total Investments in Securities:	$ 3,456,700,530	$ 3,325,968,993	$ 113,776,699	$ 16,954,838

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $2,620,211,318. Net unrealized appreciation aggregated $836,489,212, of which $877,302,901 related to appreciated investment securities and $40,813,689 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

May 31, 2013

1.802178.109

PRC-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Specialized Finance - 0.1%
The NASDAQ Stock Market, Inc.	12,500		$ 393,250
INSURANCE - 98.0%
Insurance Brokers - 8.7%
Arthur J. Gallagher & Co.	224,200		9,793,056
Marsh & McLennan Companies, Inc.	633,000		25,332,660
National Financial Partners Corp. (a)	41,100		1,036,131
			36,161,847
Life & Health Insurance - 15.9%
AFLAC, Inc.	222,500		12,391,025
AIA Group Ltd.	7,600		33,600
CNO Financial Group, Inc.	228,500		2,819,690
Lincoln National Corp.	133,400		4,757,044
MetLife, Inc.	488,075		21,577,796
Protective Life Corp.	169,600		6,560,128
Prudential Financial, Inc.	147,589		10,179,213
Prudential PLC	2,060		34,651
Torchmark Corp.	114,800		7,405,748
			65,758,895
Multi-Line Insurance - 14.4%
American Financial Group, Inc.	129,700		6,298,232
American International Group, Inc. (a)	789,100		35,083,386
American International Group, Inc. warrants 1/19/21 (a)	72,369		1,331,590
Aviva PLC	38,600		193,978
FBD Holdings PLC	383,300		6,875,080
Hartford Financial Services Group, Inc.	274,400		8,404,872
Horace Mann Educators Corp.	51,652		1,255,144
Zurich Insurance Group AG	1,515		402,733
			59,845,015
Property & Casualty Insurance - 51.1%
ACE Ltd.	314,549		28,208,754
Allied World Assurance Co.Holdings Ltd.	173,700		15,530,517
Allstate Corp.	216,200		10,429,488
Arch Capital Group Ltd. (a)	7,400		378,954
Assured Guaranty Ltd.	16,700		377,754
Axis Capital Holdings Ltd.	329,300		14,344,308
Beazley PLC	1,208,896		4,338,514

	Shares		Value
Berkshire Hathaway, Inc. Class B (a)	570,569		$ 65,084,803
Direct Line Insurance Group PLC	262,200		844,580
esure Group PLC	1,320,700		6,250,782
Hiscox Ltd.	539,281		4,543,482
Lancashire Holdings Ltd.	351,600		4,249,728
ProAssurance Corp.	324,900		16,309,980
The Chubb Corp.	57,458		5,004,592
The Travelers Companies, Inc.	332,200		27,811,784
W.R. Berkley Corp.	201,100		8,239,067
			211,947,087
Reinsurance - 7.9%
Everest Re Group Ltd.	137,100		17,769,531
Greenlight Capital Re, Ltd. (a)	35,567		860,366
PartnerRe Ltd.	9,600		870,240
Reinsurance Group of America, Inc.	185,500		12,222,595
Validus Holdings Ltd.	26,100		942,471
			32,665,203
TOTAL INSURANCE			406,378,047
TOTAL COMMON STOCKS (Cost $332,439,463)		406,771,297
Money Market Funds - 1.0%

Fidelity Cash Central Fund,0.12% (b) (Cost $4,264,867)	4,264,867		4,264,867
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $336,704,330)			411,036,164
NET OTHER ASSETS (LIABILITIES) - 0.9%			3,800,613
NET ASSETS - 100%		$ 414,836,777

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,490

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 406,771,297	$ 406,509,068	$ 262,229	$ -
Money Market Funds	4,264,867	4,264,867	-	-
Total Investments in Securities:	$ 411,036,164	$ 410,773,935	$ 262,229	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $338,498,782. Net unrealized appreciation aggregated $72,537,382, of which $73,300,802 related to appreciated investment securities and $763,420 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

May 31, 2013

1.802154.109

AUT-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
AUTO COMPONENTS - 47.2%
Auto Parts & Equipment - 44.6%
Allison Transmission Holdings, Inc.	37,600		$ 894,880
American Axle & Manufacturing Holdings, Inc. (a)	131,000		2,330,490
Autoliv, Inc.	63,455		4,978,679
BorgWarner, Inc. (a)	73,700		5,974,859
Dana Holding Corp.	169,500		3,206,940
Delphi Automotive PLC	204,578		9,985,452
Dorman Products, Inc.	28,300		1,260,199
Drew Industries, Inc.	34,200		1,292,760
Federal-Mogul Corp. Class A (a)	57,324		558,909
Fuel Systems Solutions, Inc. (a)	26,200		408,458
Gentex Corp.	161,300		3,688,931
Gentherm, Inc. (a)	29,800		548,916
Johnson Controls, Inc.	221,270		8,266,647
Lear Corp.	80,000		4,798,400
Linamar Corp.	45,900		1,287,458
Magna International, Inc. Class A (sub. vtg.)	105,884		7,061,316
Martinrea International, Inc. (a)	92,800		885,259
Modine Manufacturing Co. (a)	97,400		998,350
Spartan Motors, Inc.	83,600		505,780
Standard Motor Products, Inc.	26,100		882,180
Stoneridge, Inc. (a)	60,389		676,961
Tenneco, Inc. (a)	135,646		6,017,257
Tower International, Inc. (a)	40,100		758,291
TRW Automotive Holdings Corp. (a)	102,700		6,506,045
Visteon Corp. (a)	40,900		2,595,923
			76,369,340
Tires & Rubber - 2.6%
Cooper Tire & Rubber Co.	58,800		1,519,392
The Goodyear Tire & Rubber Co. (a)	193,526		2,929,984
			4,449,376
TOTAL AUTO COMPONENTS			80,818,716
AUTOMOBILES - 48.5%
Automobile Manufacturers - 44.6%
Ford Motor Co.	994,661		15,596,284
General Motors Co. (a)	323,244		10,954,739
Honda Motor Co. Ltd. sponsored ADR (e)	414,100		15,557,737
Tesla Motors, Inc. (a)(e)	39,300		3,841,968
Thor Industries, Inc.	30,300		1,294,113

	Shares		Value
Toyota Motor Corp. sponsored ADR (e)	240,500		$ 28,270,775
Winnebago Industries, Inc. (a)	41,300		857,388
			76,373,004
Motorcycle Manufacturers - 3.9%
Harley-Davidson, Inc.	121,500		6,626,610
TOTAL AUTOMOBILES			82,999,614
TOTAL COMMON STOCKS (Cost $113,279,149)		163,818,330

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

Money Market Funds - 17.9%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	7,047,018		7,047,018
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	23,679,375		23,679,375
TOTAL MONEY MARKET FUNDS (Cost $30,726,393)		30,726,393
TOTAL INVESTMENT PORTFOLIO - 113.6% (Cost $144,289,898)			194,544,726
NET OTHER ASSETS (LIABILITIES) - (13.6)%			(23,301,844)
NET ASSETS - 100%		$ 171,242,882

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,466
Fidelity Securities Lending Cash Central Fund	99,595
Total	$ 101,061

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 163,818,330	$ 163,818,330	$ 0	$ 0
Nonconvertible Bonds	3	0	0	3
Money Market Funds	30,726,393	30,726,393	0	0
Total Investments in Securities:	$ 194,544,726	$ 194,544,723	$ 0	$ 3

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $144,702,673. Net unrealized appreciation aggregated $49,842,053, of which $51,357,304 related to appreciated investment securities and $1,515,251 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

May 31, 2013

1.802164.109

CYC-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
AEROSPACE & DEFENSE - 14.7%
Aerospace & Defense - 14.7%
Honeywell International, Inc.	488,629		$ 38,337,831
Precision Castparts Corp.	43,202		9,241,772
Teledyne Technologies, Inc. (a)	173,022		13,360,759
Textron, Inc.	465,999		12,563,333
United Technologies Corp.	646,985		61,398,877
			134,902,572
AUTO COMPONENTS - 1.5%
Auto Parts & Equipment - 1.5%
Johnson Controls, Inc.	374,902		14,006,339
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
A.O. Smith Corp.	178,398		6,993,202
Aspen Aerogels, Inc. warrants 3/28/23 (a)	4,617,874		46
			6,993,248
COMMERCIAL SERVICES & SUPPLIES - 3.5%
Diversified Support Services - 0.5%
Aggreko PLC	167,900		4,558,767
Environmental & Facility Services - 3.0%
Republic Services, Inc.	371,691		12,674,663
Stericycle, Inc. (a)	68,445		7,512,523
Waste Connections, Inc.	192,200		7,734,128
			27,921,314
TOTAL COMMERCIAL SERVICES & SUPPLIES			32,480,081
CONSTRUCTION & ENGINEERING - 2.9%
Construction & Engineering - 2.9%
EMCOR Group, Inc.	203,042		8,070,920
Jacobs Engineering Group, Inc. (a)	117,092		6,675,415
URS Corp.	237,723		11,515,302
			26,261,637
ELECTRICAL EQUIPMENT - 7.7%
Electrical Components & Equipment - 7.7%
AMETEK, Inc.	339,212		14,636,998
Eaton Corp. PLC	423,429		27,971,720
Generac Holdings, Inc.	136,677		5,535,419
Hubbell, Inc. Class B	168,058		16,878,065
Regal-Beloit Corp.	87,533		5,909,353
			70,931,555
INDUSTRIAL CONGLOMERATES - 22.9%
Industrial Conglomerates - 22.9%
3M Co.	374,850		41,334,710
Carlisle Companies, Inc.	107,046		7,001,879

	Shares		Value
Danaher Corp.	713,376		$ 44,100,904
General Electric Co.	5,063,210		118,074,057
			210,511,550
LIFE SCIENCES TOOLS & SERVICES - 0.7%
Life Sciences Tools & Services - 0.7%
Eurofins Scientific SA (a)	32,820		6,451,991
MACHINERY - 30.0%
Construction & Farm Machinery & Heavy Trucks - 12.0%
Caterpillar, Inc.	336,800		28,897,440
Cummins, Inc.	204,913		24,513,742
Manitowoc Co., Inc.	731,614		15,371,210
Oshkosh Truck Corp. (a)	159,342		6,344,998
PACCAR, Inc.	251,681		13,490,102
Toro Co.	171,886		8,192,087
Wabtec Corp.	118,450		13,030,685
			109,840,264
Industrial Machinery - 18.0%
Donaldson Co., Inc.	195,349		7,327,541
Dover Corp.	211,351		16,538,216
GEA Group AG	222,848		8,147,761
Graco, Inc.	162,013		10,441,738
Harsco Corp.	379,830		8,880,425
IDEX Corp.	178,183		9,808,974
Ingersoll-Rand PLC	288,817		16,615,642
ITT Corp.	19,000		572,850
Nordson Corp.	74,661		5,317,356
Pall Corp.	181,104		12,351,293
Parker Hannifin Corp.	176,537		17,611,331
Pentair Ltd.	271,447		15,809,073
Stanley Black & Decker, Inc.	187,377		14,844,006
Timken Co.	207,437		11,774,124
TriMas Corp. (a)	295,333		9,524,489
			165,564,819
TOTAL MACHINERY			275,405,083
PROFESSIONAL SERVICES - 6.9%
Human Resource & Employment Services - 1.8%
Towers Watson & Co.	209,874		16,303,012
Research & Consulting Services - 5.1%
Bureau Veritas SA (d)	36,577		4,251,112
Dun & Bradstreet Corp.	207,149		20,329,603
Nielsen Holdings B.V.	364,344		12,354,905
Verisk Analytics, Inc. (a)	176,348		10,372,789
			47,308,409
TOTAL PROFESSIONAL SERVICES			63,611,421
ROAD & RAIL - 3.5%
Railroads - 2.0%
Union Pacific Corp.	119,993		18,553,318
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Trucking - 1.5%
Con-way, Inc.	77,249		$ 2,937,007
J.B. Hunt Transport Services, Inc.	138,555		10,205,961
			13,142,968
TOTAL ROAD & RAIL			31,696,286
TRADING COMPANIES & DISTRIBUTORS - 3.4%
Trading Companies & Distributors - 3.4%
Applied Industrial Technologies, Inc.	17,083		821,180
W.W. Grainger, Inc.	44,669		11,499,587
Watsco, Inc.	94,729		8,265,105
WESCO International, Inc. (a)	147,949		10,986,693
			31,572,565
TOTAL COMMON STOCKS (Cost $705,857,028)		904,824,328

Convertible Bonds - 0.3%
	Principal Amount
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Aspen Aerogels, Inc.:
8% 6/1/14 (e)	$ 1,333,511	1,333,511
8% 12/6/14 (e)	1,454,536	1,454,536
8% 3/28/16	119,403	119,403

TOTAL CONVERTIBLE BONDS

(Cost $2,907,404)

2,907,450

U.S. Treasury Obligations - 0.0%

U.S. Treasury Bills, yield at date of purchase 0.05% 7/5/13 (Cost $119,995)	120,000	119,998

Money Market Funds - 1.7%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	11,169,743		$ 11,169,743
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	4,442,400		4,442,400
TOTAL MONEY MARKET FUNDS (Cost $15,612,143)		15,612,143
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $724,496,570)			923,463,919
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(4,245,883)
NET ASSETS - 100%		$ 919,218,036

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,788,047 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/14/11 - 12/31/12	$ 1,333,511
Aspen Aerogels, Inc. 8% 12/6/14	12/6/11 - 12/31/12	$ 1,454,536

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,578
Fidelity Securities Lending Cash Central Fund	2,612
Total	$ 12,190

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 904,824,328	$ 904,824,282	$ -	$ 46
Convertible Bonds	2,907,450	-	-	2,907,450
U.S. Treasury Obligations	119,998	-	119,998	-
Money Market Funds	15,612,143	15,612,143	-	-
Total Investments in Securities:	$ 923,463,919	$ 920,436,425	$ 119,998	$ 2,907,496

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $725,961,268. Net unrealized appreciation aggregated $197,502,651, of which $199,432,021 related to appreciated investment securities and $1,929,370 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

May 31, 2013

1.802171.109

FIN-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CAPITAL MARKETS - 14.8%
Asset Management & Custody Banks - 11.4%
A.F.P. Provida SA sponsored ADR	126,899		$ 11,670,901
Affiliated Managers Group, Inc. (a)	24,067		3,946,988
Ameriprise Financial, Inc.	47,821		3,898,368
Apollo Global Management LLC Class A	221,872		5,336,022
Ares Capital Corp.	272,227		4,671,415
BlackRock, Inc. Class A	43,490		12,142,408
Carlyle Group LP	68,306		1,991,803
Invesco Ltd.	247,909		8,364,450
Oaktree Capital Group LLC	96,300		5,022,045
Och-Ziff Capital Management Group LLC Class A	82,411		922,179
The Blackstone Group LP	915,504		20,040,383
			78,006,962
Diversified Capital Markets - 1.0%
Deutsche Bank AG (NY Shares)	18,500		856,920
HFF, Inc.	17,600		331,056
UBS AG (NY Shares)	307,899		5,397,469
			6,585,445
Investment Banking & Brokerage - 2.4%
Evercore Partners, Inc. Class A	175,883		6,986,073
FXCM, Inc. Class A	230,200		3,192,874
GFI Group, Inc.	12,442		50,639
Lazard Ltd. Class A	40,677		1,378,137
Raymond James Financial, Inc.	108,661		4,777,824
			16,385,547
TOTAL CAPITAL MARKETS			100,977,954
COMMERCIAL BANKS - 26.2%
Diversified Banks - 18.9%
Banco de Chile sponsored ADR	8		712
Banco do Brasil SA	152,600		1,789,762
Banco Macro SA sponsored ADR (a)	1,200		18,132
Banco Santander SA (Brasil) ADR	209,847		1,496,209
BanColombia SA sponsored ADR	115,573		6,691,677
Barclays PLC sponsored ADR (d)	624,701		11,988,012
BBVA Banco Frances SA sponsored ADR (a)	5,100		20,757
BNP Paribas SA	47,725		2,811,536
Comerica, Inc.	1,156,407		45,666,508
Development Credit Bank Ltd. (a)	59,840		46,432
Grupo Financiero Banorte S.A.B. de CV Series O	156,101		998,670
Guaranty Trust Bank PLC GDR (Reg. S)	14,800		131,720
HDFC Bank Ltd. sponsored ADR	55		2,213
National Bank of Greece SA sponsored ADR (a)	62,890		454,066
PT Bank Bukopin Tbk	11,394,000		963,319
Raiffeisen International Bank-Holding AG (d)	1,338		45,911

	Shares		Value
Societe Generale Series A (d)	91,843		$ 3,683,849
The Jammu & Kashmir Bank Ltd.	12,352		266,539
U.S. Bancorp	885,684		31,052,081
Wells Fargo & Co.	514,801		20,875,181
			129,003,286
Regional Banks - 7.3%
BancorpSouth, Inc.	2,400		41,184
Bridge Capital Holdings (a)	112,850		1,714,192
Cascade Bancorp (a)	1,430		8,223
CIT Group, Inc. (a)	61,837		2,849,449
Citizens & Northern Corp.	900		17,550
CNB Financial Corp., Pennsylvania	1,700		28,152
CoBiz, Inc.	674,493		5,834,364
Commerce Bancshares, Inc.	101,783		4,429,596
East West Bancorp, Inc.	120,790		3,181,609
Fifth Third Bancorp	326,728		5,946,450
First Business Finance Services, Inc.	300		8,850
First Commonwealth Financial Corp.	60,900		439,089
First Horizon National Corp.	262,781		3,016,726
First Interstate Bancsystem, Inc.	145,958		2,888,509
First Republic Bank	52,326		1,944,434
Glacier Bancorp, Inc.	14,354		279,042
KeyCorp	456,200		4,917,836
M&T Bank Corp.	22,900		2,402,210
Northrim Bancorp, Inc.	3,462		77,099
Pacific Continental Corp.	90,152		1,009,702
Regions Financial Corp.	456,829		4,170,849
SCBT Financial Corp.	300		15,015
Susquehanna Bancshares, Inc.	147,071		1,766,323
Texas Capital Bancshares, Inc. (a)	46,634		2,059,357
Trustmark Corp.	3,057		77,923
Virginia Commerce Bancorp, Inc. (a)	6,500		88,400
Washington Trust Bancorp, Inc.	25,058		698,617
			49,910,750
TOTAL COMMERCIAL BANKS			178,914,036
CONSTRUCTION MATERIALS - 0.0%
Construction Materials - 0.0%
Headwaters, Inc. (a)	16,400		174,004
CONSUMER FINANCE - 4.6%
Consumer Finance - 4.6%
Capital One Financial Corp.	367,056		22,364,722
First Cash Financial Services, Inc. (a)	9,188		494,406
Regional Management Corp. (a)	47,200		1,113,920
SLM Corp.	323,759		7,686,039
			31,659,087
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
H&R Block, Inc.	57,772		1,690,986
Common Stocks - continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 18.6%
Other Diversified Financial Services - 15.5%
Bank of America Corp.	2,564,417		$ 35,029,936
Challenger Ltd.	102,602		393,879
Citigroup, Inc.	672,680		34,972,633
ING Groep NV sponsored ADR (a)(d)	255,307		2,374,355
JPMorgan Chase & Co.	599,900		32,748,541
			105,519,344
Specialized Finance - 3.1%
CBOE Holdings, Inc.	213,089		8,553,392
IntercontinentalExchange, Inc. (a)	29,047		4,973,137
McGraw-Hill Companies, Inc.	85,176		4,646,351
MSCI, Inc. Class A (a)	54,300		1,913,532
PHH Corp. (a)	6,925		139,608
The NASDAQ Stock Market, Inc.	38,663		1,216,338
			21,442,358
TOTAL DIVERSIFIED FINANCIAL SERVICES			126,961,702
HEALTH CARE PROVIDERS & SERVICES - 0.6%
Health Care Facilities - 0.6%
Brookdale Senior Living, Inc. (a)	150,500		4,266,675
HOUSEHOLD DURABLES - 0.0%
Homebuilding - 0.0%
PulteGroup, Inc. (a)	5,200		112,268
INSURANCE - 12.8%
Insurance Brokers - 0.6%
Brasil Insurance Participacoes e Administracao SA	17,100		172,054
Marsh & McLennan Companies, Inc.	92,841		3,715,497
			3,887,551
Life & Health Insurance - 2.5%
MetLife, Inc.	322,450		14,255,515
Protective Life Corp.	69,397		2,684,276
			16,939,791
Multi-Line Insurance - 2.9%
American International Group, Inc. (a)	227,482		10,113,850
Assurant, Inc.	17,837		887,212
Hartford Financial Services Group, Inc.	273,261		8,369,984
Porto Seguro SA	16,000		198,188
			19,569,234
Property & Casualty Insurance - 6.5%
ACE Ltd.	99,162		8,892,848
Allied World Assurance Co. Holdings Ltd.	36,204		3,237,000
Arch Capital Group Ltd. (a)	21,250		1,088,213
Axis Capital Holdings Ltd.	25,900		1,128,204
Berkshire Hathaway, Inc. Class B (a)	199,690		22,778,638
Erie Indemnity Co. Class A	337		25,582

	Shares		Value
ProAssurance Corp.	30,000		$ 1,506,000
The Travelers Companies, Inc.	69,493		5,817,954
XL Group PLC Class A	2,457		77,224
			44,551,663
Reinsurance - 0.3%
Everest Re Group Ltd.	11,880		1,539,767
Montpelier Re Holdings Ltd.	6,200		154,938
Platinum Underwriters Holdings Ltd.	5,792		330,723
Validus Holdings Ltd.	407		14,697
			2,040,125
TOTAL INSURANCE			86,988,364
IT SERVICES - 3.5%
Data Processing & Outsourced Services - 3.5%
Fiserv, Inc. (a)	26,255		2,288,386
FleetCor Technologies, Inc. (a)	66,995		5,833,925
Global Cash Access Holdings, Inc. (a)	8,300		54,780
Global Payments, Inc.	144,379		6,924,417
Jack Henry & Associates, Inc.	637		29,894
VeriFone Systems, Inc. (a)	363,133		8,471,893
			23,603,295
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
Dun & Bradstreet Corp.	5,200		510,328
Equifax, Inc.	6,515		396,764
			907,092
REAL ESTATE INVESTMENT TRUSTS - 12.2%
Diversified REITs - 0.3%
American Assets Trust, Inc.	15,900		511,980
Duke Realty LP	90,202		1,494,647
			2,006,627
Mortgage REITs - 0.6%
Blackstone Mortgage Trust, Inc.	57,300		1,511,001
MFA Financial, Inc.	303,360		2,663,501
			4,174,502
Office REITs - 0.7%
CyrusOne, Inc.	39,800		862,864
Douglas Emmett, Inc.	125,402		3,196,497
Highwoods Properties, Inc. (SBI)	7,885		287,172
Kilroy Realty Corp.	700		37,037
			4,383,570
Residential REITs - 0.9%
American Campus Communities, Inc.	56,000		2,286,480
Camden Property Trust (SBI)	56,100		3,884,925
Colonial Properties Trust (SBI)	3,100		68,541
Home Properties, Inc.	50		3,039
			6,242,985
Retail REITs - 2.2%
Equity One, Inc.	17,122		399,456
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Retail REITs - continued
Pennsylvania Real Estate Investment Trust (SBI)	117,400		$ 2,335,086
Retail Properties America, Inc.	157,437		2,402,489
Simon Property Group, Inc.	58,129		9,674,991
Urstadt Biddle Properties, Inc. Class A	2,400		50,544
			14,862,566
Specialized REITs - 7.5%
American Tower Corp.	137,230		10,681,983
Big Yellow Group PLC	2,201,663		13,835,775
DiamondRock Hospitality Co.	217,252		2,066,067
National Health Investors, Inc.	17,366		1,081,381
Potlatch Corp.	10,914		495,823
Rayonier, Inc.	106,258		5,886,693
Strategic Hotel & Resorts, Inc. (a)	324,429		2,608,409
Sunstone Hotel Investors, Inc. (a)	33,400		402,804
Ventas, Inc.	198,904		14,195,778
			51,254,713
TOTAL REAL ESTATE INVESTMENT TRUSTS			82,924,963
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7%
Diversified Real Estate Activities - 0.5%
Countrywide PLC	5,931		42,354
Tejon Ranch Co. (a)	37,525		1,131,754
The St. Joe Co. (a)(d)	114,648		2,341,112
			3,515,220
Real Estate Operating Companies - 0.5%
Forest City Enterprises, Inc. Class A (a)	164,896		3,093,449
Real Estate Services - 1.7%
Altisource Portfolio Solutions SA	54,960		5,181,079
CBRE Group, Inc. (a)	287,096		6,654,885
Kennedy-Wilson Holdings, Inc.	2,000		34,320
			11,870,284
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			18,478,953
THRIFTS & MORTGAGE FINANCE - 1.0%
Thrifts & Mortgage Finance - 1.0%
Cheviot Financial Corp.	19,432		222,108
Eagle Bancorp Montana, Inc.	1,400		14,924
MGIC Investment Corp. (a)	212,200		1,311,396

	Shares		Value
Ocwen Financial Corp. (a)	94,234		$ 4,031,331
Radian Group, Inc.	103,200		1,328,184
			6,907,943
TOTAL COMMON STOCKS (Cost $633,481,726)		664,567,322
Nonconvertible Preferred Stocks - 0.2%

COMMERCIAL BANKS - 0.2%
Diversified Banks - 0.1%
Banco Pine SA	83,390		517,829
Regional Banks - 0.1%
Banco Daycoval SA (PN)	48,600		220,785
Texas Capital Bancshares, Inc. 6.50%	24,600		622,380
			843,165
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,398,060)			1,360,994
Money Market Funds - 6.5%

Fidelity Cash Central Fund, 0.12% (b)	24,306,660		24,306,660
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	20,530,613		20,530,613
TOTAL MONEY MARKET FUNDS (Cost $44,837,273)		44,837,273
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $679,717,059)			710,765,589
NET OTHER ASSETS (LIABILITIES) - (4.1)%			(28,256,564)
NET ASSETS - 100%		$ 682,509,025

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,622
Fidelity Securities Lending Cash Central Fund	72,365
Total	$ 81,987

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 664,567,322	$ 662,897,153	$ 1,670,169	$ -
Nonconvertible Preferred Stocks	1,360,994	1,360,994	-	-
Money Market Funds	44,837,273	44,837,273	-	-
Total Investments in Securities:	$ 710,765,589	$ 709,095,420	$ 1,670,169	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $685,684,950. Net unrealized appreciation aggregated $25,080,639, of which $39,209,651 related to appreciated investment securities and $14,129,012 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

May 31, 2013

1.802194.109

WIR-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.4%
	Shares		Value
AEROSPACE & DEFENSE - 1.0%
Aerospace & Defense - 1.0%
Kratos Defense & Security Solutions, Inc. (a)	425,500		$ 2,472,155
COMMUNICATIONS EQUIPMENT - 26.0%
Communications Equipment - 26.0%
Aruba Networks, Inc. (a)	268,584		4,012,645
Cisco Systems, Inc.	228,000		5,490,240
Globecomm Systems, Inc. (a)	8,700		111,447
Harris Corp.	21,200		1,062,756
InterDigital, Inc. (d)	57,400		2,639,826
Motorola Solutions, Inc.	128,968		7,474,985
Nokia Corp. sponsored ADR (d)	626,000		2,153,440
Polycom, Inc. (a)	69,600		788,568
QUALCOMM, Inc.	425,850		27,032,958
Radware Ltd. (a)	152,300		2,290,592
Research In Motion Ltd. (a)(d)	183,100		2,554,245
Riverbed Technology, Inc. (a)	90,800		1,403,768
Sierra Wireless, Inc. (a)	43,500		495,105
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	741,100		8,648,637
ViaSat, Inc. (a)	27,300		1,912,638
			68,071,850
DIVERSIFIED TELECOMMUNICATION SERVICES - 6.5%
Alternative Carriers - 0.3%
Towerstream Corp. (a)	333,223		856,383
Integrated Telecommunication Services - 6.2%
AT&T, Inc.	129,600		4,534,704
Telefonica Brasil SA sponsored ADR	51,000		1,260,210
Telefonica SA sponsored ADR	672,511		9,179,775
Verizon Communications, Inc.	25,500		1,236,240
			16,210,929
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			17,067,312
INTERNET SOFTWARE & SERVICES - 6.0%
Internet Software & Services - 6.0%
Baidu.com, Inc. sponsored ADR (a)	12,900		1,246,656
Google, Inc. Class A (a)	12,400		10,793,084
Velti PLC (a)(d)	277,000		487,520
Web.com Group, Inc. (a)	153,800		3,228,262
			15,755,522

	Shares		Value
IT SERVICES - 3.8%
IT Consulting & Other Services - 3.8%
Accenture PLC Class A	72,900		$ 5,985,819
Cognizant Technology Solutions Corp. Class A (a)	62,700		4,053,555
			10,039,374
MEDIA - 1.1%
Cable & Satellite - 1.1%
Liberty Global, Inc. Class A (a)(d)	39,800		2,933,260
REAL ESTATE INVESTMENT TRUSTS - 8.1%
Specialized REITs - 8.1%
American Tower Corp.	273,892		21,319,753
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
Semiconductors - 2.3%
Avago Technologies Ltd.	52,200		1,968,462
RF Micro Devices, Inc. (a)	438,700		2,421,624
Samsung Electronics Co. Ltd.	588		791,156
Skyworks Solutions, Inc. (a)	39,200		935,312
			6,116,554
SOFTWARE - 1.0%
Application Software - 1.0%
Comverse, Inc.	468		13,974
Gameloft Se (a)	346,462		2,490,236
Verint Systems, Inc. (a)	35		1,175
			2,505,385
WIRELESS TELECOMMUNICATION SERVICES - 44.6%
Wireless Telecommunication Services - 44.6%
America Movil S.A.B. de CV Series L sponsored ADR	552,900		11,008,239
China Mobile Ltd. sponsored ADR (d)	120,600		6,247,080
Clearwire Corp. Class A (a)	324,800		1,455,104
Crown Castle International Corp. (a)	148,400		10,573,500
NII Holdings, Inc. (a)(d)	330,000		2,544,300
NTT DoCoMo, Inc. sponsored ADR (d)	592,100		8,692,028
Rogers Communications, Inc. Class B (non-vtg.) (d)	191,100		8,663,323
SBA Communications Corp. Class A (a)	165,400		12,449,658
Sprint Nextel Corp. (a)	1,213,731		8,860,236
T-Mobile US, Inc. (a)	332,475		7,124,939
Telephone & Data Systems, Inc.	112,314		2,611,301
U.S. Cellular Corp.	31,800		1,262,460
USA Mobility, Inc.	36,400		490,672
Vodafone Group PLC sponsored ADR	1,208,900		34,997,655
			116,980,495
TOTAL COMMON STOCKS (Cost $217,708,666)		263,261,660
Money Market Funds - 8.9%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	1,742,254		$ 1,742,254
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	21,695,695		21,695,695
TOTAL MONEY MARKET FUNDS (Cost $23,437,949)		23,437,949
TOTAL INVESTMENT PORTFOLIO - 109.3% (Cost $241,146,615)			286,699,609
NET OTHER ASSETS (LIABILITIES) - (9.3)%			(24,410,116)
NET ASSETS - 100%		$ 262,289,493

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,200
Fidelity Securities Lending Cash Central Fund	81,554
Total	$ 82,754

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 263,261,660	$ 262,470,504	$ 791,156	$ -
Money Market Funds	23,437,949	23,437,949	-	-
Total Investments in Securities:	$ 286,699,609	$ 285,908,453	$ 791,156	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $243,529,661. Net unrealized appreciation aggregated $43,169,948, of which $49,907,486 related to appreciated investment securities and $6,737,538 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

May 31, 2013

1.802181.109

MES-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BIOTECHNOLOGY - 2.6%
Biotechnology - 2.6%
Genomic Health, Inc. (a)(d)	296,600		$ 10,819,968
Grifols SA ADR	900,000		24,534,000
			35,353,968
HEALTH CARE EQUIPMENT & SUPPLIES - 82.8%
Health Care Equipment - 71.2%
Abbott Laboratories	1,740,000		63,805,800
ArthroCare Corp. (a)	420,000		14,250,600
Baxter International, Inc.	750,000		52,747,500
Boston Scientific Corp. (a)	16,125,000		148,995,001
Cardiovascular Systems, Inc. (a)	550,000		11,302,500
CONMED Corp.	600,000		19,758,000
Covidien PLC	1,600,000		101,760,000
Cyberonics, Inc. (a)	230,000		10,973,300
Edwards Lifesciences Corp. (a)	80,000		5,316,800
Exactech, Inc. (a)(e)	1,000,000		18,200,000
Genmark Diagnostics, Inc. (a)	1,130,306		16,841,559
HeartWare International, Inc. CDI (a)	4,500,000		11,437,693
Insulet Corp. (a)	836,800		24,986,848
Integra LifeSciences Holdings Corp. (a)	520,000		19,702,800
Intuitive Surgical, Inc. (a)	78,000		38,807,340
Medtronic, Inc.	2,100,000		107,121,000
Natus Medical, Inc. (a)	600,000		8,454,000
NxStage Medical, Inc. (a)	650,000		9,067,500
Sirona Dental Systems, Inc. (a)	100,000		7,094,000
St. Jude Medical, Inc.	530,000		22,911,900
Stryker Corp.	1,400,000		92,946,000
Teleflex, Inc.	250,000		19,582,500
Tornier NV (a)	900,000		14,229,000
Volcano Corp. (a)	1,320,000		25,212,000
Wright Medical Group, Inc. (a)	400,000		10,012,000
Zeltiq Aesthetics, Inc. (a)(d)	1,000,000		5,190,000
Zimmer Holdings, Inc.	1,100,000		86,361,000
			967,066,641
Health Care Supplies - 11.6%
Align Technology, Inc. (a)	500,000		17,875,000
DENTSPLY International, Inc.	950,000		39,672,000
Derma Sciences, Inc. (a)	500,000		6,670,000
The Cooper Companies, Inc.	600,000		67,806,000
The Spectranetics Corp. (a)	760,000		14,212,000
Unilife Corp. (a)(d)	2,000,000		6,600,000
Vascular Solutions, Inc. (a)	360,000		5,461,200
			158,296,200
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,125,362,841

	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.7%
Health Care Distributors & Services - 0.3%
Amplifon SpA	1,000,000		$ 4,975,443
Health Care Facilities - 0.7%
Hanger, Inc. (a)	300,000		9,573,000
Health Care Services - 1.7%
Miraca Holdings, Inc.	130,000		5,609,948
Quest Diagnostics, Inc.	280,000		17,315,200
			22,925,148
TOTAL HEALTH CARE PROVIDERS & SERVICES			37,473,591
HEALTH CARE TECHNOLOGY - 3.3%
Health Care Technology - 3.3%
athenahealth, Inc. (a)(d)	170,000		14,373,500
Cerner Corp. (a)	311,000		30,565,080
			44,938,580
LIFE SCIENCES TOOLS & SERVICES - 3.6%
Life Sciences Tools & Services - 3.6%
Bruker BioSciences Corp. (a)	280,000		4,628,400
Eurofins Scientific SA (a)	40,000		7,863,487
Fluidigm Corp. (a)	250,000		4,260,000
Illumina, Inc. (a)	455,000		31,995,600
			48,747,487
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Actavis, Inc. (a)	140,000		17,260,600
Warner Chilcott PLC	1,200,000		23,040,000
			40,300,600
TOTAL COMMON STOCKS (Cost $1,016,975,502)		1,332,177,067
Preferred Stocks - 1.3%

Convertible Preferred Stocks - 0.7%
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Ariosa Diagnostics (f)	347,782		2,100,603
Ariosa Diagnostics Series B (f)	53,177		321,189
			2,421,792
HEALTH CARE TECHNOLOGY - 0.5%
Health Care Technology - 0.5%
Castlight Health, Inc. Series D (f)	999,300		7,434,792
TOTAL CONVERTIBLE PREFERRED STOCKS			9,856,584
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 0.6%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
Health Care Equipment - 0.6%
Sartorius AG (non-vtg.)	70,000		$ 7,258,584
TOTAL PREFERRED STOCKS (Cost $14,472,800)		17,115,168
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.12% (b)	8,363,044		8,363,044
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	28,794,625		28,794,625
TOTAL MONEY MARKET FUNDS (Cost $37,157,669)		37,157,669
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $1,068,605,971)			1,386,449,904
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(27,590,153)
NET ASSETS - 100%		$ 1,358,859,751

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,712
Fidelity Securities Lending Cash Central Fund	44,322
Total	$ 46,034

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Exactech, Inc.	$ 16,569,000	$ 2,043,545	$ -	$ -	$ 18,200,000
Total	$ 16,569,000	$ 2,043,545	$ -	$ -	$ 18,200,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,332,177,067	$ 1,315,129,426	$ 17,047,641	$ -
Preferred Stocks	17,115,168	7,258,584	-	9,856,584
Money Market Funds	37,157,669	37,157,669	-	-
Total Investments in Securities:	$ 1,386,449,904	$ 1,359,545,679	$ 17,047,641	$ 9,856,584

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,071,562,155. Net unrealized appreciation aggregated $314,887,749, of which $339,968,309 related to appreciated investment securities and $25,080,560 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

May 31, 2013

1.802157.109

BRO-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%
	Shares		Value
CAPITAL MARKETS - 72.5%
Asset Management & Custody Banks - 52.0%
A.F.P. Provida SA sponsored ADR	109,673		$ 10,086,626
Aberdeen Asset Management PLC	825,762		5,846,729
Affiliated Managers Group, Inc. (a)	195,778		32,107,592
AllianceBernstein Holding LP	289,300		7,319,290
American Capital Ltd. (a)	901,351		12,015,009
Ameriprise Financial, Inc.	174,654		14,237,794
Apollo Global Management LLC Class A	552,580		13,289,549
Apollo Investment Corp.	784,343		6,502,203
Ares Capital Corp.	1,017,944		17,467,919
Artisan Partners Asset Management, Inc.	15,600		728,988
Bank of New York Mellon Corp.	468,862		14,093,992
BlackRock Kelso Capital Corp.	335,110		3,337,696
BlackRock, Inc. Class A	103,137		28,795,850
Eaton Vance Corp. (non-vtg.)	244,059		10,130,889
Franklin Resources, Inc.	169,136		26,183,944
GP Investments Ltd. Class A (depositary receipt) (a)	397,400		879,483
Invesco Ltd.	574,819		19,394,393
KKR & Co. LP	527,693		10,279,460
Legg Mason, Inc.	89,523		3,136,886
Manning & Napier, Inc. Class A	66,100		1,314,729
MCG Capital Corp.	57,698		285,605
MVC Capital, Inc.	15,800		200,976
Northern Trust Corp.	241,400		14,037,410
Oaktree Capital Group LLC	193,255		10,078,248
Och-Ziff Capital Management Group LLC Class A	523,889		5,862,318
Partners Group Holding AG	15,015		3,821,857
PennantPark Investment Corp.	270,194		3,009,961
Prospect Capital Corp.	16,000		166,240
Pzena Investment Management, Inc.	30,392		206,058
SEI Investments Co.	450,130		13,778,479
Solar Capital Ltd.	10,467		240,741
State Street Corp.	509,600		33,725,328
T. Rowe Price Group, Inc.	212,326		16,107,050
The Blackstone Group LP	1,153,234		25,244,292
U.S. Global Investments, Inc. Class A	412,939		1,119,065
Virtus Investment Partners, Inc. (a)	47,829		11,089,632
			376,122,281
Diversified Capital Markets - 1.3%
Deutsche Bank AG (NY Shares)	23,999		1,111,634
UBS AG (NY Shares)	456,286		7,998,694
			9,110,328
Investment Banking & Brokerage - 19.2%
Charles Schwab Corp.	1,064,100		21,133,026
E*TRADE Financial Corp. (a)	1,014,187		11,794,995
Evercore Partners, Inc. Class A	401,771		15,958,344
FXCM, Inc. Class A	705,000		9,778,350
GFI Group, Inc.	2,420,207		9,850,242

	Shares		Value
Gleacher & Co., Inc. (a)	1,108		$ 15,224
Goldman Sachs Group, Inc.	76,300		12,366,704
Greenhill & Co., Inc.	19,173		955,007
Investment Technology Group, Inc. (a)	248,997		3,438,649
Lazard Ltd. Class A	35,150		1,190,882
Morgan Stanley	1,136,489		29,435,065
Piper Jaffray Companies (a)	21,843		780,014
Raymond James Financial, Inc.	481,686		21,179,733
SWS Group, Inc. (a)	147,352		882,638
			138,758,873
TOTAL CAPITAL MARKETS			523,991,482
COMMERCIAL BANKS - 10.9%
Diversified Banks - 10.9%
Banco de Chile sponsored ADR	8		712
Banco Santander SA (Brasil) ADR	500		3,565
BanColombia SA sponsored ADR	66,534		3,852,319
Barclays PLC sponsored ADR (d)	630,596		12,101,137
BNP Paribas SA	93,730		5,521,744
BPI-SGPS SA (a)(d)	99,871		133,831
Comerica, Inc.	1,324,504		52,304,662
National Bank of Greece SA sponsored ADR (a)	90,000		649,800
Societe Generale Series A (d)	105,200		4,219,602
			78,787,372
Regional Banks - 0.0%
First Interstate Bancsystem, Inc.	10,325		204,332
TOTAL COMMERCIAL BANKS			78,991,704
DIVERSIFIED FINANCIAL SERVICES - 8.2%
Other Diversified Financial Services - 3.9%
Citigroup, Inc.	273,935		14,241,881
JPMorgan Chase & Co.	257,900		14,078,761
			28,320,642
Specialized Finance - 4.3%
CBOE Holdings, Inc.	338,955		13,605,654
Hellenic Exchanges Holding SA	60,025		447,040
Interactive Brokers Group, Inc.	821		12,947
IntercontinentalExchange, Inc. (a)	31,026		5,311,961
The NASDAQ Stock Market, Inc.	376,624		11,848,591
			31,226,193
TOTAL DIVERSIFIED FINANCIAL SERVICES			59,546,835
IT SERVICES - 1.8%
Data Processing & Outsourced Services - 1.8%
VeriFone Systems, Inc. (a)	572,305		13,351,876
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 0.0%
Specialized REITs - 0.0%
Big Yellow Group PLC	10,300		$ 64,728
Strategic Hotel & Resorts, Inc. (a)	6,500		52,260
			116,988
THRIFTS & MORTGAGE FINANCE - 0.3%
Thrifts & Mortgage Finance - 0.3%
Ocwen Financial Corp. (a)	42,200		1,805,316
TOTAL COMMON STOCKS (Cost $656,155,052)		677,804,201
Money Market Funds - 9.3%

Fidelity Cash Central Fund, 0.12% (b)	54,928,799		54,928,799
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	12,359,091		12,359,091
TOTAL MONEY MARKET FUNDS (Cost $67,287,890)		67,287,890
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $723,442,942)			745,092,091
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(21,907,251)
NET ASSETS - 100%		$ 723,184,840

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,810
Fidelity Securities Lending Cash Central Fund	104,183
Total	$ 112,993

Other Information

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

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $728,212,890. Net unrealized appreciation aggregated $16,879,201, of which $44,608,341 related to appreciated investment securities and $27,729,140 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

May 31, 2013

1.802182.109

BAM-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
eBay, Inc. (a)	156,400		$ 8,461,240
Google, Inc. Class A (a)	15,300		13,317,273
			21,778,513
MEDIA - 94.4%
Advertising - 5.7%
Arbitron, Inc.	61,800		2,899,038
Clear Channel Outdoor Holding, Inc. Class A (a)	32,420		277,839
Digital Generation, Inc. (a)(d)	153,600		1,073,664
Harte-Hanks, Inc.	187,300		1,674,462
Interpublic Group of Companies, Inc.	754,400		10,727,568
Lamar Advertising Co. Class A (a)	134,500		6,285,185
National CineMedia, Inc.	145,000		2,408,450
Omnicom Group, Inc.	403,200		25,050,816
ReachLocal, Inc. (a)	116,000		1,612,400
			52,009,422
Broadcasting - 16.3%
Belo Corp. Series A	274,200		3,076,524
CBS Corp. Class B	1,198,000		59,301,000
Cumulus Media, Inc. Class A (a)	372,010		1,380,157
Discovery Communications, Inc. (a)	176,350		13,906,961
Discovery Communications, Inc. Class C (non-vtg.) (a)	330,550		23,128,584
Entercom Communications Corp. Class A (a)	8,899		82,583
Fisher Communications, Inc.	2,800		115,108
Liberty Media Corp. Class A (a)	200,493		25,033,556
LIN TV Corp. Class A (a)	350,600		4,252,778
Pandora Media, Inc. (a)(d)	152,700		2,598,954
Scripps Networks Interactive, Inc. Class A	142,500		9,598,800
Sinclair Broadcast Group, Inc. Class A	284,600		7,692,738
			150,167,743
Cable & Satellite - 31.0%
AMC Networks, Inc. Class A (a)	112,000		7,170,240
Cablevision Systems Corp. - NY Group Class A	302,400		4,572,288
Charter Communications, Inc. Class A (a)	60,400		6,759,968
Comcast Corp.:
Class A	2,099,850		84,308,978
Class A (special) (non-vtg.)	421,100		16,338,680
DIRECTV (a)	702,513		42,944,620
DISH Network Corp. Class A	338,700		13,053,498
Liberty Global, Inc.:
Class A (a)(d)	217,075		15,998,428
Class C (a)(d)	187,500		12,879,375
Sirius XM Radio, Inc. (d)	5,817,760		20,245,805
Starz - Liberty Capital Series A (a)	180,793		4,172,702

	Shares		Value
Time Warner Cable, Inc.	373,969		$ 35,717,779
Virgin Media, Inc. (d)	419,500		20,832,370
			284,994,731
Movies & Entertainment - 38.2%
Cinemark Holdings, Inc.	211,100		6,193,674
DreamWorks Animation SKG, Inc. Class A (a)(d)	134,800		2,957,512
Lions Gate Entertainment Corp. (a)(d)	213,200		6,140,160
Live Nation Entertainment, Inc. (a)	281,700		3,833,937
News Corp.:
Class A	2,079,682		66,778,589
Class B	188,300		6,070,792
Regal Entertainment Group Class A (d)	185,200		3,278,040
The Madison Square Garden Co. Class A (a)	119,300		6,982,629
The Walt Disney Co.	2,358,004		148,742,890
Time Warner, Inc.	970,366		56,640,263
Viacom, Inc. Class B (non-vtg.)	659,400		43,447,866
World Wrestling Entertainment, Inc. Class A	26,815		261,178
			351,327,530
Publishing - 3.2%
E.W. Scripps Co. Class A (a)	159,900		2,182,635
Gannett Co., Inc.	339,400		7,297,100
John Wiley & Sons, Inc. Class A	76,700		3,044,990
Journal Communications, Inc. Class A (a)	46,375		307,003
Martha Stewart Living Omnimedia, Inc. Class A (a)	115,933		278,239
Meredith Corp. (d)	78,600		3,221,028
Morningstar, Inc.	46,900		3,225,782
Scholastic Corp.	70,800		2,140,992
The McClatchy Co. Class A (a)(d)	168,491		421,228
The New York Times Co. Class A (a)	286,300		3,026,191
Washington Post Co. Class B	8,800		4,111,624
			29,256,812
TOTAL MEDIA			867,756,238
TOTAL COMMON STOCKS (Cost $682,760,140)		889,534,751
Money Market Funds - 10.1%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	28,523,448		$ 28,523,448
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	64,152,207		64,152,207
TOTAL MONEY MARKET FUNDS (Cost $92,675,655)		92,675,655
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $775,435,795)			982,210,406
NET OTHER ASSETS (LIABILITIES) - (6.9)%			(63,413,504)
NET ASSETS - 100%		$ 918,796,902

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,212
Fidelity Securities Lending Cash Central Fund	71,189
Total	$ 84,401

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $776,262,714. Net unrealized appreciation aggregated $205,947,692, of which $210,035,027 related to appreciated investment securities and $4,087,335 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

May 31, 2013

1.802163.109

CPR-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AUTO COMPONENTS - 2.9%
Auto Parts & Equipment - 2.9%
Delphi Automotive PLC	161,807		$ 7,897,800
Lear Corp.	47,833		2,869,023
Tenneco, Inc. (a)	67,482		2,993,502
			13,760,325
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Office Services & Supplies - 0.4%
Interface, Inc.	108,271		1,818,953
DISTRIBUTORS - 1.9%
Distributors - 1.9%
LKQ Corp. (a)	362,484		8,873,608
HOTELS, RESTAURANTS & LEISURE - 11.9%
Casinos & Gaming - 1.3%
Wynn Resorts Ltd.	43,568		5,920,456
Hotels, Resorts & Cruise Lines - 1.2%
Wyndham Worldwide Corp.	101,320		5,888,718
Restaurants - 9.4%
Bloomin' Brands, Inc.	234,280		5,449,353
Buffalo Wild Wings, Inc. (a)	40,120		3,849,915
Domino's Pizza, Inc.	53,082		3,146,170
Panera Bread Co. Class A (a)	17,900		3,433,757
Starbucks Corp.	177,206		11,176,382
Texas Roadhouse, Inc. Class A	94,238		2,228,729
Yum! Brands, Inc.	226,749		15,362,245
			44,646,551
TOTAL HOTELS, RESTAURANTS & LEISURE			56,455,725
HOUSEHOLD DURABLES - 1.9%
Homebuilding - 0.8%
NVR, Inc. (a)	3,905		3,839,826
Housewares & Specialties - 1.1%
Jarden Corp. (a)	114,384		5,328,007
TOTAL HOUSEHOLD DURABLES			9,167,833
INTERNET & CATALOG RETAIL - 5.4%
Internet Retail - 5.4%
Amazon.com, Inc. (a)	18,868		5,076,058
Liberty Media Corp. Interactive Series A (a)	451,547		10,137,230
priceline.com, Inc. (a)	13,018		10,465,561
			25,678,849
LEISURE EQUIPMENT & PRODUCTS - 2.4%
Leisure Products - 2.4%
Brunswick Corp.	217,849		7,313,191
Mattel, Inc.	96,715		4,327,996
			11,641,187

	Shares		Value
MEDIA - 25.4%
Broadcasting - 3.4%
Discovery Communications, Inc. (a)	92,300		$ 7,278,778
Liberty Media Corp. Class A (a)	69,519		8,680,142
			15,958,920
Cable & Satellite - 8.5%
Comcast Corp. Class A	772,512		31,016,356
DIRECTV (a)	157,682		9,639,101
			40,655,457
Movies & Entertainment - 13.5%
News Corp. Class A	708,494		22,749,742
The Walt Disney Co.	382,879		24,152,007
Time Warner, Inc.	301,005		17,569,662
			64,471,411
TOTAL MEDIA			121,085,788
MULTILINE RETAIL - 4.4%
General Merchandise Stores - 4.4%
Dollar General Corp. (a)	224,766		11,867,645
Dollar Tree, Inc. (a)	187,171		8,991,695
			20,859,340
PROFESSIONAL SERVICES - 0.6%
Research & Consulting Services - 0.6%
Nielsen Holdings B.V.	90,700		3,075,637
SPECIALTY RETAIL - 32.8%
Apparel Retail - 9.6%
Abercrombie & Fitch Co. Class A	99,650		4,990,472
American Eagle Outfitters, Inc.	432,702		8,563,173
DSW, Inc. Class A	63,400		4,690,966
L Brands, Inc.	184,298		9,216,743
Ross Stores, Inc.	94,658		6,086,509
TJX Companies, Inc.	245,561		12,427,842
			45,975,705
Automotive Retail - 4.1%
AutoZone, Inc. (a)	13,100		5,355,673
CarMax, Inc. (a)	73,208		3,423,938
O'Reilly Automotive, Inc. (a)	97,132		10,578,646
			19,358,257
Home Improvement Retail - 5.6%
Home Depot, Inc.	109,468		8,610,753
Lowe's Companies, Inc.	430,667		18,135,387
			26,746,140
Homefurnishing Retail - 3.3%
Bed Bath & Beyond, Inc. (a)	95,524		6,519,513
Williams-Sonoma, Inc.	170,717		9,211,889
			15,731,402
Specialty Stores - 10.2%
Cabela's, Inc. Class A (a)	135,679		9,098,634
Dick's Sporting Goods, Inc.	170,717		8,935,328
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
PetSmart, Inc.	129,491		$ 8,740,643
Sally Beauty Holdings, Inc. (a)	223,890		6,853,273
Staples, Inc.	192,400		2,886,000
Tractor Supply Co.	64,430		7,214,871
Ulta Salon, Cosmetics & Fragrance, Inc.	53,385		4,845,223
			48,573,972
TOTAL SPECIALTY RETAIL			156,385,476
TEXTILES, APPAREL & LUXURY GOODS - 8.6%
Apparel, Accessories & Luxury Goods - 4.6%
Coach, Inc.	105,826		6,165,423
Hanesbrands, Inc.	67,183		3,349,744
PVH Corp.	35,702		4,112,513
VF Corp.	45,570		8,378,500
			22,006,180
Footwear - 4.0%
NIKE, Inc. Class B	207,446		12,791,120
Steven Madden Ltd. (a)	52,753		2,558,521
Wolverine World Wide, Inc.	69,300		3,627,855
			18,977,496
TOTAL TEXTILES, APPAREL & LUXURY GOODS			40,983,676
TOTAL COMMON STOCKS (Cost $378,764,846)		469,786,397
Money Market Funds - 1.7%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b) (Cost $7,903,256)	7,903,256		$ 7,903,256
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $386,668,102)			477,689,653
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(1,450,275)
NET ASSETS - 100%		$ 476,239,378

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,220
Fidelity Securities Lending Cash Central Fund	1,476
Total	$ 3,696

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $388,540,643. Net unrealized appreciation aggregated $89,149,010, of which $91,537,835 related to appreciated investment securities and $2,388,825 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2013

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

1.851742.106

AMF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CHEMICALS - 66.0%
Commodity Chemicals - 9.2%
Axiall Corp.	554,273		$ 23,916,880
Cabot Corp.	645,368		26,421,366
LyondellBasell Industries NV Class A	1,389,362		92,600,977
Westlake Chemical Corp. (d)	153,510		14,337,834
			157,277,057
Diversified Chemicals - 13.5%
Eastman Chemical Co.	979,248		70,231,667
FMC Corp.	1,087,053		68,169,094
Lanxess AG (d)	178,893		13,385,956
PPG Industries, Inc.	508,203		78,065,063
			229,851,780
Fertilizers & Agricultural Chemicals - 9.9%
Monsanto Co.	1,678,148		168,888,815
Industrial Gases - 10.6%
Air Products & Chemicals, Inc.	586,891		55,408,379
Airgas, Inc.	294,366		30,287,318
Praxair, Inc.	827,274		94,582,236
			180,277,933
Specialty Chemicals - 22.8%
Albemarle Corp.	736,854		49,310,270
Ashland, Inc.	587,241		52,217,470
Cytec Industries, Inc.	347,330		24,823,675
Ecolab, Inc.	987,479		83,412,351
Rockwood Holdings, Inc.	506,291		33,749,358
Sherwin-Williams Co.	267,427		50,418,012
Sigma Aldrich Corp.	553,544		46,309,491
W.R. Grace & Co. (a)	572,596		48,390,088
			388,630,715
TOTAL CHEMICALS			1,124,926,300
CONSTRUCTION MATERIALS - 3.6%
Construction Materials - 3.6%
Martin Marietta Materials, Inc. (d)	154,911		16,889,946
Vulcan Materials Co.	825,540		44,232,433
			61,122,379
CONTAINERS & PACKAGING - 9.8%
Metal & Glass Containers - 4.7%
Aptargroup, Inc.	615,164		34,892,102
Ball Corp.	738,653		31,880,263
Silgan Holdings, Inc.	288,778		13,506,147
			80,278,512

	Shares		Value
Paper Packaging - 5.1%
Graphic Packaging Holding Co. (a)	1,576,850		$ 12,125,977
MeadWestvaco Corp.	685,836		24,004,260
Rock-Tenn Co. Class A	517,084		51,077,558
			87,207,795
TOTAL CONTAINERS & PACKAGING			167,486,307
METALS & MINING - 10.5%
Diversified Metals & Mining - 1.4%
Copper Mountain Mining Corp. (a)	3,452,127		5,227,721
First Quantum Minerals Ltd.	626,000		11,206,713
Turquoise Hill Resources Ltd. (a)	1,157,140		7,723,568
			24,158,002
Gold - 4.0%
Franco-Nevada Corp.	404,700		16,886,734
Goldcorp, Inc.	1,054,300		31,290,871
Royal Gold, Inc.	364,353		19,951,970
			68,129,575
Steel - 5.1%
Carpenter Technology Corp.	551,693		26,569,535
Commercial Metals Co.	1,437,189		22,161,454
Haynes International, Inc.	275,652		13,490,409
Reliance Steel & Aluminum Co.	379,802		24,979,578
			87,200,976
TOTAL METALS & MINING			179,488,553
OIL, GAS & CONSUMABLE FUELS - 1.5%
Coal & Consumable Fuels - 1.5%
Peabody Energy Corp.	1,301,785		25,606,111
PAPER & FOREST PRODUCTS - 4.5%
Forest Products - 0.7%
Canfor Corp. (a)	685,100		11,484,966
Paper Products - 3.8%
International Paper Co.	1,413,466		65,231,456
TOTAL PAPER & FOREST PRODUCTS			76,716,422
TOTAL COMMON STOCKS (Cost $1,264,982,679)		1,635,346,072
Convertible Bonds - 0.5%
	Principal Amount
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $8,886,300)	$ 8,886,300		8,886,300

U.S. Treasury Obligations - 0.0%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.05% 7/5/13 (e) (Cost $289,987)	$ 290,000	$ 289,994

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	56,544,553		56,544,553
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	22,002,110		22,002,110
TOTAL MONEY MARKET FUNDS (Cost $78,546,663)		78,546,663
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,352,705,629)			1,723,069,029
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(17,754,271)
NET ASSETS - 100%		$ 1,705,314,758

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
191 CME E-mini S&P Select Sector Materials Index Contracts	June 2013	$ 8,075,480	$ 205,545

The face value of futures purchased as a percentage of net assets is 0.5%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $289,994.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 8,886,300

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,971
Fidelity Securities Lending Cash Central Fund	43,918
Total	$ 59,889

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,635,346,072	$ 1,635,346,072	$ -	$ -
Convertible Bonds	8,886,300	-	-	8,886,300
U.S. Treasury Obligations	289,994	-	289,994	-
Money Market Funds	78,546,663	78,546,663	-	-
Total Investments in Securities:	$ 1,723,069,029	$ 1,713,892,735	$ 289,994	$ 8,886,300
Derivative Instruments:
Assets
Futures Contracts	$ 205,545	$ 205,545	$ -	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,355,887,804. Net unrealized appreciation aggregated $367,181,225, of which $409,803,006 related to appreciated investment securities and $42,621,781 related to depreciated investment securities.

Investment Valuation

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

May 31, 2013

1.802177.109

IND-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CHEMICALS - 66.0%
Commodity Chemicals - 9.2%
Axiall Corp.	554,273		$ 23,916,880
Cabot Corp.	645,368		26,421,366
LyondellBasell Industries NV Class A	1,389,362		92,600,977
Westlake Chemical Corp. (d)	153,510		14,337,834
			157,277,057
Diversified Chemicals - 13.5%
Eastman Chemical Co.	979,248		70,231,667
FMC Corp.	1,087,053		68,169,094
Lanxess AG (d)	178,893		13,385,956
PPG Industries, Inc.	508,203		78,065,063
			229,851,780
Fertilizers & Agricultural Chemicals - 9.9%
Monsanto Co.	1,678,148		168,888,815
Industrial Gases - 10.6%
Air Products & Chemicals, Inc.	586,891		55,408,379
Airgas, Inc.	294,366		30,287,318
Praxair, Inc.	827,274		94,582,236
			180,277,933
Specialty Chemicals - 22.8%
Albemarle Corp.	736,854		49,310,270
Ashland, Inc.	587,241		52,217,470
Cytec Industries, Inc.	347,330		24,823,675
Ecolab, Inc.	987,479		83,412,351
Rockwood Holdings, Inc.	506,291		33,749,358
Sherwin-Williams Co.	267,427		50,418,012
Sigma Aldrich Corp.	553,544		46,309,491
W.R. Grace & Co. (a)	572,596		48,390,088
			388,630,715
TOTAL CHEMICALS			1,124,926,300
CONSTRUCTION MATERIALS - 3.6%
Construction Materials - 3.6%
Martin Marietta Materials, Inc. (d)	154,911		16,889,946
Vulcan Materials Co.	825,540		44,232,433
			61,122,379
CONTAINERS & PACKAGING - 9.8%
Metal & Glass Containers - 4.7%
Aptargroup, Inc.	615,164		34,892,102
Ball Corp.	738,653		31,880,263
Silgan Holdings, Inc.	288,778		13,506,147
			80,278,512

	Shares		Value
Paper Packaging - 5.1%
Graphic Packaging Holding Co. (a)	1,576,850		$ 12,125,977
MeadWestvaco Corp.	685,836		24,004,260
Rock-Tenn Co. Class A	517,084		51,077,558
			87,207,795
TOTAL CONTAINERS & PACKAGING			167,486,307
METALS & MINING - 10.5%
Diversified Metals & Mining - 1.4%
Copper Mountain Mining Corp. (a)	3,452,127		5,227,721
First Quantum Minerals Ltd.	626,000		11,206,713
Turquoise Hill Resources Ltd. (a)	1,157,140		7,723,568
			24,158,002
Gold - 4.0%
Franco-Nevada Corp.	404,700		16,886,734
Goldcorp, Inc.	1,054,300		31,290,871
Royal Gold, Inc.	364,353		19,951,970
			68,129,575
Steel - 5.1%
Carpenter Technology Corp.	551,693		26,569,535
Commercial Metals Co.	1,437,189		22,161,454
Haynes International, Inc.	275,652		13,490,409
Reliance Steel & Aluminum Co.	379,802		24,979,578
			87,200,976
TOTAL METALS & MINING			179,488,553
OIL, GAS & CONSUMABLE FUELS - 1.5%
Coal & Consumable Fuels - 1.5%
Peabody Energy Corp.	1,301,785		25,606,111
PAPER & FOREST PRODUCTS - 4.5%
Forest Products - 0.7%
Canfor Corp. (a)	685,100		11,484,966
Paper Products - 3.8%
International Paper Co.	1,413,466		65,231,456
TOTAL PAPER & FOREST PRODUCTS			76,716,422
TOTAL COMMON STOCKS (Cost $1,264,982,679)		1,635,346,072
Convertible Bonds - 0.5%
	Principal Amount
BUILDING PRODUCTS - 0.5%
Building Products - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $8,886,300)	$ 8,886,300		8,886,300

U.S. Treasury Obligations - 0.0%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.05% 7/5/13 (e) (Cost $289,987)	$ 290,000	$ 289,994

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	56,544,553		56,544,553
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	22,002,110		22,002,110
TOTAL MONEY MARKET FUNDS (Cost $78,546,663)		78,546,663
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,352,705,629)			1,723,069,029
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(17,754,271)
NET ASSETS - 100%		$ 1,705,314,758

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
191 CME E-mini S&P Select Sector Materials Index Contracts	June 2013	$ 8,075,480	$ 205,545

The face value of futures purchased as a percentage of net assets is 0.5%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $289,994.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 8,886,300

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 15,971
Fidelity Securities Lending Cash Central Fund	43,918
Total	$ 59,889

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,635,346,072	$ 1,635,346,072	$ -	$ -
Convertible Bonds	8,886,300	-	-	8,886,300
U.S. Treasury Obligations	289,994	-	289,994	-
Money Market Funds	78,546,663	78,546,663	-	-
Total Investments in Securities:	$ 1,723,069,029	$ 1,713,892,735	$ 289,994	$ 8,886,300
Derivative Instruments:
Assets
Futures Contracts	$ 205,545	$ 205,545	$ -	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

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

May 31, 2013

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

1.851741.106

AGLD-QTLY-0713

Consolidated Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 9.8%
METALS & MINING - 9.8%
Gold - 9.8%
ABM Resources NL (a)	1,660,000		$ 43,851
Alkane Resources Ltd. (a)	120,000		46,193
Ampella Mining Ltd. (a)(d)	2,785,000		508,918
Beadell Resources Ltd. (a)	11,653,618		7,913,635
Evolution Mining Ltd. (a)	2,566,395		1,963,901
Gold One International Ltd. (a)	90,277		15,442
Gryphon Minerals Ltd. (a)	5,590,010		1,029,240
Intrepid Mines Ltd.:
(Australia) (a)	9,209,798		2,829,279
(Canada) (a)	320,000		97,227
Kingsgate Consolidated NL	1,538,274		2,366,048
Medusa Mining Ltd.	2,746,085		6,570,648
Newcrest Mining Ltd.	6,494,920		88,733,165
Papillon Resources Ltd. (a)(d)	2,518,068		1,816,040
Perseus Mining Ltd.:
(Australia) (a)	6,580,134		6,624,715
(Canada) (a)	1,300,000		1,291,536
Ramelius Resources Ltd. (a)	980,000		156,354
Red 5 Ltd. (a)	1,326,000		786,810
Regis Resources Ltd. (a)	3,442,293		13,115,764
Resolute Mining Ltd.	2,988,261		2,220,141
Saracen Mineral Holdings Ltd. (a)	4,816,787		661,548
Silver Lake Resources Ltd. (a)	5,246,985		4,008,726
St Barbara Ltd. (a)	5,298,377		3,379,626
Tanami Gold NL (a)(d)	292,500		22,275
Troy Resources NL (d)	195,000		317,586
Troy Resources NL (f)	734,826		1,212,011
			147,730,679
Bailiwick of Jersey - 6.3%
METALS & MINING - 6.3%
Gold - 6.3%
Centamin PLC (a)	6,306,900		3,683,592
Lydian International Ltd. (a)	1,655,300		2,570,565
Polyus Gold International Ltd.	422,400		1,320,492
Polyus Gold International Ltd. sponsored GDR	4,574,931		14,045,038
Randgold Resources Ltd. sponsored ADR	932,795		73,112,472
			94,732,159
Precious Metals & Minerals - 0.0%
Polymetal International PLC	20,000		209,829
TOTAL METALS & MINING			94,941,988
Bermuda - 0.8%
METALS & MINING - 0.8%
Gold - 0.6%
Continental Gold Ltd. (a)	2,271,400		9,048,355

	Shares		Value
Steel - 0.2%
African Minerals Ltd. (a)(d)	719,200		$ 2,786,519
TOTAL METALS & MINING			11,834,874
Canada - 69.4%
METALS & MINING - 69.4%
Diversified Metals & Mining - 0.2%
East Asia Minerals Corp. (a)	5,000		627
Eastmain Resources, Inc. (a)	10,000		3,183
Kimber Resources, Inc. (a)(e)	16,100		1,708
Kimber Resources, Inc. (a)(e)(f)(g)	5,130,500		544,350
NovaCopper, Inc. (a)(d)	488,333		871,392
Rio Alto Mining Ltd. (a)	55,000		163,395
Sabina Gold & Silver Corp. (a)	650,000		877,743
			2,462,398
Gold - 68.5%
Agnico Eagle Mines Ltd. (Canada) (d)	1,467,000		47,685,459
Alacer Gold Corp.	3,384,063		7,311,600
Alamos Gold, Inc. (d)	1,150,500		16,679,060
Argonaut Gold, Inc. (a)	2,746,262		20,846,956
ATAC Resources Ltd. (a)	67,200		81,022
B2Gold Corp. (a)	13,083,658		32,937,881
Banro Corp. (a)	2,361,482		2,847,217
Barrick Gold Corp. (d)	7,191,869		151,086,479
Belo Sun Mining Corp. (a)(d)	6,165,400		3,687,049
Centerra Gold, Inc. (d)	2,002,200		7,377,289
Claude Resources, Inc. (a)	320,000		83,337
Colossus Minerals, Inc. (a)(d)	3,512,600		5,996,915
Detour Gold Corp. (a)	1,892,800		19,498,533
Detour Gold Corp. (a)(f)	785,900		8,095,888
Eldorado Gold Corp.	9,016,508		72,879,997
Exeter Resource Corp. (a)	272,300		223,251
Franco-Nevada Corp.	1,245,200		51,957,899
Gabriel Resources Ltd. (a)	950,600		1,274,496
Gold Canyon Resources, Inc. (a)	800,000		223,776
Goldcorp, Inc.	6,834,100		202,831,215
Golden Queen Mining Co. Ltd. (a)	15,000		18,000
GoldQuest Mining Corp. (a)	2,318,500		771,529
Gran Colombia Gold Corp. (a)(d)	1,765,000		340,487
Guyana Goldfields, Inc. (a)	2,903,700		4,201,158
Guyana Goldfields, Inc. (a)(f)	155,000		224,259
IAMGOLD Corp.	2,394,500		12,541,244
International Minerals Corp. (Switzerland)	15,000		40,784
International Tower Hill Mines Ltd. (a)	546,700		390,217
Kinross Gold Corp.	10,337,091		67,800,549
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		103,546
Kirkland Lake Gold, Inc. (a)(d)	706,000		3,718,119
Lake Shore Gold Corp. (a)(d)	3,656,600		1,199,174
Luna Gold Corp. (a)	25,000		49,433
Midas Gold Corp. (a)	85,000		61,490
New Gold, Inc. (a)	7,758,755		52,760,282
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
NGEx Resources, Inc. (a)	60,000		$ 123,849
Novagold Resources, Inc. (a)(d)	2,955,000		7,524,668
OceanaGold Corp. (a)	3,222,300		5,936,429
Orezone Gold Corp. (a)(d)	372,100		251,237
Osisko Mining Corp. (a)	4,926,431		21,193,038
Osisko Mining Corp. (a)(f)	3,000,000		12,905,715
Pilot Gold, Inc. (a)(d)	768,150		874,287
Premier Gold Mines Ltd. (a)	5,369,322		11,393,787
Pretium Resources, Inc. (a)	440,938		3,615,117
Pretium Resources, Inc. (a)(f)	225,000		1,844,707
Pretium Resources, Inc. (a)(h)	225,000		1,844,707
Primero Mining Corp. (a)	846,200		4,619,717
Probe Mines Ltd. (a)	85,000		127,080
Rainy River Resources Ltd. (a)	1,208,400		4,242,658
Richmont Mines, Inc. (a)	230,900		445,430
Romarco Minerals, Inc. (a)	13,212,600		6,372,124
Romarco Minerals, Inc. (a)(f)	5,900,000		2,845,430
Rubicon Minerals Corp. (a)	5,032,102		8,688,172
Sandstorm Gold Ltd. (a)(d)	110,000		839,257
Seabridge Gold, Inc. (a)(d)	601,905		7,277,033
SEMAFO, Inc. (d)	4,406,900		8,671,402
St. Andrew Goldfields Ltd. (a)	440,000		161,273
Sulliden Gold Corp. Ltd. (a)(d)	3,110,400		3,150,152
Teranga Gold Corp. (a)	35,000		23,969
Teranga Gold Corp. CDI unit (a)	3,430,974		2,261,861
Torex Gold Resources, Inc. (a)	13,554,400		22,225,686
Volta Resources, Inc. (a)	55,000		12,997
Yamana Gold, Inc.	7,964,700		93,878,596
			1,031,175,968
Precious Metals & Minerals - 0.7%
Chesapeake Gold Corp. (a)	6,000		25,030
Dalradian Resources, Inc. (a)	56,000		37,270
Gold Standard Ventures Corp. (a)	425,400		361,082
Kaminak Gold Corp. Class A (a)	20,000		18,134
MAG Silver Corp. (a)	35,400		263,259
Pan American Silver Corp. (d)	100,087		1,222,062
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		32,374
Silver Wheaton Corp.	87,400		2,072,984
Tahoe Resources, Inc. (a)	494,100		7,191,675
Wildcat Silver Corp. (a)	75,200		35,905
			11,259,775
TOTAL METALS & MINING			1,044,898,141

	Shares		Value
Cayman Islands - 0.4%
METALS & MINING - 0.4%
Gold - 0.4%
Endeavour Mining Corp. (a)	6,203,100		$ 5,504,559
South Africa - 5.9%
METALS & MINING - 5.9%
Gold - 5.9%
AngloGold Ashanti Ltd. sponsored ADR (d)	1,427,152		25,888,537
Gold Fields Ltd.	55,000		334,171
Gold Fields Ltd. sponsored ADR	6,292,226		38,193,812
Harmony Gold Mining Co. Ltd.	1,484,000		6,137,816
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	3,347,300		13,991,714
Sibanye Gold Ltd. ADR (a)	1,195,006		4,325,922
			88,871,972
United Kingdom - 0.2%
METALS & MINING - 0.2%
Gold - 0.2%
Patagonia Gold PLC (a)(d)	260,000		39,504
Petropavlovsk PLC	1,109,228		2,324,113
			2,363,617
Steel - 0.0%
London Mining PLC (a)	97,200		167,254
TOTAL METALS & MINING			2,530,871
United States of America - 2.9%
METALS & MINING - 2.7%
Gold - 2.6%
Allied Nevada Gold Corp. (a)	731,300		5,645,636
Allied Nevada Gold Corp. (Canada) (a)	30,000		235,544
Gold Resource Corp. (d)	100,000		960,000
Royal Gold, Inc.	592,713		32,456,964
			39,298,144
Precious Metals & Minerals - 0.1%
McEwen Mining, Inc. (a)(d)	943,810		2,406,716
TOTAL METALS & MINING			41,704,860
OIL, GAS & CONSUMABLE FUELS - 0.2%
Coal & Consumable Fuels - 0.2%
Alpha Natural Resources, Inc. (a)	206,600		1,380,088
Peabody Energy Corp.	72,700		1,430,009
			2,810,097
TOTAL UNITED STATES OF AMERICA			44,514,957
TOTAL COMMON STOCKS (Cost $1,948,870,556)		1,440,828,041
Commodities - 3.7%
	Troy Ounces		Value
Gold Bullion (a)	18,510		$ 25,643,754
Silver Bullion (a)	1,350,000		29,951,100
TOTAL COMMODITIES (Cost $58,247,108)		55,594,854
Money Market Funds - 15.6%

Fidelity Cash Central Fund, 0.12% (b)	554,660		554,660
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	234,899,415		234,899,415
TOTAL MONEY MARKET FUNDS (Cost $235,454,075)		235,454,075
TOTAL INVESTMENT PORTFOLIO - 115.0% (Cost $2,242,571,739)			1,731,876,970
NET OTHER ASSETS (LIABILITIES) - (15.0)%			(226,096,860)
NET ASSETS - 100%		$ 1,505,780,110

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,672,360 or 1.8% of net assets.

(g) Security or a portion of the security sold on a delayed delivery basis.

(h) 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 $1,844,707 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,097
Fidelity Securities Lending Cash Central Fund	150,867
Total	$ 155,964

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 116,121,090	$ 230,792,412	$ 277,259,898	$ -	$ 55,573,301

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 3,981	$ -	$ -	$ -	$ 1,708
Kimber Resources, Inc. (144A)	1,379,164	-	59,278	-	544,350
Total	$ 1,383,145	$ -	$ 59,278	$ -	$ 546,058

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,440,828,041	$ 1,286,931,914	$ 153,109,317	$ 786,810
Commodities	55,594,854	55,594,854	-	-
Money Market Funds	235,454,075	235,454,075	-	-
Total Investments in Securities:	$ 1,731,876,970	$ 1,577,980,843	$ 153,109,317	$ 786,810

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers	Total
Level 1 to Level 2	$ 296,716,900
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes on an unconsolidated basis was $2,370,031,462. Net unrealized depreciation aggregated $638,176,046, of which $178,695,587 related to appreciated investment securities and $816,871,633 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2013, the Fund held $55,573,301 in the Subsidiary, representing 3.7% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Consolidated Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

May 31, 2013

1.802173.109

GOL-QTLY-0713

Consolidated Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 9.8%
METALS & MINING - 9.8%
Gold - 9.8%
ABM Resources NL (a)	1,660,000		$ 43,851
Alkane Resources Ltd. (a)	120,000		46,193
Ampella Mining Ltd. (a)(d)	2,785,000		508,918
Beadell Resources Ltd. (a)	11,653,618		7,913,635
Evolution Mining Ltd. (a)	2,566,395		1,963,901
Gold One International Ltd. (a)	90,277		15,442
Gryphon Minerals Ltd. (a)	5,590,010		1,029,240
Intrepid Mines Ltd.:
(Australia) (a)	9,209,798		2,829,279
(Canada) (a)	320,000		97,227
Kingsgate Consolidated NL	1,538,274		2,366,048
Medusa Mining Ltd.	2,746,085		6,570,648
Newcrest Mining Ltd.	6,494,920		88,733,165
Papillon Resources Ltd. (a)(d)	2,518,068		1,816,040
Perseus Mining Ltd.:
(Australia) (a)	6,580,134		6,624,715
(Canada) (a)	1,300,000		1,291,536
Ramelius Resources Ltd. (a)	980,000		156,354
Red 5 Ltd. (a)	1,326,000		786,810
Regis Resources Ltd. (a)	3,442,293		13,115,764
Resolute Mining Ltd.	2,988,261		2,220,141
Saracen Mineral Holdings Ltd. (a)	4,816,787		661,548
Silver Lake Resources Ltd. (a)	5,246,985		4,008,726
St Barbara Ltd. (a)	5,298,377		3,379,626
Tanami Gold NL (a)(d)	292,500		22,275
Troy Resources NL (d)	195,000		317,586
Troy Resources NL (f)	734,826		1,212,011
			147,730,679
Bailiwick of Jersey - 6.3%
METALS & MINING - 6.3%
Gold - 6.3%
Centamin PLC (a)	6,306,900		3,683,592
Lydian International Ltd. (a)	1,655,300		2,570,565
Polyus Gold International Ltd.	422,400		1,320,492
Polyus Gold International Ltd. sponsored GDR	4,574,931		14,045,038
Randgold Resources Ltd. sponsored ADR	932,795		73,112,472
			94,732,159
Precious Metals & Minerals - 0.0%
Polymetal International PLC	20,000		209,829
TOTAL METALS & MINING			94,941,988
Bermuda - 0.8%
METALS & MINING - 0.8%
Gold - 0.6%
Continental Gold Ltd. (a)	2,271,400		9,048,355

	Shares		Value
Steel - 0.2%
African Minerals Ltd. (a)(d)	719,200		$ 2,786,519
TOTAL METALS & MINING			11,834,874
Canada - 69.4%
METALS & MINING - 69.4%
Diversified Metals & Mining - 0.2%
East Asia Minerals Corp. (a)	5,000		627
Eastmain Resources, Inc. (a)	10,000		3,183
Kimber Resources, Inc. (a)(e)	16,100		1,708
Kimber Resources, Inc. (a)(e)(f)(g)	5,130,500		544,350
NovaCopper, Inc. (a)(d)	488,333		871,392
Rio Alto Mining Ltd. (a)	55,000		163,395
Sabina Gold & Silver Corp. (a)	650,000		877,743
			2,462,398
Gold - 68.5%
Agnico Eagle Mines Ltd. (Canada) (d)	1,467,000		47,685,459
Alacer Gold Corp.	3,384,063		7,311,600
Alamos Gold, Inc. (d)	1,150,500		16,679,060
Argonaut Gold, Inc. (a)	2,746,262		20,846,956
ATAC Resources Ltd. (a)	67,200		81,022
B2Gold Corp. (a)	13,083,658		32,937,881
Banro Corp. (a)	2,361,482		2,847,217
Barrick Gold Corp. (d)	7,191,869		151,086,479
Belo Sun Mining Corp. (a)(d)	6,165,400		3,687,049
Centerra Gold, Inc. (d)	2,002,200		7,377,289
Claude Resources, Inc. (a)	320,000		83,337
Colossus Minerals, Inc. (a)(d)	3,512,600		5,996,915
Detour Gold Corp. (a)	1,892,800		19,498,533
Detour Gold Corp. (a)(f)	785,900		8,095,888
Eldorado Gold Corp.	9,016,508		72,879,997
Exeter Resource Corp. (a)	272,300		223,251
Franco-Nevada Corp.	1,245,200		51,957,899
Gabriel Resources Ltd. (a)	950,600		1,274,496
Gold Canyon Resources, Inc. (a)	800,000		223,776
Goldcorp, Inc.	6,834,100		202,831,215
Golden Queen Mining Co. Ltd. (a)	15,000		18,000
GoldQuest Mining Corp. (a)	2,318,500		771,529
Gran Colombia Gold Corp. (a)(d)	1,765,000		340,487
Guyana Goldfields, Inc. (a)	2,903,700		4,201,158
Guyana Goldfields, Inc. (a)(f)	155,000		224,259
IAMGOLD Corp.	2,394,500		12,541,244
International Minerals Corp. (Switzerland)	15,000		40,784
International Tower Hill Mines Ltd. (a)	546,700		390,217
Kinross Gold Corp.	10,337,091		67,800,549
Kinross Gold Corp. warrants 9/17/14 (a)	1,192,793		103,546
Kirkland Lake Gold, Inc. (a)(d)	706,000		3,718,119
Lake Shore Gold Corp. (a)(d)	3,656,600		1,199,174
Luna Gold Corp. (a)	25,000		49,433
Midas Gold Corp. (a)	85,000		61,490
New Gold, Inc. (a)	7,758,755		52,760,282
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
NGEx Resources, Inc. (a)	60,000		$ 123,849
Novagold Resources, Inc. (a)(d)	2,955,000		7,524,668
OceanaGold Corp. (a)	3,222,300		5,936,429
Orezone Gold Corp. (a)(d)	372,100		251,237
Osisko Mining Corp. (a)	4,926,431		21,193,038
Osisko Mining Corp. (a)(f)	3,000,000		12,905,715
Pilot Gold, Inc. (a)(d)	768,150		874,287
Premier Gold Mines Ltd. (a)	5,369,322		11,393,787
Pretium Resources, Inc. (a)	440,938		3,615,117
Pretium Resources, Inc. (a)(f)	225,000		1,844,707
Pretium Resources, Inc. (a)(h)	225,000		1,844,707
Primero Mining Corp. (a)	846,200		4,619,717
Probe Mines Ltd. (a)	85,000		127,080
Rainy River Resources Ltd. (a)	1,208,400		4,242,658
Richmont Mines, Inc. (a)	230,900		445,430
Romarco Minerals, Inc. (a)	13,212,600		6,372,124
Romarco Minerals, Inc. (a)(f)	5,900,000		2,845,430
Rubicon Minerals Corp. (a)	5,032,102		8,688,172
Sandstorm Gold Ltd. (a)(d)	110,000		839,257
Seabridge Gold, Inc. (a)(d)	601,905		7,277,033
SEMAFO, Inc. (d)	4,406,900		8,671,402
St. Andrew Goldfields Ltd. (a)	440,000		161,273
Sulliden Gold Corp. Ltd. (a)(d)	3,110,400		3,150,152
Teranga Gold Corp. (a)	35,000		23,969
Teranga Gold Corp. CDI unit (a)	3,430,974		2,261,861
Torex Gold Resources, Inc. (a)	13,554,400		22,225,686
Volta Resources, Inc. (a)	55,000		12,997
Yamana Gold, Inc.	7,964,700		93,878,596
			1,031,175,968
Precious Metals & Minerals - 0.7%
Chesapeake Gold Corp. (a)	6,000		25,030
Dalradian Resources, Inc. (a)	56,000		37,270
Gold Standard Ventures Corp. (a)	425,400		361,082
Kaminak Gold Corp. Class A (a)	20,000		18,134
MAG Silver Corp. (a)	35,400		263,259
Pan American Silver Corp. (d)	100,087		1,222,062
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		32,374
Silver Wheaton Corp.	87,400		2,072,984
Tahoe Resources, Inc. (a)	494,100		7,191,675
Wildcat Silver Corp. (a)	75,200		35,905
			11,259,775
TOTAL METALS & MINING			1,044,898,141

	Shares		Value
Cayman Islands - 0.4%
METALS & MINING - 0.4%
Gold - 0.4%
Endeavour Mining Corp. (a)	6,203,100		$ 5,504,559
South Africa - 5.9%
METALS & MINING - 5.9%
Gold - 5.9%
AngloGold Ashanti Ltd. sponsored ADR (d)	1,427,152		25,888,537
Gold Fields Ltd.	55,000		334,171
Gold Fields Ltd. sponsored ADR	6,292,226		38,193,812
Harmony Gold Mining Co. Ltd.	1,484,000		6,137,816
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	3,347,300		13,991,714
Sibanye Gold Ltd. ADR (a)	1,195,006		4,325,922
			88,871,972
United Kingdom - 0.2%
METALS & MINING - 0.2%
Gold - 0.2%
Patagonia Gold PLC (a)(d)	260,000		39,504
Petropavlovsk PLC	1,109,228		2,324,113
			2,363,617
Steel - 0.0%
London Mining PLC (a)	97,200		167,254
TOTAL METALS & MINING			2,530,871
United States of America - 2.9%
METALS & MINING - 2.7%
Gold - 2.6%
Allied Nevada Gold Corp. (a)	731,300		5,645,636
Allied Nevada Gold Corp. (Canada) (a)	30,000		235,544
Gold Resource Corp. (d)	100,000		960,000
Royal Gold, Inc.	592,713		32,456,964
			39,298,144
Precious Metals & Minerals - 0.1%
McEwen Mining, Inc. (a)(d)	943,810		2,406,716
TOTAL METALS & MINING			41,704,860
OIL, GAS & CONSUMABLE FUELS - 0.2%
Coal & Consumable Fuels - 0.2%
Alpha Natural Resources, Inc. (a)	206,600		1,380,088
Peabody Energy Corp.	72,700		1,430,009
			2,810,097
TOTAL UNITED STATES OF AMERICA			44,514,957
TOTAL COMMON STOCKS (Cost $1,948,870,556)		1,440,828,041
Commodities - 3.7%
	Troy Ounces		Value
Gold Bullion (a)	18,510		$ 25,643,754
Silver Bullion (a)	1,350,000		29,951,100
TOTAL COMMODITIES (Cost $58,247,108)		55,594,854
Money Market Funds - 15.6%

Fidelity Cash Central Fund, 0.12% (b)	554,660		554,660
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	234,899,415		234,899,415
TOTAL MONEY MARKET FUNDS (Cost $235,454,075)		235,454,075
TOTAL INVESTMENT PORTFOLIO - 115.0% (Cost $2,242,571,739)			1,731,876,970
NET OTHER ASSETS (LIABILITIES) - (15.0)%			(226,096,860)
NET ASSETS - 100%		$ 1,505,780,110

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Security or a portion of the security sold on a delayed delivery basis.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,097
Fidelity Securities Lending Cash Central Fund	150,867
Total	$ 155,964

Consolidated Subsidiary

	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 116,121,090	$ 230,792,412	$ 277,259,898	$ -	$ 55,573,301

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Kimber Resources, Inc.	$ 3,981	$ -	$ -	$ -	$ 1,708
Kimber Resources, Inc. (144A)	1,379,164	-	59,278	-	544,350
Total	$ 1,383,145	$ -	$ 59,278	$ -	$ 546,058

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,440,828,041	$ 1,286,931,914	$ 153,109,317	$ 786,810
Commodities	55,594,854	55,594,854	-	-
Money Market Funds	235,454,075	235,454,075	-	-
Total Investments in Securities:	$ 1,731,876,970	$ 1,577,980,843	$ 153,109,317	$ 786,810

Transfers	Total
Level 1 to Level 2	$ 296,716,900
Level 2 to Level 1	$ 0

Income Tax Information

Consolidated Subsidiary

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

May 31, 2013

1.802179.109

LEI-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 4.6%
Specialized Consumer Services - 4.6%
Coinstar, Inc. (a)(d)	75,140		$ 4,376,154
Steiner Leisure Ltd. (a)	243,193		12,351,772
Weight Watchers International, Inc.	17,800		816,130
			17,544,056
HOTELS, RESTAURANTS & LEISURE - 85.1%
Casinos & Gaming - 18.4%
Las Vegas Sands Corp.	528,276		30,587,180
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)	91,870		2,184,669
MGM China Holdings Ltd.	900,000		2,397,631
Penn National Gaming, Inc. (a)	476,112		26,205,204
SHFL Entertainment, Inc. (a)	336,261		5,800,502
Wynn Resorts Ltd.	19,700		2,677,033
			69,852,219
Hotels, Resorts & Cruise Lines - 17.9%
Carnival Corp. unit	331,000		10,956,100
Hyatt Hotels Corp. Class A (a)	382,858		15,743,121
Starwood Hotels & Resorts Worldwide, Inc.	209,100		14,281,530
Wyndham Worldwide Corp.	465,200		27,037,424
			68,018,175
Leisure Facilities - 0.9%
Cedar Fair LP (depositary unit)	83,656		3,422,367
Restaurants - 47.9%
Bravo Brio Restaurant Group, Inc. (a)	84,169		1,515,042
Brinker International, Inc.	374,900		14,699,829
Chipotle Mexican Grill, Inc. (a)	26,529		9,576,969
Denny's Corp. (a)	490,042		2,954,953
Jack in the Box, Inc. (a)	67,700		2,470,373
McDonald's Corp.	478,700		46,228,059
Panera Bread Co. Class A (a)	52,500		10,071,075
Papa John's International, Inc. (a)	67,566		4,353,277
Ruth's Hospitality Group, Inc.	436,729		4,891,365
Starbucks Corp.	908,400		57,292,789
Texas Roadhouse, Inc. Class A	200,508		4,742,014
Tim Hortons, Inc. (Canada)	43,000		2,287,803
Whitbread PLC	130,000		5,694,559
Yum! Brands, Inc.	232,700		15,765,425
			182,543,532
TOTAL HOTELS, RESTAURANTS & LEISURE			323,836,293
IT SERVICES - 1.2%
Data Processing & Outsourced Services - 1.2%
The Western Union Co.	280,000		4,586,400
LEISURE EQUIPMENT & PRODUCTS - 1.1%
Leisure Products - 1.1%
Mattel, Inc.	96,000		4,296,000

	Shares		Value
MEDIA - 3.1%
Broadcasting - 0.6%
CBS Corp. Class B	46,300		$ 2,291,850
Cable & Satellite - 0.8%
DIRECTV (a)	46,925		2,868,525
Movies & Entertainment - 1.7%
News Corp. Class A	90,000		2,889,900
Viacom, Inc. Class B (non-vtg.)	55,500		3,656,895
			6,546,795
TOTAL MEDIA			11,707,170
SOFTWARE - 2.5%
Application Software - 1.6%
Intuit, Inc.	103,500		6,048,540
Home Entertainment Software - 0.9%
Playtech Ltd.	320,000		3,252,732
TOTAL SOFTWARE			9,301,272
SPECIALTY RETAIL - 0.6%
Apparel Retail - 0.6%
Express, Inc. (a)	105,000		2,289,000
TEXTILES, APPAREL & LUXURY GOODS - 0.6%
Apparel, Accessories & Luxury Goods - 0.6%
PVH Corp.	21,140		2,435,117
TOTAL COMMON STOCKS (Cost $219,838,827)		375,995,308

Convertible Bonds - 0.1%
	Principal Amount
HOTELS, RESTAURANTS & LEISURE - 0.1%
Casinos & Gaming - 0.1%
MGM Mirage, Inc. 4.25% 4/15/15 (Cost $300,000)	$ 300,000	342,188

Money Market Funds - 1.9%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	3,970,994		$ 3,970,994
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	3,293,550		3,293,550
TOTAL MONEY MARKET FUNDS (Cost $7,264,544)		7,264,544
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $227,403,371)			383,602,040
NET OTHER ASSETS (LIABILITIES) - (0.8)%			(2,864,696)
NET ASSETS - 100%		$ 380,737,344

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,430
Fidelity Securities Lending Cash Central Fund	150,674
Total	$ 152,104

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 375,995,308	$ 373,597,677	$ 2,397,631	$ -
Convertible Bonds	342,188	-	342,188	-
Money Market Funds	7,264,544	7,264,544	-	-
Total Investments in Securities:	$ 383,602,040	$ 380,862,221	$ 2,739,819	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $231,347,527. Net unrealized appreciation aggregated $152,254,513, of which $153,276,647 related to appreciated investment securities and $1,022,134 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

May 31, 2013

1.802176.109

INE-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
AEROSPACE & DEFENSE - 19.9%
Aerospace & Defense - 19.9%
Honeywell International, Inc.	156,600		$ 12,286,836
Precision Castparts Corp.	49,900		10,674,608
Teledyne Technologies, Inc. (a)	42,900		3,312,738
Textron, Inc.	330,600		8,912,976
TransDigm Group, Inc.	38,100		5,566,410
United Technologies Corp.	294,500		27,948,050
			68,701,618
AIR FREIGHT & LOGISTICS - 0.5%
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	13,800		782,322
Expeditors International of Washington, Inc.	20,100		784,503
			1,566,825
AIRLINES - 0.4%
Airlines - 0.4%
Copa Holdings SA Class A	9,800		1,286,936
AUTO COMPONENTS - 1.6%
Auto Parts & Equipment - 1.6%
Johnson Controls, Inc.	143,700		5,368,632
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Gibraltar Industries, Inc. (a)	70,241		1,140,011
Ply Gem Holdings, Inc.	1,400		32,340
			1,172,351
CHEMICALS - 0.5%
Commodity Chemicals - 0.5%
Cabot Corp.	44,000		1,801,360
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Diversified Support Services - 0.8%
Aggreko PLC	98,500		2,674,440
Environmental & Facility Services - 0.5%
Republic Services, Inc.	57,200		1,950,520
TOTAL COMMERCIAL SERVICES & SUPPLIES			4,624,960
CONSTRUCTION & ENGINEERING - 1.3%
Construction & Engineering - 1.3%
Jacobs Engineering Group, Inc. (a)	63,000		3,591,630
URS Corp.	20,900		1,012,396
			4,604,026
DIVERSIFIED CONSUMER SERVICES - 0.9%
Specialized Consumer Services - 0.9%
H&R Block, Inc.	104,500		3,058,715

	Shares		Value
ELECTRICAL EQUIPMENT - 11.8%
Electrical Components & Equipment - 11.5%
AMETEK, Inc.	100,150		$ 4,321,473
Eaton Corp. PLC	182,200		12,036,132
Generac Holdings, Inc.	44,400		1,798,200
Hubbell, Inc. Class B	26,000		2,611,180
Regal-Beloit Corp.	110,728		7,475,247
Rockwell Automation, Inc.	55,300		4,867,506
Roper Industries, Inc.	52,600		6,533,972
			39,643,710
Heavy Electrical Equipment - 0.3%
AZZ, Inc.	27,600		1,144,848
TOTAL ELECTRICAL EQUIPMENT			40,788,558
INDUSTRIAL CONGLOMERATES - 26.9%
Industrial Conglomerates - 26.9%
3M Co.	175,300		19,330,331
Danaher Corp.	272,500		16,845,950
General Electric Co.	2,434,155		56,764,495
			92,940,776
MACHINERY - 26.6%
Construction & Farm Machinery & Heavy Trucks - 15.9%
Caterpillar, Inc.	219,900		18,867,420
Cummins, Inc.	121,000		14,475,230
Joy Global, Inc.	53,700		2,904,096
Manitowoc Co., Inc.	331,800		6,971,118
PACCAR, Inc.	103,800		5,563,680
Terex Corp. (a)	87,400		3,135,038
Wabtec Corp.	27,000		2,970,270
			54,886,852
Industrial Machinery - 10.7%
Blount International, Inc. (a)	59,800		802,516
Donaldson Co., Inc.	67,700		2,539,427
Harsco Corp.	61,000		1,426,180
Illinois Tool Works, Inc.	176,900		12,405,997
Ingersoll-Rand PLC	171,000		9,837,630
Metka SA	62,100		863,645
Nordson Corp.	26,500		1,887,330
Pall Corp.	41,400		2,823,480
Sun Hydraulics Corp.	40,100		1,301,245
Timken Co.	55,500		3,150,180
			37,037,630
TOTAL MACHINERY			91,924,482
PROFESSIONAL SERVICES - 2.8%
Research & Consulting Services - 2.8%
Dun & Bradstreet Corp.	82,400		8,086,736
VSE Corp.	51,539		1,748,203
			9,834,939
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 3.1%
Trading Companies & Distributors - 3.1%
Houston Wire & Cable Co.	137,234		$ 1,922,648
MSC Industrial Direct Co., Inc. Class A	24,100		1,992,347
Watsco, Inc.	17,300		1,509,425
WESCO International, Inc. (a)	69,000		5,123,940
			10,548,360
TOTAL COMMON STOCKS (Cost $266,322,304)		338,222,538
Nonconvertible Preferred Stocks - 2.4%
	Shares		Value
AUTOMOBILES - 2.4%
Automobile Manufacturers - 2.4%
Volkswagen AG (Cost $8,154,476)	37,900		$ 8,322,566
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $274,476,780)			346,545,104
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(1,007,685)
NET ASSETS - 100%		$ 345,537,419

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,355
Fidelity Securities Lending Cash Central Fund	2,890
Total	$ 5,245

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $274,916,310. Net unrealized appreciation aggregated $71,628,794, of which $73,900,490 related to appreciated investment securities and $2,271,696 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

May 31, 2013

1.802188.109

RET-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
DISTRIBUTORS - 1.9%
Distributors - 1.9%
LKQ Corp. (a)	534,947		$ 13,095,503
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
Steiner Leisure Ltd. (a)	89,467		4,544,029
FOOD PRODUCTS - 0.5%
Packaged Foods & Meats - 0.5%
Annie's, Inc. (a)(d)	82,300		3,202,293
HOUSEHOLD DURABLES - 0.6%
Household Appliances - 0.6%
Techtronic Industries Co. Ltd.	1,720,000		4,412,529
INTERNET & CATALOG RETAIL - 19.6%
Internet Retail - 19.6%
Amazon.com, Inc. (a)	251,920		67,774,038
Netflix, Inc. (a)	45,000		10,181,250
Ocado Group PLC (a)	550,000		2,271,351
priceline.com, Inc. (a)	59,060		47,480,106
TripAdvisor, Inc. (a)	135,000		8,706,150
			136,412,895
MULTILINE RETAIL - 1.9%
Department Stores - 1.9%
PPR SA	61,000		13,335,695
SOFTWARE - 1.5%
Home Entertainment Software - 1.5%
Take-Two Interactive Software, Inc. (a)	612,000		10,183,680
SPECIALTY RETAIL - 61.7%
Apparel Retail - 23.1%
Express, Inc. (a)	757,102		16,504,824
Gap, Inc.	126,000		5,109,300
H&M Hennes & Mauritz AB (B Shares) (d)	432,000		14,871,024
Inditex SA	78,462		9,771,818
L Brands, Inc.	479,679		23,988,747
Ross Stores, Inc.	390,600		25,115,580
TJX Companies, Inc.	947,200		47,937,792
Urban Outfitters, Inc. (a)	412,200		17,283,546
			160,582,631
Automotive Retail - 8.1%
AutoZone, Inc. (a)	70,443		28,799,212
O'Reilly Automotive, Inc. (a)	250,365		27,267,252
			56,066,464

	Shares		Value
Home Improvement Retail - 24.9%
Home Depot, Inc.	1,489,100		$ 117,132,604
Lowe's Companies, Inc.	1,326,900		55,875,759
			173,008,363
Homefurnishing Retail - 0.9%
Bed Bath & Beyond, Inc. (a)	95,580		6,523,335
Specialty Stores - 4.7%
Dick's Sporting Goods, Inc.	400,100		20,941,234
GNC Holdings, Inc.	268,200		12,077,046
			33,018,280
TOTAL SPECIALTY RETAIL			429,199,073
TEXTILES, APPAREL & LUXURY GOODS - 10.5%
Apparel, Accessories & Luxury Goods - 9.6%
Compagnie Financiere Richemont SA Series A	92,801		8,331,468
G-III Apparel Group Ltd. (a)	287,070		12,088,518
lululemon athletica, Inc. (a)(d)	151,600		11,795,996
PVH Corp.	113,500		13,074,065
Swatch Group AG (Bearer) (Reg.)	81,364		8,100,238
VF Corp.	74,600		13,715,956
			67,106,241
Footwear - 0.9%
NIKE, Inc. Class B	101,400		6,252,324
TOTAL TEXTILES, APPAREL & LUXURY GOODS			73,358,565
TOTAL COMMON STOCKS (Cost $500,751,149)		687,744,262

Convertible Bonds - 0.2%
	Principal Amount
SOFTWARE - 0.2%
Home Entertainment Software - 0.2%
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (Cost $1,000,000)	$ 1,000,000	1,170,000

Money Market Funds - 4.1%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	13,180,887		$ 13,180,887
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	15,531,750		15,531,750
TOTAL MONEY MARKET FUNDS (Cost $28,712,637)		28,712,637
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $530,463,786)			717,626,899
NET OTHER ASSETS (LIABILITIES) - (3.2)%			(22,145,916)
NET ASSETS - 100%		$ 695,480,983

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,596
Fidelity Securities Lending Cash Central Fund	88,674
Total	$ 91,270

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 687,744,262	$ 683,331,733	$ 4,412,529	$ -
Convertible Bonds	1,170,000	-	1,170,000	-
Money Market Funds	28,712,637	28,712,637	-	-
Total Investments in Securities:	$ 717,626,899	$ 712,044,370	$ 5,582,529	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $531,821,661. Net unrealized appreciation aggregated $185,805,238, of which $187,243,673 related to appreciated investment securities and $1,438,435 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

May 31, 2013

1.802167.109

ELE-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%
	Shares		Value
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
Arrowhead Research Corp. warrants 5/21/17 (a)(f)	285,468		$ 3
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Office Services & Supplies - 0.3%
West Corp.	121,100		2,773,190
COMMUNICATIONS EQUIPMENT - 8.5%
Communications Equipment - 8.5%
Aruba Networks, Inc. (a)	197,900		2,956,626
Brocade Communications Systems, Inc. (a)	340,779		1,850,430
Finisar Corp. (a)	254,701		3,336,583
Juniper Networks, Inc. (a)	540,621		9,585,210
NETGEAR, Inc. (a)	93,500		3,111,680
Polycom, Inc. (a)	664,538		7,529,216
QUALCOMM, Inc.	655,808		41,630,692
Radware Ltd. (a)	191,108		2,874,264
Research In Motion Ltd. (a)(d)	99,100		1,382,445
Riverbed Technology, Inc. (a)	341,800		5,284,228
			79,541,374
COMPUTERS & PERIPHERALS - 3.4%
Computer Hardware - 1.7%
Apple, Inc.	34,776		15,638,072
Computer Storage & Peripherals - 1.7%
EMC Corp.	397,400		9,839,624
Fusion-io, Inc. (a)	185,995		2,691,348
SanDisk Corp. (a)	58,300		3,440,866
			15,971,838
TOTAL COMPUTERS & PERIPHERALS			31,609,910
ELECTRONIC EQUIPMENT & COMPONENTS - 11.1%
Electronic Components - 2.1%
Aeroflex Holding Corp. (a)	1,670,579		13,197,574
Corning, Inc.	25,441		391,028
InvenSense, Inc. (a)	432,915		5,575,945
			19,164,547
Electronic Manufacturing Services - 8.1%
Benchmark Electronics, Inc. (a)	77,871		1,518,485
Flextronics International Ltd. (a)	1,850,188		13,802,402
Jabil Circuit, Inc.	2,026,123		40,644,027
Plexus Corp. (a)	18		525
TTM Technologies, Inc. (a)	2,454,628		19,833,394
			75,798,833

	Shares		Value
Technology Distributors - 0.9%
Arrow Electronics, Inc. (a)	110,021		$ 4,374,435
Avnet, Inc. (a)	126,930		4,335,929
			8,710,364
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			103,673,744
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
Demand Media, Inc. (a)	309,250		2,650,273
Facebook, Inc. Class A	112,049		2,728,393
Rackspace Hosting, Inc. (a)	47,300		1,775,169
Velti PLC (a)	374,200		658,592
			7,812,427
IT SERVICES - 0.6%
Data Processing & Outsourced Services - 0.6%
EVERTEC, Inc.	120,914		2,420,698
VeriFone Systems, Inc. (a)	116,160		2,710,013
			5,130,711
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 68.3%
Semiconductor Equipment - 0.9%
Amkor Technology, Inc. (a)(d)	404,997		1,838,686
GT Advanced Technologies, Inc. (a)(d)	512,410		2,280,225
Lam Research Corp. (a)	25,300		1,183,534
Rubicon Technology, Inc. (a)(d)	299,500		2,536,765
			7,839,210
Semiconductors - 67.4%
Advanced Micro Devices, Inc. (a)(d)	1,461,911		5,847,644
Advanced Semiconductor Engineering, Inc. sponsored ADR	544,000		2,284,800
Altera Corp.	1,828,564		60,690,039
Analog Devices, Inc.	893,628		41,044,334
ARM Holdings PLC sponsored ADR	17		746
Avago Technologies Ltd.	1,574,474		59,373,415
Broadcom Corp. Class A	2,010,183		72,185,669
Cypress Semiconductor Corp. (d)	2,047,099		23,009,393
Entropic Communications, Inc. (a)	723,552		3,096,803
EZchip Semiconductor Ltd. (a)	222,214		6,008,667
Freescale Semiconductor Holdings I Ltd. (a)(d)	968,921		15,425,222
Inphi Corp. (a)	554,127		5,657,637
Intel Corp.	1,425,191		34,603,637
Intermolecular, Inc. (a)	323,416		2,761,973
Intersil Corp. Class A	5,229,725		42,883,745
LSI Corp. (a)	3,257,233		24,103,524
M/A-COM Technology Solutions, Inc. (a)	162,442		2,262,817
Marvell Technology Group Ltd.	3,062,215		33,194,411
MediaTek, Inc.	198,000		2,442,131
Microchip Technology, Inc.	471,775		17,210,352
Micron Technology, Inc. (a)	1,826,604		21,334,735
Motech Industries, Inc. (a)	1		1
NVIDIA Corp. (d)	1,674,706		24,266,490
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
NXP Semiconductors NV (a)	1,053,849		$ 32,511,242
O2Micro International Ltd. sponsored ADR (a)	581,178		2,005,064
Omnivision Technologies, Inc. (a)	118,471		2,188,159
ON Semiconductor Corp. (a)	2,561,707		21,928,212
PMC-Sierra, Inc. (a)	3,185,657		19,145,799
RDA Microelectronics, Inc. sponsored ADR	269,582		2,887,223
Skyworks Solutions, Inc. (a)	1,700,579		40,575,815
Spreadtrum Communications, Inc. ADR	125,900		2,450,014
Volterra Semiconductor Corp. (a)	378,700		5,324,522
			628,704,235
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			636,543,445
SOFTWARE - 0.7%
Application Software - 0.4%
Nuance Communications, Inc. (a)	182,837		3,473,903
Systems Software - 0.3%
Allot Communications Ltd. (a)	264,700		3,269,045
Check Point Software Technologies Ltd. (a)	400		20,032
			3,289,077
TOTAL SOFTWARE			6,762,980
TOTAL COMMON STOCKS (Cost $978,098,671)		873,847,784

Convertible Bonds - 2.4%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
Semiconductors - 2.4%
Micron Technology, Inc.:
1.625% 2/15/33 (e)	$ 1,970,000	2,501,900
1.875% 8/1/31	5,680,000	7,447,900
3.125% 5/1/32 (e)	9,050,000	12,556,875

TOTAL CONVERTIBLE BONDS (Cost $15,857,141)		22,506,675
Money Market Funds - 7.8%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	31,306,326		$ 31,306,326
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	40,941,152		40,941,152
TOTAL MONEY MARKET FUNDS (Cost $72,247,478)		72,247,478
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $1,066,203,290)			968,601,937
NET OTHER ASSETS (LIABILITIES) - (3.9)%			(35,932,496)
NET ASSETS - 100%		$ 932,669,441

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,058,775 or 1.6% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,594
Fidelity Securities Lending Cash Central Fund	53,746
Total	$ 64,340

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 873,847,784	$ 871,405,649	$ 2,442,135	$ -
Convertible Bonds	22,506,675	-	22,506,675	-
Money Market Funds	72,247,478	72,247,478	-	-
Total Investments in Securities:	$ 968,601,937	$ 943,653,127	$ 24,948,810	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,074,512,951. Net unrealized depreciation aggregated $105,911,014, of which $35,191,401 related to appreciated investment securities and $141,102,415 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Portfolio

May 31, 2013

1.802193.109

UTI-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
ELECTRIC UTILITIES - 39.8%
Electric Utilities - 39.8%
American Electric Power Co., Inc.	1,047,039		$ 47,975,327
Duke Energy Corp.	1,152,853		77,160,451
Edison International	609,512		28,000,981
FirstEnergy Corp.	794,789		31,004,719
ITC Holdings Corp.	93,805		8,120,699
OGE Energy Corp.	455,958		30,945,869
Southern Co.	657,900		28,881,810
			252,089,856
GAS UTILITIES - 3.0%
Gas Utilities - 3.0%
National Fuel Gas Co.	92,976		5,690,131
Questar Corp.	551,286		13,401,763
			19,091,894
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 11.2%
Independent Power Producers & Energy Traders - 11.2%
Calpine Corp. (a)	745,637		15,143,887
NRG Energy, Inc.	1,137,202		29,021,395
The AES Corp.	2,217,602		27,054,744
			71,220,026
MULTI-UTILITIES - 33.0%
Multi-Utilities - 33.0%
Ameren Corp.	646,436		22,004,681
CenterPoint Energy, Inc.	1,877,308		43,515,999
Dominion Resources, Inc.	529,010		29,915,516
NiSource, Inc.	858,323		24,659,620
PG&E Corp.	1,060,113		47,609,675
Sempra Energy	507,385		41,250,401
			208,955,892
OIL, GAS & CONSUMABLE FUELS - 10.9%
Oil & Gas Exploration & Production - 3.0%
Energen Corp.	359,622		19,487,916

	Shares		Value
Oil & Gas Storage & Transport - 7.9%
Cheniere Energy, Inc. (a)	335,692		$ 9,852,560
Enbridge, Inc.	391,700		16,990,354
Spectra Energy Corp.	367,024		11,219,924
TransCanada Corp.	259,700		11,913,511
			49,976,349
TOTAL OIL, GAS & CONSUMABLE FUELS			69,464,265
WATER UTILITIES - 0.4%
Water Utilities - 0.4%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR	194,346		2,472,081
TOTAL COMMON STOCKS (Cost $595,140,015)		623,294,014
Money Market Funds - 0.8%

Fidelity Cash Central Fund, 0.12% (b) (Cost $4,887,355)	4,887,355		4,887,355
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $600,027,370)			628,181,369
NET OTHER ASSETS (LIABILITIES) - 0.9%			5,834,780
NET ASSETS - 100%		$ 634,016,149

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,695
Fidelity Securities Lending Cash Central Fund	12,316
Total	$ 18,011

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $600,568,593. Net unrealized appreciation aggregated $27,612,776, of which $40,264,503 related to appreciated investment securities and $12,651,727 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

May 31, 2013

1.802192.109

TRN-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
AEROSPACE & DEFENSE - 4.3%
Aerospace & Defense - 4.3%
Ducommun, Inc. (a)	401,200		$ 7,795,316
General Dynamics Corp.	6,100		470,310
Rockwell Collins, Inc.	40,200		2,602,950
Textron, Inc.	152,800		4,119,488
			14,988,064
AIR FREIGHT & LOGISTICS - 29.4%
Air Freight & Logistics - 29.4%
C.H. Robinson Worldwide, Inc.	104,096		5,901,202
FedEx Corp.	248,900		23,979,026
Hub Group, Inc. Class A (a)	150,900		5,479,179
Park-Ohio Holdings Corp. (a)	216,809		8,063,127
United Parcel Service, Inc. Class B	677,100		58,162,890
			101,585,424
AIRLINES - 16.1%
Airlines - 16.1%
Alaska Air Group, Inc. (a)	42,400		2,409,168
Dart Group PLC	509,217		1,531,935
Delta Air Lines, Inc. (a)	1,171,802		21,104,154
Republic Airways Holdings, Inc. (a)	433,700		4,653,601
Ryanair Holdings PLC sponsored ADR	9,700		473,748
SkyWest, Inc.	398,100		5,585,343
Southwest Airlines Co.	251,500		3,563,755
Spirit Airlines, Inc. (a)	120,859		3,677,739
United Continental Holdings, Inc. (a)	263,636		8,557,625
US Airways Group, Inc. (a)	243,600		4,280,052
			55,837,120
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Cosco International Holdings Ltd.	24,000		9,910
INSURANCE - 1.0%
Property & Casualty Insurance - 1.0%
Berkshire Hathaway, Inc. Class B (a)	30,400		3,467,728
MACHINERY - 2.5%
Construction & Farm Machinery & Heavy Trucks - 2.5%
ASL Marine Holdings Ltd.	1,299,200		681,969
Wabtec Corp.	71,900		7,909,719
			8,591,688
MARINE - 0.1%
Marine - 0.1%
Diana Shipping, Inc. (a)	25,100		254,263

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 1.7%
Oil & Gas Storage & Transport - 1.7%
Scorpio Tankers, Inc.	633,533		$ 6,012,228
ROAD & RAIL - 40.4%
Railroads - 25.9%
CSX Corp.	580,119		14,624,800
Norfolk Southern Corp.	136,300		10,439,217
Union Pacific Corp.	417,068		64,487,054
			89,551,071
Trucking - 14.5%
AMERCO	23,977		4,133,635
Con-way, Inc.	167,200		6,356,944
Contrans Group, Inc.:
(sub. vtg.) (a)(c)	12,800		136,426
Class A	546,800		5,827,962
J.B. Hunt Transport Services, Inc.	132,100		9,730,486
Landstar System, Inc.	101,100		5,337,069
Marten Transport Ltd.	99,900		2,396,601
Quality Distribution, Inc. (a)	835,726		7,613,464
Ryder System, Inc.	55,100		3,473,504
Swift Transporation Co. (a)	218,700		3,682,908
Universal Truckload Services, Inc. (a)	68,300		1,745,065
			50,434,064
TOTAL ROAD & RAIL			139,985,135
TOTAL COMMON STOCKS (Cost $262,999,208)		330,731,560

Convertible Bonds - 0.3%
	Principal Amount
MARINE - 0.3%
Marine - 0.3%
DryShips, Inc. 5% 12/1/14 (Cost $835,010)	$ 1,020,000	912,900

Money Market Funds - 5.4%
	Shares
Fidelity Cash Central Fund, 0.12% (b) (Cost $18,722,272)	18,722,272		18,722,272
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $282,556,490)			350,366,732
NET OTHER ASSETS (LIABILITIES) - (1.2)%			(4,253,292)
NET ASSETS - 100%		$ 346,113,440

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $136,426 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,492

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 330,731,560	$ 330,039,681	$ 691,879	$ -
Convertible Bonds	912,900	-	912,900	-
Money Market Funds	18,722,272	18,722,272	-	-
Total Investments in Securities:	$ 350,366,732	$ 348,761,953	$ 1,604,779	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $282,837,419. Net unrealized appreciation aggregated $67,529,313, of which $70,017,828 related to appreciated investment securities and $2,488,515 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and

Computer Services Portfolio

May 31, 2013

1.802189.109

SOF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
ICG Group, Inc. (a)	367,789		$ 4,086,136
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Radware Ltd. (a)	400,000		6,016,000
COMPUTERS & PERIPHERALS - 0.0%
Computer Hardware - 0.0%
Cray, Inc. (a)	7		127
DIVERSIFIED CONSUMER SERVICES - 0.7%
Specialized Consumer Services - 0.7%
H&R Block, Inc.	553,900		16,212,653
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.1%
Alternative Carriers - 1.1%
inContact, Inc. (a)(e)	3,337,956		24,233,561
ELECTRONIC EQUIPMENT & COMPONENTS - 1.0%
Electronic Manufacturing Services - 1.0%
Fabrinet (a)	92,502		1,344,054
Flextronics International Ltd. (a)	1,381,800		10,308,228
Jabil Circuit, Inc.	380,000		7,622,800
TE Connectivity Ltd.	70,000		3,107,300
			22,382,382
INTERNET SOFTWARE & SERVICES - 24.4%
Internet Software & Services - 24.4%
Active Network, Inc. (a)(d)(e)	5,586,697		37,375,003
Bazaarvoice, Inc. (a)(d)	1,021,900		7,654,031
Demand Media, Inc. (a)	300,000		2,571,000
Demandware, Inc. (a)	169,300		5,182,273
E2open, Inc.	88,500		1,292,985
eBay, Inc. (a)	621,300		33,612,330
ExactTarget, Inc. (a)	697,121		16,040,754
Facebook, Inc. Class A	1,105,000		26,906,750
Google, Inc. Class A (a)	311,700		271,306,797
IAC/InterActiveCorp	121,400		5,885,472
KIT digital, Inc. (a)	1,177,816		530,017
MercadoLibre, Inc.	40,800		4,676,496
Rackspace Hosting, Inc. (a)	112,000		4,203,360
Responsys, Inc. (a)(e)	2,501,796		24,467,565
SciQuest, Inc. (a)	813,915		18,679,349
SPS Commerce, Inc. (a)	36		1,943
Velti PLC (a)(d)	2,445,500		4,304,080
Web.com Group, Inc. (a)(e)	2,854,400		59,913,856
Yahoo!, Inc. (a)	1,259,200		33,116,960
			557,721,021
IT SERVICES - 25.7%
Data Processing & Outsourced Services - 13.7%
Computer Sciences Corp.	465,700		20,774,877
Fidelity National Information Services, Inc.	904,600		40,616,540

	Shares		Value
Fiserv, Inc. (a)	242,500		$ 21,136,300
FleetCor Technologies, Inc. (a)	300,800		26,193,664
Global Payments, Inc.	353,500		16,953,860
MasterCard, Inc. Class A	95,600		54,515,900
The Western Union Co.	1,386,900		22,717,422
Total System Services, Inc.	130,100		3,058,651
Visa, Inc. Class A	335,900		59,837,226
WEX, Inc. (a)	229,500		16,953,165
WNS Holdings Ltd. sponsored ADR (a)	1,894,378		30,499,486
			313,257,091
IT Consulting & Other Services - 12.0%
Amdocs Ltd.	385,100		13,748,070
Camelot Information Systems, Inc. ADR (a)	2,265,639		4,032,837
Cognizant Technology Solutions Corp. Class A (a)	266,495		17,228,902
EPAM Systems, Inc. (a)	2,102,986		48,705,156
HCL Technologies Ltd.	1		13
IBM Corp.	663,689		138,060,586
Lionbridge Technologies, Inc. (a)(e)	6,154,175		18,216,358
Sapient Corp. (a)	321,635		4,142,659
Teradata Corp. (a)	255,700		14,255,275
Unisys Corp. (a)	332,500		6,866,125
Virtusa Corp. (a)	392,496		9,207,956
			274,463,937
TOTAL IT SERVICES			587,721,028
MEDIA - 1.7%
Advertising - 1.7%
MDC Partners, Inc. Class A (sub. vtg.) (e)	2,274,308		40,096,045
PROFESSIONAL SERVICES - 1.3%
Research & Consulting Services - 1.3%
ICF International, Inc. (a)(e)	994,641		29,988,426
SOFTWARE - 42.8%
Application Software - 15.5%
Actuate Corp. (a)	245,000		1,653,750
Adobe Systems, Inc. (a)	910,200		39,056,682
Aspen Technology, Inc. (a)	162,215		4,967,023
Autodesk, Inc. (a)	435,300		16,423,869
BroadSoft, Inc. (a)	72,800		2,018,016
Callidus Software, Inc. (a)(d)(e)	2,341,272		14,071,045
Citrix Systems, Inc. (a)	161,800		10,411,830
Compuware Corp.	3,446,800		38,707,564
Comverse, Inc. (e)	1,323,200		39,510,752
Concur Technologies, Inc. (a)(d)	89,400		7,217,262
Descartes Systems Group, Inc. (a)	1,429,500		15,856,523
Guidewire Software, Inc. (a)	218,381		8,944,886
Informatica Corp. (a)	28,100		1,021,716
Intuit, Inc.	686,500		40,119,060
Jive Software, Inc. (a)	634,400		10,721,360
Kingdee International Software Group Co. Ltd. (a)	13,170,000		2,879,437
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Mentor Graphics Corp.	360,200		$ 6,840,198
Parametric Technology Corp. (a)	293,900		7,379,829
QLIK Technologies, Inc. (a)	164,400		5,056,944
salesforce.com, Inc. (a)	914,712		38,719,759
SolarWinds, Inc. (a)	140,000		5,901,000
Synchronoss Technologies, Inc. (a)	62,932		1,972,918
Synopsys, Inc. (a)	314,410		11,460,245
TiVo, Inc. (a)	267,100		3,456,274
Ultimate Software Group, Inc. (a)	55,000		6,121,500
Verint Systems, Inc. (a)	333,023		11,179,582
Workday, Inc. Class A	19,900		1,278,177
			352,947,201
Home Entertainment Software - 2.4%
Electronic Arts, Inc. (a)	2,370,000		54,486,300
Take-Two Interactive Software, Inc. (a)	81,500		1,356,160
			55,842,460
Systems Software - 24.9%
Fortinet, Inc. (a)	116,300		2,239,938
Microsoft Corp.	9,046,200		315,531,455
Oracle Corp.	5,662,100		191,152,496
Qualys, Inc.	1,200,100		16,801,400
Red Hat, Inc. (a)	230,600		11,121,838
Rovi Corp. (a)	150,000		3,870,000
ServiceNow, Inc.	33,800		1,242,488
Symantec Corp.	847,100		18,966,569
VMware, Inc. Class A (a)	105,300		7,488,936
			568,415,120
TOTAL SOFTWARE			977,204,781
TOTAL COMMON STOCKS (Cost $1,815,412,382)		2,265,662,160
Money Market Funds - 3.6%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	62,217,685		$ 62,217,685
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	20,463,100		20,463,100
TOTAL MONEY MARKET FUNDS (Cost $82,680,785)		82,680,785

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $1,898,093,167)

2,348,342,945

NET OTHER ASSETS (LIABILITIES) - (2.8)%			(63,958,672)
NET ASSETS - 100%		$ 2,284,384,273

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,064
Fidelity Securities Lending Cash Central Fund	130,140
Total	$ 136,204

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Active Network, Inc.	$ 27,734,470	$ -	$ 1,465,311	$ -	$ 37,375,003
Callidus Software, Inc.	10,334,151	-	209,421	-	14,071,045
Camelot Information Systems, Inc. ADR	3,705,183	-	64,217	-	-
Comverse, Inc.	36,689,664	-	300,007	-	39,510,752
ICF International, Inc.	-	27,655,965	-	-	29,988,426
inContact, Inc.	22,664,721	-	-	-	24,233,561
Lionbridge Technologies, Inc.	23,508,949	-	-	-	18,216,358
MDC Partners, Inc. Class A (sub. vtg.)	31,271,740	-	-	541,285	40,096,045
Responsys, Inc.	16,557,994	3,761,486	-	-	24,467,565
Web.com Group, Inc.	35,488,841	12,981,577	-	-	59,913,856
Total	$ 207,955,713	$ 44,399,028	$ 2,038,956	$ 541,285	$ 287,872,611

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,265,662,160	$ 2,262,782,710	$ 2,879,450	$ -
Money Market Funds	82,680,785	82,680,785	-	-
Total Investments in Securities:	$ 2,348,342,945	$ 2,345,463,495	$ 2,879,450	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,902,016,626. Net unrealized appreciation aggregated $446,326,319, of which $517,613,448 related to appreciated investment securities and $71,287,129 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

May 31, 2013

1.802168.109

ENE-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CHEMICALS - 1.3%
Commodity Chemicals - 1.3%
LyondellBasell Industries NV Class A	334,365		$ 22,285,427
Westlake Chemical Corp.	55,000		5,137,000
			27,422,427
ENERGY EQUIPMENT & SERVICES - 22.6%
Oil & Gas Drilling - 5.6%
Discovery Offshore S.A. (a)(e)	2,006,668		4,103,161
Ensco PLC Class A	1,026,973		61,792,965
Helmerich & Payne, Inc.	293,505		18,120,999
Noble Corp.	651,696		25,253,220
Northern Offshore Ltd.	1,076,682		1,557,604
Vantage Drilling Co. (a)	2,314,903		4,444,614
			115,272,563
Oil & Gas Equipment & Services - 17.0%
Cameron International Corp. (a)	479,315		29,175,904
Core Laboratories NV	105,430		14,524,037
FMC Technologies, Inc. (a)	176,000		9,796,160
Forum Energy Technologies, Inc. (a)	267,921		7,954,574
Geospace Technologies Corp. (a)	35,600		3,092,216
Halliburton Co.	2,674,795		111,940,171
National Oilwell Varco, Inc.	1,187,984		83,515,275
Oceaneering International, Inc.	38,000		2,754,240
Schlumberger Ltd.	995,794		72,722,836
Superior Energy Services, Inc. (a)	255,076		6,805,428
Total Energy Services, Inc.	173,000		2,452,954
Weatherford International Ltd. (a)	375,073		5,059,735
			349,793,530
TOTAL ENERGY EQUIPMENT & SERVICES			465,066,093
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights	215,902		2
OIL, GAS & CONSUMABLE FUELS - 74.7%
Coal & Consumable Fuels - 0.9%
Alpha Natural Resources, Inc. (a)	312,500		2,087,500
Peabody Energy Corp.	782,339		15,388,608
			17,476,108
Integrated Oil & Gas - 35.2%
Chevron Corp.	1,491,601		183,094,023
Exxon Mobil Corp.	2,178,902		197,125,264
Hess Corp.	1,285,755		86,672,745
InterOil Corp. (a)(d)	123,400		10,243,434
Murphy Oil Corp.	1,078,168		68,269,598
Occidental Petroleum Corp.	1,416,606		130,426,914
Suncor Energy, Inc.	1,596,200		48,421,018
			724,252,996

	Shares		Value
Oil & Gas Exploration & Production - 27.8%
Anadarko Petroleum Corp.	911,248		$ 79,706,863
Apache Corp.	131,678		10,814,714
Bankers Petroleum Ltd. (a)	2,686,500		7,644,249
Bonanza Creek Energy, Inc. (a)	162,460		6,035,389
BPZ Energy, Inc. (a)	807,923		1,559,291
Cabot Oil & Gas Corp.	559,002		39,331,381
Cobalt International Energy, Inc. (a)	806,543		20,921,725
Concho Resources, Inc. (a)	728,375		60,935,853
Continental Resources, Inc. (a)	375,021		30,425,454
EOG Resources, Inc.	582,629		75,217,404
EPL Oil & Gas, Inc. (a)	225,700		6,872,565
EQT Corp.	453,265		36,206,808
EV Energy Partners LP	93,830		3,571,170
Gulfport Energy Corp. (a)	148,554		7,084,540
Halcon Resources Corp. (a)	1,010,000		5,332,800
Kosmos Energy Ltd. (a)	190,900		1,970,088
Marathon Oil Corp.	883,097		30,369,706
Noble Energy, Inc.	912,088		52,581,873
Northern Oil & Gas, Inc. (a)	649,301		8,551,294
Oasis Petroleum, Inc. (a)	678,952		25,229,856
Painted Pony Petroleum Ltd. Class A (a)	416,900		3,759,841
PDC Energy, Inc. (a)	21,443		1,097,667
Pioneer Natural Resources Co.	375,902		52,130,089
Rosetta Resources, Inc. (a)	56,405		2,643,138
TAG Oil Ltd. (a)	251,575		759,517
			570,753,275
Oil & Gas Refining & Marketing - 5.1%
Calumet Specialty Products Partners LP	252,199		8,612,596
Marathon Petroleum Corp.	495,792		40,902,840
Northern Tier Energy LP Class A	139,687		3,317,566
Phillips 66	576,700		38,390,919
Tesoro Corp.	117,593		7,249,608
Valero Energy Corp.	172,846		7,022,733
			105,496,262
Oil & Gas Storage & Transport - 5.7%
Atlas Energy LP	321,300		15,743,700
Atlas Pipeline Partners LP	312,758		11,637,725
Magellan Midstream Partners LP	204,040		10,608,040
Markwest Energy Partners LP	99,900		6,577,416
Targa Resources Corp.	152,692		9,836,419
Tesoro Logistics LP	202,153		12,541,572
The Williams Companies, Inc.	1,422,332		50,037,640
			116,982,512
TOTAL OIL, GAS & CONSUMABLE FUELS			1,534,961,153
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - 0.0%
Automotive Retail - 0.0%
CST Brands, Inc. (a)	19,205		$ 583,640
TOTAL COMMON STOCKS (Cost $1,524,307,387)		2,028,033,315
Money Market Funds - 1.5%

Fidelity Cash Central Fund, 0.12% (b)	21,583,504		21,583,504
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	9,136,400		9,136,400
TOTAL MONEY MARKET FUNDS (Cost $30,719,904)		30,719,904
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,555,027,291)			2,058,753,219
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(3,026,917)
NET ASSETS - 100%		$ 2,055,726,302

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,555
Fidelity Securities Lending Cash Central Fund	498,319
Total	$ 501,874

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,028,033,315	$ 2,028,033,313	$ -	$ 2
Money Market Funds	30,719,904	30,719,904	-	-
Total Investments in Securities:	$ 2,058,753,219	$ 2,058,753,217	$ -	$ 2

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,559,269,893. Net unrealized appreciation aggregated $499,483,326, of which $538,787,578 related to appreciated investment securities and $39,304,252 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

May 31, 2013

1.802165.109

DEF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 90.5%
Aerospace & Defense - 90.5%
Astronics Corp. (a)	123,872		$ 4,445,766
Ducommun, Inc. (a)	9,612		186,761
Esterline Technologies Corp. (a)	304,034		22,313,055
General Dynamics Corp.	492,206		37,949,083
HEICO Corp.	430,634		21,781,468
Honeywell International, Inc.	383,576		30,095,373
Lockheed Martin Corp.	75,140		7,952,066
Meggitt PLC	2,046,359		16,556,692
Precision Castparts Corp.	214,667		45,921,565
Raytheon Co.	247,356		16,483,804
Rolls-Royce Group PLC	1,135,434		20,788,400
Rolls-Royce Group PLC (C Shares) (a)	26,341,600		40,023
Safran SA (d)	303,800		16,226,938
SIFCO Industries, Inc.	82,763		1,272,067
Teledyne Technologies, Inc. (a)	393,326		30,372,634
Textron, Inc.	1,095,836		29,543,739
The Boeing Co.	1,009,337		99,944,550
TransDigm Group, Inc.	191,833		28,026,801
Triumph Group, Inc.	293,100		22,759,215
United Technologies Corp.	1,377,001		130,677,394
			583,337,394
CHEMICALS - 1.0%
Specialty Chemicals - 1.0%
Cytec Industries, Inc.	86,316		6,169,005
ELECTRICAL EQUIPMENT - 3.1%
Electrical Components & Equipment - 3.1%
AMETEK, Inc.	462,714		19,966,109
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Manufacturing Services - 0.5%
Mercury Systems, Inc. (a)	379,705		3,318,622
IT SERVICES - 0.6%
IT Consulting & Other Services - 0.6%
CACI International, Inc. Class A (a)	55,600		3,566,184
METALS & MINING - 1.6%
Steel - 1.6%
Carpenter Technology Corp.	135,200		6,511,232
Haynes International, Inc.	80,659		3,947,451
			10,458,683

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 1.9%
Trading Companies & Distributors - 1.9%
AerCap Holdings NV (a)	720,929		$ 12,493,700
TOTAL COMMON STOCKS (Cost $471,843,183)		639,309,697
Nonconvertible Preferred Stocks - 0.0%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Class C (Cost $205,945)	135,116,646		205,296
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 0.12% (b)	6,294,635		6,294,635
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	17,085,000		17,085,000
TOTAL MONEY MARKET FUNDS (Cost $23,379,635)		23,379,635
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $495,428,763)			662,894,628
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(18,270,686)
NET ASSETS - 100%		$ 644,623,942

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,600
Fidelity Securities Lending Cash Central Fund	12,657
Total	$ 20,257

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $496,640,720. Net unrealized appreciation aggregated $166,253,908, of which $167,214,645 related to appreciated investment securities and $960,737 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

May 31, 2013

1.802159.109

CHE-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Ply Gem Holdings, Inc.	140,569		$ 3,247,144
CHEMICALS - 96.5%
Commodity Chemicals - 14.2%
Arkema SA (d)	231,900		24,004,454
Axiall Corp.	369,175		15,929,901
Cabot Corp.	1,048,684		42,933,123
LyondellBasell Industries NV Class A (d)	1,239,322		82,600,811
			165,468,289
Diversified Chemicals - 24.1%
E.I. du Pont de Nemours & Co.	991,600		55,321,364
Eastman Chemical Co.	1,138,551		81,656,878
FMC Corp.	917,600		57,542,696
PPG Industries, Inc.	370,604		56,928,480
The Dow Chemical Co.	831,247		28,644,772
			280,094,190
Fertilizers & Agricultural Chemicals - 10.8%
Monsanto Co.	1,255,199		126,323,229
Industrial Gases - 10.0%
Air Products & Chemicals, Inc.	131,600		12,424,356
Praxair, Inc.	909,307		103,961,069
			116,385,425
Specialty Chemicals - 37.4%
Albemarle Corp.	704,302		47,131,890
Ashland, Inc.	716,350		63,697,842
Ecolab, Inc.	1,260,299		106,457,457
Innospec, Inc.	406,846		16,692,891
NewMarket Corp.	23,366		6,407,892
Rockwood Holdings, Inc.	510,727		34,045,062
Royal DSM NV	187,900		12,362,569
RPM International, Inc.	1,066,279		35,325,823
Sherwin-Williams Co.	30,000		5,655,900
Sigma Aldrich Corp.	688,437		57,594,639
W.R. Grace & Co. (a)	481,984		40,732,468
Zoltek Companies, Inc. (a)	711,424		9,091,999
			435,196,432
TOTAL CHEMICALS			1,123,467,565
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Environmental & Facility Services - 0.1%
Swisher Hygiene, Inc. (a)	549,240		571,209

	Shares		Value
Swisher Hygiene, Inc. (Canada) (a)	559,700		$ 582,088
			1,153,297
MACHINERY - 0.0%
Industrial Machinery - 0.0%
Global Brass & Copper Holdings, Inc.	33,800		446,160
OIL, GAS & CONSUMABLE FUELS - 0.5%
Oil & Gas Storage & Transport - 0.5%
Access Midstream Partners LP	131,100		5,639,922
Tesoro Logistics LP	3,926		243,569
			5,883,491
TOTAL COMMON STOCKS (Cost $886,604,858)		1,134,197,657
Money Market Funds - 5.9%

Fidelity Cash Central Fund, 0.12% (b)	44,069,498		44,069,498
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	25,234,500		25,234,500
TOTAL MONEY MARKET FUNDS (Cost $69,303,998)		69,303,998
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $955,908,856)			1,203,501,655
NET OTHER ASSETS (LIABILITIES) - (3.3)%			(38,905,604)
NET ASSETS - 100%		$ 1,164,596,051

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,410
Fidelity Securities Lending Cash Central Fund	50,668
Total	$ 62,078

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $960,758,762. Net unrealized appreciation aggregated $242,742,893, of which $254,193,855 related to appreciated investment securities and $11,450,962 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

May 31, 2013

1.802153.109

AIR-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
AEROSPACE & DEFENSE - 28.7%
Aerospace & Defense - 28.7%
Ducommun, Inc. (a)	199,017		$ 3,866,900
General Dynamics Corp.	9,900		763,290
Meggitt PLC	167,145		1,352,338
Precision Castparts Corp.	10,400		2,224,768
Rockwell Collins, Inc.	126,200		8,171,450
Spirit AeroSystems Holdings, Inc. Class A (a)	114,600		2,476,506
Textron, Inc.	300,600		8,104,176
The Boeing Co.	128,700		12,743,874
			39,703,302
AIR FREIGHT & LOGISTICS - 31.0%
Air Freight & Logistics - 31.0%
Atlas Air Worldwide Holdings, Inc. (a)	18,800		872,696
C.H. Robinson Worldwide, Inc.	74,000		4,195,060
Expeditors International of Washington, Inc.	42,500		1,658,775
FedEx Corp.	114,200		11,002,028
Hub Group, Inc. Class A (a)	97,700		3,547,487
Park-Ohio Holdings Corp. (a)	118,700		4,414,453
United Parcel Service, Inc. Class B	199,900		17,171,411
			42,861,910
AIRLINES - 35.0%
Airlines - 35.0%
Alaska Air Group, Inc. (a)	47,600		2,704,632
Dart Group PLC	577,886		1,738,519
Delta Air Lines, Inc. (a)	610,802		11,000,544
Republic Airways Holdings, Inc. (a)	263,100		2,823,063
Ryanair Holdings PLC sponsored ADR	134,000		6,544,560
SkyWest, Inc.	287,200		4,029,416
Southwest Airlines Co.	268,300		3,801,811
Spirit Airlines, Inc. (a)	14,300		435,149

	Shares		Value
United Continental Holdings, Inc. (a)	211,085		$ 6,851,819
US Airways Group, Inc. (a)	232,000		4,076,240
WestJet Airlines Ltd.	191,900		4,394,218
			48,399,971
INDUSTRIAL CONGLOMERATES - 1.3%
Industrial Conglomerates - 1.3%
General Electric Co.	77,300		1,802,636
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
ASL Marine Holdings Ltd.	240,000		125,979
TOTAL COMMON STOCKS (Cost $104,866,564)		132,893,798
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 0.12% (b) (Cost $7,645,134)	7,645,134		7,645,134
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $112,511,698)			140,538,932
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(2,169,413)
NET ASSETS - 100%		$ 138,369,519

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,306
Fidelity Securities Lending Cash Central Fund	394
Total	$ 3,700

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 132,893,798	$ 132,767,819	$ 125,979	$ -
Money Market Funds	7,645,134	7,645,134	-	-
Total Investments in Securities:	$ 140,538,932	$ 140,412,953	$ 125,979	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $112,856,321. Net unrealized appreciation aggregated $27,682,611, of which $28,765,173 related to appreciated investment securities and $1,082,562 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

May 31, 2013

1.802187.109

PHR-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
BIOTECHNOLOGY - 4.5%
Biotechnology - 4.5%
AMAG Pharmaceuticals, Inc. (a)	141,300		$ 2,614,050
Amgen, Inc.	145,100		14,586,903
BioMarin Pharmaceutical, Inc. (a)	40,500		2,539,350
Biovitrum AB (a)	242,100		1,505,963
Coronado Biosciences, Inc. (a)	101,600		1,003,808
Discovery Laboratories, Inc. (a)	232,000		415,280
Elan Corp. PLC sponsored ADR (a)(d)	1,102,200		13,953,852
Grifols SA (d)	90,000		3,305,199
Grifols SA Class B	5,500		150,121
Insmed, Inc. (a)	68,700		921,954
Intercept Pharmaceuticals, Inc.	23,098		772,397
Merrimack Pharmaceuticals, Inc. (a)	13,500		74,790
NPS Pharmaceuticals, Inc. (a)	70,200		1,105,650
Onyx Pharmaceuticals, Inc. (a)	27,900		2,663,055
Puma Biotechnology, Inc. (a)	40,933		1,593,522
Theravance, Inc. (a)	66,200		2,319,648
			49,525,542
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Royal DSM NV	40,846		2,687,395
HEALTH CARE EQUIPMENT & SUPPLIES - 0.7%
Health Care Equipment - 0.1%
Genmark Diagnostics, Inc. (a)	45,500		677,950
Health Care Supplies - 0.6%
Ansell Ltd.	181,847		2,996,239
Antares Pharma, Inc. (a)(d)	706,700		2,869,202
Cerus Corp. (a)	214,100		1,100,474
			6,965,915
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			7,643,865
HEALTH CARE PROVIDERS & SERVICES - 0.3%
Health Care Distributors & Services - 0.3%
AmerisourceBergen Corp.	58,100		3,142,048
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Life Sciences Tools & Services - 0.2%
Eurofins Scientific SA (a)	11,700		2,300,070
PERSONAL PRODUCTS - 0.4%
Personal Products - 0.4%
MYOS Corp.	2,000,000		330,000
Prestige Brands Holdings, Inc. (a)	121,892		3,582,406
			3,912,406
PHARMACEUTICALS - 91.5%
Pharmaceuticals - 91.5%
AbbVie, Inc.	1,071,390		45,737,639
AcelRx Pharmaceuticals, Inc. (a)(d)	181,000		1,612,710
Actavis, Inc. (a)	200,900		24,768,961

	Shares		Value
Akorn, Inc. (a)	316,400		$ 4,597,292
Allergan, Inc.	329,600		32,791,904
AstraZeneca PLC sponsored ADR	682,700		34,988,375
Auxilium Pharmaceuticals, Inc. (a)	100,200		1,494,984
Bristol-Myers Squibb Co.	757,410		34,848,434
Cadence Pharmaceuticals, Inc. (a)	31,300		208,145
Daiichi Sankyo Kabushiki Kaisha	2,300		37,762
DepoMed, Inc. (a)	196,000		1,128,960
Durect Corp. (a)	899,000		754,980
Eli Lilly & Co.	510,800		27,154,128
Endo Health Solutions, Inc. (a)	333,800		12,116,940
Endo Health Solutions, Inc. rights (a)	9,000		0
Forest Laboratories, Inc. (a)	470,820		18,715,095
GlaxoSmithKline PLC sponsored ADR	1,588,400		82,231,468
Hi-Tech Pharmacal Co., Inc.	21,500		687,140
Hospira, Inc. (a)	194,200		6,734,856
Impax Laboratories, Inc. (a)	374,900		7,104,355
Jazz Pharmaceuticals PLC (a)	219,600		14,926,212
Johnson & Johnson	1,015,100		85,451,118
Merck & Co., Inc.	1,932,536		90,249,431
Mylan, Inc. (a)	473,000		14,417,040
Nektar Therapeutics (a)	227,100		2,150,637
Novartis AG sponsored ADR	1,132,598		81,275,232
Novo Nordisk A/S Series B sponsored ADR	207,100		33,363,810
Ono Pharmaceutical Co. Ltd.	28,000		1,947,073
Optimer Pharmaceuticals, Inc. (a)(d)	373,300		5,554,704
Pain Therapeutics, Inc.	236,517		631,500
Paladin Labs, Inc. (a)	100,100		4,851,724
Perrigo Co.	182,900		21,199,939
Pfizer, Inc.	2,888,888		78,664,420
Questcor Pharmaceuticals, Inc. (d)	134,300		4,589,031
Roche Holding AG (participation certificate)	27,982		6,996,597
Salix Pharmaceuticals Ltd. (a)	245,300		14,882,351
Sanofi SA sponsored ADR (c)	1,835,722		97,458,482
Santarus, Inc. (a)	356,300		7,934,801
Shire PLC sponsored ADR	300,100		29,550,847
Teva Pharmaceutical Industries Ltd. sponsored ADR	236,289		9,026,240
The Medicines Company (a)	274,000		8,825,540
UCB SA	118,200		6,497,800
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d)	396,427		36,474,725
ViroPharma, Inc. (a)	223,100		6,135,250
Warner Chilcott PLC	543,500		10,435,200
XenoPort, Inc. (a)	169,600		932,800
			1,012,136,632
TOTAL COMMON STOCKS (Cost $828,648,826)		1,081,347,958
Convertible Preferred Stocks - 0.1%
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Living Proof, Inc. 8.00% (e)	112,714		$ 200,000
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc. Series C (e)	50,916		250,054
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $450,054)		450,054
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 0.12% (b)	28,695,958		28,695,958
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	24,643,935		24,643,935
TOTAL MONEY MARKET FUNDS (Cost $53,339,893)		53,339,893
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $882,438,773)			1,135,137,905
NET OTHER ASSETS (LIABILITIES) - (2.7)%			(29,436,783)
NET ASSETS - 100%		$ 1,105,701,122

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 250,054
Living Proof, Inc. 8.00%	2/13/13	$ 200,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,571
Fidelity Securities Lending Cash Central Fund	145,377
Total	$ 156,948

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,081,347,958	$ 1,076,366,884	$ 4,981,074	$ -
Convertible Preferred Stocks	450,054	-	-	450,054
Money Market Funds	53,339,893	53,339,893	-	-
Total Investments in Securities:	$ 1,135,137,905	$ 1,129,706,777	$ 4,981,074	$ 450,054

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $885,687,562. Net unrealized appreciation aggregated $249,450,343, of which $256,014,771 related to appreciated investment securities and $6,564,428 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

May 31, 2013

1.802184.109

NAT-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CHEMICALS - 2.0%
Commodity Chemicals - 2.0%
LyondellBasell Industries NV Class A	251,800		$ 16,782,470
Westlake Chemical Corp.	30,600		2,858,040
			19,640,510
CONTAINERS & PACKAGING - 2.9%
Metal & Glass Containers - 1.2%
Ball Corp.	277,200		11,963,952
Paper Packaging - 1.7%
Rock-Tenn Co. Class A	171,700		16,960,526
TOTAL CONTAINERS & PACKAGING			28,924,478
ENERGY EQUIPMENT & SERVICES - 20.9%
Oil & Gas Drilling - 4.2%
Discovery Offshore S.A. (a)(e)	1,522,800		3,113,766
Ensco PLC Class A	354,500		21,330,265
Helmerich & Payne, Inc.	144,000		8,890,560
Noble Corp.	134,800		5,223,500
Northern Offshore Ltd.	941,800		1,362,474
Vantage Drilling Co. (a)	925,800		1,777,536
			41,698,101
Oil & Gas Equipment & Services - 16.7%
Cameron International Corp. (a)	242,100		14,736,627
Core Laboratories NV	52,500		7,232,400
FMC Technologies, Inc. (a)	86,200		4,797,892
Forum Energy Technologies, Inc. (a)	150,500		4,468,345
Geospace Technologies Corp. (a)	16,700		1,450,562
Halliburton Co.	1,386,500		58,025,025
National Oilwell Varco, Inc.	492,858		34,647,917
Oceaneering International, Inc.	21,100		1,529,328
Schlumberger Ltd.	449,792		32,848,310
Superior Energy Services, Inc. (a)	56,900		1,518,092
Total Energy Services, Inc.	100,000		1,417,892
Weatherford International Ltd. (a)	127,900		1,725,371
			164,397,761
TOTAL ENERGY EQUIPMENT & SERVICES			206,095,862
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights	282,600		3
METALS & MINING - 8.4%
Diversified Metals & Mining - 1.3%
Anglo American PLC (United Kingdom)	143,262		3,322,767
Kenmare Resources PLC (a)	4,978,800		2,320,877
Teck Resources Ltd. Class B (sub. vtg.)	215,300		5,750,332
Turquoise Hill Resources Ltd. (a)	218,025		1,455,252
			12,849,228
Gold - 6.4%
AngloGold Ashanti Ltd. sponsored ADR	196,700		3,568,138

	Shares		Value
Barrick Gold Corp.	272,800		$ 5,730,971
Franco-Nevada Corp.	314,400		13,118,827
Gold Fields Ltd. sponsored ADR	568,500		3,450,795
Goldcorp, Inc.	312,100		9,262,905
Harmony Gold Mining Co. Ltd. sponsored ADR	530,400		2,217,072
IAMGOLD Corp.	508,200		2,661,708
Kinross Gold Corp.	295,867		1,940,579
Newmont Mining Corp.	234,900		8,052,372
Randgold Resources Ltd. sponsored ADR	80,700		6,325,266
Royal Gold, Inc.	37,600		2,058,976
Sibanye Gold Ltd. ADR (a)	142,125		514,493
Yamana Gold, Inc.	416,600		4,910,395
			63,812,497
Precious Metals & Minerals - 0.7%
Pan American Silver Corp. (d)	128,600		1,570,206
Silver Wheaton Corp.	212,600		5,042,521
			6,612,727
TOTAL METALS & MINING			83,274,452
OIL, GAS & CONSUMABLE FUELS - 64.1%
Coal & Consumable Fuels - 0.8%
Alpha Natural Resources, Inc. (a)	138,900		927,852
Peabody Energy Corp.	357,700		7,035,959
			7,963,811
Integrated Oil & Gas - 23.0%
Chevron Corp.	147,900		18,154,725
Exxon Mobil Corp.	224,900		20,346,703
Hess Corp.	647,600		43,654,716
InterOil Corp. (a)(d)	71,700		5,951,817
Murphy Oil Corp.	528,300		33,451,956
Occidental Petroleum Corp.	740,700		68,196,252
Suncor Energy, Inc.	1,232,700		37,394,179
			227,150,348
Oil & Gas Exploration & Production - 29.4%
Anadarko Petroleum Corp.	432,200		37,804,534
Apache Corp.	64,200		5,272,746
Bankers Petroleum Ltd. (a)	1,322,700		3,763,651
Bonanza Creek Energy, Inc. (a)	70,100		2,604,215
BPZ Energy, Inc. (a)	500,300		965,579
Cabot Oil & Gas Corp.	264,400		18,603,184
Canadian Natural Resources Ltd.	221,900		6,613,658
Cobalt International Energy, Inc. (a)	383,000		9,935,020
Concho Resources, Inc. (a)	343,000		28,695,380
Continental Resources, Inc. (a)	237,700		19,284,601
EOG Resources, Inc.	291,400		37,619,740
EPL Oil & Gas, Inc. (a)	90,540		2,756,943
EQT Corp.	214,600		17,142,248
EV Energy Partners LP	65,900		2,508,154
Gulfport Energy Corp. (a)	71,000		3,385,990
Halcon Resources Corp. (a)	570,000		3,009,600
Kosmos Energy Ltd. (a)	93,700		966,984
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Marathon Oil Corp.	495,900		$ 17,054,001
Noble Energy, Inc.	523,000		30,150,950
Northern Oil & Gas, Inc. (a)(d)	363,495		4,787,229
Oasis Petroleum, Inc. (a)	310,000		11,519,600
PDC Energy, Inc. (a)	10,600		542,614
Pioneer Natural Resources Co.	174,200		24,158,056
Rosetta Resources, Inc. (a)	16,800		787,248
TAG Oil Ltd. (a)	126,100		380,702
			290,312,627
Oil & Gas Refining & Marketing - 4.8%
Calumet Specialty Products Partners LP	146,300		4,996,145
Marathon Petroleum Corp.	259,600		21,417,000
Northern Tier Energy LP Class A	87,200		2,071,000
Phillips 66	257,100		17,115,147
Tesoro Corp.	36,300		2,237,895
			47,837,187
Oil & Gas Storage & Transport - 6.1%
Atlas Energy LP	162,700		7,972,300
Atlas Pipeline Partners LP	202,300		7,527,583
Magellan Midstream Partners LP	112,300		5,838,477
Markwest Energy Partners LP	60,900		4,009,656
Targa Resources Corp.	75,700		4,876,594
Tesoro Logistics LP	119,600		7,419,984
The Williams Companies, Inc.	647,700		22,786,086
			60,430,680
TOTAL OIL, GAS & CONSUMABLE FUELS			633,694,653
PAPER & FOREST PRODUCTS - 1.0%
Paper Products - 1.0%
International Paper Co.	215,400		9,940,710
TOTAL COMMON STOCKS (Cost $907,455,299)		981,570,668
Money Market Funds - 1.5%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	4,523,603		$ 4,523,603
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	10,395,840		10,395,840
TOTAL MONEY MARKET FUNDS (Cost $14,919,443)		14,919,443
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $922,374,742)			996,490,111
NET OTHER ASSETS (LIABILITIES) - (0.8)%			(8,331,397)
NET ASSETS - 100%		$ 988,158,714

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,270
Fidelity Securities Lending Cash Central Fund	286,244
Total	$ 287,514

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 981,570,668	$ 981,570,665	$ -	$ 3
Money Market Funds	14,919,443	14,919,443	-	-
Total Investments in Securities:	$ 996,490,111	$ 996,490,108	$ -	$ 3

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $925,621,944. Net unrealized appreciation aggregated $70,868,167, of which $137,269,530 related to appreciated investment securities and $66,401,363 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

May 31, 2013

1.802180.109

MED-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Sigma Aldrich Corp.	13,600		$ 1,137,776
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Environmental & Facility Services - 0.2%
Stericycle, Inc. (a)	10,300		1,130,528
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
H&R Block, Inc.	48,800		1,428,376
FOOD & STAPLES RETAILING - 0.5%
Drug Retail - 0.5%
CVS Caremark Corp.	47,900		2,758,082
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
Health Care Equipment - 0.5%
Covidien PLC	16,900		1,074,840
NxStage Medical, Inc. (a)	126,200		1,760,490
			2,835,330
Health Care Supplies - 0.1%
Align Technology, Inc. (a)	24,100		861,575
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			3,696,905
HEALTH CARE PROVIDERS & SERVICES - 94.5%
Health Care Distributors & Services - 19.6%
AmerisourceBergen Corp.	473,000		25,579,840
Cardinal Health, Inc.	355,500		16,694,280
Henry Schein, Inc. (a)	153,900		14,819,031
McKesson Corp.	366,900		41,775,234
MWI Veterinary Supply, Inc. (a)	42,200		5,127,722
Owens & Minor, Inc.	34,600		1,182,628
Patterson Companies, Inc.	187,200		7,315,776
			112,494,511
Health Care Facilities - 9.8%
Community Health Systems, Inc.	265,200		12,774,684
HCA Holdings, Inc.	627,200		24,498,432
Health Management Associates, Inc. Class A (a)	496,461		6,846,197
LifePoint Hospitals, Inc. (a)	19,200		954,816
Tenet Healthcare Corp. (a)	55,900		2,647,983
The Ensign Group, Inc.	60,200		2,171,414
U.S. Physical Therapy, Inc.	49,000		1,376,900
Universal Health Services, Inc. Class B	71,800		4,964,252
			56,234,678
Health Care Services - 31.0%
Air Methods Corp.	85,500		3,201,120
BioScrip, Inc. (a)	325,300		4,547,694

	Shares		Value
Catamaran Corp. (a)	26,812		$ 1,315,320
Corvel Corp. (a)	97,500		5,063,175
DaVita, Inc. (a)	128,200		15,905,774
Express Scripts Holding Co. (a)	1,596,150		99,152,838
Laboratory Corp. of America Holdings (a)	117,800		11,719,922
Landauer, Inc.	91,600		4,871,288
MEDNAX, Inc. (a)	135,200		12,550,616
Quest Diagnostics, Inc.	291,400		18,020,176
Team Health Holdings, Inc. (a)	36,900		1,441,683
			177,789,606
Managed Health Care - 34.1%
Aetna, Inc.	397,200		23,982,936
Centene Corp. (a)	153,800		7,613,100
CIGNA Corp.	505,800		34,343,820
Molina Healthcare, Inc. (a)(d)	174,500		6,596,100
Qualicorp SA (a)	293,700		2,598,569
Triple-S Management Corp. (a)	110,000		2,328,700
UnitedHealth Group, Inc.	1,721,497		107,817,358
WellPoint, Inc.	126,000		9,698,220
			194,978,803
TOTAL HEALTH CARE PROVIDERS & SERVICES			541,497,598
HEALTH CARE TECHNOLOGY - 0.3%
Health Care Technology - 0.3%
HMS Holdings Corp. (a)	58,300		1,451,670
INDUSTRIAL CONGLOMERATES - 0.2%
Industrial Conglomerates - 0.2%
Danaher Corp.	17,900		1,106,578
IT SERVICES - 0.2%
Data Processing & Outsourced Services - 0.2%
Maximus, Inc.	18,500		1,380,655
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	26,000		1,181,700
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Pall Corp.	15,800		1,077,560
PROFESSIONAL SERVICES - 0.6%
Human Resource & Employment Services - 0.4%
Towers Watson & Co.	26,300		2,042,984
Research & Consulting Services - 0.2%
Verisk Analytics, Inc. (a)	23,200		1,364,624
TOTAL PROFESSIONAL SERVICES			3,407,608
TOTAL COMMON STOCKS (Cost $401,245,281)		561,255,036
Money Market Funds - 1.9%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	9,478,937		$ 9,478,937
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	1,283,750		1,283,750
TOTAL MONEY MARKET FUNDS (Cost $10,762,687)		10,762,687
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $412,007,968)			572,017,723
NET OTHER ASSETS (LIABILITIES) - 0.1%			789,548
NET ASSETS - 100%		$ 572,807,271

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,923
Fidelity Securities Lending Cash Central Fund	1,206
Total	$ 5,129

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $414,870,638. Net unrealized appreciation aggregated $157,147,085, of which $158,433,269 related to appreciated investment securities and $1,286,184 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environment and
Alternative Energy Portfolio

May 31, 2013

1.802170.109

ENV-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
Energy Efficiency - 29.5%
Buildings Energy Efficiency - 12.0%
Cree, Inc. (a)	20,800		$ 1,296,880
Ingersoll-Rand PLC	57,300		3,296,469
Johnson Controls, Inc.	79,300		2,962,648
Owens Corning (a)	28,200		1,232,340
Zumtobel AG	29,300		344,648
TOTAL BUILDINGS ENERGY EFFICIENCY			9,132,985
Diversified Energy Efficiency - 1.1%
Corning, Inc.	55,300		849,961
Industrial Energy Efficiency - 1.6%
ON Semiconductor Corp. (a)	140,100		1,199,256
Power Network Efficiency - 13.5%
Emerson Electric Co.	106,500		6,119,490
ESCO Technologies, Inc.	11,900		382,228
Hubbell, Inc. Class B	29,300		2,942,599
Quanta Services, Inc. (a)	30,800		873,796
TOTAL POWER NETWORK EFFICIENCY			10,318,113
Transport Energy Efficiency - 1.3%
Sensata Technologies Holding BV (a)	29,000		1,017,900
TOTAL ENERGY EFFICIENCY			22,518,215
Environmental Support Services - 15.1%
Diversified Environmental - 10.8%
3M Co.	8,000		882,160
Air Products & Chemicals, Inc.	47,000		4,437,270
Parker Hannifin Corp.	30,100		3,002,776
TOTAL DIVERSIFIED ENVIRONMENTAL			8,322,206
Environmental Consultancies - 4.3%
AECOM Technology Corp. (a)	21,600		665,064
Jacobs Engineering Group, Inc. (a)	38,400		2,189,184
Tetra Tech, Inc. (a)	13,600		374,952
TOTAL ENVIRONMENTAL CONSULTANCIES			3,229,200
TOTAL ENVIRONMENTAL SUPPORT SERVICES			11,551,406
Pollution Control - 1.5%
Pollution Control Solutions - 1.5%
Tenneco, Inc. (a)	26,100		1,157,796
Renewable & Alternative Energy - 14.4%
Biofuels - 0.4%
Amyris, Inc. (a)(d)	111,600		333,684

	Shares		Value
Renewable Energy Developers and Independent Power Producers (IPPs) - 13.3%
Eaton Corp. PLC	47,600		$ 3,144,456
EDP Renovaveis SA	158,574		843,800
Empresa Nacional de Electricidad SA sponsored ADR	12,900		619,071
Iberdrola SA	683,100		3,705,037
Pentair Ltd.	31,200		1,817,088
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPs).			10,129,452
Solar Energy Generation Equipment - 0.7%
GT Advanced Technologies, Inc. (a)(d)	89,200		396,940
MEMC Electronic Materials, Inc.	23,600		190,452
TOTAL SOLAR ENERGY GENERATIONEQUIPMENT			587,392
TOTAL RENEWABLE & ALTERNATIVE ENERGY			11,050,528
Waste Management & Technologies - 18.3%
General Waste Management - 7.2%
Republic Services, Inc.	128,900		4,395,490
Waste Management, Inc.	27,000		1,132,110
TOTAL GENERAL WASTE MANAGEMENT			5,527,600
Hazardous Waste Management - 6.5%
Clean Harbors, Inc. (a)	18,100		1,035,320
Stericycle, Inc. (a)	30,700		3,369,632
US Ecology, Inc.	20,200		553,076
TOTAL HAZARDOUS WASTE MANAGEMENT			4,958,028
Recycling and Value Added Waste Processing - 4.6%
Commercial Metals Co.	62,100		957,582
Covanta Holding Corp.	73,900		1,511,255
Interface, Inc.	30,700		515,760
Schnitzer Steel Industries, Inc. Class A	20,000		494,000
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING			3,478,597
TOTAL WASTE MANAGEMENT & TECHNOLOGIES			13,964,225
Water Infrastructure & Technologies - 20.1%
Water Infrastructure - 1.5%
Aegion Corp. (a)	50,200		1,146,066
Water Treatment Equipment - 18.6%
Ashland, Inc.	41,800		3,716,856
Common Stocks - continued
	Shares		Value
Water Infrastructure & Technologies - continued
Water Treatment Equipment - continued
Danaher Corp.	110,600		$ 6,837,292
Ecolab, Inc.	44,000		3,716,680
TOTAL WATER TREATMENT EQUIPMENT			14,270,828
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES			15,416,894
TOTAL COMMON STOCKS (Cost $62,984,341)		75,659,064
Convertible Bonds - 0.4%
	Principal Amount
Energy Efficiency - 0.4%
Buildings Energy Efficiency - 0.4%
Aspen Aerogels, Inc. 8%6/1/14 (e) (Cost $311,764)	$ 311,764		311,764
Cash Equivalents - 1.7%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	484,763		484,763
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	785,600		785,600
TOTAL CASH EQUIVALENTS (Cost $1,270,363)		1,270,363
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $64,566,468)			77,241,191
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(787,507)
NET ASSETS - 100%		$ 76,453,684

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 311,764

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 182
Fidelity Securities Lending Cash Central Fund	8,536
Total	$ 8,718

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 75,659,064	$ 75,659,064	$ -	$ -
Convertible Bonds	311,764	-	-	311,764
Money Market Funds	1,270,363	1,270,363	-	-
Total Investments in Securities:	$ 77,241,191	$ 76,929,427	$ -	$ 311,764

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $65,361,145. Net unrealized appreciation aggregated $11,880,046, of which $15,267,099 related to appreciated investment securities and $3,387,053 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

May 31, 2013

1.802166.109

DEV-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 85.0%
Communications Equipment - 85.0%
ADTRAN, Inc. (d)	231,500		$ 5,352,280
ADVA AG Optical Networking (a)	250,404		1,323,656
Alcatel-Lucent SA sponsored ADR (a)	4,839,943		8,131,104
Anaren, Inc. (a)	100,391		2,411,392
Aruba Networks, Inc. (a)	195,523		2,921,114
Brocade Communications Systems, Inc. (a)	973,341		5,285,242
Cisco Systems, Inc.	2,489,976		59,958,621
Comtech Telecommunications Corp.	90,600		2,391,840
F5 Networks, Inc. (a)	121,835		10,137,890
Finisar Corp. (a)(d)	430,852		5,644,161
Harris Corp.	26,300		1,318,419
Infinera Corp. (a)(d)	441,200		4,645,836
InterDigital, Inc. (d)	42,300		1,945,377
JDS Uniphase Corp. (a)	43,500		592,470
Juniper Networks, Inc. (a)	852,512		15,115,038
Motorola Solutions, Inc.	140,681		8,153,871
NETGEAR, Inc. (a)	180,950		6,022,016
Nokia Corp. sponsored ADR (d)	732,630		2,520,247
Plantronics, Inc.	46,200		2,134,440
Polycom, Inc. (a)	782,863		8,869,838
QUALCOMM, Inc.	713,519		45,294,186
Radware Ltd. (a)	132,800		1,997,312
Research In Motion Ltd. (a)(d)	606,300		8,457,884
Riverbed Technology, Inc. (a)	424,942		6,569,603
Sonus Networks, Inc. (a)	912,900		2,930,409
Symmetricom, Inc. (a)	419,000		2,069,860
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	1,116,680		13,031,656
ViaSat, Inc. (a)	13,600		952,816
Wi-Lan, Inc. (d)	550,000		2,339,523
			238,518,101
COMPUTERS & PERIPHERALS - 2.6%
Computer Hardware - 2.6%
Apple, Inc.	11,900		5,351,192
Super Micro Computer, Inc. (a)	188,500		1,943,435
			7,294,627
ELECTRONIC EQUIPMENT & COMPONENTS - 3.2%
Electronic Manufacturing Services - 2.6%
Fabrinet (a)	131,000		1,903,430
Flextronics International Ltd. (a)	181,600		1,354,736
TE Connectivity Ltd.	87,300		3,875,247
			7,133,413
Technology Distributors - 0.6%
Arrow Electronics, Inc. (a)	43,900		1,745,464
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			8,878,877

	Shares		Value
HEALTH CARE TECHNOLOGY - 0.2%
Health Care Technology - 0.2%
Vocera Communications, Inc. (a)	44,500		$ 656,820
IT SERVICES - 1.9%
IT Consulting & Other Services - 1.9%
Amdocs Ltd.	145,900		5,208,630
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
Semiconductors - 3.6%
Altera Corp.	138,000		4,580,220
Analog Devices, Inc.	38,100		1,749,933
Broadcom Corp. Class A	49,500		1,777,545
GSI Technology, Inc. (a)	186,900		1,046,640
Skyworks Solutions, Inc. (a)	37,700		899,522
			10,053,860
SOFTWARE - 0.6%
Application Software - 0.3%
BroadSoft, Inc. (a)	28,300		784,476
Systems Software - 0.3%
Allot Communications Ltd. (a)	82,500		1,018,875
TOTAL SOFTWARE			1,803,351
TOTAL COMMON STOCKS (Cost $269,665,710)		272,414,266
Money Market Funds - 10.1%

Fidelity Cash Central Fund, 0.12% (b)	7,027,464		7,027,464
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	21,315,357		21,315,357
TOTAL MONEY MARKET FUNDS (Cost $28,342,821)		28,342,821

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $298,008,531)

300,757,087

NET OTHER ASSETS (LIABILITIES) - (7.2)%			(20,200,455)
NET ASSETS - 100%		$ 280,556,632

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,977
Fidelity Securities Lending Cash Central Fund	172,025
Total	$ 174,002

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $302,283,453. Net unrealized depreciation aggregated $1,526,366, of which $23,613,077 related to appreciated investment securities and $25,139,443 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

May 31, 2013

1.802158.109

BSO-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Commercial Printing - 0.5%
InnerWorkings, Inc. (a)	290,700		$ 3,151,188
Office Services & Supplies - 1.0%
West Corp.	285,200		6,531,080
TOTAL COMMERCIAL SERVICES & SUPPLIES			9,682,268
COMPUTERS & PERIPHERALS - 2.6%
Computer Hardware - 1.6%
NCR Corp. (a)	312,288		10,430,419
Computer Storage & Peripherals - 1.0%
Electronics for Imaging, Inc. (a)	224,500		6,261,305
TOTAL COMPUTERS & PERIPHERALS			16,691,724
DIVERSIFIED CONSUMER SERVICES - 0.9%
Specialized Consumer Services - 0.9%
H&R Block, Inc.	199,700		5,845,219
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
Demandware, Inc. (a)	81,320		2,489,205
Web.com Group, Inc. (a)	482,450		10,126,626
Xoom Corp.	151,300		2,815,693
			15,431,524
IT SERVICES - 82.6%
Data Processing & Outsourced Services - 44.6%
Alliance Data Systems Corp. (a)	69,648		12,333,964
Broadridge Financial Solutions, Inc.	7,800		211,692
Cardtronics, Inc. (a)	114,000		3,252,420
Cass Information Systems, Inc.	13,552		608,214
Computer Sciences Corp.	231,600		10,331,676
Convergys Corp.	60,900		1,106,553
CoreLogic, Inc. (a)	76,700		2,009,540
Euronet Worldwide, Inc. (a)	379,000		11,559,500
EVERTEC, Inc.	482,100		9,651,642
ExlService Holdings, Inc. (a)	400,200		11,737,866
Fidelity National Information Services, Inc.	543,200		24,389,680
Fiserv, Inc. (a)	28,500		2,484,060
FleetCor Technologies, Inc. (a)	155,200		13,514,816
Genpact Ltd.	306,000		5,921,100
Global Payments, Inc.	141,300		6,776,748
Heartland Payment Systems, Inc. (d)	413,500		13,256,810
Jack Henry & Associates, Inc.	6,600		309,738
Lender Processing Services, Inc.	218,800		7,240,092
MasterCard, Inc. Class A	62,640		35,720,460
Maximus, Inc.	18,000		1,343,340
NeuStar, Inc. Class A (a)	85,600		4,148,176
Sykes Enterprises, Inc. (a)	54,300		858,483
Syntel, Inc.	800		51,128
Teletech Holdings, Inc. (a)	2,000		44,980

	Shares		Value
Total System Services, Inc.	378,200		$ 8,891,482
Vantiv, Inc. (a)	576,800		15,348,648
VeriFone Systems, Inc. (a)	157,600		3,676,808
Visa, Inc. Class A	381,812		68,015,989
WEX, Inc. (a)	26,100		1,928,007
WNS Holdings Ltd. sponsored ADR (a)	682,229		10,983,887
			287,707,499
IT Consulting & Other Services - 38.0%
Accenture PLC Class A	438,000		35,964,180
Acxiom Corp. (a)	193,400		4,252,866
Atos Origin SA (d)	82,598		6,051,700
Booz Allen Hamilton Holding Corp. Class A (d)	189,100		3,297,904
CACI International, Inc. Class A (a)	102,937		6,602,379
Camelot Information Systems, Inc. ADR (a)	805,344		1,433,512
Cap Gemini SA (d)	60,800		2,984,767
CGI Group, Inc. Class A (sub. vtg.) (a)	298,800		9,147,733
Ciber, Inc. (a)	236,200		963,696
Cognizant Technology Solutions Corp. Class A (a)	416,066		26,898,667
EPAM Systems, Inc. (a)	1,056,300		24,463,908
Forrester Research, Inc.	31,800		1,152,114
Gartner, Inc. Class A (a)	126,200		7,144,182
Groupe Steria SCA	198,400		3,055,764
IBM Corp.	185,250		38,535,705
IBS Group Holding Ltd. GDR (Reg. S)	168,900		4,083,217
ManTech International Corp. Class A (d)	218,400		5,916,456
NCI, Inc. Class A (a)	199,300		942,689
Pactera Technology International Ltd. ADR (d)	1,094,262		7,309,670
SAIC, Inc.	83,300		1,207,850
Sapient Corp. (a)	966,100		12,443,368
ServiceSource International, Inc. (a)	92,100		750,615
Teradata Corp. (a)	143,900		8,022,425
Unisys Corp. (a)	491,540		10,150,301
Virtusa Corp. (a)	934,022		21,912,156
			244,687,824
TOTAL IT SERVICES			532,395,323
MEDIA - 0.7%
Advertising - 0.7%
Acquity Group Ltd. sponsored ADR (a)	362,100		4,652,985
OFFICE ELECTRONICS - 0.9%
Office Electronics - 0.9%
Xerox Corp.	657,100		5,775,909
PROFESSIONAL SERVICES - 2.7%
Research & Consulting Services - 2.7%
ICF International, Inc. (a)	223,500		6,738,525
IHS, Inc. Class A (a)	71,800		7,548,334
Verisk Analytics, Inc. (a)	52,700		3,099,814
			17,386,673
Common Stocks - continued
	Shares		Value
SOFTWARE - 4.2%
Application Software - 1.2%
Bottomline Technologies, Inc. (a)	221,400		$ 6,117,282
Descartes Systems Group, Inc. (a)	68,400		758,717
Guidewire Software, Inc. (a)	2,800		114,688
Workday, Inc. Class A	1,400		89,922
Zensar Technologies Ltd. (a)	138,123		605,063
			7,685,672
Systems Software - 3.0%
Check Point Software Technologies Ltd. (a)	129,200		6,470,336
FleetMatics Group PLC	50,600		1,505,350
Oracle Corp.	184,700		6,235,472
Qualys, Inc.	345,300		4,834,200
			19,045,358
TOTAL SOFTWARE			26,731,030
TOTAL COMMON STOCKS (Cost $507,300,671)		634,592,655
Money Market Funds - 5.8%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	10,478,230		$ 10,478,230
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	27,284,775		27,284,775
TOTAL MONEY MARKET FUNDS (Cost $37,763,005)		37,763,005
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $545,063,676)			672,355,660
NET OTHER ASSETS (LIABILITIES) - (4.3)%			(27,893,023)
NET ASSETS - 100%		$ 644,462,637

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,665
Fidelity Securities Lending Cash Central Fund	8,717
Total	$ 12,382

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 634,592,655	$ 633,987,592	$ 605,063	$ -
Money Market Funds	37,763,005	37,763,005	-	-
Total Investments in Securities:	$ 672,355,660	$ 671,750,597	$ 605,063	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $550,101,911. Net unrealized appreciation aggregated $122,253,749, of which $131,129,412 related to appreciated investment securities and $8,875,663 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

May 31, 2013

1.802162.109

HOU-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
BUILDING PRODUCTS - 8.1%
Building Products - 8.1%
American Woodmark Corp. (a)	227,975		$ 8,280,052
Armstrong World Industries, Inc. (a)	152,950		7,948,812
Fortune Brands Home & Security, Inc.	423,500		17,905,580
Masco Corp.	1,010,200		21,234,404
USG Corp. (a)(d)	471,700		12,891,561
			68,260,409
CONSTRUCTION & ENGINEERING - 14.1%
Construction & Engineering - 14.1%
Dycom Industries, Inc. (a)	425,803		9,687,018
EMCOR Group, Inc.	310,500		12,342,375
Fluor Corp.	296,600		18,748,086
Furmanite Corp. (a)	185,966		1,227,376
Granite Construction, Inc.	388,500		11,989,110
Jacobs Engineering Group, Inc. (a)	335,750		19,141,108
MasTec, Inc. (a)	391,100		12,436,980
Pike Electric Corp.	400,000		4,860,000
Quanta Services, Inc. (a)	713,400		20,239,158
Tutor Perini Corp. (a)	448,690		8,309,739
			118,980,950
CONSTRUCTION MATERIALS - 5.6%
Construction Materials - 5.6%
Eagle Materials, Inc.	203,000		14,971,250
Headwaters, Inc. (a)	768,348		8,152,172
Vulcan Materials Co.	450,765		24,151,989
			47,275,411
CONTAINERS & PACKAGING - 0.7%
Paper Packaging - 0.7%
Rock-Tenn Co. Class A	60,900		6,015,702
ELECTRICAL EQUIPMENT - 0.9%
Electrical Components & Equipment - 0.9%
Generac Holdings, Inc.	194,226		7,866,153
ENERGY EQUIPMENT & SERVICES - 0.3%
Oil & Gas Equipment & Services - 0.3%
McDermott International, Inc. (a)	285,300		2,724,615
HOUSEHOLD DURABLES - 14.7%
Homebuilding - 14.2%
D.R. Horton, Inc.	768,937		18,731,305
KB Home (d)	636,800		14,111,488
Lennar Corp. Class A (d)	494,378		19,438,943
M.D.C. Holdings, Inc.	226,992		8,423,673

	Shares		Value
M/I Homes, Inc. (a)	322,700		$ 8,019,095
NVR, Inc. (a)	5,119		5,033,564
PulteGroup, Inc. (a)	899,783		19,426,315
Ryland Group, Inc. (d)	207,270		9,385,186
Toll Brothers, Inc. (a)	516,114		17,635,615
			120,205,184
Household Appliances - 0.5%
Whirlpool Corp.	34,900		4,458,824
TOTAL HOUSEHOLD DURABLES			124,664,008
REAL ESTATE INVESTMENT TRUSTS - 15.1%
Residential REITs - 14.6%
Apartment Investment & Management Co. Class A	557,071		16,856,968
AvalonBay Communities, Inc.	145,259		19,270,059
BRE Properties, Inc.	279,700		13,982,203
Camden Property Trust (SBI)	273,800		18,960,650
Equity Residential (SBI)	290,092		16,404,703
Essex Property Trust, Inc.	125,700		19,752,498
Home Properties, Inc.	303,500		18,443,695
			123,670,776
Retail REITs - 0.5%
Pennsylvania Real Estate Investment Trust (SBI)	225,600		4,487,184
TOTAL REAL ESTATE INVESTMENT TRUSTS			128,157,960
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.3%
Diversified Real Estate Activities - 1.0%
The St. Joe Co. (a)(d)	403,867		8,246,964
Real Estate Operating Companies - 1.3%
Forest City Enterprises, Inc. Class A (a)	593,200		11,128,432
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			19,375,396
SPECIALTY RETAIL - 35.3%
Home Improvement Retail - 35.3%
Home Depot, Inc.	2,676,761		210,554,019
Lowe's Companies, Inc.	2,099,734		88,419,799
			298,973,818
THRIFTS & MORTGAGE FINANCE - 0.7%
Thrifts & Mortgage Finance - 0.7%
Walker & Dunlop, Inc. (a)	307,739		5,837,809
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Trading Companies & Distributors - 0.6%
Watsco, Inc.	58,000		5,060,500
TOTAL COMMON STOCKS (Cost $684,194,252)		833,192,731
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	12,658,062		$ 12,658,062
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	54,031,488		54,031,488
TOTAL MONEY MARKET FUNDS (Cost $66,689,550)		66,689,550

TOTAL INVESTMENT PORTFOLIO - 106.3%

(Cost $750,883,802)

899,882,281

NET OTHER ASSETS (LIABILITIES) - (6.3)%			(53,016,593)
NET ASSETS - 100%		$ 846,865,688

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,587
Fidelity Securities Lending Cash Central Fund	23,472
Total	$ 26,059

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $755,094,446. Net unrealized appreciation aggregated $144,787,835, of which $151,893,540 related to appreciated investment securities and $7,105,705 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

May 31, 2013

1.802183.109

GAS-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 28.6%
Oil & Gas Drilling - 8.8%
Ensco PLC Class A	554,000		$ 33,334,180
Nabors Industries Ltd.	85,000		1,360,850
Precision Drilling Corp.	809,900		6,960,414
Transocean Ltd. (United States)	297,000		14,918,310
			56,573,754
Oil & Gas Equipment & Services - 19.8%
Halliburton Co.	1,018,000		42,603,300
National Oilwell Varco, Inc.	566,000		39,789,800
Schlumberger Ltd.	604,200		44,124,726
			126,517,826
TOTAL ENERGY EQUIPMENT & SERVICES			183,091,580
GAS UTILITIES - 8.2%
Gas Utilities - 8.2%
Atmos Energy Corp.	436,492		18,428,692
National Fuel Gas Co. (d)	342,050		20,933,460
UGI Corp.	352,900		13,477,251
			52,839,403
OIL, GAS & CONSUMABLE FUELS - 61.5%
Integrated Oil & Gas - 7.9%
Hess Corp.	90,400		6,093,864
Husky Energy, Inc.	342,700		9,681,874
Occidental Petroleum Corp.	143,200		13,184,424
Suncor Energy, Inc.	715,900		21,716,957
			50,677,119
Oil & Gas Exploration & Production - 45.7%
Anadarko Petroleum Corp.	382,600		33,466,022
Apache Corp.	315,233		25,890,086
Cabot Oil & Gas Corp.	45,000		3,166,200
Canadian Natural Resources Ltd.	94,000		2,801,640
Cimarex Energy Co.	326,400		22,893,696
Cobalt International Energy, Inc. (a)	198,350		5,145,199
ConocoPhillips	273,800		16,794,892
Crescent Point Energy Corp.	125,400		4,540,647
Crown Point Energy, Inc. (e)	181,658		42,052
Devon Energy Corp.	653,446		37,148,405
Emerald Oil, Inc. warrants 2/4/16 (a)	15,002		0
Encana Corp.	1,234,500		23,540,936
Energen Corp.	39,600		2,145,924
Energy XXI (Bermuda) Ltd.	161,800		4,130,754
EOG Resources, Inc.	323,885		41,813,554
Lightstream Resources Ltd.	295,393		2,550,053
Marathon Oil Corp.	315,400		10,846,606
Newfield Exploration Co. (a)	201,800		4,800,822
Painted Pony Petroleum Ltd. Class A (a)	267,200		2,409,761
Petrominerales Ltd.	428,800		2,531,233

	Shares		Value
Range Resources Corp.	26,000		$ 1,954,680
Resolute Energy Corp. (a)	231,500		1,949,230
Talisman Energy, Inc.	1,630,300		19,074,549
Tourmaline Oil Corp. (a)	126,800		5,161,283
Whiting Petroleum Corp. (a)	201,800		9,296,926
WPX Energy, Inc. (a)	467,033		8,995,056
			293,090,206
Oil & Gas Refining & Marketing - 0.6%
Phillips 66	57,000		3,794,490
Oil & Gas Storage & Transport - 7.3%
Enbridge, Inc.	71,400		3,097,042
The Williams Companies, Inc.	490,999		17,273,345
TransCanada Corp.	570,400		26,166,601
			46,536,988
TOTAL OIL, GAS & CONSUMABLE FUELS			394,098,803
TOTAL COMMON STOCKS (Cost $623,939,202)		630,029,786

Convertible Bonds - 0.1%
	Principal Amount
OIL, GAS & CONSUMABLE FUELS - 0.1%
Oil & Gas Exploration & Production - 0.1%
Cobalt International Energy, Inc. 2.625% 12/1/19 (Cost $595,500)	$ 600,000	649,500

Money Market Funds - 1.5%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	7,715,448		7,715,448
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	2,162,000		2,162,000
TOTAL MONEY MARKET FUNDS (Cost $9,877,448)		9,877,448
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $634,412,150)			640,556,734
NET OTHER ASSETS (LIABILITIES) - 0.1%			436,276
NET ASSETS - 100%		$ 640,993,010

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,951
Fidelity Securities Lending Cash Central Fund	115,156
Total	$ 119,107

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 630,029,786	$ 630,029,786	$ -	$ -
Convertible Bonds	649,500	-	649,500	-
Money Market Funds	9,877,448	9,877,448	-	-
Total Investments in Securities:	$ 640,556,734	$ 639,907,234	$ 649,500	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $637,023,188. Net unrealized appreciation aggregated $3,533,546, of which $31,700,861 related to appreciated investment securities and $28,167,315 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

May 31, 2013

1.802161.109

COM-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.4%
Communications Equipment - 0.4%
QUALCOMM, Inc.	44,100		$ 2,799,468
COMPUTERS & PERIPHERALS - 76.0%
Computer Hardware - 39.0%
3D Systems Corp. (a)(d)	246,700		11,969,884
Apple, Inc.	248,964		111,954,131
Avid Technology, Inc. (a)	798,700		5,095,706
Cray, Inc. (a)	557,700		10,155,717
Dell, Inc.	2,311,707		30,861,288
Diebold, Inc.	445,900		14,362,439
Hewlett-Packard Co.	2,656,505		64,871,852
NCR Corp. (a)	382,200		12,765,480
Silicon Graphics International Corp. (a)(d)	393,800		5,946,380
Super Micro Computer, Inc. (a)	733,200		7,559,292
			275,542,169
Computer Storage & Peripherals - 37.0%
Datalink Corp. (a)	513,300		5,882,418
Electronics for Imaging, Inc. (a)	532,915		14,862,999
EMC Corp.	1,837,178		45,488,527
Imation Corp. (a)	1,077,300		4,416,930
Intevac, Inc. (a)	864,090		4,156,273
Lexmark International, Inc. Class A (d)	489,100		14,922,441
NetApp, Inc.	888,260		33,336,398
QLogic Corp. (a)	1,039,600		10,125,704
Quantum Corp. (a)	4,989,000		7,732,950
SanDisk Corp. (a)	572,900		33,812,558
Seagate Technology	789,000		33,990,120
Synaptics, Inc. (a)	269,200		11,107,192
Western Digital Corp.	545,084		34,514,719
Xyratex Ltd.	626,300		6,626,254
			260,975,483
TOTAL COMPUTERS & PERIPHERALS			536,517,652
ELECTRONIC EQUIPMENT & COMPONENTS - 1.4%
Electronic Equipment & Instruments - 0.6%
TPK Holding Co. Ltd.	209,000		4,110,329
Electronic Manufacturing Services - 0.8%
Fabrinet (a)	165,400		2,403,262
Jabil Circuit, Inc.	178,600		3,582,716
			5,985,978
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			10,096,307
INTERNET SOFTWARE & SERVICES - 1.7%
Internet Software & Services - 1.7%
Google, Inc. Class A (a)	13,700		11,924,617

	Shares		Value
IT SERVICES - 16.6%
IT Consulting & Other Services - 16.6%
IBM Corp.	449,048		$ 93,410,965
Teradata Corp. (a)	424,057		23,641,178
			117,052,143
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
Semiconductor Equipment - 0.8%
ASML Holding NV (Netherlands)	67,400		5,578,167
Semiconductors - 0.6%
MediaTek, Inc.	182,000		2,244,787
Spreadtrum Communications, Inc. ADR	123,100		2,395,526
			4,640,313
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			10,218,480
TOTAL COMMON STOCKS (Cost $601,032,665)		688,608,667
Money Market Funds - 5.8%

Fidelity Cash Central Fund, 0.12% (b)	15,139,061		15,139,061
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	26,056,801		26,056,801
TOTAL MONEY MARKET FUNDS (Cost $41,195,862)		41,195,862
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $642,228,527)			729,804,529
NET OTHER ASSETS (LIABILITIES) - (3.3)%			(23,509,124)
NET ASSETS - 100%		$ 706,295,405

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,227
Fidelity Securities Lending Cash Central Fund	101,645
Total	$ 103,872

Other Affiliated Issuers

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

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 688,608,667	$ 676,675,384	$ 11,933,283	$ -
Money Market Funds	41,195,862	41,195,862	-	-
Total Investments in Securities:	$ 729,804,529	$ 717,871,246	$ 11,933,283	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $657,917,165. Net unrealized appreciation aggregated $71,887,364, of which $106,977,645 related to appreciated investment securities and $35,090,281 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

May 31, 2013

1.802155.109

BAN-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CAPITAL MARKETS - 0.8%
Diversified Capital Markets - 0.8%
UBS AG (NY Shares)	251,800		$ 4,414,054
COMMERCIAL BANKS - 81.7%
Diversified Banks - 30.7%
Axis Bank Ltd.	137,617		3,466,326
BanColombia SA sponsored ADR	90,800		5,257,320
Barclays PLC sponsored ADR	141,000		2,705,790
Comerica, Inc.	411,500		16,250,135
Itau Unibanco Holding SA sponsored ADR	415,340		6,246,714
U.S. Bancorp	2,010,400		70,484,624
Wells Fargo & Co.	1,741,992		70,637,775
			175,048,684
Regional Banks - 51.0%
1st Source Corp.	288,500		6,984,585
Bank of the Ozarks, Inc.	185,100		8,079,615
BB&T Corp.	435,900		14,349,828
BBCN Bancorp, Inc.	764,212		9,850,693
Boston Private Financial Holdings, Inc.	611,400		6,022,290
Central Valley Community Bancorp	29,580		278,644
CIT Group, Inc. (a)	226,600		10,441,728
City National Corp.	177,300		11,127,348
Commerce Bancshares, Inc.	389,110		16,934,067
Cullen/Frost Bankers, Inc. (d)	175,100		11,267,685
CVB Financial Corp.	776,200		8,903,014
East West Bancorp, Inc.	432,000		11,378,880
Fifth Third Bancorp	301,700		5,490,940
First Horizon National Corp.	1,295,700		14,874,636
First Republic Bank	319,500		11,872,620
Huntington Bancshares, Inc.	2,584,351		20,028,720
International Bancshares Corp.	322,400		7,021,872
M&T Bank Corp. (d)	204,700		21,473,030
National Penn Bancshares, Inc.	310,000		3,062,800
OFG Bancorp (d)	213,180		3,790,340
PNC Financial Services Group, Inc.	407,741		29,210,565
Spar Nord Bank A/S (a)	171,300		1,149,805
SunTrust Banks, Inc.	375,900		12,062,631
Susquehanna Bancshares, Inc.	577,000		6,929,770
Texas Capital Bancshares, Inc. (a)	365,700		16,149,312
UMB Financial Corp.	171,475		9,103,608
Wilshire Bancorp, Inc.	478,900		3,160,740
Wintrust Financial Corp.	247,800		9,351,972
			290,351,738
TOTAL COMMERCIAL BANKS			465,400,422
CONSUMER FINANCE - 2.8%
Consumer Finance - 2.8%
Capital One Financial Corp.	264,000		16,085,520

	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.8%
Other Diversified Financial Services - 0.8%
JPMorgan Chase & Co.	81,200		$ 4,432,708
IT SERVICES - 2.6%
Data Processing & Outsourced Services - 2.6%
Global Payments, Inc.	99,100		4,752,836
Total System Services, Inc.	433,700		10,196,287
			14,949,123
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
Real Estate Services - 0.5%
Altisource Portfolio Solutions SA	31,400		2,960,078
THRIFTS & MORTGAGE FINANCE - 6.8%
Thrifts & Mortgage Finance - 6.8%
Ocwen Financial Corp. (a)	315,500		13,497,090
Oritani Financial Corp.	54,300		832,419
People's United Financial, Inc.	285,300		3,925,728
Trustco Bank Corp., New York	1,444,300		8,073,637
ViewPoint Financial Group	376,400		7,125,252
Washington Federal, Inc.	316,000		5,526,840
			38,980,966
TOTAL COMMON STOCKS (Cost $492,576,623)		547,222,871
Nonconvertible Preferred Stocks - 0.1%

COMMERCIAL BANKS - 0.1%
Diversified Banks - 0.1%
Banco ABC Brasil SA (Cost $455,451)	68,300		454,738
Money Market Funds - 10.3%

Fidelity Cash Central Fund, 0.12% (b)	23,954,246		23,954,246
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	35,068,225		35,068,225
TOTAL MONEY MARKET FUNDS (Cost $59,022,471)		59,022,471
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $552,054,545)			606,700,080
NET OTHER ASSETS (LIABILITIES) - (6.4)%			(36,732,540)
NET ASSETS - 100%		$ 569,967,540

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,644
Fidelity Securities Lending Cash Central Fund	10,354
Total	$ 15,998

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 547,222,871	$ 543,756,545	$ 3,466,326	$ -
Nonconvertible Preferred Stocks	454,738	454,738	-	-
Money Market Funds	59,022,471	59,022,471	-	-
Total Investments in Securities:	$ 606,700,080	$ 603,233,754	$ 3,466,326	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $590,628,032. Net unrealized appreciation aggregated $16,072,048, of which $59,451,418 related to appreciated investment securities and $43,379,370 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

May 31, 2013

1.802156.109

BIO-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BIOTECHNOLOGY - 97.4%
Biotechnology - 97.4%
ACADIA Pharmaceuticals, Inc. (a)(d)	4,205,963		$ 59,177,899
Achillion Pharmaceuticals, Inc. (a)	1,786,043		14,895,599
Acorda Therapeutics, Inc. (a)	1,656,031		55,394,237
Aegerion Pharmaceuticals, Inc. (a)(d)(e)	2,457,092		178,950,010
Affymax, Inc. (a)(d)	61,456		127,214
Agenus, Inc. (a)(e)	150,089		604,859
Agenus, Inc. warrants 6/9/18 (a)(e)(f)	1,548,000		88,852
Alexion Pharmaceuticals, Inc. (a)	1,982,680		193,390,607
Alkermes PLC (a)	1,705,594		53,299,813
Alnylam Pharmaceuticals, Inc. (a)	1,583,803		48,511,886
AMAG Pharmaceuticals, Inc. (a)	779,509		14,420,917
Ambit Biosciences Corp.	745,000		5,095,800
Amgen, Inc.	7,294,184		733,284,318
Arena Pharmaceuticals, Inc. (a)(d)	1,983,744		17,536,297
ARIAD Pharmaceuticals, Inc. (a)	2,367,405		43,418,208
ArQule, Inc. (a)	2,649,542		7,180,259
Biogen Idec, Inc. (a)	1,559,497		370,364,943
BioMarin Pharmaceutical, Inc. (a)	2,079,144		130,362,329
Bionovo, Inc. warrants 2/2/16 (a)	1,043,150		1,540
BioTime, Inc. (a)(d)	1,447,595		6,876,076
Catalyst Pharmaceutical Partners, Inc.:
warrants 5/2/17 (a)	141,443		436
warrants 5/30/17 (a)	282,100		8,315
Celgene Corp. (a)	3,240,991		400,748,537
Cell Therapeutics, Inc. (a)(d)(e)	5,779,280		7,108,514
Cell Therapeutics, Inc. warrants 7/6/16 (a)(e)	835,596		6,820
Celldex Therapeutics, Inc. (a)	1,973,811		25,245,043
Cepheid, Inc. (a)	689,500		23,967,020
Chimerix, Inc.	41,100		883,650
Clovis Oncology, Inc. (a)(d)	612,919		22,420,577
Cubist Pharmaceuticals, Inc. (a)	807,908		44,394,545
Curis, Inc. (a)(d)	3,562,162		13,358,108
Cytokinetics, Inc. (a)(d)(e)	6,380,800		7,656,960
Cytokinetics, Inc. warrants 6/25/17 (a)(e)	3,828,480		819,843
Dendreon Corp. (a)(d)	2,487,677		9,950,708
Dyax Corp. (a)	5,198,009		16,321,748
Dynavax Technologies Corp. (a)	2,015,143		5,259,523
Elan Corp. PLC sponsored ADR (a)	7,198		91,127
Emergent BioSolutions, Inc. (a)	252,200		3,581,240
Enzon Pharmaceuticals, Inc.	100,066		306,202
Epizyme, Inc.	880,366		20,239,614
Exact Sciences Corp. (a)	701,061		7,879,926
Exelixis, Inc. (a)(d)	1,292,468		6,255,545
Fibrocell Science, Inc. (f)	2,432,240		12,039,588
Genomic Health, Inc. (a)	603,028		21,998,461
Geron Corp. (a)	5,667,235		6,177,286
Gilead Sciences, Inc. (a)	14,329,254		780,657,751
Halozyme Therapeutics, Inc. (a)	2,474,023		17,491,343
Hyperion Therapeutics, Inc. (e)	1,330,530		26,703,737

	Shares		Value
Idenix Pharmaceuticals, Inc. (a)(d)	154,522		$ 732,434
ImmunoGen, Inc. (a)(d)	1,019,057		18,720,077
Immunomedics, Inc. (a)(d)	1,527,948		5,974,277
Incyte Corp. (a)(d)	1,818,636		40,319,160
Infinity Pharmaceuticals, Inc. (a)(d)	889,163		23,962,943
Intercept Pharmaceuticals, Inc.	117,834		3,940,369
InterMune, Inc. (a)(d)	3,172,913		31,348,380
Ironwood Pharmaceuticals, Inc. Class A (a)(d)	4,692,810		62,649,014
Isis Pharmaceuticals, Inc. (a)(d)	1,423,291		30,814,250
KaloBios Pharmaceuticals, Inc.	224,464		1,143,420
KaloBios Pharmaceuticals, Inc.	232,300		1,314,818
Lexicon Pharmaceuticals, Inc. (a)	7,487,723		17,895,658
Ligand Pharmaceuticals, Inc. Class B (a)	784,503		23,464,485
MannKind Corp. (a)(d)	6,331,560		42,231,505
Medivation, Inc. (a)	1,863,896		90,510,790
Merrimack Pharmaceuticals, Inc. (a)	44,600		247,084
Momenta Pharmaceuticals, Inc. (a)(d)	491,448		6,467,456
Myriad Genetics, Inc. (a)	1,368,718		43,935,848
Neurocrine Biosciences, Inc. (a)	2,330,609		30,134,774
NeurogesX, Inc. (a)	3,131,785		42,279
NewLink Genetics Corp. (a)(d)	1,089,954		17,777,150
Novavax, Inc. (a)(d)	7,352,004		14,042,328
Novelos Therapeutics, Inc. (a)(e)	2,334,890		1,027,352
Novelos Therapeutics, Inc. warrants 12/6/16 (a)(e)	2,362,400		6,470
NPS Pharmaceuticals, Inc. (a)	1,923,224		30,290,778
Onyx Pharmaceuticals, Inc. (a)	1,394,326		133,088,417
Opko Health, Inc. (a)(d)	1,994,800		13,185,628
Oragenics, Inc. (f)	1,558,058		4,424,885
Orexigen Therapeutics, Inc. (a)(d)	3,436,142		21,750,779
Osiris Therapeutics, Inc. (a)(d)	847,433		9,525,147
OvaScience, Inc. (a)	212,300		2,649,504
PDL BioPharma, Inc. (d)	1,251,833		10,327,622
Pharmacyclics, Inc. (a)	1,313,494		120,368,590
PolyMedix, Inc. (a)(e)	115,509		13,861
PolyMedix, Inc. warrants 4/10/16 (a)(e)	2,961,167		30
Portola Pharmaceuticals, Inc.	549,300		9,997,260
Progenics Pharmaceuticals, Inc. (a)(e)	5,112,695		20,348,526
Protalix BioTherapeutics, Inc. (a)(d)	1,140,342		5,804,341
Puma Biotechnology, Inc. (a)	536,712		20,894,198
Raptor Pharmaceutical Corp. (a)(d)(e)	3,086,957		23,430,004
Receptos, Inc.	131,300		2,083,731
Regeneron Pharmaceuticals, Inc. (a)	925,752		223,911,636
Regulus Therapeutics, Inc.	268,200		2,403,072
Rigel Pharmaceuticals, Inc. (a)	1,147,051		5,299,376
Sangamo Biosciences, Inc. (a)(d)	1,902,030		15,216,240
Sarepta Therapeutics, Inc. (a)(d)	244,200		8,632,470
Savient Pharmaceuticals, Inc. (a)(d)	1,472,700		809,985
Seattle Genetics, Inc. (a)(d)	1,716,160		58,898,611
SIGA Technologies, Inc. (a)(d)	1,611,814		6,012,066
Sophiris Bio, Inc. (a)	2,502,000		723,993
Sorrento Therapeutics, Inc. (f)	11,780,000		2,356,000
Common Stocks - continued
	Shares		Value
BIOTECHNOLOGY - CONTINUED
Biotechnology - continued
Spectrum Pharmaceuticals, Inc. (d)(e)	4,223,900		$ 34,678,219
Stemline Therapeutics, Inc. (e)	858,800		14,625,364
Sunesis Pharmaceuticals, Inc. (a)(d)	2,100,978		11,324,271
Synageva BioPharma Corp. (a)	254,200		10,478,124
Synergy Pharmaceuticals, Inc. (a)(d)	2,604,272		13,281,787
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a)	354,400		730,064
Synta Pharmaceuticals Corp. (a)(d)	1,908,127		14,081,977
Synthetic Biologics, Inc. (a)	900		1,287
Targacept, Inc. (a)(e)	2,148,841		12,097,975
TESARO, Inc. (d)	956,458		32,720,428
Theravance, Inc. (a)(d)	1,445,246		50,641,420
Threshold Pharmaceuticals, Inc. (a)	1,262,685		7,222,558
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a)	631,520		2,293,180
Trius Therapeutics, Inc. (a)	1,643,317		12,604,241
United Therapeutics Corp. (a)	779,351		51,803,461
Verastem, Inc. (a)	95,367		911,709
Vertex Pharmaceuticals, Inc. (a)	3,072,209		246,729,105
Vical, Inc. (a)(d)	4,038,130		14,133,455
ZIOPHARM Oncology, Inc. (a)(d)	2,829,592		6,196,806
			5,212,258,332
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Alsius Corp. (a)	314,300		3
Aradigm Corp. (a)	6,398,160		1,241,243
InVivo Therapeutics Holdings Corp. (a)(d)	1,520,200		4,940,650
			6,181,896
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
BG Medicine, Inc. (a)(d)	1,177,641		2,119,754
ChromaDex, Inc. (a)(d)	2,283,700		1,667,101
Transgenomic, Inc. (a)	3,392,882		1,594,655
Transgenomic, Inc. warrants 2/3/17 (a)(f)	1,419,000		14
			5,381,524
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
MYOS Corp.	1,666,700		275,006

	Shares		Value
PHARMACEUTICALS - 1.7%
Pharmaceuticals - 1.7%
AcelRx Pharmaceuticals, Inc. (a)(d)	654,629		$ 5,832,744
Auxilium Pharmaceuticals, Inc. (a)	628,851		9,382,457
AVANIR Pharmaceuticals Class A (a)(d)	4,969,885		16,500,018
Horizon Pharma, Inc. (d)	1,607,800		3,810,486
Horizon Pharma, Inc.:
warrants 2/28/17 (a)	319,539		99
warrants 9/25/17 (a)	759,050		230
Jazz Pharmaceuticals PLC (a)	319,665		21,727,630
Pacira Pharmaceuticals, Inc. (a)(d)	858,672		25,159,090
TherapeuticsMD, Inc. (a)	1,416,007		3,950,660
XenoPort, Inc. (a)	1,009		5,550
Zogenix, Inc. (a)	2,910,980		4,337,360
Zogenix, Inc. warrants 7/27/17 (a)	498,465		282
			90,706,606
TOTAL COMMON STOCKS (Cost $3,621,855,557)		5,314,803,364
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
bluebird bio (f)	535,716		415,876
Intrexon Corp. Series F, 6.00% (f)	234,083		1,843,404
Xenon Pharmaceuticals, Inc. Series E (f)	981,626		4,476,215
			6,735,495
PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Agios Pharmaceuticals, Inc. Series C (f)	229,509		1,127,142
aTyr Pharma, Inc. 8.00% (f)	3,455,296		8,738,444
			9,865,586
TOTAL CONVERTIBLE PREFERRED STOCKS			16,601,081
Nonconvertible Preferred Stocks - 0.0%
PHARMACEUTICALS - 0.0%
Pharmaceuticals - 0.0%
Equilibrate Asia Therapeutics Series D (f)	3,661,108		59,749
Equilibrate Worldwide Therapeutics Series D (f)	3,661,108		147,067
Neuropathic Worldwide Therapeutics Series D (f)	3,661,108		27,568
Oculus Worldwide Therapeutics Series D (f)	3,661,108		45,947
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Orchestrate U.S. Therapeutics, Inc. Series D (f)	3,661,108		$ 64,326
Orchestrate Worldwide Therapeutics Series D (f)	3,661,108		114,886
			459,543
TOTAL PREFERRED STOCKS (Cost $19,159,618)		17,060,624
Money Market Funds - 7.3%

Fidelity Cash Central Fund, 0.12% (b)	28,208,118		28,208,118
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	360,688,165		360,688,165
TOTAL MONEY MARKET FUNDS (Cost $388,896,283)		388,896,283

TOTAL INVESTMENT PORTFOLIO - 106.9%

(Cost $4,029,911,458)

5,720,760,271

NET OTHER ASSETS (LIABILITIES) - (6.9)%			(367,236,088)
NET ASSETS - 100%		$ 5,353,524,183

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Agenus, Inc. warrants 6/9/18	1/9/08	$ 1,930,622
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 1,127,142
aTyr Pharma, Inc. 8.00%	4/8/13 - 5/17/13	$ 8,738,444
bluebird bio	7/23/12	$ 5,330,136
Equilibrate Asia Therapeutics Series D	5/17/13	$ 59,749
Equilibrate Worldwide Therapeutics Series D	5/17/13	$ 147,067
Fibrocell Science, Inc.	10/8/12	$ 6,080,600
Intrexon Corp. Series F, 6.00%	4/30/13	$ 1,843,404
MYOS Corp.	7/2/12	$ 416,675
Neuropathic Worldwide Therapeutics Series D	5/17/13	$ 27,568
Oculus Worldwide Therapeutics Series D	5/17/13	$ 45,947
Oragenics, Inc.	7/31/12	$ 2,337,087
Orchestrate U.S. Therapeutics, Inc. Series D	5/17/13	$ 64,326
Orchestrate Worldwide Therapeutics Series D	5/17/13	$ 114,886
Sorrento Therapeutics, Inc.	5/15/12	$ 1,884,800
Transgenomic, Inc. warrants 2/3/17	2/3/12	$ 9,800
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,018
Fidelity Securities Lending Cash Central Fund	3,304,327
Total	$ 3,316,345

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aegerion Pharmaceuticals, Inc.	$ 59,281,220	$ 26,336,907	$ -	$ -	$ 178,950,010
Agenus, Inc.	642,381	-	-	-	604,859
Agenus, Inc. warrants 6/9/18	78,596	-	-	-	88,852
Cell Therapeutics, Inc.	8,945,719	-	1,057,557	-	7,108,514
Cell Therapeutics, Inc. warrants 7/6/16	20,931	-	-	-	6,820
Cytokinetics, Inc.	6,368,038	-	-	-	7,656,960
Cytokinetics, Inc. warrants 6/25/17	393,737	-	-	-	819,843
Hyperion Therapeutics, Inc.	-	31,621,293	-	-	26,703,737
Novelos Therapeutics, Inc.	1,144,096	-	-	-	1,027,352
Novelos Therapeutics, Inc. warrants 12/6/16	23,713	-	-	-	6,470
PolyMedix, Inc.	698,828	-	-	-	13,861
PolyMedix, Inc. warrants 4/10/16	4,541	-	-	-	30
Progenics Pharmaceuticals, Inc.	11,847,515	3,112,993	-	-	20,348,526
Raptor Pharmaceutical Corp.	7,318,718	9,155,046	-	-	23,430,004
Spectrum Pharmaceuticals, Inc.	39,774,600	7,913,424	2,109,435	-	34,678,219
Stemline Therapeutics, Inc.	5,884,230	5,401,250	-	-	14,625,364
Targacept, Inc.	5,509,566	4,261,692	-	-	12,097,975
Total	$ 147,936,429	$ 87,802,605	$ 3,166,992	$ -	$ 328,167,396

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 5,314,803,364	$ 5,310,433,830	$ 4,369,531	$ 3
Preferred Stocks	17,060,624	-	-	17,060,624
Money Market Funds	388,896,283	388,896,283	-	-
Total Investments in Securities:	$ 5,720,760,271	$ 5,699,330,113	$ 4,369,531	$ 17,060,627

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $4,048,536,673. Net unrealized appreciation aggregated $1,672,223,598, of which $1,860,044,581 related to appreciated investment securities and $187,820,983 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

May 31, 2013

1.802190.109

TEC-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.3%
	Shares		Value
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
DigitalGlobe, Inc. (a)	797		$ 24,093
AUTOMOBILES - 0.2%
Automobile Manufacturers - 0.2%
Tesla Motors, Inc. (a)	41,795		4,085,879
CHEMICALS - 0.1%
Specialty Chemicals - 0.1%
JSR Corp.	75,500		1,462,094
COMMUNICATIONS EQUIPMENT - 14.3%
Communications Equipment - 14.3%
AAC Acoustic Technology Holdings, Inc.	42,500		239,597
ADTRAN, Inc.	153,781		3,555,417
ADVA AG Optical Networking (a)	236,182		1,248,478
Alcatel-Lucent SA (a)(d)	1,375,547		2,342,665
Alcatel-Lucent SA sponsored ADR (a)	2,644,931		4,443,484
Aruba Networks, Inc. (a)	115,206		1,721,178
Brocade Communications Systems, Inc. (a)	35,610		193,362
Ciena Corp. (a)	430,302		7,203,255
Cisco Systems, Inc.	1,986,668		47,838,965
Comba Telecom Systems Holdings Ltd.	198,000		71,027
F5 Networks, Inc. (a)	627,991		52,255,131
Finisar Corp. (a)	935,922		12,260,578
HTC Corp.	24,000		219,749
Infinera Corp. (a)	797,523		8,397,917
JDS Uniphase Corp. (a)	149,098		2,030,715
Juniper Networks, Inc. (a)	3,988,390		70,714,155
Motorola Solutions, Inc.	3,560		206,338
Palo Alto Networks, Inc. (d)	57,465		2,788,202
Polycom, Inc. (a)	231		2,617
QUALCOMM, Inc.	552,987		35,103,615
Radware Ltd. (a)	327,687		4,928,412
Research In Motion Ltd. (a)	600		8,370
Riverbed Technology, Inc. (a)	1,287		19,897
Sandvine Corp. (U.K.) (a)	4,193,712		8,251,915
Sonus Networks, Inc. (a)	4,898,642		15,724,641
Spirent Communications PLC	296,000		603,105
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	464,000		5,414,880
ZTE Corp. (H Shares)	552,600		889,013
			288,676,678
COMPUTERS & PERIPHERALS - 13.0%
Computer Hardware - 9.7%
3D Systems Corp. (a)(d)	25,626		1,243,374
Advantech Co. Ltd.	1,699,000		8,303,059
Apple, Inc.	315,057		141,674,832
Hewlett-Packard Co.	1,669		40,757
Lenovo Group Ltd.	27,360,000		27,960,746
NCR Corp. (a)	64,700		2,160,980
Quanta Computer, Inc.	918,000		1,964,282

	Shares		Value
Stratasys Ltd. (a)	12,041		$ 1,012,046
Toshiba Corp.	2,062,000		9,701,157
Wistron Corp.	206,250		210,649
			194,271,882
Computer Storage & Peripherals - 3.3%
ADLINK Technology, Inc.	5,750		6,628
Catcher Technology Co. Ltd.	475,000		2,647,998
Chicony Electronics Co. Ltd.	581,000		1,597,712
EMC Corp.	854,126		21,148,160
Gemalto NV	2,478		208,062
NetApp, Inc.	270,404		10,148,262
SanDisk Corp. (a)	487,462		28,770,007
Synaptics, Inc. (a)	530		21,868
Wacom Co. Ltd.	162,000		2,001,424
			66,550,121
TOTAL COMPUTERS & PERIPHERALS			260,822,003
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
Educomp Solutions Ltd.	53,012		51,676
New Oriental Education & Technology Group, Inc. sponsored ADR	10,209		227,967
			279,643
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Dynapack International Technology Corp.	40,000		131,877
TECO Electric & Machinery Co. Ltd.	1,200,000		1,281,752
			1,413,629
ELECTRONIC EQUIPMENT & COMPONENTS - 5.1%
Electronic Components - 2.2%
Aeroflex Holding Corp. (a)	34,138		269,690
Amphenol Corp. Class A	51,661		4,024,392
Delta Electronics, Inc.	422,000		2,010,515
InvenSense, Inc. (a)	314,164		4,046,432
Kyocera Corp.	58,000		5,655,156
Ledlink Optics, Inc.	718,000		2,084,351
Omron Corp.	124,300		3,679,401
Taiyo Yuden Co. Ltd.	369,900		5,523,904
Tong Hsing Electronics Industries Ltd.	1,467,000		6,499,002
TXC Corp.	1,977,000		2,878,762
Universal Display Corp. (a)(d)	65,236		1,942,728
Yaskawa Electric Corp.	442,000		5,337,868
			43,952,201
Electronic Equipment & Instruments - 1.0%
Chroma ATE, Inc.	896,644		1,848,486
FEI Co.	8,700		626,487
Keyence Corp.	33,950		10,359,937
National Instruments Corp.	191,928		5,450,755
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Equipment & Instruments - continued
Test Research, Inc.	59,016		$ 91,465
TPK Holding Co. Ltd. GDR (Reg. S)	76,374		1,522,583
			19,899,713
Electronic Manufacturing Services - 1.2%
Fabrinet (a)	159,000		2,310,270
Jabil Circuit, Inc.	166,707		3,344,142
Ju Teng International Holdings Ltd.	3,298,000		2,152,989
KEMET Corp. (a)	4,077		18,713
TE Connectivity Ltd.	287,878		12,778,904
Trimble Navigation Ltd. (a)	103,179		2,878,694
			23,483,712
Technology Distributors - 0.7%
Arrow Electronics, Inc. (a)	47		1,869
Digital China Holdings Ltd. (H Shares)	9,238,000		12,866,786
Redington India Ltd.	174,887		231,732
VST Holdings Ltd.	3,588,000		799,644
WPG Holding Co. Ltd.	839,200		997,017
WT Microelectronics Co. Ltd.	52,529		61,198
			14,958,246
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			102,293,872
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Biosensors International Group Ltd. (a)	3,116,000		2,935,330
HEALTH CARE TECHNOLOGY - 0.6%
Health Care Technology - 0.6%
athenahealth, Inc. (a)	19,975		1,688,886
Cerner Corp. (a)	63,414		6,232,328
So-net M3, Inc.	2,029		4,365,863
			12,287,077
HOUSEHOLD DURABLES - 0.7%
Consumer Electronics - 0.7%
Alpine Electronics, Inc.	656,800		6,149,451
Sony Corp.	11,600		229,363
Sony Corp. sponsored ADR (d)	411,400		8,289,710
			14,668,524
Household Appliances - 0.0%
Haier Electronics Group Co. Ltd.	53,000		94,160
TOTAL HOUSEHOLD DURABLES			14,762,684
HOUSEHOLD PRODUCTS - 0.0%
Household Products - 0.0%
NVC Lighting Holdings Ltd.	546,000		176,194
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
Samsung Techwin Co. Ltd.	539		32,002

	Shares		Value
INTERNET & CATALOG RETAIL - 0.5%
Internet Retail - 0.5%
Amazon.com, Inc. (a)	14,928		$ 4,016,080
E-Commerce China Dangdang, Inc. ADR (a)	990		6,356
Expedia, Inc.	71		4,080
Groupon, Inc. Class A (a)(d)	336,600		2,585,088
Netflix, Inc. (a)	136		30,770
priceline.com, Inc. (a)	1,420		1,141,581
Start Today Co. Ltd. (d)	154,300		2,278,965
TripAdvisor, Inc. (a)	6,992		450,914
			10,513,834
INTERNET SOFTWARE & SERVICES - 16.6%
Internet Software & Services - 16.6%
Active Network, Inc. (a)	186,079		1,244,869
Akamai Technologies, Inc. (a)	5,578		257,257
Angie's List, Inc. (a)(d)	255,711		5,998,980
Bankrate, Inc. (a)	77,119		1,103,573
Bazaarvoice, Inc. (a)	8,500		63,665
Blinkx PLC (a)(d)	500,000		1,006,603
Cornerstone OnDemand, Inc. (a)	214,708		8,725,733
DealerTrack Holdings, Inc. (a)	79,673		2,568,658
Demandware, Inc. (a)	139,225		4,261,677
E2open, Inc.	96,400		1,408,404
eBay, Inc. (a)	332,072		17,965,095
ExactTarget, Inc. (a)	343,444		7,902,646
Facebook, Inc. Class A	7,025		171,059
Google, Inc. Class A (a)	224,462		195,373,965
INFO Edge India Ltd.	114,388		685,153
IntraLinks Holdings, Inc. (a)	251,658		1,545,180
Kakaku.com, Inc.	5,500		132,656
Keynote Systems, Inc.	66,858		842,411
LinkedIn Corp. (a)	131,037		21,952,629
LogMeIn, Inc. (a)	810		20,615
Marketo, Inc.	2,900		68,643
MercadoLibre, Inc.	236		27,050
Millennial Media, Inc. (a)(d)	334,976		2,642,961
NHN Corp.	746		199,891
Open Text Corp.	400		27,220
Qihoo 360 Technology Co. Ltd. ADR (a)	23,270		1,019,459
Rackspace Hosting, Inc. (a)	51,704		1,940,451
Renren, Inc. ADR (a)	18,800		59,408
Responsys, Inc. (a)	593,507		5,804,498
Saba Software, Inc. (a)	10,000		86,300
SciQuest, Inc. (a)	229,832		5,274,644
SINA Corp. (a)	3,380		195,026
SouFun Holdings Ltd. ADR	317		8,480
TelecityGroup PLC	69,500		1,024,832
Tencent Holdings Ltd.	259,400		10,210,207
VeriSign, Inc. (a)	4,074		191,641
Vocus, Inc. (a)	303,843		2,655,588
Web.com Group, Inc. (a)	71,100		1,492,389
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
XO Group, Inc. (a)	16,300		$ 168,542
Yahoo!, Inc. (a)	1,049,183		27,593,513
Yandex NV (a)	41,749		1,133,903
YouKu.com, Inc. ADR (a)	1,083		22,147
			335,077,621
IT SERVICES - 10.9%
Data Processing & Outsourced Services - 9.8%
Automatic Data Processing, Inc.	32		2,199
EVERTEC, Inc.	25,700		514,514
Fidelity National Information Services, Inc.	820,884		36,857,692
Fiserv, Inc. (a)	54,721		4,769,482
FleetCor Technologies, Inc. (a)	107,592		9,369,111
Global Payments, Inc.	246,882		11,840,461
Jack Henry & Associates, Inc.	62,208		2,919,421
Lender Processing Services, Inc.	14,220		470,540
MasterCard, Inc. Class A	62,896		35,866,444
Paychex, Inc.	138,816		5,168,120
QIWI PLC Class B sponsored ADR	12,800		216,320
Syntel, Inc.	2,913		186,170
The Western Union Co.	246,789		4,042,404
Total System Services, Inc.	468,483		11,014,035
VeriFone Systems, Inc. (a)	134		3,126
Visa, Inc. Class A	401,267		71,481,703
WEX, Inc. (a)	28,190		2,082,395
WNS Holdings Ltd. sponsored ADR (a)	26,900		433,090
			197,237,227
IT Consulting & Other Services - 1.1%
Accenture PLC Class A	137,468		11,287,497
Bit-isle, Inc.	4,900		61,992
Camelot Information Systems, Inc. ADR (a)	555		988
ChinaSoft International Ltd. (a)	50,000		14,118
Cognizant Technology Solutions Corp. Class A (a)	3,223		208,367
EPAM Systems, Inc. (a)	113,900		2,637,924
IBM Corp.	966		200,947
InterXion Holding N.V. (a)	78,600		2,157,570
Pactera Technology International Ltd. ADR	288,865		1,929,618
ServiceSource International, Inc. (a)	227,262		1,852,185
Teradata Corp. (a)	3,397		189,383
Virtusa Corp. (a)	49,000		1,149,540
			21,690,129
TOTAL IT SERVICES			218,927,356
LEISURE EQUIPMENT & PRODUCTS - 0.1%
Photographic Products - 0.1%
Sunny Optical Technology Group Co. Ltd.	783,000		1,113,992

	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
Illumina, Inc. (a)(d)	400		$ 28,128
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	87,200		1,784,984
			1,813,112
MACHINERY - 0.5%
Industrial Machinery - 0.5%
Airtac International Group	35,000		185,241
Fanuc Corp.	39,200		5,772,782
Mirle Automation Corp.	301,893		233,754
Nippon Thompson Co. Ltd.	82,000		411,767
Shin Zu Shing Co. Ltd.	428,000		1,184,951
SMC Corp.	8,800		1,668,856
			9,457,351
MEDIA - 0.1%
Advertising - 0.0%
Dentsu, Inc.	500		15,122
ReachLocal, Inc. (a)	43,033		598,159
			613,281
Cable & Satellite - 0.0%
DIRECTV (a)	429		26,225
Movies & Entertainment - 0.1%
IMAX Corp. (a)	75,770		1,963,201
TOTAL MEDIA			2,602,707
PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
China Medical System Holdings Ltd.	2,764,500		2,780,959
PROFESSIONAL SERVICES - 0.0%
Research & Consulting Services - 0.0%
Acacia Research Corp.	825		20,625
IHS, Inc. Class A (a)	2,000		210,260
			230,885
REAL ESTATE INVESTMENT TRUSTS - 0.6%
Specialized REITs - 0.6%
American Tower Corp.	146,904		11,435,007
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8%
Semiconductor Equipment - 2.4%
Aixtron AG (d)	217,453		3,857,604
Aixtron AG sponsored ADR (d)	29,700		530,739
Amkor Technology, Inc. (a)(d)	4,848		22,010
Applied Materials, Inc.	15,105		229,596
ASM International NV (depositary receipt)	5,660		201,383
ASML Holding NV	3,143		255,432
Entegris, Inc. (a)	104,360		1,087,431
GCL-Poly Energy Holdings Ltd.	4,325,000		999,657
GT Advanced Technologies, Inc. (a)(d)	536,300		2,386,535
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductor Equipment - continued
ICD Co. Ltd. (a)	16,152		$ 213,630
Lam Research Corp. (a)	6,213		290,644
Nanometrics, Inc. (a)	21,591		311,990
Rubicon Technology, Inc. (a)(d)	749,450		6,347,842
Teradyne, Inc. (a)	10,804		193,824
Tessera Technologies, Inc.	826,681		17,153,631
Ultratech, Inc. (a)	173,195		6,314,690
Veeco Instruments, Inc. (a)(d)	190,892		8,091,912
			48,488,550
Semiconductors - 10.4%
Advanced Micro Devices, Inc. (a)(d)	3,611		14,444
Alpha & Omega Semiconductor Ltd. (a)	25,812		203,657
Altera Corp.	1,401,919		46,529,692
Analog Devices, Inc.	22,510		1,033,884
Applied Micro Circuits Corp. (a)	453,625		3,497,449
ARM Holdings PLC sponsored ADR	75		3,291
Atmel Corp. (a)	30,666		241,341
Avago Technologies Ltd.	148,131		5,586,020
Broadcom Corp. Class A	5,990		215,101
Cavium, Inc. (a)	238,499		7,813,227
Chipbond Technology Corp.	393,000		1,041,085
ChipMOS TECHNOLOGIES (Bermuda) Ltd.	154,083		2,810,474
Cirrus Logic, Inc. (a)	8,830		161,148
Cree, Inc. (a)	101,963		6,357,393
Cypress Semiconductor Corp.	535,902		6,023,538
Dialog Semiconductor PLC (a)	11,134		173,729
Diodes, Inc. (a)	1,138		26,857
EZchip Semiconductor Ltd. (a)	81,547		2,205,031
Fairchild Semiconductor International, Inc. (a)	1,421		20,619
Freescale Semiconductor Holdings I Ltd. (a)(d)	121,988		1,942,049
Himax Technologies, Inc. sponsored ADR	119,100		858,711
Hittite Microwave Corp. (a)	295		16,013
Infineon Technologies AG	2,431		20,696
Inotera Memories, Inc. (a)	24,566,000		10,248,629
Inphi Corp. (a)	347,990		3,552,978
Intermolecular, Inc. (a)	364,238		3,110,593
International Rectifier Corp. (a)	24,126		530,289
Intersil Corp. Class A	59,689		489,450
JA Solar Holdings Co. Ltd. ADR (a)	937		6,878
Linear Technology Corp.	532		19,950
LSI Corp. (a)	431,854		3,195,720
MagnaChip Semiconductor Corp. (a)	99		1,832
Marvell Technology Group Ltd.	1,741		18,872
Maxim Integrated Products, Inc.	53		1,563
MediaTek, Inc.	2,506		30,909
Mellanox Technologies Ltd. (a)	110,274		5,719,912
Micron Technology, Inc. (a)	1,723,702		20,132,839
Mindspeed Technologies, Inc. (a)(d)	404,379		1,314,232

	Shares		Value
Monolithic Power Systems, Inc.	312,566		$ 7,679,747
MStar Semiconductor, Inc.	142,000		1,182,355
Novatek Microelectronics Corp.	652,000		3,288,359
NVIDIA Corp.	332		4,811
NXP Semiconductors NV (a)	142,017		4,381,224
O2Micro International Ltd. sponsored ADR (a)	44,200		152,490
Omnivision Technologies, Inc. (a)	551,643		10,188,846
ON Semiconductor Corp. (a)	939,395		8,041,221
Phison Electronics Corp.	133,000		1,123,824
PMC-Sierra, Inc. (a)	545,911		3,280,925
Power Integrations, Inc.	12,303		525,215
Radiant Opto-Electronics Corp.	5,710		21,512
Rambus, Inc. (a)	258,144		2,034,175
RDA Microelectronics, Inc. sponsored ADR	38,521		412,560
RF Micro Devices, Inc. (a)	484,158		2,672,552
Samsung Electronics Co. Ltd.	4		5,382
Semtech Corp. (a)	17,231		629,621
Silicon Laboratories, Inc. (a)	5,500		236,280
Silicon Motion Technology Corp. sponsored ADR	122		1,371
SK Hynix, Inc. (a)	700		19,609
Skyworks Solutions, Inc. (a)	357,741		8,535,700
Spreadtrum Communications, Inc. ADR	418,960		8,152,962
STMicroelectronics NV (NY Shares) unit	2,550		23,715
Texas Instruments, Inc.	8,405		301,655
Trina Solar Ltd. (a)	406		2,371
Xilinx, Inc.	255,118		10,370,547
YoungTek Electronics Corp.	2,536		5,938
			208,445,062
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			256,933,612
SOFTWARE - 22.6%
Application Software - 10.2%
Adobe Systems, Inc. (a)	375,679		16,120,386
ANSYS, Inc. (a)	102,327		7,623,362
AsiaInfo-Linkage, Inc. (a)	248,041		2,874,795
Aspen Technology, Inc. (a)	277,971		8,511,472
Autodesk, Inc. (a)	209,718		7,912,660
Blackbaud, Inc.	6,393		193,964
BroadSoft, Inc. (a)	371,950		10,310,454
Citrix Systems, Inc. (a)	15,452		994,336
Compuware Corp.	585,272		6,572,605
Comverse, Inc.	2,623		78,323
Concur Technologies, Inc. (a)(d)	60,418		4,877,545
Descartes Systems Group, Inc. (a)	581,300		6,447,987
Ellie Mae, Inc. (a)	7,923		177,396
Guidewire Software, Inc. (a)	134,467		5,507,768
Informatica Corp. (a)	5,877		213,688
Intuit, Inc.	110,560		6,461,126
Jive Software, Inc. (a)	202,646		3,424,717
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Kingdee International Software Group Co. Ltd. (a)	36,963,600		$ 8,081,577
Manhattan Associates, Inc. (a)	14,555		1,092,062
MicroStrategy, Inc. Class A (a)	48,198		4,409,153
Nuance Communications, Inc. (a)	314,347		5,972,593
Parametric Technology Corp. (a)	295,832		7,428,342
Pegasystems, Inc.	58,639		1,895,799
PROS Holdings, Inc. (a)	26,200		757,966
QLIK Technologies, Inc. (a)	100,374		3,087,504
RealPage, Inc. (a)	13,700		260,848
salesforce.com, Inc. (a)	1,423,948		60,275,719
SAP AG	318		23,798
SAP AG sponsored ADR	25,400		1,865,376
SolarWinds, Inc. (a)	21,820		919,713
Splunk, Inc. (a)	445		20,808
Synchronoss Technologies, Inc. (a)	134,414		4,213,878
Synopsys, Inc. (a)	7,993		291,345
TIBCO Software, Inc. (a)	439,384		9,372,061
TiVo, Inc. (a)	26,100		337,734
Ultimate Software Group, Inc. (a)	52,100		5,798,730
Verint Systems, Inc. (a)	3,405		114,306
Workday, Inc. Class A	14,900		957,027
			205,478,923
Home Entertainment Software - 2.3%
Activision Blizzard, Inc.	920,003		13,275,643
Capcom Co. Ltd.	292,900		4,677,103
Nintendo Co. Ltd.	105,400		10,408,902
Nintendo Co. Ltd. ADR	298,900		3,727,283
Perfect World Co. Ltd. sponsored ADR Class B	687,010		10,600,564
Square Enix Holdings Co. Ltd.	87,600		1,142,015
Take-Two Interactive Software, Inc. (a)	135,228		2,250,194
			46,081,704
Systems Software - 10.1%
Allot Communications Ltd. (a)	58,500		722,475
BMC Software, Inc. (a)	499		22,602
Check Point Software Technologies Ltd. (a)	47		2,354
CommVault Systems, Inc. (a)	60,073		4,205,110
Fortinet, Inc. (a)	1,137		21,899
Imperva, Inc. (a)	29,700		1,182,951
Infoblox, Inc. (a)	8,900		216,537
Insyde Software Corp.	563,000		1,009,389
Microsoft Corp.	875,661		30,543,056
NetSuite, Inc. (a)	119,712		10,486,771

	Shares		Value
Oracle Corp.	3,748,187		$ 126,538,793
Red Hat, Inc. (a)	275,841		13,303,811
ServiceNow, Inc.	50,057		1,840,095
Sourcefire, Inc. (a)	122,319		6,844,971
Tableau Software, Inc.	3,700		189,070
Totvs SA	192,100		3,313,182
VMware, Inc. Class A (a)	38,207		2,717,282
			203,160,348
TOTAL SOFTWARE			454,720,975
WIRELESS TELECOMMUNICATION SERVICES - 1.2%
Wireless Telecommunication Services - 1.2%
Clearwire Corp. Class A (a)	1,450,386		6,497,729
Crown Castle International Corp. (a)	27,280		1,943,700
SBA Communications Corp. Class A (a)	204,844		15,418,608
			23,860,037
TOTAL COMMON STOCKS (Cost $1,741,020,590)		2,018,718,626
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 0.12% (b)	4,509,059		4,509,059
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	38,645,313		38,645,313
TOTAL MONEY MARKET FUNDS (Cost $43,154,372)		43,154,372
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $1,784,174,962)			2,061,872,998
NET OTHER ASSETS (LIABILITIES) - (2.4)%			(48,735,994)
NET ASSETS - 100%		$ 2,013,137,004

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,229
Fidelity Securities Lending Cash Central Fund	93,834
Total	$ 107,063

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,018,718,626	$ 1,806,243,262	$ 212,475,364	$ -
Money Market Funds	43,154,372	43,154,372	-	-
Total Investments in Securities:	$ 2,061,872,998	$ 1,849,397,634	$ 212,475,364	$ -

Transfers	Total
Level 1 to Level 2	$ 110,001,394
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,794,990,712. Net unrealized appreciation aggregated $266,882,286, of which $333,852,018 related to appreciated investment securities and $66,969,732 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

May 31, 2013

1.802169.109

ENS-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
AMETEK, Inc.	208,700		$ 9,005,405
ENERGY EQUIPMENT & SERVICES - 95.8%
Oil & Gas Drilling - 16.1%
C.A.T. oil AG Bearer	100,700		1,439,733
Cathedral Energy Services Ltd.	395,000		1,752,592
Discovery Offshore S.A. (a)(e)	578,100		1,182,078
Ensco PLC Class A	924,500		55,627,165
Hercules Offshore, Inc. (a)	486,800		3,363,788
Nabors Industries Ltd.	429,500		6,876,295
Noble Corp.	1,423,335		55,154,231
Ocean Rig UDW, Inc. (United States) (a)	932,313		16,231,569
Pacific Drilling SA (a)	377,200		3,749,368
Rowan Companies PLC (a)	696,700		23,158,308
Sevan Drilling ASA (a)	734,300		415,407
Unit Corp. (a)	103,200		4,661,544
Vantage Drilling Co. (a)	5,690,900		10,926,528
			184,538,606
Oil & Gas Equipment & Services - 79.7%
Baker Hughes, Inc.	416,622		18,947,969
Cameron International Corp. (a)	1,456,288		88,644,251
Core Laboratories NV (d)	219,300		30,210,768
Dresser-Rand Group, Inc. (a)	388,300		23,530,980
Dril-Quip, Inc. (a)	572,800		51,809,760
Exterran Holdings, Inc. (a)	198,900		5,752,188
FMC Technologies, Inc. (a)	998,262		55,563,263
Forum Energy Technologies, Inc. (a)	314,200		9,328,598
Geospace Technologies Corp. (a)	55,000		4,777,300
Global Geophysical Services, Inc. (a)	153,242		547,074
Gulf Island Fabrication, Inc.	60,600		1,250,178
Halliburton Co.	3,897,199		163,097,778
Helix Energy Solutions Group, Inc. (a)	367,000		8,756,620
Hornbeck Offshore Services, Inc. (a)	279,200		14,523,984
Key Energy Services, Inc. (a)	316,200		2,048,976
McDermott International, Inc. (a)	1,907,400		18,215,670
National Oilwell Varco, Inc.	1,813,562		127,493,409
Oceaneering International, Inc.	502,100		36,392,208
Oil States International, Inc. (a)	346,300		34,110,550
Petrofac Ltd.	533,300		10,947,099
Schlumberger Ltd.	2,238,811		163,500,367

	Shares		Value
Tesco Corp. (a)	759,185		$ 9,687,201
Weatherford International Ltd. (a)	2,457,166		33,147,169
			912,283,360
TOTAL ENERGY EQUIPMENT & SERVICES			1,096,821,966
MACHINERY - 0.6%
Industrial Machinery - 0.6%
Rotork PLC	158,500		6,887,592
TOTAL COMMON STOCKS (Cost $820,895,549)		1,112,714,963
Money Market Funds - 4.1%

Fidelity Cash Central Fund, 0.12% (b)	36,341,388		36,341,388
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	10,867,200		10,867,200
TOTAL MONEY MARKET FUNDS (Cost $47,208,588)		47,208,588

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $868,104,137)

1,159,923,551

NET OTHER ASSETS (LIABILITIES) - (1.3)%			(15,356,020)
NET ASSETS - 100%		$ 1,144,567,531

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,269
Fidelity Securities Lending Cash Central Fund	4,732
Total	$ 14,001

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $870,982,644. Net unrealized appreciation aggregated $288,940,907, of which $302,651,170 related to appreciated investment securities and $13,710,263 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Finance Portfolio

May 31, 2013

1.802175.109

SAV-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
COMMERCIAL BANKS - 17.5%
Diversified Banks - 8.3%
Comerica, Inc.	191,000		$ 7,542,590
HDFC Bank Ltd. sponsored ADR	35,200		1,416,448
U.S. Bancorp	229,200		8,035,752
Wells Fargo & Co.	193,800		7,858,590
			24,853,380
Regional Banks - 9.2%
BB&T Corp.	68,000		2,238,560
Fifth Third Bancorp	107,600		1,958,320
KeyCorp	315,100		3,396,778
M&T Bank Corp. (d)	13,400		1,405,660
PNC Financial Services Group, Inc.	104,300		7,472,052
Regions Financial Corp.	908,500		8,294,605
SunTrust Banks, Inc.	85,700		2,750,113
			27,516,088
TOTAL COMMERCIAL BANKS			52,369,468
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Support Services - 0.4%
Intrum Justitia AB	61,000		1,287,075
CONSUMER FINANCE - 25.9%
Consumer Finance - 25.9%
American Express Co.	257,300		19,480,183
Capital One Financial Corp.	392,900		23,939,396
Cash America International, Inc.	30,946		1,476,434
DFC Global Corp. (a)	72,400		1,078,760
Discover Financial Services	199,100		9,439,331
EZCORP, Inc. (non-vtg.) Class A (a)	64,000		1,224,320
First Cash Financial Services, Inc. (a)	50,900		2,738,929
International Personal Finance PLC	113,500		895,888
SLM Corp.	722,300		17,147,402
			77,420,643
DIVERSIFIED FINANCIAL SERVICES - 10.4%
Other Diversified Financial Services - 9.7%
Bank of America Corp.	710,900		9,710,894
Citigroup, Inc.	195,400		10,158,846
JPMorgan Chase & Co.	168,800		9,214,792
			29,084,532
Specialized Finance - 0.7%
PHH Corp. (a)(d)	103,700		2,090,592
TOTAL DIVERSIFIED FINANCIAL SERVICES			31,175,124
IT SERVICES - 22.1%
Data Processing & Outsourced Services - 22.1%
Alliance Data Systems Corp. (a)	26,900		4,763,721
Euronet Worldwide, Inc. (a)	30,100		918,050
EVERTEC, Inc.	3,900		78,078
Fidelity National Information Services, Inc.	56,800		2,550,320

	Shares		Value
FleetCor Technologies, Inc. (a)	39,900		$ 3,474,492
Global Payments, Inc.	92,800		4,450,688
MasterCard, Inc. Class A	32,900		18,761,225
Total System Services, Inc.	315,800		7,424,458
Visa, Inc. Class A	131,484		23,422,560
			65,843,592
REAL ESTATE INVESTMENT TRUSTS - 9.8%
Mortgage REITs - 9.8%
American Capital Agency Corp.	347,500		8,965,500
Annaly Capital Management, Inc.	295,000		4,006,100
Capstead Mortgage Corp.	74,200		911,176
Chimera Investment Corp.	994,300		3,032,615
Hatteras Financial Corp.	67,600		1,745,432
Invesco Mortgage Capital, Inc.	184,757		3,445,718
MFA Financial, Inc.	569,800		5,002,844
Redwood Trust, Inc.	103,800		1,988,808
			29,098,193
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
Real Estate Services - 1.2%
Altisource Portfolio Solutions SA	37,000		3,487,990
THRIFTS & MORTGAGE FINANCE - 11.7%
Thrifts & Mortgage Finance - 11.7%
Flushing Financial Corp.	115,500		1,805,265
Hudson City Bancorp, Inc.	970,585		8,249,973
Nationstar Mortgage Holdings, Inc. (a)(d)	108,800		4,429,248
New York Community Bancorp, Inc.	368,400		4,818,672
Ocwen Financial Corp. (a)	158,100		6,763,518
People's United Financial, Inc.	306,800		4,221,568
ViewPoint Financial Group	56,100		1,061,973
Washington Federal, Inc.	92,900		1,624,821
WSFS Financial Corp.	36,100		1,813,664
			34,788,702
TOTAL COMMON STOCKS (Cost $250,130,668)		295,470,787
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	2,311,639		$ 2,311,639
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	6,108,933		6,108,933
TOTAL MONEY MARKET FUNDS (Cost $8,420,572)		8,420,572
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $258,551,240)			303,891,359
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(5,434,627)
NET ASSETS - 100%		$ 298,456,732

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,863
Fidelity Securities Lending Cash Central Fund	17,145
Total	$ 19,008

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $258,845,657. Net unrealized appreciation aggregated $45,045,702, of which $50,498,711 related to appreciated investment securities and $5,453,009 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2013

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

1.851743.106

ATLC-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Symmetricom, Inc. (a)	255,489		$ 1,262,116
DIVERSIFIED TELECOMMUNICATION SERVICES - 55.9%
Alternative Carriers - 10.6%
Cogent Communications Group, Inc.	346,602		9,528,089
inContact, Inc. (a)	284,800		2,067,648
Iridium Communications, Inc. (a)(d)	391,276		2,789,798
Level 3 Communications, Inc. (a)	448,178		9,604,455
Lumos Networks Corp.	562,059		7,722,691
Premiere Global Services, Inc. (a)	206,415		2,487,301
Towerstream Corp. (a)	800,924		2,058,375
TW telecom, Inc. (a)	301,557		8,603,421
Vonage Holdings Corp. (a)	2,516,600		6,895,484
			51,757,262
Integrated Telecommunication Services - 45.3%
AT&T, Inc.	945,919		33,097,706
Atlantic Tele-Network, Inc.	158,200		7,873,614
Cbeyond, Inc. (a)	118,700		1,019,633
CenturyLink, Inc.	682,854		23,319,464
Cincinnati Bell, Inc. (a)	915,600		3,149,664
Consolidated Communications Holdings, Inc.	66,298		1,128,392
Elephant Talk Communication, Inc. (a)	247,290		182,995
Frontier Communications Corp. (d)	3,088,975		12,788,357
General Communications, Inc. Class A (a)	1,167,661		10,146,974
Hawaiian Telcom Holdco, Inc. (a)	13,600		350,472
IDT Corp. Class B	73,500		1,278,165
Koninklijke KPN NV	735,837		1,425,042
Telecom Italia SpA	7,500		5,806
Telefonica Brasil SA sponsored ADR	273,463		6,757,271
Verizon Communications, Inc.	2,367,047		114,754,434
Windstream Corp. (d)	382,882		3,074,542
			220,352,531
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			272,109,793
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9%
Electronic Manufacturing Services - 0.9%
Flextronics International Ltd. (a)	591,200		4,410,352

	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.9%
Internet Software & Services - 0.9%
Rackspace Hosting, Inc. (a)	104,900		$ 3,936,897
Velti PLC (a)	145,900		256,784
			4,193,681
MEDIA - 2.9%
Cable & Satellite - 2.9%
Cablevision Systems Corp. - NY Group Class A	325		4,914
Comcast Corp. Class A	142,200		5,709,330
DISH Network Corp. Class A	68,800		2,651,552
Liberty Global, Inc. Class A (a)(d)	72,618		5,351,947
Time Warner Cable, Inc.	3,400		324,734
			14,042,477
REAL ESTATE INVESTMENT TRUSTS - 6.9%
Specialized REITs - 6.9%
American Tower Corp.	429,311		33,417,568
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
Semiconductors - 0.8%
Broadcom Corp. Class A	108,231		3,886,575
SOFTWARE - 0.4%
Application Software - 0.4%
Synchronoss Technologies, Inc. (a)	63,103		1,978,279
WIRELESS TELECOMMUNICATION SERVICES - 29.8%
Wireless Telecommunication Services - 29.8%
Boingo Wireless, Inc. (a)	309,315		2,242,534
Clearwire Corp. Class A (a)	1,990,243		8,916,289
Crown Castle International Corp. (a)	288,506		20,556,053
Leap Wireless International, Inc. (a)(d)	316,200		1,786,530
Millicom International Cellular SA (depository receipt)	30,100		2,415,417
Mobile TeleSystems OJSC sponsored ADR (d)	129,594		2,497,276
NII Holdings, Inc. (a)(d)	685,970		5,288,829
NTELOS Holdings Corp.	47,054		770,274
NTT DoCoMo, Inc.	2		2,922
SBA Communications Corp. Class A (a)	366,656		27,598,197
Shenandoah Telecommunications Co.	47,969		798,204
Softbank Corp.	50,800		2,539,248
Sprint Nextel Corp. (a)	2,914,135		21,273,186
T-Mobile US, Inc. (a)	732,940		15,706,904
Telephone & Data Systems, Inc.	583,300		13,561,725
TIM Participacoes SA	285,500		1,090,387
U.S. Cellular Corp.	91,900		3,648,430
Vodafone Group PLC sponsored ADR	504,709		14,611,326
			145,303,731
TOTAL COMMON STOCKS (Cost $481,164,145)		480,604,572
Money Market Funds - 5.0%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	938,802		$ 938,802
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	23,483,876		23,483,876
TOTAL MONEY MARKET FUNDS (Cost $24,422,678)		24,422,678
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $505,586,823)			505,027,250
NET OTHER ASSETS (LIABILITIES) - (3.8)%			(18,356,578)
NET ASSETS - 100%		$ 486,670,672

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,938
Fidelity Securities Lending Cash Central Fund	70,090
Total	$ 75,028

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 480,604,572	$ 478,056,596	$ 2,547,976	$ -
Money Market Funds	24,422,678	24,422,678	-	-
Total Investments in Securities:	$ 505,027,250	$ 502,479,274	$ 2,547,976	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $513,612,556. Net unrealized depreciation aggregated $8,585,306, of which $41,475,607 related to appreciated investment securities and $50,060,913 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

May 31, 2013

1.802191.109

TEL-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Symmetricom, Inc. (a)	255,489		$ 1,262,116
DIVERSIFIED TELECOMMUNICATION SERVICES - 55.9%
Alternative Carriers - 10.6%
Cogent Communications Group, Inc.	346,602		9,528,089
inContact, Inc. (a)	284,800		2,067,648
Iridium Communications, Inc. (a)(d)	391,276		2,789,798
Level 3 Communications, Inc. (a)	448,178		9,604,455
Lumos Networks Corp.	562,059		7,722,691
Premiere Global Services, Inc. (a)	206,415		2,487,301
Towerstream Corp. (a)	800,924		2,058,375
TW telecom, Inc. (a)	301,557		8,603,421
Vonage Holdings Corp. (a)	2,516,600		6,895,484
			51,757,262
Integrated Telecommunication Services - 45.3%
AT&T, Inc.	945,919		33,097,706
Atlantic Tele-Network, Inc.	158,200		7,873,614
Cbeyond, Inc. (a)	118,700		1,019,633
CenturyLink, Inc.	682,854		23,319,464
Cincinnati Bell, Inc. (a)	915,600		3,149,664
Consolidated Communications Holdings, Inc.	66,298		1,128,392
Elephant Talk Communication, Inc. (a)	247,290		182,995
Frontier Communications Corp. (d)	3,088,975		12,788,357
General Communications, Inc. Class A (a)	1,167,661		10,146,974
Hawaiian Telcom Holdco, Inc. (a)	13,600		350,472
IDT Corp. Class B	73,500		1,278,165
Koninklijke KPN NV	735,837		1,425,042
Telecom Italia SpA	7,500		5,806
Telefonica Brasil SA sponsored ADR	273,463		6,757,271
Verizon Communications, Inc.	2,367,047		114,754,434
Windstream Corp. (d)	382,882		3,074,542
			220,352,531
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			272,109,793
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9%
Electronic Manufacturing Services - 0.9%
Flextronics International Ltd. (a)	591,200		4,410,352

	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.9%
Internet Software & Services - 0.9%
Rackspace Hosting, Inc. (a)	104,900		$ 3,936,897
Velti PLC (a)	145,900		256,784
			4,193,681
MEDIA - 2.9%
Cable & Satellite - 2.9%
Cablevision Systems Corp. - NY Group Class A	325		4,914
Comcast Corp. Class A	142,200		5,709,330
DISH Network Corp. Class A	68,800		2,651,552
Liberty Global, Inc. Class A (a)(d)	72,618		5,351,947
Time Warner Cable, Inc.	3,400		324,734
			14,042,477
REAL ESTATE INVESTMENT TRUSTS - 6.9%
Specialized REITs - 6.9%
American Tower Corp.	429,311		33,417,568
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
Semiconductors - 0.8%
Broadcom Corp. Class A	108,231		3,886,575
SOFTWARE - 0.4%
Application Software - 0.4%
Synchronoss Technologies, Inc. (a)	63,103		1,978,279
WIRELESS TELECOMMUNICATION SERVICES - 29.8%
Wireless Telecommunication Services - 29.8%
Boingo Wireless, Inc. (a)	309,315		2,242,534
Clearwire Corp. Class A (a)	1,990,243		8,916,289
Crown Castle International Corp. (a)	288,506		20,556,053
Leap Wireless International, Inc. (a)(d)	316,200		1,786,530
Millicom International Cellular SA (depository receipt)	30,100		2,415,417
Mobile TeleSystems OJSC sponsored ADR (d)	129,594		2,497,276
NII Holdings, Inc. (a)(d)	685,970		5,288,829
NTELOS Holdings Corp.	47,054		770,274
NTT DoCoMo, Inc.	2		2,922
SBA Communications Corp. Class A (a)	366,656		27,598,197
Shenandoah Telecommunications Co.	47,969		798,204
Softbank Corp.	50,800		2,539,248
Sprint Nextel Corp. (a)	2,914,135		21,273,186
T-Mobile US, Inc. (a)	732,940		15,706,904
Telephone & Data Systems, Inc.	583,300		13,561,725
TIM Participacoes SA	285,500		1,090,387
U.S. Cellular Corp.	91,900		3,648,430
Vodafone Group PLC sponsored ADR	504,709		14,611,326
			145,303,731
TOTAL COMMON STOCKS (Cost $481,164,145)		480,604,572
Money Market Funds - 5.0%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	938,802		$ 938,802
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	23,483,876		23,483,876
TOTAL MONEY MARKET FUNDS (Cost $24,422,678)		24,422,678
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $505,586,823)			505,027,250
NET OTHER ASSETS (LIABILITIES) - (3.8)%			(18,356,578)
NET ASSETS - 100%		$ 486,670,672

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,938
Fidelity Securities Lending Cash Central Fund	70,090
Total	$ 75,028

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 480,604,572	$ 478,056,596	$ 2,547,976	$ -
Money Market Funds	24,422,678	24,422,678	-	-
Total Investments in Securities:	$ 505,027,250	$ 502,479,274	$ 2,547,976	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

May 31, 2013

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

1.851744.106

ACSF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
BEVERAGES - 25.1%
Brewers - 3.7%
Anheuser-Busch InBev SA NV	484,728		$ 44,636,348
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	305,722		11,638,837
SABMiller PLC	734,900		37,183,015
			93,458,200
Distillers & Vintners - 6.1%
Diageo PLC sponsored ADR	521,583		61,682,406
Pernod Ricard SA	426,601		51,394,255
Remy Cointreau SA	336,570		39,012,402
			152,089,063
Soft Drinks - 15.3%
Coca-Cola Bottling Co. CONSOLIDATED	100,860		6,030,419
Coca-Cola FEMSA S.A.B. de CV sponsored ADR	34,829		5,096,876
Coca-Cola HBC AG sponsored ADR (a)	75,006		1,959,157
Coca-Cola Icecek A/S	355,162		10,858,758
Embotelladora Andina SA:
ADR	58,589		1,748,882
sponsored ADR	241,600		9,241,200
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	76,087		8,262,287
PepsiCo, Inc.	561,623		45,362,290
The Coca-Cola Co.	7,311,616		292,391,524
			380,951,393
TOTAL BEVERAGES			626,498,656
FOOD & STAPLES RETAILING - 18.7%
Drug Retail - 10.5%
CVS Caremark Corp.	3,770,221		217,089,325
Drogasil SA	534,300		5,657,822
Walgreen Co.	825,860		39,443,074
			262,190,221
Food Distributors - 0.2%
Chefs' Warehouse Holdings (a)	351,129		6,629,316
Food Retail - 4.5%
Fresh Market, Inc. (a)	199,428		9,879,663
Kroger Co.	2,886,702		97,195,256
The Pantry, Inc. (a)	411,235		5,144,550
			112,219,469
Hypermarkets & Super Centers - 3.5%
Costco Wholesale Corp.	64,200		7,040,814
Wal-Mart Stores, Inc.	1,065,721		79,758,560
			86,799,374
TOTAL FOOD & STAPLES RETAILING			467,838,380

	Shares		Value
FOOD PRODUCTS - 11.1%
Agricultural Products - 3.3%
Archer Daniels Midland Co.	711,863		$ 22,943,344
Bunge Ltd.	770,543		53,629,793
First Resources Ltd.	1,413,000		2,117,108
SLC Agricola SA	253,600		2,203,519
			80,893,764
Packaged Foods & Meats - 7.8%
Amira Nature Foods Ltd.	280,270		2,497,206
Annie's, Inc. (a)	168,287		6,548,047
Green Mountain Coffee Roasters, Inc. (a)	290,737		21,261,597
Hain Celestial Group, Inc. (a)(d)	167,489		11,158,117
Lindt & Spruengli AG	141		6,030,745
Marfrig Frigor E Com de Alabama SA (a)	1,208,100		4,174,031
Mead Johnson Nutrition Co. Class A	558,016		45,238,357
Nestle SA	491,080		32,531,415
Orion Corp.	2,360		2,260,396
TreeHouse Foods, Inc. (a)	112,100		7,340,308
Ulker Biskuvi Sanayi A/S	728,525		5,583,089
Unilever NV (NY Reg.)	1,121,550		45,736,809
Want Want China Holdings Ltd.	1,511,000		2,222,229
WhiteWave Foods Co. Class A	143,605		2,504,471
			195,086,817
TOTAL FOOD PRODUCTS			275,980,581
HOUSEHOLD DURABLES - 0.3%
Housewares & Specialties - 0.3%
Tupperware Brands Corp.	81,400		6,591,772
HOUSEHOLD PRODUCTS - 13.7%
Household Products - 13.7%
Colgate-Palmolive Co.	850,584		49,197,779
Procter & Gamble Co.	3,750,258		287,869,804
Svenska Cellulosa AB (SCA) (B Shares)	202,600		5,062,438
			342,130,021
PERSONAL PRODUCTS - 2.5%
Personal Products - 2.5%
Hengan International Group Co. Ltd.	604,500		6,684,921
Herbalife Ltd.	128,590		6,001,295
L'Oreal SA	187,400		31,749,760
Natura Cosmeticos SA	62,600		1,476,294
Nu Skin Enterprises, Inc. Class A (d)	298,105		17,528,574
			63,440,844
PHARMACEUTICALS - 1.7%
Pharmaceuticals - 1.7%
Johnson & Johnson	503,697		42,401,213
TOBACCO - 24.8%
Tobacco - 24.8%
Altria Group, Inc.	3,489,999		125,988,964
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
British American Tobacco PLC sponsored ADR (d)	3,300,343		$ 362,278,648
Imperial Tobacco Group PLC	183,812		6,621,823
ITC Ltd.	1,160,425		6,965,803
Japan Tobacco, Inc.	205,300		6,986,977
Lorillard, Inc.	403,133		17,108,965
Philip Morris International, Inc.	926,132		84,194,660
Souza Cruz SA	614,600		8,272,910
			618,418,750
TOTAL COMMON STOCKS (Cost $1,801,308,684)		2,443,300,217
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.12% (b)	54,604,430		54,604,430
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	12,881,825		12,881,825
TOTAL MONEY MARKET FUNDS (Cost $67,486,255)		67,486,255
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,868,794,939)			2,510,786,472
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(14,681,402)
NET ASSETS - 100%		$ 2,496,105,070

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 43,454
Fidelity Securities Lending Cash Central Fund	179,627
Total	$ 223,081

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,443,300,217	$ 2,338,895,020	$ 104,405,197	$ -
Money Market Funds	67,486,255	67,486,255	-	-
Total Investments in Securities:	$ 2,510,786,472	$ 2,406,381,275	$ 104,405,197	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,871,564,188. Net unrealized appreciation aggregated $639,222,284, of which $644,247,439 related to appreciated investment securities and $5,025,155 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

May 31, 2013

1.802172.109

FOO-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
BEVERAGES - 25.1%
Brewers - 3.7%
Anheuser-Busch InBev SA NV	484,728		$ 44,636,348
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	305,722		11,638,837
SABMiller PLC	734,900		37,183,015
			93,458,200
Distillers & Vintners - 6.1%
Diageo PLC sponsored ADR	521,583		61,682,406
Pernod Ricard SA	426,601		51,394,255
Remy Cointreau SA	336,570		39,012,402
			152,089,063
Soft Drinks - 15.3%
Coca-Cola Bottling Co. CONSOLIDATED	100,860		6,030,419
Coca-Cola FEMSA S.A.B. de CV sponsored ADR	34,829		5,096,876
Coca-Cola HBC AG sponsored ADR (a)	75,006		1,959,157
Coca-Cola Icecek A/S	355,162		10,858,758
Embotelladora Andina SA:
ADR	58,589		1,748,882
sponsored ADR	241,600		9,241,200
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	76,087		8,262,287
PepsiCo, Inc.	561,623		45,362,290
The Coca-Cola Co.	7,311,616		292,391,524
			380,951,393
TOTAL BEVERAGES			626,498,656
FOOD & STAPLES RETAILING - 18.7%
Drug Retail - 10.5%
CVS Caremark Corp.	3,770,221		217,089,325
Drogasil SA	534,300		5,657,822
Walgreen Co.	825,860		39,443,074
			262,190,221
Food Distributors - 0.2%
Chefs' Warehouse Holdings (a)	351,129		6,629,316
Food Retail - 4.5%
Fresh Market, Inc. (a)	199,428		9,879,663
Kroger Co.	2,886,702		97,195,256
The Pantry, Inc. (a)	411,235		5,144,550
			112,219,469
Hypermarkets & Super Centers - 3.5%
Costco Wholesale Corp.	64,200		7,040,814
Wal-Mart Stores, Inc.	1,065,721		79,758,560
			86,799,374
TOTAL FOOD & STAPLES RETAILING			467,838,380

	Shares		Value
FOOD PRODUCTS - 11.1%
Agricultural Products - 3.3%
Archer Daniels Midland Co.	711,863		$ 22,943,344
Bunge Ltd.	770,543		53,629,793
First Resources Ltd.	1,413,000		2,117,108
SLC Agricola SA	253,600		2,203,519
			80,893,764
Packaged Foods & Meats - 7.8%
Amira Nature Foods Ltd.	280,270		2,497,206
Annie's, Inc. (a)	168,287		6,548,047
Green Mountain Coffee Roasters, Inc. (a)	290,737		21,261,597
Hain Celestial Group, Inc. (a)(d)	167,489		11,158,117
Lindt & Spruengli AG	141		6,030,745
Marfrig Frigor E Com de Alabama SA (a)	1,208,100		4,174,031
Mead Johnson Nutrition Co. Class A	558,016		45,238,357
Nestle SA	491,080		32,531,415
Orion Corp.	2,360		2,260,396
TreeHouse Foods, Inc. (a)	112,100		7,340,308
Ulker Biskuvi Sanayi A/S	728,525		5,583,089
Unilever NV (NY Reg.)	1,121,550		45,736,809
Want Want China Holdings Ltd.	1,511,000		2,222,229
WhiteWave Foods Co. Class A	143,605		2,504,471
			195,086,817
TOTAL FOOD PRODUCTS			275,980,581
HOUSEHOLD DURABLES - 0.3%
Housewares & Specialties - 0.3%
Tupperware Brands Corp.	81,400		6,591,772
HOUSEHOLD PRODUCTS - 13.7%
Household Products - 13.7%
Colgate-Palmolive Co.	850,584		49,197,779
Procter & Gamble Co.	3,750,258		287,869,804
Svenska Cellulosa AB (SCA) (B Shares)	202,600		5,062,438
			342,130,021
PERSONAL PRODUCTS - 2.5%
Personal Products - 2.5%
Hengan International Group Co. Ltd.	604,500		6,684,921
Herbalife Ltd.	128,590		6,001,295
L'Oreal SA	187,400		31,749,760
Natura Cosmeticos SA	62,600		1,476,294
Nu Skin Enterprises, Inc. Class A (d)	298,105		17,528,574
			63,440,844
PHARMACEUTICALS - 1.7%
Pharmaceuticals - 1.7%
Johnson & Johnson	503,697		42,401,213
TOBACCO - 24.8%
Tobacco - 24.8%
Altria Group, Inc.	3,489,999		125,988,964
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
British American Tobacco PLC sponsored ADR (d)	3,300,343		$ 362,278,648
Imperial Tobacco Group PLC	183,812		6,621,823
ITC Ltd.	1,160,425		6,965,803
Japan Tobacco, Inc.	205,300		6,986,977
Lorillard, Inc.	403,133		17,108,965
Philip Morris International, Inc.	926,132		84,194,660
Souza Cruz SA	614,600		8,272,910
			618,418,750
TOTAL COMMON STOCKS (Cost $1,801,308,684)		2,443,300,217
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.12% (b)	54,604,430		54,604,430
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	12,881,825		12,881,825
TOTAL MONEY MARKET FUNDS (Cost $67,486,255)		67,486,255
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,868,794,939)			2,510,786,472
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(14,681,402)
NET ASSETS - 100%		$ 2,496,105,070

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 43,454
Fidelity Securities Lending Cash Central Fund	179,627
Total	$ 223,081

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,443,300,217	$ 2,338,895,020	$ 104,405,197	$ -
Money Market Funds	67,486,255	67,486,255	-	-
Total Investments in Securities:	$ 2,510,786,472	$ 2,406,381,275	$ 104,405,197	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Select Portfolios

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

Date:	July 30, 2013

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

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

Date:	July 30, 2013

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

Date:	July 30, 2013