N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3114

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Select Air Transportation Portfolio

November 30, 2006

1.810665.102

AIR-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
AEROSPACE & DEFENSE - 36.3%
Aerospace & Defense - 36.3%
Alliant Techsystems, Inc. (a)	11,700		$ 904,527
BE Aerospace, Inc. (a)	27,000		707,670
Bombardier, Inc. Class B (sub. vtg.)	789,600		2,627,276
General Dynamics Corp.	51,700		3,869,228
Goodrich Corp.	57,100		2,569,500
Hexcel Corp. (a)(d)	130,700		2,339,530
L-3 Communications Holdings, Inc.	3,600		296,100
Precision Castparts Corp.	78,600		5,931,156
Raytheon Co.	19,600		1,000,384
Rockwell Collins, Inc.	165,000		9,954,448
Rolls-Royce Group PLC	2,300		19,269
Spirit AeroSystems Holdings, Inc. Class A	142,500		4,153,875
The Boeing Co.	90,300		7,994,259
Triumph Group, Inc.	16,600		880,796
			43,248,018
AIR FREIGHT & LOGISTICS - 30.0%
Air Freight & Logistics - 30.0%
C.H. Robinson Worldwide, Inc. (d)	125,700		5,530,800
EGL, Inc. (a)	70,809		2,261,639
Expeditors International of Washington, Inc.	175,700		7,948,668
FedEx Corp.	76,450		8,824,624
Forward Air Corp.	18,900		629,370
Hub Group, Inc. Class A	50,100		1,429,854
United Parcel Service, Inc. Class B	71,900		5,602,448
UTI Worldwide, Inc.	119,400		3,558,120
			35,785,523
AIRLINES - 23.4%
Airlines - 23.4%
AirTran Holdings, Inc. (a)(d)	120,000		1,491,600
Alaska Air Group, Inc. (a)	100		4,113
AMR Corp. (a)(d)	202,500		6,471,900
British Airways PLC ADR (a)	11,300		1,095,648
Continental Airlines, Inc. Class B (a)	23,100		938,784
ExpressJet Holdings, Inc. Class A (a)	200		1,580
Frontier Airlines Holdings, Inc. (a)	5		41
JetBlue Airways Corp. (a)(d)	67,942		928,088
Pinnacle Airlines Corp. (a)	600		5,898
Republic Airways Holdings, Inc. (a)	71,200		1,229,624
Ryanair Holdings PLC sponsored ADR (a)(d)	14,700		1,125,873
SkyWest, Inc.	17,200		434,128
Southwest Airlines Co.	230,225		3,616,835
UAL Corp. (a)	140,400		5,697,432
US Airways Group, Inc. (a)	80,566		4,572,926
WestJet Airlines Ltd. (a)	22,050		257,754
			27,872,224

	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.6%
Communications Equipment - 1.6%
Harris Corp.	44,800		$ 1,886,528
ENERGY EQUIPMENT & SERVICES - 0.7%
Oil & Gas Equipment & Services - 0.7%
Hornbeck Offshore Services, Inc. (a)	10,500		396,270
Smith International, Inc.	11,100		470,196
			866,466
METALS & MINING - 3.9%
Diversified Metals & Mining - 3.2%
Titanium Metals Corp.	121,300		3,877,961
Steel - 0.7%
Carpenter Technology Corp.	7,500		801,075
TOTAL METALS & MINING			4,679,036
OIL, GAS & CONSUMABLE FUELS - 1.0%
Integrated Oil & Gas - 0.4%
ConocoPhillips	6,700		450,910
Oil & Gas Refining & Marketing - 0.6%
Valero Energy Corp.	12,700		699,389
Oil & Gas Storage & Transport - 0.0%
Ship Finance International Ltd. (NY Shares)	18		401
TOTAL OIL, GAS & CONSUMABLE FUELS			1,150,700
TOTAL COMMON STOCKS (Cost $93,038,654)		115,488,495
Nonconvertible Preferred Stocks - 0.0%

AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series B (a) (Cost $160)	84,410		166
Money Market Funds - 16.5%

Fidelity Cash Central Fund, 5.35% (b)	9,261,137		9,261,137
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	10,370,488		10,370,488
TOTAL MONEY MARKET FUNDS (Cost $19,631,625)		19,631,625

TOTAL INVESTMENT PORTFOLIO - 113.4%

(Cost $112,670,439)

135,120,286

NET OTHER ASSETS - (13.4)%			(15,970,362)
NET ASSETS - 100%		$ 119,149,924

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 165,637
Fidelity Securities Lending Cash Central Fund	70,684
Total	$ 236,321

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $113,311,129. Net unrealized appreciation aggregated $21,809,157, of which $22,667,160 related to appreciated investment securities and $858,003 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Automotive Portfolio

November 30, 2006

1.810666.102

AUT-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
AUTO COMPONENTS - 42.6%
Auto Parts & Equipment - 38.1%
Aftermarket Technology Corp. (a)	9,500		$ 184,490
Aisin Seiki Co. Ltd.	3,400		107,177
Akebono Brake Industry Co. Ltd.	20,000		184,126
American Axle & Manufacturing Holdings, Inc.	22,896		418,997
Amerigon, Inc. (a)	32,000		273,280
ArvinMeritor, Inc.	29,800		515,838
Bharat Forge Ltd.	31,158		253,875
BorgWarner, Inc.	53,200		3,074,960
Drew Industries, Inc. (a)	10,700		296,818
Exedy Corp.	3,200		99,214
Gentex Corp.	158,300		2,623,031
Hyundai Mobis	4,960		460,589
Johnson Controls, Inc.	126,190		10,263,033
Kongsberg Automotive AS	34,100		336,235
Lear Corp.	44,100		1,364,895
LKQ Corp. (a)	35,500		812,595
Modine Manufacturing Co.	18,400		452,640
Nippon Seiki Co. Ltd.	6,000		138,872
Nissin Kogyo Co. Ltd.	6,000		144,313
Sauer-Danfoss, Inc.	7,400		229,030
Sorl Auto Parts, Inc. (a)	35,000		255,500
Tenneco, Inc. (a)	45,800		1,079,964
TRW Automotive Holdings Corp. (a)	25,700		638,388
Visteon Corp. (a)	89,400		718,776
			24,926,636
Tires & Rubber - 4.5%
Bandag, Inc.	2,300		101,614
Continental AG	3,900		442,897
Cooper Tire & Rubber Co.	12,700		168,021
Goodyear Tire & Rubber Co. (a)(d)	134,600		2,268,010
			2,980,542
TOTAL AUTO COMPONENTS			27,907,178
AUTOMOBILES - 55.4%
Automobile Manufacturers - 38.1%
Bayerische Motoren Werke AG (BMW)	32,500		1,792,901
Fleetwood Enterprises, Inc. (a)	46,200		354,354
Ford Motor Co.	785,600		6,386,928
Ford Otomotiv Sanayi AS	71,000		551,883
General Motors Corp. (d)	162,300		4,744,029
Honda Motor Co. Ltd. sponsored ADR	43,300		1,528,057
Hyundai Motor Co.	5,570		421,938
Isuzu Motors Ltd.	118,000		528,906
Maruti Udyog Ltd.	3,476		72,182
Monaco Coach Corp.	14,600		188,486
Nissan Motor Co. Ltd. sponsored ADR (d)	41,200		1,000,748
Renault SA	27,300		3,271,635
Thor Industries, Inc.	27,900		1,262,754

	Shares		Value
Tofas Turk Otomobil Fabrikasi AS	41,000		$ 141,015
Toyota Motor Corp.	500		30,013
Toyota Motor Corp. sponsored ADR	16,700		2,004,835
Winnebago Industries, Inc.	19,100		664,680
			24,945,344
Motorcycle Manufacturers - 17.3%
Bajaj Auto Ltd.	5,862		347,836
Harley-Davidson, Inc.	148,500		10,954,842
			11,302,678
TOTAL AUTOMOBILES			36,248,022
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Equipment & Instruments - 0.1%
Iteris, Inc. (a)	31,900		73,370
HOUSEHOLD DURABLES - 0.9%
Consumer Electronics - 0.9%
Harman International Industries, Inc.	5,900		612,656
MACHINERY - 0.1%
Construction & Farm Machinery & Heavy Trucks - 0.1%
Tata Motors Ltd. sponsored ADR	3,500		63,210
SOFTWARE - 0.3%
Application Software - 0.3%
NAVTEQ Corp. (a)	5,100		182,427
TOTAL COMMON STOCKS (Cost $65,342,847)		65,086,863
Money Market Funds - 10.6%

Fidelity Cash Central Fund, 5.35% (b)	876,652		876,652
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	6,029,325		6,029,325
TOTAL MONEY MARKET FUNDS (Cost $6,905,977)		6,905,977

TOTAL INVESTMENT PORTFOLIO - 110.0%

(Cost $72,248,824)

71,992,840

NET OTHER ASSETS - (10.0)%			(6,520,740)
NET ASSETS - 100%		$ 65,472,100

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,019
Fidelity Securities Lending Cash Central Fund	13,265
Total	$ 42,284

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $72,344,958. Net unrealized depreciation aggregated $352,118, of which $2,218,903 related to appreciated investment securities and $2,571,021 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Banking Portfolio

November 30, 2006

1.810667.102

BAN-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
CAPITAL MARKETS - 2.7%
Asset Management & Custody Banks - 2.1%
Bank of New York Co., Inc.	42,216		$ 1,500,357
Investors Financial Services Corp.	28,500		1,133,445
Mellon Financial Corp.	37,300		1,500,579
Northern Trust Corp.	33,000		1,879,680
State Street Corp.	29,400		1,826,622
			7,840,683
Diversified Capital Markets - 0.4%
UBS AG (NY Shares)	24,700		1,487,434
Investment Banking & Brokerage - 0.2%
Macquarie Bank Ltd.	10,100		580,259
TD Ameritrade Holding Corp. (d)	12,800		224,768
			805,027
TOTAL CAPITAL MARKETS			10,133,144
COMMERCIAL BANKS - 77.0%
Diversified Banks - 35.4%
Allied Irish Banks PLC sponsored ADR	13,300		748,258
Alpha Bank AE	30,000		937,534
Anglo Irish Bank Corp. PLC	38,800		737,288
Bank Hapoalim BM (Reg.)	382,900		1,847,237
Bank of Piraeus	31,000		927,735
Comerica, Inc.	35,900		2,091,175
DnB Nor ASA	28,600		388,538
EFG Eurobank Ergasias SA	25,800		922,438
ICICI Bank Ltd.	47,137		926,992
Industrial & Commercial Bank of China	266,000		134,732
Kookmin Bank sponsored ADR	4,700		367,775
National Australia Bank Ltd. Sponsored ADR	12,500		1,924,125
Sberbank (Savings Bank of the Russian Federation) GDR	3,100		915,419
Societe Generale Series A	6,400		1,072,072
Sumitomo Trust & Banking Co. Ltd.	90,000		966,146
Turkiye Garanti Bankasi AS	114,000		377,974
U.S. Bancorp, Delaware (d)	611,400		20,567,496
Uniao de Bancos Brasileiros SA (Unibanco) GDR	22,200		1,879,674
Unicredito Italiano Spa	113,300		977,908
Wachovia Corp.	741,992		40,208,546
Wells Fargo & Co. (d)	1,518,400		53,508,416
			132,427,478
Regional Banks - 41.6%
Associated Banc-Corp.	66,020		2,194,505
Banco Pastor SA	22,000		415,719
BancorpSouth, Inc.	66,400		1,729,720
Bank of Hawaii Corp.	23,900		1,233,957
Bank of Yokohama Ltd.	49,000		375,361
Banner Corp.	27,600		1,260,216
BB&T Corp.	198,942		8,556,495

	Shares		Value
BOK Financial Corp.	44,800		$ 2,414,272
Boston Private Financial Holdings, Inc.	47,200		1,281,480
Cascade Bancorp (d)	58,311		1,763,908
Cathay General Bancorp	31,400		1,078,904
Center Financial Corp., California	45,100		1,011,593
City National Corp.	39,500		2,678,890
Colonial Bancgroup, Inc.	119,500		2,915,800
Columbia Banking Systems, Inc.	12,900		433,827
Commerce Bancorp, Inc., New Jersey (d)	104,300		3,625,468
Community Bank of Nevada (a)	59,347		1,803,555
Compass Bancshares, Inc.	84,110		4,806,045
Cullen/Frost Bankers, Inc.	46,900		2,556,050
East West Bancorp, Inc.	48,900		1,741,329
Fidelity Southern Corp.	11,400		212,040
Fifth Third Bancorp	159,800		6,300,914
First Charter Corp.	19,900		478,595
First Community Bancorp, California	24,400		1,317,844
First Horizon National Corp.	700		27,902
First Republic Bank, California	34,300		1,376,116
Frontier Financial Corp., Washington (d)	48,650		1,461,446
Fulton Financial Corp.	141,000		2,291,250
GB&T Bancshares, Inc.	9,800		214,718
Glacier Bancorp, Inc.	24,400		867,176
Hanmi Financial Corp.	34,700		757,501
Home Bancshares, Inc.	15,600		346,476
IBERIABANK Corp.	10,900		621,627
KeyCorp	117,100		4,227,310
M&T Bank Corp.	38,800		4,603,232
Marshall & Ilsley Corp.	127,500		5,838,225
Metrocorp Bancshares, Inc.	18,900		413,721
Nara Bancorp, Inc.	47,300		959,244
National City Corp.	202,989		7,327,903
North Fork Bancorp, Inc., New York	60,700		1,703,849
Placer Sierra Bancshares	38,700		903,258
PNC Financial Services Group, Inc.	230,100		16,265,769
Preferred Bank, Los Angeles California	10,600		603,882
PrivateBancorp, Inc. (d)	31,700		1,271,487
Regions Financial Corp.	273,171		10,011,717
Seacoast Banking Corp., Florida	21,600		518,400
Signature Bank, New York (a)	29,100		935,856
South Financial Group, Inc.	45,700		1,187,743
Sterling Bancshares, Inc.	41,100		757,062
Sterling Financial Corp., Washington	26,800		899,140
SunTrust Banks, Inc.	134,948		11,018,504
SVB Financial Group (a)	48,200		2,288,536
Synovus Financial Corp.	170,300		5,112,406
TCF Financial Corp.	71,700		1,872,804
Texas Capital Bancshares, Inc. (a)	29,100		567,450
Tokyo Tomin Bank Ltd.	31,100		1,222,083
UCBH Holdings, Inc.	63,000		1,062,180
Umpqua Holdings Corp.	54,200		1,627,084
Valley National Bancorp	75,195		1,952,062
Westamerica Bancorp.	32,300		1,599,819
Western Alliance Bancorp. (a)	36,900		1,283,751
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Regional Banks - continued
Whitney Holding Corp.	55,700		$ 1,795,211
Wilshire Bancorp, Inc.	10,400		198,744
Zions Bancorp	65,701		5,140,446
			155,319,577
TOTAL COMMERCIAL BANKS			287,747,055
CONSUMER FINANCE - 0.4%
Consumer Finance - 0.4%
Capital One Financial Corp.	19,900		1,549,812
DIVERSIFIED FINANCIAL SERVICES - 2.4%
Other Diversifed Financial Services - 2.3%
African Bank Investments Ltd.	135,400		534,305
Bank of America Corp.	85,669		4,613,276
Citigroup, Inc.	18,900		937,251
FirstRand Ltd.	155,500		429,123
JPMorgan Chase & Co.	39,926		1,847,775
Kotak Mahindra Bank Ltd. sponsored GDR (e)	18,732		159,705
			8,521,435
Specialized Finance - 0.1%
Singapore Exchange Ltd.	70,000		243,300
TOTAL DIVERSIFIED FINANCIAL SERVICES			8,764,735
INSURANCE - 2.1%
Insurance Brokers - 0.3%
Willis Group Holdings Ltd.	24,600		990,396
Life & Health Insurance - 0.1%
Lincoln National Corp.	5,700		362,463
Multi-Line Insurance - 0.1%
American International Group, Inc.	6,100		428,952
Property & Casualty Insurance - 0.5%
Aspen Insurance Holdings Ltd.	40,300		1,086,085
The St. Paul Travelers Companies, Inc.	18,900		979,209
			2,065,294
Reinsurance - 1.1%
Endurance Specialty Holdings Ltd.	27,200		1,020,816
IPC Holdings Ltd.	33,300		1,038,960
Platinum Underwriters Holdings Ltd.	64,900		1,974,907
			4,034,683
TOTAL INSURANCE			7,881,788
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Mortgage REITs - 0.3%
CapitalSource, Inc. (d)	36,100		982,642

	Shares		Value
THRIFTS & MORTGAGE FINANCE - 11.5%
Thrifts & Mortgage Finance - 11.5%
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	63,900		$ 835,173
BankUnited Financial Corp. Class A	29,600		754,800
Countrywide Financial Corp.	263,400		10,462,248
Fannie Mae	247,500		14,114,925
Franklin Bank Corp.	30,500		598,410
Freddie Mac	128,000		8,596,480
Hudson City Bancorp, Inc.	342,200		4,540,994
NetBank, Inc. (a)	57,900		265,182
People's Bank, Connecticut	32,200		1,435,798
Webster Financial Corp.	31,300		1,495,201
			43,099,211
TOTAL COMMON STOCKS (Cost $290,078,767)		360,158,387
Money Market Funds - 14.7%

Fidelity Cash Central Fund, 5.35% (b)	2,528,060		2,528,060
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	52,158,800		52,158,800
TOTAL MONEY MARKET FUNDS (Cost $54,686,860)		54,686,860

TOTAL INVESTMENT PORTFOLIO - 111.1%

(Cost $344,765,627)

414,845,247

NET OTHER ASSETS - (11.1)%			(41,355,953)
NET ASSETS - 100%		$ 373,489,294

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 $159,705 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	$ 714,831
Fidelity Securities Lending Cash Central Fund	39,742
Total	$ 754,573

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $344,953,594. Net unrealized appreciation aggregated $69,891,653, of which $73,703,079 related to appreciated investment securities and $3,811,426 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Biotechnology Portfolio

November 30, 2006

1.810668.102

BIO-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
BIOTECHNOLOGY - 89.1%
Biotechnology - 89.1%
Acadia Pharmaceuticals, Inc. (a)(d)	589,500		$ 5,517,720
Acorda Therapeutics, Inc. (d)	142,000		2,749,120
Alexion Pharmaceuticals, Inc. (a)	1,017,200		44,024,416
Alkermes, Inc. (a)(d)	1,071,757		16,269,271
Alnylam Pharmaceuticals, Inc. (a)	279,100		5,992,277
Altus Pharmaceuticals, Inc.	157,988		2,892,760
Amgen, Inc. (a)(d)	1,658,800		117,774,800
Amylin Pharmaceuticals, Inc. (a)(d)	861,198		34,447,920
Arena Pharmaceuticals, Inc. (a)(d)	302,900		3,907,410
ARIAD Pharmaceuticals, Inc. (a)	676,100		3,630,657
Biogen Idec, Inc. (a)	2,358,379		123,248,887
BioMarin Pharmaceutical, Inc. (a)	1,504,100		25,735,151
Celgene Corp. (a)(d)	1,668,934		93,009,692
Cephalon, Inc. (a)(d)	831,840		62,271,542
Combinatorx, Inc.	353,100		3,202,617
Cubist Pharmaceuticals, Inc. (a)	319,100		6,496,876
Emergent BioSolutions, Inc.	481,100		5,046,739
Encysive Pharmaceuticals, Inc. (a)(d)	337,700		2,039,708
Genentech, Inc. (a)(d)	2,410,800		197,082,900
Genomic Health, Inc. (a)	224,400		4,238,916
Genzyme Corp. (a)	1,042,100		67,111,240
Gilead Sciences, Inc. (a)	3,105,600		204,721,153
GTx, Inc. (a)	91,434		1,409,912
Human Genome Sciences, Inc. (a)(d)	2,275,300		28,486,756
Infinity Pharmaceuticals, Inc. (a)	46,601		656,608
Isis Pharmaceuticals, Inc. (a)(d)	855,200		8,731,592
Ligand Pharmaceuticals, Inc. Class B (a)(d)	261,300		2,801,136
MannKind Corp. (a)(d)	614,600		10,079,440
Martek Biosciences (a)(d)	201,200		4,929,400
Medarex, Inc. (a)	1,365,200		18,416,548
MedImmune, Inc. (a)	1,943,620		63,536,938
Momenta Pharmaceuticals, Inc. (a)(d)	322,092		5,581,854
Myriad Genetics, Inc. (a)	692,293		21,045,707
Neurocrine Biosciences, Inc. (a)	306,000		2,827,440
Novacea, Inc.	120,500		845,910
Nuvelo, Inc. (a)	605,333		11,628,447
ONYX Pharmaceuticals, Inc. (a)(d)	238,000		4,165,000
OSI Pharmaceuticals, Inc. (a)(d)	1,042,100		38,224,228
PDL BioPharma, Inc. (a)	1,316,900		29,906,799
Pharmion Corp. (a)(d)	471,300		11,669,388
Regeneron Pharmaceuticals, Inc. (a)	575,200		12,372,552
Savient Pharmaceuticals, Inc. (a)	487,449		5,688,530
Telik, Inc. (a)	497,998		8,470,946
Theravance, Inc. (a)	508,900		15,923,481
Trubion Pharmaceuticals, Inc.	118,500		2,277,570
United Therapeutics Corp. (a)(d)	128,097		7,457,807
Vertex Pharmaceuticals, Inc. (a)(d)	1,380,200		61,142,860

	Shares		Value
ViaCell, Inc. (a)	17,500		$ 86,625
Zymogenetics, Inc. (a)	339,200		5,328,832
			1,415,104,078
HEALTH CARE EQUIPMENT & SUPPLIES - 1.2%
Health Care Equipment - 0.8%
Quidel Corp. (a)	996,450		13,561,685
Health Care Supplies - 0.4%
Gen-Probe, Inc. (a)	117,900		5,746,446
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			19,308,131
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Services - 0.1%
Oracle Healthcare Acquisition Corp. unit	267,600		2,234,460
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Life Sciences Tools & Services - 2.0%
Applera Corp. - Celera Genomics Group (a)	1,065,800		15,294,230
Charles River Laboratories International, Inc. (a)	67,808		2,830,984
Exelixis, Inc. (a)	998,700		8,608,794
QIAGEN NV (a)	281,500		4,107,085
			30,841,093
PHARMACEUTICALS - 7.2%
Pharmaceuticals - 7.2%
Cardiome Pharma Corp. (a)	66,800		775,549
Catalyst Pharmaceutical Partners, Inc.	259,800		1,428,900
Cypress Bioscience, Inc. (a)	525,900		4,554,294
Elan Corp. PLC sponsored ADR (a)	1,407,800		20,370,866
MGI Pharma, Inc. (a)	150,841		2,861,454
New River Pharmaceuticals, Inc. (a)(d)	792,500		38,895,900
Pozen, Inc. (a)(d)	54,800		900,364
Sepracor, Inc. (a)	635,100		35,444,931
Somaxon Pharmaceuticals, Inc.	56,100		731,544
Xenoport, Inc. (a)	311,039		8,342,066
			114,305,868
TOTAL COMMON STOCKS (Cost $1,337,327,420)		1,581,793,630
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.2%
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Xenon Pharmaceuticals, Inc. Series E (a)(e)	981,626		3,416,058
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 0.0%
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(e)	180,000		$ 2
TOTAL PREFERRED STOCKS (Cost $7,698,817)		3,416,060
Money Market Funds - 15.9%

Fidelity Cash Central Fund, 5.35% (b)	786,471		786,471
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	251,688,120		251,688,120
TOTAL MONEY MARKET FUNDS (Cost $252,474,591)		252,474,591

TOTAL INVESTMENT PORTFOLIO - 115.7%

(Cost $1,597,500,828)

1,837,684,281

NET OTHER ASSETS - (15.7)%			(249,538,117)
NET ASSETS - 100%		$ 1,588,146,164

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,416,060 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
GeneProt, Inc. Series A	7/7/00	$ 974,679
Xenon Pharmaceuticals, Inc. Series E	3/23/01	$ 6,724,138

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 263,234
Fidelity Securities Lending Cash Central Fund	1,616,271
Total	$ 1,879,505

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,613,486,711. Net unrealized appreciation aggregated $224,197,570, of which $296,624,552 related to appreciated investment securities and $72,426,982 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Brokerage and Investment
Management Portfolio

November 30, 2006

1.810691.102

BRO-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.8%
	Shares		Value
CAPITAL MARKETS - 84.7%
Asset Management & Custody Banks - 33.2%
Affiliated Managers Group, Inc. (d)	310,400		$ 31,694,944
AllianceBernstein Holding LP	229,900		17,585,051
American Capital Strategies Ltd. (d)	1,070,400		48,467,712
Ameriprise Financial, Inc.	444,800		24,063,680
Bank of New York Co., Inc.	900		31,986
EFG International (a)	685,820		25,746,142
Federated Investors, Inc. Class B (non-vtg.)	917,900		30,455,922
Franklin Resources, Inc.	487,900		52,078,446
Investors Financial Services Corp.	1,060		42,156
Julius Baer Holding AG (Bearer)	339,743		36,136,842
Legg Mason, Inc.	209,048		19,934,817
Mellon Financial Corp.	796,800		32,055,264
Northern Trust Corp.	531,700		30,285,632
Nuveen Investments, Inc. Class A (d)	302,900		15,029,898
State Street Corp.	728,800		45,280,344
			408,888,836
Diversified Capital Markets - 8.1%
Credit Suisse Group sponsored ADR	712,400		47,139,508
UBS AG (NY Shares)	872,300		52,529,906
			99,669,414
Investment Banking & Brokerage - 43.4%
Bear Stearns Companies, Inc.	362,800		55,319,744
Charles Schwab Corp.	3,322,900		60,941,986
E*TRADE Financial Corp. (d)	1,306,300		31,442,641
GFI Group, Inc. (a)	91,700		5,186,552
Goldman Sachs Group, Inc.	302,700		58,965,960
Greenhill & Co., Inc. (d)	803,700		56,025,927
Jefferies Group, Inc.	1,628,700		47,216,013
KKR Private Equity Investors, LP Restricted Depository Units (e)	104,600		2,322,120
Lazard Ltd. Class A	650,300		29,536,626
Lehman Brothers Holdings, Inc.	690,000		50,832,300
Merrill Lynch & Co., Inc. (d)	650,550		56,877,587
Morgan Stanley	819,700		62,428,352
optionsXpress Holdings, Inc.	185,693		5,353,529
TD Ameritrade Holding Corp.	649		11,396
Thomas Weisel Partners Group, Inc.	337,085		7,186,652
TradeStation Group, Inc. (a)	340,913		4,973,921
			534,621,306
TOTAL CAPITAL MARKETS			1,043,179,556
COMMERCIAL BANKS - 4.5%
Diversified Banks - 4.5%
Barclays PLC	1,349,400		18,237,141

	Shares		Value
Industrial & Commercial Bank of China	756,000		$ 382,923
Societe Generale Series A	220,200		36,885,988
			55,506,052
DIVERSIFIED FINANCIAL SERVICES - 1.1%
Specialized Finance - 1.1%
IntercontinentalExchange, Inc.	1,112		109,254
Moody's Corp.	183,600		12,756,528
NYMEX Holdings, Inc.	600		69,360
			12,935,142
INSURANCE - 0.5%
Property & Casualty Insurance - 0.5%
AMBAC Financial Group, Inc.	71,200		6,097,568
TOTAL COMMON STOCKS (Cost $944,097,236)		1,117,718,318
Money Market Funds - 22.5%

Fidelity Cash Central Fund, 5.35% (b)	116,815,320		116,815,320
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	160,727,150		160,727,150
TOTAL MONEY MARKET FUNDS (Cost $277,542,470)		277,542,470

TOTAL INVESTMENT PORTFOLIO - 113.3%

(Cost $1,221,639,706)

1,395,260,788

NET OTHER ASSETS - (13.3)%			(163,408,616)
NET ASSETS - 100%		$ 1,231,852,172

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 $2,322,120 or 0.2% 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	$ 1,488,551
Fidelity Securities Lending Cash Central Fund	644,021
Total	$ 2,132,572

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,222,294,814. Net unrealized appreciation aggregated $172,965,974, of which $177,948,902 related to appreciated investment securities and $4,982,928 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Chemicals Portfolio

November 30, 2006

1.810670.102

CHE-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
CHEMICALS - 95.6%
Commodity Chemicals - 8.8%
Celanese Corp. Class A	187,886		$ 4,133,492
Georgia Gulf Corp.	96,116		1,957,883
Lyondell Chemical Co.	14,200		350,740
Tronox, Inc. Class A (d)	72,600		1,110,780
Westlake Chemical Corp.	31,900		1,044,725
			8,597,620
Diversified Chemicals - 35.9%
Ashland, Inc.	20,400		1,379,244
Cabot Corp.	24,600		1,011,798
Dow Chemical Co.	233,300		9,334,333
E.I. du Pont de Nemours & Co.	265,100		12,441,143
Eastman Chemical Co.	16,300		967,894
FMC Corp.	70,356		4,986,833
Hercules, Inc. (a)	28,700		534,681
Huntsman Corp.	70,000		1,218,700
Olin Corp.	29,000		485,170
PPG Industries, Inc.	41,600		2,674,880
			35,034,676
Fertilizers & Agricultural Chemicals - 8.7%
Monsanto Co.	153,200		7,364,324
Mosaic Co. (a)	53,900		1,148,070
			8,512,394
Industrial Gases - 16.9%
Air Products & Chemicals, Inc.	108,700		7,515,518
Airgas, Inc.	24,900		1,059,495
L'Air Liquide SA	2,310		522,766
Praxair, Inc.	118,060		7,366,944
			16,464,723
Specialty Chemicals - 25.3%
Chemtura Corp.	520,273		5,036,243
Cytec Industries, Inc.	65,000		3,466,450
Ecolab, Inc.	93,500		4,146,725
H.B. Fuller Co.	19,387		505,419
Lubrizol Corp.	19,800		937,332
Minerals Technologies, Inc.	10,000		568,400
Nalco Holding Co. (a)	24,600		490,278

	Shares		Value
OM Group, Inc. (a)	14,600		$ 686,930
OMNOVA Solutions, Inc. (a)	1,900		9,082
Rockwood Holdings, Inc. (a)	54,200		1,371,802
Rohm & Haas Co.	95,300		4,976,566
RPM International, Inc.	23,800		480,046
Sigma Aldrich Corp.	23,000		1,750,530
Valspar Corp.	10,300		288,194
			24,713,997
TOTAL CHEMICALS			93,323,410
Money Market Funds - 5.6%

Fidelity Cash Central Fund, 5.35% (b)	4,340,578		4,340,578
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	1,143,450		1,143,450
TOTAL MONEY MARKET FUNDS (Cost $5,484,028)		5,484,028

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $81,589,887)

98,807,438

NET OTHER ASSETS - (1.2)%			(1,158,263)
NET ASSETS - 100%		$ 97,649,175

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and
other accounts managed by Fidelity Investments. The rate quoted is
the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end
is available upon request.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 72,301
Fidelity Securities Lending Cash Central Fund	5,245
Total	$ 77,546

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $81,805,821. Net unrealized appreciation aggregated $17,001,617, of which $20,139,573 related to appreciated investment securities and $3,137,956 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Communications
Equipment Portfolio

(formerly Fidelity® Select Developing
Communications Portfolio)

November 30, 2006

1.810680.102

DEV-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Diversified Commercial & Professional Services - 0.9%
Tele Atlas NV (a)(d)	175,600		$ 3,473,991
COMMUNICATIONS EQUIPMENT - 78.3%
Communications Equipment - 78.3%
3Com Corp. (a)	274,100		1,148,479
Acme Packet, Inc.	2,500		43,600
ADC Telecommunications, Inc. (a)	138,079		1,904,109
Adtran, Inc.	110,600		2,409,974
ADVA AG Optical Networking (a)	246,763		2,473,600
Andrew Corp. (a)	381,800		3,806,546
Arris Group, Inc. (a)	123,400		1,472,162
AudioCodes Ltd. (a)	452,390		4,347,468
Bookham, Inc. (a)(d)	686,428		2,766,305
C-COR, Inc. (a)	33,600		336,000
Ceragon Networks Ltd. (a)	353,100		1,920,864
Ciena Corp. (a)	174,592		4,389,243
Cisco Systems, Inc. (a)	534,700		14,372,736
CommScope, Inc. (a)	9,400		283,598
Comtech Group, Inc. (a)(d)	409,000		6,642,160
Comverse Technology, Inc. (a)	908,110		17,726,307
Corning, Inc. (a)	1,433,000		30,895,480
ECI Telecom Ltd. (a)	185,300		1,645,464
F5 Networks, Inc. (a)	152,200		11,386,082
Foundry Networks, Inc. (a)	322,800		4,619,268
Foxconn International Holdings Ltd. (a)	80,000		241,686
Ixia (a)	110,837		1,051,843
JDS Uniphase Corp. (a)	171,750		3,173,940
Juniper Networks, Inc. (a)	436,759		9,298,599
Motorola, Inc.	2,595,500		57,542,235
MRV Communications, Inc. (a)	226,283		844,036
Nortel Networks Corp.	2,686,200		5,775,336
Optium Corp.	900		18,180
Orckit Communications Ltd. (a)	137,900		1,574,818
Polycom, Inc. (a)	44,200		1,274,728
Powerwave Technologies, Inc. (a)(d)	2,292,500		14,694,925
QUALCOMM, Inc.	1,271,100		46,509,549
Research In Motion Ltd. (a)	88,900		12,341,988
Riverbed Technology, Inc.	600		20,934
Riverstone Networks, Inc. (a)	1,129,500		11
Sandvine Corp.	1,828,700		3,378,651
Sonus Networks, Inc. (a)	1,306,896		8,207,307
Stratex Networks, Inc. (a)	415,900		1,780,052
Symmetricom, Inc. (a)	289,855		2,542,028
Tekelec (a)	127,600		2,054,360
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	1,848		71,832
Terayon Communication Systems, Inc. (a)	187,000		317,900
Tut Systems, Inc. (a)(d)	109,700		121,767
			287,426,150

	Shares		Value
COMPUTERS & PERIPHERALS - 1.9%
Computer Hardware - 1.3%
Compal Electronics, Inc.	247,627		$ 227,413
Concurrent Computer Corp. (a)	2,481,578		4,640,551
NEC Corp. sponsored ADR	700		3,325
			4,871,289
Computer Storage & Peripherals - 0.6%
Novatel Wireless, Inc. (a)(d)	126,100		1,190,384
SanDisk Corp. (a)	21,993		976,489
			2,166,873
TOTAL COMPUTERS & PERIPHERALS			7,038,162
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Alternative Carriers - 0.3%
Level 3 Communications, Inc. (a)	223,600		1,194,024
Integrated Telecommunication Services - 0.0%
Embarq Corp.	1,035		53,251
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			1,247,275
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Energy Conversion Devices, Inc. (a)	14,600		557,428
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1%
Electronic Equipment & Instruments - 1.0%
Chi Mei Optoelectronics Corp.	415,617		441,448
Dolby Laboratories, Inc. Class A (a)	40,000		1,141,600
HannStar Display Corp. (a)	2,368,000		445,922
Nippon Electric Glass Co. Ltd.	48,000		1,042,577
Photon Dynamics, Inc. (a)	43,484		483,107
			3,554,654
Electronic Manufacturing Services - 1.1%
Flextronics International Ltd. (a)	317,600		3,573,000
Trimble Navigation Ltd. (a)	13,500		647,595
			4,220,595
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			7,775,249
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.3%
Directed Electronics, Inc.	82,100		1,187,166
INTERNET SOFTWARE & SERVICES - 2.1%
Internet Software & Services - 2.1%
aQuantive, Inc. (a)	41,200		984,680
DivX, Inc.	400		11,852
Openwave Systems, Inc. (a)(d)	544,519		4,573,960
RADVision Ltd. (a)	112,250		2,262,960
			7,833,452
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.7%
Semiconductor Equipment - 0.4%
EMCORE Corp. (a)(d)	215,400		$ 1,292,400
Semiconductors - 8.3%
Actel Corp. (a)	19,449		362,918
Advanced Analogic Technologies, Inc. (a)	215,700		1,194,978
AMIS Holdings, Inc. (a)	226,200		2,442,960
Applied Micro Circuits Corp. (a)	426,568		1,492,988
ARM Holdings PLC sponsored ADR	216,900		1,539,990
Broadcom Corp. Class A (a)	53,400		1,753,122
Conexant Systems, Inc. (a)	432,400		942,632
CSR PLC (a)	69,800		910,954
Exar Corp. (a)	6,701		90,933
Ikanos Communications, Inc. (a)	1,700		15,317
Intersil Corp. Class A	73,700		1,825,549
Marvell Technology Group Ltd. (a)	45,200		932,928
Microtune, Inc. (a)	258,100		1,184,679
Mindspeed Technologies, Inc. (a)	440,463		748,787
MIPS Technologies, Inc. (a)	48,602		415,547
Novatek Microelectronics Corp.	389,591		1,746,775
O2Micro International Ltd. sponsored ADR (a)	334,000		2,725,440
Pericom Semiconductor Corp. (a)	58,100		669,893
Pixelplus Co. Ltd. sponsored ADR	123,700		204,105
PLX Technology, Inc. (a)	48,400		654,852
PMC-Sierra, Inc. (a)	1,200		9,132
Sigma Designs, Inc. (a)	64,927		1,697,841
Silicon On Insulator Technologies SA (SOITEC) (a)	74,100		2,484,480
SiRF Technology Holdings, Inc. (a)	7,600		232,256
Skyworks Solutions, Inc. (a)	149,500		1,085,370
Spansion, Inc. Class A	130,400		1,905,144
Transmeta Corp. (a)	236,700		274,572
Trident Microsystems, Inc. (a)	35,500		744,790
Vimicro International Corp. sponsored ADR	22,939		250,035
			30,538,967
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			31,831,367
SOFTWARE - 3.3%
Application Software - 2.6%
ECtel Ltd. (a)	2,790		13,532
NAVTEQ Corp. (a)	71,600		2,561,132
Ulticom, Inc. (a)	663,378		6,879,230
			9,453,894
Home Entertainment Software - 0.4%
Ubisoft Entertainment SA (a)	22,000		1,383,789

	Shares		Value
Systems Software - 0.3%
Allot Communications Ltd.	9,500		$ 110,770
Wind River Systems, Inc. (a)	95,400		1,021,734
			1,132,504
TOTAL SOFTWARE			11,970,187
WIRELESS TELECOMMUNICATION SERVICES - 1.6%
Wireless Telecommunication Services - 1.6%
MTN Group Ltd.	148,900		1,521,424
NII Holdings, Inc. (a)	9,900		642,807
Philippine Long Distance Telephone Co. sponsored ADR	31,200		1,532,232
Vimpel Communications sponsored ADR (a)	27,300		2,077,257
			5,773,720
TOTAL COMMON STOCKS (Cost $404,172,410)		366,114,147

Convertible Bonds - 0.1%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13 (Cost $700,000)	$ 700,000	608,090

Money Market Funds - 5.8%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	320,528		320,528
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	20,916,999		20,916,999
TOTAL MONEY MARKET FUNDS (Cost $21,237,527)		21,237,527

TOTAL INVESTMENT PORTFOLIO - 105.6%

(Cost $426,109,937)

387,959,764

NET OTHER ASSETS - (5.6)%		(20,696,139)
NET ASSETS - 100%		$ 367,263,625

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	$ 154,027
Fidelity Securities Lending Cash Central Fund	180,479
Total	$ 334,506

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $429,521,861. Net unrealized depreciation aggregated $41,562,097, of which $23,389,781 related to appreciated investment securities and $64,951,878 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Computers Portfolio

November 30, 2006

1.810671.102

COM-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.1%
Communications Equipment - 1.1%
Corning, Inc. (a)	141,400		$ 3,048,584
QUALCOMM, Inc.	63,300		2,316,147
			5,364,731
COMPUTERS & PERIPHERALS - 71.6%
Computer Hardware - 55.2%
Apple Computer, Inc. (a)(d)	278,700		25,551,216
Dell, Inc. (a)	1,631,300		44,436,612
Hewlett-Packard Co.	2,506,800		98,918,329
International Business Machines Corp. (d)	180,100		16,554,792
NCR Corp. (a)	291,400		12,503,974
Sun Microsystems, Inc. (a)	10,912,500		59,145,750
Wistron Corp.	3,041,828		3,879,883
			260,990,556
Computer Storage & Peripherals - 16.4%
ASUSTeK Computer, Inc.	980,400		2,695,039
Brocade Communications Systems, Inc. (a)	130,300		1,205,275
Electronics for Imaging, Inc. (a)	201,100		4,926,950
EMC Corp. (a)(d)	1,536,200		20,139,582
InnoLux Display Corp.	1,269,000		2,162,087
Komag, Inc. (a)	136,200		5,377,176
Lexmark International, Inc. Class A (a)(d)	101,200		6,980,776
Network Appliance, Inc. (a)	375,200		14,711,592
Quantum Corp. (a)	527,600		1,245,136
Rackable Systems, Inc. (a)	37,000		1,317,570
SanDisk Corp. (a)(d)	171,900		7,632,360
Seagate Technology (a)	353,500		9,106,160
			77,499,703
TOTAL COMPUTERS & PERIPHERALS			338,490,259
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
Electronic Equipment & Instruments - 1.8%
AU Optronics Corp.	2,438,000		3,279,313
LG.Philips LCD Co. Ltd. (a)	104,020		3,245,903
Phoenix Precision Technology Corp.	1,731,000		2,066,067
			8,591,283
HOUSEHOLD DURABLES - 2.4%
Consumer Electronics - 2.4%
Sony Corp. (d)	290,600		11,452,545
INTERNET SOFTWARE & SERVICES - 0.5%
Internet Software & Services - 0.5%
SonicWALL, Inc. (a)	210,700		2,117,535

	Shares		Value
IT SERVICES - 5.6%
Data Processing & Outsourced Services - 0.3%
Syntel, Inc.	49,462		$ 1,460,118
IT Consulting & Other Services - 5.3%
Cognizant Technology Solutions Corp. Class A (a)	145,600		11,875,136
Infosys Technologies Ltd. sponsored ADR	122,600		6,562,778
Sapient Corp. (a)	159,100		868,686
Satyam Computer Services Ltd. sponsored ADR (d)	237,800		5,552,630
			24,859,230
TOTAL IT SERVICES			26,319,348
MACHINERY - 2.4%
Industrial Machinery - 2.4%
Shin Zu Shing Co. Ltd.	1,570,000		11,068,645
OFFICE ELECTRONICS - 0.5%
Office Electronics - 0.5%
Canon, Inc.	45,100		2,373,613
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
Semiconductor Equipment - 0.6%
Applied Materials, Inc.	129,800		2,333,804
Rudolph Technologies, Inc. (a)	25,000		400,750
			2,734,554
Semiconductors - 3.2%
Advanced Micro Devices, Inc. (a)	92,580		1,996,951
Advanced Semiconductor Engineering, Inc. (a)	2,476,000		2,848,089
Broadcom Corp. Class A (a)	75,800		2,488,514
Marvell Technology Group Ltd. (a)	179,700		3,709,008
Spansion, Inc. Class A	297,700		4,349,397
			15,391,959
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			18,126,513
SOFTWARE - 2.2%
Application Software - 2.2%
Citrix Systems, Inc. (a)	63,500		1,824,990
Cognos, Inc. (a)	63,300		2,589,603
Hyperion Solutions Corp. (a)	66,700		2,451,892
Intuit, Inc. (a)	33,500		1,054,580
Opsware, Inc. (a)	255,300		2,236,428
			10,157,493
SPECIALTY RETAIL - 0.4%
Computer & Electronics Retail - 0.4%
Best Buy Co., Inc. (d)	34,400		1,890,968
TOTAL COMMON STOCKS (Cost $412,708,617)		435,952,933
Money Market Funds - 20.7%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	37,369,137		$ 37,369,137
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	60,617,200		60,617,200
TOTAL MONEY MARKET FUNDS (Cost $97,986,337)		97,986,337

TOTAL INVESTMENT PORTFOLIO - 113.0%

(Cost $510,694,954)

533,939,270

NET OTHER ASSETS - (13.0)%			(61,300,599)
NET ASSETS - 100%		$ 472,638,671

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	$ 508,702
Fidelity Securities Lending Cash Central Fund	98,071
Total	$ 606,773

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $516,021,251. Net unrealized appreciation aggregated $17,918,019, of which $34,310,749 related to appreciated investment securities and $16,392,730 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Construction and
Housing Portfolio

November 30, 2006

1.810672.102

HOU-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
BUILDING PRODUCTS - 3.5%
Building Products - 3.5%
American Standard Companies, Inc.	39,300		$ 1,761,033
Masco Corp.	94,700		2,716,943
NCI Building Systems, Inc. (a)	13,900		767,002
			5,244,978
COMMUNICATIONS EQUIPMENT - 1.0%
Communications Equipment - 1.0%
Dycom Industries, Inc. (a)	34,000		690,880
MasTec, Inc. (a)	71,800		809,904
			1,500,784
CONSTRUCTION & ENGINEERING - 14.0%
Construction & Engineering - 14.0%
Chicago Bridge & Iron Co. NV (NY Shares)	45,800		1,327,284
EMCOR Group, Inc. (a)	17,700		1,056,159
Fluor Corp.	86,400		7,523,712
Foster Wheeler Ltd. (a)	47,600		2,570,400
Infrasource Services, Inc. (a)	49,700		1,074,017
Jacobs Engineering Group, Inc. (a)	30,800		2,583,196
Shaw Group, Inc. (a)	45,400		1,357,006
URS Corp. (a)	28,000		1,236,480
Veidekke ASA	16,400		598,919
Washington Group International, Inc.	15,700		922,846
YIT-Yhtyma OY	20,550		533,906
			20,783,925
CONSTRUCTION MATERIALS - 5.9%
Construction Materials - 5.9%
Eagle Materials, Inc.	25,200		1,083,600
Florida Rock Industries, Inc.	26,475		1,192,434
Martin Marietta Materials, Inc.	26,700		2,651,577
Texas Industries, Inc. (d)	11,500		784,875
Vulcan Materials Co.	35,000		3,105,200
			8,817,686
HEALTH CARE PROVIDERS & SERVICES - 0.3%
Health Care Facilities - 0.3%
Brookdale Senior Living, Inc.	8,000		365,200
HOUSEHOLD DURABLES - 15.8%
Home Furnishings - 0.3%
Samson Holding Ltd.	886,000		512,554
Homebuilding - 15.5%
Barratt Developments PLC	37,300		809,744
D.R. Horton, Inc. (d)	221,766		5,907,846
KB Home (d)	58,800		3,039,372
Lennar Corp. Class A	63,800		3,349,500
Pulte Homes, Inc. (d)	142,300		4,801,202

	Shares		Value
Ryland Group, Inc.	7,000		$ 369,250
Standard Pacific Corp.	53,000		1,359,980
Toll Brothers, Inc. (a)	102,600		3,303,720
			22,940,614
TOTAL HOUSEHOLD DURABLES			23,453,168
MACHINERY - 1.9%
Construction & Farm Machinery & Heavy Trucks - 1.8%
Bucyrus International, Inc. Class A	13,100		559,370
Caterpillar, Inc.	22,000		1,364,660
Joy Global, Inc.	16,800		737,520
			2,661,550
Industrial Machinery - 0.1%
Danaher Corp.	1,300		95,056
TOTAL MACHINERY			2,756,606
REAL ESTATE INVESTMENT TRUSTS - 3.5%
Residential REITs - 1.5%
Equity Residential (SBI)	26,100		1,390,086
United Dominion Realty Trust, Inc. (SBI)	26,596		893,094
			2,283,180
Retail REITs - 2.0%
General Growth Properties, Inc.	52,500		2,884,350
TOTAL REAL ESTATE INVESTMENT TRUSTS			5,167,530
REAL ESTATE MANAGEMENT & DEVELOPMENT - 9.7%
Real Estate Management & Development - 9.7%
AV Jennings Homes Ltd.	768,664		691,339
CB Richard Ellis Group, Inc. Class A (a)	162,500		5,351,125
China Overseas Land & Investment Ltd.	1,069,000		1,169,500
Forest City Enterprises, Inc. Class A	60,800		3,542,208
The St. Joe Co. (d)	65,400		3,661,746
			14,415,918
SPECIALTY RETAIL - 42.0%
Home Improvement Retail - 41.6%
Home Depot, Inc. (d)	958,650		36,399,939
Lowe's Companies, Inc. (d)	767,500		23,147,800
Sherwin-Williams Co.	35,600		2,226,780
			61,774,519
Homefurnishing Retail - 0.4%
Pier 1 Imports, Inc.	87,900		584,535
TOTAL SPECIALTY RETAIL			62,359,054
TRADING COMPANIES & DISTRIBUTORS - 1.3%
Trading Companies & Distributors - 1.3%
WESCO International, Inc. (a)(d)	28,500		1,906,650
TOTAL COMMON STOCKS (Cost $123,538,961)		146,771,499
Money Market Funds - 18.4%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	1,625,498		$ 1,625,498
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	25,580,375		25,580,375
TOTAL MONEY MARKET FUNDS (Cost $27,205,873)		27,205,873

TOTAL INVESTMENT PORTFOLIO - 117.3%

(Cost $150,744,834)

173,977,372

NET OTHER ASSETS - (17.3)%			(25,596,286)
NET ASSETS - 100%		$ 148,381,086

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 48,395
Fidelity Securities Lending Cash Central Fund	126,537
Total	$ 174,932

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $150,878,510. Net unrealized appreciation aggregated $23,098,862, of which $25,402,983 related to appreciated investment securities and $2,304,121 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer
Discretionary Portfolio

(formerly Fidelity ® Select
Consumer Industries Portfolio)

November 30, 2006

1.810692.102

CPR-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
AUTOMOBILES - 1.2%
Automobile Manufacturers - 1.2%
Renault SA	2,100		$ 251,664
Toyota Motor Corp. sponsored ADR	2,600		312,130
			563,794
COMPUTERS & PERIPHERALS - 1.7%
Computer Hardware - 1.7%
Hewlett-Packard Co.	20,600		812,876
CONSTRUCTION MATERIALS - 0.1%
Construction Materials - 0.1%
Galaxy Entertainment Group Ltd. (a)	52,000		56,086
DIVERSIFIED CONSUMER SERVICES - 1.6%
Specialized Consumer Services - 1.6%
Sotheby's Class A (ltd. vtg.)	23,700		736,833
DIVERSIFIED FINANCIAL SERVICES - 1.7%
Specialized Finance - 1.7%
Moody's Corp.	11,900		826,812
FOOD & STAPLES RETAILING - 2.1%
Food Retail - 1.0%
Tesco PLC	14,500		111,505
Tesco PLC Sponsored ADR	15,400		362,670
			474,175
Hypermarkets & Super Centers - 1.1%
Carrefour SA	8,000		500,124
TOTAL FOOD & STAPLES RETAILING			974,299
HOTELS, RESTAURANTS & LEISURE - 13.0%
Casinos & Gaming - 4.5%
Boyd Gaming Corp.	10,200		431,970
International Game Technology	15,700		687,346
Las Vegas Sands Corp. (a)	2,600		238,056
Penn National Gaming, Inc. (a)	6,200		229,214
Station Casinos, Inc.	4,100		278,964
Wynn Resorts Ltd. (d)	3,000		263,550
			2,129,100
Hotels, Resorts & Cruise Lines - 1.6%
Accor SA	6,900		501,620
Marriott International, Inc. Class A	5,200		234,780
			736,400
Restaurants - 6.9%
McDonald's Corp.	37,700		1,582,269
Starbucks Corp. (a)	15,200		536,408
Tim Hortons, Inc.	4,577		141,338
Wendy's International, Inc.	31,000		1,009,670
			3,269,685
TOTAL HOTELS, RESTAURANTS & LEISURE			6,135,185

	Shares		Value
INTERNET & CATALOG RETAIL - 2.3%
Catalog Retail - 1.9%
Coldwater Creek, Inc. (a)(d)	36,200		$ 910,430
Internet Retail - 0.4%
Blue Nile, Inc. (a)	6,000		201,060
TOTAL INTERNET & CATALOG RETAIL			1,111,490
INTERNET SOFTWARE & SERVICES - 1.4%
Internet Software & Services - 1.4%
Google, Inc. Class A (sub. vtg.) (a)	1,354		656,582
MEDIA - 17.4%
Broadcasting & Cable TV - 1.1%
Grupo Televisa SA de CV (CPO) sponsored ADR	20,700		543,996
Movies & Entertainment - 12.0%
News Corp.:
Class A	137,200		2,826,320
Class B	4,500		96,885
The Walt Disney Co.	5,000		165,250
Time Warner, Inc.	124,400		2,505,416
Viacom, Inc. Class B (non-vtg.) (a)	1,500		56,265
			5,650,136
Publishing - 4.3%
McGraw-Hill Companies, Inc.	21,200		1,412,980
R.H. Donnelley Corp.	10,200		632,400
			2,045,380
TOTAL MEDIA			8,239,512
MULTILINE RETAIL - 19.7%
Department Stores - 16.4%
Federated Department Stores, Inc.	86,200		3,628,158
JCPenney Co., Inc.	23,300		1,802,022
Kohl's Corp. (a)(d)	3,900		271,440
Nordstrom, Inc.	1,200		58,824
Saks, Inc. (d)	67,900		1,393,308
Sears Holdings Corp. (a)	3,400		582,828
			7,736,580
General Merchandise Stores - 3.3%
Target Corp.	26,700		1,551,003
TOTAL MULTILINE RETAIL			9,287,583
PERSONAL PRODUCTS - 0.6%
Personal Products - 0.6%
Bare Escentuals, Inc.	9,000		269,010
SPECIALTY RETAIL - 28.3%
Apparel Retail - 13.6%
Abercrombie & Fitch Co. Class A	6,800		458,592
Aeropostale, Inc. (a)(d)	1,900		57,456
American Eagle Outfitters, Inc.	9,500		429,210
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Apparel Retail - continued
Casual Male Retail Group, Inc. (a)	18,900		$ 265,545
Charlotte Russe Holding, Inc. (a)	5,100		153,867
Gap, Inc.	6,500		121,680
Gymboree Corp. (a)	20,400		811,920
Hot Topic, Inc. (a)	5,000		66,750
Limited Brands, Inc.	41,900		1,327,811
Ross Stores, Inc.	9,100		282,009
The Children's Place Retail Stores, Inc. (a)	4,500		290,340
TJX Companies, Inc.	52,200		1,431,324
Tween Brands, Inc. (a)	7,000		293,440
Urban Outfitters, Inc. (a)	4,500		100,260
Zumiez, Inc. (a)(d)	10,700		328,597
			6,418,801
Computer & Electronics Retail - 5.7%
Best Buy Co., Inc.	29,450		1,618,867
Circuit City Stores, Inc.	23,900		596,544
RadioShack Corp.	28,302		496,134
			2,711,545
Home Improvement Retail - 2.8%
Home Depot, Inc.	21,600		820,152
Lowe's Companies, Inc.	16,300		491,608
			1,311,760
Specialty Stores - 6.2%
Office Depot, Inc. (a)	23,000		870,780
OfficeMax, Inc.	10,800		508,356
PETsMART, Inc.	4,100		121,278
Staples, Inc.	45,350		1,155,065
Tiffany & Co., Inc.	6,600		253,638
			2,909,117
TOTAL SPECIALTY RETAIL			13,351,223

	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 7.9%
Apparel, Accessories & Luxury Goods - 7.4%
Coach, Inc. (a)	29,000		$ 1,253,090
Phillips-Van Heusen Corp.	10,400		513,032
Polo Ralph Lauren Corp. Class A	22,200		1,736,040
			3,502,162
Footwear - 0.5%
Deckers Outdoor Corp. (a)	4,500		251,100
TOTAL TEXTILES, APPAREL & LUXURY GOODS			3,753,262
TOTAL COMMON STOCKS (Cost $40,698,630)		46,774,547
Money Market Funds - 6.4%

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c) (Cost $3,010,175)	3,010,175		3,010,175

TOTAL INVESTMENT PORTFOLIO - 105.4%

(Cost $43,708,805)

49,784,722

NET OTHER ASSETS - (5.4)%			(2,546,221)
NET ASSETS - 100%		$ 47,238,501

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	$ 57,562
Fidelity Securities Lending Cash Central Fund	11,304
Total	$ 68,866

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $43,783,060. Net unrealized appreciation aggregated $6,001,662, of which $6,346,655 related to appreciated investment securities and $344,993 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Consumer Staples Portfolio

(formerly Fidelity® Select Food
and Agriculture Portfolio)

November 30, 2006

1.810694.102

FOO-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
BEVERAGES - 25.8%
Brewers - 4.6%
Boston Beer Co., Inc. Class A (a)	23,000		$ 829,380
InBev SA	63,400		4,159,935
Molson Coors Brewing Co. Class B	77,700		5,522,916
SABMiller PLC	192,900		4,030,311
			14,542,542
Distillers & Vintners - 2.5%
Diageo PLC sponsored ADR	51,300		3,964,977
Pernod Ricard SA	18,250		4,040,664
			8,005,641
Soft Drinks - 18.7%
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	91,100		3,343,370
Fomento Economico Mexicano SA de CV sponsored ADR	7,900		831,475
Hansen Natural Corp. (a)(d)	30,700		863,591
PepsiCo, Inc.	469,800		29,113,506
The Coca-Cola Co.	540,200		25,297,566
			59,449,508
TOTAL BEVERAGES			81,997,691
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Senomyx, Inc. (a)	58,300		784,718
FOOD & STAPLES RETAILING - 20.3%
Drug Retail - 5.5%
CVS Corp. (d)	547,300		15,745,821
Rite Aid Corp.	178,500		847,875
Walgreen Co.	19,300		781,457
			17,375,153
Food Distributors - 2.0%
Sysco Corp.	155,900		5,589,015
United Natural Foods, Inc. (a)	22,200		786,768
			6,375,783
Food Retail - 7.2%
Kroger Co.	421,600		9,047,536
Safeway, Inc.	427,100		13,158,951
The Great Atlantic & Pacific Tea Co.	31,200		820,560
			23,027,047
Hypermarkets & Super Centers - 5.6%
Wal-Mart Stores, Inc.	388,900		17,928,290
TOTAL FOOD & STAPLES RETAILING			64,706,273

	Shares		Value
FOOD PRODUCTS - 15.1%
Agricultural Products - 1.8%
Archer-Daniels-Midland Co.	136,500		$ 4,791,150
Corn Products International, Inc.	22,600		820,832
			5,611,982
Packaged Foods & Meats - 13.3%
Cadbury Schweppes PLC sponsored ADR	96,900		4,022,319
Groupe Danone	26,200		4,031,447
Kellogg Co.	112,500		5,600,250
Koninklijke Numico NV	33,300		1,716,652
Lindt & Spruengli AG	71		1,687,190
Nestle SA sponsored ADR	175,800		15,646,200
TreeHouse Foods, Inc. (a)	100		3,210
Tyson Foods, Inc. Class A	51,200		813,568
Unilever NV (NY Shares)	340,600		9,022,494
			42,543,330
TOTAL FOOD PRODUCTS			48,155,312
HOUSEHOLD DURABLES - 0.3%
Housewares & Specialties - 0.3%
Fortune Brands, Inc.	10,000		809,000
HOUSEHOLD PRODUCTS - 18.4%
Household Products - 18.4%
Colgate-Palmolive Co.	186,800		12,151,340
Procter & Gamble Co.	739,597		46,439,297
			58,590,637
PERSONAL PRODUCTS - 3.5%
Personal Products - 3.5%
Avon Products, Inc.	243,700		7,954,368
Bare Escentuals, Inc.	26,205		783,267
Herbalife Ltd. (a)	41,100		1,601,256
Playtex Products, Inc. (a)	55,100		818,786
			11,157,677
TOBACCO - 13.4%
Tobacco - 13.4%
Altria Group, Inc.	342,700		28,858,767
British American Tobacco PLC sponsored ADR (d)	112,400		6,423,660
Japan Tobacco, Inc.	190		841,782
Loews Corp. - Carolina Group	103,000		6,424,110
			42,548,319
TOTAL COMMON STOCKS (Cost $281,419,243)		308,749,627
Money Market Funds - 5.6%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	7,967,328		$ 7,967,328
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	9,872,450		9,872,450
TOTAL MONEY MARKET FUNDS (Cost $17,839,778)		17,839,778

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $299,259,021)

326,589,405

NET OTHER ASSETS - (2.6)%		(8,163,464)
NET ASSETS - 100%		$ 318,425,941

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	$ 463,972
Fidelity Securities Lending Cash Central Fund	68,850
Total	$ 532,822

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $299,932,175. Net unrealized appreciation aggregated $26,657,230, of which $30,684,836 related to appreciated investment securities and $4,027,606 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Defense and Aerospace Portfolio

November 30, 2006

1.810679.102

DEF-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
AEROSPACE & DEFENSE - 81.2%
Aerospace & Defense - 81.2%
AAR Corp. (a)(d)	1,178,000		$ 31,323,020
Alliant Techsystems, Inc. (a)(d)	573,355		44,326,075
BE Aerospace, Inc. (a)	1,403,950		36,797,530
Ceradyne, Inc. (a)	95,900		5,065,438
DRS Technologies, Inc.	810,100		40,253,869
DynCorp International, Inc. Class A	255,000		3,340,500
EDO Corp. (d)	270,300		5,927,679
GenCorp, Inc. (non-vtg.) (a)(d)	181,300		2,503,753
General Dynamics Corp.	1,721,200		128,814,608
Goodrich Corp.	455,550		20,499,750
Hexcel Corp. (a)(d)	1,339,100		23,969,890
L-3 Communications Holdings, Inc.	372,100		30,605,225
Lockheed Martin Corp.	223,400		20,206,530
MTC Technologies, Inc. (a)	116,950		3,051,226
Orbital Sciences Corp. (a)	1,114,392		20,192,783
Precision Castparts Corp.	518,500		39,126,010
Raytheon Co.	1,992,652		101,704,958
Rockwell Collins, Inc.	1,193,100		71,979,723
Spirit AeroSystems Holdings, Inc. Class A	14,000		408,100
Stanley, Inc.	473,500		7,940,595
The Boeing Co. (d)	2,050,100		181,495,352
Triumph Group, Inc.	230,400		12,225,024
			831,757,638
COMMUNICATIONS EQUIPMENT - 4.6%
Communications Equipment - 4.6%
Alcatel SA sponsored ADR (d)	393,800		5,229,664
Ciena Corp. (a)	180,600		4,540,284
Harris Corp.	887,800		37,385,258
			47,155,206
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
CPI International, Inc.	4,700		65,847
L-1 Identity Solutions, Inc. (a)	165,900		2,780,484
			2,846,331
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
Harman International Industries, Inc.	9,600		996,864
INDUSTRIAL CONGLOMERATES - 0.4%
Industrial Conglomerates - 0.4%
General Electric Co.	117,700		4,152,456
IT SERVICES - 4.3%
IT Consulting & Other Services - 4.3%
CACI International, Inc. Class A (a)	205,600		12,303,104
ManTech International Corp. Class A (a)	159,500		5,786,660
NCI, Inc. Class A (a)(e)	537,862		7,255,758

	Shares		Value
SI International, Inc. (a)	6,300		$ 216,909
SRA International, Inc. Class A (a)	631,400		18,424,252
			43,986,683
METALS & MINING - 5.4%
Diversified Metals & Mining - 3.5%
Titanium Metals Corp.	927,100		29,639,387
Toho Titanium Co. Ltd. (d)	122,500		6,315,960
			35,955,347
Steel - 1.9%
Allegheny Technologies, Inc.	119,100		10,677,315
Carpenter Technology Corp.	81,800		8,737,058
			19,414,373
TOTAL METALS & MINING			55,369,720
SOFTWARE - 0.5%
Application Software - 0.5%
NAVTEQ Corp. (a)	151,000		5,401,270
TOTAL COMMON STOCKS (Cost $776,613,836)		991,666,168
Money Market Funds - 7.4%

Fidelity Cash Central Fund, 5.35% (b)	37,135,112		37,135,112
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	38,659,325		38,659,325
TOTAL MONEY MARKET FUNDS (Cost $75,794,437)		75,794,437

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $852,408,273)

1,067,460,605

NET OTHER ASSETS - (4.2)%		(42,637,473)
NET ASSETS - 100%		$ 1,024,823,132

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	$ 1,002,639
Fidelity Securities Lending Cash Central Fund	176,441
Total	$ 1,179,080

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
NCI, Inc. Class A	$ 2,213,442	$ 5,020,857	$ 450,544	$ -	$ 7,255,758

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $853,295,000. Net unrealized appreciation aggregated $214,165,605, of which $224,914,926 related to appreciated investment securities and $10,749,321 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Electronics Portfolio

November 30, 2006

1.810682.102

ELE-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CHEMICALS - 0.6%
Specialty Chemicals - 0.6%
Nitto Denko Corp.	100,000		$ 4,827,705
Tokuyama Corp.	700,000		9,370,412
			14,198,117
COMPUTERS & PERIPHERALS - 0.3%
Computer Storage & Peripherals - 0.3%
Phison Electronics Corp. (a)	1,000,000		7,173,778
ELECTRICAL EQUIPMENT - 1.8%
Electrical Components & Equipment - 1.8%
Evergreen Solar, Inc. (a)(d)	2,300,000		21,252,000
Q-Cells AG (d)	125,000		5,321,629
SolarWorld AG	100,000		6,104,562
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	200,025		5,986,748
			38,664,939
ELECTRONIC EQUIPMENT & INSTRUMENTS - 8.8%
Electronic Equipment & Instruments - 2.1%
AU Optronics Corp. sponsored ADR (d)	500,000		6,690,000
LG.Philips LCD Co. Ltd. sponsored ADR (a)(d)	750,000		11,662,500
Motech Industries, Inc.	1,525,526		22,948,930
Photon Dynamics, Inc. (a)	450,000		4,999,500
			46,300,930
Electronic Manufacturing Services - 1.1%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	3,500,000		25,487,013
Technology Distributors - 5.6%
Arrow Electronics, Inc. (a)(d)	2,767,200		87,886,272
Avnet, Inc. (a)	1,206,014		29,897,087
Wolfson Microelectronics PLC (a)	1,000,000		5,395,298
			123,178,657
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			194,966,600
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 86.4%
Semiconductor Equipment - 20.4%
Applied Materials, Inc. (d)	7,500,000		134,850,000
ASML Holding NV (NY Shares) (a)	500,000		12,450,000
Cohu, Inc.	450,000		8,896,500
Cymer, Inc. (a)	475,000		22,443,750
Entegris, Inc. (a)	1,000,000		10,660,000
FormFactor, Inc. (a)	471,300		17,607,768
KLA-Tencor Corp. (d)	2,200,000		113,674,000
Lam Research Corp. (a)(d)	1,250,000		65,750,000
MEMC Electronic Materials, Inc. (a)	800,000		31,840,000
MKS Instruments, Inc. (a)	200,000		4,162,000

	Shares		Value
Varian Semiconductor Equipment Associates, Inc. (a)	400,000		$ 15,892,000
Verigy Ltd.	650,000		11,596,000
			449,822,018
Semiconductors - 66.0%
Actel Corp. (a)	100,000		1,866,000
Advanced Analogic Technologies, Inc. (a)	500,000		2,770,000
Altera Corp. (a)(d)	2,050,000		40,774,500
Analog Devices, Inc.	3,000,000		97,560,000
ARM Holdings PLC sponsored ADR	8,000,000		56,800,000
Broadcom Corp. Class A (a)	1,750,000		57,452,500
Cree, Inc. (a)	500,100		9,896,979
CSR PLC (a)	1,600,000		20,881,472
Hittite Microwave Corp. (a)	250,000		9,767,500
Holtek Semiconductor, Inc.	5,003,000		9,467,644
Intel Corp. (d)	12,000,000		256,199,999
Intersil Corp. Class A	750,000		18,577,500
Linear Technology Corp.	2,000,000		64,280,000
Marvell Technology Group Ltd. (a)	4,750,000		98,040,000
Maxim Integrated Products, Inc.	4,000,000		125,920,000
National Semiconductor Corp. (d)	4,750,031		114,903,250
NVIDIA Corp. (a)	1,500,000		55,485,000
ON Semiconductor Corp. (a)	592,000		3,812,480
PMC-Sierra, Inc. (a)	750,000		5,707,500
Power Integrations, Inc. (a)	350,000		9,751,000
Powerchip Semiconductor Corp.	7,500,000		4,870,130
ProMOS Technologies, Inc. (a)	10,000,000		4,499,072
Saifun Semiconductors Ltd.	400,000		6,740,000
Samsung Electronics Co. Ltd.	30,000		20,595,042
Silicon On Insulator Technologies SA (SOITEC) (a)(d)	1,250,000		41,910,930
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	6,000,034		46,980,266
Spansion, Inc. Class A	500,000		7,305,000
Taiwan Semiconductor Manufacturing Co. Ltd.	12,000,000		24,304,267
Texas Instruments, Inc. (d)	6,000,000		177,300,000
Vimicro International Corp. sponsored ADR	1,000,000		10,900,000
Volterra Semiconductor Corp. (a)(d)	400,043		6,780,729
Xilinx, Inc.	1,650,000		44,220,000
			1,456,318,760
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,906,140,778
TOTAL COMMON STOCKS (Cost $2,224,508,730)		2,161,144,212

Convertible Bonds - 0.2%
	Principal Amount	Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc.:
4.375% 7/1/12 (e)	$ 2,980,000	$ 4,056,525
4.375% 7/1/12	520,000	707,850
		4,764,375

Money Market Funds - 11.3%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	75,503,970		75,503,970
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	173,692,243		173,692,243
TOTAL MONEY MARKET FUNDS (Cost $249,196,213)		249,196,213

TOTAL INVESTMENT PORTFOLIO - 109.4%

(Cost $2,477,405,569)

2,415,104,800

NET OTHER ASSETS - (9.4)%			(208,094,419)
NET ASSETS - 100%		$ 2,207,010,381

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 $4,056,525 or 0.2% 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	$ 1,775,339
Fidelity Securities Lending Cash Central Fund	1,420,270
Total	$ 3,195,609

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cohu, Inc.	$ 29,568,000	$ -	$ 17,122,052	$ 195,000	$ -

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $2,497,688,289. Net unrealized depreciation aggregated $82,583,489, of which $169,881,692 related to appreciated investment securities and $252,465,181 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Portfolio

November 30, 2006

1.810683.102

ENE-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	61,000		$ 1,767,780
Fluor Corp.	53,200		4,632,656
Jacobs Engineering Group, Inc. (a)	177,100		14,853,377
			21,253,813
ELECTRICAL EQUIPMENT - 1.2%
Heavy Electrical Equipment - 1.2%
Vestas Wind Systems AS (a)	758,400		29,267,679
ENERGY EQUIPMENT & SERVICES - 35.4%
Oil & Gas Drilling - 14.7%
Diamond Offshore Drilling, Inc.	799,000		62,018,380
GlobalSantaFe Corp.	1,268,200		76,092,000
Noble Corp.	1,664,300		128,567,175
Pride International, Inc. (a)	1,829,916		59,087,988
Transocean, Inc. (a)	456,900		35,615,355
			361,380,898
Oil & Gas Equipment & Services - 20.7%
Baker Hughes, Inc.	1,615,550		118,629,837
Halliburton Co.	1,915,664		64,634,503
Hydril Co. (a)	114,000		8,625,240
National Oilwell Varco, Inc. (a)	1,317,550		87,630,251
Oceaneering International, Inc. (a)	153,500		6,694,135
Schlumberger Ltd. (NY Shares) (d)	2,131,260		145,948,685
Smith International, Inc.	745,397		31,575,017
Superior Energy Services, Inc. (a)	672,400		21,900,068
W-H Energy Services, Inc. (a)	222,500		10,624,375
Weatherford International Ltd. (a)	242,900		10,908,639
			507,170,750
TOTAL ENERGY EQUIPMENT & SERVICES			868,551,648
MACHINERY - 1.3%
Construction & Farm Machinery & Heavy Trucks - 1.3%
Bucyrus International, Inc. Class A	316,500		13,514,550
Joy Global, Inc.	449,000		19,711,100
			33,225,650
OIL, GAS & CONSUMABLE FUELS - 60.2%
Coal & Consumable Fuels - 3.8%
Arch Coal, Inc.	708,900		25,449,510
CONSOL Energy, Inc.	977,200		35,873,012
Foundation Coal Holdings, Inc.	146,500		5,436,615
Peabody Energy Corp.	577,200		26,556,972
			93,316,109

	Shares		Value
Integrated Oil & Gas - 25.8%
Chevron Corp.	2,817,732		$ 203,778,379
ConocoPhillips	2,840,926		191,194,320
Exxon Mobil Corp.	2,437,410		187,217,462
Hess Corp.	356,000		17,896,120
Occidental Petroleum Corp.	645,300		32,484,402
			632,570,683
Oil & Gas Exploration & Production - 22.7%
Aurora Oil & Gas Corp. (a)	884,583		3,016,428
Cabot Oil & Gas Corp.	735,500		45,696,615
Chesapeake Energy Corp. (d)	2,256,100		76,775,083
Energy Partners Ltd. (a)	363,513		8,833,366
EOG Resources, Inc.	970,400		68,442,312
Houston Exploration Co. (a)	475,435		26,681,412
Mariner Energy, Inc. (a)	133,218		2,790,917
Newfield Exploration Co. (a)	167,600		8,341,452
Noble Energy, Inc.	46,800		2,503,800
Petrohawk Energy Corp. (a)	903,800		11,722,286
Plains Exploration & Production Co. (a)	1,025,305		48,271,359
Quicksilver Resources, Inc. (a)	638,800		27,027,628
Range Resources Corp.	2,254,500		70,092,405
Ultra Petroleum Corp. (a)	1,627,300		87,711,470
W&T Offshore, Inc.	143,100		4,959,846
XTO Energy, Inc.	1,274,800		64,504,880
			557,371,259
Oil & Gas Refining & Marketing - 7.9%
Petroplus Holdings AG (a)	30,070		1,754,731
Sunoco, Inc.	204,400		13,931,904
Valero Energy Corp.	3,246,932		178,808,545
			194,495,180
TOTAL OIL, GAS & CONSUMABLE FUELS			1,477,753,231
TOTAL COMMON STOCKS (Cost $1,858,134,732)		2,430,052,021
Money Market Funds - 0.9%

Fidelity Cash Central Fund, 5.35% (b)	16,578,828		16,578,828
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	6,029,125		6,029,125
TOTAL MONEY MARKET FUNDS (Cost $22,607,953)		22,607,953

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $1,880,742,685)

2,452,659,974

NET OTHER ASSETS - 0.1%			3,625,314
NET ASSETS - 100%		$ 2,456,285,288

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	$ 1,227,795
Fidelity Securities Lending Cash Central Fund	183,914
Total	$ 1,411,709

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,899,985,590. Net unrealized appreciation aggregated $552,674,384, of which $568,464,511 related to appreciated investment securities and $15,790,127 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Energy Service Portfolio

November 30, 2006

1.810703.102

ENS-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
ELECTRICAL EQUIPMENT - 0.7%
Heavy Electrical Equipment - 0.7%
Vestas Wind Systems AS (a)	289,800		$ 11,183,773
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
Electronic Equipment & Instruments - 0.6%
Sunpower Corp. Class A (d)	221,100		8,251,452
ENERGY EQUIPMENT & SERVICES - 96.2%
Oil & Gas Drilling - 24.3%
Atwood Oceanics, Inc. (a)	138,600		6,870,402
Diamond Offshore Drilling, Inc. (d)	569,700		44,220,114
ENSCO International, Inc.	464,300		24,078,598
GlobalSantaFe Corp.	1,210,310		72,618,600
Grey Wolf, Inc. (a)	1,200		8,496
Helmerich & Payne, Inc.	7,100		188,647
Hercules Offshore, Inc. (a)	275,000		9,369,250
Noble Corp.	1,019,550		78,760,238
Patterson-UTI Energy, Inc.	1,300		36,023
Pride International, Inc. (a)(d)	1,733,286		55,967,805
Rowan Companies, Inc.	4,300		154,886
TODCO Class A (a)	3,200		128,032
Transocean, Inc. (a)	913,527		71,209,430
			363,610,521
Oil & Gas Equipment & Services - 71.9%
Acergy SA (a)	204,900		4,036,530
Baker Hughes, Inc.	1,326,536		97,407,538
Basic Energy Services, Inc. (a)	281,200		7,105,924
Cameron International Corp. (a)	1,036,800		56,318,976
Dresser-Rand Group, Inc. (a)	288,600		6,987,006
Dril-Quip, Inc. (a)	500,200		21,173,466
FMC Technologies, Inc. (a)	264,200		15,854,642
Global Industries Ltd. (a)	388,200		5,543,496
Grant Prideco, Inc. (a)	658,305		28,846,925
Halliburton Co. (d)	3,679,134		124,133,981
Hanover Compressor Co. (a)	395,700		7,815,075
Hornbeck Offshore Services, Inc. (a)	90,800		3,426,792
Hydril Co. (a)	107,200		8,110,752
National Oilwell Varco, Inc. (a)	1,551,931		103,218,931
Oceaneering International, Inc. (a)	993,100		43,309,091
Oil States International, Inc. (a)	586,100		20,402,141
Schlumberger Ltd. (NY Shares) (d)	4,877,546		334,014,350
Smith International, Inc.	1,037,156		43,933,928
Superior Energy Services, Inc. (a)	348,300		11,344,131
TETRA Technologies, Inc. (a)	357,700		9,242,968

	Shares		Value
Tidewater, Inc.	5,700		$ 315,381
Universal Compression Holdings, Inc. (a)	154,900		9,750,955
W-H Energy Services, Inc. (a)	808,300		38,596,325
Weatherford International Ltd. (a)	1,593,610		71,569,025
			1,072,458,329
TOTAL ENERGY EQUIPMENT & SERVICES			1,436,068,850
INDUSTRIAL CONGLOMERATES - 1.2%
Industrial Conglomerates - 1.2%
McDermott International, Inc. (a)	336,650		17,532,732
OIL, GAS & CONSUMABLE FUELS - 0.6%
Oil & Gas Exploration & Production - 0.6%
Plains Exploration & Production Co. (a)	103,800		4,886,904
Quicksilver Resources, Inc. (a)	80,062		3,387,423
			8,274,327
TOTAL COMMON STOCKS (Cost $980,108,069)		1,481,311,134
Money Market Funds - 6.8%

Fidelity Cash Central Fund, 5.35% (b)	9,771,081		9,771,081
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	92,578,500		92,578,500
TOTAL MONEY MARKET FUNDS (Cost $102,349,581)		102,349,581

TOTAL INVESTMENT PORTFOLIO - 106.1%

(Cost $1,082,457,650)

1,583,660,715

NET OTHER ASSETS - (6.1)%			(91,666,614)
NET ASSETS - 100%		$ 1,491,994,101

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	$ 612,503
Fidelity Securities Lending Cash Central Fund	168,931
Total	$ 781,434

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,089,275,509. Net unrealized appreciation aggregated $494,385,206, of which $498,520,702 related to appreciated investment securities and $4,135,496 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Environmental Portfolio

November 30, 2006

1.810704.102

ENV-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.1%
	Shares		Value
AUTO COMPONENTS - 1.9%
Auto Parts & Equipment - 1.9%
Ballard Power Systems, Inc. (a)(d)	147,600		$ 1,067,149
CHEMICALS - 8.2%
Commodity Chemicals - 0.6%
Calgon Carbon Corp. (a)(d)	51,400		300,690
Specialty Chemicals - 7.6%
Ecolab, Inc.	94,700		4,199,944
TOTAL CHEMICALS			4,500,634
COMMERCIAL SERVICES & SUPPLIES - 34.2%
Diversified Commercial & Professional Services - 1.4%
Tetra Tech, Inc. (a)	46,000		802,700
Environmental & Facility Services - 32.8%
Allied Waste Industries, Inc.	223,000		2,827,640
Bennett Environmental, Inc. (a)	45,900		28,134
Casella Waste Systems, Inc. Class A (a)	19,600		213,836
Clean Harbors, Inc.	44,500		1,901,485
Covanta Holding Corp. (a)	80,000		1,766,400
Republic Services, Inc.	72,400		3,003,152
Stericycle, Inc. (a)(d)	37,700		2,730,234
Waste Connections, Inc. (a)	54,300		2,191,005
Waste Management, Inc.	91,893		3,364,203
			18,026,089
TOTAL COMMERCIAL SERVICES & SUPPLIES			18,828,789
CONSTRUCTION & ENGINEERING - 1.6%
Construction & Engineering - 1.6%
Insituform Technologies, Inc. Class A (a)	34,700		892,484
ELECTRICAL EQUIPMENT - 1.4%
Electrical Components & Equipment - 0.7%
FuelCell Energy, Inc. (d)	40,400		263,408
Hydrogenics Corp. (a)	64,100		95,509
			358,917
Heavy Electrical Equipment - 0.7%
Capstone Turbine Corp. (a)(d)	99,600		135,456
Plug Power, Inc. (a)	67,900		275,674
			411,130
TOTAL ELECTRICAL EQUIPMENT			770,047

	Shares		Value
ENERGY EQUIPMENT & SERVICES - 0.7%
Oil & Gas Equipment & Services - 0.7%
Newpark Resources, Inc. (a)	66,400		$ 408,360
FOOD & STAPLES RETAILING - 7.9%
Food Distributors - 2.0%
United Natural Foods, Inc. (a)	31,800		1,126,992
Food Retail - 5.9%
Whole Foods Market, Inc.	53,500		2,610,800
Wild Oats Markets, Inc. (a)(d)	40,800		617,712
			3,228,512
TOTAL FOOD & STAPLES RETAILING			4,355,504
FOOD PRODUCTS - 3.8%
Packaged Foods & Meats - 3.8%
Green Mountain Coffee Roasters, Inc. (a)	10,500		516,600
Hain Celestial Group, Inc. (a)	28,600		859,144
SunOpta, Inc. (a)	73,000		716,131
			2,091,875
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.0%
Independent Power Producers & Energy Traders - 5.0%
Nevada Geothermal Power, Inc. (e)	1,300,000		865,111
Nevada Geothermal Power, Inc. warrants 4/4/08 (a)	1,300,000		91,673
Ormat Technologies, Inc.	48,000		1,768,320
			2,725,104
LIFE SCIENCES TOOLS & SERVICES - 5.8%
Life Sciences Tools & Services - 5.8%
Millipore Corp. (a)	46,700		3,194,747
MACHINERY - 14.1%
Construction & Farm Machinery & Heavy Trucks - 1.1%
Lindsay Manufacturing Co.	17,400		599,430
Industrial Machinery - 13.0%
CLARCOR, Inc.	39,100		1,290,691
Donaldson Co., Inc.	63,600		2,226,636
Kadant, Inc. (a)	24,200		572,088
Pentair, Inc.	96,300		3,068,118
			7,157,533
TOTAL MACHINERY			7,756,963
MULTI-UTILITIES - 5.6%
Multi-Utilities - 5.6%
Veolia Environnement sponsored ADR	46,000		3,057,620
OIL, GAS & CONSUMABLE FUELS - 0.9%
Coal & Consumable Fuels - 0.9%
Cameco Corp.	12,600		477,279
TOTAL COMMON STOCKS (Cost $46,761,139)		50,126,555
Money Market Funds - 8.7%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c) (Cost $4,759,300)	4,759,300	$ 4,759,300

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $51,520,439)

54,885,855

NET OTHER ASSETS - 0.2%			106,452
NET ASSETS - 100%		$ 54,992,307

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 $ 865,111 or 1.6% 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	$ 137,838
Fidelity Securities Lending Cash Central Fund	110,592
Total	$ 248,430

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $51,811,171. Net unrealized appreciation aggregated $3,074,684, of which $5,869,164 related to appreciated investment securities and $2,794,480 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Financial Services Portfolio

November 30, 2006

1.810693.102

FIN-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CAPITAL MARKETS - 16.9%
Asset Management & Custody Banks - 4.4%
Affiliated Managers Group, Inc.	26,200		$ 2,675,282
American Capital Strategies Ltd.	66,900		3,029,232
Franklin Resources, Inc.	50,400		5,379,696
Investors Financial Services Corp.	99,200		3,945,184
Legg Mason, Inc.	21,100		2,012,096
State Street Corp.	120,500		7,486,665
			24,528,155
Diversified Capital Markets - 1.1%
UBS AG (NY Shares)	96,300		5,799,186
Investment Banking & Brokerage - 11.4%
Charles Schwab Corp.	248,400		4,555,656
E*TRADE Financial Corp.	312,600		7,524,282
KKR Private Equity Investors, LP	31,700		703,740
KKR Private Equity Investors, LP Restricted Depository Units (e)	47,000		1,043,400
Lazard Ltd. Class A	105,100		4,773,642
Merrill Lynch & Co., Inc.	227,700		19,907,811
Morgan Stanley	232,400		17,699,584
Nomura Holdings, Inc.	249,500		4,356,270
optionsXpress Holdings, Inc.	78,300		2,257,389
			62,821,774
TOTAL CAPITAL MARKETS			93,149,115
COMMERCIAL BANKS - 18.8%
Diversified Banks - 15.3%
Banco Bilbao Vizcaya Argentaria SA	240,100		5,798,415
HSBC Holdings PLC sponsored ADR (d)	86,200		8,016,600
ICICI Bank Ltd. sponsored ADR	66,400		2,583,624
Kookmin Bank sponsored ADR	41,600		3,255,200
Mizrahi Tefahot Bank Ltd.	115,300		841,709
U.S. Bancorp, Delaware	269,500		9,065,980
Unicredito Italiano Spa	919,100		7,932,877
Wachovia Corp.	418,968		22,703,876
Wells Fargo & Co.	683,300		24,079,492
			84,277,773
Regional Banks - 3.5%
Cathay General Bancorp	77,127		2,650,084
Center Financial Corp., California	72,800		1,632,904
Colonial Bancgroup, Inc.	114,200		2,786,480
Nara Bancorp, Inc.	46,141		935,739
PNC Financial Services Group, Inc.	95,800		6,772,102
SVB Financial Group (a)	62,500		2,967,500
Wintrust Financial Corp.	4,033		192,051
Zions Bancorp	21,000		1,643,040
			19,579,900
TOTAL COMMERCIAL BANKS			103,857,673

	Shares		Value
CONSUMER FINANCE - 4.8%
Consumer Finance - 4.8%
American Express Co.	214,300		$ 12,583,696
Capital One Financial Corp.	73,000		5,685,240
Dollar Financial Corp. (a)	131,779		3,855,854
SLM Corp.	96,500		4,423,560
			26,548,350
DIVERSIFIED FINANCIAL SERVICES - 13.5%
Other Diversifed Financial Services - 12.3%
Bank of America Corp. (d)	507,431		27,325,159
Citigroup, Inc.	277,934		13,782,747
JPMorgan Chase & Co.	579,145		26,802,831
			67,910,737
Specialized Finance - 1.2%
CBOT Holdings, Inc. Class A (a)	12,100		1,923,174
The NASDAQ Stock Market, Inc. (a)	117,700		4,725,655
			6,648,829
TOTAL DIVERSIFIED FINANCIAL SERVICES			74,559,566
HOUSEHOLD DURABLES - 0.6%
Homebuilding - 0.6%
D.R. Horton, Inc.	127,285		3,390,872
INSURANCE - 31.4%
Insurance Brokers - 0.5%
National Financial Partners Corp.	68,500		3,104,420
Life & Health Insurance - 3.3%
AFLAC, Inc.	131,900		5,822,066
MetLife, Inc. (d)	208,600		12,251,078
			18,073,144
Multi-Line Insurance - 11.2%
American International Group, Inc.	749,051		52,673,267
Hartford Financial Services Group, Inc.	106,700		9,150,592
			61,823,859
Property & Casualty Insurance - 9.1%
ACE Ltd.	280,000		15,915,200
Allied World Assurance Co. Holdings Ltd.	33,800		1,434,810
Aspen Insurance Holdings Ltd.	271,500		7,316,925
Axis Capital Holdings Ltd.	63,600		2,177,028
MBIA, Inc.	71,600		4,986,940
Old Republic International Corp.	143,400		3,233,670
The St. Paul Travelers Companies, Inc.	252,600		13,087,206
XL Capital Ltd. Class A	31,300		2,226,056
			50,377,835
Reinsurance - 7.3%
Endurance Specialty Holdings Ltd.	468,270		17,574,173
Everest Re Group Ltd.	16,500		1,623,765
IPC Holdings Ltd.	87,745		2,737,644
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Reinsurance - continued
Max Re Capital Ltd.	163,399		$ 3,921,576
Montpelier Re Holdings Ltd.	38,500		733,040
PartnerRe Ltd.	19,700		1,373,484
Platinum Underwriters Holdings Ltd.	401,288		12,211,194
			40,174,876
TOTAL INSURANCE			173,554,134
REAL ESTATE INVESTMENT TRUSTS - 7.5%
Mortgage REITs - 0.3%
Annaly Capital Management, Inc.	116,500		1,628,670
Residential REITs - 3.2%
Equity Lifestyle Properties, Inc.	60,800		3,159,776
Equity Residential (SBI)	210,500		11,211,230
United Dominion Realty Trust, Inc. (SBI)	90,000		3,022,200
			17,393,206
Retail REITs - 4.0%
CBL & Associates Properties, Inc.	30,360		1,308,516
Developers Diversified Realty Corp.	118,500		7,676,430
General Growth Properties, Inc.	172,900		9,499,126
Simon Property Group, Inc.	36,300		3,701,874
			22,185,946
TOTAL REAL ESTATE INVESTMENT TRUSTS			41,207,822
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%
Real Estate Management & Development - 0.9%
Mitsubishi Estate Co. Ltd.	213,000		5,261,076
THRIFTS & MORTGAGE FINANCE - 5.4%
Thrifts & Mortgage Finance - 5.4%
Countrywide Financial Corp.	188,038		7,468,869
Fannie Mae	228,300		13,019,949

	Shares		Value
Hudson City Bancorp, Inc.	290,511		$ 3,855,081
Washington Mutual, Inc.	131,200		5,730,816
			30,074,715
TOTAL COMMON STOCKS (Cost $411,907,262)		551,603,323
Money Market Funds - 6.9%

Fidelity Cash Central Fund, 5.35% (b)	2,378,826		2,378,826
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	35,746,975		35,746,975
TOTAL MONEY MARKET FUNDS (Cost $38,125,801)		38,125,801

TOTAL INVESTMENT PORTFOLIO - 106.7%

(Cost $450,033,063)

589,729,124

NET OTHER ASSETS - (6.7)%			(37,097,840)
NET ASSETS - 100%		$ 552,631,284

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	$ 130,261
Fidelity Securities Lending Cash Central Fund	47,693
Total	$ 177,954

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $451,049,796. Net unrealized appreciation aggregated $138,679,328, of which $141,310,646 related to appreciated investment securities and $2,631,318 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Gold Portfolio

November 30, 2006

1.810695.102

GOL-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.3%
	Shares		Value
Australia - 9.5%
METALS & MINING - 9.5%
Gold - 9.2%
Bendigo Mining Ltd. (a)	2,000,000		$ 1,301,767
Newcrest Mining Ltd.	6,999,971		142,980,816
			144,282,583
Precious Metals & Minerals - 0.3%
Central Asia Gold Ltd. (a)(e)	12,025,834		5,075,963
TOTAL METALS & MINING			149,358,546
Bermuda - 0.6%
METALS & MINING - 0.6%
Precious Metals & Minerals - 0.6%
Aquarius Platinum Ltd. (Australia)	399,877		8,770,426
Canada - 53.0%
METALS & MINING - 53.0%
Gold - 45.9%
Agnico-Eagle Mines Ltd.	200,000		8,824,482
Arizona Star Resource Corp. (a)(e)	3,800,000		49,843,702
Barrick Gold Corp. (d)	4,200,000		131,510,879
Bema Gold Corp. (a)	12,500,000		67,969,879
Bema Gold Corp. warrants 9/7/11 (a)	600,000		940,414
Coral Gold Resources Ltd. (a)(e)	672,200		2,060,067
Crystallex International Corp. (a)(e)	13,000,000		48,719,408
Eldorado Gold Corp. (a)	1,000,000		5,691,520
Goldcorp, Inc.	3,000,000		93,805,000
High River Gold Mines Ltd.	1,500,000		3,176,203
High River Gold Mines Ltd. warrants 1/27/08 (a)	332,500		162,399
IAMGOLD Corp.	10,000,000		96,142,901
Kinross Gold Corp. (a)	2,000,000		25,112,736
Meridian Gold, Inc. (a)(e)	5,160,000		159,582,506
Novagold Resources, Inc. (a)	250,000		4,023,467
Orezone Resources, Inc. Class A (a)(e)	10,000,000		15,148,198
Tone Resources Ltd. (a)(e)	1,908,400		2,255,891
White Knight Resources Ltd. (a)(e)	3,955,300		6,060,834
			721,030,486
Precious Metals & Minerals - 7.1%
Aber Diamond Corp.	799,990		29,406,401
Minefinders Corp. Ltd. (a)(e)	4,000,000		33,973,994
Nevada Pacific Gold Ltd. (a)	2,699,900		2,695,054
Pan American Silver Corp. (a)(d)	500,000		12,970,001
Shore Gold, Inc. (a)	6,000,000		32,940,764
SouthernEra Diamonds, Inc. Class A (a)	2,389,500		690,456
			112,676,670
TOTAL METALS & MINING			830,898,713

	Shares		Value
Cayman Islands - 0.0%
METALS & MINING - 0.0%
Precious Metals & Minerals - 0.0%
Apex Silver Mines Ltd. (a)(d)	1,100		$ 19,272
Papua New Guinea - 3.8%
METALS & MINING - 3.8%
Gold - 3.8%
Lihir Gold Ltd. (a)	25,000,020		59,960,248
Peru - 2.4%
METALS & MINING - 2.4%
Precious Metals & Minerals - 2.4%
Compania de Minas Buenaventura SA	400,000		11,315,405
Compania de Minas Buenaventura SA sponsored ADR (d)	900,000		25,686,000
			37,001,405
Russia - 0.5%
METALS & MINING - 0.5%
Gold - 0.5%
Polyus Gold OJSC sponsored ADR (a)	150,000		7,537,500
South Africa - 5.9%
METALS & MINING - 5.9%
Gold - 5.9%
Anglogold Ashanti Ltd. sponsored ADR (d)	600,000		28,932,000
Gold Fields Ltd. sponsored ADR	2,300,000		43,999,000
Harmony Gold Mining Co. Ltd. (a)	1,011,990		17,163,350
Western Areas Ltd.	500,000		3,193,049
			93,287,399
United Kingdom - 2.8%
METALS & MINING - 2.8%
Diversified Metals & Mining - 0.6%
African Platinum PLC (a)(d)	17,000,000		10,024,050
Gold - 2.2%
Randgold Resources Ltd. sponsored ADR (a)	1,500,000		34,410,000
TOTAL METALS & MINING			44,434,050
United States of America - 9.8%
METALS & MINING - 9.8%
Gold - 9.8%
Newmont Mining Corp.	2,800,000		131,348,000
Royal Gold, Inc. (d)	572,583		18,242,494
Gold - continued
US Gold Corp. (a)	728,400		3,532,740
US Gold Corp. warrants 2/22/11 (a)(f)	364,200		647,154
			153,770,388
TOTAL COMMON STOCKS (Cost $1,055,116,645)		1,387,846,390
Money Market Funds - 23.7%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	200,168,146		$ 200,168,146
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	172,688,122		172,688,122
TOTAL MONEY MARKET FUNDS (Cost $372,856,268)		372,856,268

TOTAL INVESTMENT PORTFOLIO - 112.0%

(Cost $1,427,972,913)

1,760,702,658

NET OTHER ASSETS - (12.0)%			(189,282,536)
NET ASSETS - 100%		$ 1,571,420,122

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $647,154 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. warrants 2/22/11	2/8/06	$ 179,112

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	$ 5,521,402
Fidelity Securities Lending Cash Central Fund	484,773
Total	$ 6,006,175

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aber Diamond Corp.	$ 101,949,189	$ 42,793,742	$ 99,101,298	$ 2,041,450	$ -
Arizona Star Resource Corp.	15,418,356	22,659,170	-	-	49,843,702
Bolivar Gold Corp.	31,025,393	-	31,022,986	-	-
Cambior, Inc.	65,449,104	18,819,726	30,024,720	-	-
Central Asia Gold Ltd.	-	4,104,140	-	-	5,075,963
Coral Gold Resources Ltd.	-	2,147,230	-	-	2,060,067
Crystallex International Corp.	42,908,067	2,972,762	12,308,293	-	48,719,408
Meridian Gold, Inc.	126,303,743	31,759,576	29,346,935	-	159,582,506
Minefinders Corp. Ltd.	29,636,932	4,727,146	2,399,775	-	33,973,994
Orezone Resources, Inc. Class A	14,417,110	5,744,298	-	-	15,148,198
Tone Resources Ltd.	-	2,726,660	-	-	2,255,891
White Knight Resources Ltd.	-	7,289,086	-	-	6,060,834
Total	$ 427,107,894	$ 145,743,536	$ 204,204,007	$ 2,041,450	$ 322,720,563

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,457,219,545. Net unrealized appreciation aggregated $303,483,113, of which $316,923,623 related to appreciated investment securities and $13,440,510 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Health Care Portfolio

November 30, 2006

1.810696.102

HEA-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
BIOTECHNOLOGY - 11.6%
Biotechnology - 11.6%
Acadia Pharmaceuticals, Inc. (a)	100,000		$ 936,000
Actelion Ltd. (Reg.) (a)	17,000		3,030,700
Alexion Pharmaceuticals, Inc. (a)	9,064		392,290
Alnylam Pharmaceuticals, Inc. (a)	276,300		5,932,161
Amgen, Inc. (a)(d)	817,704		58,056,984
Amylin Pharmaceuticals, Inc. (a)	187,900		7,516,000
BioCryst Pharmaceuticals, Inc. (a)(d)	170,000		1,943,100
Biogen Idec, Inc. (a)	101,700		5,314,842
BioMarin Pharmaceutical, Inc. (a)	257,600		4,407,536
Celgene Corp. (a)	508,000		28,310,840
deCODE genetics, Inc. (a)	420,000		1,818,600
Genentech, Inc. (a)	141,300		11,551,275
Genzyme Corp. (a)	208,000		13,395,200
Gilead Sciences, Inc. (a)	468,300		30,870,336
GTx, Inc. (a)	95,000		1,464,900
Isis Pharmaceuticals, Inc. (a)	207,700		2,120,617
MannKind Corp. (a)	20,300		332,920
Martek Biosciences (a)	2,229		54,611
MedImmune, Inc. (a)	215,770		7,053,521
Memory Pharmaceuticals Corp. (a)	180,412		451,030
Nuvelo, Inc. (a)	120,800		2,320,568
Omrix Biopharmaceuticals, Inc. (d)	60,000		1,774,800
ONYX Pharmaceuticals, Inc. (a)	111,500		1,951,250
OSI Pharmaceuticals, Inc. (a)(d)	930,264		34,122,084
PDL BioPharma, Inc. (a)	229,200		5,205,132
Solexa, Inc. (a)	105,685		1,295,698
Telik, Inc. (a)	174,700		2,971,647
Tercica, Inc. (a)	305,700		1,504,044
Theravance, Inc. (a)	92,900		2,906,841
Transition Therapeutics, Inc. (a)	785,500		949,162
Vertex Pharmaceuticals, Inc. (a)	144,900		6,419,070
			246,373,759
CHEMICALS - 3.6%
Diversified Chemicals - 0.6%
Bayer AG sponsored ADR	228,400		11,796,860
Fertilizers & Agricultural Chemicals - 3.0%
Agrium, Inc.	319,000		9,793,039
Monsanto Co.	492,600		23,679,282
Mosaic Co. (a)	175,000		3,727,500
Potash Corp. of Saskatchewan, Inc.	43,400		6,108,116
Syngenta AG:
sponsored ADR	458,000		16,126,180
(Switzerland)	20,000		3,521,000
			62,955,117
Specialty Chemicals - 0.0%
Sigma Aldrich Corp.	15,000		1,141,650
TOTAL CHEMICALS			75,893,627

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Diversified Commercial & Professional Services - 0.2%
FTI Consulting, Inc. (a)	155,000		$ 4,166,400
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Service Corp. International	178,700		1,763,769
Weight Watchers International, Inc.	104,800		5,128,912
			6,892,681
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Equipment & Instruments - 0.1%
Agilent Technologies, Inc. (a)	65,000		2,069,600
FOOD PRODUCTS - 0.6%
Packaged Foods & Meats - 0.6%
Groupe Danone	43,700		6,724,208
Groupe Danone sponsored ADR	40,000		1,306,000
Koninklijke Numico NV	100,000		5,155,111
			13,185,319
HEALTH CARE EQUIPMENT & SUPPLIES - 9.1%
Health Care Equipment - 7.1%
Advanced Medical Optics, Inc. (a)	82,500		2,888,325
ArthroCare Corp. (a)	74,000		3,083,580
Aspect Medical Systems, Inc. (a)	243,000		4,607,280
Baxter International, Inc.	1,050,100		46,981,474
Becton, Dickinson & Co.	252,000		18,073,440
BioLase Technology, Inc. (a)	107,900		930,098
C.R. Bard, Inc.	338,700		27,871,623
Hospira, Inc. (a)	169,340		5,554,352
Imaging Dynamics Co. Ltd. (a)	412,200		815,702
Intuitive Surgical, Inc. (a)	37,300		3,790,426
Medtronic, Inc. (d)	79,260		4,131,824
Mentor Corp.	47,300		2,362,635
Mindray Medical International Ltd. Sponsored ADR	128,500		3,084,000
Respironics, Inc. (a)	86,600		3,122,796
Sirona Dental Systems, Inc.	101,300		3,744,048
St. Jude Medical, Inc. (a)	421,400		15,705,578
Thermogenesis Corp. (a)	240,000		1,152,000
Varian Medical Systems, Inc. (a)	50,100		2,465,922
			150,365,103
Health Care Supplies - 2.0%
Alcon, Inc.	59,700		6,544,314
Cooper Companies, Inc.	57,800		3,119,466
DJO, Inc. (a)	129,000		5,485,080
Gen-Probe, Inc. (a)	59,400		2,895,156
Immucor, Inc. (a)	142,000		3,819,800
Inverness Medical Innovations, Inc. (a)	270,065		10,535,236
Inverness Medical Innovations, Inc. (a)(e)	42,205		1,646,417
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Supplies - continued
PolyMedica Corp. (d)	234,300		$ 9,271,251
			43,316,720
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			193,681,823
HEALTH CARE PROVIDERS & SERVICES - 26.2%
Health Care Distributors & Services - 5.3%
Cardinal Health, Inc.	663,700		42,888,294
Henry Schein, Inc. (a)	104,000		5,359,120
McKesson Corp.	837,200		41,357,680
MWI Veterinary Supply, Inc. (a)	242,500		8,325,025
Patterson Companies, Inc. (a)	100,900		3,744,399
Profarma Distribuidora de Produtos Farmaceuticos SA	800,000		10,202,309
			111,876,827
Health Care Facilities - 4.7%
Acibadem Saglik Hizmetleri AS	425,340		4,681,300
Apollo Hospitals Enterprise Ltd.	231,375		2,332,685
Brookdale Senior Living, Inc.	906,500		41,381,725
Bumrungrad Hospital PCL (For. Reg.)	5,478,400		5,570,737
Capital Senior Living Corp. (a)	493,100		5,059,206
Community Health Systems, Inc. (a)	603,800		21,133,000
Emeritus Corp. (a)	108,000		2,521,800
Five Star Quality Care, Inc. (a)(d)	195,000		1,983,150
Manor Care, Inc.	100,200		4,761,504
Sun Healthcare Group, Inc. (a)	306,500		3,092,585
U.S. Physical Therapy, Inc. (a)	63,404		743,095
United Surgical Partners International, Inc. (a)	135,300		3,443,385
VCA Antech, Inc. (a)	136,400		4,397,536
			101,101,708
Health Care Services - 6.9%
Caremark Rx, Inc.	722,700		34,183,710
Cross Country Healthcare, Inc. (a)	31,600		627,260
DaVita, Inc. (a)	127,500		6,784,275
Diagnosticos da America SA (a)	1,083,500		22,916,150
Emergency Medical Services Corp. Class A	151,800		2,679,270
Express Scripts, Inc. (a)	312,400		21,305,680
HAPC, Inc. unit	627,500		3,739,900
Health Grades, Inc. (a)	1,206,806		5,768,533
HMS Holdings Corp. (a)	206,900		2,865,565
Medco Health Solutions, Inc. (a)	515,100		25,863,171
Nighthawk Radiology Holdings, Inc.	252,834		5,494,083
Omnicare, Inc.	262,500		10,418,625
Rural/Metro Corp. (a)	394,049		3,380,940
			146,027,162
Managed Health Care - 9.3%
Aetna, Inc.	95,400		3,940,974

	Shares		Value
Coventry Health Care, Inc. (a)	189,300		$ 9,111,009
Health Net, Inc. (a)	275,600		12,716,184
Healthspring, Inc.	29,500		569,645
Humana, Inc. (a)	191,900		10,381,790
Magellan Health Services, Inc. (a)	37,200		1,636,056
Sierra Health Services, Inc. (a)	527,800		18,499,390
UnitedHealth Group, Inc.	2,169,420		106,475,134
WellPoint, Inc. (a)	454,200		34,369,314
			197,699,496
TOTAL HEALTH CARE PROVIDERS & SERVICES			556,705,193
HEALTH CARE TECHNOLOGY - 1.4%
Health Care Technology - 1.4%
Cerner Corp. (a)	150,500		7,234,535
Eclipsys Corp. (a)	253,000		5,356,010
Emdeon Corp. (a)	938,430		11,120,396
Systems Xcellence, Inc. (a)	17,875		324,146
Vital Images, Inc. (a)	12,390		399,825
WebMD Health Corp. Class A (a)(d)	120,989		4,419,728
			28,854,640
HOTELS, RESTAURANTS & LEISURE - 0.3%
Leisure Facilities - 0.3%
Life Time Fitness, Inc. (a)	115,000		5,670,650
INDUSTRIAL CONGLOMERATES - 0.8%
Industrial Conglomerates - 0.8%
Tyco International Ltd.	535,500		16,220,295
INSURANCE - 0.3%
Insurance Brokers - 0.0%
eHealth, Inc.	1,900		42,579
Life & Health Insurance - 0.3%
Prudential Financial, Inc.	65,100		5,304,348
Universal American Financial Corp. (a)	90,753		1,701,619
			7,005,967
TOTAL INSURANCE			7,048,546
LIFE SCIENCES TOOLS & SERVICES - 1.9%
Life Sciences Tools & Services - 1.9%
Applera Corp. - Applied Biosystems Group	94,300		3,436,292
Charles River Laboratories International, Inc. (a)	65,400		2,730,450
Covance, Inc. (a)	147,600		8,836,812
Exelixis, Inc. (a)	350,400		3,020,448
Illumina, Inc. (a)	25,800		994,074
Millipore Corp. (a)	75,330		5,153,325
Pharmaceutical Product Development, Inc.	109,800		3,468,582
QIAGEN NV (a)	28,800		420,192
Sequenom, Inc. (a)	50,000		266,500
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - CONTINUED
Life Sciences Tools & Services - continued
Thermo Fisher Scientific, Inc. (a)	217,400		$ 9,528,642
Ventana Medical Systems, Inc. (a)	58,200		2,449,638
			40,304,955
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Watts Water Technologies, Inc. Class A	35,200		1,465,376
PERSONAL PRODUCTS - 0.8%
Personal Products - 0.8%
Chattem, Inc. (a)	45,000		2,193,300
Hengan International Group Co. Ltd.	650,000		1,557,587
Herbalife Ltd. (a)	340,700		13,273,672
			17,024,559
PHARMACEUTICALS - 41.4%
Pharmaceuticals - 41.4%
Abbott Laboratories	195,600		9,126,696
Adams Respiratory Therapeutics, Inc. (a)	210,305		8,279,708
Allergan, Inc.	570,200		66,473,916
Atherogenics, Inc. (a)(d)	98,981		1,221,426
Barr Pharmaceuticals, Inc. (a)	259,800		13,270,584
Bristol-Myers Squibb Co.	875,600		21,741,148
Endo Pharmaceuticals Holdings, Inc. (a)	121,400		3,291,154
Forest Laboratories, Inc. (a)	87,500		4,261,250
Johnson & Johnson	2,923,084		192,660,466
Merck & Co., Inc.	3,074,300		136,837,093
MGI Pharma, Inc. (a)	180,800		3,429,776
Nastech Pharmaceutical Co., Inc. (a)	58,500		1,090,440
New River Pharmaceuticals, Inc. (a)	241,200		11,838,096
Novartis AG sponsored ADR	123,200		7,196,112
Pfizer, Inc.	8,824,810		242,594,024
Roche Holding AG (participation certificate)	160,325		28,956,672
Schering-Plough Corp.	576,300		12,684,363
Sepracor, Inc. (a)	69,800		3,895,538
Shire PLC sponsored ADR	181,000		10,968,600
Teva Pharmaceutical Industries Ltd. sponsored ADR (d)	858,000		27,507,480
Valeant Pharmaceuticals International	118,200		1,984,578
Wyeth	1,427,770		68,932,736
Xenoport, Inc. (a)	42,000		1,126,440
			879,368,296
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductor Equipment - 0.0%
Verigy Ltd.	7,958		141,971

	Shares		Value
SOFTWARE - 0.0%
Systems Software - 0.0%
Quality Systems, Inc.	20,800		$ 794,768
TOTAL COMMON STOCKS (Cost $1,697,348,264)		2,095,862,458
Nonconvertible Preferred Stocks - 0.0%

LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(e) (Cost $601,052)	111,000		1
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.35% (b)	8,258,496		8,258,496
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	48,245,558		48,245,558
TOTAL MONEY MARKET FUNDS (Cost $56,504,054)		56,504,054
Cash Equivalents - 0.1%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.3%, dated 11/30/06 due 12/1/06 (Collateralized by U.S. Treasury Obligations) # (Cost $2,198,000)	$ 2,198,324		2,198,000

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $1,756,651,370)

2,154,564,513

NET OTHER ASSETS - (1.5)%			(32,109,014)
NET ASSETS - 100%		$ 2,122,455,499

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

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

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$2,198,000 due 12/01/06 at 5.30%
BNP Paribas Securities Corp.	$ 129,450
Banc of America Securities LLC	230,364
Deutsche Bank Securities, Inc.	1,333,332
Merrill Lynch, Pierce, Fenner & Smith, Inc.	504,854
	$ 2,198,000

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	$ 830,536
Fidelity Securities Lending Cash Central Fund	485,579
Total	$ 1,316,115

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,757,796,911. Net unrealized appreciation aggregated $396,767,602, of which $416,639,468 related to appreciated investment securities and $19,871,866 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Home Finance Portfolio

November 30, 2006

1.810686.102

SAV-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
Investors Financial Services Corp.	16,200		$ 644,274
COMMERCIAL BANKS - 15.6%
Diversified Banks - 7.4%
HDFC Bank Ltd. sponsored ADR	27,900		2,120,679
ICICI Bank Ltd. sponsored ADR	53,000		2,062,230
Wachovia Corp.	74,715		4,048,806
Wells Fargo & Co.	337,700		11,900,548
			20,132,263
Regional Banks - 8.2%
Center Financial Corp., California	16,788		376,555
Colonial Bancgroup, Inc.	110,400		2,693,760
Commerce Bancorp, Inc., New Jersey	19,000		660,440
EuroBancshares, Inc. (a)	31,908		295,468
North Fork Bancorp, Inc., New York	355,959		9,991,769
TD Banknorth, Inc.	252,775		8,134,300
			22,152,292
TOTAL COMMERCIAL BANKS			42,284,555
CONSUMER FINANCE - 2.0%
Consumer Finance - 2.0%
American Express Co.	44,200		2,595,424
Capital One Financial Corp.	34,300		2,671,284
			5,266,708
DIVERSIFIED FINANCIAL SERVICES - 1.2%
Other Diversifed Financial Services - 1.2%
Bank of America Corp.	59,500		3,204,075
INSURANCE - 3.0%
Property & Casualty Insurance - 3.0%
Fidelity National Financial, Inc. Class A	163,829		3,709,089
First American Corp., California	114,700		4,428,567
			8,137,656
IT SERVICES - 1.2%
Data Processing & Outsourced Services - 1.2%
Fidelity National Information Services, Inc.	84,032		3,352,877
REAL ESTATE INVESTMENT TRUSTS - 3.0%
Mortgage REITs - 3.0%
Annaly Capital Management, Inc.	416,200		5,818,476
CapitalSource, Inc. (d)	69,013		1,878,534
HomeBanc Mortgage Corp., Georgia	99,000		416,790
			8,113,800

	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Real Estate Management & Development - 0.3%
Move, Inc. (a)	141,290		$ 782,747
THRIFTS & MORTGAGE FINANCE - 70.4%
Thrifts & Mortgage Finance - 70.4%
Accredited Home Lenders Holding Co. (a)(d)	122,400		3,626,712
Astoria Financial Corp.	137,900		4,123,210
Bank Mutual Corp.	61,900		750,228
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	188,400		2,462,388
BankUnited Financial Corp. Class A	35,500		905,250
Brookline Bancorp, Inc., Delaware	64,900		876,150
Capitol Federal Financial	73,400		2,736,352
Clayton Holdings, Inc.	61,774		924,139
Countrywide Financial Corp.	777,700		30,890,241
Dime Community Bancshares, Inc.	30,500		429,135
Doral Financial Corp. (d)	156,692		634,603
Downey Financial Corp.	22,300		1,623,440
Fannie Mae	491,000		28,001,730
Fidelity Bankshares, Inc.	22,800		897,408
First Niagara Financial Group, Inc.	112,600		1,618,062
FirstFed Financial Corp., Delaware (a)(d)	35,100		2,282,202
Flagstar Bancorp, Inc.	73,800		1,110,690
Freddie Mac	206,200		13,848,392
Fremont General Corp.	126,000		2,143,260
Harbor Florida Bancshares, Inc.	21,800		949,826
Hudson City Bancorp, Inc.	828,700		10,996,849
IndyMac Bancorp, Inc.	29,000		1,332,550
MAF Bancorp., Inc.	200		8,798
MGIC Investment Corp. (d)	201,100		11,655,756
New York Community Bancorp, Inc.	344,837		5,572,566
NewAlliance Bancshares, Inc.	117,000		1,912,950
NexCen Brands, Inc. (a)	68,100		499,854
People's Bank, Connecticut	158,900		7,085,351
PFF Bancorp, Inc.	23,700		782,100
Provident Financial Services, Inc.	65,100		1,184,169
Radian Group, Inc.	212,400		11,301,804
Sovereign Bancorp, Inc. (d)	447,843		11,187,118
The PMI Group, Inc.	111,657		4,835,865
Triad Guaranty, Inc. (a)	16,400		882,320
Trustco Bank Corp., New York	80,000		901,600
Washington Federal, Inc.	145,612		3,384,023
Washington Mutual, Inc.	314,300		13,728,624
Webster Financial Corp.	56,100		2,679,897
			190,765,612
TOTAL COMMON STOCKS (Cost $212,728,900)		262,552,304
Money Market Funds - 13.0%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	8,346,033		$ 8,346,033
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	26,856,825		26,856,825
TOTAL MONEY MARKET FUNDS (Cost $35,202,858)		35,202,858

TOTAL INVESTMENT PORTFOLIO - 109.9%

(Cost $247,931,758)

297,755,162

NET OTHER ASSETS - (9.9)%			(26,836,492)
NET ASSETS - 100%		$ 270,918,670

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	$ 274,302
Fidelity Securities Lending Cash Central Fund	39,566
Total	$ 313,868

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $250,135,514. Net unrealized appreciation aggregated $47,619,648, of which $53,532,055 related to appreciated investment securities and $5,912,407 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrial Equipment Portfolio

November 30, 2006

1.810687.102

INE-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
AEROSPACE & DEFENSE - 20.3%
Aerospace & Defense - 20.3%
DRS Technologies, Inc.	4,500		$ 223,605
General Dynamics Corp.	22,100		1,653,964
Goodrich Corp.	9,800		441,000
Honeywell International, Inc.	77,200		3,318,056
KBR, Inc.	500		11,070
L-3 Communications Holdings, Inc.	2,500		205,625
Lockheed Martin Corp.	9,300		841,185
Precision Castparts Corp.	12,700		958,342
Raytheon Co.	45,800		2,337,632
Rockwell Collins, Inc.	11,000		663,630
The Boeing Co.	25,200		2,230,956
United Technologies Corp.	75,300		4,859,109
			17,744,174
BUILDING PRODUCTS - 3.5%
Building Products - 3.5%
American Standard Companies, Inc.	48,800		2,186,728
Masco Corp.	28,800		826,272
			3,013,000
COMPUTERS & PERIPHERALS - 0.5%
Computer Hardware - 0.5%
NCR Corp. (a)	10,300		441,973
CONSTRUCTION & ENGINEERING - 1.7%
Construction & Engineering - 1.7%
EMCOR Group, Inc. (a)	14,300		853,281
SNC-Lavalin Group, Inc.	15,700		444,310
URS Corp. (a)	5,100		225,216
			1,522,807
ELECTRICAL EQUIPMENT - 7.6%
Electrical Components & Equipment - 7.6%
American Power Conversion Corp.	11,300		342,955
AMETEK, Inc.	27,450		895,145
Cooper Industries Ltd. Class A	18,800		1,719,072
Emerson Electric Co.	28,500		2,470,950
Hubbell, Inc. Class B	4,200		220,290
Rockwell Automation, Inc.	10,400		676,832
Roper Industries, Inc.	5,500		282,205
			6,607,449
ENERGY EQUIPMENT & SERVICES - 1.0%
Oil & Gas Equipment & Services - 1.0%
Halliburton Co.	26,800		904,232

	Shares		Value
INDUSTRIAL CONGLOMERATES - 35.7%
Industrial Conglomerates - 35.7%
3M Co.	48,200		$ 3,926,372
General Electric Co.	557,250		19,659,780
Textron, Inc.	9,200		896,540
Tyco International Ltd.	218,600		6,621,394
			31,104,086
MACHINERY - 24.2%
Construction & Farm Machinery & Heavy Trucks - 9.8%
AGCO Corp. (a)	15,700		490,311
Astec Industries, Inc. (a)	7,700		262,262
Bucyrus International, Inc. Class A	4,550		194,285
Caterpillar, Inc.	30,700		1,904,321
Deere & Co.	37,625		3,612,000
Joy Global, Inc.	7,600		333,640
Manitowoc Co., Inc.	8,800		530,112
Navistar International Corp. (a)	7,600		243,124
Oshkosh Truck Co.	8,000		384,080
Toro Co.	4,700		211,030
Toromont Industries Ltd.	19,100		381,147
			8,546,312
Industrial Machinery - 14.4%
Actuant Corp. Class A	7,900		427,074
Atlas Copco AB (B Shares)	16,300		466,411
Danaher Corp.	35,000		2,559,200
Donaldson Co., Inc.	5,300		185,553
Dover Corp.	33,400		1,680,020
Harsco Corp.	5,000		390,150
IDEX Corp.	4,600		220,570
Illinois Tool Works, Inc. (d)	48,400		2,284,480
ITT Corp.	31,100		1,677,845
KCI Konecranes Oyj	42,250		1,073,632
Pentair, Inc.	6,000		191,160
Schindler Holding AG (participation certificate)	15,437		921,429
SPX Corp.	7,300		446,103
			12,523,627
TOTAL MACHINERY			21,069,939
MARINE - 0.5%
Marine - 0.5%
Kirby Corp. (a)	12,900		464,916
TRADING COMPANIES & DISTRIBUTORS - 1.9%
Trading Companies & Distributors - 1.9%
Fastenal Co.	10,000		359,900
Finning International, Inc.	11,800		461,337
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - CONTINUED
Trading Companies & Distributors - continued
W.W. Grainger, Inc.	4,700		$ 340,092
WESCO International, Inc. (a)	6,800		454,920
			1,616,249
TOTAL COMMON STOCKS (Cost $69,308,219)		84,488,825
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 5.35% (b)	2,767,887		2,767,887
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	2,036,150		2,036,150
TOTAL MONEY MARKET FUNDS (Cost $4,804,037)		4,804,037

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $74,112,256)

89,292,862

NET OTHER ASSETS - (2.4)%			(2,082,487)
NET ASSETS - 100%		$ 87,210,375

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	$ 89,223
Fidelity Securities Lending Cash Central Fund	6,117
Total	$ 95,340

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $74,186,319. Net unrealized appreciation aggregated $15,106,543, of which $15,330,880 related to appreciated investment securities and $224,337 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Industrials Portfolio

(formerly Fidelity ® Select
Cyclical Industries Portfolio)

November 30, 2006

1.810678.102

CYC-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
AEROSPACE & DEFENSE - 17.1%
Aerospace & Defense - 17.1%
DRS Technologies, Inc.	1,400		$ 69,566
Goodrich Corp.	13,300		598,500
Honeywell International, Inc.	81,700		3,511,466
KBR, Inc.	400		8,856
Precision Castparts Corp.	11,100		837,606
Raytheon Co.	29,100		1,485,264
Spirit AeroSystems Holdings, Inc. Class A	1,000		29,150
United Technologies Corp.	80,800		5,214,024
			11,754,432
AIR FREIGHT & LOGISTICS - 2.5%
Air Freight & Logistics - 2.5%
Expeditors International of Washington, Inc.	12,100		547,404
Hub Group, Inc. Class A	28,322		808,310
UTI Worldwide, Inc.	13,088		390,022
			1,745,736
AIRLINES - 0.2%
Airlines - 0.2%
US Airways Group, Inc. (a)	2,800		158,928
AUTO COMPONENTS - 0.3%
Auto Parts & Equipment - 0.3%
Amerigon, Inc. (a)	18,727		159,929
BUILDING PRODUCTS - 2.5%
Building Products - 2.5%
American Standard Companies, Inc.	22,710		1,017,635
Masco Corp.	24,410		700,323
			1,717,958
COMMERCIAL SERVICES & SUPPLIES - 2.5%
Environmental & Facility Services - 1.9%
Waste Management, Inc.	37,000		1,354,570
Office Services & Supplies - 0.6%
Avery Dennison Corp.	5,800		391,326
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,745,896
CONSTRUCTION & ENGINEERING - 5.5%
Construction & Engineering - 5.5%
Chicago Bridge & Iron Co. NV (NY Shares)	6,900		199,962
Foster Wheeler Ltd. (a)	15,900		858,600
Infrasource Services, Inc. (a)	24,700		533,767
Jacobs Engineering Group, Inc. (a)	8,500		712,895
Shaw Group, Inc. (a)	25,600		765,184
SNC-Lavalin Group, Inc.	24,500		693,350
			3,763,758

	Shares		Value
ELECTRICAL EQUIPMENT - 7.3%
Electrical Components & Equipment - 5.5%
AMETEK, Inc.	10,950		$ 357,080
Cooper Industries Ltd. Class A	14,000		1,280,160
Emerson Electric Co.	16,100		1,395,870
Rockwell Automation, Inc.	5,800		377,464
Roper Industries, Inc.	7,260		372,511
			3,783,085
Heavy Electrical Equipment - 1.8%
ABB Ltd. sponsored ADR	76,600		1,247,048
TOTAL ELECTRICAL EQUIPMENT			5,030,133
ENERGY EQUIPMENT & SERVICES - 0.5%
Oil & Gas Equipment & Services - 0.5%
Halliburton Co.	10,700		361,018
INDUSTRIAL CONGLOMERATES - 33.1%
Industrial Conglomerates - 33.1%
3M Co.	34,360		2,798,966
General Electric Co.	439,860		15,518,259
Textron, Inc.	10,400		1,013,480
Tyco International Ltd.	116,345		3,524,090
			22,854,795
MACHINERY - 15.6%
Construction & Farm Machinery & Heavy Trucks - 6.4%
Caterpillar, Inc.	36,600		2,270,298
Deere & Co.	13,500		1,296,000
Manitowoc Co., Inc.	14,300		861,432
			4,427,730
Industrial Machinery - 9.2%
Danaher Corp.	40,700		2,975,984
Dover Corp.	13,500		679,050
Illinois Tool Works, Inc.	34,700		1,637,840
ITT Corp.	19,200		1,035,840
			6,328,714
TOTAL MACHINERY			10,756,444
ROAD & RAIL - 11.4%
Railroads - 9.3%
Burlington Northern Santa Fe Corp.	25,400		1,909,064
CSX Corp.	57,100		2,047,606
Norfolk Southern Corp.	24,920		1,227,310
Union Pacific Corp.	14,100		1,276,332
			6,460,312
Trucking - 2.1%
Knight Transportation, Inc.	19,200		338,304
Landstar System, Inc.	13,818		622,363
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Trucking - continued
Old Dominion Freight Lines, Inc. (a)	11,225		$ 300,942
YRC Worldwide, Inc. (a)	4,300		166,625
			1,428,234
TOTAL ROAD & RAIL			7,888,546
TRADING COMPANIES & DISTRIBUTORS - 1.3%
Trading Companies & Distributors - 1.3%
MSC Industrial Direct Co., Inc. Class A	14,300		556,413
WESCO International, Inc. (a)	5,400		361,260
			917,673
TOTAL COMMON STOCKS (Cost $60,574,406)		68,855,246
Money Market Funds - 0.2%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b) (Cost $120,026)	120,026		$ 120,026

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $60,694,432)

68,975,272

NET OTHER ASSETS - 0.0%			31,218
NET ASSETS - 100%		$ 69,006,490

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	$ 70,390
Fidelity Securities Lending Cash Central Fund	25,391
Total	$ 95,781

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $60,796,305. Net unrealized appreciation aggregated $8,178,967, of which $8,626,443 related to appreciated investment securities and $447,476 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Insurance Portfolio

November 30, 2006

1.810674.102

PRC-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CAPITAL MARKETS - 0.2%
Asset Management & Custody Banks - 0.2%
Ameriprise Financial, Inc.	7,000		$ 378,700
INSURANCE - 98.9%
Insurance Brokers - 3.7%
Aon Corp. (d)	73,400		2,618,912
Brown & Brown, Inc.	22,200		643,800
Hilb Rogal & Hobbs Co.	9,400		391,040
Marsh & McLennan Companies, Inc.	37,600		1,181,392
National Financial Partners Corp.	21,600		978,912
Willis Group Holdings Ltd.	50,400		2,029,104
			7,843,160
Life & Health Insurance - 20.4%
AFLAC, Inc.	163,800		7,230,132
American Equity Investment Life Holding Co.	19,000		247,000
Lincoln National Corp.	94,430		6,004,804
MetLife, Inc. (d)	249,000		14,623,770
Old Mutual PLC	158,100		515,838
Protective Life Corp.	12,800		604,416
Prudential Financial, Inc.	138,100		11,252,388
Shin Kong Financial Holding Co. Ltd.	377,403		388,606
StanCorp Financial Group, Inc.	19,300		876,413
T&D Holdings, Inc.	15,350		1,117,545
			42,860,912
Multi-Line Insurance - 23.7%
American International Group, Inc. (d)	494,000		34,738,078
Assurant, Inc.	36,800		2,022,528
AXA SA sponsored ADR	18,700		710,974
Genworth Financial, Inc. Class A (non-vtg.)	55,000		1,804,000
Hartford Financial Services Group, Inc.	122,900		10,539,904
			49,815,484
Property & Casualty Insurance - 36.9%
ACE Ltd.	225,649		12,825,889
Admiral Group PLC	57,900		1,027,636
Alleghany Corp.	1,472		504,307
Allied World Assurance Co. Holdings Ltd.	38,100		1,617,345
Allstate Corp. (d)	166,000		10,537,680
AMBAC Financial Group, Inc.	12,950		1,109,038
Aspen Insurance Holdings Ltd.	150,100		4,045,195
Axis Capital Holdings Ltd.	122,600		4,196,598
Berkshire Hathaway, Inc. Class A (a)	9		963,900
Catlin Group Ltd.	142,900		1,439,459
Fidelity National Financial, Inc. Class A	68,694		1,555,232
First Mercury Financial Corp.	500		10,545
Markel Corp. (a)	2,800		1,253,700
MBIA, Inc.	47,200		3,287,480
Navigators Group, Inc. (a)	19,900		920,773
Old Republic International Corp.	74,025		1,669,264
OneBeacon Insurance Group Ltd.	2,200		60,500

	Shares		Value
Philadelphia Consolidated Holdings Corp. (a)	18,000		$ 801,900
RLI Corp.	18,700		1,034,297
Specialty Underwriters' Alliance, Inc. (a)	78,500		814,830
The Chubb Corp.	151,158		7,823,938
The St. Paul Travelers Companies, Inc.	277,591		14,381,990
United America Indemnity Ltd. Class A (a)	67,991		1,705,894
W.R. Berkley Corp.	115,001		4,037,685
			77,625,075
Reinsurance - 14.2%
Benfield Group PLC	118,100		779,942
Endurance Specialty Holdings Ltd.	186,500		6,999,345
Everest Re Group Ltd.	37,600		3,700,216
IPC Holdings Ltd.	93,700		2,923,440
Max Re Capital Ltd.	34,400		825,600
Montpelier Re Holdings Ltd.	72,300		1,376,592
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	5,000		814,383
PartnerRe Ltd.	59,200		4,127,424
Platinum Underwriters Holdings Ltd.	139,925		4,257,918
RAM Holdings Ltd.	21,600		301,536
Reinsurance Group of America, Inc.	12,800		706,176
RenaissanceRe Holdings Ltd.	18,995		1,118,426
Scottish Re Group Ltd.	135,000		803,250
Swiss Reinsurance Co. (Reg.)	7,976		680,691
Transatlantic Holdings, Inc.	6,262		387,493
			29,802,432
TOTAL INSURANCE			207,947,063
IT SERVICES - 0.4%
Data Processing & Outsourced Services - 0.4%
Fidelity National Information Services, Inc.	20,627		823,017
TOTAL COMMON STOCKS (Cost $154,819,335)		209,148,780
Money Market Funds - 10.4%

Fidelity Cash Central Fund, 5.35% (b)	1,772,486		1,772,486
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	20,081,250		20,081,250
TOTAL MONEY MARKET FUNDS (Cost $21,853,736)		21,853,736

TOTAL INVESTMENT PORTFOLIO - 109.9%

(Cost $176,673,071)

231,002,516

NET OTHER ASSETS - (9.9)%			(20,835,646)
NET ASSETS - 100%		$ 210,166,870

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	$ 51,266
Fidelity Securities Lending Cash Central Fund	31,117
Total	$ 82,383

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $177,426,317. Net unrealized appreciation aggregated $53,576,199, of which $55,695,675 related to appreciated investment securities and $2,119,476 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select IT Services Portfolio

(formerly Fidelity® Select Business Services
and Outsourcing Portfolio)

November 30, 2006

1.810669.102

BSO-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 6.2%
Diversified Commercial & Professional Services - 5.2%
ChoicePoint, Inc. (a)	200		$ 7,356
CoStar Group, Inc. (a)	4,300		212,033
Equifax, Inc.	42,050		1,597,480
First Advantage Corp. Class A (a)	18,800		360,584
Global Cash Access Holdings, Inc. (a)	5,800		92,974
IHS, Inc. Class A	100		3,705
			2,274,132
Human Resource & Employment Services - 1.0%
Labor Ready, Inc. (a)	15,800		298,936
Robert Half International, Inc.	4,200		162,078
			461,014
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,735,146
COMPUTERS & PERIPHERALS - 2.8%
Computer Hardware - 1.1%
Dell, Inc. (a)	17,700		482,148
Computer Storage & Peripherals - 1.7%
Hypercom Corp. (a)	115,800		766,596
TOTAL COMPUTERS & PERIPHERALS			1,248,744
DIVERSIFIED CONSUMER SERVICES - 0.2%
Specialized Consumer Services - 0.2%
Coinmach Service Corp. Class A	7,100		72,562
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
Electronic Equipment & Instruments - 0.0%
Universal Display Corp. (a)	1,500		18,495
INTERNET SOFTWARE & SERVICES - 2.2%
Internet Software & Services - 2.2%
CyberSource Corp. (a)	89,200		935,708
Goldleaf Financial Solutions, Inc. (a)	3,700		21,830
			957,538
IT SERVICES - 80.9%
Data Processing & Outsourced Services - 69.6%
Affiliated Computer Services, Inc. Class A (a)	37,700		1,905,735
Alliance Data Systems Corp. (a)(d)	2,600		168,246
Automatic Data Processing, Inc.	76,500		3,689,595
Ceridian Corp. (a)	20,900		512,259
CheckFree Corp. (a)	10,200		426,462
Computer Sciences Corp. (a)	41,000		2,140,200
Convergys Corp. (a)	4,000		96,480

	Shares		Value
DST Systems, Inc. (a)(d)	9,700		$ 605,280
Electronic Clearing House, Inc. (a)	58,100		755,300
Electronic Data Systems Corp.	53,400		1,449,276
Euronet Worldwide, Inc. (a)(d)	3,500		115,885
Fidelity National Information Services, Inc.	29,300		1,169,070
First Data Corp.	221,900		5,602,974
Fiserv, Inc. (a)	14,400		735,984
Global Payments, Inc.	5,200		238,160
Heartland Payment Systems, Inc.	100		2,840
Hewitt Associates, Inc. Class A (a)	3,800		96,520
Iron Mountain, Inc. (a)	17,700		762,870
Lightbridge, Inc. (a)	300		3,960
Mastercard, Inc. Class A	24,000		2,442,000
MoneyGram International, Inc.	39,500		1,204,750
Paychex, Inc.	75,587		2,978,884
Syntel, Inc.	400		11,808
VeriFone Holdings, Inc. (a)	600		20,256
Western Union Co. (a)	151,000		3,442,800
Wright Express Corp. (a)	3,200		98,752
			30,676,346
IT Consulting & Other Services - 11.3%
Accenture Ltd. Class A	54,000		1,819,800
BearingPoint, Inc. (a)	48,500		406,430
CACI International, Inc. Class A (a)	5,300		317,152
Cognizant Technology Solutions Corp. Class A (a)	24,808		2,023,340
MPS Group, Inc. (a)	4,500		67,455
Sapient Corp. (a)	32,800		179,088
SRA International, Inc. Class A (a)	2,700		78,786
Unisys Corp. (a)	11,100		80,031
			4,972,082
TOTAL IT SERVICES			35,648,428
LEISURE EQUIPMENT & PRODUCTS - 0.1%
Leisure Products - 0.1%
Cybex International, Inc. (a)	5,700		36,936
SOFTWARE - 5.9%
Application Software - 5.9%
EPIQ Systems, Inc. (a)	11,700		182,754
Fair, Isaac & Co., Inc.	32,500		1,352,650
Net 1 UEPS Technologies, Inc. (a)	36,500		875,270
Transaction Systems Architects, Inc. Class A (a)	5,500		186,065
			2,596,739
TOTAL COMMON STOCKS (Cost $38,291,269)		43,314,588
Money Market Funds - 2.0%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	693,119		$ 693,119
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	210,175		210,175
TOTAL MONEY MARKET FUNDS (Cost $903,294)		903,294

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $39,194,563)

44,217,882

NET OTHER ASSETS - (0.3)%			(147,356)
NET ASSETS - 100%		$ 44,070,526

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	$ 50,149
Fidelity Securities Lending Cash Central Fund	643
Total	$ 50,792

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $39,229,029. Net unrealized appreciation aggregated $4,988,853, of which $5,551,725 related to appreciated investment securities and $562,872 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Leisure Portfolio

November 30, 2006

1.810675.102

LEI-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 10.9%
Education Services - 6.6%
Apollo Group, Inc. Class A (a)(d)	104,700		$ 4,061,313
Bright Horizons Family Solutions, Inc. (a)	21,100		775,636
Corinthian Colleges, Inc. (a)	106,000		1,367,400
ITT Educational Services, Inc. (a)	29,700		2,036,529
Laureate Education, Inc. (a)	88,100		4,578,557
Strayer Education, Inc.	29,000		3,191,450
			16,010,885
Specialized Consumer Services - 4.3%
Jackson Hewitt Tax Service, Inc.	108,500		3,925,530
Regis Corp.	28,800		1,103,328
Sotheby's Class A (ltd. vtg.)	33,300		1,035,297
Steiner Leisure Ltd. (a)	49,200		2,204,160
Weight Watchers International, Inc.	47,300		2,314,862
			10,583,177
TOTAL DIVERSIFIED CONSUMER SERVICES			26,594,062
HOTELS, RESTAURANTS & LEISURE - 76.2%
Casinos & Gaming - 17.7%
Aztar Corp. (a)	12,900		695,697
Boyd Gaming Corp.	58,900		2,494,415
Harrah's Entertainment, Inc.	79,500		6,256,650
International Game Technology	314,200		13,755,676
Las Vegas Sands Corp. (a)	89,700		8,212,932
MGM Mirage, Inc. (a)	106,400		5,721,128
Multimedia Games, Inc. (a)(d)	224,700		2,103,192
Penn National Gaming, Inc. (a)	103,800		3,837,486
			43,077,176
Hotels, Resorts & Cruise Lines - 22.3%
Carnival Corp. unit	245,400		12,022,146
Hilton Hotels Corp. (d)	381,300		12,518,079
Home Inns & Hotels Management, Inc. ADR	100		3,057
Marriott International, Inc. Class A	298,300		13,468,245
Orient Express Hotels Ltd. Class A	84,200		3,604,602
Starwood Hotels & Resorts Worldwide, Inc.	156,800		10,061,856
Wyndham Worldwide Corp. (a)	75,500		2,396,370
			54,074,355
Leisure Facilities - 2.5%
International Speedway Corp. Class A	62,800		3,254,924
Life Time Fitness, Inc. (a)	35,700		1,760,367
Speedway Motorsports, Inc.	28,600		1,083,940
			6,099,231
Restaurants - 33.7%
Burger King Holdings, Inc.	66,100		1,216,240
Jack in the Box, Inc. (a)	27,900		1,715,571
McCormick & Schmick's Seafood Restaurants (a)	5,569		139,671
McDonald's Corp.	828,200		34,759,553
Red Robin Gourmet Burgers, Inc. (a)	18,000		618,660

	Shares		Value
Ruth's Chris Steak House, Inc. (a)	$ 111,200		$ 2,107,240
Sonic Corp. (a)	110,900		2,603,932
Starbucks Corp. (a)(d)	563,200		19,875,328
Texas Roadhouse, Inc. Class A (a)	168,200		2,311,068
Tim Hortons, Inc.	33,586		1,037,136
Wendy's International, Inc.	62,900		2,048,653
Yum! Brands, Inc.	218,000		13,339,420
			81,772,472
TOTAL HOTELS, RESTAURANTS & LEISURE			185,023,234
HOUSEHOLD DURABLES - 0.9%
Household Appliances - 0.9%
The Stanley Works	42,100		2,147,942
LEISURE EQUIPMENT & PRODUCTS - 6.2%
Leisure Products - 6.2%
Aruze Corp.	189,900		4,911,914
JAKKS Pacific, Inc. (a)	184,000		4,020,400
MarineMax, Inc. (a)(d)	80,900		2,172,974
Pool Corp. (d)	54,600		2,236,962
RC2 Corp. (a)	37,161		1,593,092
			14,935,342
TRADING COMPANIES & DISTRIBUTORS - 0.5%
Trading Companies & Distributors - 0.5%
Watsco, Inc.	22,800		1,178,304
TOTAL COMMON STOCKS (Cost $201,536,648)		229,878,884
Money Market Funds - 9.3%

Fidelity Cash Central Fund, 5.35% (b)	11,700,487		11,700,487
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	10,932,875		10,932,875
TOTAL MONEY MARKET FUNDS (Cost $22,633,362)		22,633,362

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $224,170,010)

252,512,246

NET OTHER ASSETS - (4.0)%			(9,601,536)
NET ASSETS - 100%		$ 242,910,710

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and
other accounts managed by Fidelity Investments. The rate quoted is
the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end
is available upon request.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 324,125
Fidelity Securities Lending Cash Central Fund	96,414
Total	$ 420,539

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $224,180,330. Net unrealized appreciation aggregated $28,331,916, of which $30,401,051 related to appreciated investment securities and $2,069,135 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Materials Portfolio

(formerly Fidelity® Select Industrial
Materials Portfolio)

November 30, 2006

1.810697.102

IND-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.6%
	Shares		Value
CHEMICALS - 44.5%
Commodity Chemicals - 1.4%
Lyondell Chemical Co.	104,500		$ 2,581,150
Diversified Chemicals - 16.9%
Dow Chemical Co.	320,700		12,831,207
E.I. du Pont de Nemours & Co.	286,600		13,450,138
PPG Industries, Inc.	64,800		4,166,640
			30,447,985
Fertilizers & Agricultural Chemicals - 8.8%
Agrium, Inc.	59,500		1,826,601
Monsanto Co.	227,600		10,940,732
Mosaic Co. (a)	86,400		1,840,320
Potash Corp. of Saskatchewan, Inc.	8,800		1,238,512
			15,846,165
Industrial Gases - 9.0%
Air Products & Chemicals, Inc.	93,300		6,450,762
Airgas, Inc.	37,000		1,574,350
Praxair, Inc.	131,700		8,218,080
			16,243,192
Specialty Chemicals - 8.4%
Albemarle Corp.	96,100		6,702,014
Chemtura Corp.	79,500		769,560
Cytec Industries, Inc.	25,100		1,338,583
Rohm & Haas Co.	112,200		5,859,084
Zoltek Companies, Inc. (a)	18,800		422,060
			15,091,301
TOTAL CHEMICALS			80,209,793
CONSTRUCTION MATERIALS - 5.9%
Construction Materials - 5.9%
Martin Marietta Materials, Inc.	28,100		2,790,611
Polaris Minerals Corp. (e)	800,000		4,868,438
Vulcan Materials Co.	33,900		3,007,608
			10,666,657
CONTAINERS & PACKAGING - 4.9%
Metal & Glass Containers - 1.6%
Owens-Illinois, Inc.	46,600		880,740
Pactiv Corp. (a)	57,300		1,973,985
			2,854,725
Paper Packaging - 3.3%
Packaging Corp. of America	55,000		1,240,250
Smurfit-Stone Container Corp.	433,800		4,654,674
			5,894,924
TOTAL CONTAINERS & PACKAGING			8,749,649
MACHINERY - 0.6%
Construction & Farm Machinery & Heavy Trucks - 0.6%
Deere & Co.	12,200		1,171,200

	Shares		Value
METALS & MINING - 26.7%
Aluminum - 6.0%
Alcoa, Inc.	349,598		$ 10,896,970
Diversified Metals & Mining - 9.6%
Coalcorp Mining, Inc. (a)	7,183,000		3,144,784
Coalcorp Mining, Inc. warrants 2/8/11 (a)	89,000		13,638
FNX Mining Co., Inc. (a)	160,500		2,335,721
Phelps Dodge Corp.	80,100		9,852,300
Skye Resources, Inc. (a)	191,000		1,914,934
			17,261,377
Gold - 5.0%
Agnico-Eagle Mines Ltd.	70,200		3,097,393
Meridian Gold, Inc. (a)	112,300		3,473,084
Newmont Mining Corp.	52,300		2,453,393
			9,023,870
Steel - 6.1%
A.M. Castle & Co.	68,900		1,827,228
Allegheny Technologies, Inc.	40,600		3,639,790
Chaparral Steel Co.	39,100		1,818,150
United States Steel Corp. (d)	49,300		3,687,147
			10,972,315
TOTAL METALS & MINING			48,154,532
OIL, GAS & CONSUMABLE FUELS - 3.1%
Coal & Consumable Fuels - 3.1%
Cameco Corp.	149,300		5,655,372
PAPER & FOREST PRODUCTS - 5.9%
Forest Products - 3.1%
Weyerhaeuser Co.	86,800		5,614,224
Paper Products - 2.8%
International Paper Co.	150,900		4,994,790
TOTAL PAPER & FOREST PRODUCTS			10,609,014
TOTAL COMMON STOCKS (Cost $142,606,590)		165,216,217
Money Market Funds - 6.3%
Fidelity Cash Central Fund, 5.35% (b)	8,691,391		8,691,391
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	2,718,000		2,718,000
TOTAL MONEY MARKET FUNDS (Cost $11,409,391)		11,409,391

TOTAL INVESTMENT PORTFOLIO - 97.9%

(Cost $154,015,981)

176,625,608

NET OTHER ASSETS - 2.1%			3,718,788
NET ASSETS - 100%		$ 180,344,396

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 $4,868,438 or 2.7% 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	$ 373,911
Fidelity Securities Lending Cash Central Fund	35,775
Total	$ 409,686

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $155,340,337. Net unrealized appreciation aggregated $21,285,271, of which $24,274,671 related to appreciated investment securities and $2,989,400 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Delivery Portfolio

November 30, 2006

1.810676.102

MED-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
BIOTECHNOLOGY - 2.6%
Biotechnology - 2.6%
Alnylam Pharmaceuticals, Inc. (a)	29,300		$ 629,071
Cepheid, Inc. (a)	67,600		638,144
deCODE genetics, Inc. (a)	96,600		418,278
MannKind Corp. (a)	6,300		103,320
Memory Pharmaceuticals Corp. (a)	190,000		475,000
Nuvelo, Inc. (a)	21,200		407,252
OSI Pharmaceuticals, Inc. (a)(e)	383,100		14,052,108
Theravance, Inc. (a)	12,400		387,996
			17,111,169
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Human Resource & Employment Services - 0.1%
Kforce, Inc. (a)	67,400		897,094
DIVERSIFIED CONSUMER SERVICES - 1.7%
Specialized Consumer Services - 1.7%
Carriage Services, Inc. Class A	506,549		2,603,662
Service Corp. International	884,730		8,732,285
			11,335,947
HEALTH CARE EQUIPMENT & SUPPLIES - 4.4%
Health Care Equipment - 1.4%
Abiomed, Inc. (a)	500		6,335
Aspect Medical Systems, Inc. (a)	401,100		7,604,856
BioLase Technology, Inc. (a)	48,300		416,346
IDEXX Laboratories, Inc. (a)	800		67,720
Imaging Dynamics Co. Ltd. (a)	53,800		106,465
NeuroMetrix, Inc. (a)	57,700		1,053,025
Sysmex Corp.	10,000		391,225
			9,645,972
Health Care Supplies - 3.0%
Align Technology, Inc. (a)	4,800		63,024
Inverness Medical Innovations, Inc. (a)	459,800		17,936,798
PolyMedica Corp. (e)	41,534		1,643,500
			19,643,322
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			29,289,294
HEALTH CARE PROVIDERS & SERVICES - 79.9%
Health Care Distributors & Services - 14.3%
Cardinal Health, Inc.	660,000		42,649,200
Henry Schein, Inc. (a)	139,500		7,188,435
McKesson Corp.	766,300		37,855,220
MWI Veterinary Supply, Inc. (a)	100,700		3,457,031
Patterson Companies, Inc. (a)	50,835		1,886,487
Profarma Distribuidora de Produtos Farmaceuticos SA	124,000		1,581,358
			94,617,731

	Shares		Value
Health Care Facilities - 11.1%
Acibadem Saglik Hizmetleri AS	311,000		$ 3,422,872
Advocat, Inc. (a)	72,000		1,195,200
Apollo Hospitals Enterprise Ltd.	711,565		7,173,884
Bangkok Chain Hospital PCL	4,250,000		917,607
Bangkok Dusit Medical Service PCL (For. Reg.)	2,172,600		1,906,586
Brookdale Senior Living, Inc.	466,000		21,272,900
Bumrungrad Hospital PCL (For. Reg.)	3,168,200		3,221,599
Capital Senior Living Corp. (a)	175,700		1,802,682
Community Health Systems, Inc. (a)	370,573		12,970,055
Emeritus Corp. (a)	152,300		3,556,205
Five Star Quality Care, Inc. (a)(e)	72,500		737,325
HealthSouth Corp. (a)	436		10,399
Kindred Healthcare, Inc. (a)	100		2,572
LifePoint Hospitals, Inc. (a)	2,100		72,891
Manor Care, Inc.	77,300		3,673,296
Sun Healthcare Group, Inc. (a)	298,681		3,013,691
U.S. Physical Therapy, Inc. (a)	281,752		3,302,133
United Surgical Partners International, Inc. (a)	38,750		986,188
VCA Antech, Inc. (a)	128,800		4,152,512
			73,390,597
Health Care Services - 24.8%
AMN Healthcare Services, Inc. (a)	152,900		4,242,975
Caremark Rx, Inc.	846,000		40,015,800
DaVita, Inc. (a)	159,100		8,465,711
Diagnosticos da America SA (a)	520,000		10,998,060
Emergency Medical Services Corp. Class A	83,100		1,466,715
Express Scripts, Inc. (a)	265,500		18,107,100
Health Grades, Inc. (a)(f)	1,936,675		9,257,307
Healthways, Inc. (a)	500		22,985
HMS Holdings Corp. (a)	165,829		2,296,732
Lincare Holdings, Inc. (a)	85,600		3,224,552
Medco Health Solutions, Inc. (a)	596,900		29,970,349
Nighthawk Radiology Holdings, Inc.	135,400		2,942,242
Omnicare, Inc. (e)	380,300		15,094,107
Quest Diagnostics, Inc.	20,100		1,068,717
Rural/Metro Corp. (a)(f)	1,957,400		16,794,492
Visicu, Inc.	33,292		332,920
			164,300,764
Managed Health Care - 29.7%
AMERIGROUP Corp. (a)	2,600		88,894
Centene Corp. (a)	1,800		46,908
Coventry Health Care, Inc. (a)	250,800		12,071,004
Health Net, Inc. (a)	561,200		25,893,768
Healthspring, Inc.	35,200		679,712
Humana, Inc. (a)	294,900		15,954,090
Medial Saude SA	159,000		1,688,411
Molina Healthcare, Inc. (a)	1,473		50,067
Sierra Health Services, Inc. (a)	208,300		7,300,915
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
UnitedHealth Group, Inc.	2,718,701		$ 133,433,844
WellPoint, Inc. (a)	400		30,268
			197,237,881
TOTAL HEALTH CARE PROVIDERS & SERVICES			529,546,973
HEALTH CARE TECHNOLOGY - 1.7%
Health Care Technology - 1.7%
Cerner Corp. (a)	59,701		2,869,827
Eclipsys Corp. (a)	60,400		1,278,668
Emageon, Inc. (a)(e)	87,598		1,403,320
Vital Images, Inc. (a)	100,197		3,233,357
WebMD Health Corp. Class A (a)(e)	63,400		2,316,002
			11,101,174
HOTELS, RESTAURANTS & LEISURE - 0.3%
Leisure Facilities - 0.3%
Life Time Fitness, Inc. (a)	46,300		2,283,053
INDUSTRIAL CONGLOMERATES - 0.2%
Industrial Conglomerates - 0.2%
Max India Ltd. (a)	80,000		1,566,368
INSURANCE - 1.8%
Life & Health Insurance - 1.7%
China Life Insurance Co. Ltd. ADR (e)	10,000		981,500
MetLife, Inc.	51,800		3,042,214
Universal American Financial Corp. (a)	384,904		7,216,950
			11,240,664
Reinsurance - 0.1%
Platinum Underwriters Holdings Ltd.	15,000		456,450
TOTAL INSURANCE			11,697,114
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
Exelixis, Inc. (a)	80,000		689,600
PERSONAL PRODUCTS - 1.2%
Personal Products - 1.2%
Herbalife Ltd. (a)	167,700		6,533,592
Natura Cosmeticos SA	86,100		1,167,222
			7,700,814
PHARMACEUTICALS - 2.3%
Pharmaceuticals - 2.3%
Allergan, Inc.	29,300		3,415,794
Atherogenics, Inc. (a)(e)	34,200		422,028
Teva Pharmaceutical Industries Ltd. sponsored ADR (e)	353,100		11,320,386
			15,158,208

	Shares		Value
SOFTWARE - 0.5%
Systems Software - 0.5%
Quality Systems, Inc.	83,800		$ 3,201,998
TOTAL COMMON STOCKS (Cost $563,912,499)		641,578,806

Nonconvertible Bonds - 0.3%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.3%
Health Care Services - 0.3%
Rural/Metro Corp.:
0% 3/15/16 (d)	$ 2,790,000	2,162,250
9.875% 3/15/15	20,000	20,800
		2,183,050

Money Market Funds - 6.0%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	4,886,555		4,886,555
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	34,613,760		34,613,760
TOTAL MONEY MARKET FUNDS (Cost $39,500,315)		39,500,315

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $605,291,448)

683,262,171

NET OTHER ASSETS - (3.1)%			(20,333,815)
NET ASSETS - 100%		$ 662,928,356

Legend

(a) Non-income producing

(d) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

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

(f) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 207,735
Fidelity Securities Lending Cash Central Fund	245,875
Total	$ 453,610

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Health Grades, Inc.	$ 5,154,280	$ 4,560,700	$ 12,377	$ -	$ 9,257,307
Rural/Metro Corp.	16,872,788	-	-	-	16,794,492
Total	$ 22,027,068	$ 4,560,700	$ 12,377	$ -	$ 26,051,799

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $607,549,263. Net unrealized appreciation aggregated $75,712,908, of which $92,997,184 related to appreciated investment securities and $17,284,276 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Medical Equipment and
Systems Portfolio

November 30, 2006

1.810698.102

MES-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
BIOTECHNOLOGY - 3.2%
Biotechnology - 3.2%
Alnylam Pharmaceuticals, Inc. (a)(d)	545,800		$ 11,718,326
deCODE genetics, Inc. (a)	631,400		2,733,962
DUSA Pharmaceuticals, Inc. (a)(d)	871,199		4,704,475
Epigenomics AG (a)	63,300		327,743
MannKind Corp. (a)(d)	87,700		1,438,280
Sirna Therapeutics, Inc. (a)	122,400		1,576,512
Solexa, Inc. (a)	281,147		3,446,862
			25,946,160
CHEMICALS - 0.3%
Fertilizers & Agricultural Chemicals - 0.1%
Bodisen Biotech, Inc. (a)(d)	89,800		475,940
Specialty Chemicals - 0.2%
Lonza Group AG	24,283		2,027,804
TOTAL CHEMICALS			2,503,744
HEALTH CARE EQUIPMENT & SUPPLIES - 79.0%
Health Care Equipment - 58.7%
Advanced Medical Optics, Inc. (a)	317,894		11,129,469
American Medical Systems Holdings, Inc. (a)(d)	333,277		5,735,697
ArthroCare Corp. (a)(d)	201,900		8,413,173
Aspect Medical Systems, Inc. (a)	957,206		18,148,626
Baxter International, Inc.	2,266,720		101,413,053
Beckman Coulter, Inc.	102,700		6,095,245
Becton, Dickinson & Co. (d)	855,300		61,342,116
BioLase Technology, Inc. (a)	113,200		975,784
Biomet, Inc.	111,100		4,200,691
Biosite, Inc. (a)	72,200		3,524,804
Boston Scientific Corp. (a)(d)	194,843		3,082,416
C.R. Bard, Inc.	561,200		46,181,148
Cochlear Ltd.	62,200		2,763,283
Conceptus, Inc. (a)	250,600		5,746,258
Cyberonics, Inc. (a)	24,000		585,600
Cytyc Corp. (a)	172,700		4,528,194
Dade Behring Holdings, Inc.	44,700		1,692,342
DexCom, Inc. (a)(d)	324,185		3,650,323
Edwards Lifesciences Corp. (a)	163,500		7,494,840
Electro-Optical Sciences, Inc. (f)	602,089		4,204,990
Electro-Optical Sciences, Inc. warrants 11/2/11 (a)(f)	90,314		367,023
Greatbatch, Inc. (a)	170,500		4,434,705
Hologic, Inc. (a)	166,500		8,329,995
Hospira, Inc. (a)	221,200		7,255,360
IntraLase Corp. (a)	58,300		1,224,300
Intuitive Surgical, Inc. (a)	87,800		8,922,236
IRIS International, Inc. (a)(d)	182,800		1,641,544
Kinetic Concepts, Inc. (a)(d)	93,300		3,386,790
Kyphon, Inc. (a)	141,900		4,791,963
Mentor Corp.	105,800		5,284,710

	Shares		Value
NeuroMetrix, Inc. (a)(d)(e)	690,600		$ 12,603,450
NMT Medical, Inc. (a)	136,904		1,991,953
Nobel Biocare Holding AG (Switzerland)	14,347		3,901,829
Northstar Neuroscience, Inc.	227,800		2,749,546
NuVasive, Inc. (a)	101,600		2,336,800
Orthofix International NV (a)	35,500		1,543,895
Phonak Holding AG	26,050		1,948,263
ResMed, Inc. (a)	199,200		9,960,000
Respironics, Inc. (a)	421,500		15,199,290
Restore Medical, Inc.	487,222		1,719,894
Sirona Dental Systems, Inc.	78,458		2,899,808
Sonic Innovations, Inc. (a)	97,700		512,925
St. Jude Medical, Inc. (a)	972,600		36,248,802
Stereotaxis, Inc. (a)(d)	583,729		5,784,754
Straumann Holding AG	5,049		1,260,460
The Spectranetics Corp. (a)	218,800		2,384,920
Thermogenesis Corp. (a)	2,498,188		11,991,302
Thoratec Corp. (a)	231,600		3,411,468
Varian Medical Systems, Inc. (a)	194,900		9,592,978
William Demant Holding AS (a)	20,200		1,607,532
Zimmer Holdings, Inc. (a)	112,700		8,222,592
			484,419,139
Health Care Supplies - 20.3%
Alcon, Inc.	225,000		24,664,500
Align Technology, Inc. (a)	60,600		795,678
Bausch & Lomb, Inc.	84,600		4,096,332
Cooper Companies, Inc.	772,400		41,686,428
DJO, Inc. (a)	89,100		3,788,532
Gen-Probe, Inc. (a)	77,846		3,794,214
Haemonetics Corp. (a)	90,200		4,084,256
Immucor, Inc. (a)	176,300		4,742,470
Inverness Medical Innovations, Inc. (a)(f)	20,683		806,844
Inverness Medical Innovations, Inc. (a)	1,704,900		66,508,149
Medical Action Industries, Inc. (a)	33,130		1,040,945
Merit Medical Systems, Inc. (a)	312,600		5,004,726
NUCRYST Pharmaceuticals Corp.	637,905		2,998,156
PolyMedica Corp.	39,400		1,559,058
Utah Medical Products, Inc.	35,500		1,206,290
Ypsomed Holding AG (d)	10,020		802,469
			167,579,047
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			651,998,186
HEALTH CARE PROVIDERS & SERVICES - 4.8%
Health Care Facilities - 2.4%
Brookdale Senior Living, Inc.	430,900		19,670,585
Health Care Services - 2.2%
DaVita, Inc. (a)	25,400		1,351,534
Fresenius Medical Care AG sponsored ADR	33,600		1,509,648
Gentiva Health Services, Inc. (a)	78,400		1,257,536
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - continued
Health Grades, Inc. (a)	276,400		$ 1,321,192
Healthways, Inc. (a)	251,500		11,561,455
HMS Holdings Corp. (a)	38,300		530,455
Nighthawk Radiology Holdings, Inc.	51,200		1,112,576
			18,644,396
Managed Health Care - 0.2%
Magellan Health Services, Inc. (a)	36,500		1,605,270
TOTAL HEALTH CARE PROVIDERS & SERVICES			39,920,251
HEALTH CARE TECHNOLOGY - 2.9%
Health Care Technology - 2.9%
Allscripts Healthcare Solutions, Inc. (a)	94,600		2,641,232
Cerner Corp. (a)	316,800		15,228,576
Eclipsys Corp. (a)	85,800		1,816,386
Omnicell, Inc. (a)	82,500		1,551,000
Vital Images, Inc. (a)	47,300		1,526,371
WebMD Health Corp. Class A (a)(d)	39,630		1,447,684
			24,211,249
HOTELS, RESTAURANTS & LEISURE - 0.4%
Leisure Facilities - 0.4%
Town Sports International Holdings, Inc.	190,600		3,101,062
LIFE SCIENCES TOOLS & SERVICES - 1.9%
Life Sciences Tools & Services - 1.9%
Affymetrix, Inc. (a)	155,130		3,924,789
Exelixis, Inc. (a)	214,800		1,851,576
Illumina, Inc. (a)	34,674		1,335,989
Millipore Corp. (a)	36,900		2,524,329
QIAGEN NV (a)	293,200		4,277,788
Ventana Medical Systems, Inc. (a)	43,200		1,818,288
			15,732,759
PERSONAL PRODUCTS - 0.2%
Personal Products - 0.2%
Herbalife Ltd. (a)	44,000		1,714,240
PHARMACEUTICALS - 6.4%
Pharmaceuticals - 6.4%
Allergan, Inc. (d)	353,500		41,211,030
BioMimetics Therapeutics, Inc.	376,700		3,993,020
Johnson & Johnson	87,431		5,762,577
Medicis Pharmaceutical Corp. Class A	47,300		1,744,424
			52,711,051

	Shares		Value
SOFTWARE - 0.2%
Systems Software - 0.2%
Quality Systems, Inc.	47,900		$ 1,830,259
TOTAL COMMON STOCKS (Cost $681,758,694)		819,668,961
Money Market Funds - 8.1%

Fidelity Cash Central Fund, 5.35% (b)	8,187,582		8,187,582
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	58,281,654		58,281,654
TOTAL MONEY MARKET FUNDS (Cost $66,469,236)		66,469,236

TOTAL INVESTMENT PORTFOLIO - 107.4%

(Cost $748,227,930)

886,138,197

NET OTHER ASSETS - (7.4)%		(61,069,506)
NET ASSETS - 100%		$ 825,068,691

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc.	11/1/06	$ 3,431,907
Electro-Optical Sciences, Inc. warrants 11/2/11	11/1/06	$ 9
Inverness Medical Innovations, Inc.	2/8/06	$ 504,872

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	$ 437,044
Fidelity Securities Lending Cash Central Fund	304,151
Total	$ 741,195

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
DUSA Pharmaceuticals, Inc.	$ 8,302,700	$ 240,615	$ 2,115,639	$ -	$ -
NeuroMetrix, Inc.	20,542,648	3,094,782	-	-	12,603,450
Seracare Life Sciences, Inc.	8,349,208	-	5,001,763	-	-
Total	$ 37,194,556	$ 3,335,397	$ 7,117,402	$ -	$ 12,603,450

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $750,359,707. Net unrealized appreciation aggregated $135,778,490, of which $171,258,036 related to appreciated investment securities and $35,479,546 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Money Market Portfolio

November 30, 2006

1.810699.102

MON-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.6%
	Due Date	Yield (a)	Principal Amount	Value
Household Finance Corp.
	1/30/07	4.64%	$ 7,300,000	$ 7,310,486
Virginia Electric & Power Co.
	2/1/07	5.51	5,000,000	4,997,717
TOTAL CORPORATE BONDS				12,308,203
Certificates of Deposit - 21.6%

Domestic Certificates Of Deposit - 0.2%
PNC Bank NA, Pittsburgh
	1/24/07	5.15	500,000	499,732
Washington Mutual Bank FA
	7/5/07	5.75	5,000,000	5,000,000
				5,499,732
London Branch, Eurodollar, Foreign Banks - 9.3%
Barclays Bank PLC
	6/11/07	5.44	5,000,000	5,000,000
Bayerische Hypo-und Vereinsbank AG
	4/5/07	5.33	5,000,000	5,000,000
Calyon
	2/12/07	5.00	5,000,000	5,000,000
Credit Agricole SA
	12/18/06 to 4/12/07	5.34 to 5.40	20,000,000	20,000,000
Credit Industriel et Commercial
	3/12/07 to 5/8/07	5.22 to 5.40	32,000,000	32,000,000
Deutsche Bank AG
	1/30/07	4.86	5,000,000	5,000,000
Dresdner Bank AG
	3/5/07	5.40	5,000,000	5,000,000
HBOS Treasury Services PLC
	12/5/06 to 5/23/07	5.35 to 5.36	55,000,000	55,000,000
Landesbank Hessen-Thuringen
	12/7/06 to 4/17/07	5.35 to 5.36	25,000,000	25,000,000
Societe Generale
	12/6/06 to 7/25/07	4.80 to 5.39	30,000,000	30,000,000
				187,000,000
New York Branch, Yankee Dollar, Foreign Banks - 12.1%
BNP Paribas SA
	3/8/07 to 6/11/07	5.40 to 5.45	10,000,000	10,000,000
Canadian Imperial Bank of Commerce
	12/15/06	5.40 (d)	14,000,000	14,000,000
Credit Suisse First Boston
	12/12/06 to 1/22/07	5.35 to 5.37 (d)	15,000,000	15,000,000
Credit Suisse Group
	6/4/07	5.44	3,000,000	3,000,000
DEPFA BANK PLC
	1/25/07	5.33	5,000,000	5,000,000

	Due Date	Yield (a)	Principal Amount	Value
Deutsche Bank AG
	12/4/06 to 11/21/07	5.40 to 5.45% (d)	$ 20,000,000	$ 20,000,000
HBOS Treasury Services PLC
	5/23/07	5.36	5,000,000	5,000,000
Landesbank Baden-Wuert
	4/13/07	5.35	7,000,000	7,000,126
Mizuho Corporate Bank Ltd.
	1/25/07 to 2/16/07	5.34 to 5.56	51,000,000	51,000,029
Norinchukin Bank
	2/20/07 to 3/1/07	5.35	63,000,000	63,000,000
Skandinaviska Enskilda Banken AB
	12/1/06 to 3/30/07	5.35 to 5.60	9,590,000	9,589,290
Sumitomo Mitsui Banking Corp.
	12/6/06 to 1/26/07	5.34 to 5.40	16,000,000	16,000,000
Unicredito Italiano Spa, New York
	1/29/07	5.34 (d)	25,000,000	24,994,414
				243,583,859
TOTAL CERTIFICATES OF DEPOSIT				436,083,591
Commercial Paper - 23.6%

Aegis Finance LLC
	1/16/07 to 2/9/07	5.34 to 5.35	21,000,000	20,799,243
Amsterdam Funding Corp.
	2/5/07	5.33	6,000,000	5,942,360
Apache Corp.
	12/15/06	5.35 to 5.36 (c)	4,000,000	3,991,705
AT&T, Inc.
	2/6/07	5.34	5,000,000	4,950,867
Bavaria TRR Corp.
	12/5/06 to 12/7/06	5.32	6,000,000	5,996,172
Bradford & Bingley PLC
	2/5/07	5.34	1,000,000	990,348
Bryant Park Funding LLC
	12/5/06	5.35	5,000,000	4,997,069
Caisse Nat des Caisses d' Epargne
	2/7/07	5.34 (c)	5,000,000	4,950,558
Capital One Multi-Asset Execution Trust
	1/23/07 to 2/7/07	5.34 to 5.35	27,000,000	26,785,758
Comcast Corp.
	12/5/06	5.34 (c)	6,000,000	5,996,447
ConocoPhillips Qatar Funding Ltd.
	1/11/07 to 4/13/07	5.37 to 5.43 (c)	6,950,000	6,894,609
Countrywide Financial Corp.
	12/12/06 to 12/18/06	5.32 to 5.34	7,000,000	6,985,129
CVS Corp.
	12/12/06 to 1/18/07	5.36 to 5.40	7,000,000	6,967,751
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
DaimlerChrysler NA Holding Corp.
	1/2/07 to 2/12/07	5.42 to 5.46%	$ 8,000,000	$ 7,930,231
Davis Square Funding V Corp.
	12/11/06 to 2/22/07	5.36 to 5.37	4,000,000	3,972,221
DEPFA BANK PLC
	3/20/07	5.35	5,000,000	4,920,824
Devon Energy Corp.
	12/15/06 to 2/26/07	5.38 to 5.40	4,500,000	4,461,019
Dominion Resources, Inc.
	12/14/06	5.35	500,000	499,036
DZ Bank AG
	1/16/07	5.32	5,000,000	4,966,331
Emerald (MBNA Credit Card Master Note Trust)
	12/5/06 to 2/14/07	5.33 to 5.37	15,000,000	14,909,450
FCAR Owner Trust
	12/4/06 to 2/15/07	5.34 to 5.57	21,000,000	20,824,030
Fortune Brands, Inc.
	1/16/07 to 2/12/07	5.41	5,000,000	4,955,333
France Telecom SA
	1/16/07	5.40 (c)	1,000,000	993,177
Giro Funding US Corp.
	12/4/06 to 1/31/07	5.34 to 5.35	4,000,000	3,989,733
Grampian Funding LLC
	12/11/06 to 4/10/07	5.32 to 5.39	85,000,000	83,799,725
Grenadier Funding Corp.
	12/13/06 to 2/13/07	5.33 to 5.36	8,000,000	7,965,897
HBOS Treasury Services PLC
	12/19/06 to 12/20/06	5.34 to 5.35	4,400,000	4,388,045
John Deere Capital Corp.
	1/22/07 to 3/13/07	5.40 to 5.42	3,000,000	2,966,891
Kellogg Co.
	12/14/06 to 12/28/06	5.39 to 5.40	4,000,000	3,988,903
Kestrel Funding (US) LLC
	1/17/07 to 2/2/07	5.33 to 5.34 (c)	11,000,000	10,901,170
Market Street Funding Corp.
	1/17/07 to 1/18/07	5.33	4,000,000	3,972,133
Michigan Gen. Oblig.
	10/4/07	5.41	3,100,000	3,100,000
Monument Gardens Funding
	12/11/06 to 2/14/07	5.31 to 5.36	18,000,000	17,928,080
Motown Notes Program
	12/5/06 to 1/31/07	5.32 to 5.39	14,000,000	13,971,003

	Due Date	Yield (a)	Principal Amount	Value
Nationwide Building Society
	3/9/07	5.34%	$ 2,000,000	$ 1,971,417
Nelnet Student Funding Ext CP LLC
	12/15/06 to 1/9/07	5.34 to 5.36	2,000,000	1,992,212
Nissan Motor Acceptance Corp.
	12/22/06 to 2/16/07	5.38 to 5.40	5,000,000	4,964,181
Paradigm Funding LLC
	1/22/07 to 3/26/07	5.33 to 5.39	19,000,000	18,809,256
Park Granada LLC
	12/8/06 to 1/29/07	5.31 to 5.52	22,781,000	22,658,230
Park Sienna LLC
	12/22/06 to 12/27/06	5.33 to 5.34	13,070,000	13,025,995
SABMiller PLC
	12/5/06 to 2/20/07	5.36 to 5.40	4,000,000	3,984,009
Strand Capital LLC
	1/19/07 to 2/20/07	5.34 to 5.38	18,000,000	17,831,991
Stratford Receivables Co. LLC
	12/13/06 to 1/25/07	5.33 to 5.35	17,000,000	16,957,580
Textron Financial Corp.
	12/6/06 to 1/30/07	5.32 to 5.39	9,000,000	8,945,308
Thames Asset Global Securities No. 1, Inc.
	12/14/06	5.35	1,000,000	998,093
The Walt Disney Co.
	1/25/07 to 2/7/07	5.34 to 5.37	4,000,000	3,964,241
Time Warner, Inc.
	12/1/06 to 1/16/07	5.47 to 5.49 (c)	6,000,000	5,962,099
UniCredito Italiano Bank (Ireland) PLC
	3/13/07 to 4/16/07	5.35 to 5.36	15,000,000	14,733,353
Weatherford International Ltd.
	12/19/06	5.35 (c)	1,000,000	997,335
WellPoint, Inc.
	12/11/06 to 12/26/06	5.35	3,000,000	2,992,006
Xcel Energy, Inc.
	4/13/07	5.56	1,000,000	980,013
XTO Energy, Inc.
	12/11/06	5.34	1,000,000	998,521
Zenith Funding Corp.
	12/13/06	5.36 (c)	2,000,000	1,996,473
TOTAL COMMERCIAL PAPER				476,413,561
Federal Agencies - 0.9%

Federal Home Loan Bank - 0.9%
	12/6/06 to 9/14/07	5.42 to 5.48	18,000,000	17,999,612
TOTAL FEDERAL AGENCIES				17,999,612
Master Notes - 1.7%
	Due Date	Yield (a)	Principal Amount	Value
Asset Funding Co. III LLC
	12/5/06	5.38 to 5.39% (d)(f)	$ 19,000,000	$ 19,000,000
Goldman Sachs Group, Inc.
	12/11/06	5.37 (d)(f)	15,000,000	15,000,000
TOTAL MASTER NOTES				34,000,000
Medium-Term Notes - 28.8%

AIG Matched Funding Corp.
	2/15/07	5.36 to 5.37 (d)	15,000,000	15,000,000
	2/15/07 to 11/15/07	5.34 to 5.37 (c)	20,000,000	20,000,000
Australia & New Zealand Banking Group Ltd.
	12/27/06	5.32 (c)(d)	2,000,000	2,000,000
Banco Santander Totta SA
	12/18/06	5.32 (c)(d)	10,000,000	10,000,000
Bank of New York Co., Inc.
	12/27/06	5.38 (c)(d)	5,000,000	5,000,000
Banque Federative du Credit Mutuel (BFCM)
	12/13/06	5.32 (c)(d)	28,000,000	28,000,000
Bayerische Landesbank Girozentrale
	2/20/07	5.42 (d)	5,000,000	5,000,000
BellSouth Corp.
	4/26/07	5.34 (c)	10,000,000	9,953,896
BMW U.S. Capital LLC
	12/15/06	5.32 (d)	1,000,000	1,000,000
	12/5/06	5.30 (c)(d)	1,000,000	1,000,000
BNP Paribas SA
	2/20/07	5.35 (c)(d)	5,000,000	5,000,000
Caja Madrid SA
	1/19/07	5.37 (d)	5,000,000	5,000,000
Calyon New York Branch
	12/4/06	5.26 (d)	5,000,000	4,998,853
Commonwealth Bank of Australia
	12/27/06	5.32 (d)	17,000,000	17,002,508
ConocoPhillips
	1/11/07	5.37 (d)	2,000,000	2,000,000
Countrywide Bank, Alexandria Virginia
	12/4/06 to 12/18/06	5.33 (d)	21,000,000	20,999,532
Credit Agricole SA
	1/23/07	5.34 (d)	15,000,000	15,000,000
Cullinan Finance Corp.
	2/26/07 to 6/25/07	5.33 to 5.38 (c)(d)	17,000,000	16,997,765
Cullinan Finance Ltd./Corp. Mtn 144A
	10/15/07	5.33 (c)	5,000,000	5,000,000
DnB Nor ASA
	12/26/06	5.31 (c)(d)	14,500,000	14,499,962

	Due Date	Yield (a)	Principal Amount	Value
General Electric Capital Corp.
	12/7/06 to 12/18/06	5.34 to 5.45% (d)	$ 24,000,000	$ 24,004,226
Genworth Life Insurance Co.
	12/1/06	5.40 (d)(f)	5,000,000	5,000,000
Harrier Finance Funding LLC
	12/20/06	5.37 (c)(d)	1,000,000	1,000,003
HBOS Treasury Services PLC
	12/11/06	5.29 (c)(d)	5,000,000	4,999,635
	12/27/06	5.46 (d)	10,000,000	10,000,000
HSBC Finance Corp.
	12/27/06	5.35 (d)	2,000,000	2,000,000
HSH Nordbank
	12/21/06	5.33 (c)(d)	9,000,000	9,000,000
HSH Nordbank AG
	12/27/06	5.35 (c)(d)	2,000,000	2,000,000
Huntington National Bank, Columbus
	2/1/07	5.45 (d)	1,000,000	1,000,206
ING USA Annuity & Life Insurance Co.
	12/26/06	5.48 (d)(f)	1,000,000	1,000,000
Intesa Bank Ireland PLC
	12/26/06	5.32 (c)(d)	15,000,000	15,000,000
K2 (USA) LLC
	12/11/06	5.36 (c)(d)	4,000,000	3,999,694
Kestrel Funding PLC US LLC 144A
	1/26/07	5.34 (c)(d)	1,000,000	1,000,000
Links Finance LLC
	12/19/06	5.28 (c)(d)	10,000,000	9,999,926
Merrill Lynch & Co., Inc.
	12/4/06 to 12/27/06	5.30 to 5.57 (d)	27,000,000	27,001,913
Metropolitan Life Insurance Co.
	12/6/06	5.33 (c)(d)	2,213,000	2,213,000
Morgan Stanley
	12/1/06 to 12/15/06	5.38 to 5.44 (d)	8,000,000	8,000,000
Natexis Banques Populaires NY CD
	12/4/06	5.28 (d)	14,000,000	13,998,405
Nationwide Building Society
	12/28/06	5.42 (c)(d)	5,000,000	5,001,509
Nordea Bank AB
	12/4/06	5.26 (d)	16,000,000	15,996,350
Pacific Life Global Funding
	12/4/06	5.37 (c)(d)	2,000,000	2,000,795
RACERS
	12/22/06	5.34 (c)(d)	10,000,000	10,000,000
Royal Bank of Scotland PLC
	12/21/06	5.31 (c)(d)	8,500,000	8,500,000
Security Life of Denver Insurance Co.
	2/28/07	5.45 (d)(f)	1,000,000	1,000,000
Medium-Term Notes - continued
Due Date		Yield (a)	Principal Amount	Value
Sigma Finance, Inc.
	12/11/06 to 12/15/06	5.32 to 5.36% (c)(d)	$ 11,000,000	$ 10,999,356
Skandinaviska Enskilda Banken
	12/6/06	5.27 (d)	9,000,000	8,998,249
SLM Corp.
	1/25/07	5.60 (d)	20,000,000	20,028,992
Societe Generale
	12/29/06	5.27 (d)	25,000,000	24,995,876
	12/4/06	5.31 (c)(d)	11,000,000	11,000,341
UniCredito Italiano Bank (Ireland) PLC
	12/11/06 to 12/15/06	5.33 (c)(d)	22,000,000	21,999,932
	12/29/06	5.29 (d)	5,000,000	4,999,254
Unicredito Italiano Spa, New York
	12/1/06 to 2/20/07	5.35 to 5.40 (d)	22,000,000	21,996,410
Vodafone Group PLC
	12/29/06	5.43 (d)	3,000,000	2,999,936
Washington Mutual Bank
	2/16/07 to 2/28/07	5.35 to 5.42 (d)	23,000,000	23,001,908
Washington Mutual Bank FA
	1/31/07	5.36 (c)(d)	13,000,000	13,000,000
	12/27/06	5.30 (d)	11,000,000	11,000,000
Wells Fargo & Co.
	12/4/06 to 12/15/06	5.33 to 5.37 (d)	10,000,000	10,000,000
WestLB AG
	12/11/06 to 12/29/06	5.36 to 5.40 (c)(d)	7,500,000	7,500,462
TOTAL MEDIUM-TERM NOTES				579,688,894
Short-Term Notes - 0.5%

Metropolitan Life Insurance Co.
	1/2/07	5.49 (d)(f)	5,000,000	5,000,000
New York Life Insurance Co.
	12/29/06	5.45 (d)(f)	5,000,000	5,000,000
TOTAL SHORT-TERM NOTES				10,000,000
Asset-Backed Securities - 0.6%

Master Funding Trust I
	1/25/07 - 4/25/07	5.35 (d)	10,504,000	10,503,965
Wind Trust
	2/25/07	5.32 (c)(d)	1,000,000	1,000,000
TOTAL ASSET-BACKED SECURITIES				11,503,965

Municipal Securities - 1.3%
	Principal Amount	Value
Connecticut Hsg. Fin. Auth. Series F2, 5.32%, VRDN 12/7/06 (d)	$ 5,000,000	$ 5,000,000
Florida Hurricane Catastrophe Fund Bonds 5.33%, 12/15/06 (d)	10,000,000	10,000,000
New York State Dorm. Auth. Revs. Series A, 5.3%, VRDN 12/7/06 (d)	600,000	600,000
Texas Gen. Oblig. 5.32%, VRDN 12/7/06 (d)	11,500,000	11,500,000

TOTAL MUNICIPAL SECURITIES

27,100,000

Interfund Loans - 0.4%

With Fidelity Advisor Diversified Stock Fund, at 5.44% due at 12/1/2006 (b)	8,967,000		8,967,000
Repurchase Agreements - 20.1%
	Maturity Amount
In a joint trading account at 5.33% dated 11/30/06 due 12/1/06 (Collateralized by U.S. Government Obligations) #	$ 912,135		912,000
With:
Barclays Capital, Inc. at 5.36%, dated 11/30/06 due 12/1/06 (Collateralized by Corporate Obligations valued at $95,880,000, 5.49% - 5.7%, 3/15/17 - 3/25/36)	94,013,996		94,000,000
Credit Suisse First Boston, Inc. at 5.39%, dated 11/30/06 due 12/1/06 (Collateralized by Corporate Obligations valued at $82,623,188, 6% - 6.5%, 1/15/07 - 10/15/16)	81,012,128		81,000,000
Deutsche Bank Securities, Inc. at:
5.34%, dated 11/28/06 due 1/29/07 (Collateralized by Equity Securities valued at $8,400,000)	8,073,573		8,000,000
5.35%, dated 11/10/06 due 12/11/06 (Collateralized by Corporate Obligations valued at $11,220,001, 8.5%, 7/15/10)	11,050,676		11,000,000
5.38%, dated 10/19/06 due 1/19/07 (Collateralized by Corporate Obligations valued at $7,140,000, 7%, 6/15/11)	7,096,242		7,000,000
Goldman Sachs & Co. at 5.41%, dated 11/21/06 due 2/21/07 (Collateralized by Corporate Obligations valued at $28,350,001, 7.63%, 6/1/16) (d)(e)	27,373,290		27,000,000
J.P. Morgan Securities, Inc. at 5.41%, dated 10/26/06 due 12/13/06 (Collateralized by Corporate Obligations valued at $15,919,251, 7.11% - 8.1%, 6/29/11 - 3/18/13) (d)(e)	15,108,220		15,000,000

	Maturity Amount		Value
Lehman Brothers, Inc. at 5.41%, dated 11/30/06 due 12/1/06 (Collateralized by Mortage Loan Obligations valued at $42,001,878, 0% - 16.85%, 12/21/17 - 9/20/46)	$ 40,006,011		$ 40,000,000
Merrill Lynch, Pierce, Fenner & Smith at 5.42%, dated 10/17/06 due 1/17/07 (Collateralized by Corporate Obligations valued at $10,520,467, 5.85% - 7%, 1/15/15 - 3/15/28) (d)(e)	10,138,511		10,000,000
Morgan Stanley & Co. at 5.38%, dated 10/26/06 due 12/13/06 (Collateralized by Mortage Loan Obligations valued at $12,663,761, 6% - 6.25%, 10/25/36 - 11/25/46)	12,086,080		12,000,000
Wachovia Securities, Inc. at 5.38%, dated 11/30/06 due 12/1/06 (Collateralized by Mortgage Loan Obligations valued at $101,031,429, 0.81% - 8.35%, 3/20/08 - 3/15/49)	99,014,795		99,000,000
TOTAL REPURCHASE AGREEMENTS		404,912,000

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $2,018,976,826)

2,018,976,826

NET OTHER ASSETS - (0.1)%			(3,022,908)
NET ASSETS - 100%		$ 2,015,953,918

Security Type Abbreviation

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(b) Loan is with an affiliated fund.

(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 $300,349,849 or 14.9% of net assets.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

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

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Asset Funding Co. III LLC: 5.38%, 12/5/06	11/7/06	$ 10,000,000
5.39%, 12/5/06	8/29/06	$ 9,000,000
Genworth Life Insurance Co. 5.4%, 12/1/06	7/31/06	$ 5,000,000
Goldman Sachs Group, Inc. 5.37%, 12/11/06	1/9/06	$ 15,000,000
ING USA Annuity & Life Insurance Co. 5.48%, 12/26/06	6/23/05	$ 1,000,000
Metropolitan Life Insurance Co. 5.49%, 1/2/07	3/26/02	$ 5,000,000
New York Life Insurance Co. 5.45%, 12/29/06	2/28/02	$ 5,000,000
Security Life of Denver Insurance Co. 5.45%, 2/28/07	8/26/05	$ 1,000,000

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$912,000 due 12/01/06 at 5.33%
BNP Paribas Securities Corp.	$ 170,700
Banc of America Securities LLC	68,280
Bank of America, NA	170,701
Barclays Capital, Inc.	92,638
Bear Stearns & Co., Inc.	17,070
Countrywide Securities Corp.	47,796
Credit Suisse Securities (USA) LLC	37,554
Greenwich Capital Markets, Inc.	34,140
HSBC Securities (USA), Inc.	68,280
UBS Securities LLC	204,841
	$ 912,000

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $2,018,976,826.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Multimedia Portfolio

November 30, 2006

1.810700.102

BAM-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%
	Shares		Value
COMPUTERS & PERIPHERALS - 1.1%
Computer Hardware - 1.1%
Apple Computer, Inc. (a)	16,700		$ 1,531,056
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
Alternative Carriers - 0.2%
Level 3 Communications, Inc. (a)	55,900		298,506
HOUSEHOLD DURABLES - 1.0%
Consumer Electronics - 1.0%
Sony Corp.	33,900		1,335,999
INTERNET SOFTWARE & SERVICES - 9.1%
Internet Software & Services - 9.1%
Akamai Technologies, Inc. (a)	12,800		625,536
aQuantive, Inc. (a)	51,500		1,230,850
Digitas, Inc. (a)	54,100		585,362
Equinix, Inc. (a)(d)	9,500		725,040
Google, Inc. Class A (sub. vtg.) (a)	13,100		6,352,452
Iliad Group SA	16,900		1,470,299
ValueClick, Inc. (a)	63,900		1,589,193
			12,578,732
MEDIA - 80.1%
Advertising - 6.2%
Focus Media Holding Ltd. ADR (a)	21,500		1,532,305
Harte-Hanks, Inc.	22,100		572,390
Lamar Advertising Co. Class A (a)(d)	30,600		1,846,710
Omnicom Group, Inc.	45,900		4,689,144
			8,640,549
Broadcasting & Cable TV - 26.9%
Cablevision Systems Corp. - NY Group Class A	100		2,777
Central European Media Enterprises Ltd. Class A (a)	8,400		617,232
Clear Channel Communications, Inc.	135,900		4,778,244
Comcast Corp. Class A	531,100		21,488,306
EchoStar Communications Corp. Class A (a)	68,000		2,448,680
Grupo Televisa SA de CV (CPO) sponsored ADR	26,900		706,932
Liberty Global, Inc. Class A (a)	100,775		2,717,902
NTL, Inc.	113,500		2,734,215
RRSat Global Communications Network Ltd.	98,500		1,155,405
Salem Communications Corp. Class A	28,300		349,788
TiVo, Inc. (a)(d)	73,930		421,401
			37,420,882
Movies & Entertainment - 40.2%
CKX, Inc. (a)	198,500		2,425,670
DreamWorks Animation SKG, Inc. Class A (a)	46,400		1,356,272
News Corp. Class A	688,082		14,174,489
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	59,660		692,653

	Shares		Value
The Walt Disney Co. (d)	198,300		$ 6,553,815
Time Warner, Inc. (d)	1,147,800		23,116,691
Viacom, Inc. Class B (non-vtg.) (a)	199,000		7,464,490
			55,784,080
Publishing - 6.8%
McGraw-Hill Companies, Inc.	98,000		6,531,700
R.H. Donnelley Corp.	46,500		2,883,000
			9,414,700
TOTAL MEDIA			111,260,211
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
Real Estate Management & Development - 0.5%
Move, Inc. (a)	119,000		659,260
SOFTWARE - 0.9%
Home Entertainment Software - 0.5%
Nintendo Co. Ltd.	2,900		691,251
Systems Software - 0.4%
Macrovision Corp. (a)	22,500		622,125
TOTAL SOFTWARE			1,313,376
TOTAL COMMON STOCKS (Cost $106,124,223)		128,977,140
Money Market Funds - 12.0%

Fidelity Cash Central Fund, 5.35% (b)	9,379,803		9,379,803
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	7,284,095		7,284,095
TOTAL MONEY MARKET FUNDS (Cost $16,663,898)		16,663,898

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $122,788,121)

145,641,038

NET OTHER ASSETS - (4.9)%		(6,809,927)
NET ASSETS - 100%		$ 138,831,111

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	$ 183,553
Fidelity Securities Lending Cash Central Fund	34,464
Total	$ 218,017

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $123,066,242. Net unrealized appreciation aggregated $22,574,796, of which $23,714,064 related to appreciated investment securities and $1,139,268 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Gas Portfolio

November 30, 2006

1.810725.102

GAS-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
Fluor Corp.	37,700		$ 3,282,916
ELECTRICAL EQUIPMENT - 0.3%
Heavy Electrical Equipment - 0.3%
Vestas Wind Systems AS (a)	98,900		3,816,684
ENERGY EQUIPMENT & SERVICES - 21.0%
Oil & Gas Drilling - 14.7%
Cathedral Energy Services Income Trust	178,000		1,366,893
Diamond Offshore Drilling, Inc.	282,500		21,927,650
ENSCO International, Inc.	438,900		22,761,354
GlobalSantaFe Corp.	812,100		48,726,000
Helmerich & Payne, Inc.	318,000		8,449,260
Nabors Industries Ltd. (a)	50,000		1,688,000
Noble Corp.	504,700		38,988,075
Pride International, Inc. (a)	785,500		25,363,795
Rowan Companies, Inc.	433,700		15,621,874
			184,892,901
Oil & Gas Equipment & Services - 6.3%
Baker Hughes, Inc.	17,500		1,285,025
Cameron International Corp. (a)	288,300		15,660,456
Complete Production Services, Inc.	28,100		618,481
National Oilwell Varco, Inc. (a)	479,828		31,913,360
Schlumberger Ltd. (NY Shares)	64,900		4,444,352
Smith International, Inc.	338,190		14,325,728
TETRA Technologies, Inc. (a)	48,700		1,258,408
W-H Energy Services, Inc. (a)	137,600		6,570,400
Weatherford International Ltd. (a)	65,200		2,928,132
			79,004,342
TOTAL ENERGY EQUIPMENT & SERVICES			263,897,243
GAS UTILITIES - 0.6%
Gas Utilities - 0.6%
Energen Corp.	22,400		1,016,064
Equitable Resources, Inc.	140,200		6,081,876
			7,097,940
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.1%
Independent Power Producers & Energy Traders - 0.1%
Canadian Hydro Developers, Inc. (a)	272,800		1,366,329
Dynegy, Inc. Class A (a)	283		1,922
			1,368,251
INDUSTRIAL CONGLOMERATES - 0.3%
Industrial Conglomerates - 0.3%
McDermott International, Inc. (a)	80,000		4,166,400
MACHINERY - 0.5%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Bucyrus International, Inc. Class A	151,000		6,447,700

	Shares		Value
METALS & MINING - 0.7%
Diversified Metals & Mining - 0.4%
Ivanhoe Mines Ltd. (a)	50,000		$ 464,078
Titanium Metals Corp.	120,600		3,855,582
			4,319,660
Steel - 0.3%
Oregon Steel Mills, Inc. (a)	66,400		4,179,216
TOTAL METALS & MINING			8,498,876
OIL, GAS & CONSUMABLE FUELS - 73.7%
Coal & Consumable Fuels - 3.5%
Alpha Natural Resources, Inc. (a)	213,400		3,361,050
Arch Coal, Inc.	210,200		7,546,180
Cameco Corp.	69,400		2,628,820
CONSOL Energy, Inc.	139,900		5,135,729
Evergreen Energy, Inc. (a)(d)	865,300		7,605,987
International Coal Group, Inc. (a)(d)	1,702,200		8,681,220
Peabody Energy Corp.	180,400		8,300,204
			43,259,190
Integrated Oil & Gas - 0.6%
OAO Gazprom sponsored ADR	171,900		8,105,085
Oil & Gas Exploration & Production - 58.6%
Apache Corp.	273,200		19,104,876
Aurora Oil & Gas Corp. (a)	3,813,053		13,002,511
Cabot Oil & Gas Corp.	293,800		18,253,794
Canadian Natural Resources Ltd.	196,000		10,623,353
Chesapeake Energy Corp. (d)	923,400		31,423,302
Denbury Resources, Inc. (a)	123,000		3,610,050
EOG Resources, Inc.	538,100		37,952,193
Forest Oil Corp. (a)	522,200		18,558,988
Gastar Exploration Ltd. (a)	431,400		1,013,791
Goodrich Petroleum Corp.	261,000		11,473,560
Helix Energy Solutions Group, Inc. (a)(d)	70,600		2,596,668
Mariner Energy, Inc. (a)	288,789		6,050,130
Newfield Exploration Co. (a)	505,100		25,138,827
Noble Energy, Inc.	557,900		29,847,650
Penn Virginia Corp.	16,700		1,259,013
Plains Exploration & Production Co. (a)	2,632,900		123,956,932
Quicksilver Resources, Inc. (a)(d)	2,622,000		110,936,820
Range Resources Corp.	4,361,600		135,602,143
Southwestern Energy Co. (a)	711,500		29,975,495
Talisman Energy, Inc.	616,600		10,350,004
Ultra Petroleum Corp. (a)	1,187,300		63,995,470
XTO Energy, Inc.	594,900		30,101,940
			734,827,510
Oil & Gas Refining & Marketing - 10.1%
Petroplus Holdings AG (a)	15,390		898,082
Tesoro Corp.	94,700		6,671,615
Valero Energy Corp.	1,993,300		109,771,031
Western Refining, Inc.	350,500		9,926,160
			127,266,888
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - 0.9%
Enterprise Products Partners LP	20,900		$ 591,052
Plains All American Pipeline LP	108,200		5,464,100
Williams Partners LP	123,500		4,776,980
			10,832,132
TOTAL OIL, GAS & CONSUMABLE FUELS			924,290,805
TOTAL COMMON STOCKS (Cost $956,591,641)		1,222,866,815
Money Market Funds - 6.8%

Fidelity Cash Central Fund, 5.35% (b)	4,419,826		4,419,826
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	81,385,525		81,385,525
TOTAL MONEY MARKET FUNDS (Cost $85,805,351)		85,805,351

TOTAL INVESTMENT PORTFOLIO - 104.3%

(Cost $1,042,396,992)

1,308,672,166

NET OTHER ASSETS - (4.3)%			(54,369,165)
NET ASSETS - 100%		$ 1,254,303,001

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	$ 464,687
Fidelity Securities Lending Cash Central Fund	350,168
Total	$ 814,855

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,044,704,119. Net unrealized appreciation aggregated $263,968,047, of which $279,937,536 related to appreciated investment securities and $15,969,489 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Natural Resources Portfolio

November 30, 2006

1.810716.102

NAT-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AIRLINES - 0.2%
Airlines - 0.2%
AirTran Holdings, Inc. (a)	151,780		$ 1,886,625
CHEMICALS - 2.4%
Commodity Chemicals - 0.3%
Celanese Corp. Class A	35,600		783,200
Formosa Chemicals & Fibre Corp.	1,384,830		2,260,947
Georgia Gulf Corp.	20,650		420,641
Tokai Carbon Co. Ltd.	22,000		151,429
			3,616,217
Diversified Chemicals - 0.3%
Ashland, Inc.	50,800		3,434,588
Fertilizers & Agricultural Chemicals - 1.6%
Agrium, Inc.	67,900		2,084,474
CF Industries Holdings, Inc.	163,700		3,724,175
Mosaic Co. (a)	433,700		9,237,810
Terra Nitrogen Co. LP	89,401		2,770,537
			17,816,996
Specialty Chemicals - 0.2%
Tokuyama Corp.	132,000		1,766,992
TOTAL CHEMICALS			26,634,793
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Clean Harbors, Inc.	7,200		307,656
CONSTRUCTION & ENGINEERING - 1.5%
Construction & Engineering - 1.5%
Chicago Bridge & Iron Co. NV (NY Shares)	369,700		10,713,906
Fluor Corp.	32,600		2,838,808
Infrasource Services, Inc. (a)	64,700		1,398,167
Jacobs Engineering Group, Inc. (a)	12,600		1,056,762
			16,007,643
CONTAINERS & PACKAGING - 0.5%
Metal & Glass Containers - 0.0%
Owens-Illinois, Inc.	8,900		168,210
Paper Packaging - 0.5%
Smurfit-Stone Container Corp.	278,200		2,985,086
Temple-Inland, Inc.	68,600		2,682,260
			5,667,346
TOTAL CONTAINERS & PACKAGING			5,835,556
ELECTRICAL EQUIPMENT - 1.5%
Electrical Components & Equipment - 0.4%
Q-Cells AG (d)	53,200		2,264,885
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	53,000		1,586,290
			3,851,175

	Shares		Value
Heavy Electrical Equipment - 1.1%
Areva (investment certificates)(non-vtg.)	100		$ 74,685
Vestas Wind Systems AS (a)	318,200		12,279,767
			12,354,452
TOTAL ELECTRICAL EQUIPMENT			16,205,627
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	38,300		1,838,017
ENERGY EQUIPMENT & SERVICES - 31.2%
Oil & Gas Drilling - 13.3%
Diamond Offshore Drilling, Inc.	236,300		18,341,606
GlobalSantaFe Corp.	852,900		51,174,000
Nabors Industries Ltd. (a)	2,600		87,776
Noble Corp.	480,700		37,134,075
Patterson-UTI Energy, Inc.	50,000		1,385,500
Pride International, Inc. (a)	605,600		19,554,824
Rowan Companies, Inc.	1,000		36,020
TODCO Class A (a)	1,400		56,014
Transocean, Inc. (a)	226,500		17,655,675
			145,425,490
Oil & Gas Equipment & Services - 17.9%
Baker Hughes, Inc.	215,490		15,823,431
Cameron International Corp. (a)	3,000		162,960
FMC Technologies, Inc. (a)	2,300		138,023
Global Industries Ltd. (a)	4,900		69,972
Grant Prideco, Inc. (a)	13,700		600,334
Halliburton Co.	912,900		30,801,246
Hydril Co. (a)	62,300		4,713,618
Key Energy Services, Inc. (a)	210,000		3,234,000
National Oilwell Varco, Inc. (a)	584,011		38,842,572
Oceaneering International, Inc. (a)	14,300		623,623
Oil States International, Inc. (a)	4,400		153,164
Saipem Spa	4,500		113,493
Schlumberger Ltd. (NY Shares)	774,752		53,055,013
Smith International, Inc.	756,200		32,032,632
W-H Energy Services, Inc. (a)	58,200		2,779,050
Weatherford International Ltd. (a)	297,290		13,351,294
			196,494,425
TOTAL ENERGY EQUIPMENT & SERVICES			341,919,915
FOOD PRODUCTS - 0.5%
Agricultural Products - 0.5%
Archer-Daniels-Midland Co.	3,100		108,810
Corn Products International, Inc.	158,611		5,760,752
Global Bio-Chem Technology Group Co. Ltd.	78,700		25,698
			5,895,260
Common Stocks - continued
	Shares		Value
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
Questar Corp.	16,200		$ 1,397,250
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.1%
Independent Power Producers & Energy Traders - 1.1%
Dynegy, Inc. Class A (a)	284		1,928
Mirant Corp. (a)	250,500		7,620,210
NRG Energy, Inc.	16,100		916,412
TXU Corp.	65,400		3,753,306
			12,291,856
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
McDermott International, Inc. (a)	104,800		5,457,984
INVESTMENT COMPANIES - 0.0%
Investment Companies - 0.0%
Canfor Pulp Income Fund	84		883
MACHINERY - 1.8%
Construction & Farm Machinery & Heavy Trucks - 1.8%
Bucyrus International, Inc. Class A	232,805		9,940,774
Joy Global, Inc.	198,750		8,725,125
Trinity Industries, Inc.	28,200		1,065,960
			19,731,859
METALS & MINING - 14.6%
Aluminum - 3.9%
Alcan, Inc.	900		43,162
Alcoa, Inc.	1,106,800		34,498,956
Century Aluminum Co. (a)	1,900		81,035
Novelis, Inc.	299,900		8,145,789
			42,768,942
Diversified Metals & Mining - 3.9%
Freeport-McMoRan Copper & Gold, Inc. Class B	1,363		85,692
Phelps Dodge Corp.	1,200		147,600
RTI International Metals, Inc. (a)	175,838		13,302,145
Teck Cominco Ltd. Class B (sub. vtg.)	101,700		7,662,786
Titanium Metals Corp.	666,976		21,323,223
			42,521,446
Gold - 4.2%
Bema Gold Corp. (a)	242,900		1,320,791
Eldorado Gold Corp. (a)	612,700		3,487,194
Meridian Gold, Inc. (a)	697,500		21,571,472
Newmont Mining Corp.	413,800		19,411,358
Sasamat Capital Corp. (a)	61		174
			45,790,989
Precious Metals & Minerals - 0.3%
Aquarius Platinum Ltd. (United Kingdom)	84,700		1,878,703
Shore Gold, Inc. (a)	244,000		1,339,591
			3,218,294

	Shares		Value
Steel - 2.3%
Allegheny Technologies, Inc.	184,200		$ 16,513,530
Hitachi Metals Ltd.	10,000		106,745
Mittal Steel Co. NV Class A (NY Shares)	3,700		152,477
Oregon Steel Mills, Inc. (a)	129,000		8,119,260
			24,892,012
TOTAL METALS & MINING			159,191,683
OIL, GAS & CONSUMABLE FUELS - 40.2%
Coal & Consumable Fuels - 4.5%
Arch Coal, Inc.	147,800		5,306,020
Cameco Corp.	270,300		10,238,762
CONSOL Energy, Inc.	246,200		9,038,002
Foundation Coal Holdings, Inc.	168,400		6,249,324
Peabody Energy Corp.	395,200		18,183,152
USEC, Inc.	1,600		19,936
			49,035,196
Integrated Oil & Gas - 11.8%
BP PLC sponsored ADR	3,064		208,597
Chevron Corp.	339,132		24,526,026
ConocoPhillips	717,430		48,283,039
ENI Spa sponsored ADR	138,300		9,116,736
Exxon Mobil Corp.	178,615		13,719,418
Hess Corp.	2,400		120,648
Husky Energy, Inc.	48,300		3,314,453
MOL Hungarian Oil and Gas Series A (For. Reg.)	600		67,464
OAO Gazprom sponsored ADR	164,857		7,773,008
Occidental Petroleum Corp.	167,000		8,406,780
OMV AG	70,235		3,766,710
Suncor Energy, Inc. (d)	127,200		10,024,079
			129,326,958
Oil & Gas Exploration & Production - 18.7%
Anadarko Petroleum Corp.	1,800		88,848
Apache Corp.	800		55,944
Cabot Oil & Gas Corp.	225,600		14,016,528
Canadian Natural Resources Ltd.	274,800		14,894,374
Chesapeake Energy Corp. (d)	903,300		30,739,299
Comstock Resources, Inc. (a)	1,300		39,676
Denbury Resources, Inc. (a)	2,300		67,505
Devon Energy Corp.	800		58,696
EnCana Corp.	140,284		7,291,501
EOG Resources, Inc.	257,800		18,182,634
EXCO Resources, Inc.	3,600		52,848
Forest Oil Corp. (a)	39,300		1,396,722
Goodrich Petroleum Corp.	4,300		189,028
Houston Exploration Co. (a)	7,100		398,452
Hugoton Royalty Trust	19,957		556,601
Mariner Energy, Inc. (a)	49,324		1,033,338
Newfield Exploration Co. (a)	56,800		2,826,936
Nexen, Inc.	115,700		6,334,855
Noble Energy, Inc.	62,400		3,338,400
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Penn West Energy Trust (d)	69,200		$ 2,211,637
Plains Exploration & Production Co. (a)	139,400		6,562,952
Pogo Producing Co.	1,300		68,796
Quicksilver Resources, Inc. (a)	100,550		4,254,271
Range Resources Corp.	968,973		30,125,371
Southwestern Energy Co. (a)	1,800		75,834
Talisman Energy, Inc.	834,600		14,009,266
Ultra Petroleum Corp. (a)	426,400		22,982,960
W&T Offshore, Inc.	41,700		1,445,322
XTO Energy, Inc.	426,800		21,596,080
			204,894,674
Oil & Gas Refining & Marketing - 3.5%
ERG Spa	3,400		81,113
Frontier Oil Corp.	6,000		189,840
Neste Oil Oyj	2,600		83,732
Petroplus Holdings AG (a)	13,390		781,372
Valero Energy Corp.	665,988		36,675,959
Western Refining, Inc.	5,800		164,256
			37,976,272
Oil & Gas Storage & Transport - 1.7%
Kinder Morgan, Inc.	13,700		1,437,815
OMI Corp.	271,000		6,330,560
Plains All American Pipeline LP	36,800		1,858,400
TransCanada Corp.	103,600		3,505,192
Williams Companies, Inc.	207,700		5,765,752
			18,897,719
TOTAL OIL, GAS & CONSUMABLE FUELS			440,130,819
PAPER & FOREST PRODUCTS - 1.7%
Forest Products - 1.4%
Canfor Corp. New (a)	341		3,075
Sino-Forest Corp. (a)	950,900		5,661,854
Weyerhaeuser Co.	145,300		9,398,004
			15,062,933
Paper Products - 0.3%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	55,800		3,395,988
TOTAL PAPER & FOREST PRODUCTS			18,458,921

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Specialized REITs - 0.2%
Plum Creek Timber Co., Inc.	44,200		$ 1,646,892
ROAD & RAIL - 0.4%
Railroads - 0.4%
Burlington Northern Santa Fe Corp.	63,400		4,765,144
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
Renewable Energy Corp. AS (a)	2,400		44,213
TOTAL COMMON STOCKS (Cost $862,109,768)		1,079,648,596
Money Market Funds - 5.1%

Fidelity Cash Central Fund, 5.35% (b)	13,112,050		13,112,050
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	42,807,905		42,807,905
TOTAL MONEY MARKET FUNDS (Cost $55,919,955)		55,919,955

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $918,029,723)

1,135,568,551

NET OTHER ASSETS - (3.7)%			(40,742,369)
NET ASSETS - 100%		$ 1,094,826,182

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	$ 533,389
Fidelity Securities Lending Cash Central Fund	112,352
Total	$ 645,741

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $920,281,959. Net unrealized appreciation aggregated $215,286,592, of which $228,039,126 related to appreciated investment securities and $12,752,534 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Networking and
Infrastructure Portfolio

November 30, 2006

1.810705.102

NET-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
BUILDING PRODUCTS - 0.3%
Building Products - 0.3%
Asahi Glass Co. Ltd.	25,000		$ 295,362
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Diversified Commercial & Professional Services - 0.3%
Tele Atlas NV (a)	19,000		375,887
COMMUNICATIONS EQUIPMENT - 37.0%
Communications Equipment - 37.0%
3Com Corp. (a)	185,000		775,150
Acme Packet, Inc.	700		12,208
ADC Telecommunications, Inc. (a)	20,128		277,565
Adtran, Inc.	51,400		1,120,006
ADVA AG Optical Networking (a)	80,000		801,936
Andrew Corp. (a)	90,100		898,297
AudioCodes Ltd. (a)	94,200		905,262
Bookham, Inc. (a)(d)	230,100		927,303
Ceragon Networks Ltd. (a)	31,400		170,816
Ciena Corp. (a)	68,046		1,710,676
Comtech Group, Inc. (a)(d)	203,100		3,298,344
Comverse Technology, Inc. (a)	69,500		1,356,640
Corning, Inc. (a)	281,500		6,069,140
F5 Networks, Inc. (a)	35,400		2,648,274
Finisar Corp. (a)(d)	437,800		1,676,774
Foundry Networks, Inc. (a)	88,300		1,263,573
Foxconn International Holdings Ltd. (a)	40,000		120,843
Ixia (a)	16,400		155,636
JDS Uniphase Corp. (a)	54,000		997,920
Juniper Networks, Inc. (a)(d)	235,309		5,009,729
MRV Communications, Inc. (a)	67,800		252,894
NETGEAR, Inc. (a)	14,500		377,000
Nortel Networks Corp.	1,372,500		2,950,878
Oplink Communications, Inc. (a)	40,300		803,985
Optical Communication Products, Inc. (a)	36,100		70,756
Optium Corp.	200		4,040
Orckit Communications Ltd. (a)	29,900		341,458
Powerwave Technologies, Inc. (a)	140,600		901,246
Research In Motion Ltd. (a)	6,600		916,278
Riverbed Technology, Inc.	200		6,978
Riverstone Networks, Inc. (a)	94,100		1
Sandvine Corp.	273,800		505,865
Sonus Networks, Inc. (a)	153,300		962,724
SpectraLink Corp.	68,000		552,160
Stratex Networks, Inc. (a)	78,800		337,264
Symmetricom, Inc. (a)	95,500		837,535
Tekelec (a)	62,000		998,200
Terayon Communication Systems, Inc. (a)	55,900		95,030
Tut Systems, Inc. (a)(d)	66,700		74,037
			41,184,421

	Shares		Value
COMPUTERS & PERIPHERALS - 10.2%
Computer Hardware - 5.9%
Concurrent Computer Corp. (a)	672,300		$ 1,257,201
Sun Microsystems, Inc. (a)	983,900		5,332,738
			6,589,939
Computer Storage & Peripherals - 4.3%
Network Appliance, Inc. (a)	113,000		4,430,730
Novatel Wireless, Inc. (a)	29,690		280,274
			4,711,004
TOTAL COMPUTERS & PERIPHERALS			11,300,943
ELECTRICAL EQUIPMENT - 0.4%
Electrical Components & Equipment - 0.4%
Energy Conversion Devices, Inc. (a)	13,000		496,340
ELECTRONIC EQUIPMENT & INSTRUMENTS - 8.8%
Electronic Equipment & Instruments - 4.9%
Agilent Technologies, Inc. (a)	133,500		4,250,640
Chi Mei Optoelectronics Corp.	3,888		4,130
Coherent, Inc. (a)(d)	15,400		497,574
Nippon Electric Glass Co. Ltd.	18,000		390,966
Orbotech Ltd. (a)	13,100		334,705
			5,478,015
Electronic Manufacturing Services - 3.9%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	74,400		541,781
Jabil Circuit, Inc.	109,000		3,091,240
Smart Modular Tech WWH, Inc.	58,800		699,132
			4,332,153
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			9,810,168
HOUSEHOLD DURABLES - 0.6%
Consumer Electronics - 0.6%
Directed Electronics, Inc.	30,600		442,476
Thomson SA	12,500		231,735
			674,211
INTERNET SOFTWARE & SERVICES - 9.0%
Internet Software & Services - 9.0%
Ariba, Inc. (a)	25,100		189,756
Baidu.com, Inc. sponsored ADR (a)	800		92,624
DivX, Inc.	100		2,963
Google, Inc. Class A (sub. vtg.) (a)	13,000		6,303,959
Marchex, Inc. Class B	12,000		164,280
Openwave Systems, Inc. (a)(d)	132,400		1,112,160
VeriSign, Inc. (a)	81,500		2,127,965
			9,993,707
IT SERVICES - 0.1%
IT Consulting & Other Services - 0.1%
Sapient Corp. (a)	21,700		118,482
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 25.1%
Semiconductor Equipment - 1.6%
ASE Test Ltd. (a)	29,000		$ 311,460
Credence Systems Corp. (a)	142,600		547,584
Cymer, Inc. (a)	9,000		425,250
EMCORE Corp. (a)	40,700		244,200
Verigy Ltd.	16,577		295,734
			1,824,228
Semiconductors - 23.5%
Altera Corp. (a)	94,400		1,877,616
AMIS Holdings, Inc. (a)	23,000		248,400
Applied Micro Circuits Corp. (a)	239,100		836,850
Broadcom Corp. Class A (a)	156,450		5,136,254
Chartered Semiconductor Manufacturing Ltd. sponsored ADR (a)(d)	34,700		310,218
Conexant Systems, Inc. (a)	223,200		486,576
Cree, Inc. (a)	2,700		53,433
Cypress Semiconductor Corp. (a)	33,300		579,087
Ikanos Communications, Inc. (a)	20,600		185,606
Infineon Technologies AG sponsored ADR (a)	30,500		394,365
Integrated Device Technology, Inc. (a)	36,700		605,550
Intersil Corp. Class A	32,000		792,640
LSI Logic Corp. (a)	69,700		743,002
Marvell Technology Group Ltd. (a)	255,480		5,273,107
Maxim Integrated Products, Inc.	8,300		261,284
Microtune, Inc. (a)	128,600		590,274
Mindspeed Technologies, Inc. (a)(d)	325,333		553,066
MIPS Technologies, Inc. (a)	43,500		371,925
Netlogic Microsystems, Inc. (a)(d)	17,800		379,674
O2Micro International Ltd. sponsored ADR (a)	60,300		492,048
RF Micro Devices, Inc. (a)	49,700		383,187
Saifun Semiconductors Ltd.	10,500		176,925
Sigma Designs, Inc. (a)	14,800		387,020
SigmaTel, Inc. (a)	20,000		90,400
Silicon Laboratories, Inc. (a)	31,600		1,018,152
Silicon On Insulator Technologies SA (SOITEC) (a)	30,100		1,009,215
Spansion, Inc. Class A	32,900		480,669
Tower Semicondutor Ltd. (a)	262,700		499,130
Trident Microsystems, Inc. (a)	10,600		222,388
Vimicro International Corp. sponsored ADR	53,000		577,700
Xilinx, Inc.	40,300		1,080,040
			26,095,801
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			27,920,029
SOFTWARE - 3.2%
Application Software - 2.6%
Cognos, Inc. (a)	2,400		98,184

	Shares		Value
Informatica Corp. (a)	36,800		$ 443,440
NAVTEQ Corp. (a)	12,400		443,548
TIBCO Software, Inc. (a)	69,680		648,721
Ulticom, Inc. (a)	115,000		1,192,550
			2,826,443
Systems Software - 0.6%
Allot Communications Ltd.	2,800		32,648
Wind River Systems, Inc. (a)	60,900		652,239
			684,887
TOTAL SOFTWARE			3,511,330
TOTAL COMMON STOCKS (Cost $110,563,430)		105,680,880

Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $240,000)	$ 240,000	208,488

Money Market Funds - 13.2%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	4,893,485		4,893,485
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	9,756,175		9,756,175
TOTAL MONEY MARKET FUNDS (Cost $14,649,660)		14,649,660

TOTAL INVESTMENT PORTFOLIO - 108.4%

(Cost $125,453,090)

120,539,028

NET OTHER ASSETS - (8.4)%		(9,388,029)
NET ASSETS - 100%		$ 111,150,999

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	$ 79,223
Fidelity Securities Lending Cash Central Fund	82,034
Total	$ 161,257

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $126,074,388. Net unrealized depreciation aggregated $5,535,360, of which $10,179,501 related to appreciated investment securities and $15,714,861 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Paper and Forest
Products Portfolio

November 30, 2006

1.810706.102

PAP-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Commercial Printing - 1.5%
Innerworkings, Inc.	19,000		$ 317,680
CONTAINERS & PACKAGING - 27.8%
Metal & Glass Containers - 2.8%
Ball Corp.	2,421		103,522
Owens-Illinois, Inc.	12,000		226,800
Silgan Holdings, Inc.	6,000		258,840
			589,162
Paper Packaging - 25.0%
Bemis Co., Inc.	33,900		1,157,007
Packaging Corp. of America	34,900		786,995
Sealed Air Corp.	11,300		672,463
Smurfit-Stone Container Corp.	114,370		1,227,190
Sonoco Products Co.	17,900		662,121
Temple-Inland, Inc.	20,600		805,460
			5,311,236
TOTAL CONTAINERS & PACKAGING			5,900,398
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.2%
Electronic Equipment & Instruments - 1.2%
Metrologic Instruments, Inc. (a)	13,700		252,080
HOUSEHOLD PRODUCTS - 5.7%
Household Products - 5.7%
Kimberly-Clark Corp.	15,000		997,050
Procter & Gamble Co.	3,500		219,765
			1,216,815
INVESTMENT COMPANIES - 0.4%
Investment Companies - 0.4%
Canfor Pulp Income Fund	8,890		93,411
MACHINERY - 1.2%
Industrial Machinery - 1.2%
Kadant, Inc. (a)	11,100		262,404
MEDIA - 0.5%
Publishing - 0.5%
McGraw-Hill Companies, Inc.	1,700		113,305
PAPER & FOREST PRODUCTS - 40.3%
Forest Products - 20.9%
Canfor Corp. New (a)	67,300		606,970
Louisiana-Pacific Corp.	49,800		1,050,780
West Fraser Timber Co. Ltd.	27,800		1,046,471
Weyerhaeuser Co.	26,900		1,739,891
			4,444,112
Paper Products - 19.4%
Abitibi-Consolidated, Inc.	337,000		779,020
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	2,300		139,978

	Shares		Value
Buckeye Technologies, Inc. (a)	21,800		$ 255,932
Domtar, Inc. (a)	17,000		121,912
International Paper Co.	6,800		225,080
Lee & Man Paper Manufacturing Ltd.	50,000		126,628
MeadWestvaco Corp.	41,800		1,233,100
Mercer International, Inc. (SBI) (a)(d)	14,100		166,380
Neenah Paper, Inc.	1,700		58,072
Nine Dragons Paper (Holdings) Ltd.	12,000		21,505
P.H. Glatfelter Co.	21,700		321,594
Pope & Talbot, Inc. (a)	21,500		107,715
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	12,000		238,800
Wausau-Mosinee Paper Corp.	21,700		324,632
			4,120,348
TOTAL PAPER & FOREST PRODUCTS			8,564,460
REAL ESTATE INVESTMENT TRUSTS - 19.9%
Specialized REITs - 19.9%
Longview Fibre Co.	58,718		1,222,509
Plum Creek Timber Co., Inc.	26,600		991,116
Potlatch Corp.	21,879		912,136
Rayonier, Inc.	26,487		1,104,508
			4,230,269
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
Real Estate Management & Development - 0.8%
Consolidated-Tomoka Land Co.	2,200		157,850
TOTAL COMMON STOCKS (Cost $22,023,365)		21,108,672
Money Market Funds - 4.2%

Fidelity Cash Central Fund, 5.35% (b)	775,413		775,413
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	115,000		115,000
TOTAL MONEY MARKET FUNDS (Cost $890,413)		890,413

TOTAL INVESTMENT PORTFOLIO - 103.5%

(Cost $22,913,778)

21,999,085

NET OTHER ASSETS - (3.5)%			(753,883)
NET ASSETS - 100%		$ 21,245,202

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,598
Fidelity Securities Lending Cash Central Fund	2,239
Total	$ 18,837

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $23,079,440. Net unrealized depreciation aggregated $1,080,355, of which $860,249 related to appreciated investment securities and $1,940,604 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Pharmaceuticals Portfolio

November 30, 2006

1.810707.102

PHR-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
BIOTECHNOLOGY - 7.0%
Biotechnology - 7.0%
Acambis PLC (a)	27,600		$ 56,418
Alizyme PLC (a)	9,400		14,088
Alnylam Pharmaceuticals, Inc. (a)	13,000		279,110
Amgen, Inc. (a)	400		28,400
Amylin Pharmaceuticals, Inc. (a)	6,060		242,400
Antigenics, Inc. (a)	12,100		25,652
Arena Pharmaceuticals, Inc. (a)(d)	14,200		183,180
ArQule, Inc. (a)	51,800		262,108
Biogen Idec, Inc. (a)	19,700		1,029,522
BioMarin Pharmaceutical, Inc. (a)	35,800		612,538
Celgene Corp. (a)	8,600		479,278
Cephalon, Inc. (a)	5,400		404,244
CSL Ltd.	16,965		793,703
deCODE genetics, Inc. (a)	5,400		23,382
Digene Corp. (a)	5,600		286,160
Genentech, Inc. (a)	20,100		1,643,175
Genmab AS (a)	2,900		139,861
Genzyme Corp. (a)	3,400		218,960
Gilead Sciences, Inc. (a)	17,700		1,166,784
GPC Biotech AG sponsored ADR (a)	1,400		29,050
Grifols SA	2,336		25,675
GTx, Inc. (a)	9,200		141,864
Hana Biosciences, Inc. (a)	3,800		26,220
Human Genome Sciences, Inc. (a)	2,300		28,796
ImClone Systems, Inc. (a)	1,000		29,900
Incyte Corp. (a)	5,600		29,344
Insmed, Inc. (a)	60,000		102,000
Isis Pharmaceuticals, Inc. (a)	30,000		306,300
MannKind Corp. (a)(d)	90,000		1,476,000
Medicure, Inc. (a)	20,200		24,762
MediGene AG (a)	3,000		27,212
MedImmune, Inc. (a)	35,500		1,160,495
Memory Pharmaceuticals Corp. (a)(d)	435,000		1,087,500
Metabasis Therapeutics, Inc. (a)	3,000		22,650
Neopharm, Inc. (a)(d)	27,800		203,218
Neurogen Corp. (a)	14,525		78,580
ONYX Pharmaceuticals, Inc. (a)	7,200		126,000
OSI Pharmaceuticals, Inc. (a)	35,600		1,305,808
Panacos Pharmaceuticals, Inc. (a)	23,100		149,688
Pharmion Corp. (a)	1,100		27,236
Prana Biotechnology Ltd. ADR (a)(d)	72,500		234,900
Progenics Pharmaceuticals, Inc. (a)	11,300		309,394
Regeneron Pharmaceuticals, Inc. (a)	6,400		137,664
Sangamo Biosciences, Inc. (a)	5,300		41,923
SGX Pharmaceuticals, Inc.	7,800		23,712
Speedel Holding AG (a)	3,020		472,891
Tercica, Inc. (a)	53,200		261,744
Theravance, Inc. (a)	10,000		312,900
Transition Therapeutics, Inc. (a)	20,000		24,167
United Therapeutics Corp. (a)	5,000		291,100

	Shares		Value
Vanda Pharmaceuticals, Inc.	24,500		$ 366,030
Vion Pharmaceuticals, Inc. (a)	19,300		31,845
			16,805,531
CHEMICALS - 0.7%
Commodity Chemicals - 0.0%
Solvay SA	200		28,470
Diversified Chemicals - 0.3%
Akzo Nobel NV	500		28,600
Bayer AG sponsored ADR	14,400		743,760
			772,360
Specialty Chemicals - 0.4%
Sigma Aldrich Corp.	10,800		821,988
TOTAL CHEMICALS			1,622,818
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
New Oriental Education & Technology Group, Inc. sponsored ADR	1,500		47,865
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	1,800		53,874
HEALTH CARE EQUIPMENT & SUPPLIES - 2.8%
Health Care Equipment - 2.5%
Advanced Medical Optics, Inc. (a)	587		20,551
Angiodynamics, Inc. (a)	5,800		121,394
Baxter International, Inc.	9,200		411,608
Beckman Coulter, Inc.	10,000		593,500
Becton, Dickinson & Co.	8,300		595,276
BioLase Technology, Inc. (a)	11,700		100,854
Biosite, Inc. (a)	600		29,292
China Medical Technologies, Inc. sponsored ADR (a)(d)	31,800		797,862
Cytyc Corp. (a)	1,100		28,842
Dade Behring Holdings, Inc.	800		30,288
EPIX Pharmaceuticals, Inc. (a)	6,700		30,887
Foxhollow Technologies, Inc. (a)	800		21,192
Hospira, Inc. (a)	900		29,520
IDEXX Laboratories, Inc. (a)	300		25,395
Medtronic, Inc.	600		31,278
Mentor Corp.	600		29,970
Mindray Medical International Ltd. sponsored ADR	74,600		1,790,400
NeuroMetrix, Inc. (a)	8,100		147,825
NuVasive, Inc. (a)	1,300		29,900
Sirona Dental Systems, Inc.	4,100		151,536
St. Jude Medical, Inc. (a)	900		33,543
Stryker Corp.	600		31,116
Thermogenesis Corp. (a)	22,000		105,600
Varian Medical Systems, Inc. (a)	5,300		260,866
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Volcano Corp.	10,400		$ 185,016
Zimmer Holdings, Inc. (a)	4,200		306,432
			5,939,943
Health Care Supplies - 0.3%
Alcon, Inc.	300		32,886
Bausch & Lomb, Inc.	500		24,210
Cooper Companies, Inc.	200		10,794
DENTSPLY International, Inc.	900		28,737
Gen-Probe, Inc. (a)	6,200		302,188
Immucor, Inc. (a)	12,800		344,320
			743,135
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			6,683,078
HEALTH CARE PROVIDERS & SERVICES - 2.0%
Health Care Distributors & Services - 0.6%
Alfresa Holdings Corp.	400		25,633
AmerisourceBergen Corp.	700		32,193
Cardinal Health, Inc.	462		29,854
Henry Schein, Inc. (a)	600		30,918
Kuraya Sanseido, Inc.	1,400		26,419
McKesson Corp.	25,130		1,241,422
Owens & Minor, Inc.	1,000		31,030
Patterson Companies, Inc. (a)	900		33,399
Suzuken Co. Ltd.	800		28,327
Toho Pharmaceutical Co. Ltd.	1,700		30,538
			1,509,733
Health Care Facilities - 0.3%
Brookdale Senior Living, Inc.	13,000		593,450
Capital Senior Living Corp. (a)	4,000		41,040
Community Health Systems, Inc. (a)	900		31,500
Health Management Associates, Inc. Class A	1,500		30,750
LifePoint Hospitals, Inc. (a)	800		27,768
Manor Care, Inc.	600		28,512
Sunrise Senior Living, Inc. (a)	1,000		31,900
VCA Antech, Inc. (a)	900		29,016
			813,936
Health Care Services - 1.0%
AMN Healthcare Services, Inc. (a)	24,100		668,775
Cross Country Healthcare, Inc. (a)	1,300		25,805
DaVita, Inc. (a)	7,900		420,359
Express Scripts, Inc. (a)	400		27,280
Fresenius Medical Care AG sponsored ADR	14,000		629,020
Healthways, Inc. (a)	10,300		473,491
Laboratory Corp. of America Holdings (a)	400		28,320

	Shares		Value
Medco Health Solutions, Inc. (a)	500		$ 25,105
Quest Diagnostics, Inc.	500		26,585
			2,324,740
Managed Health Care - 0.1%
Aetna, Inc.	700		28,917
CIGNA Corp.	200		25,210
Humana, Inc. (a)	500		27,050
UnitedHealth Group, Inc.	600		29,448
WellPoint, Inc. (a)	400		30,268
			140,893
TOTAL HEALTH CARE PROVIDERS & SERVICES			4,789,302
HEALTH CARE TECHNOLOGY - 4.4%
Health Care Technology - 4.4%
Allscripts Healthcare Solutions, Inc. (a)	73,200		2,043,744
Cerner Corp. (a)	123,800		5,951,066
Eclipsys Corp. (a)	55,900		1,183,403
TriZetto Group, Inc. (a)	36,900		638,001
Vital Images, Inc. (a)	27,600		890,652
			10,706,866
HOTELS, RESTAURANTS & LEISURE - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
Home Inns & Hotels Management, Inc. ADR	1,500		45,855
INSURANCE - 0.1%
Life & Health Insurance - 0.1%
China Life Insurance Co. Ltd. ADR	1,300		127,595
LIFE SCIENCES TOOLS & SERVICES - 1.3%
Life Sciences Tools & Services - 1.3%
Applera Corp. - Applied Biosystems Group	700		25,508
Charles River Laboratories International, Inc. (a)	700		29,225
Covance, Inc. (a)	11,800		706,466
Evotec OAI AG (a)	6,700		27,060
Exelixis, Inc. (a)	39,800		343,076
Medivation, Inc. (a)	9,600		166,080
Millipore Corp. (a)	8,300		567,803
PAREXEL International Corp. (a)	1,000		27,770
Pharmaceutical Product Development, Inc.	8,700		274,833
PRA International (a)	13,800		399,648
Techne Corp. (a)	500		26,885
Thermo Fisher Scientific, Inc. (a)	5,600		245,448
Third Wave Technologies, Inc. (a)	6,700		33,232
Ventana Medical Systems, Inc. (a)	7,000		294,630
Waters Corp. (a)	500		25,020
			3,192,684
Common Stocks - continued
	Shares		Value
MACHINERY - 0.0%
Industrial Machinery - 0.0%
Pall Corp.	900		$ 28,251
MEDIA - 0.0%
Advertising - 0.0%
Focus Media Holding Ltd. ADR (a)	700		49,889
PHARMACEUTICALS - 80.4%
Pharmaceuticals - 80.4%
Abbott Laboratories	18,000		839,880
Abraxis BioScience, Inc. (a)	16,700		447,894
Adams Respiratory Therapeutics, Inc. (a)	18,300		720,471
Adolor Corp. (a)	3,700		29,008
Allergan, Inc.	49,050		5,718,249
Astellas Pharma, Inc.	38,000		1,660,592
AstraZeneca PLC sponsored ADR	183,030		10,595,607
Atherogenics, Inc. (a)	1,400		17,276
Barr Pharmaceuticals, Inc. (a)	11,850		605,298
Biovail Corp.	21,310		378,040
Bradley Pharmaceuticals, Inc. (a)	22,700		478,062
Bristol-Myers Squibb Co. (d)	388,900		9,656,387
Cardiome Pharma Corp. (a)	24,600		285,606
Chugai Pharmaceutical Co. Ltd.	41,400		843,803
Collagenex Pharmaceuticals, Inc. (a)	37,100		488,236
Daiichi Sankyo Co. Ltd.	65,900		2,026,116
Eisai Co. Ltd.	35,800		1,910,735
Elan Corp. PLC sponsored ADR (a)	74,400		1,076,568
Eli Lilly & Co.	86,100		4,614,099
Endo Pharmaceuticals Holdings, Inc. (a)	25,900		702,149
Forest Laboratories, Inc. (a)	107,120		5,216,744
GlaxoSmithKline PLC sponsored ADR	21,300		1,131,669
H. Lundbeck AS	16,880		428,784
Inspire Pharmaceuticals, Inc. (a)	5,600		26,656
Intercell AG (a)	1,200		26,060
Ipsen SA	5,800		254,681
Johnson & Johnson	252,300		16,629,093
Kaken Pharmaceutical Co. Ltd.	4,000		31,333
King Pharmaceuticals, Inc. (a)	1,900		31,407
Labopharm, Inc. (a)	5,900		34,562
Medicines Co. (a)	19,600		559,580
Medicis Pharmaceutical Corp. Class A	9,700		357,736
Merck & Co., Inc.	847,200		37,708,872
Merck KGaA (d)	18,300		2,007,692
MGI Pharma, Inc. (a)	32,900		624,113
Mylan Laboratories, Inc.	1,447		29,360
New River Pharmaceuticals, Inc. (a)	30,200		1,482,216
Nichi-iko Pharmaceutical Co. Ltd.	2,000		28,396
Nippon Chemiphar Co. Ltd. (a)	5,000		28,932
Novartis AG sponsored ADR	301,640		17,618,792
Novo Nordisk AS Series B sponsored ADR	5,400		418,230
OctoPlus N.V. (a)	500		2,893

	Shares		Value
Ono Pharmaceutical Co. Ltd.	700		$ 35,728
Penwest Pharmaceuticals Co. (a)(d)	27,900		479,601
Perrigo Co.	17,300		289,775
Pfizer, Inc.	624,100		17,156,509
Pozen, Inc. (a)	2,000		32,860
Renovo Group PLC	200,200		617,784
Roche Holding AG (participation certificate)	88,867		16,050,476
Salix Pharmaceuticals Ltd. (a)	2,000		28,100
Sanofi-Aventis sponsored ADR	17,156		755,036
Schering-Plough Corp.	492,590		10,841,906
Shionogi & Co. Ltd.	62,000		1,202,090
Shire PLC	110,400		2,211,140
Stada Arzneimittel AG	600		31,805
Taisho Pharmaceutical Co. Ltd.	1,000		18,136
Takeda Pharamaceutical Co. Ltd.	31,000		2,024,009
Teva Pharmaceutical Industries Ltd. sponsored ADR	800		25,648
Towa Pharmaceutical Co. Ltd.	1,100		33,060
UCB SA	500		31,715
Valeant Pharmaceuticals International	87,100		1,462,409
ViroPharma, Inc. (a)	22,800		351,348
Wyeth	266,720		12,877,242
			194,328,254
SOFTWARE - 0.3%
Systems Software - 0.3%
Quality Systems, Inc.	22,000		840,620
TOTAL COMMON STOCKS (Cost $217,385,150)		239,322,482
Money Market Funds - 5.0%

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c) (Cost $12,101,900)	12,101,900		12,101,900

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $229,487,050)

251,424,382

NET OTHER ASSETS - (4.0)%			(9,725,299)
NET ASSETS - 100%		$ 241,699,083

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	$ 114,499
Fidelity Securities Lending Cash Central Fund	97,349
Total	$ 211,848

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $230,665,426. Net unrealized appreciation aggregated $20,758,956, of which $24,247,681 related to appreciated investment securities and $3,488,725 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Retailing Portfolio

November 30, 2006

1.810717.102

RET-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%
	Shares		Value
DISTRIBUTORS - 1.3%
Distributors - 1.3%
Li & Fung Ltd.	515,000		$ 1,496,265
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Sotheby's Class A (ltd. vtg.)	16,500		512,985
FOOD & STAPLES RETAILING - 2.3%
Drug Retail - 0.7%
Rite Aid Corp. (d)	165,800		787,550
Food Retail - 0.3%
Safeway, Inc.	11,300		348,153
Susser Holdings Corp.	500		9,925
			358,078
Hypermarkets & Super Centers - 1.3%
Wal-Mart de Mexico SA de CV Series V	314,811		1,176,548
Wal-Mart Stores, Inc.	7,200		331,920
			1,508,468
TOTAL FOOD & STAPLES RETAILING			2,654,096
HOTELS, RESTAURANTS & LEISURE - 3.4%
Restaurants - 3.4%
Buffalo Wild Wings, Inc. (a)	3,200		170,848
McDonald's Corp.	25,800		1,082,826
Tim Hortons, Inc.	21,265		656,663
Wendy's International, Inc.	61,900		2,016,083
			3,926,420
INTERNET & CATALOG RETAIL - 3.1%
Catalog Retail - 1.8%
Coldwater Creek, Inc. (a)(d)	61,000		1,534,150
Liberty Media Holding Corp. - Interactive Series A (a)	26,100		594,036
			2,128,186
Internet Retail - 1.3%
Amazon.com, Inc. (a)	18,900		762,426
Blue Nile, Inc. (a)(d)	21,000		703,710
			1,466,136
TOTAL INTERNET & CATALOG RETAIL			3,594,322
LEISURE EQUIPMENT & PRODUCTS - 0.5%
Leisure Products - 0.5%
Hasbro, Inc.	20,000		535,000
MULTILINE RETAIL - 32.6%
Department Stores - 22.3%
Federated Department Stores, Inc.	200,500		8,439,045
JCPenney Co., Inc.	77,900		6,024,786
KarstadtQuelle AG (a)	28,100		782,527
Kohl's Corp. (a)(d)	34,500		2,401,200
Nordstrom, Inc.	24,500		1,200,990

	Shares		Value
Saks, Inc.	142,300		$ 2,919,996
Sears Holdings Corp. (a)	19,964		3,422,229
The Bon-Ton Stores, Inc.	11,000		411,290
			25,602,063
General Merchandise Stores - 10.3%
Family Dollar Stores, Inc.	36,800		1,026,352
Target Corp.	174,200		10,119,278
Tuesday Morning Corp. (d)	37,700		663,520
			11,809,150
TOTAL MULTILINE RETAIL			37,411,213
PERSONAL PRODUCTS - 0.8%
Personal Products - 0.8%
Bare Escentuals, Inc.	29,400		878,766
SPECIALTY RETAIL - 45.2%
Apparel Retail - 18.7%
Abercrombie & Fitch Co. Class A	30,000		2,023,200
Aeropostale, Inc. (a)(d)	17,000		514,080
American Eagle Outfitters, Inc.	36,400		1,644,552
Casual Male Retail Group, Inc. (a)(d)	92,100		1,294,005
Charlotte Russe Holding, Inc. (a)	26,000		784,420
Esprit Holdings Ltd.	148,000		1,534,472
Gap, Inc.	13,000		243,360
Guess?, Inc. (a)	10,000		621,600
Gymboree Corp. (a)	32,600		1,297,480
Hot Topic, Inc. (a)	10,000		133,500
J. Crew Group, Inc.	3,100		121,985
Limited Brands, Inc.	131,000		4,151,390
Ross Stores, Inc.	14,800		458,652
The Children's Place Retail Stores, Inc. (a)	14,000		903,280
TJX Companies, Inc.	165,700		4,543,494
Tween Brands, Inc. (a)	10,000		419,200
Zumiez, Inc. (a)(d)	26,800		823,028
			21,511,698
Automotive Retail - 1.8%
AutoZone, Inc. (a)	1,300		147,693
CarMax, Inc. (a)	25,100		1,158,114
CSK Auto Corp. (a)	48,600		809,190
			2,114,997
Computer & Electronics Retail - 7.7%
Best Buy Co., Inc. (d)	89,000		4,892,330
Circuit City Stores, Inc.	60,800		1,517,568
Gamestop Corp. Class A (a)	20,063		1,124,531
RadioShack Corp.	67,400		1,181,522
Tweeter Home Entertainment Group, Inc. (a)	45,000		113,850
			8,829,801
Home Improvement Retail - 6.9%
Home Depot, Inc.	139,800		5,308,206
Lowe's Companies, Inc.	85,400		2,575,664
			7,883,870
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - 10.1%
Borders Group, Inc.	48,600		$ 1,112,940
Guitar Center, Inc. (a)	10,000		439,200
Hibbett Sporting Goods, Inc. (a)	13,000		409,760
Office Depot, Inc. (a)	70,000		2,650,200
OfficeMax, Inc.	18,000		847,260
PETsMART, Inc.	40,200		1,189,116
Staples, Inc.	145,600		3,708,432
Tiffany & Co., Inc.	32,600		1,252,818
			11,609,726
TOTAL SPECIALTY RETAIL			51,950,092
TEXTILES, APPAREL & LUXURY GOODS - 10.5%
Apparel, Accessories & Luxury Goods - 4.8%
Coach, Inc. (a)	32,300		1,395,683
Phillips-Van Heusen Corp.	26,800		1,322,044
Polo Ralph Lauren Corp. Class A	24,200		1,892,440
Under Armour, Inc. Class A (sub. vtg.)	5,700		267,444
Volcom, Inc. (a)(d)	19,100		619,031
			5,496,642
Footwear - 5.7%
Crocs, Inc.	3,700		158,915
Deckers Outdoor Corp. (a)(d)	87,100		4,860,180
Iconix Brand Group, Inc. (a)	15,000		269,850
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)(d)	25,900		764,050
Wolverine World Wide, Inc.	17,400		505,644
			6,558,639
TOTAL TEXTILES, APPAREL & LUXURY GOODS			12,055,281
TOTAL COMMON STOCKS (Cost $97,554,310)		115,014,440
Money Market Funds - 13.9%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	1,632,439		$ 1,632,439
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	14,398,700		14,398,700
TOTAL MONEY MARKET FUNDS (Cost $16,031,139)		16,031,139

TOTAL INVESTMENT PORTFOLIO - 114.0%

(Cost $113,585,449)

131,045,579

NET OTHER ASSETS - (14.0)%			(16,125,526)
NET ASSETS - 100%		$ 114,920,053

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	$ 97,943
Fidelity Securities Lending Cash Central Fund	46,387
Total	$ 144,330

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $113,853,238. Net unrealized appreciation aggregated $17,192,341, of which $18,057,940 related to appreciated investment securities and $865,599 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Software and
Computer Services Portfolio

November 30, 2006

1.810708.102

SOF-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Human Resource & Employment Services - 0.4%
Taleo Corp. Class A (a)	338,200		$ 4,389,836
COMMUNICATIONS EQUIPMENT - 3.5%
Communications Equipment - 3.5%
Comverse Technology, Inc. (a)	2,008,600		39,207,872
COMPUTERS & PERIPHERALS - 0.5%
Computer Hardware - 0.2%
Concurrent Computer Corp. (a)	1,180,000		2,206,600
Computer Storage & Peripherals - 0.3%
Rackable Systems, Inc. (a)	102,200		3,639,342
TOTAL COMPUTERS & PERIPHERALS			5,845,942
INTERNET SOFTWARE & SERVICES - 22.5%
Internet Software & Services - 22.5%
Akamai Technologies, Inc. (a)	106,300		5,194,881
eBay, Inc. (a)	922,000		29,826,700
Equinix, Inc. (a)	35,000		2,671,200
Google, Inc. Class A (sub. vtg.) (a)	307,400		149,064,408
VeriSign, Inc. (a)	200,400		5,232,444
Yahoo!, Inc. (a)(d)	2,152,000		58,082,480
			250,072,113
IT SERVICES - 17.3%
Data Processing & Outsourced Services - 13.5%
Affiliated Computer Services, Inc. Class A (a)	212,200		10,726,710
Computer Sciences Corp. (a)	108,400		5,658,480
First Data Corp.	1,108,900		27,999,725
Iron Mountain, Inc. (a)	96,300		4,150,530
Mastercard, Inc. Class A (d)	200,300		20,380,525
MoneyGram International, Inc.	532,100		16,229,050
Paychex, Inc.	527,500		20,788,775
TALX Corp.	99,582		2,484,571
The BISYS Group, Inc. (a)	750,000		8,992,500
VeriFone Holdings, Inc. (a)	88,600		2,991,136
Western Union Co. (a)	1,291,100		29,437,080
			149,839,082
IT Consulting & Other Services - 3.8%
Accenture Ltd. Class A	25,000		842,500
HCL Technologies Ltd.	700,994		9,909,792
Infosys Technologies Ltd. sponsored ADR	350,300		18,751,559

	Shares		Value
Kanbay International, Inc. (a)	385,390		$ 11,049,131
Unisys Corp. (a)	300,000		2,163,000
			42,715,982
TOTAL IT SERVICES			192,555,064
SOFTWARE - 51.9%
Application Software - 14.6%
Altiris, Inc. (a)	76,200		1,888,998
Ansys, Inc. (a)	220,600		10,357,170
BEA Systems, Inc. (a)	1,152,600		15,871,302
Citrix Systems, Inc. (a)	130,000		3,736,200
Fair, Isaac & Co., Inc.	481,000		20,019,220
Informatica Corp. (a)	1,164,600		14,033,430
Manhattan Associates, Inc. (a)	67,100		1,945,900
NAVTEQ Corp. (a)	525,000		18,779,250
Parametric Technology Corp. (a)	1,080,000		20,908,800
Quest Software, Inc. (a)	2,251,014		32,212,010
SAP AG sponsored ADR	2,400		125,328
Synopsys, Inc. (a)	480,000		12,264,000
TIBCO Software, Inc. (a)	1,133,800		10,555,678
			162,697,286
Home Entertainment Software - 6.0%
Electronic Arts, Inc. (a)	245,740		13,724,579
Nintendo Co. Ltd.	147,100		35,063,130
Ubisoft Entertainment SA (a)(d)	288,734		18,161,224
			66,948,933
Systems Software - 31.3%
MICROS Systems, Inc. (a)	43,500		2,215,020
Microsoft Corp. (d)	5,526,800		162,101,045
Novell, Inc. (a)	650,900		4,087,652
Oracle Corp. (a)(d)	4,527,800		86,164,034
Red Hat, Inc. (a)	229,000		3,984,600
Symantec Corp. (a)(d)	2,866,471		60,769,185
Utimaco Safeware AG (e)	1,186,143		19,319,494
Wind River Systems, Inc. (a)	851,600		9,120,636
			347,761,666
TOTAL SOFTWARE			577,407,885
SPECIALTY RETAIL - 0.4%
Computer & Electronics Retail - 0.4%
Tweeter Home Entertainment Group, Inc. (a)(e)	1,889,500		4,780,435
TOTAL COMMON STOCKS (Cost $965,781,691)		1,074,259,147
Money Market Funds - 17.8%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	50,400,882	$ 50,400,882
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	147,308,484	147,308,484
TOTAL MONEY MARKET FUNDS (Cost $197,709,366)		197,709,366
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.3%, dated 11/30/06 due 12/1/06 (Collateralized by U.S. Treasury Obligations) # (Cost $2,187,000)	$ 2,187,322		2,187,000

TOTAL INVESTMENT PORTFOLIO - 114.5%

(Cost $1,165,678,057)

1,274,155,513

NET OTHER ASSETS - (14.5)%		(161,473,561)
NET ASSETS - 100%		$ 1,112,681,952

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 counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$2,187,000 due 12/01/06 at 5.30%
BNP Paribas Securities Corp.	$ 128,802
Banc of America Securities LLC	229,211
Deutsche Bank Securities, Inc.	1,326,659
Merrill Lynch, Pierce, Fenner & Smith, Inc.	502,328
	$ 2,187,000

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	$ 817,698
Fidelity Securities Lending Cash Central Fund	69,173
Total	$ 886,871

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Tweeter Home Entertainment Group, Inc.	$ 1,155,348	$ 9,061,082	$ 3,923,787	$ -	$ 4,780,435
Utimaco Safeware AG	-	16,625,641	-	185,297	19,319,494
Vitria Technology, Inc.	5,523,254	822,579	6,120,357	-	-
WatchGuard Technologies, Inc.	7,224,007	1,462,403	8,954,122	-	-
Total	$ 13,902,609	$ 27,971,705	$ 18,998,266	$ 185,297	$ 24,099,929

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,172,907,994. Net unrealized appreciation aggregated $101,247,519, of which $145,779,741 related to appreciated investment securities and $44,532,222 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Technology Portfolio

November 30, 2006

1.810712.102

TEC-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.8%
	Shares		Value
AUTO COMPONENTS - 0.2%
Auto Parts & Equipment - 0.2%
Fuel Systems Solutions, Inc. (a)	200,000		$ 3,800,000
COMMUNICATIONS EQUIPMENT - 7.4%
Communications Equipment - 7.4%
Alcatel SA sponsored ADR (d)	650,000		8,632,000
Arris Group, Inc. (a)	200,000		2,386,000
Comverse Technology, Inc. (a)	350,000		6,832,000
Corning, Inc. (a)	1,250,000		26,950,000
F5 Networks, Inc. (a)	100,000		7,481,000
Juniper Networks, Inc. (a)	1,000,000		21,290,000
Nortel Networks Corp.	3,500,000		7,525,008
QUALCOMM, Inc.	1,325,000		48,481,750
Sandvine Corp.	2,000,000		3,695,140
			133,272,898
COMPUTERS & PERIPHERALS - 18.0%
Computer Hardware - 15.0%
Apple Computer, Inc. (a)	700,000		64,176,000
Dell, Inc. (a)(d)	1,750,000		47,670,000
Hewlett-Packard Co.	1,300,000		51,298,000
International Business Machines Corp.	1,000,000		91,920,000
NCR Corp. (a)	100,000		4,291,000
Sun Microsystems, Inc. (a)	1,776,500		9,628,630
			268,983,630
Computer Storage & Peripherals - 3.0%
EMC Corp. (a)	1,500,000		19,665,000
Hypercom Corp. (a)	450,000		2,979,000
Komag, Inc. (a)	100,000		3,948,000
Network Appliance, Inc. (a)	250,000		9,802,500
Rackable Systems, Inc. (a)	14,300		509,223
SanDisk Corp. (a)	152,736		6,781,478
Seagate Technology (a)	25,000		644,000
TPV Technology Ltd.	3,000,000		2,071,040
Western Digital Corp. (a)	400,000		8,208,000
			54,608,241
TOTAL COMPUTERS & PERIPHERALS			323,591,871
DIVERSIFIED CONSUMER SERVICES - 1.2%
Education Services - 1.2%
Apollo Group, Inc. Class A (a)	300,000		11,637,000
New Oriental Education & Technology Group, Inc. Sponsored ADR (d)	305,400		9,745,314
			21,382,314
ELECTRICAL EQUIPMENT - 3.5%
Electrical Components & Equipment - 3.3%
Energy Conversion Devices, Inc. (a)	100,000		3,818,000
Evergreen Solar, Inc. (a)(d)	2,250,000		20,790,000

	Shares		Value
SolarWorld AG (d)	500,000		$ 30,522,810
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	175,000		5,237,750
			60,368,560
Heavy Electrical Equipment - 0.2%
Suzlon Energy Ltd.	100,000		3,255,157
TOTAL ELECTRICAL EQUIPMENT			63,623,717
ELECTRONIC EQUIPMENT & INSTRUMENTS - 5.5%
Electronic Equipment & Instruments - 1.1%
Amphenol Corp. Class A	75,000		5,109,750
Motech Industries, Inc.	762,763		11,474,465
Photon Dynamics, Inc. (a)	300,000		3,333,000
			19,917,215
Electronic Manufacturing Services - 1.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	2,999,965		21,845,756
Molex, Inc.	50,000		1,600,000
			23,445,756
Technology Distributors - 3.1%
Arrow Electronics, Inc. (a)	951,719		30,226,595
Avnet, Inc. (a)	507,900		12,590,841
CDW Corp.	175,000		12,337,500
Wolfson Microelectronics PLC (a)	200,000		1,079,060
			56,233,996
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			99,596,967
HOTELS, RESTAURANTS & LEISURE - 0.5%
Hotels, Resorts & Cruise Lines - 0.5%
Ctrip.com International Ltd. sponsored ADR	125,000		6,940,000
eLong, Inc. sponsored ADR (a)	150,000		2,023,500
			8,963,500
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Directed Electronics, Inc.	500,000		7,230,000
INTERNET SOFTWARE & SERVICES - 12.8%
Internet Software & Services - 12.8%
aQuantive, Inc. (a)	150,000		3,585,000
CNET Networks, Inc. (a)	500,000		4,530,000
eBay, Inc. (a)	3,000,000		97,050,000
Equinix, Inc. (a)(d)	125,000		9,540,000
Google, Inc. Class A (sub. vtg.) (a)	200,000		96,984,000
LoopNet, Inc.	150,000		2,160,000
Openwave Systems, Inc. (a)	300,010		2,520,084
Yahoo!, Inc. (a)	500,000		13,495,000
			229,864,084
Common Stocks - continued
	Shares		Value
IT SERVICES - 4.1%
Data Processing & Outsourced Services - 2.8%
First Data Corp.	700,000		$ 17,675,000
Paychex, Inc.	300,000		11,823,000
Western Union Co. (a)	950,000		21,660,000
			51,158,000
IT Consulting & Other Services - 1.3%
Cognizant Technology Solutions Corp. Class A (a)	125,000		10,195,000
HCL Technologies Ltd.	250,000		3,534,193
Satyam Computer Services Ltd. sponsored ADR (d)	400,000		9,340,000
			23,069,193
TOTAL IT SERVICES			74,227,193
MEDIA - 0.3%
Publishing - 0.3%
Getty Images, Inc. (a)	100,000		4,369,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 29.9%
Semiconductor Equipment - 6.1%
Applied Materials, Inc.	1,750,000		31,465,000
ASML Holding NV (NY Shares) (a)	250,000		6,225,000
Cohu, Inc.	175,000		3,459,750
Cymer, Inc. (a)	116,700		5,514,075
FormFactor, Inc. (a)	93,200		3,481,952
KLA-Tencor Corp.	475,000		24,543,250
Lam Research Corp. (a)	300,000		15,780,000
MEMC Electronic Materials, Inc. (a)	200,000		7,960,000
MKS Instruments, Inc. (a)	175,000		3,641,750
Varian Semiconductor Equipment Associates, Inc. (a)	200,000		7,946,000
			110,016,777
Semiconductors - 23.8%
Altera Corp. (a)	700,000		13,923,000
Analog Devices, Inc.	800,000		26,016,000
ARM Holdings PLC sponsored ADR	2,000,000		14,200,000
Broadcom Corp. Class A (a)	250,000		8,207,500
CSR PLC (a)	725,000		9,461,917
Freescale Semiconductor, Inc. Class B (a)	200,000		7,986,000
Intel Corp.	4,750,000		101,412,500
Linear Technology Corp.	350,000		11,249,000
LSI Logic Corp. (a)	400,000		4,264,000
Marvell Technology Group Ltd. (a)	1,200,000		24,768,000
Maxim Integrated Products, Inc.	1,700,000		53,516,000
National Semiconductor Corp.	2,500,000		60,475,000
Samsung Electronics Co. Ltd.	30,000		20,595,042
Silicon On Insulator Technologies SA (SOITEC) (a)	325,000		10,896,842
Siliconware Precision Industries Co. Ltd. sponsored ADR	500,000		3,915,000

	Shares		Value
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,749,985		$ 18,812,339
Texas Instruments, Inc.	750,000		22,162,500
Vimicro International Corp. sponsored ADR	500,000		5,450,000
Xilinx, Inc.	400,000		10,720,000
			428,030,640
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			538,047,417
SOFTWARE - 7.2%
Application Software - 3.0%
Adobe Systems, Inc. (a)	250,000		10,032,500
Amdocs Ltd. (a)	100,000		3,855,000
Autodesk, Inc. (a)	300,000		12,354,000
Autonomy Corp. PLC (a)	500,000		5,070,990
Compuware Corp. (a)	750,000		6,292,500
Hyperion Solutions Corp. (a)	200,000		7,352,000
Kronos, Inc. (a)	25,000		881,500
NAVTEQ Corp. (a)	100,000		3,577,000
Salesforce.com, Inc. (a)	125,000		4,875,000
			54,290,490
Home Entertainment Software - 1.3%
Nintendo Co. Ltd.	80,000		19,069,003
THQ, Inc. (a)	150,000		4,882,500
			23,951,503
Systems Software - 2.9%
Check Point Software Technologies Ltd. (a)	1,000,000		22,900,000
McAfee, Inc. (a)	200,000		5,842,000
Symantec Corp. (a)	1,000,000		21,200,000
Utimaco Safeware AG	125,000		2,035,958
			51,977,958
TOTAL SOFTWARE			130,219,951
WIRELESS TELECOMMUNICATION SERVICES - 0.8%
Wireless Telecommunication Services - 0.8%
China Mobile (Hong Kong) Ltd. sponsored ADR	200,000		8,440,000
Crown Castle International Corp. (a)	150,000		5,169,000
			13,609,000
TOTAL COMMON STOCKS (Cost $1,580,131,045)		1,651,797,912
Convertible Preferred Stocks - 0.0%

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

Convertible Bonds - 0.2%
	Principal Amount	Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Evergreen Solar, Inc.:
4.375% 7/1/12 (e)	$ 2,020,000	$ 2,749,725
4.375% 7/1/12	480,000	653,400

TOTAL CONVERTIBLE BONDS (Cost $2,685,194)		3,403,125
Money Market Funds - 12.4%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	144,239,918		144,239,918
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	78,757,590		78,757,590
TOTAL MONEY MARKET FUNDS (Cost $222,997,508)		222,997,508

TOTAL INVESTMENT PORTFOLIO - 104.4%

(Cost $1,806,310,309)

1,878,198,545

NET OTHER ASSETS - (4.4)%			(79,660,286)
NET ASSETS - 100%		$ 1,798,538,259

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 496,562

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	$ 2,220,825
Fidelity Securities Lending Cash Central Fund	599,497
Total	$ 2,820,322

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,813,875,617. Net unrealized appreciation aggregated $64,322,928, of which $201,124,641 related to appreciated investment securities and $136,801,713 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Telecommunications Portfolio

November 30, 2006

1.810721.102

TEL-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 67.5%
Alternative Carriers - 11.5%
Broadwing Corp. (a)	375,000		$ 5,673,750
Cogent Communications Group, Inc. (a)	722,208		11,446,997
Global Crossing Ltd. (a)	199,200		5,143,344
Level 3 Communications, Inc. (a)(d)	3,846,600		20,540,844
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	835,200		15,234,048
			58,038,983
Integrated Telecommunication Services - 56.0%
AT&T, Inc. (d)	2,317,642		78,591,240
BellSouth Corp.	560,800		25,006,072
BT Group PLC	250,000		1,403,000
Cbeyond, Inc.	5,300		174,158
Embarq Corp.	28,288		1,455,418
NeuStar, Inc. Class A (a)	243,800		8,106,350
NTELOS Holding Corp.	578,800		9,098,736
Qwest Communications International, Inc. (a)(d)	6,892,344		53,002,125
Telenor ASA sponsored ADR	39,200		2,024,680
Verizon Communications, Inc.	2,910,924		101,707,684
Windstream Corp.	109,708		1,529,330
			282,098,793
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			340,137,776
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
Iliad Group SA (d)	140,900		12,258,292
WIRELESS TELECOMMUNICATION SERVICES - 29.6%
Wireless Telecommunication Services - 29.6%
@Road, Inc. (a)	100,000		652,000
ALLTEL Corp.	401,800		22,798,132
American Tower Corp. Class A (a)	653,600		24,751,832
Bharti Airtel Ltd. (a)	660,000		9,652,130
Crown Castle International Corp. (a)	703,600		24,246,056
Dobson Communications Corp. Class A	2,020,200		17,474,730

	Shares		Value
FiberTower Corp. (a)(d)	325,000		$ 1,768,000
InPhonic, Inc. (a)(d)	50,000		563,500
Leap Wireless International, Inc. (a)	244,814		13,893,195
SBA Communications Corp. Class A (a)	782,900		22,210,873
Sprint Nextel Corp.	580,298		11,321,614
			149,332,062
TOTAL COMMON STOCKS (Cost $443,236,795)		501,728,130
Money Market Funds - 24.9%

Fidelity Cash Central Fund, 5.35% (b)	3,723,339		3,723,339
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	121,818,024	121,818,024
TOTAL MONEY MARKET FUNDS (Cost $125,541,363)		125,541,363

TOTAL INVESTMENT PORTFOLIO - 124.4%

(Cost $568,778,158)

627,269,493

NET OTHER ASSETS - (24.4)%		(123,053,806)
NET ASSETS - 100%		$ 504,215,687

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	$ 406,813
Fidelity Securities Lending Cash Central Fund	144,394
Total	$ 551,207

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $571,380,826. Net unrealized appreciation aggregated $55,888,667, of which $69,310,148 related to appreciated investment securities and $13,421,481 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Transportation Portfolio

November 30, 2006

1.810722.102

TRN-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
AEROSPACE & DEFENSE - 3.8%
Aerospace & Defense - 3.8%
AAR Corp. (a)	17,200		$ 457,348
Bombardier, Inc. Class B (sub. vtg.)	525,100		1,747,191
General Dynamics Corp.	2,700		202,068
Hexcel Corp. (a)	33,800		605,020
Precision Castparts Corp.	7,600		573,496
Rockwell Collins, Inc.	8,300		500,739
			4,085,862
AIR FREIGHT & LOGISTICS - 25.6%
Air Freight & Logistics - 25.6%
C.H. Robinson Worldwide, Inc. (d)	82,900		3,647,600
EGL, Inc. (a)	30,500		974,170
Expeditors International of Washington, Inc.	103,020		4,660,625
FedEx Corp.	37,200		4,293,996
Forward Air Corp.	23,050		767,565
Hub Group, Inc. Class A	42,960		1,226,078
Pacer International, Inc.	15,400		461,230
United Parcel Service, Inc. Class B	107,900		8,407,568
UTI Worldwide, Inc.	111,600		3,325,680
			27,764,512
AIRLINES - 12.7%
Airlines - 12.7%
Air France KLM ADR	4,400		175,912
AirTran Holdings, Inc. (a)(d)	189,800		2,359,214
AMR Corp. (a)(d)	91,500		2,924,340
JetBlue Airways Corp. (a)(d)	194,614		2,658,427
Republic Airways Holdings, Inc. (a)	36,500		630,355
Ryanair Holdings PLC sponsored ADR (a)(d)	17,038		1,304,940
SkyWest, Inc.	16,500		416,460
Southwest Airlines Co.	93,987		1,476,536
TAM SA (PN) sponsored ADR (ltd. vtg.)	17,300		482,324
UAL Corp. (a)	20,200		819,716
US Airways Group, Inc. (a)	9,600		544,896
			13,793,120
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Harris Corp.	8,000		336,880
ENERGY EQUIPMENT & SERVICES - 0.5%
Oil & Gas Equipment & Services - 0.5%
Halliburton Co.	8,100		273,294
Hornbeck Offshore Services, Inc. (a)	7,300		275,502
			548,796
INSURANCE - 0.2%
Multi-Line Insurance - 0.2%
American International Group, Inc.	3,400		239,088

	Shares		Value
MACHINERY - 3.2%
Construction & Farm Machinery & Heavy Trucks - 2.7%
Bucyrus International, Inc. Class A	11,600		$ 495,320
Caterpillar, Inc.	3,200		198,496
Joy Global, Inc.	6,800		298,520
Manitowoc Co., Inc.	3,200		192,768
Navistar International Corp. (a)	9,000		287,910
Oshkosh Truck Co.	5,600		268,856
Terex Corp. (a)	8,600		481,772
Trinity Industries, Inc.	13,950		527,310
Wabash National Corp.	12,500		183,750
			2,934,702
Industrial Machinery - 0.5%
Eaton Corp.	7,400		570,392
TOTAL MACHINERY			3,505,094
MARINE - 3.3%
Marine - 3.3%
American Commercial Lines, Inc. (a)	30,491		2,114,246
Kirby Corp. (a)	39,000		1,405,560
			3,519,806
METALS & MINING - 2.6%
Diversified Metals & Mining - 2.3%
RTI International Metals, Inc. (a)	3,400		257,210
Titanium Metals Corp.	70,400		2,250,688
			2,507,898
Steel - 0.3%
Allegheny Technologies, Inc.	3,900		349,635
TOTAL METALS & MINING			2,857,533
OIL, GAS & CONSUMABLE FUELS - 1.1%
Coal & Consumable Fuels - 0.2%
China Shenhua Energy Co. Ltd. (H Shares)	117,000		226,218
Oil & Gas Refining & Marketing - 0.9%
Valero Energy Corp.	14,400		793,008
World Fuel Services Corp.	3,800		184,300
			977,308
TOTAL OIL, GAS & CONSUMABLE FUELS			1,203,526
ROAD & RAIL - 44.5%
Railroads - 35.8%
Burlington Northern Santa Fe Corp.	165,300		12,423,948
CSX Corp.	231,500		8,301,590
Florida East Coast Industries, Inc. Class A	12,100		724,427
Guangshen Railway Co. Ltd. sponsored ADR (d)	6,900		177,537
Kansas City Southern (d)	25,950		701,948
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Railroads - continued
Norfolk Southern Corp.	133,600		$ 6,579,800
Union Pacific Corp.	110,000		9,957,200
			38,866,450
Trucking - 8.7%
AMERCO (a)	4,300		373,455
Avis Budget Group, Inc.	22,100		452,166
Con-way, Inc.	21,100		973,132
Dollar Thrifty Automotive Group, Inc. (a)	7,100		302,247
Heartland Express, Inc.	26,300		405,809
Hertz Global Holdings, Inc.	42,700		683,200
J.B. Hunt Transport Services, Inc.	14,900		326,161
Knight Transportation, Inc.	27,000		475,740
Laidlaw International, Inc.	41,500		1,205,575
Landstar System, Inc.	47,570		2,142,553
Old Dominion Freight Lines, Inc. (a)	13,200		353,892
Swift Transportation Co., Inc. (a)	21,800		618,466
YRC Worldwide, Inc. (a)	28,700		1,112,125
			9,424,521
TOTAL ROAD & RAIL			48,290,971
TOTAL COMMON STOCKS (Cost $82,980,116)		106,145,188
Money Market Funds - 12.8%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	68,008		$ 68,008
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	13,823,321		13,823,321
TOTAL MONEY MARKET FUNDS (Cost $13,891,329)		13,891,329

TOTAL INVESTMENT PORTFOLIO - 110.6%

(Cost $96,871,445)

120,036,517

NET OTHER ASSETS - (10.6)%		(11,549,824)
NET ASSETS - 100%		$ 108,486,693

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	$ 136,006
Fidelity Securities Lending Cash Central Fund	53,324
Total	$ 189,330

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $97,301,887. Net unrealized appreciation aggregated $22,734,630, of which $24,302,865 related to appreciated investment securities and $1,568,235 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Utilities Growth Portfolio

November 30, 2006

1.810724.102

UTI-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
ELECTRIC UTILITIES - 43.6%
Electric Utilities - 43.6%
Allegheny Energy, Inc. (a)	261,000		$ 11,577,960
American Electric Power Co., Inc.	510,100		21,174,251
DPL, Inc. (d)	590,900		16,521,564
Edison International	460,600		21,178,388
Entergy Corp.	428,800		39,158,016
Exelon Corp.	572,000		34,737,560
FirstEnergy Corp.	352,600		21,099,584
FPL Group, Inc.	693,200		36,947,560
Northeast Utilities	562,500		15,766,875
Pepco Holdings, Inc.	308,300		7,901,729
Pinnacle West Capital Corp.	85,200		4,203,768
PPL Corp.	457,400		16,626,490
Progress Energy, Inc.	257,300		12,291,221
Reliant Energy, Inc. (a)	435,400		5,843,068
Sierra Pacific Resources	755,500		12,405,310
			277,433,344
GAS UTILITIES - 5.5%
Gas Utilities - 5.5%
Equitable Resources, Inc.	437,200		18,965,736
ONEOK, Inc.	101,500		4,388,860
Questar Corp.	76,200		6,572,250
Southern Union Co.	181,600		5,090,248
			35,017,094
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 16.5%
Independent Power Producers & Energy Traders - 16.5%
AES Corp. (a)(d)	1,400,098		32,720,290
Constellation Energy Group, Inc.	454,700		31,196,967
Dynegy, Inc. Class A (a)	346,200		2,350,698
NRG Energy, Inc. (d)	222,300		12,653,316
TXU Corp.	460,200		26,410,878
			105,332,149
MULTI-UTILITIES - 31.5%
Multi-Utilities - 31.5%
Alliant Energy Corp.	107,400		4,177,860
Ameren Corp.	181,700		9,940,807
CenterPoint Energy, Inc. (d)	570,100		9,321,135
CMS Energy Corp. (a)	598,216		9,697,081
DTE Energy Co.	183,900		8,659,851
Duke Energy Corp.	1,905,400		60,439,288

	Shares		Value
PG&E Corp. (d)	345,400		$ 15,864,222
Public Service Enterprise Group, Inc.	462,400		31,082,528
Puget Energy, Inc.	211,000		5,241,240
SCANA Corp.	95,300		3,932,078
Sempra Energy	445,600		24,285,200
Wisconsin Energy Corp.	337,700		15,797,606
WPS Resources Corp.	38,700		2,023,623
			200,462,519
OIL, GAS & CONSUMABLE FUELS - 0.8%
Coal & Consumable Fuels - 0.8%
Cameco Corp.	132,300		5,011,425
TOTAL COMMON STOCKS (Cost $574,375,524)		623,256,531
Money Market Funds - 6.2%

Fidelity Cash Central Fund, 5.35% (b)	15,922,108		15,922,108
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	23,472,775		23,472,775
TOTAL MONEY MARKET FUNDS (Cost $39,394,883)		39,394,883

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $613,770,407)

662,651,414

NET OTHER ASSETS - (4.1)%		(25,838,070)
NET ASSETS - 100%		$ 636,813,344

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	$ 602,507
Fidelity Securities Lending Cash Central Fund	33,683
Total	$ 636,190

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $613,986,758. Net unrealized appreciation aggregated $48,664,656, of which $51,706,490 related to appreciated investment securities and $3,041,834 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Select Wireless Portfolio

November 30, 2006

1.810702.102

WIR-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 28.9%
Communications Equipment - 28.9%
Comverse Technology, Inc. (a)	1,044,220		$ 20,383,174
Harris Corp.	291,600		12,279,276
Motorola, Inc.	528,580		11,718,619
QUALCOMM, Inc.	654,250		23,939,008
Research In Motion Ltd. (a)	80,800		11,217,465
Tekelec (a)	165,000		2,656,500
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	145,500		5,655,585
			87,849,627
DIVERSIFIED TELECOMMUNICATION SERVICES - 22.5%
Integrated Telecommunication Services - 22.5%
AT&T, Inc.	413,500		14,021,785
BellSouth Corp.	354,300		15,798,237
NeuStar, Inc. Class A (a)	175,000		5,818,750
NTELOS Holding Corp.	274,000		4,307,280
Telenor ASA sponsored ADR	278,600		14,389,690
Verizon Communications, Inc.	399,200		13,948,048
			68,283,790
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
Electronic Manufacturing Services - 1.8%
Trimble Navigation Ltd. (a)	114,600		5,497,362
INTERNET SOFTWARE & SERVICES - 0.7%
Internet Software & Services - 0.7%
Openwave Systems, Inc. (a)(d)	238,641		2,004,584
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductors - 0.1%
Atheros Communications, Inc. (a)	20,600		468,444
WIRELESS TELECOMMUNICATION SERVICES - 43.8%
Wireless Telecommunication Services - 43.8%
ALLTEL Corp.	587,488		33,334,068
American Tower Corp. Class A (a)	708,992		26,849,527

	Shares		Value
Bharti Airtel Ltd. (a)	191,941		$ 2,807,030
Crown Castle International Corp. (a)	432,800		14,914,288
Dobson Communications Corp. Class A	1,248,200		10,796,930
Leap Wireless International, Inc. (a)	229,300		13,012,775
NII Holdings, Inc. (a)(d)	57,800		3,752,954
SBA Communications Corp. Class A (a)	362,700		10,289,799
Sprint Nextel Corp. (d)	896,931		17,499,124
			133,256,495
TOTAL COMMON STOCKS (Cost $261,906,869)		297,360,302
Money Market Funds - 8.0%

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c) (Cost $24,215,059)	24,215,059		24,215,059

TOTAL INVESTMENT PORTFOLIO - 105.8%

(Cost $286,121,928)

321,575,361

NET OTHER ASSETS - (5.8)%			(17,588,482)
NET ASSETS - 100%		$ 303,986,879

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	$ 196,884
Fidelity Securities Lending Cash Central Fund	103,501
Total	$ 300,385

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $288,299,083. Net unrealized appreciation aggregated $33,276,278, of which $41,193,518 related to appreciated investment securities and $7,917,240 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios' (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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	January 24, 2007

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	January 24, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	January 24, 2007