Contents

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Actual	.92%	$ 1,000.00	$ 1,000.10	$ 4.64
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.57	$ 4.69

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
E.I. du Pont de Nemours & Co.	11.4	8.8
Monsanto Co.	11.2	15.3
Praxair, Inc.	10.1	7.3
Dow Chemical Co.	10.1	11.6
Ecolab, Inc.	4.9	3.5
Air Products & Chemicals, Inc.	4.6	4.6
The Mosaic Co.	4.6	4.1
CF Industries Holdings, Inc.	4.1	3.5
PPG Industries, Inc.	3.3	1.6
Celanese Corp. Class A	3.2	3.9
	67.5

Top Industries (% of fund's net assets)
As of August 31, 2010
	Chemicals	97.0%
	Oil, Gas & Consumable Fuels	0.5%
	Food Products	0.2%
	Metals & Mining	0.2%
	All Others*	2.1%

fid1174

As of February 28, 2010
	Chemicals	93.0%
	Food Products	1.7%
	Metals & Mining	1.1%
	Building Products	0.8%
	Containers & Packaging	0.4%
	All Others*	3.0%

fid1182

* Includes short-term investments and net other assets.

Semiannual Report

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CHEMICALS - 97.0%
Commodity Chemicals - 8.8%
Celanese Corp. Class A	503,461		$ 13,442,409
Koppers Holdings, Inc.	19,569		391,380
LyondellBasell Industries NV:
Class A (a)	420,966		8,629,803
Class B (a)	317,620		6,508,030
Westlake Chemical Corp. (d)	292,400		7,579,008
			36,550,630
Diversified Chemicals - 35.2%
Ashland, Inc.	259,300		12,047,078
Cabot Corp.	339,600		9,654,828
Dow Chemical Co.	1,714,938		41,793,039
E.I. du Pont de Nemours & Co.	1,159,800		47,285,046
Eastman Chemical Co.	54,500		3,354,475
FMC Corp.	84,626		5,270,507
Huntsman Corp.	575,542		5,243,188
PPG Industries, Inc.	210,900		13,883,547
Solutia, Inc. (a)	572,313		7,749,118
			146,280,826
Fertilizers & Agricultural Chemicals - 19.9%
CF Industries Holdings, Inc.	184,628		17,078,090
Monsanto Co.	883,740		46,528,911
The Mosaic Co.	322,040		18,890,866
			82,497,867
Industrial Gases - 14.7%
Air Products & Chemicals, Inc.	256,600		18,996,098
Praxair, Inc.	490,260		42,177,068
			61,173,166
Specialty Chemicals - 18.4%
Albemarle Corp.	92,500		3,708,325
Ecolab, Inc.	426,700		20,225,580
Ferro Corp. (a)	187,100		2,001,970
H.B. Fuller Co.	55,829		1,060,193
Innophos Holdings, Inc.	84,100		2,453,197
Kraton Performance Polymers, Inc.	118,900		3,212,678
Landec Corp. (a)	88,000		484,000
Lubrizol Corp.	91,500		8,537,865
Minerals Technologies, Inc.	33,024		1,770,086
Nalco Holding Co.	154,100		3,501,152
Rockwood Holdings, Inc. (a)	343,600		8,882,060
Sensient Technologies Corp.	32,700		906,771
Sherwin-Williams Co.	96,600		6,798,708

	Shares		Value
Sigma Aldrich Corp.	123,700		$ 6,577,129
Stepan Co.	5,610		311,075
Valspar Corp.	100,800		3,036,096
W.R. Grace & Co. (a)	121,497		3,073,874
			76,540,759
TOTAL CHEMICALS			403,043,248
FOOD PRODUCTS - 0.2%
Agricultural Products - 0.2%
Origin Agritech Ltd. (a)	110,000		785,400
METALS & MINING - 0.2%
Diversified Metals & Mining - 0.2%
Gulf Resources, Inc. (a)(d)	79,381		689,027
OIL, GAS & CONSUMABLE FUELS - 0.5%
Oil & Gas Storage & Transport - 0.5%
Atlas Pipeline Partners, LP (a)	122,300		2,083,992
TOTAL COMMON STOCKS (Cost $437,249,602)		406,601,667
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.24% (b)	15,896,653		15,896,653
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	2,988,375		2,988,375
TOTAL MONEY MARKET FUNDS (Cost $18,885,028)		18,885,028
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $456,134,630)			425,486,695
NET OTHER ASSETS (LIABILITIES) - (2.4)%			(10,174,602)
NET ASSETS - 100%		$ 415,312,093

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,441
Fidelity Securities Lending Cash Central Fund	7,301
Total	$ 16,742

Other Information

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $2,939,016) - See accompanying schedule: Unaffiliated issuers (cost $437,249,602)	$ 406,601,667
Fidelity Central Funds (cost $18,885,028)	18,885,028
Total Investments (cost $456,134,630)		$ 425,486,695
Receivable for investments sold		13,560,561
Receivable for fund shares sold		534,780
Dividends receivable		833,283
Distributions receivable from Fidelity Central Funds		2,796
Other receivables		1,220
Total assets		440,419,335

Liabilities
Payable for investments purchased	$ 21,069,952
Payable for fund shares redeemed	737,573
Accrued management fee	187,449
Other affiliated payables	103,726
Other payables and accrued expenses	20,167
Collateral on securities loaned, at value	2,988,375
Total liabilities		25,107,242

Net Assets		$ 415,312,093
Net Assets consist of:
Paid in capital		$ 476,776,845
Undistributed net investment income		2,285,432
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(33,102,093)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(30,648,091)
Net Assets, for 5,639,253 shares outstanding		$ 415,312,093
Net Asset Value, offering price and redemption price per share ($415,312,093 ÷ 5,639,253 shares)		$ 73.65

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 4,041,439
Interest		23,898
Income from Fidelity Central Funds		16,742
Total income		4,082,079

Expenses
Management fee	$ 1,119,878
Transfer agent fees	572,978
Accounting and security lending fees	78,323
Custodian fees and expenses	15,962
Independent trustees' compensation	1,126
Registration fees	27,377
Audit	17,525
Legal	687
Miscellaneous	3,064
Total expenses before reductions	1,836,920
Expense reductions	(12,996)	1,823,924
Net investment income (loss)		2,258,155
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	3,924,854
Foreign currency transactions	(40,804)
Total net realized gain (loss)		3,884,050
Change in net unrealized appreciation (depreciation) on: Investment securities	(7,639,551)
Assets and liabilities in foreign currencies	(91)
Total change in net unrealized appreciation (depreciation)		(7,639,642)
Net gain (loss)		(3,755,592)
Net increase (decrease) in net assets resulting from operations		$ (1,497,437)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,258,155	$ 5,513,067
Net realized gain (loss)	3,884,050	89,442,475
Change in net unrealized appreciation (depreciation)	(7,639,642)	90,236,319
Net increase (decrease) in net assets resulting from operations	(1,497,437)	185,191,861
Distributions to shareholders from net investment income	(245,755)	(5,851,052)
Distributions to shareholders from net realized gain	(10,348,975)	-
Total distributions	(10,594,730)	(5,851,052)
Share transactions Proceeds from sales of shares	103,418,546	175,471,010
Reinvestment of distributions	10,286,932	5,679,451
Cost of shares redeemed	(104,074,554)	(185,896,303)
Net increase (decrease) in net assets resulting from share transactions	9,630,924	(4,745,842)
Redemption fees	11,856	22,053
Total increase (decrease) in net assets	(2,449,387)	174,617,020

Net Assets
Beginning of period	417,761,480	243,144,460
End of period (including undistributed net investment income of $2,285,432 and $273,032, respectively)	$ 415,312,093	$ 417,761,480
Other Information Shares
Sold	1,375,537	2,723,419
Issued in reinvestment of distributions	128,829	79,491
Redeemed	(1,403,698)	(2,953,275)
Net increase (decrease)	100,668	(150,365)

Financial Highlights

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^K	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 75.43	$ 42.74	$ 81.31	$ 70.60	$ 69.50	$ 71.52
Income from Investment Operations
Net investment income (loss)^E	.42	1.00^H	.73	.85	.82^I	.52
Net realized and unrealized gain (loss)	(.26)	32.77	(38.63)	12.80	11.08	(.33)
Total from investment operations	.16	33.77	(37.90)	13.65	11.90	.19
Distributions from net investment income	(.05)	(1.08)	(.68)	(.49)	(.87)	(.52)
Distributions from net realized gain	(1.90)	-	(.02)	(2.46)	(9.96)	(1.72)
Total distributions	(1.94)^M	(1.08)	(.70)	(2.95)	(10.83)	(2.24)
Redemption fees added to paid in capital^E	-^L	-^L	.03	.01	.03	.03
Net asset value, end of period	$ 73.65	$ 75.43	$ 42.74	$ 81.31	$ 70.60	$ 69.50
Total Return^{B, C, D}	.01%	79.15%	(46.68)%	19.40%	18.51%	.51%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.92%^A	.96%	.91%	.93%	1.06%	1.04%
Expenses net of fee waivers, if any	.92%^A	.96%	.91%	.93%	1.06%	1.04%
Expenses net of all reductions	.91%^A	.95%	.90%	.93%	1.06%	.99%
Net investment income (loss)	1.13%^A	1.53%^H	1.05%	1.08%	1.19%^I	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 415,312	$ 417,761	$ 243,144	$ 320,835	$ 119,675	$ 114,729
Portfolio turnover rate^G	142%^A	228%	201%	65%	90%	141%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.18 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%. ^IInvestment income per share reflects a special dividend which amounted to $.26 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .82%. ^JExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^KFor the year ended February 29. ^LAmount represents less than $.01 per share. ^MTotal distributions of $1.94 per share is comprised of distributions from net investment income of $0.045 and distributions from net realized gain of $1.895 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Chemicals Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, defaulted bonds, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 14,787,110
Gross unrealized depreciation	(70,415,615)
Net unrealized appreciation (depreciation)	$ (55,628,505)

Tax cost	$ 481,115,200

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $286,502,925 and $282,626,444, respectively.

Semiannual Report

5. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .29% of average net assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $823 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $12,986 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $10.

9. Other.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.16%
Actual		$ 1,000.00	$ 1,217.00	$ 6.48
Hypothetical ^A		$ 1,000.00	$ 1,019.36	$ 5.90
Class T	1.43%
Actual		$ 1,000.00	$ 1,215.50	$ 7.99
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 7.27
Class B	1.92%
Actual		$ 1,000.00	$ 1,212.50	$ 10.71
Hypothetical ^A		$ 1,000.00	$ 1,015.53	$ 9.75
Class C	1.89%
Actual		$ 1,000.00	$ 1,212.70	$ 10.54
Hypothetical ^A		$ 1,000.00	$ 1,015.68	$ 9.60
Gold	.91%
Actual		$ 1,000.00	$ 1,218.70	$ 5.09
Hypothetical ^A		$ 1,000.00	$ 1,020.62	$ 4.63
Institutional Class	.85%
Actual		$ 1,000.00	$ 1,219.00	$ 4.75
Hypothetical ^A		$ 1,000.00	$ 1,020.92	$ 4.33

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Barrick Gold Corp.	10.1	4.9
Goldcorp, Inc.	10.0	9.8
Newcrest Mining Ltd.	10.0	10.2
Newmont Mining Corp.	8.1	7.8
AngloGold Ashanti Ltd. sponsored ADR	6.3	7.2
Agnico-Eagle Mines Ltd. (Canada)	5.3	6.1
Randgold Resources Ltd. sponsored ADR	4.6	5.2
Kinross Gold Corp.	4.2	4.9
Eldorado Gold Corp.	3.9	3.5
Gold Fields Ltd. sponsored ADR	3.0	2.9
	65.5

Top Industries (% of fund's net assets)
As of August 31, 2010
	Gold	96.5%
	Precious Metals & Minerals	2.2%
	Coal & Consumable Fuels	0.6%
	Construction & Farm Machinery & Heavy Trucks	0.2%
	Diversified Metals & Mining	0.1%
	All Others*	0.4%

fid1190

As of February 28, 2010
	Gold	92.6%
	Precious Metals & Minerals	4.5%
	Coal & Consumable Fuels	0.4%
	Diversified Metals & Mining	0.1%
	Oil & Gas Exploration & Production	0.0%
	All Others*	2.4%

fid1198

* Includes short-term investments and net other assets.

Semiannual Report

Consolidated Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 12.6%
METALS & MINING - 12.6%
Gold - 12.6%
Andean Resources Ltd. (a)	5,267,514		$ 23,367,260
Andean Resources Ltd. (a)(e)	791,300		3,510,292
Avoca Resources Ltd. (a)	2,602,745		6,903,000
Centamin Egypt Ltd. (a)	4,197,000		11,459,245
CGA Mining Ltd. (a)	10,000		19,320
Dominion Mining Ltd. (d)	1,042,906		2,051,292
Intrepid Mines Ltd. (a)	3,468,042		2,407,515
Kingsgate Consolidated NL	1,703,138		15,188,244
Medusa Mining Ltd.	2,124,107		7,561,821
Mineral Deposits Ltd. (a)	6,273,709		5,192,749
Newcrest Mining Ltd. (d)	12,265,322		406,626,087
Perseus Mining Ltd. (a)	3,989,308		9,763,831
Perseus Mining Ltd. (a)	1,300,000		3,206,565
Resolute Mining Ltd. (a)	3,986,661		2,980,428
St Barbara Ltd. (a)	28,348,060		8,199,676
Troy Resources NL (a)(e)	2,300,000		5,177,022
			513,614,347
Bailiwick of Jersey - 4.6%
METALS & MINING - 4.6%
Gold - 4.6%
Randgold Resources Ltd. sponsored ADR (d)	2,023,667		187,168,961
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	100		516
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	236,752		1,013,199
TOTAL METALS & MINING			1,013,715
Canada - 53.8%
METALS & MINING - 53.8%
Diversified Metals & Mining - 0.1%
Clifton Star Resources, Inc. (a)	25,000		96,131
Kimber Resources, Inc. (a)	16,100		13,288
Kimber Resources, Inc. (a)(e)	5,832,000		4,813,280
			4,922,699
Gold - 52.0%
Agnico-Eagle Mines Ltd. (Canada)	3,324,400		216,503,010
Alamos Gold, Inc.	2,143,800		34,099,740
Anatolia Minerals Development Ltd. (a)	95,000		645,064
Argonaut Gold Ltd. (a)	409,800		1,114,579
Aurizon Mines Ltd. (a)	2,294,600		15,257,879
Avion Gold Corp. (a)	5,020,000		2,589,449
B2Gold Corp. (a)(d)	2,817,400		5,020,455
Barrick Gold Corp. (d)	8,760,419		410,394,309
Canaco Resources, Inc. (a)	450,000		894,725

	Shares		Value
Centerra Gold, Inc.	1,711,400		$ 24,027,815
Colossus Minerals, Inc. (a)	715,000		5,458,476
Corvus Gold, Inc.	138,350		98,613
Detour Gold Corp. (a)	123,000		3,674,138
Detour Gold Corp. (a)(e)	785,900		23,475,653
Eldorado Gold Corp. (d)	8,065,213		158,392,085
Etruscan Resources, Inc. (a)	1,216,800		524,950
Etruscan Resources, Inc. (a)(e)	1,549,400		668,440
Etruscan Resources, Inc. warrants 11/2/10 (a)(e)	774,700		3,633
European Goldfields Ltd. (a)	1,919,600		17,139,125
Exeter Resource Corp. (a)	233,000		1,538,401
Extorre Gold Mines Ltd. (a)	233,000		845,683
Franco-Nevada Corp.	1,618,400		48,282,583
Fronteer Gold, Inc. (a)	835,000		6,202,298
Gammon Gold, Inc. (a)	1,937,500		13,882,767
Goldcorp, Inc.	9,166,900		406,653,571
Golden Star Resources Ltd. Cda (a)(d)	3,375,769		15,861,761
Gran Colombia Gold Corp. (a)	6,000,000		1,856,975
Great Basin Gold Ltd. (a)(d)	5,087,900		10,879,636
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		526,143
Greystar Resources Ltd. (a)	1,099,200		4,082,375
Guyana Goldfields, Inc. (a)	883,000		7,693,383
Guyana Goldfields, Inc. (a)(e)	155,000		1,350,481
IAMGOLD Corp.	5,232,000		98,138,335
International Minerals Corp. (a)	114,400		471,011
International Tower Hill Mines Ltd.	276,700		1,725,726
Jaguar Mining, Inc. (a)(d)	1,095,500		6,452,277
Keegan Resources, Inc. (a)	30,000		196,108
Kinross Gold Corp. (d)	10,023,600		169,496,373
Kirkland Lake Gold, Inc. (a)	290,500		2,362,143
Lake Shore Gold Corp. (a)	1,750,000		6,220,399
Minefinders Corp. Ltd. (a)	923,000		8,518,002
New Gold, Inc. (a)	5,476,800		34,671,419
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		109,862
Northgate Minerals Corp. (a)	3,609,900		10,901,644
Novagold Resources, Inc. (a)	1,458,200		10,858,718
Osisko Mining Corp. (a)	817,000		10,872,900
Osisko Mining Corp. (a)(e)	3,000,000		39,924,971
Premier Gold Mines Ltd. (a)	906,200		4,742,411
Primero Mining Corp. (a)	1,000		4,802
Rainy River Resources Ltd. (a)	55,000		355,920
Red Back Mining, Inc. (a)	3,143,100		93,828,720
Red Back Mining, Inc. (a)(e)	270,000		8,060,117
Romarco Minerals, Inc. (a)	1,820,000		3,055,381
Rubicon Minerals Corp. (a)	1,796,352		7,412,848
San Gold Corp. (a)	1,751,400		6,603,168
Seabridge Gold, Inc. (a)	621,105		18,657,994
SEMAFO, Inc. (a)	2,016,100		16,525,875
Torex Gold Resources, Inc. (a)	230,000		278,265
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Ventana Gold Corp. (a)	1,065,800		$ 8,516,404
Yamana Gold, Inc.	10,760,900		108,996,689
			2,117,596,677
Precious Metals & Minerals - 1.7%
Orko Silver Corp. (a)	346,000		564,633
Pan American Silver Corp.	999,987		24,769,685
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,082,240
Silver Standard Resources, Inc. (a)	1,061,800		18,698,306
Silver Wheaton Corp. (a)	1,060,000		23,909,027
Tahoe Resources, Inc.	1,000		7,550
			69,031,441
TOTAL METALS & MINING			2,191,550,817
Cayman Islands - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Real Gold Mining Ltd. (a)	2,925,000		4,391,881
China - 1.2%
METALS & MINING - 1.2%
Gold - 1.2%
Zhaojin Mining Industry Co. Ltd. (H Shares)	9,124,500		23,870,158
Zijin Mining Group Co. Ltd. (H Shares)	38,312,000		26,497,135
			50,367,293
Peru - 0.5%
METALS & MINING - 0.5%
Precious Metals & Minerals - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	495,000		20,463,300
Russia - 0.8%
METALS & MINING - 0.8%
Gold - 0.8%
Polyus Gold OJSC sponsored ADR	1,252,566		31,376,778
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		751,371
TOTAL METALS & MINING			32,128,149

	Shares		Value
South Africa - 10.7%
METALS & MINING - 10.7%
Gold - 10.7%
AngloGold Ashanti Ltd. sponsored ADR	6,109,452		$ 258,368,725
Gold Fields Ltd. sponsored ADR	8,528,659		120,083,519
Harmony Gold Mining Co. Ltd.	1,484,000		15,198,187
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	4,001,800		40,738,324
			434,388,755
Precious Metals & Minerals - 0.0%
Anglo Platinum Ltd. (a)	5,000		413,752
TOTAL METALS & MINING			434,802,507
United Kingdom - 0.9%
METALS & MINING - 0.9%
Diversified Metals & Mining - 0.0%
Kazakhmys PLC	40,000		709,275
Gold - 0.9%
Petropavlovsk PLC	2,155,000		35,204,155
TOTAL METALS & MINING			35,913,430
United States of America - 10.5%
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Fluor Corp.	45,000		2,009,700
MACHINERY - 0.2%
Construction & Farm Machinery & Heavy Trucks - 0.2%
Bucyrus International, Inc. Class A	145,000		8,336,050
METALS & MINING - 9.7%
Diversified Metals & Mining - 0.0%
Walter Energy, Inc.	5,000		360,200
Gold - 9.7%
Allied Nevada Gold Corp. (a)	897,800		21,053,410
Newmont Mining Corp.	5,393,050		330,701,826
Royal Gold, Inc.	749,413		36,773,696
US Gold Corp. (a)(d)	1,165,900		6,027,703
			394,556,635
Precious Metals & Minerals - 0.0%
Paramount Gold & Silver Corp. (a)	10,000		13,100
Steel - 0.0%
Carpenter Technology Corp.	25,000		775,250
TOTAL METALS & MINING			395,705,185
OIL, GAS & CONSUMABLE FUELS - 0.6%
Coal & Consumable Fuels - 0.6%
Alpha Natural Resources, Inc. (a)	300,400		11,153,852
Common Stocks - continued
	Shares		Value
United States of America - continued
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Coal & Consumable Fuels - continued
Arch Coal, Inc.	15,000		$ 337,650
Massey Energy Co.	398,000		11,442,500
			22,934,002
TOTAL UNITED STATES OF AMERICA			428,984,937
TOTAL COMMON STOCKS (Cost $2,828,227,882)		3,900,399,337
Commodities - 3.9%
	Troy Ounces
Gold Bullion (a) (Cost $107,529,500)	125,500		156,705,575
Money Market Funds - 15.9%

Fidelity Cash Central Fund, 0.24% (b)	12,133,462		12,133,462
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	636,351,413		636,351,413
TOTAL MONEY MARKET FUNDS (Cost $648,484,875)		648,484,875
TOTAL INVESTMENT PORTFOLIO - 115.5% (Cost $3,584,242,257)			4,705,589,787
NET OTHER ASSETS (LIABILITIES) - (15.5)%			(631,032,969)
NET ASSETS - 100%		$ 4,074,556,818

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	$ 50,677
Fidelity Securities Lending Cash Central Fund	306,165
Total	$ 356,842

Other Affiliated Issuers

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 207,130,454	$ 283,333	$ 68,101,750	$ -	$ 156,665,620

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Consolidated Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 3,900,399,337	$ 3,882,290,938	$ 18,104,766	$ 3,633
Commodities	156,705,575	156,705,575	-	-
Money Market Funds	648,484,875	648,484,875	-	-
Total Investments:	$ 4,705,589,787	$ 4,687,481,388	$ 18,104,766	$ 3,633

The following is a reconciliation of Investments for which Level 3 inputs were used in determining value:

Investments:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(3,729)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	7,362
Transfers out of Level 3	-
Ending Balance	$ 3,633
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (3,729)

The information used in the above reconciliation represents fiscal year to date activity for any Investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations.

Income Tax Information

At February 28, 2010, the Fund had a capital loss carryforward of approximately $12,954,352 all of which will expire on February 28, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $614,485,487) - See accompanying schedule: Unaffiliated issuers (cost $2,828,227,882)	$ 3,900,399,337
Fidelity Central Funds (cost $648,484,875)	648,484,875
Commodities (cost $107,529,500)	156,705,575
Total Investments (cost $3,584,242,257)		$ 4,705,589,787
Cash		3,922
Receivable for investments sold		209,090,885
Receivable for fund shares sold		13,297,438
Dividends receivable		2,526,920
Distributions receivable from Fidelity Central Funds		89,874
Receivable from investment adviser for expense reductions		38,872
Other receivables		18,999
Total assets		4,930,656,697

Liabilities
Payable for investments purchased	$ 209,321,020
Payable for fund shares redeemed	7,354,649
Accrued management fee	1,838,591
Distribution and service plan fees payable	103,094
Other affiliated payables	1,016,724
Other payables and accrued expenses	114,388
Collateral on securities loaned, at value	636,351,413
Total liabilities		856,099,879

Net Assets		$ 4,074,556,818
Net Assets consist of:
Paid in capital		$ 2,981,294,776
Accumulated net investment loss		(6,971,444)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(21,106,488)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,121,339,974
Net Assets		$ 4,074,556,818

Consolidated Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($116,536,024 ÷ 2,384,376 shares)		$ 48.87

Maximum offering price per share (100/94.25 of $48.87)		$ 51.85
Class T: Net Asset Value and redemption price per share ($35,297,052 ÷ 725,696 shares)		$ 48.64

Maximum offering price per share (100/96.50 of $48.64)		$ 50.40
Class B: Net Asset Value and offering price per share ($24,739,387 ÷ 515,574 shares)^A		$ 47.98

Class C: Net Asset Value and offering price per share ($61,129,016 ÷ 1,277,670 shares)^A		$ 47.84

Gold: Net Asset Value, offering price and redemption price per share ($3,752,751,997 ÷ 76,047,615 shares)		$ 49.35

Institutional Class: Net Asset Value, offering price and redemption price per share ($84,103,342 ÷ 1,707,200 shares)		$ 49.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Consolidated Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 9,104,282
Interest		24
Income from Fidelity Central Funds		356,842
Total income		9,461,148

Expenses
Management fee	$ 10,151,715
Transfer agent fees	5,076,317
Distribution and service plan fees	554,720
Accounting and security lending fees	746,129
Custodian fees and expenses	223,759
Independent trustees' compensation	9,662
Registration fees	128,402
Audit	30,373
Legal	5,353
Miscellaneous	23,709
Total expenses before reductions	16,950,139
Expense reductions	(518,466)	16,431,673
Net investment income (loss)		(6,970,525)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investments:
Unaffiliated issuers	120,681,475
Commodities	13,308,350
Foreign currency transactions	4,014
Total net realized gain (loss)		133,993,839
Change in net unrealized appreciation (depreciation) on: Investments	549,844,797
Assets and liabilities in foreign currencies	(1,264)
Commodities	4,314,025
Total change in net unrealized appreciation (depreciation)		554,157,558
Net gain (loss)		688,151,397
Net increase (decrease) in net assets resulting from operations		$ 681,180,872

Consolidated Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (6,970,525)	$ (11,767,758)
Net realized gain (loss)	133,993,839	141,739,537
Change in net unrealized appreciation (depreciation)	554,157,558	582,559,218
Net increase (decrease) in net assets resulting from operations	681,180,872	712,530,997
Distributions to shareholders from net realized gain	(29,437,325)	(56,010,412)
Share transactions - net increase (decrease)	379,311,540	418,234,847
Redemption fees	167,710	514,829
Total increase (decrease) in net assets	1,031,222,797	1,075,270,261

Net Assets
Beginning of period	3,043,334,021	1,968,063,760
End of period (including accumulated net investment loss of $6,971,444 and accumulated net investment loss of $919, respectively)	$ 4,074,556,818	$ 3,043,334,021

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

Semiannual Report

Consolidated Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 40.50	$ 30.45	$ 46.19	$ 36.53	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.14)	(.25)	(.15)	(.15)	(.01)
Net realized and unrealized gain (loss)	8.89	11.00	(15.44)	15.00	(.07)
Total from investment operations	8.75	10.75	(15.59)	14.85	(.08)
Distributions from net investment income	-	-	-	(.19)	-
Distributions from net realized gain	(.38)	(.71)	(.17)	(5.01)	-
Total distributions	(.38)	(.71)	(.17)	(5.20)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 48.87	$ 40.50	$ 30.45	$ 46.19	$ 36.53
Total Return^{B, C, D}	21.70%	35.19%	(33.81)%	44.59%	(.19)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.17%^A	1.21%	1.21%	1.17%	1.13%^A
Expenses net of fee waivers, if any	1.16%^A	1.19%	1.19%	1.17%	1.13%^A
Expenses net of all reductions	1.14%^A	1.17%	1.15%	1.13%	1.10%^A
Net investment income (loss)	(.61)%^A	(.63)%	(.45)%	(.37)%	(.18)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 116,536	$ 82,413	$ 39,144	$ 26,620	$ 1,857
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

Consolidated Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 40.34	$ 30.36	$ 46.17	$ 36.49	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.20)	(.36)	(.24)	(.25)	(.03)
Net realized and unrealized gain (loss)	8.86	10.96	(15.42)	15.05	(.09)
Total from investment operations	8.66	10.60	(15.66)	14.80	(.12)
Distributions from net investment income	-	-	-	(.16)	-
Distributions from net realized gain	(.36)	(.63)	(.17)	(4.97)	-
Total distributions	(.36)	(.63)	(.17)	(5.13)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 48.64	$ 40.34	$ 30.36	$ 46.17	$ 36.49
Total Return^{B, C, D}	21.55%	34.79%	(33.98)%	44.45%	(.30)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.44%^A	1.51%	1.47%	1.43%	1.46%^A
Expenses net of fee waivers, if any	1.43%^A	1.49%	1.45%	1.43%	1.46%^A
Expenses net of all reductions	1.41%^A	1.47%	1.41%	1.39%	1.43%^A
Net investment income (loss)	(.88)%^A	(.93)%	(.71)%	(.63)%	(.40)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 35,297	$ 26,256	$ 15,284	$ 11,334	$ 1,093
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

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

Semiannual Report

Consolidated Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 39.87	$ 30.08	$ 45.97	$ 36.46	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.30)	(.55)	(.40)	(.45)	(.07)
Net realized and unrealized gain (loss)	8.74	10.84	(15.34)	14.95	(.08)
Total from investment operations	8.44	10.29	(15.74)	14.50	(.15)
Distributions from net investment income	-	-	-	(.16)	-
Distributions from net realized gain	(.33)	(.51)	(.17)	(4.84)	-
Total distributions	(.33)	(.51)	(.17)	(5.00)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 47.98	$ 39.87	$ 30.08	$ 45.97	$ 36.46
Total Return^{B, C, D}	21.25%	34.12%	(34.30)%	43.53%	(.38)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.93%^A	2.00%	1.97%	1.93%	1.96%^A
Expenses net of fee waivers, if any	1.92%^A	1.98%	1.95%	1.93%	1.96%^A
Expenses net of all reductions	1.90%^A	1.96%	1.89%	1.90%	1.93%^A
Net investment income (loss)	(1.37)%^A	(1.42)%	(1.20)%	(1.14)%	(.93)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,739	$ 18,340	$ 8,421	$ 6,869	$ 902
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

Consolidated Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 39.75	$ 30.00	$ 45.85	$ 36.44	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.29)	(.53)	(.39)	(.45)	(.07)
Net realized and unrealized gain (loss)	8.72	10.80	(15.30)	14.91	(.10)
Total from investment operations	8.43	10.27	(15.69)	14.46	(.17)
Distributions from net investment income	-	-	-	(.17)	-
Distributions from net realized gain	(.34)	(.53)	(.17)	(4.89)	-
Total distributions	(.34)	(.53)	(.17)	(5.06)	-
Redemption fees added to paid in capital^E	-^K	.01	.01	.01	.01
Net asset value, end of period	$ 47.84	$ 39.75	$ 30.00	$ 45.85	$ 36.44
Total Return^{B, C, D}	21.27%	34.15%	(34.30)%	43.49%	(.44)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.91% ^A	1.97%	1.97%	1.92%	2.02%^A
Expenses net of fee waivers, if any	1.89% ^A	1.95%	1.95%	1.92%	2.02%^A
Expenses net of all reductions	1.87% ^A	1.93%	1.89%	1.89%	1.99%^A
Net investment income (loss)	(1.34)% ^A	(1.39)%	(1.20)%	(1.12)%	(1.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 61,129	$ 38,624	$ 17,544	$ 10,835	$ 437
Portfolio turnover rate^G	32% ^A	46%	42%	55%	85%

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

Semiannual Report

Consolidated Financial Highlights - Gold

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008 ^J	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46
Income from Investment Operations
Net investment income (loss) ^E	(.08)	(.16)	(.04)	(.02)	.22 ^H	.04
Net realized and unrealized gain (loss)	8.98	11.10	(15.51)	15.05	5.49	12.21
Total from investment operations	8.90	10.94	(15.55)	15.03	5.71	12.25
Distributions from net investment income	-	-	-	(.18)	(.02)	(.02)
Distributions from net realized gain	(.40)	(.77)	(.17)	(5.03)	(5.10)	(3.84)
Total distributions	(.40)	(.77)	(.17)	(5.21)	(5.12)	(3.86)
Redemption fees added to paid in capital ^E	- ^K	.01	.02	.01	.04	.06
Net asset value, end of period	$ 49.35	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91
Total Return ^{B, C, D}	21.87%	35.52%	(33.59)%	45.10%	16.19%	48.84%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.93% ^A	.98%	.89%	.85%	.90%	.97%
Expenses net of fee waivers, if any	.91% ^A	.96%	.87%	.85%	.90%	.97%
Expenses net of all reductions	.90% ^A	.94%	.86%	.81%	.87%	.82%
Net investment income (loss)	(.36)% ^A	(.40)%	(.13)%	(.05)%	.62% ^H	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,752,752	$ 2,839,664	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665
Portfolio turnover rate ^G	32% ^A	46%	42%	55%	85%	108%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share.

Consolidated Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 40.77	$ 30.65	$ 46.34	$ 36.54	$ 36.60
Income from Investment Operations
Net investment income (loss) ^D	(.07)	(.15)	(.05)	(.01)	.01
Net realized and unrealized gain (loss)	8.96	11.08	(15.49)	15.03	(.08)
Total from investment operations	8.89	10.93	(15.54)	15.02	(.07)
Distributions from net investment income	-	-	-	(.19)	-
Distributions from net realized gain	(.40)	(.82)	(.17)	(5.04)	-
Total distributions	(.40)	(.82)	(.17)	(5.23)	-
Redemption fees added to paid in capital ^D	- ^J	.01	.02	.01	.01
Net asset value, end of period	$ 49.26	$ 40.77	$ 30.65	$ 46.34	$ 36.54
Total Return ^{B, C}	21.90%	35.50%	(33.59)%	45.10%	(.16)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.87% ^A	.95%	.91%	.83%	.94% ^A
Expenses net of fee waivers, if any	.85% ^A	.93%	.89%	.83%	.94% ^A
Expenses net of all reductions	.84% ^A	.91%	.86%	.79%	.91% ^A
Net investment income (loss)	(.30)% ^A	(.37)%	(.14)%	(.03)%	.12% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 84,103	$ 38,037	$ 6,070	$ 3,174	$ 385
Portfolio turnover rate ^F	32% ^A	46%	42%	55%	85%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IFor the year ended February 29. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Notes to Consolidated Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class T, Class C, Gold and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investment in Subsidiary.

The Fund may invest in certain precious metals through its investment in the Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). The Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of the Fund. As of August 31, 2010, the Fund held $156,665,620 in the Subsidiary, representing 3.8% of the Fund's net assets.

3. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

4. Significant Accounting Policies.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

4. Significant Accounting Policies - continued

Security Valuation - continued

Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Semiannual Report

Notes to Consolidated Financial Statements (Unaudited) - continued

4. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporation, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,079,624,222
Gross unrealized depreciation	(92,056,476)
Net unrealized appreciation (depreciation)	$ 987,567,746

Tax cost	$ 3,718,022,041

5. Operating Policies.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Consolidated Schedule of Investments.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $960,361,351 and $562,011,897, respectively.

7. Fees and Other Transactions with Affiliates.

FMR and its affiliates also provide investment management related services to the Subsidiary. The Subsidiary pays FMR a monthly management fee at the annual rate of .30% of its assets. FMR has agreed to reimburse the Fund's management fee in an amount equal to the management fee of the Subsidiary. For the period, FMR reimbursed the Fund $253,016.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 125,473	$ 2,128
Class T	.25%	.25%	77,390	-
Class B	.75%	.25%	107,736	80,802
Class C	.75%	.25%	244,121	104,035
			$ 554,720	$ 186,965

Semiannual Report

7. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 59,523
Class T	8,439
Class B*	23,307
Class C*	11,037
	$ 102,306

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 142,595	.28
Class T	46,422	.30
Class B	31,470	.29
Class C	64,759	.27
Gold	4,724,315	.29
Institutional Class	66,756	.23
	$ 5,076,317

* Annualized

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $6,618 and is reflected in Miscellaneous expenses on the Consolidated Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

Semiannual Report

Notes to Consolidated Financial Statements (Unaudited) - continued

9. Security Lending - continued

loaned securities and cash collateral at period end are disclosed on the Fund's Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $306,165.

10. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $265,047 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $403.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net realized gain
Class A	$ 801,636	$ 1,356,457
Class T	236,986	386,094
Class B	157,210	226,465
Class C	338,049	480,176
Gold	27,487,941	53,033,502
Institutional Class	415,503	527,718
Total	$ 29,437,325	$ 56,010,412

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	821,482	1,548,727	$ 36,990,487	$ 60,979,204
Reinvestment of distributions	16,589	28,941	743,841	1,258,667
Shares redeemed	(488,677)	(828,099)	(21,857,766)	(32,946,669)
Net increase (decrease)	349,394	749,569	$ 15,876,562	$ 29,291,202
Class T
Shares sold	228,769	410,718	$ 10,430,715	$ 16,022,649
Reinvestment of distributions	5,156	8,602	230,314	372,822
Shares redeemed	(159,132)	(271,824)	(7,102,610)	(10,198,558)
Net increase (decrease)	74,793	147,496	$ 3,558,419	$ 6,196,913
Class B
Shares sold	96,650	271,111	$ 4,274,235	$ 10,287,423
Reinvestment of distributions	3,157	4,654	139,392	199,620
Shares redeemed	(44,210)	(95,719)	(1,956,830)	(3,721,090)
Net increase (decrease)	55,597	180,046	$ 2,456,797	$ 6,765,953
Class C
Shares sold	424,484	698,249	$ 18,873,313	$ 27,513,842
Reinvestment of distributions	6,175	9,039	271,804	386,528
Shares redeemed	(124,551)	(320,512)	(5,457,771)	(12,323,085)
Net increase (decrease)	306,108	386,776	$ 13,687,346	$ 15,577,285

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Gold
Shares sold	19,505,677	40,468,485	$ 893,473,078	$ 1,581,099,363
Reinvestment of distributions	589,132	1,174,296	26,646,409	51,481,173
Shares redeemed	(13,563,064)	(33,470,388)	(611,693,216)	(1,303,757,681)
Net increase (decrease)	6,531,745	8,172,393	$ 308,426,271	$ 328,822,855
Institutional Class
Shares sold	918,009	933,259	$ 41,957,172	$ 39,237,749
Reinvestment of distributions	8,082	10,089	364,823	441,486
Shares redeemed	(151,793)	(208,491)	(7,015,850)	(8,098,596)
Net increase (decrease)	774,298	734,857	$ 35,306,145	$ 31,580,639

13. Other.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.17%
Actual		$ 1,000.00	$ 993.50	$ 5.88
Hypothetical ^A		$ 1,000.00	$ 1,019.31	$ 5.96
Class T	1.43%
Actual		$ 1,000.00	$ 992.40	$ 7.18
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 7.27
Class B	1.92%
Actual		$ 1,000.00	$ 989.80	$ 9.63
Hypothetical ^A		$ 1,000.00	$ 1,015.53	$ 9.75
Class C	1.93%
Actual		$ 1,000.00	$ 989.80	$ 9.68
Hypothetical ^A		$ 1,000.00	$ 1,015.48	$ 9.80
Materials	.89%
Actual		$ 1,000.00	$ 994.80	$ 4.47
Hypothetical ^A		$ 1,000.00	$ 1,020.72	$ 4.53
Institutional Class	.87%
Actual		$ 1,000.00	$ 994.90	$ 4.37
Hypothetical ^A		$ 1,000.00	$ 1,020.82	$ 4.43

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	8.0	9.3
E.I. du Pont de Nemours & Co.	7.7	8.1
Monsanto Co.	6.6	9.3
Praxair, Inc.	6.1	5.9
Freeport-McMoRan Copper & Gold, Inc.	5.6	5.0
Air Products & Chemicals, Inc.	4.0	4.1
Celanese Corp. Class A	3.5	3.1
Newmont Mining Corp.	3.3	3.7
Ecolab, Inc.	2.9	0.0
The Mosaic Co.	2.7	2.9
	50.4

Top Industries (% of fund's net assets)
As of August 31, 2010
	Chemicals	57.9%
	Metals & Mining	25.8%
	Containers & Packaging	7.2%
	Construction Materials	2.3%
	Paper & Forest Products	1.1%
	All Others*	5.7%

fid1206

As of February 28, 2010
	Chemicals	56.9%
	Metals & Mining	24.7%
	Containers & Packaging	4.6%
	Paper & Forest Products	4.0%
	Construction Materials	3.4%
	All Others*	6.4%

fid1214

* Includes short-term investments and net other assets.

Semiannual Report

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
BUILDING PRODUCTS - 1.0%
Building Products - 1.0%
Masco Corp.	704,700		$ 7,392,303
CHEMICALS - 57.9%
Commodity Chemicals - 4.6%
Celanese Corp. Class A	910,806		24,318,520
LyondellBasell Industries NV Class A (a)	380,900		7,808,450
			32,126,970
Diversified Chemicals - 21.7%
Ashland, Inc.	300,563		13,964,157
BASF AG	75,428		3,980,357
Cabot Corp.	18,300		520,269
Dow Chemical Co.	2,296,044		55,954,591
E.I. du Pont de Nemours & Co.	1,324,377		53,994,850
FMC Corp.	160,300		9,983,484
Huntsman Corp.	798,429		7,273,688
Solutia, Inc. (a)	506,732		6,861,151
			152,532,547
Fertilizers & Agricultural Chemicals - 12.1%
CF Industries Holdings, Inc.	160,414		14,838,295
Israel Chemicals Ltd.	128,000		1,615,270
Monsanto Co.	878,056		46,229,648
The Mosaic Co.	321,900		18,882,654
Yara International ASA	87,900		3,533,395
			85,099,262
Industrial Gases - 10.1%
Air Products & Chemicals, Inc.	373,290		27,634,659
Praxair, Inc.	500,141		43,027,130
			70,661,789
Specialty Chemicals - 9.4%
Albemarle Corp.	137,135		5,497,742
Ecolab, Inc.	428,649		20,317,963
Ferro Corp. (a)	983,725		10,525,858
Innophos Holdings, Inc.	338,468		9,873,112
Rockwood Holdings, Inc. (a)	169,132		4,372,062
Stepan Co.	33,500		1,857,575
Symrise AG	141,983		3,509,149
W.R. Grace & Co. (a)	400,347		10,128,779
			66,082,240
TOTAL CHEMICALS			406,502,808
CONSTRUCTION & ENGINEERING - 0.8%
Construction & Engineering - 0.8%
Fluor Corp.	121,700		5,435,122
CONSTRUCTION MATERIALS - 2.3%
Construction Materials - 2.3%
HeidelbergCement AG	240,126		9,632,605
Martin Marietta Materials, Inc. (d)	88,022		6,443,210
			16,075,815

	Shares		Value
CONTAINERS & PACKAGING - 7.2%
Metal & Glass Containers - 7.2%
Ball Corp.	242,626		$ 13,606,466
Crown Holdings, Inc. (a)	490,299		13,659,730
Owens-Illinois, Inc. (a)	597,400		14,970,844
Pactiv Corp. (a)	255,954		8,211,004
			50,448,044
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.3%
Archer Daniels Midland Co.	59,300		1,825,254
MACHINERY - 0.7%
Construction & Farm Machinery & Heavy Trucks - 0.7%
Bucyrus International, Inc. Class A	29,400		1,690,206
Caterpillar, Inc.	51,953		3,385,257
			5,075,463
METALS & MINING - 25.8%
Diversified Metals & Mining - 9.4%
Anglo American PLC (United Kingdom)	106,251		3,813,695
Compass Minerals International, Inc.	99,910		7,168,543
Freeport-McMoRan Copper & Gold, Inc.	546,381		39,328,504
Kazakhmys PLC	164,372		2,914,625
Teck Resources Ltd. Class B (sub. vtg.)	135,000		4,516,249
Walter Energy, Inc.	116,216		8,372,201
			66,113,817
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	333,620		14,108,790
Newcrest Mining Ltd.	165,418		5,484,020
Newmont Mining Corp.	379,200		23,252,544
Randgold Resources Ltd. sponsored ADR	68,600		6,344,814
Yamana Gold, Inc.	405,200		4,104,253
			53,294,421
Steel - 8.8%
Allegheny Technologies, Inc.	316,000		12,867,520
Carpenter Technology Corp.	336,300		10,428,663
Commercial Metals Co.	810,287		10,558,040
Jindal Steel & Power Ltd.	174,560		2,539,443
Reliance Steel & Aluminum Co.	36,500		1,359,625
Steel Dynamics, Inc.	759,901		10,410,644
Ternium SA sponsored ADR (d)	236,600		7,753,382
Vale SA sponsored ADR	218,850		5,854,238
			61,771,555
TOTAL METALS & MINING			181,179,793
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Massey Energy Co.	115,100		3,309,125
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 1.1%
Forest Products - 1.1%
Weyerhaeuser Co.	493,200		$ 7,743,240
TOTAL COMMON STOCKS (Cost $651,565,261)		684,986,967
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 0.24% (b)	6,130,163		6,130,163
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	8,124,795		8,124,795
TOTAL MONEY MARKET FUNDS (Cost $14,254,958)		14,254,958
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $665,820,219)			699,241,925
NET OTHER ASSETS (LIABILITIES) - 0.4%			2,639,169
NET ASSETS - 100%		$ 701,881,094

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,257
Fidelity Securities Lending Cash Central Fund	20,957
Total	$ 35,214

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.6%
Germany	2.4%
South Africa	2.0%
Canada	1.3%
Netherlands	1.1%
Luxembourg	1.1%
Others (Individually Less Than 1%)	4.5%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $22,356,874 of which $21,745,565 and $611,309 will expire on February 28, 2017 and 2018, respectively.

A capital loss carryforward of approximately $5,315,874 was acquired from Paper and Forest Products Portfolio, of which $4,704,565 and $611,309 will expire on February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,971,234) - See accompanying schedule: Unaffiliated issuers (cost $651,565,261)	$ 684,986,967
Fidelity Central Funds (cost $14,254,958)	14,254,958
Total Investments (cost $665,820,219)		$ 699,241,925
Receivable for investments sold		9,429,141
Receivable for fund shares sold		1,204,749
Dividends receivable		13,878,046
Distributions receivable from Fidelity Central Funds		6,173
Other receivables		13,338
Total assets		723,773,372

Liabilities
Payable for investments purchased	$ 11,964,462
Payable for fund shares redeemed	1,217,500
Accrued management fee	336,752
Distribution and service plan fees payable	44,935
Other affiliated payables	178,081
Other payables and accrued expenses	25,753
Collateral on securities loaned, at value	8,124,795
Total liabilities		21,892,278

Net Assets		$ 701,881,094
Net Assets consist of:
Paid in capital		$ 694,978,249
Undistributed net investment income		15,719,857
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(42,236,263)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		33,419,251
Net Assets		$ 701,881,094

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($56,186,105 ÷ 1,076,486 shares)		$ 52.19

Maximum offering price per share (100/94.25 of $52.19)		$ 55.37
Class T: Net Asset Value and redemption price per share ($14,872,189 ÷ 286,294 shares)		$ 51.95

Maximum offering price per share (100/96.50 of $51.95)		$ 53.83
Class B: Net Asset Value and offering price per share ($9,927,666 ÷ 193,418 shares)^A		$ 51.33

Class C: Net Asset Value and offering price per share ($21,091,747 ÷ 411,484 shares)^A		$ 51.26

Materials: Net Asset Value, offering price and redemption price per share ($579,591,884 ÷ 11,080,074 shares)		$ 52.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($20,211,503 ÷ 386,599 shares)		$ 52.28

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Materials Portfolio
Financial Statements - continued

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 6,198,980
Special dividends		13,051,756
Income from Fidelity Central Funds		35,214
Total income		19,285,950

Expenses
Management fee	$ 2,096,899
Transfer agent fees	978,865
Distribution and service plan fees	272,668
Accounting and security lending fees	132,779
Custodian fees and expenses	21,788
Independent trustees' compensation	2,076
Registration fees	79,700
Audit	16,463
Legal	1,245
Interest	956
Tax expense	144
Miscellaneous	4,354
Total expenses before reductions	3,607,937
Expense reductions	(47,523)	3,560,414
Net investment income (loss)		15,725,536
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(13,958,001)
Foreign currency transactions	(41,129)
Total net realized gain (loss)		(13,999,130)
Change in net unrealized appreciation (depreciation) on: Investment securities	(15,596,760)
Assets and liabilities in foreign currencies	(902)
Total change in net unrealized appreciation (depreciation)		(15,597,662)
Net gain (loss)		(29,596,792)
Net increase (decrease) in net assets resulting from operations		$ (13,871,256)

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 15,725,536	$ 3,695,665
Net realized gain (loss)	(13,999,130)	54,954,095
Change in net unrealized appreciation (depreciation)	(15,597,662)	118,179,943
Net increase (decrease) in net assets resulting from operations	(13,871,256)	176,829,703
Distributions to shareholders from net investment income	(26,985)	(4,024,717)
Distributions to shareholders from net realized gain	(379,797)	-
Total distributions	(406,782)	(4,024,717)
Share transactions - net increase (decrease)	880,796	390,197,683
Redemption fees	62,549	93,068
Total increase (decrease) in net assets	(13,334,693)	563,095,737

Net Assets
Beginning of period	715,215,787	152,120,050
End of period (including undistributed net investment income of $15,719,857 and $21,306, respectively)	$ 701,881,094	$ 715,215,787

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 52.54	$ 27.65	$ 57.00	$ 51.01	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	1.07^H	.30^I	.22	.46	.17
Net realized and unrealized gain (loss)	(1.41)	24.90	(29.46)	8.05	3.93
Total from investment operations	(.34)	25.20	(29.24)	8.51	4.10
Distributions from net investment income	-	(.32)	(.12)	(.32)	-
Distributions from net realized gain	(.01)	-	-	(2.21)	-
Total distributions	(.01)	(.32)	(.12)	(2.53)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 52.19	$ 52.54	$ 27.65	$ 57.00	$ 51.01
Total Return^{B, C, D}	(.65)%	91.25%	(51.30)%	16.79%	8.76%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.17%^A	1.23%	1.21%	1.21%	1.50%^A
Expenses net of fee waivers, if any	1.17%^A	1.23%	1.21%	1.21%	1.40%^A
Expenses net of all reductions	1.16%^A	1.22%	1.20%	1.21%	1.38%^A
Net investment income (loss)	4.00%^{A, H}	.65%^I	.47%	.83%	1.76%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 56,186	$ 52,352	$ 10,796	$ 12,522	$ 1,018
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .51%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.53 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 52.35	$ 27.56	$ 56.80	$ 50.89	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	1.00^H	.16^I	.10	.32	.11
Net realized and unrealized gain (loss)	(1.40)	24.81	(29.32)	8.00	3.87
Total from investment operations	(.40)	24.97	(29.22)	8.32	3.98
Distributions from net investment income	-	(.19)	(.03)	(.21)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.19)	(.03)	(2.42)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.95	$ 52.35	$ 27.56	$ 56.80	$ 50.89
Total Return^{B, C, D}	(.76)%	90.70%	(51.43)%	16.45%	8.51%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.43%^A	1.52%	1.46%	1.46%	1.80%^A
Expenses net of fee waivers, if any	1.43%^A	1.52%	1.46%	1.46%	1.65%^A
Expenses net of all reductions	1.41%^A	1.51%	1.46%	1.46%	1.62%^A
Net investment income (loss)	3.74%^{A, H}	.35%^I	.22%	.57%	1.18%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,872	$ 14,712	$ 4,944	$ 6,850	$ 707
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .25%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .14%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.42 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 51.86	$ 27.35	$ 56.59	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.86^H	(.07)^I	(.12)	.04	.06
Net realized and unrealized gain (loss)	(1.39)	24.61	(29.13)	7.98	3.84
Total from investment operations	(.53)	24.54	(29.25)	8.02	3.90
Distributions from net investment income	-	(.04)	-	(.04)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.04)	-	(2.25)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.33	$ 51.86	$ 27.35	$ 56.59	$ 50.81
Total Return^{B, C, D}	(1.02)%	89.79%	(51.67)%	15.89%	8.34%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.92%^A	2.02%	1.95%	1.97%	2.26%^A
Expenses net of fee waivers, if any	1.92%^A	2.02%	1.95%	1.97%	2.15%^A
Expenses net of all reductions	1.91%^A	2.01%	1.95%	1.96%	2.12%^A
Net investment income (loss)	3.24%^{A, H}	(.15)%^I	(.27)%	.07%	.60%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,928	$ 9,538	$ 2,601	$ 4,173	$ 662
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.92 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.25)%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.25 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 51.79	$ 27.31	$ 56.50	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.85^H	(.06)^I	(.13)	.04	.09
Net realized and unrealized gain (loss)	(1.38)	24.57	(29.07)	7.97	3.81
Total from investment operations	(.53)	24.51	(29.20)	8.01	3.90
Distributions from net investment income	-	(.04)	-	(.12)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.04)	-	(2.33)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.26	$ 51.79	$ 27.31	$ 56.50	$ 50.81
Total Return^{B, C, D}	(1.02)%	89.82%	(51.66)%	15.87%	8.34%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.93%^A	2.01%	1.95%	1.96%	2.31%^A
Expenses net of fee waivers, if any	1.93%^A	2.01%	1.95%	1.96%	2.15%^A
Expenses net of all reductions	1.91%^A	2.00%	1.95%	1.96%	2.13%^A
Net investment income (loss)	3.24%^{A, H}	(.13)%^I	(.27)%	.07%	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,092	$ 20,469	$ 5,509	$ 8,743	$ 547
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.92 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.25)%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.35)%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.33 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Financial Highlights - Materials

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^L	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78
Income from Investment Operations
Net investment income (loss)^E	1.15^H	.43^I	.38	.64	.42	.32
Net realized and unrealized gain (loss)	(1.42)	24.91	(29.54)	8.01	9.36	6.40
Total from investment operations	(.27)	25.34	(29.16)	8.65	9.78	6.72
Distributions from net investment income	-^M	(.40)	(.20)	(.36)	(.48)	(.25)
Distributions from net realized gain	(.03)	-	-	(2.21)	(4.79)	(.93)
Total distributions	(.03)	(.40)	(.20)	(2.57)^N	(5.27)	(1.18)
Redemption fees added to paid in capital^E	-^M	.01	.01	.01	.06	.03
Net asset value, end of period	$ 52.31	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35
Total Return^{B, C, D}	(.52)%	91.77%	(51.15)%	17.10%	22.29%	17.01%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.89%^A	.96%	.90%	.91%	1.01%	1.05%
Expenses net of fee waivers, if any	.89%^A	.96%	.90%	.90%	.98%	1.05%
Expenses net of all reductions	.87%^A	.94%	.90%	.89%	.96%	1.01%
Net investment income (loss)	4.28%^{A, H}	.92%^I	.78%	1.14%	.87%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 579,592	$ 604,475	$ 127,551	$ 353,185	$ 230,147	$ 169,523
Portfolio turnover rate^G	108%^A	104%^K	117%	77%	185%	124%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.94 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .79%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .70%. ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KThe portfolio turnover rate does not include the assets acquired in the merger. ^LFor the year ended February 29. ^MAmount represents less than $.01 per share. ^NTotal distributions of $2.57 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 52.58	$ 27.66	$ 57.00	$ 50.91	$ 46.90
Income from Investment Operations
Net investment income (loss)^D	1.15^G	.46^H	.38	.64	.08
Net realized and unrealized gain (loss)	(1.41)	24.89	(29.53)	8.00	3.92
Total from investment operations	(.26)	25.35	(29.15)	8.64	4.00
Distributions from net investment income	(.01)	(.44)	(.20)	(.36)	-
Distributions from net realized gain	(.03)	-	-	(2.21)	-
Total distributions	(.04)	(.44)	(.20)	(2.56)^N	-
Redemption fees added to paid in capital^D	-^M	.01	.01	.01	.01
Net asset value, end of period	$ 52.28	$ 52.58	$ 27.66	$ 57.00	$ 50.91
Total Return^{B, C}	(.51)%	91.79%	(51.15)%	17.08%	8.55%
Ratios to Average Net Assets^{E, J}
Expenses before reductions	.87%^A	.94%	.90%	.89%	1.06%^A
Expenses net of fee waivers, if any	.87%^A	.94%	.90%	.89%	1.06%^A
Expenses net of all reductions	.86%^A	.93%	.90%	.89%	1.04%^A
Net investment income (loss)	4.29%^{A, G}	.94%^H	.78%	1.14%	.79%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,212	$ 13,670	$ 719	$ 1,820	$ 119
Portfolio turnover rate^F	108%^A	104%^K	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .80%. ^HInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been ..72%. ^IFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KThe portfolio turnover rate does not include the assets acquired in the merger. ^LFor the year ended February 29. ^MAmount represents less than $.01 per share. ^NTotal distributions of $2.56 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class T, Class C, Materials and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 87,689,835
Gross unrealized depreciation	(58,191,159)
Net unrealized appreciation (depreciation)	$ 29,498,676

Tax cost	$ 669,743,249

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $411,218,374 and $390,821,599, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 71,713	$ 60
Class T	.25%	.25%	38,588	-
Class B	.75%	.25%	51,907	38,930
Class C	.75%	.25%	110,460	45,383
			$ 272,668	$ 84,313

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 42,456
Class T	5,338
Class B*	10,882
Class C*	5,683
	$ 64,359

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 82,591	.29
Class T	22,941	.30
Class B	15,222	.29
Class C	32,780	.30
Materials	799,552	.26
Institutional Class	25,779	.24
	$ 978,865

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,741,091	.46%	$ 956

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,490 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $47,415 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $108.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ -	$ 238,202
Class T	-	47,220
Class B	-	5,848
Class C	-	12,908
Materials	24,058	3,662,178
Institutional Class	2,927	58,361
Total	$ 26,985	$ 4,024,717

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Distributions to Shareholders - continued

	Six months ended August 31, 2010	Year ended February 28, 2010
From net realized gain
Class A	$ 10,674	$ -
Materials	358,147	-
Institutional Class	10,976	-
Total	$ 379,797	$ -

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	411,175	858,136	$ 22,447,312	$ 40,135,680
Reinvestment of distributions	169	4,377	9,923	220,619
Shares redeemed	(331,208)	(256,610)	(17,455,121)	(11,780,339)
Net increase (decrease)	80,136	605,903	$ 5,002,114	$ 28,575,960
Class T
Shares sold	58,429	167,992	$ 3,167,897	$ 7,326,294
Reinvestment of distributions	-	941	-	45,756
Shares redeemed	(53,138)	(67,330)	(2,828,360)	(3,005,643)
Net increase (decrease)	5,291	101,603	$ 339,537	$ 4,366,407
Class B
Shares sold	54,185	131,820	$ 2,946,230	$ 5,954,562
Reinvestment of distributions	-	103	-	4,824
Shares redeemed	(44,694)	(43,087)	(2,338,501)	(1,785,370)
Net increase (decrease)	9,491	88,836	$ 607,729	$ 4,174,016
Class C
Shares sold	111,815	299,617	$ 6,044,243	$ 13,304,163
Reinvestment of distributions	-	234	-	10,972
Shares redeemed	(95,569)	(106,334)	(4,973,771)	(4,538,206)
Net increase (decrease)	16,246	193,517	$ 1,070,472	$ 8,776,929
Materials
Shares sold	3,697,621	11,253,841	$ 204,610,034	$ 539,188,177
Issued in exchange for shares of Paper and Forest Products Portfolio	-	337,332	-	13,304,373
Reinvestment of distributions	6,152	68,039	360,709	3,440,550
Shares redeemed	(4,114,442)	(4,780,310)	(219,006,402)	(223,285,260)
Net increase (decrease)	(410,669)	6,878,902	$ (14,035,659)	$ 332,647,840
Institutional Class
Shares sold	335,445	269,782	$ 18,531,345	$ 13,383,120
Reinvestment of distributions	202	839	11,869	43,347
Shares redeemed	(209,053)	(36,606)	(10,646,611)	(1,769,936)
Net increase (decrease)	126,594	234,015	$ 7,896,603	$ 11,656,531

11. Other.

Semiannual Report

12. Merger Information.

On June 19, 2009, the Fund acquired all of the assets and assumed all of the liabilities of the Select Paper and Forest Products Portfolio ("Target Fund") pursuant to an agreement and plan of reorganization approved by the Board of Trustees ("The Board") on November 18, 2008. The reorganization provides shareholders access to a larger portfolio with better historical performance and lower expenses. The acquisition was accomplished by an exchange of 337,332 shares of Materials (the original retail class shares of the Fund), for 697,705 shares then outstanding (valued at $19.07) of the Target Fund. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund net assets, including securities of $13,445,190, unrealized depreciation of $3,465,168, cash of $45,230 and net other liabilities of $186,047 were combined with the Fund's net assets of $314,623,676 for total net assets after the acquisition of $327,928,049.

Net investment income (loss)	$ 3,777,997
Total net realized gain (loss)	51,950,136
Total change in net unrealized appreciation (depreciation)	125,269,592
Net increase (decrease) in net assets resulting from operations	$ 180,997,725

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Chemicals Portfolio
Gold Portfolio
Materials Portfolio

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance (Chemicals Portfolio). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured over multiple periods against a third-party-sponsored index that reflects the market sector in which the fund invests. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the fund's cumulative total returns and the cumulative total returns of a third-party-sponsored index ("benchmark").

Chemicals Portfolio

fid1216

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Investment Performance (Gold Portfolio and Materials Portfolio). The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance for each class, as well as each fund's relative investment performance for each class measured over multiple periods against a third-party-sponsored index that reflects the market sector in which the fund invests. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare either fund's performance. For each fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, as available, the cumulative total returns of the retail class and Class C of the fund, and the cumulative total returns of a third-party-sponsored index ("benchmark").

Semiannual Report

Gold Portfolio

fid1218

The Board noted that the investment performance of the retail class of the fund compared favorably to its benchmark for the one- and three-year periods, although the fund's five-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Materials Portfolio

fid1220

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Chemicals Portfolio

fid1222

Gold Portfolio

fid1224

Semiannual Report

Materials Portfolio

fid1226

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of Chemicals Portfolio's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

In its review of the total expenses of each class of Gold Portfolio and Materials Portfolio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that Chemicals Portfolio's total expenses ranked below its competitive median for 2009.

The Board noted that the total expenses of each class of Gold Portfolio ranked below its competitive median for 2009.

The Board noted that the total expenses of each of Class A, Class B, Class C, Institutional Class, and the retail class of Materials Portfolio ranked below its competitive median for 2009 and the total expenses of Class T ranked above its competitive median for 2009. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that the total expenses of Chemicals Portfolio and the total expenses of each class of Gold Portfolio and Materials Portfolio were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

Fidelity Automated Service Telephone (FAST®)
1-800-544-5555

Press

fid574 For mutual fund and brokerage trading.

fid462 For quotes.*

fid464 For account balances and holdings.

fid466 To review orders and mutual fund activity.

fid468 To change your PIN.

fid470 fid472 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Research & Analysis Company

Fidelity Management & Research
(Japan) Inc.

Fidelity Management & Research
(Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) fid422
1-800-544-5555

Automated line for quickest service

fid584

SELMT-USAN-1010
1.846034.103

Fidelity®
Select Portfolios®
Telecommunications Services Sector

Telecommunications Portfolio

Wireless Portfolio

Semiannual Report

August 31, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Telecommunications Portfolio	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Wireless Portfolio	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.19%
Actual		$ 1,000.00	$ 1,064.00	$ 6.19
Hypothetical ^A		$ 1,000.00	$ 1,019.21	$ 6.06
Class T	1.48%
Actual		$ 1,000.00	$ 1,062.70	$ 7.69
Hypothetical ^A		$ 1,000.00	$ 1,017.74	$ 7.53
Class B	1.95%
Actual		$ 1,000.00	$ 1,060.10	$ 10.13
Hypothetical ^A		$ 1,000.00	$ 1,015.38	$ 9.91
Class C	1.94%
Actual		$ 1,000.00	$ 1,060.20	$ 10.07
Hypothetical ^A		$ 1,000.00	$ 1,015.43	$ 9.86
Telecommunications	.94%
Actual		$ 1,000.00	$ 1,065.40	$ 4.89
Hypothetical ^A		$ 1,000.00	$ 1,020.47	$ 4.79
Institutional Class	.88%
Actual		$ 1,000.00	$ 1,065.80	$ 4.58
Hypothetical ^A		$ 1,000.00	$ 1,020.77	$ 4.48

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Telecommunications Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Verizon Communications, Inc.	15.0	12.9
AT&T, Inc.	8.6	13.0
American Tower Corp. Class A	7.5	6.3
Crown Castle International Corp.	6.3	5.9
Qwest Communications International, Inc.	5.8	5.2
Sprint Nextel Corp.	5.4	6.3
CenturyTel, Inc.	4.8	2.5
SBA Communications Corp. Class A	3.9	3.9
NII Holdings, Inc.	3.3	3.7
Windstream Corp.	3.2	0.3
	63.8

Top Industries (% of fund's net assets)
As of August 31, 2010
	Diversified Telecommunication Services	46.2%
	Wireless Telecommunication Services	39.6%
	Media	9.5%
	Internet Software & Services	1.5%
	Software	0.9%
	All Others*	2.3%

fid1256

As of February 28, 2010
	Diversified Telecommunication Services	48.5%
	Wireless Telecommunication Services	36.5%
	Media	9.4%
	Software	1.0%
	Communications Equipment	0.3%
	All Others*	4.3%

fid1264

* Includes short-term investments and net other assets.

Semiannual Report

Telecommunications Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Aruba Networks, Inc. (a)	392		$ 7,201
Cisco Systems, Inc. (a)	43,500		872,175
F5 Networks, Inc. (a)	40		3,497
Juniper Networks, Inc. (a)	44,947		1,222,558
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	40		1,139
Sandvine Corp. (a)	3,200		4,502
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		5,778
			2,116,850
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		9,975
NetApp, Inc. (a)	20		809
Synaptics, Inc. (a)	450		11,889
			22,673
DIVERSIFIED TELECOMMUNICATION SERVICES - 46.2%
Alternative Carriers - 5.6%
Cable & Wireless Worldwide PLC	5		5
Cogent Communications Group, Inc. (a)	64,802		565,073
Global Crossing Ltd. (a)	302,086		3,715,658
Iliad Group SA	55,144		5,186,006
Level 3 Communications, Inc. (a)	7,976		8,215
PAETEC Holding Corp. (a)	73,600		301,760
tw telecom, inc. (a)	532,857		9,343,648
			19,120,365
Integrated Telecommunication Services - 40.6%
AT&T, Inc.	1,096,319		29,633,503
BT Group PLC	5,351		10,914
Cable & Wireless PLC	5		4
Cbeyond, Inc. (a)	177,698		2,123,491
CenturyTel, Inc.	453,190		16,387,350
China Unicom (Hong Kong) Ltd. sponsored ADR	342,100		4,741,506
Cincinnati Bell, Inc. (a)	225,000		528,750
Deutsche Telekom AG	763		10,048
FairPoint Communications, Inc. (a)	34,149		888
Frontier Communications Corp.	12,732		98,418
Hellenic Telecommunications Organization SA	163		1,112
Qwest Communications International, Inc.	3,513,189		19,849,518
Telecom Italia SpA sponsored ADR	226		3,067
Telenor ASA sponsored ADR	77,000		3,371,830
Verizon Communications, Inc.	1,743,169		51,440,919
Windstream Corp.	963,015		11,108,378
			139,309,696
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			158,430,061

	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	40		$ 1,125
INTERNET SOFTWARE & SERVICES - 1.5%
Internet Software & Services - 1.5%
Google, Inc. Class A (a)	7,500		3,375,150
Rackspace Hosting, Inc. (a)	90,700		1,785,883
SAVVIS, Inc. (a)	99		1,733
			5,162,766
MEDIA - 9.5%
Broadcasting - 0.0%
Ten Network Holdings Ltd. (a)	5		6
Cable & Satellite - 9.5%
Comcast Corp. Class A	408,100		6,986,672
DIRECTV (a)	138,709		5,259,845
Dish TV India Ltd. (a)	5,888		6,341
Kabel Deutschland Holding AG	112,800		3,574,209
Liberty Global, Inc. Class A (a)(d)	164,900		4,538,048
Net Servicos de Comunicacao SA sponsored ADR (a)(d)	268,500		3,418,005
Time Warner Cable, Inc.	51,172		2,640,987
Virgin Media, Inc.	290,600		6,047,386
			32,471,493
Movies & Entertainment - 0.0%
Madison Square Garden, Inc. Class A (a)	525		10,282
TOTAL MEDIA			32,481,781
SOFTWARE - 0.9%
Application Software - 0.9%
Gameloft (a)	671,586		3,038,790
Nuance Communications, Inc. (a)	800		11,744
Synchronoss Technologies, Inc. (a)	3		46
			3,050,580
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	3		3
TOTAL SOFTWARE			3,050,583
WIRELESS TELECOMMUNICATION SERVICES - 39.6%
Wireless Telecommunication Services - 39.6%
America Movil SAB de CV Series L sponsored ADR	300		13,989
American Tower Corp. Class A (a)	548,600		25,707,396
Axiata Group Bhd (a)	2,433,700		3,427,350
Clearwire Corp. Class A (a)(d)	1,476,236		9,462,673
Crown Castle International Corp. (a)	525,683		21,616,085
ICO Global Communications Holdings Ltd. Class A (a)	2,399,277		3,215,031
Idea Cellular Ltd. (a)	3,710		5,644
Leap Wireless International, Inc. (a)(d)	596,158		6,182,158
MetroPCS Communications, Inc. (a)	1,025,106		9,164,448
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
MTN Group Ltd.	220,325		$ 3,598,618
NII Holdings, Inc. (a)	311,400		11,288,250
NTELOS Holdings Corp.	632		10,226
PT Indosat Tbk	1,600		779
SBA Communications Corp. Class A (a)	369,382		13,223,876
Sprint Nextel Corp. (a)	4,515,750		18,424,260
Syniverse Holdings, Inc. (a)	66,468		1,367,247
Telephone & Data Systems, Inc.	15,152		437,741
TIM Participacoes SA sponsored ADR (non-vtg.)	55,900		1,598,181
VimpelCom Ltd. ADR (a)	167,900		2,510,105
Vivo Participacoes SA sponsored ADR (d)	116,525		2,796,600
Vodafone Group PLC sponsored ADR	66,400		1,605,552
			135,656,209
TOTAL COMMON STOCKS (Cost $359,108,382)		336,922,048
Money Market Funds - 7.1%
	Shares		Value
Fidelity Cash Central Fund, 0.24% (b)	5,633,147		$ 5,633,147
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	18,730,400		18,730,400
TOTAL MONEY MARKET FUNDS (Cost $24,363,547)		24,363,547
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $383,471,929)			361,285,595
NET OTHER ASSETS (LIABILITIES) - (5.4)%			(18,586,111)
NET ASSETS - 100%		$ 342,699,484

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,346
Fidelity Securities Lending Cash Central Fund	149,351
Total	$ 157,697

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 336,922,048	$ 333,472,624	$ 3,449,424	$ -
Money Market Funds	24,363,547	24,363,547	-	-
Total Investments in Securities:	$ 361,285,595	$ 357,836,171	$ 3,449,424	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.5%
France	2.4%
Brazil	2.3%
Bermuda	1.8%
Hong Kong	1.4%
Germany	1.1%
South Africa	1.0%
Malaysia	1.0%
Norway	1.0%
Others (Individually Less Than 1%)	0.5%
	100.0%

Income Tax Information

At February 28, 2010, the Fund had a capital loss carryforward of approximately $238,175,641 of which $161,866,685, $11,764,473, $52,002,796 and $12,541,687 will expire on February 28, 2011, 2012, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $18,057,364) - See accompanying schedule: Unaffiliated issuers (cost $359,108,382)	$ 336,922,048
Fidelity Central Funds (cost $24,363,547)	24,363,547
Total Investments (cost $383,471,929)		$ 361,285,595
Receivable for fund shares sold		673,479
Dividends receivable		63,906
Distributions receivable from Fidelity Central Funds		8,563
Other receivables		86,565
Total assets		362,118,108

Liabilities
Payable for fund shares redeemed	$ 418,139
Accrued management fee	156,801
Distribution and service plan fees payable	4,131
Other affiliated payables	86,513
Other payables and accrued expenses	22,640
Collateral on securities loaned, at value	18,730,400
Total liabilities		19,418,624

Net Assets		$ 342,699,484
Net Assets consist of:
Paid in capital		$ 607,122,945
Undistributed net investment income		3,039,909
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(245,263,656)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(22,199,714)
Net Assets		$ 342,699,484

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,284,874 ÷ 82,474 shares)		$ 39.83

Maximum offering price per share (100/94.25 of $39.83)		$ 42.26

Class T: Net Asset Value and redemption price per share ($2,196,964 ÷ 55,328 shares)		$ 39.71

Maximum offering price per share (100/96.50 of $39.71)		$ 41.15

Class B: Net Asset Value and offering price per share ($638,181 ÷ 16,074 shares)^A		$ 39.70

Class C: Net Asset Value and offering price per share ($2,286,110 ÷ 57,569 shares)^A		$ 39.71

Telecommunications: Net Asset Value, offering price and redemption price per share ($333,047,288 ÷ 8,333,899 shares)		$ 39.96

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,246,067 ÷ 31,204 shares)		$ 39.93

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Telecommunications Portfolio
Financial Statements - continued

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 4,371,975
Interest		116
Income from Fidelity Central Funds (including $149,351 from security lending)		157,697
Total income		4,529,788

Expenses
Management fee	$ 890,423
Transfer agent fees	453,182
Distribution and service plan fees	24,188
Accounting and security lending fees	64,234
Custodian fees and expenses	12,839
Independent trustees' compensation	904
Registration fees	47,360
Audit	21,148
Legal	2,531
Miscellaneous	2,346
Total expenses before reductions	1,519,155
Expense reductions	(45,601)	1,473,554
Net investment income (loss)		3,056,234
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	804,762
Foreign currency transactions	7,547
Total net realized gain (loss)		812,309
Change in net unrealized appreciation (depreciation) on: Investment securities	15,540,026
Assets and liabilities in foreign currencies	(1,557)
Total change in net unrealized appreciation (depreciation)		15,538,469
Net gain (loss)		16,350,778
Net increase (decrease) in net assets resulting from operations		$ 19,407,012

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,056,234	$ 5,996,295
Net realized gain (loss)	812,309	5,413,597
Change in net unrealized appreciation (depreciation)	15,538,469	79,572,437
Net increase (decrease) in net assets resulting from operations	19,407,012	90,982,329
Distributions to shareholders from net investment income	(1,951,989)	(2,355,415)
Distributions to shareholders from net realized gain	-	(402,567)
Total distributions	(1,951,989)	(2,757,982)
Share transactions - net increase (decrease)	36,245,965	989,027
Redemption fees	7,116	12,272
Total increase (decrease) in net assets	53,708,104	89,225,646

Net Assets
Beginning of period	288,991,380	199,765,734
End of period (including undistributed net investment income of $3,039,909 and undistributed net investment income of $1,935,664, respectively)	$ 342,699,484	$ 288,991,380

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.64	$ 26.66	$ 42.56	$ 50.89	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.33	.67	.22	.26	-^K
Net realized and unrealized gain (loss)	2.08	10.55	(15.60)	(8.08)	3.15
Total from investment operations	2.41	11.22	(15.38)	(7.82)	3.15
Distributions from net investment income	(.22)	(.19)	(.35)^N	(.51)	-
Distributions from net realized gain	-	(.05)	(.18)^N	-	-
Total distributions	(.22)	(.24)^M	(.52)^L	(.51)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-	-
Net asset value, end of period	$ 39.83	$ 37.64	$ 26.66	$ 42.56	$ 50.89
Total Return^{B, C, D}	6.40%	42.07%	(36.16)%	(15.55)%	6.60%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.19%^A	1.26%	1.21%	1.20%	1.23%^A
Expenses net of fee waivers, if any	1.19%^A	1.26%	1.21%	1.20%	1.23%^A
Expenses net of all reductions	1.17%^A	1.24%	1.21%	1.19%	1.22%^A
Net investment income (loss)	1.68%^A	1.89%	.61%	.49%	(.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,285	$ 3,343	$ 2,112	$ 2,791	$ 658
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.52 per share is comprised of distributions from net investment income of $.347 and distributions from net realized gain of $.175 per share. ^MTotal distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.048 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.55	$ 26.68	$ 42.49	$ 50.86	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.27	.57	.12	.12	(.02)
Net realized and unrealized gain (loss)	2.09	10.54	(15.56)	(8.07)	3.14
Total from investment operations	2.36	11.11	(15.44)	(7.95)	3.12
Distributions from net investment income	(.20)	(.22)	(.24)^N	(.42)	-
Distributions from net realized gain	-	(.03)	(.13)^N	-	-
Total distributions	(.20)	(.24)^M	(.37)^L	(.42)	-
Redemption fees added to paid in capital^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 39.71	$ 37.55	$ 26.68	$ 42.49	$ 50.86
Total Return^{B, C, D}	6.27%	41.64%	(36.34)%	(15.78)%	6.54%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.48%^A	1.55%	1.49%	1.46%	1.54%^A
Expenses net of fee waivers, if any	1.48%^A	1.55%	1.49%	1.46%	1.54%^A
Expenses net of all reductions	1.45%^A	1.53%	1.48%	1.45%	1.53%^A
Net investment income (loss)	1.40%^A	1.60%	.33%	.23%	(.24)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,197	$ 2,051	$ 620	$ 1,270	$ 560
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%^A

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28,2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.37 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.127 per share. ^MTotal distributions of $.24 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.028 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.60	$ 26.71	$ 42.42	$ 50.80	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.18	.40	(.05)	(.14)	(.05)
Net realized and unrealized gain (loss)	2.08	10.54	(15.49)	(8.04)	3.11
Total from investment operations	2.26	10.94	(15.54)	(8.18)	3.06
Distributions from net investment income	(.16)	(.04)	(.11)^N	(.20)	-
Distributions from net realized gain	-	(.01)	(.06)^N	-	-
Total distributions	(.16)	(.05)^M	(.17)^L	(.20)	-
Redemption fees added to paid in capital^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 39.70	$ 37.60	$ 26.71	$ 42.42	$ 50.80
Total Return^{B, C, D}	6.01%	40.97%	(36.64)%	(16.18)%	6.41%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.95%^A	2.01%	1.97%	1.95%	2.05%^A
Expenses net of fee waivers, if any	1.95%^A	2.01%	1.97%	1.95%	2.05%^A
Expenses net of all reductions	1.92%^A	2.00%	1.96%	1.94%	2.05%^A
Net investment income (loss)	.93%^A	1.13%	(.15)%	(.26)%	(.49)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 638	$ 641	$ 363	$ 741	$ 291
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.17 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.063 per share. ^MTotal distributions of $.05 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.009 per share. ^NThe amount shown reflects certain reclassifications due to book to tax differences.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.61	$ 26.76	$ 42.42	$ 50.81	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.18	.41	(.05)	(.14)	(.07)
Net realized and unrealized gain (loss)	2.09	10.56	(15.50)	(8.03)	3.14
Total from investment operations	2.27	10.97	(15.55)	(8.17)	3.07
Distributions from net investment income	(.17)	(.10)	(.07)^N	(.22)	-
Distributions from net realized gain	-	(.02)	(.05)^N	-	-
Total distributions	(.17)	(.12)^M	(.11)^L	(.22)	-
Redemption fees added to paid in capital^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 39.71	$ 37.61	$ 26.76	$ 42.42	$ 50.81
Total Return^{B, C, D}	6.02%	41.00%	(36.64)%	(16.17)%	6.43%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.94%^A	2.01%	1.97%	1.95%	2.07%^A
Expenses net of fee waivers, if any	1.94%^A	2.01%	1.97%	1.95%	2.07%^A
Expenses net of all reductions	1.91%^A	2.00%	1.96%	1.94%	2.06%^A
Net investment income (loss)	.93%^A	1.13%	(.14)%	(.26)%	(.65)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,286	$ 2,151	$ 371	$ 902	$ 332
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.11 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.046 per share. ^MTotal distributions of $.12 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.023 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

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

Semiannual Report

Financial Highlights - Telecommunications

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 37.73	$ 26.74	$ 42.70	$ 50.91	$ 41.97	$ 34.83
Income from Investment Operations
Net investment income (loss)^E	.38	.76	.30	.43	.61^H	.36
Net realized and unrealized gain (loss)	2.09	10.59	(15.65)	(8.12)	8.85	7.11
Total from investment operations	2.47	11.35	(15.35)	(7.69)	9.46	7.47
Distributions from net investment income	(.24)	(.31)	(.41)^N	(.52)	(.53)	(.33)
Distributions from net realized gain	-	(.05)	(.20)^N	-	-	-
Total distributions	(.24)	(.36)^M	(.61)^L	(.52)	(.53)	(.33)
Redemption fees added to paid in capital^E	-^K	-^K	-^K	-^K	.01	-^K
Net asset value, end of period	$ 39.96	$ 37.73	$ 26.74	$ 42.70	$ 50.91	$ 41.97
Total Return^{B, C, D}	6.54%	42.43%	(36.00)%	(15.30)%	22.69%	21.54%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.94%^A	.99%	.97%	.91%	.99%	1.05%
Expenses net of fee waivers, if any	.94%^A	.99%	.97%	.90%	.97%	1.05%
Expenses net of all reductions	.91%^A	.98%	.96%	.90%	.97%	.96%
Net investment income (loss)	1.94%^A	2.15%	.85%	.79%	1.34%^H	.96%
Supplemental Data
Net assets, end of period (000 omitted)	$ 333,047	$ 279,704	$ 196,231	$ 334,565	$ 624,427	$ 402,334
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%	148%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.61 per share is comprised of distributions from net investment income of $.408 and distributions from net realized gain of $.202 per share. ^MTotal distributions of $.36 per share is comprised of distributions from net investment income of $.310 and distributions from net realized gain of $.048 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 37.69	$ 26.73	$ 42.65	$ 50.91	$ 47.74
Income from Investment Operations
Net investment income (loss)^D	.39	.84	.34	.45	.16
Net realized and unrealized gain (loss)	2.09	10.55	(15.67)	(8.09)	3.01
Total from investment operations	2.48	11.39	(15.33)	(7.64)	3.17
Distributions from net investment income	(.24)	(.38)	(.40)^M	(.62)	-
Distributions from net realized gain	-	(.05)	(.20)^M	-	-
Total distributions	(.24)	(.43)^L	(.59)^K	(.62)	-
Redemption fees added to paid in capital^{D, J}	-	-	-	-	-
Net asset value, end of period	$ 39.93	$ 37.69	$ 26.73	$ 42.65	$ 50.91
Total Return^{B, C}	6.58%	42.59%	(35.99)%	(15.23)%	6.64%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.88%^A	.86%	.91%	.83%	.98%^A
Expenses net of fee waivers, if any	.88%^A	.86%	.91%	.83%	.98%^A
Expenses net of all reductions	.85%^A	.84%	.90%	.83%	.97%^A
Net investment income (loss)	2.00%^A	2.29%	.91%	.86%	1.52%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,246	$ 1,101	$ 68	$ 256	$ 114
Portfolio turnover rate^F	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IFor the year ended February 29. ^JAmount represents less than $.01 per share. ^KTotal distributions of $.59 per share is comprised of distributions from net investment income of $.395 and distributions from net realized gain of $.197 per share. ^LTotal distributions of $.43 per share is comprised of distributions from net investment income of $.379 and distributions from net realized gain of $.051 per share. ^MThe amount shown reflects certain reclassifications related to book to tax differences.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Telecommunications Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class T, Class C, Telecommunications, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties, and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, deferred trustees compensation, capital loss carryforwards, expiring capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 28,839,394
Gross unrealized depreciation	(57,306,788)
Net unrealized appreciation (depreciation)	$ (28,467,394)

Tax cost	$ 389,752,989

Semiannual Report

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $128,205,768 and $84,102,798, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	25%	$ 4,136	$ 136
Class T	25%	25%	5,586	-
Class B	75%	25%	3,342	2,507
Class C	75%	25%	11,124	4,847
			$ 24,188	$ 7,490

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 1,791
Class T	526
Class B*	564
Class C*	185
	$ 3,066

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 4,799	.29
Class T	3,622	.32
Class B	975	.29
Class C	3,191	.29
Telecommunications	439,331	.28
Institutional Class	1,264	.22
	$ 453,182

* Annualized

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $612 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $45,594 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ 19,472	$ 15,094
Class T	11,221	11,817
Class B	2,768	821
Class C	9,324	5,697
Telecommunications	1,902,415	2,311,098
Institutional Class	6,789	10,888
Total	$ 1,951,989	$ 2,355,415
From net realized gain
Class A	$ -	$ 4,245
Class T	-	827
Class B	-	139
Class C	-	504
Telecommunications	-	396,621
Institutional Class	-	231
Total	$ -	$ 402,567

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	14,950	88,778	$ 593,236	$ 3,085,616
Reinvestment of distributions	440	476	17,759	17,722
Shares redeemed	(21,732)	(79,650)	(857,535)	(2,900,645)
Net increase (decrease)	(6,342)	9,604	$ (246,540)	$ 202,693
Class T
Shares sold	7,982	45,905	$ 313,997	$ 1,589,430
Reinvestment of distributions	275	314	11,080	12,167
Shares redeemed	(7,556)	(14,845)	(295,326)	(532,433)
Net increase (decrease)	701	31,374	$ 29,751	$ 1,069,164
Class B
Shares sold	2,643	15,431	$ 104,289	$ 522,557
Reinvestment of distributions	59	22	2,404	836
Shares redeemed	(3,678)	(11,987)	(146,061)	(408,765)
Net increase (decrease)	(976)	3,466	$ (39,368)	$ 114,628
Class C
Shares sold	9,531	62,598	$ 376,549	$ 2,159,620
Reinvestment of distributions	172	129	6,960	5,000
Shares redeemed	(9,319)	(19,418)	(365,622)	(702,765)
Net increase (decrease)	384	43,309	$ 17,887	$ 1,461,855
Telecommunications
Shares sold	1,907,009	3,331,732	$ 75,427,820	$ 111,276,252
Reinvestment of distributions	45,302	68,653	1,834,713	2,606,513
Shares redeemed	(1,032,208)	(3,325,834)	(40,854,423)	(116,676,048)
Net increase (decrease)	920,103	74,551	$ 36,408,110	$ (2,793,283)
Institutional Class
Shares sold	20,864	35,372	$ 820,823	$ 1,243,451
Reinvestment of distributions	23	37	940	1,435
Shares redeemed	(18,908)	(8,744)	(745,638)	(310,916)
Net increase (decrease)	1,979	26,665	$ 76,125	$ 933,970

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Other.

Semiannual Report

Wireless Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Actual	.94%	$ 1,000.00	$ 1,040.20	$ 4.83
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.47	$ 4.79

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Wireless Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC sponsored ADR	15.8	12.0
Sprint Nextel Corp.	8.9	6.8
QUALCOMM, Inc.	8.1	5.7
China Unicom (Hong Kong) Ltd. sponsored ADR	6.7	4.4
NII Holdings, Inc.	5.3	6.3
China Mobile (Hong Kong) Ltd. sponsored ADR	4.8	4.7
Telefonica SA sponsored ADR	4.8	4.1
American Tower Corp. Class A	4.7	4.4
Crown Castle International Corp.	4.6	2.5
Verizon Communications, Inc.	3.8	4.2
	67.5

Top Industries (% of fund's net assets)
As of August 31, 2010
	Wireless Telecommunication Services	58.7%
	Communications Equipment	18.0%
	Diversified Telecommunication Services	15.3%
	Computers & Peripherals	2.5%
	Software	2.4%
	All Others*	3.1%

fid1272

As of February 28, 2010
	Wireless Telecommunication Services	52.3%
	Communications Equipment	20.6%
	Diversified Telecommunication Services	12.9%
	Semiconductors & Semiconductor Equipment	7.7%
	Software	2.3%
	All Others*	4.2%

fid1280

* Includes short-term investments and net other assets.

Semiannual Report

Wireless Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 18.0%
Communications Equipment - 18.0%
Aruba Networks, Inc. (a)(d)	75,484		$ 1,386,641
Harris Corp.	29,300		1,232,651
Motorola, Inc. (a)	1,046,780		7,882,253
QUALCOMM, Inc.	578,150		22,148,927
Research In Motion Ltd. (a)	225,000		9,643,501
Sierra Wireless, Inc. (a)	51,200		424,006
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	394,200		3,796,146
ViaSat, Inc. (a)	65,000		2,271,750
ZTE Corp. (H Shares)	77,600		288,298
			49,074,173
COMPUTERS & PERIPHERALS - 2.5%
Computer Hardware - 2.5%
Apple, Inc. (a)	28,100		6,838,697
DIVERSIFIED TELECOMMUNICATION SERVICES - 15.3%
Integrated Telecommunication Services - 15.3%
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	1,318,600		18,275,796
Deutsche Telekom AG	100		1,317
Telefonica SA sponsored ADR (d)	197,400		13,129,074
Verizon Communications, Inc.	350,900		10,355,059
			41,761,246
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Components - 0.0%
E Ink Holdings, Inc. GDR (a)(e)	2,700		39,993
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
Semiconductors - 2.3%
Atheros Communications, Inc. (a)	97,700		2,409,282
Marvell Technology Group Ltd. (a)	165,700		2,641,258
NVIDIA Corp. (a)	139,600		1,302,468
			6,353,008
SOFTWARE - 2.4%
Application Software - 2.4%
Gameloft (a)	1,369,862		6,198,347
Synchronoss Technologies, Inc. (a)	17,400		269,004
			6,467,351
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)(d)	28,623		32,344
TOTAL SOFTWARE			6,499,695
WIRELESS TELECOMMUNICATION SERVICES - 58.7%
Wireless Telecommunication Services - 58.7%
America Movil SAB de CV Series L sponsored ADR	400		18,652
American Tower Corp. Class A (a)	272,192		12,754,917

	Shares		Value
China Mobile (Hong Kong) Ltd. sponsored ADR	258,200		$ 13,250,824
Clearwire Corp. Class A (a)(d)	829,400		5,316,454
Crown Castle International Corp. (a)	307,400		12,640,288
KDDI Corp.	6		28,922
Leap Wireless International, Inc. (a)(d)	110,850		1,149,515
MetroPCS Communications, Inc. (a)	634,700		5,674,218
Millicom International Cellular SA	92,300		8,498,984
NII Holdings, Inc. (a)	400,000		14,500,000
NTT DoCoMo, Inc.	1,813		3,071,807
NTT DoCoMo, Inc. sponsored ADR	19,100		322,217
PT Indosat Tbk	2,700		1,315
Rogers Communications, Inc. Class B (non-vtg.)	20,400		708,093
SBA Communications Corp. Class A (a)	230,000		8,234,000
Sprint Nextel Corp. (a)	5,976,631		24,384,654
Syniverse Holdings, Inc. (a)	221,700		4,560,369
Telephone & Data Systems, Inc.	27,278		788,061
U.S. Cellular Corp. (a)	38,200		1,601,344
Vodafone Group PLC sponsored ADR	1,781,000		43,064,580
			160,569,214
TOTAL COMMON STOCKS (Cost $289,824,880)		271,136,026
Money Market Funds - 12.7%

Fidelity Cash Central Fund, 0.24% (b)	1,319,835		1,319,835
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	33,386,225		33,386,225
TOTAL MONEY MARKET FUNDS (Cost $34,706,060)		34,706,060
TOTAL INVESTMENT PORTFOLIO - 111.9% (Cost $324,530,940)			305,842,086
NET OTHER ASSETS (LIABILITIES) - (11.9)%			(32,548,880)
NET ASSETS - 100%		$ 273,293,206

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	$ 1,616
Fidelity Securities Lending Cash Central Fund	174,592
Total	$ 176,208

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 271,136,026	$ 268,062,902	$ 3,073,124	$ -
Money Market Funds	34,706,060	34,706,060	-	-
Total Investments in Securities:	$ 305,842,086	$ 302,768,962	$ 3,073,124	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	54.9%
United Kingdom	15.8%
Hong Kong	11.5%
Spain	4.8%
Canada	4.0%
Luxembourg	3.1%
France	2.3%
Sweden	1.4%
Japan	1.2%
Others (Individually Less Than 1%)	1.0%
	100.0%

Income Tax Information

At February 28, 2010, the Fund had a capital loss carryforward of approximately $26,624,026 all of which will expire on February 28, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Wireless Portfolio

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $32,812,625) - See accompanying schedule: Unaffiliated issuers (cost $289,824,880)	$ 271,136,026
Fidelity Central Funds (cost $34,706,060)	34,706,060
Total Investments (cost $324,530,940)		$ 305,842,086
Foreign currency held at value (cost $121,795)		121,795
Receivable for investments sold		7,736,702
Receivable for fund shares sold		88,881
Dividends receivable		189,823
Distributions receivable from Fidelity Central Funds		6,826
Other receivables		28,316
Total assets		314,014,429

Liabilities
Payable for investments purchased	$ 6,125,067
Payable for fund shares redeemed	981,399
Accrued management fee	129,307
Other affiliated payables	77,448
Other payables and accrued expenses	21,777
Collateral on securities loaned, at value	33,386,225
Total liabilities		40,721,223

Net Assets		$ 273,293,206
Net Assets consist of:
Paid in capital		$ 316,516,016
Undistributed net investment income		2,456,734
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(26,989,838)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(18,689,706)
Net Assets, for 40,627,171 shares outstanding		$ 273,293,206
Net Asset Value, offering price and redemption price per share ($273,293,206 ÷ 40,627,171 shares)		$ 6.73

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 3,619,843
Interest		116
Income from Fidelity Central Funds (Including $174,592 from security lending)		176,208
Total income		3,796,167

Expenses
Management fee	$ 804,387
Transfer agent fees	423,346
Accounting and security lending fees	59,647
Custodian fees and expenses	20,475
Independent trustees' compensation	818
Registration fees	25,519
Audit	18,949
Legal	553
Interest	70
Miscellaneous	2,728
Total expenses before reductions	1,356,492
Expense reductions	(17,059)	1,339,433
Net investment income (loss)		2,456,734
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,947,698
Foreign currency transactions	(1,681)
Total net realized gain (loss)		7,946,017
Change in net unrealized appreciation (depreciation) on: Investment securities	1,858,761
Assets and liabilities in foreign currencies	1,559
Total change in net unrealized appreciation (depreciation)		1,860,320
Net gain (loss)		9,806,337
Net increase (decrease) in net assets resulting from operations		$ 12,263,071

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,456,734	$ 3,040,934
Net realized gain (loss)	7,946,017	51,080,210
Change in net unrealized appreciation (depreciation)	1,860,320	56,889,554
Net increase (decrease) in net assets resulting from operations	12,263,071	111,010,698
Distributions to shareholders from net investment income	-	(3,156,705)
Share transactions Proceeds from sales of shares	27,408,291	237,928,725
Reinvestment of distributions	-	3,059,703
Cost of shares redeemed	(71,277,598)	(225,090,166)
Net increase (decrease) in net assets resulting from share transactions	(43,869,307)	15,898,262
Redemption fees	3,831	29,313
Total increase (decrease) in net assets	(31,602,405)	123,781,568

Net Assets
Beginning of period	304,895,611	181,114,043
End of period (including undistributed net investment income of $2,456,734 and undistributed net investment income of $0, respectively)	$ 273,293,206	$ 304,895,611
Other Information Shares
Sold	4,026,642	41,992,382
Issued in reinvestment of distributions	-	468,561
Redeemed	(10,554,049)	(36,067,880)
Net increase (decrease)	(6,527,407)	6,393,063

Financial Highlights

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^K	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 6.47	$ 4.44	$ 7.23	$ 7.13	$ 7.20	$ 5.69
Income from Investment Operations
Net investment income (loss)^E	.06	.06	.05	.03^H	.05^I	-^L
Net realized and unrealized gain (loss)	.20	2.03	(2.78)	.36	.32	1.51
Total from investment operations	.26	2.09	(2.73)	.39	.37	1.51
Distributions from net investment income	-	(.06)	(.06)	(.03)	-	-
Distributions from net realized gain	-	-	-	(.26)	(.44)	-
Total distributions	-	(.06)	(.06)	(.29)	(.44)	-
Redemption fees added to paid in capital^{E, L}	-	-	-	-	-	-
Net asset value, end of period	$ 6.73	$ 6.47	$ 4.44	$ 7.23	$ 7.13	$ 7.20
Total Return^{B, C, D}	4.02%	47.06%	(37.68)%	4.71%	5.16%	26.54%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.94%^A	.96%	.95%	.91%	.97%	1.00%
Expenses net of fee waivers, if any	.94%^A	.96%	.95%	.91%	.97%	1.00%
Expenses net of all reductions	.93%^A	.94%	.94%	.91%	.96%	.89%
Net investment income (loss)	1.71%^A	.90%	.85%	.32%^H	.69%^I	.04%
Supplemental Data
Net assets, end of period (000 omitted)	$ 273,293	$ 304,896	$ 181,114	$ 434,916	$ 278,371	$ 502,702
Portfolio turnover rate^G	138%^A	154%	191%	191%	124%	162%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .19%. ^IInvestment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .30%. ^JExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^KFor the year ended February 29. ^LAmount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Wireless Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties, and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend dates, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 11,531,385
Gross unrealized depreciation	(40,250,653)
Net unrealized appreciation (depreciation)	$ (28,719,268)

Tax cost	$ 334,561,354

4. Operating Policies.

Semiannual Report

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $195,832,518 and $238,238,915, respectively.

6. Fees and Other Transactions with Affiliates.

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 5,439,000	.46%	$ 70

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $610 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Funds. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

9. Expense Reductions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Telecommunications Portfolio
Wireless Portfolio

Semiannual Report

Investment Performance (Telecommunications Portfolio). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against a third-party-sponsored index that reflects the market sector in which the fund invests. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, as available, the cumulative total returns of the retail class and Class C of the fund and the cumulative total returns of a third-party-sponsored index ("benchmark"). The returns of the retail class and Class C show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on three-year performance), respectively.

Telecommunications Portfolio

fid1282

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Investment Performance (Wireless Portfolio). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured over multiple periods against a third-party sponsored index that reflects the market sector in which the fund invests. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the fund's cumulative total returns and the cumulative total returns of a third-party sponsored index ("benchmark").

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Wireless Portfolio

fid1284

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Semiannual Report

Telecommunications Portfolio

fid1286

Wireless Portfolio

fid1288

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of the total expenses of each class of Telecommunications Portfolio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

In its review of Wireless Portfolio's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board noted that the total expenses of each of Class A, Class B, Class C, Institutional Class, and the retail class of Telecommunications Portfolio ranked below its competitive median for 2009 and the total expenses of Class T ranked above its competitive median for 2009. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

The Board noted that Wireless Portfolio's total expenses ranked below its competitive median for 2009.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that the total expenses of each class of Telecommunications Portfolio and the total expenses of Wireless Portfolio were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that each fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Semiannual Report

The Board concluded, considering the findings of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

Fidelity Automated Service Telephone (FAST®)
1-800-544-5555

Press

fid574 For mutual fund and brokerage trading.

fid462 For quotes.*

fid464 For account balances and holdings.

fid466 To review orders and mutual fund activity.

fid468 To change your PIN.

fid470 fid472 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
1-800-544-8888

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) fid422
1-800-544-5555

Automated line for quickest service

fid584

SELTS-USAN-1010
1.846052.103

Fidelity®
Select Portfolios®
Utilities Sector

Utilities Portfolio

Semiannual Report

August 31, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>
Shareholder Expense Example	<Click Here>
Investment Changes	<Click Here>
Investments	<Click Here>
Financial Statements	<Click Here>
Notes to Financial Statements	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Semiannual Report

Utilities Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Actual	.92%	$ 1,000.00	$ 1,095.30	$ 4.86
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.57	$ 4.69

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Utilities Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
NextEra Energy, Inc.	10.6	0.0
Sempra Energy	8.7	0.0
Public Service Enterprise Group, Inc.	8.4	0.0
PPL Corp.	7.8	0.0
American Electric Power Co., Inc.	7.5	9.3
National Grid PLC	6.0	0.0
Xcel Energy, Inc.	4.9	0.0
PG&E Corp.	4.8	8.8
Edison International	4.8	0.0
NV Energy, Inc.	4.6	4.6
	68.1

Top Industries (% of fund's net assets)
As of August 31, 2010
	Electric Utilities	47.6%
	Multi-Utilities	39.9%
	Independent Power Producers & Energy Traders	7.6%
	Oil, Gas & Consumable Fuels	2.2%
	Gas Utilities	1.3%
	All Others*	1.4%

fid1313

As of February 28, 2010
	Electric Utilities	37.9%
	Multi-Utilities	37.7%
	Independent Power Producers & Energy Traders	10.9%
	Gas Utilities	7.5%
	Oil, Gas & Consumable Fuels	2.1%
	All Others*	3.9%

fid1322

* Includes short-term investments and net other assets.

Semiannual Report

Utilities Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
ELECTRIC UTILITIES - 47.6%
Electric Utilities - 47.6%
American Electric Power Co., Inc.	902,445		$ 31,955,577
Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR (d)	139,500		3,102,480
Edison International	606,446		20,467,553
Entergy Corp.	191,966		15,134,599
ITC Holdings Corp.	306,638		17,772,738
NextEra Energy, Inc.	836,868		44,964,916
NV Energy, Inc.	1,518,184		19,432,755
Pinnacle West Capital Corp.	407,408		16,235,209
PPL Corp.	1,220,680		33,153,669
			202,219,496
GAS UTILITIES - 1.3%
Gas Utilities - 1.3%
National Fuel Gas Co. New Jersey	130,316		5,600,982
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 7.6%
Independent Power Producers & Energy Traders - 7.6%
Adani Power Ltd.	698,705		2,019,537
AES Corp. (a)	1,166,159		11,941,468
Calpine Corp. (a)	660,300		8,399,016
International Power PLC	720,470		4,104,449
Mirant Corp. (a)	408,200		3,959,540
RRI Energy, Inc. (a)	573,200		1,989,004
			32,413,014
MULTI-UTILITIES - 39.9%
Multi-Utilities - 39.9%
CMS Energy Corp. (d)	1,072,700		18,772,250
National Grid PLC	3,034,900		25,558,431
PG&E Corp.	439,425		20,547,513
Public Service Enterprise Group, Inc.	1,120,009		35,795,488
Sempra Energy	721,288		36,727,985

	Shares		Value
TECO Energy, Inc.	675,919		$ 11,409,513
Xcel Energy, Inc.	931,077		20,772,328
			169,583,508
OIL, GAS & CONSUMABLE FUELS - 2.2%
Oil & Gas Exploration & Production - 2.2%
Canacol Energy Ltd. (a)	3,146,100		4,101,364
OGX Petroleo e Gas Participacoes SA (a)	106,600		1,270,970
Pacific Rubiales Energy Corp. (a)	169,900		4,007,489
			9,379,823
TOTAL COMMON STOCKS (Cost $399,217,889)		419,196,823
Money Market Funds - 4.4%

Fidelity Cash Central Fund, 0.24% (b)	7,626,783		7,626,783
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	11,341,000		11,341,000
TOTAL MONEY MARKET FUNDS (Cost $18,967,783)		18,967,783

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $418,185,672)

438,164,606

NET OTHER ASSETS (LIABILITIES) - (3.0)%			(12,931,608)
NET ASSETS - 100%		$ 425,232,998

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,669
Fidelity Securities Lending Cash Central Fund	12,864
Total	$ 18,533

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 419,196,823	$ 393,638,392	$ 25,558,431	$ -
Money Market Funds	18,967,783	18,967,783	-	-
Total Investments in Securities:	$ 438,164,606	$ 412,606,175	$ 25,558,431	$ -

Income Tax Information

At February 28, 2010, the Fund had a capital loss carryforward of approximately $125,668,839 of which $15,561,006, $65,442,149 and $44,665,684 will expire on February 28, 2011, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Utilities Portfolio

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $11,014,830) - See accompanying schedule: Unaffiliated issuers (cost $399,217,889)	$ 419,196,823
Fidelity Central Funds (cost $18,967,783)	18,967,783
Total Investments (cost $418,185,672)		$ 438,164,606
Receivable for fund shares sold		5,456,673
Dividends receivable		1,747,545
Distributions receivable from Fidelity Central Funds		3,543
Other receivables		23,486
Total assets		445,395,853

Liabilities
Payable for investments purchased	$ 8,059,441
Payable for fund shares redeemed	441,009
Accrued management fee	191,648
Other affiliated payables	107,467
Other payables and accrued expenses	22,290
Collateral on securities loaned, at value	11,341,000
Total liabilities		20,162,855

Net Assets		$ 425,232,998
Net Assets consist of:
Paid in capital		$ 520,254,358
Undistributed net investment income		4,626,259
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(119,626,636)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		19,979,017
Net Assets, for 9,229,672 shares outstanding		$ 425,232,998
Net Asset Value, offering price and redemption price per share ($425,232,998 ÷ 9,229,672 shares)		$ 46.07

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 6,287,266
Interest		157
Income from Fidelity Central Funds		18,533
Total income		6,305,956

Expenses
Management fee	$ 1,033,433
Transfer agent fees	532,144
Accounting and security lending fees	73,846
Custodian fees and expenses	12,857
Independent trustees' compensation	1,029
Registration fees	20,517
Audit	17,940
Legal	1,660
Miscellaneous	2,810
Total expenses before reductions	1,696,236
Expense reductions	(59,375)	1,636,861
Net investment income (loss)		4,669,095
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	17,305,437
Foreign currency transactions	(204,313)
Total net realized gain (loss)		17,101,124
Change in net unrealized appreciation (depreciation) on: Investment securities	12,151,539
Assets and liabilities in foreign currencies	83
Total change in net unrealized appreciation (depreciation)		12,151,622
Net gain (loss)		29,252,746
Net increase (decrease) in net assets resulting from operations		$ 33,921,841

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,669,095	$ 9,660,723
Net realized gain (loss)	17,101,124	(4,992,551)
Change in net unrealized appreciation (depreciation)	12,151,622	62,908,435
Net increase (decrease) in net assets resulting from operations	33,921,841	67,576,607
Distributions to shareholders from net investment income	(1,507,423)	(9,685,916)
Share transactions Proceeds from sales of shares	119,922,790	90,279,207
Reinvestment of distributions	1,439,085	9,242,809
Cost of shares redeemed	(64,538,948)	(122,958,619)
Net increase (decrease) in net assets resulting from share transactions	56,822,927	(23,436,603)
Redemption fees	3,801	8,819
Total increase (decrease) in net assets	89,241,146	34,462,907

Net Assets
Beginning of period	335,991,852	301,528,945
End of period (including undistributed net investment income of $4,626,259 and undistributed net investment income of $1,464,587, respectively)	$ 425,232,998	$ 335,991,852
Other Information Shares
Sold	2,697,730	2,151,894
Issued in reinvestment of distributions	32,368	220,108
Redeemed	(1,454,167)	(3,048,247)
Net increase (decrease)	1,275,931	(676,245)

Financial Highlights

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 42.24	$ 34.94	$ 57.09	$ 58.27	$ 46.44	$ 40.04
Income from Investment Operations
Net investment income (loss)^E	.56	1.21	.99	.84	1.00	.73
Net realized and unrealized gain (loss)	3.46	7.34	(22.29)	(.82)	11.45	6.59
Total from investment operations	4.02	8.55	(21.30)	.02	12.45	7.32
Distributions from net investment income	(.19)	(1.25)	(.85)	(1.21)	(.64)	(.93)
Redemption fees added to paid in capital^E	-^J	-^J	-^J	.01	.02	.01
Net asset value, end of period	$ 46.07	$ 42.24	$ 34.94	$ 57.09	$ 58.27	$ 46.44
Total Return^{B, C, D}	9.53%	24.50%	(37.47)%	(.22)%	26.95%	18.48%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.92%^A	.95%	.89%	.88%	.93%	.97%
Expenses net of fee waivers, if any	.92%^A	.95%	.89%	.88%	.93%	.97%
Expenses net of all reductions	.89%^A	.93%	.89%	.87%	.93%	.92%
Net investment income (loss)	2.53%^A	2.98%	1.95%	1.35%	1.93%	1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$ 425,233	$ 335,992	$ 301,529	$ 606,083	$ 795,683	$ 298,371
Portfolio turnover rate^G	244%^A	226%	167%	121%	107%	101%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the former sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^I For the year ended February 29. ^J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Fidelity Select Utilities Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 22,805,057
Gross unrealized depreciation	(6,347,641)
Net unrealized appreciation (depreciation)	$ 16,457,416

Tax cost	$ 421,707,190

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $510,156,685 and $443,066,573, respectively.

Semiannual Report

5. Fees and Other Transactions with Affiliates.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $702 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net Income from lending portfolio securities during the period amounted to $12,864.

8. Expense Reductions.

9. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Utilities Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interest of the fund.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the investment advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured over multiple periods against a third-party-sponsored index that reflects the market sector in which the fund invests. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the fund's cumulative total returns and the cumulative total returns of a third-party-sponsored index ("benchmark").

Utilities Portfolio

fid1324

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Semiannual Report

Utilities Portfolio

fid1326

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2009.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for the fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

The Board concluded, considering the findings of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
1-800-544-8888

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) fid422
1-800-544-5555

Automated line for quickest service

fid584

SELUTL-USAN-1010
1.813629.105

fid1331

Fidelity Advisor
Focus Funds®
Class A, Class T, Class B and Class C

Fidelity Advisor Consumer Staples Fund

Fidelity Advisor Gold Fund

Fidelity Advisor Materials Fund

Fidelity Advisor Telecommunications Fund

Each Advisor fund listed above is a class
of the Fidelity® Select Portfolios®.

Semiannual Report

August 31, 2010(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders
Consumer Staples	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Gold	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Consolidated Investments
	<Click Here>	Consolidated Financial Statements
	<Click Here>	Notes to the Consolidated Financial Statements
Materials	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Telecommunications	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Semiannual Report

Consumer Staples Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.11%
Actual		$ 1,000.00	$ 988.90	$ 5.56
Hypothetical^A		$ 1,000.00	$ 1,019.61	$ 5.65
Class T	1.40%
Actual		$ 1,000.00	$ 987.40	$ 7.01
Hypothetical^A		$ 1,000.00	$ 1,018.15	$ 7.12
Class B	1.91%
Actual		$ 1,000.00	$ 984.90	$ 9.56
Hypothetical^A		$ 1,000.00	$ 1,015.58	$ 9.70
Class C	1.86%
Actual		$ 1,000.00	$ 985.20	$ 9.31
Hypothetical^A		$ 1,000.00	$ 1,015.83	$ 9.45
Consumer Staples	.87%
Actual		$ 1,000.00	$ 990.20	$ 4.36
Hypothetical^A		$ 1,000.00	$ 1,020.82	$ 4.43
Institutional Class	.85%
Actual		$ 1,000.00	$ 990.20	$ 4.26
Hypothetical^A		$ 1,000.00	$ 1,020.92	$ 4.33

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Consumer Staples Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	12.1	14.6
The Coca-Cola Co.	11.4	5.8
PepsiCo, Inc.	5.5	4.3
Altria Group, Inc.	5.0	3.9
Wal-Mart Stores, Inc.	4.9	4.6
British American Tobacco PLC sponsored ADR	4.9	5.0
Walgreen Co.	4.7	4.3
CVS Caremark Corp.	4.0	6.4
Avon Products, Inc.	3.9	3.6
Molson Coors Brewing Co. Class B	3.0	3.0
	59.4

Top Industries (% of fund's net assets)
As of August 31, 2010
	Beverages	31.1%
	Food & Staples Retailing	19.8%
	Household Products	14.5%
	Tobacco	12.8%
	Food Products	12.0%
	All Others*	9.8%

fid1361

As of February 28, 2010
	Beverages	24.8%
	Food & Staples Retailing	22.0%
	Household Products	17.9%
	Food Products	13.1%
	Tobacco	11.5%
	All Others*	10.7%

fid1369

* Includes short-term investments and net other assets.

Semiannual Report

Consumer Staples Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BEVERAGES - 31.1%
Brewers - 6.2%
Anadolu Efes Biracilik ve Malt Sanayiive Malt Sanayii SA	241,611		$ 3,243,418
Anheuser-Busch InBev SA NV	578,946		30,118,210
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	57,900		6,408,951
Molson Coors Brewing Co. Class B	847,104		36,899,850
			76,670,429
Distillers & Vintners - 5.4%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	2,139,572		35,645,270
Diageo PLC sponsored ADR	474,039		31,049,555
			66,694,825
Soft Drinks - 19.5%
Coca-Cola Bottling Co. Consolidated	126,353		6,283,535
Coca-Cola Enterprises, Inc.	260,479		7,413,232
Coca-Cola FEMSA SAB de CV sponsored ADR	84,829		6,368,113
Coca-Cola Icecek AS	322,332		3,377,193
Cott Corp. (a)	21,000		145,154
Embotelladora Andina SA sponsored ADR (d)	230,041		6,287,021
Fomento Economico Mexicano SAB de CV sponsored ADR	64,187		3,125,907
PepsiCo, Inc.	1,052,506		67,549,835
The Coca-Cola Co.	2,525,915		141,249,167
			241,799,157
TOTAL BEVERAGES			385,164,411
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Martek Biosciences (a)	67,700		1,477,214
FOOD & STAPLES RETAILING - 19.8%
Drug Retail - 8.7%
CVS Caremark Corp.	1,824,184		49,252,968
Walgreen Co.	2,173,986		58,436,744
			107,689,712
Food Distributors - 0.5%
Sysco Corp.	243,632		6,697,444
Food Retail - 4.5%
Koninklijke Ahold NV	468,847		5,773,043
Kroger Co.	1,691,768		33,378,583
Safeway, Inc.	417,200		7,843,360
Susser Holdings Corp. (a)	273,077		3,170,424
The Pantry, Inc. (a)	278,249		5,236,646
			55,402,056

	Shares		Value
Hypermarkets & Super Centers - 6.1%
BJ's Wholesale Club, Inc. (a)	358,354		$ 15,036,534
Wal-Mart Stores, Inc.	1,208,699		60,604,168
			75,640,702
TOTAL FOOD & STAPLES RETAILING			245,429,914
FOOD PRODUCTS - 12.0%
Agricultural Products - 3.4%
Archer Daniels Midland Co.	615,217		18,936,379
Bunge Ltd.	269,408		14,278,624
Corn Products International, Inc.	40,086		1,368,135
Origin Agritech Ltd. (a)	95,200		679,728
SLC Agricola SA	357,500		3,275,167
Viterra, Inc. (a)	404,400		3,185,895
			41,723,928
Packaged Foods & Meats - 8.6%
Ausnutria Dairy Hunan Co. Ltd. (H Shares) (d)	3,021,000		1,378,672
Brasil Foods SA	2,000		26,419
Calavo Growers, Inc.	155,242		3,047,400
Cermaq ASA	290,600		2,995,259
Cosan Ltd. Class A	111,100		1,170,994
Danone	50,520		2,715,259
Dean Foods Co. (a)	1,991,946		20,377,608
Lindt & Spruengli AG (d)	129		3,407,343
Mead Johnson Nutrition Co. Class A	104,496		5,453,646
Nestle SA	557,340		28,877,151
Smart Balance, Inc. (a)	67,600		246,064
Smithfield Foods, Inc. (a)	189,452		3,055,861
Tyson Foods, Inc. Class A	106,650		1,746,927
Unilever NV unit	1,082,560		29,001,782
Want Want China Holdings Ltd.	3,822,000		3,090,460
			106,590,845
TOTAL FOOD PRODUCTS			148,314,773
HOTELS, RESTAURANTS & LEISURE - 0.5%
Restaurants - 0.5%
Domino's Pizza, Inc. (a)	222,529		2,852,822
Sonic Corp. (a)	385,700		2,958,319
			5,811,141
HOUSEHOLD DURABLES - 0.1%
Housewares & Specialties - 0.1%
Tupperware Brands Corp.	21,400		841,876
HOUSEHOLD PRODUCTS - 14.5%
Household Products - 14.5%
Colgate-Palmolive Co.	246,834		18,226,223
Energizer Holdings, Inc. (a)	194,903		12,288,634
Procter & Gamble Co.	2,507,393		149,616,137
			180,130,994
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - 4.3%
Personal Products - 4.3%
Avon Products, Inc.	1,658,345		$ 48,257,840
China-Biotics, Inc. (a)(d)	153,257		1,978,548
Natura Cosmeticos SA	129,500		3,157,314
			53,393,702
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Johnson & Johnson	641,516		36,579,242
Perrigo Co.	1,000		56,990
			36,636,232
TOBACCO - 12.8%
Tobacco - 12.8%
Altria Group, Inc.	2,758,967		61,580,143
British American Tobacco PLC sponsored ADR	891,841		60,591,677
KT&G Corp.	63,578		3,234,576
Philip Morris International, Inc.	580,554		29,863,698
Souza Cruz Industria Comerico	73,200		3,414,722
			158,684,816
TOTAL COMMON STOCKS (Cost $1,174,550,757)		1,215,885,073
Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.24% (b)	21,268,126		$ 21,268,126
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	5,239,657		5,239,657
TOTAL MONEY MARKET FUNDS (Cost $26,507,783)		26,507,783

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,201,058,540)

1,242,392,856

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(3,743,672)

NET ASSETS - 100%

$ 1,238,649,184

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,989
Fidelity Securities Lending Cash Central Fund	110,686
Total	$ 136,675

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	79.1%
United Kingdom	7.4%
Netherlands	2.8%
Switzerland	2.6%
Belgium	2.4%
Brazil	1.3%
Bermuda	1.2%
Others (Individually Less Than 1%)	3.2%
	100.0%

Income Tax Information

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

Semiannual Report

Consumer Staples Portfolio

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $5,132,000) - See accompanying schedule: Unaffiliated issuers (cost $1,174,550,757)	$ 1,215,885,073
Fidelity Central Funds (cost $26,507,783)	26,507,783
Total Investments (cost $1,201,058,540)		$ 1,242,392,856
Receivable for investments sold		518,450
Receivable for fund shares sold		1,270,979
Dividends receivable		3,419,271
Distributions receivable from Fidelity Central Funds		30,023
Other receivables		3,318
Total assets		1,247,634,897

Liabilities
Payable for investments purchased	$ 1,360,426
Payable for fund shares redeemed	1,336,095
Accrued management fee	592,587
Distribution and service plan fees payable	124,534
Other affiliated payables	291,740
Other payables and accrued expenses	40,676
Collateral on securities loaned, at value	5,239,655
Total liabilities		8,985,713

Net Assets		$ 1,238,649,184
Net Assets consist of:
Paid in capital		$ 1,178,465,533
Undistributed net investment income		12,810,420
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		6,031,413
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		41,341,818
Net Assets		$ 1,238,649,184

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($147,418,114 ÷ 2,443,408 shares)		$ 60.33

Maximum offering price per share (100/94.25 of $60.33)		$ 64.01
Class T: Net Asset Value and redemption price per share ($28,451,243 ÷ 474,354 shares)		$ 59.98

Maximum offering price per share (100/96.50 of $59.98)		$ 62.16
Class B: Net Asset Value and offering price per share ($19,654,858 ÷ 330,569 shares)^A		$ 59.46

Class C: Net Asset Value and offering price per share ($75,108,424 ÷ 1,264,398 shares)^A		$ 59.40

Consumer Staples: Net Asset Value, offering price and redemption price per share ($811,313,977 ÷ 13,375,773 shares)		$ 60.66

Institutional Class: Net Asset Value, offering price and redemption price per share ($156,702,568 ÷ 2,586,563 shares)		$ 60.58

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 18,947,453
Income from Fidelity Central Funds		136,675
Total income		19,084,128

Expenses
Management fee	$ 3,548,503
Transfer agent fees	1,599,644
Distribution and service plan fees	752,091
Accounting and security lending fees	203,828
Custodian fees and expenses	56,711
Independent trustees' compensation	3,527
Registration fees	62,960
Audit	20,397
Legal	2,179
Miscellaneous	9,435
Total expenses before reductions	6,259,275
Expense reductions	(18,737)	6,240,538
Net investment income (loss)		12,843,590
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	22,050,580
Foreign currency transactions	(34,063)
Total net realized gain (loss)		22,016,517
Change in net unrealized appreciation (depreciation) on: Investment securities	(48,310,145)
Assets and liabilities in foreign currencies	8,379
Total change in net unrealized appreciation (depreciation)		(48,301,766)
Net gain (loss)		(26,285,249)
Net increase (decrease) in net assets resulting from operations		$ (13,441,659)

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 12,843,590	$ 17,630,422
Net realized gain (loss)	22,016,517	34,351,921
Change in net unrealized appreciation (depreciation)	(48,301,766)	298,589,963
Net increase (decrease) in net assets resulting from operations	(13,441,659)	350,572,306
Distributions to shareholders from net investment income	(1,472,088)	(15,962,478)
Share transactions - net increase (decrease)	(16,029,877)	33,089,434
Redemption fees	25,533	34,831
Total increase (decrease) in net assets	(30,918,091)	367,734,093

Net Assets
Beginning of period	1,269,567,275	901,833,182
End of period (including undistributed net investment income of $12,810,420 and undistributed net investment income of $1,438,918, respectively)	$ 1,238,649,184	$ 1,269,567,275

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 61.06	$ 43.94	$ 63.13	$ 58.16	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.58	.84	.67	.53	(.01)
Net realized and unrealized gain (loss)	(1.25)	17.02	(19.19)	7.29	1.28
Total from investment operations	(.67)	17.86	(18.52)	7.82	1.27
Distributions from net investment income	(.06)	(.74)	(.66)	(.42)	-
Distributions from net realized gain	-	-	(.02)	(2.44)	-
Total distributions	(.06)	(.74)	(.68)^L	(2.86)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 60.33	$ 61.06	$ 43.94	$ 63.13	$ 58.16
Total Return^{B, C, D}	(1.11)%	40.66%	(29.43)%	13.38%	2.23%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.11%^A	1.13%	1.19%	1.19%	1.29%^A
Expenses net of fee waivers, if any	1.11%^A	1.13%	1.19%	1.19%	1.29%^A
Expenses net of all reductions	1.11%^A	1.13%	1.18%	1.19%	1.28%^A
Net investment income (loss)	1.90%^A	1.51%	1.27%	.83%	(.11)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 147,418	$ 162,370	$ 121,193	$ 23,796	$ 986
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.68 per share is comprised of distributions from net investment income of $.655 and distributions from net realized gain of $.024 per share.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 60.77	$ 43.75	$ 62.93	$ 58.06	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.49	.66	.53	.36	(.01)
Net realized and unrealized gain (loss)	(1.25)	16.95	(19.12)	7.29	1.18
Total from investment operations	(.76)	17.61	(18.59)	7.65	1.17
Distributions from net investment income	(.03)	(.59)	(.60)	(.35)	-
Distributions from net realized gain	-	-	-	(2.44)	-
Total distributions	(.03)	(.59)	(.60)^L	(2.79)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 59.98	$ 60.77	$ 43.75	$ 62.93	$ 58.06
Total Return^{B, C, D}	(1.26)%	40.24%	(29.61)%	13.11%	2.06%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.40%^A	1.44%	1.46%	1.46%	1.61%^A
Expenses net of fee waivers, if any	1.40%^A	1.44%	1.46%	1.46%	1.61%^A
Expenses net of all reductions	1.40%^A	1.44%	1.46%	1.46%	1.60%^A
Net investment income (loss)	1.61%^A	1.21%	.99%	.56%	(.11)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 28,451	$ 29,662	$ 22,624	$ 6,298	$ 529
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.60 per share is comprised of distributions from net investment income of $.599 and distributions from net realized gain of $.000 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 60.37	$ 43.53	$ 62.69	$ 58.00	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.33	.37	.26	.04	(.07)
Net realized and unrealized gain (loss)	(1.24)	16.82	(19.01)	7.27	1.18
Total from investment operations	(.91)	17.19	(18.75)	7.31	1.11
Distributions from net investment income	-	(.35)	(.42)	(.19)	-
Distributions from net realized gain	-	-	-	(2.44)	-
Total distributions	-	(.35)	(.42)^L	(2.63)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 59.46	$ 60.37	$ 43.53	$ 62.69	$ 58.00
Total Return^{B, C, D}	(1.51)%	39.48%	(29.96)%	12.53%	1.95%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.91%^A	1.97%	1.96%	1.96%	2.09%^A
Expenses net of fee waivers, if any	1.91%^A	1.97%	1.96%	1.96%	2.09%^A
Expenses net of all reductions	1.91%^A	1.97%	1.96%	1.96%	2.09%^A
Net investment income (loss)	1.10%^A	.68%	.50%	.06%	(.59)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,655	$ 21,099	$ 14,929	$ 4,884	$ 226
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.000 per share.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 60.29	$ 43.46	$ 62.61	$ 57.99	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.35	.41	.28	.06	(.08)
Net realized and unrealized gain (loss)	(1.24)	16.80	(19.00)	7.28	1.18
Total from investment operations	(.89)	17.21	(18.72)	7.34	1.10
Distributions from net investment income	-	(.38)	(.44)	(.29)	-
Distributions from net realized gain	-	-	-	(2.44)	-
Total distributions	-	(.38)	(.44)^L	(2.73)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 59.40	$ 60.29	$ 43.46	$ 62.61	$ 57.99
Total Return^{B, C, D}	(1.48)%	39.59%	(29.94)%	12.58%	1.93%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.86%^A	1.90%	1.93%	1.93%	2.14%^A
Expenses net of fee waivers, if any	1.86%^A	1.90%	1.93%	1.93%	2.14%^A
Expenses net of all reductions	1.85%^A	1.89%	1.93%	1.92%	2.14%^A
Net investment income (loss)	1.16%^A	.75%	.52%	.09%	(.66)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 75,108	$ 73,829	$ 54,902	$ 19,791	$ 178
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.44 per share is comprised of distributions from net investment income of $.443 and distributions from net realized gain of $0.00 per share.

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

Semiannual Report

Financial Highlights - Consumer Staples

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 61.34	$ 44.14	$ 63.25	$ 58.13	$ 52.18	$ 51.42
Income from Investment Operations
Net investment income (loss)^E	.66	.96	.88	.71	.56	.50
Net realized and unrealized gain (loss)	(1.26)	17.11	(19.31)	7.30	8.88	3.25
Total from investment operations	(.60)	18.07	(18.43)	8.01	9.44	3.75
Distributions from net investment income	(.08)	(.87)	(.67)	(.46)	(.32)	(.44)
Distributions from net realized gain	-	-	(.03)	(2.44)	(3.18)	(2.56)
Total distributions	(.08)	(.87)	(.69)^K	(2.90)	(3.50)	(3.00)
Redemption fees added to paid in capital^E	-^J	-^J	.01	.01	.01	.01
Net asset value, end of period	$ 60.66	$ 61.34	$ 44.14	$ 63.25	$ 58.13	$ 52.18
Total Return^{B, C, D}	(.98)%	40.96%	(29.23)%	13.72%	18.43%	7.50%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.87%^A	.92%	.91%	.91%	1.01%	1.04%
Expenses net of fee waivers, if any	.87%^A	.92%	.91%	.90%	.99%	1.04%
Expenses net of all reductions	.87%^A	.91%	.90%	.90%	.98%	1.03%
Net investment income (loss)	2.14%^A	1.73%	1.55%	1.12%	.99%	.97%
Supplemental Data
Net assets, end of period (000 omitted)	$ 811,314	$ 946,455	$ 657,263	$ 655,224	$ 374,930	$ 125,007
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%	75%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the former sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.69 per share is comprised of distributions from net investment income of $.668 and distributions from net realized gain of $.025 per share.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 61.26	$ 44.07	$ 63.22	$ 58.12	$ 56.89
Income from Investment Operations
Net investment income (loss)^D	.66	.98	.82	.74	.07
Net realized and unrealized gain (loss)	(1.25)	17.09	(19.23)	7.30	1.16
Total from investment operations	(.59)	18.07	(18.41)	8.04	1.23
Distributions from net investment income	(.09)	(.88)	(.73)	(.51)	-
Distributions from net realized gain	-	-	(.03)	(2.44)	-
Total distributions	(.09)	(.88)	(.75)^K	(2.95)	-
Redemption fees added to paid in capital^D	-^J	-^J	.01	.01	-^J
Net asset value, end of period	$ 60.58	$ 61.26	$ 44.07	$ 63.22	$ 58.12
Total Return^{B, C}	(.98)%	41.03%	(29.22)%	13.77%	2.16%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.85%^A	.86%	.91%	.85%	1.00%^A
Expenses net of fee waivers, if any	.85%^A	.86%	.91%	.85%	1.00%^A
Expenses net of all reductions	.85%^A	.86%	.91%	.84%	1.00%^A
Net investment income (loss)	2.16%^A	1.78%	1.54%	1.17%	.57%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 156,703	$ 36,152	$ 30,922	$ 10,384	$ 132
Portfolio turnover rate^F	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.75 per share is comprised of distributions from net investment income of $.726 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 101,800,579
Gross unrealized depreciation	(71,206,163)
Net unrealized appreciation (depreciation)	$ 30,594,416

Tax cost	$ 1,211,798,440

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $384,283,147 and $365,603,537, respectively.

Semiannual Report

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 195,144	$ 0
Class T	.25%	.25%	73,616	0
Class B	.75%	.25%	103,173	77,380
Class C	.75%	.25%	380,158	78,348
			$ 752,091	$ 155,728

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 37,207
Class T	5,870
Class B*	20,546
Class C*	6,354
	$ 69,977

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 188,945	.24
Class T	42,481	.29
Class B	30,484	.30
Class C	91,584	.24
Consumer Staples	1,162,005	.25
Institutional Class	84,145	.24
	$ 1,599,644

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates -continued

6. Committed Line of Credit.

7. Security Lending.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ 144,351	$ 2,068,687
Class T	13,105	279,551
Class B	6	121,683
Class C	-	461,837
Consumer Staples	1,264,097	12,515,444
Institutional Class	50,529	515,276
Total	$ 1,472,088	$ 15,962,478

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	309,485	1,132,943	$ 18,947,749	$ 59,482,737
Reinvestment of distributions	2,064	31,495	132,036	1,903,559
Shares redeemed	(527,205)	(1,263,286)	(32,231,006)	(70,043,896)
Net increase (decrease)	(215,656)	(98,848)	$ (13,151,221)	$ (8,657,600)
Class T
Shares sold	43,091	173,895	$ 2,635,441	$ 9,112,154
Reinvestment of distributions	191	4,329	12,189	262,823
Shares redeemed	(57,039)	(207,203)	(3,478,336)	(10,599,980)
Net increase (decrease)	(13,757)	(28,979)	$ (830,706)	$ (1,225,003)
Class B
Shares sold	30,577	104,786	$ 1,857,648	$ 5,439,880
Reinvestment of distributions	-	1,610	6	97,230
Shares redeemed	(49,515)	(99,879)	(2,995,654)	(5,370,134)
Net increase (decrease)	(18,938)	6,517	$ (1,138,000)	$ 166,976
Class C
Shares sold	185,963	378,183	$ 11,268,136	$ 19,816,576
Reinvestment of distributions	-	5,180	-	312,378
Shares redeemed	(146,036)	(422,141)	(8,793,456)	(22,614,834)
Net increase (decrease)	39,927	(38,778)	$ 2,474,680	$ (2,485,880)
Consumer Staples
Shares sold	2,153,690	6,969,074	$ 132,545,194	$ 390,940,582
Reinvestment of distributions	18,897	198,030	1,214,334	11,983,104
Shares redeemed	(4,226,385)	(6,628,713)	(257,525,046)	(351,735,799)
Net increase (decrease)	(2,053,798)	538,391	$ (123,765,518)	$ 51,187,887
Institutional Class
Shares sold	2,178,182	333,805	$ 131,436,346	$ 17,656,120
Reinvestment of distributions	376	4,184	24,155	251,491
Shares redeemed	(182,114)	(449,527)	(11,079,613)	(23,804,557)
Net increase (decrease)	1,996,444	(111,538)	$ 120,380,888	$ (5,896,946)

11. Other.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.16%
Actual		$ 1,000.00	$ 1,217.00	$ 6.48
Hypothetical ^A		$ 1,000.00	$ 1,019.36	$ 5.90
Class T	1.43%
Actual		$ 1,000.00	$ 1,215.50	$ 7.99
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 7.27
Class B	1.92%
Actual		$ 1,000.00	$ 1,212.50	$ 10.71
Hypothetical ^A		$ 1,000.00	$ 1,015.53	$ 9.75
Class C	1.89%
Actual		$ 1,000.00	$ 1,212.70	$ 10.54
Hypothetical ^A		$ 1,000.00	$ 1,015.68	$ 9.60
Gold	.91%
Actual		$ 1,000.00	$ 1,218.70	$ 5.09
Hypothetical ^A		$ 1,000.00	$ 1,020.62	$ 4.63
Institutional Class	.85%
Actual		$ 1,000.00	$ 1,219.00	$ 4.75
Hypothetical ^A		$ 1,000.00	$ 1,020.92	$ 4.33

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Barrick Gold Corp.	10.1	4.9
Goldcorp, Inc.	10.0	9.8
Newcrest Mining Ltd.	10.0	10.2
Newmont Mining Corp.	8.1	7.8
AngloGold Ashanti Ltd. sponsored ADR	6.3	7.2
Agnico-Eagle Mines Ltd. (Canada)	5.3	6.1
Randgold Resources Ltd. sponsored ADR	4.6	5.2
Kinross Gold Corp.	4.2	4.9
Eldorado Gold Corp.	3.9	3.5
Gold Fields Ltd. sponsored ADR	3.0	2.9
	65.5

Top Industries (% of fund's net assets)
As of August 31, 2010
	Gold	96.5%
	Precious Metals & Minerals	2.2%
	Coal & Consumable Fuels	0.6%
	Construction & Farm Machinery & Heavy Trucks	0.2%
	Diversified Metals & Mining	0.1%
	All Others*	0.4%

fid1377

As of February 28, 2010
	Gold	92.6%
	Precious Metals & Minerals	4.5%
	Coal & Consumable Fuels	0.4%
	Diversified Metals & Mining	0.1%
	Oil & Gas Exploration & Production	0.0%
	All Others*	2.4%

fid1385

* Includes short-term investments and net other assets.

Semiannual Report

Consolidated Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 12.6%
METALS & MINING - 12.6%
Gold - 12.6%
Andean Resources Ltd. (a)	5,267,514		$ 23,367,260
Andean Resources Ltd. (a)(e)	791,300		3,510,292
Avoca Resources Ltd. (a)	2,602,745		6,903,000
Centamin Egypt Ltd. (a)	4,197,000		11,459,245
CGA Mining Ltd. (a)	10,000		19,320
Dominion Mining Ltd. (d)	1,042,906		2,051,292
Intrepid Mines Ltd. (a)	3,468,042		2,407,515
Kingsgate Consolidated NL	1,703,138		15,188,244
Medusa Mining Ltd.	2,124,107		7,561,821
Mineral Deposits Ltd. (a)	6,273,709		5,192,749
Newcrest Mining Ltd. (d)	12,265,322		406,626,087
Perseus Mining Ltd. (a)	3,989,308		9,763,831
Perseus Mining Ltd. (a)	1,300,000		3,206,565
Resolute Mining Ltd. (a)	3,986,661		2,980,428
St Barbara Ltd. (a)	28,348,060		8,199,676
Troy Resources NL (a)(e)	2,300,000		5,177,022
			513,614,347
Bailiwick of Jersey - 4.6%
METALS & MINING - 4.6%
Gold - 4.6%
Randgold Resources Ltd. sponsored ADR (d)	2,023,667		187,168,961
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	100		516
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	236,752		1,013,199
TOTAL METALS & MINING			1,013,715
Canada - 53.8%
METALS & MINING - 53.8%
Diversified Metals & Mining - 0.1%
Clifton Star Resources, Inc. (a)	25,000		96,131
Kimber Resources, Inc. (a)	16,100		13,288
Kimber Resources, Inc. (a)(e)	5,832,000		4,813,280
			4,922,699
Gold - 52.0%
Agnico-Eagle Mines Ltd. (Canada)	3,324,400		216,503,010
Alamos Gold, Inc.	2,143,800		34,099,740
Anatolia Minerals Development Ltd. (a)	95,000		645,064
Argonaut Gold Ltd. (a)	409,800		1,114,579
Aurizon Mines Ltd. (a)	2,294,600		15,257,879
Avion Gold Corp. (a)	5,020,000		2,589,449
B2Gold Corp. (a)(d)	2,817,400		5,020,455
Barrick Gold Corp. (d)	8,760,419		410,394,309
Canaco Resources, Inc. (a)	450,000		894,725

	Shares		Value
Centerra Gold, Inc.	1,711,400		$ 24,027,815
Colossus Minerals, Inc. (a)	715,000		5,458,476
Corvus Gold, Inc.	138,350		98,613
Detour Gold Corp. (a)	123,000		3,674,138
Detour Gold Corp. (a)(e)	785,900		23,475,653
Eldorado Gold Corp. (d)	8,065,213		158,392,085
Etruscan Resources, Inc. (a)	1,216,800		524,950
Etruscan Resources, Inc. (a)(e)	1,549,400		668,440
Etruscan Resources, Inc. warrants 11/2/10 (a)(e)	774,700		3,633
European Goldfields Ltd. (a)	1,919,600		17,139,125
Exeter Resource Corp. (a)	233,000		1,538,401
Extorre Gold Mines Ltd. (a)	233,000		845,683
Franco-Nevada Corp.	1,618,400		48,282,583
Fronteer Gold, Inc. (a)	835,000		6,202,298
Gammon Gold, Inc. (a)	1,937,500		13,882,767
Goldcorp, Inc.	9,166,900		406,653,571
Golden Star Resources Ltd. Cda (a)(d)	3,375,769		15,861,761
Gran Colombia Gold Corp. (a)	6,000,000		1,856,975
Great Basin Gold Ltd. (a)(d)	5,087,900		10,879,636
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		526,143
Greystar Resources Ltd. (a)	1,099,200		4,082,375
Guyana Goldfields, Inc. (a)	883,000		7,693,383
Guyana Goldfields, Inc. (a)(e)	155,000		1,350,481
IAMGOLD Corp.	5,232,000		98,138,335
International Minerals Corp. (a)	114,400		471,011
International Tower Hill Mines Ltd.	276,700		1,725,726
Jaguar Mining, Inc. (a)(d)	1,095,500		6,452,277
Keegan Resources, Inc. (a)	30,000		196,108
Kinross Gold Corp. (d)	10,023,600		169,496,373
Kirkland Lake Gold, Inc. (a)	290,500		2,362,143
Lake Shore Gold Corp. (a)	1,750,000		6,220,399
Minefinders Corp. Ltd. (a)	923,000		8,518,002
New Gold, Inc. (a)	5,476,800		34,671,419
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		109,862
Northgate Minerals Corp. (a)	3,609,900		10,901,644
Novagold Resources, Inc. (a)	1,458,200		10,858,718
Osisko Mining Corp. (a)	817,000		10,872,900
Osisko Mining Corp. (a)(e)	3,000,000		39,924,971
Premier Gold Mines Ltd. (a)	906,200		4,742,411
Primero Mining Corp. (a)	1,000		4,802
Rainy River Resources Ltd. (a)	55,000		355,920
Red Back Mining, Inc. (a)	3,143,100		93,828,720
Red Back Mining, Inc. (a)(e)	270,000		8,060,117
Romarco Minerals, Inc. (a)	1,820,000		3,055,381
Rubicon Minerals Corp. (a)	1,796,352		7,412,848
San Gold Corp. (a)	1,751,400		6,603,168
Seabridge Gold, Inc. (a)	621,105		18,657,994
SEMAFO, Inc. (a)	2,016,100		16,525,875
Torex Gold Resources, Inc. (a)	230,000		278,265
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Ventana Gold Corp. (a)	1,065,800		$ 8,516,404
Yamana Gold, Inc.	10,760,900		108,996,689
			2,117,596,677
Precious Metals & Minerals - 1.7%
Orko Silver Corp. (a)	346,000		564,633
Pan American Silver Corp.	999,987		24,769,685
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,082,240
Silver Standard Resources, Inc. (a)	1,061,800		18,698,306
Silver Wheaton Corp. (a)	1,060,000		23,909,027
Tahoe Resources, Inc.	1,000		7,550
			69,031,441
TOTAL METALS & MINING			2,191,550,817
Cayman Islands - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Real Gold Mining Ltd. (a)	2,925,000		4,391,881
China - 1.2%
METALS & MINING - 1.2%
Gold - 1.2%
Zhaojin Mining Industry Co. Ltd. (H Shares)	9,124,500		23,870,158
Zijin Mining Group Co. Ltd. (H Shares)	38,312,000		26,497,135
			50,367,293
Peru - 0.5%
METALS & MINING - 0.5%
Precious Metals & Minerals - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	495,000		20,463,300
Russia - 0.8%
METALS & MINING - 0.8%
Gold - 0.8%
Polyus Gold OJSC sponsored ADR	1,252,566		31,376,778
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		751,371
TOTAL METALS & MINING			32,128,149

	Shares		Value
South Africa - 10.7%
METALS & MINING - 10.7%
Gold - 10.7%
AngloGold Ashanti Ltd. sponsored ADR	6,109,452		$ 258,368,725
Gold Fields Ltd. sponsored ADR	8,528,659		120,083,519
Harmony Gold Mining Co. Ltd.	1,484,000		15,198,187
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	4,001,800		40,738,324
			434,388,755
Precious Metals & Minerals - 0.0%
Anglo Platinum Ltd. (a)	5,000		413,752
TOTAL METALS & MINING			434,802,507
United Kingdom - 0.9%
METALS & MINING - 0.9%
Diversified Metals & Mining - 0.0%
Kazakhmys PLC	40,000		709,275
Gold - 0.9%
Petropavlovsk PLC	2,155,000		35,204,155
TOTAL METALS & MINING			35,913,430
United States of America - 10.5%
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Fluor Corp.	45,000		2,009,700
MACHINERY - 0.2%
Construction & Farm Machinery & Heavy Trucks - 0.2%
Bucyrus International, Inc. Class A	145,000		8,336,050
METALS & MINING - 9.7%
Diversified Metals & Mining - 0.0%
Walter Energy, Inc.	5,000		360,200
Gold - 9.7%
Allied Nevada Gold Corp. (a)	897,800		21,053,410
Newmont Mining Corp.	5,393,050		330,701,826
Royal Gold, Inc.	749,413		36,773,696
US Gold Corp. (a)(d)	1,165,900		6,027,703
			394,556,635
Precious Metals & Minerals - 0.0%
Paramount Gold & Silver Corp. (a)	10,000		13,100
Steel - 0.0%
Carpenter Technology Corp.	25,000		775,250
TOTAL METALS & MINING			395,705,185
OIL, GAS & CONSUMABLE FUELS - 0.6%
Coal & Consumable Fuels - 0.6%
Alpha Natural Resources, Inc. (a)	300,400		11,153,852
Common Stocks - continued
	Shares		Value
United States of America - continued
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Coal & Consumable Fuels - continued
Arch Coal, Inc.	15,000		$ 337,650
Massey Energy Co.	398,000		11,442,500
			22,934,002
TOTAL UNITED STATES OF AMERICA			428,984,937
TOTAL COMMON STOCKS (Cost $2,828,227,882)		3,900,399,337
Commodities - 3.9%
	Troy Ounces
Gold Bullion (a) (Cost $107,529,500)	125,500		156,705,575
Money Market Funds - 15.9%

Fidelity Cash Central Fund, 0.24% (b)	12,133,462		12,133,462
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	636,351,413		636,351,413
TOTAL MONEY MARKET FUNDS (Cost $648,484,875)		648,484,875
TOTAL INVESTMENT PORTFOLIO - 115.5% (Cost $3,584,242,257)			4,705,589,787
NET OTHER ASSETS (LIABILITIES) - (15.5)%			(631,032,969)
NET ASSETS - 100%		$ 4,074,556,818

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	$ 50,677
Fidelity Securities Lending Cash Central Fund	306,165
Total	$ 356,842

Other Affiliated Issuers

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 207,130,454	$ 283,333	$ 68,101,750	$ -	$ 156,665,620

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Consolidated Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 3,900,399,337	$ 3,882,290,938	$ 18,104,766	$ 3,633
Commodities	156,705,575	156,705,575	-	-
Money Market Funds	648,484,875	648,484,875	-	-
Total Investments:	$ 4,705,589,787	$ 4,687,481,388	$ 18,104,766	$ 3,633

The following is a reconciliation of Investments for which Level 3 inputs were used in determining value:

Investments:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(3,729)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	7,362
Transfers out of Level 3	-
Ending Balance	$ 3,633
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (3,729)

Income Tax Information

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

Semiannual Report

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $614,485,487) - See accompanying schedule: Unaffiliated issuers (cost $2,828,227,882)	$ 3,900,399,337
Fidelity Central Funds (cost $648,484,875)	648,484,875
Commodities (cost $107,529,500)	156,705,575
Total Investments (cost $3,584,242,257)		$ 4,705,589,787
Cash		3,922
Receivable for investments sold		209,090,885
Receivable for fund shares sold		13,297,438
Dividends receivable		2,526,920
Distributions receivable from Fidelity Central Funds		89,874
Receivable from investment adviser for expense reductions		38,872
Other receivables		18,999
Total assets		4,930,656,697

Liabilities
Payable for investments purchased	$ 209,321,020
Payable for fund shares redeemed	7,354,649
Accrued management fee	1,838,591
Distribution and service plan fees payable	103,094
Other affiliated payables	1,016,724
Other payables and accrued expenses	114,388
Collateral on securities loaned, at value	636,351,413
Total liabilities		856,099,879

Net Assets		$ 4,074,556,818
Net Assets consist of:
Paid in capital		$ 2,981,294,776
Accumulated net investment loss		(6,971,444)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(21,106,488)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,121,339,974
Net Assets		$ 4,074,556,818

Consolidated Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($116,536,024 ÷ 2,384,376 shares)		$ 48.87

Maximum offering price per share (100/94.25 of $48.87)		$ 51.85
Class T: Net Asset Value and redemption price per share ($35,297,052 ÷ 725,696 shares)		$ 48.64

Maximum offering price per share (100/96.50 of $48.64)		$ 50.40
Class B: Net Asset Value and offering price per share ($24,739,387 ÷ 515,574 shares)^A		$ 47.98

Class C: Net Asset Value and offering price per share ($61,129,016 ÷ 1,277,670 shares)^A		$ 47.84

Gold: Net Asset Value, offering price and redemption price per share ($3,752,751,997 ÷ 76,047,615 shares)		$ 49.35

Institutional Class: Net Asset Value, offering price and redemption price per share ($84,103,342 ÷ 1,707,200 shares)		$ 49.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Consolidated Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 9,104,282
Interest		24
Income from Fidelity Central Funds		356,842
Total income		9,461,148

Expenses
Management fee	$ 10,151,715
Transfer agent fees	5,076,317
Distribution and service plan fees	554,720
Accounting and security lending fees	746,129
Custodian fees and expenses	223,759
Independent trustees' compensation	9,662
Registration fees	128,402
Audit	30,373
Legal	5,353
Miscellaneous	23,709
Total expenses before reductions	16,950,139
Expense reductions	(518,466)	16,431,673
Net investment income (loss)		(6,970,525)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investments:
Unaffiliated issuers	120,681,475
Commodities	13,308,350
Foreign currency transactions	4,014
Total net realized gain (loss)		133,993,839
Change in net unrealized appreciation (depreciation) on: Investments	549,844,797
Assets and liabilities in foreign currencies	(1,264)
Commodities	4,314,025
Total change in net unrealized appreciation (depreciation)		554,157,558
Net gain (loss)		688,151,397
Net increase (decrease) in net assets resulting from operations		$ 681,180,872

Consolidated Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (6,970,525)	$ (11,767,758)
Net realized gain (loss)	133,993,839	141,739,537
Change in net unrealized appreciation (depreciation)	554,157,558	582,559,218
Net increase (decrease) in net assets resulting from operations	681,180,872	712,530,997
Distributions to shareholders from net realized gain	(29,437,325)	(56,010,412)
Share transactions - net increase (decrease)	379,311,540	418,234,847
Redemption fees	167,710	514,829
Total increase (decrease) in net assets	1,031,222,797	1,075,270,261

Net Assets
Beginning of period	3,043,334,021	1,968,063,760
End of period (including accumulated net investment loss of $6,971,444 and accumulated net investment loss of $919, respectively)	$ 4,074,556,818	$ 3,043,334,021

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

Semiannual Report

Consolidated Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 40.50	$ 30.45	$ 46.19	$ 36.53	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.14)	(.25)	(.15)	(.15)	(.01)
Net realized and unrealized gain (loss)	8.89	11.00	(15.44)	15.00	(.07)
Total from investment operations	8.75	10.75	(15.59)	14.85	(.08)
Distributions from net investment income	-	-	-	(.19)	-
Distributions from net realized gain	(.38)	(.71)	(.17)	(5.01)	-
Total distributions	(.38)	(.71)	(.17)	(5.20)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 48.87	$ 40.50	$ 30.45	$ 46.19	$ 36.53
Total Return^{B, C, D}	21.70%	35.19%	(33.81)%	44.59%	(.19)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.17%^A	1.21%	1.21%	1.17%	1.13%^A
Expenses net of fee waivers, if any	1.16%^A	1.19%	1.19%	1.17%	1.13%^A
Expenses net of all reductions	1.14%^A	1.17%	1.15%	1.13%	1.10%^A
Net investment income (loss)	(.61)%^A	(.63)%	(.45)%	(.37)%	(.18)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 116,536	$ 82,413	$ 39,144	$ 26,620	$ 1,857
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

Consolidated Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 40.34	$ 30.36	$ 46.17	$ 36.49	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.20)	(.36)	(.24)	(.25)	(.03)
Net realized and unrealized gain (loss)	8.86	10.96	(15.42)	15.05	(.09)
Total from investment operations	8.66	10.60	(15.66)	14.80	(.12)
Distributions from net investment income	-	-	-	(.16)	-
Distributions from net realized gain	(.36)	(.63)	(.17)	(4.97)	-
Total distributions	(.36)	(.63)	(.17)	(5.13)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 48.64	$ 40.34	$ 30.36	$ 46.17	$ 36.49
Total Return^{B, C, D}	21.55%	34.79%	(33.98)%	44.45%	(.30)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.44%^A	1.51%	1.47%	1.43%	1.46%^A
Expenses net of fee waivers, if any	1.43%^A	1.49%	1.45%	1.43%	1.46%^A
Expenses net of all reductions	1.41%^A	1.47%	1.41%	1.39%	1.43%^A
Net investment income (loss)	(.88)%^A	(.93)%	(.71)%	(.63)%	(.40)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 35,297	$ 26,256	$ 15,284	$ 11,334	$ 1,093
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

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

Semiannual Report

Consolidated Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 39.87	$ 30.08	$ 45.97	$ 36.46	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.30)	(.55)	(.40)	(.45)	(.07)
Net realized and unrealized gain (loss)	8.74	10.84	(15.34)	14.95	(.08)
Total from investment operations	8.44	10.29	(15.74)	14.50	(.15)
Distributions from net investment income	-	-	-	(.16)	-
Distributions from net realized gain	(.33)	(.51)	(.17)	(4.84)	-
Total distributions	(.33)	(.51)	(.17)	(5.00)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 47.98	$ 39.87	$ 30.08	$ 45.97	$ 36.46
Total Return^{B, C, D}	21.25%	34.12%	(34.30)%	43.53%	(.38)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.93%^A	2.00%	1.97%	1.93%	1.96%^A
Expenses net of fee waivers, if any	1.92%^A	1.98%	1.95%	1.93%	1.96%^A
Expenses net of all reductions	1.90%^A	1.96%	1.89%	1.90%	1.93%^A
Net investment income (loss)	(1.37)%^A	(1.42)%	(1.20)%	(1.14)%	(.93)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,739	$ 18,340	$ 8,421	$ 6,869	$ 902
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

Consolidated Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 39.75	$ 30.00	$ 45.85	$ 36.44	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.29)	(.53)	(.39)	(.45)	(.07)
Net realized and unrealized gain (loss)	8.72	10.80	(15.30)	14.91	(.10)
Total from investment operations	8.43	10.27	(15.69)	14.46	(.17)
Distributions from net investment income	-	-	-	(.17)	-
Distributions from net realized gain	(.34)	(.53)	(.17)	(4.89)	-
Total distributions	(.34)	(.53)	(.17)	(5.06)	-
Redemption fees added to paid in capital^E	-^K	.01	.01	.01	.01
Net asset value, end of period	$ 47.84	$ 39.75	$ 30.00	$ 45.85	$ 36.44
Total Return^{B, C, D}	21.27%	34.15%	(34.30)%	43.49%	(.44)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.91% ^A	1.97%	1.97%	1.92%	2.02%^A
Expenses net of fee waivers, if any	1.89% ^A	1.95%	1.95%	1.92%	2.02%^A
Expenses net of all reductions	1.87% ^A	1.93%	1.89%	1.89%	1.99%^A
Net investment income (loss)	(1.34)% ^A	(1.39)%	(1.20)%	(1.12)%	(1.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 61,129	$ 38,624	$ 17,544	$ 10,835	$ 437
Portfolio turnover rate^G	32% ^A	46%	42%	55%	85%

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

Semiannual Report

Consolidated Financial Highlights - Gold

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008 ^J	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46
Income from Investment Operations
Net investment income (loss) ^E	(.08)	(.16)	(.04)	(.02)	.22 ^H	.04
Net realized and unrealized gain (loss)	8.98	11.10	(15.51)	15.05	5.49	12.21
Total from investment operations	8.90	10.94	(15.55)	15.03	5.71	12.25
Distributions from net investment income	-	-	-	(.18)	(.02)	(.02)
Distributions from net realized gain	(.40)	(.77)	(.17)	(5.03)	(5.10)	(3.84)
Total distributions	(.40)	(.77)	(.17)	(5.21)	(5.12)	(3.86)
Redemption fees added to paid in capital ^E	- ^K	.01	.02	.01	.04	.06
Net asset value, end of period	$ 49.35	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91
Total Return ^{B, C, D}	21.87%	35.52%	(33.59)%	45.10%	16.19%	48.84%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.93% ^A	.98%	.89%	.85%	.90%	.97%
Expenses net of fee waivers, if any	.91% ^A	.96%	.87%	.85%	.90%	.97%
Expenses net of all reductions	.90% ^A	.94%	.86%	.81%	.87%	.82%
Net investment income (loss)	(.36)% ^A	(.40)%	(.13)%	(.05)%	.62% ^H	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,752,752	$ 2,839,664	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665
Portfolio turnover rate ^G	32% ^A	46%	42%	55%	85%	108%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share.

Consolidated Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 40.77	$ 30.65	$ 46.34	$ 36.54	$ 36.60
Income from Investment Operations
Net investment income (loss) ^D	(.07)	(.15)	(.05)	(.01)	.01
Net realized and unrealized gain (loss)	8.96	11.08	(15.49)	15.03	(.08)
Total from investment operations	8.89	10.93	(15.54)	15.02	(.07)
Distributions from net investment income	-	-	-	(.19)	-
Distributions from net realized gain	(.40)	(.82)	(.17)	(5.04)	-
Total distributions	(.40)	(.82)	(.17)	(5.23)	-
Redemption fees added to paid in capital ^D	- ^J	.01	.02	.01	.01
Net asset value, end of period	$ 49.26	$ 40.77	$ 30.65	$ 46.34	$ 36.54
Total Return ^{B, C}	21.90%	35.50%	(33.59)%	45.10%	(.16)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.87% ^A	.95%	.91%	.83%	.94% ^A
Expenses net of fee waivers, if any	.85% ^A	.93%	.89%	.83%	.94% ^A
Expenses net of all reductions	.84% ^A	.91%	.86%	.79%	.91% ^A
Net investment income (loss)	(.30)% ^A	(.37)%	(.14)%	(.03)%	.12% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 84,103	$ 38,037	$ 6,070	$ 3,174	$ 385
Portfolio turnover rate ^F	32% ^A	46%	42%	55%	85%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IFor the year ended February 29. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Notes to Consolidated Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investment in Subsidiary.

3. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

4. Significant Accounting Policies.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

4. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Consolidated Financial Statements (Unaudited) - continued

4. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporation, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,079,624,222
Gross unrealized depreciation	(92,056,476)
Net unrealized appreciation (depreciation)	$ 987,567,746

Tax cost	$ 3,718,022,041

5. Operating Policies.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $960,361,351 and $562,011,897, respectively.

7. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 125,473	$ 2,128
Class T	.25%	.25%	77,390	-
Class B	.75%	.25%	107,736	80,802
Class C	.75%	.25%	244,121	104,035
			$ 554,720	$ 186,965

Semiannual Report

7. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 59,523
Class T	8,439
Class B*	23,307
Class C*	11,037
	$ 102,306

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 142,595	.28
Class T	46,422	.30
Class B	31,470	.29
Class C	64,759	.27
Gold	4,724,315	.29
Institutional Class	66,756	.23
	$ 5,076,317

* Annualized

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $6,618 and is reflected in Miscellaneous expenses on the Consolidated Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

Semiannual Report

Notes to Consolidated Financial Statements (Unaudited) - continued

9. Security Lending - continued

10. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $265,047 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $403.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net realized gain
Class A	$ 801,636	$ 1,356,457
Class T	236,986	386,094
Class B	157,210	226,465
Class C	338,049	480,176
Gold	27,487,941	53,033,502
Institutional Class	415,503	527,718
Total	$ 29,437,325	$ 56,010,412

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	821,482	1,548,727	$ 36,990,487	$ 60,979,204
Reinvestment of distributions	16,589	28,941	743,841	1,258,667
Shares redeemed	(488,677)	(828,099)	(21,857,766)	(32,946,669)
Net increase (decrease)	349,394	749,569	$ 15,876,562	$ 29,291,202
Class T
Shares sold	228,769	410,718	$ 10,430,715	$ 16,022,649
Reinvestment of distributions	5,156	8,602	230,314	372,822
Shares redeemed	(159,132)	(271,824)	(7,102,610)	(10,198,558)
Net increase (decrease)	74,793	147,496	$ 3,558,419	$ 6,196,913
Class B
Shares sold	96,650	271,111	$ 4,274,235	$ 10,287,423
Reinvestment of distributions	3,157	4,654	139,392	199,620
Shares redeemed	(44,210)	(95,719)	(1,956,830)	(3,721,090)
Net increase (decrease)	55,597	180,046	$ 2,456,797	$ 6,765,953
Class C
Shares sold	424,484	698,249	$ 18,873,313	$ 27,513,842
Reinvestment of distributions	6,175	9,039	271,804	386,528
Shares redeemed	(124,551)	(320,512)	(5,457,771)	(12,323,085)
Net increase (decrease)	306,108	386,776	$ 13,687,346	$ 15,577,285

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Gold
Shares sold	19,505,677	40,468,485	$ 893,473,078	$ 1,581,099,363
Reinvestment of distributions	589,132	1,174,296	26,646,409	51,481,173
Shares redeemed	(13,563,064)	(33,470,388)	(611,693,216)	(1,303,757,681)
Net increase (decrease)	6,531,745	8,172,393	$ 308,426,271	$ 328,822,855
Institutional Class
Shares sold	918,009	933,259	$ 41,957,172	$ 39,237,749
Reinvestment of distributions	8,082	10,089	364,823	441,486
Shares redeemed	(151,793)	(208,491)	(7,015,850)	(8,098,596)
Net increase (decrease)	774,298	734,857	$ 35,306,145	$ 31,580,639

13. Other.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.17%
Actual		$ 1,000.00	$ 993.50	$ 5.88
Hypothetical ^A		$ 1,000.00	$ 1,019.31	$ 5.96
Class T	1.43%
Actual		$ 1,000.00	$ 992.40	$ 7.18
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 7.27
Class B	1.92%
Actual		$ 1,000.00	$ 989.80	$ 9.63
Hypothetical ^A		$ 1,000.00	$ 1,015.53	$ 9.75
Class C	1.93%
Actual		$ 1,000.00	$ 989.80	$ 9.68
Hypothetical ^A		$ 1,000.00	$ 1,015.48	$ 9.80
Materials	.89%
Actual		$ 1,000.00	$ 994.80	$ 4.47
Hypothetical ^A		$ 1,000.00	$ 1,020.72	$ 4.53
Institutional Class	.87%
Actual		$ 1,000.00	$ 994.90	$ 4.37
Hypothetical ^A		$ 1,000.00	$ 1,020.82	$ 4.43

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	8.0	9.3
E.I. du Pont de Nemours & Co.	7.7	8.1
Monsanto Co.	6.6	9.3
Praxair, Inc.	6.1	5.9
Freeport-McMoRan Copper & Gold, Inc.	5.6	5.0
Air Products & Chemicals, Inc.	4.0	4.1
Celanese Corp. Class A	3.5	3.1
Newmont Mining Corp.	3.3	3.7
Ecolab, Inc.	2.9	0.0
The Mosaic Co.	2.7	2.9
	50.4

Top Industries (% of fund's net assets)
As of August 31, 2010
	Chemicals	57.9%
	Metals & Mining	25.8%
	Containers & Packaging	7.2%
	Construction Materials	2.3%
	Paper & Forest Products	1.1%
	All Others*	5.7%

fid1393

As of February 28, 2010
	Chemicals	56.9%
	Metals & Mining	24.7%
	Containers & Packaging	4.6%
	Paper & Forest Products	4.0%
	Construction Materials	3.4%
	All Others*	6.4%

fid1401

* Includes short-term investments and net other assets.

Semiannual Report

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
BUILDING PRODUCTS - 1.0%
Building Products - 1.0%
Masco Corp.	704,700		$ 7,392,303
CHEMICALS - 57.9%
Commodity Chemicals - 4.6%
Celanese Corp. Class A	910,806		24,318,520
LyondellBasell Industries NV Class A (a)	380,900		7,808,450
			32,126,970
Diversified Chemicals - 21.7%
Ashland, Inc.	300,563		13,964,157
BASF AG	75,428		3,980,357
Cabot Corp.	18,300		520,269
Dow Chemical Co.	2,296,044		55,954,591
E.I. du Pont de Nemours & Co.	1,324,377		53,994,850
FMC Corp.	160,300		9,983,484
Huntsman Corp.	798,429		7,273,688
Solutia, Inc. (a)	506,732		6,861,151
			152,532,547
Fertilizers & Agricultural Chemicals - 12.1%
CF Industries Holdings, Inc.	160,414		14,838,295
Israel Chemicals Ltd.	128,000		1,615,270
Monsanto Co.	878,056		46,229,648
The Mosaic Co.	321,900		18,882,654
Yara International ASA	87,900		3,533,395
			85,099,262
Industrial Gases - 10.1%
Air Products & Chemicals, Inc.	373,290		27,634,659
Praxair, Inc.	500,141		43,027,130
			70,661,789
Specialty Chemicals - 9.4%
Albemarle Corp.	137,135		5,497,742
Ecolab, Inc.	428,649		20,317,963
Ferro Corp. (a)	983,725		10,525,858
Innophos Holdings, Inc.	338,468		9,873,112
Rockwood Holdings, Inc. (a)	169,132		4,372,062
Stepan Co.	33,500		1,857,575
Symrise AG	141,983		3,509,149
W.R. Grace & Co. (a)	400,347		10,128,779
			66,082,240
TOTAL CHEMICALS			406,502,808
CONSTRUCTION & ENGINEERING - 0.8%
Construction & Engineering - 0.8%
Fluor Corp.	121,700		5,435,122
CONSTRUCTION MATERIALS - 2.3%
Construction Materials - 2.3%
HeidelbergCement AG	240,126		9,632,605
Martin Marietta Materials, Inc. (d)	88,022		6,443,210
			16,075,815

	Shares		Value
CONTAINERS & PACKAGING - 7.2%
Metal & Glass Containers - 7.2%
Ball Corp.	242,626		$ 13,606,466
Crown Holdings, Inc. (a)	490,299		13,659,730
Owens-Illinois, Inc. (a)	597,400		14,970,844
Pactiv Corp. (a)	255,954		8,211,004
			50,448,044
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.3%
Archer Daniels Midland Co.	59,300		1,825,254
MACHINERY - 0.7%
Construction & Farm Machinery & Heavy Trucks - 0.7%
Bucyrus International, Inc. Class A	29,400		1,690,206
Caterpillar, Inc.	51,953		3,385,257
			5,075,463
METALS & MINING - 25.8%
Diversified Metals & Mining - 9.4%
Anglo American PLC (United Kingdom)	106,251		3,813,695
Compass Minerals International, Inc.	99,910		7,168,543
Freeport-McMoRan Copper & Gold, Inc.	546,381		39,328,504
Kazakhmys PLC	164,372		2,914,625
Teck Resources Ltd. Class B (sub. vtg.)	135,000		4,516,249
Walter Energy, Inc.	116,216		8,372,201
			66,113,817
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	333,620		14,108,790
Newcrest Mining Ltd.	165,418		5,484,020
Newmont Mining Corp.	379,200		23,252,544
Randgold Resources Ltd. sponsored ADR	68,600		6,344,814
Yamana Gold, Inc.	405,200		4,104,253
			53,294,421
Steel - 8.8%
Allegheny Technologies, Inc.	316,000		12,867,520
Carpenter Technology Corp.	336,300		10,428,663
Commercial Metals Co.	810,287		10,558,040
Jindal Steel & Power Ltd.	174,560		2,539,443
Reliance Steel & Aluminum Co.	36,500		1,359,625
Steel Dynamics, Inc.	759,901		10,410,644
Ternium SA sponsored ADR (d)	236,600		7,753,382
Vale SA sponsored ADR	218,850		5,854,238
			61,771,555
TOTAL METALS & MINING			181,179,793
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Massey Energy Co.	115,100		3,309,125
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 1.1%
Forest Products - 1.1%
Weyerhaeuser Co.	493,200		$ 7,743,240
TOTAL COMMON STOCKS (Cost $651,565,261)		684,986,967
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 0.24% (b)	6,130,163		6,130,163
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	8,124,795		8,124,795
TOTAL MONEY MARKET FUNDS (Cost $14,254,958)		14,254,958
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $665,820,219)			699,241,925
NET OTHER ASSETS (LIABILITIES) - 0.4%			2,639,169
NET ASSETS - 100%		$ 701,881,094

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,257
Fidelity Securities Lending Cash Central Fund	20,957
Total	$ 35,214

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.6%
Germany	2.4%
South Africa	2.0%
Canada	1.3%
Netherlands	1.1%
Luxembourg	1.1%
Others (Individually Less Than 1%)	4.5%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $22,356,874 of which $21,745,565 and $611,309 will expire on February 28, 2017 and 2018, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,971,234) - See accompanying schedule: Unaffiliated issuers (cost $651,565,261)	$ 684,986,967
Fidelity Central Funds (cost $14,254,958)	14,254,958
Total Investments (cost $665,820,219)		$ 699,241,925
Receivable for investments sold		9,429,141
Receivable for fund shares sold		1,204,749
Dividends receivable		13,878,046
Distributions receivable from Fidelity Central Funds		6,173
Other receivables		13,338
Total assets		723,773,372

Liabilities
Payable for investments purchased	$ 11,964,462
Payable for fund shares redeemed	1,217,500
Accrued management fee	336,752
Distribution and service plan fees payable	44,935
Other affiliated payables	178,081
Other payables and accrued expenses	25,753
Collateral on securities loaned, at value	8,124,795
Total liabilities		21,892,278

Net Assets		$ 701,881,094
Net Assets consist of:
Paid in capital		$ 694,978,249
Undistributed net investment income		15,719,857
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(42,236,263)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		33,419,251
Net Assets		$ 701,881,094

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($56,186,105 ÷ 1,076,486 shares)		$ 52.19

Maximum offering price per share (100/94.25 of $52.19)		$ 55.37
Class T: Net Asset Value and redemption price per share ($14,872,189 ÷ 286,294 shares)		$ 51.95

Maximum offering price per share (100/96.50 of $51.95)		$ 53.83
Class B: Net Asset Value and offering price per share ($9,927,666 ÷ 193,418 shares)^A		$ 51.33

Class C: Net Asset Value and offering price per share ($21,091,747 ÷ 411,484 shares)^A		$ 51.26

Materials: Net Asset Value, offering price and redemption price per share ($579,591,884 ÷ 11,080,074 shares)		$ 52.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($20,211,503 ÷ 386,599 shares)		$ 52.28

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Materials Portfolio
Financial Statements - continued

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 6,198,980
Special dividends		13,051,756
Income from Fidelity Central Funds		35,214
Total income		19,285,950

Expenses
Management fee	$ 2,096,899
Transfer agent fees	978,865
Distribution and service plan fees	272,668
Accounting and security lending fees	132,779
Custodian fees and expenses	21,788
Independent trustees' compensation	2,076
Registration fees	79,700
Audit	16,463
Legal	1,245
Interest	956
Tax expense	144
Miscellaneous	4,354
Total expenses before reductions	3,607,937
Expense reductions	(47,523)	3,560,414
Net investment income (loss)		15,725,536
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(13,958,001)
Foreign currency transactions	(41,129)
Total net realized gain (loss)		(13,999,130)
Change in net unrealized appreciation (depreciation) on: Investment securities	(15,596,760)
Assets and liabilities in foreign currencies	(902)
Total change in net unrealized appreciation (depreciation)		(15,597,662)
Net gain (loss)		(29,596,792)
Net increase (decrease) in net assets resulting from operations		$ (13,871,256)

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 15,725,536	$ 3,695,665
Net realized gain (loss)	(13,999,130)	54,954,095
Change in net unrealized appreciation (depreciation)	(15,597,662)	118,179,943
Net increase (decrease) in net assets resulting from operations	(13,871,256)	176,829,703
Distributions to shareholders from net investment income	(26,985)	(4,024,717)
Distributions to shareholders from net realized gain	(379,797)	-
Total distributions	(406,782)	(4,024,717)
Share transactions - net increase (decrease)	880,796	390,197,683
Redemption fees	62,549	93,068
Total increase (decrease) in net assets	(13,334,693)	563,095,737

Net Assets
Beginning of period	715,215,787	152,120,050
End of period (including undistributed net investment income of $15,719,857 and $21,306, respectively)	$ 701,881,094	$ 715,215,787

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 52.54	$ 27.65	$ 57.00	$ 51.01	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	1.07^H	.30^I	.22	.46	.17
Net realized and unrealized gain (loss)	(1.41)	24.90	(29.46)	8.05	3.93
Total from investment operations	(.34)	25.20	(29.24)	8.51	4.10
Distributions from net investment income	-	(.32)	(.12)	(.32)	-
Distributions from net realized gain	(.01)	-	-	(2.21)	-
Total distributions	(.01)	(.32)	(.12)	(2.53)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 52.19	$ 52.54	$ 27.65	$ 57.00	$ 51.01
Total Return^{B, C, D}	(.65)%	91.25%	(51.30)%	16.79%	8.76%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.17%^A	1.23%	1.21%	1.21%	1.50%^A
Expenses net of fee waivers, if any	1.17%^A	1.23%	1.21%	1.21%	1.40%^A
Expenses net of all reductions	1.16%^A	1.22%	1.20%	1.21%	1.38%^A
Net investment income (loss)	4.00%^{A, H}	.65%^I	.47%	.83%	1.76%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 56,186	$ 52,352	$ 10,796	$ 12,522	$ 1,018
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .51%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.53 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 52.35	$ 27.56	$ 56.80	$ 50.89	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	1.00^H	.16^I	.10	.32	.11
Net realized and unrealized gain (loss)	(1.40)	24.81	(29.32)	8.00	3.87
Total from investment operations	(.40)	24.97	(29.22)	8.32	3.98
Distributions from net investment income	-	(.19)	(.03)	(.21)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.19)	(.03)	(2.42)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.95	$ 52.35	$ 27.56	$ 56.80	$ 50.89
Total Return^{B, C, D}	(.76)%	90.70%	(51.43)%	16.45%	8.51%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.43%^A	1.52%	1.46%	1.46%	1.80%^A
Expenses net of fee waivers, if any	1.43%^A	1.52%	1.46%	1.46%	1.65%^A
Expenses net of all reductions	1.41%^A	1.51%	1.46%	1.46%	1.62%^A
Net investment income (loss)	3.74%^{A, H}	.35%^I	.22%	.57%	1.18%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,872	$ 14,712	$ 4,944	$ 6,850	$ 707
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .25%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .14%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.42 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 51.86	$ 27.35	$ 56.59	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.86^H	(.07)^I	(.12)	.04	.06
Net realized and unrealized gain (loss)	(1.39)	24.61	(29.13)	7.98	3.84
Total from investment operations	(.53)	24.54	(29.25)	8.02	3.90
Distributions from net investment income	-	(.04)	-	(.04)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.04)	-	(2.25)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.33	$ 51.86	$ 27.35	$ 56.59	$ 50.81
Total Return^{B, C, D}	(1.02)%	89.79%	(51.67)%	15.89%	8.34%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.92%^A	2.02%	1.95%	1.97%	2.26%^A
Expenses net of fee waivers, if any	1.92%^A	2.02%	1.95%	1.97%	2.15%^A
Expenses net of all reductions	1.91%^A	2.01%	1.95%	1.96%	2.12%^A
Net investment income (loss)	3.24%^{A, H}	(.15)%^I	(.27)%	.07%	.60%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,928	$ 9,538	$ 2,601	$ 4,173	$ 662
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.92 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.25)%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.25 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 51.79	$ 27.31	$ 56.50	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.85^H	(.06)^I	(.13)	.04	.09
Net realized and unrealized gain (loss)	(1.38)	24.57	(29.07)	7.97	3.81
Total from investment operations	(.53)	24.51	(29.20)	8.01	3.90
Distributions from net investment income	-	(.04)	-	(.12)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.04)	-	(2.33)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.26	$ 51.79	$ 27.31	$ 56.50	$ 50.81
Total Return^{B, C, D}	(1.02)%	89.82%	(51.66)%	15.87%	8.34%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.93%^A	2.01%	1.95%	1.96%	2.31%^A
Expenses net of fee waivers, if any	1.93%^A	2.01%	1.95%	1.96%	2.15%^A
Expenses net of all reductions	1.91%^A	2.00%	1.95%	1.96%	2.13%^A
Net investment income (loss)	3.24%^{A, H}	(.13)%^I	(.27)%	.07%	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,092	$ 20,469	$ 5,509	$ 8,743	$ 547
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.92 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.25)%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.35)%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.33 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Financial Highlights - Materials

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^L	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78
Income from Investment Operations
Net investment income (loss)^E	1.15^H	.43^I	.38	.64	.42	.32
Net realized and unrealized gain (loss)	(1.42)	24.91	(29.54)	8.01	9.36	6.40
Total from investment operations	(.27)	25.34	(29.16)	8.65	9.78	6.72
Distributions from net investment income	-^M	(.40)	(.20)	(.36)	(.48)	(.25)
Distributions from net realized gain	(.03)	-	-	(2.21)	(4.79)	(.93)
Total distributions	(.03)	(.40)	(.20)	(2.57)^N	(5.27)	(1.18)
Redemption fees added to paid in capital^E	-^M	.01	.01	.01	.06	.03
Net asset value, end of period	$ 52.31	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35
Total Return^{B, C, D}	(.52)%	91.77%	(51.15)%	17.10%	22.29%	17.01%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.89%^A	.96%	.90%	.91%	1.01%	1.05%
Expenses net of fee waivers, if any	.89%^A	.96%	.90%	.90%	.98%	1.05%
Expenses net of all reductions	.87%^A	.94%	.90%	.89%	.96%	1.01%
Net investment income (loss)	4.28%^{A, H}	.92%^I	.78%	1.14%	.87%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 579,592	$ 604,475	$ 127,551	$ 353,185	$ 230,147	$ 169,523
Portfolio turnover rate^G	108%^A	104%^K	117%	77%	185%	124%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.94 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .79%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .70%. ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KThe portfolio turnover rate does not include the assets acquired in the merger. ^LFor the year ended February 29. ^MAmount represents less than $.01 per share. ^NTotal distributions of $2.57 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 52.58	$ 27.66	$ 57.00	$ 50.91	$ 46.90
Income from Investment Operations
Net investment income (loss)^D	1.15^G	.46^H	.38	.64	.08
Net realized and unrealized gain (loss)	(1.41)	24.89	(29.53)	8.00	3.92
Total from investment operations	(.26)	25.35	(29.15)	8.64	4.00
Distributions from net investment income	(.01)	(.44)	(.20)	(.36)	-
Distributions from net realized gain	(.03)	-	-	(2.21)	-
Total distributions	(.04)	(.44)	(.20)	(2.56)^N	-
Redemption fees added to paid in capital^D	-^M	.01	.01	.01	.01
Net asset value, end of period	$ 52.28	$ 52.58	$ 27.66	$ 57.00	$ 50.91
Total Return^{B, C}	(.51)%	91.79%	(51.15)%	17.08%	8.55%
Ratios to Average Net Assets^{E, J}
Expenses before reductions	.87%^A	.94%	.90%	.89%	1.06%^A
Expenses net of fee waivers, if any	.87%^A	.94%	.90%	.89%	1.06%^A
Expenses net of all reductions	.86%^A	.93%	.90%	.89%	1.04%^A
Net investment income (loss)	4.29%^{A, G}	.94%^H	.78%	1.14%	.79%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,212	$ 13,670	$ 719	$ 1,820	$ 119
Portfolio turnover rate^F	108%^A	104%^K	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .80%. ^HInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been ..72%. ^IFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KThe portfolio turnover rate does not include the assets acquired in the merger. ^LFor the year ended February 29. ^MAmount represents less than $.01 per share. ^NTotal distributions of $2.56 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 87,689,835
Gross unrealized depreciation	(58,191,159)
Net unrealized appreciation (depreciation)	$ 29,498,676

Tax cost	$ 669,743,249

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $411,218,374 and $390,821,599, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 71,713	$ 60
Class T	.25%	.25%	38,588	-
Class B	.75%	.25%	51,907	38,930
Class C	.75%	.25%	110,460	45,383
			$ 272,668	$ 84,313

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 42,456
Class T	5,338
Class B*	10,882
Class C*	5,683
	$ 64,359

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 82,591	.29
Class T	22,941	.30
Class B	15,222	.29
Class C	32,780	.30
Materials	799,552	.26
Institutional Class	25,779	.24
	$ 978,865

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,741,091	.46%	$ 956

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,490 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $47,415 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $108.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ -	$ 238,202
Class T	-	47,220
Class B	-	5,848
Class C	-	12,908
Materials	24,058	3,662,178
Institutional Class	2,927	58,361
Total	$ 26,985	$ 4,024,717

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Distributions to Shareholders - continued

	Six months ended August 31, 2010	Year ended February 28, 2010
From net realized gain
Class A	$ 10,674	$ -
Materials	358,147	-
Institutional Class	10,976	-
Total	$ 379,797	$ -

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	411,175	858,136	$ 22,447,312	$ 40,135,680
Reinvestment of distributions	169	4,377	9,923	220,619
Shares redeemed	(331,208)	(256,610)	(17,455,121)	(11,780,339)
Net increase (decrease)	80,136	605,903	$ 5,002,114	$ 28,575,960
Class T
Shares sold	58,429	167,992	$ 3,167,897	$ 7,326,294
Reinvestment of distributions	-	941	-	45,756
Shares redeemed	(53,138)	(67,330)	(2,828,360)	(3,005,643)
Net increase (decrease)	5,291	101,603	$ 339,537	$ 4,366,407
Class B
Shares sold	54,185	131,820	$ 2,946,230	$ 5,954,562
Reinvestment of distributions	-	103	-	4,824
Shares redeemed	(44,694)	(43,087)	(2,338,501)	(1,785,370)
Net increase (decrease)	9,491	88,836	$ 607,729	$ 4,174,016
Class C
Shares sold	111,815	299,617	$ 6,044,243	$ 13,304,163
Reinvestment of distributions	-	234	-	10,972
Shares redeemed	(95,569)	(106,334)	(4,973,771)	(4,538,206)
Net increase (decrease)	16,246	193,517	$ 1,070,472	$ 8,776,929
Materials
Shares sold	3,697,621	11,253,841	$ 204,610,034	$ 539,188,177
Issued in exchange for shares of Paper and Forest Products Portfolio	-	337,332	-	13,304,373
Reinvestment of distributions	6,152	68,039	360,709	3,440,550
Shares redeemed	(4,114,442)	(4,780,310)	(219,006,402)	(223,285,260)
Net increase (decrease)	(410,669)	6,878,902	$ (14,035,659)	$ 332,647,840
Institutional Class
Shares sold	335,445	269,782	$ 18,531,345	$ 13,383,120
Reinvestment of distributions	202	839	11,869	43,347
Shares redeemed	(209,053)	(36,606)	(10,646,611)	(1,769,936)
Net increase (decrease)	126,594	234,015	$ 7,896,603	$ 11,656,531

11. Other.

Semiannual Report

12. Merger Information.

Net investment income (loss)	$ 3,777,997
Total net realized gain (loss)	51,950,136
Total change in net unrealized appreciation (depreciation)	125,269,592
Net increase (decrease) in net assets resulting from operations	$ 180,997,725

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.19%
Actual		$ 1,000.00	$ 1,064.00	$ 6.19
Hypothetical ^A		$ 1,000.00	$ 1,019.21	$ 6.06
Class T	1.48%
Actual		$ 1,000.00	$ 1,062.70	$ 7.69
Hypothetical ^A		$ 1,000.00	$ 1,017.74	$ 7.53
Class B	1.95%
Actual		$ 1,000.00	$ 1,060.10	$ 10.13
Hypothetical ^A		$ 1,000.00	$ 1,015.38	$ 9.91
Class C	1.94%
Actual		$ 1,000.00	$ 1,060.20	$ 10.07
Hypothetical ^A		$ 1,000.00	$ 1,015.43	$ 9.86
Telecommunications	.94%
Actual		$ 1,000.00	$ 1,065.40	$ 4.89
Hypothetical ^A		$ 1,000.00	$ 1,020.47	$ 4.79
Institutional Class	.88%
Actual		$ 1,000.00	$ 1,065.80	$ 4.58
Hypothetical ^A		$ 1,000.00	$ 1,020.77	$ 4.48

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Telecommunications Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Verizon Communications, Inc.	15.0	12.9
AT&T, Inc.	8.6	13.0
American Tower Corp. Class A	7.5	6.3
Crown Castle International Corp.	6.3	5.9
Qwest Communications International, Inc.	5.8	5.2
Sprint Nextel Corp.	5.4	6.3
CenturyTel, Inc.	4.8	2.5
SBA Communications Corp. Class A	3.9	3.9
NII Holdings, Inc.	3.3	3.7
Windstream Corp.	3.2	0.3
	63.8

Top Industries (% of fund's net assets)
As of August 31, 2010
	Diversified Telecommunication Services	46.2%
	Wireless Telecommunication Services	39.6%
	Media	9.5%
	Internet Software & Services	1.5%
	Software	0.9%
	All Others*	2.3%

fid1409

As of February 28, 2010
	Diversified Telecommunication Services	48.5%
	Wireless Telecommunication Services	36.5%
	Media	9.4%
	Software	1.0%
	Communications Equipment	0.3%
	All Others*	4.3%

fid1417

* Includes short-term investments and net other assets.

Semiannual Report

Telecommunications Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Aruba Networks, Inc. (a)	392		$ 7,201
Cisco Systems, Inc. (a)	43,500		872,175
F5 Networks, Inc. (a)	40		3,497
Juniper Networks, Inc. (a)	44,947		1,222,558
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	40		1,139
Sandvine Corp. (a)	3,200		4,502
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		5,778
			2,116,850
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		9,975
NetApp, Inc. (a)	20		809
Synaptics, Inc. (a)	450		11,889
			22,673
DIVERSIFIED TELECOMMUNICATION SERVICES - 46.2%
Alternative Carriers - 5.6%
Cable & Wireless Worldwide PLC	5		5
Cogent Communications Group, Inc. (a)	64,802		565,073
Global Crossing Ltd. (a)	302,086		3,715,658
Iliad Group SA	55,144		5,186,006
Level 3 Communications, Inc. (a)	7,976		8,215
PAETEC Holding Corp. (a)	73,600		301,760
tw telecom, inc. (a)	532,857		9,343,648
			19,120,365
Integrated Telecommunication Services - 40.6%
AT&T, Inc.	1,096,319		29,633,503
BT Group PLC	5,351		10,914
Cable & Wireless PLC	5		4
Cbeyond, Inc. (a)	177,698		2,123,491
CenturyTel, Inc.	453,190		16,387,350
China Unicom (Hong Kong) Ltd. sponsored ADR	342,100		4,741,506
Cincinnati Bell, Inc. (a)	225,000		528,750
Deutsche Telekom AG	763		10,048
FairPoint Communications, Inc. (a)	34,149		888
Frontier Communications Corp.	12,732		98,418
Hellenic Telecommunications Organization SA	163		1,112
Qwest Communications International, Inc.	3,513,189		19,849,518
Telecom Italia SpA sponsored ADR	226		3,067
Telenor ASA sponsored ADR	77,000		3,371,830
Verizon Communications, Inc.	1,743,169		51,440,919
Windstream Corp.	963,015		11,108,378
			139,309,696
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			158,430,061

	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	40		$ 1,125
INTERNET SOFTWARE & SERVICES - 1.5%
Internet Software & Services - 1.5%
Google, Inc. Class A (a)	7,500		3,375,150
Rackspace Hosting, Inc. (a)	90,700		1,785,883
SAVVIS, Inc. (a)	99		1,733
			5,162,766
MEDIA - 9.5%
Broadcasting - 0.0%
Ten Network Holdings Ltd. (a)	5		6
Cable & Satellite - 9.5%
Comcast Corp. Class A	408,100		6,986,672
DIRECTV (a)	138,709		5,259,845
Dish TV India Ltd. (a)	5,888		6,341
Kabel Deutschland Holding AG	112,800		3,574,209
Liberty Global, Inc. Class A (a)(d)	164,900		4,538,048
Net Servicos de Comunicacao SA sponsored ADR (a)(d)	268,500		3,418,005
Time Warner Cable, Inc.	51,172		2,640,987
Virgin Media, Inc.	290,600		6,047,386
			32,471,493
Movies & Entertainment - 0.0%
Madison Square Garden, Inc. Class A (a)	525		10,282
TOTAL MEDIA			32,481,781
SOFTWARE - 0.9%
Application Software - 0.9%
Gameloft (a)	671,586		3,038,790
Nuance Communications, Inc. (a)	800		11,744
Synchronoss Technologies, Inc. (a)	3		46
			3,050,580
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	3		3
TOTAL SOFTWARE			3,050,583
WIRELESS TELECOMMUNICATION SERVICES - 39.6%
Wireless Telecommunication Services - 39.6%
America Movil SAB de CV Series L sponsored ADR	300		13,989
American Tower Corp. Class A (a)	548,600		25,707,396
Axiata Group Bhd (a)	2,433,700		3,427,350
Clearwire Corp. Class A (a)(d)	1,476,236		9,462,673
Crown Castle International Corp. (a)	525,683		21,616,085
ICO Global Communications Holdings Ltd. Class A (a)	2,399,277		3,215,031
Idea Cellular Ltd. (a)	3,710		5,644
Leap Wireless International, Inc. (a)(d)	596,158		6,182,158
MetroPCS Communications, Inc. (a)	1,025,106		9,164,448
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
MTN Group Ltd.	220,325		$ 3,598,618
NII Holdings, Inc. (a)	311,400		11,288,250
NTELOS Holdings Corp.	632		10,226
PT Indosat Tbk	1,600		779
SBA Communications Corp. Class A (a)	369,382		13,223,876
Sprint Nextel Corp. (a)	4,515,750		18,424,260
Syniverse Holdings, Inc. (a)	66,468		1,367,247
Telephone & Data Systems, Inc.	15,152		437,741
TIM Participacoes SA sponsored ADR (non-vtg.)	55,900		1,598,181
VimpelCom Ltd. ADR (a)	167,900		2,510,105
Vivo Participacoes SA sponsored ADR (d)	116,525		2,796,600
Vodafone Group PLC sponsored ADR	66,400		1,605,552
			135,656,209
TOTAL COMMON STOCKS (Cost $359,108,382)		336,922,048
Money Market Funds - 7.1%
	Shares		Value
Fidelity Cash Central Fund, 0.24% (b)	5,633,147		$ 5,633,147
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	18,730,400		18,730,400
TOTAL MONEY MARKET FUNDS (Cost $24,363,547)		24,363,547
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $383,471,929)			361,285,595
NET OTHER ASSETS (LIABILITIES) - (5.4)%			(18,586,111)
NET ASSETS - 100%		$ 342,699,484

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,346
Fidelity Securities Lending Cash Central Fund	149,351
Total	$ 157,697

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 336,922,048	$ 333,472,624	$ 3,449,424	$ -
Money Market Funds	24,363,547	24,363,547	-	-
Total Investments in Securities:	$ 361,285,595	$ 357,836,171	$ 3,449,424	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.5%
France	2.4%
Brazil	2.3%
Bermuda	1.8%
Hong Kong	1.4%
Germany	1.1%
South Africa	1.0%
Malaysia	1.0%
Norway	1.0%
Others (Individually Less Than 1%)	0.5%
	100.0%

Income Tax Information

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $18,057,364) - See accompanying schedule: Unaffiliated issuers (cost $359,108,382)	$ 336,922,048
Fidelity Central Funds (cost $24,363,547)	24,363,547
Total Investments (cost $383,471,929)		$ 361,285,595
Receivable for fund shares sold		673,479
Dividends receivable		63,906
Distributions receivable from Fidelity Central Funds		8,563
Other receivables		86,565
Total assets		362,118,108

Liabilities
Payable for fund shares redeemed	$ 418,139
Accrued management fee	156,801
Distribution and service plan fees payable	4,131
Other affiliated payables	86,513
Other payables and accrued expenses	22,640
Collateral on securities loaned, at value	18,730,400
Total liabilities		19,418,624

Net Assets		$ 342,699,484
Net Assets consist of:
Paid in capital		$ 607,122,945
Undistributed net investment income		3,039,909
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(245,263,656)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(22,199,714)
Net Assets		$ 342,699,484

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,284,874 ÷ 82,474 shares)		$ 39.83

Maximum offering price per share (100/94.25 of $39.83)		$ 42.26

Class T: Net Asset Value and redemption price per share ($2,196,964 ÷ 55,328 shares)		$ 39.71

Maximum offering price per share (100/96.50 of $39.71)		$ 41.15

Class B: Net Asset Value and offering price per share ($638,181 ÷ 16,074 shares)^A		$ 39.70

Class C: Net Asset Value and offering price per share ($2,286,110 ÷ 57,569 shares)^A		$ 39.71

Telecommunications: Net Asset Value, offering price and redemption price per share ($333,047,288 ÷ 8,333,899 shares)		$ 39.96

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,246,067 ÷ 31,204 shares)		$ 39.93

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Telecommunications Portfolio
Financial Statements - continued

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 4,371,975
Interest		116
Income from Fidelity Central Funds (including $149,351 from security lending)		157,697
Total income		4,529,788

Expenses
Management fee	$ 890,423
Transfer agent fees	453,182
Distribution and service plan fees	24,188
Accounting and security lending fees	64,234
Custodian fees and expenses	12,839
Independent trustees' compensation	904
Registration fees	47,360
Audit	21,148
Legal	2,531
Miscellaneous	2,346
Total expenses before reductions	1,519,155
Expense reductions	(45,601)	1,473,554
Net investment income (loss)		3,056,234
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	804,762
Foreign currency transactions	7,547
Total net realized gain (loss)		812,309
Change in net unrealized appreciation (depreciation) on: Investment securities	15,540,026
Assets and liabilities in foreign currencies	(1,557)
Total change in net unrealized appreciation (depreciation)		15,538,469
Net gain (loss)		16,350,778
Net increase (decrease) in net assets resulting from operations		$ 19,407,012

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,056,234	$ 5,996,295
Net realized gain (loss)	812,309	5,413,597
Change in net unrealized appreciation (depreciation)	15,538,469	79,572,437
Net increase (decrease) in net assets resulting from operations	19,407,012	90,982,329
Distributions to shareholders from net investment income	(1,951,989)	(2,355,415)
Distributions to shareholders from net realized gain	-	(402,567)
Total distributions	(1,951,989)	(2,757,982)
Share transactions - net increase (decrease)	36,245,965	989,027
Redemption fees	7,116	12,272
Total increase (decrease) in net assets	53,708,104	89,225,646

Net Assets
Beginning of period	288,991,380	199,765,734
End of period (including undistributed net investment income of $3,039,909 and undistributed net investment income of $1,935,664, respectively)	$ 342,699,484	$ 288,991,380

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.64	$ 26.66	$ 42.56	$ 50.89	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.33	.67	.22	.26	-^K
Net realized and unrealized gain (loss)	2.08	10.55	(15.60)	(8.08)	3.15
Total from investment operations	2.41	11.22	(15.38)	(7.82)	3.15
Distributions from net investment income	(.22)	(.19)	(.35)^N	(.51)	-
Distributions from net realized gain	-	(.05)	(.18)^N	-	-
Total distributions	(.22)	(.24)^M	(.52)^L	(.51)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-	-
Net asset value, end of period	$ 39.83	$ 37.64	$ 26.66	$ 42.56	$ 50.89
Total Return^{B, C, D}	6.40%	42.07%	(36.16)%	(15.55)%	6.60%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.19%^A	1.26%	1.21%	1.20%	1.23%^A
Expenses net of fee waivers, if any	1.19%^A	1.26%	1.21%	1.20%	1.23%^A
Expenses net of all reductions	1.17%^A	1.24%	1.21%	1.19%	1.22%^A
Net investment income (loss)	1.68%^A	1.89%	.61%	.49%	(.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,285	$ 3,343	$ 2,112	$ 2,791	$ 658
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.52 per share is comprised of distributions from net investment income of $.347 and distributions from net realized gain of $.175 per share. ^MTotal distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.048 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.55	$ 26.68	$ 42.49	$ 50.86	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.27	.57	.12	.12	(.02)
Net realized and unrealized gain (loss)	2.09	10.54	(15.56)	(8.07)	3.14
Total from investment operations	2.36	11.11	(15.44)	(7.95)	3.12
Distributions from net investment income	(.20)	(.22)	(.24)^N	(.42)	-
Distributions from net realized gain	-	(.03)	(.13)^N	-	-
Total distributions	(.20)	(.24)^M	(.37)^L	(.42)	-
Redemption fees added to paid in capital^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 39.71	$ 37.55	$ 26.68	$ 42.49	$ 50.86
Total Return^{B, C, D}	6.27%	41.64%	(36.34)%	(15.78)%	6.54%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.48%^A	1.55%	1.49%	1.46%	1.54%^A
Expenses net of fee waivers, if any	1.48%^A	1.55%	1.49%	1.46%	1.54%^A
Expenses net of all reductions	1.45%^A	1.53%	1.48%	1.45%	1.53%^A
Net investment income (loss)	1.40%^A	1.60%	.33%	.23%	(.24)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,197	$ 2,051	$ 620	$ 1,270	$ 560
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%^A

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28,2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.37 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.127 per share. ^MTotal distributions of $.24 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.028 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.60	$ 26.71	$ 42.42	$ 50.80	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.18	.40	(.05)	(.14)	(.05)
Net realized and unrealized gain (loss)	2.08	10.54	(15.49)	(8.04)	3.11
Total from investment operations	2.26	10.94	(15.54)	(8.18)	3.06
Distributions from net investment income	(.16)	(.04)	(.11)^N	(.20)	-
Distributions from net realized gain	-	(.01)	(.06)^N	-	-
Total distributions	(.16)	(.05)^M	(.17)^L	(.20)	-
Redemption fees added to paid in capital^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 39.70	$ 37.60	$ 26.71	$ 42.42	$ 50.80
Total Return^{B, C, D}	6.01%	40.97%	(36.64)%	(16.18)%	6.41%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.95%^A	2.01%	1.97%	1.95%	2.05%^A
Expenses net of fee waivers, if any	1.95%^A	2.01%	1.97%	1.95%	2.05%^A
Expenses net of all reductions	1.92%^A	2.00%	1.96%	1.94%	2.05%^A
Net investment income (loss)	.93%^A	1.13%	(.15)%	(.26)%	(.49)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 638	$ 641	$ 363	$ 741	$ 291
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.17 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.063 per share. ^MTotal distributions of $.05 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.009 per share. ^NThe amount shown reflects certain reclassifications due to book to tax differences.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.61	$ 26.76	$ 42.42	$ 50.81	$ 47.74
Income from Investment Operations
Net investment income (loss)^E	.18	.41	(.05)	(.14)	(.07)
Net realized and unrealized gain (loss)	2.09	10.56	(15.50)	(8.03)	3.14
Total from investment operations	2.27	10.97	(15.55)	(8.17)	3.07
Distributions from net investment income	(.17)	(.10)	(.07)^N	(.22)	-
Distributions from net realized gain	-	(.02)	(.05)^N	-	-
Total distributions	(.17)	(.12)^M	(.11)^L	(.22)	-
Redemption fees added to paid in capital^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 39.71	$ 37.61	$ 26.76	$ 42.42	$ 50.81
Total Return^{B, C, D}	6.02%	41.00%	(36.64)%	(16.17)%	6.43%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.94%^A	2.01%	1.97%	1.95%	2.07%^A
Expenses net of fee waivers, if any	1.94%^A	2.01%	1.97%	1.95%	2.07%^A
Expenses net of all reductions	1.91%^A	2.00%	1.96%	1.94%	2.06%^A
Net investment income (loss)	.93%^A	1.13%	(.14)%	(.26)%	(.65)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,286	$ 2,151	$ 371	$ 902	$ 332
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.11 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.046 per share. ^MTotal distributions of $.12 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.023 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

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

Semiannual Report

Financial Highlights - Telecommunications

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 37.73	$ 26.74	$ 42.70	$ 50.91	$ 41.97	$ 34.83
Income from Investment Operations
Net investment income (loss)^E	.38	.76	.30	.43	.61^H	.36
Net realized and unrealized gain (loss)	2.09	10.59	(15.65)	(8.12)	8.85	7.11
Total from investment operations	2.47	11.35	(15.35)	(7.69)	9.46	7.47
Distributions from net investment income	(.24)	(.31)	(.41)^N	(.52)	(.53)	(.33)
Distributions from net realized gain	-	(.05)	(.20)^N	-	-	-
Total distributions	(.24)	(.36)^M	(.61)^L	(.52)	(.53)	(.33)
Redemption fees added to paid in capital^E	-^K	-^K	-^K	-^K	.01	-^K
Net asset value, end of period	$ 39.96	$ 37.73	$ 26.74	$ 42.70	$ 50.91	$ 41.97
Total Return^{B, C, D}	6.54%	42.43%	(36.00)%	(15.30)%	22.69%	21.54%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.94%^A	.99%	.97%	.91%	.99%	1.05%
Expenses net of fee waivers, if any	.94%^A	.99%	.97%	.90%	.97%	1.05%
Expenses net of all reductions	.91%^A	.98%	.96%	.90%	.97%	.96%
Net investment income (loss)	1.94%^A	2.15%	.85%	.79%	1.34%^H	.96%
Supplemental Data
Net assets, end of period (000 omitted)	$ 333,047	$ 279,704	$ 196,231	$ 334,565	$ 624,427	$ 402,334
Portfolio turnover rate^G	55%^A	90%	168%	134%	162%	148%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share. ^LTotal distributions of $.61 per share is comprised of distributions from net investment income of $.408 and distributions from net realized gain of $.202 per share. ^MTotal distributions of $.36 per share is comprised of distributions from net investment income of $.310 and distributions from net realized gain of $.048 per share. ^NThe amount shown reflects certain reclassifications related to book to tax differences.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 37.69	$ 26.73	$ 42.65	$ 50.91	$ 47.74
Income from Investment Operations
Net investment income (loss)^D	.39	.84	.34	.45	.16
Net realized and unrealized gain (loss)	2.09	10.55	(15.67)	(8.09)	3.01
Total from investment operations	2.48	11.39	(15.33)	(7.64)	3.17
Distributions from net investment income	(.24)	(.38)	(.40)^M	(.62)	-
Distributions from net realized gain	-	(.05)	(.20)^M	-	-
Total distributions	(.24)	(.43)^L	(.59)^K	(.62)	-
Redemption fees added to paid in capital^{D, J}	-	-	-	-	-
Net asset value, end of period	$ 39.93	$ 37.69	$ 26.73	$ 42.65	$ 50.91
Total Return^{B, C}	6.58%	42.59%	(35.99)%	(15.23)%	6.64%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.88%^A	.86%	.91%	.83%	.98%^A
Expenses net of fee waivers, if any	.88%^A	.86%	.91%	.83%	.98%^A
Expenses net of all reductions	.85%^A	.84%	.90%	.83%	.97%^A
Net investment income (loss)	2.00%^A	2.29%	.91%	.86%	1.52%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,246	$ 1,101	$ 68	$ 256	$ 114
Portfolio turnover rate^F	55%^A	90%	168%	134%	162%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IFor the year ended February 29. ^JAmount represents less than $.01 per share. ^KTotal distributions of $.59 per share is comprised of distributions from net investment income of $.395 and distributions from net realized gain of $.197 per share. ^LTotal distributions of $.43 per share is comprised of distributions from net investment income of $.379 and distributions from net realized gain of $.051 per share. ^MThe amount shown reflects certain reclassifications related to book to tax differences.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, deferred trustees compensation, capital loss carryforwards, expiring capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 28,839,394
Gross unrealized depreciation	(57,306,788)
Net unrealized appreciation (depreciation)	$ (28,467,394)

Tax cost	$ 389,752,989

Semiannual Report

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $128,205,768 and $84,102,798, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	25%	$ 4,136	$ 136
Class T	25%	25%	5,586	-
Class B	75%	25%	3,342	2,507
Class C	75%	25%	11,124	4,847
			$ 24,188	$ 7,490

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 1,791
Class T	526
Class B*	564
Class C*	185
	$ 3,066

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 4,799	.29
Class T	3,622	.32
Class B	975	.29
Class C	3,191	.29
Telecommunications	439,331	.28
Institutional Class	1,264	.22
	$ 453,182

* Annualized

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $612 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $45,594 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ 19,472	$ 15,094
Class T	11,221	11,817
Class B	2,768	821
Class C	9,324	5,697
Telecommunications	1,902,415	2,311,098
Institutional Class	6,789	10,888
Total	$ 1,951,989	$ 2,355,415
From net realized gain
Class A	$ -	$ 4,245
Class T	-	827
Class B	-	139
Class C	-	504
Telecommunications	-	396,621
Institutional Class	-	231
Total	$ -	$ 402,567

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	14,950	88,778	$ 593,236	$ 3,085,616
Reinvestment of distributions	440	476	17,759	17,722
Shares redeemed	(21,732)	(79,650)	(857,535)	(2,900,645)
Net increase (decrease)	(6,342)	9,604	$ (246,540)	$ 202,693
Class T
Shares sold	7,982	45,905	$ 313,997	$ 1,589,430
Reinvestment of distributions	275	314	11,080	12,167
Shares redeemed	(7,556)	(14,845)	(295,326)	(532,433)
Net increase (decrease)	701	31,374	$ 29,751	$ 1,069,164
Class B
Shares sold	2,643	15,431	$ 104,289	$ 522,557
Reinvestment of distributions	59	22	2,404	836
Shares redeemed	(3,678)	(11,987)	(146,061)	(408,765)
Net increase (decrease)	(976)	3,466	$ (39,368)	$ 114,628
Class C
Shares sold	9,531	62,598	$ 376,549	$ 2,159,620
Reinvestment of distributions	172	129	6,960	5,000
Shares redeemed	(9,319)	(19,418)	(365,622)	(702,765)
Net increase (decrease)	384	43,309	$ 17,887	$ 1,461,855
Telecommunications
Shares sold	1,907,009	3,331,732	$ 75,427,820	$ 111,276,252
Reinvestment of distributions	45,302	68,653	1,834,713	2,606,513
Shares redeemed	(1,032,208)	(3,325,834)	(40,854,423)	(116,676,048)
Net increase (decrease)	920,103	74,551	$ 36,408,110	$ (2,793,283)
Institutional Class
Shares sold	20,864	35,372	$ 820,823	$ 1,243,451
Reinvestment of distributions	23	37	940	1,435
Shares redeemed	(18,908)	(8,744)	(745,638)	(310,916)
Net increase (decrease)	1,979	26,665	$ 76,125	$ 933,970

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Consumer Staples Portfolio
Gold Portfolio
Materials Portfolio
Telecommunications Portfolio

Semiannual Report

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance for each class, as well as each fund's relative investment performance for each class measured over multiple periods against a third-party-sponsored index that reflects the market sector in which the fund invests. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare any of the funds' performance.

For Consumer Staples Portfolio, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, as available, the cumulative total returns of the retail class and Class B of the fund, and the cumulative total returns of a third-party-sponsored index ("benchmark"). The returns of the retail class and Class B show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on three-year performance), respectively.

For each of Gold Portfolio, Materials Portfolio, and Telecommunications Portfolio, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, as available, the cumulative total returns of the retail class and Class C of the fund, and the cumulative total returns of a third-party-sponsored index ("benchmark"). The returns of the retail class and Class C show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on three-year performance), respectively.

Consumer Staples Portfolio

fid1419

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Gold Portfolio

fid1421

Materials Portfolio

fid1423

Semiannual Report

Telecommunications Portfolio

fid1425

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Consumer Staples Portfolio

fid1427

Gold Portfolio

fid1429

Semiannual Report

Materials Portfolio

fid1431

Telecommunications Portfolio

fid1433

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of the total expenses of each class of each fund, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class of each of Consumer Staples Portfolio and Gold Portfolio ranked below its competitive median for 2009.

For each of Materials Portfolio and Telecommunications Portfolio, the Board noted that the total expenses of each of Class A, Class B, Class C, Institutional Class, and the retail class ranked below its competitive median for 2009 and the total expenses of Class T ranked above its competitive median for 2009. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that the total expenses of each class of each fund were reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that each fund and its shareholders receive and the other factors considered, including the findings of the Committee.

The Board concluded, considering the findings of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

ASGMT-USAN-1010
1.855653.103

fid1435

fid1331

Fidelity Advisor
Focus Funds®
Institutional Class

Fidelity Advisor Consumer Staples Fund

Fidelity Advisor Gold Fund

Fidelity Advisor Materials Fund

Fidelity Advisor Telecommunications Fund

Each Advisor fund listed above is a class
of the Fidelity® Select Portfolios®.

Semiannual Report

August 31, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders
Consumer Staples	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Gold	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Consolidated Investments
	<Click Here>	Consolidated Financial Statements
	<Click Here>	Notes to the Consolidated Financial Statements
Materials	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Telecommunications	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to the Financial Statements
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Edward C. Johnson 3d

Semiannual Report

Consumer Staples Portfolio

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.11%
Actual		$ 1,000.00	$ 988.90	$ 5.56
Hypothetical^A		$ 1,000.00	$ 1,019.61	$ 5.65
Class T	1.40%
Actual		$ 1,000.00	$ 987.40	$ 7.01
Hypothetical^A		$ 1,000.00	$ 1,018.15	$ 7.12
Class B	1.91%
Actual		$ 1,000.00	$ 984.90	$ 9.56
Hypothetical^A		$ 1,000.00	$ 1,015.58	$ 9.70
Class C	1.86%
Actual		$ 1,000.00	$ 985.20	$ 9.31
Hypothetical^A		$ 1,000.00	$ 1,015.83	$ 9.45
Consumer Staples	.87%
Actual		$ 1,000.00	$ 990.20	$ 4.36
Hypothetical^A		$ 1,000.00	$ 1,020.82	$ 4.43
Institutional Class	.85%
Actual		$ 1,000.00	$ 990.20	$ 4.26
Hypothetical^A		$ 1,000.00	$ 1,020.92	$ 4.33

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Consumer Staples Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	12.1	14.6
The Coca-Cola Co.	11.4	5.8
PepsiCo, Inc.	5.5	4.3
Altria Group, Inc.	5.0	3.9
Wal-Mart Stores, Inc.	4.9	4.6
British American Tobacco PLC sponsored ADR	4.9	5.0
Walgreen Co.	4.7	4.3
CVS Caremark Corp.	4.0	6.4
Avon Products, Inc.	3.9	3.6
Molson Coors Brewing Co. Class B	3.0	3.0
	59.4

Top Industries (% of fund's net assets)
As of August 31, 2010
	Beverages	31.1%
	Food & Staples Retailing	19.8%
	Household Products	14.5%
	Tobacco	12.8%
	Food Products	12.0%
	All Others*	9.8%

fid1466

As of February 28, 2010
	Beverages	24.8%
	Food & Staples Retailing	22.0%
	Household Products	17.9%
	Food Products	13.1%
	Tobacco	11.5%
	All Others*	10.7%

fid1474

* Includes short-term investments and net other assets.

Semiannual Report

Consumer Staples Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BEVERAGES - 31.1%
Brewers - 6.2%
Anadolu Efes Biracilik ve Malt Sanayiive Malt Sanayii SA	241,611		$ 3,243,418
Anheuser-Busch InBev SA NV	578,946		30,118,210
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	57,900		6,408,951
Molson Coors Brewing Co. Class B	847,104		36,899,850
			76,670,429
Distillers & Vintners - 5.4%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	2,139,572		35,645,270
Diageo PLC sponsored ADR	474,039		31,049,555
			66,694,825
Soft Drinks - 19.5%
Coca-Cola Bottling Co. Consolidated	126,353		6,283,535
Coca-Cola Enterprises, Inc.	260,479		7,413,232
Coca-Cola FEMSA SAB de CV sponsored ADR	84,829		6,368,113
Coca-Cola Icecek AS	322,332		3,377,193
Cott Corp. (a)	21,000		145,154
Embotelladora Andina SA sponsored ADR (d)	230,041		6,287,021
Fomento Economico Mexicano SAB de CV sponsored ADR	64,187		3,125,907
PepsiCo, Inc.	1,052,506		67,549,835
The Coca-Cola Co.	2,525,915		141,249,167
			241,799,157
TOTAL BEVERAGES			385,164,411
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Martek Biosciences (a)	67,700		1,477,214
FOOD & STAPLES RETAILING - 19.8%
Drug Retail - 8.7%
CVS Caremark Corp.	1,824,184		49,252,968
Walgreen Co.	2,173,986		58,436,744
			107,689,712
Food Distributors - 0.5%
Sysco Corp.	243,632		6,697,444
Food Retail - 4.5%
Koninklijke Ahold NV	468,847		5,773,043
Kroger Co.	1,691,768		33,378,583
Safeway, Inc.	417,200		7,843,360
Susser Holdings Corp. (a)	273,077		3,170,424
The Pantry, Inc. (a)	278,249		5,236,646
			55,402,056

	Shares		Value
Hypermarkets & Super Centers - 6.1%
BJ's Wholesale Club, Inc. (a)	358,354		$ 15,036,534
Wal-Mart Stores, Inc.	1,208,699		60,604,168
			75,640,702
TOTAL FOOD & STAPLES RETAILING			245,429,914
FOOD PRODUCTS - 12.0%
Agricultural Products - 3.4%
Archer Daniels Midland Co.	615,217		18,936,379
Bunge Ltd.	269,408		14,278,624
Corn Products International, Inc.	40,086		1,368,135
Origin Agritech Ltd. (a)	95,200		679,728
SLC Agricola SA	357,500		3,275,167
Viterra, Inc. (a)	404,400		3,185,895
			41,723,928
Packaged Foods & Meats - 8.6%
Ausnutria Dairy Hunan Co. Ltd. (H Shares) (d)	3,021,000		1,378,672
Brasil Foods SA	2,000		26,419
Calavo Growers, Inc.	155,242		3,047,400
Cermaq ASA	290,600		2,995,259
Cosan Ltd. Class A	111,100		1,170,994
Danone	50,520		2,715,259
Dean Foods Co. (a)	1,991,946		20,377,608
Lindt & Spruengli AG (d)	129		3,407,343
Mead Johnson Nutrition Co. Class A	104,496		5,453,646
Nestle SA	557,340		28,877,151
Smart Balance, Inc. (a)	67,600		246,064
Smithfield Foods, Inc. (a)	189,452		3,055,861
Tyson Foods, Inc. Class A	106,650		1,746,927
Unilever NV unit	1,082,560		29,001,782
Want Want China Holdings Ltd.	3,822,000		3,090,460
			106,590,845
TOTAL FOOD PRODUCTS			148,314,773
HOTELS, RESTAURANTS & LEISURE - 0.5%
Restaurants - 0.5%
Domino's Pizza, Inc. (a)	222,529		2,852,822
Sonic Corp. (a)	385,700		2,958,319
			5,811,141
HOUSEHOLD DURABLES - 0.1%
Housewares & Specialties - 0.1%
Tupperware Brands Corp.	21,400		841,876
HOUSEHOLD PRODUCTS - 14.5%
Household Products - 14.5%
Colgate-Palmolive Co.	246,834		18,226,223
Energizer Holdings, Inc. (a)	194,903		12,288,634
Procter & Gamble Co.	2,507,393		149,616,137
			180,130,994
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - 4.3%
Personal Products - 4.3%
Avon Products, Inc.	1,658,345		$ 48,257,840
China-Biotics, Inc. (a)(d)	153,257		1,978,548
Natura Cosmeticos SA	129,500		3,157,314
			53,393,702
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Johnson & Johnson	641,516		36,579,242
Perrigo Co.	1,000		56,990
			36,636,232
TOBACCO - 12.8%
Tobacco - 12.8%
Altria Group, Inc.	2,758,967		61,580,143
British American Tobacco PLC sponsored ADR	891,841		60,591,677
KT&G Corp.	63,578		3,234,576
Philip Morris International, Inc.	580,554		29,863,698
Souza Cruz Industria Comerico	73,200		3,414,722
			158,684,816
TOTAL COMMON STOCKS (Cost $1,174,550,757)		1,215,885,073
Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.24% (b)	21,268,126		$ 21,268,126
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	5,239,657		5,239,657
TOTAL MONEY MARKET FUNDS (Cost $26,507,783)		26,507,783

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,201,058,540)

1,242,392,856

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(3,743,672)

NET ASSETS - 100%

$ 1,238,649,184

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,989
Fidelity Securities Lending Cash Central Fund	110,686
Total	$ 136,675

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	79.1%
United Kingdom	7.4%
Netherlands	2.8%
Switzerland	2.6%
Belgium	2.4%
Brazil	1.3%
Bermuda	1.2%
Others (Individually Less Than 1%)	3.2%
	100.0%

Income Tax Information

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

Semiannual Report

Consumer Staples Portfolio

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $5,132,000) - See accompanying schedule: Unaffiliated issuers (cost $1,174,550,757)	$ 1,215,885,073
Fidelity Central Funds (cost $26,507,783)	26,507,783
Total Investments (cost $1,201,058,540)		$ 1,242,392,856
Receivable for investments sold		518,450
Receivable for fund shares sold		1,270,979
Dividends receivable		3,419,271
Distributions receivable from Fidelity Central Funds		30,023
Other receivables		3,318
Total assets		1,247,634,897

Liabilities
Payable for investments purchased	$ 1,360,426
Payable for fund shares redeemed	1,336,095
Accrued management fee	592,587
Distribution and service plan fees payable	124,534
Other affiliated payables	291,740
Other payables and accrued expenses	40,676
Collateral on securities loaned, at value	5,239,655
Total liabilities		8,985,713

Net Assets		$ 1,238,649,184
Net Assets consist of:
Paid in capital		$ 1,178,465,533
Undistributed net investment income		12,810,420
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		6,031,413
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		41,341,818
Net Assets		$ 1,238,649,184

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($147,418,114 ÷ 2,443,408 shares)		$ 60.33

Maximum offering price per share (100/94.25 of $60.33)		$ 64.01
Class T: Net Asset Value and redemption price per share ($28,451,243 ÷ 474,354 shares)		$ 59.98

Maximum offering price per share (100/96.50 of $59.98)		$ 62.16
Class B: Net Asset Value and offering price per share ($19,654,858 ÷ 330,569 shares)^A		$ 59.46

Class C: Net Asset Value and offering price per share ($75,108,424 ÷ 1,264,398 shares)^A		$ 59.40

Consumer Staples: Net Asset Value, offering price and redemption price per share ($811,313,977 ÷ 13,375,773 shares)		$ 60.66

Institutional Class: Net Asset Value, offering price and redemption price per share ($156,702,568 ÷ 2,586,563 shares)		$ 60.58

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 18,947,453
Income from Fidelity Central Funds		136,675
Total income		19,084,128

Expenses
Management fee	$ 3,548,503
Transfer agent fees	1,599,644
Distribution and service plan fees	752,091
Accounting and security lending fees	203,828
Custodian fees and expenses	56,711
Independent trustees' compensation	3,527
Registration fees	62,960
Audit	20,397
Legal	2,179
Miscellaneous	9,435
Total expenses before reductions	6,259,275
Expense reductions	(18,737)	6,240,538
Net investment income (loss)		12,843,590
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	22,050,580
Foreign currency transactions	(34,063)
Total net realized gain (loss)		22,016,517
Change in net unrealized appreciation (depreciation) on: Investment securities	(48,310,145)
Assets and liabilities in foreign currencies	8,379
Total change in net unrealized appreciation (depreciation)		(48,301,766)
Net gain (loss)		(26,285,249)
Net increase (decrease) in net assets resulting from operations		$ (13,441,659)

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 12,843,590	$ 17,630,422
Net realized gain (loss)	22,016,517	34,351,921
Change in net unrealized appreciation (depreciation)	(48,301,766)	298,589,963
Net increase (decrease) in net assets resulting from operations	(13,441,659)	350,572,306
Distributions to shareholders from net investment income	(1,472,088)	(15,962,478)
Share transactions - net increase (decrease)	(16,029,877)	33,089,434
Redemption fees	25,533	34,831
Total increase (decrease) in net assets	(30,918,091)	367,734,093

Net Assets
Beginning of period	1,269,567,275	901,833,182
End of period (including undistributed net investment income of $12,810,420 and undistributed net investment income of $1,438,918, respectively)	$ 1,238,649,184	$ 1,269,567,275

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 61.06	$ 43.94	$ 63.13	$ 58.16	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.58	.84	.67	.53	(.01)
Net realized and unrealized gain (loss)	(1.25)	17.02	(19.19)	7.29	1.28
Total from investment operations	(.67)	17.86	(18.52)	7.82	1.27
Distributions from net investment income	(.06)	(.74)	(.66)	(.42)	-
Distributions from net realized gain	-	-	(.02)	(2.44)	-
Total distributions	(.06)	(.74)	(.68)^L	(2.86)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 60.33	$ 61.06	$ 43.94	$ 63.13	$ 58.16
Total Return^{B, C, D}	(1.11)%	40.66%	(29.43)%	13.38%	2.23%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.11%^A	1.13%	1.19%	1.19%	1.29%^A
Expenses net of fee waivers, if any	1.11%^A	1.13%	1.19%	1.19%	1.29%^A
Expenses net of all reductions	1.11%^A	1.13%	1.18%	1.19%	1.28%^A
Net investment income (loss)	1.90%^A	1.51%	1.27%	.83%	(.11)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 147,418	$ 162,370	$ 121,193	$ 23,796	$ 986
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.68 per share is comprised of distributions from net investment income of $.655 and distributions from net realized gain of $.024 per share.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 60.77	$ 43.75	$ 62.93	$ 58.06	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.49	.66	.53	.36	(.01)
Net realized and unrealized gain (loss)	(1.25)	16.95	(19.12)	7.29	1.18
Total from investment operations	(.76)	17.61	(18.59)	7.65	1.17
Distributions from net investment income	(.03)	(.59)	(.60)	(.35)	-
Distributions from net realized gain	-	-	-	(2.44)	-
Total distributions	(.03)	(.59)	(.60)^L	(2.79)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 59.98	$ 60.77	$ 43.75	$ 62.93	$ 58.06
Total Return^{B, C, D}	(1.26)%	40.24%	(29.61)%	13.11%	2.06%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.40%^A	1.44%	1.46%	1.46%	1.61%^A
Expenses net of fee waivers, if any	1.40%^A	1.44%	1.46%	1.46%	1.61%^A
Expenses net of all reductions	1.40%^A	1.44%	1.46%	1.46%	1.60%^A
Net investment income (loss)	1.61%^A	1.21%	.99%	.56%	(.11)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 28,451	$ 29,662	$ 22,624	$ 6,298	$ 529
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.60 per share is comprised of distributions from net investment income of $.599 and distributions from net realized gain of $.000 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 60.37	$ 43.53	$ 62.69	$ 58.00	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.33	.37	.26	.04	(.07)
Net realized and unrealized gain (loss)	(1.24)	16.82	(19.01)	7.27	1.18
Total from investment operations	(.91)	17.19	(18.75)	7.31	1.11
Distributions from net investment income	-	(.35)	(.42)	(.19)	-
Distributions from net realized gain	-	-	-	(2.44)	-
Total distributions	-	(.35)	(.42)^L	(2.63)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 59.46	$ 60.37	$ 43.53	$ 62.69	$ 58.00
Total Return^{B, C, D}	(1.51)%	39.48%	(29.96)%	12.53%	1.95%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.91%^A	1.97%	1.96%	1.96%	2.09%^A
Expenses net of fee waivers, if any	1.91%^A	1.97%	1.96%	1.96%	2.09%^A
Expenses net of all reductions	1.91%^A	1.97%	1.96%	1.96%	2.09%^A
Net investment income (loss)	1.10%^A	.68%	.50%	.06%	(.59)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,655	$ 21,099	$ 14,929	$ 4,884	$ 226
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.000 per share.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 60.29	$ 43.46	$ 62.61	$ 57.99	$ 56.89
Income from Investment Operations
Net investment income (loss)^E	.35	.41	.28	.06	(.08)
Net realized and unrealized gain (loss)	(1.24)	16.80	(19.00)	7.28	1.18
Total from investment operations	(.89)	17.21	(18.72)	7.34	1.10
Distributions from net investment income	-	(.38)	(.44)	(.29)	-
Distributions from net realized gain	-	-	-	(2.44)	-
Total distributions	-	(.38)	(.44)^L	(2.73)	-
Redemption fees added to paid in capital^E	-^K	-^K	.01	.01	-^K
Net asset value, end of period	$ 59.40	$ 60.29	$ 43.46	$ 62.61	$ 57.99
Total Return^{B, C, D}	(1.48)%	39.59%	(29.94)%	12.58%	1.93%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.86%^A	1.90%	1.93%	1.93%	2.14%^A
Expenses net of fee waivers, if any	1.86%^A	1.90%	1.93%	1.93%	2.14%^A
Expenses net of all reductions	1.85%^A	1.89%	1.93%	1.92%	2.14%^A
Net investment income (loss)	1.16%^A	.75%	.52%	.09%	(.66)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 75,108	$ 73,829	$ 54,902	$ 19,791	$ 178
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J For the year ended February 29. ^K Amount represents less than $.01 per share. ^L Total distributions of $.44 per share is comprised of distributions from net investment income of $.443 and distributions from net realized gain of $0.00 per share.

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

Semiannual Report

Financial Highlights - Consumer Staples

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 61.34	$ 44.14	$ 63.25	$ 58.13	$ 52.18	$ 51.42
Income from Investment Operations
Net investment income (loss)^E	.66	.96	.88	.71	.56	.50
Net realized and unrealized gain (loss)	(1.26)	17.11	(19.31)	7.30	8.88	3.25
Total from investment operations	(.60)	18.07	(18.43)	8.01	9.44	3.75
Distributions from net investment income	(.08)	(.87)	(.67)	(.46)	(.32)	(.44)
Distributions from net realized gain	-	-	(.03)	(2.44)	(3.18)	(2.56)
Total distributions	(.08)	(.87)	(.69)^K	(2.90)	(3.50)	(3.00)
Redemption fees added to paid in capital^E	-^J	-^J	.01	.01	.01	.01
Net asset value, end of period	$ 60.66	$ 61.34	$ 44.14	$ 63.25	$ 58.13	$ 52.18
Total Return^{B, C, D}	(.98)%	40.96%	(29.23)%	13.72%	18.43%	7.50%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.87%^A	.92%	.91%	.91%	1.01%	1.04%
Expenses net of fee waivers, if any	.87%^A	.92%	.91%	.90%	.99%	1.04%
Expenses net of all reductions	.87%^A	.91%	.90%	.90%	.98%	1.03%
Net investment income (loss)	2.14%^A	1.73%	1.55%	1.12%	.99%	.97%
Supplemental Data
Net assets, end of period (000 omitted)	$ 811,314	$ 946,455	$ 657,263	$ 655,224	$ 374,930	$ 125,007
Portfolio turnover rate^G	59%^A	69%	70%	71%	99%	75%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the former sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.69 per share is comprised of distributions from net investment income of $.668 and distributions from net realized gain of $.025 per share.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^I	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 61.26	$ 44.07	$ 63.22	$ 58.12	$ 56.89
Income from Investment Operations
Net investment income (loss)^D	.66	.98	.82	.74	.07
Net realized and unrealized gain (loss)	(1.25)	17.09	(19.23)	7.30	1.16
Total from investment operations	(.59)	18.07	(18.41)	8.04	1.23
Distributions from net investment income	(.09)	(.88)	(.73)	(.51)	-
Distributions from net realized gain	-	-	(.03)	(2.44)	-
Total distributions	(.09)	(.88)	(.75)^K	(2.95)	-
Redemption fees added to paid in capital^D	-^J	-^J	.01	.01	-^J
Net asset value, end of period	$ 60.58	$ 61.26	$ 44.07	$ 63.22	$ 58.12
Total Return^{B, C}	(.98)%	41.03%	(29.22)%	13.77%	2.16%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.85%^A	.86%	.91%	.85%	1.00%^A
Expenses net of fee waivers, if any	.85%^A	.86%	.91%	.85%	1.00%^A
Expenses net of all reductions	.85%^A	.86%	.91%	.84%	1.00%^A
Net investment income (loss)	2.16%^A	1.78%	1.54%	1.17%	.57%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 156,703	$ 36,152	$ 30,922	$ 10,384	$ 132
Portfolio turnover rate^F	59%^A	69%	70%	71%	99%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I For the year ended February 29. ^J Amount represents less than $.01 per share. ^K Total distributions of $.75 per share is comprised of distributions from net investment income of $.726 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 101,800,579
Gross unrealized depreciation	(71,206,163)
Net unrealized appreciation (depreciation)	$ 30,594,416

Tax cost	$ 1,211,798,440

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $384,283,147 and $365,603,537, respectively.

Semiannual Report

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 195,144	$ 0
Class T	.25%	.25%	73,616	0
Class B	.75%	.25%	103,173	77,380
Class C	.75%	.25%	380,158	78,348
			$ 752,091	$ 155,728

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 37,207
Class T	5,870
Class B*	20,546
Class C*	6,354
	$ 69,977

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 188,945	.24
Class T	42,481	.29
Class B	30,484	.30
Class C	91,584	.24
Consumer Staples	1,162,005	.25
Institutional Class	84,145	.24
	$ 1,599,644

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates -continued

6. Committed Line of Credit.

7. Security Lending.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ 144,351	$ 2,068,687
Class T	13,105	279,551
Class B	6	121,683
Class C	-	461,837
Consumer Staples	1,264,097	12,515,444
Institutional Class	50,529	515,276
Total	$ 1,472,088	$ 15,962,478

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	309,485	1,132,943	$ 18,947,749	$ 59,482,737
Reinvestment of distributions	2,064	31,495	132,036	1,903,559
Shares redeemed	(527,205)	(1,263,286)	(32,231,006)	(70,043,896)
Net increase (decrease)	(215,656)	(98,848)	$ (13,151,221)	$ (8,657,600)
Class T
Shares sold	43,091	173,895	$ 2,635,441	$ 9,112,154
Reinvestment of distributions	191	4,329	12,189	262,823
Shares redeemed	(57,039)	(207,203)	(3,478,336)	(10,599,980)
Net increase (decrease)	(13,757)	(28,979)	$ (830,706)	$ (1,225,003)
Class B
Shares sold	30,577	104,786	$ 1,857,648	$ 5,439,880
Reinvestment of distributions	-	1,610	6	97,230
Shares redeemed	(49,515)	(99,879)	(2,995,654)	(5,370,134)
Net increase (decrease)	(18,938)	6,517	$ (1,138,000)	$ 166,976
Class C
Shares sold	185,963	378,183	$ 11,268,136	$ 19,816,576
Reinvestment of distributions	-	5,180	-	312,378
Shares redeemed	(146,036)	(422,141)	(8,793,456)	(22,614,834)
Net increase (decrease)	39,927	(38,778)	$ 2,474,680	$ (2,485,880)
Consumer Staples
Shares sold	2,153,690	6,969,074	$ 132,545,194	$ 390,940,582
Reinvestment of distributions	18,897	198,030	1,214,334	11,983,104
Shares redeemed	(4,226,385)	(6,628,713)	(257,525,046)	(351,735,799)
Net increase (decrease)	(2,053,798)	538,391	$ (123,765,518)	$ 51,187,887
Institutional Class
Shares sold	2,178,182	333,805	$ 131,436,346	$ 17,656,120
Reinvestment of distributions	376	4,184	24,155	251,491
Shares redeemed	(182,114)	(449,527)	(11,079,613)	(23,804,557)
Net increase (decrease)	1,996,444	(111,538)	$ 120,380,888	$ (5,896,946)

11. Other.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.16%
Actual		$ 1,000.00	$ 1,217.00	$ 6.48
Hypothetical ^A		$ 1,000.00	$ 1,019.36	$ 5.90
Class T	1.43%
Actual		$ 1,000.00	$ 1,215.50	$ 7.99
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 7.27
Class B	1.92%
Actual		$ 1,000.00	$ 1,212.50	$ 10.71
Hypothetical ^A		$ 1,000.00	$ 1,015.53	$ 9.75
Class C	1.89%
Actual		$ 1,000.00	$ 1,212.70	$ 10.54
Hypothetical ^A		$ 1,000.00	$ 1,015.68	$ 9.60
Gold	.91%
Actual		$ 1,000.00	$ 1,218.70	$ 5.09
Hypothetical ^A		$ 1,000.00	$ 1,020.62	$ 4.63
Institutional Class	.85%
Actual		$ 1,000.00	$ 1,219.00	$ 4.75
Hypothetical ^A		$ 1,000.00	$ 1,020.92	$ 4.33

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Barrick Gold Corp.	10.1	4.9
Goldcorp, Inc.	10.0	9.8
Newcrest Mining Ltd.	10.0	10.2
Newmont Mining Corp.	8.1	7.8
AngloGold Ashanti Ltd. sponsored ADR	6.3	7.2
Agnico-Eagle Mines Ltd. (Canada)	5.3	6.1
Randgold Resources Ltd. sponsored ADR	4.6	5.2
Kinross Gold Corp.	4.2	4.9
Eldorado Gold Corp.	3.9	3.5
Gold Fields Ltd. sponsored ADR	3.0	2.9
	65.5

Top Industries (% of fund's net assets)
As of August 31, 2010
	Gold	96.5%
	Precious Metals & Minerals	2.2%
	Coal & Consumable Fuels	0.6%
	Construction & Farm Machinery & Heavy Trucks	0.2%
	Diversified Metals & Mining	0.1%
	All Others*	0.4%

fid1482

As of February 28, 2010
	Gold	92.6%
	Precious Metals & Minerals	4.5%
	Coal & Consumable Fuels	0.4%
	Diversified Metals & Mining	0.1%
	Oil & Gas Exploration & Production	0.0%
	All Others*	2.4%

fid1490

* Includes short-term investments and net other assets.

Semiannual Report

Consolidated Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
Australia - 12.6%
METALS & MINING - 12.6%
Gold - 12.6%
Andean Resources Ltd. (a)	5,267,514		$ 23,367,260
Andean Resources Ltd. (a)(e)	791,300		3,510,292
Avoca Resources Ltd. (a)	2,602,745		6,903,000
Centamin Egypt Ltd. (a)	4,197,000		11,459,245
CGA Mining Ltd. (a)	10,000		19,320
Dominion Mining Ltd. (d)	1,042,906		2,051,292
Intrepid Mines Ltd. (a)	3,468,042		2,407,515
Kingsgate Consolidated NL	1,703,138		15,188,244
Medusa Mining Ltd.	2,124,107		7,561,821
Mineral Deposits Ltd. (a)	6,273,709		5,192,749
Newcrest Mining Ltd. (d)	12,265,322		406,626,087
Perseus Mining Ltd. (a)	3,989,308		9,763,831
Perseus Mining Ltd. (a)	1,300,000		3,206,565
Resolute Mining Ltd. (a)	3,986,661		2,980,428
St Barbara Ltd. (a)	28,348,060		8,199,676
Troy Resources NL (a)(e)	2,300,000		5,177,022
			513,614,347
Bailiwick of Jersey - 4.6%
METALS & MINING - 4.6%
Gold - 4.6%
Randgold Resources Ltd. sponsored ADR (d)	2,023,667		187,168,961
Bermuda - 0.0%
METALS & MINING - 0.0%
Gold - 0.0%
Continental Gold Ltd. (a)	100		516
Precious Metals & Minerals - 0.0%
Aquarius Platinum Ltd. (United Kingdom)	236,752		1,013,199
TOTAL METALS & MINING			1,013,715
Canada - 53.8%
METALS & MINING - 53.8%
Diversified Metals & Mining - 0.1%
Clifton Star Resources, Inc. (a)	25,000		96,131
Kimber Resources, Inc. (a)	16,100		13,288
Kimber Resources, Inc. (a)(e)	5,832,000		4,813,280
			4,922,699
Gold - 52.0%
Agnico-Eagle Mines Ltd. (Canada)	3,324,400		216,503,010
Alamos Gold, Inc.	2,143,800		34,099,740
Anatolia Minerals Development Ltd. (a)	95,000		645,064
Argonaut Gold Ltd. (a)	409,800		1,114,579
Aurizon Mines Ltd. (a)	2,294,600		15,257,879
Avion Gold Corp. (a)	5,020,000		2,589,449
B2Gold Corp. (a)(d)	2,817,400		5,020,455
Barrick Gold Corp. (d)	8,760,419		410,394,309
Canaco Resources, Inc. (a)	450,000		894,725

	Shares		Value
Centerra Gold, Inc.	1,711,400		$ 24,027,815
Colossus Minerals, Inc. (a)	715,000		5,458,476
Corvus Gold, Inc.	138,350		98,613
Detour Gold Corp. (a)	123,000		3,674,138
Detour Gold Corp. (a)(e)	785,900		23,475,653
Eldorado Gold Corp. (d)	8,065,213		158,392,085
Etruscan Resources, Inc. (a)	1,216,800		524,950
Etruscan Resources, Inc. (a)(e)	1,549,400		668,440
Etruscan Resources, Inc. warrants 11/2/10 (a)(e)	774,700		3,633
European Goldfields Ltd. (a)	1,919,600		17,139,125
Exeter Resource Corp. (a)	233,000		1,538,401
Extorre Gold Mines Ltd. (a)	233,000		845,683
Franco-Nevada Corp.	1,618,400		48,282,583
Fronteer Gold, Inc. (a)	835,000		6,202,298
Gammon Gold, Inc. (a)	1,937,500		13,882,767
Goldcorp, Inc.	9,166,900		406,653,571
Golden Star Resources Ltd. Cda (a)(d)	3,375,769		15,861,761
Gran Colombia Gold Corp. (a)	6,000,000		1,856,975
Great Basin Gold Ltd. (a)(d)	5,087,900		10,879,636
Great Basin Gold Ltd. warrants 10/15/10 (a)	850,000		526,143
Greystar Resources Ltd. (a)	1,099,200		4,082,375
Guyana Goldfields, Inc. (a)	883,000		7,693,383
Guyana Goldfields, Inc. (a)(e)	155,000		1,350,481
IAMGOLD Corp.	5,232,000		98,138,335
International Minerals Corp. (a)	114,400		471,011
International Tower Hill Mines Ltd.	276,700		1,725,726
Jaguar Mining, Inc. (a)(d)	1,095,500		6,452,277
Keegan Resources, Inc. (a)	30,000		196,108
Kinross Gold Corp. (d)	10,023,600		169,496,373
Kirkland Lake Gold, Inc. (a)	290,500		2,362,143
Lake Shore Gold Corp. (a)	1,750,000		6,220,399
Minefinders Corp. Ltd. (a)	923,000		8,518,002
New Gold, Inc. (a)	5,476,800		34,671,419
New Gold, Inc. warrants 4/3/12 (a)(e)	2,928,500		109,862
Northgate Minerals Corp. (a)	3,609,900		10,901,644
Novagold Resources, Inc. (a)	1,458,200		10,858,718
Osisko Mining Corp. (a)	817,000		10,872,900
Osisko Mining Corp. (a)(e)	3,000,000		39,924,971
Premier Gold Mines Ltd. (a)	906,200		4,742,411
Primero Mining Corp. (a)	1,000		4,802
Rainy River Resources Ltd. (a)	55,000		355,920
Red Back Mining, Inc. (a)	3,143,100		93,828,720
Red Back Mining, Inc. (a)(e)	270,000		8,060,117
Romarco Minerals, Inc. (a)	1,820,000		3,055,381
Rubicon Minerals Corp. (a)	1,796,352		7,412,848
San Gold Corp. (a)	1,751,400		6,603,168
Seabridge Gold, Inc. (a)	621,105		18,657,994
SEMAFO, Inc. (a)	2,016,100		16,525,875
Torex Gold Resources, Inc. (a)	230,000		278,265
Common Stocks - continued
	Shares		Value
Canada - continued
METALS & MINING - CONTINUED
Gold - continued
Ventana Gold Corp. (a)	1,065,800		$ 8,516,404
Yamana Gold, Inc.	10,760,900		108,996,689
			2,117,596,677
Precious Metals & Minerals - 1.7%
Orko Silver Corp. (a)	346,000		564,633
Pan American Silver Corp.	999,987		24,769,685
Pan American Silver Corp. warrants 12/7/14 (a)	232,460		1,082,240
Silver Standard Resources, Inc. (a)	1,061,800		18,698,306
Silver Wheaton Corp. (a)	1,060,000		23,909,027
Tahoe Resources, Inc.	1,000		7,550
			69,031,441
TOTAL METALS & MINING			2,191,550,817
Cayman Islands - 0.1%
METALS & MINING - 0.1%
Gold - 0.1%
Real Gold Mining Ltd. (a)	2,925,000		4,391,881
China - 1.2%
METALS & MINING - 1.2%
Gold - 1.2%
Zhaojin Mining Industry Co. Ltd. (H Shares)	9,124,500		23,870,158
Zijin Mining Group Co. Ltd. (H Shares)	38,312,000		26,497,135
			50,367,293
Peru - 0.5%
METALS & MINING - 0.5%
Precious Metals & Minerals - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	495,000		20,463,300
Russia - 0.8%
METALS & MINING - 0.8%
Gold - 0.8%
Polyus Gold OJSC sponsored ADR	1,252,566		31,376,778
Precious Metals & Minerals - 0.0%
Polymetal JSC GDR (Reg. S) (a)	63,300		751,371
TOTAL METALS & MINING			32,128,149

	Shares		Value
South Africa - 10.7%
METALS & MINING - 10.7%
Gold - 10.7%
AngloGold Ashanti Ltd. sponsored ADR	6,109,452		$ 258,368,725
Gold Fields Ltd. sponsored ADR	8,528,659		120,083,519
Harmony Gold Mining Co. Ltd.	1,484,000		15,198,187
Harmony Gold Mining Co. Ltd. sponsored ADR (d)	4,001,800		40,738,324
			434,388,755
Precious Metals & Minerals - 0.0%
Anglo Platinum Ltd. (a)	5,000		413,752
TOTAL METALS & MINING			434,802,507
United Kingdom - 0.9%
METALS & MINING - 0.9%
Diversified Metals & Mining - 0.0%
Kazakhmys PLC	40,000		709,275
Gold - 0.9%
Petropavlovsk PLC	2,155,000		35,204,155
TOTAL METALS & MINING			35,913,430
United States of America - 10.5%
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
Fluor Corp.	45,000		2,009,700
MACHINERY - 0.2%
Construction & Farm Machinery & Heavy Trucks - 0.2%
Bucyrus International, Inc. Class A	145,000		8,336,050
METALS & MINING - 9.7%
Diversified Metals & Mining - 0.0%
Walter Energy, Inc.	5,000		360,200
Gold - 9.7%
Allied Nevada Gold Corp. (a)	897,800		21,053,410
Newmont Mining Corp.	5,393,050		330,701,826
Royal Gold, Inc.	749,413		36,773,696
US Gold Corp. (a)(d)	1,165,900		6,027,703
			394,556,635
Precious Metals & Minerals - 0.0%
Paramount Gold & Silver Corp. (a)	10,000		13,100
Steel - 0.0%
Carpenter Technology Corp.	25,000		775,250
TOTAL METALS & MINING			395,705,185
OIL, GAS & CONSUMABLE FUELS - 0.6%
Coal & Consumable Fuels - 0.6%
Alpha Natural Resources, Inc. (a)	300,400		11,153,852
Common Stocks - continued
	Shares		Value
United States of America - continued
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Coal & Consumable Fuels - continued
Arch Coal, Inc.	15,000		$ 337,650
Massey Energy Co.	398,000		11,442,500
			22,934,002
TOTAL UNITED STATES OF AMERICA			428,984,937
TOTAL COMMON STOCKS (Cost $2,828,227,882)		3,900,399,337
Commodities - 3.9%
	Troy Ounces
Gold Bullion (a) (Cost $107,529,500)	125,500		156,705,575
Money Market Funds - 15.9%

Fidelity Cash Central Fund, 0.24% (b)	12,133,462		12,133,462
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	636,351,413		636,351,413
TOTAL MONEY MARKET FUNDS (Cost $648,484,875)		648,484,875
TOTAL INVESTMENT PORTFOLIO - 115.5% (Cost $3,584,242,257)			4,705,589,787
NET OTHER ASSETS (LIABILITIES) - (15.5)%			(631,032,969)
NET ASSETS - 100%		$ 4,074,556,818

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	$ 50,677
Fidelity Securities Lending Cash Central Fund	306,165
Total	$ 356,842

Other Affiliated Issuers

Consolidated Subsidiary	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Select Gold Cayman Ltd.	$ 207,130,454	$ 283,333	$ 68,101,750	$ -	$ 156,665,620

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Consolidated Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments:
Common Stocks	$ 3,900,399,337	$ 3,882,290,938	$ 18,104,766	$ 3,633
Commodities	156,705,575	156,705,575	-	-
Money Market Funds	648,484,875	648,484,875	-	-
Total Investments:	$ 4,705,589,787	$ 4,687,481,388	$ 18,104,766	$ 3,633

The following is a reconciliation of Investments for which Level 3 inputs were used in determining value:

Investments:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(3,729)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	7,362
Transfers out of Level 3	-
Ending Balance	$ 3,633
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (3,729)

Income Tax Information

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

Semiannual Report

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $614,485,487) - See accompanying schedule: Unaffiliated issuers (cost $2,828,227,882)	$ 3,900,399,337
Fidelity Central Funds (cost $648,484,875)	648,484,875
Commodities (cost $107,529,500)	156,705,575
Total Investments (cost $3,584,242,257)		$ 4,705,589,787
Cash		3,922
Receivable for investments sold		209,090,885
Receivable for fund shares sold		13,297,438
Dividends receivable		2,526,920
Distributions receivable from Fidelity Central Funds		89,874
Receivable from investment adviser for expense reductions		38,872
Other receivables		18,999
Total assets		4,930,656,697

Liabilities
Payable for investments purchased	$ 209,321,020
Payable for fund shares redeemed	7,354,649
Accrued management fee	1,838,591
Distribution and service plan fees payable	103,094
Other affiliated payables	1,016,724
Other payables and accrued expenses	114,388
Collateral on securities loaned, at value	636,351,413
Total liabilities		856,099,879

Net Assets		$ 4,074,556,818
Net Assets consist of:
Paid in capital		$ 2,981,294,776
Accumulated net investment loss		(6,971,444)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(21,106,488)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,121,339,974
Net Assets		$ 4,074,556,818

Consolidated Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($116,536,024 ÷ 2,384,376 shares)		$ 48.87

Maximum offering price per share (100/94.25 of $48.87)		$ 51.85
Class T: Net Asset Value and redemption price per share ($35,297,052 ÷ 725,696 shares)		$ 48.64

Maximum offering price per share (100/96.50 of $48.64)		$ 50.40
Class B: Net Asset Value and offering price per share ($24,739,387 ÷ 515,574 shares)^A		$ 47.98

Class C: Net Asset Value and offering price per share ($61,129,016 ÷ 1,277,670 shares)^A		$ 47.84

Gold: Net Asset Value, offering price and redemption price per share ($3,752,751,997 ÷ 76,047,615 shares)		$ 49.35

Institutional Class: Net Asset Value, offering price and redemption price per share ($84,103,342 ÷ 1,707,200 shares)		$ 49.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Consolidated Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 9,104,282
Interest		24
Income from Fidelity Central Funds		356,842
Total income		9,461,148

Expenses
Management fee	$ 10,151,715
Transfer agent fees	5,076,317
Distribution and service plan fees	554,720
Accounting and security lending fees	746,129
Custodian fees and expenses	223,759
Independent trustees' compensation	9,662
Registration fees	128,402
Audit	30,373
Legal	5,353
Miscellaneous	23,709
Total expenses before reductions	16,950,139
Expense reductions	(518,466)	16,431,673
Net investment income (loss)		(6,970,525)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investments:
Unaffiliated issuers	120,681,475
Commodities	13,308,350
Foreign currency transactions	4,014
Total net realized gain (loss)		133,993,839
Change in net unrealized appreciation (depreciation) on: Investments	549,844,797
Assets and liabilities in foreign currencies	(1,264)
Commodities	4,314,025
Total change in net unrealized appreciation (depreciation)		554,157,558
Net gain (loss)		688,151,397
Net increase (decrease) in net assets resulting from operations		$ 681,180,872

Consolidated Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (6,970,525)	$ (11,767,758)
Net realized gain (loss)	133,993,839	141,739,537
Change in net unrealized appreciation (depreciation)	554,157,558	582,559,218
Net increase (decrease) in net assets resulting from operations	681,180,872	712,530,997
Distributions to shareholders from net realized gain	(29,437,325)	(56,010,412)
Share transactions - net increase (decrease)	379,311,540	418,234,847
Redemption fees	167,710	514,829
Total increase (decrease) in net assets	1,031,222,797	1,075,270,261

Net Assets
Beginning of period	3,043,334,021	1,968,063,760
End of period (including accumulated net investment loss of $6,971,444 and accumulated net investment loss of $919, respectively)	$ 4,074,556,818	$ 3,043,334,021

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

Semiannual Report

Consolidated Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 40.50	$ 30.45	$ 46.19	$ 36.53	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.14)	(.25)	(.15)	(.15)	(.01)
Net realized and unrealized gain (loss)	8.89	11.00	(15.44)	15.00	(.07)
Total from investment operations	8.75	10.75	(15.59)	14.85	(.08)
Distributions from net investment income	-	-	-	(.19)	-
Distributions from net realized gain	(.38)	(.71)	(.17)	(5.01)	-
Total distributions	(.38)	(.71)	(.17)	(5.20)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 48.87	$ 40.50	$ 30.45	$ 46.19	$ 36.53
Total Return^{B, C, D}	21.70%	35.19%	(33.81)%	44.59%	(.19)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.17%^A	1.21%	1.21%	1.17%	1.13%^A
Expenses net of fee waivers, if any	1.16%^A	1.19%	1.19%	1.17%	1.13%^A
Expenses net of all reductions	1.14%^A	1.17%	1.15%	1.13%	1.10%^A
Net investment income (loss)	(.61)%^A	(.63)%	(.45)%	(.37)%	(.18)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 116,536	$ 82,413	$ 39,144	$ 26,620	$ 1,857
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

Consolidated Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 40.34	$ 30.36	$ 46.17	$ 36.49	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.20)	(.36)	(.24)	(.25)	(.03)
Net realized and unrealized gain (loss)	8.86	10.96	(15.42)	15.05	(.09)
Total from investment operations	8.66	10.60	(15.66)	14.80	(.12)
Distributions from net investment income	-	-	-	(.16)	-
Distributions from net realized gain	(.36)	(.63)	(.17)	(4.97)	-
Total distributions	(.36)	(.63)	(.17)	(5.13)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 48.64	$ 40.34	$ 30.36	$ 46.17	$ 36.49
Total Return^{B, C, D}	21.55%	34.79%	(33.98)%	44.45%	(.30)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.44%^A	1.51%	1.47%	1.43%	1.46%^A
Expenses net of fee waivers, if any	1.43%^A	1.49%	1.45%	1.43%	1.46%^A
Expenses net of all reductions	1.41%^A	1.47%	1.41%	1.39%	1.43%^A
Net investment income (loss)	(.88)%^A	(.93)%	(.71)%	(.63)%	(.40)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 35,297	$ 26,256	$ 15,284	$ 11,334	$ 1,093
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

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

Semiannual Report

Consolidated Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 39.87	$ 30.08	$ 45.97	$ 36.46	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.30)	(.55)	(.40)	(.45)	(.07)
Net realized and unrealized gain (loss)	8.74	10.84	(15.34)	14.95	(.08)
Total from investment operations	8.44	10.29	(15.74)	14.50	(.15)
Distributions from net investment income	-	-	-	(.16)	-
Distributions from net realized gain	(.33)	(.51)	(.17)	(4.84)	-
Total distributions	(.33)	(.51)	(.17)	(5.00)	-
Redemption fees added to paid in capital^E	-^K	.01	.02	.01	.01
Net asset value, end of period	$ 47.98	$ 39.87	$ 30.08	$ 45.97	$ 36.46
Total Return^{B, C, D}	21.25%	34.12%	(34.30)%	43.53%	(.38)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.93%^A	2.00%	1.97%	1.93%	1.96%^A
Expenses net of fee waivers, if any	1.92%^A	1.98%	1.95%	1.93%	1.96%^A
Expenses net of all reductions	1.90%^A	1.96%	1.89%	1.90%	1.93%^A
Net investment income (loss)	(1.37)%^A	(1.42)%	(1.20)%	(1.14)%	(.93)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,739	$ 18,340	$ 8,421	$ 6,869	$ 902
Portfolio turnover rate^G	32%^A	46%	42%	55%	85%

Consolidated Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^J	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 39.75	$ 30.00	$ 45.85	$ 36.44	$ 36.60
Income from Investment Operations
Net investment income (loss)^E	(.29)	(.53)	(.39)	(.45)	(.07)
Net realized and unrealized gain (loss)	8.72	10.80	(15.30)	14.91	(.10)
Total from investment operations	8.43	10.27	(15.69)	14.46	(.17)
Distributions from net investment income	-	-	-	(.17)	-
Distributions from net realized gain	(.34)	(.53)	(.17)	(4.89)	-
Total distributions	(.34)	(.53)	(.17)	(5.06)	-
Redemption fees added to paid in capital^E	-^K	.01	.01	.01	.01
Net asset value, end of period	$ 47.84	$ 39.75	$ 30.00	$ 45.85	$ 36.44
Total Return^{B, C, D}	21.27%	34.15%	(34.30)%	43.49%	(.44)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.91% ^A	1.97%	1.97%	1.92%	2.02%^A
Expenses net of fee waivers, if any	1.89% ^A	1.95%	1.95%	1.92%	2.02%^A
Expenses net of all reductions	1.87% ^A	1.93%	1.89%	1.89%	1.99%^A
Net investment income (loss)	(1.34)% ^A	(1.39)%	(1.20)%	(1.12)%	(1.03)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 61,129	$ 38,624	$ 17,544	$ 10,835	$ 437
Portfolio turnover rate^G	32% ^A	46%	42%	55%	85%

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

Semiannual Report

Consolidated Financial Highlights - Gold

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008 ^J	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46
Income from Investment Operations
Net investment income (loss) ^E	(.08)	(.16)	(.04)	(.02)	.22 ^H	.04
Net realized and unrealized gain (loss)	8.98	11.10	(15.51)	15.05	5.49	12.21
Total from investment operations	8.90	10.94	(15.55)	15.03	5.71	12.25
Distributions from net investment income	-	-	-	(.18)	(.02)	(.02)
Distributions from net realized gain	(.40)	(.77)	(.17)	(5.03)	(5.10)	(3.84)
Total distributions	(.40)	(.77)	(.17)	(5.21)	(5.12)	(3.86)
Redemption fees added to paid in capital ^E	- ^K	.01	.02	.01	.04	.06
Net asset value, end of period	$ 49.35	$ 40.85	$ 30.67	$ 46.37	$ 36.54	$ 35.91
Total Return ^{B, C, D}	21.87%	35.52%	(33.59)%	45.10%	16.19%	48.84%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.93% ^A	.98%	.89%	.85%	.90%	.97%
Expenses net of fee waivers, if any	.91% ^A	.96%	.87%	.85%	.90%	.97%
Expenses net of all reductions	.90% ^A	.94%	.86%	.81%	.87%	.82%
Net investment income (loss)	(.36)% ^A	(.40)%	(.13)%	(.05)%	.62% ^H	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,752,752	$ 2,839,664	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665
Portfolio turnover rate ^G	32% ^A	46%	42%	55%	85%	108%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JFor the year ended February 29. ^KAmount represents less than $.01 per share.

Consolidated Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008 ^I	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 40.77	$ 30.65	$ 46.34	$ 36.54	$ 36.60
Income from Investment Operations
Net investment income (loss) ^D	(.07)	(.15)	(.05)	(.01)	.01
Net realized and unrealized gain (loss)	8.96	11.08	(15.49)	15.03	(.08)
Total from investment operations	8.89	10.93	(15.54)	15.02	(.07)
Distributions from net investment income	-	-	-	(.19)	-
Distributions from net realized gain	(.40)	(.82)	(.17)	(5.04)	-
Total distributions	(.40)	(.82)	(.17)	(5.23)	-
Redemption fees added to paid in capital ^D	- ^J	.01	.02	.01	.01
Net asset value, end of period	$ 49.26	$ 40.77	$ 30.65	$ 46.34	$ 36.54
Total Return ^{B, C}	21.90%	35.50%	(33.59)%	45.10%	(.16)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.87% ^A	.95%	.91%	.83%	.94% ^A
Expenses net of fee waivers, if any	.85% ^A	.93%	.89%	.83%	.94% ^A
Expenses net of all reductions	.84% ^A	.91%	.86%	.79%	.91% ^A
Net investment income (loss)	(.30)% ^A	(.37)%	(.14)%	(.03)%	.12% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 84,103	$ 38,037	$ 6,070	$ 3,174	$ 385
Portfolio turnover rate ^F	32% ^A	46%	42%	55%	85%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IFor the year ended February 29. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Notes to Consolidated Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investment in Subsidiary.

3. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

4. Significant Accounting Policies.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2010, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Semiannual Report

4. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Consolidated Financial Statements (Unaudited) - continued

4. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporation, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,079,624,222
Gross unrealized depreciation	(92,056,476)
Net unrealized appreciation (depreciation)	$ 987,567,746

Tax cost	$ 3,718,022,041

5. Operating Policies.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $960,361,351 and $562,011,897, respectively.

7. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 125,473	$ 2,128
Class T	.25%	.25%	77,390	-
Class B	.75%	.25%	107,736	80,802
Class C	.75%	.25%	244,121	104,035
			$ 554,720	$ 186,965

Semiannual Report

7. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 59,523
Class T	8,439
Class B*	23,307
Class C*	11,037
	$ 102,306

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 142,595	.28
Class T	46,422	.30
Class B	31,470	.29
Class C	64,759	.27
Gold	4,724,315	.29
Institutional Class	66,756	.23
	$ 5,076,317

* Annualized

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $6,618 and is reflected in Miscellaneous expenses on the Consolidated Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

Semiannual Report

Notes to Consolidated Financial Statements (Unaudited) - continued

9. Security Lending - continued

10. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $265,047 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $403.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net realized gain
Class A	$ 801,636	$ 1,356,457
Class T	236,986	386,094
Class B	157,210	226,465
Class C	338,049	480,176
Gold	27,487,941	53,033,502
Institutional Class	415,503	527,718
Total	$ 29,437,325	$ 56,010,412

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	821,482	1,548,727	$ 36,990,487	$ 60,979,204
Reinvestment of distributions	16,589	28,941	743,841	1,258,667
Shares redeemed	(488,677)	(828,099)	(21,857,766)	(32,946,669)
Net increase (decrease)	349,394	749,569	$ 15,876,562	$ 29,291,202
Class T
Shares sold	228,769	410,718	$ 10,430,715	$ 16,022,649
Reinvestment of distributions	5,156	8,602	230,314	372,822
Shares redeemed	(159,132)	(271,824)	(7,102,610)	(10,198,558)
Net increase (decrease)	74,793	147,496	$ 3,558,419	$ 6,196,913
Class B
Shares sold	96,650	271,111	$ 4,274,235	$ 10,287,423
Reinvestment of distributions	3,157	4,654	139,392	199,620
Shares redeemed	(44,210)	(95,719)	(1,956,830)	(3,721,090)
Net increase (decrease)	55,597	180,046	$ 2,456,797	$ 6,765,953
Class C
Shares sold	424,484	698,249	$ 18,873,313	$ 27,513,842
Reinvestment of distributions	6,175	9,039	271,804	386,528
Shares redeemed	(124,551)	(320,512)	(5,457,771)	(12,323,085)
Net increase (decrease)	306,108	386,776	$ 13,687,346	$ 15,577,285

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Gold
Shares sold	19,505,677	40,468,485	$ 893,473,078	$ 1,581,099,363
Reinvestment of distributions	589,132	1,174,296	26,646,409	51,481,173
Shares redeemed	(13,563,064)	(33,470,388)	(611,693,216)	(1,303,757,681)
Net increase (decrease)	6,531,745	8,172,393	$ 308,426,271	$ 328,822,855
Institutional Class
Shares sold	918,009	933,259	$ 41,957,172	$ 39,237,749
Reinvestment of distributions	8,082	10,089	364,823	441,486
Shares redeemed	(151,793)	(208,491)	(7,015,850)	(8,098,596)
Net increase (decrease)	774,298	734,857	$ 35,306,145	$ 31,580,639

13. Other.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.17%
Actual		$ 1,000.00	$ 993.50	$ 5.88
Hypothetical ^A		$ 1,000.00	$ 1,019.31	$ 5.96
Class T	1.43%
Actual		$ 1,000.00	$ 992.40	$ 7.18
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 7.27
Class B	1.92%
Actual		$ 1,000.00	$ 989.80	$ 9.63
Hypothetical ^A		$ 1,000.00	$ 1,015.53	$ 9.75
Class C	1.93%
Actual		$ 1,000.00	$ 989.80	$ 9.68
Hypothetical ^A		$ 1,000.00	$ 1,015.48	$ 9.80
Materials	.89%
Actual		$ 1,000.00	$ 994.80	$ 4.47
Hypothetical ^A		$ 1,000.00	$ 1,020.72	$ 4.53
Institutional Class	.87%
Actual		$ 1,000.00	$ 994.90	$ 4.37
Hypothetical ^A		$ 1,000.00	$ 1,020.82	$ 4.43

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	8.0	9.3
E.I. du Pont de Nemours & Co.	7.7	8.1
Monsanto Co.	6.6	9.3
Praxair, Inc.	6.1	5.9
Freeport-McMoRan Copper & Gold, Inc.	5.6	5.0
Air Products & Chemicals, Inc.	4.0	4.1
Celanese Corp. Class A	3.5	3.1
Newmont Mining Corp.	3.3	3.7
Ecolab, Inc.	2.9	0.0
The Mosaic Co.	2.7	2.9
	50.4

Top Industries (% of fund's net assets)
As of August 31, 2010
	Chemicals	57.9%
	Metals & Mining	25.8%
	Containers & Packaging	7.2%
	Construction Materials	2.3%
	Paper & Forest Products	1.1%
	All Others*	5.7%

fid1498

As of February 28, 2010
	Chemicals	56.9%
	Metals & Mining	24.7%
	Containers & Packaging	4.6%
	Paper & Forest Products	4.0%
	Construction Materials	3.4%
	All Others*	6.4%

fid1506

* Includes short-term investments and net other assets.

Semiannual Report

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
BUILDING PRODUCTS - 1.0%
Building Products - 1.0%
Masco Corp.	704,700		$ 7,392,303
CHEMICALS - 57.9%
Commodity Chemicals - 4.6%
Celanese Corp. Class A	910,806		24,318,520
LyondellBasell Industries NV Class A (a)	380,900		7,808,450
			32,126,970
Diversified Chemicals - 21.7%
Ashland, Inc.	300,563		13,964,157
BASF AG	75,428		3,980,357
Cabot Corp.	18,300		520,269
Dow Chemical Co.	2,296,044		55,954,591
E.I. du Pont de Nemours & Co.	1,324,377		53,994,850
FMC Corp.	160,300		9,983,484
Huntsman Corp.	798,429		7,273,688
Solutia, Inc. (a)	506,732		6,861,151
			152,532,547
Fertilizers & Agricultural Chemicals - 12.1%
CF Industries Holdings, Inc.	160,414		14,838,295
Israel Chemicals Ltd.	128,000		1,615,270
Monsanto Co.	878,056		46,229,648
The Mosaic Co.	321,900		18,882,654
Yara International ASA	87,900		3,533,395
			85,099,262
Industrial Gases - 10.1%
Air Products & Chemicals, Inc.	373,290		27,634,659
Praxair, Inc.	500,141		43,027,130
			70,661,789
Specialty Chemicals - 9.4%
Albemarle Corp.	137,135		5,497,742
Ecolab, Inc.	428,649		20,317,963
Ferro Corp. (a)	983,725		10,525,858
Innophos Holdings, Inc.	338,468		9,873,112
Rockwood Holdings, Inc. (a)	169,132		4,372,062
Stepan Co.	33,500		1,857,575
Symrise AG	141,983		3,509,149
W.R. Grace & Co. (a)	400,347		10,128,779
			66,082,240
TOTAL CHEMICALS			406,502,808
CONSTRUCTION & ENGINEERING - 0.8%
Construction & Engineering - 0.8%
Fluor Corp.	121,700		5,435,122
CONSTRUCTION MATERIALS - 2.3%
Construction Materials - 2.3%
HeidelbergCement AG	240,126		9,632,605
Martin Marietta Materials, Inc. (d)	88,022		6,443,210
			16,075,815

	Shares		Value
CONTAINERS & PACKAGING - 7.2%
Metal & Glass Containers - 7.2%
Ball Corp.	242,626		$ 13,606,466
Crown Holdings, Inc. (a)	490,299		13,659,730
Owens-Illinois, Inc. (a)	597,400		14,970,844
Pactiv Corp. (a)	255,954		8,211,004
			50,448,044
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.3%
Archer Daniels Midland Co.	59,300		1,825,254
MACHINERY - 0.7%
Construction & Farm Machinery & Heavy Trucks - 0.7%
Bucyrus International, Inc. Class A	29,400		1,690,206
Caterpillar, Inc.	51,953		3,385,257
			5,075,463
METALS & MINING - 25.8%
Diversified Metals & Mining - 9.4%
Anglo American PLC (United Kingdom)	106,251		3,813,695
Compass Minerals International, Inc.	99,910		7,168,543
Freeport-McMoRan Copper & Gold, Inc.	546,381		39,328,504
Kazakhmys PLC	164,372		2,914,625
Teck Resources Ltd. Class B (sub. vtg.)	135,000		4,516,249
Walter Energy, Inc.	116,216		8,372,201
			66,113,817
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	333,620		14,108,790
Newcrest Mining Ltd.	165,418		5,484,020
Newmont Mining Corp.	379,200		23,252,544
Randgold Resources Ltd. sponsored ADR	68,600		6,344,814
Yamana Gold, Inc.	405,200		4,104,253
			53,294,421
Steel - 8.8%
Allegheny Technologies, Inc.	316,000		12,867,520
Carpenter Technology Corp.	336,300		10,428,663
Commercial Metals Co.	810,287		10,558,040
Jindal Steel & Power Ltd.	174,560		2,539,443
Reliance Steel & Aluminum Co.	36,500		1,359,625
Steel Dynamics, Inc.	759,901		10,410,644
Ternium SA sponsored ADR (d)	236,600		7,753,382
Vale SA sponsored ADR	218,850		5,854,238
			61,771,555
TOTAL METALS & MINING			181,179,793
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Massey Energy Co.	115,100		3,309,125
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 1.1%
Forest Products - 1.1%
Weyerhaeuser Co.	493,200		$ 7,743,240
TOTAL COMMON STOCKS (Cost $651,565,261)		684,986,967
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 0.24% (b)	6,130,163		6,130,163
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	8,124,795		8,124,795
TOTAL MONEY MARKET FUNDS (Cost $14,254,958)		14,254,958
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $665,820,219)			699,241,925
NET OTHER ASSETS (LIABILITIES) - 0.4%			2,639,169
NET ASSETS - 100%		$ 701,881,094

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 14,257
Fidelity Securities Lending Cash Central Fund	20,957
Total	$ 35,214

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.6%
Germany	2.4%
South Africa	2.0%
Canada	1.3%
Netherlands	1.1%
Luxembourg	1.1%
Others (Individually Less Than 1%)	4.5%
	100.0%

Income Tax Information

At February 28, 2010, the fund had a capital loss carryforward of approximately $22,356,874 of which $21,745,565 and $611,309 will expire on February 28, 2017 and 2018, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	August 31, 2010 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,971,234) - See accompanying schedule: Unaffiliated issuers (cost $651,565,261)	$ 684,986,967
Fidelity Central Funds (cost $14,254,958)	14,254,958
Total Investments (cost $665,820,219)		$ 699,241,925
Receivable for investments sold		9,429,141
Receivable for fund shares sold		1,204,749
Dividends receivable		13,878,046
Distributions receivable from Fidelity Central Funds		6,173
Other receivables		13,338
Total assets		723,773,372

Liabilities
Payable for investments purchased	$ 11,964,462
Payable for fund shares redeemed	1,217,500
Accrued management fee	336,752
Distribution and service plan fees payable	44,935
Other affiliated payables	178,081
Other payables and accrued expenses	25,753
Collateral on securities loaned, at value	8,124,795
Total liabilities		21,892,278

Net Assets		$ 701,881,094
Net Assets consist of:
Paid in capital		$ 694,978,249
Undistributed net investment income		15,719,857
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(42,236,263)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		33,419,251
Net Assets		$ 701,881,094

Statement of Assets and Liabilities - continued

	August 31, 2010 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($56,186,105 ÷ 1,076,486 shares)		$ 52.19

Maximum offering price per share (100/94.25 of $52.19)		$ 55.37
Class T: Net Asset Value and redemption price per share ($14,872,189 ÷ 286,294 shares)		$ 51.95

Maximum offering price per share (100/96.50 of $51.95)		$ 53.83
Class B: Net Asset Value and offering price per share ($9,927,666 ÷ 193,418 shares)^A		$ 51.33

Class C: Net Asset Value and offering price per share ($21,091,747 ÷ 411,484 shares)^A		$ 51.26

Materials: Net Asset Value, offering price and redemption price per share ($579,591,884 ÷ 11,080,074 shares)		$ 52.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($20,211,503 ÷ 386,599 shares)		$ 52.28

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Materials Portfolio
Financial Statements - continued

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

Investment Income
Dividends		$ 6,198,980
Special dividends		13,051,756
Income from Fidelity Central Funds		35,214
Total income		19,285,950

Expenses
Management fee	$ 2,096,899
Transfer agent fees	978,865
Distribution and service plan fees	272,668
Accounting and security lending fees	132,779
Custodian fees and expenses	21,788
Independent trustees' compensation	2,076
Registration fees	79,700
Audit	16,463
Legal	1,245
Interest	956
Tax expense	144
Miscellaneous	4,354
Total expenses before reductions	3,607,937
Expense reductions	(47,523)	3,560,414
Net investment income (loss)		15,725,536
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(13,958,001)
Foreign currency transactions	(41,129)
Total net realized gain (loss)		(13,999,130)
Change in net unrealized appreciation (depreciation) on: Investment securities	(15,596,760)
Assets and liabilities in foreign currencies	(902)
Total change in net unrealized appreciation (depreciation)		(15,597,662)
Net gain (loss)		(29,596,792)
Net increase (decrease) in net assets resulting from operations		$ (13,871,256)

Statement of Changes in Net Assets

	Six months ended August 31, 2010 (Unaudited)	Year ended February 28, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 15,725,536	$ 3,695,665
Net realized gain (loss)	(13,999,130)	54,954,095
Change in net unrealized appreciation (depreciation)	(15,597,662)	118,179,943
Net increase (decrease) in net assets resulting from operations	(13,871,256)	176,829,703
Distributions to shareholders from net investment income	(26,985)	(4,024,717)
Distributions to shareholders from net realized gain	(379,797)	-
Total distributions	(406,782)	(4,024,717)
Share transactions - net increase (decrease)	880,796	390,197,683
Redemption fees	62,549	93,068
Total increase (decrease) in net assets	(13,334,693)	563,095,737

Net Assets
Beginning of period	715,215,787	152,120,050
End of period (including undistributed net investment income of $15,719,857 and $21,306, respectively)	$ 701,881,094	$ 715,215,787

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

Semiannual Report

Financial Highlights - Class A

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 52.54	$ 27.65	$ 57.00	$ 51.01	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	1.07^H	.30^I	.22	.46	.17
Net realized and unrealized gain (loss)	(1.41)	24.90	(29.46)	8.05	3.93
Total from investment operations	(.34)	25.20	(29.24)	8.51	4.10
Distributions from net investment income	-	(.32)	(.12)	(.32)	-
Distributions from net realized gain	(.01)	-	-	(2.21)	-
Total distributions	(.01)	(.32)	(.12)	(2.53)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 52.19	$ 52.54	$ 27.65	$ 57.00	$ 51.01
Total Return^{B, C, D}	(.65)%	91.25%	(51.30)%	16.79%	8.76%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.17%^A	1.23%	1.21%	1.21%	1.50%^A
Expenses net of fee waivers, if any	1.17%^A	1.23%	1.21%	1.21%	1.40%^A
Expenses net of all reductions	1.16%^A	1.22%	1.20%	1.21%	1.38%^A
Net investment income (loss)	4.00%^{A, H}	.65%^I	.47%	.83%	1.76%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 56,186	$ 52,352	$ 10,796	$ 12,522	$ 1,018
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .51%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.53 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class T

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 52.35	$ 27.56	$ 56.80	$ 50.89	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	1.00^H	.16^I	.10	.32	.11
Net realized and unrealized gain (loss)	(1.40)	24.81	(29.32)	8.00	3.87
Total from investment operations	(.40)	24.97	(29.22)	8.32	3.98
Distributions from net investment income	-	(.19)	(.03)	(.21)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.19)	(.03)	(2.42)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.95	$ 52.35	$ 27.56	$ 56.80	$ 50.89
Total Return^{B, C, D}	(.76)%	90.70%	(51.43)%	16.45%	8.51%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.43%^A	1.52%	1.46%	1.46%	1.80%^A
Expenses net of fee waivers, if any	1.43%^A	1.52%	1.46%	1.46%	1.65%^A
Expenses net of all reductions	1.41%^A	1.51%	1.46%	1.46%	1.62%^A
Net investment income (loss)	3.74%^{A, H}	.35%^I	.22%	.57%	1.18%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,872	$ 14,712	$ 4,944	$ 6,850	$ 707
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .25%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .14%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.42 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 51.86	$ 27.35	$ 56.59	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.86^H	(.07)^I	(.12)	.04	.06
Net realized and unrealized gain (loss)	(1.39)	24.61	(29.13)	7.98	3.84
Total from investment operations	(.53)	24.54	(29.25)	8.02	3.90
Distributions from net investment income	-	(.04)	-	(.04)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.04)	-	(2.25)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.33	$ 51.86	$ 27.35	$ 56.59	$ 50.81
Total Return^{B, C, D}	(1.02)%	89.79%	(51.67)%	15.89%	8.34%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.92%^A	2.02%	1.95%	1.97%	2.26%^A
Expenses net of fee waivers, if any	1.92%^A	2.02%	1.95%	1.97%	2.15%^A
Expenses net of all reductions	1.91%^A	2.01%	1.95%	1.96%	2.12%^A
Net investment income (loss)	3.24%^{A, H}	(.15)%^I	(.27)%	.07%	.60%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,928	$ 9,538	$ 2,601	$ 4,173	$ 662
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.92 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.25)%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.25 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Class C

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^M	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 51.79	$ 27.31	$ 56.50	$ 50.81	$ 46.90
Income from Investment Operations
Net investment income (loss)^E	.85^H	(.06)^I	(.13)	.04	.09
Net realized and unrealized gain (loss)	(1.38)	24.57	(29.07)	7.97	3.81
Total from investment operations	(.53)	24.51	(29.20)	8.01	3.90
Distributions from net investment income	-	(.04)	-	(.12)	-
Distributions from net realized gain	-	-	-	(2.21)	-
Total distributions	-	(.04)	-	(2.33)^O	-
Redemption fees added to paid in capital^E	-^N	.01	.01	.01	.01
Net asset value, end of period	$ 51.26	$ 51.79	$ 27.31	$ 56.50	$ 50.81
Total Return^{B, C, D}	(1.02)%	89.82%	(51.66)%	15.87%	8.34%
Ratios to Average Net Assets^{F, K}
Expenses before reductions	1.93%^A	2.01%	1.95%	1.96%	2.31%^A
Expenses net of fee waivers, if any	1.93%^A	2.01%	1.95%	1.96%	2.15%^A
Expenses net of all reductions	1.91%^A	2.00%	1.95%	1.96%	2.13%^A
Net investment income (loss)	3.24%^{A, H}	(.13)%^I	(.27)%	.07%	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,092	$ 20,469	$ 5,509	$ 8,743	$ 547
Portfolio turnover rate^G	108%^A	104%^L	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.92 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.25)%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.35)%. ^JFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LThe portfolio turnover rate does not include the assets acquired in the merger. ^MFor the year ended February 29. ^NAmount represents less than $.01 per share. ^OTotal distributions of $2.33 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Financial Highlights - Materials

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^L	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78
Income from Investment Operations
Net investment income (loss)^E	1.15^H	.43^I	.38	.64	.42	.32
Net realized and unrealized gain (loss)	(1.42)	24.91	(29.54)	8.01	9.36	6.40
Total from investment operations	(.27)	25.34	(29.16)	8.65	9.78	6.72
Distributions from net investment income	-^M	(.40)	(.20)	(.36)	(.48)	(.25)
Distributions from net realized gain	(.03)	-	-	(2.21)	(4.79)	(.93)
Total distributions	(.03)	(.40)	(.20)	(2.57)^N	(5.27)	(1.18)
Redemption fees added to paid in capital^E	-^M	.01	.01	.01	.06	.03
Net asset value, end of period	$ 52.31	$ 52.61	$ 27.66	$ 57.01	$ 50.92	$ 46.35
Total Return^{B, C, D}	(.52)%	91.77%	(51.15)%	17.10%	22.29%	17.01%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.89%^A	.96%	.90%	.91%	1.01%	1.05%
Expenses net of fee waivers, if any	.89%^A	.96%	.90%	.90%	.98%	1.05%
Expenses net of all reductions	.87%^A	.94%	.90%	.89%	.96%	1.01%
Net investment income (loss)	4.28%^{A, H}	.92%^I	.78%	1.14%	.87%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 579,592	$ 604,475	$ 127,551	$ 353,185	$ 230,147	$ 169,523
Portfolio turnover rate^G	108%^A	104%^K	117%	77%	185%	124%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment income per share reflects a special dividend which amounted to $.94 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .79%. ^IInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .70%. ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KThe portfolio turnover rate does not include the assets acquired in the merger. ^LFor the year ended February 29. ^MAmount represents less than $.01 per share. ^NTotal distributions of $2.57 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.

Financial Highlights - Institutional Class

	Six months ended August 31, 2010	Years ended February 28,
	(Unaudited)	2010	2009	2008^L	2007^I
Selected Per-Share Data
Net asset value, beginning of period	$ 52.58	$ 27.66	$ 57.00	$ 50.91	$ 46.90
Income from Investment Operations
Net investment income (loss)^D	1.15^G	.46^H	.38	.64	.08
Net realized and unrealized gain (loss)	(1.41)	24.89	(29.53)	8.00	3.92
Total from investment operations	(.26)	25.35	(29.15)	8.64	4.00
Distributions from net investment income	(.01)	(.44)	(.20)	(.36)	-
Distributions from net realized gain	(.03)	-	-	(2.21)	-
Total distributions	(.04)	(.44)	(.20)	(2.56)^N	-
Redemption fees added to paid in capital^D	-^M	.01	.01	.01	.01
Net asset value, end of period	$ 52.28	$ 52.58	$ 27.66	$ 57.00	$ 50.91
Total Return^{B, C}	(.51)%	91.79%	(51.15)%	17.08%	8.55%
Ratios to Average Net Assets^{E, J}
Expenses before reductions	.87%^A	.94%	.90%	.89%	1.06%^A
Expenses net of fee waivers, if any	.87%^A	.94%	.90%	.89%	1.06%^A
Expenses net of all reductions	.86%^A	.93%	.90%	.89%	1.04%^A
Net investment income (loss)	4.29%^{A, G}	.94%^H	.78%	1.14%	.79%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,212	$ 13,670	$ 719	$ 1,820	$ 119
Portfolio turnover rate^F	108%^A	104%^K	117%	77%	185%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a special dividend which amounted to $.93 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .80%. ^HInvestment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been ..72%. ^IFor the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KThe portfolio turnover rate does not include the assets acquired in the merger. ^LFor the year ended February 29. ^MAmount represents less than $.01 per share. ^NTotal distributions of $2.56 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.210 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 87,689,835
Gross unrealized depreciation	(58,191,159)
Net unrealized appreciation (depreciation)	$ 29,498,676

Tax cost	$ 669,743,249

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $411,218,374 and $390,821,599, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 71,713	$ 60
Class T	.25%	.25%	38,588	-
Class B	.75%	.25%	51,907	38,930
Class C	.75%	.25%	110,460	45,383
			$ 272,668	$ 84,313

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 42,456
Class T	5,338
Class B*	10,882
Class C*	5,683
	$ 64,359

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets*
Class A	$ 82,591	.29
Class T	22,941	.30
Class B	15,222	.29
Class C	32,780	.30
Materials	799,552	.26
Institutional Class	25,779	.24
	$ 978,865

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,741,091	.46%	$ 956

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,490 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $47,415 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $108.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2010	Year ended February 28, 2010
From net investment income
Class A	$ -	$ 238,202
Class T	-	47,220
Class B	-	5,848
Class C	-	12,908
Materials	24,058	3,662,178
Institutional Class	2,927	58,361
Total	$ 26,985	$ 4,024,717

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Distributions to Shareholders - continued

	Six months ended August 31, 2010	Year ended February 28, 2010
From net realized gain
Class A	$ 10,674	$ -
Materials	358,147	-
Institutional Class	10,976	-
Total	$ 379,797	$ -

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended August 31, 2010	Year ended February 28, 2010	Six months ended August 31, 2010	Year ended February 28, 2010
Class A
Shares sold	411,175	858,136	$ 22,447,312	$ 40,135,680
Reinvestment of distributions	169	4,377	9,923	220,619
Shares redeemed	(331,208)	(256,610)	(17,455,121)	(11,780,339)
Net increase (decrease)	80,136	605,903	$ 5,002,114	$ 28,575,960
Class T
Shares sold	58,429	167,992	$ 3,167,897	$ 7,326,294
Reinvestment of distributions	-	941	-	45,756
Shares redeemed	(53,138)	(67,330)	(2,828,360)	(3,005,643)
Net increase (decrease)	5,291	101,603	$ 339,537	$ 4,366,407
Class B
Shares sold	54,185	131,820	$ 2,946,230	$ 5,954,562
Reinvestment of distributions	-	103	-	4,824
Shares redeemed	(44,694)	(43,087)	(2,338,501)	(1,785,370)
Net increase (decrease)	9,491	88,836	$ 607,729	$ 4,174,016
Class C
Shares sold	111,815	299,617	$ 6,044,243	$ 13,304,163
Reinvestment of distributions	-	234	-	10,972
Shares redeemed	(95,569)	(106,334)	(4,973,771)	(4,538,206)
Net increase (decrease)	16,246	193,517	$ 1,070,472	$ 8,776,929
Materials
Shares sold	3,697,621	11,253,841	$ 204,610,034	$ 539,188,177
Issued in exchange for shares of Paper and Forest Products Portfolio	-	337,332	-	13,304,373
Reinvestment of distributions	6,152	68,039	360,709	3,440,550
Shares redeemed	(4,114,442)	(4,780,310)	(219,006,402)	(223,285,260)
Net increase (decrease)	(410,669)	6,878,902	$ (14,035,659)	$ 332,647,840
Institutional Class
Shares sold	335,445	269,782	$ 18,531,345	$ 13,383,120
Reinvestment of distributions	202	839	11,869	43,347
Shares redeemed	(209,053)	(36,606)	(10,646,611)	(1,769,936)
Net increase (decrease)	126,594	234,015	$ 7,896,603	$ 11,656,531

11. Other.

Semiannual Report

12. Merger Information.

Net investment income (loss)	$ 3,777,997
Total net realized gain (loss)	51,950,136
Total change in net unrealized appreciation (depreciation)	125,269,592
Net increase (decrease) in net assets resulting from operations	$ 180,997,725

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value March 1, 2010	Ending Account Value August 31, 2010	Expenses Paid During Period* March 1, 2010 to August 31, 2010
Class A	1.19%
Actual		$ 1,000.00	$ 1,064.00	$ 6.19
Hypothetical ^A		$ 1,000.00	$ 1,019.21	$ 6.06
Class T	1.48%
Actual		$ 1,000.00	$ 1,062.70	$ 7.69
Hypothetical ^A		$ 1,000.00	$ 1,017.74	$ 7.53
Class B	1.95%
Actual		$ 1,000.00	$ 1,060.10	$ 10.13
Hypothetical ^A		$ 1,000.00	$ 1,015.38	$ 9.91
Class C	1.94%
Actual		$ 1,000.00	$ 1,060.20	$ 10.07
Hypothetical ^A		$ 1,000.00	$ 1,015.43	$ 9.86
Telecommunications	.94%
Actual		$ 1,000.00	$ 1,065.40	$ 4.89
Hypothetical ^A		$ 1,000.00	$ 1,020.47	$ 4.79
Institutional Class	.88%
Actual		$ 1,000.00	$ 1,065.80	$ 4.58
Hypothetical ^A		$ 1,000.00	$ 1,020.77	$ 4.48

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Telecommunications Portfolio

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2010
	% of fund's net assets	% of fund's net assets 6 months ago
Verizon Communications, Inc.	15.0	12.9
AT&T, Inc.	8.6	13.0
American Tower Corp. Class A	7.5	6.3
Crown Castle International Corp.	6.3	5.9
Qwest Communications International, Inc.	5.8	5.2
Sprint Nextel Corp.	5.4	6.3
CenturyTel, Inc.	4.8	2.5
SBA Communications Corp. Class A	3.9	3.9
NII Holdings, Inc.	3.3	3.7
Windstream Corp.	3.2	0.3
	63.8

Top Industries (% of fund's net assets)
As of August 31, 2010
	Diversified Telecommunication Services	46.2%
	Wireless Telecommunication Services	39.6%
	Media	9.5%
	Internet Software & Services	1.5%
	Software	0.9%
	All Others*	2.3%

fid1514

As of February 28, 2010
	Diversified Telecommunication Services	48.5%
	Wireless Telecommunication Services	36.5%
	Media	9.4%
	Software	1.0%
	Communications Equipment	0.3%
	All Others*	4.3%

fid1522

* Includes short-term investments and net other assets.

Semiannual Report

Telecommunications Portfolio

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Aruba Networks, Inc. (a)	392		$ 7,201
Cisco Systems, Inc. (a)	43,500		872,175
F5 Networks, Inc. (a)	40		3,497
Juniper Networks, Inc. (a)	44,947		1,222,558
Nortel Networks Corp. (a)	8,071		0
Polycom, Inc. (a)	40		1,139
Sandvine Corp. (a)	3,200		4,502
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	600		5,778
			2,116,850
COMPUTERS & PERIPHERALS - 0.0%
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	500		9,975
NetApp, Inc. (a)	20		809
Synaptics, Inc. (a)	450		11,889
			22,673
DIVERSIFIED TELECOMMUNICATION SERVICES - 46.2%
Alternative Carriers - 5.6%
Cable & Wireless Worldwide PLC	5		5
Cogent Communications Group, Inc. (a)	64,802		565,073
Global Crossing Ltd. (a)	302,086		3,715,658
Iliad Group SA	55,144		5,186,006
Level 3 Communications, Inc. (a)	7,976		8,215
PAETEC Holding Corp. (a)	73,600		301,760
tw telecom, inc. (a)	532,857		9,343,648
			19,120,365
Integrated Telecommunication Services - 40.6%
AT&T, Inc.	1,096,319		29,633,503
BT Group PLC	5,351		10,914
Cable & Wireless PLC	5		4
Cbeyond, Inc. (a)	177,698		2,123,491
CenturyTel, Inc.	453,190		16,387,350
China Unicom (Hong Kong) Ltd. sponsored ADR	342,100		4,741,506
Cincinnati Bell, Inc. (a)	225,000		528,750
Deutsche Telekom AG	763		10,048
FairPoint Communications, Inc. (a)	34,149		888
Frontier Communications Corp.	12,732		98,418
Hellenic Telecommunications Organization SA	163		1,112
Qwest Communications International, Inc.	3,513,189		19,849,518
Telecom Italia SpA sponsored ADR	226		3,067
Telenor ASA sponsored ADR	77,000		3,371,830
Verizon Communications, Inc.	1,743,169		51,440,919
Windstream Corp.	963,015		11,108,378
			139,309,696
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			158,430,061

	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0%
Electronic Manufacturing Services - 0.0%
Trimble Navigation Ltd. (a)	40		$ 1,125
INTERNET SOFTWARE & SERVICES - 1.5%
Internet Software & Services - 1.5%
Google, Inc. Class A (a)	7,500		3,375,150
Rackspace Hosting, Inc. (a)	90,700		1,785,883
SAVVIS, Inc. (a)	99		1,733
			5,162,766
MEDIA - 9.5%
Broadcasting - 0.0%
Ten Network Holdings Ltd. (a)	5		6
Cable & Satellite - 9.5%
Comcast Corp. Class A	408,100		6,986,672
DIRECTV (a)	138,709		5,259,845
Dish TV India Ltd. (a)	5,888		6,341
Kabel Deutschland Holding AG	112,800		3,574,209
Liberty Global, Inc. Class A (a)(d)	164,900		4,538,048
Net Servicos de Comunicacao SA sponsored ADR (a)(d)	268,500		3,418,005
Time Warner Cable, Inc.	51,172		2,640,987
Virgin Media, Inc.	290,600		6,047,386
			32,471,493
Movies & Entertainment - 0.0%
Madison Square Garden, Inc. Class A (a)	525		10,282
TOTAL MEDIA			32,481,781
SOFTWARE - 0.9%
Application Software - 0.9%
Gameloft (a)	671,586		3,038,790
Nuance Communications, Inc. (a)	800		11,744
Synchronoss Technologies, Inc. (a)	3		46
			3,050,580
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	3		3
TOTAL SOFTWARE			3,050,583
WIRELESS TELECOMMUNICATION SERVICES - 39.6%
Wireless Telecommunication Services - 39.6%
America Movil SAB de CV Series L sponsored ADR	300		13,989
American Tower Corp. Class A (a)	548,600		25,707,396
Axiata Group Bhd (a)	2,433,700		3,427,350
Clearwire Corp. Class A (a)(d)	1,476,236		9,462,673
Crown Castle International Corp. (a)	525,683		21,616,085
ICO Global Communications Holdings Ltd. Class A (a)	2,399,277		3,215,031
Idea Cellular Ltd. (a)	3,710		5,644
Leap Wireless International, Inc. (a)(d)	596,158		6,182,158
MetroPCS Communications, Inc. (a)	1,025,106		9,164,448
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
MTN Group Ltd.	220,325		$ 3,598,618
NII Holdings, Inc. (a)	311,400		11,288,250
NTELOS Holdings Corp.	632		10,226
PT Indosat Tbk	1,600		779
SBA Communications Corp. Class A (a)	369,382		13,223,876
Sprint Nextel Corp. (a)	4,515,750		18,424,260
Syniverse Holdings, Inc. (a)	66,468		1,367,247
Telephone & Data Systems, Inc.	15,152		437,741
TIM Participacoes SA sponsored ADR (non-vtg.)	55,900		1,598,181
VimpelCom Ltd. ADR (a)	167,900		2,510,105
Vivo Participacoes SA sponsored ADR (d)	116,525		2,796,600
Vodafone Group PLC sponsored ADR	66,400		1,605,552
			135,656,209
TOTAL COMMON STOCKS (Cost $359,108,382)		336,922,048
Money Market Funds - 7.1%
	Shares		Value
Fidelity Cash Central Fund, 0.24% (b)	5,633,147		$ 5,633,147
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	18,730,400		18,730,400
TOTAL MONEY MARKET FUNDS (Cost $24,363,547)		24,363,547
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $383,471,929)			361,285,595
NET OTHER ASSETS (LIABILITIES) - (5.4)%			(18,586,111)
NET ASSETS - 100%		$ 342,699,484

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,346
Fidelity Securities Lending Cash Central Fund	149,351
Total	$ 157,697

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 336,922,048	$ 333,472,624	$ 3,449,424	$ -
Money Market Funds	24,363,547	24,363,547	-	-
Total Investments in Securities:	$ 361,285,595	$ 357,836,171	$ 3,449,424	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	87.5%
France	2.4%
Brazil	2.3%
Bermuda	1.8%
Hong Kong	1.4%
Germany	1.1%
South Africa	1.0%
Malaysia	1.0%
Norway	1.0%
Others (Individually Less Than 1%)	0.5%
	100.0%

Income Tax Information

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

Semiannual Report