SUPPLEMENT TO THE
FIDELITY SELECT
PORTFOLIOS(registered trademark)
PROSPECTUS
DATED APRIL 30, 1994
Effective December 1, 1994 the following information replaces the
discussion of portfolio managers found in the "FMR AND ITS AFFILIATEs"
section beginning on page P-34.
Paul Antico has been portfolio manager of Developing Communications
since November 1993. Previously, he served as an analyst for the
telecommunications equipment and restaurant industries. He also served as
an assistant on Balanced and Equity-Income II. He joined Fidelity in 1991,
after receiving a B.S. in economics from the Massachusetts Institute of
Technology.
Philip Barton has been portfolio manager of Environmental Services since
October 1993. Previously, he managed Developing Communications and was
senior European technology analyst at Fidelity International in London.
Barton joined the company in 1986 as an analyst following first the banking
industry and then software and computer services. He received his C.F.A. in
1988.
Robert Bertelson has been portfolio manager of Industrial Equipment
since December 199 4 . Previously, he managed Energy. He
joined Fidelity in 1991. Before joining Fidelity he
was vice president of Wellington Management Company.
Stephen Binder has been portfolio manager of Medical Delivery Portfolio
since December 1994. Previously, he managed Regional Banks, Defense and
Aerospace, and Financial Services. Mr. Binder joined Fidelity in 1989.
William Bower has been portfolio manager of Construction and Housing
since December 1994. He joined Fidelity as a research analyst in June 1994,
after receiving an M.B.A. from the University of Chicago. He also served as
a research intern at Fidelity in the summer of 1993. Previously, Mr. Bower
was a real estate commercial loan officer for Michigan National Bank.
Douglas Chase has been portfolio manager of Industrial Materials since
November 1994. He joined Fidelity as an analyst for the steel industry in
1993, after receiving an M.B.A. from the University of Michigan.
Previously, Mr. Chase was a market researcher and consultant for Stanford
Resources.
Robert Chow has been portfolio manager of Insurance since June 1993. He
has also served as manager of Computers, Paper and Forest Products and
Technology and as an assistant on Growth & Income. Chow joined the company
as a summer intern in 1989. Before that, he was a sub-project manager at
TRW, an aerospace company. Chow received an M.B.A. in finance from the
University of Chicago in 1990.
Arieh Coll has been portfolio manager of Brokerage and Investment
Management since November 1993. He also manages Export Fund. Previously, he
managed Software and Computer Services as well Technology. Mr. Coll joined
Fidelity in 1989.
Stephen DuFour has been portfolio manager of Multimedia since July 1993
and Transportation since December 1994. He joined Fidelity in 1992 after
receiving an M.B.A. from the University of Chicago.
David Ellison has been portfolio manager of Home Finance since December
1985. Previously, he managed Brokerage and Investment Management and
Financial Services. He has also been a banking and finance analyst.
Mary English has been portfolio manager of Consumer Products since
February, 1994. Previously, she managed Retailing and was an equity analyst
following the specialty retail and advertising industries. English joined
Fidelity in 1991, after receiving her M.B.A. from the University of
Virginia. Before that, she was a senior equity analyst and vice president
at Furman, Selz, an institutional research firm.
Jeff Feinberg has been portfolio manager of Retailing since February,
1994. Previously, he served as an analyst following the footware and
specialty retail industries. Mr. Feinberg joined Fidelity in March 1992
while attending Harvard Business School. He received an M.B.A. from
Harvard in 1993. Before that, Feinberg was a merger and acquisitions
analyst at Wasserstein Perella & Co.
David Felman has been portfolio manager of Telecommunications since
April 1994. Felman joined the company in 1993 as an analyst following the
specialty chemicals, engineering and construction, and the recreational
vehicle and manufactured home industries. He received an M.A. in philosophy
from Harvard, an M.B.A. from New York University, and a B.A. in philosophy
from Columbia University.
Karen Firestone has been portfolio manager of Biotechnology since August
1992. Previously, she managed Air Transportation, Multimedia, Leisure, and
Transportation, Firestone joined the company in 1983.
John Hurley has been portfolio m anager of Software and
Com puter Services since October 1994. Previously, he was a Fidelity
analyst covering PC databases, mainframe and software compan ies. Mr.
Hurley joined Fidelity in 1993 as an analyst covering software
companies . He received an M.B.A. from Stanford University in 1993.
Previously, Mr. Hurley served as an officer in the U.S. Army.
Harry Lange has been portfolio manager of Electronics since January
1994, Technology since November 1993, and Computers since June 1992.
Previously, he managed Automation and Machinery and Capital Goods. He
joined the company in 1987.
Malcolm MacNaught has been portfolio manager of American Gold since
December 1985 and Precious Metals and Minerals since July 1981. He also
manages Advisor Global Natural Resources.
Charles Mangum has been portfolio manager of Health Care since March
1992. Previously, he managed Medical Delivery. He received an M.B.A. from
the University of Chicago in 1990. Before joining Fidelity in 1990, he
worked as a financial analyst at Eppler, Guerin and Turner, a Dallas-based
brokerage house.
William Mankivsky has been portfolio manager of Food and Agriculture
since April 1993. Previously, he managed Energy Service. He joined Fidelity
in 1991 after receiving an M.B.A. from the University of Chicago.
Previously, he was an analyst at the Prudential Property Company in
Chicago.
John Muresianu has been portfolio manager of Utilities Growth and
Utilities Fund since December 1992. Previously, he managed Natural Gas and
Electric Utilities and served as senior research analyst following natural
gas pipelines, life insurance, service companies, Canadian stocks and
foreign currencies. He has also been a pension fund manager with the
company. Muresianu joined Fidelity in 1986.
Scott Offen has been portfolio manager of Paper and Forest Products
since November 1993. Previously, he manage Brokerage and Investment
Management and Life Insurance. Offen joined the company in 1985 as an
insurance and finance analyst.
Daniel Pickering has been portfolio manager of Energy Services since
December 1994. He joined Fidelity as a research analyst in 1994, after
receiving an M.B.A. from the University of Chicago. Previously, Mr.
Pickering was a planning analyst and engineer for ARCO.
Brenda Reed has been portfolio manager of Automotive since May 1994.
Previously, she managed Air Transportation. Before joining Fidelity in
1992, she was an equity analyst at the Putnam Companies and vice president
of New England Research and Management. Ms. Reed received an M.B.A. from
the Amos Tuck School of Business Administration at Dartmouth College in
1992, and a B.S. in financial management from Boston University in
1989.
Albert Ruback has been portfolio manager of Energy since December 1994.
Previously, he managed Industrial Equipment. Mr. Ruback joined Fidelity in
1991, after receiving an M.B.A. from Harvard Business School.
William Rubin has been portfolio manager of Defense and Aerospace since
December 1994. He joined Fidelity in 1994 as an analyst, after receiving an
M.B.A. from Harvard Business School. Mr. Rubin also worked as a summer
analyst intern at Fidelity in 1993. Before joining Fidelity, he worked in
investor relations and was a financial analyst for VLSI Technology and was
a financial analyst for Robertson, Stephens and Company.
Louis Salemy has been portfolio manager of Regional Banks and Financial
Services since December 1994. Previously, he managed Industrial Materials
and Medical Delivery. Before joining Fidelity in 1992, Mr. Salemy was a
security analyst for Loomis, Sayles and Company. He received an M.B.A. in
finance from New York University in 1989.
Mark Tempero has been portfolio manager of Natural Gas since February
1994. He joined Fidelity in May 1993 as an analyst following domestic oil
and gas exploration and production as well as conglomerates. Tempero
received an M.B.A. from the University of Chicago in 1993 and his masters
in economics from the London School of Economics in 1992.
Jason Weiner has been portfolio manager of Air Transportation since
December 1994. Previously, he was a research analyst from 1993 to December
1994, covering biotechnology, technology, retail, and business services.
Mr. Weiner joined Fidelity as a research associate in 1991 after receiving
his B.A. from Swarthmore College.
Deborah Wheeler has been portfolio manager of Leisure since August 1992.
Previously, Wheeler managed Food and Agriculture, Housing, and Retailing.
She was also an assistant on Magellan. Wheeler joined Fidelity in 1986.
Steven Wymer has been portfolio manager of Chemicals since January 1993.
He is also an assistant on Magellan. Previously, he was portfolio manager
of Automotive and an assistant on Growth & Income. Wymer joined the company
in 1989, after receiving an M.B.A. from the University of Chicago.
Effective August 3, 1994, Select Utilities Portfolio change d its
name to Select Utilities Growth Portfolio.
