SUPPLEMENT TO THE
FIDELITY SELECT
PORTFOLIOS(registered trademark)
PROSPECTUS
DATED APRIL 30, 1994
Effective August 3, 1994,
Select Utilities Portfolio will
change its name to Select
Utilities Growth Portfolio.
Effective May 16, 1994 the
following information replaces
the discussion of portfolio
manager Richard Patton and
supplements the information
regarding Brenda Reed found
in the "FMR AND ITS AFFILIATEs"
section on page P-35.
BRENDA REED has been
portfolio manager of
Automotive since May 1994
and portfolio manager of Air
Transportation since December
1992. She joined the company
in 1992 as an equity analyst
following the apparel and textile
industries. Previously, she was
an equity analyst at the Putnam
Companies and vice president
of New England Research and
Management. Reed received
an M.B.A. from Dartmouth
College in 1992, and a B.S. in
financial management from
Boston University in 1989.
SEL - 94 - 2 August 3, 1994
SUPPLEMENT TO THE
FIDELITY SELECT
PORTFOLIOS(registered trademark)
PROSPECTUS
DATED APRIL 30, 1994
Effective August 3, 1994,
Select Utilities Portfolio will
change its name to Select
Utilities Growth Portfolio.
Effective May 16, 1994 the
following information replaces
the discussion of portfolio
manager Richard Patton and
supplements the information
regarding Brenda Reed found
in the "FMR AND ITS AFFILIATEs"
section on page P-35.
BRENDA REED has been
portfolio manager of
Automotive since May 1994
and portfolio manager of Air
Transportation since December
1992. She joined the company
in 1992 as an equity analyst
following the apparel and textile
industries. Previously, she was
an equity analyst at the Putnam
Companies and vice president
of New England Research and
Management. Reed received
an M.B.A. from Dartmouth
College in 1992, and a B.S. in
financial management from
Boston University in 1989.
SEL - 94 - 2 August 3, 1994
FIDELITY SELECT PORTFOLIOS(registered trademark)
Supplement to the Statement of Additional Information
dated April 30, 1994
Effective August 3, 1994, Select Utilities Portfolio will change its
name to Select Utilities Growth Portfolio.
MANAGEMENT CONTRACT. Effective August 1, 1994, FMR agreed to
voluntarily adopt the revised group fee rate schedule shown below for
purposes of calculating the group fee component of the management fee. The
revised schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on page 42.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE
RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average Group
Annualized
Group Net
Effective Annual Fee
Assets Rate Assets Rate
</TABLE>
0 - $ 3 billion .520% $ 0.5 billion .5200%
3 - 6 .490 25 .4238
6 - 9 .460 50 .3823
9 - 12 .430 75 .3626
12 - 15 .400 100 .3512
15 - 18 .385 125 .3430
18 - 21 .370 150 .3371
21 - 24 .360 175 .3325
24 - 30 .350 200 .3284
30 - 36 .345 225 . 3249
36 - 42 .340 250 . 3219
42 - 48 .335 275 . 3190
48 - 66 .325 300 . 3163
66 - 84 .320 325 . 3137
84 - 102 .315 350 . 3113
102 - 138 .310 375 . 3090
138 - 174 .305 400 . 3067
174 - 210 .300
210 - 246 . 295
246 - 282 . 290
282 - 318 . 285
318 - 354 . 280
354 - 390 . 275
Over 390 . 270
SELB-94-1 August 1994
