SUPPLEMENT TO THE
FIDELITY SELECT
PORTFOLIOS(registered trademark)
PROSPECTUS
DATED APRIL 29, 1995
Effective July 31, 1995, the following information supplements that
found in the section entitled "FMR and Its Affiliates," beginning on page
P-34.
John Avery has managed Chemicals since July 1995. He joined Fidelity in
January 1995. Previously, Mr. Avery was a domestic analyst at Putnam
Investments from 1993 to December 1994, and he was an investment banking
associate for Alex Brown & Sons from 1986 to 1991. He received an MBA from
the Wharton School at the University of Pennsylvania in 1993.
Effective July 31, 1995, the following information replaces that found in
the section entitled "FMR and Its Affiliates," beginning on page P-34.
David Felman has been manager of Telecommunications since April 1994 and
has been assisting on Magellan since January 1995. Previously, he managed
Chemicals. Mr. Felman joined Fidelity as a research analyst in June 1993
after receiving his M.A. from Harvard University. He received his M.B.A.
from New York University in 1991.
Effective July 21, 1995, the following information supplements that found
in the section entitled "FMR and Its Affiliates," beginning on page P-34.
Lawrence Rakers has managed American Gold since July 1995. He joined
Fidelity as a research analyst in 1993. Previously, he was a project
engineer for Loral Corporation from 1986 to 1993, and he received an MBA
from Northeastern University in 1993.
Effective July 21, 1995, the following information replaces that found in
the section entitled "FMR and Its Affiliates," beginning on page P-34.
Malcolm MacNaught has been portfolio manager of Precious Metals and
Minerals since July 1981. He also manages Advisor Global Natural Resources,
and he previously managed American Gold. Mr. MacNaught joined Fidelity in
1968 .
The following information replaces that found in the section entitled
"Exchange Restrictions," beginning on page P-55.
For cash management purposes, up to three business days may pass before
exchange proceeds are paid from one Select fund to another, or to another
Fidelity equity fund. Exchange proceeds are recorded in your shareholder
account when the transaction occurs. Therefore, when you exchange from a
stock fund to the money market fund, you will earn money market dividends
immediately. When you exchange from the money market fund to a stock fund,
you will not earn money market dividends during the three business-day
period. This policy could increase the volatility of the money market
fund's yield.
