SUPPLEMENT TO THE
FIDELITY SELECT
PORTFOLIOS(registered trademark)
PROSPECTUS
DATED APRIL 29, 1995
Effective February 1, 1996, the following information replaces that
found in the section entitled "FMR and Its Affiliates," beginning on page
P-34.
Katherine Collins is manager of Leisure, which she has managed since
February 1996. Previously, she managed Construction and Housing. She joined
Fidelity as an equity analyst in 1990.
Stephen DuFour is manger of Transportation, which he has managed since
December 1994. Previously, he managed Multimedia. Mr. DuFour joined
Fidelity as an equity analyst in 1992, after receiving an M.B.A. from the
University of Chicago.
John Porter is manager of Multimedia, which he has managed since February
1996. He joined Fidelity as an equity analyst in 1995, after receiving an
M.B.A. from the University of Chicago. He also was a research intern at
Fidelity during the summer of 1994. Previously, Mr. Porter was a product
engineer for Ford Motor Company.
Lawrence Rakers is manager of American Gold and Paper and Forest Products,
which he has managed since July 1995 and February 1996, respectively. He
joined Fidelity as a research analyst in 1993. Previously, Mr. Rakers was a
project engineer for Loral Corporation from 1986 to 1993, and he received
an MBA from Northeastern University in 1993.
Effective January 3, 1996, the following information replaces that found in
the section entitled "FMR and Its Affiliates," beginning on page P-34.
Robert Ewing has been portfolio manager of Environmental Services since
January 1996. Previously, he was an equity analyst following several
different industries. Mr. Ewing joined Fidelity in 1990.
Remy Trafelet has been portfolio manager of Regional Banks since January
1996. Previously, he was an equity analyst following the regional banks and
international oil industries. Mr. Trafelet joined Fidelity as a research
associate in 1992, after receiving a B.A. from Dartmouth College.
Effective December 28, 1995, the following information replaces that found
in the section entitled "FMR and Its Affiliates," beginning on page P-34.
Louis Salemy has been portfolio manager of Brokerage and Investment
Management since December 1995 and Financial Services since December 1994.
Previously, he managed Industrial Materials, Medical Delivery, and Regional
Banks. Mr. Salemy joined Fidelity in 1992 as a research analyst covering
the health care and metals industries. Before joining Fidelity, Mr. Salemy
was a security analyst for Loomis, Sayles and Company.
Effective July 31, 1995, the following information replaces that found in
the section entitled "FMR and Its Affiliates," beginning on page P-34.
John Avery has been portfolio manager of 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.
David Felman has been portfolio 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 MBA
from New York University in 1991.
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 the similar information found in the
"Transaction Details" section beginning on page P-54.
FDC collects the proceeds from the fund's 3% sales charge and may pay a
portion of them to securities dealers who have sold the fund's shares, or
to others, including banks and other financial institutions (qualified
recipients), under special arrangements in connection with FDC's sales
activities. The sales charge paid to qualified recipients is 1.50% of the
fund's offering price.
The following information replaces the similar information 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.
The following information replaces the similar information found in the
"Waivers" section beginning on page P-56.
6. To shares purchased through Portfolio Advisory Services or Fidelity
Charitable Advisory Services.
SUPPLEMENT TO THE FIDELITY SELECT PORTFOLIOS(registered trademark)
FUNDS OF FIDELITY SELECT PORTFOLIOS
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
APRIL 29, 1995
The following information replaces the similar information found in the
"Additional Purchase and Redemption Information" section on page 41.
7. to shares purchased through Portfolio Advisory Services or Fidelity
Charitable Advisory Services;
MANAGEMENT CONTRACT. Effective January 1, 1996, 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 for the money market fund found on pages 48-49.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .3700% $ 0.5 billion .5200%
3 - 6 .3400 25 .4238
6 - 9 .3100 50 .3823
9 - 12 .2800 75 .3626
12 - 15 .2500 100 .3512
15 - 18 .2200 125 .3430
18 - 21 .2000 150 .3371
21 - 24 .1900 175 .3325
24 - 30 .1800 200 .3284
30 - 36 .1750 225 .3249
36 - 42 .1700 250 .3219
42 - 48 .1650 275 .3190
48 - 66 .1600 300 .3163
66 - 84 .1550 325 .3137
84 - 120 .1500 350 .3113
120 - 156 .1450 375 .3090
156 - 192 .1400 400 .3067
192 - 228 .1350 425 .1443
228 - 264 .1300 450 .1427
264 - 300 .1275 475 .1413
300 - 336 .1250 500 .1399
336 - 372 .1225 525 .1385
372 - 408 .1200 550 .1372
408 - 444 .1175
444 - 480 .1150
480 - 516 .1125
Over 516 .1100
MANAGEMENT CONTRACT. Effective January 1, 1996, 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 for the stock funds found on page 50.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .5200% $ 0.5 billion .5200%
3 - 6 .4900 25 .4238
6 - 9 .4600 50 .3823
9 - 12 .4300 75 .3626
12 - 15 .4000 100 .3512
15 - 18 .3850 125 .3430
18 - 21 .3700 150 .3371
21 - 24 .3600 175 .3325
24 - 30 .3500 200 .3284
30 - 36 .3450 225 .3249
36 - 42 .3400 250 .3219
42 - 48 .3350 275 .3190
48 - 66 .3250 300 .3163
66 - 84 .3200 325 .3137
84 - 102 .3150 350 .3113
102 - 138 .3100 375 .3090
138 - 174 .3050 400 .3067
174 - 210 .3000 425 .3046
210 - 246 .2950 450 .3024
246 - 282 .2900 475 .3003
282 - 318 .2850 500 .2982
318 - 354 .2800 525 .2962
354 - 390 .2750 550 .2942
390 - 426 .2700
426 - 462 .2650
462 - 498 .2600
498 - 534 .2550
Over 534 .2500
The following information supplements that found in the "Description of
the Trust" section beginning on page 55.
Litigation. In December 1995, several individuals who purchased shares of
Apple Computer Inc. ("Apple") in September 1995 filed complaints in the
United States District Court in Boston against Select Technology Portfolio,
Select Computers Portfolio, FMR, FMR Corp. and Harry Lange, the funds'
portfolio manager. The complaints allege that, in violation of a federal
securities law, the funds' portfolio manager made misleading statements
regarding Apple and the funds' holdings of Apple. Plaintiffs seek to have
the complaints certified as a class action on behalf of specified
purchasers of Apple shares. The defendants deny the allegations in the
complaints and intend to defend the lawsuits vigorously.
