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 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.
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.
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.
FIDELITY SELECT PORTFOLIOS(registered trademark)
FUNDS OF FIDELITY SELECT PORTFOLIOS
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED 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
SELB-96-1
January 1, 1996
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
SELB-96-1
January 1, 1996
