SUPPLEMENT TO THE FIDELITY SELECT
PORTFOLIOS(registered trademark) APRIL 29, 1997 PROSPECTUS
The following information updates the similar information on the cover
of the prospectus:
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
FUND
NUMBER
AMERICAN GOLD PORTFOLIO 041
BIOTECHNOLOGY PORTFOLIO 042
ENERGY SERVICE PORTFOLIO 043
HOME FINANCE PORTFOLIO 098
INSURANCE PORTFOLIO 045
RETAILING PORTFOLIO 046
The following information replaces the last paragraph of the section
entitled "Expenses," on page P-12.
Effective April 30, 1997, FMR has voluntarily agreed to reimburse each
fund to the extent that total operating expenses (as a percentage of
its average net assets) exceed 2.50%. If this agreement was not in
effect, the management fee, other expenses, and total expenses of
Transportation would have been 0.60%, 2.10%, and 2.70%, respectively.
Expenses eligible for reimbursement do not include interest, taxes,
brokerage commissions, and extraordinary expenses.
The following information updates the similar information found in the
section entitled "FMR and Its Affiliates," beginning on page P-36.
Paul Antico is manager of Leisure, which he has managed since January
1997. Previously, he managed other Fidelity funds. Since joining
Fidelity in 1991, Mr. Antico has worked as an analyst and manager.
Audra Barranco is manager of Chemicals, which she has managed since
June 1997. Ms. Barranco joined Fidelity in 1996 as an analyst, after
receiving her MBA from Columbia Business School. Previously, she
worked as an investment commentary writer and internal wholesaler for
Pioneer Funds Distributor from 1992 to 1995.
Steve Buller is manager of Environmental Services, which he has
managed since December 1997. He is also an associate manager for
another Fidelity fund. Mr. Buller joined Fidelity in 1992 as an
analyst. From 1995 to 1997, he worked as a fixed-income analyst for
Fidelity International, Limited, in London.
James Catudal is manager of Industrial Materials, which he has managed
since August 1997. He joined Fidelity in 1997 as a research analyst.
Mr. Catudal worked for State Street Research & Management as an equity
analyst after receiving his MBA from the Amos Tuck School at Dartmouth
College in 1995. Previously, he worked for Textron, McCord Winn
Division, from 1987 to 1993.
Douglas Chase is manager o f Consumer Industries which he has
managed since August 1997. He managed Industrial Materials from 1994
to 1997. Mr. Chase joined Fidelity as an equity analyst in 1993 after
receiving his MBA from the University of Michigan. Previously, he was
a consultant for Stanford Resources from 1988 to 1991.
Jeffrey Dorsey is manager of Multimedia, which he has managed since
December 1997. Since joining Fidelity in 1991, Mr. Dorsey has worked
as an analyst, senior analyst, corporate strategist and manager.
Robert Ewing is manager of Energy Service which he has managed
since November 1996. Since joining Fidelity in 1990, Mr. Ewing has
worked as an analyst and manager.
Albert Grosman is manager of Automotive, which he has managed since
December 1997. Mr. Grosman joined Fidelity in 1996 as an analyst
working part-time. After receiving his MBA from Columbia University in
1997, he joined Fidelity full-time. From 1993 to 1995, Mr. Grosman was
self-employed as an investment manager, managing investment portfolios
on a discretionary basis in Toronto, Canada.
Jamie Harmon is manager of Biotechnology, which he has managed since
June 1997. Since joining Fidelity in 1995, Mr. Harmon has worked as a
research associate, analyst and manager. Previously, he was a junior
analyst with Essex Investment Management Co., Inc. from 1994 to 1995.
Mr. Harmon received a bachelor of arts degree in government from
Harvard University in 1994.
Doug Lober is manager of Paper and Forest Products, which he has
managed since October 1997. Mr. Lober joined Fidelity in 1997 as a
senior equity analyst. Previously, he was an analyst and manager at
Fidelity from 1986 until 1989. Mr. Lober received his doctorate in
forestry and environmental studies from Yale University in 1993, and
was an assistant professor at Duke University from 1993 to 1997.
Yolanda McGettigan is manager of Construction and Housing, which
she has managed since December 1997. Ms. McGettigan joined Fidelity as
an analyst in 1997, after receiving her MBA from the Fuqua School of
Business at Duke University. Previously, she was employed as a sales
representative for Robinson-Humphrey from 1994 to 1995 and a trader
for Cantor Fitzgerald from 1992 to 1994.
John Porter is manager of S oftware and Computer Services which
he has managed since June 1997. Mr. Porter joined Fidelity as an
analyst in 1995, after receiving his MBA from the University of
Chicago. Previously, Mr. Porter was a product engineer for Ford Motor
Company from 1991 to 1993.
Lawrence Rakers is manager of Energy and Natural Resources which he
has managed since January 1997 and March 1997, respectively. He also
manages another Fidelity fund. Mr. Rakers joined Fidelity as an
analyst in 1993. Previously, he was a project engineer for Loral
Corporation from 1986 to 1993.
Peter Saperstone is manager of A ir Transportation and Defense
and Aerospace, both of which he has managed since July 1997. Mr.
Saperstone joined Fidelity as an analyst in August 1995. Previously,
he was an equity research analyst at Gabelli & Company, Inc. from 1993
to 1995, and a credit analyst at National Westminster Bank USA from
1991 to 1993.
Beso Sikharulidze is manager of Health Care, which he has managed
since June 1997. He also manages another Fidelity fund. Mr.
Sikharulidze joined Fidelity as an analyst in 1992, after receiving
his MBA from Harvard University.
Nick Thakore is manager of Telecommunications and Utilities Growth,
which he has managed since July 1996 and August 1997, respectively.
Mr. Thakore joined Fidelity as an analyst in 1993, after earning his
MBA from The Wharton School at the University of Pennsylvania.
Previously, he was a real estate analyst for Prudential Properties
Company from 1989 to 1991.
Victor Thay is manager of Natural Gas, which he has managed since
December 1997. Mr. Thay joined Fidelity as a research associate in
1995, after receiving undergraduate degrees in political science and
business administration from the University of California at Berkeley
in 1995.
Simon Wolf is manager of Industrial Equipment which he has managed
since August 1997. Mr. Wolf joined Fidelity in 1996 as a research
associate. Previously, he worked for Salomon Brothers as an analyst
and high yield research assistant analyst from 1993 to 1996. Mr. Wolf
received a bachelor of science in economics degree from The Wharton
School at the University of Pennsylvania in 1992.
The following information replaces in its entirety the similar
information in the section entitled "Key Information," on page
P-54.
AUTOMATICALLY
NEW ACCOUNTS CANNOT BE OPENED WITH THESE SERVICES.
(small solid bullet) Use Fidelity Automatic Account Builder or
Direct Deposit to automatically purchase more shares. Sign up for
these services when opening your account, or call 1-800-544-6666 to
add it. Direct Deposit is not available for retirement accounts.
The short-selling program discussion found on page P-59 of the
prospectus incorrectly identifies Fidelity Brokerage Services, Inc. as
FSBI instead of FBSI.
