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.
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 of Automotive and Consumer Industries, which he
has managed since May 1996 and August 1997, respectively. 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.
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.
John Porter is manager of Multimedia and Software and Computer Services,
which he has managed since February 1996 and June 1997, respectively. 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.
Peter Saperstone is manager of Construction and Housing, which he has
managed since August 1996, and Air 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.
Sim on 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 short-selling program discussion found on page P-59 of the prospectus
incorrectly identifies Fidelity Brokerage Services, Inc. as FSBI instead of
FBSI.
