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 updates the similar information found in the
section entitled "FMR and Its Affiliates," beginning on page P-36.
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.
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.
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.
