SUPPLEMENT TO THE FIDELITY SELECT CYCLICAL INDUSTRIES AND NATURAL
RESOURCES
PORTFOLIOS(registered trademark)
STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 29, 1997
THE FOLLOWING INFORMATION REPLACES IN ITS ENTIRETY THAT FOUND
ON PAGE 3.
NATURAL RESOURCES PORTFOLIO
INVESTMENTS AUGUST 31, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
COMMON STOCKS - 84.2%
SHARES VALUE (NOTE 1)
AUTO, TIRES & ACCESSORIES - 0.5%
AUTO & TRUCK PARTS - 0.5%
Eaton Corp. 500 $ 45,031 27805810
CHEMICALS & PLASTICS - 3.7%
AGRICULTURAL CHEMICALS - 0.3%
Agrium, Inc. 2,300 27,513 00891610
CHEMICALS - 2.1%
Monsanto Co. 2,300 101,056 61166210
Sasol Ltd. 2,500 33,298 80386610
Solutia, Inc. (a) 1,000 18,938 83437610
Witco Corp. 500 23,500 97738510
176,792
UNSUPPORTED PLASTICS FILM & SHEET - 1.3%
W.R. Grace & Co. 1,500 103,219 38391110
TOTAL CHEMICALS & PLASTICS 307,524
ELECTRICAL EQUIPMENT - 0.4%
ELECTRICAL EQUIPMENT - WHOLESALE - 0.4%
Anixter International, Inc. 1,900 30,756 03529010
ELECTRONIC INSTRUMENTS - 0.5%
LAB ANALYTICAL INSTRUMENTS - 0.2%
Thermoquest Corp. (a) 700 11,725 88365510
MEASURING INSTRUMENTS - 0.3%
Thermo Electron Corp. (a) 700 28,175 88355610
TOTAL ELECTRONIC INSTRUMENTS 39,900
ENERGY SERVICES - 8.6%
DRILLING - 4.9%
Diamond Offshore Drilling, Inc. 2,000 109,250 25271C10
Maverick Tube Corp. (a) 900 29,363 57791410
Noble Drilling Corp. (a) 4,400 125,125 65504210
Transocean Offshore, Inc. 1,500 142,594 89381710
406,332
OIL & GAS SERVICES - 3.7%
Dresser Industries, Inc. 1,100 45,925 26159710
Halliburton Co. 2,100 100,275 40621610
Schlumberger Ltd. 900 68,569 80685710
Weatherford Enterra, Inc. (a) 1,900 87,519 94707110
302,288
TOTAL ENERGY SERVICES 708,620
GAS - 0.1%
GAS TRANSMISSION & DISTRIBUTION - 0.1%
Consolidated Natural Gas Co. 200 11,813 20961510
HOLDING COMPANIES - 1.8%
HOLDING COMPANY OFFICES, NEC - 1.8%
Norfolk Southern Corp. 1,500 147,000 65584410
INDUSTRIAL MACHINERY & EQUIPMENT - 0.1%
SPECIAL INDUSTRIAL MACHINERY, NEC - 0.1%
Gasonics International Corp. (a) 300 5,325 36727810
IRON & STEEL - 0.4%
FABRICATED METAL PRODUCTS - 0.1%
Prudential Steel Ltd. 200 7,963 74435C10
IRON & STEEL BLAST FURNACE, MILLS - 0.0%
Oregon Steel Mills, Inc. 200 5,388 68607910
SHARES VALUE (NOTE 1)
IRON & STEEL FOUNDRIES - 0.3%
Dofasco Inc. 1,100 $ 22,432 25690070
TOTAL IRON & STEEL 35,783
LODGING & GAMING - 0.1%
HOTELS, MOTELS, & TOURIST COURTS - 0.1%
HFS, Inc. (a) 200 11,138 40418110
METALS & MINING - 5.2%
ALUMINUM, EXTRUDED PRODUCTS - 1.4%
Alumax, Inc. (a) 2,700 111,881 02219710
KAOLIN & BALL CLAY - 0.1%
English China Clay PLC 2,900 10,950 29321792
METAL MINING - 0.3%
Arizona Star Resource Corp. (a) 1,000 5,044 04059G10
Pasminco Ltd. 2,400 4,327 70265092
Phelps Dodge Corp. 200 16,088 71726510
25,459
METAL MINING SERVICES - 0.1%
Minefinders Corp. Ltd. (a) 2,500 6,305 60290010
METAL ORES - 1.0%
Comalco Ltd. 2,900 14,436 19983099
Pechiney SA Class A 1,612 69,501 70599396
83,937
METALS & MINERALS - WHOLESALE - 0.1%
Elkem ASA 500 8,884 28773299
MISCELLANEOUS NONMETAL MINERALS - 0.1%
Camphor Ventures, Inc. (a) 3,500 6,280 13461V10
MISCELLANEOUS METAL ORES, NEC - 0.0%
Helix Resources NL (a) 5,800 2,378 42399L22
PRIME NONFERROUS SMELTING - 2.1%
Alcan Aluminium Ltd. 1,800 62,908 01371610
Aluminum Co. of America 1,000 82,250 02224910
Metaleurop SA (a) 2,000 26,947 60299892
172,105
TOTAL METALS & MINING 428,179
OIL & GAS - 36.4%
CRUDE PETROLEUM & GAS - 10.5%
Anadarko Petroleum Corp. 900 66,094 03251110
British Borneo Petroleum 1,464 11,032 11099D22
Burlington Resources, Inc. 400 20,250 12201410
Elf Aquitaine SA sponsored ADR 2,200 122,650 28626910
Enserch Exploration, Inc. 8,000 72,000 29356V10
Newfield Exploration Co. (a) 700 17,981 65129010
Nuevo Energy Corp. 300 15,301 67050910
Occidental Petroleum Corp. 1,100 25,781 67459910
Ocean Energy, Inc. (a) 1,100 70,744 67481210
Petrobras PN (Pfd. Reg.) 320,000 77,974 71699794
Petsec Energy Ltd. sponsored ADR (a) 1,000 24,375 71579610
Rio Alto Exploration Ltd. (a) 2,100 19,521 76689210
Santa Fe Energy Resources, Inc. 2,100 23,231 80201210
Total SA sponsored ADR 5,300 251,088 89151E10
Tullow Oil PLC (a) 5,100 8,017 89999C22
United Meridian Corp. (a) 800 31,350 91086510
YPF Sociedad Anonima Class D 400 13,050 98424592
870,439
OIL & GAS EXPLORATION - 12.7%
Abacan Resource Corp. (a) 8,700 23,925 00291910
Amerada Hess Corp. 1,000 58,125 02355110
Chevron Corp. 600 46,463 16675110
THE FOLLOWING INFORMATION REPLACES IN ITS ENTIRETY THAT FOUND
ON PAGES 8 AND 9.
CYCLICAL INDUSTRIES PORTFOLIO
INVESTMENTS AUGUST 31, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
COMMON STOCKS - 96.9%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 6.4%
AIRCRAFT - 1.6%
Boeing Co. 540 $ 29,396 09702310
Lockheed Martin Corp. 400 41,475 53983010
70,871
AIRCRAFT & PARTS - 2.0%
Precision Castparts Corp. 200 12,925 74018910
Rohr Industries, Inc. (a) 400 10,825 77542210
Sundstrand Corp. 900 53,100 86732310
Textron, Inc. 200 12,463 88320310
89,313
AIRCRAFT ENGINES & PARTS - 2.2%
AlliedSignal, Inc. 600 49,521 01951210
United Technologies Corp. 600 46,838 91301710
96,359
AIRCRAFT EQUIPMENT - 0.3%
Aviall, Inc. (a) 700 11,463 05366B10
MISSILES & SPACE VEHICLES - 0.3%
Thiokol Corp. 200 15,925 88410310
TOTAL AEROSPACE & DEFENSE 283,931
AIR TRANSPORTATION - 2.6%
AIR TRANSPORT, MAJOR NATIONAL - 2.6%
AMR Corp. (a) 700 70,525 00176510
America West Holding Corp. Class B (a) 1,100 13,269 02365720
Continental Airlines, Inc. Class B (a) 700 25,638 21079530
Ryanair Holdings PLC sponsored ADR 300 8,250 78351310
117,682
AUTOS, TIRES, & ACCESSORIES - 3.6%
AUTO & TRUCK PARTS - 2.3%
Eaton Corp. 500 45,031 27805810
SPX Corp. 800 46,500 78463510
Wynn's International, Inc. 400 11,550 98319510
103,081
MOTOR VEHICLES & CAR BODIES - 1.3%
Chrysler Corp. 1,100 38,638 17119610
Lear Corp. (a) 400 18,325 52186510
56,963
TOTAL AUTOS, TIRES & ACCESSORIES 160,044
BUILDING MATERIALS - 1.8%
AIRCONDITIONING EQUIPMENT - 0.8%
American Standard Companies, Inc. (a) 600 28,200 02971210
York International Corp. 200 8,975 98667010
37,175
PAINT & VARNISH - 0.6%
Lilly Industrial Coatings, Inc. Class A 1,100 24,338 53249110
PLUMBING SUPPLIES - WHOLESALE - 0.4%
Masco Corp. 400 17,775 57459910
TOTAL BUILDING MATERIALS 79,288
CHEMICALS & PLASTICS - 10.5%
ADHESIVES & SEALANTS - 1.1%
Ferro Corp. 700 26,338 31540510
Nalco Chemical Co. 600 24,000 62985310
50,338
AGRICULTURAL CHEMICALS - 0.3%
OM Group, Inc. 400 14,650 67087210
SHARES VALUE (NOTE 1)
CHEMICALS - 5.4%
Cytec Industries, Inc. (a) 1,300 $ 63,456 23282010
du Pont (E.I.) de Nemours & Co. 1,600 99,700 26353410
Monsanto Co. 1,200 52,725 61166210
NL Industries, Inc. 1,300 17,225 62915640
Witco Corp. 200 9,400 97738510
242,506
INDUSTRIAL GASES - 1.5%
Air Products & Chemicals, Inc. 400 32,625 00915810
Praxair, Inc. 600 32,063 74005P10
64,688
PLASTICS & SYNTHETIC RESINS - 0.3%
Spartech Corp. 800 12,700 84722020
UNSUPPORTED PLASTICS FILM & SHEET - 1.9%
Sealed Air Corp. (a) 200 10,375 81211510
W.R. Grace & Co. 1,100 75,694 38391110
86,069
TOTAL CHEMICALS & PLASTICS 470,951
COMMUNICATIONS EQUIPMENT - 0.4%
TELEPHONE EQUIPMENT - 0.4%
Perceptron, Inc. (a) 600 15,750 71361F10
COMPUTERS & OFFICE EQUIPMENT - 0.3%
OFFICE AUTOMATION - 0.3%
Pitney Bowes, Inc. 200 15,275 72447910
CONSTRUCTION - 0.6%
GENERAL BUILDING - 0.3%
D.R. Horton, Inc. 800 12,600 23331A10
OPERATIVE BUILDERS - 0.3%
Kaufman & Broad Home Corp. 700 14,000 48616810
TOTAL CONSTRUCTION 26,600
CONSUMER DURABLES - 2.4%
MANUFACTURING INDUSTRIES, NEC - 2.4%
Minnesota Mining & Manufacturing Co. 1,200 107,850 60405910
CONSUMER ELECTRONICS - 0.6%
APPLIANCES - 0.6%
Maytag Co. 700 19,206 57859210
Whirlpool Corp. 100 5,725 96332010
24,931
DEFENSE ELECTRONICS - 2.2%
Litton Industries, Inc. (a) 300 14,963 53802110
Northrop Grumman Corp. 500 58,531 66680710
Raytheon Co. 400 22,000 75511110
95,494
ELECTRICAL EQUIPMENT - 11.3%
ELECTRICAL MACHINERY - 10.1%
Emerson Electric Co. 1,600 87,500 29101110
General Electric Co. 4,000 250,000 36960410
Westinghouse Electric Corp. 4,400 113,300 96040210
450,800
TV & RADIO COMMUNICATION EQUIPMENT - 1.2%
Gilat Satellite Networks Ltd. (a) 1,600 52,000 40199892
TOTAL ELECTRICAL EQUIPMENT 502,800
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENGINEERING - 0.4%
ARCHITECTS & ENGINEERS - 0.4%
EG & G, Inc. 600 $ 12,750 26845710
Fluor Corp. 100 5,613 34386110
18,363
HOLDING COMPANIES - 1.3%
HOLDING COMPANY OFFICES, NEC - 1.3%
Norfolk Southern Corp. 600 58,800 65584410
INDUSTRIAL MACHINERY & EQUIPMENT - 5.2%
CONSTRUCTION EQUIPMENT - 1.6%
Caterpillar, Inc. 1,200 69,675 14912310
ACCESSORIES & MEASURING CUTTING TOOLS - 0.2%
Stanley Works 200 8,513 85461610
FARM MACHINERY & EQUIPMENT - 1.5%
Case Corp. 1,000 67,063 14743R10
GENERAL INDUSTRIAL MACHINERY - 1.9%
Illinois Tool Works, Inc. 600 29,025 45230810
Ingersoll-Rand Co. 700 42,088 45686610
Tyco International Ltd. 200 15,688 90212410
86,801
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 232,052
IRON & STEEL - 8.8%
BLAST FURNACES - 1.3%
AK Steel Holding Corp. 200 9,050 00154710
Steel Dynamics, Inc. 1,900 47,975 85811910
57,025
FABRICATED METAL PRODUCTS - 0.7%
Aeroquip Vickers, Inc. 200 11,175 00786910
SPS Technologies, Inc. (a) 200 17,175 78462610
28,350
IRON & STEEL BLAST FURNACES, MILLS - 4.6%
Inland Steel Industries, Inc. 2,000 42,125 45747210
Nucor Corp. 1,000 56,688 67034610
Quanex Corp. 2,900 105,306 74762010
204,119
IRON & STEEL FOUNDRIES - 2.1%
Dofasco Inc. 4,700 95,846 25690070
METAL FORGINGS & STAMPINGS - 0.1%
TriMas Corp. 200 5,725 89621510
TOTAL IRON & STEEL 391,065
METALS & MINING - 9.3%
ALUMINUM, EXTRUDED PRODUCTS - 1.3%
Alumax, Inc. (a) 1,400 58,013 02219710
METAL MINING - 1.1%
Phelps Dodge Corp. 600 48,263 71726510
METALS SERVICE CENTERS - WHOLESALE - 0.3%
Ryerson Tull, Inc. Class A (a) 700 11,419 78375510
NON-METALLIC MINERAL MINING - 0.3%
Martin Marietta Materials, Inc. 400 13,975 57328410
NONFERROUS ROLLING & DRAWING - 2.6%
Essex International, Inc. 1,400 53,813 29702510
Special Metals Corp. 600 10,575 84741Y10
Superior Telecom, Inc. (a) 1,400 52,938 86836510
117,326
SHARES VALUE (NOTE 1)
PRIME NONFERROUS SMELTING - 3.4%
Alcan Aluminium Ltd. 1,100 $ 38,444 01371610
Aluminum Co. of America 1,200 98,700 02224910
Inco Ltd. 600 16,235 45325840
153,379
SECONDARY NONFERROUS SMELTING - 0.3%
IMCO Recycling, Inc. 600 11,513 44968110
TOTAL METALS & MINING 413,888
PACKAGING & CONTAINERS - 2.7%
GLASS CONTAINERS - 1.4%
Owens-Illinois, Inc. (a) 1,800 62,663 69076840
METAL CANS & CONTAINERS - 1.3%
Silgan Holdings, Inc. 1,400 57,400 82704810
TOTAL PACKAGING & CONTAINERS 120,063
PAPER & FOREST PRODUCTS - 13.7%
CONVERTED PAPER & PAPERBOARD - 0.5%
Boise Cascade Corp. 600 23,738 09738310
LUMBER & WOOD - 0.8%
Weyerhaeuser Co. 600 34,650 96216610
PAPER - 6.5%
Champion International Corp. 600 35,513 15852510
Chesapeake Corp. 2,000 68,750 16515910
Georgia-Pacific Corp. 200 18,250 37329810
Stone Container Corp. 1,700 29,325 86158910
Temple-Inland, Inc. 600 38,700 87986810
Union Camp Corp. 600 35,588 90553010
Westvaco Corp. 900 30,488 96154810
Willamette Industries, Inc. 400 31,900 96913310
288,514
PAPER MILLS - 4.4%
Bowater, Inc. 1,000 51,188 10218310
Fort James Corp. 3,387 142,254 34747110
193,442
PAPERBOARD MILLS - 0.6%
Mead Corp. 400 28,375 58283410
PULP MILLS - 0.9%
Tembec, Inc. Class A (a) 4,400 41,218 87992010
TOTAL PAPER & FOREST PRODUCTS 609,937
PHOTOGRAPHIC EQUIPMENT - 0.3%
Imation Corp. (a) 500 13,531 45245A10
POLLUTION CONTROL - 2.8%
POLLUTION EQUIPMENT & DESIGN - 0.3%
Ogden Corp. 600 13,913 67634610
REFUSE SYSTEMS - 1.5%
Browning-Ferris Industries, Inc. 700 24,456 11588510
Waste Management, Inc. 1,300 41,600 94106K10
66,056
SANITARY SERVICES - 1.0%
USA Waste Services, Inc. (a) 1,037 43,554 90291710
TOTAL POLLUTION CONTROL 123,523
RAILROADS - 4.5%
RAILROAD EQUIPMENT - 0.1%
Bombardier, Inc. Class B 300 5,826 09775120
RAILROADS - 4.4%
CSX Corp. 1,000 57,188 12640810
Canadian National Railway Co. 1,200 59,362 13637510
