FIDELITY SELECT PORTFOLIOS
497, 2000-09-28
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Supplement to the
Fidelity Select Portfolios
®
April 29, 2000 Prospectus

<R>The following information replaces the "Average Annual Returns" table found in the "Performance" section on page 34.</R>

<R>Average Annual Returns</R>

<R>The returns in the following table include the effect of each fund's 3.00% maximum applicable front-end sales charge.</R>

<R>For the periods ended
December 31, 1999

Past 1
year

Past 5
years

Past 10 years/Life of fund</R>

<R>Air Transportation

30.46

24.08

13.67</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Automotive

-16.07

6.25

11.24</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Banking

-12.77

23.15

19.95</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Financial Services Index

-0.94%

--F

--F</R>

<R>Biotechnology

72.44

32.35

24.03</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Health Care Index

-4.04%

--F

--F</R>

<R>Brokerage and Investment Management

26.73

30.27

22.23</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Financial Services Index

-0.94%

--F

--F</R>

<R>Business Services and Outsourcing

25.50

--F

32.86A</R>

<R>S&P 500

21.04%

--F

23.66%A</R>

<R>Goldman Sachs Technology Index

88.87%

--F

74.57%A</R>

<R>Chemicals

15.61

10.82

12.09</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Computers

75.67

47.16

35.08</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Technology Index

88.87%

--F

--F</R>

<R>Construction and Housing

-15.07

14.58

12.89</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Consumer Industries

6.84

22.24

17.70B</R>

<R>S&P 500

21.04%

28.56%

18.88%B</R>

<R>Goldman Sachs Consumer Industries Index

8.32%

--F

--F</R>

<R>Cyclical Industries

9.66

--F

11.68C</R>

<R>S&P 500

21.04%

--F

26.09%C</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

9.67%C</R>

<R>Defense and Aerospace

8.47

20.84

15.13</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Developing Communications

115.82

38.84

31.38B</R>

<R>S&P 500

21.04%

28.56%

18.88%B</R>

<R>Goldman Sachs Technology Index

88.87%

--F

--F</R>

<R>Electronics

100.48

52.51

37.00</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Technology Index

88.87%

--F

--F</R>

<R>Energy

30.21

14.51

8.19</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Natural Resources Index

27.23%

--F

--F</R>

<R>Energy Service

66.98

21.78

10.13</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Natural Resources Index

27.23%

--F

--F</R>

<R>Environmental Services

-28.08

0.52

-0.46</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Financial Services

-1.49

25.45

19.92</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Financial Services Index

-0.94%

--F

--F</R>

<R>Food and Agriculture

-22.85

12.49

12.45</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Consumer Industries Index

8.32%

--F

--F</R>

<R>Gold

5.11

-4.94

-1.24</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Natural Resources Index

27.23%

--F

--F</R>

<R>Health Care

-5.79

24.07

21.30</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Health Care Index

-4.04%

--F

--F</R>

<R>Home Finance

-15.00

17.27

20.39</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Financial Services Index

-0.94%

--F

--F</R>

<R>Industrial Equipment

13.87

19.76

15.82</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Industrial Materials

12.99

6.12

8.37</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Insurance

-8.77

21.13

15.56</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Financial Services Index

-0.94%

--F

--F</R>

<R>Leisure

28.84

29.31

18.89</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Consumer Industries Index

8.32%

--F

--F</R>

<R>Medical Delivery

-31.71

2.47

9.87</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Health Care Index

-4.04%

--F

--F</R>

<R>Medical Equipment and Systems

7.40

--F

17.77D</R>

<R>S&P 500

21.04%

--F

21.46%D</R>

<R>Goldman Sachs Health Care Index

-4.04%

--F

9.45%D</R>

<R>Multimedia

39.81

27.40

19.53</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Consumer Industries Index

8.32%

--F

--F</R>

<R>Natural Gas

22.41

11.54

6.53E</R>

<R>S&P 500

21.04%

28.56%

22.13%E</R>

<R>Goldman Sachs Utilities Index

20.25%

--F

--F</R>

<R>Natural Resources

34.64

--F

6.53C</R>

<R>S&P 500

21.04%

--F

26.09%C</R>

<R>Goldman Sachs Natural Resources Index

27.23%

--F

9.41%C</R>

<R>Paper and Forest Products

26.60

10.73

11.19</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Retailing

2.04

23.33

19.56</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Consumer Industries Index

8.32%

--F

--F</R>

<R>Software and Computer Services

87.33

41.10

30.98</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Technology Index

88.87%

--F

--F</R>

<R>Technology

124.80

48.39

34.69</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Technology Index

88.87%

--F

--F</R>

<R>Telecommunications

61.60

31.41

20.93</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Utilities Index

20.25%

--F

--F</R>

<R>Transportation

23.86

14.57

14.78</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Cyclical Industries Index

5.54%

--F

--F</R>

<R>Utilities Growth

22.15

27.81

16.94</R>

<R>S&P 500

21.04%

28.56%

18.21%</R>

<R>Goldman Sachs Utilities Index

20.25%

--F

--F</R>

<R>Money Market

1.76

4.57

4.63</R>

<R>A From February 4, 1998.</R>

<R>B From June 29, 1990.</R>

<R>C From March 3, 1997.</R>

<R>D From April 28, 1998.</R>

<R>E From April 21, 1993.</R>

<R>F Not available.</R>

<R>The following information replaces the "Shareholder fees" table and footnotes A and B found in the "Fee Table" section on page 37.</R>

<R>Shareholder fees </R>(paid by the investor directly)

<R>Maximum sales charge (load) on purchases (as a % of offering price)A

3.00%</R>

<R>Sales charge (load) on reinvested distributions

None</R>

<R>Deferred sales charge (load) on redemptions

None</R>

<R>Redemption fee for the stock funds

</R>

<R>on shares held less than 30 days

</R>

<R>(as a % of amount redeemed)

0.75%</R>

<R>Exchange fee

</R>

<R>for the stock funds onlyB

$7.50</R>

<R>Annual account maintenance fee (for accounts under $2,500)

$12.00</R>

<R>A Lower sales charges may be available for accounts over $250,000.</R>

<R>B You will not pay an exchange fee if you exchange through any of Fidelity's automated exchange services.</R>

<R>The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 42.</R>

<R>This </R>example helps you compare the cost of investing in the funds with the cost of investing in other mutual funds.

<R>Let's say, hypothetically, that each fund's annual return is 5% and that your shareholder fees and each fund's annual operating expenses are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you close your account at the end of each time period indicated:</R>

<R>Air Transportation

1 year

$ 438</R>

<R>

3 years

$ 730</R>

<R>

5 years

$ 1,043</R>

<R>

10 years

$ 1,929</R>

<R>Automotive

1 year

$ 491</R>

<R>

3 years

$ 891</R>

<R>

5 years

$ 1,316</R>

<R>

10 years

$ 2,496</R>

<R>Banking

1 year

$ 422</R>

<R>

3 years

$ 679</R>

<R>

5 years

$ 955</R>

<R>

10 years

$ 1,744</R>

<R>Biotechnology

1 year

$ 415</R>

<R>

3 years

$ 657</R>

<R>

5 years

$ 919</R>

<R>

10 years

$ 1,667</R>

<R>Brokerage and Investment Management

1 year

$ 427</R>

<R>

3 years

$ 697</R>

<R>

5 years

$ 986</R>

<R>

10 years

$ 1,810</R>

<R>Business Services and Outsourcing

1 year

$ 448</R>

<R>

3 years

$ 760</R>

<R>

5 years

$ 1,094</R>

<R>

10 years

$ 2,037</R>

<R>Chemicals

1 year

$ 462</R>

<R>

3 years

$ 802</R>

<R>

5 years

$ 1,165</R>

<R>

10 years

$ 2,185</R>

<R>Computers

1 year

$ 406</R>

<R>

3 years

$ 630</R>

<R>

5 years

$ 872</R>

<R>

10 years

$ 1,566</R>

<R>Construction and Housing

1 year

$ 538</R>

<R>

3 years

$ 1,032</R>

<R>

5 years

$ 1,552</R>

<R>

10 years

$ 2,974</R>

<R>Consumer Industries

1 year

$ 425</R>

<R>

3 years

$ 691</R>

<R>

5 years

$ 976</R>

<R>

10 years

$ 1,788</R>

<R>Cyclical Industries

1 year

$ 587</R>

<R>

3 years

$ 1,179</R>

<R>

5 years

$ 1,796</R>

<R>

10 years

$ 3,454</R>

<R>Defense and Aerospace

1 year

$ 459</R>

<R>

3 years

$ 793</R>

<R>

5 years

$ 1,150</R>

<R>

10 years

$ 2,154</R>

<R>Developing Communications

1 year

$ 410</R>

<R>

3 years

$ 642</R>

<R>

5 years

$ 893</R>

<R>

10 years

$ 1,611</R>

<R>Electronics

1 year

$ 398</R>

<R>

3 years

$ 606</R>

<R>

5 years

$ 831</R>

<R>

10 years

$ 1,477</R>

<R>Energy

1 year

$ 427</R>

<R>

3 years

$ 697</R>

<R>

5 years

$ 986</R>

<R>

10 years

$ 1,810</R>

<R>Energy Service

1 year

$ 422</R>

<R>

3 years

$ 679</R>

<R>

5 years

$ 955</R>

<R>

10 years

$ 1,744</R>

<R>Environmental Services

1 year

$ 543</R>

<R>

3 years

$ 1,046</R>

<R>

5 years

$ 1,576</R>

<R>

10 years

$ 3,022</R>

<R>Financial Services

1 year

$ 418</R>

<R>

3 years

$ 667</R>

<R>

5 years

$ 935</R>

<R>

10 years

$ 1,700</R>

<R>Food and Agriculture

1 year

$ 429</R>

<R>

3 years

$ 703</R>

<R>

5 years

$ 997</R>

<R>

10 years

$ 1,832</R>

<R>Gold

1 year

$ 447</R>

<R>

3 years

$ 757</R>

<R>

5 years

$ 1,089</R>

<R>

10 years

$ 2,026</R>

<R>Health Care

1 year

$ 406</R>

<R>

3 years

$ 630</R>

<R>

5 years

$ 872</R>

<R>

10 years

$ 1,566</R>

<R>Home Finance

1 year

$ 437</R>

<R>

3 years

$ 727</R>

<R>

5 years

$ 1,038</R>

<R>

10 years

$ 1,919</R>

<R>Industrial Equipment

1 year

$ 441</R>

<R>

3 years

$ 739</R>

<R>

5 years

$ 1,058</R>

<R>

10 years

$ 1,962</R>

<R>Industrial Materials

1 year

$ 489</R>

<R>

3 years

$ 885</R>

<R>

5 years

$ 1,306</R>

<R>

10 years

$ 2,476</R>

<R>Insurance

1 year

$ 437</R>

<R>

3 years

$ 727</R>

<R>

5 years

$ 1,038</R>

<R>

10 years

$ 1,919</R>

<R>Leisure

1 year

$ 414</R>

<R>

3 years

$ 654</R>

<R>

5 years

$ 914</R>

<R>

10 years

$ 1,656</R>

<R>Medical Delivery

1 year

$ 471</R>

<R>

3 years

$ 829</R>

<R>

5 years

$ 1,210</R>

<R>

10 years

$ 2,280</R>

<R>Medical Equipment and Systems

1 year

$ 464</R>

<R>

3 years

$ 808</R>

<R>

5 years

$ 1,175</R>

<R>

10 years

$ 2,206</R>

<R>Multimedia

1 year

$ 416</R>

<R>

3 years

$ 660</R>

<R>

5 years

$ 924</R>

<R>

10 years

$ 1,678</R>

<R>Natural Gas

1 year

$ 440</R>

<R>

3 years

$ 736</R>

<R>

5 years

$ 1,053</R>

<R>

10 years

$ 1,951</R>

<R>Natural Resources

1 year

$ 486</R>

<R>

3 years

$ 876</R>

<R>

5 years

$ 1,291</R>

<R>

10 years

$ 2,445</R>

<R>Paper and Forest Products

1 year

$ 486</R>

<R>

3 years

$ 876</R>

<R>

5 years

$ 1,291</R>

<R>

10 years

$ 2,445</R>

<R>Retailing

1 year

$ 424</R>

<R>

3 years

$ 685</R>

<R>

5 years

$ 966</R>

<R>

10 years

$ 1,766</R>

<R>Software and Computer Services

1 year

$ 410</R>

<R>

3 years

$ 642</R>

<R>

5 years

$ 893</R>

<R>

10 years

$ 1,611</R>

<R>Technology

1 year

$ 404</R>

<R>

3 years

$ 624</R>

<R>

5 years

$ 862</R>

<R>

10 years

$ 1,544</R>

<R>Telecommunications

1 year

$ 411</R>

<R>

3 years

$ 645</R>

<R>

5 years

$ 898</R>

<R>

10 years

$ 1,622</R>

<R>Transportation

1 year

$ 474</R>

<R>

3 years

$ 840</R>

<R>

5 years

$ 1,231</R>

<R>

10 years

$ 2,321</R>

<R>Utilities Growth

1 year

$ 406</R>

<R>

3 years

$ 630</R>

<R>

5 years

$ 872</R>

<R>

10 years

$ 1,566</R>

<R>Money Market

1 year

$ 348</R>

<R>

3 years

$ 449</R>

<R>

5 years

$ 561</R>

<R>

10 years

$ 886</R>

<R></R>The following information replaces similar information found under the heading "Selling Shares" in the "Shareholder Information" section on page 66.

<R>The price to sell one share of the money market fund is the fund's NAV. The price to sell one share of each stock fund is the fund's NAV, minus the redemption fee (short-term trading fee), if applicable. </R>

<R>Each stock fund will deduct a short-term trading fee of 0.75% from the redemption amount if you sell your shares after holding them less than 30 days. This fee is paid to the fund rather than Fidelity, and is designed to offset the brokerage commissions, market impact, and other costs associated with fluctuations in fund asset levels and cash flow caused by short-term shareholder trading. </R>

The following information replaces similar information found under the heading "Fund Management" in the "Fund Services" section beginning on page 72.

<R>Tim Cohen is manager of Telecommunications, which he has managed since September 2000. He also manages other Fidelity funds. Since joining Fidelity in 1996, Mr. Cohen has worked as a research analyst and portfolio manager.</R>

<R>Forrest Fontana is manager of Insurance, which he has managed since September 2000. Since joining Fidelity in June 2000, Mr. Cohen has worked as a research analyst and portfolio manager.</R>

Ian Gutterman is manager of Environmental Services and Transportation, which he has managed since November 1999 and September 2000, respectively. Since joining Fidelity in 1999, Mr. Gutterman has worked as a research analyst and portfolio manager.

Yolanda McGettigan is manager of Health Care, which she has managed since June 2000. She also manages another Fidelity fund. Since joining Fidelity in 1997, Ms. McGettigan has worked as an analyst and portfolio manager.

<R>Jennifer Nettesheim is manager of Brokerage and Investment Management, which she has managed since September 2000. Since joining Fidelity in 1997, Ms. Nettesheim has worked as a research analyst and portfolio manager.</R>

Christine Schaulat is manager of Medical Equipment and Systems, which she has managed since September 2000. Since joining Fidelity in 1997, Ms. Schaulat has worked as a research analyst and portfolio manager.

<R>Brian Younger is manager of Biotechnology, which he has managed since September 2000. Since joining Fidelity in June 1995, Mr. Younger has worked as a research analyst and portfolio manager.</R>

SUPPLEMENT TO THE

FIDELITY SELECT PORTFOLIOS

April 29, 2000

STATEMENT OF ADDITIONAL INFORMATION

<R>The following information replaces similar information found in the "Performance" section beginning on page 30.</R>

<R>Historical Fund Results.</R> The following table shows the money market fund's 7-day yield and each fund's returns for <R>the</R> fiscal periods ended February 2<R>9, 2000</R>. <R>The money market fund has a 3% sales charge, which is included in the average annual and cumulative returns. Each stock fund has a 3% sales charge, which is included in the average annual and cumulative returns. Returns do not include the effect of each stock fund's short-term trading fee, applicable to shares held less than 30 days.</R>

<R>

Average Annual Returns

Cumulative Returns</R>

<R>

Seven-Day
Yield

One
Year

Five
Years

Ten Years/
Life of
Fund

One
Year

Five
Years

Ten Years/
Life of
Fund</R>

<R>Air Transportation

8.50%

19.08%

13.39%

8.50%

139.48%

251.41%</R>

<R>Automotive

-17.40%

4.27%

10.44%

-17.40%

23.22%

169.89%</R>

<R>Banking

-22.07%

17.27%

18.88%

-22.07%

121.80%

463.69%</R>

<R>Biotechnology

173.22%

43.99%

30.22%

173.22%

518.18%

1302.07%</R>

<R>Brokerage and Investment Management

19.14%

29.80%

22.45%

19.14%

268.38%

657.74%</R>

<R>Business Services and Outsourcing

12.15%

--**

23.29%*

12.15%

--**

54.17%*</R>

<R>Chemicals

11.10%

8.25%

11.87%

11.10%

48.63%

206.89%</R>

<R>Computers

119.58%

52.80%

37.19%

119.58%

732.94%

2261.60%</R>

<R>Construction and Housing

-18.28%

10.10%

11.73%

-18.28%

61.76%

203.15%</R>

<R>Consumer Industries

-4.55%

19.37%

16.12%*

-4.55%

142.42%

324.17%*</R>

<R>Cyclical Industries

1.40%

--**

6.63%*

1.40%

--**

21.21%*</R>

<R>Defense and Aerospace

3.24%

17.78%

15.09%

3.24%

126.67%

307.68%</R>

<R>Developing Communications

166.12%

47.01%

34.80%*

166.12%

586.54%

1693.31%*</R>

<R>Electronics

178.06%

61.14%

40.24%

178.06%

986.50%

2842.92%</R>

<R>Energy

44.89%

14.64%

8.57%

44.89%

98.01%

127.53%</R>

<R>Energy Service

121.24%

24.47%

11.87%

121.24%

198.73%

207.03%</R>

<R>Environmental Services

-25.00%

-0.26%

0.02%

-25.00%

-1.30%

0.25%</R>

<R>Financial Services

-14.53%

19.76%

19.11%

-14.53%

146.39%

474.74%</R>

<R>Food and Agriculture

-27.86%

8.54%

11.78%

-27.86%

50.62%

204.44%</R>

<R>Gold

5.16%

-4.70%

-2.01%

5.16%

-21.38%

-18.37%</R>

<R>Health Care

1.15%

24.18%

23.09%

1.15%

195.33%

698.52%</R>

<R>Home Finance

-24.88%

11.19%

19.17%

-24.88%

69.94%

477.77%</R>

<R>Industrial Equipment

18.98%

19.59%

15.84%

18.98%

144.56%

334.92%</R>

<R>Industrial Materials

-3.22%

1.39%

7.15%

-3.22%

7.13%

99.41%</R>

<R>Insurance

-22.12%

15.21%

14.12%

-22.12%

102.94%

274.80%</R>

<R>Leisure

13.89%

26.53%

19.98%

13.89%

224.26%

518.31%</R>

<R>Medical Delivery

-19.60%

0.50%

10.93%

-19.60%

2.53%

182.13%</R>

<R>Medical Equipment and Systems

25.68%

--**

25.57%*

25.68%

--**

52.07%*</R>

<R>Multimedia

27.62%

25.64%

21.33%

27.62%

213.05%

591.59%</R>

<R>Natural Gas

44.70%

12.70%

7.66%*

44.70%

81.78%

65.97%*</R>

<R>Natural Resources

48.42%

--**

6.31%*

48.42%

--**

20.13%*</R>

<R>Paper and Forest Products

20.16%

6.88%

11.16%

20.16%

39.47%

187.96%</R>

<R>Retailing

-12.15%

20.63%

18.82%

-12.15%

155.39%

460.96%</R>

<R>Software and Computer Services

100.83%

42.49%

32.59%

100.83%

487.34%

1579.69%</R>

<R>Technology

184.11%

56.47%

38.07%

184.11%

837.89%

2416.89%</R>

<R>

Average Annual Returns

Cumulative Returns</R>

<R>

Seven-Day
Yield

One
Year

Five
Years

Ten Years/
Life of
Fund

One
Year

Five
Years

Ten Years/
Life of
Fund</R>

<R>Telecommunications

84.89%

35.05%

24.34%

84.89%

349.17%

783.06%</R>

<R>Transportation

2.15%

10.87%

13.83%

2.15%

67.51%

265.23%</R>

<R>Utilities Growth

29.76%

28.27%

18.39%

29.76%

247.19%

441.05%</R>

<R>Money Market

5.53%

1.93%

5.20%

4.60%

1.93%

28.85%

56.79%</R>

<R>* From commencement of operations (June 29, 1990 for Consumer Industries and Developing Communications; April 21, 1993 for Natural Gas; March 3, 1997 for Cyclical Industries and Natural Resources; February 4, 1998 for Business Services and Outsourcing; and April 28, 1998 for Medical Equipment and Systems).</R>

<R>** Not available.</R>

Note: If FMR had not reimbursed certain fund expenses during these periods, <R>Air Transportation's, Automotive's, Banking's, Biotechnology's, Brokerage and Investment Management's, Business Services and Outsourcing's, Chemicals', Construction and Housing's, Consumer Industries', Cyclical Industries', Defense and Aerospace's, Developing Communications', Electronics', Home Finance's, Industrial Equipment's, Industrial Materials', Insurance's, Multimedia's, Natural Resources', Paper and Forest Products', Retailing's, Software and Computer Services', and Transportation's returns would have been lower.</R>

The following information supplements the similar information found in the "Trustees and Officers" section beginning on page 56.

MARIE L. KNOWLES (53), Member of the Advisory Board (2000). Beginning in 1972, Ms. Knowles served in various positions with Atlantic Richfield Company (ARCO) (diversified energy) including Executive Vice President and Chief Financial Officer (1996-2000); Director (1996-1998); and Senior Vice President (1993-1996). In addition, Ms. Knowles served as President of ARCO Transportation Company (1993-1996). She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing), URS Corporation (multidisciplinary engineering, 1999), and America West Holdings Corporation (aviation and travel services, 1999). Ms. Knowles also serves as a member of the National Board of the Smithsonian Institution and she is a trustee of the Brookings Institution.

DWIGHT D. CHURCHILL (46), is Vice President of Select Money Market Portfolio (2000). He serves as President of Fidelity's Fixed-Income Division (2000), Vice President of Fidelity's Money Market Funds (2000), Vice President of Fidelity's Bond Funds, Senior Vice President of FMR (1997), and Vice President of FIMM (1998). Mr. Churchill joined Fidelity in 1993 as Vice President and Group Leader of Taxable Fixed-Income Investments.

The following information has been removed from the "Trustees and Officers" section beginning on page 56.

MATTHEW N. KARSTETTER (38), is Deputy Treasurer of the funds (1998). He also serves as Deputy Treasurer of other Fidelity funds (1998) and is an employee of FMR (1998). Before joining FMR, Mr. Karstetter served as Vice President of Investment Accounting and Treasurer of IDS Mutual Funds at American Express Financial Advisors (1996-1998). Prior to 1996, Mr. Karstetter was Vice President, Mutual Fund Services at State Street Bank & Trust (1991-1996).

The following information replaces the Compensation Table found in the "Trustees and Officers" section beginning on page 56.

Compensation Table

AGGREGATE COMPENSATION FROM A FUNDA

Edward C. Johnson 3d**

Abigail P. Johnson**

J.
Michael Cook
*****

Ralph
F.
Cox

Phyllis Burke Davis

Robert
M.
Gates

E.
Bradley
Jones
****

Donald
J.
Kirk

Marie
L.
Knowles

******

Ned C.
Lautenbach
***

Peter S. Lynch
**

William O. McCoy

Gerald
C. McDonough

Marvin
L.
Mann

Robert C. Pozen**

Thomas R.
Williams

Air TransportationB

$ 0

$ 0

$ 0

$ 16

$ 16

$ 16

$ 15

$ 17

$ 0

$ 5

$ 0

$ 16

$ 20

$ 17

$ 0

$ 16

AutomotiveB

$ 0

$ 0

$ 0

$ 8

$ 8

$ 8

$ 7

$ 8

$ 0

$ 2

$ 0

$ 8

$ 10

$ 8

$ 0

$ 8

BankingB

$ 0

$ 0

$ 0

$ 209

$ 201

$ 208

$ 184

$ 211

$ 0

$ 68

$ 0

$ 207

$ 259

$ 210

$ 0

$ 204

BiotechnologyB

$ 0

$ 0

$ 0

$ 299

$ 294

$ 296

$ 212

$ 304

$ 0

$ 162

$ 0

$ 295

$ 373

$ 302

$ 0

$ 295

Brokerage and Investment ManagementB

$ 0

$ 0

$ 0

$ 135

$ 131

$ 135

$ 113

$ 137

$ 0

$ 50

$ 0

$ 134

$ 168

$ 136

$ 0

$ 132

Business Services and OutsourcingB

$ 0

$ 0

$ 0

$ 18

$ 18

$ 18

$ 15

$ 18

$ 0

$ 8

$ 0

$ 18

$ 23

$ 18

$ 0

$ 18

ChemicalsB

$ 0

$ 0

$ 0

$ 11

$ 11

$ 11

$ 9

$ 11

$ 0

$ 4

$ 0

$ 11

$ 14

$ 11

$ 0

$ 11

ComputersB

$ 0

$ 0

$ 0

$ 642

$ 627

$ 637

$ 490

$ 652

$ 0

$ 307

$ 0

$ 633

$ 800

$ 647

$ 0

$ 631

Construction and HousingB

$ 0

$ 0

$ 0

$ 6

$ 6

$ 6

$ 6

$ 6

$ 0

$ 1

$ 0

$ 6

$ 8

$ 6

$ 0

$ 6

Consumer IndustriesB

$ 0

$ 0

$ 0

$ 21

$ 21

$ 21

$ 18

$ 22

$ 0

$ 8

$ 0

$ 21

$ 26

$ 21

$ 0

$ 21

Cyclical IndustriesB

$ 0

$ 0

$ 0

$ 2

$ 2

$ 2

$ 2

$ 2

$ 0

$ 1

$ 0

$ 2

$ 2

$ 2

$ 0

$ 2

Defense and AerospaceB

$ 0

$ 0

$ 0

$ 10

$ 10

$ 10

$ 9

$ 10

$ 0

$ 3

$ 0

$ 10

$ 12

$ 10

$ 0

$ 10

Developing CommunicationsB

$ 0

$ 0

$ 0

$ 348

$ 341

$ 344

$ 242

$ 354

$ 0

$ 185

$ 0

$ 344

$ 435

$ 352

$ 0

$ 342

ElectronicsB

$ 0

$ 0

$ 0

$ 1,191

$ 1,172

$ 1,179

$ 863

$ 1,211

$ 0

$ 638

$ 0

$ 1,174

$ 1,486

$ 1,202

$ 0

$ 1,174

EnergyB

$ 0

$ 0

$ 0

$ 57

$ 55

$ 56

$ 47

$ 57

$ 0

$ 24

$ 0

$ 56

$ 71

$ 57

$ 0

$ 55

Energy ServiceB

$ 0

$ 0

$ 0

$ 186

$ 181

$ 185

$ 157

$ 189

$ 0

$ 75

$ 0

$ 184

$ 232

$ 187

$ 0

$ 182

Environmental ServicesB

$ 0

$ 0

$ 0

$ 4

$ 4

$ 4

$ 4

$ 4

$ 0

$ 1

$ 0

$ 4

$ 6

$ 4

$ 0

$ 4

Financial ServicesB

$ 0

$ 0

$ 0

$ 148

$ 143

$ 147

$ 127

$ 150

$ 0

$ 53

$ 0

$ 146

$ 184

$ 149

$ 0

$ 145

Food and AgricultureB

$ 0

$ 0

$ 0

$ 45

$ 44

$ 45

$ 40

$ 46

$ 0

$ 15

$ 0

$ 45

$ 56

$ 45

$ 0

$ 44

GoldB

$ 0

$ 0

$ 0

$ 54

$ 52

$ 53

$ 44

$ 54

$ 0

$ 23

$ 0

$ 53

$ 67

$ 54

$ 0

$ 53

Health Care B, C, D

$ 0

$ 0

$ 0

$ 800

$ 775

$ 796

$ 678

$ 810

$ 0

$ 301

$ 0

$ 790

$ 995

$ 805

$ 0

$ 783

Home FinanceB

$ 0

$ 0

$ 0

$ 154

$ 148

$ 153

$ 137

$ 155

$ 0

$ 46

$ 0

$ 152

$ 190

$ 154

$ 0

$ 150

Industrial EquipmentB

$ 0

$ 0

$ 0

$ 10

$ 10

$ 10

$ 9

$ 10

$ 0

$ 4

$ 0

$ 10

$ 12

$ 10

$ 0

$ 10

Industrial MaterialsB

$ 0

$ 0

$ 0

$ 6

$ 6

$ 6

$ 5

$ 6

$ 0

$ 2

$ 0

$ 6

$ 8

$ 6

$ 0

$ 6

InsuranceB

$ 0

$ 0

$ 0

$ 19

$ 18

$ 19

$ 17

$ 19

$ 0

$ 6

$ 0

$ 19

$ 24

$ 19

$ 0

$ 19

LeisureB

$ 0

$ 0

$ 0

$ 113

$ 109

$ 112

$ 94

$ 114

$ 0

$ 43

$ 0

$ 111

$ 140

$ 113

$ 0

$ 110

Medical DeliveryB

$ 0

$ 0

$ 0

$ 19

$ 18

$ 18

$ 16

$ 19

$ 0

$ 6

$ 0

$ 18

$ 23

$ 19

$ 0

$ 18

Medical Equipment and SystemsB

$ 0

$ 0

$ 0

$ 10

$ 10

$ 10

$ 8

$ 11

$ 0

$ 5

$ 0

$ 10

$ 13

$ 11

$ 0

$ 10

MultimediaB

$ 0

$ 0

$ 0

$ 57

$ 55

$ 56

$ 45

$ 58

$ 0

$ 25

$ 0

$ 56

$ 71

$ 57

$ 0

$ 56

Natural GasB

$ 0

$ 0

$ 0

$ 16

$ 16

$ 16

$ 13

$ 16

$ 0

$ 7

$ 0

$ 16

$ 20

$ 16

$ 0

$ 16

Natural ResourcesB

$ 0

$ 0

$ 0

$ 5

$ 4

$ 4

$ 4

$ 5

$ 0

$ 2

$ 0

$ 4

$ 6

$ 5

$ 0

$ 4

Paper and Forest ProductsB

$ 0

$ 0

$ 0

$ 6

$ 6

$ 6

$ 5

$ 6

$ 0

$ 2

$ 0

$ 6

$ 7

$ 6

$ 0

$ 6

RetailingB

$ 0

$ 0

$ 0

$ 57

$ 55

$ 57

$ 51

$ 58

$ 0

$ 15

$ 0

$ 57

$ 71

$ 58

$ 0

$ 56

Software and Computer ServicesB

$ 0

$ 0

$ 0

$ 234

$ 229

$ 232

$ 170

$ 238

$ 0

$ 118

$ 0

$ 231

$ 292

$ 236

$ 0

$ 230

TechnologyB

$ 0

$ 0

$ 0

$ 715

$ 705

$ 706

$ 472

$ 728

$ 0

$ 420

$ 0

$ 705

$ 894

$ 723

$ 0

$ 705

TelecommunicationsB

$ 0

$ 0

$ 0

$ 309

$ 302

$ 306

$ 232

$ 314

$ 0

$ 148

$ 0

$ 305

$ 385

$ 312

$ 0

$ 303

TransportationB

$ 0

$ 0

$ 0

$ 6

$ 6

$ 6

$ 5

$ 6

$ 0

$ 2

$ 0

$ 6

$ 7

$ 6

$ 0

$ 6

Utilities GrowthB

$ 0

$ 0

$ 0

$ 165

$ 161

$ 164

$ 134

$ 167

$ 0

$ 70

$ 0

$ 163

$ 206

$ 166

$ 0

$ 162

Money MarketB

$ 0

$ 0

$ 0

$ 297

$ 289

$ 295

$ 248

$ 301

$ 0

$ 124

$ 0

$ 292

$ 369

$ 299

$ 0

$ 291

TOTAL COMPENSATION FROM THE FUND COMPLEX*, A

$ 0

$ 0

$ 0

$ 217,500

$ 211,500

$ 217,500

$ 217,500

$ 217,500

$ 0

$ 54,000

$ 0

$ 214,500

$ 269,000

$ 217,500

$ 0

$ 213,000

* Information is for the calendar year ended December 31, 1999 for 236 funds in the complex.

** Interested Trustees of the funds and Ms. Johnson are compensated by FMR.

*** During the period from October 14, 1999 through December 31, 1999, Mr. Lautenbach served as a Member of the Advisory Board. Effective January 1, 2000, Mr. Lautenbach serves as a Member of the Board of Trustees.

**** Mr. Jones served on the Board of Trustees through December 31, 1999.

***** Effective March 16, 2000, Mr. Cook serves as a Member of the Advisory Board.

****** Effective June 15, 2000, Ms. Knowles serves as a Member of the Advisory Board.

A Compensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. For the calendar year ended December 31, 1999, the Trustees accrued required deferred compensation from the funds as follows: Ralph F. Cox, $75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E. Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy, $75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and Thomas R. Williams, $75,000. Certain of the non-interested Trustees elected voluntarily to defer a portion of their compensation as follows: Ralph F. Cox, $53,735; William O. McCoy, $53,735; and Thomas R. Williams, $62,319.

B Compensation figures include cash, and may include amounts required to be deferred and amounts deferred at the election of Trustees.

C The following amounts are required to be deferred by each non-interested Trustee: Ralph F. Cox, $390; Phyllis Burke Davis, $390; Robert M. Gates, $390; E. Bradley Jones, $317; Donald J. Kirk, $390; Ned C. Lautenbach, $73; William O. McCoy, $390; Gerald C. McDonough, $463; Marvin L. Mann, $390; and Thomas R. Williams, $390.

D Certain of the non-interested Trustees' aggregate compensation from a fund includes accrued voluntary deferred compensation as follows: Ralph F. Cox, $296, Health Care; Ned C. Lautenbach, $33, Health Care; William O. McCoy, $296, Health Care; and Thomas R. Williams, $296, Health Care.

The following information replaces the similar information found in the "Management Contracts" section beginning on page 61.

For providing investment advice and research services, fees paid to FMR U.K., FMR Far East, and FIJ on behalf of the stock funds for the past three fiscal years are shown in the table below.

Fiscal Year Ended
February 28

FMR U.K.

FMR Far East

FIJ

Air Transportation

2000(dagger)

$ 570

$ 309

$ 13

1999

$ 2,553

$ 2,411

N/A

1998

$ 3,327

$ 3,202

N/A

Automotive

2000(dagger)

$ 2,332

$ 1,305

$ 64

1999

$ 6,503

$ 5,175

N/A

1998

$ 4,434

$ 4,325

N/A

Banking

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 3,255

$ 3,095

N/A

1998

$ 6,772

$ 6,544

N/A

Biotechnology

2000(dagger)

$ 2,646

$ 596

$ 19

1999

$ 5,639

$ 4,245

N/A

1998

$ 11,836

$ 10,833

N/A

Brokerage and Investment Management

2000(dagger)

$ 29,515

$ 16,669

$ 2,052

1999

$ 35,636

$ 31,379

N/A

1998

$ 13,584

$ 13,185

N/A

Business Services and Outsourcing

2000(dagger)

$ 72

$ 35

$ 16

1999

$ 65

$ 48

N/A

1998*

$ 6

$ 5

N/A

Chemicals

2000(dagger)

$ 1,556

$ 928

$ 0

1999

$ 1,562

$ 1,516

N/A

1998

$ 5,873

$ 5,590

N/A

Computers

2000(dagger)

$ 81,667

$ 43,749

$ 3,850

1999

$ 17,784

$ 13,154

N/A

1998

$ 15,517

$ 15,486

N/A

Construction and Housing

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 583

$ 525

N/A

1998

$ 6

$ 5

N/A

Consumer Industries

2000(dagger)

$ 942

$ 546

$ 15

1999

$ 1,246

$ 1,024

N/A

1998

$ 474

$ 455

N/A

Cyclical Industries

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 13

$ 9

N/A

1998**

$ 40

$ 40

N/A

Defense and Aerospace

2000(dagger)

$ 79

$ 41

$ 15

1999

$ 0

$ 0

N/A

1998

$ 1,692

$ 1,755

N/A

Developing Communications

2000(dagger)

$ 101,185

$ 56,627

$ 6,673

1999

$ 40,270

$ 32,779

N/A

1998

$ 19,094

$ 18,708

N/A

Electronics

2000(dagger)

$ 135,583

$ 74,675

$ 9,624

1999

$ 82,887

$ 72,615

N/A

1998

$ 147,596

$ 143,650

N/A

Energy

2000(dagger)

$ 10,588

$ 5,779

$ 169

1999

$ 22,599

$ 18,894

N/A

1998

$ 25,414

$ 24,716

N/A

Energy Service

2000(dagger)

$ 15,620

$ 8,823

$ 390

1999

$ 40,212

$ 35,640

N/A

1998

$ 51,145

$ 49,720

N/A

Environmental Services

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 17

$ 19

N/A

1998

$ 2,414

$ 2,242

N/A

Financial Services

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 4,454

$ 3,790

N/A

1998

$ 439

$ 424

N/A

Food and Agriculture

2000(dagger)

$ 13,590

$ 7,815

$ 360

1999

$ 18,053

$ 15,039

N/A

1998

$ 5,707

$ 5,521

N/A

Gold

2000(dagger)

$ 59,751

$ 33,288

$ 3,536

1999

$ 20,125

$ 15,199

N/A

1998

$ 0

$ 0

N/A

Health Care

2000(dagger)

$ 87,073

$ 48,054

$ 0

1999

$ 97,086

$ 78,047

N/A

1998

$ 96,459

$ 95,116

N/A

Home Finance

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 9,249

$ 9,829

N/A

1998

$ 14,065

$ 13,533

N/A

Industrial Equipment

2000(dagger)

$ 2,018

$ 1,151

$ 113

1999

$ 590

$ 533

N/A

1998

$ 736

$ 746

N/A

Industrial Materials

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 35

$ 35

N/A

1998

$ 1,579

$ 1,540

N/A

Insurance

2000(dagger)

$ 6

$ 3

$ 0

1999

$ 917

$ 879

N/A

1998

$ 770

$ 746

N/A

Leisure

2000(dagger)

$ 4,908

$ 2,457

$ 366

1999

$ 7,018

$ 5,868

N/A

1998

$ 1,740

$ 1,685

N/A

Medical Delivery

2000(dagger)

$ 0

$ 0

$ 0

1999

$ 0

$ 0

N/A

1998

$ 216

$ 187

N/A

Medical Equipment and Systems

2000(dagger)

$ 24

$ 14

$ 0

1999***

$ 73

$ 63

N/A

Multimedia

2000(dagger)

$ 2,979

$ 1,556

$ 413

1999

$ 1,632

$ 1,301

N/A

1998

$ 711

$ 694

N/A

Natural Gas

2000(dagger)

$ 2,699

$ 1,531

$ 113

1999

$ 1,450

$ 1,150

N/A

1998

$ 182

$ 154

N/A

Natural Resources

2000(dagger)

$ 572

$ 309

$ 11

1999

$ 1,041

$ 851

N/A

1998**

$ 559

$ 554

N/A

Paper and Forest Products

2000(dagger)

$ 988

$ 593

$ 41

1999

$ 1,858

$ 1,762

N/A

1998

$ 809

$ 772

N/A

Retailing

2000(dagger)

$ 112

$ 56

$ 33

1999

$ 0

$ 0

N/A

1998

$ 0

$ 0

N/A

Software and Computer Services

2000(dagger)

$ 10,739

$ 5,863

$ 868

1999

$ 14,881

$ 13,002

N/A

1998

$ 14,371

$ 13,791

N/A

Technology

2000(dagger)

$ 156,815

$ 85,096

$ 10,944

1999

$ 86,248

$ 66,343

N/A

1998

$ 23,941

$ 25,181

N/A

Telecommunications

2000(dagger)

$ 123,753

$ 68,668

$ 10,702

1999

$ 47,989

$ 39,416

N/A

1998

$ 37,699

$ 36,443

N/A

Transportation

2000(dagger)

$ 75

$ 45

$ 0

1999

$ 502

$ 474

N/A

1998

$ 571

$ 575

N/A

Utilities Growth

2000(dagger)

$ 11,958

$ 7,307

$ 608

1999

$ 3,104

$ 2,777

N/A

1998

$ 3,855

$ 3,672

N/A

(dagger) Fiscal year ended February 29.

* Business Services and Outsourcing commenced operations of February 4, 1998.

** Cyclical Industries and Natural Resources commenced operations on March 3, 1997.

*** Medical Equipment and Systems commenced operations on April 28, 1998.

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