SUPPLEMENT TO THE
FIDELITY SELECT PORTFOLIOS
APRIL 29, 2000
STATEMENT OF ADDITIONAL INFORMATION
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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Edward C. Johnson 3d** Abigail P. Johnson** J. Michael Cook ***** Ralph F. Cox
FUNDA
Air TransportationB $ 0 $ 0 $ 0 $ 16
AutomotiveB $ 0 $ 0 $ 0 $ 8
BankingB $ 0 $ 0 $ 0 $ 209
BiotechnologyB $ 0 $ 0 $ 0 $ 299
Brokerage and Investment $ 0 $ 0 $ 0 $ 135
ManagementB
Business Services and $ 0 $ 0 $ 0 $ 18
OutsourcingB
ChemicalsB $ 0 $ 0 $ 0 $ 11
ComputersB $ 0 $ 0 $ 0 $ 642
Construction and HousingB $ 0 $ 0 $ 0 $ 6
Consumer IndustriesB $ 0 $ 0 $ 0 $ 21
Cyclical IndustriesB $ 0 $ 0 $ 0 $ 2
Defense and AerospaceB $ 0 $ 0 $ 0 $ 10
Developing CommunicationsB $ 0 $ 0 $ 0 $ 348
ElectronicsB $ 0 $ 0 $ 0 $ 1,191
EnergyB $ 0 $ 0 $ 0 $ 57
Energy ServiceB $ 0 $ 0 $ 0 $ 186
Environmental ServicesB $ 0 $ 0 $ 0 $ 4
Financial ServicesB $ 0 $ 0 $ 0 $ 148
Food and AgricultureB $ 0 $ 0 $ 0 $ 45
GoldB $ 0 $ 0 $ 0 $ 54
Health Care B, C, D $ 0 $ 0 $ 0 $ 800
Home FinanceB $ 0 $ 0 $ 0 $ 154
Industrial EquipmentB $ 0 $ 0 $ 0 $ 10
Industrial MaterialsB $ 0 $ 0 $ 0 $ 6
InsuranceB $ 0 $ 0 $ 0 $ 19
LeisureB $ 0 $ 0 $ 0 $ 113
Medical DeliveryB $ 0 $ 0 $ 0 $ 19
Medical Equipment and SystemsB $ 0 $ 0 $ 0 $ 10
MultimediaB $ 0 $ 0 $ 0 $ 57
Natural GasB $ 0 $ 0 $ 0 $ 16
Natural ResourcesB $ 0 $ 0 $ 0 $ 5
Paper and Forest ProductsB $ 0 $ 0 $ 0 $ 6
RetailingB $ 0 $ 0 $ 0 $ 57
Software and Computer ServicesB $ 0 $ 0 $ 0 $ 234
TechnologyB $ 0 $ 0 $ 0 $ 715
TelecommunicationsB $ 0 $ 0 $ 0 $ 309
TransportationB $ 0 $ 0 $ 0 $ 6
Utilities GrowthB $ 0 $ 0 $ 0 $ 165
Money MarketB $ 0 $ 0 $ 0 $ 297
TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 0 $ 217,500
FUND COMPLEX*, A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Phyllis Burke Davis Robert M. Gates E. Bradley Jones **** Donald J. Kirk
FUNDA
Air TransportationB $ 16 $ 16 $ 15 $ 17
AutomotiveB $ 8 $ 8 $ 7 $ 8
BankingB $ 201 $ 208 $ 184 $ 211
BiotechnologyB $ 294 $ 296 $ 212 $ 304
Brokerage and Investment $ 131 $ 135 $ 113 $ 137
ManagementB
Business Services and $ 18 $ 18 $ 15 $ 18
OutsourcingB
ChemicalsB $ 11 $ 11 $ 9 $ 11
ComputersB $ 627 $ 637 $ 490 $ 652
Construction and HousingB $ 6 $ 6 $ 6 $ 6
Consumer IndustriesB $ 21 $ 21 $ 18 $ 22
Cyclical IndustriesB $ 2 $ 2 $ 2 $ 2
Defense and AerospaceB $ 10 $ 10 $ 9 $ 10
Developing CommunicationsB $ 341 $ 344 $ 242 $ 354
ElectronicsB $ 1,172 $ 1,179 $ 863 $ 1,211
EnergyB $ 55 $ 56 $ 47 $ 57
Energy ServiceB $ 181 $ 185 $ 157 $ 189
Environmental ServicesB $ 4 $ 4 $ 4 $ 4
Financial ServicesB $ 143 $ 147 $ 127 $ 150
Food and AgricultureB $ 44 $ 45 $ 40 $ 46
GoldB $ 52 $ 53 $ 44 $ 54
Health Care B, C, D $ 775 $ 796 $ 678 $ 810
Home FinanceB $ 148 $ 153 $ 137 $ 155
Industrial EquipmentB $ 10 $ 10 $ 9 $ 10
Industrial MaterialsB $ 6 $ 6 $ 5 $ 6
InsuranceB $ 18 $ 19 $ 17 $ 19
LeisureB $ 109 $ 112 $ 94 $ 114
Medical DeliveryB $ 18 $ 18 $ 16 $ 19
Medical Equipment and SystemsB $ 10 $ 10 $ 8 $ 11
MultimediaB $ 55 $ 56 $ 45 $ 58
Natural GasB $ 16 $ 16 $ 13 $ 16
Natural ResourcesB $ 4 $ 4 $ 4 $ 5
Paper and Forest ProductsB $ 6 $ 6 $ 5 $ 6
RetailingB $ 55 $ 57 $ 51 $ 58
Software and Computer ServicesB $ 229 $ 232 $ 170 $ 238
TechnologyB $ 705 $ 706 $ 472 $ 728
TelecommunicationsB $ 302 $ 306 $ 232 $ 314
TransportationB $ 6 $ 6 $ 5 $ 6
Utilities GrowthB $ 161 $ 164 $ 134 $ 167
Money MarketB $ 289 $ 295 $ 248 $ 301
TOTAL COMPENSATION FROM THE $ 211,500 $ 217,500 $ 217,500 $ 217,500
FUND COMPLEX*, A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Marie L. Knowles ****** Ned C. Lautenbach *** Peter S. Lynch ** William O. McCoy
FUNDA
Air TransportationB $ 0 $ 5 $ 0 $ 16
AutomotiveB $ 0 $ 2 $ 0 $ 8
BankingB $ 0 $ 68 $ 0 $ 207
BiotechnologyB $ 0 $ 162 $ 0 $ 295
Brokerage and Investment $ 0 $ 50 $ 0 $ 134
ManagementB
Business Services and $ 0 $ 8 $ 0 $ 18
OutsourcingB
ChemicalsB $ 0 $ 4 $ 0 $ 11
ComputersB $ 0 $ 307 $ 0 $ 633
Construction and HousingB $ 0 $ 1 $ 0 $ 6
Consumer IndustriesB $ 0 $ 8 $ 0 $ 21
Cyclical IndustriesB $ 0 $ 1 $ 0 $ 2
Defense and AerospaceB $ 0 $ 3 $ 0 $ 10
Developing CommunicationsB $ 0 $ 185 $ 0 $ 344
ElectronicsB $ 0 $ 638 $ 0 $ 1,174
EnergyB $ 0 $ 24 $ 0 $ 56
Energy ServiceB $ 0 $ 75 $ 0 $ 184
Environmental ServicesB $ 0 $ 1 $ 0 $ 4
Financial ServicesB $ 0 $ 53 $ 0 $ 146
Food and AgricultureB $ 0 $ 15 $ 0 $ 45
GoldB $ 0 $ 23 $ 0 $ 53
Health Care B, C, D $ 0 $ 301 $ 0 $ 790
Home FinanceB $ 0 $ 46 $ 0 $ 152
Industrial EquipmentB $ 0 $ 4 $ 0 $ 10
Industrial MaterialsB $ 0 $ 2 $ 0 $ 6
InsuranceB $ 0 $ 6 $ 0 $ 19
LeisureB $ 0 $ 43 $ 0 $ 111
Medical DeliveryB $ 0 $ 6 $ 0 $ 18
Medical Equipment and SystemsB $ 0 $ 5 $ 0 $ 10
MultimediaB $ 0 $ 25 $ 0 $ 56
Natural GasB $ 0 $ 7 $ 0 $ 16
Natural ResourcesB $ 0 $ 2 $ 0 $ 4
Paper and Forest ProductsB $ 0 $ 2 $ 0 $ 6
RetailingB $ 0 $ 15 $ 0 $ 57
Software and Computer ServicesB $ 0 $ 118 $ 0 $ 231
TechnologyB $ 0 $ 420 $ 0 $ 705
TelecommunicationsB $ 0 $ 148 $ 0 $ 305
TransportationB $ 0 $ 2 $ 0 $ 6
Utilities GrowthB $ 0 $ 70 $ 0 $ 163
Money MarketB $ 0 $ 124 $ 0 $ 292
TOTAL COMPENSATION FROM THE $ 0 $ 54,000 $ 0 $ 214,500
FUND COMPLEX*, A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Gerald C. McDonough Marvin L. Mann Robert C. Pozen** Thomas R. Williams
FUNDA
Air TransportationB $ 20 $ 17 $ 0 $ 16
AutomotiveB $ 10 $ 8 $ 0 $ 8
BankingB $ 259 $ 210 $ 0 $ 204
BiotechnologyB $ 373 $ 302 $ 0 $ 295
Brokerage and Investment $ 168 $ 136 $ 0 $ 132
ManagementB
Business Services and $ 23 $ 18 $ 0 $ 18
OutsourcingB
ChemicalsB $ 14 $ 11 $ 0 $ 11
ComputersB $ 800 $ 647 $ 0 $ 631
Construction and HousingB $ 8 $ 6 $ 0 $ 6
Consumer IndustriesB $ 26 $ 21 $ 0 $ 21
Cyclical IndustriesB $ 2 $ 2 $ 0 $ 2
Defense and AerospaceB $ 12 $ 10 $ 0 $ 10
Developing CommunicationsB $ 435 $ 352 $ 0 $ 342
ElectronicsB $ 1,486 $ 1,202 $ 0 $ 1,174
EnergyB $ 71 $ 57 $ 0 $ 55
Energy ServiceB $ 232 $ 187 $ 0 $ 182
Environmental ServicesB $ 6 $ 4 $ 0 $ 4
Financial ServicesB $ 184 $ 149 $ 0 $ 145
Food and AgricultureB $ 56 $ 45 $ 0 $ 44
GoldB $ 67 $ 54 $ 0 $ 53
Health Care B, C, D $ 995 $ 805 $ 0 $ 783
Home FinanceB $ 190 $ 154 $ 0 $ 150
Industrial EquipmentB $ 12 $ 10 $ 0 $ 10
Industrial MaterialsB $ 8 $ 6 $ 0 $ 6
InsuranceB $ 24 $ 19 $ 0 $ 19
LeisureB $ 140 $ 113 $ 0 $ 110
Medical DeliveryB $ 23 $ 19 $ 0 $ 18
Medical Equipment and SystemsB $ 13 $ 11 $ 0 $ 10
MultimediaB $ 71 $ 57 $ 0 $ 56
Natural GasB $ 20 $ 16 $ 0 $ 16
Natural ResourcesB $ 6 $ 5 $ 0 $ 4
Paper and Forest ProductsB $ 7 $ 6 $ 0 $ 6
RetailingB $ 71 $ 58 $ 0 $ 56
Software and Computer ServicesB $ 292 $ 236 $ 0 $ 230
TechnologyB $ 894 $ 723 $ 0 $ 705
TelecommunicationsB $ 385 $ 312 $ 0 $ 303
TransportationB $ 7 $ 6 $ 0 $ 6
Utilities GrowthB $ 206 $ 166 $ 0 $ 162
Money MarketB $ 369 $ 299 $ 0 $ 291
TOTAL COMPENSATION FROM THE $ 269,000 $ 217,500 $ 0 $ 213,000
FUND COMPLEX*, A
</TABLE>
* 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.
