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.
Steve Buller is manager of Environmental Services, which he has
managed since December 1997. He is also an associate manager for
another Fidelity fund. Mr. Buller joined Fidelity in 1992 as an
analyst. From 1995 to 1997, he worked as a fixed-income analyst for
Fidelity International, Limited, in London.
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 Consumer Industries which he has managed
since August 1997. 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.
Jeffrey Dorsey is manager of Multimedia, which he has managed since
December 1997. Since joining Fidelity in 1991, Mr. Dorsey has worked
as an analyst, senior analyst, corporate strategist and manager.
Robert Ewing is manager of Energy Service which he has managed since
November 1996. Since joining Fidelity in 1990, Mr. Ewing has worked as
an analyst and manager.
Albert Grosman is manager of Automotive, which he has managed since
December 1997. Mr. Grosman joined Fidelity in 1996 as an analyst
working part-time. After receiving his MBA from Columbia University in
1997, he joined Fidelity full-time. From 1993 to 1995, Mr. Grosman was
self-employed as an investment manager, managing investment portfolios
on a discretionary basis in Toronto, Canada.
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.
Doug Lober is manager of Paper and Forest Products, which he has
managed since October 1997. Mr. Lober joined Fidelity in 1997 as a
senior equity analyst. Previously, he was an analyst and manager at
Fidelity from 1986 until 1989. Mr. Lober received his doctorate in
forestry and environmental studies from Yale University in 1993, and
was an assistant professor at Duke University from 1993 to 1997.
Yolanda McGettigan is manager of Construction and Housing, which she
has managed since December 1997. Ms. McGettigan joined Fidelity as an
analyst in 1997, after receiving her MBA from the Fuqua School of
Business at Duke University. Previously, she was employed as a sales
representative for Robinson-Humphrey from 1994 to 1995 and a trader
for Cantor Fitzgerald from 1992 to 1994.
John Porter is manager of Software and Computer Services which he has
managed since June 1997. 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.
Lawrence Rakers is manager of Energy and Natural Resources which he
has managed since January 1997 and March 1997, respectively. He also
manages another Fidelity fund. Mr. Rakers joined Fidelity as an
analyst in 1993. Previously, he was a project engineer for Loral
Corporation from 1986 to 1993.
Peter Saperstone is manager of 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.
Victor Thay is manager of Natural Gas, which he has managed since
December 1997. Mr. Thay joined Fidelity as a research associate in
1995, after receiving undergraduate degrees in political science and
business administration from the University of California at Berkeley
in 1995.
Simon 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 following information replaces    the     similar information
found in the section entitled "Securi   ties and Investment
Practices," on page P-47.    
   The money market fund may not invest more than 5% of its total
assets in any one issuer, except that it may invest up to 25% of its
total assets in certain other money market funds and in the
highest-quality securities of a single issuer for up to three business
days. This limitation does not apply to U.S. Government securities.
    
The following information replaces in its entirety the similar
information in the section entitled "Key Information," on page P-54.
AUTOMATICALLY
NEW ACCOUNTS CANNOT BE OPENED WITH THESE SERVICES.
(small solid bullet) Use Fidelity Automatic Account Builder or Direct
Deposit to automatically purchase more shares. Sign up for these
services when opening your account, or call 1-800-544-6666 to add it.
Direct Deposit is not available for retirement accounts.
The short-selling program discussion found on page P-59 of the
prospectus incorrectly identifies Fidelity Brokerage Services, Inc. as
FSBI instead of FBSI.
 
 
SUPPLEMENT TO THE FIDELITY SELECT PORTFOLIOS(registered trademark)
APRIL 29, 1997
STATEMENT OF ADDITIONAL INFORMATION
   THE FOLLOWING INFORMATION REPLACES THAT FOUND ON PAGE 5.    
   (i) The fund does not currently intend to purchase a security
(other than a security issued or guaranteed by the U.S. Government or
any of its agencies or instrumentalities) if, as a result, more than
5% of its total assets would be invested in the securities of a single
issuer; provided that the fund may invest up to 25% of its total
assets in the first tier securities of a single issuer for up to three
business days. (This limit does not apply to investments of up to 25%
of total assets in securities of other open-end investment companies
managed by FMR or a successor or affiliate purchased pursuant to an
exemptive order granted by the SEC).    
THE FOLLOWING INFORMATION SUPPLEMENTS THAT FOUND ON PAGE 15.
EXPOSURE TO FOREIGN MARKETS (STOCK FUNDS). Foreign securities, foreign
currencies, and securities issued by U.S. entities with substantial
foreign operations may involve significant risks in addition to the
risks inherent in U.S. investments. The value of securities
denominated in foreign currencies and of dividends and interest paid
with respect to such securities will fluctuate based on the relative
strength of the U.S. dollar.
Foreign investments involve a risk of local political, economic, or
social instability, military action or unrest, or adverse diplomatic
developments, and may be affected by actions of foreign governments
adverse to the interests of U.S. investors. Such actions may include
the possibility of expropriation or nationalization of assets,
confiscatory taxation, restrictions on U.S. investment or on the
ability to repatriate assets or convert currency into U.S. dollars, or
other government intervention. There is no assurance that FMR will be
able to anticipate these potential events or counter their effects.
These risks are magnified for investments in developing countries,
which may have relatively unstable governments, economies based on
only a few industries, and securities markets that trade a small
number of securities.
Economies of particular countries or areas of the world may differ
favorably or unfavorably from the economy of the United States.
Foreign markets may offer less protection to investors than U.S.
markets. It is anticipated that in most cases the best available
market for foreign securities will be on an exchange or in
over-the-counter markets located outside of the United States. Foreign
stock markets, while growing in volume and sophistication, are
generally not as developed as those in the United States, and
securities of some foreign issuers (particularly those located in
developing countries) may be less liquid and more volatile than
securities of comparable U.S. issuers. Foreign security trading
practices, including those involving securities settlement where fund
assets may be released prior to receipt of payment, may result in
increased risk in the event of a failed trade or the insolvency of a
foreign broker-dealer, and may involve substantial delays. In
addition, the costs of foreign investing, including withholding taxes,
brokerage commissions and custodial costs, are generally higher than
for U.S. investors. In general, there is less overall governmental
supervision and regulation of securities exchanges, brokers, and
listed companies than in the United States. It may also be difficult
to enforce legal rights in foreign countries. Foreign issuers are
generally not bound by uniform accounting, auditing, and financial
reporting requirements and standards of practice comparable to those
applicable to U.S. issuers.
Some foreign securities impose restrictions on transfer within the
United States or to U.S. persons. Although securities subject to such
transfer restrictions may be marketable abroad, they may be less
liquid than foreign securities of the same class that are not subject
to such restrictions.
American Depositary Receipts (ADR's) as well as other "hybrid" forms
of ADRs including European Depositary Receipts (EDRs) and Global
Depositary Receipts (GDRs), are certificates evidencing ownership of
shares of a foreign issuer. These certificates are issued by
depository banks and generally trade on an established market in the
United States or elsewhere. The underlying shares are held in trust by
a custodian bank or similar financial institution in the issuer's home
country. The depository bank may not have physical custody of the
underlying securities at all times and may charge fees for various
services, including forwarding dividends and interest and corporate
actions. ADRs are an alternative to directly purchasing the underlying
foreign securities in their national markets and currencies. However,
ADRs continue to be subject to many of the risks associated with
investing directly in foreign securities. These risks include foreign
exchange risk as well as the political and economic risks of the
underlying issuer's country.
THE FOLLOWING INFORMATION SUPPLEMENTS THAT FOUND ON PAGE 31. 
The Money Market fund's seven-day yield for the period ended February
28, 1997 was 4.75%.