Supplement to the

Fidelity^® Select Portfolios^®

STATEMENT OF ADDITIONAL INFORMATION

April 29, 2006
Revised November 29, 2006

Consumer Portfolio, Gold Portfolio, Materials Portfolio, and Telecommunications Portfolio are composed of multiple classes of shares. References to each fund are deemed to include class where applicable. The features and policies related to your shares of each fund will not change.

Duffy Fischer has replaced Chris Bartel as the portfolio manager of Chemicals Portfolio. All references to Chris Bartel regarding Chemicals Portfolio are removed from the "Management Contracts" section.

<R>The following information supplements similar information found in the "Management Contracts" section beginning on page 48.</R>

<R>The following table provides information relating to other accounts managed by Mr. Fischer as of December 31, 2006:</R>

	<R>Registered Investment Companies*</R>	<R>Other Pooled Investment Vehicles</R>	<R>Other Accounts</R>
<R>Number of Accounts Managed</R>	<R>1</R>	<R>none</R>	<R>none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees</R>	<R>none</R>	<R>none</R>	<R>none</R>
<R>Assets Managed (in millions)</R>	<R>$ 101</R>	<R>none</R>	<R>none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)</R>	<R>none</R>	<R>none</R>	<R>none</R>

* Includes Chemicals Portfolio ($101 (in millions) assets managed).

<R>Sector Fund Manager</R>	<R>Select Fund(s)</R>	<R>Dollar Range of Shares owned as of December 31, 2006</R>
<R>Duffy Fischer</R>	<R>Chemicals</R>	<R>none</R>

<R>Chris Bartel no longer manages Paper and Forest Products Portfolio or Transportation Portfolio. All references to Chris Bartel regarding Paper and Forest Products Portfolio and Transportation Portfolio have been removed from the "Management Contracts" section.</R>

<R>James Morrow no longer manages IT Services Portfolio. All references to James Morrow have been removed from the "Management Contracts" section.</R>

<R>SELB-07-01 February 16, 2007
1.475630.129</R>