497

Fidelity (logo) Investments®|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| FPCMS
82 Devonshire Street
Boston MA 02109-3614
617 563 7000

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| March 5, 2012

U.S. Securities & Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Attention: File Room

Re:	Fidelity Fidelity Select Portfolios (the trust):
	Fidelity Banking Portfolio, Brokerage and Investment Management Portfolio, Financial Services Portfolio, Consumer Finance, Insurance Portfolio (the funds)
	File Nos. 002-69972 and 811-03114

__________________________________________________________________________

Ladies and Gentlemen:

Transmitted herewith for filing pursuant to Rule 497(e) under the Securities Act of 1933, as amended, are exhibits containing interactive data format risk/return summary information for supplements to the registration statement for the funds listed above. The purpose of this filing is to submit the 497 filing in XBRL for the funds.

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	Very truly yours,
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	/s/Brenda Haskell
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	Brenda Haskell
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	Legal Product Group

XML

Consumer Finance Portfolio

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

Other

Document Period End Date

dei_DocumentPeriodEndDate

Feb. 28, 2011

Registrant Name

dei_EntityRegistrantName

FIDELITY SELECT PORTFOLIOS

Central Index Key

dei_EntityCentralIndexKey

0000320351

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Feb. 13, 2012

Document Effective Date

dei_DocumentEffectiveDate

Feb. 13, 2012

Prospectus Date

rr_ProspectusDate

Apr. 29, 2011

Financial Services Portfolio

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

fsp320351_SupplementTextBlock

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

Consumer Finance Portfolio

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

fsp320351_SupplementTextBlock

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

Insurance Portfolio

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

fsp320351_SupplementTextBlock

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

Banking Portfolio

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

fsp320351_SupplementTextBlock

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

Brokerage and Investment Management Portfolio

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

fsp320351_SupplementTextBlock

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

XML

Insurance Portfolio

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

XML

Financial Services Portfolio

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

XML

Banking Portfolio

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.

XML

Brokerage and Investment Management Portfolio

Supplement to the

Fidelity^® Select Portfolios^®

Financials Sector

April 29, 2011

Prospectus

The following information replaces similar information for Banking Portfolio found in the "Fund Summary" section under the heading "Portfolio Manager(s)" on page 4.

Vincent Montemaggiore (co-manager) has managed the fund since June 2008.

John Sheehy (co-manager) has managed the fund since January 2012.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

Annual fund operating expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.56%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.32%
Acquired fund fees and expenses	0.44%
Total annual fund operating expenses A	1.32%

^A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

The following information replaces the similar information for Brokerage & Investment Management Portfolio found under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.

1 year	$ 134
3 years	$ 418
5 years	$ 723
10 years	$ 1,590

The following information supplements the biographical information found in the "Fund Management" section on page 27.

Vincent Montemaggiore is co-manager of Banking Portfolio, which he has managed since June 2008. He also manages other Fidelity funds. Since joining Fidelity Investments in 2005, Mr. Montemaggiore has worked as an equity research analyst and portfolio manager.

John Sheehy is co-manager of Banking Portfolio, which he has managed since January 2012. He also manages other Fidelity funds. Mr. Sheehy joined Fidelity Investments in 2007 as an equity research analyst after receiving an MBA from the Stern School of Business at NYU.