0001379491-16-004354.txt : 20160602 0001379491-16-004354.hdr.sgml : 20160602 20160602103644 ACCESSION NUMBER: 0001379491-16-004354 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160602 DATE AS OF CHANGE: 20160602 EFFECTIVENESS DATE: 20160602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-69972 FILM NUMBER: 161691587 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0000320351 S000007453 Air Tranportation Portfolio C000020427 Air Transportation Portfolio FSAIX 0000320351 S000007454 Consumer Discretionary Portfolio C000020428 Consumer Discretionary Portfolio FSCPX 0000320351 S000007455 Industrials Portfolio C000020429 Industrials Portfolio FCYIX 0000320351 S000007456 Defense and Aerospace Portfolio C000020430 Defense and Aerospace Portfolio FSDAX 0000320351 S000007457 Communications Equipment Portfolio C000020431 Communications Equipment Portfolio FSDCX 0000320351 S000007458 Electronics Portfolio C000020432 Electronics Portfolio FSELX 0000320351 S000007459 Energy Portfolio C000020433 Energy Portfolio FSENX 0000320351 S000007460 Energy Service Portfolio C000020434 Energy Service Portfolio FSESX 0000320351 S000007461 Environment and Alternative Energy Portfolio C000020435 Environment and Alternative Energy Portfolio FSLEX 0000320351 S000007462 Financial Services Portfolio C000020436 Financial Services Portfolio FIDSX 0000320351 S000007463 Consumer Staples Portfolio C000020437 Consumer Staples Portfolio FDFAX C000040616 Fidelity Advisor Consumer Staples Fund: Class A FDAGX C000040617 Fidelity Advisor Consumer Staples Fund: Class B FDBGX C000040618 Fidelity Advisor Consumer Staples Fund: Class C FDCGX C000040619 Fidelity Advisor Consumer Staples Fund: Class T FDTGX C000040620 Fidelity Advisor Consumer Staples Fund: Class I FDIGX 0000320351 S000007464 Automotive Portfolio C000020438 Automotive Portfolio FSAVX 0000320351 S000007465 Gold Portfolio C000020439 Gold Portfolio FSAGX C000040621 Fidelity Advisor Gold Fund: Class I FGDIX C000040622 Fidelity Advisor Gold Fund: Class A FGDAX C000040623 Fidelity Advisor Gold Fund: Class B FGDBX C000040624 Fidelity Advisor Gold Fund: Class C FGDCX C000040625 Fidelity Advisor Gold Fund: Class T FGDTX 0000320351 S000007466 Health Care Portfolio C000020440 Health Care Portfolio FSPHX 0000320351 S000007467 Consumer Finance Portfolio C000020441 Consumer Finance Portfolio FSVLX 0000320351 S000007468 Industrial Equipment Portfolio C000020442 Industrial Equipment Portfolio FSCGX 0000320351 S000007469 Materials Portfolio C000020443 Materials Portfolio FSDPX C000040626 Fidelity Advisor Materials Fund: Class A FMFAX C000040627 Fidelity Advisor Materials Fund: Class B FMFBX C000040628 Fidelity Advisor Materials Fund: Class C FMFCX C000040629 Fidelity Advisor Materials Fund: Class T FMFTX C000040630 Fidelity Advisor Materials Fund: Class I FMFEX 0000320351 S000007470 Insurance Portfolio C000020444 Insurance Portfolio FSPCX 0000320351 S000007471 Leisure Portfolio C000020445 Leisure Portfolio FDLSX 0000320351 S000007472 Health Care Services Portfolio C000020446 Health Care Services Portfolio FSHCX 0000320351 S000007473 Medical Equipment and Systems Portfolio C000020447 Medical Equipment and Systems Portfolio FSMEX 0000320351 S000007475 Banking Portfolio C000020449 Banking Portfolio FSRBX 0000320351 S000007476 Multimedia Portfolio C000020450 Multimedia Portfolio FBMPX 0000320351 S000007477 Natural Gas Portfolio C000020451 Natural Gas Portfolio FSNGX 0000320351 S000007478 Natural Resources Portfolio C000020452 Natural Resources Portfolio FNARX 0000320351 S000007481 Pharmaceuticals Portfolio C000020455 Pharmaceuticals Portfolio FPHAX 0000320351 S000007482 Retailing Portfolio C000020456 Retailing Portfolio FSRPX 0000320351 S000007483 Software and IT Services Portfolio C000020457 Software and IT Services Portfolio FSCSX 0000320351 S000007484 Technology Portfolio C000020458 Technology Portfolio FSPTX 0000320351 S000007485 Telecommunications Portfolio C000020459 Telecommunications Portfolio FSTCX C000040631 Fidelity Advisor Telecommunications Fund: Class A FTUAX C000040632 Fidelity Advisor Telecommunications Fund: Class B FTUBX C000040633 Fidelity Advisor Telecommunications Fund: Class C FTUCX C000040634 Fidelity Advisor Telecommunications Fund: Class T FTUTX C000040635 Fidelity Advisor Telecommunications Fund: Class I FTUIX 0000320351 S000007486 Biotechnology Portfolio C000020460 Biotechnology Portfolio FBIOX 0000320351 S000007487 Transportation Portfolio C000020461 Transportation Portfolio FSRFX 0000320351 S000007488 Utilities Portfolio C000020462 Utilities Portfolio FSUTX 0000320351 S000007489 Wireless Portfolio C000020463 Wireless Portfolio FWRLX 0000320351 S000007490 Brokerage and Investment Management Portfolio C000020464 Brokerage and Investment Management Portfolio FSLBX 0000320351 S000007491 IT Services Portfolio C000020465 IT Services Portfolio FBSOX 0000320351 S000007492 Chemicals Portfolio C000020466 Chemicals Portfolio FSCHX 0000320351 S000007493 Computers Portfolio C000020467 Computers Portfolio FDCPX 0000320351 S000007494 Construction and Housing Portfolio C000020468 Construction and Housing Portfolio FSHOX 497 1 filing995.htm PRIMARY DOCUMENT

Supplement to the
Fidelity® Select Portfolios®
Health Care Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Biotechnology Portfolio’s, Health Care Portfolio’s, Health Care Services Portfolio’s, Medical Equipment and Systems Portfolio’s, and Pharmaceuticals Portfolio’s fundamental “invests primarily” policy. A meeting of the shareholders of the funds will be held during the third quarter of 2016, to vote on these proposals. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELHC-16-03
1.918629.109		June 2, 2016

Supplement to the
Telecommunications Portfolio
Class A, Class T, Class B and Class C
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Telecommunications Portfolio’s fundamental “invests primarily” policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016, to vote on this proposal. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposal, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


ATLC-16-03
1.845214.116		June 2, 2016

Supplement to the
Telecommunications Portfolio
Class I
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Telecommunications Portfolio’s fundamental “invests primarily” policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016, to vote on this proposal. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposal, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


ATLCI-16-02
1.845215.115		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Telecommunications Services Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate each funds’s fundamental “invests primarily” policy. A meeting of the shareholders of the funds will be held during the third quarter of 2016, to vote on these proposals. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELTS-16-02
1.918618.109		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Information Technology Sector
April 29, 2016
Prospectus

The Board of Trustees has approved a fund name change from Electronics Portfolio to Semiconductors Portfolio effective October 1, 2016. The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Communications Equipment Portfolio’s, Computers Portfolio's, Electronics Portfolio's, IT Services Portfolio's, Software and IT Services Portfolio's (formerly Software and Computer Services Portfolio), and Technology Portfolio's fundamental “invests primarily” policy. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fundamental concentration policies of Communications Equipment Portfolio and IT Services Portfolio. A meeting of the shareholders of each fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELTEC-16-02
1.918659.113		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Consumer Discretionary Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Automotive Portfolio's, Construction and Housing Portfolio's, Consumer Discretionary Portfolio’s, Leisure Portfolio's, Multimedia Portfolio's, and Retailing Portfolio's fundamental “invests primarily” policy. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fundamental concentration policies of Construction and Housing Portfolio and Consumer Discretionary Portfolio. A meeting of the shareholders of each fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELCON-16-02
1.913699.114		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Consumer Staples Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Consumer Staples Portfolio’s fundamental “invests primarily” policy. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fund’s fundamental concentration policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELCS-16-02
1.918665.105		June 2, 2016

Supplement to the
Consumer Staples Portfolio
Class A, Class T, Class B and Class C
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Consumer Staples Portfolio’s fundamental “invests primarily” policy. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fund’s fundamental concentration policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


ACSF-16-03
1.847521.113		June 2, 2016

Supplement to the
Consumer Staples Portfolio
Class I
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Consumer Staples Portfolio’s fundamental “invests primarily” policy. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fund’s fundamental concentration policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


ACSFI-16-02
1.855552.112		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Energy Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Energy Portfolio's, Energy Service Portfolio's, Natural Gas Portfolio's, and Natural Resources Portfolio’s fundamental “invests primarily” policy. A meeting of the shareholders of the funds will be held during the third quarter of 2016, to vote on this proposal. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposal, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELNR-16-02
1.913321.111		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Financials Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate each fund’s fundamental “invests primarily” policy. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fundamental concentration policies of Banking Portfolio and Consumer Finance Portfolio. A meeting of the shareholders of each fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELFIN-16-03
1.916419.117		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Industrials Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate each fund’s fundamental “invests primarily” policy. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fundamental concentration policies of Environment and Alternative Energy Portfolio and Industrials Portfolio. A meeting of the shareholders of each fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).

Proposed Reorganization. The Board of Trustees of Fidelity Select Portfolios has unanimously approved an Agreement and Plan of Reorganization (“Agreement”) between Industrial Equipment Portfolio and Industrials Portfolio pursuant to which Industrial Equipment Portfolio would be reorganized on a tax-free basis with and into Industrials Portfolio.

The Agreement provides for the transfer of all of the assets of Industrial Equipment Portfolio in exchange for shares of Industrials Portfolio equal in value to the net assets of Industrial Equipment Portfolio and the assumption by Industrials Portfolio of all of the liabilities of Industrial Equipment Portfolio. After the exchange, Industrial Equipment Portfolio will distribute the Industrials Portfolio shares to its shareholders pro rata, in liquidation of Industrial Equipment Portfolio. As a result, shareholders of Industrial Equipment Portfolio will become shareholders of Industrials Portfolio (these transactions are collectively referred to as the “Reorganization”).

A Special Meeting (the “Meeting”) of the Shareholders of Industrial Equipment Portfolio is expected to be held during the third quarter of 2016 and approval of the Agreement will be voted on at that time. A combined proxy statement and prospectus containing more information with respect to the Reorganization will be provided to shareholders of record of Industrial Equipment Portfolio in advance of the meeting.

If the Agreement is approved at the Meeting and certain conditions required by the Agreement are satisfied, the Reorganization is expected to take place on or about October 14, 2016. If shareholder approval of the Agreement is delayed due to failure to meet a quorum or otherwise, the Reorganization will become effective, if approved, as soon as practicable thereafter.

The foregoing is not a solicitation of any proxy. For a free copy of the Proxy Statement describing the Reorganization (and containing important information about fees, expenses and risk considerations) and a Prospectus for Industrials Portfolio, please call 1-800-544-8544. The prospectus/proxy statement will also be available for free on the Securities and Exchange Commission’s web site (www.sec.gov).


SELCI-16-04
1.911519.117		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Materials Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate each fund’s fundamental “invests primarily” policy. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fundamental concentration policy of Materials Portfolio. A meeting of the shareholders of each fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELMT-16-02
1.918620.105		June 2, 2016

Supplement to the
Gold Portfolio
Class A, Class T, Class B and Class C
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Gold Portfolio’s fundamental “invests primarily” policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016, to vote on this proposal. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposal, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


AGLD-16-03
1.847523.115		June 2, 2016

Supplement to the
Gold Portfolio
Class I
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Gold Portfolio’s fundamental “invests primarily” policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016, to vote on this proposal. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposal, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


AGLDI-16-02
1.853418.114		June 2, 2016

Supplement to the
Materials Portfolio
Class A, Class T, Class B and Class C
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Materials Portfolio’s fundamental “invests primarily” policy. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fund’s fundamental concentration policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


AMF-16-03
1.847525.114		June 2, 2016

Supplement to the
Materials Portfolio
Class I
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate Materials Portfolio’s fundamental “invests primarily” policy. If approved by shareholders, the fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. In addition, the Board of Trustees has approved, subject to shareholder approval, a proposal to modify the fund’s fundamental concentration policy. A meeting of the shareholders of the fund will be held during the third quarter of 2016 to vote on these proposals. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-877-208-0098. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


AMFI-16-02
1.855559.113		June 2, 2016

Supplement to the
Fidelity® Select Portfolios®
Utilities Sector
April 29, 2016
Prospectus

The Board of Trustees has approved, subject to shareholder approval, a proposal to eliminate each funds’s fundamental “invests primarily” policy. A meeting of the shareholders of the funds will be held during the third quarter of 2016, to vote on these proposals. If approved by shareholders, each fund will continue to have a policy that may be changed upon 60 days’ prior notice to shareholders of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities suggested by its name. If approved, the changes will take effect on October 1, 2016 or the first day of the month following the shareholder meeting.

Shareholders should read the proxy statement, which contains important information about the proposals, when it becomes available. For a free copy of the proxy statement, please contact Fidelity at 1-800-544-8544. The proxy statement will also be available on the Securities and Exchange Commission’s web site (www.sec.gov).


SELUTL-16-02
1.918622.105		June 2, 2016