**Supplement to the**

**Fidelity**®**Select Portfolios**®

**Air Transportation Portfolio (FSAIX), Automotive Portfolio (FSAVX), Banking Portfolio (FSRBX), Biotechnology Portfolio(FBIOX), Brokerage and Investment Management Portfolio (FSLBX), Chemicals Portfolio (FSCHX),Communications Equipment Portfolio (FSDCX), Computers Portfolio (FDCPX), Construction and Housing Portfolio (FSHOX),Consumer Discretionary Portfolio (FSCPX), Consumer Finance Portfolio (FSVLX), Consumer Staples Portfolio (FDFAX), Defenseand Aerospace Portfolio (FSDAX), Electronics Portfolio (FSELX), Energy Portfolio (FSENX), Energy Service Portfolio (FSESX),Environment and Alternative Energy Portfolio (FSLEX), Financial Services Portfolio (FIDSX), Gold Portfolio (FSAGX), Health CarePortfolio (FSPHX), Industrial Equipment Portfolio (FSCGX), Industrials Portfolio (FCYIX), Insurance Portfolio (FSPCX), IT ServicesPortfolio (FBSOX), Leisure Portfolio (FDLSX), Materials Portfolio (FSDPX), Medical Delivery Portfolio (FSHCX), MedicalEquipment and Systems Portfolio (FSMEX), Multimedia Portfolio (FBMPX), Natural Gas Portfolio (FSNGX), Natural ResourcesPortfolio (FNARX), Pharmaceuticals Portfolio (FPHAX), Retailing Portfolio (FSRPX), Software and Computer Services Portfolio(FSCSX), Technology Portfolio (FSPTX), Telecommunications Portfolio (FSTCX), Transportation Portfolio (FSRFX), UtilitiesPortfolio (FSUTX), and Wireless Portfolio (FWRLX)**

**Consumer Staples Portfolio is a Class of shares of Consumer Staples Portfolio; Gold Portfolio is a Class of shares ofGold Portfolio; Materials Portfolio is a Class of shares of Materials Portfolio; and Telecommunications Portfolio is a Class ofshares of Telecommunications Portfolio**

**Funds of Fidelity Select Portfolios**

**STATEMENT OF ADDITIONAL INFORMATION**

**April 29, 2013**

*Effective August 1, 2013, each fund will be managed by Fidelity SelectCo, LLC (SelectCo) pursuant to a management contract betweeneach fund and SelectCo. As the manager, SelectCo has overall responsibility for directing each fund's investments and handling itsbusiness affairs.*

*Previously the group fee rate component of certain Fidelity funds' management fees was based on the monthly average net assets of allof the registered investment companies with which FMR has management contracts. Going forward, the group fee rate component ofeach fund's management fee, which will be paid to SelectCo, will be based on the assets of registered investment companies managed bySelectCo as well as the assets of registered investment companies with which FMR has management contracts.*

*Also effective August 1, 2013, in connection with the establishment of a separate board to oversee the Fidelity funds managed bySelectCo (SelectCo funds), the Board of Trustees of the the funds, is comprised of Ronald P. O'Hanley, Ned C. Lautenbach, David A.Rosow, Garnett A. Smith, William S. Stravropoulos, and Michael E. Wiley, each of whom has been elected by shareholders. Messrs. Rosow,Smith and Wiley oversee 64 funds managed by SelectCo and Messrs. O'Hanley, Lautenbach and Stavropoulos oversee 230 SelectCoand Fidelity funds.*

*The following information replaces similar information in the Management Contracts section on page 65:*

The group fee rate is based on the monthly average net assets of all of the registered investment companies with which SelectCo or FidelityManagement & Research Company has management contracts.

*Annie Rosen has replaced Michael Weaver as the portfolio manager of Automotive Portfolio.*

*The following information supplements similar information found in the "Management Contracts" section beginning on page 65.*

The following table provides information relating to other accounts managed by Ms. Rosen as of July 31, 2013: