-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RjikHqNn3TsFfc7U/2RtPfLh5np5eRu1wwh8fS820WKeM1Bp1BWnhHNKMIFi5I8G YO79JSVuID2NVwkhMbsbIA== 0000278001-95-000008.txt : 19950217 0000278001-95-000008.hdr.sgml : 19950217 ACCESSION NUMBER: 0000278001-95-000008 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19950216 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 042732797 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-69972 FILM NUMBER: 95511865 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391263 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE ZH1 CITY: BOSTON STATE: MA ZIP: 02109 497 1 SUPPLEMENT TO THE FIDELITY SELECT PORTFOLIOS(registered trademark) PROSPECTUS DATED APRIL 30, 1994 The following information replaces the similar information found under the "Expenses"section beginning on page P-7. SHAREHOLDER TRANSACTION EXPENSES are charges you pay when you buy, sell, or hold shares of a fund. See pages P-50 to P-56 for an explanation of how and when these charges apply. Lower sales charges may be available for accounts over $250,000. Maximum sales charge on purchases (as a % of offering price) 3.00% Maximum sales charge on reinvested dividends None Deferred sales charge on redemptions None Exchange fee (stock funds only) $7.50 Maximum redemption fees (stock funds only) on shares held 29 days or less (as a % of redemption amount) 0.75% on shares held 30 days or more $7.50 Annual account maintenance fee (for accounts under $2,500) $12.00 ANNUAL FUND OPERATING EXPENSES are paid out of each fund's assets. Each fund pays management fees to FMR. Each fund also incurs other expenses for services such as maintaining shareholder statements and financial reports. Expenses are factored into each fund's share price or dividends and are not charged directly to shareholder accounts (see page P-46). The operating expenses are projections based on historical expenses adjusted to reflect the current contracts, and are calculated as a percentage of average net assets. A portion of the brokerage commissions that some of the funds paid was used to reduce fund expenses. Without this reduction, the total fund operating expenses for the funds would have been higher. EXAMPLES. Let's say, hypothetically, that each fund's annual return is 5% and that its operating expenses are exactly as described. For every $1,000 you invested, the examples show how much you would have paid in total expenses if you closed your account after the number of years indicated. The examples illustrate the effect of expenses, but are not meant to suggest actual or expected costs or returns, all of which may vary. The following information replaces the corresponding information for the specified funds found under the "Expenses" section beginning on page P-7. Operating expenses Examples
BIOTECHNOLOGY Management fee 0.63 After 1 year $47 % 12b-1 fee None After 3 years $84 Other expenses 1.14 After 5 years $123 % Total fund operating 1.77 After 10 $232 expenses %A years CONSTRUCTION AND HOUSING Management fee 0.63 After 1 year $47 % 12b-1 fee None After 3 years $83 Other expenses 1.12 After 5 years $122 % Total fund operating 1.75% After 10 $230 expenses A years DEVELOPING COMMUNICATIONS Management fee 0.63 After 1 year $47 % 12b-1 fee None After 3 years $81 Other expenses 1.05 After 5 years $119 % Total fund operating 1.68 After 10 $223 expenses % years
A A PORTION OF THE BROKERAGE COMMISSIONS THAT THE FUNDS PAID WAS USED TO REDUCE FUND EXPENSES. WITHOUT THIS REDUCTION, THE TOTAL FUND OPERATING EXPENSES FOR THE RESPECTIVE FUNDS WOULD HAVE BEEN: BIOTECHNOLOGY, 1.78%; AND CONSTRUCTION AND HOUSING, 1.76%. Operating expenses Examples
ENVIRONMENTAL SERVICES Management fee 0.63 After 1 year $52 % 12b-1 fee None After 3 years $99 Other expenses 1.64 After 5 years $148 % Total fund operating 2.27% After 10 $283 expenses A years FOOD AND AGRICULTURE Management fee 0.62 After 1 year $48 % 12b-1 fee None After 3 years $85 Other expenses 1.18 After 5 years $125 % Total fund operating 1.80 After 10 $235 expenses %A years HEALTH CARE Management fee 0.63 After 1 year $46 % 12b-1 fee None After 3 years $81 Other expenses 1.04 After 5 years $118 % Total fund operating 1.67% After 10 $222 expenses A years LEISURE Management fee 0.63 After 1 year $46 % 12b-1 fee None After 3 years $81 Other expenses 1.03 After 5 years $118 % Total fund operating 1.66 After 10 $221 expenses %A years MULTIMEDIA Management fee 0.63 After 1 year $48 % 12b-1 fee None After 3 years $84 Other expenses 1.15 After 5 years $124 % Total fund operating 1.78 After 10 $233 expenses %A years TECHNOLOGY Management fee 0.63 After 1 year $46 % 12b-1 fee None After 3 years $80 Other expenses 0.99 After 5 years $115 % Total fund operating 1.62 After 10 $216 expenses %A years TELECOMMUNICATIONS Management fee 0.63 After 1 year $46 % 12b-1 fee None After 3 years $80 Other expenses 1.01 After 5 years $116 % Total fund operating 1.64% After 10 $219 expenses A years UTILITIES Management fee 0.63 After 1 year $44 % 12b-1 fee None After 3 years $74 Other expenses 0.82 After 5 years $107 % Total fund operating 1.45 After 10 $198 expenses %A years
A A PORTION OF THE BROKERAGE COMMISSIONS THAT THE FUNDS PAID WAS USED TO REDUCE FUND EXPENSES. WITHOUT THIS REDUCTION, THE TOTAL FUND OPERATING EXPENSES FOR THE RESPECTIVE FUNDS WOULD HAVE BEEN: ENVIRONMENTAL SERVICES, 2.31%; FOOD AND AGRICULTURE, 1.81%; HEALTH CARE, 1.71%; LEISURE, 1.68%; MULTIMEDIA, 1.81%; TECHNOLOGY, 1.63%; TELECOMMUNICATIONS, 1.65%; AND UTILITIES, 1.46%. The following paragraph supplements the information found in the section entitled "Transaction Details" beginning on page P-53. FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00 from accounts with a value of less than $2,500 (including any amount paid as a sales charge), subject to an annual maximum charge of $60.00 per shareholder. It is expected that accounts will be valued on the second Friday in November of each year. Accounts opened after September 30 will not be subject to the fee for that year. The fee, which is payable to the transfer agent, is designed to offset in part the relatively higher costs of servicing smaller accounts. The fee will not be deducted from retirement accounts, accounts using regular investment plans, or if total assets in Fidelity funds exceed $50,000. Eligibility for the $50,000 waiver is determined by aggregating Fidelity mutual fund accounts maintained by FSC or FBSI which are registered under the same social security number or which list the same social security number for the custodian of a Uniform Gifts/Transfers to Minors Act account. Effective January 10, 1995 the following information replaces the discussion of portfolio managers found in the "FMR and Its AffiliateS" section beginning on page P-34. Paul Antico has been portfolio manager of Developing Communications since November 1993. Previously, he served as an analyst for the telecommunications equipment and restaurant industries. He also served as an assistant on Balanced and Equity-Income II. He joined Fidelity in 1991, after receiving a B.S. in economics from the Massachusetts Institute of Technology. Philip Barton has been portfolio manager of Environmental Services since October 1993. Previously, he managed Developing Communications and was senior European technology analyst at Fidelity International in London. Barton joined the company in 1986 as an analyst following first the banking industry and then software and computer services. He received his C.F.A. in 1988. Robert Bertelson has been portfolio manager of Industrial Equipment since December 1994. Previously, he managed Energy. He joined Fidelity in 1991. Before joining Fidelity he was vice president of Wellington Management Company. Stephen Binder has been portfolio manager of Medical Delivery Portfolio since December 1994. Previously, he managed Regional Banks, Defense and Aerospace, and Financial Services. Mr. Binder joined Fidelity in 1989. William Bower has been portfolio manager of Construction and Housing since December 1994. He joined Fidelity as a research analyst in June 1994, after receiving an M.B.A. from the University of Chicago. He also served as a research intern at Fidelity in the summer of 1993. Previously, Mr. Bower was a real estate commercial loan officer for Michigan National Bank. Douglas Chase has been portfolio manager of Industrial Materials since November 1994. He joined Fidelity as an analyst for the steel industry in 1993, after receiving an M.B.A. from the University of Michigan. Previously, Mr. Chase was a market researcher and consultant for Stanford Resources. Robert Chow has been portfolio manager of Insurance since June 1993. He has also served as manager of Computers, Paper and Forest Products and Technology and as an assistant on Growth & Income. Chow joined the company as a summer intern in 1989. Before that, he was a sub-project manager at TRW, an aerospace company. Chow received an M.B.A. in finance from the University of Chicago in 1990. Stephen DuFour has been portfolio manager of Multimedia since July 1993 and Transportation since December 1994. He joined Fidelity in 1992 after receiving an M.B.A. from the University of Chicago. David Ellison has been portfolio manager of Home Finance since December 1985. Previously, he managed Brokerage and Investment Management and Financial Services. He has also been a banking and finance analyst. Mary English has been portfolio manager of Consumer Products since February, 1994. Previously, she managed Retailing and was an equity analyst following the specialty retail and advertising industries. English joined Fidelity in 1991, after receiving her M.B.A. from the University of Virginia. Before that, she was a senior equity analyst and vice president at Furman, Selz, an institutional research firm. Jeff rey Feinberg has been portfolio manager of Retailing since February 1994 and Brokerage and Investment Management since January 1995 . He has been a portfolio assistant for Magellan since January 1995. He joined Fidelity as a research analyst in 1992. Previously, Mr. Feinberg was an analyst at Wasserstein Perella & Company and was president of Feinberg and Associates, his own merger and acquisition and investment advisory firm. He received his M.B.A. from Harvard University in 1993. David Felman has been portfolio manager of Telecommunications since April 1994 and Chemicals since January 1995. He has been a portfolio assistant for Magellan since January 1995. He joined Fidelity as a research analyst in June 1993 after receiving his M.A. from Harvard University. Mr. Felman received his M.B.A. from New York University in 1991. Karen Firestone has been portfolio manager of Biotechnology since August 1992. Previously, she managed Air Transportation, Multimedia, Leisure, and Transportation, Firestone joined the company in 1983. John Hurley has been portfolio manager of Software and Computer Services since October 1994. Previously, he was a Fidelity analyst covering PC databases, mainframe and software companies. Mr. Hurley joined Fidelity in 1993 as an analyst covering software companies. He received an M.B.A. from Stanford University in 1993. Previously, Mr. Hurley served as an officer in the U.S. Army. Harry Lange has been portfolio manager of Electronics since January 1994, Technology since November 1993, and Computers since June 1992. Previously, he managed Automation and Machinery and Capital Goods. He joined the company in 1987. Malcolm MacNaught has been portfolio manager of American Gold since December 1985 and Precious Metals and Minerals since July 1981. He also manages Advisor Global Natural Resources. Charles Mangum has been portfolio manager of Health Care since March 1992. Previously, he managed Medical Delivery. He received an M.B.A. from the University of Chicago in 1990. Before joining Fidelity in 1990, he worked as a financial analyst at Eppler, Guerin and Turner, a Dallas-based brokerage house. William Mankivsky has been portfolio manager of Food and Agriculture since April 1993. Previously, he managed Energy Service. He joined Fidelity in 1991 after receiving an M.B.A. from the University of Chicago. Previously, he was an analyst at the Prudential Property Company in Chicago. John Muresianu has been portfolio manager of Utilities Growth and Utilities Fund since December 1992. Previously, he managed Natural Gas and Electric Utilities and served as senior research analyst following natural gas pipelines, life insurance, service companies, Canadian stocks and foreign currencies. He has also been a pension fund manager with the company. Muresianu joined Fidelity in 1986. Scott Offen has been portfolio manager of Paper and Forest Products since November 1993. Previously, he manage Brokerage and Investment Management and Life Insurance. Offen joined the company in 1985 as an insurance and finance analyst. Daniel Pickering has been portfolio manager of Energy Services since December 1994. He joined Fidelity as a research analyst in 1994, after receiving an M.B.A. from the University of Chicago. Previously, Mr. Pickering was a planning analyst and engineer for ARCO. Brenda Reed has been portfolio manager of Automotive since May 1994. Previously, she managed Air Transportation. Before joining Fidelity in 1992, she was an equity analyst at the Putnam Companies and vice president of New England Research and Management. Ms. Reed received an M.B.A. from the Amos Tuck School of Business Administration at Dartmouth College in 1992, and a B.S. in financial management from Boston University in 1989. Albert Ruback has been portfolio manager of Energy since December 1994. Previously, he managed Industrial Equipment. Mr. Ruback joined Fidelity in 1991, after receiving an M.B.A. from Harvard Business School. William Rubin has been portfolio manager of Defense and Aerospace since December 1994. He joined Fidelity in 1994 as an analyst, after receiving an M.B.A. from Harvard Business School. Mr. Rubin also worked as a summer analyst intern at Fidelity in 1993. Before joining Fidelity, he worked in investor relations and was a financial analyst for VLSI Technology and was a financial analyst for Robertson, Stephens and Company. Louis Salemy has been portfolio manager of Regional Banks and Financial Services since December 1994. Previously, he managed Industrial Materials and Medical Delivery. Before joining Fidelity in 1992, Mr. Salemy was a security analyst for Loomis, Sayles and Company. He received an M.B.A. in finance from New York University in 1989. Mark Tempero has been portfolio manager of Natural Gas since February 1994. He joined Fidelity in May 1993 as an analyst following domestic oil and gas exploration and production as well as conglomerates. Tempero received an M.B.A. from the University of Chicago in 1993 and his masters in economics from the London School of Economics in 1992. Jason Weiner has been portfolio manager of Air Transportation since December 1994. Previously, he was a research analyst from 1993 to December 1994, covering biotechnology, technology, retail, and business services. Mr. Weiner joined Fidelity as a research associate in 1991 after receiving his B.A. from Swarthmore College. Deborah Wheeler has been portfolio manager of Leisure since August 1992. Previously, Wheeler managed Food and Agriculture, Housing, and Retailing. She was also an assistant on Magellan. Wheeler joined Fidelity in 1986. Effective August 3, 1994, Select Utilities Portfolio changed its name to Select Utilities Growth Portfolio. The following paragraph supplements the information contained in the section entitled "Dividends, Capital Gains and Taxes" on page P-52. EFFECT OF FOREIGN TAXES. Foreign governments may impose taxes on the fund's investments and these taxes generally will reduce the fund's distributions. If the fund elects to pass through foreign taxes paid to shareholders, the amount of taxes paid will be reflected in the taxable income reported on your tax statement. Your tax statement will show the amount of foreign tax for which a credit or deduction is available. -----END PRIVACY-ENHANCED MESSAGE-----