0000320351-24-000003.txt : 20240102 0000320351-24-000003.hdr.sgml : 20240102 20240102090220 ACCESSION NUMBER: 0000320351-24-000003 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240102 DATE AS OF CHANGE: 20240102 EFFECTIVENESS DATE: 20240102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 002-69972 FILM NUMBER: 24500489 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 S000007491 Enterprise Technology Services Portfolio C000020465 Enterprise Technology Services Portfolio FBSOX 497K 1 filing7353.htm PRIMARY DOCUMENT
Supplement to the
Fidelity® Select Portfolios®
Enterprise Technology Services Portfolio
April 29, 2023
Summary Prospectus
 
 
At its January 2023 meeting, the Board of Trustees ("Board") approved changes to the name and an investment policy of the IT Services Portfolio ("Fund"). Effective June 1, 2023, the Fund will: (i) change its name to Enterprise Technology Services Portfolio; (ii) change its 80% policy to normally invest at least 80% of assets in securities of companies principally engaged in providing enterprise technology services; and (iii) change its supplemental benchmark index to the MSCI U.S. IMI Enterprise Technology Services 25/50 Index.
Effective June 1, 2023, the following information replaces similar information found in the "Fund Summary" section under the "Principal Investment Strategies" heading.
  • Normally investing at least 80% of assets in securities of companies principally engaged in providing enterprise technology services.
At its January 2023 meeting, the Board also 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 second quarter of 2023, to vote on this proposal. If approved by shareholders, the fundamental concentration policy will be modified to more closely align with the new fund name. If approved, the changes are expected to take effect on July 1, 2023 or the first day of the month following shareholder approval. The changes to the Fund's name and the investment policy discussed above are not subject to shareholder approval and are expected to take effect on June 1, 2023 even if shareholders do not approve the proposed change to the concentration policy.
Shareholders should read the proxy statement, which contains important information about the concentration policy 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). Results of the shareholder meeting will appear in the fund's next shareholder report.
The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Managers" heading.
Becky Baker (Co-Portfolio Manager) has managed the fund since 2020.
Elliot Mattingly (Co-Portfolio Manager) has managed the fund since 2024.
Effective June 30, 2024, Ms. Baker will no longer serve as Co-Portfolio Manager for the fund. At that time, Mr. Mattingly will assume sole portfolio manager responsibilities.
BSO-SUSTK-0124-105
1.9880370.105
January 2, 2024