-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TS2+xBSOPctzTxuqL6vbQCFD8/CLL6oKfn0SJGaja7W8gVhr9lwj+Ns73hbY84i8 nz921K4sV+7bh2PSqYXXnw== 0000803013-97-000045.txt : 19980102 0000803013-97-000045.hdr.sgml : 19980102 ACCESSION NUMBER: 0000803013-97-000045 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19971231 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: SEC FILE NUMBER: 002-69972 FILM NUMBER: 97747526 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) APRIL 29, 1997 PROSPECTUS The following information updates the similar information on the cover of the prospectus: MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED. FUND NUMBER AMERICAN GOLD PORTFOLIO 041 BIOTECHNOLOGY PORTFOLIO 042 ENERGY SERVICE PORTFOLIO 043 HOME FINANCE PORTFOLIO 098 INSURANCE PORTFOLIO 045 RETAILING PORTFOLIO 046 The following information updates the similar information found in the section entitled "Expenses," beginning on page P-7. ANNUAL FUND OPERATING EXPENSES are paid out of each fund's assets. Each fund pays a management fee that varies based on its performance. It also incurs other expenses for services such as maintaining shareholder records and furnishing shareholder statements and financial reports. A fund's expenses are factored into its share price or dividends and are not charged directly to shareholder accounts (see page P-50). The tables beginning on this page show figures that are based on estimated or historical expenses, adjusted to reflect current fees, and are calculated as a percentage of average net assets. EXAMPLES: Let's say, hypothetically, that each fund's annual return is 5% and that its operating expenses are exactly as just described. For every $1,000 you invested, the tables below show how much you would pay in total expenses if you close 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. Operating expenses Account Account open closed
AIR TRANSPORTATION Management fee 0.60% After 1 year $ 47 $ 55 12b-1 fee None After 3 years $ 83 $ 91 Other expenses 1.12% After 5 years $ 1.21 $ 129 Total fund operating expenses 1.72% After 10 years $ 227 $ 235 AMERICAN GOLD Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 73 $ 81 Other expenses 0.79% After 5 years $ 104 $ 112 Total fund operating expenses 1.39% After 10 years $ 192 $ 200 AUTOMOTIVE Management fee 0.60% After 1 year $ 45 $ 53 12b-1 fee None After 3 years $ 76 $ 84 Other expenses 0.89% After 5 years $ 109 $ 117 Total fund operating expenses 1.49% After 10 years $ 203 $ 211 BIOTECHNOLOGY Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 74 $ 82 Other expenses 0.82% After 5 years $ 105 $ 113 Total fund operating expenses 1.42% After 10 years $ 195 $ 203 BROKERAGE AND INVESTMENT MANAGEMENT Management fee 0.62% After 1 year $ 47 $ 55 12b-1 fee None After 3 years $ 83 $ 91 Other expenses 1.13% After 5 years $ 122 $ 130 Total fund operating expenses 1.75% After 10 years $ 230 $ 238
Operating expenses Account Account open closed
CHEMICALS Management fee 0.60% After 1 year $ 45 $ 53 12b-1 fee None After 3 years $ 76 $ 84 Other expenses 0.89% After 5 years $ 109 $ 117 Total fund operating expenses 1.49% After 10 years $ 203 $ 211 COMPUTERS Management fee 0.61% After 1 year $ 43 $ 51 12b-1 fee None After 3 years $ 70 $ 78 Other expenses 0.70% After 5 years $ 100 $ 108 Total fund operating expenses 1.31% After 10 years $ 183 $ 191 CONSTRUCTION AND HOUSING Management fee 0.60% After 1 year $ 49 $ 57 12b-1 fee None After 3 years $ 87 $ 95 Other expenses 1.28% After 5 years $ 129 $ 137 Total fund operating expenses 1.88% After 10 years $ 243 $ 251 CONSUMER INDUSTRIES Management fee 0.60% After 1 year $ 49 $ 57 12b-1 fee None After 3 years $ 88 $ 96 Other expenses 1.31% After 5 years $ 130 $ 138 Total fund operating expenses 1.91% After 10 years $ 247 $ 255 CYCLICAL INDUSTRIES* Management fee -- After 1 year $ 55 $ 63 (after reimbursement) 12b-1 fee None After 3 years $ 106 $ 114 Other expenses 2.50% (after reimbursement) Total fund operating expenses 2.50% DEFENSE AND AEROSPACE Management fee 0.61% After 1 year $ 46 $ 54 12b-1 fee None After 3 years $ 80 $ 88 Other expenses 1.01% After 5 years $ 115 $ 123 Total fund operating expenses 1.62% After 10 years $ 216 $ 224 DEVELOPING COMMUNICATIONS Management fee 0.60% After 1 year $ 45 $ 53 12b-1 fee None After 3 years $ 76 $ 84 Other expenses 0.89% After 5 years $ 109 $ 117 Total fund operating expenses 1.49% After 10 years $ 203 $ 211 ELECTRONICS Management fee 0.61% After 1 year $ 41 $ 49 12b-1 fee None After 3 years $ 65 $ 73 Other expenses 0.54% After 5 years $ 91 $ 99 Total fund operating expenses 1.15% After 10 years $ 166 $ 174
* FIGURES ARE BASED ON ESTIMATED EXPENSES. Operating expenses Account Account open closed
ENERGY Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 73 $ 81 Other expenses 0.81% After 5 years $ 105 $ 113 Total fund operating expenses 1.41% After 10 years $ 194 $ 202 ENERGY SERVICE Management fee 0.60% After 1 year $ 43 $ 51 12b-1 fee None After 3 years $ 69 $ 77 Other expenses 0.67% After 5 years $ 98 $ 106 Total fund operating expenses 1.27% After 10 years $ 179 $ 187 ENVIRONMENTAL SERVICES Management fee 0.61% After 1 year $ 50 $ 58 12b-1 fee None After 3 years $ 92 $ 100 Other expenses 1.43% After 5 years $ 137 $ 145 Total fund operating expenses 2.04% After 10 years $ 260 $ 268 FINANCIAL SERVICES Management fee 0.61% After 1 year $ 42 $ 50 12b-1 fee None After 3 years $ 69 $ 77 Other expenses 0.65% After 5 years $ 97 $ 105 Total fund operating expenses 1.26% After 10 years $ 178 $ 186 FOOD AND AGRICULTURE Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 73 $ 81 Other expenses 0.79% After 5 years $ 104 $ 112 Total fund operating expenses 1.39% After 10 years $ 192 $ 200 HEALTH CARE Management fee 0.60% After 1 year $ 42 $ 50 12b-1 fee None After 3 years $ 66 $ 74 Other expenses 0.58% After 5 years $ 93 $ 101 Total fund operating expenses 1.18% After 10 years $ 169 $ 177 HOME FINANCE Management fee 0.61% After 1 year $ 42 $ 50 12b-1 fee None After 3 years $ 68 $ 76 Other expenses 0.62% After 5 years $ 96 $ 104 Total fund operating expenses 1.23% After 10 years $ 174 $ 182 INDUSTRIAL EQUIPMENT Management fee 0.61% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 74 $ 82 Other expenses 0.81% After 5 years $ 105 $ 113 Total fund operating expenses 1.42% After 10 years $ 195 $ 203 INDUSTRIAL MATERIALS Management fee 0.60% After 1 year $ 45 $ 53 12b-1 fee None After 3 years $ 76 $ 84 Other expenses 0.89% After 5 years $ 109 $ 117 Total fund operating expenses 1.49% After 10 years $ 203 $ 211
Operating expenses Account Account open closed
INSURANCE Management fee 0.61% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 74 $ 82 Other expenses 0.83% After 5 years $ 106 $ 114 Total fund operating expenses 1.44% After 10 years $ 197 $ 205 LEISURE Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 74 $ 82 Other expenses 0.84% After 5 years $ 106 $ 114 Total fund operating expenses 1.44% After 10 years $ 197 $ 205 MEDICAL DELIVERY Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 74 $ 82 Other expenses 0.83% After 5 years $ 106 $ 114 Total fund operating expenses 1.43% After 10 years $ 196 $ 204 MULTIMEDIA Management fee 0.60% After 1 year $ 46 $ 54 12b-1 fee None After 3 years $ 79 $ 87 Other expenses 1.00% After 5 years $ 114 $ 122 Total fund operating expenses 1.60% After 10 years $ 214 $ 222 NATURAL GAS Management fee 0.60% After 1 year $ 46 $ 54 12b-1 fee None After 3 years $ 80 $ 88 Other expenses 1.03% After 5 years $ 116 $ 124 Total fund operating expenses 1.63% After 10 years $ 217 $ 225 NATURAL RESOURCES* Management fee -- After 1 year $ 55 $ 63 (after reimbursement) 12b-1 fee None After 3 years $ 106 $ 114 Other expenses 2.50% (after reimbursement) Total fund operating expenses 2.50% PAPER AND FOREST PRODUCTS Management fee 0.60% After 1 year $ 48 $ 56 12b-1 fee None After 3 years $ 85 $ 93 Other expenses 1.21% After 5 years $ 125 $ 133 Total fund operating expenses 1.81% After 10 years $ 236 $ 244 PRECIOUS METALS AND MINERALS Management fee 0.60% After 1 year $ 46 $ 54 12b-1 fee None After 3 years $ 79 $ 87 Other expenses 1.00% After 5 years $ 114 $ 122 Total fund operating expenses 1.60% After 10 years $ 214 $ 222
* FIGURES ARE BASED ON ESTIMATED EXPENSES. Operating expenses Account Account open closed
REGIONAL BANKS Management fee 0.61% After 1 year $ 43 $ 51 12b-1 fee None After 3 years $ 70 $ 78 Other expenses 0.68% After 5 years $ 99 $ 107 Total fund operating expenses 1.29% After 10 years $ 181 $ 189 RETAILING Management fee 0.60% After 1 year $ 45 $ 53 12b-1 fee None After 3 years $ 77 $ 85 Other expenses 0.94% After 5 years $ 111 $ 119 Total fund operating expenses 1.54% After 10 years $ 208 $ 216 SOFTWARE AND COMPUTER SERVICES Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 73 $ 81 Other expenses 0.79% After 5 years $ 104 $ 112 Total fund operating expenses 1.39% After 10 years $ 192 $ 200 TECHNOLOGY Management fee 0.60% After 1 year $ 43 $ 51 12b-1 fee None After 3 years $ 70 $ 78 Other expenses 0.71% After 5 years $ 100 $ 108 Total fund operating expenses 1.31% After 10 years $ 183 $ 191 TELECOMMUNICATIONS Management fee 0.60% After 1 year $ 44 $ 52 12b-1 fee None After 3 years $ 74 $ 82 Other expenses 0.84% After 5 years $ 106 $ 114 Total fund operating expenses 1.44% After 10 years $ 197 $ 205 TRANSPORTATION Management fee 0.60% After 1 year $ 50 $ 58 12b-1 fee None After 3 years $ 91 $ 99 Other expenses 1.42% After 5 years $ 136 $ 144 Total fund operating expenses 2.02% After 10 years $ 258 $ 266
UTILITIES GROWTH Management fee 0.60% After 1 year $ 43 $ 51 12b-1 fee None After 3 years $ 69 $ 77 Other expenses 0.68% After 5 years $ 98 $ 106 Total fund operating expenses 1.28% After 10 years $ 180 $ 188
MONEY MARKET Management fee 0.20% After 1 year $ 36 $ 36 12b-1 fee None After 3 years $ 47 $ 47 Other expenses 0.36% After 5 years $ 60 $ 60 Total fund operating expenses 0.56% After 10 years $ 98 $ 98
A portion of the brokerage commissions that a fund pays is used to reduce that fund's expenses. In addition, each fund has entered into arrangements with its custodian and transfer agent whereby interest earned on uninvested cash balances is used to reduce custodian and transfer agent expenses. Including these reductions, the total operating expenses presented in the preceding tables would have been: Air Transportation 1.63% American Gold 1.37% Automotive 1.45% Biotechnology 1.41% Brokerage and Investment Management 1.74% Chemicals 1.47% Computers 1.27% Construction and Housing 1.82% Consumer Industries 1.86% Defense and Aerospace 1.59% Developing Communications 1.47% Electronics 1.11% Energy 1.39% Energy Service 1.25% Environmental Services 1.97% Financial Services 1.24% Food and Agriculture 1.37% Health Care 1.17% Home Finance 1.19% Industrial Equipment 1.35% Industrial Materials 1.46% Insurance 1.39% Leisure 1.42% Medical Delivery 1.39% Multimedia 1.56% Natural Gas 1.59% Paper and Forest Products 1.78% Precious Metals and Minerals 1.59% Regional Banks 1.28% Retailing 1.48% Software and Computer Services 1.36% Technology 1.26% Telecommunications 1.40% Transportation 2.00% Utilities Growth 1.27% Effective April 30, 1997, FMR has voluntarily agreed to reimburse each fund to the extent that total operating expenses exceed 2.50% of its average net assets. If these agreements were not in effect, the management fee, other expenses and total operating expenses of Cyclical Industries would be estimated to be 0.59%, 2.59%, and 3.18%, respectively; and the management fee, other expenses and total operating expenses of Natural Resources would be estimated to be 0.59%, 2.12%, and 2.71, respectively. Expenses eligible for reimbursement do not include interest, taxes, brokerage commissions, or extraordinary expenses. The following information updates the similar information found in the section entitled "FMR and Its Affiliates," beginning on page P-36. Paul Antico is manager of Leisure, which he has managed since January 1997. Previously, he managed other Fidelity funds. Since joining Fidelity in 1991, Mr. Antico has worked as an analyst and manager. Audra Barranco is manager of Chemicals, which she has managed since June 1997. Ms. Barranco joined Fidelity in 1996 as an analyst, after receiving her MBA from Columbia Business School. Previously, she worked as an investment commentary writer and internal wholesaler for Pioneer Funds Distributor from 1992 to 1995. Steve Buller is manager of Environmental Services, which he has managed since December 1997. He is also an associate manager for another Fidelity fund. Mr. Buller joined Fidelity in 1992 as an analyst. From 1995 to 1997, he worked as a fixed-income analyst for Fidelity International, Limited, in London. James Catudal is manager of Industrial Materials, which he has managed since August 1997. He joined Fidelity in 1997 as a research analyst. Mr. Catudal worked for State Street Research & Management as an equity analyst after receiving his MBA from the Amos Tuck School at Dartmouth College in 1995. Previously, he worked for Textron, McCord Winn Division, from 1987 to 1993. Douglas Chase is manager of Consumer Industries which he has managed since August 1997. He managed Industrial Materials from 1994 to 1997. Mr. Chase joined Fidelity as an equity analyst in 1993 after receiving his MBA from the University of Michigan. Previously, he was a consultant for Stanford Resources from 1988 to 1991. Jeffrey Dorsey is manager of Multimedia, which he has managed since December 1997. Since joining Fidelity in 1991, Mr. Dorsey has worked as an analyst, senior analyst, corporate strategist and manager. Robert Ewing is manager of Energy Service which he has managed since November 1996. Since joining Fidelity in 1990, Mr. Ewing has worked as an analyst and manager. Albert Grosman is manager of Automotive, which he has managed since December 1997. Mr. Grosman joined Fidelity in 1996 as an analyst working part-time. After receiving his MBA from Columbia University in 1997, he joined Fidelity full-time. From 1993 to 1995, Mr. Grosman was self-employed as an investment manager, managing investment portfolios on a discretionary basis in Toronto, Canada. Jamie Harmon is manager of Biotechnology, which he has managed since June 1997. Since joining Fidelity in 1995, Mr. Harmon has worked as a research associate, analyst and manager. Previously, he was a junior analyst with Essex Investment Management Co., Inc. from 1994 to 1995. Mr. Harmon received a bachelor of arts degree in government from Harvard University in 1994. Doug Lober is manager of Paper and Forest Products, which he has managed since October 1997. Mr. Lober joined Fidelity in 1997 as a senior equity analyst. Previously, he was an analyst and manager at Fidelity from 1986 until 1989. Mr. Lober received his doctorate in forestry and environmental studies from Yale University in 1993, and was an assistant professor at Duke University from 1993 to 1997. Yolanda McGettigan is manager of Construction and Housing, which she has managed since December 1997. Ms. McGettigan joined Fidelity as an analyst in 1997, after receiving her MBA from the Fuqua School of Business at Duke University. Previously, she was employed as a sales representative for Robinson-Humphrey from 1994 to 1995 and a trader for Cantor Fitzgerald from 1992 to 1994. John Porter is manager of Software and Computer Services which he has managed since June 1997. Mr. Porter joined Fidelity as an analyst in 1995, after receiving his MBA from the University of Chicago. Previously, Mr. Porter was a product engineer for Ford Motor Company from 1991 to 1993. Lawrence Rakers is manager of Energy and Natural Resources which he has managed since January 1997 and March 1997, respectively. He also manages another Fidelity fund. Mr. Rakers joined Fidelity as an analyst in 1993. Previously, he was a project engineer for Loral Corporation from 1986 to 1993. Peter Saperstone is manager of Air Transportation and Defense and Aerospace, both of which he has managed since July 1997. Mr. Saperstone joined Fidelity as an analyst in August 1995. Previously, he was an equity research analyst at Gabelli & Company, Inc. from 1993 to 1995, and a credit analyst at National Westminster Bank USA from 1991 to 1993. Beso Sikharulidze is manager of Health Care, which he has managed since June 1997. He also manages another Fidelity fund. Mr. Sikharulidze joined Fidelity as an analyst in 1992, after receiving his MBA from Harvard University. Nick Thakore is manager of Telecommunications and Utilities Growth, which he has managed since July 1996 and August 1997, respectively. Mr. Thakore joined Fidelity as an analyst in 1993, after earning his MBA from The Wharton School at the University of Pennsylvania. Previously, he was a real estate analyst for Prudential Properties Company from 1989 to 1991. Victor Thay is manager of Natural Gas, which he has managed since December 1997. Mr. Thay joined Fidelity as a research associate in 1995, after receiving undergraduate degrees in political science and business administration from the University of California at Berkeley in 1995. Simon Wolf is manager of Industrial Equipment which he has managed since August 1997. Mr. Wolf joined Fidelity in 1996 as a research associate. Previously, he worked for Salomon Brothers as an analyst and high yield research assistant analyst from 1993 to 1996. Mr. Wolf received a bachelor of science in economics degree from The Wharton School at the University of Pennsylvania in 1992. The following information replaces the similar information found in the section entitled "Securi ties and Investment Practices," on page P-47. The money market fund may not invest more than 5% of its total assets in any one issuer, except that it may invest up to 25% of its total assets in certain other money market funds and in the highest-quality securities of a single issuer for up to three business days. This limitation does not apply to U.S. Government securities. The following information replaces in its entirety the similar information in the section entitled "Key Information," on page P-54. AUTOMATICALLY NEW ACCOUNTS CANNOT BE OPENED WITH THESE SERVICES. (small solid bullet) Use Fidelity Automatic Account Builder or Direct Deposit to automatically purchase more shares. Sign up for these services when opening your account, or call 1-800-544-6666 to add it. Direct Deposit is not available for retirement accounts. The short-selling program discussion found on page P-59 of the prospectus incorrectly identifies Fidelity Brokerage Services, Inc. as FSBI instead of FBSI. -----END PRIVACY-ENHANCED MESSAGE-----