-----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, IzSr7Yo3hw6IaA/beqjpdesEXmOrQLWkArzHVOBZ43DzhH4yQTwwLHAcL5HMWZ9L YWBT934kh6tmw5uOGK9Jvg== 0000917286-99-000039.txt : 19991102 0000917286-99-000039.hdr.sgml : 19991102 ACCESSION NUMBER: 0000917286-99-000039 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19991101 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: 99738257 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(registered trademark) SELECT PORTFOLIOS(registered trademark) APRIL 29, 1999 STATEMENT OF ADDITIONAL INFORMATION REGIONAL BANKS PORTFOLIO HAS BEEN RENAMED BANKING PORTFOLIO. ALL REFERENCES TO REGIONAL BANKS PORTFOLIO THROUGHOUT THIS SAI SHOULD BE REPLACED WITH BANKING PORTFOLIO. THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR EACH STOCK FUND (EXCEPT BUSINESS SERVICES AND OUTSOURCING PORTFOLIO, CYCLICAL INDUSTRIES PORTFOLIO, MEDICAL EQUIPMENT AND SYSTEMS PORTFOLIO, AND NATURAL RESOURCES PORTFOLIO) FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2. (v) The fund may borrow money only (a) from a bank or from a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) by engaging in reverse repurchase agreements with any party (reverse repurchase agreements are treated as borrowings for purposes of fundamental limitation (2)). (vii) The fund does not currently intend to lend assets other than securities to other parties, except (a) by lending money (up to 15% of the fund's net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) acquiring loans, loan participations, or other forms of direct debt instruments and, in connection therewith, assuming any associated unfunded commitments of the sellers. (This limitation does not apply to purchases of debt securities or to repurchase agreements.) THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR EACH OF BUSINESS SERVICES AND OUTSOURCING PORTFOLIO, CYCLICAL INDUSTRIES PORTFOLIO, MEDICAL EQUIPMENT AND SYSTEMS PORTFOLIO, AND NATURAL RESOURCES PORTFOLIO FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 3. (v) The fund may borrow money only (a) from a bank or from a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) by engaging in reverse repurchase agreements with any party (reverse repurchase agreements are treated as borrowings for purposes of fundamental limitation (2)). (vii) The fund does not currently intend to lend assets other than securities to other parties, except by lending money (up to 15% of the fund's net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) acquiring loans, loan participations, or other forms of direct debt instruments and, in connection therewith, assuming any associated unfunded commitments of the sellers. (This limitation does not apply to purchases of debt securities or to repurchase agreements.) THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR MONEY MARKET PORTFOLIO FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 5. (iv) The fund may borrow money only (a) from a bank or from a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) by engaging in reverse repurchase agreements with any party. (vii) The fund does not currently intend to lend assets other than securities to other parties, except by lending money (up to 15% of the fund's net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser. (This limitation does not apply to purchases of debt securities or to repurchase agreements.) THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2. SOURCES OF CREDIT OR LIQUIDITY SUPPORT. Issuers may employ various forms of credit and liquidity enhancements, including letters of credit, guarantees, puts, and demand features, and insurance provided by domestic or foreign entities such as banks and other financial institutions. FMR may rely on its evaluation of the credit of the liquidity or credit enhancement provider in determining whether to purchase a security supported by such enhancement. In evaluating the credit of a foreign bank or other foreign entities, FMR will consider whether adequate public information about the entity is available and whether the entity may be subject to unfavorable political or economic developments, currency controls, or other government restrictions that might affect its ability to honor its commitment. Changes in the credit quality of the entity providing the enhancement could affect the value of the security or a fund's share price. THE FOLLOWING INFORMATION FOUND IN THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 51 HAS BEEN REMOVED. LEONARD M. RUSH (53), Assistant Treasurer (1994), is an employee of FMR (1994). Prior to becoming Assistant Treasurer of the Fidelity funds, Mr. Rush was Chief Compliance Officer of FMR Corp. (1993-1994) and Chief Financial Officer of Fidelity Brokerage Services, Inc. (1990-1993). THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 51. NED C. LAUTENBACH (55), Member of the Advisory Board (1999), has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Mr. Lautenbach was Senior Vice President of IBM Corporation from 1992 until his retirement in July 1998. From 1993 to 1995 he was Chairman of IBM World Trade Corporation. He also was a member of IBM's Corporate Executive Committee from 1994 to July 1998. He is a Director of PPG Industries Inc. (glass, coating and chemical manufacturer), Dynatech Corporation (global communications equipment), Eaton Corporation (global manufacturer of highly engineered products) and ChoicePoint Inc. (data identification, retrieval, storage, and analysis). THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 53. The following table sets forth information describing the compensation of each Trustee and Member of the Advisory Board of each fund for his or her services for the fiscal year ended February 28, 1999, or calendar year ended December 31, 1998, as applicable. Compensation Table
AGGREGATE COMPENSATION FROM A Edward C. Johnson 3d** Abigail P. Johnson** J. Gary Burkhead ** Ralph F. Cox FUNDA Air TransportationB $ 0 $ 0 $ 0 $ 36 AutomotiveB $ 0 $ 0 $ 0 $ 20 BiotechnologyB $ 0 $ 0 $ 0 $ 194 Brokerage and Investment $ 0 $ 0 $ 0 $ 252 ManagementB Business Services and $ 0 $ 0 $ 0 $ 17 OutsourcingB ChemicalsB $ 0 $ 0 $ 0 $ 17 ComputersB $ 0 $ 0 $ 0 $ 316 Construction and HousingB $ 0 $ 0 $ 0 $ 28 Consumer IndustriesB $ 0 $ 0 $ 0 $ 26 Cyclical IndustriesB $ 0 $ 0 $ 0 $ 1 Defense and AerospaceB $ 0 $ 0 $ 0 $ 20 Developing CommunicationsB $ 0 $ 0 $ 0 $ 96 ElectronicsB $ 0 $ 0 $ 0 $ 761 EnergyB $ 0 $ 0 $ 0 $ 49 Energy ServiceB $ 0 $ 0 $ 0 $ 241 Environmental ServicesB $ 0 $ 0 $ 0 $ 7 Financial ServicesB $ 0 $ 0 $ 0 $ 216 Food and AgricultureB $ 0 $ 0 $ 0 $ 80 GoldB $ 0 $ 0 $ 0 $ 73 Health CareB,C,D $ 0 $ 0 $ 0 $ 843 Home FinanceB $ 0 $ 0 $ 0 $ 487 Industrial EquipmentB $ 0 $ 0 $ 0 $ 15 Industrial MaterialsB $ 0 $ 0 $ 0 $ 6 InsuranceB $ 0 $ 0 $ 0 $ 39 LeisureB $ 0 $ 0 $ 0 $ 98 Medical DeliveryB $ 0 $ 0 $ 0 $ 55 Medical Equipment and SystemsB+ $ 0 $ 0 $ 0 $ 5 MultimediaB $ 0 $ 0 $ 0 $ 44 Natural GasB $ 0 $ 0 $ 0 $ 18 Natural ResourcesB $ 0 $ 0 $ 0 $ 2 Paper and Forest ProductsB $ 0 $ 0 $ 0 $ 6 Precious Metals and MineralsB $ 0 $ 0 $ 0 $ 53 Regional BanksB $ 0 $ 0 $ 0 $ 439 RetailingB $ 0 $ 0 $ 0 $ 91 Software and Computer ServicesB $ 0 $ 0 $ 0 $ 191 TechnologyB $ 0 $ 0 $ 0 $ 240 TelecommunicationsB $ 0 $ 0 $ 0 $ 263 TransportationB $ 0 $ 0 $ 0 $ 10 Utilities GrowthB $ 0 $ 0 $ 0 $ 138 Money MarketB $ 0 $ 0 $ 0 $ 326 TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 0 $ 223,500 FUND COMPLEX*,A
AGGREGATE COMPENSATION FROM A Phyllis Burke Davis Robert M. Gates E. Bradley Jones Donald J. Kirk Ned C. Lautenbach*** FUNDA Air TransportationB $ 36 $ 36 $ 36 $ 36 $ 0 AutomotiveB $ 19 $ 20 $ 19 $ 20 $ 0 BiotechnologyB $ 191 $ 193 $ 192 $ 194 $ 0 Brokerage and Investment $ 248 $ 253 $ 251 $ 255 $ 0 ManagementB Business Services and $ 17 $ 17 $ 17 $ 18 $ 0 OutsourcingB ChemicalsB $ 17 $ 17 $ 17 $ 17 $ 0 ComputersB $ 311 $ 315 $ 313 $ 315 $ 0 Construction and HousingB $ 27 $ 28 $ 27 $ 28 $ 0 Consumer IndustriesB $ 26 $ 26 $ 26 $ 27 $ 0 Cyclical IndustriesB $ 1 $ 1 $ 1 $ 1 $ 0 Defense and AerospaceB $ 20 $ 20 $ 20 $ 20 $ 0 Developing CommunicationsB $ 94 $ 96 $ 95 $ 96 $ 0 ElectronicsB $ 751 $ 761 $ 756 $ 763 $ 0 EnergyB $ 49 $ 49 $ 49 $ 50 $ 0 Energy ServiceB $ 238 $ 242 $ 240 $ 243 $ 0 Environmental ServicesB $ 7 $ 7 $ 7 $ 7 $ 0 Financial ServicesB $ 213 $ 216 $ 214 $ 218 $ 0 Food and AgricultureB $ 79 $ 80 $ 79 $ 80 $ 0 GoldB $ 72 $ 72 $ 72 $ 73 $ 0 Health CareB,C,D $ 832 $ 842 $ 837 $ 848 $ 0 Home FinanceB $ 481 $ 488 $ 485 $ 493 $ 0 Industrial EquipmentB $ 15 $ 15 $ 15 $ 15 $ 0 Industrial MaterialsB $ 6 $ 6 $ 6 $ 6 $ 0 InsuranceB $ 38 $ 39 $ 39 $ 39 $ 0 LeisureB $ 96 $ 98 $ 97 $ 99 $ 0 Medical DeliveryB $ 54 $ 55 $ 55 $ 56 $ 0 Medical Equipment and SystemsB+ $ 5 $ 5 $ 5 $ 5 $ 0 MultimediaB $ 43 $ 44 $ 43 $ 44 $ 0 Natural GasB $ 18 $ 18 $ 18 $ 19 $ 0 Natural ResourcesB $ 2 $ 2 $ 2 $ 2 $ 0 Paper and Forest ProductsB $ 6 $ 6 $ 6 $ 6 $ 0 Precious Metals and MineralsB $ 52 $ 53 $ 53 $ 53 $ 0 Regional BanksB $ 433 $ 440 $ 437 $ 443 $ 0 RetailingB $ 90 $ 91 $ 91 $ 92 $ 0 Software and Computer ServicesB $ 188 $ 191 $ 189 $ 192 $ 0 TechnologyB $ 237 $ 240 $ 239 $ 240 $ 0 TelecommunicationsB $ 259 $ 263 $ 261 $ 265 $ 0 TransportationB $ 10 $ 10 $ 10 $ 10 $ 0 Utilities GrowthB $ 136 $ 138 $ 137 $ 138 $ 0 Money MarketB $ 322 $ 326 $ 323 $ 330 $ 0 TOTAL COMPENSATION FROM THE $ 220,500 $ 223,500 $222,000 $ 226,500 $ 0 FUND COMPLEX*,A
AGGREGATE COMPENSATION FROM A Peter S. Lynch** William O. McCoy Gerald C. McDonough Marvin L. Mann Robert C. Pozen ** FUNDA Air TransportationB $ 0 $ 36 $ 44 $ 36 $ 0 AutomotiveB $ 0 $ 20 $ 24 $ 20 $ 0 BiotechnologyB $ 0 $ 193 $ 237 $ 193 $ 0 Brokerage and Investment $ 0 $ 253 $ 309 $ 253 $ 0 ManagementB Business Services and $ 0 $ 17 $ 21 $ 17 $ 0 OutsourcingB ChemicalsB $ 0 $ 17 $ 21 $ 17 $ 0 ComputersB $ 0 $ 315 $ 385 $ 315 $ 0 Construction and HousingB $ 0 $ 28 $ 34 $ 28 $ 0 Consumer IndustriesB $ 0 $ 26 $ 32 $ 26 $ 0 Cyclical IndustriesB $ 0 $ 1 $ 2 $ 1 $ 0 Defense and AerospaceB $ 0 $ 20 $ 25 $ 20 $ 0 Developing CommunicationsB $ 0 $ 96 $ 117 $ 96 $ 0 ElectronicsB $ 0 $ 761 $ 931 $ 761 $ 0 EnergyB $ 0 $ 49 $ 60 $ 49 $ 0 Energy ServiceB $ 0 $ 242 $ 296 $ 242 $ 0 Environmental ServicesB $ 0 $ 7 $ 9 $ 7 $ 0 Financial ServicesB $ 0 $ 216 $ 264 $ 216 $ 0 Food and AgricultureB $ 0 $ 80 $ 98 $ 80 $ 0 GoldB $ 0 $ 72 $ 89 $ 72 $ 0 Health CareB,C,D $ 0 $ 842 $ 1,031 $ 842 $ 0 Home FinanceB $ 0 $ 488 $ 598 $ 488 $ 0 Industrial EquipmentB $ 0 $ 15 $ 18 $ 15 $ 0 Industrial MaterialsB $ 0 $ 6 $ 7 $ 6 $ 0 InsuranceB $ 0 $ 39 $ 48 $ 39 $ 0 LeisureB $ 0 $ 98 $ 120 $ 98 $ 0 Medical DeliveryB $ 0 $ 55 $ 67 $ 55 $ 0 Medical Equipment and SystemsB+ $ 0 $ 5 $ 6 $ 5 $ 0 MultimediaB $ 0 $ 44 $ 54 $ 44 $ 0 Natural GasB $ 0 $ 18 $ 23 $ 18 $ 0 Natural ResourcesB $ 0 $ 2 $ 3 $ 2 $ 0 Paper and Forest ProductsB $ 0 $ 6 $ 8 $ 6 $ 0 Precious Metals and MineralsB $ 0 $ 53 $ 65 $ 53 $ 0 Regional BanksB $ 0 $ 440 $ 539 $ 440 $ 0 RetailingB $ 0 $ 91 $ 112 $ 91 $ 0 Software and Computer ServicesB $ 0 $ 191 $ 233 $ 191 $ 0 TechnologyB $ 0 $ 240 $ 294 $ 240 $ 0 TelecommunicationsB $ 0 $ 263 $ 322 $ 263 $ 0 TransportationB $ 0 $ 10 $ 12 $ 10 $ 0 Utilities GrowthB $ 0 $ 138 $ 169 $ 138 $ 0 Money MarketB $ 0 $ 326 $ 396 $ 326 $ 0 TOTAL COMPENSATION FROM THE $ 0 $ 223,500 $ 273,500 $ 220,500 $ 0 FUND COMPLEX*,A
AGGREGATE COMPENSATION FROM A Thomas R. Williams FUNDA Air TransportationB $ 36 AutomotiveB $ 20 BiotechnologyB $ 193 Brokerage and Investment $ 253 ManagementB Business Services and $ 17 OutsourcingB ChemicalsB $ 17 ComputersB $ 315 Construction and HousingB $ 28 Consumer IndustriesB $ 26 Cyclical IndustriesB $ 1 Defense and AerospaceB $ 20 Developing CommunicationsB $ 96 ElectronicsB $ 761 EnergyB $ 49 Energy ServiceB $ 242 Environmental ServicesB $ 7 Financial ServicesB $ 216 Food and AgricultureB $ 80 GoldB $ 72 Health CareB,C,D $ 842 Home FinanceB $ 488 Industrial EquipmentB $ 15 Industrial MaterialsB $ 6 InsuranceB $ 39 LeisureB $ 98 Medical DeliveryB $ 55 Medical Equipment and SystemsB+ $ 5 MultimediaB $ 44 Natural GasB $ 18 Natural ResourcesB $ 2 Paper and Forest ProductsB $ 6 Precious Metals and MineralsB $ 53 Regional BanksB $ 440 RetailingB $ 91 Software and Computer ServicesB $ 191 TechnologyB $ 240 TelecommunicationsB $ 263 TransportationB $ 10 Utilities GrowthB $ 138 Money MarketB $ 326 TOTAL COMPENSATION FROM THE $ 223,500 FUND COMPLEX*,A
* Information is for the calendar year ended December 31, 1998 for 237 funds in the complex. ** Interested Trustees of the funds, Ms. Johnson and Mr. Burkhead are compensated by FMR. *** Effective October 14, 1999, Mr. Lautenbach serves as a Member of the Advisory Board. + Estimated A Compensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. For the calendar year ended December 31, 1998, the Trustees accrued required deferred compensation from the funds as follows: Ralph F. Cox, $75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E. Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy, $75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and Thomas R. Williams, $75,000. Certain of the non-interested Trustees elected voluntarily to defer a portion of their compensation as follows: Ralph F. Cox, $55,039; Marvin L. Mann, $55,039; Thomas R. Williams, $63,433; and William O. McCoy, $55,039. B Compensation figures include cash, and may include amounts required to be deferred and amounts deferred at the election of Trustees. C The following amounts are required to be deferred by each non-interested Trustee: Ralph F. Cox, $379; Phyllis Burke Davis, $379; Robert M. Gates, $379; E. Bradley Jones, $379; Donald J. Kirk, $379; William O. McCoy, $379; Gerald C. McDonough, $443; Marvin L. Mann, $379; and Thomas R. Williams, $379. D Certain of the non-interested Trustees' aggregate compensation from a fund includes accrued voluntary deferred compensation as follows: Ralph F. Cox, $321, Health Care; William O. McCoy, $321, Health Care; Marvin L. Mann, $263, Health Care; and Thomas R. Williams, $321, Health Care. THE FOLLOWING INFORMATION REPLACES THE "GROUP FEE RATE" AND "EFFECTIVE ANNUAL FEE RATE" SCHEDULES FOR THE MONEY MARKET FUND FOUND ON PAGE 57.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES Average Group Assets Annualized Rate Group Net Assets Effective Annual Fee Rate 0 - $3 billion .3700% $ 1 billion .3700% 3 - 6 .3400 50 .2188 6 - 9 .3100 100 .1869 9 - 12 .2800 150 .1736 12 - 15 .2500 200 .1652 15 - 18 .2200 250 .1587 18 - 21 .2000 300 .1536 21 - 24 .1900 350 .1494 24 - 30 .1800 400 .1459 30 - 36 .1750 450 .1427 36 - 42 .1700 500 .1399 42 - 48 .1650 550 .1372 48 - 66 .1600 600 .1349 66 - 84 .1550 650 .1328 84 - 120 .1500 700 .1309 120 - 156 .1450 750 .1291 156 - 192 .1400 800 .1275 192 - 228 .1350 850 .1260 228 - 264 .1300 900 .1246 264 - 300 .1275 950 .1233 300 - 336 .1250 1,000 .1220 336 - 372 .1225 1,050 .1209 372 - 408 .1200 1,100 .1197 408 - 444 .1175 1,150 .1187 444 - 480 .1150 1,200 .1177 480 - 516 .1125 1,250 .1167 516 - 587 .1100 1,300 .1158 587 - 646 .1080 1,350 .1149 646 - 711 .1060 1,400 .1141 711 - 782 .1040 782 - 860 .1020 860 - 946 .1000 946 - 1,041 .0980 1,041 - 1,145 .0960 1,145 - 1,260 .0940 over - 1,260 .0920
THE FOLLOWING INFORMATION REPLACES THE "GROUP FEE RATE" AND "EFFECTIVE ANNUAL FEE RATE" SCHEDULES FOR THE STOCK FUNDS FOUND ON PAGE 58.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES Average Group Assets Annualized Rate Group Net Assets Effective Annual Fee Rate 0 - $3 billion .5200% $ 1 billion .5200% 3 - 6 .4900 50 .3823 6 - 9 .4600 100 .3512 9 - 12 .4300 150 .3371 12 - 15 .4000 200 .3284 15 - 18 .3850 250 .3219 18 - 21 .3700 300 .3163 21 - 24 .3600 350 .3113 24 - 30 .3500 400 .3067 30 - 36 .3450 450 .3024 36 - 42 .3400 500 .2982 42 - 48 .3350 550 .2942 48 - 66 .3250 600 .2904 66 - 84 .3200 650 .2870 84 - 102 .3150 700 .2838 102 - 138 .3100 750 .2809 138 - 174 .3050 800 .2782 174 - 210 .3000 850 .2756 210 - 246 .2950 900 .2732 246 - 282 .2900 950 .2710 282 - 318 .2850 1,000 .2689 318 - 354 .2800 1,050 .2669 354 - 390 .2750 1,100 .2649 390 - 426 .2700 1,150 .2631 426 - 462 .2650 1,200 .2614 462 - 498 .2600 1,250 .2597 498 - 534 .2550 1,300 .2581 534 - 587 .2500 1,350 .2566 587 - 646 .2463 1,400 .2551 646 - 711 .2426 711 - 782 .2389 782 - 860 .2352 860 - 946 .2315 946 - 1,041 .2278 1,041 - 1,145 .2241 1,145 - 1,260 .2204 over - 1,260 .2167
SUPPLEMENT TO THE FIDELITY SELECT PORTFOLIOS(registered trademark) APRIL 29, 1999 PROSPECTUS Effective the close of business on December 20, 1999, shares of Select Precious Metals and Minerals Portfolio will no longer be available for purchase except through the reinvestment of dividends and other distributions by shareholders of the fund on December 20, 1999. PROPOSED REORGANIZATION. The Board of Trustees of Fidelity Select Portfolios has unanimously approved an Agreement and Plan of Reorganization ("Agreement") between Select Precious Metals and Minerals Portfolio and Select Gold Portfolio. The Agreement provides for the transfer of all of the assets and the assumption of all of the liabilities of Select Precious Metals and Minerals Portfolio solely in exchange for the number of shares of Select Gold Portfolio equal in value to the relative net asset value of the outstanding shares of Select Precious Metals and Minerals Portfolio. Following such exchange, Select Precious Metals and Minerals Portfolio will distribute the Select Gold Portfolio shares to its shareholders pro rata, in liquidation of Select Precious Metals and Minerals Portfolio as provided in the Agreement (the transactions contemplated by the Agreement referred to as the "Reorganization"). The Reorganization can be consummated only if, among other things, it is approved by a majority vote of shareholders. A Special Meeting (the "Meeting") of the Shareholders of Select Precious Metals and Minerals Portfolio will be held on February 16, 2000, and approval of the Agreement will be voted on at that time. In connection with the Meeting, Select Precious Metals and Minerals Portfolio will be filing with the Securities and Exchange Commission and delivering to its shareholders of record a Proxy Statement describing the Reorganization and a Prospectus for Select Gold Portfolio. If the Agreement is approved at the Meeting and certain conditions required by the Agreement are satisfied, the Reorganization is expected to become effective on or about February 29, 2000. 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. In the event Select Precious Metals and Minerals Portfolio shareholders fail to approve the Agreement, Select Precious Metals and Minerals Portfolio will continue to engage in business as a registered investment company and the Board of Trustees will consider other proposals for the reorganization or liquidation of Select Precious Metals and Minerals Portfolio. REGIONAL BANKS PORTFOLIO HAS CHANGED ITS NAME TO "BANKING PORTFOLIO." References in the Prospectus to "Regional Banks Portfolio" are each hereby replaced by "Banking Portfolio" and references to "Regional Banks" are each hereby replaced by "Banking." The following information replaces similar information for "Banking Portfolio" found in the "Fund Summary" section on page P-15: PRINCIPAL INVESTMENT STRATEGIES FMR's principal investment strategies include: (small solid bullet) Investing primarily in common stocks. (small solid bullet) Investing at least 80% of assets in securities of companies principally engaged in accepting deposits and making commercial and principally non-mortgage consumer loans. (small solid bullet) Investing in domestic and foreign issuers. (small solid bullet) Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. The following information replaces the second paragraph for "Environmental Services Portfolio" found under the heading "Principal Investment Strategies" in the "Fund Basics" section beginning on page P-46: FMR normally invests at least 80% of the fund's assets in securities of companies principally engaged in the research, development, manufacture or distribution of products, processes, or services related to waste management or pollution control. These companies may include, for example, companies involved in the transportation, treatment, or disposal of hazardous or other wastes; transforming waste into energy; recycling; and remedial projects such as groundwater and underground storage tank decontamination, asbestos cleanup, and emergency cleanup response. They may also include companies involved in the detection, analysis, evaluation, and treatment of both existing and potential environmental problems such as contaminated water, air pollution, and acid rain; companies that provide sanitation or filtration equipment or services; companies involved in the reduction of hazardous emissions or other pollution reduction or prevention efforts; and companies that provide design, engineering, construction, and consulting services to companies engaged in waste management or pollution control. The following information replaces the second paragraph for "Banking Portfolio" found under the heading "Principal Investment Strategies" in the "Fund Basics" section on page P-52: FMR normally invests at least 80% of the fund's assets in securities of companies principally engaged in accepting deposits and making commercial and principally non-mortgage consumer loans. These companies may include, for example, state chartered banks, savings and loan institutions, banks that are members of the Federal Reserve System, and U.S. institutions whose deposits are not insured by the federal government. In addition, these companies may offer merchant banking, consumer and commercial finance, discount brokerage, leasing and insurance. EFFECTIVE NOVEMBER 1, 1999, the following information replaces similar information found in the "Fund Management" section beginning on page P-69: Matthew Fruhan is manager of Food and Agriculture, which he has managed since November 1999. Mr. Fruhan joined Fidelity in 1995 and became an equity analyst in 1999 after receiving his MBA from Harvard Business School in 1999. Ian Gutterman is manager of Environmental Services, which he has managed since November 1999. Mr. Gutterman joined Fidelity as an equity analyst in 1999 after receiving his MBA from the University of Chicago. John Roth is manager of Utilities Growth, which he has managed since November 1999. Mr. Roth joined Fidelity as an equity analyst in 1999 after receiving his MBA from MIT Sloan School of Management in 1999. The following information replaces similar information found in the "Fund Management" section beginning on page P-69: Ramin Arani is an analyst and manager of Health Care, which he has managed since August 1999. He also manages other Fidelity funds. Mr. Arani joined Fidelity as a research associate in 1992. Steven Calhoun is manager of Retailing, which he has managed since August 1999. Mr. Calhoun joined Fidelity as a research analyst in 1994. Douglas Nigen is manager of Automotive, which he has managed since September 1999. Mr. Nigen joined Fidelity as a research analyst in 1997 after receiving his MBA from the University of Chicago. Scott Offen is manager of Energy and Natural Resources, both of which he has managed since September 199 9 . He also manages another Fidelity fund. Since joining Fidelity in 1985, Mr. Offen has worked as a research analyst and portfolio manager. Shep Perkins is an analyst and manager of Medical Delivery, which he has managed since August 1999. Mr. Perkins joined Fidelity as an equity research associate in 1997. John Porter is manager of Consumer Industries, which he has managed since September 1999. He also manages another Fidelity fund. Mr. Porter joined Fidelity as an analyst in 1995, after receiving his MBA from the University of Chicago. Dylan Yolles is manager of Software and Computer Services, which he has managed since September 1999. Mr. Yolles joined Fidelity in 1997 as an equity analyst, after receiving a bachelor of arts degree in 1991 and an MBA in 1997, both from Stanford University. Jonathan Zang is manager of Chemicals, which he has managed since September 1999 . Mr. Zang joined Fidelity in 1997 as an equity analyst, after receiving his MBA from the University of Chicago in 1997. Previously, he was an investment officer with Hawaiian Trust Company, in Honolulu, from 1992 to 1995. Christian Zann is an analyst and manager of Natural Gas, which he has managed since August 1999. Mr. Zann joined Fidelity as an equity research associate in 1996. The following information replaces the fourth paragraph found in the "Fund Distribution" section on page P-71: Each stock fund's sales charge may be reduced if you buy directly through Fidelity or through prototype or prototype-like retirement plans sponsored by FMR or FMR Corp. The amount you invest, plus the value of your account, must fall within the ranges shown below. Purchases made with assistance or intervention from a financial intermediary are not eligible for a sales charge reduction.
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