SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT (No. 2-69972)
UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 51 [X]
and
REGISTRATION STATEMENT (No. 811-3114)
UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. [ ]
Fidelity Select Portfolios
(Exact Name of Registrant as Specified in Charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number: 617-563-7000
Arthur S. Loring, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
( ) immediately upon filing pursuant to paragraph (b)
(x) on April 29, 1995 pursuant to paragraph (b)
( ) 60 days after filing pursuant to paragraph (a)(i)
( ) on ( ) pursuant to paragraph (a)(i)
( ) 75 days after filing pursuant to paragraph (a)(ii)
( ) on ( ) pursuant to paragraph (a)(ii) of rule 485.
If appropriate, check the following box:
( ) this post-effective amendment designates a new effective date for a
previously filed
post-effective amendment.
Registrant has filed a declaration pursuant to Rule 24f-2 under the
Investment Company Act of 1940 and filed the Notice required by such Rule
on April 21, 1995.
FIDELITY SELECT PORTFOLIOS
CROSS REFERENCE SHEET
FORM N-1A
ITEM NUMBER PROSPECTUS SECTION
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1 .............................. Cover Page
2 a .............................. Expenses
b, c .............................. Contents; The Funds at a Glance; Who May Want
to Invest
3 a .............................. Financial Highlights
b .............................. *
c .............................. Performance
d .............................. Performance
4 a i............................. Charter
ii........................... The Funds at a Glance; Investment Principles and
Risks
b .............................. Investment Principles and Risks
c .............................. Who May Want to Invest; Investment Principles
and Risks
5 a .............................. Charter
b i............................. Cover Page; The Funds at a Glance; Charter;
Doing Business with Fidelity
ii........................... Charter
iii.......................... Expenses; Breakdown of Expenses
c .............................. Charter
d .............................. Charter; Breakdown of Expenses
e .............................. Cover Page; Charter
f .............................. Expenses
g i............................. Charter
.
ii............................ *
..
5A .............................. Performance
6 a i............................. Charter
ii........................... How to Buy Shares; How to Sell Shares;
Transaction Details; Exchange Restrictions
iii.......................... Charter
b ............................. Charter
c .............................. Transactions Details; Exchange Restrictions
d .............................. *
e .............................. Doing Business with Fidelity; How to Buy Shares;
How to Sell Shares; Investor Services
f, g .............................. Dividends, Capital Gains, and Taxes
7 a .............................. Cover Page; Charter
b .............................. Expenses; How to Buy Shares; Transaction Details
c .............................. Sales Charge Reductions and Waivers
d .............................. How to Buy Shares
e .............................. *
f .............................. Breakdown of Expenses
8 .............................. How to Sell Shares; Investor Services; Transaction
Details; Exchange Restrictions
9 .............................. *
</TABLE>
* Not Applicable
FIDELITY SELECT PORTFOLIOS
CROSS REFERENCE SHEET
(CONTINUED)
FORM N-1A
ITEM NUMBER STATEMENT OF ADDITIONAL INFORMATION SECTION
<TABLE>
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10, 11 ............................ Cover Page
12 ............................ Description of the Trust
13 a - c ............................ Investment Policies and Limitations
d ............................ Portfolio Transactions
14 a - c ............................ Trustees and Officers
15 a - c ............................ Trustees and Officers
16 a i........................... FMR, Portfolio Transactions
ii.......................... Trustees and Officers
iii......................... Management Contracts
b ............................ Management Contracts
c, d ............................ Contracts with Companies Affiliated with FMR
e ............................ *
f ............................ *
g ............................ *
h ............................ Description of the Trust
i ............................ Contracts with Companies Affiliated with FMR
17 a - c ............................ Portfolio Transactions
d, e ............................ *
18 a ............................ Description of the Trust
b ............................ *
19 a ............................ Additional Purchase and Redemption Information
b ............................ Additional Purchase and Redemption Information;
Valuation of Portfolio Securities
c ............................ *
20 ............................ Distributions and Taxes
21 a, b ............................ Contracts with Companies Affiliated with FMR
c ............................ *
22 a, b ............................ Performance
23 ............................ Financial Statements
</TABLE>
* Not Applicable
Please read this prospectus before investing, and keep it on file for
future reference. It contains important information, including how each
fund invests and the services available to shareholders.
To learn more about each fund and its investments, you can obtain a copy of
the funds' most recent financial reports and portfolio listing, or a copy
of the Statement of Additional Information (SAI) dated April 29 ,
1995. The SAI has been filed with the Securities and Exchange Commission
(SEC) and is incorporated herein by reference (legally forms a part of the
prospectus). For a free copy of either document, call Fidelity at
1-800-544-8888.
INVESTMENTS IN THE MONEY MARKET FUND ARE NEITHER INSURED NOR GUARANTEED BY
THE U.S. GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL
MAINTAIN A STABLE $1.00 SHARE PRICE.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD, OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
LIKE ALL MUTUAL FUNDS, THESE
SECURITIES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY
THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION, NOR
HAS THE SECURITIES AND
EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY
OR ADEQUACY OF THIS
PROSPECTUS. ANY
REPRESENTATION TO THE
CONTRARY IS A CRIMINAL
OFFENSE.
SEL-pro-495
Each stock fund seeks to increase the value of your investment over the
long-term by investing mainly in equity securities of companies within a
particular industry. The money market fund seeks high current income while
maintaining a stable $1.00 share price by investing in high-quality,
short-term money market securities .
FIDELITY
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
AIR TRANSPORTATION PORTFOLIO
AMERICAN GOLD PORTFOLIO
AUTOMOTIVE PORTFOLIO
BIOTECHNOLOGY PORTFOLIO
BROKERAGE AND INVESTMENT MANAGEMENT PORTFOLIO
CHEMICALS PORTFOLIO
COMPUTERS PORTFOLIO
CONSTRUCTION AND HOUSING PORTFOLIO
CONSUMER PRODUCTS PORTFOLIO
DEFENSE AND AEROSPACE PORTFOLIO
DEVELOPING COMMUNICATIONS PORTFOLIO
ELECTRONICS PORTFOLIO
ENERGY PORTFOLIO
ENERGY SERVICE PORTFOLIO
ENVIRONMENTAL SERVICES PORTFOLIO
FINANCIAL SERVICES PORTFOLIO
FOOD AND AGRICULTURE PORTFOLIO
HEALTH CARE PORTFOLIO
HOME FINANCE PORTFOLIO
INDUSTRIAL EQUIPMENT PORTFOLIO
INDUSTRIAL MATERIALS PORTFOLIO
INSURANCE PORTFOLIO
LEISURE PORTFOLIO
MEDICAL DELIVERY PORTFOLIO
MULTIMEDIA PORTFOLIO
NATURAL GAS PORTFOLIO
PAPER AND FOREST PRODUCTS PORTFOLIO
PRECIOUS METALS AND MINERALS PORTFOLIO
REGIONAL BANKS PORTFOLIO
RETAILING PORTFOLIO
SOFTWARE AND COMPUTER SERVICES PORTFOLIO
TECHNOLOGY PORTFOLIO
TELECOMMUNICATIONS PORTFOLIO
TRANSPORTATION PORTFOLIO
UTILITIES GROWTH PORTFOLIO
MONEY MARKET PORTFOLIO
PROSPECTUS
APRIL 29 , 1995(FIDELITY_LOGO_GRAPHIC) 82 DEVONSHIRE STREET, BOSTON,
MA 02109
CONTENTS
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KEY FACTS THE FUNDS AT A GLANCE
WHO MAY WANT TO INVEST
EXPENSES Each fund's sales charge (load) and
its yearly operating expenses.
FINANCIAL HIGHLIGHTS A summary of each fund's
financial data.
PERFORMANCE How each fund has done over
time.
THE FUNDS IN DETAIL CHARTER How each fund is organized.
INVESTMENT PRINCIPLES AND RISKS Each fund's
overall approach to investing.
BREAKDOWN OF EXPENSES How operating costs
are calculated and what they include.
YOUR ACCOUNT DOING BUSINESS WITH FIDELITY
TYPES OF ACCOUNTS Different ways to set up
your account, including tax-sheltered retirement
plans.
HOW TO BUY SHARES Opening an account and
making additional investments.
HOW TO SELL SHARES Taking money out and
closing your account.
INVESTOR SERVICES Services to help you
manage your account.
SHAREHOLDER AND ACCOUNT POLICIES DIVIDENDS, CAPITAL GAINS, AND TAXES
TRANSACTION DETAILS Share price calculations
and the timing of purchases and redemptions.
EXCHANGE RESTRICTIONS
SALES CHARGE REDUCTIONS AND WAIVERS
</TABLE>
KEY FACTS
THE FUNDS AT A GLANCE
STOCK FUNDS' GOAL: Capital appreciation (increase in the value of a fund's
shares). As with any mutual fund, there is no assurance that a fund will
achieve its goal.
MANAGEMENT: Fidelity Management & Research Company (FMR) is the management
arm of Fidelity Investments, which was established in 1946 and is now
America's largest mutual fund manager. Foreign affiliates of FMR help
choose investments for some of the stock funds. FMR Texas Inc.
(FTX), a subsidiary of FMR, chooses investments for the money market fund.
AIR TRANSPORTATION
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
regional, national, and international movement of passengers, mail, and
freight via aircraft.
SIZE: As of February 28, 1995 the fund had over $ 18 million in
assets.
AMERICAN GOLD
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
exploration, mining, processing, or dealing in gold, or, to a lesser
degree, in silver, platinum, diamonds, or other precious metals and
minerals, and may also invest directly in gold.
SIZE: As of February 28, 1995 the fund had over $ 278 million in
assets.
AUTOMOTIVE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
manufacture, marketing, or sale of automobiles, trucks, specialty vehicles,
parts, tires, and related services.
SIZE: As of February 28, 1995 the fund had over $ 60 million in
assets.
BIOTECHNOLOGY
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
research, development, and manufacture of various biotechnological
products, services, and processes.
SIZE: As of February 28, 1995 the fund had over $ 448 million in
assets.
BROKERAGE AND INVESTMENT MANAGEMENT
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in stock
brokerage, commodity brokerage, investment banking, tax-advantaged
investment or investment sales, investment management, or related
investment advisory services.
SIZE: As of February 28, 1995 the fund had over $ 27 million in
assets.
CHEMICALS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
research, development, manufacture, or marketing of products or services
related to the chemical process industries.
SIZE: As of February 28, 1995 the fund had over $ 97 million in
assets.
COMPUTERS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
research, design, development, manufacture, or distribution of products,
processes, or services that relate to currently available or experimental
hardware technology within the computer industry.
SIZE: As of February 28, 1995 the fund had over $ 215 million in
assets.
CONSTRUCTION AND HOUSING
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
design and construction of residential, commercial, industrial, and public
works facilities, as well as companies engaged in the manufacture, supply,
distribution, or sale of products or services to these construction
industries.
SIZE: As of February 28, 1995 the fund had over $ 16 million in
assets.
CONSUMER PRODUCTS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
manufacture and distribution of goods to consumers .
SIZE: As of February 28, 1995 the fund had over $ 20 million in
assets.
DEFENSE AND AEROSPACE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
research, manufacture, or sale of products or services related to the
defense or aerospace industries.
SIZE: As of February 28, 1995 the fund had over $ 4 million in
assets.
DEVELOPING COMMUNICATIONS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
development, manufacture, or sale of emerging communications services or
equipment.
SIZE: As of February 28, 1995 the fund had over $ 254 million in
assets.
ELECTRONICS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
design, manufacture, or sale of electronic components, equipment vendors to
electronic component manufacturers, electronic component distributors, and
electronic instruments and electronics systems vendors.
SIZE: As of February 28, 1995 the fund had over $ 216 million in
assets.
ENERGY
GROWTH
STRATEGY: Invests mainly in equity securities of companies in the energy
field, including the conventional areas of oil, gas, electricity, and coal,
and newer sources of energy such as nuclear, geothermal, oil shale, and
solar power.
SIZE: As of February 28, 1995 the fund had over $ 96 million in
assets.
ENERGY SERVICE
GROWTH
STRATEGY: Invests mainly in equity securities of companies in the energy
service field, including those that provide services and equipment to the
conventional areas of oil, gas, electricity, and coal, and newer sources of
energy such as nuclear, geothermal, oil shale, and solar power.
SIZE: As of February 28, 1995 the fund had over $ 63 million in
assets.
ENVIRONMENTAL SERVICES
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
research, development, manufacture, or distribution of products, processes,
or services related to waste management or pollution control.
SIZE: As of February 28, 1995 the fund had over $ 31 million in
assets.
FINANCIAL SERVICES
GROWTH
STRATEGY: Invests mainly in equity securities of companies providing
financial services to consumers and industry.
SIZE: As of February 28, 1995 the fund had over $ 153 million in
assets.
FOOD AND AGRICULTURE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
manufacture, sale, or distribution of food and beverage products,
agricultural products, and products related to the development of new food
technologies.
SIZE: As of February 28, 1995 the fund had over $ 197 million in
assets.
HEALTH CARE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
design, manufacture, or sale of products or services used for, or in
connection with, health care or medicine.
SIZE: As of February 28, 1995 the fund had over $ 943 million in
assets.
HOME FINANCE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
investing in real estate, usually through mortgages and other
consumer-related loans.
SIZE: As of February 28, 1995 the fund had over $ 229 million in
assets.
INDUSTRIAL EQUIPMENT
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
manufacture, distribution, or service of products and equipment for the
industrial sector, including integrated producers of capital equipment,
parts suppliers, and subcontractors.
SIZE: As of February 28, 1995 the fund had over $ 109 million in
assets.
INDUSTRIAL MATERIALS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
manufacture, mining, processing, or distribution of raw materials and
intermediate goods used in the industrial sector.
SIZE: As of February 28, 1995 the fund had over $ 183 million in
assets.
INSURANCE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
underwriting, reinsuring, selling, distributing, or placing of property and
casualty, life, or health insurance.
SIZE: As of February 28, 1995 the fund had over $ 21 million in
assets.
LEISURE
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
design, production, or distribution of goods or services in the leisure
industries.
SIZE: As of February 28, 1995 the fund had over $ 69 million in
assets.
MEDICAL DELIVERY
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
ownership or management of hospitals, nursing homes, health maintenance
organizations, and other companies specializing in the delivery of health
care services.
SIZE: As of February 28, 1995 the fund had over $ 299 million in
assets.
MULTIMEDIA
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
development, production, sale, and distribution of goods or services used
in the broadcast and media industries.
SIZE: As of February 28, 1995 the fund had over $ 38 million in
assets.
NATURAL GAS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
production, transmission, and distribution of natural gas, and involved in
the exploration of potential natural gas sources, as well as those
companies that provide services and equipment to natural gas producers,
refineries, cogeneration facilities, converters, and distributors.
SIZE: As of February 28, 1995 the fund had over $ 79 million in
assets.
PAPER AND FOREST PRODUCTS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
manufacture, research, sale, or distribution of paper products, packaging
products, building materials, and other products related to the paper and
forest products industry.
SIZE: As of February 28, 1995 the fund had over $ 94 million in
assets.
PRECIOUS METALS AND MINERALS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
exploration, mining, processing, or dealing in gold, silver, platinum,
diamonds, or other precious metals and minerals, and may also invest
directly in precious metals.
SIZE: As of February 28, 1995 the fund had over $ 364 million in
assets.
REGIONAL BANKS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
accepting deposits and making commercial and principally non-mortgage
consumer loans.
SIZE: As of February 28, 1995 the fund had over $ 164 million in
assets.
RETAILING
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
merchandising finished goods and services primarily to individual
consumers.
SIZE: As of February 28, 1995 the fund had over $ 31 million in
assets.
SOFTWARE AND COMPUTER SERVICES
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
research, design, production, or distribution of products or processes that
relate to software or information-based services.
SIZE: As of February 28, 1995 the fund had over $ 236 million in
assets.
TECHNOLOGY
GROWTH
STRATEGY: Invests mainly in equity securities of companies which FMR
believes have, or will develop, products, processes, or services that will
provide or will benefit significantly from technological advances and
improvements.
SIZE: As of February 28, 1995 the fund had over $ 229 million in
assets.
TELECOMMUNICATIONS
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in the
development, manufacture, or sale of communications services or
communications equipment.
SIZE: As of February 28, 1995 the fund had over $ 369 million in
assets.
TRANSPORTATION
GROWTH
STRATEGY: Invests mainly in equity securities of companies engaged in
providing transportation services or companies engaged in the design,
manufacture, distribution, or sale of transportation equipment.
SIZE: As of February 28, 1995 the fund had over $ 12 million in
assets.
UTILITIES GROWTH (FORMERLY UTILITIES)
GROWTH
STRATEGY: Invests mainly in equity securities of companies in the public
utilities industry and companies deriving a majority of their revenues from
their public utility operations.
SIZE: As of February 28, 1995 the fund had over $ 237 million in
assets.
MONEY MARKET
GROWTH
GOAL: Income while maintaining a stable $1.00 share price . As
with any mutual fund, there is no assurance the fund will achieve its
goal.
STRATEGY: Invests in high-quality, short-term money market
securities of all types.
SIZE: As of February 28, 1995 the fund had over $ 573 million in
assets.
WHO MAY WANT TO INVEST
The stock funds may be appropriate for investors who want to pursue growth
aggressively by concentrating their investment on domestic and foreign
securities within an industry or group of industries. The funds are
designed for those who are interested in actively monitoring the progress
of, and can accept the risks of, industry-focused investing. Because the
funds are so narrowly focused, changes in a particular industry can have a
substantial impact on a fund's share price. Also, because most of the funds
are non-diversified, changes in the value of one company's securities can
significantly affect a fund's performance.
The value of the stock funds' investments will vary from day to day,
and generally reflect market and industry conditions, interest
rates, and other political , economic , or company news. In
the short term, stock prices can fluctuate dramatically in response to
these factors. The securities of small, less well-known companies may be
more volatile than those of larger companies. Over time, however, stocks
have shown greater growth potential than other types of securities.
Investments in foreign securities may involve risks in addition to those of
U.S. investments, including increased political and economic risk, as well
as exposure to currency fluctuations. When you sell your stock fund
shares, they may be worth more or less than what you paid for them.
The money market fund may be appropriate for investors who would like to
earn income at current money market rates while preserving the value of
their investment. The fund is managed to keep its share price stable at
$1.00. The rate of income will vary from day to day, generally reflecting
short-term interest rates. The money market fund is designed for use in
connection with exchanges between the stock funds. Since this money market
fund is sold with a sales charge, it is not recommended that you invest in
the money market fund unless you intend to use it for that purpose.
By themselves, these funds do not constitute a balanced investment plan.
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you pay when you buy, sell, or
hold shares of a fund. See pages to 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 a management fee to FMR. Each fund 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 ).
The operating expenses are projections based on historical expenses, and
are calculated as a percentage of average net assets. Other expenses for
some of the funds have been adjusted to reflect the new t ransfer
a gent contract that went into effect on January 1, 1995. 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 just described. For every
$1,000 you invested, here's how much you would pay in total expenses after
the number of years indicated, first assuming that you leave your account
open, and then assuming that you close your account at the end of the
period.
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 Accoun Accoun
t open t
closed
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AIR TRANSPORTATION Management fee (after 0.24 After 1 $55 $63
reimbursement) % year
12b-1 fee None After 3 $106 $114
years
Other expenses 2.26 After 5 $159 $167
% years
Total fund operating 2.50 After 10 $305 $313
expenses %B years
AMERICAN GOLD Management fee 0.62 After 1 $44 $52
% year
12b-1 fee None After 3 $73 $81
years
Other expenses 0.79 After 5 $105 $113
% years
Total fund operating 1.41 After 10 $194 $202
expenses %A years
AUTOMOTIVE Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $85 $93
years
Other expenses 1.18 After 5 $125 $133
% years
Total fund operating 1.80 After 10 $235 $243
expenses %A years
BIOTECHNOLOGY Management fee 0.62 After 1 $47 $55
% year
12b-1 fee None After 3 $83 $91
years
Other expenses 1.11 After 5 $121 $129
% years
Total fund operating 1.73 After 10 $228 $236
expenses %A years
BROKERAGE AND INVESTMENT MANAGEMENT Management fee (after 0.26 After 1 $55 $83
reimbursement) % year
12b-1 fee None After 3 $107 $115
years
Other expenses 2.28 After 5 $161 $169
% years
Total fund operating 2.54 After 10 $309 $317
expenses %B years
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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: AMERICAN GOLD 1.41%;
AUTOMOTIVE 1.82% AND BIOTECHNOLOGY 1.73%.
B FMR REDUCED OR REIMBURSED THESE MANAGEMENT FEES OR OTHER EXPENSES AS A
RESULT OF EITHER A VOLUNTARY EXPENSE REIMBURSEMENT OR A STATE REGULATION.
EXPENSES ELIGIBLE FOR REDUCTION OR REIMBURSEMENT DO NOT INCLUDE INTEREST,
TAXES, BROKERAGE COMMISSIONS, OR EXTRAORDINARY EXPENSES. IF NOT FOR THE
REDUCTION OR REIMBURSEMENT, THE FUNDS' MANAGEMENT FEES, OTHER EXPENSES, AND
TOTAL FUND OPERATING EXPENSES, RESPECTIVELY, WOULD BE: AIR TRANSPORTATION
.62%, 2.26%, 2.88%; BROKERAGE AND INVESTMENT MANAGEMENT .62%, 2.28%,
2.90%.
Operating expenses Accoun Accoun
t open t
closed
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CHEMICALS Management fee 0.62 After 1 $45 $53
% year
12b-1 fee None After 3 $76 $84
years
Other expenses 0.89 After 5 $110 $118
% years
Total fund operating 1.51 After 10 $205 $213
expenses %A years
COMPUTERS Management fee 0.62 After 1 $47 $55
% year
12b-1 fee None After 3 $82 $90
years
Other expenses 1.07 After 5 $119 $127
% years
Total fund operating 1.69 After 10 $224 $232
expenses %A years
CONSTRUCTION AND HOUSING Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $86 $94
years
Other expenses 1.20 After 5 $126 $134
% years
Total fund operating 1.82 After 10 $237 $245
expenses %A years
CONSUMER PRODUCTS Management fee (after 0.30 After 1 $54 $62
reimbursement) % year
12b-1 fee None After 3 $105 $113
years
Other expenses 2.19 After 5 $159 $167
% years
Total fund operating 2.49 After 10 $304 $312
expenses %B years
DEFENSE AND AEROSPACE Management fee (after 0.00 After 1 $54 $62
reimbursement) % year
12b-1 fee None After 3 $105 $113
years
Other expenses 2.49 After 5 $159 $167
% years
Total fund operating 2.49 After 10 $304 $312
expenses %B years
DEVELOPING COMMUNICATIONS Management fee 0.62 After 1 $46 $54
% year
12b-1 fee None After 3 $81 $89
years
Other expenses 1.04 After 5 $118 $126
% years
Total fund operating 1.66 After 10 $221 $229
expenses %A years
ELECTRONICS Management fee 0.62 After 1 $47 $55
% year
12b-1 fee None After 3 $82 $90
years
Other expenses 1.09 After 5 $120 $128
% years
Total fund operating 1.71 After 10 $226 $234
expenses %A years
ENERGY Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $86 $94
years
Other expenses 1.23 After 5 $127 $135
% years
Total fund operating 1.85 After 10 $240 $248
expenses %A years
</TABLE>
Operating expenses Accoun Accoun
t open t
closed
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ENERGY SERVICE Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $85 $93
years
Other expenses 1.17 After 5 $12 $13
% years 4 2
Total fund operating 1.79% After 10 $23 $24
expenses A years 4 2
ENVIRONMENTAL SERVICES Management fee 0.62 After 1 $52 $60
% year
12b-1 fee None After 3 $97 $10
years 5
Other expenses 1.59 After 5 $14 $15
% years 5 3
Total fund operating 2.21% After 10 $27 $28
expenses A years 7 5
FINANCIAL SERVICES Management fee 0.62 After 1 $45 $53
% year
12b-1 fee None After 3 $77 $85
years
Other expenses 0.92 After 5 $11 $11
% years 1 9
Total fund operating 1.54% After 10 $20 $21
expenses A years 8 6
FOOD AND AGRICULTURE Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $85 $93
years
Other expenses 1.19 After 5 $12 $13
% years 5 3
Total fund operating 1.81% After 10 $23 $24
expenses A years 6 4
HEALTH CARE Management fee 0.62 After 1 $44 $52
% year
12b-1 fee None After 3 $75 $83
years
Other expenses 0.84 After 5 $10 $11
% years 7 5
Total fund operating 1.46% After 10 $19 $20
expenses A years 9 7
HOME FINANCE Management fee 0.62 After 1 $44 $52
% year
12b-1 fee None After 3 $74 $82
years
Other expenses 0.83 After 5 $10 $11
% years 7 5
Total fund operating 1.45 After 10 $19 $20
expenses %A years 8 6
INDUSTRIAL EQUIPMENT Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $84 $92
years
Other expenses 1.16 After 5 $12 $13
% years 4 2
Total fund operating 1.78% After 10 $23 $24
expenses A years 3 1
INDUSTRIAL MATERIALS Management fee 0.62 After 1 $45 $53
% year
12b-1 fee None After 3 $77 $85
years
Other expenses 0.91 After 5 $11 $11
% years 1 9
Total fund operating 1.53% After 10 $20 $21
expenses A years 7 5
</TABLE>
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: CHEMICALS 1.52%;
COMPUTERS 1.71%; CONSTRUCTION AND HOUSING 1.84%; DEVELOPING COMMUNICATIONS
1.68%; ELECTRONICS 1.72%; ENERGY 1.85%; ENERGY SERVICE 1.81%; ENVIRONMENTAL
SERVICES 2.24%; FINANCIAL SERVICES 1.56%; FOOD AND AGRICULTURE 1.83%;
HEALTH CARE 1.49%; HOME FINANCE 1.47%; INDUSTRIAL EQUIPMENT 1.80%; AND
INDUSTRIAL MATERIALS 1.56%.
B FMR REDUCED OR REIMBURSED THESE MANAGEMENT FEES OR OTHER EXPENSES AS A
RESULT OF EITHER A VOLUNTARY EXPENSE REIMBURSEMENT OR A STATE REGULATION.
EXPENSES ELIGIBLE FOR REDUCTION OR REIMBURSEMENT DO NOT INCLUDE INTEREST,
TAXES, BROKERAGE COMMISSIONS, OR EXTRAORDINARY EXPENSES. IF NOT FOR THE
REDUCTION OR REIMBURSEMENT, THE FUNDS' MANAGEMENT FEES, OTHER EXPENSES, AND
TOTAL FUND OPERATING EXPENSES, RESPECTIVELY, WOULD BE: CONSUMER
PRODUCTS .62%, 2.20% AND 2.82%; DEFENSE AND AEROSPACE .62%, 3.33% AND
3.95%.
Operating expenses Accoun Accoun
t open t
closed
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
INSURANCE Management fee 0.62 After 1 $53 $61
% year
12b-1 fee None After 3 $10 $10
years 1 9
Other expenses 1.72 After 5 $15 $15
% years 1 9
Total fund operating 2.34 After 10 $29 $29
expenses %A years 0 8
LEISURE Management fee 0.62 After 1 $47 $55
% year
12b-1 fee None After 3 $83 $91
years
Other expenses 1.11 After 5 $12 $12
% years 1 9
Total fund operating 1.73% After 10 $22 $23
expenses A years 8 6
MEDICAL DELIVERY Management fee 0.62 After 1 $44 $52
% year
12b-1 fee None After 3 $74 $82
years
Other expenses 0.83 After 5 $10 $11
% years 7 5
Total fund operating 1.45% After 10 $19 $20
expenses A years 8 6
MULTIMEDIA Management fee 0.62 After 1 $51 $59
% year
12b-1 fee None After 3 $96 $10
years 4
Other expenses 1.54 After 5 $14 $15
% years 2 0
Total fund operating 2.16% After 10 $27 $28
expenses A years 2 0
NATURAL GAS Management fee 0.62 After 1 $46 $54
% year
12b-1 fee None After 3 $81 $89
years
Other expenses 1.04 After 5 $11 $12
% years 8 6
Total fund operating 1.66% After 10 $22 $22
expenses A years 1 9
PAPER AND FOREST PRODUCTS Management fee 0.62 After 1 $48 $56
% year
12b-1 fee None After 3 $87 $95
years
Other expenses 1.25 After 5 $12 $13
% years 8 6
Total fund operating 1.87% After 10 $24 $25
expenses A years 2 0
PRECIOUS METALS AND MINERALS Management fee 0.62 After 1 $44 $52
% year
12b-1 fee None After 3 $75 $83
years
Other expenses 0.84 After 5 $10 $11
% years 7 5
Total fund operating 1.46% After 10 $19 $20
expenses A years 9 7
REGIONAL BANKS Management fee 0.62 After 1 $45 $53
% year
12b-1 fee None After 3 $78 $86
years
Other expenses 0.94 After 5 $11 $12
% years 2 0
Total fund operating 1.56% After 10 $21 $21
expenses A years 0 8
</TABLE>
Operating expenses Accoun Accoun
t open t
closed
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
RETAILING Management fee 0.62 After 1 $49 $57
% year
12b-1 fee None After 3 $90 $98
years
Other expenses 1.34 After 5 $13 $14
% years 3 1
Total fund operating 1.96 After 10 $25 $26
expenses %A years 2 0
SOFTWARE AND COMPUTER SERVICES Management fee 0.62 After 1 $45 $53
% year
12b-1 fee None After 3 $76 $84
years
Other expenses 0.88 After 5 $10 $11
% years 9 7
Total fund operating 1.50 After 10 $20 $21
expenses %A years 4 2
TECHNOLOGY Management fee 0.62 After 1 $46 $54
% year
12b-1 fee None After 3 $80 $88
years
Other expenses 1.01 After 5 $11 $12
% years 6 4
Total fund operating 1.63 After 10 $21 $22
expenses %A years 7 5
TELECOMMUNICATIONS Management fee 0.62 After 1 $46 $54
% year
12b-1 fee None After 3 $80 $88
years
Other expenses 1.02 After 5 $11 $12
% years 6 4
Total fund operating 1.64 After 10 $21 $22
expenses %A years 9 7
TRANSPORTATION Management fee 0.62 After 1 $53 $61
% year
12b-1 fee None After 3 $10 $10
years 1 9
Other expenses 1.74 After 5 $15 $16
% years 2 0
Total fund operating 2.36 After 10 $29 $30
expenses %A years 2 0
UTILITIES GROWTH Management fee 0.62 After 1 $45 $53
% year
12b-1 fee None After 3 $76 $84
years
Other expenses 0.88 After 5 $10 $11
% years 9 7
Total fund operating 1.50 After 10 $20 $21
expenses %A years 4 2
MONEY MARKET Management fee 0.20 After 1 $36 $36
% year
12b-1 fee None After 3 $50 $50
years
Other expenses 0.45 After 5 $65 $65
% years
Total fund operating .65% After 10 $10 $10
expenses years 9 9
</TABLE>
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: INSURANCE 2.36%;
LEISURE 1.75%; MEDICAL DELIVERY 1.48%; MULTIMEDIA 2.18%; NATURAL GAS 1.70%;
PAPER AND FOREST PRODUCTS 1.88%; PRECIOUS METALS AND MINERALS 1.46%;
REGIONAL BANKS 1.58%; RETAILING 2.07%; SOFTWARE AND COMPUTER SERVICES
1.52%; TECHNOLOGY 1.64%; TELECOMMUNICATIONS 1.65%; TRANSPORTATION 2.37%;
AND UTILITIES GROWTH 1.51%.
KEY FACTS - CONTINUED
FINANCIAL HIGHLIGHTS. The tables that follow are included in the funds'
Annual Report and have been audited by Price Waterhouse LLP, independent
accountants. Their report on the financial statements and financial
highlights is included in the Annual Report. The financial statements and
financial highlights are incorporated by reference into (are legally a part
of) the funds' Statement of Additional Information.
AIR TRANSPORTATION
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
F
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 10.71 $ 11.87 $ 8.61 $ 11.77 $ 11.05 $ 11.53 $ 12.64 $ 13.60 $ 17.12
Income from Investment Operations
Net investment income (loss)
(.05) .07 (.08) (.02) -- (.04) (.13) (.09)I (.18) (.18)
Net realized and unrealized gain
.76 1.09 (2.12) 3.18 (.16) .38 1.40 1.33 3.78 (2.01)
(loss) on investments
Total from investment operations
.71 1.16 (2.20) 3.16 (.16) .34 1.27 1.24 3.60 (2.19)
Less Distributions
From net investment income
- -- -- (.02) -- -- -- -- -- -- --
From net realized gain
- -- -- (1.04) -- (.57) -- (.25) (.36) (.22) (.92)
In excess of net realized gain
- -- -- -- -- -- -- -- -- (.05) (.17)
Total distributions
- -- -- (1.06) -- (.57) -- (.25) (.36) (.27) (1.09)
Redemption fees added to paid in
- -- -- -- -- .01 .14 .09 .08 .19 .09
capital
Net asset value, end of period
$ 10.71 $ 11.87 $ 8.61 $ 11.77 $ 11.05 $ 11.53 $ 12.64 $ 13.60 $ 17.12 $ 13.93
Total return G,H
7.10% 10.83 (17.05) 36.70% (1.54) 4.34% 11.90% 10.69% 27.94% (12.45)
% % % %
Net assets, end of period (000
$ 960 $ 4,897 $ 2,728 $ 11,614 $ 4,688 $ 4,372 $ 6,971 $ 11,868 $ 11,035 $ 18,633
omitted)
Ratio of expenses to average net
1.92% 1.58 2.62% 2.52% 2.55% 2.48% 2.51% 2.48% 2.31% 2.50%
assets E
A % A J
Ratio of expenses to average net
- -- -- 6.69% 6.02% 3.61% 3.03% 3.06% 2.64% 2.33% 2.88%
assets before expense reductions E
A J
Ratio of net investment income
(.60)% .36 (.75) (.18) (.03) (.34) (1.04) (.90)% (1.11) (1.31)
(loss) to
A % % % % % % A % %
average net assets
Portfolio turnover rate
1,125% 611 340% 115% 143% 106% 261% 96% 171% 200%
A % A
</TABLE>
AMERICAN GOLD
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Ratios F
Years ended February 28
Net asset value, beginning of
$ 10.00 $ 10.11 $ 18.59 $ 15.82 $ 14.36 $ 15.22 $ 13.08 $ 11.94 $ 14.15 $ 22.66
period
Income from Investment
Operations
Net investment income (loss)
.03 .10 .01 (.09) (.06) (.04) (.06) (.05) (.11) (.05)
Net realized and unrealized gain
.08 8.38 (2.54) (1.37) .85 (2.23) (1.17) 2.16 8.44 (4.25)
(loss) on
investments
Total from investment operations
.11 8.48 (2.53) (1.46) .79 (2.27) (1.23) 2.11 8.33 (4.30)
Less Distributions
From net investment income
- -- -- (.06) -- -- -- -- -- -- --
From net realized gain
- -- -- (.18) -- -- -- -- -- -- --
Total distributions
- -- -- (.24) -- -- -- -- -- -- --
Redemption fees added to paid in
- -- -- -- -- .07 .13 .09 .10 .18 .08
capital
Net asset value, end of period
$ 10.11 $ 18.59 $ 15.82 $ 14.36 $ 15.22 $ 13.08 $ 11.94 $ 14.15 $ 22.66 $ 18.44
Total return G,H
1.10% 83.88% (13.65) (9.23) 5.99% (14.06) (8.72) 18.51% 60.14% (18.62)
% % % % %
Net assets, end of period (000
$ 5,360 $ 435,510 $ 206,313 $ 175,059 $ 195,322 $ 164,137 $ 130,407 $ 168,033 $ 347,406 $ 278,197
omitted)
Ratio of expenses to average net
1.50% 1.21% 2.33% 2.03% 1.85% 1.75% 1.75% 1.59%A 1.49% 1.41%
assets E
A J
Ratio of expenses to average net
- -- -- 2.33% 2.03% 1.85% 1.75% 1.75% 1.59%A 1.50% 1.41%
assets before expense reductions E J
Ratio of net investment income
.81% 1.13% .06% (.61) (.38) (.29) (.47) (.44)% (.51) (.22)
(loss) to
A % % % % A % %
average net assets
Portfolio turnover rate
52% 78% 89% 56% 68% 38% 40% 30%A 39% 34%
A
</TABLE>
A ANNUALIZED
B FROM DECEMBER 16, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.01 PER SHARE.
J FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
AUTOMOTIVE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
1987B 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 12.58 $ 11.79 $ 12.86 $ 12.17 $ 12.58 $ 18.65 $ 20.69 $ 25.48
Income from Investment Operations
Net investment income
.16 .11 .15 .23 .25 .06 .13 .05 .08
Net realized and unrealized gain (loss) on
2.42 (.40) .92 (.52) .29 6.55 2.26 6.00 (3.46)
investments
Total from investment operations
2.58 (.29) 1.07 (.29) .54 6.61 2.39 6.05 (3.38)
Less Distributions
From net investment income
- -- (.04) -- (.41) (.18) -- (.06) (.05) (.05)
From net realized gain
- -- (.46) -- -- -- (.70) (.36) (1.26) (2.26)
Total distributions
- -- (.50) -- (.41) (.18) (.70) (.42) (1.31) (2.31)
Redemption fees added to paid in capital
- -- -- -- .01 .05 .16 .07 .05 .05
Net asset value, end of period
$ 12.58 $ 11.79 $ 12.86 $ 12.17 $ 12.58 $ 18.65 $ 20.69 $ 25.48 $ 19.84
Total return H,I
25.80% (1.07) 9.08% (2.07) 4.81% 56.27% 13.42% 30.45% (12.59)
% % %
Net assets, end of period (000 omitted)
$ 5,390 $ 8,218 $ 1,428 $ 1,213 $ 974 $ 178,445 $ 110,360 $ 228,698 $ 60,075
Ratio of expenses to average net assets F
1.63% 2.49% 2.63% 2.42% 2.25% 2.48% 1.57% 1.68% 1.80%
A A L
Ratio of expenses to average net assets before
- -- 6.40% 6.30% 3.85% 2.85% 2.48% 1.57% 1.69% 1.82%
expense reductions F
A L
Ratio of net investment income to average net
1.90% .91% 1.22% 1.84% 2.06% .36% .72% .22% .34%
assets
A A
Portfolio turnover rate
284% 311% 149% 121% 219% 29% 140% 64% 63%
A A
</TABLE>
BIOTECHNOLOGY
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
1986C 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Ratios G
Years ended February 28
Net asset value, beginning of
$ 10.00 $ 12.76 $ 13.90 $ 10.31 $ 11.90 $ 15.28 $ 26.78 $ 27.61 $ 22.60 $ 27.61
period
Income from Investment
Operations
Net investment income (loss)
.04 (.06) (.15) (.04) (.04)J .05K (.11) (.08) (.18) (.06)
Net realized and unrealized
2.72 1.20 (3.16) 1.63 3.60 11.80 3.36 (1.09) 5.15 (2.26)
gain (loss) on
investments
Total from investment
2.76 1.14 (3.31) 1.59 3.56 11.85 3.25 (1.17) 4.97 (2.32)
operations
Less Distributions
In excess of net investment
- -- -- -- -- -- -- (.02) -- -- --
income
From net realized gain
- -- -- (.28) -- (.24) (.67) (2.52) (3.89) -- --
Total distributions
- -- -- (.28) -- (.24) (.67) (2.54) (3.89) -- --
Redemption fees added to paid
- -- -- -- -- .06 .32 .12 .05 .04 .01
in capital
Net asset value, end of period
$ 12.76 $ 13.90 $ 10.31 $ 11.90 $ 15.28 $ 26.78 $ 27.61 $ 22.60 $ 27.61 $ 25.30
Total return H,I
27.60% 8.93% (23.52) 15.42% 30.53% 81.43% 12.36% (5.92) 22.17% (8.37)
% % %
Net assets, end of period (000
$ 39,655 $ 75,093 $ 47,557 $ 46,946 $ 70,994 $ 482,271 $ 679,877 $ 507,993 $ 481,146 $ 448,197
omitted)
Ratio of expenses to average net
1.41% 1.38% 2.51% 2.21% 2.07% 1.63% 1.50% 1.50% 1.61% 1.59%
assets F
A A L
Ratio of expenses to average net
- -- -- 2.91% 2.21% 2.07% 1.63% 1.50% 1.50% 1.62% 1.59%
assets A L
before expense reductions F
Ratio of net investment income
.74% (.41) (1.31) (.43) (.31) .24% (.34) (.37)% (.69) (.27)
(loss) t o average
A % % % % % A % %
net assets
Portfolio turnover rate
937% 431% 205% 80% 290% 166% 160% 79% 51% 77%
A A
</TABLE>
A ANNUALIZED
B FROM JUNE 30, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
C FROM DECEMBER 16, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.05 PER SHARE.
K INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.02 PER SHARE.
L FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
BROKERAGE AND INVESTMENT MANAGEMENT
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios
F
Years ended February 28
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 10.00 $ 13.480 $ 13.06 $ 7.14 $ 8.39 $ 7.97 $ 9.28 $ 11.48 $ 14.22 $ 17.75
Income from Investment Operations
Net investment income (loss)
.52 .192 .01 .09 .08 .08 .02 -- (.02) (.03)
Net realized and unrealized gain
2.96 (.577) (4.75) 1.25 (.35) 1.15 1.96 2.65 4.95 (2.25)
(loss) on investments
Total from investment operations
3.48 (.385) (4.74) 1.34 (.27) 1.23 1.98 2.65 4.93 (2.28)
Less Distributions
From net investment income
- -- (.015) (.03) (.09) (.16) (.09) (.01) -- (.01) --
From net realized gain
- -- (.020) (1.15) -- -- -- -- -- (1.47) --
Total distributions
- -- (.035) (1.18) (.09) (.16) (.09) (.01) -- (1.48) --
Redemption fees added to paid in
- -- -- -- -- .01 .17 .23 .09 .08 .04
capital
Net asset value, end of period
$ 13.48 $ 13.060 $ 7.14 $ 8.39 $ 7.97 $ 9.28 $ 11.48 $ 14.22 $ 17.75 $ 15.51
Total return G,H
34.80% (2.85) (34.82) 18.93 (3.23) 17.90% 23.84% 23.87% 35.87% (12.62)
% % % % %
Net assets, end of period (000
$ 42,112 $ 13,819 $ 4,254 $ 4,340 $ 2,298 $ 11,285 $ 17,915 $ 24,687 $ 59,810 $ 27,346
omitted)
Ratio of expenses to average net
1.52% 1.67% 2.58% 2.54 2.50% 2.50% 2.17% 2.21% 1.77% 2.54%
assets E
A % A I
Ratio of expenses to average net
- -- -- 5.92% 6.21 3.16% 2.91% 2.17% 2.21% 1.79% 2.90%
assets before % A I
expense reductions E
Ratio of net investment income (loss)
1.39% .69% .09% 1.18 .91% .94% .16% .02% (.14) (.20)
to average net assets
A % A % %
Portfolio turnover rate
347% 603% 447% 185 142% 62% 254% 111% 295% 139%
A % A
</TABLE>
CHEMICALS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
Ratios F
Years ended February 28
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of
$ 10.00 $ 15.24 $ 20.43 $ 20.67 $ 23.77 $ 22.70 $ 26.25 $ 32.81 $ 28.62 $ 31.66
period
Income from Investment
Operations
Net investment income
.16 .23 .33 .28 .41 .28 .12 .30 .29 .36
Net realized and unrealized
5.08 5.02 (.05) 2.82 (.21) 3.94 7.27 (.84) 5.97 2.65
gain (loss)
on investments
Total from investment
5.24 5.25 .28 3.10 .20 4.22 7.39 (.54) 6.26 3.01
operations
Less Distributions
From net investment income
- -- -- -- -- (.16) (.10) (.18) (.31) (.23) (.22)
From net realized gain
- -- (.06) (.04) -- (1.13) (.60) (.71) (3.36) (3.05) (.60)
Total distributions
- -- (.06) (.04) -- (1.29) (.70) (.89) (3.67) (3.28) (.82)
Redemption fees added to paid
- -- -- -- -- .02 .03 .06 .02 .06 .06
in capital
Net asset value, end of period
$ 15.24 $ 20.43 $ 20.67 $ 23.77 $ 22.70 $ 26.25 $ 32.81 $ 28.62 $ 31.66 $ 33.91
Total return G,H
52.40% 34.59% 1.41% 15.00% .71% 18.99% 29.07% (1.61) 23.63% 9.90%
%
Net assets, end of period (000
$ 45,014 $ 86,066 $ 118,942 $ 44,914 $ 21,150 $ 20,396 $ 39,566 $ 28,796 $ 62,217 $ 97,511
omitted)
Ratio of expenses to average net
1.50% 1.52% 1.93% 2.24% 2.37% 2.50% 2.16% 1.89% 1.93% 1.51%
assets E
A A
Ratio of expenses to average net
- -- -- 1.93% 2.24% 2.37% 2.52% 2.16% 1.89% 1.93% 1.52%
assets A
before expense reductions E
Ratio of net investment income
1.24% 1.03% 1.61% 1.27% 1.65% 1.21% .40% 1.21% .97% 1.07%
to average net assets
A A
Portfolio turnover rate
125% 170% 179% 117% 99% 87% 87% 214% 81% 106%
A A
</TABLE>
A ANNUALIZED
B FROM JULY 29, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
COMPUTERS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
1986B 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Ratios G
Years ended February 28
Net asset value, beginning of
$ 10.00 $ 13.30 $ 16.60 $ 11.86 $ 11.60 $ 12.68 $ 16.60 $ 17.63 $ 20.15 $ 27.02
period
Income from Investment
Operations
Net investment income (loss)
.03 .03 (.11) (.13) (.11) .42J (.03)K (.15) (.21)L (.31)
Net realized and unrealized
3.27 3.31 (4.29) (.13) .98 3.21 1.18 2.44 8.66 3.68
gain (loss) on
investments
Total from investment
3.30 3.34 (4.40) (.26) .87 3.63 1.15 2.29 8.45 3.37
operations
Less Distributions
From net investment income
- -- -- (.01) -- -- (.12) -- -- -- --
In excess of net investment
- -- -- -- -- -- -- (.27) -- -- --
income
From net realized gain
- -- (.04) (.33) -- -- -- (.22) -- (1.80) --
Total distributions
- -- (.04) (.34) -- -- (.12) (.49) -- (1.80) --
Redemption fees added to paid
- -- -- -- -- .21 .41 .37 .23 .22 .28
in capital
Net asset value, end of period
$ 13.30 $ 16.60 $ 11.86 $ 11.60 $ 12.68 $ 16.60 $ 17.63 $ 20.15 $ 27.02 $ 30.67
Total return H,I
33.00% 25.26% (26.33) (2.19) 9.31% 32.11% 9.36% 14.29% 45.06% 13.51%
% %
Net assets, end of period (000
$ 24,659 $ 118,910 $ 23,110 $ 15,730 $ 27,561 $ 29,455 $ 32,810 $ 47,596 $ 120,435 $ 215,014
omitted)
Ratio of expenses to average net
1.68% 1.58% 2.62% 2.56% 2.64% 2.26% 2.17% 1.81% 1.89% 1.69%
assets F
A A M
Ratio of expenses to average net
- -- -- 3.95% 5.26% 3.82% 2.26% 2.17% 1.81% 1.90% 1.71%
assets A M
before expense reductions F
Ratio of net investment income
(.05)% .32% (.75) (1.18) (.94) 2.94% (.18) (.98)% (.91) (1.12)
(loss) to average
A % % % % A % %
net assets
Portfolio turnover rate
269% 259% 284% 466% 596% 695% 568% 254% 145% 189%
A A
</TABLE>
CONSTRUCTION AND HOUSING
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
Ratios G 1987C 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Years ended February 28
Net asset value, beginning of
period $ 10.00 $ 13.74 $ 11.25 $ 13.01 $ 11.66 $ 11.76 $ 13.84 $ 15.74 $ 19.82
Income from Investment Operations
Net investment income (loss) .06 (.05) .14 -- .01 (.06) .02 .01 (.02)
Net realized and unrealized gain
(loss) on 3.68 (2.31) 1.95 .34 1.45 2.93 1.87 4.26 (2.50)
investments
Total from investment operations 3.74 (2.36) 2.09 .34 1.46 2.87 1.89 4.27 (2.52)
Less Distributions
From net investment income -- -- (.06) (.08) (.16) -- -- -- --
From net realized gain -- (.13) (.27) (1.62) (1.27) (.88) (.01) (.22) (.52)
Total distributions -- (.13) (.33) (1.70) (1.43) (.88) (.01) (.22) (.52)
Redemption fees added to paid in
capital -- -- -- .01 .07 .09 .02 .03 .01
Net asset value, end of period $ 13.74 $ 11.25 $ 13.01 $ 11.66 $ 11.76 $ 13.84 $ 15.74 $ 19.82 $ 16.79
Total return H,I 37.40% (16.85) 19.01% 2.39% 13.46% 26.96% 13.81% 27.45% (12.54)
% %
Net assets, end of period (000
omitted) $ 6,387 $ 3,112 $ 1,335 $ 1,217 $ 4,070 $ 26,687 $ 31,111 $ 80,999 $ 16,863
Ratio of expenses to average net
assets F 1.46% 2.70% 2.56% 2.41% 2.48% 2.50% 2.02% 1.66% 1.74%
A A M
Ratio of expenses to average net
assets -- 9.90% 8.08% 3.30% 3.48% 3.10% 2.02% 1.67% 1.76%
before expense reductions F A M
Ratio of net investment income (loss)
to .57% (.41) 1.16% (.03) .08% (.49) .20% .03% (.11)
average net assets A % % % A %
Portfolio turnover rate 590% 330% 225% 185% 137% 183% 60% 35% 45%
A A
</TABLE>
A ANNUALIZED
B FROM JULY 29, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FROM SEPTEMBER 29, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.08 PER SHARE AND $.36 PER SHARE RELATING TO A NONRECURRING INITIATIVE TO
INVEST IN DIVIDEND INCOME PRODUCING SECURITIES WHICH WAS IN EFFECT FOR A
PORTION OF 1991.
K INVESTMENT INCOME PER SHARE REFLECTS $.22 PER SHARE RELATING TO A
NONRECURRING INITIATIVE TO INVEST IN DIVIDEND INCOME PRODUCING SECURITIES
WHICH WAS IN EFFECT FOR A PORTION OF 1992.
L INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND FROM INTELLIGENT
ELECTRONICS, INC. WHICH AMOUNTED TO $.07 PER SHARE.
M FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
CONSUMER PRODUCTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios 1991B 1992 D 1993 C 1994 1995
Years ended February 28
Net asset value, beginning of period $ 10.00 $ 11.22 $ 13.81 $ 12.97 $ 15.24
Income from Investment Operations
Net investment income (loss) .05 I (.07) (.09) (.20) (.15)
Net realized and unrealized gain (loss) on investments 1.18 2.86 .20 3.84 (.60)
Total from investment operations 1.23 2.79 .11 3.64 (.75)
Less Distributions
From net investment income (.06) -- -- -- --
From net realized gain -- (.22) (.97) (1.40) (.60)
Total distributions (.06) (.22) (.97) (1.40) (.60)
Redemption fees added to paid in capital .05 .02 .02 .03 .02
Net asset value, end of period $ 11.22 $ 13.81 $ 12.97 $ 15.24 $ 13.91
Total return G,H 12.89% 25.27% .98% 28.43% (4.59)%
Net assets, end of period (000 omitted) $ 1,877 $ 7,553 $ 7,005 $ 8,374 $ 20,501
Ratio of expenses to average net assets E 2.43% 2.48% 2.47% 2.48% 2.49%
A A
Ratio of expenses to average net assets before expense
reductions E 3.11% 2.83% 3.17% 2.62% 2.82%
A A
Ratio of net investment income (loss) to average net assets .62% (.56)% (.80)% (1.34)% (1.08)%
A A
Portfolio turnover rate 108% 140% 215% 169% 190%
A A
</TABLE>
DEFENSE AND AEROSPACE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
1986 D 1987 D 1988 D 1989 D 1990 D 1991 D 1992 D 1993 C 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 12.51 $ 15.870 $ 16.05 $ 12.16 $ 12.42 $ 11.90 $ 13.72 $ 14.37 $ 15.08 $ 19.14
Income from Investment Operations
Net investment income (loss)
.08 .045 (.12) (.05) .04 .10 (.01) (.02) .07 (.06)
Net realized and unrealized gain (loss)
3.38 .360 (3.31) .31 (.56) 1.72 .67 .69 4.57 .70
on investments
Total from investment operations
3.46 .405 (3.43) .26 (.52) 1.82 .66 .67 4.64 .64
Less Distributions
From net investment income
(.10) (.025) -- -- -- (.12) (.04) -- (.10) --
In excess of net investment income
- -- -- -- -- -- -- (.02) -- -- --
From net realized gain
- -- (.200) (.46) -- -- -- -- -- (.62) (.27)
Total distributions
(.10) (.225) (.46) -- -- (.12) (.06) -- (.72) (.27)
Redemption fees added to paid in
- -- -- -- -- -- .12 .05 .04 .14 .13
capital
Net asset value, end of period
$ 15.87 $ 16.050 $ 12.16 $ 12.42 $ 11.90 $ 13.72 $ 14.37 $ 15.08 $ 19.14 $ 19.64
Total return G,H
27.85 2.57 (20.90) 2.14% (4.19) 16.42 5.18% 4.94% 32.04 4.13%
% % % % % %
Net assets, end of period (000
$ 11,024 $ 4,582 $ 2,439 $ 1,759 $ 1,599 $ 3,070 $ 1,280 $ 1,463 $ 11,136 $ 4,985
omitted)
Ratio of expenses to average net
1.60 1.54 2.33% 2.53% 2.43% 2.49 2.46% 2.48% 2.53 2.49%
assets E
% % % A %
Ratio of expenses to average net
- -- -- 8.01% 9.21% 3.26% 3.11 2.72% 9.63% 3.58 3.95%
assets % A %
before expense reductions E
Ratio of net investment income (loss)
.33 .16 (.91) (.39) .34% .78 (.10) (.14)% .40 (.32)%
to average net assets
% % % % % % A %
Portfolio turnover rate
280 264 162% 62% 96% 162 32% 87% 324 146%
% % % A %
</TABLE>
A ANNUALIZED
B FROM JUNE 29, 1990 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1991
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.02 PER SHARE.
J THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET GAIN (LOSS) ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE
TIMING OF SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING
MARKET VALUES OF THE INVESTMENTS OF THE FUND.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A
PORTION OF THE FUND'S EXPENSES.
DEVELOPING COMMUNICATIONS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
Years ended February 28 1991B 1992E 1993D 1994 1995
Net asset value, beginning of period $ 10.00 $ 11.95 $ 13.54 $ 16.44 $ 19.65
Income from Investment Operations
Net investment income (loss) (.10) (.08)K (.07) (.16) (.16)
Net realized and unrealized gain (loss) on investments 1.86 2.42 2.98 4.82 2.55
Total from investment operations 1.76 2.34 2.91 4.66 2.39
Less Distributions
From net realized gain -- (.79) (.03) (1.47) (1.67)
Redemption fees added to paid in capital .19 .04 .02 .02 .03
Net asset value, end of period $ 11.95 $ 13.54 $ 16.44 $ 19.65 $ 20.40
Total return H,I 19.50% 21.41% 21.66% 30.24% 13.63%
Net assets, end of period (000 omitted) $ 7,745 $ 39,261 $ 83,383 $ 222,109 $ 254,426
Ratio of expenses to average net assets F 2.50%A 2.50% 1.88%A 1.56% 1.56%
Ratio of expenses to average net assets before expense reductions F 3.29%A 2.50% 1.88%A 1.56% 1.58%
Ratio of net investment income (loss) to average net assets (1.23)% (.61)% (.59)% (.88)% (.83)%
A A
Portfolio turnover rate 469%A 25% 77%A 280% 266%
</TABLE>
ELECTRONICS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
Ratios G
Years ended February 28
1986C 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Net asset value, beginning of
$ 10.00 $ 12.14 $ 10.79 $ 7.86 $ 7.32 $ 9.11 $ 10.75 $ 11.81 $ 14.28 $ 17.67
period
Income from Investment
Operations
Net investment income (loss)
.18 (.02)J (.09) (.11) -- (.04) (.12) (.05) (.09) (.18)
Net realized and unrealized
1.96 (1.33) (2.84) (.43) 1.62 1.53 1.00 2.33 6.09 2.1 1
gain (loss) on
investments
Total from investment
2.14 (1.35) (2.93) (.54) 1.62 1.49 .88 2.28 6.00 1.9 3
operations
Less Distributions
From net investment income
- -- -- -- -- -- (.01) -- -- -- --
From net realized gain
- -- -- -- -- -- -- -- -- (2.75) --
Total distributions
- -- -- -- -- -- (.01) -- -- (2.75) --
Redemption fees added to paid
- -- -- -- -- .17 .16 .18 .19 .14 .20
in capital
Net asset value, end of period
$ 12.14 $ 10.79 $ 7.86 $ 7.32 $ 9.11 $ 10.75 $ 11.81 $ 14.28 $ 17.67 $ 19.80
Total return H,I
21.40% (11.12) (27.15) (6.87) 24.45% 18.15% 9.86% 20.91% 46.24% 12.0 5 %
% % %
Net assets, end of period (000
$ 10,750 $ 16,626 $ 12,963 $ 8,667 $ 26,141 $ 18,178 $ 34,222 $ 48,027 $ 110,993 $ 216,433
omitted)
Ratio of expenses to average net
1.77% 1.61% 2.54% 2.79% 2.57% 2.26% 2.16% 1.69% 1.67% 1.71%
assets F
A A
Ratio of expenses to average net
- -- -- 5.16% 7.69% 3.47% 2.26% 2.16% 1.69% 1.67% 1.72%
assets A
before expense reductions F
Ratio of net investment income
.85% .05% (1.02) (1.51) (.02) (.45) (1.07) (.50)% (.52) (.98)
(loss) to average
A % % % % % A % %
net assets
Portfolio turnover rate
326% 511% 686% 697% 378% 268% 299% 293% 163% 205%
A A
</TABLE>
A ANNUALIZED
B FROM JUNE 29, 1990 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1991
C FROM JULY 29, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION .
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE MONTHLY SHARES OUTSTANDING.
K INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.06 PER SHARE.
L FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
M THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET LOSS ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
ENERGY
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
Years ended February 28
1986D 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 11.64 $ 9.92 $ 13.68 $ 13.15 $ 14.40 $ 16.64 $ 15.43 $ 14.70 $ 15.84 $ 16.73
Income from Investment Operations
Net investment income
.61 .43 .24 .32 .27 .16 .17 .23 .06 .07
Net realized and unrealized gain (loss)
(1.70) 3.33 (.47) 1.25 2.23 .15 (.75) 1.16 1.35 (.11)
on investments
Total from investment operations
(1.09) 3.76 (.23) 1.57 2.50 .31 (.58) 1.39 1.41 (.04)
Less Distributions
From net investment income
(.63) -- (.03) (.32) (.07) (.15) (.16) (.27) (.03) (.08)
From net realized gain
- -- -- (.27) -- (.22) (1.43) (.02) -- (.57) (.54)
Total distributions
(.63) -- (.30) (.32) (.29) (1.58) (.18) (.27) (.60) (.62)
Redemption fees added to paid in capital
- -- -- -- -- .03 .06 .03 .02 .08 .03
Net asset value, end of period
$ 9.92 $ 13.68 $ 13.15 $ 14.40 $ 16.64 $ 15.43 $ 14.70 $ 15.84 $ 16.73 $ 16.10
Total return G,H
(9.55) 37.90 (1.15) 12.37 17.52 2.26 (3.55) 9.81 9.69 .04
% % % % % % % % % %
Net assets, end of period (000 omitted)
$ 33,516 $ 104,671 $ 109,429 $ 80,225 $ 83,912 $ 92,611 $ 77,334 $ 179,133 $ 145,490 $ 96,023
Ratio of expenses to average net assets E
1.54 1.50 2.09 1.77 1.94 1.79 1.78 1.71 1.66 1.85
% % % % % % % %A %I %
Ratio of expenses to average net assets
- -- -- 2.09 1.77 1.94 1.79 1.78 1.71 1.67 1.85
before expense reductions E
% % % % % %A %I %
Ratio of net investment income to average
5.11 3.31 1.72 2.48 1.69 .99 1.16 1.88 .37 .42
net assets
% % % % % % % %A % %
Portfolio turnover rate
167 226 183 168 74 61 81 72 157 106
% % % % % % % %A % %
</TABLE>
ENERGY SERVICE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
Years ended February 28
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 10.00 $ 8.82 $ 10.86 $ 9.22 $ 8.99 $ 12.19 $ 12.51 $ 9.43 $ 11.01 $ 11.66
Income from Investment Operations
Net investment income (loss)
.10 .12 (.12) (.04) (.05) -- (.12) .01 .03 .02
Net realized and unrealized gain (loss)
(1.28) 1.92 (1.52) (.19) 3.17 .15 (3.11) 1.47 .51 .67
on investments
Total from investment operations
(1.18) 2.04 (1.64) (.23) 3.12 .15 (3.23) 1.48 .54 .69
Less Distributions
From net investment income
- -- -- -- -- -- (.02) -- -- (.05) (.01)
In excess of net investment income
-- -- -- -- -- -- -- -- -- (.01)
From net realized gain
-- -- -- -- -- -- -- -- -- (.35)
In excess of net realized gain
-- -- -- -- -- -- -- -- -- (.13)
Total distributions
-- -- -- -- -- (.02) -- -- (.05) (.50)
Redemption fees added to paid in capital
- -- -- -- -- .08 .19 .15 .10 .16 .12
Net asset value, end of period
$ 8.82 $ 10.86 $ 9.22 $ 8.99 $ 12.19 $ 12.51 $ 9.43 $ 11.01 $ 11.66 $ 11.97
Total return G,H
(11.80) 23.13 (15.10) (2.49) 35.60 2.80 (24.62) 16.76 6.36 7.60
% % % % % % % % % %
Net assets, end of period (000 omitted)
$ 623 $ 19,375 $ 33,089 $ 44,003 $ 61,821 $ 73,398 $ 41,322 $ 85,234 $ 40,857 $ 63,794
Ratio of expenses to average net assets E
1.51 1.49 2.71 2.53 2.29 1.82 2.07 1.76 1.65 1.79
%A % % % % % % %A %I %
Ratio of expenses to average net assets
- -- -- 3.10 3.45 2.29 1.82 2.07 1.76 1.66 1.81
before expense reductions E
% % % % % %A %I %
Ratio of net investment income (loss) to
2.57 1.03 (1.06) (.45) (.42) (.02) (1.13) .13 .23 .19
average net assets
%A % % % % % % %A % %
Portfolio turnover rate
54 575 461 78 128 62 89 236 137 209
%A % % % % % % %A % %
</TABLE>
A ANNUALIZED
B FROM DECEMBER 16, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
J THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES.
ENVIRONMENTAL SERVICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
Years ended February 28 1990B 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period $ 10.00 $ 11.41 $ 12.95 $ 11.39 $ 11.36 $ 11.93
Income from Investment Operations
Net investment income (loss) .02 (.04) (.09) (.06) (.11) (.14)
Net realized and unrealized gain (loss) on investments 1.38 1.55 (1.06) .42 .67 (1.53)
Total from investment operations 1.40 1.51 (1.15) .36 .56 (1.67)
Less Distributions
From net investment income (.01) -- -- -- -- --
From net realized gain -- -- (.42) (.39) -- --
Total distributions (.01) -- (.42) (.39) -- --
Redemption fees added to paid in capital .02 .03 .01 -- .01 .01
Net asset value, end of period $ 11.41 $ 12.95 $ 11.39 $ 11.36 $ 11.93 $ 10.27
Total return G,H 14.20% 13.50% (8.67) 3.34% 5.02% (13.91)
% %
Net assets, end of period (000 omitted) $ 101,736 $ 100,263 $ 65,132 $ 65,913 $ 65,956 $ 31,270
Ratio of expenses to average net assets E 2.25% 2.03% 2.03% 1.99% 2.03% 2.01%
A A I
Ratio of expenses to average net assets before
expense reductions E 2.25% 2.03% 2.03% 1.99% 2.07% 2.04%
A A I
Ratio of net investment income (loss) to
average net assets .16% (.30) (.74) (.70)% (1.02) (1.32)
A % % A % %
Portfolio turnover rate 72% 122% 130% 176% 191% 82%
A A
</TABLE>
FINANCIAL SERVICES
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
Years ended February 28
1986D 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 22.77 $ 34.360 $ 32.47 $ 26.36 $ 30.64 $ 28.28 $ 30.55 $ 42.42 $ 53.29 $ 51.24
Income from Investment Operations
Net investment income
.85 .557 .48 1.00 .66 .58 .54 .33 .29 .76
Net realized and unrealized gain
11.03 (1.912) (4.93) 4.09 (2.53) 1.67 11.35 14.30 5.02 .87
(loss) on investments
Total from investment operations
11.88 (1.355) (4.45) 5.09 (1.87) 2.25 11.89 14.63 5.31 1.63
Less Distributions
From net investment income
(.29) (.205) (.12) (.81) (.33) (.52) (.35) (.51) (.20) (.79)
From net realized gain
- -- (.330) (1.54) -- (.19) -- -- (3.38) (7.32) (3.93)
Total distributions
(.29) (.535) (1.66) (.81) (.52) (.52) (.35) (3.89) (7.52) (4.72)
Redemption fees added to paid in
- -- -- -- -- .03 .54 .33 .13 .16 .08
capital
Net asset value, end of period
$ 34.36 $ 32.470 $ 26.36 $ 30.64 $ 28.28 $ 30.55 $ 42.42 $ 53.29 $ 51.24 $ 48.23
Total return G,H
52.72% (4.05) (12.97) 19.68% (6.20) 10.51% 40.31% 36.46% 10.85% 4.72%
% % %
Net assets, end of period (000 omitted)
$ 234,268 $ 56,472 $ 28,371 $ 32,647 $ 21,087 $ 35,962 $ 91,700 $ 214,612 $ 116,195 $ 153,089
Ratio of expenses to average net
1.26% 1.57% 2.47% 1.07% 2.22% 2.49% 1.85% 1.54% 1.63% 1.54%
assets E A I
Ratio of expenses to average net
- -- -- 2.47% 1.07% 2.22% 2.49% 1.85% 1.54% 1.64% 1.56%
assets A I
before expense reductions E
Ratio of net investment income to
3.05% 1.65% 1.58% 3.53% 2.03% 2.22% 1.49% .86% .53% 1.52%
average net assets A
Portfolio turnover rate
136% 40% 81% 186% 308% 237% 164% 100% 93% 107%
A
</TABLE>
A ANNUALIZED
B FROM JUNE 29, 1989 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1990
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
J THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES.
FOOD AND AGRICULTURE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Ratios F
Years ended February 28
Net asset value, beginning of
$ 10.00 $ 14.05 $ 17.51 $ 16.05 $ 20.76 $ 22.84 $ 27.87 $ 29.22 $ 30.86 $ 31.49
period
Income from Investment
Operations
Net investment income (loss)
.19 .10 (.01) .09 .19 .21 .13 .05 .09 .15
Net realized and unrealized
3.86 3.36 (.87) 4.67 4.07 5.78 2.89 3.26 3.29 2.80
gain (loss) on investments
Total from investment
4.05 3.46 (.88) 4.76 4.26 5.99 3.02 3.31 3.38 2.95
operations
Less Distributions
From net investment income
- -- -- (.03) (.05) (.04) (.27) (.11) (.10) (.06) (.08)
From net realized gain
- -- -- (.55) -- (2.17) (.79) (1.59) (1.57) (2.70) (1.85)
Total distributions
- -- -- (.58) (.05) (2.21) (1.06) (1.70) (1.67) (2.76) (1.93)
Redemption fees added to paid
- -- -- -- -- .03 .10 .03 -- .01 .02
in capital
Net asset value, end of period
$ 14.05 $ 17.51 $ 16.05 $ 20.76 $ 22.84 $ 27.87 $ 29.22 $ 30.86 $ 31.49 $ 32.53
Total return G,H
40.50% 24.63% (4.63) 29.70% 20.83% 27.39% 11.11% 11.72% 11.69% 10.14%
%
Net assets, end of period (000
$ 9,213 $ 11,244 $ 9,298 $ 15,536 $ 25,965 $ 64,490 $ 108,922 $ 108,377 $ 95,010 $ 197,130
omitted)
Ratio of expenses to average net
1.75% 1.67% 2.45% 2.50% 2.53% 2.22% 1.83% 1.67% 1.64% 1.68%
assets E
A A K
Ratio of expenses to average net
- -- -- 4.21% 3.39% 2.58% 2.22% 1.83% 1.67% 1.65% 1.70%
assets A K
before expense reductions E
Ratio of net investment income
1.70% .71% (.04) .48% .82% .85% .46% .21% .29% .49%
(loss) to
A % A
average net assets
Portfolio turnover rate
576% 608% 215% 248% 267% 124% 63% 515% 96% 126%
A A
</TABLE>
HEALTH CARE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
1986D 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 21.830 $ 33.57 $ 41.98 $ 33.59 $ 39.79 $ 46.15 $ 69.99 $ 70.42 $ 52.57 $ 63.31
Income from Investment Operations
Net investment income (loss)
.121 (.04)I .02 .33 .72 .73J (.02) .13 .15 .75
Net realized and unrealized gain (loss)
11.664 8.81 (7.49) 6.15 6.56 28.70 9.47 (9.34) 10.61 18.38
on investments
Total from investment operations
11.785 8.77 (7.47) 6.48 7.28 29.43 9.45 (9.21) 10.76 19.13
Less Distributions
From net investment income
(.045) -- -- (.28) (.13) (.20) (.34) (.16) (.07) (.62)
From net realized gain
- -- (.36) (.92) -- (.84) (5.67) (8.81) (8.51) -- (5.74)
Total distributions
(.045) (.36) (.92) (.28) (.97) (5.87) (9.15) (8.67) (.07) (6.36)
Redemption fees added to paid in
- -- -- -- -- .05 .28 .13 .03 .05 .05
capital
Net asset value, end of period
$ 33.570 $ 41.98 $ 33.59 $ 39.79 $ 46.15 $ 69.99 $ 70.42 $ 52.57 $ 63.31 $ 76.13
Total return G,H
54.06 26.34% (17.58) 19.44 18.55 69.32 13.92% (14.81) 20.57% 31.24%
% % % % % %
Net assets, end of period (000 omitted)
$ 251,88 $ 341,633 $ 208,048 $ 210,700 $ 217,522 $ 624,018 $ 838,814 $ 536,367 $ 522,890 $ 943,141
7
Ratio of expenses to average net
1.29 1.39% 1.64% 1.41 1.74 1.53 1.44% 1.46% 1.55% 1.36%
assets E
% % % % A K
Ratio of expenses to average net
- -- -- 1.64% 1.41 1.74 1.53 1.44% 1.46% 1.59% 1.39%
assets % % % A K
before expense reductions E
Ratio of net investment income (loss) to
.53 (.01) .06% .95 1.61 1.28 (.02) .24% .26% 1.08%
average net assets
% % % % % % A
Portfolio turnover rate
217 213% 122% 114 126 159 154% 112% 213% 151%
% % % % A
</TABLE>
A ANNUALIZED
B FROM JULY 29, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION..
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE MONTHLY SHARES OUTSTANDING.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.55 PER SHARE.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
HOME FINANCE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
1986B 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Ratios G
Years ended February 28
Net asset value, beginning of
$ 10.00 $ 13.32 $ 14.44 $ 8.57 $ 10.88 $ 8.98 $ 10.84 $ 15.38 $ 22.18 $ 25.03
period
Income from Investment
Operations
Net investment income (loss)
.03 (.01) .02 .11 .09 .16 .05 .09 .03 .20
Net realized and unrealized
3.29 1.13 (2.39) 2.33 (1.47) 1.69 4.40 6.80 4.15 2.34
gain (loss) on investments
Total from investment
3.32 1.12 (2.37) 2.44 (1.38) 1.85 4.45 6.89 4.18 2.54
operations
Less Distributions
From net investment income
- -- -- -- (.13) (.04) (.14) (.14) (.01) (.01) (.12)
From net realized gain
- -- -- (3.50) -- (.49) -- -- (.28) (1.40) (3.60)
Total distributions
- -- -- (3.50) (.13) (.53) (.14) (.14) (.29) (1.41) (3.72)
Redemption fees added to paid
- -- -- -- -- .01 .15 .23 .20 .08 .07
in capital
Net asset value, end of period
$ 13.32 $ 14.44 $ 8.57 $ 10.88 $ 8.98 $ 10.84 $ 15.38 $ 22.18 $ 25.03 $ 23.92
Total return H,I
33.20% 8.41% (11.60) 28.76% (13.04) 22.88% 43.62% 46.43% 19.61% 12.43%
% %
Net assets, end of period (000
$ 36,792 $ 24,656 $ 6,387 $ 5,557 $ 5,432 $ 8,782 $ 49,405 $ 337,903 $ 155,563 $ 229,924
omitted)
Ratio of expenses to average net
1.54% 1.53% 2.57% 2.56% 2.53% 2.50% 2.08% 1.55% 1.58% 1.45%
assets F
A A
Ratio of expenses to average net
- -- -- 4.04% 5.12% 2.92% 2.82% 2.08% 1.55% 1.58% 1.47%
assets A
before expense reductions F
Ratio of net investment income
5.76% (.05) .17% 1.13% .83% 1.78% .40% .61% .11% .80%
(loss) to average
A % A
net assets
Portfolio turnover rate
312% 335% 456% 216% 282% 159% 134% 61% 95% 124%
A A
</TABLE>
INDUSTRIAL EQUIPMENT
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
1987C 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 12.75 $ 10.52 $ 11.05 $ 12.41 $ 11.60 $ 13.89 $ 15.04 $ 20.61
Income from Investment Operations
Net investment income (loss)
.07 (.04) (.07) .13J .01 (.07) .02 -- .01
Net realized and unrealized gain (loss)
2.68 (1.96) .60 1.19 (.80) 2.39 1.09 5.92 (.44)
on investments
Total from investment operations
2.75 (2.00) .53 1.32 (.79) 2.32 1.11 5.92 (.43)
Less Distributions
From net investment income
- -- -- -- -- -- -- -- (.01) (.01)
In excess of net investment income
- -- -- -- -- (.09) (.11) -- -- --
From net realized gain
- -- (.23) -- -- -- -- -- (.40) (.16)
Total distributions
- -- (.23) -- -- (.09) (.11) -- (.41) (.17)
Redemption fees added to paid in capital
- -- -- -- .04 .07 .08 .04 .06 .03
Net asset value, end of period
$ 12.75 $ 10.52 $ 11.05 $ 12.41 $ 11.60 $ 13.89 $ 15.04 $ 20.61 $ 20.04
Total return H,I
27.50% (15.32)% 5.04% 12.31% (5.90)% 20.91% 8.28% 40.07% (1.93)%
Net assets, end of period (000 omitted)
$ 2,355 $ 5,607 $ 2,965 $ 3,240 $ 1,949 $ 7,529 $ 14,601 $ 206,012 $ 109,968
Ratio of expenses to average net assets F
1.70% 2.65% 2.58% 2.59% 2.52% 2.49% 2.49% 1.68% 1.78%
A A K
Ratio of expenses to average net assets
- -- 5.78% 6.14% 3.86% 2.99% 2.86% 3.40% 1.69% 1.80%
before expense reductions F A K
Ratio of net investment income (loss) to
.38% (.37)% (.66)% 1.06% .09% (.57)% .15% .01% .06%
average net assets
A A
Portfolio turnover rate
514% 407% 164% 132% 43% 167% 407% 95% 131%
A A
</TABLE>
A ANNUALIZED
B FROM DECEMBER 16, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FROM SEPTEMBER 29, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.11 PER SHARE.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
L THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES.
INDUSTRIAL MATERIALS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
1987B 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 14.56 $ 13.15 $ 13.73 $ 12.43 $ 12.63 $ 17.12 $ 17.44 $ 21.67
Income from Investment Operations
Net investment income (loss)
.04 .06 (.07) .17 .15 .04 .12 .15 .17
Net realized and unrealized gain (loss)
4.52 (1.44) .86 (1.50) .37 4.32 .19J 4.07 1.43
on investments
Total from investment operations
4.56 (1.38) .79 (1.33) .52 4.36 .31 4.22 1 .60
Less Distributions
From net investment income
- -- (.02) (.21) -- -- -- (.08) (.06) (. 18)
In excess of net investment income
- -- -- -- -- (.34) (.06) -- -- - -
From net realized gain
- -- (.01) -- -- -- -- -- -- --
Total distributions
- -- (.03) (.21) -- (.34) (.06) (.08) (.06) (.18)
Redemption fees added to paid in capital
- -- -- -- .03 .02 .19 .09 .07 .04
Net asset value, end of period
$ 14.56 $ 13.15 $ 13.73 $ 12.43 $ 12.63 $ 17.12 $ 17.44 $ 21.67 $ 23.13
Total return H,I
45.60% (9.45)% 6.13% (9.47)% 4.25% 36.15% 2.36% 24.66% 7.65%
Net assets, end of period (000 omitted)
$ 27,976 $ 42,751 $ 8,571 $ 3,140 $ 2,689 $ 22,184 $ 25,041 $ 155,721 $ 183,454
Ratio of expenses to average net assets F
1.56% 2.43% 2.68% 2.59% 2.49% 2.47% 2.02% 2.08% 1.53%
A A K
Ratio of expenses to average net assets
- -- 2.43% 4.18% 3.81% 2.67% 2.81% 2.02% 2.10% 1.56%
before expense reductions F A K
Ratio of net investment income (loss) to
.15% .53% (.54)% 1.22% 1.30% .25% .86% .75% .77%
average net assets
A A
Portfolio turnover rate
414% 455% 289% 250% 148% 222% 273% 185% 139%
A A
</TABLE>
INSURANCE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios
1986C 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
G
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 12.01 $ 11.30 $ 9.90 $ 12.65 $ 13.63 $ 16.73 $ 18.03 $ 21.58 $ 19.41
Income from Investment Operations
Net investment income (loss)
.04 .05 .03 .11 .17 .23 .04 (.04) -- .05
Net realized and unrealized gain
1.97 (.76) (1.29) 2.73 .93 2.83 1.48 5.12 (.24) 1.78
(loss) on investments
Total from investment operations
2.01 (.71) (1.26) 2.84 1.10 3.06 1.52 5.08 (.24) 1.83
Less Distributions
From net investment income
- -- -- (.14) (.09) (.15) -- (.26) -- (.01) --
In excess of net investment income
- -- -- -- -- -- -- -- (.03) -- --
From net realized gain
- -- -- -- -- -- -- -- (1.71) (1.96) --
Total distributions
- -- -- (.14) (.09) (.15) -- (.26) (1.74) (1.97) --
Redemption fees added to paid in
- -- -- -- -- .03 .04 .04 .21 .04 .07
capital
Net asset value, end of period
$ 12.01 $ 11.30 $ 9.90 $ 12.65 $ 13.63 $ 16.73 $ 18.03 $ 21.58 $ 19.41 $ 21.31
Total return H,I
20.10% (5.91) (11.04) 28.83 8.82 22.74 9.47% 31.98% (1.24) 9.79%
% % % % % %
Net assets, end of period (000
$ 5,776 $ 7,573 $ 3,515 $ 3,160 $ 2,240 $ 2,176 $ 2,573 $ 26,367 $ 18,419 $ 21,838
omitted)
Ratio of expenses to average net
1.51% 1.63% 2.48% 2.53 2.50 2.49 2.47% 2.49% 1.93% 2.34%
assets F
A % % % A
Ratio of expenses to average net
- -- -- 5.47% 4.90 2.97 2.73 2.71% 2.52% 1.93% 2.36%
assets before expense reductions F
% % % A
Ratio of net investment income (loss)
1.34% .53% .28% .98 1.15 1.58 .22% (.26)% (.02) .25%
to average net assets
A % % % A %
Portfolio turnover rate
299% 718% 174% 95 158 98 112% 81% 101% 265%
A % % % A
</TABLE>
A ANNUALIZED
B FROM SEPTEMBER 29, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
C FROM DECEMBER 16, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET LOSS ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
LEISURE
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
1986 D 1987 D 1988 D 1989 D 1990 D 1991 D 1992 D 1993 C 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 13.950 $ 22.54 $ 24.83 $ 22.38 $ 28.51 $ 24.90 $ 26.32 $ 31.65 $ 35.77 $ 45.30
Income from Investment Operations
Net investment income (loss)
.047 (.09) (.03) .12 .26 I .08 (.08) (.11) (.29) (.21)
Net realized and unrealized gain (loss)
8.568 2.43 (.39) 6.41 (1.81) 1.55 5.40 4.21 12.98 (.48)
on investments
Total from investment operations
8.615 2.34 (.42) 6.53 (1.55) 1.63 5.32 4.10 12.69 (.69)
Less Distributions
From net investment income
(.025) (.01) -- -- (.07) (.23) -- -- -- --
From net realized gain
- -- (.04) (2.03) (.40) (2.03) -- -- -- (3.26) (3.93)
Total distributions
(.025) (.05) (2.03) (.40) (2.10) (.23) -- -- (3.26) (3.93)
Redemption fees added to paid in
- -- -- -- -- .04 .02 .01 .02 .10 .03
capital
Net asset value, end of period
$ 22.540 $ 24.83 $ 22.38 $ 28.51 $ 24.90 $ 26.32 $ 31.65 $ 35.77 $ 45.30 $ 40.71
Total return G,H
61.84 10.40% .25% 29.65 (6.33) 6.78 20.25% 13.02% 37.14% (1.07)
% % % % %
Net assets, end of period (000 omitted)
$ 207,84 $ 72,274 $ 56,149 $ 91,367 $ 49,609 $ 40,727 $ 40,051 $ 44,824 $ 105,833 $ 69,569
0
Ratio of expenses to average net assets
1.41 1.55% 1.96% 1.73 1.96% 2.27 2.21% 1.90% 1.53% 1.62%
E
% % % A
Ratio of expenses to average net assets
- -- -- 1.96% 1.73 1.96% 2.27 2.21% 1.90% 1.55% 1.64%
before expense reductions E
% % A
Ratio of net investment income (loss) to
.48 (.16) (.13) .50 .86% .34 (.28) (.39)% (.69) (.52)
average net assets
% % % % % % A % %
Portfolio turnover rate
148 148% 229% 249 124% 75 45% 109% 170% 103%
% % % A
</TABLE>
MEDICAL DELIVERY
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
1987 B 1988 D 1989 D 1990 D 1991 D 1992 D 1993 C 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 8.67 $ 7.42 $ 9.85 $ 11.17 $ 18.75 $ 19.64 $ 14.46 $ 20.28
Income from Investment Operations
Net investment income (loss)
.07 (.05) .05 .16 (.01) (.15) (.13) (.10) .06
Net realized and unrealized gain
(1.40) (.82) 2.38 1.43 7.76 2.16 (3.56) 5.84 3.74
(loss) on investments
Total from investment operations
(1.33) (.87) 2.43 1.59 7.75 2.01 (3.69) 5.74 3.80
Less Distributions
From net investment income
- -- (.02) -- (.05) -- -- -- -- (.06)
From net realized gain
- -- (.36) -- (.26) (.39) (1.24) (1.55) -- (.89)
Total distributions
- -- (.38) -- (.31) (.39) (1.24) (1.55) -- (.95)
Redemption fees added to paid in
- -- -- -- .04 .22 .12 .06 .08 .05
capital
Net asset value, end of period
$ 8.67 $ 7.42 $ 9.85 $ 11.17 $ 18.75 $ 19.64 $ 14.46 $ 20.28 $ 23.18
Total return G,H
(13.30)% (9.11)% 32.75% 16.35% 72.85% 11.71% (19.63)% 40.25% 19.63%
Net assets, end of period (000 omitted)
$ 3,430 $ 3,639 $ 20,077 $ 23,559 $ 131,622 $ 129,361 $ 71,809 $ 188,553 $ 299,570
Ratio of expenses to average net
1.49% 2.48% 2.48% 2.16% 1.94% 1.69% 1.77% 1.79% J 1.45%
assets E
A A
Ratio of expenses to average net
- -- 6.38% 5.13% 2.16% 1.94% 1.69% 1.77% 1.82% J 1.48%
assets before expense reductions E A
Ratio of net investment income (loss) to
.62% (.65)% .59% 1.43% (.07)% (.71)% (.89)% (.57)% .29%
average net assets
A A
Portfolio turnover rate
221% 264% 92% 253% 165% 181% 155% 164% 123%
A A
</TABLE>
A ANNUALIZED
B FROM JUNE 30, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.16 PER SHARE.
J FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
K THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES.
MULTIMEDIA
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
Years ended February 28
1987B 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Net asset value, beginning of period
$ 10.00 $ 12.05 $ 12.45 $ 16.20 $ 11.65 $ 12.96 $ 15.93 $ 18.26 $ 23.87
Income from Investment Operations
Net investment income (loss)
.03 (.06) (.14) (.02)J (.05) (.17) (.07) (.10) (.01)
Net realized and unrealized gain
2.02 1.25 4.64 (1.96) 1.29 3.08 2.61 6.28 1.67
(loss) on investments
Total from investment operations
2.05 1.19 4.50 (1.98) 1.24 2.91 2.54 6.18 1.66
Less Distributions
From net investment income
- -- (.01) -- -- -- -- -- -- --
From net realized gain
- -- (.78) (.75) (2.57) -- -- (.23) (.65) (3.21)
Total distributions
- -- (.79) (.75) (2.57) -- -- (.23) (.65) (3.21)
Redemption fees added to paid in
- -- -- -- -- .07 .06 .02 .08 .03
capital
Net asset value, end of period
$ 12.05 $ 12.45 $ 16.20 $ 11.65 $ 12.96 $ 15.93 $ 18.26 $ 23.87 $ 22.35
Total return H,I
20.50% 11.49% 38.22% (15.32)% 11.24% 22.92% 16.14% 34.86% 9.35%
Net assets, end of period (000 omitted)
$ 7,008 $ 17,356 $ 45,670 $ 7,400 $ 5,177 $ 8,393 $ 16,647 $ 49,177 $ 38,157
Ratio of expenses to average net
1.50% 2.48% 2.66% 2.51% 2.53% 2.49% 2.49% 1.63% 2.03%
assets F
A A K
Ratio of expenses to average net
- -- 3.32% 3.17% 2.51% 2.77% 2.78% 2.54% 1.66% 2.05%
assets before expense reductions F A K
Ratio of net investment income (loss) to
.25% (.52)% (1.01)% (.14)% (.43)% (1.22)% (.52)% (.42)% (.07)%
average net assets
A A
Portfolio turnover rate
224% 325% 437% 75% 150% 111% 70% 340% 107%
A A
</TABLE>
NATURAL GAS
<TABLE>
<CAPTION>
<S> <C> <C>
Selected Per-Share Data and Ratios G
Year ended February 28 1994C 1995
Net asset value, beginning of period $ 10.00 $ 9.48
Income from Investment Operations
Net investment income .02 .03
Net realized and unrealized gain (loss) on investments (.46) (.53)
Total from investment operations (.44) (.50)
Less Distributions
From net investment income -- (.02)
From net realized gain (.07) --
In excess of net realized gain (.06) --
Total distributions (.13) (.02)
Redemption fees added to paid in capital .05 .02
Net asset value, end of period $ 9.48 $ 8.98
Total return H,I (3.84)% (5.06)%
Net assets, end of period (000 omitted) $ 63,073 $ 79,894
Ratio of expenses to average net assets F 1.93%A, 1.66%
K
Ratio of expenses to average net assets before expense reductions F 1.94%A, 1.70%
K
Ratio of net investment income to average net assets .17%A .30%
Portfolio turnover rate 44%A 177%
</TABLE>
A ANNUALIZED
B FROM JUNE 30, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
C FROM APRIL 21, 1993 (COMMENCEMENT OF OPERATIONS) TO FEBRUARY 28, 1994
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.05 PER SHARE.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
PAPER AND FOREST PRODUCTS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
1987B 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 15.86 $ 11.71 $ 12.33 $ 11.00 $ 12.64 $ 15.37 $ 16.08 $ 19.61
Income from Investment Operations
Net investment income (loss)
.19 (.03) .01 .11 .19 .13 .06 (.01) .01
Net realized and unrealized gain (loss)
5.67 (3.04) .64 (1.31) 1.56 2.64 .65I 3.38 2.53
on investments
Total from investment operations
5.86 (3.07) .65 (1.20) 1.75 2.77 .71 3.37 2.54
Less Distributions
From net investment income
- -- (.04) (.03) (.15) (.17) (.30) (.09) (.01) --
From net realized gain
- -- (1.04) -- -- -- -- -- -- (1.17)
Total distributions
- -- (1.08) (.03) (.15) (.17) (.30) (.09) (.01) (1.17)
Redemption fees added to paid in capital
- -- -- -- .02 .06 .26 .09 .17 .16
Net asset value, end of period
$ 15.86 $ 11.71 $ 12.33 $ 11.00 $ 12.64 $ 15.37 $ 16.08 $ 19.61 $ 21.14
Total return G,H
58.60% (19.01)% 5.57% (9.68)% 16.85% 24.52% 5.25% 22.03% 14.91%
Net assets, end of period (000 omitted)
$ 110,418 $ 15,426 $ 9,479 $ 5,289 $ 12,579 $ 28,957 $ 25,098 $ 66,908 $ 94,219
Ratio of expenses to average net assets E
1.29% 2.52% 2.54% 2.57% 2.49% 2.05% 2.21% 2.07%J 1.87%
A A
Ratio of expenses to average net assets
- -- 3.67% 4.34% 3.28% 2.72% 2.05% 2.21% 2.08%J 1.88%
before expense reductions E A
Ratio of net investment income (loss) to
1.61% (.20)% .07% .92% 1.73% .92% .49% (.08)% .05%
average net assets
A A
Portfolio turnover rate
466% 209% 154% 221% 171% 421% 222% 176% 209%
A A
</TABLE>
PRECIOUS METALS AND MINERALS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
1986D 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 11.17 $ 9.270 $ 18.38 $ 13.09 $ 11.35 $ 12.23 $ 10.68 $ 9.90 $ 9.86 $ 16.62
Income from Investment Operations
Net investment income (loss)
.41 .321 .41 .26 .13 .18 .10 .09 .21 .17
Net realized and unrealized gain (loss)
(1.92) 8.884 (5.51) (1.54) .84 (1.71) (.91) (.05) 6.48 (1.42)
on investments
Total from investment operations
(1.51) 9.205 (5.10) (1.28) .97 (1.53) (.81) .04 6.69 (1.25)
Less Distributions
From net investment income
(.39) (.095) (.07) (.46) (.18) (.15) (.10) (.17) (.19) (.18)
In excess of net investment income
- -- -- -- -- -- -- -- -- (.02) (.05)
From net realized gain
- -- -- (.12) -- -- -- -- -- -- --
Total distributions
(.39) (.095) (.19) (.46) (.18) (.15) (.10) (.17) (.21) (.23)
Redemption fees added to paid in
- -- -- -- -- .09 .13 .13 .09 .28 .13
capital
Net asset value, end of period
$ 9.27 $ 18.380 $ 13.09 $ 11.35 $ 12.23 $ 10.68 $ 9.90 $ 9.86 $ 16.62 $ 15.27
Total return G,H
(13.90) 100.65% (27.88) (9.63) 9.08% (11.45) (6.46) 1.51% 70.58% (6.86)
% % % % % %
Net assets, end of period (000 omitted)
$ 116,079 $ 648,051 $ 242,810 $ 180,837 $ 192,551 $ 155,367 $ 130,002 $ 137,922 $ 409,212 $ 364,204
Ratio of expenses to average net
1.48% 1.50% 2.02% 1.88% 1.93% 1.79% 1.81% 1.73% 1.55% 1.46%
assets E A
Ratio of expenses to average net
- -- -- 2.02% 1.88% 1.93% 1.79% 1.81% 1.73% 1.55% 1.46%
assets
A
before expense reductions E
Ratio of net investment income (loss)
4.16% 3.44% 2.42% 2.18% 1.01% 1.52% .92% 1.12% 1.38% .99%
to average net assets
A
Portfolio turnover rate
65% 84% 86% 72% 98% 41% 44% 36% 73% 43%
A
</TABLE>
A ANNUALIZED
B FROM JUNE 30, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET LOSS ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
J FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
REGIONAL BANKS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
Years ended February 28
1987B 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Net asset value, beginning of period
$ 10.00 $ 9.21 $ 8.94 $ 11.33 $ 9.77 $ 11.40 $ 16.48 $ 20.88 $ 17.99
Income from Investment Operations
Net investment income
.17 .15 .22 .21 .22 .25 .16 .19 .37
Net realized and unrealized gain
(.96) (.21) 2.84 (1.03) 1.41 5.37 5.09 .93 .87
(loss) on investments
Total from investment operations
(.79) (.06) 3.06 (.82) 1.63 5.62 5.25 1.12 1.24
Less Distributions
From net investment income
- -- (.06) (.20) (.11) (.15) (.15) (.11) (.15) (.29)
From net realized gain
- -- (.15) (.47) (.65) -- (.53) (.81) (3.92) (.98)
Total distributions
- -- (.21) (.67) (.76) (.15) (.68) (.92) (4.07) (1.27)
Redemption fees added to paid in
- -- -- -- .02 .15 .14 .07 .06 .05
capital
Net asset value, end of period
$ 9.21 $ 8.94 $ 11.33 $ 9.77 $ 11.40 $ 16.48 $ 20.88 $ 17.99 $ 18.01
Total return H,I
(7.90)% (.16)% 35.71% (7.94)% 18.73% 52.34% 33.10% 6.46% 7.79%
Net assets, end of period (000 omitted)
$ 2,979 $ 9,087 $ 17,961 $ 5,410 $ 24,212 $ 156,570 $ 315,520 $ 97,429 $ 164,603
Ratio of expenses to average net
1.63% 2.48% 2.53% 2.55% 2.51% 1.77% 1.49% 1.60% 1.56%
assets F
A A K
Ratio of expenses to average net
- -- 5.49% 3.22% 2.72% 2.94% 1.77% 1.49% 1.62% 1.58%
assets before expense reductions F
A K
Ratio of net investment income to
2.10% 1.61% 2.24% 1.74% 2.34% 1.80% 1.06% .88% 1.99%
average net assets
A A
Portfolio turnover rate
227% 291% 352% 411% 110% 89% 63% 74% 106%
A A
</TABLE>
RETAILING
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
Ratios G
Years ended February 28
1986C 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Net asset value, beginning of
$ 10.00 $ 11.73 $ 13.51 $ 11.57 $ 14.60 $ 13.94 $ 17.42 $ 22.13 $ 23.87 $ 24.91
period
Income from Investment
Operations
Net investment income (loss)
.04 .05 .02 .06 .32J (.05) (.03) (.08) (.22) (.18)
Net realized and unrealized
1.69 1.73 (.97) 3.18 1.72 3.43 5.09 2.93 3.85 (.96)
gain (loss) on
investments
Total from investment
1.73 1.78 (.95) 3.24 2.04 3.38 5.06 2.85 3.63 (1.14)
operations
Less Distributions
From net investment income
- -- -- (.23) (.03) (.16) -- -- -- -- --
From net realized gain
- -- -- (.76) (.18) (2.57) (.03) (.50) (1.17) (2.63) --
Total distributions
- -- -- (.99) (.21) (2.73) (.03) (.50) (1.17) (2.63) --
Redemption fees added to paid
- -- -- -- -- .03 .13 .15 .06 .04 .14
in capital
Net asset value, end of period
$ 11.73 $ 13.51 $ 11.57 $ 14.60 $ 13.94 $ 17.42 $ 22.13 $ 23.87 $ 24.91 $ 23.91
Total return H,I
17.30% 15.17% (4.95) 28.32% 15.01% 25.26% 30.28% 13.72% 15.61% (4.01)
% %
Net assets, end of period (000
$ 3,269 $ 9,513 $ 15,103 $ 9,149 $ 8,451 $ 18,069 $ 48,441 $ 74,878 $ 52,790 $ 31,090
omitted)
Ratio of expenses to average net
1.67% 1.54% 2.47% 2.51% 2.50% 2.54% 1.87% 1.77% 1.83% 1.96%
assets F
A A K
Ratio of expenses to average net
- -- -- 3.95% 4.32% 3.18% 2.87% 1.87% 1.77% 1.86% 2.07%
assets A K
before expense reductions F
Ratio of net investment income
.63% .39% .13% .48% 2.13% (.34) (.13) (.44)% (.87) (.74)
(loss) to
A % % A % %
average net assets
Portfolio turnover rate
812% 596% 294% 290% 212% 115% 205% 171% 154% 481%
A A
</TABLE>
A ANNUALIZED
B FROM JUNE 30, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
C FROM DECEMBER 16, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.29 PER SHARE.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
L THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES.
SOFTWARE AND COMPUTER SERVICES
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Ratios F
Years ended February 28
Net asset value, beginning of
$ 10.00 $ 13.36 $ 17.35 $ 14.36 $ 15.75 $ 15.58 $ 19.77 $ 21.63 $ 27.62 $ 28.89
period
Income from Investment
Operations
Net investment income (loss)
.01I .06I (.10) (.22) (.20) (.14)J (.28) (.07)K (.34) (.26)
Net realized and unrealized gain
3.35 3.93 (2.21) 1.61 .82 4.06 4.37 5.88 7.92 .67
(loss) on investments
Total from investment operations
3.36 3.99 (2.31) 1.39 .62 3.92 4.09 5.81 7.58 .41
Less Distributions
From net realized gain
- -- -- (.68) -- (.86) -- (2.50) -- (6.48) (.33)
Redemption fees added to paid in
- -- -- -- -- .07 .27 .27 .18 .17 .10
capital
Net asset value, end of period
$ 13.36 $ 17.35 $ 14.36 $ 15.75 $ 15.58 $ 19.77 $ 21.63 $ 27.62 $ 28.89 $ 29.07
Total return G,H
33.60% 29.87 (12.86) 9.68% 4.64% 26.89% 25.36% 27.69% 33.19% 1.97%
% %
Net assets, end of period (000
$ 17,857 $ 103,371 $ 23,084 $ 14,046 $ 10,539 $ 17,290 $ 89,571 $ 151,212 $ 178,034 $ 236,445
omitted)
Ratio of expenses to average net
1.65% 1.51 2.51% 2.63% 2.56% 2.50% 1.98% 1.64% 1.57% 1.50%
assets E
A % A
Ratio of expenses to average net
- -- -- 3.22% 3.99% 3.39% 2.82% 1.98% 1.64% 1.57% 1.52%
assets before expense reductions E A
Ratio of net investment income
(.35)% .08 (.61) (1.51) (1.30) (.84) (1.30) (.37)% (1.19) (1.01)
(loss) to
A % % % % % % A % %
average net assets
Portfolio turnover rate
193% 220 134% 434% 284% 326% 348% 402% 376% 164%
A % A
</TABLE>
TECHNOLOGY
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
Years ended February 28
1986D 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 19.77 $ 24.93 $ 25.98 $ 18.22 $ 18.37 $ 20.08 $ 27.06 $ 32.44 $ 34.62 $ 41.83
Income from Investment Operations
Net investment income (loss)
(.10) (.07) (.16) (.12) (.15) .14L (.26) .13M (.24)N (.39)
Net realized and unrealized gain (loss)
5.65 1.20 (6.80) .27 1.75 6.46 5.56 4.68 11.04 1.95
on investments
Total from investment operations
5.55 1.13 (6.96) .15 1.60 6.60 5.30 4.81 10.80 1.56
Less Distributions
From net investment income
(.39) -- -- -- -- -- -- -- (.13) --
In excess of net investment income
- -- -- -- -- -- -- (.16) -- -- --
From net realized gain
- -- (.08) (.80) -- -- -- -- (2.75) (3.70) (1.50)
Total distributions
(.39) (.08) (.80) -- -- -- (.16) (2.75) (3.83) (1.50)
Redemption fees added to paid in
- -- -- -- -- .11 .38 .24 .12 .24 .16
capital
Net asset value, end of period
$ 24.93 $ 25.98 $ 18.22 $ 18.37 $ 20.08 $ 27.06 $ 32.44 $ 34.62 $ 41.83 $ 42.05
Total return G,H
28.70% 4.61% (26.49) .82% 9.31% 34.76% 20.57% 16.48% 35.62% 4.61%
%
Net assets, end of period (000
$ 318,644 $ 296,479 $ 137,956 $ 105,604 $ 78,535 $ 117,055 $ 105,954 $ 132,689 $ 202,475 $ 229,761
omitted)
Ratio of expenses to average net
1.26% 1.44% 1.76% 1.86% 2.09% 1.83% 1.72% 1.64% 1.54% 1.56%
assets E A O
Ratio of expenses to average net
- -- -- 1.76% 1.86% 2.09% 1.83% 1.72% 1.64% 1.55% 1.57%
assets A O
before expense reductions E
Ratio of net investment income (loss)
(.21) (.21) (.71) (.67) (.76) .61% (.84) .52% (.65) (.98)
to
% % % % % % A % %
average net assets
Portfolio turnover rate
85% 73% 140% 397% 327% 442% 353% 259% 213% 102%
A
</TABLE>
A ANNUALIZED
B FROM JULY 29, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE MONTHLY SHARES OUTSTANDING.
J INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.02 PER SHARE.
K INVESTMENT INCOME PER SHARE REFLECTS DIVIDENDS RECEIVED IN ARREARS WHICH
AMOUNTED TO $.03 PER SHARE.
L INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.06 PER SHARE AND $.20 PER SHARE RELATING TO A NONRECURRING INITIATIVE TO
INVEST IN DIVIDEND INCOME PRODUCING SECURITIES WHICH WAS IN EFFECT FOR A
PORTION OF 1991.
M INVESTMENT INCOME PER SHARE REFLECTS DIVIDENDS RECEIVED IN ARREARS WHICH
AMOUNTED TO $.10 PER SHARE.
N INVESTMENT INCOME PER SHARE REFLECTS DIVIDENDS RECEIVED IN ARREARS FROM
UNISYS CORP. $3.75 SERIES A WHICH AMOUNTED TO $.03 PER SHARE.
O FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
TELECOMMUNICATIONS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
Years ended February 28
1986B 1987E 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Net asset value, beginning of period
$ 10.00 $ 12.73 $ 15.65 $ 16.52 $ 22.76 $ 23.19 $ 24.98 $ 29.22 $ 34.19 $ 37.10
Income from Investment Operations
Net investment income
.29 .10 .27 .30 .46 .31 .36 .29 .25 .29
Net realized and unrealized gain (loss)
2.44 2.82 .98 6.09 1.02 1.86 4.13 5.29 7.00 2.54
on investments
Total from investment operations
2.73 2.92 1.25 6.39 1.48 2.17 4.49 5.58 7.25 2.83
Less Distributions
From net investment income
- -- -- (.02) (.12) (.12) (.43) (.28) (.18) (.20) (.33)
From net realized gain
- -- -- (.36) (.03) (.98) -- -- (.48) (4.18) (1.27)
Total distributions
- -- -- (.38) (.15) (1.10) (.43) (.28) (.66) (4.38) (1.60)
Redemption fees added to paid in capital
- -- -- -- -- .05 .05 .03 .05 .04 .01
Net asset value, end of period
$ 12.73 $ 15.65 $ 16.52 $ 22.76 $ 23.19 $ 24.98 $ 29.22 $ 34.19 $ 37.10 $ 38.34
Total return H,I
27.30% 22.94 8.45 38.90 6.21 9.83 18.19 19.49% 21.90% 7.98%
% % % % % %
Net assets, end of period (000 omitted)
$ 4,940 $ 11,415 $ 36,372 $ 116,016 $ 77,019 $ 55,162 $ 78,533 $ 134,338 $ 371,025 $ 369,476
Ratio of expenses to average net assets
1.51% 1.52 2.48 2.12 1.85 1.97 1.90 1.74% 1.53% 1.55%
F
A % % % % % % A K
Ratio of expenses to average net assets
- -- -- 2.79 2.12 1.85 1.97 1.90 1.74% 1.54% 1.56%
before expense reductions F
% % % % % A K
Ratio of net investment income to
2.00% 1.12 1.64 1.63 1.83 1.35 1.32 1.16% .64% .77%
average net assets
A % % % % % % A
Portfolio turnover rate
237% 284 162 224 341 262 20 115% 241% 107%
A % % % % % % A
</TABLE>
TRANSPORTATION
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios G
1987C 1988E 1989E 1990E 1991E 1992E 1993D 1994 1995
Years ended February 28
Net asset value, beginning of period
$ 10.00 $ 11.83 $ 9.87 $ 13.59 $ 12.23 $ 11.26 $ 15.49 $ 18.68 $ 21.67
Income from Investment Operations
Net investment income (loss)
.01J (.06) (.04) (.03) .06 (.05) (.07) (.20) (.17)
Net realized and unrealized gain (loss) on
1.82 (1.77) 3.76 .96 (.57) 4.18 3.55 5.07 1.17
investments
Total from investment operations
1.83 (1.83) 3.72 .93 (.51) 4.13 3.48 4.87 1.00
Less Distributions
In excess of net investment income
- -- -- -- -- -- (.04) -- -- --
From net realized gain
- -- (.13) -- (2.32) (.50) -- (.36) (1.96) (2.19)
Total distributions
- -- (.13) -- (2.32) (.50) (.04) (.36) (1.96) (2.19)
Redemption fees added to paid in capital
- -- -- -- .03 .04 .14 .07 .08 .05
Net asset value, end of period
$ 11.83 $ 9.87 $ 13.59 $ 12.23 $ 11.26 $ 15.49 $ 18.68 $ 21.67 $ 20.53
Total return H,I
18.30% (15.17) 37.69% 6.90% (4.10) 38.01% 23.14% 27.47% 5.90%
% %
Net assets, end of period (000 omitted)
$ 1,747 $ 1,355 $ 3,998 $ 1,630 $ 770 $ 2,998 $ 10,780 $ 13,077 $ 12,704
Ratio of expenses to average net assets F
1.60% 2.41% 2.50% 2.50% 2.39% 2.43% 2.48% 2.39% 2.36%
A A K
Ratio of expenses to average net assets
- -- 9.59% 8.33% 3.92% 2.89% 3.13% 4.20% 2.40% 2.37%
before expense reductions F A K
Ratio of net investment income (loss) to
.01% (.59) (.33) (.20) .52% (.34) (.53)% (.96) (.83)
average net assets
A % % % % A % %
Portfolio turnover rate
218% 255% 172% 156% 187% 423% 116% 115% 178%
A A
</TABLE>
A ANNUALIZED
B FROM JULY 29, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FROM SEPTEMBER 29, 1986 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1987
D FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
E FOR THE YEAR ENDED APRIL 30
F EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
G FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
H TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
I THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
J NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE MONTHLY SHARES OUTSTANDING.
K FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
L THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES.
UTILITIES GROWTH
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios F
Years ended February 28
1986D 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 19.27 $ 24.860 $ 26.31 $ 24.67 $ 28.82 $ 31.70 $ 35.57 $ 37.18 $ 41.49 $ 36.61
Income from Investment Operations
Net investment income
2.06 1.335 1.21 1.39 1.27 1.59 1.66 1.19 1.33 1.13
Net realized and unrealized gain (loss)
4.01 .470 (1.56) 4.18 2.40 3.41 2.82 6.14 (.16)I (1.17)
on investments
Total from investment operations
6.07 1.805 (.35) 5.57 3.67 5.00 4.48 7.33 1.17 (.04)
Less Distributions
From net investment income
(.48) (.215) (.45) (1.42) (.81) (.60) (1.69) (1.33) (1.13) (1.05)
From net realized gain
- -- (.140) (.84) -- -- (.58) (1.19) (1.70) (4.94) (.67)
Total distributions
(.48) (.355) (1.29) (1.42) (.81) (1.18) (2.88) (3.03) (6.07) (1.72)
Redemption fees added to paid in capital
- -- -- -- -- .02 .05 .01 .01 .02 .03
Net asset value, end of period
$ 24.86 $ 26.310 $ 24.67 $ 28.82 $ 31.70 $ 35.57 $ 37.18 $ 41.49 $ 36.61 $ 34.88
Total return G,H
32.06 7.19 (1.08) 23.39 13.00 16.25 13.23 20.90% 2.53% .21%
% % % % % % %
Net assets, end of period (000 omitted)
$ 86,047 $ 99,337 $ 85,008 $ 84,968 $ 124,93 $ 197,40 $ 206,87 $ 290,718 $ 250,522 $ 237,635
1 9 2
Ratio of expenses to average net assets
1.42 1.45 1.94% 1.21 1.67 1.65 1.51 1.42% 1.35% 1.42%
E
% % % % % % A J
Ratio of expenses to average net assets
- -- -- 1.94% 1.21 1.67 1.65 1.51 1.42% 1.36% 1.43%
before expense reductions E % % % % A J
Ratio of net investment income to
6.31 4.88 4.71% 5.33 3.93 4.75 4.58 3.71% 3.11% 3.24%
average net assets
% % % % % % A
Portfolio turnover rate
96 161 143% 75 75 45 45 34% 61% 24%
% % % % % % A
</TABLE>
MONEY MARKET
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Per-Share Data and Ratios
Years ended February 28
1986B 1987D 1988D 1989D 1990D 1991D 1992D 1993C 1994 1995
Net asset value, beginning of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
.049 .056 .062 .078 .081 .073 .048 .026 .026 .042
Net interest income
Dividends from net interest income
(.049) (.056) (.062) (.078) (.081) (.073) (.048) (.026) (.026) (.042)
Net asset value, end of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Total return G
5.05% 5.73 6.39% 8.07 8.45 7.50 4.93 2.63% 2.62 4.28
% % % % % % %
Net assets, end of period (000 omitted)
$ 268,560 $ 629,080 $ 1,008,0 $ 724,452 $ 643,272 $ 608,394 $ 542,62 $ 431,133 $ 518,65 $ 573,14
10 0 7 4
Ratio of expenses to average net assets
1.00% .76 .88% .76 .83 .73 .64 .56% .72 .65
A % % % % % A % %
Ratio of net interest income to average
6.93% 5.58 6.22% 7.74 8.13 7.20 4.84 3.09% 2.59 4.19
net assets
A % % % % % A % %
</TABLE>
A ANNUALIZED
B FROM AUGUST 30, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
C FOR THE TEN MONTHS ENDED FEBRUARY 28, 1993
D FOR THE YEAR ENDED APRIL 30
E EFFECTIVE MAY 1, 1987, FMR VOLUNTARILY AGREED TO LIMIT THE EXPENSES
(EXCLUDING INTEREST, TAXES, BROKERAGE COMMISSIONS AND EXTRAORDINARY
EXPENSES) TO 2.5% OF AVERAGE NET ASSETS. IN ADDITION, FMR HAS AGREED TO
REIMBURSE THE FUND IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
F FOR PERIODS PRESENTED SUBSEQUENT TO 1987, NET INVESTMENT INCOME (LOSS)
PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING EACH
PERIOD. AS OF MAY 1, 1987, THE FUNDS DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
G TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
H THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
I THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET GAIN ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
J FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
KEY FACTS - CONTINUED
PERFORMANCE
Mutual fund performance is commonly measured as TOTAL RETURN. The total
returns in this section are based on historical fund results and do not
reflect the effect of taxes.
The tables on pages to show each fund's performance over past
fiscal years compared to two measures: investing in a broad selection of
stocks (S&P 500), and not investing at all (inflation, or CPI). Each fund's
fiscal year runs from March 1 through February 28.
<TABLE>
<CAPTION>
<S> <C> <C>
Fiscal periods ended February 28, 1995 Average Annual Total Return Cumulative Total Return
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Past 1 year Past 5 years Life of fund Past 1 year Past 5 years Life of fund
AIR TRANSPORTATION -12.45 7.97% 7.33%B -12.45 46.74% 91.85%B
% %
AIR TRANSPORTATION (LOAD ADJ.A) -15.08 7.32% 6.98%B -15.08 42.34% 86.09%B
% %
AMERICAN GOLD -18.62 0.75% 7.04%B -18.62 3.83% 87.12%B
% %
AMERICAN GOLD (LOAD ADJ.A) -21.06 0.14% 6.69%B -21.06 0.71% 81.51%B
% %
AUTOMOTIVE -12.59 16.98% 12.68% -12.59 119.02 181.58%
% C % % C
AUTOMOTIVE (LOAD ADJ.A) -15.21 16.27% 12.28% -15.21 112.45 173.13%
% C % % C
BIOTECHNOLOGY -8.37% 17.77% 14.35% -8.37% 126.55 243.84%
B % B
BIOTECHNOLOGY (LOAD ADJ.A) -11.12 17.05% 13.97% -11.12 119.75 233.52%
% B % % B
BROKERAGE AND INVESTMENT MANAGEMENT -12.62 15.52% 8.09%D -12.62 105.69 110.92%
% % % D
BROKERAGE AND INVESTMENT MANAGEMENT -15.24 14.81% 7.75%D -15.24 99.52% 104.59%
(LOAD ADJ.A) % % D
CHEMICALS 9.90% 15.60% 18.13% 9.90% 106.48 394.52%
D % D
CHEMICALS (LOAD ADJ.A) 6.60% 14.90% 17.75% 6.60% 100.28 379.68%
D % D
COMPUTERS 13.51% 23.17% 14.17% 13.51% 183.53 256.75%
D % D
COMPUTERS (LOAD ADJ.A) 10.10% 22.43% 13.81% 10.10% 175.02 246.05%
D % D
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
CONSTRUCTION AND HOUSING -12.54 13.38% 11.72% -12.54 87.40% 154.39%
% E % E
CONSTRUCTION AND HOUSING (LOAD
ADJ.A) -15.17 12.70% 11.32% -15.17 81.78% 146.76%
% E % E
CONSUMER PRODUCTS -4.59% n/a 12.72% -4.59% n/a 74.97%F
F
CONSUMER PRODUCTS (LOAD ADJ.A) -7.45% n/a 11.98% -7.45% n/a 69.72%F
F
DEFENSE AND AEROSPACE 4.13% 12.46% 5.32%G 4.13% 79.86% 67.93%G
DEFENSE AND AEROSPACE (LOAD ADJ.A) 1.01% 11.77% 5.00%G 1.01% 74.46% 62.90%G
DEVELOPING COMMUNICATIONS 13.63% n/a 22.80% 13.63% n/a 161.21%
F F
DEVELOPING COMMUNICATIONS (LOAD 10.22% n/a 22.01% 10.22% n/a 153.37%
ADJ.A) F F
S&P 500 7.36% 11.35% n/a 7.36% 71.20% n/a
Consumer Price Index 2.86% 3.35% n/a 2.86% 17.89% n/a
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Fiscal periods ended February 28, 1995 Average Annual Total Return Cumulative Total Return
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Past 1 year Past 5 years Life of fund Past 1 year Past 5 years Life of fund
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
ELECTRONICS 12.05% 22.05% 9.28%D 12.05% 170.86 134.30%
% D
ELECTRONICS (LOAD ADJ.A) 8.69% 21.31% 8.93%D 8.69% 162.74 127.27%
% D
ENERGY 0.04% 2.82% 7.38%G 0.04% 14.91% 103.84%
G
ENERGY (LOAD ADJ.A) -2.96% 2.19% 7.05%G -2.96% 11.46% 97.73%G
ENERGY SERVICE 7.60% 0.55% 2.56%B 7.60% 2.78% 26.21%B
ENERGY SERVICE (LOAD ADJ.A) 4.37% -0.06% 2.22%B 4.37% -0.31% 22.43%B
ENVIRONMENTAL SERVICES -13.91 0.31% 1.79%J -13.91 1.56% 10.60%J
% %
ENVIRONMENTAL SERVICES (LOAD ADJ.A) -16.50 -0.30% 1.25%J -16.50 -1.48% 7.28%J
% %
FINANCIAL SERVICES 4.72% 18.46% 13.86% 4.72% 133.26 266.06%
G % G
FINANCIAL SERVICES (LOAD ADJ.A) 1.58% 17.74% 13.51% 1.58% 126.26 255.07%
G % G
FOOD AND AGRICULTURE 10.14% 15.11% 18.48% 10.14% 102.13 409.09%
D % D
FOOD AND AGRICULTURE (LOAD ADJ.A) 6.83% 14.41% 18.11% 6.83% 96.07% 393.82%
D D
HEALTH CARE PORTFOLIO 31.24% 22.01% 20.19% 31.24% 170.38 528.89%
G % G
HEALTH CARE PORTFOLIO (LOAD ADJ.A) 27.30% 21.27% 19.82% 27.30% 162.27 510.03%
G % G
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
HOME FINANCE PORTFOLIO 12.43% 27.73% 19.01% 12.43% 239.98 396.76%
B % B
HOME FINANCE PORTFOLIO (LOAD ADJ.A) 9.06% 26.95% 18.62% 9.06% 229.78 381.86%
B % B
INDUSTRIAL EQUIPMENT -1.93% 12.20% 9.54%E -1.93% 77.84% 115.54%
E
INDUSTRIAL EQUIPMENT (LOAD ADJ.A) -4.87% 11.52% 9.15%E -4.87% 72.50% 109.07%
E
INDUSTRIAL MATERIALS 7.65% 13.23% 11.33% 7.65% 86.13% 146.97%
E E
INDUSTRIAL MATERIALS (LOAD ADJ.A) 4.42% 12.54% 10.93% 4.42% 80.55% 139.56%
E E
INSURANCE 9.79% 13.05% 11.43% 9.79% 84.69% 170.98%
B B
INSURANCE (LOAD ADJ.A) 6.50% 12.37% 11.06% 6.50% 79.15% 162.86%
B B
LEISURE -1.07% 13.78% 15.94% -1.07% 90.68% 339.01%
G G
LEISURE (LOAD ADJ.A) -4.04% 13.09% 15.59% -4.04% 84.96% 325.84%
G G
MEDICAL DELIVERY 19.63% 22.44% 14.22% 19.63% 175.17 216.92%
C % C
MEDICAL DELIVERY (LOAD ADJ.A) 16.04% 21.70% 13.82% 16.04% 166.91 207.41%
C % C
MULTIMEDIA 9.35% 17.18% 16.22% 9.35% 120.92 268.28%
C % C
MULTIMEDIA (LOAD ADJ.A) 6.07% 16.47% 15.81% 6.07% 114.30 257.23%
C % C
NATURAL GAS -5.06% n/a -4.78% -5.06% n/a -8.70%H
H
NATURAL GAS (LOAD ADJ.A) -7.91% n/a -6.32% -7.91% n/a -11.44%
H H
S&P 500 7.36% 11.35% n/a 7.36% 71.20% n/a
Consumer Price Index 2.86% 3.35% n/a 2.86% 17.89% n/a
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Fiscal periods ended February 28, 1995 Average Annual Total Return Cumulative Total Return
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Past 1 year Past 5 years Life of fund Past 1 year Past 5 years Life of fund
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PAPER AND FOREST PRODUCTS 14.91% 15.60% 11.79% 14.91% 106.47 162.98
C % %C
PAPER AND FOREST PRODUCTS
(LOAD ADJ.A) 11.46% 14.90% 11.40% 11.46% 100.28 155.09
C % %C
PRECIOUS METALS AND MINERALS -6.86% 2.77% 6.76%G -6.86% 14.65% 92.30%
G
PRECIOUS METALS AND MINERALS (LOAD -9.65% 2.15% 6.43%G -9.65% 11.21% 86.54%
ADJ.A) G
REGIONAL BANKS 7.79% 20.51% 14.24% 7.79% 154.15 217.37
C % %C
REGIONAL BANKS (LOAD ADJ.A) 4.55% 19.78% 13.84% 4.55% 146.52 207.85
C % %C
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
RETAILING -4.01% 17.04% 15.93% -4.01% 119.65 290.27
B % %B
RETAILING (LOAD ADJ.A) -6.89% 16.33% 15.55% -6.89% 113.06 278.57
B % %B
SOFTWARE AND COMPUTER SERVICES 1.97% 23.39% 17.73% 1.97% 185.98 378.68
D % %D
SOFTWARE AND COMPUTER SERVICES
(LOAD -1.09% 22.64% 17.35% -1.09% 177.40 364.32
ADJ.A) D % %D
TECHNOLOGY 4.61% 21.83% 9.50%G 4.61% 168.36 147.86
% %G
TECHNOLOGY (LOAD ADJ.A) 1.47% 21.09% 9.17%G 1.47% 160.31 140.42
% %G
TELECOMMUNICATIONS 7.98% 14.48% 18.54% 7.98% 96.60% 411.18
D %D
TELECOMMUNICATIONS (LOAD ADJ.A) 4.74% 13.78% 18.16% 4.74% 90.70% 395.84
D %D
TRANSPORTATION 5.90% 16.87% 15.01% 5.90% 118.03 224.95
E % %E
TRANSPORTATION (LOAD ADJ.A) 2.72% 16.16% 14.60% 2.72% 111.49 215.20
E % %E
UTILITIES GROWTH 0.21% 9.28% 13.17% 0.21% 55.84% 244.63
G %G
UTILITIES GROWTH
(LOAD ADJ.A) -2.79% 8.61% 12.83% -2.79% 51.16% 234.29
G %G
MONEY MARKET 4.28% 4.64% 5.84%I 4.28% 25.45% 71.57%I
MONEY MARKET (LOAD ADJ.A) 1.16% 4.00% 5.50%I 1.16% 21.69% 66.43%I
S&P 500 7.36% 11.35% n/a 7.36% 71.20% n/a
Consumer Price Index 2.86% 3.35% n/a 2.86% 17.89% n/a
</TABLE>
A LOAD-ADJUSTED RETURNS INCLUDE THE EFFECT OF PAYING A FUND'S 3% SALES
CHARGE.
B FROM DECEMBER 16, 1985
C FROM JUNE 30, 1986
D FROM JULY 29, 1985
E FROM SEPTEMBER 29, 1986
F FROM JUNE 29, 1990
G FOR TEN YEARS BEGINNING FEBRUARY 28, 1985
H FROM APRIL 21, 1993
I FROM AUGUST 30, 1985
J FROM JUNE 29, 1989
EXPLANATION OF TERMS
TOTAL RETURN is the change in value of an investment in a fund over a given
period, assuming reinvestment of any dividends and capital gains. A
CUMULATIVE TOTAL RETURN reflects actual performance over a stated period of
time. An AVERAGE ANNUAL TOTAL RETURN is a hypothetical rate of return that,
if achieved annually, would have produced the same cumulative total return
if performance had been constant over the entire period. Average annual
total returns smooth out variations in performance; they are not the same
as actual year-by-year results.
THE S&P 500(registered trademark) is the Standard & Poor's Composite Index
of 500 Stocks, a widely recognized, unmanaged index of common stock prices.
The S&P 500 figures assume reinvestment of all dividends paid by stocks
included in the index. They do not, however, include any allowance for the
brokerage commissions or other fees you would pay if you actually invested
in those stocks.
THE CONSUMER PRICE INDEX is a widely recognized measure of inflation
calculated by the U.S. government.
YIELD, for the money market fund, refers to the income generated by an
investment in a fund over a given period of time, expressed as an annual
percentage rate. When a yield assumes that income earned is reinvested, it
is called an EFFECTIVE YIELD.
Other illustrations of fund performance may show moving averages over
specific periods.
The funds' recent strategies, performance, and holdings are detailed twice
a year in financial reports, which are sent to all shareholders. For
current performance or a free annual report, call 1-800-544-8888.
TOTAL RETURNS AND YIELDS ARE BASED ON PAST RESULTS AND ARE NOT AN
INDICATION OF FUTURE PERFORMANCE.
THE FUNDS IN DETAIL
CHARTER
EACH FUND IS A MUTUAL FUND: an investment that pools shareholders' money
and invests it toward a specified goal. In technical terms, each stock fund
(except Financial Services, Regional Banks, and Home Finance Portfolios) is
a non-diversified fund of Fidelity Select Portfolios, an open-end
management investment company. The money market fund and Financial
Services, Regional Banks, and Home Finance Portfolios are diversified
funds of the trust. The trust was organized as a Massachusetts business
trust on November 20, 1980.
EACH FUND IS GOVERNED BY A BOARD OF TRUSTEES, which is responsible for
protecting the interests of shareholders. The trustees are experienced
executives who meet throughout the year to oversee the funds' activities,
review contractual arrangements with companies that provide services to the
funds, and review performance. The majority of trustees are not otherwise
affiliated with Fidelity.
THE FUNDS MAY HOLD SPECIAL MEETINGS AND MAIL PROXY MATERIALS. These
meetings may be called to elect or remove trustees, change fundamental
policies, approve a management contract, or for other purposes.
Shareholders not attending these meetings are encouraged to vote by proxy.
Fidelity will mail proxy materials in advance, including a voting card and
information about the proposals to be voted on. The number of votes you are
entitled to is based on the dollar value of your investment.
FMR AND ITS AFFILIATES
The funds are managed by FMR, which chooses the stock funds' investments
and handles their business affairs. Fidelity Management and Research
(U.K.) Inc. (FMR U.K.) , in London, England, and Fidelity Management
& Research (Far East) Inc. (FMR Far East), in Tokyo, Japan, assist FMR with
foreign investments. FTX has primary responsibility for providing
investment management services for the money market fund.
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. Mr. Antico 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. Mr.
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. Mr. Bertelson 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.
Stephen DuFour has been portfolio manager of Multimedia since July 1993
and Transportation since December 1994. Mr. DuFour 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. Mr.
Ellison joined Fidelity in 1983.
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. Ms. 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.
Jeffrey Feinberg has been portfolio manager of Brokerage and Investment
Management since January 1995. He has been a portfolio assistant for
Magellan since January 1995. Previously, he managed Retailing. 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 Health Care since February
1995 and Biotechnology since August 1992. Previously, she managed Air
Transportation and Leisure. Ms. 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.
Marc Kaufman has been manager of Electronics since March 1995. He has been
an analyst for the semiconductor industry since 1993. From 1992 to 1993,
Mr. Kaufman was assistant manager of Balanced. He joined Fidelity in 1992,
after receiving his M.S. in electrical engineering from the Massachusetts
Institute of Technology, where he also received a B.S. in 1991.
Harry Lange has been portfolio manager of Technology since November 1993,
and Computers since June 1992. Previously, Mr. Lange managed Electronics.
He was director of research for Fidelity Management & Research (Far East)
Inc. from 1988 to 1992. Mr. Lange 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. Mr. MacNaught joined Fidelity in
1968.
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,
Mr. Mankivsky was an analyst at the Prudential Property Company in Chicago.
John Muresianu has been portfolio manager of Utilities Growth since
December 1992. He also manages Utilities. 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. Mr. 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. Mr. Offen joined the company in 1985 as an insurance
and finance analyst.
Daniel Pickering has been portfolio manager of Natural Gas since February
1995 and Energy Service 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.
Erin Sullivan has been portfolio manager of Retailing since February 1995.
She covered the medical technology and hospital supply industries, as an
analyst from 1993 to January 1995, and as a research associate from 1992 to
1993. Ms. Sullivan joined Fidelity in 1991 as a research associate covering
initial public offerings, after receiving her B.A. in mathematics from
Harvard University.
Mike Tempero has been portfolio manager of Insurance since February 1995.
Previously, he managed Natural Gas. He joined Fidelity in May 1993 as an
analyst following domestic oil and gas exploration and production as well
as conglomerates. Mr. 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. Ms. Wheeler joined Fidelity in
1986.
Fidelity investment personnel may invest in securities for their own
account pursuant to a code of ethics that establishes procedures for
personal investing and restricts certain transactions.
Fidelity Distributors Corporation (FDC) distributes and markets Fidelity's
funds and services. Fidelity Service Co. (FSC) performs transfer agent
servicing functions for the funds.
FMR Corp. is the parent company of FMR, FMR Far East, FMR U.K. and FTX.
Through ownership of voting common stock, members of the Edward C. Johnson
3d family form a controlling group with respect to FMR Corp. Changes may
occur in the Johnson family group, through death or disability, which would
result in changes in each individual family member's holding of stock. Such
changes could result in one or more family members becoming holders of over
25% of the stock. FMR Corp. has received an opinion of counsel that changes
in the composition of the Johnson family group under these circumstances
would not result in the termination of the funds' management or
distribution contracts and, accordingly, would not require a shareholder
vote to continue operation under those contracts.
FMR may use its broker-dealer affiliates and other firms that sell fund
shares to carry out a fund's transactions, provided that the fund receives
brokerage services and commission rates comparable to those of other
broker-dealers.
INVESTMENT PRINCIPLES AND RISKS
Each stock fund seeks capital appreciation by concentrating its
investments in the securities of companies in a particular industry. Under
normal conditions, each fund will invest at least 80% of its assets in
securities of companies principally engaged in the business activities of
its named industry. The funds will invest primarily in equity securities,
although they may invest in other types of instruments as well. American
Gold and Precious Metals and Minerals Portfolios can also invest in
precious metals.
For most of the stock funds, an issuer is considered to be principally
engaged in a business activity if at least 50% of its assets, gross income,
or net profits are committed to, or derived from, that activity. For
Brokerage and Investment Management and Financial Services Portfolios, an
issuer is considered to be principally engaged if it derives more than 15%
of revenues or profits from brokerage or investment management activities.
It is important to note that in many cases, the focus of one stock fund
differs only slightly from another, so they may invest in many of the same
securities.
The stock funds may involve significantly greater risks and therefore may
experience greater volatility than a diversified mutual fund. Because of
their narrow industry focus, each fund's performance is closely tied to and
affected by, its industry. Companies in an industry are often faced with
the same obstacles, issues, or regulatory burdens, and their securities may
react similarly and move in unison to these or other market conditions.
This is especially true for funds with a particularly narrow industry
focus. Also because the funds (except Financial Services, Home Finance,
and Regional Banks Portfolios) are non-diversified, they are further
exposed to increased volatility. Non-diversified funds may have greater
investments in a single issuer than diversified funds, so the performance
of a single issuer can have a substantial impact on a fund's share price.
Finally, the funds' strategies in seeking to achieve their investment
objective may lead to investments in smaller companies. Securities of
smaller companies, especially those whose business involves emerging
products or concepts, may be more volatile due to their limited product
lines, markets, or financial resources; or their susceptibility to major
setbacks or downturns.
In general, the value of the funds' domestic and foreign investments varies
in response to many factors. Stock values fluctuate in response to the
activities of individual companies, and general market and economic
conditions. Investments in foreign securities may involve risks in
addition to those of U.S. investments, including increased political and
economic risk, as well as exposure to currency fluctuations. This is
especially true for securities of emerging markets.
FMR may use various investment techniques to hedge a portion of the funds'
risks, but there is no guarantee that these strategies will work as FMR
intends. When you sell your shares of a stock fund, they may be worth more
or less than what you paid for them.
FMR normally invests each fund's assets according to its investment
strategy. When FMR considers it appropriate for defensive purposes, each
stock fund may temporarily invest substantially in investment-grade debt
securities.
AIR TRANSPORTATION PORTFOLIO invests primarily in companies engaged in the
regional, national , and international movement of passengers, mail,
and freight via aircraft. Investments in this fund may include, for
example, the airlines, air cargo providers, or companies that provide
equipment or services to these companies.
Airline profitability is substantially influenced by competition within the
industry, domestic and foreign economies and government regulation, and the
price of fuel. Additionally, the industry is still feeling the effects of
deregulation.
AMERICAN GOLD PORTFOLIO invests primarily in companies engaged in
exploration, mining, processing, or dealing in gold, or, to a lesser
degree, in silver, platinum, diamonds, or other precious metals and
minerals. The fund focuses on North, Central, and South American companies
engaged in gold-related activities. This focus may also
include gold bullion or coins and securities indexed to the price of
gold. The fund may also invest in securities of companies which
themselves invest in companies engaged in gold-related activities.
The price of gold and other precious metal mining securities can face
substantial short-term volatility caused by international monetary and
political developments such as currency devaluations or revaluations,
economic and social conditions within a country, or trade restrictions
between countries. Since much of the world's gold reserves are located in
South Africa, the social and economic conditions there can affect gold and
gold-related companies located elsewhere. The price of gold bullion or
coins closely tied to broad economic and political conditions.
FMR does not currently intend to purchase gold if, as a result, more than
25% of the fund's total assets would be invested in gold and gold-indexed
securities. Under current federal tax law, gains from selling gold may not
exceed 10% of the fund's annual gross income. This tax requirement could
cause the fund to hold or sell bullion or securities when it would not
otherwise do so.
AUTOMOTIVE PORTFOLIO invests primarily in companies engaged in the
manufacture, marketing, or sale of automobiles, trucks, specialty vehicles,
parts, tires, and related services. These companies may include, for
example, automobile manufacturers, distributors, and parts providers. The
fund may also invest in companies that provide services to automobile
manufacturers, distributors, or consumers.
The automotive industry is highly cyclical and companies in the industry
may suffer periodic operating losses. While most of the major manufacturers
are large, financially strong companies, some are smaller manufacturers
that have a non-diversified product line or customer base.
BIOTECHNOLOGY PORTFOLIO invests primarily in companies engaged in the
research, development, and manufacture of various biotechnological
products, services, and processes. This may include, for example, companies
involved with new or experimental technologies such as genetic engineering.
The fund may also invest in companies that manufacture, distribute, or
benefit from biotechnological and biomedical products, processes, or
services.
FMR interprets the biotechnology sector broadly. For example, the fund may
invest in companies involved in applications and developments in such areas
as health care, pharmaceuticals, and agriculture.
Biotechnology companies are affected by patent considerations, intense
competition, rapid technological change and obsolescence, and regulatory
requirements. In addition, many of these companies may not offer products
yet and may have persistent losses or erratic revenue patterns.
BROKERAGE AND INVESTMENT MANAGEMENT PORTFOLIO invests primarily in
companies engaged in stock brokerage, commodity brokerage, investment
banking, tax-advantaged investment or investment sales, investment
management, or related investment advisory services. The fund does not
invest in securities of FMR or its affiliated companies. Under SEC
regulations the fund may not invest more than 5% of its total assets in the
equity securities of any company that derives more than 15% of its revenues
from brokerage or investment management activities.
Legislation is currently being considered which would reduce the
separation between commercial and investment banking businesses. If enacted
this could significantly impact the industry and the fund.
Changes in regulations, brokerage commission structure, stock and
bond market activity, and the competitive environment, combined with
the operating leverage inherent in companies in these industries, can
produce erratic returns over time.
CHEMICALS PORTFOLIO invests primarily in companies engaged in the research,
development, manufacture, or marketing of products or services related to
the chemical process industries. These products may include, for example,
synthetic and natural materials, such as fertilizers, building materials,
and plastics. The fund may also hold the securities of companies providing
design, engineering, construction, and consulting services to companies
engaged in chemical processing.
Companies in the chemical processing field are subject to intense
competition, product obsolescence , and significant governmental
regulation. As regulations are developed and enforced, such companies may
be required to alter or cease production of a product, to pay fines, or to
pay for cleaning up a disposal site. In addition, chemical companies face
unique risks associated with handling hazardous products.
COMPUTERS PORTFOLIO invests primarily in companies engaged in research,
design, development, manufacture , or distribution of products,
processes, or services that relate to currently available or experimental
hardware technology within the computer industry. The fund may invest in
companies that provide products or services such as computer and office
equipment wholesalers, software retailers, data processors, and designers
of artificial intelligence.
Competitive pressures and changing domestic and international demand may
have a significant effect on the financial condition of companies in the
computer industry. Companies in the industry spend heavily on research and
development and are sensitive to the risk of product obsolescence.
CONSTRUCTION AND HOUSING PORTFOLIO invests primarily in companies engaged
in the design and construction of residential, commercial, industrial, and
public works facilities, as well as companies engaged in the manufacture,
supply, distribution, or sale of products or services to these construction
industries. Examples of companies engaged in these activities include
companies that produce basic building materials such as cement, supply home
furnishings, or provide engineering or contracting services. The fund also
may invest in companies involved in real estate development and
construction financing such as home builders, architectural and design
firms, and property managers, and in companies involved in the home
improvement and maintenance industry.
Companies in this industry are subject to a variety of factors such as
government spending on housing subsidies, public works, and transportation
facilities, as well as changes in interest rates, consumer confidence and
spending, taxation, demographic patterns, the level of new and existing
home sales, and other economic activity.
CONSUMER PRODUCTS PORTFOLIO invests primarily in companies engaged in the
manufacture and distribution of goods to consumers both domestically and
internationally. This may include, for example, companies that manufacture
or sell durable goods such as homes, cars, boats, major appliances, and
personal computers. It may also include companies that manufacture or sell
non-durable goods such as food or entertainment products, and companies
that provide services such as lodging or childcare.
The success of consumer product manufacturers and retailers is closely tied
to the performance of the overall economy, interest rates, competition, and
consumer confidence. Success depends heavily on disposable household income
and consumer spending. Changes in demographics and consumer tastes can also
affect the demand for, and success of, consumer products in the
marketplace.
DEFENSE AND AEROSPACE PORTFOLIO invests primarily in companies engaged in
the research, manufacture, or sale of products or services related to the
defense or aerospace industries. For example, the fund may invest in
companies involved in defense electronics, aircraft or spacecraft
production, missile design, and data processing or computer-related
services.
The financial condition of companies in the industry and investor interest
in these companies are heavily influenced by government defense and
aerospace spending policies. Defense spending is currently under pressure
from efforts to control the U.S. budget deficit.
DEVELOPING COMMUNICATIONS PORTFOLIO invests primarily in companies engaged
in the development, manufacture, or sale of emerging communications
services or equipment. Emerging communications are those which derive from
new technologies or new applications of existing technologies. Examples of
the fund's investments may include companies involved in cellular
communications, software development, video conferencing , or data
processing. The fund places less emphasis on traditional communications
companies such as large long distance carriers.
Products or services provided by this industry may be in the development
stage and can face risks such as failure to obtain financing or regulatory
approval, intense competition, product incompatibility, consumer
preferences, and rapid obsolescence.
ELECTRONICS PORTFOLIO invests primarily in companies engaged in the design,
manufacture, or sale of electronic components (semiconductors, connectors,
printed circuit boards, and other components); equipment vendors to
electronic component manufacturers; electronic component distributors; and
electronic instruments and electronic systems vendors. This may include
companies involved in new technologies or specialty areas such as defense
electronics, advanced design and manufacturing technologies, or lasers.
Many of the products offered by companies engaged in the design,
production, or distribution of electronic products are subject to risks of
rapid obsolescence and intense competition.
ENERGY PORTFOLIO invests primarily in companies in the energy field,
including the conventional areas of oil, gas, electricity, and coal, and
newer sources of energy such as nuclear, geothermal, oil shale, and solar
power. This may include, for example, companies that produce, transmit,
market, or measure energy, as well as companies involved in the exploration
of new sources of energy.
Securities of companies in the energy field are subject to changes in value
and dividend yield which depend largely on the price and supply of energy
fuels. Swift price and supply fluctuations may be caused by events relating
to international politics, energy conservation, the success of exploration
projects, and tax and other governmental regulatory policies.
ENERGY SERVICE PORTFOLIO invests primarily in companies in the energy
service field, including those that provide services and equipment to the
conventional areas of oil, gas, electricity, and coal, and newer sources of
energy such as nuclear, geothermal, oil shale, and solar power. Holdings
may include companies providing services such as onshore or offshore
drilling, or those involved in production and well maintenance, exploration
technology, energy transport , or equipment and plant design or
construction.
Energy service firms are affected by supply and demand both for their
specific product or service, and for energy products in general. The price
of oil and gas, exploration and production spending, governmental
regulation, world events and economic conditions will likewise affect the
performance of these companies.
ENVIRONMENTAL SERVICES PORTFOLIO invests primarily in companies engaged in
the research, development, manufacture, or distribution of products,
processes, or services related to waste management or pollution control.
The fund may invest in companies participating in pollution control through
methods such as packaging, disposal, and sanitation, companies that are
investigating new ways to protect the environment, and companies engaged in
design, construction, or consulting.
This industry can be impacted by legislation, government regulations, and
enforcement policies. As regulations are developed and enforced, companies
may be required to alter or cease production of a product or service. In
addition, hazardous materials may be involved, and companies can face
significant liability risk.
FINANCIAL SERVICES PORTFOLIO invests primarily in companies that
provid e financial services to consumers and industry. Examples of
companies in the financial services field include commercial banks, savings
and loan associations, brokerage companies, insurance companies, real
estate and leasing companies, and companies that span across these
segments. Under SEC regulations, the fund may not invest more than 5% of
its total assets in the equity securities of any company that derives more
than 15% of its revenues from brokerage or investment management
activities.
Financial services companies are subject to extensive governmental
regulation which may limit both the amounts and types of loans and other
financial commitments they can make, and the interest rates and fees they
can charge. Profitability is largely dependent on the availability and cost
of capital funds, and can fluctuate significantly when interest rates
change. Credit losses resulting from financial difficulties of borrowers
can negatively impact the industry. Insurance companies may be subject to
severe price competition. Legislation is currently being considered
which would reduce the separation between commercial and investment banking
businesses. If enacted this could significantly impact the industry and the
fund.
FOOD AND AGRICULTURE PORTFOLIO invests primarily in companies engaged in
the manufacture, sale, or distribution of food and beverage products,
agricultural products, and products related to the development of new food
technologies. This may include, for example, companies that sell products
and services, such as, grocery stores, and restaurants ; companies
that manufacture and distribute products such as soft drinks ; and
companies engaged in the development of new technologies such as improved
hybrid seeds.
This industry is impacted by supply and demand, which may be
affected by demographic and product trends, and by food fads,
marketing campaigns, and environmental factors. In the U.S., the
agricultural products industry is subject to regulation by numerous
government agencies.
HEALTH CARE PORTFOLIO invests primarily in companies engaged in the design,
manufacture, or sale of products or services used for or in connection with
health care or medicine. Companies in the health care field may include,
for example, pharmaceutical companies, companies involved in research and
development, companies involved in the operation of health care facilities,
and other companies involved in the design, manufacture, or sale of related
products or services.
Many of these companies are subject to government regulation and approval
of their products and services, which could have a significant effect on
their price and availability. Furthermore, the types of products or
services produced or provided by these companies may quickly become
obsolete.
HOME FINANCE PORTFOLIO invests primarily in companies engaged in investing
in real estate, usually through mortgages and other consumer-related loans.
These companies may also offer discount brokerage services, insurance
products, leasing services, and joint venture financing. This may include,
for example, mortgage banking companies, real estate investment trusts,
banks, and other depository institutions.
The residential real estate finance industry has changed rapidly over the
last decade and is expected to continue to change. Regulatory changes at
federally insured institutions, in response to a high failure rate, have
mandated higher capital ratios and more prudent underwriting. This reduced
capacity has created growth opportunities for uninsured companies and
secondary market products to fill unmet demand for home finance. Regulatory
changes, interest rate movements, home mortgage demand, and residential
delinquency trends will affect the industry.
INDUSTRIAL EQUIPMENT PORTFOLIO invests primarily in companies engaged in
the manufacture, distribution, or service of products and equipment for the
industrial sector, including integrated producers of capital equipment
(such as general industrial machinery, farm equipment, and computers),
parts suppliers, and subcontractors. This may include, for example,
companies that manufacture products or service equipment for trucks,
construction, or machine tools.
The success of equipment manufacturing and distribution companies is
closely tied to overall capital spending levels, which is influenced by an
individual company's profitability, and broader issues such as interest
rates and foreign competition. The industry may also be affected by
economic cycles, technical progress, labor relations, and government
regulations.
INDUSTRIAL MATERIALS PORTFOLIO invests primarily in companies engaged in
the manufacture, mining, processing, or distribution of raw materials and
intermediate goods used in the industrial sector. These materials and goods
may include, for example, chemicals, metals, and wood products. Investments
may also include mining, processing, transportation, and distribution
companies, including equipment suppliers and railroads.
Many companies in this sector are significantly affected by the level and
volatility of commodity prices, the exchange value of the dollar, import
controls, and worldwide competition. At times, worldwide production of
these materials has exceeded demand as a result of over-building or
economic downturns, leading to poor investment returns or losses. Other
risks may include liability for environmental damage, depletion of
resources, and mandated expenditures for safety and pollution control.
INSURANCE PORTFOLIO invests primarily in companies engaged in underwriting,
reinsuring, selling, distributing, or placing of property and casualty,
life, or health insurance. Examples of the fund's investments may include
companies that provide a specific type of insurance, such as life or health
insurance, those that offer a variety of insurance products and those that
provide insurance services such as brokers and claims processors.
Insurance company profits are affected by interest rate levels, general
economic conditions, and price and marketing competition. Certain types of
insurance may be impacted by events or trends such as natural catastrophes,
mortality rates, or recessions. Companies may be exposed to material risks
including shortage of cash reserves and the inability to collect from
reinsurance carriers. Also, insurance companies are subject to extensive
governmental regulation, and can be adversely affected by proposed or
potential tax law changes.
LEISURE PORTFOLIO invests primarily in companies engaged in the design,
production, or distribution of goods or services in the leisure industries.
The goods or services provided by companies in the fund may include, for
example, television and radio broadcast, motion pictures, wireless
communications, gaming casinos, theme parks, apparel, restaurants, and
lodging.
Securities of companies in the leisure industry may be considered
speculative and generally exhibit greater volatility than the overall
market. Many companies have unpredictable earnings, due in part to changing
consumer tastes and intense competition. The industry has reacted strongly
to technological developments and to the threat of government regulation.
MEDICAL DELIVERY PORTFOLIO invests primarily in companies engaged in the
ownership or management of hospitals, nursing homes, health maintenance
organizations, and other companies specializing in the delivery of health
care services. This may include, for example, companies that operate acute
care, psychiatric, teaching, or specialized treatment hospitals, as well as
home health care providers, medical equipment suppliers, and those that
provide related services.
Federal and state governments provide a substantial percentage of revenues
to health care service providers via Medicare and Medicaid. These sources
are subject to extensive governmental regulation and appropriations are a
continued source of debate. The administration is currently examining the
health care industry to determine whether government funds are spent
appropriately, and to ensure that adequate health care is available to
everyone.
The demand for health care services should increase as the population ages.
However, studies have shown the ability of health care providers to curtail
unnecessary hospital stays and reduce costs. These changes could alter the
health care industry, focusing it more on home care, and placing less
emphasis on inpatient revenues as a source of profit.
MULTIMEDIA PORTFOLIO invests primarily in companies engaged in the
development, production, sale, and distribution of goods or services used
in the broadcast and media industries. The fund's invest in companies
including br oa dcasting, film studios, cable television companies and
equipment providers, companies involved in emerging technologies such as
cellular communications, or other companies involved in the ownership,
operation , or development of media products or services.
Some of the companies in these industries are undergoing significant change
because of federal deregulation of cable and broadcasting. As a result,
competitive pressures are intense and the stocks are subject to increased
price volatility. FMR abides by Federal Communications Commission rules
governing the concentration of investment in AM, FM, or TV stations,
limiting investment alternatives.
NATURAL GAS PORTFOLIO invests primarily in companies engaged in the
production, transmission, and distribution of natural gas, and involved in
the exploration of potential natural gas sources, as well as those
companies that provide services and equipment to natural gas producers,
refineries, cogeneration facilities, converters, and distributors. This may
include, for example, companies participating in gas research, exploration,
or refining, companies working toward technological advances in the natural
gas field, and other companies providing products or services to the
industry.
The companies in the natural gas field are subject to changes in price and
supply of both conventional and alternative energy sources. Swift price and
supply fluctuations may be caused by events relating to international
politics, energy conservation, the success of energy source exploration
projects, and tax and other regulatory policies of domestic and foreign
governments.
PAPER AND FOREST PRODUCTS PORTFOLIO invests primarily in companies engaged
in the manufacture, research, sale, or distribution of paper products,
packaging products, building materials (such as lumber and paneling
products), and other products related to the paper and forest products
industry. Examples of the fund's investments may include paper production
companies, printers, and publishers.
The success of these companies depends on the health of the economy,
worldwide production capacity for the industry's products, and interest
rate levels, which may affect product pricing, costs, and operating
margins. These variables also affect the level of industry and consumer
capital spending for paper and forest products.
PRECIOUS METALS AND MINERALS PORTFOLIO invests primarily in companies
engaged in exploration, mining, processing, or dealing in gold, silver,
platinum, diamonds, or other precious metals and minerals. In
addition to investments in those securities, the fund's focus
includes investments in precious metals such as gold, silver, and platinum,
coins, and securities indexed to the price of gold or other precious
metals. The fund may also invest in securities of companies which
themselves invest in companies engaged in gold-related activities.
The price of precious metals is affected by broad economic and political
conditions. For example, the price of gold and other precious metal mining
securities can face substantial short-term volatility caused by
international monetary and political developments such as currency
devaluations or revaluations, economic and social conditions within a
country, or trade restrictions between countries. Since much of the world's
gold reserves are located in South Africa, the social and economic
conditions there can affect gold and gold-related companies located
elsewhere. The price of precious metals is closely tied to broad
economic and political conditions.
FMR does not currently intend to purchase precious metals if, as a result,
more than 25% of the fund's total assets would be invested in precious
metals and securities indexed to the price of precious metals. Under
current federal tax law, gains from selling precious metals may not exceed
10% of the fund's annual gross income. This tax requirement could cause the
fund to hold or sell precious metals or securities when it would not
otherwise do so.
REGIONAL BANKS PORTFOLIO invests primarily in companies engaged in
accepting deposits and making commercial and principally non-mortgage
consumer loans. These companies concentrate their operations in a specific
part of the country. This may include, for example, state chartered banks,
savings and loan institutions, and banks that are members of the Federal
Reserve System. The fund may own securities of U.S. institutions whose
deposits are not insured by the federal government.
Legislation is currently being considered which would reduce the
separation between commercial and investment banking businesses. If enacted
this could significantly impact the industry and the fund.
As the services offered by banks expand, banks are becoming more exposed to
well-established competitors. This exposure has also increased due to the
erosion of historical distinctions between regional banks and other
financial institutions. Increased competition may result from the
broadening of regional and national interstate banking powers, which has
already reduced the number of publicly traded regional banks. In addition,
general economic conditions are important to regional banks which face
exposure to credit losses, and dependence on interest rate activity.
RETAILING PORTFOLIO invests primarily in companies engaged in merchandising
finished goods and services primarily to individual consumers. This may
include, for example, department stores, food retailers, warehouse
membership clubs, mail order operations, or other companies involved in
alternative selling methods.
The success of retailing companies is closely tied to consumer spending,
which is affected by general economic conditions and consumer confidence
levels. The retailing industry is highly competitive, and a company's
success is often tied to its ability to anticipate changing consumer
tastes.
SOFTWARE AND COMPUTER SERVICES PORTFOLIO invests primarily in companies
engaged in research, design, production or distribution of products or
processes that relate to software or information-based services. This may
include, for example, companies that design products such as systems level
software to run the basic functions of a computer ; or applications
software for one type of work ; and consulting, communications, and
related services.
Competitive pressures may have a significant effect on the financial
condition of companies in the software and computer services industries.
For example, an increasing number of companies and new product offerings
can lead to price cuts and slower selling cycles.
TECHNOLOGY PORTFOLIO invests primarily in companies which FMR believes
have, or will develop, products, processes, or services that will provide
or will benefit significantly from technological advances and improvements.
The description of the technology sector will be interpreted broadly by FMR
and may include such products or services as inexpensive computing power
such as personal computers, improved methods of communications such as
satellite transmission, or labor saving machines or instruments such as
computer-aided design equipment.
The fund emphasizes those companies positioned to benefit from
technological advances in areas such as semiconductors, minicomputers and
peripheral equipment, scientific instruments, computer software,
communications, and future automation trends in both office and factory
settings.
Competitive pressures may have a significant effect on the financial
condition of companies in the technology industry. For example, if
technology continues to advance at an accelerated rate, and the number of
companies and product offerings continues to expand, these companies could
become increasingly sensitive to short product cycles and aggressive
pricing.
TELECOMMUNICATIONS PORTFOLIO invests primarily in companies engaged in the
development, manufacture, or sale of communications services or
communications equipment. Companies in the telecommunications field may
range from traditional local and long-distance telephone service or
equipment providers, to companies involved in new technologies such as
cellular telephone or paging services.
Telephone operating companies are subject to both federal and state
regulations governing rates of return and services that may be offered.
Many companies in the industry fiercely compete for market share.
Although telephone companies usually pay an above average dividend, the
fund's investment decisions are primarily based on growth potential and not
on income.
TRANSPORTATION PORTFOLIO invests primarily in companies engaged in
providing transportation services or companies engaged in the design,
manufacture, distribution, or sale of transportation equipment.
Transportation services may include, for example, companies involved in the
movement of freight or people such as airlines, railroads, and bus
companies, equipment manufacturers, parts suppliers, and companies involved
in leasing, maintenance , and related services.
Transportation stocks are cyclical and have occasional sharp price
movements which may result from changes in the economy, fuel prices, labor
agreements, and insurance costs. The U.S. has been deregulating these
industries, but it is uncertain whether this trend will continue and what
its effect will be.
UTILITIES GROWTH PORTFOLIO invests primarily in companies in the public
utilities industry and companies deriving a majority of their revenues from
their public utility operations. This may include, for example, companies
that manufacture, produce, sell, or transmit gas or electric energy, and
those involved in telephone, satellite, and other communication fields.
Public utility stocks have traditionally produced above-average dividend
income, but the fund's investments are based on growth potential. The gas
and electric public utilities industries may be subject to broad risks
resulting from governmental regulation, financing difficulties, supply and
demand of services or fuel, and special risks associated with energy and
atmosphere conservation. The fund may not own more than 5% of the
outstanding voting securities of more than one public utility company as
defined by the Public Utility Holding Company Act of 1935.
MONEY MARKET PORTFOLIO seeks to earn a high level of current income while
maintaining a stable $1.00 share price by investing in high-quality,
short-term money market securities. The fund invests in U.S.
dollar-denominated instruments of domestic and foreign issuers, including
banks and other financial institutions, governments and their agencies and
instrumentalities, and corporations.
The fund earns income at current money market rates. It stresses
income, preservation of capital, and liquidity, and does not seek the
higher yields or capital appreciation that more aggressive investments may
provide. The fund's yield will vary from day to day, and generally
reflect current short-term interest rates and other market
conditions.
When you sell your shares, they should be worth the same amount as when
you bought them. Of course, there is no guarantee that the fund will
maintain a stable $1.00 share price. The fund follows industry-standard
guidelines on the quality and maturity of its investments, which are
designed to help maintain a stable $1.00 share price. The fund will
purchase only high-quality securities that FMR believes present minimal
credit risks and will observe maturity restrictions on securities it buys.
In general, securities with longer maturities are more vulnerable to price
changes, although they may provide higher yields. It is possible that a
major change in interest rates or a default on the fund's investments could
cause its share price (and the value of your investment) to change.
SECURITIES AND INVESTMENT PRACTICES
The following pages contain more detailed information about types of
instruments in which a fund may invest, and strategies FMR may employ in
pursuit of a fund's investment objective. A summary of risks and
restrictions associated with these instrument types and investment
practices is included as well. A complete listing of each fund's policies
and limitations and more detailed information about the funds' investments
is contained in the funds' SAI. Policies and limitations are considered at
the time of purchase; the sale of instruments is not required in the event
of a subsequent change in circumstances.
FMR may not buy all of these instruments or use all of these techniques to
the full extent permitted unless it believes that doing so will help the
funds achieve their goals. Current holdings and recent investment
strategies are detailed in the funds' financial reports which are sent to
shareholders twice a year. For a free SAI or financial report, call
1-800-544-8888.
EQUITY SECURITIES may include common stocks, preferred stocks, convertible
securities, and warrants. Common stocks, the most familiar type, represent
an equity (ownership) interest in a corporation. Although equity securities
have a history of long-term growth in value, their prices fluctuate based
on changes in a company's financial condition and on overall market and
economic conditions. Smaller companies are especially sensitive to these
factors.
RESTRICTIONS: Each stock fund may not own more than 10% of the
outstanding voting securities of a single issuer. Utilities Growth
Portfolio may not own more than 5% of the outstanding voting securities of
more than one public utility company as defined by the Public Utility
Holding Company Act of 1935. Brokerage and Investment Management and
Financial Services Portfolios may not invest more than 5% of their total
assets in the equity securities of any company that derives more than 15%
of its revenues from brokerage or investment management activities.
DEBT SECURITIES. Bonds and other debt instruments are used by issuers to
borrow money from investors. The issuer pays the investor a fixed or
variable rate of interest, and must repay the amount borrowed at maturity.
Some debt securities, such as zero coupon bonds, do not pay current
interest, but are purchased at a discount from their face values. In
general, bond prices rise when interest rates fall, and vice versa. Debt
securities, loans, and other direct debt have varying degrees of quality
and varying levels of sensitivity to changes in interest rates.
Lower-quality debt securities are sometimes called "junk bonds."
Longer-term bonds are generally more sensitive to interest rate changes
than short-term bonds.
Investment-grade debt securities are medium- and high-quality securities.
Some, however, may possess speculative characteristics and may be more
sensitive to economic changes and to changes in the financial condition of
issuers.
Lower-quality foreign government securities are often considered to be
speculative and involve greater risk of default or price changes, or they
may already be in default. These risks are in addition to the general risks
associated with foreign securities.
RESTRICTIONS: Purchase of a debt security is consistent with a stock
fund's debt quality policy if it is rated at or above the stated level by
Moody's or rated in the equivalent categories by S&P, or is unrated but
judged to be of equivalent quality by FMR. Each stock fund currently
intends to limit its investments in lower than Baa-quality debt securities
to 5% of its assets.
OTHER INSTRUMENTS for the stock funds may include securities of
closed-end investment companies and real estate-related investments.
EXPOSURE TO FOREIGN MARKETS. Foreign securities, foreign
currencies, and securities issued by U.S. entities with substantial foreign
operations may involve additional risks and considerations. These include
risks relating to political or economic conditions in foreign countries,
fluctuations in foreign currencies, withholding or other taxes, operational
risks, increased regulatory burdens, and the potentially less stringent
investor protection and disclosure standards of foreign markets.
Additionally, governmental issuers of foreign securities may be unwilling
to repay principal and interest when due, and may require that the
conditions for payment be renegotiated. All of these factors can make
foreign investments, especially those in developing countries, more
volatile. Issuers of foreign securities include foreign governments,
corporations, and banks.
RESTRICTIONS: The money market fund may not invest in foreign securities
unless they are denominated in U.S. dollars.
MONEY MARKET SECURITIES are high-quality, short-term
obligations issued by the U.S. government, corporations, financial
institutions, and other entit i es. These obligations may carry
fixed, variable, or floating interest rates. A security's credit may be
enhanced by a bank, insurance company, or other entity. Some money
market securities employ a trust or other similar structure to modify the
maturity, price characteristics, or quality of financial assets so that
they are eligible investments for money market funds. If the structure does
not perform as intended, adverse tax or investment consequences may
result.
U.S. GOVERNMENT MONEY MARKET SECURITIES are short-term debt
obligations issued or guaranteed by the U.S. Treasury or by an agency or
instrumentality of the U.S. Government. Not all U.S. government securities
are backed by the full faith and credit of the United States. For example,
securities issued by the Federal Farm Credit Bank or by the Federal
National Mortgage Association are supported by the instrumentality's right
to borrow money from the U.S. Treasury under certain circumstances.
However, securities issued by the Financing Corporation are supported only
by the credit of the entity that issued them.
ASSET-BACKED SECURITIES include interests in pools of mortgages,
loans, receivables, or other assets. Payment of principal and interest may
be largely dependent upon the cash flows generated by the assets backing
the securities.
VARIABLE AND FLOATING RATE SECURITIES have interest rates that are
periodically adjusted either at specific intervals or whenever a benchmark
rate changes. These interest rate adjustments are designed to help
stabilize the security's price.
RESTRICTIONS: The money market fund may not purchase certain types of
variable and floating rate securities which are inconsistent with the
fund's goal of maintaining a stable share price.
STRIPPED SECURITIES are the separate income or principal components of a
money market security. Their risks are similar to those of
other money market securities, although they may be more
volatile .
ADJUSTING INVESTMENT EXPOSURE. A fund can use various techniques to
increase or decrease its exposure to changing security prices, interest
rates, currency exchange rates, commodity prices, or other factors that
affect security values. These techniques may involve derivative
transactions such as buying and selling options and futures contracts,
entering into currency exchange contracts or swap agreements, and
purchasing indexed securities.
FMR can use these practices to adjust the risk and return characteristics
of a fund's portfolio of investments. If FMR judges market conditions
incorrectly or employs a strategy that does not correlate well with the
fund's investments, these techniques could result in a loss, regardless of
whether the intent was to reduce risk or increase return. These techniques
may increase the volatility of the fund and may involve a small investment
of cash relative to the magnitude of the risk assumed. In addition, these
techniques could result in a loss if the counterparty to the transaction
does not perform as promised.
RESTRICTIONS: The money market fund may not use investment techniques which
are inconsistent with the fund's goal of maintaining a stable share price.
REPURCHASE AGREEMENTS. In a repurchase agreement, a fund buys a security at
one price and simultaneously agrees to sell it back at a higher price.
Delays or losses could result if the other party to the agreement defaults
or becomes insolvent.
REVERSE REPURCHASE AGREEMENTS. In a reverse repurchase agreement, a fund
temporarily transfers possession of a portfolio instrument to another party
in return for cash. This could increase the risk of fluctuation in a fund's
yield or in the market value of its assets.
OTHER MONEY MARKET SECURITIES may include commercial paper,
certificates of deposit, bankers' acceptances, and time deposits.
PUT FEATURES entitle the holder to put (sell back) a security to
the issuer or a financial intermediary. In exchange for this benefit, the
funds may pay periodic fees or accept a lower interest rate. The credit
quality of the investment may be affected by the creditworthiness of the
put provider. Demand features, standby commitments, and tender options are
types of put features.
ILLIQUID AND RESTRICTED SECURITIES. Some investments may be determined by
FMR, under the supervision of the Board of Trustees, to be illiquid, which
means that they may be difficult to sell promptly at an acceptable price.
The sale of some illiquid securities and some other securities may
be subject to legal restrictions. Difficulty in selling securities may
result in a loss or may be costly to a fund.
RESTRICTIONS: A fund may not purchase a security if, as a result, more than
10% of its assets would be invested in illiquid securities.
WHEN-ISSUED AND DELAYED-DELIVERY TRANSACTIONS are trading practices in
which payment and delivery for the securities take place at a future date.
The market value of a security could change during this period, which could
affect the market value of a fund's assets.
DIVERSIFICATION. Diversifying a fund's investment portfolio can reduce the
risks of investing. This may include limiting the amount of money invested
in any one issuer or, on a broader scale, in any one industry. A fund that
is not diversified may be more sensitive to changes in the market value of
a single issuer or industry.
RESTRICTIONS: The stock funds (except Financial Services, Home Finance, and
Regional Banks Portfolios) are considered non-diversified. Generally, to
meet federal tax requirements at the close of each quarter, a stock fund
does not invest more than 25% of its total assets in any one issuer and,
with respect to 50% of total assets, does not invest more than 5% of its
total assets in any one issuer. For Financial Services ,
Regional Banks , and Home Finance P ortfolio s, with respect
to 75% of total assets, these funds may not invest more than 5% of
their total assets in any one issuer. The money market fund may not invest
more than 5% of its total assets in the securities of any one issuer,
except that it may invest up to 25% of its assets in the highest-quality
securities of a single issuer for up to three days. Each stock fund
(except Precious Metals and Minerals and American Gold Portfolios)
normally invests at least 80%, but always at least 25%, of its assets in
securities of companies principally engaged in the business activities
identified for that fund. For Precious Metals and Minerals Portfolio, the
fund normally invests at least 80% of its total assets in securities of
companies principally engaged in the business activities identified for the
fund, precious metals, and instruments whose value is linked to the price
of precious metals. For American Gold Portfolio, the fund normally
invests at least 80% of its assets in securities of North, Central, and
South American companies engaged in gold-related activities, and in gold
bullion or coins, and instruments whose value is linked to the price of
gold. The money market fund may not invest more than 25% of its total
assets in any one industry (other than the financial services industry; see
below). These limitations do not apply to U.S. government securities.
FINANCIAL SERVICES INDUSTRY. Companies in the financial services industry
are subject to various risks related to that industry, such as government
regulation, changes in interest rates, and exposure on loans, including
loans to foreign borrowers. If a fund invests substantially in this
industry, its performance may be affected by conditions affecting the
industry.
RESTRICTIONS: The money market fund will invest more than 25% of its total
assets in the financial services industry.
BORROWING. A fund may borrow from banks or from other funds advised by FMR,
or through reverse repurchase agreements. If a stock fund borrows money,
its share price may be subject to greater fluctuation until the borrowing
is paid off. If the fund makes additional investments while borrowings are
outstanding, this may be considered a form of leverage.
RESTRICTIONS: A stock fund may borrow only for temporary or
emergency purposes, but not in an amount exceeding 33% of its total
assets. The money market fund may borrow only for temporary or emergency
purposes, or engage in reverse repurchase agreements, but not in an amount
exceeding 33% of its total assets.
LENDING. Lending securities to broker-dealers and institutions, including
FBSI, an affiliate of FMR, is a means of earning income. This practice
could result in a loss or a delay in recovering a fund's securities. A fund
may also lend money to other funds advised by FMR.
RESTRICTIONS: Loans, in the aggregate, may not exceed 33% of a fund's total
assets.
FUNDAMENTAL INVESTMENT POLICIES AND RESTRICTIONS
Some of the policies and restrictions discussed on the preceding pages are
fundamental, that is, subject to change only by shareholder approval. The
following paragraphs restate all those that are fundamental. All policies
stated throughout this prospectus, other than those identified in the
following paragraphs, can be changed without shareholder approval.
AIR TRANSPORTATION PORTFOLIO invests primarily in companies engaged in the
regional, national and international movement of passengers, mail, and
freight via aircraft.
1.AMERICAN GOLD PORTFOLIO invests primarily in companies engaged in
exploration, mining, processing, or dealing in gold, or, to a lesser
degree, in silver, platinum, diamonds, or other precious metals and
minerals. Normally at least 80% of the fund's assets will be invested in
securities of North, Central and South American companies engaged in
gold-related activities, and in gold bullion or coins. The fund is
authorized to invest up to 50% of its total assets in gold bullion or
coins.
AUTOMOTIVE PORTFOLIO invests primarily in companies engaged in the
manufacture, marketing or sale of automobiles, trucks, specialty vehicles,
parts, tires, and related services.
BIOTECHNOLOGY PORTFOLIO invests primarily in companies engaged in the
research, development, and manufacture of various biotechnological
products, services and processes.
2.BROKERAGE AND INVESTMENT MANAGEMENT PORTFOLIO invests primarily in
companies engaged in stock brokerage, commodity brokerage, investment
banking, tax-advantaged investment or investment sales, investment
management, or related investment advisory services. A company is
principally engaged in the industry if it derives more than 15% of revenues
or profits from brokerage or investment management activities.
CHEMICALS PORTFOLIO invests primarily in companies engaged in the research,
development, manufacture or marketing of products or services related to
the chemical process industries.
COMPUTERS PORTFOLIO invests primarily in companies engaged in research,
design, development, manufacture or distribution of products, processes or
services that relate to currently available or experimental hardware
technology within the computer industry.
CONSTRUCTION AND HOUSING PORTFOLIO invests primarily in companies engaged
in the design and construction of residential, commercial, industrial and
public works facilities, as well as companies engaged in the manufacture,
supply, distribution or sale of products or services to these construction
industries.
CONSUMER PRODUCTS PORTFOLIO invests primarily in companies engaged in the
manufacture and distribution of goods to consumers both domestically and
internationally.
DEFENSE AND AEROSPACE PORTFOLIO invests primarily in companies engaged in
the research, manufacture or sale of products or services related to the
defense or aerospace industries.
DEVELOPING COMMUNICATIONS PORTFOLIO invests primarily in companies engaged
in the development, manufacture or sale of emerging communications services
or equipment.
ELECTRONICS PORTFOLIO invests primarily in companies engaged in the design,
manufacture, or sale of electronic components (semiconductors, connectors,
printed circuit boards and other components); equipment vendors to
electronic component manufacturers; electronic component distributors; and
electronic instruments and electronic systems vendors.
ENERGY PORTFOLIO invests primarily in companies in the energy field,
including the conventional areas of oil, gas, electricity and coal, and
newer sources of energy such as nuclear, geothermal, oil shale and solar
power.
ENERGY SERVICE PORTFOLIO invests primarily in companies in the energy
service field, including those that provide services and equipment to the
conventional areas of oil, gas, electricity and coal, and newer sources of
energy such as nuclear, geothermal, oil shale and solar power.
ENVIRONMENTAL SERVICES PORTFOLIO invests primarily in companies engaged in
the research, development, manufacture or distribution of products,
processes or services related to waste management or pollution control.
3.FINANCIAL SERVICES PORTFOLIO invests primarily in companies providing
financial services to consumers and industry. A company is principally
engaged in the industry if it derives more than 15% of revenues or profits
from brokerage or investment management activities. With respect to 75%
of total assets, the fund may not invest more than 5% of its total assets
in any one issuer.
FOOD AND AGRICULTURE PORTFOLIO invests primarily in companies engaged in
the manufacture, sale or distribution of food and beverage products,
agricultural products, and products related to the development of new food
technologies.
HEALTH CARE PORTFOLIO invests primarily in companies engaged in the design,
manufacture, or sale of products or services used for or in connection with
health care or medicine.
HOME FINANCE PORTFOLIO invests primarily in companies engaged in investing
in real estate, usually through mortgages and other consumer-related
loans. With respect to 75% of total assets, the fund may not invest more
than 5% of its total assets in any one issuer.
INDUSTRIAL EQUIPMENT PORTFOLIO invests primarily in companies engaged in
the manufacture, distribution or service of products and equipment for the
industrial sector, including integrated producers of capital equipment
(such as general industry machinery, farm equipment, and computers), parts
suppliers and subcontractors.
INDUSTRIAL MATERIALS PORTFOLIO invests primarily in companies engaged in
the manufacture, mining, processing, or distribution of raw materials and
intermediate goods used in the industrial sector.
INSURANCE PORTFOLIO invests primarily in companies engaged in underwriting,
reinsuring, selling, distributing, or placing of property and casualty,
life, or health insurance.
LEISURE PORTFOLIO invests primarily in companies engaged in the design,
production, or distribution of goods or services in the leisure industries.
MEDICAL DELIVERY PORTFOLIO invests primarily in companies engaged in the
ownership or management of hospitals, nursing homes, health maintenance
organizations, and other companies specializing in the delivery of health
care services.
MULTIMEDIA PORTFOLIO invests primarily in companies engaged in the
development, production, sale and distribution of goods or services used in
the broadcast and media industries.
NATURAL GAS PORTFOLIO invests primarily in companies engaged in the
production, transmission, and distribution of natural gas, and involved in
the exploration of potential natural gas sources, as well as those
companies that provide services and equipment to natural gas producers,
refineries, cogeneration facilities, converters, and distributors.
PAPER AND FOREST PRODUCTS PORTFOLIO invests primarily in companies engaged
in the manufacture, research, sale, or distribution of paper products,
packaging products, building materials (such as lumber and paneling
products), and other products related to the paper and forest products
industry.
4.PRECIOUS METALS AND MINERALS PORTFOLIO invests primarily in companies
engaged in exploration, mining, processing or dealing in gold, silver,
platinum, diamonds or other precious metals and minerals. Under normal
conditions, the fund will invest at least 80% of its total assets in (i)
securities of companies principally engaged in exploration, mining,
processing, or dealing in gold, silver, platinum, diamonds, or other
precious metals and minerals, and (ii) precious metals. The fund is
authorized to invest up to 50% of its total assets in precious metals.
REGIONAL BANKS PORTFOLIO invests primarily in companies engaged in
accepting deposits and making commercial and principally non-mortgage
consumer loans. With respect to 75% of total assets, the fund may not
invest more than 5% of its total assets in any one issuer.
RETAILING PORTFOLIO invests primarily in companies engaged in merchandising
finished goods and services primarily to individual consumers.
SOFTWARE AND COMPUTER SERVICES PORTFOLIO invests primarily in companies
engaged in research, design, production or distribution of products or
processes that relate to software or information-based services.
TECHNOLOGY PORTFOLIO invests primarily in companies which FMR believes
have, or will develop, products, processes or services that will provide or
will benefit significantly from technological advances and improvements.
TELECOMMUNICATIONS PORTFOLIO invests primarily in companies engaged in the
development, manufacture, or sale of communications services or
communications equipment.
TRANSPORTATION PORTFOLIO invests primarily in companies engaged in
providing transportation services or companies engaged in the design,
manufacture, distribution, or sale of transportation equipment.
UTILITIES GROWTH PORTFOLIO invests primarily in companies in the public
utilities industry and companies deriving a majority of their revenues from
their public utility operations.
MONEY MARKET PORTFOLIO seeks to provide high current income, consistent
with preservation of capital and liquidity, by investing in a broad range
of high quality money market instruments. At all times, 80% or more of the
fund's assets will be invested in money market instruments. The fund may
not invest more than 25% of its total assets in any one industry, except
that the fund will invest more than 25% of its total assets in the
financial services industry. The fund may borrow only for temporary or
emergency purposes, or engage in reverse repurchase agreements, but not in
an amount exceeding 33% of its total assets.
EACH STOCK FUND seeks capital appreciation. The funds seek to achieve this
objective by investing primarily in equity securities, including common
stocks and securities convertible into common stocks, and for American
Gold and Precious Metals and Minerals Portfolio s , in certain
precious metals. Normally, at least 80%, and in no event less than 25%, of
a stock fund's assets will be invested in securities of companies
principally engaged in the business activities identified for that
fund . ( American Gold and Precious Metals and Minerals
Portfolio s operate under different policies; see pages and ). For
the purposes of these policies, a company is considered to be "principally
engaged" in a designated business activity (unless otherwise noted) if at
least 50% of its assets, gross income, or net profits are committed to, or
derived from, that activity (except for Brokerage and Investment
Management and Financial Services Portfolios, see page ).
EACH STOCK FUND may not own more than 10% of the outstanding voting
securities of a single issuer. FMR does not place any emphasis on income
when selecting securities for the stock funds, except when it believes that
income may have a favorable effect on a security's market value.
EACH STOCK FUND may borrow only for temporary or emergency purposes, but
not in an amount exceeding 33% of its total assets.
When FMR considers it appropriate for defensive purposes, each stock fund
may temporarily invest substantially in investment-grade debt securities.
Loans, in the aggregate , for each fund , may not exceed 33% of total
assets.
BREAKDOWN OF EXPENSES
Like all mutual funds, the funds pay fees related to their daily
operations. Expenses paid out of a fund's assets are reflected in its share
price or dividends; they are neither billed directly to shareholders nor
deducted from shareholder accounts.
Each fund pays a MANAGEMENT FEE to FMR for managing its investments and
business affairs. FMR in turn pays fees to affiliates who provide
assistance with these services . Each fund also pays OTHER EXPENSES,
which are explained on page .
FMR may, from time to time, agree to reimburse the funds for management
fees and other expenses above a specified limit. FMR retains the ability to
be repaid by a fund if expenses fall below the specified limit prior to the
end of the fiscal year. Reimbursement arrangements, which may be terminated
at any time without notice, can decrease a fund's expenses and boost its
performance.
MANAGEMENT FEE
EACH STOCK FUND'S management fee is calculated and paid to FMR every month.
The fee for each fund is calculated by adding a group fee rate to an
individual fund fee rate, and multiplying the result by the respective
fund's average net assets.
The group fee rate is based on the average net assets of all the mutual
funds advised by FMR. This rate cannot rise above .52%, and it drops as
total assets under management increase.
For February 1995, the group fee rate was .3182 %. The individual
fund fee rate is .30% for the stock funds. The total management fee rate
for each stock fund for fiscal 1995 is shown on the chart on page .
THE MONEY MARKET FUND'S management fee is calculated by multiplying the sum
of two components by the fund's average net assets and adding an
income-based fee. One component, the group fee rate, is based on the
average net assets of all the mutual funds advised by FMR. It cannot rise
above .37% and it drops as total assets, under management increase. The
other component, the individual fund fee rate, is .03%. The income-based
fee is 6% of the fund's gross income in excess of a 5% yield and cannot
rise above .24% of the fund's average net assets.
For February 1995, the group fee rate was .1552 %. The money
market fund's total management fee for fiscal 1995 was .20 %.
FMR HAS SUB-ADVISORY AGREEMENTS with FMR U.K. and FMR Far East on behalf of
the stock funds (except American Gold Portfolio). These sub-advisers
provide FMR with investment research and advice on issuers based
outside the United States. Under the sub-advisory agreements, FMR pays FMR
U.K. and FMR Far East fees equal to 110% and 105%, respectively, of the
costs of providing these services.
The sub-advisers may also provide investment management services. In
return, FMR pays FMR U.K. and FMR Far East a fee equal to 50% of its
management fee rate with respect to a fund's investments that the
sub-adviser manages on a discretionary basis.
FMR HAS A SUB-ADVISORY AGREEMENT with FTX, which has primary responsibility
for providing investment management for the money market fund, while FMR
retains responsibility for providing other management services. FMR pays
FTX 50% of its management fee (before expense reimbursements) for these
services. FMR paid FTX .10 % of the money market fund's average net
assets for fiscal 1995.
5.OTHER EXPENSES
While the management fee is a significant component of the funds' annual
operating costs, the funds have other expenses as well.
The funds contract with FSC to perform many transactions and accounting
functions. These services include processing shareholder transactions,
valuing each fund's investments, and handling securities loans. In fiscal
1995 the funds paid FSC the fees, expressed as a percentage of net assets,
outlined in the following table.
The funds also pay other expenses, such as legal, audit, and custodian
fees; proxy solicitation costs; and the compensation of trustees who are
not affiliated with Fidelity. A broker-dealer may use a portion of the
commissions paid by a fund to reduce the fund's custodian or transfer agent
fees.
Each fund's turnover rate varies from year to year, depending on market
conditions. High turnover rates increase transaction costs, and may
increase taxable capital gains. FMR considers these effects when evaluating
the anticipated benefits of short-term investing. The funds' portfolio
turnover rates for fiscal 1995 are shown in the chart below.
6. Management Fees to Turnover
Fund fees FSC rate
Air Transportation 0.24%A 1.75% 200%
American Gold 0.62% 0.72% 34%
Automotive 0.62% 1.09% 63%
Biotechnology 0.62% 0.92% 77%
Brokerage and Investment Management 0.26%A 1.85% 139%
Chemicals 0.62% 0.83% 106%
Computers 0.62% 0.92% 189%
Construction and Housing 0.62% 0.95% 45%
Consumer Products 0.30%A 1.58% 190%
Defense and Aerospace 0.00%A 2.35% 146%
Developing Communications 0.62% 0.86% 266%
Electronics 0.62% 0.95% 205%
Energy 0.62% 1.14% 106%
Energy Service 0.62% 1.03% 209%
Environmental Services 0.62% 1.28% 82%
Financial Services 0.62% 0.85% 107%
Food and Agriculture 0.62% 0.96% 126%
Health Care 0.62% 0.73% 151%
Home Finance 0.62% 0.80% 124%
Industrial Equipment 0.62% 1.04% 131%
Industrial Materials 0.62% 0.84% 139%
Insurance 0.62% 1.25% 265%
Leisure 0.62% 0.92% 103%
Medical Delivery 0.62% 0.78% 123%
Multimedia 0.62% 1.20% 107%
Natural Gas 0.62% 0.93% 177%
Paper and Forest Products 0.62% 1.06% 209%
Precious Metals and Minerals 0.62% 0.77% 43%
Regional Banks 0.62% 0.89% 106%
Retailing 0.62% 1.24% 481%
Software and Computer Services 0.62% 0.81% 164%
Technology 0.62% 0.87% 102%
Telecommunications 0.62% 0.88% 107%
Transportation 0.62% 1.30% 178%
Utilities Growth 0.62% 0.75% 24%
Money Market 0.20% 0.36% n/a
A AFTER REIMBURSEMENT
YOUR ACCOUNT
DOING BUSINESS WITH FIDELITY
Fidelity Investments was established in 1946 to manage one of America's
first mutual funds. Today, Fidelity is the largest mutual fund company in
the country, and is known as an innovative provider of high-quality
financial services to individuals and institutions.
In addition to its mutual fund business, the company operates one of
America's leading discount brokerage firms, Fidelity Brokerage Services,
Inc. (FBSI). Fidelity is also a leader in providing tax-sheltered
retirement plans for individuals investing on their own or through their
employer.
Fidelity is committed to providing investors with practical information to
make investment decisions. Based in Boston, Fidelity provides customers
with complete service 24 hours a day, 365 days a year, through a network of
telephone service centers around the country.
To reach Fidelity for general information, call these numbers:
(small solid bullet) For mutual funds, 1-800-544-8888
(small solid bullet) For brokerage, 1-800-544-7272
If you would prefer to speak with a representative in person, Fidelity has
over 75 walk-in Investor Centers across the country.
TYPES OF ACCOUNTS
You may set up an account directly in the funds or, if you own or intend to
purchase individual securities as part of your total investment portfolio,
you may consider investing in a fund through a brokerage account.
If you are investing through FBSI or another financial institution or
investment professional, refer to its program materials for any special
provisions regarding your investment in a fund.
The different ways to set up (register) your account with Fidelity are
listed at right.
The account guidelines that follow may not apply to certain retirement
accounts. If your employer offers a fund through a retirement program,
contact your employer for more information. Otherwise, call Fidelity
directly.
WAYS TO SET UP YOUR ACCOUNT
GROWTH
INDIVIDUAL OR JOINT TENANT
FOR YOUR GENERAL INVESTMENT NEEDS
Individual accounts are owned by one person. Joint accounts can have two or
more owners (tenants).
RETIREMENT
TO SHELTER YOUR RETIREMENT SAVINGS FROM TAXES
Retirement plans allow individuals to shelter investment income and capital
gains from current taxes. In addition, contributions to these accounts may
be tax deductible. Retirement accounts require special applications and
typically have lower minimums.
INDIVIDUAL RETIREMENT ACCOUNTS (IRAS) allow anyone of legal age and under
70 with earned income to save up to $2,000 per tax year. Individuals can
also invest in a spouse's IRA if the spouse has earned income of less than
$250.
ROLLOVER IRAS retain special tax advantages for certain distributions from
employer-sponsored retirement plans.
KEOGH OR CORPORATE PROFIT SHARING AND MONEY PURCHASE PENSION PLANS allow
self-employed individuals or small business owners (and their employees) to
make tax deductible contributions for themselves and any eligible employees
up to $30,000 per year.
SIMPLIFIED EMPLOYEE PENSION PLANS (SEP-IRAS) provide small business owners
or those with self-employed income (and their eligible employees) with many
of the same advantages as a Keogh, but with fewer administrative
requirements.
403(B) CUSTODIAL ACCOUNTS are available to employees of most tax-exempt
institutions, including schools, hospitals, and other charitable
organizations.
401(K) PROGRAMS allow employees of corporations of all sizes to contribute
a percentage of their wages on a tax-deferred basis. These accounts need to
be established by the trustee of the plan.
GIFTS OR TRANSFERS TO A MINOR (UGMA, UTMA)
TO INVEST FOR A CHILD'S EDUCATION OR OTHER FUTURE NEEDS
These custodial accounts provide a way to give money to a child and obtain
tax benefits. An individual can give up to $10,000 a year per child without
paying federal gift tax. Depending on state laws, you can set up a
custodial account under the Uniform Gifts to Minors Act (UGMA) or the
Uniform Transfers to Minors Act (UTMA).
TRUST
FOR MONEY BEING INVESTED BY A TRUST
The trust must be established before an account can be opened.
BUSINESS OR ORGANIZATION
FOR INVESTMENT NEEDS OF CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS, OR OTHER
GROUPS
Requires a special application.
HOW TO BUY SHARES
SHARE PRICE
ONCE EACH HOUR OF EVERY BUSINESS DAY, TWO SHARE PRICES ARE CALCULATED FOR
EACH FUND: the offering price and the net asset value (NAV). The offering
price includes the 3% sales charge, which you pay when you buy shares,
unless you qualify for a reduction or waiver as described on page .
When you buy shares at the offering price, Fidelity deducts 3% and invests
the rest at the NAV.
Shares are purchased at the next share price calculated after your
investment is received and accepted. Share price is normally calculated
hourly, each business day, from 10 a.m. to 4 p.m. Eastern time.
IF YOU ARE NEW TO FIDELITY, complete and sign an account application and
mail it along with your check. You may also open your account in person or
by wire as described at right. If there is no application accompanying this
prospectus, call 1-800-544-8888.
IF YOU ALREADY HAVE MONEY INVESTED IN A FIDELITY FUND, you can:
(small solid bullet) Mail in an application with a check, or
(small solid bullet) Open your account by exchanging from another Fidelity
fund.
IF YOU ARE INVESTING THROUGH A TAX-SHELTERED RETIREMENT PLAN, such as an
IRA, for the first time, you will need a special application. Retirement
investing also involves its own investment procedures. Call 1-800-544-8888
for more information and a retirement application.
If you buy shares by check or Fidelity Money Line(registered trademark),
and then sell those shares by any method other than by exchange to another
Fidelity fund, the payment may be delayed for up to seven business days to
ensure that your previous investment has cleared.
MINIMUM INVESTMENTS
GROWTH
TO OPEN AN ACCOUNT $2,500
For Fidelity retirement accounts $500
TO ADD TO AN ACCOUNT $250
For Fidelity retirement accounts $250
Through automatic investment plans $100
MINIMUM BALANCE $1,000
For Fidelity retirement accounts $500
Key Information
Phone 1#800#544#7777
S
To open an account, exchange from another Fidelity fund account with the
same
registration, including name, address, and taxpayer ID number.
S
To add to an account, exchange from another Fidelity fund account with the
same registration, including name, address, and taxpayer ID number. You can
also use Fidelity Money Line to transfer from your bank account. Call
before
your first use to verify that this service is in place on your account.
Maximum
Money Line: $50,000
Mail
S
To open an account, complete and sign the application. Make your check
payable
to Fidelity Select Portfolios and specify the fund you are investing in on
the application. Mail to the address indicated on the application.
S
To add to an account, make your check payable to the complete name of the
fund
of your choice. Indicate your fund account number on your check. Mail to
the
address printed on your account statement.
In Person
S
To open an account, bring your application and check to a Fidelity Investor
Center. Call 1#800#544#9797 for the center nearest you.
S
To add to an account, bring your check to a Fidelity Investor Center. Call
1#800#544#9797 for the center nearest you.
S
Orders will be executed at the next hourly price determined after your
investment
is accepted.
Wire
Not available for retirement accounts.
S
To open an account, call 1#800#544#7777 to set up your account and to
arrange
a wire transaction. Wire within 24 hours to the wire address below. Specify
the complete name of the fund and include your new account number and your
name.
S
To add to an account, wire to the wire address below. Specify the complete
name of the fund and include your account number and your name.
S
Wire address: Bankers Trust Company,
Bank Routing #021001033, Account # 00163053.
Automatically
New accounts cannot be opened with these services.
S
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. Direct Deposit is not available for Select stock funds or
for
retirement accounts.
S
Use Directed Dividends or Fidelity Automatic Exchange Service to
automatically
send money from one Fidelity fund into another. Call 1#800#544#6666 for
instructions.
TDD - Service for the Deaf and Hearing#Impaired: 1#800#544#0118
YOUR ACCOUNT
HOW TO SELL SHARES
You can arrange to take money out of your fund account at any time by
selling (redeeming) some or all of your shares. Your shares will be sold at
the next share price calculated after your order is received and accepted.
Share price is normally calculated hourly, each business day, from 10 a.m.
to 4 p.m. Eastern time.
Before the funds' current 3% sales charge became effective the funds'
shares were sold with a 2% sales charge and a 1% deferred sales charge.
Any shares purchased prior to October 12, 1990 (including Select
Cash Reserves) and not otherwise subject to a sales charge reduction or
waiver will be charged a 1% deferred sales charge upon redemption. The
deferred sales charge does not apply to exchanges between Select
funds .
TO SELL SHARES IN A NON-RETIREMENT ACCOUNT, you may use any of the methods
described on this page.
TO SELL SHARES IN A FIDELITY RETIREMENT ACCOUNT, your request must be made
in writing, except for exchanges to other Fidelity funds, which can be
requested by phone or in writing. Call 1-800-544-6666 for a retirement
distribution form.
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least $1,000
worth of shares in the account to keep it open ($500 for retirement
accounts).
TO SELL SHARES BY BANK WIRE OR FIDELITY MONEY LINE, you will need to sign
up for these services in advance.
CERTAIN REQUESTS MUST INCLUDE A SIGNATURE GUARANTEE. It is designed to
protect you and Fidelity from fraud. Your request must be made in writing
and include a signature guarantee if any of the following situations apply:
(small solid bullet) You wish to redeem more than $100,000 worth of shares,
(small solid bullet) Your account registration has changed within the last
30 days,
(small solid bullet) The check is being mailed to a different address than
the one on your account (record address),
(small solid bullet) The check is being made payable to someone other than
the account owner, or
(small solid bullet) The redemption proceeds are being transferred to a
Fidelity account with a different registration.
You should be able to obtain a signature guarantee from a bank, broker
(including Fidelity Investor Centers), dealer, credit union (if authorized
under state law), securities exchange or association, clearing agency, or
savings association. A notary public cannot provide a signature guarantee.
TO SELL SHARES IN WRITING, write a "letter of instruction" with your name,
the fund's name, your fund account number, the dollar amount or number of
shares to be redeemed, and any other applicable requirements listed in the
table at right. Unless otherwise instructed, Fidelity will send a check to
the record address. Deliver your letter to a Fidelity Investor Center, or
mail it to:
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
FEES AND KEY INFORMATION
GROWTH
IF YOU SELL SHARES OF A STOCK FUND AFTER HOLDING THEM 29 DAYS OR LESS, THE
FUND WILL DEDUCT A REDEMPTION FEE EQUAL TO .75% OF THE VALUE OF THOSE
SHARES. FOR SHARES HELD 30 DAYS OR LONGER, THE REDEMPTION FEE IS UP TO
$7.50. IN ADDITION, THERE MAY BE A $7.50 FEE FOR EACH EXCHANGE OUT OF A
STOCK FUND.
Phone 1#800#544#7777
All account types except retirement
S
Maximum check request: $100,000.
S
For Money Line transfers to your bank account; minimum: $10; maximum:
$100,000.
All account types
S
You may exchange to other Fidelity funds if both accounts are registered
with
the same name(s), address, and taxpayer ID number.
Mail or in Person
Individual, Joint Tenant, Sole Proprietorship, UGMA, UTMA
S
The letter of instruction must be signed by all persons required to sign
for
transactions, exactly as their names appear on the account.
Retirement account
S
The account owner should complete a retirement distribution form. Call
1#800#544#6666
to request one.
Trust
S
The trustee must sign the letter indicating capacity as trustee. If the
trustee's
name is not in the account registration, provide a copy of the trust
document
certified within the last 60 days.
Business or Organization
S
At least one person authorized by corporate resolution to act on the
account
must sign the letter.
S
Include a corporate resolution with corporate seal or a signature
guarantee.
Executor, Administrator, Conservator, Guardian
S
Call 1#800#544#6666 for instructions.
Wire
All account types except retirement
S
You must sign up for the wire feature before using it. To verify that it is
in place, call 1#800#544#6666. Minimum wire: $5,000.
S
Your wire redemption request must be received by Fidelity before 4 p.m.
Eastern
time for money to be wired on the next business day.
TDD - Service for the Deaf and Hearing#Impaired: 1#800#544#0118
YOUR ACCOUNT
INVESTOR SERVICES
Fidelity provides a variety of services to help you manage your account.
INFORMATION SERVICES
FIDELITY'S TELEPHONE REPRESENTATIVES are available 24 hours a day, 365 days
a year. Whenever you call, you can speak with someone equipped to provide
the information or service you need.
STATEMENTS AND REPORTS that Fidelity sends to you include the following:
(small solid bullet) Confirmation statements (after every transaction,
except reinvestments, that affects your account balance or your account
registration)
(small solid bullet) Account statements (quarterly)
(small solid bullet) Financial reports (every six months)
To reduce expenses, only one copy of most financial reports will be mailed
to your household, even if you have more than one account in the
fund s . Call 1-800-544-6666 if you need copies of financial reports
or historical account information.
TRANSACTION SERVICES
EXCHANGE PRIVILEGE. You may sell your fund shares and buy shares of other
Fidelity funds by telephone or in writing. The shares you exchange will
carry credit for any sales charge you previously paid in connection with
their purchase. There is a $7.50 fee for each exchange out of a stock fund,
unless you place your transaction on Fidelity's automated exchange
services. This fee would apply in addition to the redemption fees which you
pay every time you sell your shares.
For exchanges made by mail, orders are executed:
(small solid bullet) Between Select funds or from a Fidelity money market
fund generally at 10:00 a.m. the day after the order is received.
(small solid bullet) From another Fidelity stock or bond fund, generally at
4:00 p.m.
For exchanges made by phone, orders are executed:
(small solid bullet) From a Select fund or from a Fidelity money market
fund, at the next hourly price following acceptance of your order.
(small solid bullet) From another Fidelity stock or bond fund, at the 4:00
p.m. price next determined after your order is accepted.
Note that exchanges between Select funds are unlimited, but exchanges out
of the funds to other Fidelity funds are limited to four per calendar year
and that they may have tax consequences for you. For details on policies
and restrictions governing exchanges, including circumstances under which a
shareholder's exchange privilege may be suspended or revoked, see page
.
SYSTEMATIC WITHDRAWAL PLANS let you set up periodic redemptions from your
account. Because of the funds' sales charge, you may not want to set up a
systematic withdrawal plan during a period when you are buying shares on a
regular basis.
FIDELITY MONEY LINE(registered trademark) enables you to transfer money by
phone between your bank account and your fund account. Most transfers are
completed within three business days of your call.
REGULAR INVESTMENT PLANS
One easy way to pursue your financial goals is to invest money regularly.
Fidelity offers convenient services that let you transfer money into your
fund account, or between fund accounts, automatically. While regular
investment plans do not guarantee a profit and will not protect you against
loss in a declining market, they can be an excellent way to invest for
retirement, a home, educational expenses, and other long-term financial
goals. Certain restrictions apply for retirement accounts. Call
1-800-544-6666 for more information.
REGULAR INVESTOR PLANS
GROWTH
FIDELITY AUTOMATIC ACCOUNT BUILDERSM
TO MOVE MONEY FROM YOUR BANK ACCOUNT TO A FIDELITY FUND
MINIMUM FREQUENCY SETTING UP OR CHANGING
$100 Monthly or (small solid bullet) For a new account,
quarterly complete the appropriate
section on the fund
application.
(small solid bullet) For existing accounts,
call 1-800-544-6666 for
an application.
(small solid bullet) To change the amount or
frequency of your
investment, call 1-800-
544-6666 at least three
business days prior to
your next scheduled
investment date.
DIRECT DEPOSIT
TO SEND ALL OR A PORTION OF YOUR PAYCHECK OR GOVERNMENT CHECK TO A FIDELITY
FUND
MINIMUM FREQUENCY SETTING UP OR CHANGING
$100 Every pay (small solid bullet) Not available for Select
period stock funds or retirement
accounts .
(small solid bullet) Check the appropriate
box on the fund
application, or call
1-800-544-6666 for an
authorization form.
(small solid bullet) Changes require a new
authorization form.
FIDELITY AUTOMATIC EXCHANGE SERVICE
TO MOVE MONEY FROM A FIDELITY MONEY MARKET FUND TO ANOTHER FIDELITY FUND
MINIMUM FREQUENCY SETTING UP OR CHANGING
$100 Monthly, (small solid bullet) Check the appropriate
bimonthly, box on the fund
quarterly, or application, or call
annually 1-800-544-6666 for an
authorization form.
(small solid bullet) To change the amount or
frequency of your
investment, call
1-800-544-6666
SHAREHOLDER AND ACCOUNT POLICIES
DIVIDENDS, CAPITAL GAINS, AND TAXES
Each stock fund distributes substantially all of its net investment income
and capital gains to shareholders each year, normally in April and
December. Income dividends for the money market fund are declared daily and
paid monthly.
DISTRIBUTION OPTIONS
When you open an account, specify on your application how you want to
receive your distributions. If the option you prefer is not listed on the
application, call 1-800-544-6666 for instructions. Each stock fund offers
four options (three for the money market fund):
1. REINVESTMENT OPTION. Your dividend and capital gain distributions will
be automatically reinvested in additional shares of the fund. If you do not
indicate a choice on your application, you will be assigned this option.
2. INCOME-EARNED OPTION. Your capital gain distributions will be
automatically reinvested, but you will be sent a check for each dividend
distribution. This option is not available for the money market fund.
3. CASH OPTION. You will be sent a check for your dividend and capital gain
distributions.
4. DIRECTED DIVIDENDS(registered trademark) OPTION. Your dividend and
capital gain distributions will be automatically invested in another
identically registered Fidelity fund.
FOR RETIREMENT ACCOUNTS, all distributions are automatically reinvested.
When you are over 59 years old, you can receive distributions in cash.
For the stock funds, distributions will be reinvested, or deducted from the
share price, at 10:00 a.m. on the ex-dividend date. Shareholders of record
at 4:00 p.m. on the business day before the ex-dividend will be entitled to
receive the distribution. For the money market fund, dividends will be
reinvested at 4:00 p.m. of the last day of the month. Cash distribution
checks will be mailed within seven days.
SHARES PURCHASED THROUGH REINVESTMENT of dividend and capital gain
distributions are not subject to the fund's 3% sales charge. Likewise, if
you direct distributions to a fund with a 3% sales charge, you will not pay
a sales charge on those purchases.
TAXES
As with any investment, you should consider how your investment in the fund
will be taxed. If your account is not a tax-deferred retirement account,
you should be aware of the following tax implications:
TAXES ON DISTRIBUTIONS. Distributions are subject to federal income tax,
and may also be subject to state or local taxes. If you live outside the
United States, your distributions could also be taxed by the country in
which you reside. Your distributions are taxable when they are paid,
whether you take them in cash or reinvest them . However,
distributions declared in December and paid in January are taxable as if
they were paid on December 31.
UNDERSTANDING DISTRIBUTIONS
As a fund shareholder, you are entitled to your
share of the fund's net income and gains on its
investments. The fund passes these earnings
along to its investors as DISTRIBUTIONS.
Each fund earns dividends from stocks and
interest from bond, money market and other
investments. These are passed along as
DIVIDEND DISTRIBUTIONS. A fund realizes capital
gains whenever it sells securities for a higher
price than it paid for them. These are passed
along as CAPITAL GAIN DISTRIBUTIONS.
(checkmark)
For federal tax purposes, each fund's income and short-term capital gain
distributions are taxed as dividends; long-term capital gain distributions
are taxed as long-term capital gains. Every January, Fidelity will send you
and the IRS a statement showing the taxable distributions paid to you in
the previous year.
TAXES ON TRANSACTIONS. Your stock fund redemptions - including
exchanges to other Fidelity funds - are subject to capital gains tax. A
capital gain or loss is the difference between the cost of your shares and
the price you receive when you sell them.
Whenever you sell shares of a fund, Fidelity will send you a confirmation
statement showing how many shares you sold and at what price. You will also
receive a consolidated transaction statement every January. However, it is
up to you or your tax preparer to determine whether this sale resulted in a
capital gain and, if so, the amount of tax to be paid. Be sure to keep your
regular account statements; the information they contain will be essential
in calculating the amount of your capital gains.
"BUYING A DIVIDEND." If you buy shares just before a stock fund
deducts a distribution from its NAV, you will pay the full price for the
shares and then receive a portion of the price back in the form of a
taxable distribution.
EFFECT OF FOREIGN TAXES. Foreign governments may impose taxes on a fund
and its investments and these taxes generally will reduce the fund's
distributions. However, an offsetting tax credit or deduction may be
available to you. If so, your tax statement will show more taxable income
or capital gains than were actually distributed by the fund, but will also
show the amount of the available offsetting credit or deduction.
There are some tax requirements that all funds must follow in order to
avoid federal taxation. In its effort to adhere to these requirements, a
fund may have to limit its investment activity in some types of
instruments.
TRANSACTION DETAILS
THE FUNDS ARE OPEN FOR BUSINESS each day the New York Stock Exchange (NYSE)
is open. Fidelity normally calculates each fund's net asset value and
offering price hourly, from 10:00 a.m. to 4:00 p.m. each business
day of the NYSE.
EACH FUND'S NAV is the value of a single share. The NAV is computed by
adding up the value of the fund's investments, cash, and other assets,
subtracting its liabilities, and then dividing the result by the number of
shares outstanding.
The stock funds' assets are valued primarily on the basis of market
quotations. Foreign securities are valued on the basis of quotations from
the primary market in which they are traded, and are translated from the
local currency into U.S. dollars using current exchange rates. If
quotations are not readily available, or if the values have been materially
affected by events occurring after the closing of a foreign market, assets
are valued by a method that the Board of Trustees believes accurately
reflects fair value.
The money market fund values the securities it owns on the basis of
amortized cost. This method minimizes the effect of changes in a security's
market value and helps the fund to maintain a stable $1.00 share price.
EACH FUND'S OFFERING PRICE (price to buy one share) is the fund's NAV plus
a sales charge. The sales charge is 3% of the offering price, or 3.09% of
the net amount invested. The REDEMPTION PRICE (price to sell one share) is
the fund's NAV plus a redemption fee of $7.50 or of 1% of the value of
your redemptions depending on how long your shares were held. Exchanges
will also be charged an additional $7.50 fee.
WHEN YOU SIGN YOUR ACCOUNT APPLICATION, you will be asked to certify that
your Social Security or taxpayer identification number is correct and that
you are not subject to 31% backup withholding for failing to report income
to the IRS. If you violate IRS regulations, the IRS can require a fund to
withhold 31% of your taxable distributions and redemptions.
YOU MAY INITIATE MANY TRANSACTIONS BY TELEPHONE. Fidelity may only be
liable for losses resulting from unauthorized transactions if it does not
follow reasonable procedures designed to verify the identity of the caller.
Fidelity will request personalized security codes or other information, and
may also record calls. You should verify the accuracy of your confirmation
statements immediately after you receive them. If you do not want the
ability to redeem and exchange by telephone, call Fidelity for
instructions.
IF YOU ARE UNABLE TO REACH FIDELITY BY PHONE (for example, during periods
of unusual market activity), consider placing your order by mail or by
visiting a Fidelity Investor Center.
EACH FUND RESERVES THE RIGHT TO SUSPEND THE OFFERING OF SHARES for a period
of time. Each fund also reserves the right to reject any specific purchase
order, including certain purchases by exchange. See "Exchange Restrictions"
on page . Purchase orders may be refused if, in FMR's opinion, they
would disrupt management of a fund.
WHEN YOU PLACE AN ORDER TO BUY SHARES, your order will be processed at the
next offering price calculated after your order is received and accepted.
Note the following:
(small solid bullet) All of your purchases must be made in U.S. dollars and
checks must be drawn on U.S. banks.
(small solid bullet) Fidelity does not accept cash.
(small solid bullet) When making a purchase with more than one check, each
check must have a value of at least $50.
(small solid bullet) Each fund reserves the right to limit the number of
checks processed at one time.
(small solid bullet) If your check does not clear, your purchase will be
cancelled and you could be liable for any losses or fees a fund or its
transfer agent has incurred.
(small solid bullet) If you do not specify a particular stock fund, your
investment will be made in the money market fund until FSC receives
instructions from you.
TO AVOID THE COLLECTION PERIOD associated with check and Money Line
purchases, consider buying shares by bank wire, U.S. Postal money order,
U.S. Treasury check, Federal Reserve check, or direct deposit (money
market fund only) instead.
YOU MAY BUY SHARES OF THE FUNDS (AT THE OFFERING PRICE) OR SELL THEM
THROUGH A BROKER, who may charge you a fee for this service. If you invest
through a broker or other institution, read its program materials for any
additional service features or fees that may apply.
Fidelity Brokerage Services, Inc. (FBSI) established a program permitting
customers with Fidelity brokerage accounts to sell short shares of Select
stock funds. FMR reserves the right to suspend the short selling program at
any time in the future.
CERTAIN FINANCIAL INSTITUTIONS that have entered into sales agreements with
FDC may enter confirmed purchase orders on behalf of customers by phone,
with payment to follow no later than the time when the fund is priced on
the following business day. If payment is not received by that time, the
financial institution could be held liable for resulting fees or losses.
WHEN YOU PLACE AN ORDER TO SELL SHARES, your shares will be sold at the
next NAV calculated after your request is received and accepted. Note the
following:
(small solid bullet) Normally, redemption proceeds will be mailed to you on
the next business day, but if making immediate payment could adversely
affect a fund, it may take up to seven days to pay you.
(small solid bullet) Fidelity Money Line redemptions generally will be
credited to your bank account on the second or third business day after
your phone call.
(small solid bullet) Each fund may hold payment on redemptions until it is
reasonably satisfied that investments made by check or Fidelity Money Line
have been collected, which can take up to seven business days.
(small solid bullet) Redemptions may be suspended or payment dates
postponed when the NYSE is closed (other than weekends or holidays), when
trading on the NYSE is restricted, or as permitted by the SEC.
THE REDEMPTION FEE, if applicable, will be deducted from the amount of your
redemption. This fee is paid to the fund rather than FMR. If shares you are
redeeming were not all held for the same length of time, those shares you
held longest will be redeemed first for purposes of determining the
appropriate fee that applies.
The long-term redemption fee may be reduced to ensure that the fee is no
greater than 0.75% of the net asset value of the long-term shares redeemed.
Shares acquired through the reinvestment of dividends and capital gains
will be treated as long-term shares for purposes of the redemption fee.
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.
IF YOUR ACCOUNT BALANCE FALLS BELOW $1,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send the
proceeds to you. Your shares will be redeemed at the NAV on the day your
account is closed.
THE SELECT CASH RESERVES ACCOUNT no longer accepts new investments. If you
have an investment in this account, you may leave it there, redeem your
investment, or exchange your shares for shares of a Select fund or another
Fidelity fund. The 1% deferred sales charge will apply to shares in the
Select Cash Reserves Account redeemed or exchanged to another Fidelity
fund, since these shares were available for purchase only when the 1%
deferred sales charge was still in effect. If you redeem by check from
Select Cash Reserves, and the amount of the check is greater than the value
of your account, your check will be returned to you and you may be subject
to extra charges.
FIDELITY MAY CHARGE A FEE FOR SPECIAL SERVICES, such as providing
historical account documents, that are beyond the normal scope of its
services.
FDC collects the proceeds from the funds' 3% sales charge and may pay a
portion of them to securities dealers who have sold the fund's shares, or
to others, including banks and other financial institutions (qualified
recipients), under special arrangements in connection with FDC's sales
activities. The sales charge paid to qualified recipients is 2.25% of the
offering price.
FDC may, at its own expense, provide promotional incentives to qualified
recipients who support the sale of shares of the funds without
reimbursement from the funds. In some instances, these incentives may be
offered only to certain institutions whose representatives provide services
in connection with the sale or expected sale of significant amounts of
shares.
EXCHANGE RESTRICTIONS
As a shareholder, you have the privilege of exchanging shares of a fund for
shares of other Fidelity funds. However, you should note the following:
(small solid bullet) The fund you are exchanging into must be registered
for sale in your state.
(small solid bullet) You may only exchange between accounts that are
registered in the same name, address, and taxpayer identification number.
(small solid bullet) Before exchanging into a fund, read its prospectus.
(small solid bullet) If you exchange into a fund with a sales charge, you
pay the percentage-point difference between that fund's sales charge and
any sales charge you have previously paid in connection with the shares you
are exchanging. For example, if you had already paid a sales charge of 2%
on your shares and you exchange them into a fund with a 3% sales charge,
you would pay an additional 1% sales charge.
(small solid bullet) Exchanges may have tax consequences for you.
(small solid bullet) Although there is no limit on the number of exchanges
you may make between the Select funds, the funds reserve the right to enact
limitations in the future. Because excessive trading can hurt fund
performance and shareholders, each fund reserves the right to temporarily
or permanently terminate the exchange privilege of any investor who makes
more than four exchanges out of the Select funds to other Fidelity funds
per calendar year. Accounts under common ownership or control, including
accounts with the same taxpayer identification number, will be counted
together for purposes of the four exchange limit.
(small solid bullet) Each fund reserves the right to reject exchange
purchases in excess of 1% of its net assets or $1 million, whichever is
less. For purposes of this policy, accounts under common ownership or
control will be aggregated.
(small solid bullet) E xchange limit ations may be modified for
accounts in certain institutional retirement plans to conform to plan
exchange limits and Department of Labor regulations. See your plan
materials for further information.
(small solid bullet) Each fund also reserves the right to refuse exchange
purchases by any person or group if, in FMR's judgment, the fund would be
unable to invest the money effectively in accordance with its investment
objective and policies, or would otherwise potentially be adversely
affected.
(small solid bullet) Your exchanges may be restricted or refused if the
funds receive or anticipate simultaneous orders affecting significant
portions of the funds' assets. In particular, a pattern of exchanges that
coincide with a "market timing" strategy may be disruptive to the funds.
(small solid bullet) For cash management purposes, up to seven days may
pass before exchange proceeds are paid from one Select fund to another, or
to another Fidelity equity fund. Exchange proceeds are recorded in your
shareholder account when the transaction occurs. Therefore, when you
exchange from a stock fund to the money market fund, you will earn money
market dividends immediately. When you exchange from the money market fund
to a stock fund, you will not earn money market dividends during the
seven-day period. This policy could increase the volatility of the money
market fund's yield.
Although the funds will attempt to give you prior notice whenever they are
reasonably able to do so, they may impose these restrictions at any time.
The funds reserve the right to terminate or modify the exchange privilege
in the future.
OTHER FUNDS MAY HAVE DIFFERENT EXCHANGE RESTRICTIONS, and may impose
administrative fees of up to $7.50 and redemption fees of up to 1.50% on
exchanges. Check each fund's prospectus for details.
SALES CHARGE REDUCTIONS AND WAIVERS
REDUCTIONS. Each stock fund's sales charge may be reduced if you invest
directly with 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. However,
purchases made with assistance or intervention from a financial
intermediary are not eligible. Call Fidelity to see if your purchase
qualifies.
Net amount
Ranges Sales charge invested
$0 - 249,999 3% 3.09%
$250,000 - 499,999 2% 2.04%
$500,000 - 999,999 1% 1.01%
$1,000,000 or more none none
The sales charge for the stock funds and the money market fund will also
be reduced by the percentage of any sales charge you previously paid on
investments in other Fidelity funds (not including Fidelity's Foreign
Currency Funds). Similarly, your shares carry credit for any sales charge
you would have paid if the reductions in the table above had not existed.
These sales charge credits only apply to purchases made in one of the ways
listed below, and only if you continuously owned Fidelity fund shares or a
Fidelity brokerage core account, or participated in The CORPORATEplan for
Retirement Program.
1. By exchange from another Fidelity fund.
2. With proceeds of a transaction within a Fidelity brokerage core account,
including any free credit balance, core money market fund, or margin
availability, to the extent such proceeds were derived from redemption
proceeds from another Fidelity fund.
3. With redemption proceeds from one of Fidelity's Foreign Currency Funds,
if the Foreign Currency Fund shares were originally purchased with
redemption proceeds from a Fidelity fund.
4. Through the Directed Dividends Option (see page ).
5. By participants in The CORPORATEplan for Retirement Program when shares
are purchased through plan-qualified loan repayments, and for exchanges
into and out of the Managed Income Portfolio.
WAIVERS. The fund's sales charge will not apply:
1. If you buy shares as part of an employee benefit plan having more than
200 eligible employees or a minimum of $3 million in plan assets invested
in Fidelity mutual funds.
2. To shares in a Fidelity Rollover IRA account purchased with the proceeds
of a distribution from an employee benefit plan, provided that at the time
of the distribution, the employer or its affiliate maintained a plan that
both qualified for waiver (1) above and had at least some of its assets
invested in Fidelity-managed products.
3. If you are a charitable organization (as defined in Section 501(c)(3) of
the Internal Revenue Code) investing $100,000 or more.
4. If you purchase shares for a charitable remainder trust or life income
pool established for the benefit of a charitable organization (as defined
by Section 501(c)(3) of the Internal Revenue Code).
5. If you are an investor participating in the Fidelity Trust Portfolios
program.
6. To shares purchased through Portfolio Advisory Services.
7. If you are a current or former trustee or officer of a Fidelity fund or
a current or retired officer, director, or regular employee of FMR Corp. or
its direct or indirect subsidiaries (a Fidelity Trustee or employee), the
spouse of a Fidelity trustee or employee, a Fidelity trustee or employee
acting as custodian for a minor child, or a person acting as trustee of a
trust for the sole benefit of the minor child of a Fidelity trustee or
employee.
8. If you are a bank trust officer, registered representative, or other
employee of a qualified recipient, as defined on page .
These waivers must be qualified through FDC in advance. More detailed
information about waivers (1), (2), and (5) is contained in the Statement
of Additional Information. A representative of your plan or organization
should call Fidelity for more information.
FIDELITY SELECT PORTFOLIOS(registered trademark)
STATEMENT OF ADDITIONAL INFORMATION
APRIL 29, 1995
This Statement is not a prospectus but should be read in conjunction with
the funds' current Prospectus (dated April 29, 1995). Please retain this
document for future reference. The funds' financial statements and
financial highlights, included in the Annual Report for the fiscal year
ended February 28, 1995, are incorporated herein by reference. To obtain an
additional copy of the Prospectus or the Annual Report, please call
Fidelity Distributors Corporation at 1-800-544-8888.
TABLE OF CONTENTS PAGE
Investment Policies and Limitations
Portfolio Transactions
Valuation of Portfolio Securities
Performance
Additional Purchase and Redemption Information
Distributions and Taxes
FMR
Trustees and Officers
Management Contracts
Contracts With Companies Affiliated With FMR
Description of the Trust
Financial Statements
Appendix
INVESTMENT ADVISER
Fidelity Management & Research Company (FMR)
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc. (FMR U.K.) (stock funds)
Fidelity Management & Research (Far East) Inc. (FMR Far East) (stock funds)
FMR Texas Inc. (FTX) (money market fund)
DISTRIBUTOR
Fidelity Distributors Corporation (FDC)
TRANSFER AGENT
Fidelity Service Company (FSC)
SEL-ptb-495
INVESTMENT POLICIES AND LIMITATIONS
The following policies and limitations supplement those set forth in the
Prospectus. Unless otherwise noted, whenever an investment policy or
limitation states a maximum percentage of a fund's assets that may be
invested in any security or other asset, or sets forth a policy regarding
quality standards, such standard or percentage limitation will be
determined immediately after and as a result of the fund's acquisition of
such security or other asset. Accordingly, any subsequent change in values,
net assets, or other circumstances will not be considered when determining
whether the investment complies with the fund's investment policies and
limitations.
The funds of the trust are registered as non-diversified investment
companies (except Financial Services, Regional Banks, Home Finance, and
Money Market Portfolio s ). Under the Investment Company Act of
1940, as amended, an investment company is diversified if at least 75% of
the value of its total assets is represented by cash, cash items,
U.S. government securities, and other securities of issuers which
represent, with respect to each issuer, no more than 5% of the value of the
investment company's total assets and no more than 10% of the outstanding
voting securities of such issuer. As non-diversified investment companies,
the stock funds need not satisfy these conditions. It is anticipated that
each of the stock funds, except the Financial Services, Regional Banks, and
Home Finance Portfolios, will operate as "non-diversified" funds.
T he Financial Services, Regional Banks, and Home Finance Portfolios
will operate as " diversified " funds. T hey will not
purchase the securities of any issuer (other than securities issued
or guaranteed by the U.S. government or any of its agencies or
instrumentalities) if, as a result, with respect to 75% of its total
assets, more than 5% of a fund's total assets would be invested in the
securities of that issuer . The Money Market Portfolio also operates
as a diversified fund. Each fund also intends to meet the diversification
requirements necessary to qualify as a regulated investment company for
purposes of the Internal Revenue Code. (For the funds operating as
non-diversified, the requirements are stated in non-fundamental limit (i)
on page 3. Also see "Distributions and Taxes" beginning on page for
additional information.)
Each fund's fundamental investment policies and limitations cannot be
changed without approval by a "majority of the outstanding voting
securities" (as defined in the Investment Company Act of 1940) of that
fund. However, with respect to the money market fund, except for the
fundamental investment limitations set forth below, the investment policies
and limitations described in this Statement of Additional Information are
not fundamental and may be changed without shareholder approval.
THE FOLLOWING ARE EACH STOCK FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS SET
FORTH IN THEIR ENTIRETY. EACH STOCK FUND MAY NOT:
(1) purchase the securities of any issuer (except securities issued or
guaranteed by the United States government or its agencies or
instrumentalities) if, as a result, more than 10% of the outstanding voting
securities of that issuer would be owned by the fund;
( 2 ) issue senior securities, except as permitted under the
Investment Company Act of 1940;
( 3 ) borrow money, except that a fund may borrow money for temporary
or emergency purposes (not for leveraging or investment) in an amount not
exceeding 33 1/3% of its total assets (including the amount borrowed) less
liabilities (other than borrowings). Any borrowings that come to exceed
this amount will be reduced within three days ( not including Sundays and
holidays) to the extent necessary to comply with the 33 1/3% limitation;
( 4 ) underwrite securities issued by others, except to the extent
that a fund may be considered an underwriter within the meaning of the
Securities Act of 1933 in the disposition of restricted securities;
( 5 ) purchase or sell the securities of any issuer, if, as a result
of such purchase or sale, less than 25% of the assets of the fund would be
invested in the securities of issuers principally engaged in the business
activities having the specific characteristics denoted by the fund;
( 6 ) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not prevent a
fund from investing in securities or other instruments backed by real
estate or securities of companies engaged in the real estate business);
( 7 ) purchase or sell physical commodities unless acquired as a
result of ownership of securities or other instruments (but this shall not
prevent a fund from purchasing or selling options and futures contracts or
from investing in securities or other instruments backed by physical
commodities). This limitation does not apply to the Precious Metals and
Minerals Portfolio (see below) or to the American Gold Portfolio;
( 8 ) lend any security or make any other loan if, as a result, more
than 33 1/3% of its total assets would be lent to other parties, but this
limitation does not apply to purchases of debt securities or to repurchase
agreements.
IN ADDITION, EACH STOCK FUND MAY:
( 9 ) notwithstanding any other fundamental investment policy or
limitation, invest all of its assets in the securities of a single open-end
management investment company with substantially the same fundamental
investment objectives, policies, and limitations as the fund.
THE PRECIOUS METALS AND MINERALS PORTFOLIO MAY NOT:
(1) purchase any precious metal if, as a result, more than 50% of its total
assets would be invested in precious metals; or
(2) purchase or sell physical commodities, provided that the fund may
purchase and sell precious metals, and further provided that the fund may
sell physical commodities acquired as a result of ownership of securities.
The fund may not purchase or sell options, options on futures contracts, or
futures contracts on physical commodities other than precious metals.
THE FINANCIAL SERVICES, REGIONAL BANKS, AND HOME FINANCE PORTFOLIOS MAY
NOT:
(1) with respect to 75% of total assets, purchase the securities of any
issuer (other than securities issued or guaranteed by the U.S. government,
or any of its agencies or instrumentalities) if, as a result, more than 5%
of its total assets would be invested in the securities of that issuer.
THE FOLLOWING ARE THE STOCK FUNDS' NON-FUNDAMENTAL LIMITATIONS WHICH MAY BE
CHANGED WITHOUT SHAREHOLDER APPROVAL.
(i) To meet federal tax requirements for qualification as a "regulated
investment company," each fund limits its investments so that at the close
of each quarter of its taxable year: (a) with regard to at least 50% of
total assets, no more than 5% of total assets are invested in the
securities of a single issuer, and (b) no more than 25% of total assets are
invested in the securities of a single issuer. Limitations (a) and (b) do
not apply to "Government securities" as defined for federal tax purposes.
(ii) Each fund does not currently intend to sell securities short, unless
it owns or has the right to obtain securities equivalent in kind and amount
to the securities sold short, and provided that transactions in futures
contracts and options are not deemed to constitute selling securities
short.
(i ii ) Each fund does not currently intend to purchase securities on
margin, except that a fund may obtain such short-term credits as are
necessary for the clearance of transactions, and provided that margin
payments in connection with futures contracts and options on futures
contracts shall not constitute purchasing securities on margin.
( i v) Each fund does not currently intend to hedge more than 40% of
its total assets with short sales against the box under normal conditions.
(v) Each 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 investment limitation ( 3 )). Each fund will
not purchase any security while borrowings representing more than 5% of its
total assets are outstanding. Each fund will not borrow from other funds
advised by FMR or its affiliates if total outstanding borrowings
immediately after such borrowing would exceed 15% of the fund's total
assets.
(vi) Each fund does not currently intend to purchase any security if, as a
result, more than 10% of its net assets would be invested in securities
that are deemed to be illiquid because they are subject to legal or
contractual restrictions on resale or because they cannot be sold or
disposed of in the ordinary course of business at approximately the prices
at which they are valued.
(vii) Each fund does not currently intend to purchase interests in real
estate investment trusts that are not readily marketable or interests in
real estate limited partnerships that are not listed on an exchange
or traded on the NASDAQ National Market System if, as a result, the sum
of such interests and other investments considered illiquid under
limitation (vii) would exceed 10% of a fund's net assets.
( viii ) Each fund (except the American Gold Portfolio and the
Precious Metals and Minerals Portfolio) will not purchase physical
commodities, or purchase or sell futures contracts based on physical
commodities.
( i x) The American Gold Portfolio and the Precious Metals and
Minerals Portfolio will each limit investment in gold bullion or coins to
no more than 25% of its total assets.
(x) Each fund does not currently intend to lend assets other than
securities to other parties, except (a) by lending money (up to 5% of a
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.
(This limitation does not apply to purchases of debt securities or to
repurchase agreements.)
(xi) Each fund does not currently intend to (a) purchase securities of
other investment companies, except in the open market where no commission
except the ordinary broker's commission is paid, or (b) purchase or retain
securities issued by other open-end investment companies. Limitations (a)
and (b) do not apply to securities received as dividends, through offers of
exchange, or as a result of a reorganization, consolidation, or merger.
(xii) Each fund does not currently intend to purchase the securities of any
issuer (other than securities issued or guaranteed by domestic and foreign
governments or political subdivisions thereof) if, as a result, more than
5% of its total assets would be invested in the securities of business
enterprises that, including predecessors, have a record of less than three
years of continuous operation.
(xi ii ) Each fund does not currently intend to purchase warrants,
valued at the lower of cost or market, in excess of 5% of the fund's net
assets. Included in that amount, but not to exceed 2% of a fund's net
assets, may be warrants that are not listed on the New York Stock Exchange
or the American Stock Exchange. Warrants acquired by a fund in units or
attached to securities are not subject to these restrictions. The Brokerage
and Investment Management Portfolio and Financial Services Portfolio are
subject to additional restrictions on the purchase of warrants and rights.
See page 5 .
(x iv ) Each fund does not currently intend to invest in oil, gas, or
other mineral exploration or development programs or leases; provided,
however, that if consistent with the designated business activities of a
particular fund, a fund may purchase securities of issuers whose principal
business activities fall within these areas.
(x v ) Each fund does not currently intend to purchase the securities
of any issuer if those officers and Trustees of the trust and those
officers and directors of FMR who individually own more than 1/2 of 1% of
the securities of such issuer together own more than 5% of such issuer's
securities.
(xvi) Each fund does not currently intend to invest all of its assets in
the securities of a single open-end management investment company with
substantially the same fundamental investment objectives, policies, and
limitations as the funds.
For the stock funds' limitations on futures and options transactions, see
the section entitled "Limitations on Futures and Options Transactions"
beginning on page .
For the stock funds' policies on foreign investments, see the section
entitled "Foreign Investments" on page .
THE FOLLOWING ARE THE MONEY MARKET FUND'S FUNDAMENTAL INVESTMENT
LIMITATIONS SET FORTH IN THEIR ENTIRETY. THE MONEY MARKET FUND MAY NOT:
(1) with respect to 75% of the fund's total assets, purchase the securities
of any issuer (other than securities issued or guaranteed by the U.S.
government or any of its agencies or instrumentalities) if, as a result,
(a) more than 5% of the fund's total assets would be invested in the
securities of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer.
(2) issue senior securities, except as permitted under the Investment
Company Act of 1940;
(3) borrow money, except that the fund may (i) borrow money for temporary
or emergency purposes (not for leveraging or investment) and (ii) engage in
reverse repurchase agreements for any purpose; provided that (i) and (ii)
in combination do not exceed 33 1/3% of the fund's total assets (including
the amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within three
days (not including Sundays and holidays) to the extent necessary to comply
with the 33 1/3% limitation;
(4) underwrite securities issued by others, except to the extent that the
fund may be considered an underwriter within the meaning of the Securities
Act of 1933 in the disposition of restricted securities;
(5) purchase the securities of any issuer (other than securities issued or
guaranteed by the U.S. government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose principal
business activities are in the same industry, except that the fund will
invest more than 25% of its total assets in the financial services
industry;
(6) purchase or sell real estate unless acquired as a result of ownership
of securities or other instruments (but this shall not prevent the fund
from investing in securities or other instruments backed by real estate or
securities of companies engaged in the real estate business);
(7) purchase or sell physical commodities unless acquired as a result of
ownership of securities or other instruments;
(8) lend any security or make any other loan if, as a result, more than 33
1/3% of its total assets would be lent to other parties, but this
limitation does not apply to purchases of debt securities or to repurchase
agreements;
(9) invest in companies for the purpose of exercising control or
management.
IN ADDITION, THE FUND MAY:
(10) notwithstanding any other fundamental investment policy or limitation,
invest all of its assets in the securities of a single open-end management
investment company with substantially the same fundamental investment
objectives, policies, and limitations as the fund.
THE FOLLOWING ARE THE MONEY MARKET FUND'S NON-FUNDAMENTAL LIMITATIONS WHICH
MAY BE CHANGED WITHOUT SHAREHOLDER APPROVAL.
(i) The fund does not currently intend to purchase a security (other than a
security issued or guaranteed by the U.S. government or any of its agencies
or instrumentalities) if, as a result, more than 5% of its total assets
would be invested in the securities of a single issuer; provided that the
fund may invest up to 25% of its total assets in the first tier securities
of a single issuer for up to three business days.
(ii) The fund does not currently intend to sell securities short, unless it
owns or has the right to obtain securities equivalent in kind and amount to
the securities sold short, and provided that transactions in futures
contracts and options are not deemed to constitute selling securities
short.
(iii) The fund does not currently intend to purchase securities on margin,
except that the fund may obtain such short-term credits as are necessary
for the clearance of transactions, and provided that margin payments in
connection with futures contracts and options on futures contracts shall
not constitute purchasing securities on margin.
(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. The fund will not purchase any security while borrowings
(excluding reverse repurchase agreements) representing more than 5% of its
total assets are outstanding. The fund will not borrow from other funds
advised by FMR or its affiliates if total outstanding borrowings
immediately after such borrowing would exceed 15% of the fund's total
assets.
(v) The fund does not currently intend to purchase any security if, as a
result, more than 10% of its net assets would be invested in securities
that are deemed to be illiquid because they are subject to legal or
contractual restrictions on resale or because they cannot be sold or
disposed of in the ordinary course of business at approximately the prices
at which they are valued.
(vi) The fund does not currently intend to invest in securities of real
estate investment trusts that are not readily marketable, or to invest in
securities of real estate limited partnerships that are not listed on the
New York Stock Exchange or the American Stock Exchange or traded on the
NASDAQ National Market System.
(vii) The fund does not currently intend to purchase physical commodities
or purchase or sell futures contracts based on physical commodities.
(viii) The fund does not currently intend to lend assets other than
securities to other parties, except by lending money (up to 10% 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.)
(ix) The fund does not currently intend to (a) purchase securities of other
investment companies, except in the open market where no commission except
the ordinary broker's commission is paid, or (b) purchase or retain
securities issued by other open-end investment companies. Limitations (a)
and (b) do not apply to securities received as dividends, through offers of
exchange, or as a result of a reorganization, consolidation, or merger.
(x) The fund does not currently intend to invest in oil, gas, or other
mineral exploration or development programs or leases.
(xi) The fund does not currently intend to purchase the securities of any
issuer if those officers and Trustees of the trust and those officers and
directors of FMR who individually own more than 1/2 of 1% of the securities
of such issuer together own more than 5% of such issuer's securities.
(xii) The fund does not currently intend to purchase or sell futures
contracts or call options. This limitation does not apply to options
attached to or acquired or traded together with their underlying securities
and does not apply to securities that incorporate features similar to
options or futures contracts.
(xiii) The fund does not currently intend to invest all of its assets in
the securities of a single open-end management investment company with
substantially the same fundamental investment objective, policies, and
limitations as the fund.
BROKERAGE AND INVESTMENT MANAGEMENT PORTFOLIO AND FINANCIAL SERVICES
PORTFOLIO Rule 12d3-1 under the Investment Company Act of 1940, as amended,
allows investment portfolios such as these funds to invest in companies
engaged in securities-related activities subject to certain conditions.
Purchases of securities of a company that derived 15% or less of gross
revenues during its most recent fiscal year from securities-related
activities (i.e., broker/dealer, underwriting, or investment advisory
activities) are subject only to the same percentage limitations as would
apply to any other security the funds may purchase. Each fund may purchase
securities of an issuer that derived more than 15% of its gross revenues in
its most recent fiscal year from securities-related activities, subject to
the following conditions:
a. the purchase cannot cause more than 5% of the fund's total assets to be
invested in securities of that issuer;
b. for an equity security, the purchase cannot result in the fund owning
more than 5% of the issuer's outstanding securities in that class;
c. for a debt security, the purchase cannot result in the fund owning more
than 10% of the outstanding principal amount of the issuer's debt
securities.
In applying the gross revenue test, an issuer's own securities-related
activities must be combined with its ratable share of securities-related
revenues from enterprises in which it owns a 20% or greater voting or
equity interest. All of the above percentage limitations, as well as the
issuer's gross revenue test, are applicable at the time of purchase. With
respect to warrants, rights, and convertible securities, a determination of
compliance with the above limitations shall be made as though such warrant,
right, or conversion privilege had been exercised. Neither fund will be
required to divest its holdings of a particular issuer when circumstances
subsequent to the purchase cause one of the above conditions to not be met.
The funds are not permitted to acquire any security issued by FMR, FDC, or
any affiliated company of these companies that is a securities-related
business. The purchase of a general partnership interest in a
securities-related business is prohibited.
MULTIMEDIA PORTFOLIO
The Federal Communications Commission (FCC) has certain rules which limit
ownership of corporate broadcast licensees in an effort to assure that no
one person or entity (including mutual funds) exercises an unacceptable
degree of influence or control over broadcast facilities. Current FCC rules
prohibit the fund, together with all other funds advised by FMR, from
holding in the aggregate 10% of the voting stock of more than 18 AM, 18 FM,
or 12 TV broadcast stations. If the officer or director of a broadcast
licensee is a representative of the fund, that licensee must also be taken
into account in determining whether the limitation on the number of
stations has been exceeded. FCC rules also limit investment in multiple
stations serving the same area.
The attribution rules are not applicable to noncommercial educational FM
and TV stations, or to TV stations that are primarily "satellite"
operations. In addition, the rules do not restrict the ownership of a
broadcast licensee if any other person holds more than 50% of the
outstanding voting stock of the licensee. These limitations apply to the
aggregate assets of Multimedia Portfolio and of all funds managed by FMR.
AMERICAN GOLD PORTFOLIO AND PRECIOUS METALS AND MINERALS PORTFOLIO
The American Gold Portfolio and the Precious Metals and Minerals Portfolio
each have the authority to invest a portion of their assets in gold. The
Precious Metals and Minerals Portfolio can invest in other precious metals,
such as platinum, palladium, and silver. No more than 50% of the American
Gold Portfolio's total assets may be invested in gold bullion or coins. No
more than 50% of the Precious Metals and Minerals Portfolio's total assets
may be invested in precious metals, including gold bullion or coins.
FMR does not currently intend that either fund will hold gold coins, but
the Trustees reserve the right of the Portfolios to do so in the future.
Transactions in gold coins will be entered into only with prior approval by
the Trustees, prior notice to current shareholders, and provided that
disclosure regarding the nature of such investments is set forth in a
subsequent Prospectus that is part of the Registration Statement declared
effective by the Securities and Exchange Commission. In addition, the
ability of the funds to hold gold coins may be restricted by the securities
laws and/or regulations of states where the funds' shares are qualified for
sale.
The funds may also consider investments in securities indexed to the price
of gold (both funds) or other precious metals (Precious Metals Portfolio
only) as an alternative to direct investments in precious metals.
The Precious Metals and Minerals Portfolio's gold-related investments will
often contain securities of companies located in the Republic of South
Africa, which is a principal producer of gold. Unsettled political and
social conditions in South Africa and its neighboring countries, may from
time to time pose certain risks to the Precious Metals and Minerals
Portfolio's investments in South African issuers. These events could also
have an impact on the American Gold Portfolio through their influence on
the price of gold and related mining securities worldwide.
FUND DESCRIPTIONS
THE STOCK FUNDS INVEST PRIMARILY WITHIN THE INVESTMENT AREAS DESCRIBED
BELOW.
AIR TRANSPORTATION PORTFOLIO: COMPANIES ENGAGED IN THE REGIONAL, NATIONAL
AND INTERNATIONAL MOVEMENT OF PASSENGERS, MAIL, AND FREIGHT VIA AIRCRAFT.
Such companies include the major airlines, commuter airlines, air cargo and
express delivery operators, air freight forwarders, aviation service firms,
and manufacturers of aeronautical equipment.
Airline deregulation has substantially diminished the government's role in
the air transport industry while promoting an increased level of
competition. However, regulations and policies of various domestic and
foreign governments can still affect the profitability of individual
carriers as well as the entire industry. In addition to regulations and
competition, the air transport industry is also very sensitive to fuel
price levels and the state of foreign and domestic economies.
AMERICAN GOLD PORTFOLIO: COMPANIES ENGAGED IN EXPLORATION, MINING,
PROCESSING, OR DEALING IN GOLD, OR, TO A LESSER DEGREE, IN SILVER,
PLATINUM, DIAMONDS, OR OTHER PRECIOUS METALS AND MINERALS. FMR also may
invest in securities of companies which themselves invest in companies
engaged in these activities. Normally at least 80% of the fund's assets
will be invested in securities of North, Central and South American
companies engaged in gold-related activities, and in gold bullion or coins.
The prices of gold and other precious metal mining securities have been
subject to substantial fluctuations over short periods of time and may be
affected by unpredictable international monetary and political developments
such as currency devaluations or revaluations, economic and social
conditions within a country, trade imbalances, or trade or currency
restrictions between countries. Since much of the world's gold reserves are
located in South Africa, the social upheaval and related economic
difficulties there may, from time to time, influence the price of gold and
the share values of precious metals mining companies located elsewhere.
Investors should understand the special considerations and risks related to
such an investment emphasis, and, accordingly, the potential effect on the
fund's value.
In addition to its investments in securities, the fund may invest a portion
of its assets in gold bullion or coins. The price of gold is affected by
broad economic and political conditions, but is less subject to local and
company-specific factors than securities of individual companies. As a
result, gold may be more or less volatile in price than securities of
companies engaged in gold-related businesses. FMR intends to purchase only
those forms of gold that are readily marketable and that can be stored in
accordance with custody regulations applicable to mutual funds. The fund
may incur higher custody and transaction costs for gold than for
securities.
The fund is authorized to invest up to 50% of its total assets in gold
bullion or coins; however, as a non-fundamental policy (which can be
changed without shareholder approval), FMR does not currently intend to
purchase gold if, as a result, more than 25% of the fund's total assets
would be invested in gold, and does not currently intend to purchase coins.
As a further limit on gold investments, under current federal tax law,
gains from selling gold may not exceed 10% of the fund's annual gross
income. This tax requirement could cause the fund to hold or sell bullion
or securities when it would not otherwise do so. The fund also may purchase
securities whose redemption value is indexed to the price of gold, which
are discussed in the Statement of Additional Information. Because the value
of these securities is directly linked to the price of gold, they involve
risks and pricing characteristics similar to direct investments in gold.
FMR currently intends to treat such securities as gold investments for the
purposes of the 25% and 50% limitations above and the 80% policy in the
first paragraph of this section.
AUTOMOTIVE PORTFOLIO: COMPANIES ENGAGED IN THE MANUFACTURE, MARKETING OR
SALE OF AUTOMOBILES, TRUCKS, SPECIALTY VEHICLES, PARTS, TIRES, AND RELATED
SERVICES. These companies include those involved with the manufacture and
distribution of vehicles, vehicle parts and tires - either original
equipment or for the aftermarket - and those which are involved in the
retail sale of vehicles, parts or tires. In addition, the fund may invest
in companies that provide automotive-related services to manufacturers,
distributors or consumers.
The automotive industry is highly cyclical and companies involved in this
business may suffer periodic operating losses. While most of the major
manufacturers are large, financially strong companies, many others are
small and may be non-diversified in both product line and customer base.
BIOTECHNOLOGY PORTFOLIO: COMPANIES ENGAGED IN THE RESEARCH, DEVELOPMENT,
AND MANUFACTURE OF VARIOUS BIOTECHNOLOGICAL PRODUCTS, SERVICES AND
PROCESSES. These include companies involved with new or experimental
technologies such as genetic engineering, hybridoma and recombinant DNA
techniques and monoclonal antibodies. The fund may also invest in companies
that manufacture and/or distribute biotechnological and biomedical
products, including devices and instruments, and in companies that provide
or benefit significantly from scientific and technological advances in
biotechnology. Some biotechnology companies may provide processes or
services instead of, or in addition to, products.
The description of the biotechnology sector will be interpreted broadly by
FMR, and may include applications and developments in such areas as human
health care (e.g., cancer, infectious disease, diagnostics and
therapeutics); pharmaceuticals (e.g., new drug development and production);
agricultural and veterinary applications (e.g., improved seed varieties,
animal growth hormones); chemicals (e.g., enzymes, toxic waste treatment);
medical/surgical (e.g., epidermal growth factor, in vivo
imaging/therapeutics); and industry (e.g., biochips, fermentation, enhanced
mineral recovery).
Many of these companies may have losses and may not offer products until
the late 1990's. These companies may have persistent losses during a new
product's transition from development to production, and revenue patterns
may be erratic. In addition, biotechnology companies are affected by patent
considerations, intense competition, rapid technological change and
obsolescence, and regulatory requirements of the U.S. Food and Drug
Administration, the Environmental Protection Agency, state and local
governments, and foreign regulatory authorities. Many of these companies
are relatively small and their stock is thinly traded.
BROKERAGE AND INVESTMENT MANAGEMENT PORTFOLIO: COMPANIES ENGAGED IN STOCK
BROKERAGE, COMMODITY BROKERAGE, INVESTMENT BANKING, TAX-ADVANTAGED
INVESTMENT OR INVESTMENT SALES, INVESTMENT MANAGEMENT, OR RELATED
INVESTMENT ADVISORY SERVICES. Holdings may include diversified companies
with operations in the aforementioned areas, in addition to firms
principally engaged in brokerage activities or investment management. The
fund will not invest in securities of FMR or its affiliated companies.
Changes in regulations, the brokerage commission structure, and the
competitive environment, combined with the operating leverage inherent in
companies in these industries, can produce erratic revenues and earnings
over time. The performance of companies in this industry can be closely
tied to the stock market and can suffer during market declines. Revenues
often depend on overall market activity. Securities and Exchange Commission
regulations provide that the fund may not invest more than 5% of its total
assets in the securities of any one company that derives more than 15% of
its revenues from brokerage or investment management activities. These
companies, as well as those deriving more than 15% of profits from
brokerage and investment management activities, will be considered to be
"principally engaged" in this fund's specific business activity.
CHEMICALS PORTFOLIO: COMPANIES ENGAGED IN THE RESEARCH, DEVELOPMENT,
MANUFACTURE OR MARKETING OF PRODUCTS OR SERVICES RELATED TO THE CHEMICAL
PROCESS INDUSTRIES. Such products may include synthetic and natural
materials, such as basic and intermediate organic and inorganic chemicals,
plastics, synthetic fibers, fertilizers, industrial gases, flavorings,
fragrances, biological materials, catalysts, carriers, additives, and
process aids. The fund may also hold the securities of companies providing
design, engineering, construction, and consulting services to companies
engaged in chemical processing.
Companies in the chemical processing field are subject to regulation by
various federal and state authorities, including the Environmental
Protection Agency and its state agency counterparts. As regulations are
developed and enforced, such companies may be required to alter or cease
production of a product, to pay fines or to pay for cleaning up a disposal
site, or to agree to restrictions on their operations. In addition, some of
the materials and processes used by these companies involve hazardous
components. There are risks associated with their production, handling and
disposal. These risks are in addition to the more common risks of intense
competition and product obsolescence.
COMPUTERS PORTFOLIO: COMPANIES ENGAGED IN RESEARCH, DESIGN, DEVELOPMENT,
MANUFACTURE OR DISTRIBUTION OF PRODUCTS, PROCESSES OR SERVICES THAT RELATE
TO CURRENTLY AVAILABLE OR EXPERIMENTAL HARDWARE TECHNOLOGY WITHIN THE
COMPUTER INDUSTRY. The fund may hold securities of companies that provide
the following products or services: mainframes, minicomputers,
microcomputers, peripherals, data or information processing, office or
factory automation, robotics, artificial intelligence, computer aided
design, medical technology, engineering and manufacturing, data
communications and software.
Competitive pressures may have a significant effect on the financial
conditions of companies in the computer industry. For example, as product
cycles shorten and manufacturing capacity increases, these companies could
become increasingly subject to aggressive pricing, which hampers
profitability. Fluctuating domestic and international demand also affect
profitability.
CONSTRUCTION AND HOUSING PORTFOLIO: COMPANIES ENGAGED IN THE DESIGN AND
CONSTRUCTION OF RESIDENTIAL, COMMERCIAL, INDUSTRIAL AND PUBLIC WORKS
FACILITIES, AS WELL AS COMPANIES ENGAGED IN THE MANUFACTURE, SUPPLY,
DISTRIBUTION OR SALE OF PRODUCTS OR SERVICES TO THESE CONSTRUCTION
INDUSTRIES. Examples of companies engaged in these activities include
companies that provide engineering and contracting services, and companies
that produce basic building materials such as cement, aggregates, gypsum,
timber, wall coverings, and floor coverings.
The fund also may invest in the securities of companies involved in real
estate development and construction financing. Such companies could include
homebuilders, architectural and design firms, and property managers.
Additionally, the fund may invest in the securities of companies involved
in the home improvement and maintenance industry, which would include
building material retailers and distributors, household service firms, and
those that supply such companies.
The companies that the fund may invest in are subject to, among other
factors, changes in government spending on public works and transportation
facilities such as highways and airports, as well as changes in interest
rates and levels of economic activity, government-sponsored housing subsidy
programs, rate of housing turnover, taxation, demographic patterns,
consumer spending, consumer confidence, and new and existing home sales.
CONSUMER PRODUCTS PORTFOLIO: COMPANIES ENGAGED IN THE MANUFACTURE AND
DISTRIBUTION OF GOODS TO CONSUMERS BOTH DOMESTICALLY AND INTERNATIONALLY.
The fund may invest in companies that manufacture or sell durable products
such as homes, cars, boats, furniture, major appliances, and personal
computers.
The fund will also invest in companies that manufacture, wholesale, or
retail non-durable goods such as food, beverages, tobacco, health care
products, household and personal care products, apparel, and entertainment
products (books, magazines, TV, cable, movies, music). Consumer products
and services such as lodging, child care, convenience stores, and car
rentals may also be represented in the fund.
The success of durable goods manufacturers and retailers is closely tied to
the performance of the overall economy, interest rates, and consumer
confidence. These segments are very competitive; success depends heavily on
household disposable income and consumer spending. Consumer product and
retailing concepts tend to rise and fall with changes in demographics and
consumer tastes.
DEFENSE AND AEROSPACE PORTFOLIO: COMPANIES ENGAGED IN THE RESEARCH,
MANUFACTURE OR SALE OF PRODUCTS OR SERVICES RELATED TO THE DEFENSE OR
AEROSPACE INDUSTRIES. The fund may hold securities of companies that
provide the following products or services: air transport; data processing,
or computer-related services; communications systems; research; development
and manufacture of military weapons and transportation; general aviation
equipment, missiles, space launch vehicles, and spacecraft; units for
guidance, propulsion, and control of flight vehicles; equipment components
and airborne and ground-based equipment essential to the testing,
operation, and maintenance of flight vehicles.
Companies involved in the defense and aerospace industries rely to a large
extent on U.S. (and other) government demand for their products and
services. The financial condition of such companies and investor interest
in the stocks of these companies are heavily influenced by federal defense
and aerospace spending policies. For example, defense spending is currently
under pressure from efforts to control the U.S. budget deficit.
DEVELOPING COMMUNICATIONS PORTFOLIO: COMPANIES ENGAGED IN THE DEVELOPMENT,
MANUFACTURE OR SALE OF EMERGING COMMUNICATIONS SERVICES OR EQUIPMENT. The
fund may invest in companies developing or offering services or products
based on communications technologies such as cellular, paging, personal
communications networks, special mobile radio, facsimile, fiber optic
transmission, voice mail, video conferencing, microwave, satellite, local
and wide area networking, and other transmission electronics. For purposes
of characterizing the fund's investments, communications services or
equipment may be deemed to be "emerging" if they derive from new
technologies or new applications of existing technologies. The fund will
focus on companies whose business is based on these emerging technologies,
with less emphasis on traditional telephone utilities and large long
distance carriers. The fund will attempt to exploit growth opportunities
presented by new technologies and applications in the communications field.
Many of these opportunities may be in the development stage and, as such,
can pose large risks as well as potential rewards. Such risks might include
failure to obtain (or delays in obtaining) adequate financing or necessary
regulatory approvals, intense competition, product incompatibility,
consumer preferences and rapid obsolescence. Securities of small companies
that base their business on emerging technologies may be volatile due to
limited product lines, markets, or financial resources.
ELECTRONICS PORTFOLIO: COMPANIES ENGAGED IN THE DESIGN, MANUFACTURE, OR
SALE OF ELECTRONIC COMPONENTS (SEMICONDUCTORS, CONNECTORS, PRINTED CIRCUIT
BOARDS AND OTHER COMPONENTS); EQUIPMENT VENDORS TO ELECTRONIC COMPONENT
MANUFACTURERS; ELECTRONIC COMPONENT DISTRIBUTORS; AND ELECTRONIC
INSTRUMENTS AND ELECTRONIC SYSTEMS VENDORS. In addition, the fund may
invest in companies in the fields of defense electronics, medical
electronics, consumer electronics, advanced manufacturing technologies
(computer-aided design and computer-aided manufacturing [CAD/CAM],
computer-aided engineering, and robotics), lasers and electro-optics, and
other new electronic technologies. Many of the products offered by
companies engaged in the design, production or distribution of electronic
products are subject to risks of rapid obsolescence.
ENERGY PORTFOLIO: COMPANIES IN THE ENERGY FIELD, INCLUDING THE CONVENTIONAL
AREAS OF OIL, GAS, ELECTRICITY AND COAL, AND NEWER SOURCES OF ENERGY SUCH
AS NUCLEAR, GEOTHERMAL, OIL SHALE AND SOLAR POWER. The business activities
of companies held in the Energy Portfolio may include: production,
generation, transmission, marketing, control, or measurement of energy or
energy fuels; providing component parts or services to companies engaged in
the above activities; energy research or experimentation; and environmental
activities related to the solution of energy problems, such as energy
conservation and pollution control. Companies participating in new
activities resulting from technological advances or research discoveries in
the energy field will also be considered for this fund.
The securities of companies in the energy field are subject to changes in
value and dividend yield which depend, to a large extent, on the price and
supply of energy fuels. Swift price and supply fluctuations may be caused
by events relating to international politics, energy conservation, the
success of exploration projects, and tax and other regulatory policies of
various governments.
ENERGY SERVICE PORTFOLIO: COMPANIES IN THE ENERGY SERVICE FIELD, INCLUDING
THOSE THAT PROVIDE SERVICES AND EQUIPMENT TO THE CONVENTIONAL AREAS OF OIL,
GAS, ELECTRICITY AND COAL, AND NEWER SOURCES OF ENERGY SUCH AS NUCLEAR,
GEOTHERMAL, OIL SHALE AND SOLAR POWER. Holdings may include companies
involved in providing services and equipment for drilling processes such as
offshore and onshore drilling, drill bits, drilling rig equipment, drilling
string equipment, drilling fluids, tool joints and wireline logging. Many
energy service companies are engaged in production and well maintenance,
providing such products and services as packers, perforating equipment,
pressure pumping, downhole equipment, valves, pumps, compression equipment,
and well completion equipment and service. Certain companies supply energy
providers with exploration technology such as seismic data, geological and
geophysical services, and interpretation of this data. Holdings may also
include companies with a variety of products or services including pipeline
construction, oil tool rental, underwater well services, helicopter
services, geothermal plant design or construction, electric and nuclear
plant design or construction, energy-related capital equipment, mining
related equipment or services, and high technology companies serving the
above industries.
Energy service firms are affected by supply, demand and other normal
competitive factors for their specific products or services. They are also
affected by other unpredictable factors such as supply and demand for oil
and gas, prices of oil and gas, exploration and production spending,
governmental regulation, world events and economic conditions.
ENVIRONMENTAL SERVICES PORTFOLIO: COMPANIES ENGAGED IN THE RESEARCH,
DEVELOPMENT, MANUFACTURE OR DISTRIBUTION OF PRODUCTS, PROCESSES OR SERVICES
RELATED TO WASTE MANAGEMENT OR POLLUTION CONTROL. Such products or services
may include the transportation, treatment and disposal of both hazardous
and solid wastes, including waste-to-energy and recycling; remedial project
efforts, including groundwater and underground storage tank
decontamination, asbestos cleanup and emergency cleanup response; and the
detection, analysis, evaluation, and treatment of both existing and
potential environmental problems including, among others, contaminated
water, air pollution, and acid rain. The fund may also hold the securities
of companies providing design, engineering, construction, and consulting
services to companies engaged in waste management or pollution control.
The environmental services industry has generally been positively
influenced by legislation resulting in stricter government regulations and
enforcement policies for both commercial and governmental generators of
waste materials, as well as specific expenditures designated for remedial
cleanup efforts. Companies in the environmental services field are also
affected by regulation by various federal and state authorities, including
the federal Environmental Protection Agency and its state agency
counterparts. As regulations are developed and enforced, such companies may
be required to alter or cease production of a product or service or to
agree to restrictions on their operations. In addition, since the materials
handled and processes involved include hazardous components, there is
significant liability risk. There are also risks of intense competition
within the environmental services industry.
FINANCIAL SERVICES PORTFOLIO: COMPANIES PROVIDING FINANCIAL SERVICES TO
CONSUMERS AND INDUSTRY. Companies in the financial services field include:
commercial banks and savings and loan associations, consumer and industrial
finance companies, securities brokerage companies, real estate-related
companies, leasing companies, and a variety of firms in all segments of the
insurance field such as multi-line, property and casualty, and life
insurance.
The financial services area is currently undergoing relatively rapid change
as existing distinctions between financial service segments become less
clear. For instance, recent business combinations have included insurance,
finance, and securities brokerage under single ownership. Some primarily
retail corporations have expanded into securities and insurance fields.
Moreover, the federal laws generally separating commercial and investment
banking are currently being studied by Congress.
Banks, savings and loan associations, and finance companies are subject to
extensive governmental regulation which may limit both the amounts and
types of loans and other financial commitments they can make and the
interest rates and fees they can charge. The profitability of these groups
is largely dependent on the availability and cost of capital funds, and can
fluctuate significantly when interest rates change. In addition, general
economic conditions are important to the operations of these concerns, with
exposure to credit losses resulting from possible financial difficulties of
borrowers potentially having an adverse effect. Insurance companies are
likewise subject to substantial governmental regulation, predominantly at
the state level, and may be subject to severe price competition.
Securities and Exchange Commission regulations provide that the fund may
not invest more than 5% of its assets in the securities of any one company
that derives more than 15% of its revenues from brokerage or investment
management activities. These companies as well as those deriving more than
15% of profits from brokerage and investment management activities will be
considered to be "principally engaged" in this fund's business activity.
FOOD AND AGRICULTURE PORTFOLIO: COMPANIES ENGAGED IN THE MANUFACTURE, SALE
OR DISTRIBUTION OF FOOD AND BEVERAGE PRODUCTS, AGRICULTURAL PRODUCTS, AND
PRODUCTS RELATED TO THE DEVELOPMENT OF NEW FOOD TECHNOLOGIES. The goods and
services provided or manufactured by companies in the fund may include:
packaged food products such as cereals, pet foods and frozen foods; meat
and poultry processing; the production of hybrid seeds; the wholesale and
retail distribution and warehousing of food and food-related products,
including restaurants; and the manufacture and distribution of health food
and dietary products, fertilizer and agricultural machinery, wood products,
tobacco, and tobacco leaf. In addition to the above, food technology
companies engaged in and pioneering the development of new technologies to
provide improved hybrid seeds, new and safer food storage, and new enzyme
technologies may be purchased by the fund.
The success of food and food-related products is closely tied to supply and
demand, which may be strongly affected by demographic and product trends,
stimulated by food fads, marketing campaigns, and environmental factors. In
the U.S., the agricultural products industry is subject to regulation by
numerous federal and municipal government agencies.
HEALTH CARE PORTFOLIO: COMPANIES ENGAGED IN THE DESIGN, MANUFACTURE, OR
SALE OF PRODUCTS OR SERVICES USED FOR OR IN CONNECTION WITH HEALTH CARE OR
MEDICINE. Companies in the health care field include pharmaceutical
companies; firms that design, manufacture, sell, or supply medical, dental,
and optical products, hardware or services; companies involved in
biotechnology, medical diagnostic, and biochemical research and
development, as well as companies involved in the operation of health care
facilities. Many of these companies are subject to government regulation of
their products and services, a factor which could have a significant and
possibly unfavorable effect on the price and availability of such products
or services. Furthermore, the types of products or services produced or
provided by these companies may become obsolete quickly.
HOME FINANCE PORTFOLIO: COMPANIES ENGAGED IN INVESTING IN REAL ESTATE,
USUALLY THROUGH MORTGAGES AND OTHER CONSUMER-RELATED LOANS. These companies
may also offer discount brokerage services, insurance products, leasing
services, and joint venture financing. Investments may include mortgage
banking companies, government-sponsored enterprises, real estate investment
trusts, consumer finance companies, and similar entities, as well as
savings and loan associations, savings banks, building and loan
associations, cooperative banks, commercial banks, and similar depository
institutions. The fund may hold securities of U.S. depository institutions
whose customer deposits are insured by the Savings Association Insurance
Fund (SAIF) or the Bank Insurance Fund (BIF).
The residential real estate finance industry has changed rapidly over the
last decade. Regulatory changes at federally insured institutions, in
response to a high failure rate, have mandated higher capital ratios and
more prudent underwriting. This reduced capacity has created growth
opportunities for uninsured companies and secondary market products to fill
unmet demand for home finance. Continued change in the origination,
packaging, selling, holding, and insuring of home finance products is
expected going forward.
The fund will be influenced by potential regulatory changes, interest rate
movements, the level of home mortgage demand, and residential delinquency
trends.
INDUSTRIAL EQUIPMENT PORTFOLIO: COMPANIES ENGAGED IN THE MANUFACTURE,
DISTRIBUTION OR SERVICE OF PRODUCTS AND EQUIPMENT FOR THE INDUSTRIAL
SECTOR, INCLUDING INTEGRATED PRODUCERS OF CAPITAL EQUIPMENT (SUCH AS
GENERAL INDUSTRY MACHINERY, FARM EQUIPMENT, AND COMPUTERS), PARTS SUPPLIERS
AND SUBCONTRACTORS. The fund may invest in companies that manufacture
products or service equipment for the food, clothing or sporting goods
industries.
The success of equipment manufacturing and distribution companies is
closely tied to overall capital spending levels. Capital spending is
influenced by the individual company's profitability, and broader issues
such as interest rates and foreign competition, which are partly determined
by currency exchange rates. Equipment manufacturing concerns may also be
affected by economic cycles, technical obsolescence, labor relations
difficulties and government regulations pertaining to products, production
facilities, or production processes.
INDUSTRIAL MATERIALS PORTFOLIO: COMPANIES ENGAGED IN THE MANUFACTURE,
MINING, PROCESSING, OR DISTRIBUTION OF RAW MATERIALS AND INTERMEDIATE GOODS
USED IN THE INDUSTRIAL SECTOR. The products handled by the companies held
in the fund may include chemicals, timber, paper, copper, iron ore, nickel,
steel, aluminum, textiles, cement, and gypsum. Investments may also be made
in the securities of mining, processing, transportation, and distribution
companies, including equipment suppliers and railroads.
Many companies in this sector are significantly affected by the level and
volatility of commodity prices, the exchange value of the dollar, import
controls, and worldwide competition. At times, worldwide production of
these materials has exceeded demand as a result of over-building or
economic downturns. During these times, commodity price declines, and unit
volume reductions have led to poor investment returns and losses. Other
risks include liability for environmental damage, depletion of resources,
and mandated expenditures for safety and pollution control.
INSURANCE PORTFOLIO: COMPANIES ENGAGED IN UNDERWRITING, REINSURING,
SELLING, DISTRIBUTING, OR PLACING OF PROPERTY AND CASUALTY, LIFE, OR HEALTH
INSURANCE. The fund may invest in multi-line companies that provide
property and casualty coverage, as well as life and health insurance. The
fund may invest in insurance brokers, reciprocals, and claims processors.
The fund may also invest in diversified financial companies with
subsidiaries (including insurance brokers, reciprocals and claims
processors) engaged in underwriting, reinsuring, selling, distributing or
placing insurance with independent third parties.
Insurance company profits are affected by interest rate levels, general
economic conditions, and price and marketing competition. Property and
casualty insurance profits may also be affected by weather catastrophes and
other disasters. Life and health insurance profits may be affected by
mortality and morbidity rates. Individual companies may be exposed to
material risks including reserve inadequacy and the inability to collect
from reinsurance carriers. Insurance companies are subject to extensive
governmental regulation, including the imposition of maximum rate levels,
which may not be adequate for some lines of business. Proposed or potential
tax law changes may also adversely affect insurance companies' policy
sales, tax obligations, and profitability.
LEISURE PORTFOLIO: COMPANIES ENGAGED IN THE DESIGN, PRODUCTION, OR
DISTRIBUTION OF GOODS OR SERVICES IN THE LEISURE INDUSTRIES. The goods or
services provided by companies in the fund may include: television and
radio broadcast or manufacture (including cable television); motion
pictures and photography; recordings and musical instruments; publishing,
including newspapers and magazines; sporting goods and camping and
recreational equipment; and sports arenas. Other goods and services may
include toys and games (including video and other electronic games),
amusement and theme parks, travel-related services, hotels and motels,
leisure apparel or footwear, fast food, beverages, restaurants, and gaming
casinos.
Securities of companies in the leisure industry may be considered
speculative. Companies engaged in entertainment, gaming, broadcasting,
cable television and cellular communications, for example, have
unpredictable earnings, due in part to changing consumer tastes and intense
competition. Securities of companies in the leisure industry generally
exhibit greater volatility than the overall market. The market has been
known to react strongly to technological developments and to the specter of
government regulation in the leisure industry.
MEDICAL DELIVERY PORTFOLIO: COMPANIES ENGAGED IN THE OWNERSHIP OR
MANAGEMENT OF HOSPITALS, NURSING HOMES, HEALTH MAINTENANCE ORGANIZATIONS,
AND OTHER COMPANIES SPECIALIZING IN THE DELIVERY OF HEALTH CARE SERVICES.
Holdings may include companies that operate acute care, psychiatric,
teaching, or specialized treatment hospitals; firms that provide outpatient
surgical, outpatient rehabilitation, or other specialized care, home health
care, drug and alcohol abuse treatment, and dental care; firms operating
comprehensive health maintenance organizations and nursing homes for the
elderly and disabled; and firms that provide related laboratory services.
Federal and state governments provide a substantial percentage of revenues
to health care service providers via Medicare and Medicaid. The future
growth of this source of funds is subject to great uncertainty.
Additionally, the complexion of the private payment system is changing. For
example, insurance companies are beginning to offer long term health care
insurance for nursing home patients to supplement or replace government
benefits. Also, membership in health maintenance organizations or prepaid
health plans is displacing individual payments for each service rendered by
a hospital or physician.
The demand for health care services will tend to increase as the population
ages. However, review of patients' need for hospitalization by Medicare and
health maintenance organizations has demonstrated the ability of health
care providers to curtail unnecessary hospital stays and reduce costs.
MULTIMEDIA PORTFOLIO: COMPANIES ENGAGED IN THE DEVELOPMENT, PRODUCTION,
SALE AND DISTRIBUTION OF GOODS OR SERVICES USED IN THE BROADCAST AND MEDIA
INDUSTRIES. Business activities of companies held in the fund may include:
ownership, operation, or broadcast of free or pay television, radio or
cable stations; publication and sale of newspapers, magazines, books or
video products; and distribution of data-based information. The fund may
also invest in companies involved in the development, syndication and
transmission of the following products: television and movie programming,
pay-per-view television, advertising, cellular communications, and emerging
technology for the broadcast and media industries.
Some of the companies in these industries are undergoing significant change
because of federal deregulation of cable and broadcasting. As a result,
competitive pressures are intense and the stocks are subject to increased
price volatility. Current Federal Communications Commission rules prohibit
the fund, together with all other funds advised by FMR, from holding in the
aggregate 10% of the voting stock of more than 18 AM, 18 FM or 12 TV
stations.
This fund may purchase securities identical to those in the Leisure
Portfolio, or securities of companies that are engaged in business
activities similar to those of certain companies in the Leisure Portfolio.
The Broadcast and Media Portfolio's narrower focus may make it a more
volatile investment than the Leisure Portfolio.
NATURAL GAS PORTFOLIO: COMPANIES ENGAGED IN THE PRODUCTION, TRANSMISSION,
AND DISTRIBUTION OF NATURAL GAS, AND INVOLVED IN THE EXPLORATION OF
POTENTIAL NATURAL GAS SOURCES, AS WELL AS THOSE COMPANIES THAT PROVIDE
SERVICES AND EQUIPMENT TO NATURAL GAS PRODUCERS, REFINERIES, COGENERATION
FACILITIES, CONVERTERS, AND DISTRIBUTORS. The business activities of
companies held in the Natural Gas Portfolio may include: production,
transmission, distribution, marketing, control, or measurement of natural
gas; exploration of potential natural gas sources; providing component
parts or services to companies engaged in the above activities; natural gas
research or experimentation; and environmental activities related to the
solution of energy problems, such as energy conservation or pollution
control through the use of natural gas. Companies participating in new
activities working toward technological advances in the natural gas field
may also be considered for the fund.
The companies in the natural gas field are subject to, among other factors,
changes in price and supply of both conventional and alternative energy
sources. Swift price and supply fluctuations may be caused by events
relating to international politics, energy conservation, the success of
energy source exploration projects, and tax and other regulatory policies
of domestic and foreign governments.
PAPER AND FOREST PRODUCTS PORTFOLIO: COMPANIES ENGAGED IN THE MANUFACTURE,
RESEARCH, SALE, OR DISTRIBUTION OF PAPER PRODUCTS, PACKAGING PRODUCTS,
BUILDING MATERIALS (SUCH AS LUMBER AND PANELING PRODUCTS), AND OTHER
PRODUCTS RELATED TO THE PAPER AND FOREST PRODUCTS INDUSTRY. Holdings may
include diversified companies with operations in the aforementioned
activities.
The success of these companies depends on, among other things, the health
of the economy, worldwide production capacity and prevailing interest rate
levels, which, in turn, may affect product pricing, costs and operating
margins. These variables also affect the level of industry and consumer
capital spending for paper and forest products.
PRECIOUS METALS AND MINERALS PORTFOLIO: COMPANIES ENGAGED IN EXPLORATION,
MINING, PROCESSING OR DEALING IN GOLD, SILVER, PLATINUM, DIAMONDS OR OTHER
PRECIOUS METALS AND MINERALS. The fund may also invest in securities of
companies which themselves invest in companies engaged in these activities.
Under normal conditions, the fund will invest at least 80% of its total
assets in (i) securities of companies principally engaged in exploration,
mining, processing, or dealing in gold, silver, platinum, diamonds, or
other precious metals and minerals, and (ii) precious metals. The fund's
investments also may include securities whose redemption value is indexed
to the price of gold or other precious metals.
The value of the fund's investments may be affected by changes in the price
of gold and other precious metals. Gold has been subject to substantial
price fluctuations over short periods of time and may be affected by
unpredictable international monetary and other governmental policies, such
as currency devaluations or revaluations; economic and social conditions
within a country; trade imbalances; or trade or currency restrictions
between countries. Since much of the world's known gold reserves are
located in South Africa, political and social conditions there may pose
certain risks to the fund's investments. For instance, social upheaval and
related economic difficulties in South Africa could cause a decrease in the
share values of South African issuers. A number of institutions have
adopted policies precluding investments in companies doing business in
South Africa.
Because companies involved in exploring, mining, processing, or dealing in
precious metals or minerals are frequently located outside of the United
States, all or a significant portion of this fund may be invested in
securities of foreign issuers. Investors should understand the special
considerations and risks related to such an investment emphasis.
In addition to its investments in securities, the fund may invest a portion
of its assets in precious metals, such as gold, silver, platinum, and
palladium. The prices of precious metals are affected by broad economic and
political conditions, but are less subject to local and company-specific
factors than securities of individual companies. As a result, precious
metals may be more or less volatile in price than securities of companies
engaged in precious metals-related businesses. The fund may purchase
precious metals in any form, including bullion and coins, provided that FMR
intends to purchase only those forms of precious metals that are readily
marketable and that can be stored in accordance with custody regulations
applicable to mutual funds. The fund may incur higher custody and
transaction costs for precious metals than for securities. Also, precious
metals investments do not pay income.
The fund is authorized to invest up to 50% of its total assets in precious
metals; however, as a non-fundamental policy (which can be changed without
shareholder approval), FMR does not currently intend to purchase precious
metals if, as a result, more than 25% of the fund's total assets would be
invested in precious metals. As a further limit on precious metals
investments, under current federal tax law, gains from selling precious
metals may not exceed 10% of the fund's annual gross income. This tax
requirement could cause the fund to hold or sell precious metals or
securities when it would not otherwise do so.
Securities whose redemption value is indexed to the price of gold or other
precious metals involve risks and pricing characteristics similar to direct
precious metals investments. FMR currently intends to treat such securities
as investments in precious metals for the purposes of the 25% and 50%
limitations above and the 80% policy in the first paragraph of this
section.
REGIONAL BANKS PORTFOLIO: COMPANIES ENGAGED IN ACCEPTING DEPOSITS AND
MAKING COMMERCIAL AND PRINCIPALLY NON-MORTGAGE CONSUMER LOANS. In addition,
these companies may offer the following services: merchant banking,
consumer and commercial finance, discount brokerage, leasing and insurance.
These companies concentrate their operations within a specific part of the
country rather than operating predominantly on a national or international
scale. The fund may invest in securities of foreign institutions, although
the majority of publicly-traded regional banks currently are organized in
the United States.
The fund may own, among others, securities of U.S. institutions whose
customer deposits may or may not be insured by the federal government. Such
U.S. institutions may include, but are not limited to, state chartered
banks, savings and loan institutions, and banks that are members of the
Federal Reserve System.
Federal laws generally separating commercial and investment banking, as
well as laws governing the capitalization and regulation of the savings and
loan industry, are currently being reexamined by Congress. The services
offered by banks may expand if legislation broadening bank powers is
enacted. While providing diversification, expanded powers could expose
banks to well-established competitors, particularly as the historical
distinctions between regional banks and other financial institutions erode.
Increased competition may also result from the broadening of regional and
national interstate banking powers, which has already reduced the number of
publicly traded regional banks. In addition, general economic conditions
are important to regional banking concerns, with exposure to credit losses
resulting from possible financial difficulties of borrowers potentially
having an adverse effect.
RETAILING PORTFOLIO: COMPANIES ENGAGED IN MERCHANDISING FINISHED GOODS AND
SERVICES PRIMARILY TO INDIVIDUAL CONSUMERS. Companies in the fund may
include: general merchandise retailers, department stores, food retailers,
drug stores, and any specialty retailers selling a single category of
merchandise such as apparel, toys, or consumer electronics products.
Companies engaged in selling goods and services through alternative means
such as direct telephone marketing, mail order, membership warehouse clubs,
computer, or video based electronic systems may also be purchased by the
fund.
The success of retailing companies is closely tied to consumer spending
which, in turn, is affected by general economic conditions and consumer
confidence levels. The retailing industry is highly competitive; success is
often tied to a company's ability to anticipate changing consumer tastes.
SOFTWARE AND COMPUTER SERVICES PORTFOLIO: COMPANIES ENGAGED IN RESEARCH,
DESIGN, PRODUCTION OR DISTRIBUTION OF PRODUCTS OR PROCESSES THAT RELATE TO
SOFTWARE OR INFORMATION-BASED SERVICES. The fund may hold securities of
companies that provide systems level software (designed to run the basic
functions of a computer) or applications software (designed for one type of
work) directed at either horizontal (general use) or vertical (certain
industries or groups) markets, time-sharing services, information-based
services, computer consulting or facilities management services,
communications software, and data communications services.
Competitive pressures may have a significant effect on the financial
condition of companies in the software and computer services industries.
For example, the increasing number of companies and product offerings in
the vertical and horizontal markets may lead to aggressive pricing and
slower selling cycles.
TECHNOLOGY PORTFOLIO: COMPANIES WHICH FMR BELIEVES HAVE, OR WILL DEVELOP,
PRODUCTS, PROCESSES OR SERVICES THAT WILL PROVIDE OR WILL BENEFIT
SIGNIFICANTLY FROM TECHNOLOGICAL ADVANCES AND IMPROVEMENTS. The description
of the technology sector will be interpreted broadly by FMR and may include
such products or services as inexpensive computing power, such as personal
computers; improved methods of communications, such as satellite
transmission, or labor saving machines or instruments, such as
computer-aided design equipment.
The prime emphasis of the fund will be to identify those companies
positioned to benefit from technological advances in areas such as
semiconductors, minicomputers and peripheral equipment, scientific
instruments, computer software, communications, and future automation
trends in both office and factory settings.
Competitive pressures may have a significant effect on the financial
condition of companies in the technology industry. For example, if
technology continues to advance at an accelerated rate, and the number of
companies and product offerings continue to expand, these companies could
become increasingly sensitive to short product cycles and aggressive
pricing.
TELECOMMUNICATIONS PORTFOLIO: COMPANIES ENGAGED IN THE DEVELOPMENT,
MANUFACTURE, OR SALE OF COMMUNICATIONS SERVICES OR COMMUNICATIONS
EQUIPMENT. Companies in the telecommunications field offer a variety of
services and products, including local and long distance telephone service;
cellular, paging, local and wide area product networks; satellite,
microwave and cable television; and equipment used to provide these
products and services. Long distance telephone companies may also have
interests in new technologies, such as fiber optics and data transmission.
Telephone operating companies are subject to both federal and state
regulation affecting permitted rates of return and the kinds of services
that may be offered. Telephone companies usually pay an above average
dividend. However, the fund's investment decisions are based primarily upon
capital appreciation potential rather than income considerations. Certain
types of companies represented in the fund are engaged in fierce
competition for a share of the market for their products. In recent years,
these have been companies providing goods or services such as private and
local area networks, or engaged in the sale of telephone set equipment.
TRANSPORTATION PORTFOLIO: COMPANIES ENGAGED IN PROVIDING TRANSPORTATION
SERVICES OR COMPANIES ENGAGED IN THE DESIGN, MANUFACTURE, DISTRIBUTION, OR
SALE OF TRANSPORTATION EQUIPMENT. Transportation services include the
movement of freight or people by airlines, railroads, ships, trucks, and
bus companies. Other service companies include those providing auto, truck,
container, rail car, and plane leasing and maintenance. Equipment
manufacturers include makers of trucks, autos, planes, containers, rail
cars, or any other mode of transportation and their related products. In
addition, the fund may invest in companies that sell fuel saving devices to
the transportation industry and those that sell insurance and software
developed primarily for transportation companies.
Risk factors that affect transportation stocks include the state of the
economy, fuel prices, labor agreements, and insurance costs. Transportation
stocks are cyclical and have occasional sharp price movements. The U.S.
trend has been to deregulate these industries, which could have a favorable
long-term effect, but future government decisions may adversely affect
these companies.
UTILITIES GROWTH PORTFOLIO: COMPANIES IN THE PUBLIC UTILITIES INDUSTRY AND
COMPANIES DERIVING A MAJORITY OF THEIR REVENUES FROM THEIR PUBLIC UTILITY
OPERATIONS. Public utility investments will include companies engaged in
the manufacture, production, generation, transmission and sale of gas and
electric energy, and companies engaged in the communications field,
including telephone, telegraph, satellite, microwave and the provision of
other communication facilities for the public benefit (not including
companies involved in public broadcasting). Public utility stocks have
traditionally produced above-average dividend income, but the fund's
investments are made based on capital appreciation potential. The fund may
not own more than 5% of the outstanding voting securities of more than one
public utility company as defined by the Public Utility Holding Company Act
of 1935. This policy is non-fundamental and may be changed by the Board of
Trustees.
Each fund's investments must be consistent with its investment objective
and policies. Accordingly, not all of the security types and investment
techniques discussed below are eligible investments for each of the
funds.
QUALITY AND MATURITY (MONEY MARKET FUND ONLY). Pursuant to procedures
adopted by the Board of Trustees, the fund may purchase only high-quality
securities that FMR believes present minimal credit risks. To be considered
high quality, a security must be rated in accordance with applicable rules
in one of the two highest categories for short-term securities by at least
two nationally recognized rating services (or by one, if only one rating
service has rated the security); or, if unrated, judged to be of equivalent
quality by FMR.
High-quality securities are divided into "first tier" and "second tier"
securities. First tier securities are those deemed to be in the highest
rating category (e.g., Standard & Poor's A-1) and second tier securities
are those deemed to be in the second highest rating category (e.g.,
Standard & Poor's A-2).
The fund may not invest more than 5% of its total assets in second tier
securities. In addition, the fund may not invest more than 1% of its total
assets or $1 million (whichever is greater) in the second tier securities
of a single issuer.
The fund currently intends to limit its investments to securities with
remaining maturities of 397 days or less, and to maintain a dollar-weighted
average maturity of 90 days or less. When determining the maturity of a
security, the fund may look to an interest rate reset or demand feature.
AFFILIATED BANK TRANSACTIONS. A fund may engage in transactions with
financial institutions that are, or may be considered to be, "affiliated
persons" of the fund under the Investment Company Act of 1940. These
transactions may include repurchase agreements with custodian banks;
short-term obligations of, and repurchase agreements with, the 50 largest
U.S. banks (measured by deposits); municipal securities; U.S. government
securities with affiliated financial institutions that are primary dealers
in these securities; short-term currency transactions; and short-term
borrowings. In accordance with exemptive orders issued by the Securities
and Exchange Commission, the Board of Trustees has established and
periodically reviews procedures applicable to transactions involving
affiliated financial institutions.
FUNDS' RIGHTS AS A SHAREHOLDER. The stock funds do not intend to direct or
administer the day-to-day operations of any company. Each stock fund,
however, may exercise its rights as a shareholder and may communicate its
views on important matters of policy to management, the Board of Directors,
and shareholders of a company when FMR determines that such matters could
have a significant effect on the value of the fund's investment in the
company. The activities that a fund may engage in, either individually or
in conjunction with others, may include, among others, supporting or
opposing proposed changes in a company's corporate structure or business
activities; seeking changes in a company's directors or management; seeking
changes in a company's direction or policies; seeking the sale or
reorganization of the company or a portion of its assets; or supporting or
opposing third party takeover efforts. This area of corporate activity is
increasingly prone to litigation and it is possible that a fund could be
involved in lawsuits related to such activities. FMR will monitor such
activities with a view to mitigating, to the extent possible, the risk of
litigation against a fund and the risk of actual liability if a fund is
involved in litigation. No guarantee can be made, however, that litigation
against a fund will not be undertaken or liabilities incurred.
ASSET-BACKED SECURITIES include pools of mortgages, loans, receivables or
other assets. Payment of principal and interest may be largely dependent
upon the cash flows generated by the assets backing the securities, and, in
certain cases, supported by letters of credit, surety bonds, or other
credit enhancements. The value of asset-backed securities may also be
affected by the creditworthiness of the servicing agent for the pool, the
originator of the loans or receivables, or the financial institution(s)
providing the credit support.
DELAYED-DELIVERY TRANSACTIONS. The money market fund may buy and sell
securities on a delayed-delivery or when-issued basis. These transactions
involve a commitment by a fund to purchase or sell specific securities at a
predetermined price or yield, with payment and delivery taking place after
the customary settlement period for that type of security (and more than
seven days in the future). Typically, no interest accrues to the purchaser
until the security is delivered.
When purchasing securities on a delayed-delivery basis, the fund assumes
the rights and risks of ownership, including the risk of price and yield
fluctuations. Because the fund is not required to pay for securities until
the delivery date, these risks are in addition to the risks associated with
the fund's other investments. If the fund remains substantially
fully invested at a time when delayed-delivery purchases are outstanding,
the delayed-delivery purchases may result in a form of leverage. When
delayed-delivery purchases are outstanding, the fund will set aside
appropriate liquid assets in a segregated custodial account to cover its
purchase obligations. When the fund has sold a security on a
delayed-delivery basis, the fund does not participate in further gains or
losses with respect to the security. If the other party to a
delayed-delivery transaction fails to deliver or pay for the securities,
the fund could miss a favorable price or yield opportunity, or could suffer
a loss.
The fund may renegotiate delayed-delivery transactions after they are
entered into, and may sell underlying securities before they are delivered,
which may result in capital gains or losses.
STRUCTURED SECURITIES employ a trust or other similar structure to modify
the maturity, price characteristics or quality of financial assets. For
example, structural features can be used to modify the maturity of a
security or interest rate adjustment features can be used to enhance price
stability. If the structure does not perform as intended, adverse tax or
investment consequences may result. Neither the Internal Revenue Service
(IRS) nor any other regulatory authority has ruled definitively on certain
legal issues presented by structured securities. Future tax or other
regulatory determinations could adversely affect the value, liquidity or
tax treatment of the income received from these securities or the nature
and timing of distributions made by the funds. The payment of principal and
interest on structured securities may be largely dependent on the cash
flows generated by the underlying financial assets.
VARIABLE OR FLOATING RATE SECURITIES provide for periodic adjustments of
the interest rate paid. Variable rate securities provide for a specified
periodic adjustment in the interest rate, while floating rate securities
have interest rates that change whenever there is a change in a designated
benchmark rate. Some variable or floating rate securities have put
features.
PUT FEATURES entitle the holder to sell a security back to the issuer or a
third party at any time or at specified intervals. They are subject to the
risk that the put provider is unable to honor the put feature (purchase the
security). Put providers often support their ability to buy securities on
demand by obtaining letters of credit or other guarantees from domestic or
foreign banks. FMR may rely on its evaluation of a bank's credit in
determining whether to purchase a security supported by a letter of credit.
In evaluating a foreign bank's credit, FMR will consider whether adequate
public information about the bank is available and whether the bank may be
subject to unfavorable political or economic developments, currency
controls, or other government restrictions that might affect the bank's
ability to honor its credit commitment. Demand features, standby
commitments, and tender options are types of put features.
LOWER-QUALITY DEBT SECURITIES. The stock funds may purchase lower-quality
debt securities (those rated below Baa by Moody's Investors Service, Inc.
or BBB by Standard and Poor's Corporation, and unrated securities judged by
FMR to be of equivalent quality) that have poor protection with respect to
the payment of interest and repayment of principal, or may be in default.
These securities are often considered to be speculative and involve greater
risk of loss or price changes due to changes in the issuer's capacity to
pay. The market prices of lower-quality debt securities may fluctuate more
than those of higher-quality debt securities and may decline significantly
in periods of general economic difficulty, which may follow periods of
rising interest rates.
While the market for high-yield corporate debt securities has been in
existence for many years and has weathered previous economic downturns, the
1980s brought a dramatic increase in the use of such securities to fund
highly leveraged corporate acquisitions and restructurings. Past experience
may not provide an accurate indication of the future performance of the
high-yield bond market, especially during periods of economic recession. In
fact, from 1989 to 1991, the percentage of lower-quality securities that
defaulted rose significantly above prior levels, although the default rate
decreased in 1992 and 1993.
The market for lower-quality debt securities may be thinner and less active
than that for higher-quality debt securities, which can adversely affect
the prices at which the former are sold. If market quotations are not
available, lower-quality debt securities will be valued in accordance with
procedures established by the Board of Trustees, including the use of
outside pricing services. Judgment plays a greater role in valuing
high-yield corporate debt securities than is the case for securities for
which more external sources for quotations and last-sale information are
available. Adverse publicity and changing investor perceptions may affect
the ability of outside pricing services to value lower-quality debt
securities and a fund's ability to sell these securities.
Since the risk of default is higher for lower-quality debt securities,
FMR's research and credit analysis are an especially important part of
managing securities of this type held by a fund. In considering investments
for the funds, FMR will attempt to identify those issuers of high-yielding
securities whose financial condition is adequate to meet future
obligations, has improved, or is expected to improve in the future. FMR's
analysis focuses on relative values based on such factors as interest or
dividend coverage, asset coverage, earnings prospects, and the experience
and managerial strength of the issuer.
Each fund may choose, at its expense or in conjunction with others, to
pursue litigation or otherwise to exercise its rights as a security holder
to seek to protect the interests of security holders if it determines this
to be in the best interest of the fund's shareholders.
SWAP AGREEMENTS. Swap agreements can be individually negotiated and
structured to include exposure to a variety of different types of
investments or market factors. Depending on their structure, swap
agreements may increase or decrease a fund's exposure to long- or
short-term interest rates (in the United States or abroad), foreign
currency values, mortgage securities, corporate borrowing rates, or other
factors such as security prices or inflation rates. Swap agreements can
take many different forms and are known by a variety of names. The stock
funds are not limited to any particular form of swap agreement if FMR
determines it is consistent with a fund's investment objective and
policies.
In a typical cap or floor agreement, one party agrees to make payments only
under specified circumstances, usually in return for payment of a fee by
the other party. For example, the buyer of an interest rate cap obtains the
right to receive payments to the extent that a specified interest rate
exceeds an agreed-upon level, while the seller of an interest rate floor is
obligated to make payments to the extent that a specified interest rate
falls below an agreed-upon level. An interest rate collar combines elements
of buying a cap and selling a floor.
Swap agreements will tend to shift a fund's investment exposure from one
type of investment to another. For example, if a fund agreed to exchange
payments in dollars for payments in foreign currency, the swap agreement
would tend to decrease the fund's exposure to U.S. interest rates and
increase its exposure to foreign currency and interest rates. Caps and
floors have an effect similar to buying or writing options. Depending on
how they are used, swap agreements may increase or decrease the overall
volatility of a fund's investments and its share price.
The most significant factor in the performance of swap agreements is the
change in the specific interest rate, currency, or other factors that
determine the amounts of payments due to and from a fund. If a swap
agreement calls for payments by a fund, the fund must be prepared to make
such payments when due. In addition, if the counterparty's creditworthiness
declined, the value of a swap agreement would be likely to decline,
potentially resulting in losses. Each equity fund expects to be able to
eliminate its exposure under swap agreements either by assignment or other
disposition, or by entering into an offsetting swap agreement with the same
party or a similarly creditworthy party.
Each equity fund will maintain appropriate liquid assets in a segregated
custodial account to cover its current obligations under swap agreements.
If a fund enters into a swap agreement on a net basis, it will segregate
assets with a daily value at least equal to the excess, if any, of the
fund's accrued obligations under the swap agreement over the accrued amount
the fund is entitled to receive under the agreement. If a fund enters into
a swap agreement on other than a net basis, it will segregate assets with a
value equal to the full amount of the fund's accrued obligations under the
agreement.
LOANS AND OTHER DIRECT DEBT INSTRUMENTS are interests in amounts owed by a
corporate, governmental, or other borrower to another party. They may
represent amounts owed to lenders or lending syndicates (loans and loan
participations), to suppliers of goods or services (trade claims or other
receivables), or to other parties. Direct debt instruments involve a risk
of loss in case of default or insolvency of the borrower and may offer less
legal protection to the fund in the event of fraud or misrepresentation. In
addition, loan participations involve a risk of insolvency of the lending
bank or other financial intermediary. Direct debt instruments may also
include standby financing commitments that obligate a fund to supply
additional cash to the borrower on demand.
INDEXED SECURITIES. Each stock fund may purchase securities whose prices
are indexed to the prices of other securities, securities indices,
currencies, precious metals or other commodities, or other financial
indicators. Indexed securities typically, but not always, are debt
securities or deposits whose value at maturity or coupon rate is determined
by reference to a specific instrument or statistic. Gold-indexed
securities, for example, typically provide for a maturity value that
depends on the price of gold, resulting in a security whose price tends to
rise and fall together with gold prices. Currency-indexed securities
typically are short-term to intermediate-term debt securities whose
maturity values or interest rates are determined by reference to the values
of one or more specified foreign currencies, and may offer higher yields
than U.S. dollar-denominated securities of equivalent issuers.
Currency-indexed securities may be positively or negatively indexed; that
is, their maturity value may increase when the specified currency value
increases, resulting in a security that performs similarly to a
foreign-denominated instrument, or their maturity value may decline when
foreign currencies increase, resulting in a security whose price
characteristics are similar to a put on the underlying currency.
Currency-indexed securities may also have prices that depend on the value
of a number of different foreign currencies relative to each other.
The performance of indexed securities depends to a great extent on the
performance of the security, currency, or other instrument to which they
are indexed, and may also be influenced by interest rate changes in the
United States and abroad. At the same time, indexed securities are
subject to the credit risks associated with the issuer of the security, and
their values may decline substantially if the issuer's creditworthiness
deteriorates. Recent issuers of indexed securities have included banks,
corporations, and certain U.S. government agencies. Indexed securities may
be more volatile than the underlying instruments.
The American Gold Portfolio and the Precious Metals and Minerals Portfolio
may consider purchasing securities indexed to the price of gold as an
alternative to direct investments in gold. The funds will only buy
gold-indexed securities when they are satisfied with the creditworthiness
of the issuers liable for payment. The securities generally will earn a
nominal rate of interest while held by a fund, and may have maturities of
one year or more. In addition, the securities may be subject to being put
by a fund to the issuer, with payment to be received on no more than seven
days' notice. The put feature would ensure the liquidity of the notes in
the absence of an active secondary market. The Precious Metals and Minerals
fund may consider investments in securities indexed to the price of
platinum, silver, or other precious metals.
ILLIQUID INVESTMENTS are investments that cannot be sold or disposed of in
the ordinary course of business at approximately the prices at which they
are valued. Under the supervision of the Board of Trustees, FMR determines
the liquidity of a fund's investments and, through reports from FMR, the
Board monitors investments in illiquid instruments. In determining the
liquidity of a fund's investments, FMR may consider various factors,
including (1) the frequency of trades and quotations, (2) the number of
dealers and prospective purchasers in the marketplace, (3) dealer
undertakings to make a market, (4) the nature of the security (including
any demand or tender features), and (5) the nature of the marketplace for
trades (including the ability to assign or offset the fund's rights and
obligations relating to the investment).
For the money market fund, investments currently considered by the fund to
be illiquid include repurchase agreements not entitling the holder to
payment of principal and interest within seven days. Also, FMR may
determine some restricted securities and time deposits to be illiquid.
Investments currently considered by the stock funds to be illiquid include
repurchase agreements not entitling the holder to payment of principal and
interest within seven days, over-the-counter options, and non-government
stripped fixed-rate mortgage-backed securities. Also, FMR may determine
some restricted securities, government-stripped fixed-rate mortgage-backed
securities, loans and other direct debt instruments, emerging market
securities, and swap agreements to be illiquid. However, with respect
to over-the-counter options a fund writes, all or a portion of the value of
the underlying instrument may be illiquid depending on the assets held to
cover the option and the nature and terms of any agreement the fund may
have to close out the option before expiration.
In the absence of market quotations, illiquid investments are, for the
money market fund, valued for purposes of monitoring amortized cost
valuation, or, for the stock funds, priced at fair value as determined in
good faith by a committee appointed by the Board of Trustees. If through a
change in values, net assets, or other circumstances, a fund were in a
position where more than 10% of its net assets was invested in illiquid
securities, it would seek to take appropriate steps to protect liquidity.
RESTRICTED SECURITIES generally can be sold in privately negotiated
transactions, pursuant to an exemption from registration under the
Securities Act of 1933, or in a registered public offering. Where
registration is required, a fund may be obligated to pay all or part of the
registration expense and a considerable period may elapse between the time
it decides to seek registration and the time it may be permitted to sell a
security under an effective registration statement. If, during such a
period, adverse market conditions were to develop, a fund might obtain a
less favorable price than prevailed when it decided to seek registration of
the security. However, in general, the money market fund anticipates
holding restricted securities to maturity or selling them in an exempt
transaction.
REPURCHASE AGREEMENTS. In a repurchase agreement, a fund purchases a
security and simultaneously commits to sell that security back to the
original seller at an agreed-upon price. The resale price reflects the
purchase price plus an agreed-upon incremental amount which is unrelated to
the coupon rate or maturity of the purchased security. While it does not
presently appear possible to eliminate all risks from these transactions
(particularly the possibility that the value of the underlying security
will be less than the resale price, as well as delays and costs to a fund
in connection with bankruptcy proceedings), it is each fund's current
policy to engage in repurchase agreement transactions with parties whose
creditworthiness has been reviewed and found satisfactory by FMR.
REVERSE REPURCHASE AGREEMENTS. In a reverse repurchase agreement, a fund
sells a portfolio instrument to another party, such as a bank or
broker-dealer, in return for cash and agrees to repurchase the instrument
at a particular price and time. While a reverse repurchase agreement is
outstanding, the fund will maintain appropriate liquid assets in a
segregated custodial account to cover its obligation under the agreement. A
fund will enter into reverse repurchase agreements only with parties whose
creditworthiness has been found satisfactory by FMR. Such transactions may
increase fluctuations in the market value of the fund's assets and may be
viewed as a form of leverage.
STRIPPED GOVERNMENT SECURITIES. Stripped securities are created by
separating the income and principal components of a debt instrument and
selling them separately. Each of the funds may purchase U.S. Treasury
STRIPS (Separate Trading of Registered Interest and Principal of
Securities), that are created when the coupon payments and the principal
payment are stripped from an outstanding Treasury bond by the Federal
Reserve Bank. Bonds issued by the Resolution Funding Corporation (REFCORP)
can also be stripped in this fashion. REFCORP Strips are eligible
investments for the funds.
The money market fund can purchase privately stripped
government securities, which are created when a dealer deposits a Treasury
security or federal agency security with a custodian for safekeeping and
then sells the coupon payments and principal payment that will be generated
by this security. Proprietary receipts, such as Certificates of Accrual on
Treasury Securities (CATS), Treasury Investment Growth Receipts (TIGRS),
and generic Treasury Receipts (TRs), are stripped U.S. Treasury securities
that are separated into their component parts through trusts created by
their broker sponsors. Bonds issued by the Financing Corporation (FICO) can
also be stripped in this fashion.
Because of the SEC's views on privately stripped government securities, the
money market fund must evaluate them as it would non-government securities
pursuant to regulatory guidelines applicable to all money market funds.
A fund currently intends to purchase only those privately stripped
government securities that have either received the highest rating from two
nationally recognized rating services (or one, if only one has rated the
security) or, if unrated, been judged to be of equivalent quality by FMR
pursuant to procedures adopted by the Board of Trustees.
SECURITIES LENDING. Each stock fund may lend securities to parties
such as broker-dealers or institutional investors, including Fidelity
Brokerage Services, Inc. (FBSI). FBSI is a member of the New York Stock
Exchange and a subsidiary of FMR Corp.
Securities lending allows a fund to retain ownership of the securities
loaned and, at the same time, to earn additional income. Since there may be
delays in the recovery of loaned securities, or even a loss of rights in
collateral supplied should the borrower fail financially, loans will be
made only to parties deemed by FMR to be of good standing. Furthermore,
they will only be made if, in FMR's judgment, the consideration to be
earned from such loans would justify the risk.
FMR understands that it is the current view of the SEC Staff that a fund
may engage in loan transactions only under the following conditions: (1)
the fund must receive 100% collateral in the form of cash or cash
equivalents (e.g., U.S. Treasury bills or notes) from the borrower; (2) the
borrower must increase the collateral whenever the market value of the
securities loaned (determined on a daily basis) rises above the value of
the collateral; (3) after giving notice, the fund must be able to terminate
the loan at any time; (4) the fund must receive reasonable interest on the
loan or a flat fee from the borrower, as well as amounts equivalent to any
dividends, interest, or other distributions on the securities loaned and to
any increase in market value; (5) the fund may pay only reasonable
custodian fees in connection with the loan; and (6) the Board of Trustees
must be able to vote proxies on the securities loaned, either by
terminating the loan or by entering into an alternative arrangement with
the borrower.
Cash received through loan transactions may be invested in any security in
which a fund is authorized to invest. Investing this cash subjects that
investment, as well as the security loaned, to market forces (i.e., capital
appreciation or depreciation).
REAL ESTATE-RELATED INSTRUMENTS include real estate investment trusts,
commercial and residential mortgage-backed securities, and real estate
financings. Real estate-related instruments are sensitive to factors such
as real estate values and property taxes, interest rates, cash flow of
underlying real estate assets, overbuilding, and the management skill and
creditworthiness of the issuer. Real estate-related instruments may also be
affected by tax and regulatory requirements, such as those relating to the
environment.
SHORT SALES "AGAINST THE BOX ." The money market fund may sell
securities short when it owns or has the right to obtain securities
equivalent in kind or amount to the securities sold short. Short sales
could be used to protect the net asset value per share of the fund in
anticipation of increase interest rates, without sacrificing the current
yield of the securities sold short. If the money market fund or a stock
fund enters into a short sale against the box, it will be required to set
aside securities equivalent in kind and amount to the securities sold short
(or securities convertible or exchangeable into such securities) and will
be required to hold such securities while the short sale is outstanding.
The fund will incur transaction costs, including interest expense, in
connection with opening, maintaining, and closing short sales against the
box.
INTERFUND BORROWING PROGRAM. Pursuant to an exemptive order issued the
SEC, e ach fund has received permission to lend money to and borrow
money from other funds advised by FMR or its affiliates. Interfund loans
and borrowings normally extend overnight, but can have a maximum duration
of seven days. Loans may be called on one day's notice. A fund will
lend through the program only when the returns are higher than those
available from other short-term instruments (such as repurchase
agreements), and will borrow through the program only when the costs are
equal to or lower than the cost of bank loans. A fund may have to
borrow from a bank at a higher interest rate if an interfund loan is called
or not renewed. Any delay in repayment to a lending fund could result in a
lost investment opportunity or additional borrowing costs.
DOMESTIC AND FOREIGN ISSUERS (MONEY MARKET FUND). Investments may be made
in U.S. dollar-denominated time deposits, certificates of deposit, and
bankers' acceptances of U.S. banks and their branches located outside of
the United States, U.S. branches and agencies of foreign banks, and foreign
branches of foreign banks. The fund may also invest in U.S.
dollar-denominated securities issued or guaranteed by other U.S. or foreign
issuers, including U.S. and foreign corporations or other business
organizations, foreign governments, foreign government agencies or
instrumentalities, and U.S. and foreign financial institutions, including
savings and loan institutions, insurance companies, mortgage bankers, and
real estate investment trusts, as well as banks.
The obligations of foreign branches of U.S. banks may be general
obligations of the parent bank in addition to the issuing branch, or may be
limited by the terms of a specific obligation and by governmental
regulation. Payment of interest and principal on these obligations may also
be affected by governmental action in the country of domicile of the branch
(generally referred to as sovereign risk). In addition, evidence of
ownership of portfolio securities may be held outside of the United States
and the fund may be subject to the risks associated with the holding of
such property overseas. Various provisions of federal law governing the
establishment and operation of U.S. branches do not apply to foreign
branches of U.S. banks.
Obligations of U.S. branches and agencies of foreign banks may be general
obligations of the parent bank in addition to the issuing branch, or may be
limited by the terms of a specific obligation and by federal and state
regulation, as well as by governmental action in the country in which the
foreign bank has its head office.
Obligations of foreign issuers involve certain additional risks. These
risks may include future unfavorable political and economic developments,
withholding taxes, seizures of foreign deposits, currency controls,
interest limitations, or other governmental restrictions that might affect
payment of principal or interest. Additionally, there may be less public
information available about foreign banks and their branches. Foreign
issuers may be subject to less governmental regulation and supervision than
U.S. issuers. Foreign issuers also generally are not bound by uniform
accounting, auditing, and financial reporting requirements comparable to
those applicable to U.S. issuers.
FOREIGN INVESTMENTS (STOCK FUNDS). Investing in securities issued by
companies or other issuers whose principal activities are outside the
United States may involve significant risks in addition to the risks
inherent in U.S. investments. The value of securities denominated in
foreign currencies and of dividends and interest paid with respect to such
securities will fluctuate based on the relative strength of the U.S.
dollar. In addition, there is generally less publicly available information
about foreign issuers' financial condition and operations, particularly
those not subject to the disclosure and reporting requirements of the U.S.
securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to U.S. issuers. Further, economies
of particular countries or areas of the world may differ favorably or
unfavorably from the economy of the United States.
Investing abroad also involves different political and economic risks.
Foreign investments may be affected by actions of foreign governments
adverse to the interests of U.S. investors, including the possibility of
expropriation or nationalization of assets, confiscatory taxation,
restrictions on U.S. investment or on the ability to repatriate assets or
convert currency into U.S. dollars, or other government intervention. There
may be a greater possibility of default by foreign governments or foreign
government-sponsored enterprises. Investments in foreign countries also
involve a risk of local political, economic, or social instability,
military action or unrest, or adverse diplomatic developments. There is no
assurance that FMR will be able to anticipate these potential events or
counter their effects. The considerations noted above generally are
intensified for investments in developing countries. Developing countries
may have relatively unstable governments, economies based on only a few
industries, and securities markets that trade a small number of securities.
Foreign markets may offer less protection to investors than U.S. markets.
It is anticipated that in most cases the best available market for foreign
securities will be on exchanges or in over-the-counter markets located
outside of the United States. Foreign stock markets, while growing in
volume and sophistication, are generally not as developed as those in the
United States, and securities of some foreign issuers (particularly those
located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. issuers. Foreign security trading practices,
including those involving securities settlement where fund assets may be
released prior to receipt of payment, may expose a fund to increased risk
in the event of a failed trade or the insolvency of a foreign
broker-dealer, and may involve substantial delays. In addition, the costs
of foreign investing, including withholding taxes, brokerage commissions
and custodial costs, are generally higher than for U.S. investors. In
general, there is less overall governmental supervision and regulation of
securities exchanges, brokers, and listed companies than in the United
States. It may also be difficult to enforce legal rights in foreign
countries.
A fund may invest in foreign securities that impose restrictions on
transfer within the United States or to U.S. persons. Although securities
subject to such transfer restrictions may be marketable abroad, they may be
less liquid than foreign securities of the same class that are not subject
to such restrictions.
A fund may invest in American Depository Receipts and European Depository
Receipts (ADRs and EDRs), which are certificates evidencing ownership of
shares of a foreign-based issuer held in trust by a bank or similar
financial institution. Designed for use in the U.S. and European securities
markets, respectively, ADRs and EDRs are alternatives to the purchase of
the underlying securities in their national markets and currencies.
FOREIGN CURRENCY TRANSACTIONS. Each stock fund may conduct foreign
currency transactions on a spot (i.e., cash) basis or by entering into
forward contracts to purchase or sell foreign currencies at a future date
and price. The funds will convert currency on a spot basis from time to
time, and investors should be aware of the costs of currency conversion.
Although foreign exchange dealers generally do not charge a fee for
conversion, they do realize a profit based on the difference between the
prices at which they are buying and selling various currencies. Thus, a
dealer may offer to sell a foreign currency to the fund at one rate, while
offering a lesser rate of exchange should the fund desire to resell that
currency to the dealer. Forward contracts are generally traded in an
interbank market conducted directly between currency traders (usually large
commercial banks) and their customers. The parties to a forward contract
may agree to offset or terminate the contract before its maturity, or may
hold the contract to maturity and complete the contemplated currency
exchange.
Each fund may use currency forward contracts for any purpose consistent
with its investment objective. The following discussion summarizes the
principal currency management strategies involving forward contracts that
could be used by each fund. The funds may also use swap agreements, indexed
securities, and options and futures contracts relating to foreign
currencies for the same purposes.
When a fund agrees to buy or sell a security denominated in a foreign
currency, it may desire to "lock in" the U.S. dollar price of the security.
By entering into a forward contract for the purchase or sale, for a fixed
amount of U.S. dollars, of the amount of foreign currency involved in the
underlying security transaction, the fund will be able to protect itself
against an adverse change in foreign currency values between the date the
security is purchased or sold and the date on which payment is made or
received. This technique is sometimes referred to as a "settlement hedge"
or "transaction hedge." The funds may also enter into forward contracts to
purchase or sell a foreign currency in anticipation of future purchases or
sales of securities denominated in foreign currency, even if the specific
investments have not yet been selected by FMR.
The funds may also use forward contracts to hedge against a decline in the
value of existing investments denominated in foreign currency. For example,
if a fund owned securities denominated in pounds sterling, it could enter
into a forward contract to sell pounds sterling in return for U.S. dollars
to hedge against possible declines in the pound's value. Such a hedge,
sometimes referred to as a "position hedge," would tend to offset both
positive and negative currency fluctuations, but would not offset changes
in security values caused by other factors. A fund could also hedge the
position by selling another currency expected to perform similarly to the
pound sterling - for example, by entering into a forward contract to sell
Deutschemarks or European Currency Units in return for U.S. dollars. This
type of hedge, sometimes referred to as a "proxy hedge," could offer
advantages in terms of cost, yield, or efficiency, but generally would not
hedge currency exposure as effectively as a simple hedge into U.S. dollars.
Proxy hedges may result in losses if the currency used to hedge does not
perform similarly to the currency in which the hedged securities are
denominated.
Each fund may enter into forward contracts to shift its investment exposure
from one currency into another. This may include shifting exposure from
U.S. dollars to a foreign currency, or from one foreign currency to another
foreign currency. For example, if a fund held investments denominated in
Deutschemarks, the fund could enter into forward contracts to sell
Deutschemarks and purchase Swiss Francs. This type of strategy, sometimes
known as a "cross-hedge," will tend to reduce or eliminate exposure to the
currency that is sold, and increase exposure to the currency that is
purchased, much as if the fund had sold a security denominated in one
currency and purchased an equivalent security denominated in another.
Cross-hedges protect against losses resulting from a decline in the hedged
currency, but will cause the fund to assume the risk of fluctuations in the
value of the currency it purchases.
Under certain conditions, SEC guidelines require mutual funds to set aside
appropriate liquid assets in a segregated custodial account to cover
currency forward contracts. As required by SEC guidelines, the funds will
segregate assets to cover currency forward contracts, if any, whose purpose
is essentially speculative. The funds will not segregate assets to cover
forward contracts entered into for hedging purposes, including settlement
hedges, position hedges, and proxy hedges.
Successful use of currency management strategies will depend on FMR's skill
in analyzing and predicting currency values. Currency management strategies
may substantially change a fund's investment exposure to changes in
currency exchange rates, and could result in losses to the fund if
currencies do not perform as FMR anticipates. For example, if a currency's
value rose at a time when FMR had hedged a fund by selling that currency in
exchange for dollars, the fund would be unable to participate in the
currency's appreciation. If FMR hedges currency exposure through proxy
hedges, a fund could realize currency losses from the hedge and the
security position at the same time if the two currencies do not move in
tandem. Similarly, if FMR increases a fund's exposure to a foreign
currency, and that currency's value declines, the fund will realize a loss.
There is no assurance that FMR's use of currency management strategies will
be advantageous to the funds or that it will hedge at an appropriate time.
LIMITATIONS ON FUTURES AND OPTIONS TRANSACTIONS. Each stock fund has filed
a notice of eligibility for exclusion from the definition of the term
"commodity pool operator" with the Commodity Futures Trading Commission
(CFTC) and the National Futures Association, which regulate trading in the
futures markets. The stock funds intend to comply with Rule 4.5 under the
Commodity Exchange Act, which limits the extent to which the funds can
commit assets to initial margin deposits and option premiums.
In addition, each fund will not: (a) sell futures contracts, purchase put
options, or write call options if, as a result, more than 25% of the fund's
total assets would be hedged with futures and options under normal
conditions; (b) purchase futures contracts or write put options if, as a
result, the fund's total obligations upon settlement or exercise of
purchased futures contracts and written put options would exceed 25% of its
total assets; or (c) purchase call options if, as a result, the current
value of option premiums for call options purchased by the fund would
exceed 5% of the fund's total assets. These limitations do not apply to
options attached to or acquired or traded together with their underlying
securities, and do not apply to securities that incorporate features
similar to options.
The above limitations on the funds' investments in futures contracts and
options, and the funds' policies regarding futures contracts and options
discussed elsewhere in this Statement of Additional Information, are not
fundamental policies and may be changed as regulatory agencies permit.
FUTURES CONTRACTS. When a fund purchases a futures contract, it agrees to
purchase a specified underlying instrument at a specified future date. When
a fund sells a futures contract, it agrees to sell the underlying
instrument at a specified future date. The price at which the purchase and
sale will take place is fixed when the fund enters into the contract. Some
currently available futures contracts are based on specific securities,
such as U.S. Treasury bonds or notes, and some are based on indices of
securities prices, such as the Standard & Poor's Composite Index of 500
Stocks (S&P 500). Futures can be held until their delivery dates, or can be
closed out before then if a liquid secondary market is available.
The value of a futures contract tends to increase and decrease in tandem
with the value of its underlying instrument. Therefore, purchasing futures
contracts will tend to increase a fund's exposure to positive and negative
price fluctuations in the underlying instrument, much as if it had
purchased the underlying instrument directly. When a fund sells a futures
contract, by contrast, the value of its futures position will tend to move
in a direction contrary to the market. Selling futures contracts,
therefore, will tend to offset both positive and negative market price
changes, much as if the underlying instrument had been sold.
FUTURES MARGIN PAYMENTS. The purchaser or seller of a futures contract is
not required to deliver or pay for the underlying instrument unless the
contract is held until the delivery date. However, both the purchaser and
seller are required to deposit "initial margin" with a futures broker,
known as a futures commission merchant (FCM), when the contract is entered
into. Initial margin deposits are typically equal to a percentage of the
contract's value. If the value of either party's position declines, that
party will be required to make additional "variation margin" payments to
settle the change in value on a daily basis. The party that has a gain may
be entitled to receive all or a portion of this amount. Initial and
variation margin payments do not constitute purchasing securities on margin
for purposes of a fund's investment limitations. In the event of the
bankruptcy of an FCM that holds margin on behalf of a fund, the fund may be
entitled to return of margin owed to it only in proportion to the amount
received by the FCM's other customers, potentially resulting in losses to
the fund.
PURCHASING PUT AND CALL OPTIONS. By purchasing a put option, a fund obtains
the right (but not the obligation) to sell the option's underlying
instrument at a fixed strike price. In return for this right, the fund pays
the current market price for the option (known as the option premium).
Options have various types of underlying instruments, including specific
securities, indices of securities prices, and futures contracts. The fund
may terminate its position in a put option it has purchased by allowing it
to expire or by exercising the option. If the option is allowed to expire,
the fund will lose the entire premium it paid. If the fund exercises the
option, it completes the sale of the underlying instrument at the strike
price. A fund may also terminate a put option position by closing it out in
the secondary market at its current price, if a liquid secondary market
exists.
The buyer of a typical put option can expect to realize a gain if security
prices fall substantially. However, if the underlying instrument's price
does not fall enough to offset the cost of purchasing the option, a put
buyer can expect to suffer a loss (limited to the amount of the premium
paid, plus related transaction costs).
The features of call options are essentially the same as those of put
options, except that the purchaser of a call option obtains the right to
purchase, rather than sell, the underlying instrument at the option's
strike price. A call buyer typically attempts to participate in potential
price increases of the underlying instrument with risk limited to the cost
of the option if security prices fall. At the same time, the buyer can
expect to suffer a loss if security prices do not rise sufficiently to
offset the cost of the option.
WRITING PUT AND CALL OPTIONS. When a fund writes a put option, it takes the
opposite side of the transaction from the option's purchaser. In return for
receipt of the premium, the fund assumes the obligation to pay the strike
price for the option's underlying instrument if the other party to the
option chooses to exercise it. When writing an option on a futures
contract, the fund will be required to make margin payments to an FCM as
described above for futures contracts. A fund may seek to terminate its
position in a put option it writes before exercise by closing out the
option in the secondary market at its current price. If the secondary
market is not liquid for a put option the fund has written, however, the
fund must continue to be prepared to pay the strike price while the option
is outstanding, regardless of price changes, and must continue to set aside
assets to cover its position.
If security prices rise, a put writer would generally expect to profit,
although its gain would be limited to the amount of the premium it
received. If security prices remain the same over time, it is likely that
the writer will also profit, because it should be able to close out the
option at a lower price. If security prices fall, the put writer would
expect to suffer a loss. This loss should be less than the loss from
purchasing the underlying instrument directly, however, because the premium
received for writing the option should mitigate the effects of the decline.
Writing a call option obligates a fund to sell or deliver the option's
underlying instrument, in return for the strike price, upon exercise of the
option. The characteristics of writing call options are similar to those of
writing put options, except that writing calls generally is a profitable
strategy if prices remain the same or fall. Through receipt of the option
premium, a call writer mitigates the effects of a price decline. At the
same time, because a call writer must be prepared to deliver the underlying
instrument in return for the strike price, even if its current value is
greater, a call writer gives up some ability to participate in security
price increases.
COMBINED POSITIONS. A fund may purchase and write options in combination
with each other, or in combination with futures or forward contracts, to
adjust the risk and return characteristics of the overall position. For
example, a fund may purchase a put option and write a call option on the
same underlying instrument, in order to construct a combined position whose
risk and return characteristics are similar to selling a futures contract.
Another possible combined position would involve writing a call option at
one strike price and buying a call option at a lower price, in order to
reduce the risk of the written call option in the event of a substantial
price increase. Because combined options positions involve multiple trades,
they result in higher transaction costs and may be more difficult to open
and close out.
CORRELATION OF PRICE CHANGES. Because there are a limited number of types
of exchange-traded options and futures contracts, it is likely that the
standardized contracts available will not match a fund's current or
anticipated investments exactly. The funds may invest in options and
futures contracts based on securities with different issuers, maturities,
or other characteristics from the securities in which they typically
invest, which involves a risk that the options or futures position will not
track the performance of a fund's other investments.
Options and futures prices can also diverge from the prices of their
underlying instruments, even if the underlying instruments match a fund's
investments well. Options and futures prices are affected by such factors
as current and anticipated short-term interest rates, changes in volatility
of the underlying instrument, and the time remaining until expiration of
the contract, which may not affect security prices the same way. Imperfect
correlation may also result from differing levels of demand in the options
and futures markets and the securities markets, from structural differences
in how options and futures and securities are traded, or from imposition of
daily price fluctuation limits or trading halts. A fund may purchase or
sell options and futures contracts with a greater or lesser value than the
securities it wishes to hedge or intends to purchase in order to attempt to
compensate for differences in volatility between the contract and the
securities, although this may not be successful in all cases. If price
changes in a fund's options or futures positions are poorly correlated with
its other investments, the positions may fail to produce anticipated gains
or result in losses that are not offset by gains in other investments.
LIQUIDITY OF OPTIONS AND FUTURES CONTRACTS. There is no assurance a liquid
secondary market will exist for any particular options or futures contract
at any particular time. Options may have relatively low trading volume and
liquidity if their strike prices are not close to the underlying
instrument's current price. In addition, exchanges may establish daily
price fluctuation limits for options and futures contracts, and may halt
trading if a contract's price moves upward or downward more than the limit
in a given day. On volatile trading days when the price fluctuation limit
is reached or a trading halt is imposed, it may be impossible for a fund to
enter into new positions or close out existing positions. If the secondary
market for a contract is not liquid because of price fluctuation limits or
otherwise, it could prevent prompt liquidation of unfavorable positions,
and potentially could require a fund to continue to hold a position until
delivery or expiration regardless of changes in its value. As a result, a
fund's access to other assets held to cover its options or futures
positions could also be impaired.
OTC OPTIONS. Unlike exchange-traded options, which are standardized with
respect to the underlying instrument, expiration date, contract size, and
strike price, the terms of over-the-counter (OTC) options (options not
traded on exchanges) generally are established through negotiation with the
other party to the option contract. While this type of arrangement allows
the funds greater flexibility to tailor an option to its needs, OTC options
generally involve greater credit risk than exchange-traded options, which
are guaranteed by the clearing organization of the exchanges where they are
traded.
OPTIONS AND FUTURES RELATING TO FOREIGN CURRENCIES. Currency futures
contracts are similar to forward currency exchange contracts, except that
they are traded on exchanges (and have margin requirements) and are
standardized as to contract size and delivery date. Most currency futures
contracts call for payment or delivery in U.S. dollars. The underlying
instrument of a currency option may be a foreign currency, which generally
is purchased or delivered in exchange for U.S. dollars, or may be a futures
contract. The purchaser of a currency call obtains the right to purchase
the underlying currency, and the purchaser of a currency put obtains the
right to sell the underlying currency.
The uses and risks of currency options and futures are similar to options
and futures relating to securities or indices, as discussed above. The
funds may purchase and sell currency futures and may purchase and write
currency options to increase or decrease their exposure to different
foreign currencies. A fund may also purchase and write currency options in
conjunction with each other or with currency futures or forward contracts.
Currency futures and options values can be expected to correlate with
exchange rates, but may not reflect other factors that affect the value of
a fund's investments. A currency hedge, for example, should protect a
Yen-denominated security from a decline in the Yen, but will not protect a
fund against a price decline resulting from deterioration in the issuer's
creditworthiness. Because the value of a fund's foreign-denominated
investments changes in response to many factors other than exchange rates,
it may not be possible to match the amount of currency options and futures
to the value of the fund's investments exactly over time.
ASSET COVERAGE FOR FUTURES AND OPTIONS POSITIONS. The funds will comply
with guidelines established by the Securities and Exchange Commission with
respect to coverage of options and futures strategies by mutual funds, and
if the guidelines so require will set aside appropriate liquid assets in a
segregated custodial account in the amount prescribed. Securities held in a
segregated account cannot be sold while the futures or option strategy is
outstanding, unless they are replaced with other suitable assets. As a
result, there is a possibility that segregation of a large percentage of a
fund's assets could impede portfolio management or the fund's ability to
meet redemption requests or other current obligations.
PORTFOLIO TRANSACTIONS
All orders for the purchase or sale of portfolio securities are placed on
behalf of each fund by FMR pursuant to authority contained in the
management contract. If FMR grants investment management authority to the
sub-advisers (see the section entitled "Management Contracts"), the
sub-advisers are authorized to place orders for the purchase and sale of
portfolio securities, and will do so in accordance with the policies
described below. FMR is also responsible for the placement of transaction
orders for other investment companies and accounts for which it or its
affiliates act as investment adviser. Securities purchased and sold by the
money market fund will generally be traded on a net basis (i.e., without
commission). In selecting broker-dealers, subject to applicable limitations
of the federal securities laws, FMR considers various relevant factors,
including, but not limited to: the size and type of the transaction; the
nature and character of the markets for the security to be purchased or
sold; the execution efficiency, settlement capability, and financial
condition of the broker-dealer firm; the broker-dealer's execution services
rendered on a continuing basis; the reasonableness of any commissions; and
for the stock funds arrangements for payment of fund expenses. Generally,
commissions for foreign investments traded will be higher than for U.S.
investments and may not be subject to negotiation.
The funds may execute portfolio transactions with broker-dealers who
provide research and execution services to the funds or other accounts over
which FMR or its affiliates exercise investment discretion. Such services
may include advice concerning the value of securities; the advisability of
investing in, purchasing, or selling securities; the availability of
securities or the purchasers or sellers of securities; furnishing analyses
and reports concerning issuers, industries, securities, economic factors
and trends, portfolio strategy, and performance of accounts; and effecting
securities transactions and performing functions incidental thereto (such
as clearance and settlement). FMR maintains a listing of broker-dealers who
provide such services on a regular basis. However, as many transactions on
behalf of the money market fund are placed with broker-dealers (including
broker-dealers on the list) without regard to the furnishing of such
services, it is not possible to estimate the proportion of such
transactions directed to such broker-dealers solely because such services
were provided. The selection of such broker-dealers for the stock funds
generally is made by FMR (to the extent possible consistent with
execution considerations) in accordance with a ranking of broker-dealers
determined periodically by FMR's investment staff based upon the quality of
research and execution services provided. The selection of such
broker-dealers for the money market fund generally is made by FMR (to the
extent possible consistent with execution considerations) based upon the
quality of research and execution services provided.
The receipt of research from broker-dealers that execute transactions on
behalf of the funds may be useful to FMR in rendering investment management
services to the funds or its other clients, and conversely, such research
provided by broker-dealers who have executed transaction orders on behalf
of other FMR clients may be useful to FMR in carrying out its obligations
to the funds. The receipt of such research has not reduced FMR's normal
independent research activities; however, it enables FMR to avoid the
additional expenses that could be incurred if FMR tried to develop
comparable information through its own efforts.
Subject to applicable limitations of the federal securities laws,
broker-dealers may receive commissions for agency transactions that are in
excess of the amount of commissions charged by other broker-dealers in
recognition of their research and execution services. In order to cause
each fund to pay such higher commissions, FMR must determine in good faith
that such commissions are reasonable in relation to the value of the
brokerage and research services provided by such executing broker-dealers,
viewed in terms of a particular transaction or FMR's overall
responsibilities to the funds and its other clients. In reaching this
determination, FMR will not attempt to place a specific dollar value on the
brokerage and research services provided, or to determine what portion of
the compensation should be related to those services.
FMR is authorized to use research services provided by and to place
portfolio transactions with brokerage firms that have provided assistance
in the distribution of shares of the funds or shares of other Fidelity
funds to the extent permitted by law. FMR may use research services
provided by and place agency transactions with Fidelity Brokerage Services,
Inc. (FBSI) and Fidelity Brokerage Services, Ltd. (FBSL), subsidiaries of
FMR Corp., if the commissions are fair, reasonable, and comparable to
commissions charged by non-affiliated, qualified brokerage firms for
similar services. Prior to September 4, 1992, FBSL operated under the name
Fidelity Portfolio Services, Ltd. (FPSL) as a wholly owned subsidiary of
Fidelity International Limited (FIL). Edward C. Johnson 3d is Chairman of
FIL. Mr. Johnson 3d, Johnson family members, and various trusts for the
benefit of the Johnson family own, directly or indirectly, more than 25% of
the voting common stock of FIL.
FMR may allocate brokerage transactions to broker-dealers who have entered
into arrangements with FMR under which the broker-dealer allocates a
portion of the commissions paid by each fund toward payment of the fund's
expenses, such as transfer agent fees or custodian fees. The transaction
quality must, however, be comparable to those of other qualified
broker-dealers.
Section 11(a) of the Securities Exchange Act of 1934 prohibits members of
national securities exchanges from executing exchange transactions for
accounts which they or their affiliates manage, unless certain requirements
are satisfied. Pursuant to such requirements, the Board of Trustees has
authorized FBSI to execute portfolio transactions on national securities
exchanges in accordance with approved procedures and applicable SEC rules.
The Trustees periodically review FMR's performance of its responsibilities
in connection with the placement of portfolio transactions on behalf of the
funds and review the commissions paid by each fund over representative
periods of time to determine if they are reasonable in relation to the
benefits to the funds.
The stock funds' turnover rates for the fiscal years ended February 28,
1995 and 1994 are presented in the table below. The stock funds' annual
portfolio turnover rates may be substantially greater than those of other
equity investment companies. The significantly higher or lower portfolio
turnover rates from year to year are primarily the result of fluctuations
in asset levels and FMR's assessment of changing economic conditions
throughout each year for various industries. High turnover may also be the
result of short-term shareholder trading activity which increases brokerage
and operating costs. This shareholder activity may also result in required
purchases or sales of portfolio securities at disadvantageous times.
TURNOVER RATES FISCAL 1995 FISCAL 1994
Air Transportation 200% 171%
American Gold 34% 39%
Automotive 63% 64%
Biotechnology 77% 51%
Brokerage and Investment Management 139% 295%
Chemicals 106% 81%
Computers 189% 145%
Construction and Housing 45% 35%
Consumer Products 190% 169%
Defense and Aerospace 146% 324%
Developing Communications 266% 280%
Electronics 205% 163%
Energy 106% 157%
Energy Service 209% 137%
Environmental Services 82% 191%
Financial Services 107% 93%
Food and Agriculture 126% 96%
Health Care 151% 213%
Home Finance 124% 95%
Industrial Equipment 131% 95%
Industrial Materials 139% 185%
Insurance 265% 101%
Leisure 103% 170%
Medical Delivery 123% 164%
Multimedia 107% 340%
Natural Gas 177% 44%*
Paper and Forest Products 209% 176%
Precious Metals and Minerals 43% 73%
Regional Banks 106% 74%
Retailing 481% 154%
Software and Computer Services 164% 376%
Technology 102% 213%
Telecommunications 107% 241%
Transportation 178% 115%
Utilities Growth 24% 61%
* Annualized
BROKERAGE COMMISSIONS. The table below lists the total brokerage
commissions; the percentage of brokerage commissions paid to brokerage
firms that provided research services; and the dollar amount of commissions
paid to FBSI and FBSL for the fiscal periods ended February 28, 1995, 1994,
and 1993. The tables also list the percentage of each fund's aggregate
brokerage commissions paid to FBSI and FBSL during the 1995, 1994, and 1993
fiscal periods, as well as the percentage of each fund's aggregate dollar
amount of transactions executed through FBSI and FBSL during the same
periods. However, during fiscal 1994, the funds did not pay any commissions
to FBSL. The difference in the percentage of the brokerage commissions paid
to and the percentage of the dollar amount of transactions effected through
FBSI and FBSL is a result of the low commission rates charged by FBSI and
FBSL.
% of % of
% of % of Transactions Transactions
Fiscal % Paid to Commissions Commissions Effected Effected
Period Ended Firms Providing Paid Paid through through
February 28 Total Research To FBSI To FBSL To FBSI To FBSL FBSI FBSL
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AIR TRANSPOR-
TATION
1995 $ 44,221 95 % $ 11,047 $ 858 25 % 2 % 56 % 1 %
1994 $ 65,372 70.93 % 15,992 $ -- 24.46 % -- 49.13 % --
1993 $ 44,823 n/a $ 8,582 $ -- 15.89 % -- 38.79 % --
AMERICAN
GOLD
1995 $ 434,646 96 % $ 66,393 $ -- 15 % -- 28 % --
1994 $ 572,538 82.12 % 59,125 $ -- 10.33 % -- 16.68 % --
1993 $ 222,189 n/a $ 18,310 $ -- 7.40 % -- 11.95 % --
AUTOMOTIVE
1995 $ 261,551 92 % $ 62,506 $ 6,340 24 % 2 % 33 % 1 %
1994 $ 206,497 58.14 % 47,865 $ -- 23.18 % -- 34.53 % --
1993 $ 237,775 n/a $ 144,584 $ -- 33.31 % -- 41.35 % --
BIOTECHNOLOGY
1995 $ 269,543 98 % $ 86,356 $ -- 32 % -- 35 % --
1994 $ 128,536 60.34 % 42,992 $ -- 33.45 % -- 36.05 % --
1993 $ 194,398 n/a $ 111,543 $ -- 29.04 % -- 41.96 % --
BROKERAGE AND
INVESTMENT
MANAGEMENT
1995 $ 285,000 99 % $ 9,202 $ -- 3 % -- 10 % --
1994 $ 722,667 82.03 % 96,223 $ -- 13.31 % -- 33.74 % --
1993 $ 39,681 n/a $ 15,956 $ -- 27.60 % -- 48.17 % --
CHEMICALS
1995 $ 299,801 85 % $ 92,389 $ 38,585 31 % 13 % 43 % --
1994 $ 77,565 52.04 % 27,722 $ -- 35.74 % -- 48.61 % --
1993 $ 73,037 n/a $ 54,712 $ -- 39.36 % -- 47.26 % --
COMPUTERS
1995 $ 340,960 98 % $ 154,477 $ -- 45 % -- 59 % --
1994 $ 111,949 54.83 % 45,787 $ -- 40.90 % -- 60.37 % --
1993 $ 124,610 n/a $ 96,069 $ -- 41.31 % -- 41.78 % --
CONSTRUCTION
AND HOUSING
1995 $ 83,667 93 % $ 22,274 $ -- 27 % -- 41 % --
1994 $ 72,398 63.77 % 21,215 $ -- 29.30 % -- 45.12 % --
1993 $ 30,468 n/a $ 21,890 $ -- 38.09 % -- 58.22 % --
CONSUMER
PRODUCTS
1995 $ 37,144 95 % $ 14,756 $ -- 40 % -- 50 % --
1994 $ 26,503 45.68 % 10,852 $ -- 40.95 % -- 55.16 % --
1993 $ 9,272 n/a $ 14,397 $ -- 55.07 % -- 74.55 % --
DEFENSE AND
AEROSPACE
1995 $ 12,412 97 % $ 6,197 $ -- 50 % -- 69 % --
1994 $ 23,698 63.04 % 7,073 $ -- 29.85 % -- 53.49 % --
1993 $ 501 n/a $ 1,191 $ -- 67.86 % -- 86.75 % --
DEVELOPING
COMMUNICATI
ONS
1995 $ 815,766 97 % $ 178,340 $ 2,788 22 % -- 31 % --
1994 $ 857,319 75.80 % 168,725 $ -- 19.68 % -- 33.65 % --
1993 $ 35,996 n/a $ 8,888 $ -- 15.26 % -- 22.42 % --
ELECTRONICS
1995 $ 311,242 97 % $ 138,231 $ -- 44 % -- 53 % --
1994 $ 66,371 36.90 % 35,182 $ -- 53.01 % -- 59.28 % --
1993 $ 53,635 n/a $ 81,597 $ -- 55.04 % -- 64.58 % --
ENERGY
1995 $ 284,436 91 % $ 96,604 $ -- 34 % -- 45 % --
1994 $ 407,705 53.90 % 157,374 $ -- 38.60 % -- 58.89 % --
1993 $ 225,088 n/a $ 42,457 $ -- 14.19 % -- 20.53 % --
</TABLE>
% of % of
% of % of Transactions Transactions
Fiscal % Paid to Commissions Commissions Effected Effected
Period Ended Firms Providing Paid Paid through through
February 28 Total Research To FBSI To FBSL To FBSI To FBSL FBSI FBSL
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ENERGY SERVICE
1995 $ 227,450 91% $ 105,206 $ -- 46% -- 52% --
1994 $ 427,988 55.56% 154,629 $ -- 36.13% -- 46.02% --
1993 $ 252,703 n/a $ 209,611 $ -- 42.48% -- 46.86% --
ENVIRONMENTAL
SERVICES
1995 $ 148,268 97 % $ 44,929 $ -- 30 % -- 41 % --
1994 $ 324,850 70.31 % 84,034 $ -- 25.87 % -- 35.76 % --
1993 $ 271,040 n/a $ 89,654 $ -- 23.11 % -- 32.32 % --
FINANCIAL
SERVICES
1995 $ 246,696 97 % $ 56,906 $ -- 23 % -- 34 % --
1994 $ 406,834 76.91 % 67,939 $ -- 16.70 % -- 27.16 % --
1993 $ 171,411 n/a $ 104,207 $ -- 33.30 % -- 48.03 % --
FOOD AND
AGRICULTURE
1995 $ 330,566 95 % $ 168,049 $ -- 51 % -- 57 % --
1994 $ 199,987 60.67 % 61,212 $ -- 30.61 % -- 47.93 % --
1993 $ 87,850 n/a $ 49,642 $ -- 30.08 % -- 47.24 % --
HEALTH CARE
1995 $ 1,456,527 97 % $ 270,239 $ 2,567 19 % -- 27 % --
1994 $ 1,892,280 77.10 % 342,394 $ -- 18.09 % -- 25.56 % --
1993 $ 1,113,199 n/a $ 292,180 $ 575 19.25 % .04 % 27.73 % .04 %
HOME FINANCE
1995 $ 251,035 97 % $ 87,018 $ -- 35 % -- 39 % --
1994 $ 309,902 39.80 % 145,280 $ -- 46.88 % -- 53.46 % --
1993 $ 113,247 n/a $ 100,744 $ -- 44.09 % -- 48.74 % --
INDUSTRIAL
EQUIPMENT
1995 $ 300,847 97 % $ 59,687 $ -- 20 % -- 27 % --
1994 $ 210,288 62.95 % 60,492 $ -- 28.77 % -- 41.94 % --
1993 $ 8,169 n/a $ 10,864 $ -- 47.93 % -- 50.81 % --
INDUSTRIAL
MATERIALS
1995 $ 420,047 98 % $ 73,573 $ -- 18 % -- 27 % --
1994 $ 207,708 81.03 % 33,380 $ -- 16.07 % -- 21.09 % --
1993 $ 77,224 n/a $ 39,122 $ -- 31.11 % -- 43.29 % --
INSURANCE
1995 $ 41,494 90 % $ 22,909 $ -- 55 % -- 69 % --
1994 $ 42,755 40.44 % 18,400 $ -- 43.04 % -- 57.65 % --
1993 $ 16,431 n/a $ 7,778 $ -- 28.23 % -- 42.10 % --
LEISURE
1995 $ 216,511 88 % $ 55,302 $ -- 26 % -- 37 % --
1994 $ 311,929 62.44 % 89,656 $ -- 28.74 % -- 43.08 % --
1993 $ 41,547 n/a $ 20,247 $ -- -- -- 44.76 % --
MEDICAL
DELIVERY
1995 $ 444,242 96 % $ 112,144 $ -- 25 % -- 28 % --
1994 $ 369,409 73.27 % 71,221 $ -- 19.28 % -- 24.25 % --
1993 $ 308,801 n/a $ 105,300 $ -- -- -- -- --
MULTIMEDIA
1995 $ 79,153 93 % $ 12,190 $ -- 15 % -- 25 % --
1994 $ 329,560 63.62 % 80,739 $ -- 24.50 % -- 38.34 % --
1993 $ 4,868 n/a $ 3,678 $ -- -- -- -- --
NATURAL GAS
1995 $ 441,760 92 % $ 165,488 $ -- 37 % -- 47 % --
1994 $ 131,215 69.14 % 33,752 $ -- 25.72 % -- 41.57 % --
1993 $ -- n/a $ -- $ -- -- -- -- --
PAPER AND
FOREST
PRODUCTS
1995 $ 317,019 90 % $ 71,722 $ -- 23 % -- 46 % --
1994 $ 195,352 67.99 % 47,840 $ -- 24.49 % -- 39.22 % --
1993 $ 49,472 n/a $ 41,247 $ -- -- -- -- --
</TABLE>
% of % of
% of % of Transactions Transactions
Fiscal % Paid to Commissions Commissions Effected Effected
Period Ended Firms Providing Paid Paid through through
February 28 Total Research To FBSI To FBSL To FBSI To FBSL FBSI FBSL
<TABLE>
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PRECIOUS
METALS AND
MINERALS
1995 $ 466,587 91 % $ 40,501 $ -- 9 % -- 17 % --
1994 $ 532,810 78.51 % 78,769 $ -- 14.78 % -- 23.28 % --
1993 $ 111,030 n/a $ 10,336 $ -- 8.35 % -- 9.20 % --
REGIONAL
BANKS
1995 $ 243,598 93 % $ 83,609 $ -- 34 % -- 44 % --
1994 $ 372,619 69.80 % 81,725 $ -- 21.93 % -- 32.14% --
1993 $ 159,549 n/a $ 85,117 $ -- 31.00 % -- 42.42 % --
RETAILING
1995 $ 519,888 97 % $ 163,684 $ -- 31 % -- 45 % --
1994 $ 249,618 58.99 % 78,686 $ -- 31.52 % -- 45.97% --
1993 $ 131,980 n/a $ 84,290 $ -- 34.41 % -- 40.03 % --
SOFTWARE AND
COMPUTER
SERVICES
1995 $ 304,193 99 % $ 49,029 $ -- 16 % -- 29 % --
1994 $ 540,163 69.31 % 136,866 $ -- 25.34 % -- 48.78% --
1993 $ 270,455 n/a $ 126,315 $ 931 27.87 % .21% 39.86 % .26 %
TECHNOLOGY
1995 $ 235,440 97 % $ 110,367 $ -- 47 % -- 58 % --
1994 $ 293,550 62.61 % 93,434 $ -- 31.83 % -- 51.64% --
1993 $ 192,404 n/a $ 121,695 $ -- 36.54 % -- 51.99 % --
TELECOMMUNIC
ATIONS
1995 $ 745,067 95 % $ 164,640 $ -- 22 % -- 37 % --
1994 $ 1,449,954 64.92 % 326,700 $ -- 22.53 % -- 41.16% --
1993 $ 90,726 n/a $ 43,393 $ -- 25.32 % -- 36.23 % --
TRANSPORTATIO
N
1995 $ 56,044 96 % $ 13,666 $ 201 24 % -- 46 % --
1994 $ 24,997 55.50 % 9,066 $ -- 36.27 % -- 62.23% --
1993 $ 5,219 n/a $ 5,310 $ -- 40.71 % -- 65.22 % --
UTILITIES
GROWTH
1995 $ 143,954 98 % $ 47,308 $ -- 33 % -- 47 % --
1994 $ 355,499 49.89 % 137,624 $ -- 38.71 % -- 50.08% --
1993 $ 144,012 n/a $ 59,948 $ -- 27.20 % -- 35.28 % --
</TABLE>
From time to time the Trustees will review whether the recapture for the
benefit of the funds of some portion of the brokerage commissions or
similar fees paid by the funds on portfolio transactions is legally
permissible and advisable. Each fund seeks to recapture soliciting
broker-dealer fees on the tender of portfolio securities, but at present no
other recapture arrangements are in effect. The Trustees intend to continue
to review whether recapture opportunities are available and are legally
permissible and, if so, to determine in the exercise of their business
judgment whether it would be advisable for each fund to seek such
recapture.
Although the Trustees and officers of each fund are substantially the same
as those of other funds managed by FMR, investment decisions for each fund
are made independently from those of other funds managed by FMR or accounts
managed by FMR affiliates. It sometimes happens that the same security is
held in the portfolio of more than one of these funds or accounts.
Simultaneous transactions are inevitable when several funds and accounts
are managed by the same investment adviser, particularly when the same
security is suitable for the investment objective of more than one fund or
account.
When two or more funds are simultaneously engaged in the purchase or sale
of the same security, the prices and amounts are allocated in accordance
with procedures believed to be appropriate and equitable for each fund. In
some cases this system could have a detrimental effect on the price or
value of the security as far as each fund is concerned. In other cases,
however, the ability of the funds to participate in volume transactions
will produce better executions and prices for the funds. It is the current
opinion of the Trustees that the desirability of retaining FMR as
investment adviser to each fund outweighs any disadvantages that may be
said to exist from exposure to simultaneous transactions.
VALUATION OF PORTFOLIO SECURITIES
Each stock fund's net asset value is determined hourly during business
hours observed by the New York Stock Exchange. Currently, the Exchange is
open from 9:30 a.m. to 4:00 p.m. Eastern time, Monday through Friday. The
Board has approved the following "valuation times" for the determination of
each fund's net asset value: 10:00 a.m., 11:00 a.m., 12:00 noon, 1:00 p.m.,
2:00 p.m., 3:00 p.m. and 4:00 p.m. At each valuation time, the value of
each fund's assets will be determined in the manner described below.
STOCK FUNDS. Portfolio securities are valued by various methods depending
on the primary market or exchange on which they trade. Most equity
securities for which the primary market is the U.S. are valued at last sale
price or, if no sale has occurred, at the closing bid price. Most equity
securities for which the primary market is outside the U.S. are valued
using the official closing price or the last sale price in the principal
market where they are traded. If the last sale price (on the local
exchange) is unavailable, the last evaluated quote or last bid price is
normally used. Short-term securities are valued either at amortized cost or
at original cost plus accrued interest, both of which approximate current
value. Convertible securities and fixed-income securities are valued
primarily by a pricing service that uses a vendor security valuation matrix
which incorporates both dealer-supplied valuations and electronic data
processing techniques. This two-fold approach is believed to more
accurately reflect fair value because it takes into account appropriate
factors such as institutional trading in similar groups of securities,
yield, quality, coupon rate, maturity, type of issue, trading
characteristics, and other market data, without exclusive reliance upon
quoted, exchange, or over-the counter prices. Use of pricing services has
been approved by the Board of Trustees.
Securities and other assets for which there is no readily available market
are valued in good faith by a committee appointed by the Board of Trustees.
The procedures set forth above need not be used to determine the value of
the securities owned by the fund if, in the opinion of a committee
appointed by the Board of Trustees, some other method (e.g., closing
over-the-counter bid prices in the case of debt instruments traded on an
exchange) would more accurately reflect the fair market value of such
securities.
Generally, the valuation of foreign and domestic equity securities, as well
as corporate bonds, U.S. government securities, money market instruments,
and repurchase agreements, is substantially completed each day at the close
of the NYSE. The values of any such securities held by a fund are
determined as of such time for the purpose of computing the fund's net
asset value. Foreign security prices are furnished by independent brokers
or quotation services which express the value of securities in their local
currency. FSC gathers all exchange rates daily at the close of the NYSE
using the last quoted price on the local currency and then translates the
value of foreign securities from their local currency into U.S. dollars.
Any changes in the value of forward contracts due to exchange rate
fluctuations and days to maturity are included in the calculation of net
asset value. If an extraordinary event that is expected to materially
affect the value of a portfolio security occurs after the close of an
exchange on which that security is traded, then the security will be valued
as determined in good faith by a committee appointed by the Board of
Trustees.
MONEY MARKET FUND. The fund values its investments on the basis of
amortized cost. This technique involves valuing an instrument at its cost
as adjusted for amortization of premium or accretion of discount rather
than its value based on current market quotations or appropriate
substitutes which reflect current market conditions. The amortized cost
value of an instrument may be higher or lower than the price the fund would
receive if it sold the instrument.
Valuing the fund's instruments on the basis of amortized cost and use of
the term "money market fund" are permitted by Rule 2a-7 under the 1940 Act.
The fund must adhere to certain conditions under Rule 2a-7.
The Board of Trustees of the trust oversees FMR's adherence to SEC rules
concerning money market funds, and has established procedures designed to
stabilize the fund's net asset value (NAV) at $1.00. At such intervals as
they deem appropriate, the Trustees consider the extent to which NAV
calculated by using market valuations would deviate from $1.00 per share.
If the Trustees believe that a deviation from the fund's amortized cost per
share may result in material dilution or other unfair results to
shareholders, the Trustees have agreed to take such corrective action, if
any, as they deem appropriate to eliminate or reduce, to the extent
reasonably practicable, the dilution or unfair results. Such corrective
action could include selling portfolio instruments prior to maturity to
realize capital gains or losses or to shorten average portfolio maturity;
withholding dividends; redeeming shares in kind; establishing NAV by using
available market quotations; and such other measures as the Trustees may
deem appropriate.
During periods of declining interest rates, the fund's yield based on
amortized cost may be higher than the yield based on market valuations.
Under these circumstances, a shareholder in the fund would be able to
obtain a somewhat higher yield than would result if the fund utilized
market valuations to determine its NAV. The converse would apply in a
period of rising interest rates.
PERFORMANCE
The funds may quote performance in various ways. All performance
information supplied by the funds in advertising is historical and is not
intended to indicate future returns. The stock funds' share price, and each
fund's yield and total return fluctuate in response to market conditions
and other factors, and the value of the stock funds' shares when redeemed
may be more or less than their original cost.
YIELD CALCULATIONS. To compute the money market fund's yield for a period,
the net change in value of a hypothetical account containing one share
reflects the value of additional shares purchased with dividends from the
one original share and dividends declared on both the original share and
any additional shares. The net change is then divided by the value of the
account at the beginning of the period to obtain a base period return. This
base period return is annualized to obtain a current annualized yield. The
fund also may calculate an effective yield by compounding the base period
return over a one year period. In addition to the current yield, the fund
may quote yields in advertising based on any historical seven-day period.
Yields for the fund are calculated on the same basis as other money market
funds, as required by applicable regulations.
Yield information may be useful in reviewing the fund's performance and in
providing a basis for comparison with other investment alternatives.
However, the fund's yield fluctuates, unlike investments that pay a fixed
interest rate over a stated period of time. When comparing investment
alternatives, investors should also note the quality and maturity of the
portfolio securities of respective investment companies they have chosen to
consider.
Investors should recognize that in periods of declining interest rates the
fund's yield will tend to be somewhat higher than prevailing market rates,
and in periods of rising interest rates the fund's yield will tend to be
somewhat lower. Also, when interest rates are falling, the inflow of net
new money to the fund from the continuous sale of its shares will likely be
invested in instruments producing lower yields than the balance of the
fund's holdings, thereby reducing the fund's current yield. In periods of
rising interest rates, the opposite can be expected to occur.
TOTAL RETURN CALCULATIONS. Total returns quoted in advertising reflect all
aspects of a fund's return, including the effect of reinvesting dividends
and capital gain distributions, and any change in the fund's NAV over a
stated period. Average annual total returns are calculated by determining
the growth or decline in value of a hypothetical historical investment in a
fund over a stated period, and then calculating the annually compounded
percentage rate that would have produced the same result if the rate of
growth or decline in value had been constant over the period. For example,
a cumulative total return of 100% over ten years would produce an average
annual return of 7.18%, which is the steady annual rate of return that
would equal 100% growth on a compounded basis in ten years. While average
annual returns are a convenient means of comparing investment alternatives,
investors should realize that a fund's performance is not constant over
time, but changes from year to year, and that average annual returns
represent averaged figures as opposed to the actual year-to-year
performance of the fund.
In addition to average annual total returns, a fund may quote unaveraged or
cumulative total returns reflecting the simple change in value of an
investment over a stated period. Average annual and cumulative total
returns may be quoted as a percentage or as a dollar amount, and may be
calculated for a single investment, a series of investments, or a series of
redemptions, over any time period. Total returns may be broken down into
their components of income and capital (including capital gains and changes
in share price) in order to illustrate the relationship of these factors
and their contributions to total return. Total returns may be quoted on a
before-tax or after-tax basis and may be quoted with or without taking each
fund's 3% maximum sales charge or redemption fees into account. Excluding a
fund's sales charge and/or redemption fee from a total return calculation
produces a higher total return figure. Total returns, yields, and other
performance information may be quoted numerically or in a table, graph, or
similar illustration.
NET ASSET VALUE. Charts and graphs using a fund's net asset values,
adjusted net asset values, and benchmark indices may be used to exhibit
performance. An adjusted NAV includes any distributions paid by a fund and
reflects all elements of its return. Unless otherwise indicated, a fund's
adjusted NAVs are not adjusted for sales charges, if any.
MOVING AVERAGES. A stock fund may illustrate performance using moving
averages. A long-term moving average is the average of each week's adjusted
closing NAV for a specified period. A short-term moving average is the
average of each day's adjusted closing NAV for a specified period. Moving
Average Activity Indicators combine adjusted closing NAVs from the last
business day of each week with moving averages for a specified period to
produce indicators showing when an NAV has crossed, stayed above, or stayed
below its moving average. On February 28, 1995, the 13-week and 39-week
short-term moving averages were as follows:
FUND 13 - WEEK SHORT-TERM 39 - WEEK SHORT-TERM
NAME MOVING AVERAGE MOVING AVERAGE
Air Transportation $ 12.81 $ 13.59
American Gold $ 18.81 $ 20.70
Automotive $ 19.18 $ 19.76
Biotechnology $ 23.77 $ 23.93
Brokerage and Investment Management $ 14.96 $ 15.68
Chemicals $ 32.77 $ 33.25
Computers $ 29.35 $ 27.76
Construction and Housing $ 15.98 $ 16.59
Consumer Products $ 13.58 $ 13.55
Defense and Aerospace $ 18.40 $ 18.20
Developing Communications $ 19.98 $ 18.44
Electronics $ 18.52 $ 17.92
Energy $ 15.79 $ 16.37
Energy Service $ 11.33 $ 11.59
Environmental Services $ 10.03 $ 10.41
Financial Services $ 44.58 $ 46.17
Food and Agriculture $ 31.24 $ 30.12
Health Care $ 72.03 $ 67.10
Home Finance $ 21.85 $ 22.90
Industrial Equipment $ 19.52 $ 19.33
Industrial Materials $ 22.17 $ 22.42
Insurance $ 20.12 $ 19.93
Leisure $ 38.63 $ 38.61
Medical Delivery $ 22.09 $ 21.12
Multimedia $ 21.24 $ 20.77
Natural Gas $ 8.64 $ 9.26
Paper and Forest Products $ 19.70 $ 19.19
Precious Metals and Minerals $ 16.16 $ 17.43
Regional Banks $ 16.83 $ 17.50
Retailing $ 23.87 $ 24.35
Software and Computer Services $ 27.25 $ 24.98
Technology $ 40.96 $ 39.29
Telecommunications $ 37.70 $ 37.13
Transportation $ 19.15 $ 19.33
Utilities Growth $ 33.57 $ 33.81
HISTORICAL RESULTS. The following table shows each fund's total returns for
the periods ended February 28, 1995. The total return figures include the
effect of the funds' 3% sales charge, but do not include the effects of the
stock funds' exchange or redemption fees.
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
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One Five Ten Life of One Five Ten Life of
Year Years Years Fund Year Years Years Fund
Air Transportation
-15.08% 7.32% n/a 6.98%A -15.08% 42.34% n/a 86.09%A
American Gold
-21.06% 0.14% n/a 6.69%A -21.06% 0.71% n/a 81.51%A
Automotive
-15.21% 16.27% n/a 12.28%B -15.21% 112.45% n/a 173.13%B
Biotechnology
-11.12% 17.05% n/a 13.97%A -11.12% 119.75% n/a 233.52%A
Brokerage and Investment
-15.24% 14.81% n/a 7.75%C -15.24% 99.52% n/a 104.59C
Management
Chemicals
6.60% 14.90% n/a 17.75%C 6.60% 100.28% n/a 379.68%C
Computers
10.10% 22.43% n/a 13.81%C 10.10% 175.02% n/a 246.05%C
Construction and Housing
-15.17% 12.70% n/a 11.32%D -15.17% 81.78% n/a 146.76%D
Consumer Products
-7.45% n/a n/a 11.98%E -7.45% n/a n/a 69.72%E
Defense and Aerospace
1.01% 11.77% 5.00% n/a 1.01% 74.46% 62.90% n/a
Developing Communications
10.22% n/a n/a 22.01%E 10.22% n/a n/a 153.37%E
Electronics
8.69% 21.31% n/a 8.93%C 8.69% 162.74% n/a 127.27%C
Energy
-2.96% 2.19% 7.05% n/a -2.96% 11.46% 97.73% n/a
Energy Service
4.37% -0.06% n/a 2.22%A 4.37% -0.31% n/a 22.43%A
Environmental Services
-16.50% -0.30% n/a 1.25%H -16.50% -1.48% n/a 7.28%H
Financial Services
1.58% 17.74% 13.51% n/a 1.58% 126.26% 255.07% n/a
Food and Agriculture
6.83% 14.41% n/a 18.11%C 6.83% 96.07% n/a 393.82%C
Health Care Portfolio
27.30% 21.27% 19.82% n/a 27.30% 162.27% 510.03% n/a
Home Finance Portfolio
9.06% 26.95% n/a 18.62%A 9.06% 229.78% n/a 381.86%A
Industrial Equipment
-4.87% 11.52% n/a 9.15%D -4.87% 72.50% n/a 109.07%D
Industrial Materials
4.42% 12.54% n/a 10.93%D 4.42% 80.55% n/a 139.56%D
Insurance
6.50% 12.37% n/a 11.06%A 6.50% 79.15% n/a 162.86%A
Leisure
-4.04% 13.09% 15.59% n/a -4.04% 84.96% 325.84% n/a
Medical Delivery
16.04% 21.70% n/a 13.82%B 16.04% 166.91% n/a 207.41%B
Multimedia
6.07% 16.47% n/a 15.81%B 6.07% 114.30% n/a 257.23%B
Natural Gas
-7.91% n/a n/a -6.32%F -7.91% n/a n/a -11.44%F
Paper and Forest Products
11.46% 14.90% n/a 11.40%B 11.46% 100.28% n/a 155.09%B
Precious Metals and Minerals
-9.65% 2.15% 6.43% n/a -9.65% 11.21% 86.54% n/a
Regional Banks
4.55% 19.78% n/a 13.84%B 4.55% 146.52% n/a 207.85%B
Retailing
-6.89% 16.33% n/a 15.55%A -6.89% 113.06% n/a 278.57%A
Software and Computer
-1.09% 22.64% n/a 17.35%C -1.09% 177.40% n/a 364.32%C
Services
Technology
1.47% 21.09% 9.17% n/a 1.47% 160.31% 140.42% n/a
Telecommunications
4.74% 13.78% n/a 18.16%C 4.74% 90.70% n/a 395.84%C
Transportation
2.72% 16.16% n/a 14.60%D 2.72% 111.49% n/a 215.20%D
Utilities Growth
-2.79% 8.61% 12.83% n/a -2.79% 51.16% 234.29% n/a
Money Market
1.16% 4.00% n/a 5.50%G 1.16% 21.69% n/a 66.43%G
</TABLE>
A From December 16, 1985
B From June 30, 1986
C From July 29, 1985
D From September 29, 1986
E From June 29, 1990
F From April 21, 1993
G From August 30, 1985
H From June 29, 1989
The table beginning on page shows the income and capital elements
of each fund's cumulative total return. The table compares each fund's
return to the record of the Standard and Poor's Composite Index of 500
Stocks (S&P 500(registered trademark)) and the cost of living (measured by
the Consumer Price Index, or CPI) over the same period. The CPI information
is as of the month end closest to the initial investment date for each
fund. The S&P 500 comparison is provided to show how each fund's total
return compared to the record of a broad average of common stock prices
over the same period. Each fund has the ability to invest in securities not
included in the index, and its investment portfolio may or may not be
similar in composition to the indices. Of course, since the money market
fund invests in short-term fixed-income securities, common stocks represent
a different type of investment from the fund. Common stocks generally offer
greater growth potential than the money market fund, but generally
experience greater price volatility, which means greater potential for
loss. In addition, common stocks generally provide lower income than a
fixed-income investment such as the money market fund. Figures for the S&P
500 are based on the prices of unmanaged groups of stocks and, unlike the
funds' returns, do not include the effect of paying brokerage commissions
and other costs of investing.
The figures in the first column (rounded to the nearest dollar)
represent the value of a hypothetical $10,000 investment (after
deducting the fund's 3% sales charge) in each fund before redemption, and
do not take the stock funds' exchange or redemption fees into account
but assumes all dividends were reinvested . This was a period of widely
fluctuating stock prices, and the figures below should not be
considered representative of the dividend income or capital gain or loss
that could be realized from investments in the funds today. For funds
with less than 10 years of operations the hypothetical investment begins at
commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S>
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VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND
ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
Air Transportation
2/28/86 $ 10,554 $ 0 $ 0 $ 10,554 $ 10,895 $ 10,000
(12/16/85)**
2/28/87 11,912 0 0 11,912 14,111 10,210
2/28/88 8,100 1,134 22 9,255 13,735 10,613
2/28/89 10,457 1,464 28 11,948 15,367 11,125
2/28/90 10,573 2,069 28 12,671 18,273 11,711
2/28/91 11,514 2,254 31 13,798 20,949 12,333
2/28/92 13,735 3,028 37 16,800 24,303 12,681
2/28/93 13,192 3,372 36 16,600 26,896 13,092
2/28/94 16,606 4,584 45 21,236 29,140 13,422
2/28/95 13,512 5,047 36 18,596 31,282 13,806
American Gold
2/28/86 9,622 0 0 9,622 10,895 10,000
(12/16/85)**
2/28/87 14,589 0 0 14,589 14,111 10,210
2/28/88 13,861 153 51 14,066 13,735 10,613
2/28/89 15,171 168 56 15,394 15,367 11,125
2/28/90 17,227 190 63 17,481 18,273 11,711
2/28/91 13,202 146 49 13,396 20,949 12,333
2/28/92 13,095 145 48 13,288 24,303 12,681
2/28/93 13,726 152 51 13,928 26,896 13,092
2/28/94 21,980 243 81 22,304 29,140 13,422
2/28/95 17,887 198 66 18,150 31,282 13,806
A utomotive
2/28/8 7 11,708 0 0 11,708 11,644 10,192
(6/30/86)**
2/28/8 8 10,486 534 46 11,066 11,333 10,594
2/28/8 9 11,718 596 52 12,366 12,680 11,105
2/28/90 11,417 581 470 12,468 15,077 11,689
2/28/9 1 11,970 609 676 13,255 17,286 12,311
2/28/9 2 16,645 1,851 940 19,436 20,053 12,658
2/28/9 3 20,069 2,673 1,207 23,949 22,193 13,068
2/28/9 4 24,716 4,972 1,555 31,243 24,044 13,397
2/28/9 5 19,245 6,786 1,277 27,308 25,812 13,781
Biotechnology
2/28/86 10,418 0 0 10,418 10,895 10,000
(12/16/85)**
2/28/87 13,716 0 0 13,716 14,111 10,210
2/28/88 10,253 321 0 10,574 13,735 10,613
2/28/89 10,398 326 0 10,724 15,367 11,125
2/28/90 14,046 677 0 14,722 18,273 11,711
2/28/91 24,619 2,099 0 26,718 20,949 12,333
2/28/92 31,962 5,782 26 37,769 24,303 12,681
2/28/93 21,922 7,848 18 29,788 26,896 13,092
2/28/94 26,782 9,588 22 36,391 29,140 13,422
2/28/95 24,541 8,786 20 33,347 31,282 13,806
Brokerage and Investment
2/28/86 12,853 0 0 12,853 12,078 10,139
Management
2/28/87 14,278 22 17 14,317 15,643 10,353
(7/29/85)**
2/28/88 6,994 1,293 42 8,328 15,225 10,761
2/28/89 8,051 1,489 164 9,703 17,035 11,280
2/28/90 8,070 1,492 345 9,908 20,256 11,874
2/28/91 8,051 1,489 469 10,009 23,223 12,505
2/28/92 12,406 2,294 739 15,439 26,940 12,857
2/28/93 13,793 2,550 822 17,165 29,815 13,275
2/28/94 17,218 5,062 1,040 23,319 32,302 13,609
2/28/95 15,045 4,423 908 20,376 34,677 13,998
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Chemicals 2/28/86 $ 13,978 $ 0 $ 0 $ 13,978 $ 12,078 $ 10,139
(7/29/85)** 2/28/87 18,818 75 0 18,893 15,643 10,353
2/28/88 18,857 118 0 18,975 15,225 10,761
2/28/89 22,174 139 0 22,313 17,035 11,280
2/28/90 21,893 1,191 149 23,233 20,256 11,874
2/28/91 25,065 2,020 280 27,365 23,223 12,505
2/28/92 30,933 3,375 565 34,873 26,940 12,857
2/28/93 27,761 6,680 860 35,302 29,815 13,275
2/28/94 30,710 11,636 1,272 43,619 32,302 13,609
2/28/95 32,893 13,351 1,687 47,930 34,677 13,998
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Computers 2/28/86 11,727 0 0 11,727 12,078 10,139
(7/29/85)** 2/28/87 15,617 56 0 15,673 15,643 10,353
2/28/88 11,116 370 10 11,497 15,225 10,761
2/28/89 10,622 354 10 10,985 17,035 11,280
2/28/90 11,795 393 11 12,199 20,256 11,874
2/28/91 15,957 532 165 16,653 23,223 12,505
2/28/92 19,187 908 528 20,622 26,940 12,857
2/28/93 19,546 925 538 21,008 29,815 13,275
2/28/94 26,209 3,556 721 30,486 32,302 13,609
2/28/95 29,750 4,036 819 34,605 34,677 13,998
Construction and
Housing 2/28/8 7 13,483 0 0 13,483 12,407 10,127
(9/29/86)** 2/28/8 8 10,195 155 0 10,350 12,076 10,526
2/28/8 9 11,844 464 63 12,371 13,511 11,034
2/28/ 90 11,029 1,991 131 13,151 16,066 11,615
2/28/9 1 10,961 3,431 313 14,705 18,419 12,232
2/28/9 2 13,250 5,537 378 19,166 21,368 12,577
2/28/9 3 15,268 6,397 436 22,100 23,648 12,985
2/28/9 4 19,225 8,393 549 28,167 25,620 13,312
2/28/9 5 16,286 7,880 465 24,631 27,504 13,693
Consumer Products 2/28/ 91 10,505 0 64 10,570 10,522 10,377
(6/29/90)** 2/28/92 13,512 242 83 13,837 12,206 10,670
2/28/93 12,581 1,194 77 13,852 13,509 11,016
2/28/94 14,783 2,912 91 17,785 14,636 11,293
2/28/95 13,493 3,389 83 16,965 15,712 11,617
Defense and
Aerospace 2/28/86 10,818 0 84 10,902 13,050 10,311
(5/8/84)** 2/28/87 12,415 158 116 12,690 16,902 10,528
2/28/88 8,909 509 84 9,501 16,452 10,943
2/28/89 8,531 487 80 9,098 18,407 11,472
2/28/90 8,488 485 80 9,052 21,887 12,075
2/28/91 9,402 537 186 10,125 25,093 12,717
2/28/92 10,840 619 264 11,723 29,110 13,075
2/28/93 10,949 625 267 11,841 32,216 13,500
2/28/94 13,897 1,312 423 15,631 34,904 13,840
2/28/95 14,260 1,584 434 16,277 37,470 14,236
Developing 2/28/ 91 10,777 0 0 10,777 10,522 10,377
Communications 2/28/ 92 13,997 1,003 0 15,001 12,206 10,670
(6/29/90)** 2/28/ 93 15,947 1,176 0 17,123 13,509 11,016
2/28/ 94 19,061 3,260 0 22,320 14,636 11,293
2/28/ 95 19,788 5,583 0 25,371 15,712 11,617
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Electronics 2/28/86 $ 11,097 $ 0 $ 0 $ 11,097 $ 12,078 $ 10,139
(7/29/85)** 2/28/87 10,331 0 0 10,331 15,643 10,353
2/28/88 7,401 0 0 7,401 15,225 10,761
2/28/89 6,635 0 0 6,635 17,035 11,280
2/28/90 8,391 0 0 8,391 20,256 11,874
2/28/91 9,846 0 12 9,858 23,223 12,505
2/28/92 12,678 0 16 12,694 26,940 12,857
2/28/93 13,852 0 17 13,869 29,815 13,275
2/28/94 17,140 3,133 21 20,294 32,302 13,609
2/28/95 19,206 3,510 24 22,729 34,677 13,998
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Energy 2/28/86 8,734 0 535 9,270 13,050 10,311
(7/14/81)** 2/28/87 11,412 0 699 12,111 16,902 10,528
2/28/88 10,385 278 667 11,330 16,452 10,943
2/28/89 11,561 310 1,070 12,941 18,407 11,472
2/28/90 15,107 624 1,468 17,200 21,887 12,075
2/28/91 13,580 2,002 1,463 17,045 25,093 12,717
2/28/92 12,439 1,854 1,514 15,806 29,110 13,075
2/28/93 13,905 2,072 2,029 18,006 32,216 13,500
2/28/94 14,686 2,879 2,179 19,744 34,904 13,840
2/28/95 14,133 3,386 2,231 19,750 37,470 14,236
Energy Service 2/28/86 8,740 0 0 8,740 10,895 10,000
(12/16/85)** 2/28/87 9,622 0 0 9,622 14,111 10,210
2/28/88 8,284 0 0 8,284 13,735 10,613
2/28/89 7,828 0 0 7,828 15,367 11,125
2/28/90 11,912 0 0 11,912 18,273 11,711
2/28/91 13,095 0 22 13,117 20,949 12,333
2/28/92 9,099 0 15 9,114 24,303 12,681
2/28/93 10,680 0 18 10,698 26,896 13,092
2/28/94 11,310 0 68 11,378 29,140 13,422
2/28/95 11,611 525 92 12,228 31,282 13,806
Environmental
Services 2/28/ 90 10,554 0 9 10,563 10,422 10,314
(6/29/89)** 2/28/91 12,600 0 11 12,611 11,949 10,862
2/28/92 12,649 487 11 13,147 13,862 11,168
2/28/93 11,019 839 10 11,868 15,341 11,531
2/28/94 11,572 881 10 12,463 16,621 11,821
2/28/95 9,962 758 9 10,729 17,843 12,160
Financial Services2/28/86 14,446 0 172 14,618 13,050 10,311
(12/10/81)** 2/28/87 15,976 153 285 16,414 16,902 10,528
2/28/88 12,108 928 279 13,316 16,452 10,943
2/28/89 12,437 953 693 14,083 18,407 11,472
2/28/90 13,208 1,104 888 15,201 21,887 12,075
2/28/91 12,525 1,047 1,175 14,747 25,093 12,717
2/28/92 18,535 1,550 1,967 22,052 29,110 13,075
2/28/93 23,636 4,083 2,826 30,544 32,216 13,500
2/28/94 22,726 8,309 2,838 33,874 34,904 13,840
2/28/95 21,391 10,957 3,124 35,472 37,470 14,236
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Food and
Agriculture 2/28/86 $ 12,329 $ 0 $ 0 $ 12,329 $ 12,078 $ 10,139
(7/29/85)** 2/28/87 16,539 0 0 16,539 15,643 10,353
2/28/88 15,413 586 32 16,031 15,225 10,761
2/28/89 18,449 701 91 19,242 17,035 11,280
2/28/90 21,321 2,951 145 24,416 20,256 11,874
2/28/91 26,171 4,602 516 31,288 23,223 12,505
2/28/92 29,323 7,117 713 37,153 26,940 12,857
2/28/93 29,934 9,327 856 40,117 29,815 13,275
2/28/94 30,545 13,276 985 44,806 32,302 13,609
2/28/95 31,554 16,638 1,144 49,336 34,677 13,998
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Health Care 2/28/86 13,845 0 25 13,870 13,050 10,311
(7/14/81)** 2/28/87 20,469 211 37 20,718 16,902 10,528
2/28/88 16,556 666 30 17,253 16,452 10,943
2/28/89 16,958 683 176 17,817 18,407 11,472
2/28/90 20,999 1,268 284 22,551 21,887 12,075
2/28/91 30,945 5,597 549 37,091 25,093 12,717
2/28/92 37,617 12,461 892 50,970 29,110 13,075
2/28/93 24,875 12,904 681 38,460 32,216 13,500
2/28/94 29,956 15,541 873 46,371 34,904 13,840
2/28/95 36,023 23,259 1,560 60,842 37,470 14,236
Home Finance 2/28/86 12,794 0 0 12,794 10,895 10,000
(12/16/85)** 2/28/87 15,782 0 0 15,782 14,111 10,210
2/28/88 8,410 4,122 0 12,532 13,735 10,613
2/28/89 9,991 4,898 212 15,100 15,367 11,125
2/28/90 8,905 5,032 245 14,182 18,273 11,711
2/28/91 9,719 5,493 547 15,759 20,949 12,333
2/28/92 14,860 8,398 1,129 24,387 24,303 12,681
2/28/93 21,515 12,678 1,652 35,845 26,896 13,092
2/28/94 24,279 16,699 1,883 42,861 29,140 13,422
2/28/95 23,202 22,923 2,045 48,170 31,282 13,806
Industrial
Equipment 2/28/8 7 12,804 0 0 12,804 12,407 10,127
(9/29/86)** 2/28/8 8 9,768 251 0 10,019 12,076 10,526
2/28/8 9 9,855 253 0 10,108 13,511 11,034
2/28/ 90 11,456 294 0 11,750 16,066 11,615
2/28/9 1 11,465 294 80 11,840 18,419 12,232
2/28/9 2 13,881 356 236 14,473 21,368 12,577
2/28/9 3 14,589 374 248 15,211 23,648 12,985
2/28/9 4 19,992 961 353 21,306 25,620 13,312
2/28/9 5 19,439 1,113 344 20,895 27,504 13,693
Industrial
Materials 2/28/8 7 13,017 0 0 13,017 12,407 10,127
(9/29/86)** 2/28/8 8 12,513 10 21 12,544 12,076 10,526
2/28/8 9 13,056 11 236 13,304 13,511 11,034
2/28/ 90 12,629 11 229 12,869 16,066 11,615
2/28/9 1 12,067 10 539 12,616 18,419 12,232
2/28/9 2 16,063 13 793 16,869 21,368 12,577
2/28/9 3 16,917 14 920 17,851 23,648 12,985
2/28/9 4 21,020 18 1,216 22,253 25,620 13,312
2/28/9 5 22,436 19 1,500 23,955 27,504 13,693
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Insurance 2/28/86 $ 11,475 $ 0 $ 0 $ 11,475 $ 10,895 $ 10,000
(12/16/85)** 2/28/87 12,591 0 0 12,591 14,111 10,210
2/28/88 9,904 0 151 10,054 13,735 10,613
2/28/89 11,611 0 274 11,885 15,367 11,125
2/28/90 13,764 0 465 14,230 18,273 11,711
2/28/91 15,307 0 517 15,824 20,949 12,333
2/28/92 18,207 0 911 19,118 24,303 12,681
2/28/93 20,933 2,214 1,087 24,234 26,896 13,092
2/28/94 18,828 4,119 989 23,936 29,140 13,422
2/28/95 20,671 4,522 1,086 26,279 31,282 13,806
Leisure 2/28/86 14,454 0 24 14,477 13,050 10,311
(5/8/84)** 2/28/87 17,896 31 37 17,965 16,902 10,528
2/28/88 15,338 1,757 32 17,127 16,452 10,943
2/28/89 18,367 2,468 38 20,872 18,407 11,472
2/28/90 18,324 3,925 88 22,337 21,887 12,075
2/28/91 18,402 3,941 318 22,661 25,093 12,717
2/28/92 22,771 4,877 393 28,042 29,110 13,075
2/28/93 25,494 5,460 440 31,394 32,216 13,500
2/28/94 32,286 10,229 558 43,073 34,904 13,840
2/28/95 29,014 13,118 501 42,633 37,470 14,236
Medical Delivery 2/28/8 7 8,953 0 0 8,953 11,644 10,192
(6/30/86)** 2/28/8 8 6,955 403 22 7,380 11,333 10,594
2/28/8 9 8,478 491 27 8,997 12,680 11,105
2/28/ 90 10,253 830 81 11,164 15,077 11,689
2/28/9 1 16,325 1,847 129 18,301 17,286 12,311
2/28/9 2 21,243 3,971 168 25,382 20,053 12,658
2/28/9 3 14,026 4,153 111 18,289 22,193 13,068
2/28/9 4 19,672 5,824 155 25,651 24,044 13,397
2/28/9 5 22,485 7,918 278 30,681 25,812 13,781
Money Market 2/28/86 9,700 0 373 10,073 12,255 10,120
(8/30/85)** 2/28/87 9,700 0 990 10,690 15,872 10,333
2/28/88 9,700 0 1,650 11,350 15,449 10,741
2/28/89 9,700 0 2,497 12,197 17,285 11,259
2/28/90 9,700 0 3,566 13,266 20,553 11,852
2/28/91 9,700 0 4,598 14,298 23,564 12,481
2/28/92 9,700 0 5,358 15,058 27,336 12,833
2/28/93 9,700 0 5,851 15,551 30,253 13,250
2/28/94 9,700 0 6,259 15,959 32,776 13,583
2/28/95 9,700 0 6,943 16,643 35,186 13,972
Multimedia 2/28/8 7 11,912 0 0 11,912 11,644 10,192
(6/30/86)** 2/28/8 8 11,436 871 11 12,319 11,333 10,594
2/28/8 9 14,065 2,017 14 16,095 12,680 11,105
2/28/ 90 11,980 4,160 12 16,151 15,077 11,689
2/28/9 1 11,834 4,110 12 15,955 17,286 12,311
2/28/9 2 15,617 5,423 15 21,056 20,053 12,658
2/28/9 3 17,712 6,464 17 24,194 22,193 13,068
2/28/9 4 23,154 9,450 23 32,627 24,044 13,397
2/28/9 5 21,680 13,962 21 35,663 25,812 13,781
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
</TABLE>
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C>
Natural Gas
2/28/ 94 $ 9,196 $ 132 $ 0 $ 9,328 $ 10,758 $ 10,188
(4/21/93)**
2/28/ 95 8,711 125 20 8,856 11,549 10,479
Paper and Forest Products
2/28/87 15,190 0 0 15,190 11,644 10,192
(6/30/86)**
2/28/88 11,601 1,075 41 12,718 11,333 10,594
2/28/89 11,533 1,069 73 12,676 12,680 11,105
2/28/90 11,097 1,029 224 12,350 15,077 11,689
2/28/91 11,456 1,062 448 12,965 17,286 12,311
2/28/92 14,579 1,351 967 16,897 20,053 12,658
2/28/93 15,598 1,446 1,143 18,186 22,193 13,068
2/28/94 19,022 1,763 1,408 22,193 24,044 13,397
2/28/95 20,506 3,478 1,518 25,501 25,812 13,781
Precious Metals and
2/28/86 10,606 0 397 11,003 13,904 10,311
Minerals
2/28/87 13,608 0 678 14,287 17,413 10,528
(7/14/81)**
2/28/88 12,723 107 697 13,526 17,386 10,943
2/28/89 12,102 101 1,207 13,410 19,354 11,472
2/28/90 14,504 122 1,642 16,268 24,991 12,075
2/28/91 11,115 93 1,433 12,641 26,855 12,717
2/28/92 11,145 93 1,553 12,792 28,225 13,075
2/28/93 10,036 84 1,620 11,740 36,061 13,500
2/28/94 16,916 142 2,969 20,027 36,013 13,840
2/28/95 15,542 130 2,983 18,655 37,591 14,236
Regional Banks
2/28/8 7 9,487 0 0 9,487 11,644 10,192
(6/30/86)**
2/28/8 8 8,575 174 70 8,818 11,333 10,594
2/28/8 9 9,894 704 294 10,892 12,680 11,105
2/28/ 90 10,301 1,390 418 12,110 15,077 11,689
2/28/9 1 9,807 1,323 600 11,730 17,286 12,311
2/28/9 2 15,316 2,833 1,154 19,303 20,053 12,658
2/28/9 3 20,254 4,881 1,681 26,816 22,193 13,068
2/28/9 4 17,450 9,421 1,645 28,516 24,044 13,397
2/28/9 5 17,470 11,166 2,103 30,739 25,812 13,781
Retailing
2/28/86 10,253 0 0 10,253 10,895 10,000
(12/16/85)**
2/28/87 13,124 0 0 13,124 14,111 10,210
2/28/88 10,748 889 269 11,905 13,735 10,613
2/28/89 12,794 1,263 354 14,412 15,367 11,125
2/28/90 12,678 4,009 526 17,212 18,273 11,711
2/28/91 15,093 4,821 626 20,540 20,949 12,333
2/28/92 22,834 8,079 947 31,860 24,303 12,681
2/28/93 23,154 9,943 960 34,057 26,896 13,092
2/28/94 24,163 14,214 1,002 39,378 29,140 13,422
2/28/95 23,193 13,643 962 37,797 31,282 13,806
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Software and
Computer 2/28/86 11,776 0 0 11,776 12,078 10,139
Services 2/28/87 16,277 0 0 16,277 15,643 10,353
(7/29/85)** 2/28/88 13,405 694 0 14,099 15,225 10,761
2/28/89 14,278 739 0 15,017 17,035 11,280
2/28/90 14,579 1,655 0 16,234 20,256 11,874
2/28/91 18,285 2,076 0 20,360 23,223 12,505
2/28/92 22,611 6,197 0 28,807 26,940 12,857
2/28/93 26,791 7,343 0 34,134 29,815 13,275
2/28/94 28,023 17,340 0 45,363 32,302 13,609
2/28/95 28,198 18,064 0 46,261 34,677 13,998
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
FIDELITY SELECT PORTFOLIOS INDICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
VALUE OF VALUE OF VALUE OF
FISCAL INITIAL REINVESTED REINVESTED
PERIOD $10,000 CAPITAL GAIN DIVIDEND TOTAL COST
FUND ENDED INVESTMENT DISTRIBUTIONS DISTRIBUTIONS VALUE S&P 500 OF LIVING*
</TABLE>
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C>
Technology
2/28/86 $ 9,829 $ 0 $ 203 $ 10,031 $ 13,050 $ 10,311
(7/14/81)**
2/28/87 11,116 44 229 11,389 16,902 10,528
2/28/88 7,366 387 152 7,905 16,452 10,943
2/28/89 7,246 381 149 7,776 18,407 11,472
2/28/90 8,342 438 172 8,952 21,887 12,075
2/28/91 10,942 575 226 11,742 25,093 12,717
2/28/92 14,849 780 398 16,027 29,110 13,075
2/28/93 14,376 2,179 385 16,940 32,216 13,500
2/28/94 17,369 5,056 552 22,977 34,904 13,840
2/28/95 17,461 6,023 555 24,038 37,470 14,236
Telecommunications
2/28/86 11,650 0 0 11,650 12,078 10,139
(7/29/85)**
2/28/87 15,607 0 0 15,607 15,643 10,353
2/28/88 15,452 399 22 15,873 15,225 10,761
2/28/89 19,720 542 161 20,423 17,035 11,280
2/28/90 23,358 1,556 302 25,216 20,256 11,874
2/28/91 23,076 1,537 790 25,403 23,223 12,505
2/28/92 28,314 1,886 1,291 31,491 26,940 12,857
2/28/93 33,164 2,770 1,732 37,666 29,815 13,275
2/28/94 35,987 7,790 2,110 45,886 32,302 13,609
2/28/95 37,190 9,482 2,875 49,546 34,677 13,998
Transportation
2/28/87 11,398 0 0 11,398 12,407 10,127
(9/29/86)**
2/28/88 9,264 154 0 9,417 12,076 10526
2/28/89 12,377 205 0 12,583 13,511 11,034
2/28/90 11,970 2,485 0 14,455 16,066 11,615
2/28/91 10,942 2,819 0 13,761 18,419 12,232
2/28/92 15,006 3,867 61 18,934 21,368 12,577
2/28/93 18,120 5,150 74 23,344 23,648 12,985
2/28/94 21,020 8,643 86 29,749 25,620 13,312
2/28/95 19,914 11,507 81 31,502 27,504 13,693
Utilities Growth
2/28/86 13,335 0 315 13,650 13,050 10,311
(12/10/81)**
2/28/87 15,477 80 489 16,046 16,902 10,528
2/28/88 13,759 584 709 15,053 16,452 10,943
2/28/89 14,645 622 1,654 16,921 18,407 11,472
2/28/90 18,074 767 2,609 21,450 21,887 12,075
2/28/91 19,199 1,217 3,188 23,605 25,093 12,717
2/28/92 19,873 2,094 4,490 26,457 29,110 13,075
2/28/93 22,546 3,779 6,192 32,517 32,216 13,500
2/28/94 19,894 7,100 6,314 33,309 34,904 13,840
2/28/95 18,954 7,389 7,035 33,378 37,470 14,236
</TABLE>
* From month end closest to initial hypothetical investment date.
** Commencement of operations.
Explanatory notes: With an initial investment of $10,000 made, assuming the
3% load had been in effect, the net amount invested in fund shares was
$9,700. The table on the next page reflects the cost of the initial $10,000
investment in each of the stock funds, together with the aggregate cost of
reinvested dividends and capital gain distributions, if any, from
commencement of operations, or February 28, 1985 for funds in operation for
ten years or more, through February 28, 1995. If no additional shares of
these funds had been acquired through the reinvestment of distributions,
the cash payments from these funds would have come to the amounts shown in
column (A) for capital gain distributions, and the amounts shown in column
(B) for income dividends. No adjustment has been made for a shareholder's
income tax liability on dividends and capital gain distributions.
(A) (B)
CAPITAL GAIN INCOME
FUND COST DISTRIBUTIONS DIVIDENDS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Air Transportation $ 14,078 $ 3,473 $ 19
American Gold 10,223 175 58
Automotive 16,725 4,889 766
Biotechnology 18,554 7,372 19
Brokerage and Investment Management 13,381 2,561 393
Chemicals 22,423 9,264 1,164
Computers 12,899 2,318 388
Construction and Housing 16,095 4,772 291
Consumer Products 13,453 3,094 58
Defense and Aerospace 11,504 1,125 294
Developing Communications 14,291 3,841 0
Electronics 12,693 2,668 10
Energy 14,955 2,651 1,554
Energy Service 10,561 466 87
Environmental Services 10,811 786 10
Financial Services 21,815 7,491 1,741
Food and Agriculture 24,618 10,864 737
Health Care 30,142 14,597 873
Home Finance 24,136 8,992 572
Industrial Equipment 11,014 776 204
Industrial Materials 10,958 10 922
Insurance 14,646 3,560 660
Leisure 20,403 8,332 239
Medical Delivery 15,468 4,540 136
Money Market 16,943 0 5,250
Multimedia 20,113 7,944 10
Natural Gas 10,146 126 19
Paper and Forest Products 13,208 2,144 766
Precious Metals and Minerals 12,414 122 2092
Regional Banks 21,086 7,314 1,154
Retailing 20,368 7,605 407
Software and Computer Services 23,385 10,525 0
Technology 14,567 3,667 282
Telecommunications 20,016 6,887 1,824
Transportation 19,088 7,236 39
Utilities Growth 23,903 5,467 4,986
</TABLE>
A fund's performance may be compared to the performance of other mutual
funds in general, or to the performance of particular types of mutual
funds. These comparisons may be expressed as mutual fund rankings prepared
by Lipper Analytical Services, Inc. (Lipper), an independent service
located in Summit, New Jersey that monitors the performance of mutual
funds. Lipper generally ranks funds on the basis of total return, assuming
reinvestment of distributions, but does not take sales charges or
redemption fees into consideration, and is prepared without regard to tax
consequences. Lipper may also rank money market funds based on yield. In
addition to the mutual fund rankings, a fund's performance may be compared
to stock, bond, and money market mutual fund performance indices prepared
by Lipper or other organizations. When comparing these indices, it is
important to remember the risk and return characteristics of each type of
investment. For example, while stock mutual funds may offer higher
potential returns, they also carry the highest degree of share price
volatility. Likewise, money market funds may offer greater stability of
principal, but generally do not offer the higher potential returns from
stock mutual funds.
From time to time, a fund's performance may also be compared to other
mutual funds tracked by financial or business publications and periodicals.
For example, the fund may quote Morningstar, Inc. in its advertising
materials. Morningstar, Inc. is a mutual fund rating service that rates
mutual funds on the basis of risk-adjusted performance. Rankings that
compare the performance of Fidelity funds to one another in appropriate
categories over specific periods of time may also be quoted in advertising.
A fund may be compared in advertising to Certificates of Deposit (CDs) or
other investments issued by banks or other depository institutions. Mutual
funds differ from bank investments in several respects. For example, a fund
may offer greater liquidity or higher potential returns than CDs, a fund
does not guarantee your principal or your return, and fund shares are not
FDIC insured.
Fidelity may provide information designed to help individuals understand
their investment goals and explore various financial strategies. Such
information may include information about current economic, market, and
political conditions; materials that describe general principles of
investing, such as asset allocation, diversification, risk tolerance, and
goal setting; questionnaires designed to help create a personal financial
profile; worksheets used to project savings needs based on assumed rates of
inflation and hypothetical rates of return; and action plans offering
investment alternatives. Materials may also include discussions of
Fidelity's asset allocation funds and other Fidelity funds, products, and
services.
Ibbotson Associates of Chicago, Illinois (Ibbotson) provides historical
returns of the capital markets in the United States, including common
stocks, small capitalization stocks, long-term corporate bonds,
intermediate-term government bonds, long-term government bonds, Treasury
bills, the U.S. rate of inflation (based on the CPI), and combinations of
various capital markets. The performance of these capital markets is based
on the returns of different indices.
Fidelity funds may use the performance of these capital markets in order to
demonstrate general risk-versus-reward investment scenarios. Performance
comparisons may also include the value of a hypothetical investment in any
of these capital markets. The risks associated with the security types in
any capital market may or may not correspond directly to those of the
funds. Ibbotson calculates total returns in the same method as the funds.
The funds may also compare performance to that of other compilations or
indices that may be developed and made available in the future.
The money market fund may compare its performance or the performance of
securities in which it may invest to averages published by IBC USA
(Publications), Inc. of Ashland, Massachusetts. These averages assume
reinvestment of distributions. The IBC/Donoghue's MONEY FUND
AVERAGES(Trademark)/All Tax-Free, which is reported in the MONEY FUND
REPORT(Registered trademark), covers over 325 tax-free money market funds.
In advertising materials, Fidelity may reference or discuss its products
and services, which may include: other Fidelity funds; retirement
investing; brokerage products and services; the effects of periodic
investment plans and dollar cost averaging; saving for college or other
goals; charitable giving; and the Fidelity credit card. In addition,
Fidelity may quote or reprint financial or business publications and
periodicals, including model portfolios or allocations, as they relate to
current economic and political conditions, fund management, portfolio
composition, investment philosophy, investment techniques, the desirability
of owning a particular mutual fund, and Fidelity services and products.
Fidelity may also reprint, and use as advertising and sales literature,
articles from Fidelity Focus, a quarterly magazine provided free of charge
to Fidelity fund shareholders.
A fund may present its fund number, Quotron(trademark) number, and CUSIP
number, and discuss or quote its current portfolio manager.
VOLATILITY. The stock funds may quote various measures of volatility and
benchmark correlation in advertising. In addition, the funds may compare
these measures to those of other funds. Measures of volatility seek to
compare the fund's historical share price fluctuations or total returns to
those of a benchmark. Measures of benchmark correlation indicate how valid
a comparative benchmark may be. All measures of volatility and correlation
are calculated using averages of historical data.
MOMENTUM INDICATORS indicate a stock fund's price movements over specific
periods of time. Each point on the momentum indicator represents the fund's
percentage change in price movements over that period.
A stock fund may advertise examples of the effects of periodic investment
plans, including the principle of dollar cost averaging. In such a program,
an investor invests a fixed dollar amount in a fund at periodic intervals,
thereby purchasing fewer shares when prices are high and more shares when
prices are low. While such a strategy does not assure a profit or guard
against loss in a declining market, the investor's average cost per share
can be lower than if fixed numbers of shares are purchased at the same
intervals. In evaluating such a plan, investors should consider their
ability to continue purchasing shares during periods of low price levels.
A fund may be available for purchase through retirement plans or other
programs offering deferral of, or exemption from, income taxes, which may
produce superior after-tax returns over time. For example, a $1,000
investment earning a taxable return of 10% annually would have an after-tax
value of $1,949 after ten years, assuming tax was deducted from the return
each year at a 31% rate. An equivalent tax-deferred investment would have
an after-tax value of $2,100 after ten years, assuming tax was deducted at
a 31% rate from the tax-deferred earnings at the end of the ten-year
period.
As of February 28, 1995, FMR advised over $ 25 billion in tax-free
fund assets, $ 70 billion in money market fund assets, $ 165
billion in equity fund assets, $ 40 billion in international fund
assets, and $ 20 billion in Spartan fund assets. The funds may
reference the growth and variety of money market mutual funds and the
adviser's innovation and participation in the industry. The equity funds
under management figure represents the largest amount of equity fund assets
under management by a mutual fund investment adviser in the United States,
making FMR America's leading equity (stock) fund manager. FMR, its
subsidiaries, and affiliates maintain a worldwide information and
communications network for the purpose of researching and managing
investments abroad.
In addition to performance rankings, the money market fund may compare its
total expense ratio to the average total expense ratio of similar funds
tracked by Lipper. A fund's total expense ratio is a significant factor in
comparing bond and money market investments because of its effect on yield.
ADDITIONAL PURCHASE AND REDEMPTION INFORMATION
Pursuant to Rule 22d-1 under the Investment Company Act of 1940 (the 1940
Act), FDC exercises its right to waive each fund's front-end sales charge
on shares acquired through reinvestment of dividends and capital gain
distributions or in connection with the fund's merger with or acquisition
of any investment company or trust. In addition, FDC has chosen to waive
each fund's sales charge in certain instances because of efficiencies
involved in those sales of shares. The sales charge will not apply:
1. to shares purchased in connection with an employee benefit plan
(including the Fidelity-sponsored 403(b) and corporate IRA programs but
otherwise as defined in the Employee Retirement Income Security Act)
maintained by a U.S. employer and having more than 200 eligible employees,
or a minimum of $3,000,000 in plan assets invested in Fidelity mutual
funds, or as part of an employee benefit plan maintained by a U.S. employer
that is a member of a parent-subsidiary group of corporations (within the
meaning of Section 1563(a)(1) of the Internal Revenue Code, with "50%"
substituted for "80%") any member of which maintains an employee benefit
plan having more than 200 eligible employees, or a minimum of $3,000,000 in
plan assets invested in Fidelity mutual funds, or as part of an employee
benefit plan maintained by a non-U.S. employer having 200 or more eligible
employees, or a minimum of $3,000,000 in assets invested in Fidelity mutual
funds, the assets of which are held in a bona fide trust for the exclusive
benefit of employees participating therein;
2. to shares purchased by an insurance company separate account used to
fund annuity contracts purchased by employee benefit plans (including
403(b) programs, but otherwise as defined in the Employee Retirement Income
Security Act), which, in the aggregate, have either more than 200 eligible
employees or a minimum of $3,000,000 in assets invested in Fidelity funds;
3. to shares in a Fidelity IRA account purchased (including purchases by
exchange) with the proceeds of a distribution from an employee benefit plan
provided that: (i) at the time of the distribution, the employer, or an
affiliate (as described in exemption 1 above) of such employer, maintained
at least one employee benefit plan that qualified for exemption 1 and that
had at least some portion of its assets invested in one or more mutual
funds advised by FMR, or in one or more accounts or pools advised by
Fidelity Management Trust Company; and (ii) the distribution is transferred
from the plan to a Fidelity Rollover IRA account within 60 days from the
date of the distribution;
4. to shares purchased by a charitable organization (as defined in Section
501(c)(3) of the Internal Revenue Code) investing $100,000 or more;
5. to shares purchased for a charitable remainder trust or life income pool
established for the benefit of a charitable organization (as defined by
Section 501(c)(3) of the Internal Revenue Code);
6. to shares purchased by an investor participating in the Fidelity Trust
Portfolios program (these investors must make initial investments of
$100,000 or more in the Trust Portfolios funds and must, during the initial
six-month period, reach and maintain an aggregate balance of at least
$500,000 in all accounts and subaccounts purchased through the Trust
Portfolios program);
7. to shares purchased through Portfolio Advisory Services;
8. to shares purchased by a current or former Trustee or officer of a
Fidelity fund or a current or retired officer, director, or regular
employee of FMR Corp. or its direct or indirect subsidiaries (a Fidelity
Trustee or employee), the spouse of a Fidelity Trustee or employee, a
Fidelity Trustee or employee acting as custodian for a minor child, or a
person acting as trustee of a trust for the sole benefit of the minor child
of a Fidelity Trustee or employee; or
9. to shares purchased by a bank trust officer, registered representative,
or other employee of a qualified recipient. Qualified recipients are
securities dealers or other entities, including banks and other financial
institutions, who have sold the fund's shares under special arrangements in
connection with FDC's sales activities.
Each fund's sales charge may be reduced to reflect sales charges previously
paid, or that would have been paid absent a reduction for some purchases
made directly with Fidelity as noted in the prospectus, in connection with
investments in other Fidelity funds. This includes reductions for
investments in prototype-like retirement plans sponsored by FMR or FMR
Corp., which are listed above.
Each fund is open for business and its net asset value per share (NAV) is
calculated hourly each day the New York Stock Exchange (NYSE) is open for
trading. The NYSE has designated the following holiday closings for 1995 :
New Year's Day (observed), Washington's Birthday (observed), Good Friday,
Memorial Day (observed), Independence Day, Labor Day, Thanksgiving Day, and
Christmas Day. Although FMR expects the same holiday schedule to be
observed in the future, the NYSE may modify its holiday schedule at any
time.
FSC normally determines each fund's NAV hourly, from 10:00 a.m. to 4:00
p.m., and the final determination of each fund's NAV will coincide with the
close of the NYSE (normally 4:00 p.m. Eastern time). However, NAV may be
calculated earlier if trading on the NYSE is restricted or as permitted by
the Securities and Exchange Commission (SEC). To the extent that portfolio
securities are traded in other markets on days when the NYSE is closed, a
fund's NAV may be affected on days when investors do not have access to the
fund to purchase or redeem shares. In addition, trading in some of a fund's
portfolio securities may not occur on days when the fund is open for
business.
If the Trustees determine that existing conditions make cash payments
undesirable, redemption payments may be made in whole or in part in
securities or other property, valued for this purpose as they are valued in
computing a fund's NAV. Shareholders receiving securities or other property
on redemption may realize a gain or loss for tax purposes, and will incur
any costs of sale, as well as the associated inconveniences.
Pursuant to Rule 11a-3 under the Investment Company Act of 1940 (the 1940
Act), each fund is required to give shareholders at least 60 days' notice
prior to terminating or modifying its exchange privilege. Under the Rule,
the 60-day notification requirement may be waived if (i) the only effect of
a modification would be to reduce or eliminate an administrative fee,
redemption fee, or deferred sales charge ordinarily payable at the time of
an exchange, or (ii) the fund suspends the redemption of the shares to be
exchanged as permitted under the 1940 Act or the rules and regulations
thereunder, or the fund to be acquired suspends the sale of its shares
because it is unable to invest amounts effectively in accordance with its
investment objective and policies.
In the Prospectus, each fund has notified shareholders that it reserves the
right at any time, without prior notice, to refuse exchange purchases by
any person or group if, in FMR's judgment, the fund would be unable to
invest effectively in accordance with its investment objective and
policies, or would otherwise potentially be adversely affected.
DISTRIBUTIONS AND TAXES
DISTRIBUTIONS. If you request to have distributions mailed to you and the
U.S. Postal Service cannot deliver your checks, or if your checks remain
uncashed for six months, Fidelity may reinvest your distributions at the
then-current NAV. All subsequent distributions will then be reinvested
until you provide Fidelity with alternate instructions.
DIVIDENDS. A portion of the stock funds' income may qualify for the
dividends-received deduction available to corporate shareholders to the
extent that each fund's income is derived from qualifying dividends.
Because each fund may earn other types of income, such as interest, income
from securities loans, non-qualifying dividends, and short-term capital
gains, the percentage of dividends from the stock funds that qualifies for
the deduction generally will be less than 100%. Each fund will notify
corporate shareholders annually of the percentage of fund dividends that
qualifies for the dividends-received deduction. A portion of each fund's
dividends derived from certain U.S. government obligations may be exempt
from state and local taxation. Gains (losses) attributable to foreign
currency fluctuations are generally taxable as ordinary income, and
therefore will increase (decrease) dividend distributions. Short-term
capital gains are distributed as dividend income. Each fund will send each
shareholder a notice in January describing the tax status of dividends and
capital gain distributions for the prior year.
CAPITAL GAIN DISTRIBUTIONS. Long-term capital gains earned by each fund on
the sale of securities and distributed to shareholders are federally
taxable as long-term capital gains, regardless of the length of time
shareholders have held their shares. If a shareholder receives a long-term
capital gain distribution on shares of a fund, and such shares are held six
months or less and are sold at a loss, the portion of the loss equal to the
amount of the long-term capital gain distribution will be considered a
long-term loss for tax purposes. Short-term capital gains distributed by
each fund are taxable to shareholders as dividends, not as capital gains.
As of February 28, 1995, the following funds hereby designate a capital
gain dividend for the purpose of the dividend-paid deduction:
Capital Gain Dividend
Fund Dollar Amount
Air Transportation $ 62,000
Automotive 11,789,000
Brokerage and Investment Management 257,000
Chemicals 2,225,000
Computers 1,275,000
Construction and Housing 1,324,000
Developing Communications 2,764,000
Energy 1,258,000
Energy Service 1,508,000
Financial Services 3,721,000
Food and Agriculture 1,628,000
Healthcare 11,010,000
Home Finance 12,286,000
Leisure 389,000
Medical Delivery 2,284,000
Paper and Forest Products 262,000
Regional Banks 4,256,000
Technology 2,470,000
Telecommunications 748,000
Transportation 664,000
Utilities Growth 1,379,000
As of February 28, 1995 the funds had capital loss carryovers available to
offset future capital gains, approximated as follows:
Aggregate Amount that Expires on February 28,
Capital
Loss
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund Carryovers 1997 1998 1999 2000 2001 2002 2003
American Gold $ 35,816,00 $ 10,629,00 $ 2,503,000 $ 1,152,000 $ 13,193,00 $ 8,339,000
0 0 0
Biotechnology 33,875,000 $ 10,904,00 $ 22,971,00
0 0
Industrial 6,176,000 5,277,000 141,000 758,000
Materials
Money Market 31 ,000 4 ,000 21,000 6,000
Precious Metals 45,248,000 17,296,000 6,357,000 2,070,000 8,843,000 10,682,000
and Minerals
Retailing 3,094,000 3,094,000
Industrial 907,000 907,000
Equipment
Natural
Gas 2,686,000 2,686,000
Insurance 938,000 938,000
Defense and 293,000 293,000
Aerospace
Electronics 7,516,000 7,516,000
Software and 6,020,000 6,020,000
Computer
Services
</TABLE>
Subsequent to the reorganization of certain funds of the trust on October
26, 1990, the Insurance and Industrial Equipment Portfolios acquired
substantially all of the assets of the Life Insurance and Automation and
Machinery Portfolios, respectively. The Life Insurance and Automation and
Machinery Portfolios have capital loss carryovers of approximately
$9 7 ,000 and $1 06 ,000, respectively, available to offset
future realized capital gains in the Insurance and Industrial Equipment
Portfolios, respectively, to the extent provided by regulations.
To the extent that capital loss carryovers are used to offset any future
capital gains, it is unlikely that the gains so offset will be distributed
to shareholders since any such distributions may be taxable to shareholders
as ordinary income.
FOREIGN TAXES. Foreign governments may withhold taxes on dividends and
interest paid with respect to foreign securities. Foreign governments may
also impose taxes on other payments or gains with respect to foreign
securities. If, at the close of its fiscal year, more than 50% of a fund's
total assets are invested in securities of foreign issuers, the fund may
elect to pass through foreign taxes paid and thereby allow shareholders to
take a credit or deduction on their individual tax returns.
TAX STATUS OF THE FUNDS. Each fund intends to qualify each year as a
"regulated investment company" for tax purposes so that it will not be
liable for federal tax on income and capital gains distributed to
shareholders. In order to qualify as a regulated investment company and
avoid being subject to federal income or excise taxes at the fund level,
each fund intends to distribute substantially all of its net investment
income and net realized capital gains within each calendar year as well as
on a fiscal year basis. Each fund intends to comply with other tax rules
applicable to regulated investment companies, including a requirement that
capital gains from the sale of securities held less than three months
constitute less than 30% of the fund's gross income for each fiscal year.
Gains from some forward currency contracts, futures contracts, and options
are included in this 30% calculation, which may limit a fund's investments
in such instruments.
If a fund purchases shares in certain foreign investment entities, defined
as passive foreign investment companies (PFICs) in the Internal Revenue
Code, it may be subject to U.S. federal income tax on a portion of any
excess distribution or gain from the disposition of such shares. Interest
charges may also be imposed on a fund with respect to deferred taxes
arising from such distributions or gains. Generally, each fund will elect
to mark-to-market any PFIC shares. Unrealized gains will be recognized as
income for tax purposes and must be distributed to shareholders as
dividends.
Each fund is treated as a separate entity from the other funds of Fidelity
Select Portfolios for tax purposes.
OTHER TAX INFORMATION. The information above is only a summary of some of
the tax consequences generally affecting each fund and its shareholders,
and no attempt has been made to discuss individual tax consequences. In
addition to federal income taxes, shareholders may be subject to state and
local taxes on fund distributions, and shares may be subject to state and
local personal property taxes. Investors should consult their tax advisers
to determine whether a fund is suitable to their particular tax situation.
FMR
All of the stock of FMR is owned by FMR Corp., its parent company organized
in 1972. Through ownership of voting common stock and the execution of a
shareholders' voting agreement, Edward C. Johnson 3d, Johnson family
members, and various trusts for the benefit of the Johnson family form a
controlling group with respect to FMR Corp.
At present, the principal operating activities of FMR Corp. are those
conducted by three of its divisions as follows: FSC, which is the transfer
and shareholder servicing agent for certain of the funds advised by FMR;
Fidelity Investments Institutional Operations Company, which performs
shareholder servicing functions for institutional customers and funds sold
through intermediaries; and Fidelity Investments Retail Marketing Company,
which provides marketing services to various companies within the Fidelity
organization.
Fidelity investment personnel may invest in securities for their own
account pursuant to a code of ethics that sets forth all employees'
fiduciary responsibilities regarding the funds, establishes procedures for
personal investing and restricts certain transactions. For example, all
personal trades in most securities require pre-clearance, and participation
in initial public offerings is prohibited. In addition, restrictions on the
timing of personal investing in relation to trades by Fidelity funds and on
short-term trading have been adopted.
TRUSTEES AND OFFICERS
The Trustees and executive officers of the trust are listed below. Except
as indicated, each individual has held the office shown or other offices in
the same company for the last five years. All persons named as Trustees
also serve in similar capacities for other funds advised by FMR. Unless
otherwise noted, the business address of each Trustee and officer is 82
Devonshire Street, Boston, Massachusetts 02109, which is also the address
of FMR. Those Trustees who are "interested persons" (as defined in the
Investment Company Act of 1940) by virtue of their affiliation with either
the trust or FMR are indicated by an asterisk (*).
*EDWARD C. JOHNSON 3d (64) , Trustee and President, is Chairman,
Chief Executive Officer and a Director of FMR Corp.; a Director and
Chairman of the Board and of the Executive Committee of FMR; Chairman and a
Director of FMR Texas Inc. (1989), Fidelity Management & Research (U.K.)
Inc., and Fidelity Management & Research (Far East) Inc.
*J. GARY BURKHEAD (53) , Trustee and Senior Vice President, is
President of FMR; and President and a Director of FMR Texas Inc. (1989),
Fidelity Management & Research (U.K.) Inc., and Fidelity Management &
Research (Far East) Inc.
RALPH F. COX (62) , 200 Rivercrest Drive, Fort Worth, TX, Trustee
(1991), is a consultant to Western Mining Corporation (1994). Prior to
February 1994, he was President of Greenhill Petroleum Corporation
(petroleum exploration and production, 1990). Until March 1990, Mr. Cox was
President and Chief Operating Officer of Union Pacific Resources Company
(exploration and production). He is a Director of Sanifill Corporation
(non-hazardous waste, 1993) and CH2M Hill Companies (engineering). In
addition, he served on the Board of Directors of the Norton Company
(manufacturer of industrial devices, 1983-1990) and continues to serve on
the Board of Directors of the Texas State Chamber of Commerce, and is a
member of advisory boards of Texas A&M University and the University of
Texas at Austin.
PHYLLIS BURKE DAVIS (63) , P.O. Box 264, Bridgehampton, NY, Trustee
(1992). Prior to her retirement in September 1991, Mrs. Davis was the
Senior Vice President of Corporate Affairs of Avon Products, Inc. She is
currently a Director of BellSouth Corporation (telecommunications), Eaton
Corporation (manufacturing, 1991), and the TJX Companies, Inc. (retail
stores, 1990), and previously served as a Director of Hallmark Cards, Inc.
(1985-1991) and Nabisco Brands, Inc. In addition, she is a member of the
President's Advisory Council of The University of Vermont School of
Business Administration.
RICHARD J. FLYNN (71) , 77 Fiske Hill, Sturbridge, MA, Trustee, is a
financial consultant. Prior to September 1986, Mr. Flynn was Vice Chairman
and a Director of the Norton Company (manufacturer of industrial devices).
He is a Trustee of College of the Holy Cross and Old Sturbridge Village,
Inc.
E. BRADLEY JONES (67) , 3881-2 Lander Road, Chagrin Falls, OH,
Trustee (1990). Prior to his retirement in 1984, Mr. Jones was Chairman and
Chief Executive Officer of LTV Steel Company. Prior to May 1990, he was
Director of National City Corporation (a bank holding company) and National
City Bank of Cleveland. He is a Director of TRW Inc. (original equipment
and replacement products), Cleveland-Cliffs Inc (mining), NACCO Industries,
Inc. (mining and marketing), Consolidated Rail Corporation, Birmingham
Steel Corporation, Hyster-Yale Materials Handling, Inc. (1989), and RPM,
Inc. (manufacturer of chemical products, 1990). In addition, he serves as a
Trustee of First Union Real Estate Investments, a Trustee and member of the
Executive Committee of the Cleveland Clinic Foundation, a Trustee and
member of the Executive Committee of University School (Cleveland), and a
Trustee of Cleveland Clinic Florida.
DONALD J. KIRK (62) , 680 Steamboat Road, Apartment #1-North,
Greenwich, CT, Trustee, is a Professor at Columbia University Graduate
School of Business and a financial consultant. Prior to 1987, he was
Chairman of the Financial Accounting Standards Board. Mr. Kirk is a
Director of General Re Corporation (reinsurance) and Valuation Research
Corp. (appraisals and valuations, 1993). In addition, he serves as Vice
Chairman of the Board of Directors of the National Arts Stabilization Fund
and Vice Chairman of the Board of Trustees of the Greenwich Hospital
Association.
*PETER S. LYNCH (52) , Trustee (1990) is Vice Chairman of FMR (1992).
Prior to his retirement on May 31, 1990, he was a Director of FMR (1989)
and Executive Vice President of FMR (a position he held until March 31,
1991); Vice President of Fidelity Magellan Fund and FMR Growth Group
Leader; and Managing Director of FMR Corp. Mr. Lynch was also Vice
President of Fidelity Investments Corporate Services (1991-1992). He is a
Director of W.R. Grace & Co. (chemicals, 1989) and Morrison Knudsen
Corporation (engineering and construction). In addition, he serves as a
Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic
Deerfield (1989) and Society for the Preservation of New England
Antiquities, and as an Overseer of the Museum of Fine Arts of Boston
(1990).
GERALD C. McDONOUGH (65) , 135 Aspenwood Drive, Cleveland, OH,
Trustee (1989), is Chairman of G.M. Management Group (strategic advisory
services). Prior to his retirement in July 1988, he was Chairman and Chief
Executive Officer of Leaseway Transportation Corp. (physical distribution
services). Mr. McDonough is a Director of ACME-Cleveland Corp. (metal
working, telecommunications and electronic products), Brush-Wellman Inc.
(metal refining), York International Corp. (air conditioning and
refrigeration, 1989), Commercial Intertech Corp. (water treatment
equipment, 1992), and Associated Estates Realty Corporation (a real estate
investment trust, 1993).
EDWARD H. MALONE (70) , 5601 Turtle Bay Drive #2104, Naples, FL,
Trustee. Prior to his retirement in 1985, Mr. Malone was Chairman, General
Electric Investment Corporation and a Vice President of General Electric
Company. He is a Director of Allegheny Power Systems, Inc. (electric
utility), General Re Corporation (reinsurance) and Mattel Inc. (toy
manufacturer). In addition, he serves as a Trustee of Corporate Property
Investors, the EPS Foundation at Trinity College, the Naples Philharmonic
Center for the Arts, and Rensselaer Polytechnic Institute, and he is a
member of the Advisory Boards of Butler Capital Corporation Funds and
Warburg, Pincus Partnership Funds.
MARVIN L. MANN (61) , 55 Railroad Avenue, Greenwich, CT, Trustee
(1993) is Chairman of the Board, President, and Chief Executive Officer of
Lexmark International, Inc. (office machines, 1991). Prior to 1991, he held
the positions of Vice President of International Business Machines
Corporation ("IBM") and President and General Manager of various IBM
divisions and subsidiaries. Mr. Mann is a Director of M.A. Hanna Company
(chemicals, 1993) and Infomart (marketing services, 1991), a Trammell Crow
Co. In addition, he serves as the Campaign Vice Chairman of the Tri-State
United Way (1993) and is a member of the University of Alabama President's
Cabinet (1990).
THOMAS R. WILLIAMS (66) , 21st Floor, 191 Peachtree Street, N.E.,
Atlanta, GA, Trustee, is President of The Wales Group, Inc. (management and
financial advisory services). Prior to retiring in 1987, Mr. Williams
served as Chairman of the Board of First Wachovia Corporation (bank holding
company), and Chairman and Chief Executive Officer of The First National
Bank of Atlanta and First Atlanta Corporation (bank holding company). He is
currently a Director of BellSouth Corporation (telecommunications),
ConAgra, Inc. (agricultural products), Fisher Business Systems, Inc.
(computer software), Georgia Power Company (electric utility), Gerber Alley
& Associates, Inc. (computer software), National Life Insurance Company of
Vermont, American Software, Inc. (1989), and AppleSouth, Inc. (restaurants,
1992).
WILLIAM J. HAYES (60) , Vice President (1994), is Vice President of
Fidelity's equity funds; Senior Vice President of FMR; and Managing
Director of FMR Corp.
ROBERT H. MORRISON (54) , Manager of Security Transactions of
Fidelity's equity funds is Vice President of FMR.
FRED L. HENNING, JR. (56) , (money market fund only) Vice President
(1994), is Vice President of Fidelity's money market funds and Senior Vice
President of FMR Texas Inc.
ARTHUR S. LORING (47) , Secretary, is Senior Vice President (1993)
and General Counsel of FMR, Vice President-Legal of FMR Corp., and Vice
President and Clerk of FDC.
STEPHEN P. JONAS (42) , Treasurer (1995), is Treasurer and Vice
President of FMR (1993). Mr. Jonas is also Treasurer of FMR Texas Inc.
(1994), Fidelity Management & Research (U.K.) Inc. (1994), and Fidelity
Management & Research (Far East) Inc. (1994). Prior to becoming Treasurer
of FMR, Mr. Jonas was Senior Vice President, Finance - Fidelity Brokerage
Services, Inc. (1991-1992) and Senior Vice President, Strategic Business
Systems - Fidelity Investments Retail Marketing Company (1989-1991).
THOMAS D. MAHER (50) , (money market fund only) Assistant Vice
President (1990), is Assistant Vice President of Fidelity's money market
funds and Vice President and Associate General Counsel of FMR Texas Inc.
(1990). Prior to 1990, Mr. Maher was an employee of FMR.
MICHAEL D. CONWAY (41), (money market fund only) Assistant Treasurer
(1995), is Assistant Treasurer of Fidelity's money market funds and is an
employee of FMR (1995). Before joining FMR, Mr. Conway was an employee of
Waddell & eed Inc. (investment advisor, 1986-1994), where he served as
Assistant Treasurer (1992) and as Assistant Vice President and Director of
Operations of Waddell & Reed Asset Management Company (1994)
JOHN H. COSTELLO (48) , Assistant Treasurer, is an employee of FMR.
LEONARD M. RUSH (49) , Assistant Treasurer (1994), is an employee of
FMR (1994). Prior to becoming Assistant Treasurer of the Fidelity Funds,
Mr. Rush was Chief Compliance of Officer of FMR Corp. (1993-1994); Chief
Financial Officer of Fidelity Brokerage Services, Inc. (1990-1993); and
Vice President, Assistant Controller, and Director of the Accounting
Department - First Boston Corp. (1986-1990).
The following table sets forth information describing the compensation of
each current trustee of each fund for his or her services as trustee
for the fiscal year ended February 28, 1995.
COMPENSATION TABLE
Aggregate Compensation
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Trustees
J. Gary Ralph F. Phyllis Richard E. Edward C. Donald Peter S. Gerald C. Edward Marvin Thomas
Burkhea Cox Burke J. Flynn Bradley Johnson J. Kirk Lynch** McDonough H. L. Mann R.
d** Davis Jones 3d** Malone Williams
</TABLE>
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Air
$ 0 $ 4 $ 4 $ 6 $ 4 $ 0 $ 5 $ 0 $ 5 $ 5 $ 4 $ 5
Transportation
American Gold
$ 0 $ 170 $ 162 $ 211 $ 167 $ 0 $ 172 $ 0 $ 172 $ 174 $ 168 $ 172
Automotive
$ 0 $ 57 $ 56 $ 72 $ 57 $ 0 $ 59 $ 0 $ 59 $ 60 $ 57 $ 59
Biotechnology
$ 0 $ 198 $ 189 $ 247 $ 196 $ 0 $ 201 $ 0 $ 201 $ 204 $ 196 $ 201
Brokerage and
$ 0 $ 17 $ 16 $ 21 $ 17 $ 0 $ 17 $ 0 $ 17 $ 18 $ 17 $ 17
Investment
Management
Chemicals
$ 0 $ 62 $ 59 $ 78 $ 62 $ 0 $ 63 $ 0 $ 62 $ 63 $ 62 $ 62
Computers
$ 0 $ 57 $ 55 $ 72 $ 57 $ 0 $ 59 $ 0 $ 59 $ 60 $ 57 $ 59
Construction
$ 0 $ 23 $ 22 $ 28 $ 23 $ 0 $ 23 $ 0 $ 23 $ 23 $ 22 $ 23
and Housing
Consumer
$ 0 $ 4 $ 3 $ 4 $ 4 $ 0 $ 4 $ 0 $ 4 $ 4 $ 4 $ 4
Products
Defense and
$ 0 $ 3 $ 3 $ 3 $ 3 $ 0 $ 3 $ 0 $ 3 $ 3 $ 3 $ 3
Aerospace
Developing
$ 0 $ 103 $ 97 $ 130 $ 102 $ 0 $ 104 $ 0 $ 104 $ 106 $ 102 $ 105
Communication
s
Electronics
$ 0 $ 69 $ 66 $ 86 $ 68 $ 0 $ 71 $ 0 $ 71 $ 72 $ 68 $ 71
Energy
$ 0 $ 52 $ 50 $ 66 $ 52 $ 0 $ 53 $ 0 $ 53 $ 54 $ 52 $ 53
Energy Service
$ 0 $ 33 $ 31 $ 41 $ 32 $ 0 $ 32 $ 0 $ 32 $ 33 $ 32 $ 32
Environmental
$ 0 $ 22 $ 21 $ 28 $ 22 $ 0 $ 23 $ 0 $ 23 $ 23 $ 22 $ 23
Services
Financial
$ 0 $ 52 $ 50 $ 65 $ 51 $ 0 $ 53 $ 0 $ 53 $ 53 $ 51 $ 53
Services
Food and
$ 0 $ 41 $ 39 $ 51 $ 40 $ 0 $ 41 $ 0 $ 41 $ 42 $ 40 $ 41
Agriculture
Health Care
$ 0 $ 288 $ 273 $ 361 $ 285 $ 0 $ 291 $ 0 $ 291 $ 294 $ 284 $ 291
Home Finance
$ 0 $ 97 $ 92 $ 120 $ 95 $ 0 $ 97 $ 0 $ 96 $ 98 $ 95 $ 97
Industrial
$ 0 $ 61 $ 58 $ 75 $ 60 $ 0 $ 63 $ 0 $ 63 $ 63 $ 60 $ 63
Equipment
Industrial
$ 0 $ 79 $ 75 $ 99 $ 78 $ 0 $ 80 $ 0 $ 80 $ 81 $ 79 $ 80
Materials
Insurance
$ 0 $ 5 $ 5 $ 6 $ 5 $ 0 $ 5 $ 0 $ 5 $ 5 $ 5 $ 5
Leisure
$ 0 $ 37 $ 35 $ 46 $ 36 $ 0 $ 38 $ 0 $ 38 $ 38 $ 36 $ 38
Medical
$ 0 $ 97 $ 91 $ 122 $ 92 $ 0 $ 98 $ 0 $ 97 $ 99 $ 95 $ 98
Delivery
Multimedia
$ 0 $ 16 $ 15 $ 20 $ 16 $ 0 $ 16 $ 0 $ 16 $ 16 $ 16 $ 16
Natural Gas
$ 0 $ 37 $ 36 $ 46 $ 37 $ 0 $ 38 $ 0 $ 38 $ 38 $ 37 $ 38
Paper and
$ 0 $ 24 $ 23 $ 30 $ 24 $ 0 $ 25 $ 0 $ 25 $ 24 $ 24 $ 24
Forest Products
Precious Metals
$ 0 $ 207 $ 196 $ 259 $ 205 $ 0 $ 209 $ 0 $ 209 $ 212 $ 205 $ 210
and Minerals
Regional Banks
$ 0 $ 68 $ 65 $ 85 $ 67 $ 0 $ 69 $ 0 $ 68 $ 70 $ 67 $ 68
Retailing
$ 0 $ 29 $ 28 $ 36 $ 29 $ 0 $ 30 $ 0 $ 30 $ 30 $ 29 $ 30
</TABLE>
COMPENSATION TABLE (CONTINUED)
Aggregate Compensation
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C>
Trustees J. Gary Ralph F. Phyllis Richard E. Edward C. Donald Peter S. Gerald C. Edward Marvin Thomas
Burkhea Cox Burke J. Flynn Bradley Johnson J. Kirk Lynch** McDonough H. L. Mann R.
d** Davis Jones 3d** Malone Williams
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Software and $ 0 $ 83 $ 79 $ 104 $ 82 $ 0 $ 84 $ 0 $ 84 $ 85 $ 82 $ 84
Computer
Services
Technology $ 0 $ 96 $ 91 $ 120 $ 95 $ 0 $ 98 $ 0 $ 98 $ 99 $ 95 $ 98
Telecommunica $ 0 $ 179 $ 171 $ 224 $ 177 $ 0 $ 181 $ 0 $ 181 $ 184 $ 177 $ 182
tions
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Transportation $ 0 $ 6 $ 6 $ 8 $ 6 $ 0 $ 6 $ 0 $ 6 $ 6 $ 6 $ 6
Utilities Growth $ 0 $ 108 $ 103 $ 135 $ 107 $ 0 $ 110 $ 0 $ 110 $ 111 $ 107 $ 110
Money Market $ 0 $ 337 $ 321 $ 418 $ 332 $ 0 $ 338 $ 0 $ 338 $ 343 $ 332 $ 338
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Pension or Estimated Annual Total
Retirement Benefits Upon Compensation
Benefits Accrued Retirement from from the Fund
as Part of Fund the Fund Complex*
Expenses from the Complex*
Fund Complex*
J. Gary Burkhead** $ 0 $ 0 $ 0
Ralph F. Cox 5,200 52,000 125,000
Phyllis Burke Davis 5,200 52,000 122,000
Richard J. Flynn 0 52,000 154,500
E. Bradley Jones 5,200 49,400 123,500
Edward C. Johnson 3d** 0 0 0
Donald J. Kirk 5,200 52,000 125,000
Peter S. Lynch** 0 0 0
Gerald C. McDonough 5,200 52,000 125,000
Edward H. Malone 5,200 44,200 128,000
Marvin L. Mann 5,200 52,000 125,000
Thomas R. Williams 5,200 52,000 126,500
</TABLE>
* Information is as of December 31, 1994 for 206 funds in the
complex.
** Interested trustees of each fund are compensated by FMR.
Under a retirement program adopted in July 1988, the non-interested
Trustees, upon reaching age 72, become eligible to participate in a
retirement program under which they receive payments during their lifetime
from a fund based on their basic trustee fees and length of service. The
obligation of a fund to make such payments are not secured or funded.
Trustees become eligible if, at the time of retirement, they have served on
the Board for at least five years. Currently, Messrs. Ralph S. Saul,
William R. Spaulding, Bertram H. Witham, and David L. Yunich, all former
non-interested Trustees, receive retirement benefits under the program
As of February 28, 1995, the trustees and officers of the funds owned,
in the aggregate, less than 1% of each fund's total outstanding shares.
As of February 28, 1995, Resources Trust Co., Engelwood, CO was known by
the trust to own of record or beneficially approximately 8.8%, 5.5%, 11.2%,
19.3%, 5.5%, 11.1%, and 57.8% of the total outstanding shares of the
Computers, Electronics, Food and Agriculture, Insurance, Home Finance,
Multimedia, and Consumer Products Portfolios, respectively; Charles Schwab
& Co., Inc./ Mutual Fund Department, San Francisco, CA, was known by the
trust to own of record or beneficially approximately 5.3%, 8.1%, and 5.6%
of the total outstanding shares of the Air Transportation, Industrial
Equipment, and Transportation Portfolios, respectively; FTC & Co., P.O. Box
173736, Denver, CO, was known by the trust to own of record or beneficially
approximately 6.8%, 10.1%, and 5% of the total outstanding shares of the
Air Transportation, Insurance, and Money Market Portfolios, respectively;
Shreiner Capital management, Inc., 736 Springdale Drive, Suite 200, Exton,
PA was known by the trust to own of record or beneficially approximately
5.4% of the total outstanding shares of Air Transportation Portfolio; Bank
Hapoalin, 1177 Avenue of the Americas, New York, NY was known by the trust
to own of record or beneficially approximately 14.2% of the total
outstanding shares of Natural Gas Portfolio; and Trussel & Co., P.O. Box
771072, Detroit, MI was known by the trust to own of record or beneficially
approximately 7.6% of the total outstanding shares of Energy Service
Portfolio.
MANAGEMENT CONTRACTS
Each fund employs FMR to furnish investment advisory and other services.
Under its management contract with each fund, FMR acts as investment
adviser and, subject to the supervision of the Board of Trustees, directs
the investments of each fund in accordance with its investment objective,
policies, and limitations. FMR also provides each fund with all necessary
office facilities and personnel for servicing each fund's investments,
compensates all officers of each fund and all Trustees who are "interested
persons" of each fund or FMR, and all personnel of the trust or FMR
performing services relating to research, statistical, and investment
activities.
In addition, FMR or its affiliates, subject to the supervision of the Board
of Trustees, provide the management and administrative services necessary
for the operation of each fund. These services include providing facilities
for maintaining each fund's organization; supervising relations with
custodians, transfer and pricing agents, accountants, underwriters, and
other persons dealing with each fund; preparing all general shareholder
communications and conducting shareholder relations; maintaining each
fund's records and the registration of each fund's shares under federal and
state laws; developing management and shareholder services for each fund;
and furnishing reports, evaluations, and analyses on a variety of subjects
to the Board of Trustees.
In addition to the management fee payable to FMR and the fees payable to
FSC, each fund pays all of its expenses, without limitation, that are not
assumed by those parties. Each fund pays for the typesetting, printing, and
mailing of its proxy materials to shareholders, legal expenses, and the
fees of the custodian, auditor, and non-interested Trustees. Although each
fund's management contract provides that each fund will pay for
typesetting, printing and mailing prospectuses, statements of additional
information, notices, and reports to shareholders, the trust, on behalf of
each fund has entered into a revised transfer agent agreement with FSC,
pursuant to which FSC bears the costs of providing these services to
existing shareholders. Other expenses paid by each fund include interest,
taxes, brokerage commissions, and each fund's proportionate share of
insurance premiums and Investment Company Institute dues. Each fund is also
liable for such nonrecurring expenses as may arise, including costs of any
litigation to which each fund may be a party, and any obligation it may
have to indemnify its officers and Trustees with respect to litigation.
MONEY MARKET FUND. FMR is the money market fund's manager pursuant to a
management contract dated March 1, 1994, which was approved by shareholders
on February 16, 1994.
For the services of FMR under the contract, the fund pays FMR a monthly
management fee composed of a group fee rate, an individual fund fee rate
(.03%), and an income-based component of 6% of the fund's gross income in
excess of a 5% yield. The maximum income-based component is .24% of average
net assets.
The group fee rate is based on the monthly average net assets of the
registered investment companies with which FMR has management contracts and
is calculated on a cumulative basis pursuant to the graduated fee rate
schedule shown on the left. The schedule on the right shows the effective
annual group fee rate at various asset levels,which is the result of
cumulatively applying the annualized rates on the left. For example, the
effective annual fee rate at $ 282.2 billion of group net assets -
their approximate level for February 28, 1995 - was .1552 %, which is
the weighted average of the respective fee rates for each level of group
net assets up to 282.2 billion.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual
Assets Rate Assets Fee Rate
0 - $ 3 billion .3700% $ 0.5 billion .3700%
3 - 6 .3400 25 .2664
6 - 9 .3100 50 .2188
9 - 12 .2800 75 .1986
12 - 15 .2500 100 .1869
15 - 18 .2200 125 .1793
18 - 21 .2000 150 .1736
21 - 24 .1900 175 .1695
24 - 30 .1800 200 .1658
30 - 36 .1750 225 .1629
36 - 42 .1700 250 .1604
42 - 48 .1650 275 .1583
48 - 66 .1600 300 .1565
66 - 84 .1550 325 .1548
84 - 120 .1500 350 .1533
120 - 174 .1450 400 .1507
174 - 228 .1400
228 - 282 .1375
282 - 336 .1350
Over 336 .1325
Prior to March 1, 1994, the group fee rate was based on a schedule with
breakpoints ending at .1500% for average group assets in excess of $84
billion. The group fee rate breakpoints shown above for average group
assets in excess of $120 billion and under $228 billion were voluntarily
adopted by FMR on January 1, 1992. The additional breakpoints shown above
for average group assets in excess of $228 billion were voluntarily adopted
by FMR on November 1, 1993. The fund's current management contract reflects
these extensions of the group fee rate schedule.
On August 1, 1994, FMR voluntarily revised the prior extensions to the
group fee rate schedule, and added new breakpoints. The revised group fee
rate schedule provides for lower management fee rates as FMR's assets under
management increase. The revised group fee rate schedule is identical to
the above schedule for average group assets under $156 billion. For average
group assets in excess of $156 billion, the group fee rate schedule
voluntarily adopted by FMR is as follows:
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual
Assets Rate Assets Fee Rate
120 - $156 billion .1450% $150 billion .1736%
156 - 192 .1400 175 .1690
192 - 228 .1350 200 .1652
228 - 264 .1300 225 .1618
264 - 300 .1275 250 .1587
300 - 336 .1250 275 .1560
336 - 372 .1225 300 .1536
Over 372 .1200 325 .1514
350 .1494
375 .1476
400 .1459
The individual fund fee rate is .03%
One twelfth of the sum of the group fee rate and the individual fund fee
rate is applied to the fund's average net assets for the current month,
giving a dollar amount which is the fee for that month.
If the fund's gross yield is 5% or less, the total management fee is the
sum of the group fee and the individual fund fee. If the fund's monthly
gross yield is greater than 5%, the management fee that FMR receives
includes an income-based component. The income-based component of the
proposed fee is added to the basic fee when the fund's yield is greater
than 5%. The income-based component equals 6% of that portion of the fund's
gross income that represents a gross yield of more than 5% per year. The
maximum income-based component is .24% (annualized) of average net assets,
at a fund gross yield of 9% or more. Gross income for this purpose,
includes interest accrued and/or discount earned (including both original
issue discount and market discount) on portfolio obligations, less
amortization of premium. Realized and unrealized gains and losses, if any,
are not included in gross income.
The fund's management contract with FMR prior to March 1, 1994 was dated
May 1, 1987. For the services of FMR under the contract, the money market
fund paid FMR a monthly management fee computed on the basis of the fund's
gross income. To the extent that the fund's monthly gross income equalled
an annualized yield of 5% or less, FMR received 4% of that amount of the
fund's gross income. To the extent that the fund's monthly income exceeded
an annualized yield of 5%, FMR received 6% of that excess. For this
purpose, gross income includes interest accrued or discount earned
(including both original issue and market discount), less amortization of
premium. The amount of discount or premium on portfolio instruments is
fixed at the time of purchase. Realized and unrealized gains and losses, if
any, are not included in gross income.
Pursuant to the terms of the contract, limitations were imposed on the
compensation FMR could receive under the above formula. These limitations
were based on the fund's average monthly net assets as follows:
Annualized Rate
On the first $1.5 billion .50%
On the portion in excess of $1.5 to $3.0 billion .45%
On the portion in excess of $3.0 billion to $4.5 billion .43%
On the portion in excess of $4.5 billion to $6.0 billion .41%
On the portion in excess of $6.0 billion .40%
SUB-ADVISER. With respect to the money market fund, FMR has entered into a
sub-advisory agreement with FTX, dated March 1, 1994 pursuant to which FTX
has primary responsibility for providing portfolio investment management
services to the money market fund.
The sub-advisory agreement provides that FMR will pay FTX fees equal to 50%
of the management fee payable to FMR under its management contract with the
fund. The fees paid to FTX are not reduced by any voluntary or mandatory
expense reimbursements that may be in effect from time to time. During the
years ended February 28, 1995, 1994, and the fiscal period May 1, 1992 to
February 28, 1993, FMR paid FTX fees of $ 690,183 , $304,933, and
$286,083, respectively, with respect to the money market fund.
STOCK FUNDS. FMR is each stock fund's manager pursuant to management
contracts dated March 1, 1994 and approved by shareholders on February 16,
1994. For the services of FMR under the contracts, the funds each pay FMR a
monthly management fee composed of the sum of two elements: a group fee
rate and an individual fund fee rate.
The group fee rate is based on the monthly average net assets of all of the
registered investment companies with which FMR has management contracts and
is calculated on a cumulative basis pursuant to the graduated schedule
shown on the left of the chart below. On the right, the effective annual
fee rate shows the results of cumulatively applying the annualized rates at
varying asset levels. For example, the effective annual fee rate at $ 282
billion of group net assets - their approximate level for February 28,
1995 - was .3182 %, which is the weighted average of the respective
fee rates for each level of group net assets up to $282 billion.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual
Assets Rate Assets Fee Rate
0 - $ 3 billion .5200% $ 0.5 billion .5200%
3 - 6 .4900 25 .4238
6 - 9 .4600 50 .3823
9 - 12 .4300 75 .3626
12 - 15 .4000 100 .3512
15 - 18 .3850 125 .3430
18 - 21 .3700 150 .3371
21 - 24 .3600 175 .3325
24 - 30 .3500 200 .3284
30 - 36 .3450 225 .3253
36 - 42 .3400 250 .3223
42 - 48 .3350 275 .3198
48 - 66 .3250 300 .3175
66 - 84 .3200 325 .3153
84 - 102 .3150 350 .3133
102 - 138 .3100
138 - 174 .3050
174 - 228 .3000
228 - 282 .2950
282 - 336 .2900
Over 336 .2850
Prior to March 1, 1994, the group fee rate was based on a schedule with
breakpoints ending at .3100% for average group assets in excess of $102
billion. The group fee rate breakpoints shown above for average group
assets in excess of $138 billion and under $228 billion were voluntarily
adopted by FMR on January 1, 1992. The additional breakpoints shown above
for average group assets in excess of $228 billion were voluntarily adopted
by FMR on November 1, 1993. The fund's current management contract reflects
these extensions of the group fee rate schedule.
On August 1, 1994, FMR voluntarily revised the prior extensions to the
group fee rate schedule, and added new breakpoints. The revised group fee
rate schedule provides for lower management fee rates as FMR's assets under
management increase. The revised group fee rate schedule is identical to
the above schedule for average group assets under $210 billion. For average
group assets in excess of $210 billion, the group fee rate schedule
voluntarily adopted by FMR is as follows:
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual
Assets Rate Assets Fee Rate
138 - $174 billion .3050% $150 billion .3371%
174 - 210 .3000 175 .3325
210 - 246 .2950 200 .3284
246 - 282 .2900 225 .3249
282 - 318 .2850 250 .3219
318 - 354 .2800 275 .3190
354 - 390 .2750 300 .3163
Over 390 .2700 325 .3137
350 .3113
375 .3090
400 .3067
The individual fund fee rate is .30%. Based on the average net assets of
funds advised by FMR for February 1995, the annual management fee rate
would be calculated as follows:
Group Fee Rate Individual Fund Fee Rate Management Fee Rate
.3182 % + .30% = .6182 %
One twelfth (1/12) of this annual management fee rate is then applied to
each fund's average net assets for the current month, giving a dollar
amount which is the fee for that month.
FEES COLLECTED BY FMR. The table on page 52 provides information
about the management fees payable to FMR under the management contracts in
effect for the last three fiscal periods. The column entitled "Gross
Management Fees" provides the dollar amount of management fees provided for
under those contracts. The column entitled "Reimbursements by FMR "
lists the sum of any fees and other expenses of the fund that FMR
effectively assumed by reimbursing the funds for those expenses, as
discussed below. Expense reimbursements represent reductions of FMR's
revenues from the funds. The column entitled "Net Fees" represents the
gross management fees payable to FMR, less the amount of fee and expense
reimbursements by FMR during the period.
FMR may, from time to time, voluntarily reimburse all or a portion of each
fund's operating expenses (exclusive of interest, taxes, brokerage
commissions, and extraordinarily expenses). FMR retains the ability to be
repaid for these expense reimbursements in the amount that expenses fall
below the limit prior to the end of the fiscal year. Expense reimbursements
by FMR will increase each fund's total returns and yield (money market
fund) and repayment of the reimbursement by each fund will lower its total
returns and yield (money market fund).
To comply with the California Code of Regulations, FMR will reimburse each
fund if and to the extent that a fund's aggregate annual operating expenses
exceed specified percentages of its average net assets. In connection with
the expense limitation regulations, each fund has received an order which
permits excluding from aggregate operating expenses a portion of its
transfer and shareholder's servicing agent fees and out-of-pocket expenses.
The applicable percentages are 2 1/2% of the first $30 million, 2% of the
next $70 million, and 1 1/2% of average net assets in excess of $100
million. When calculating each fund's expenses for purposes of this
regulation, a fund may exclude interest, taxes, brokerage commissions, and
extraordinary expenses, as well as a portion of its custodian fees
attributable to investments in foreign securities. In addition, the fund
has agreed to a condition imposed by the State of California which requires
certain funds, for purposes of the expense limitation regulations, to
include in aggregate operating expenses all expenses incurred in connection
with the acquisition, retention, and disposal of gold, including brokerage
commissions. Also, FMR voluntarily limits expenses, excluding interest,
taxes, brokerage commissions, and extraordinary expenses of each fund to 2
1/2% of average net assets.
MANAGEMENT FEES
52
Fiscal 1995 Fiscal 1994 Fiscal 1993
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Gross Reimbursements Net Fees Gross Reimbursements Net Fees Gross Reimbursements Net Fees
Management by FMR Management by FMR Management by FMR
Fees Fees Fees
Air Transportation
$ 58,574 $ 35,895 $ 22,679 $ 111,986 $ -- $ 111,986 $ 59,743 $ 14,656 $ 45,087
American Gold
2,170,533 -- 2,170,533 1,968,132 -- 1,968,132 845,121 -- 845,121
Automotive
628,194 -- 628,194 842,489 -- 842,489 567,565 -- 567,565
Biotechnology
2,565,447 -- 2,565,447 3,444,469 -- 3,444,469 3,963,575 -- 3,963,575
Brokerage and Investment
188,068 111,215 76,853 434,585 -- 434,585 95,887 -- 95,887
Management
Chemicals
888,515 -- 888,515 172,586 -- 172,586 185,268 -- 185,268
Computers
818,112 -- 818,112 260,092 -- 260,092 204,894 -- 204,894
Construction and Housing
251,922 -- 251,922 266,225 -- 266,225 117,233 -- 117,233
Consumer Products
49,334 25,374 23,960 56,196 13,001 43,195 39,378 43,176 --
Defense and Aerospace
32,632 75,680 -- 29,101 48,710 -- 6,864 76,661 --
Developing Communications
1,383,242 -- 1,383,242 1,112,057 -- 1,112,057 273,728 -- 273,728
Electronics
967,445 -- 967,445 340,672 -- 340,672 250,377 -- 250,377
Energy
646,577 -- 646,577 790,258 -- 790,258 416,288 -- 416,288
Energy Service
369,132 -- 369,132 588,460 -- 588,460 275,342 -- 275,342
Environmental Services
277,824 -- 277,824 354,982 -- 354,982 330,763 -- 330,763
Financial Services
671,165 -- 671,165 1,053,341 -- 1,053,341 638,638 -- 638,638
Food and Agriculture
577,884 -- 577,884 687,792 -- 687,792 576,530 -- 576,530
Health Care
3,999,219 -- 3,999,219 3,460,974 -- 3,460,974 4,123,675 -- 4,123,675
Home Finance
1,238,263 -- 1,238,263 1,403,951 -- 1,403,951 740,779 -- 740,779
Industrial Equipment
767,043 -- 767,043 368,162 -- 368,162 32,577 46,631 --
Industrial Materials
1,097,939 -- 1,097,939 217,293 -- 217,293 131,822 -- 131,822
Insurance
64,796 -- 64,796 140,010 -- 140,010 66,292 3,264 63,028
Leisure
452,572 -- 452,572 553,372 -- 553,372 209,257 -- 209,257
Medical Delivery
1,329,801 -- 1,329,801 667,707 -- 667,707 664,439 -- 664,439
Money Market
1,380,366 -- 1,380,366 609,866 -- 609,866 572,165 -- 572,165
Multimedia
195,423 -- 195,423 394,337 -- 394,337 73,299 6,172 67,127
Natural Gas
478,146 -- 478,146 243,289 -- 243,289 -- -- --
Paper and Forest Products
348,896 -- 348,896 171,761 -- 171,761 92,798 -- 92,798
Precious Metals and Minerals
2,704,371 -- 2,704,371 2,378,390 -- 2,378,390 674,744 -- 674,744
Regional Banks
892,544 -- 892,544 1,251,566 -- 1,251,566 1,028,328 -- 1,028,328
Retailing
377,628 -- 377,628 359,512 -- 359,512 334,719 -- 334,719
Software and Computer Services
1,132,169 -- 1,132,169 1,077,770 -- 1,077,770 607,554 -- 607,554
Technology
1,278,290 -- 1,278,290 1,025,784 -- 1,025,784 611,003 -- 611,003
Telecommunications
2,320,344 -- 2,320,344 2,219,724 -- 2,219,724 504,083 -- 504,083
Transportation
79,035 -- 79,035 66,064 -- 66,064 23,650 62,581 --
Utilities Growth
1,391,823 -- 1,391,823 1,945,321 -- 1,945,321 1,288,773 -- 1,288,773
</TABLE>
SUB-ADVISERS. On behalf of the stock funds (except American Gold
Portfolio), FMR has entered into sub-advisory agreements with FMR U.K., and
FMR Far East. Pursuant to the sub-advisory agreements, FMR may receive
investment advice and research services outside the United States from the
sub-advisers. FMR may also grant the sub-advisers investment management
authority as well as the authority to buy and sell securities if FMR
believes it would be beneficial to the funds.
Currently, FMR U.K. and FMR Far East each focus on issuers in countries
other than the United States such as those in Europe, Asia, and the Pacific
Basin.
FMR U.K. and FMR Far East, which were organized in 1986, are wholly owned
subsidiaries of FMR. Under the sub-advisory agreements FMR pays the fees of
FMR U.K. and FMR Far East. For providing non-discretionary investment
advice and research services, FMR pays FMR U.K. and FMR Far East fees equal
to 110% and 105%, respectively, of FMR U.K.'s and FMR Far East's costs
incurred in connection with providing investment advice and research
services.
For providing discretionary investment management and executing portfolio
transactions, FMR pays FMR U.K. and FMR Far East a fee equal to 50% of its
monthly management fee with respect to the fund's average net assets
managed by the sub-adviser on a discretionary basis.
The table below shows the fees paid for providing discretionary investment
management and executing portfolio transactions with respect to certain of
the funds for the fiscal years ended February 28, 1995 and 1994, and the
fiscal period May 1, 1992 to February 28, 1993.
FEES PAID BY FMR TO FOREIGN SUB-ADVISERS
FUND FEES PAID BY FMR TO FMR U.K. FEES PAID BY FMR TO FMR FAR EAST
FISCAL 1995 FISCAL 1994 FISCAL 1993 FISCAL 1995 FISCAL 1994 FISCAL
1993
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Air
Transportation $ 1,184 $ 537 $ 276 $ 141 $ 901 $ 454
Automotive 1,021 443 736 1,953 722 924
Biotechnology 14,099 870 6,825 -- 1,205 9,072
Brokerage and
Investment 2,134 4,308 51 5,666 -- 64
Management
Chemicals 9,005 624 456 1,430 1,065 579
Computers 1,071 950 255 6,480 1,564 412
Construction
and Housing 9 74 -- 61 118 --
Consumer
Products 256 76 102 3 126 152
Defense and
Aerospace 23 -- -- -- -- --
Developing
Communications 21,581 5,519 374 683 9,352 596
Electronics 957 813 189 7,701 1,346 339
Energy 12,700 4,003 4,766 -- 6,620 5,985
Energy
Service 968 107 142 -- 149 491
Environmental
Services 2,261 1,063 185 3 1,722 471
Financial
Services 907 3,965 571 855 6,418 680
Food and
Agriculture 2,898 2,440 6,561 204 4,052 6,915
Health Care 18,349 8,184 9,977 -- 14,628 16,490
Home Finance 9 -- -- 61 -- --
Industrial
Equipment 41 -- -- 52 -- --
Industrial
Materials 7,396 1,003 36 -- 1,368 69
Insurance -- 1,776 31 -- 3,405 70
Leisure 1,372 1,482 843 501 2,493 1,227
Medical
Delivery -- 412 37 -- 701 132
Multimedia 626 1,263 75 296 2,180 112
Natural Gas 2,100 235 -- 360 286 --
Paper and Forest
Products 2,521 1,060 88 34 1,545 108
Precious Metals
and Minerals 107,341 36,622 8221 23,056 64,331 11,951
Regional
Banks -- 57 188 -- 79 233
Retailing 107 -- 101 -- -- 113
Software and
Computer
Services 7,534 3,912 3,236 115 7,125 5,037
Technology 3,283 4,764 2,998 7,604 7,869 4,190
Telecommunica
tions 38,500 11,670 1,018 5,830 18,896 1,487
Transporta
tion 657 93 45 248 138 82
Utilities
Growth 2,167 1,182 1,082 176 1,966 1,413
</TABLE>
CONTRACTS WITH COMPANIES AFFILIATED WITH FMR
FSC is transfer, dividend disbursing, and shareholders' servicing agent for
each fund. FSC receives annual account fees and asset-based fees for each
retail account and certain institutional accounts based on account size. In
addition, the fees for retail accounts are subject to increase based on
postal rate changes. With respect to certain institutional retirement
accounts., FSC receives asset-based fees only. For the stock funds, the
asset-based fees are subject to adjustment if the year-to-date total return
of the Standard & Poor's Composite Index of 500 Stocks is greater than
positive or negative 15%. FSC also collects small account fees from certain
accounts with balances of less than $2500.
FSC pays out-of-pocket expenses associated with providing transfer agent
services. In addition, FSC bears the expense of typesetting, printing, and
mailing prospectuses, statements of additional information, and all other
reports, notices, and statements to shareholders, with the exception of
proxy statements.
FSC also performs the calculations necessary to determine each fund's net
asset value per share and dividends, and maintain each fund's accounting
records. The fee rates for pricing and bookkeeping services are based on
each fund's average net assets, specifically . 10% for the first $500
million of average net assets and .05% for average net assets in excess of
$500 million. The fee is limited to a minimum of $45,000 and a maximum of
$750,000 per year.
The table below shows the fees paid to FSC for pricing and bookkeeping
services, including related out-of-pocket expenses for the fiscal years
ended February 28, 1995 and 1994, and the fiscal period May 1, 1992 to
February 28, 1993.
PRICING AND BOOKKEEPING FEES
FISCAL FISCAL FISCAL
1995 1994 1993
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Air Transportation $ 45,044 $ 45,503 $ 37,638
American Gold 351,263 316,381 135,825
Automotive 101,598 135,527 90,154
Biotechnology 427,062 537,640 541,731
Brokerage and Investment Management 45,614 74,109 37,712
Chemicals 144,351 46,188 37,786
Computers 132,274 52,178 41,740
Construction and Housing 49,640 52,429 37,822
Consumer Products 45,039 45,448 37,669
Defense and Aerospace 45,035 45,439 37,615
Developing Communications 223,703 178,709 46,374
Electronics 159,153 56,600 47,286
Energy 116,560 115,301 66,546
Energy Service 61,676 95,263 45,991
Environmental Services 49,038 57,311 52,744
Financial Services 108,517 169,723 104,535
Food and Agriculture 93,455 111,592 91,812
Health Care 593,155 543,706 553,099
Home Finance 200,207 225,185 117,281
Industrial Equipment 123,986 67,846 37,581
Industrial Materials 177,982 55,728 37,737
Insurance 45,049 45,505 37,521
Leisure 73,182 89,132 37,900
Medical Delivery 217,243 111,491 109,268
Money Market 100,919 81,066 70,831
Multimedia 45,584 72,219 37,725
Natural Gas 77,295 46,258 --
Paper and Forest Products 62,045 50,532 37,829
Precious Metals and Minerals 431,938 381,783 108,598
Regional Banks 144,275 200,635 165,687
Retailing 67,016 59,935 53,809
Software and Computer Services 188,418 180,104 99,153
Technology 206,675 164,841 97,062
Telecommunications 380,164 355,887 81,440
Transportation 45,053 45,464 37,639
Utilities Growth 225,235 312,148 204,083
</TABLE>
FSC also receives fees for administering each fund's securities lending
program. Securities lending fees are based on the number and duration of
individual securities loans. The table below shows the securities lending
fees paid to FSC during the fiscal years ended February 28, 1995 and 1994,
and the fiscal period May 1, 1992 to February 28, 1993.
SECURITIES LENDING FEES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FISCAL 1995 FISCAL 1994 FISCAL 1993
American Gold $ -- $ -- $ 455
Biotechnology 12,005 9,770 18,910
Chemicals 690 275 --
Electronics 3,015 335 75
Energy 230 185 60
Energy Service 595 140 20
Financial Services -- 660 3,090
Food And Agriculture -- 649 55
Health Care 20,600 22,430 16,170
Industrial Materials 400 145 --
Medical Delivery 2,120 4,240 4,180
Paper and Forest Products 230 -- --
Precious Metals And Minerals 50 295 160
Regional Banks -- -- 2,740
Retailing 3,535 1,335 275
Software And Computer Services 4,245 7,660 3,225
Telecommunications 5,140 2,420 1,590
Utilities Growth 140 290 60
</TABLE>
The aggregate exchange fees retained by FSC during the fiscal periods ended
February 28, 1995, 1994, and 1993 amounted to $ 2,942,608 ,
$4,248,878, and $2,069,471, respectively. Currently, FSC is credited
with a $7.50 exchange fee for each exchange from a stock fund, including
each exchange from a stock fund to another Fidelity fund. The funds are
credited with redemption fees, the amounts of which are based on the length
of time shares are held in an equity fund prior to redemption.
Each fund has a distribution agreement with FDC, a Massachusetts
corporation organized on July 18, 1960. FDC is a broker-dealer registered
under the Securities Exchange Act of 1934 and is a member of the National
Association of Securities Dealers, Inc. The distribution agreements call
for FDC to use all reasonable efforts, consistent with its other business,
to secure purchasers for shares of each fund, which are continuously
offered. Promotional and administrative expenses in connection with the
offer and sale of shares are paid by FDC.
For the fiscal periods ended February 28, 1995, 1994, and 1993, FDC
collected, in the aggregate, $ 657,652 , $1,507,482, and $1,331,160,
respectively, of deferred sales charges from the total value of shares
redeemed by shareholders in all funds and from the Select Cash Reserves
Account. On October 12, 1990, the fund's 2% sales charge was increased to
3% and the 1% deferred sales charge was eliminated. For the fiscal
periods ended February 28, 1995, 1994, and 1993, FDC collected in the
aggregate, $33,024,875, $47,390,126, and $22,273,836, respectively of
front-end sales charges.
DESCRIPTION OF THE TRUST
TRUST ORGANIZATION. Fidelity Select Portfolios is an open-end management
investment company organized as a Massachusetts business trust on November
20, 1980. Subsequent to the reorganization of certain funds of the trust
on October 26, 1990, Automation and Machinery Portfolio, Life Insurance
Portfolio, and Restaurant Industry Portfolio no longer exist. Also due to
the reorganization, Capital Goods Portfolio was renamed "Industrial
Technology Portfolio," and Property and Casualty Insurance Portfolio was
renamed "Insurance Portfolio." Subsequent to an additional reorganization
on February 25, 1994, Electric Utilities Portfolio no longer exists.
On August 3, 1994 Utilities Portfolio was renamed "Utilities Growth
Portfolio."
On April 30, 1994, Broadcast and Media Portfolio was renamed "Multimedia
Portfolio."
On February 17, 1993, Savings and Loan Portfolio was renamed "Home Finance
Portfolio."
On June 29, 1992, Industrial Technology Portfolio was renamed "Industrial
Equipment Portfolio."
On June 14, 1990, Housing Portfolio was renamed "Construction and Housing
Portfolio."
On July 10, 1987, Health Care Delivery Portfolio was renamed "Medical
Delivery Portfolio."
On July 29, 1985, Leisure and Entertainment Portfolio was renamed "Leisure
Portfolio."
Currently there are thirty-six funds of the trust. The Declaration of
Trust permits the Trustees to create additional funds.
In the event that FMR ceases to be the investment adviser to the trust or a
fund, the right of the trust or fund to use the identifying name "Fidelity"
may be withdrawn. There is a remote possibility that one fund might become
liable for any misstatement in its prospectus or statement of additional
information about another fund.
The assets of the trust received for the issue or sale of shares of each
fund and all income, earnings, profits, and proceeds thereof, subject only
to the rights of creditors, are especially allocated to such fund, and
constitute the underlying assets of such fund. The underlying assets of
each fund are segregated on the books of account, and are to be charged
with the liabilities with respect to such fund and with a share of the
general expenses of the trust. Expenses with respect to the trust are to be
allocated in proportion to the asset value of the respective funds, except
where allocations of direct expense can otherwise be fairly made. The
officers of the trust, subject to the general supervision of the Board of
Trustees, have the power to determine which expenses are allocable to a
given fund, or which are general or allocable to all of the funds. In the
event of the dissolution or liquidation of the trust, shareholders of each
fund are entitled to receive as a class the underlying assets of such fund
available for distribution.
SHAREHOLDER AND TRUSTEE LIABILITY. The trust is an entity of the type
commonly known as "Massachusetts business trust." Under Massachusetts law,
shareholders of such a trust may, under certain circumstances, be held
personally liable for the obligations of the trust. The Declaration of
Trust provides that the trust shall not have any claim against shareholders
except for the payment of the purchase price of shares and requires that
each agreement, obligation, or instrument entered into or executed by the
trust or the Trustees shall include a provision limiting the obligations
created thereby to the trust and its assets. The Declaration of Trust
provides for indemnification out of each fund's property of any
shareholders held personally liable for the obligations of the fund. The
Declaration of Trust also provides that each fund shall, upon request,
assume the defense of any claim made against any shareholder for any act or
obligation of the fund and satisfy any judgment thereon. Thus, the risk of
a shareholder incurring financial loss on account of shareholder liability
is limited to circumstances in which the fund itself would be unable to
meet its obligations. FMR believes that, in view of the above, the risk of
personal liability to shareholders is remote.
The Declaration of Trust further provides that the Trustees, if they have
exercised reasonable care, will not be liable for any neglect or
wrongdoing, but nothing in the Declaration of Trust protects Trustees
against any liability to which they would otherwise be subject by reason of
willful misfeasance, bad faith, gross negligence, or reckless disregard of
the duties involved in the conduct of their office.
VOTING RIGHTS. Each fund's capital consists of shares of beneficial
interest. As a shareholder, you receive one vote for each dollar value of
net asset value you own. The shares have no preemptive or conversion
rights; the voting and dividend rights, the right of redemption, and the
privilege of exchange are described in the Prospectus. Shares are fully
paid and nonassessable, except as set forth under the heading "Shareholder
and Trustee Liability" above. Shareholders representing 10% or more of the
trust or a fund may, as set forth in the Declaration of Trust, call
meetings of the trust or a fund for any purpose related to the trust or
fund, as the case may be, including, in the case of a meeting of the entire
trust, the purpose of voting on removal of one or more Trustees. The trust
or any fund may be terminated upon the sale of its assets to another
open-end management investment company, or upon liquidation and
distribution of its assets, if approved by vote of the holders of a
majority of the trust or the fund, as determined by the current value of
each shareholder's investment in the fund or trust. If not so terminated,
the trust and the funds will continue indefinitely. Each fund may invest
all of its assets in another investment company.
CUSTODIAN. Brown Brothers Harriman & Co., 40 Water Street, Boston,
Massachusetts, is custodian of the assets of the stock funds. The Bank of
New York, 110 Washington Street, New York, New York is custodian of the
assets of the money market fund. The custodian is responsible for the
safekeeping of the fund's assets and the appointment of subcustodian banks
and clearing agencies. The custodian takes no part in determining the
investment policies of the funds or in deciding which securities are
purchased or sold by the funds. The funds may, however, invest in
obligations of the custodian and may purchase securities from or sell
securities to the custodian.
FMR, its officers and directors, its affiliated companies, and the trust's
Trustees may from time to time have transactions with various banks,
including banks serving as custodians for certain of the funds advised by
FMR. The Boston branch of the stock funds' custodian leases its office
space from an affiliate of FMR at a lease payment which, when entered into,
was consistent with prevailing market rates. Transactions that have
occurred to date include mortgages and personal and general business loans.
In the judgment of FMR, the terms and conditions of those transactions were
not influenced by existing or potential custodial or other fund
relationships.
AUDITOR. Price Waterhouse LLP, 160 Federal Street, Boston,
Massachusetts, serves as the trust's independent accountant. The auditor
examines financial statements for the funds and provides other audit, tax,
and related services.
FINANCIAL STATEMENTS
Each fund's financial statements and financial highlights for the fiscal
year ended February 28, 1995 are included in the fund's Annual Report,
which is a separate report supplied with this Statement of Additional
Information. Each fund's financial statements and financial highlights are
incorporated herein by reference.
APPENDIX
DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC.'S COMMERCIAL PAPER RATINGS:
Issuers rated PRIME-1 (or related supporting institutions) have a superior
capacity for payment of short-term promissory obligations. Prime-1
repayment capacity will normally be evidenced by the following
characteristics:
Leading market positions in well established industries.
High rates of return on funds employed.
Conservative capitalization structures with moderate reliance on debt and
ample asset protection.
Broad margins in earning coverage of fixed financial charges and with high
internal cash generation.
Well established access to a range of financial markets and assured sources
of alternate liquidity.
Issuers rated PRIME-2 (or related supporting institutions) have a strong
capacity for repayment of short-term promissory obligations. This will
normally be evidenced by many of the characteristics cited above but to a
lesser degree. Earning trends and coverage ratios, while sound, will be
more subject to variation. Capitalization characteristics, while still
appropriate, may be more affected by external conditions. Ample alternate
liquidity is maintained.
DESCRIPTION OF STANDARD & POOR'S COMMERCIAL PAPER RATINGS:
A - Issues assigned this highest rating are regarded as having the greatest
capacity for timely payment. Issues in this category are delineated with
the numbers 1, 2 and 3 to indicate the relative degree of safety.
A-1 - This designation indicates that the degree of safety regarding timely
payment is either overwhelming or very strong. Those issues determined to
possess overwhelming safety characteristics will be denoted with a plus (+)
sign designation.
A-2 - Capacity for timely payment on issues with this designation is
strong. However, the relative degree of safety is not as high as for issues
designated A-1.
DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC.'S CORPORATE BOND RATINGS:
AAA - Bonds rated Aaa are judged to be of the best quality. They carry the
smallest degree of investment risk and are generally referred to as "gilt
edge." Interest payments are protected by a large or by an exceptionally
stable margin and principal is secure. While the various protective
elements are likely to change, such chances as can be visualized are most
unlikely to impair the fundamentally strong position of such issues.
AA - Bonds rated Aa are judged to be of high quality by all standards.
Together with the Aaa group they comprise what are generally known as
high-grade bonds. They are rated lower than the best bonds because margins
of protection may not be as large as in Aaa securities or fluctuation of
protective elements may be of greater amplitude or there may be other
elements present which make the long-term risks appear somewhat larger than
in Aaa securities.
Moody's applies numerical modifiers, 1, 2, and 3 in the generic rating
classification for Aa in its corporate bond rating system. The modifier 1
indicates that the security ranks in the higher end of its generic rating
category; the modifier 2 indicates a mid-range ranking; and the modifier 3
indicates that the issue ranks in the lower end of its generic rating
category.
DESCRIPTION OF STANDARD & POOR'S CORPORATION'S CORPORATE BOND RATINGS:
AAA - Debt rated AAa has the highest rating assigned by Standard & Poor's
to a debt obligation. Capacity to pay interest and repay principal is
extremely strong.
AA - Debt rated AA has a very strong capacity to pay interest and repay
principal and differs from the higher-rated issues only in small degree.
The rating may be modified by the addition of a plus or minus to show
relative standing within the major rating categories.
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements and Financial Highlights, included in the Annual
Report, for the Fidelity Select Portfolios for the fiscal year ended
February 28, 1995, are incorporated by reference into the funds' Statement
of Additional Information and were filed on April 26, 1995 for Fidelity
Select Portfolios (No. 2-69972) pursuant to Rule 30d-1 under the Investment
Company Act of 1940 and are incorporated herein by reference.
(b) Exhibits.
(1)(a) Amended and Restated Declaration of Trust, dated April 14, 1994, is
incorporated herein by reference to Exhibit 1(a) to Post-Effective
Amendment No. 48.
(2) Bylaws of the Trust, as amended, are incorporated herein by reference
to Exhibit 2(a) to Fidelity Union Street Trust's (File no. 2-50318)
Post-Effective Amendment No. 87.
(3) Not applicable.
(4) Not applicable.
(5)(a) Management Contracts, dated March 1, 1994, between Registrant's Air
Transportation, American Gold, Automotive, Biotechnology, Brokerage and
Investment Management, Chemicals, Computers, Construction and Housing
(formerly Housing), Consumer Products, Defense and Aerospace, Developing
Communications, Electronics, Energy, Energy Service, Environmental
Services, Financial Services, Food and Agriculture, Health Care, Home
Finance (formerly Savings and Loan), Industrial Equipment (formerly
Industrial Technology), Industrial Materials, Insurance (formerly Property
and Casualty Insurance), Leisure, Medical Delivery, Multimedia (formerly
Broadcast and Media), Natural Gas, Paper and Forest Products, Precious
Metals and Minerals, Regional Banks, Retailing, Software and Computer
Services, Technology, Telecommunications, Transportation, Utilities Growth
(formerly Utilities), and Money Market Portfolios and Fidelity Management &
Research Company, are incorporated herein by reference to Exhibit Nos.
5(a)(1-36) to Post Effective Amendment No. 48.
(b) Sub-Advisory Agreements, dated March 1, 1994, between Fidelity
Management & Research Company and Fidelity Management & Research (U.K.)
Inc. and between Fidelity Management & Research Company and Fidelity
Management & Research (Far East) Inc., respectively, with respect to
Registrant's Air Transportation, Automotive, Biotechnology, Brokerage and
Investment Management, Chemicals, Computers, Construction and Housing
(formerly Housing), Consumer Products, Defense and Aerospace, Developing
Communications, Electronics, Energy, Energy Service, Environmental
Services, Financial Services, Food and Agriculture, Health Care, Home
Finance (formerly Savings and Loan), Industrial Equipment (formerly
Industrial Technology), Industrial Materials, Insurance (formerly Property
and Casualty Insurance), Leisure, Medical Delivery, Multimedia (formerly
Broadcast and Media), Natural Gas, Paper and Forest Products, Precious
Metals and Minerals, Regional Banks, Retailing, Software and Computer
Services, Technology, Telecommunications, Transportation, and Utilities
Growth (formerly Utilities) Portfolios, are incorporated herein by
reference to Exhibit Nos. 5(b)(1-34) to Post Effective Amendment No. 48.
(c) Sub-Advisory Agreement, dated January 1, 1990, between Fidelity
Management & Research Company and FMR Texas Inc. with respect to the Money
Market Portfolio, is filed herein as Exhibit 5(c).
(6)(a) General Distribution Agreements, dated April 1, 1987, between
Registrant's Air Transportation, American Gold, Automotive, Biotechnology,
Brokerage and Investment Management, Chemicals, Computers, Construction and
Housing (formerly Housing), Defense and Aerospace, Electronics, Energy,
Energy Service, Financial Services, Food and Agriculture, Health Care, Home
Finance (formerly Savings and Loan), Industrial Equipment (formerly Capital
Goods), Industrial Materials, Insurance (formerly Property and Casualty
Insurance), Leisure, Medical Delivery, Money Market, Multimedia (formerly
Broadcast and Media), Paper and Forest Products, Precious Metals and
Minerals, Regional Banks, Retailing, Software and Computer Services,
Technology, Telecommunications, Transportation, and Utilities Growth
(formerly Utilities) Portfolios and Fidelity Distributors Corporation, are
filed herein as Exhibit Nos. 6(a)(1-32).
(b) Amendment to General Distribution Agreements, dated January 1,
1988, between Registrant's Air Transportation, American Gold, Automotive,
Biotechnology, Brokerage and Investment Management, Chemicals, Computers,
Construction and Housing (formerly Housing), Defense and Aerospace,
Electronics, Energy, Energy Service, Financial Services, Food and
Agriculture, Health Care, Home Finance (formerly Savings and Loan),
Industrial Materials, Industrial Equipment (formerly Industrial
Technology), Insurance (formerly Property and Casualty Insurance), Leisure,
Medical Delivery, Money Market, Multimedia (formerly Broadcast and Media),
Paper and Forest Products, Precious Metals and Minerals, Regional Banks,
Retailing, Software and Computer Services, Technology, Telecommunications,
Transportation, and Utilities Growth (formerly Utilities) Portfolios and
Fidelity Distributors Corporation, is filed herein as Exhibit 6(b).
(c) General Distribution Agreement, dated June 29, 1989, between
Registrant's Environmental Services Portfolio and Fidelity Distributors
Corporation, is filed herein by reference as Exhibit 6(c).
(d) General Distribution Agreement, dated June 14, 1990, between
Registrant's Consumer Products Portfolio and Fidelity Distributors
Corporation, is filed herein as Exhibit 6(d).
(e) General Distribution Agreement, dated June 14, 1990 between
Registrant's Developing Communications Portfolio and Fidelity Distributors
Corporation, is filed herein as Exhibit 6(e).
(f) General Distribution Agreement, dated April 15, 1993, between
Registrant's Natural Gas Portfolio and Fidelity Distributors Corporation,
is incorporated herein by reference to Exhibit 6(f) to Post-Effective
Amendment No. 46.
(g) Amendment, dated May 10, 1994, to the General Distribution
Agreement, dated April 15, 1993, between Registrant's Natural Gas Portfolio
and Fidelity Distributors Corporation, is incorporated herein by reference
to Exhibit 6(g) to Post-Effective Amendment No. 50.
(7) Retirement Plan for Non-Interested Person Trustees, Directors or
General Partners, is incorporated herein by reference to Exhibit 7 to
Fidelity Union Street Trust's (File No. 2-50318) Post-Effective Amendment
No. 87.
(8)(a) Custodian Agreement, Appendix A, and Appendix C, dated September 1,
1994, between Brown Brothers Harriman & Company and the Registrant on
behalf of the equity portfolios is incorporated herein by reference to
Exhibit 8(a) to Fidelity Commonwealth Trust's Post-Effective Amendment No.
56 (File No. 2-52322).
(b) Appendix B, dated December 15, 1994, to the Custodian Agreement,
dated September 1, 1994, between Brown Brothers Harriman & Company and the
Registrant on behalf of the equity portfolios is incorporated herein by
reference to Exhibit 8(b) to Fidelity Commonwealth Trust's Post-Effective
Amendment No. 56 (File No. 2-52322).
(c) Custodian Agreement, Appendix A, and Appendix C, dated December 1,
1994, between The Bank of New York and the Registrant on behalf of Select
Money Market Portfolio is incorporated herein by reference to Exhibit 8(a)
to Fidelity Hereford Street Trust's Post-Effective Amendment No. 4 (File
No. 33-52577).
(d) Appendix B, dated December 15, 1994, to the Custodian Agreement,
dated December 1, 1994, between The Bank of New York and the Registrant on
behalf of Select Money Market Portfolio is incorporated herein by reference
to Exhibit 8(b) to Fidelity Hereford Street Trust's Post-Effective
Amendment No. 4 (File No. 33-52577).
(9) Not applicable.
(10) Not applicable.
(11) Consent of Price Waterhouse LLP is filed herein as Exhibit 11.
(12) Not applicable.
(13) Not applicable.
(14)(a) Fidelity Defined Contribution Retirement Plan and Trust Agreement,
as currently in effect, is incorporated herein by reference to Exhibit
14(b) to Post-Effective Amendment No. 38.
(b) Fidelity Defined Benefit Pension Plan and Trust Agreement, as
currently in effect, is incorporated herein by reference to Exhibit 14(c)
to Post-Effective Amendment No. 38.
(c) Fidelity Group Individual Retirement Account Custodial Agreement
and Disclosure Statement, as currently in effect, is incorporated herein by
reference to Exhibit 14(d) to Post-Effective Amendment No. 38.
(d) Fidelity Master Plan for Savings and Investments, as currently
in effect, is incorporated herein by reference to Exhibit 14(f) to
Post-Effective Amendment No. 39.
(e) Fidelity 401(a) Prototype Plan for Tax-Exempt Employers, as
currently in effect, is incorporated herein by reference to Exhibit 14(g)
to Post-Effective Amendment No. 38.
(f) Fidelity Individual Retirement Account Custodial Agreement and
Disclosure Statement, as currently in effect, is incorporated herein by
reference to Exhibit 14(a) to Fidelity Union Street Trust's (File No.
2-50318) Post-Effective Amendment No. 87.
(g) Fidelity Institutional Individual Retirement Account Custodial
Agreement and Disclosure Statement, as currently in effect, is incorporated
herein by reference to Exhibit 14(d) to Fidelity Union Street Trust's (File
No. 2-50318) Post-Effective Amendment No. 87.
(h) Fidelity 403(b)(7) Custodial Account Agreement, as currently in
effect, is incorporated herein by reference to Exhibit 14(e) to Fidelity
Union Street Trust's (File No. 2-50318) Post-Effective Amendment No. 87.
(i) National Financial Services Corporation Individual Retirement
Account Custodial Agreement and Disclosure Statement, as currently in
effect, is incorporated herein by reference to Exhibit 14(h) to Fidelity
Union Street Trust's (File No. 2-50318) Post-Effective Amendment No. 87.
(j) Fidelity Portfolio Advisory Services Individual Retirement
Account Custodial Agreement and Disclosure Statement, as currently in
effect, is incorporated herein by reference to Exhibit 14(i) to Fidelity
Union Street Trust's (File No. 2-50318) Post-Effective Amendment No. 87.
(k) Fidelity Investments Section 403(b)(7) Individual Custodial
Account Agreement and Disclosure Statement, as currently in effect, is
incorporated herein by reference to Exhibit 14(j) to Fidelity Union Street
Trust's (File No. 2-50318) Post-Effective Amendment No. 87.
(l) National Financial Services Corporation Defined Contribution
Retirement Plan and Trust Agreement, as currently in effect, is
incorporated herein by reference to Exhibit 14(k) to Fidelity Union Street
Trust's (File No. 2-50318) Post-Effective Amendment No. 87.
(m) The CORPORATEplan for Retirement Profit Sharing/401K Plan, as
currently in effect, is incorporated herein by reference to Exhibit 14(l)
to Fidelity Union Street Trust's (File No. 2-50318) Post-Effective
Amendment No. 87.
(n) The CORPORATEplan for Retirement Money Purchase Pension Plan, as
currently in effect, is incorporated herein by reference to Exhibit 14(m)
to Fidelity Union Street Trust's (File No. 2-50318) Post-Effective
Amendment No. 87.
(15) Not applicable.
(16)(a) Schedules for the computation of performance calculations and
yield calculations for Select Natural Gas Portfolio and Select Money Market
Portfolio on behalf of the trust are filed herein as Exhibit 16(a).
(b) A schedule for the computation of a moving average for Select
Insurance Portfolio on behalf of the equity portfolios in the trust is
filed herein as Exhibit 16(b).
(17) Financial Data Schedules for the funds are filed herein as Exhibit
27.
Item 25. Persons Controlled by or under Common Control with Registrant
The Board of Trustees of Registrant is the same as the Board of Trustees
of other funds advised by FMR, each of which has Fidelity Management &
Research Company as its investment adviser. In addition, the officers of
these funds are substantially identical. Nonetheless, Registrant takes the
position that it is not under common control with these other funds since
the power residing in the respective boards and officers arises as the
result of an official position with the respective funds.
Item 26. Number of Holders of Securities January 31, 1995
Title of Class: Shares of Beneficial Interest
Title of Class Number of Record Holders
Air Transportation Portfolio 1,736
American Gold Portfolio 32,931
Automotive Portfolio 10,544
Biotechnology Portfolio 61,415
Brokerage and Investment Management Portfolio 3,913
Chemicals Portfolio 17,717
Computers Portfolio 19,696
Construction and Housing Portfolio 3,068
Consumer Products Portfolio 1,340
Defense and Aerospace Portfolio 839
Developing Communications Portfolio 29,762
Electronics Portfolio 18,525
Energy Portfolio 13,849
Energy Service Portfolio 6,823
Environmental Services Portfolio 8,164
Financial Services Portfolio 12,493
Food and Agriculture Portfolio 12,578
Health Care Portfolio 77,956
Home Finance Portfolio 16,304
Industrial Equipment Portfolio 13,921
Industrial Materials Portfolio 20,653
Insurance Portfolio 1,604
Leisure Portfolio 9,772
Medical Delivery Portfolio 24,860
Money Market Portfolio 32,896
Multimedia Portfolio 4,501
Natural Gas Portfolio 9,981
Paper and Forest Products Portfolio 9,504
Precious Metals and Minerals Portfolio 45,955
Regional Banks Portfolio 16,692
Retailing Portfolio 5,806
Software and Computer Services Portfolio 23,410
Technology Portfolio 25,995
Telecommunications Portfolio 45,541
Transportation Portfolio 1,779
Utilities Growth Portfolio 23,007
Item 27. Indemnification
Article XI, Section 2 of the Declaration of Trust sets forth the
reasonable and fair means for determining whether indemnification shall be
provided to any past or present Trustee or officer. It states that the
Registrant shall indemnify any present or past Trustee or officer to the
fullest extent permitted by law against liability and all expenses
reasonably incurred by him in connection with any claim, action, suit or
proceeding in which he is involved by virtue of his service as a trustee,
an officer, or both. Additionally, amounts paid or incurred in settlement
of such matters are covered by this indemnification. Indemnification will
not be provided in certain circumstances, however. These include instances
of willful misfeasance, bad faith, gross negligence, and reckless disregard
of the duties involved in the conduct of the particular office involved.
Item 28. Business and Other Connections of Investment Adviser
(1) FIDELITY MANAGEMENT & RESEARCH COMPANY
FMR serves as investment adviser to a number of other investment
companies. The directors and officers of the Adviser have held, during the
past two fiscal years, the following positions of a substantial nature.
<TABLE>
<CAPTION>
<S> <C>
Edward C. Johnson 3d Chairman of the Executive Committee of FMR; President
and Chief Executive Officer of FMR Corp.; Chairman of
the Board and a Director of FMR, FMR Corp., FMR Texas
Inc., Fidelity Management & Research (U.K.) Inc., and
Fidelity Management & Research (Far East) Inc.; President
and Trustee of funds advised by FMR.
J. Gary Burkhead President of FMR; Managing Director of FMR Corp.;
President and a Director of FMR Texas Inc., Fidelity
Management & Research (U.K.) Inc., and Fidelity
Management & Research (Far East) Inc.; Senior Vice
President and Trustee of funds advised by FMR.
Peter S. Lynch Vice Chairman and Director of FMR.
Robert Beckwitt Vice President of FMR and of funds advised by FMR.
David Breazzano Vice President of FMR (1993) and of a fund advised by
FMR.
Stephan Campbell Vice President of FMR (1993).
Dwight Churchill Vice President of FMR (1993).
William Danoff Vice President of FMR (1993) and of a fund advised by
FMR.
Scott DeSano Vice President of FMR (1993).
Penelope Dobkin Vice President of FMR and of a fund advised by FMR.
Larry Domash Vice President of FMR (1993).
George Domolky Vice President of FMR (1993) and of a fund advised by
FMR.
Robert K. Duby Vice President of FMR.
Margaret L. Eagle Vice President of FMR and of a fund advised by FMR.
Kathryn L. Eklund Vice President of FMR.
Richard B. Fentin Senior Vice President of FMR (1993) and of a fund advised
by FMR.
Daniel R. Frank Vice President of FMR and of funds advised by FMR.
Michael S. Gray Vice President of FMR and of funds advised by FMR.
Lawrence Greenberg Vice President of FMR (1993).
Barry A. Greenfield Vice President of FMR and of a fund advised by FMR.
William J. Hayes Senior Vice President of FMR; Equity Division Leader.
Robert Haber Vice President of FMR and of funds advised by FMR.
Richard Haberman Senior Vice President of FMR (1993).
Daniel Harmetz Vice President of FMR and of a fund advised by FMR.
Ellen S. Heller Vice President of FMR.
</TABLE>
John Hickling Vice President of FMR (1993) and of funds advised by
FMR.
<TABLE>
<CAPTION>
<S> <C>
Robert F. Hill Vice President of FMR; and Director of Technical
Research.
Stephen P. Jonas Treasurer and Vice President of FMR (1993) and Treasurer
of the funds advised by FMR (1995); Treasurer of FMR
Texas Inc. (1993), Fidelity Management & Research (U.K.)
Inc. (1993), and Fidelity Management & Research (Far
East) Inc. (1993).
David B. Jones Vice President of FMR (1993).
Steven Kaye Vice President of FMR (1993) and of a fund advised by
FMR.
Frank Knox Vice President of FMR (1993).
Robert A. Lawrence Senior Vice President of FMR (1993); and High Income
Division Leader.
Alan Leifer Vice President of FMR and of a fund advised by FMR.
Harris Leviton Vice President of FMR (1993) and of a fund advised by
FMR.
Bradford E. Lewis Vice President of FMR and of funds advised by FMR.
Malcolm W. MacNaught III Vice President of FMR (1993).
Robert H. Morrison Vice President of FMR and Director of Equity Trading.
David Murphy Vice President of FMR and of funds advised by FMR.
Andrew Offit Vice President of FMR (1993).
Judy Pagliuca Vice President of FMR (1993).
Jacques Perold Vice President of FMR.
Anne Punzak Vice President of FMR and of funds advised by FMR.
Lee Sandwen Vice President of FMR (1993).
Patricia A. Satterthwaite Vice President of FMR (1993) and of a fund advised by
FMR.
Thomas T. Soviero Vice President of FMR (1993).
Robert E. Stansky Senior Vice President of FMR (1993) and of funds advised
by FMR.
Gary L. Swayze Vice President of FMR and of funds advised by FMR; and
Tax-Free Fixed-Income Group Leader.
Thomas Sweeney Vice President of FMR (1993).
Donald Taylor Vice President of FMR (1993) and of funds advised by
FMR.
Beth F. Terrana Senior Vice President of FMR (1993) and of funds advised
by FMR.
Joel Tillinghast Vice President of FMR (1993) and of a fund advised by
FMR.
Robert Tucket Vice President of FMR (1993).
George A. Vanderheiden Senior Vice President of FMR; Vice President of funds
advised by FMR; and Growth Group Leader.
Jeffrey Vinik Senior Vice President of FMR (1993) and of a fund advised
by FMR.
Guy E. Wickwire Vice President of FMR and of a fund advised by FMR.
Arthur S. Loring Senior Vice President (1993), Clerk and General Counsel of
FMR; Vice President, Legal of FMR Corp.; and Secretary
of funds advised by FMR.
</TABLE>
(2) FIDELITY MANAGEMENT & RESEARCH (U.K.) INC. (FMR U.K.)
FMR U.K. provides investment advisory services to Fidelity Management &
Research Company and Fidelity Management Trust Company. The directors and
officers of the Sub-Adviser have held the following positions of a
substantial nature during the past two fiscal years.
<TABLE>
<CAPTION>
<S> <C>
Edward C. Johnson 3d Chairman and Director of FMR U.K.; Chairman of the
Executive Committee of FMR; Chief Executive Officer of FMR
Corp.; Chairman of the Board and a Director of FMR, FMR
Corp., FMR Texas Inc., and Fidelity Management & Research
(Far East) Inc.; President and Trustee of funds advised by FMR.
J. Gary Burkhead President and Director of FMR U.K.; President of FMR;
Managing Director of FMR Corp.; President and a Director of
FMR Texas Inc. and Fidelity Management & Research (Far
East) Inc.; Senior Vice President and Trustee of funds advised
by FMR.
Richard C. Habermann Senior Vice President of FMR U.K.; Senior Vice President of
Fidelity Management & Research (Far East) Inc.; Director of
Worldwide Research of FMR.
Rick Spillane Senior Vice President and Director of Operations and
Compliance of FMR U.K. (1993).
Stephen P. Jonas Treasurer of FMR U.K. (1993), Fidelity Management &
Research (Far East) Inc. (1993), and FMR Texas Inc. (1993);
Treasurer and Vice President of FMR (1993); and Treasurer of
the funds advised by FMR (1995).
David Weinstein Clerk of FMR U.K.; Clerk of Fidelity Management & Research
(Far East) Inc.; Secretary of FMR Texas Inc.
</TABLE>
(3) FIDELITY MANAGEMENT & RESEARCH (FAR EAST) INC. (FMR Far East)
FMR Far East provides investment advisory services to Fidelity Management
& Research Company and Fidelity Management Trust Company. The directors
and officers of the Sub-Adviser have held the following positions of a
substantial nature during the past two fiscal years.
<TABLE>
<CAPTION>
<S> <C>
Edward C. Johnson 3d Chairman and Director of FMR Far East; Chairman of the
Executive Committee of FMR; Chief Executive Officer of
FMR Corp.; Chairman of the Board and a Director of
FMR, FMR Corp., FMR Texas Inc. and Fidelity
Management & Research (U.K.) Inc.; President and
Trustee of funds advised by FMR.
J. Gary Burkhead President and Director of FMR Far East; President of
FMR; Managing Director of FMR Corp.; President and a
Director of FMR Texas Inc. and Fidelity Management &
Research (U.K.) Inc.; Senior Vice President and Trustee
of funds advised by FMR.
Richard C. Habermann Senior Vice President of FMR Far East; Senior Vice
President of Fidelity Management & Research (U.K.)
Inc.; Director of Worldwide Research of FMR.
William R. Ebsworth Vice President of FMR Far East.
Bill Wilder Vice President of FMR Far East (1993).
Stephen P. Jonas Treasurer of FMR Far East (1993), Fidelity Management
& Research (U.K.) Inc. (1993), and FMR Texas Inc.
(1993); Treasurer and Vice President of FMR (1993);
and Treasurer of the funds advised by FMR (1995).
David C. Weinstein Clerk of FMR Far East; Clerk of Fidelity Management &
Research (U.K.) Inc.; Secretary of FMR Texas Inc.
</TABLE>
(4) FMR TEXAS INC. (FMR Texas)
FMR Texas provides investment advisory services to Fidelity Management &
Research Company. The directors and officers of the Sub-Adviser have held
the following positions of a substantial nature during the past two fiscal
years.
Edward C. Johnson 3d Chairman and Director of FMR Texas; Chairman of the
Executive Committee of FMR; President and Chief
Exective Officer of FMR Corp.; Chairman of the Board
and a Director of FMR, FMR Corp., Fidelity
Management & Research (Far East) Inc. and Fidelity
Management & Research (U.K.) Inc.; President and
Trustee of funds advised by FMR.
J. Gary Burkhead President and Director of FMR Texas; President of FMR;
Managing Director of FMR Corp.; President and a
Director of Fidelity Management & Research (Far East)
Inc. and Fidelity Management & Research (U.K.) Inc.;
Senior Vice President and Trustee of funds advised by
FMR.
Fred L. Henning, Jr. Senior Vice President of FMR Texas; Money Market
Division Leader.
Robert Auld Vice President of FMR Texas (1993).
Leland Barron Vice President of FMR Texas and of funds advised by
FMR.
Robert Litterst Vice President of FMR Texas and of funds advised by
FMR (1993).
Thomas D. Maher Vice President of FMR Texas and Assistant Vice
President of funds advised by FMR.
Burnell R. Stehman Vice President of FMR Texas and of funds advised by
FMR.
John J. Todd Vice President of FMR Texas and of funds advised by
FMR.
Sarah H. Zenoble Vice President of FMR Texas and of funds advised by
FMR.
Stephen P. Jonas Treasurer of FMR Texas Inc. (1993), Fidelity
Management & Research (U.K.) Inc. (1993), and Fidelity
Mangement & Research (Far East) Inc. (1993); Treasurer
and Vice President of FMR (1993); and Treasurer of the
funds advised by FMR (1995).
David C. Weinstein Secretary of FMR Texas; Clerk of Fidelity Management
& Research (U.K.) Inc.; Clerk of Fidelity Management &
Research (Far East) Inc.
Item 29. Principal Underwriters
(a) Fidelity Distributors Corporation (FDC) acts as distributor for most
funds advised by FMR and the following other funds:
ARK Funds
(b)
Name and Principal Positions and Offices Positions and Offices
Business Address* With Underwriter With Registrant
Edward C. Johnson 3d Director Trustee and President
Nita B. Kincaid Director None
W. Humphrey Bogart Director None
Kurt A. Lange President and Treasurer None
William L. Adair Senior Vice President None
Thomas W. Littauer Senior Vice President None
Arthur S. Loring Vice President and Clerk Secretary
* 82 Devonshire Street, Boston, MA
(c) Not applicable.
Item 30. Location of Accounts and Records
All accounts, books, and other documents required to be maintained by
Section 31a of the 1940 Act and the Rules promulgated thereunder are
maintained by Fidelity Management & Research Company or Fidelity Service
Co., 82 Devonshire Street, Boston, MA 02109, or the funds' respective
custodians The Bank of New York, 110 Washington Street, New York, N.Y. and
Brown Brothers Harriman & Co., 40 Water Street, Boston, MA.
Item 31. Management Services
Not applicable.
Item 32. Undertakings
(a)The Registrant undertakes for Natural Gas Portfolio: 1) to call a
meeting of shareholders for the purpose of voting upon the question of
removal of a trustee or trustees, when requested to do so by record holders
of not less than 10% of its outstanding shares; and 2) to assist in
communications with other shareholders pursuant to Section 16(c)(1) and
(2), whenever shareholders meeting the qualifications set forth in Section
16(c) seek the opportunity to communicate with other shareholders with a
view toward requesting a meeting.
(b)The Registrant on behalf of Fidelity Select Portfolios undertakes,
provided the information required for the stock funds by Item 5A is
contained in the annual report, to furnish each person to whom a prospectus
has been delivered, upon their request and without charge, a copy of the
Registrants latest annual report to shareholders.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all
of the requirements for the effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this Post-Effective Amendment No. 51 to the Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Boston, and Commonwealth of Massachusetts, on the 28th day
of April 1995.
FIDELITY SELECT PORTFOLIOS
By /s/Edward C. Johnson 3d (dagger)
Edward C. Johnson 3d, President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in
the capacities and on the dates indicated.
(Signature) (Title) (Date)
<TABLE>
<CAPTION>
<S> <C> <C>
/s/Edward C. Johnson 3d(dagger) President and Trustee April 28, 1995
Edward C. Johnson 3d (Principal Executive Officer)
</TABLE>
/s/Stephen P. Jonas Treasurer April 28, 1995
Stephen P. Jonas
/s/J. Gary Burkhead Trustee April 28, 1995
J. Gary Burkhead
/s/Ralph F. Cox * Trustee April 28, 1995
Ralph F. Cox
/s/Phyllis Burke Davis * Trustee April 28, 1995
Phyllis Burke Davis
/s/Richard J. Flynn * Trustee April 28, 1995
Richard J. Flynn
/s/E. Bradley Jones * Trustee April 28, 1995
E. Bradley Jones
/s/Donald J. Kirk * Trustee April 28, 1995
Donald J. Kirk
/s/Peter S. Lynch * Trustee April 28, 1995
Peter S. Lynch
/s/Edward H. Malone * Trustee April 28, 1995
Edward H. Malone
/s/Marvin L. Mann_____* Trustee April 28, 1995
Marvin L. Mann
/s/Gerald C. McDonough* Trustee April 28, 1995
Gerald C. McDonough
/s/Thomas R. Williams * Trustee April 28, 1995
Thomas R. Williams
(dagger) Signatures affixed by J. Gary Burkhead pursuant to a power of
attorney dated December 15, 1994 and filed herewith.
* Signature affixed by Robert C. Hacker pursuant to a power of attorney
dated December 15, 1994 and filed herewith.
POWER OF ATTORNEY
We, the undersigned Directors, Trustees or General Partners, as the case
may be, of the following investment companies:
<TABLE>
<CAPTION>
<S> <C>
Fidelity Advisor Annuity Fund Fidelity Income Fund
Fidelity Advisor Series I Fidelity Institutional Trust
Fidelity Advisor Series II Fidelity Investment Trust
Fidelity Advisor Series III Fidelity Magellan Fund
Fidelity Advisor Series IV Fidelity Massachusetts Municipal Trust
Fidelity Advisor Series V Fidelity Mt. Vernon Street Trust
Fidelity Advisor Series VI Fidelity Municipal Trust
Fidelity Advisor Series VII Fidelity New York Municipal Trust
Fidelity Advisor Series VIII Fidelity Puritan Trust
Fidelity California Municipal Trust Fidelity School Street Trust
Fidelity Capital Trust Fidelity Securities Fund
Fidelity Charles Street Trust Fidelity Select Portfolios
Fidelity Commonwealth Trust Fidelity Sterling Performance Portfolio, L.P.
Fidelity Congress Street Fund Fidelity Summer Street Trust
Fidelity Contrafund Fidelity Trend Fund
Fidelity Corporate Trust Fidelity U.S. Investments-Bond Fund, L.P.
Fidelity Court Street Trust Fidelity U.S. Investments-Government Securities
Fidelity Deutsche Mark Performance Fund, L.P.
Portfolio, L.P. Fidelity Union Street Trust
Fidelity Devonshire Trust Fidelity Yen Performance Portfolio, L.P.
Fidelity Exchange Fund Spartan U.S. Treasury Money Market
Fidelity Financial Trust Fund
Fidelity Fixed-Income Trust Variable Insurance Products Fund
Fidelity Government Securities Fund Variable Insurance Products Fund II
Fidelity Hastings Street Trust
</TABLE>
plus any other investment company for which Fidelity Management & Research
Company acts as investment adviser and for which the undersigned
individuals serve as Board Members (collectively, the "Funds"), hereby
severally constitute and appoint Arthur J. Brown, Arthur C. Delibert,
Robert C. Hacker, Richard M. Phillips, Dana L. Platt and Stephanie A.
Djinis, each of them singly, our true and lawful attorneys-in-fact, with
full power of substitution, and with full power to each of them, to sign
for us and in our names in the appropriate capacities, all Pre-Effective
Amendments to any Registration Statements of the Funds, any and all
subsequent Post-Effective Amendments to said Registration Statements, any
Registration Statements on Form N-14, and any supplements or other
instruments in connection therewith, and generally to do all such things in
our names and behalf in connection therewith as said attorneys-in-fact deem
necessary or appropriate, to comply with the provisions of the Securities
Act of 1933 and Investment Company Act of 1940, and all related
requirements of the Securities and Exchange Commission, hereby ratifying
and confirming all that said attorneys-in-fact or their substitutes may do
or cause to be done by virtue hereof.
WITNESS our hands on this fifteenth day of December, 1994.
/s/Edward C. Johnson 3d /s/Donald J. Kirk
Edward C. Johnson 3d Donald J. Kirk
/s/J. Gary Burkhead /s/Peter S. Lynch
J. Gary Burkhead Peter S. Lynch
/s/Ralph F. Cox /s/Marvin L. Mann
Ralph F. Cox Marvin L. Mann
/s/Phyllis Burke Davis /s/Edward H. Malone
Phyllis Burke Davis Edward H. Malone
/s/Richard J. Flynn /s/Gerald C. McDonough
Richard J. Flynn Gerald C. McDonough
/s/E. Bradley Jones /s/Thomas R. Williams
E. Bradley Jones Thomas R. Williams
POWER OF ATTORNEY
I, the undersigned President and Director, Trustee or General Partner, as
the case may be, of the following investment companies:
<TABLE>
<CAPTION>
<S> <C>
Fidelity Advisor Annuity Fund Fidelity Institutional Trust
Fidelity Advisor Series I Fidelity Investment Trust
Fidelity Advisor Series II Fidelity Magellan Fund
Fidelity Advisor Series III Fidelity Massachusetts Municipal Trust
Fidelity Advisor Series IV Fidelity Money Market Trust
Fidelity Advisor Series V Fidelity Mt. Vernon Street Trust
Fidelity Advisor Series VI Fidelity Municipal Trust
Fidelity Advisor Series VII Fidelity New York Municipal Trust
Fidelity Advisor Series VIII Fidelity Puritan Trust
Fidelity California Municipal Trust Fidelity School Street Trust
Fidelity Capital Trust Fidelity Securities Fund
Fidelity Charles Street Trust Fidelity Select Portfolios
Fidelity Commonwealth Trust Fidelity Sterling Performance Portfolio, L.P.
Fidelity Congress Street Fund Fidelity Summer Street Trust
Fidelity Contrafund Fidelity Trend Fund
Fidelity Corporate Trust Fidelity U.S. Investments-Bond Fund, L.P.
Fidelity Court Street Trust Fidelity U.S. Investments-Government Securities
Fidelity Destiny Portfolios Fund, L.P.
Fidelity Deutsche Mark Performance Fidelity Union Street Trust
Portfolio, L.P. Fidelity Yen Performance Portfolio, L.P.
Fidelity Devonshire Trust Spartan U.S. Treasury Money Market
Fidelity Exchange Fund Fund
Fidelity Financial Trust Variable Insurance Products Fund
Fidelity Fixed-Income Trust Variable Insurance Products Fund II
Fidelity Government Securities Fund
Fidelity Hastings Street Trust
Fidelity Income Fund
</TABLE>
plus any other investment company for which Fidelity Management & Research
Company acts as investment adviser and for which the undersigned individual
serves as President and Board Member (collectively, the "Funds"), hereby
severally constitute and appoint J. Gary Burkhead, my true and lawful
attorney-in-fact, with full power of substitution, and with full power to
sign for me and in my name in the appropriate capacity, all Pre-Effective
Amendments to any Registration Statements of the Funds, any and all
subsequent Post-Effective Amendments to said Registration Statements, any
Registration Statements on Form N-14, and any supplements or other
instruments in connection therewith, and generally to do all such things in
my name and behalf in connection therewith as said attorney-in-fact deem
necessary or appropriate, to comply with the provisions of the Securities
Act of 1933 and Investment Company Act of 1940, and all related
requirements of the Securities and Exchange Commission. I hereby ratify
and confirm all that said attorneys-in-fact or their substitutes may do or
cause to be done by virtue hereof.
WITNESS my hand on the date set forth below.
/s/Edward C. Johnson 3d December 15, 1994
Edward C. Johnson 3d
Exhibit 5(c)
SUB-ADVISORY AGREEMENT
between
FMR TEXAS INC.
and
FIDELITY MANAGEMENT & RESEARCH COMPANY
AGREEMENT made this 1st day of January, 1990, by
and between FMR Texas Inc., a Texas corporation
with principal offices at 400 East Las Colinas
Boulevard, Irving, Texas (hereinafter called the
"Sub-Adviser") and Fidelity Management & Research
Company, a Massachusetts corporation with
principal offices at 82 Devonshire Street, Boston,
Massachusetts (hereinafter called the "Adviser").
WHEREAS the Adviser has entered into a Management
Contract with Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of shares of beneficial interest
(hereinafter called the "Fund"), on behalf of the
Money Market Portfolio (hereinafter called the
"Portfolio"), pursuant to which the Adviser is to
act as investment manager and adviser to the
Portfolio, and
WHEREAS the Sub-Adviser was formed for the
purpose of providing investment management of
money market mutual funds, both taxable and
tax-exempt, advising generally with respect to
money market instruments, and managing or
providing advice with respect to cash management.
NOW, THEREFORE, in consideration of the premises
and the mutual promises hereinafter set forth, the
Adviser and the Sub-Adviser agree as follows:
1. (a) The Sub-Adviser shall, subject to the
supervision of the Adviser, direct the investments
of the Portfolio in accordance with the investment
objective, policies and limitations as provided in
the Portfolio's Prospectus or other governing
instruments, as amended from time to time, the
Investment Company Act of l940 and rules
thereunder, as amended from time to time (the
"l940 Act"), and such other limitations as the
Portfolio may impose by notice in writing to the
Adviser or Sub-Adviser. The Sub-Adviser shall
also furnish for the use of the Portfolio office
space and all necessary office facilities,
equipment and personnel for servicing the
investments of the Portfolio; and shall pay the
salaries and fees of all personnel of the
Sub-Adviser performing services for the Portfolio
relating to research, statistical and investment
activities. The Sub-Adviser is authorized, in its
discretion and without prior consultation with the
Portfolio or the Adviser, to buy, sell, lend and
otherwise trade in any stocks, bonds and other
securities and investment instruments on behalf of
the Portfolio. The investment policies and all
other actions of the Portfolio are and shall at
all times be subject to the control and direction
of the Fund's Board of Trustees.
(b) The Sub-Adviser shall also furnish such
reports, evaluations, information or analyses to
the Fund and the Adviser as the Fund's Board of
Trustees or the Adviser may request from time to
time or as the Sub-Adviser may deem to be
desirable. The Sub-Adviser shall make
recommendations to the Fund's Board of Trustees
with respect to Fund policies, and shall carry out
such policies as are adopted by the Trustees. The
Sub-Adviser shall, subject to review by the Board
of Trustees, furnish such other services as the
Sub-Adviser shall from time to time determine to
be necessary or useful to perform its obligations
under this Agreement and which are not otherwise
furnished by the Adviser.
(c) The Sub-Adviser, at its own expense, shall
place all orders for the purchase and sale of
portfolio securities for the Portfolio's account
with brokers or dealers selected by the
Sub-Adviser, which may include brokers or dealers
affiliated with the Adviser or Sub-Adviser. The
Adviser shall use its best efforts to seek to
execute portfolio transactions at prices which are
advantageous to the Portfolio and at commission
rates which are reasonable in relation to the
benefits received. In selecting brokers or
dealers qualified to execute a particular
transaction, brokers or dealers may be selected
who also provide brokerage and research services
(as those terms are defined in Section 28(e) of
the Securities Exchange Act of l934) to the
Portfolio and/or the other accounts over which the
Sub-Adviser, Adviser or their affiliates exercise
investment discretion. The Sub-Adviser is
authorized to pay a broker or dealer who provides
such brokerage and research services a commission
for executing a portfolio transaction for the
Portfolio which is in excess of the amount of
commission another broker or dealer would have
charged for effecting that transaction if the
Sub-Adviser determines in good faith that such
amount of commission is reasonable in relation to
the value of the brokerage and research services
provided by such broker or dealer. This
determination may be viewed in terms of either
that particular transaction or the overall
responsibilities which the Sub-Adviser and its
affiliates have with respect to accounts over
which they exercise investment discretion. The
Trustees of the Fund shall periodically review the
commissions paid by the Portfolio to determine if
the commissions paid over representative periods
of time were reasonable in relation to the
benefits to the Portfolio.
2. The Sub-Adviser will be compensated by the
Adviser on the following basis for the services to
be furnished hereunder: the Adviser agrees to pay
the Sub-Adviser a monthly fee equal to 50% of the
management fee which the Portfolio is obligated to
pay the Adviser under the Portfolio's Management
Contract with the Adviser. Such fee shall not be
reduced to reflect expense reimbursements or fee
waivers by the Adviser, if any, in effect from
time to time.
3. It is understood that Trustees, officers, and
shareholders of the Fund are or may be or become
interested in the Adviser or the Sub-Adviser as
directors, officers or otherwise and that
directors, officers and stockholders of the
Adviser or the Sub-Adviser are or may be or become
similarly interested in the Fund, and that the
Adviser or the Sub-Adviser may be or become
interested in the Fund as a shareholder or
otherwise.
4. It is understood that the Portfolio will pay
all its expenses other than those expressly stated
to be payable by the Sub-Adviser hereunder or by
the Adviser under the Management Contract with the
Portfolio, which expenses payable by the Portfolio
shall include, without limitation, (i) interest
and taxes; (ii) brokerage commissions and other
costs in connection with the purchase or sale of
securities and other investment instruments; (iii)
fees and expenses of the Fund's Trustees other
than those who are "interested persons" of the
Fund, the Sub-Adviser or the Adviser; (iv) legal
and audit expenses; (v) custodian, registrar and
transfer agent fees and expenses; (vi) fees and
expenses related to the registration and
qualification of the Fund and the Portfolio's
shares for distribution under state and federal
securities laws; (vii) expenses of printing and
mailing reports and notices and proxy material to
shareholders of the Portfolio; (viii) all other
expenses incidental to holding meetings of the
Portfolio's shareholders, including proxy
solicitations therefor; (ix) a pro rata share,
based on relative net assets of the Portfolio and
other registered investment companies having
Advisory and Service or Management Contracts with
the Adviser, of 50% of insurance premiums for
fidelity and other coverage; (x) its proportionate
share of association membership dues; (xi)
expenses of typesetting for printing Prospectuses
and Statements of Additional Information and
supplements thereto; (xii) expenses of printing
and mailing Prospectuses and Statements of
Additional Information and supplements thereto
sent to existing shareholders; and (xiii) such
non-recurring or extraordinary expenses as may
arise, including those relating to actions, suits
or proceedings to which the Portfolio is a party
and the legal obligation which the Portfolio may
have to indemnify the Fund's Trustees and officers
with respect thereto.
5. The Services of the Sub-Adviser to the Adviser
are not to be deemed to be exclusive, the
Sub-Adviser being free to render services to
others and engage in other activities, provided,
however, that such other services and activities
do not, during the term of this Agreement,
interfere, in a material manner, with the
Sub-Adviser's ability to meet all of its
obligations with respect to rendering investment
advice hereunder. The Sub-Adviser shall for all
purposes be an independent contractor and not an
agent or employee of the Adviser or the Fund. In
the absence of willful misfeasance, bad faith,
gross negligence or reckless disregard of
obligations or duties hereunder on the part of the
Sub-Adviser, the Sub-Adviser shall not be subject
to liability to the Adviser, the Fund or to any
shareholder of the Portfolio for any act or
omission in the course of, or connected with,
rendering services hereunder or for any losses
that may be sustained in the purchase, holding or
sale of any security.
6. (a) Subject to prior termination as provided
in sub-paragraph (d) of this paragraph 6, this
Agreement shall continue in force until June 30,
1990 and indefinitely thereafter, but only so long
as the continuance after such period shall be
specifically approved at least annually by vote of
the Fund's Board of Trustees or by vote of a
majority of the outstanding voting securities of
the Portfolio.
(b) This Agreement may be modified by mutual
consent of the Adviser, the Sub-Adviser and the
Portfolio, such consent on the part of the
Portfolio to be authorized by vote of a majority
of the outstanding voting securities of the
Portfolio.
(c) In addition to the requirements of
sub-paragraphs (a) and (b) of this paragraph 6,
the terms of any continuance or modification of
the Agreement must have been approved by the vote
of a majority of those Trustees of the Fund who
are not parties to such Agreement or interested
persons of any such party, cast in person at a
meeting called for the purpose of voting on such
approval.
(d) Either the Adviser, the Sub-Adviser or the
Portfolio may, at any time on sixty (60) days'
prior written notice to the other parties,
terminate this Agreement, without payment of any
penalty, by action of its Board of Trustees or
Directors, or by vote of a majority of its
outstanding voting securities. This Agreement
shall terminate automatically in the event of its
assignment.
7. The Sub-Adviser is hereby expressly put on
notice of the limitation of shareholder liability
as set forth in the Declaration of Trust of the
Fund and agrees that any obligations of the Fund
or the Portfolio arising in connection with this
Agreement shall be limited in all cases to the
Portfolio and its assets, and the Sub-Adviser
shall not seek satisfaction of any such obligation
from the shareholders or any shareholder of the
Portfolio. Nor shall the Sub-Adviser seek
satisfaction of any such obligation from the
Trustees or any individual Trustee.
8. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS.
The terms "registered investment company," "vote
of a majority of the outstanding voting
securities," "assignment," and "interested
persons," when used herein, shall have the
respective meanings specified in the Investment
Company Act of 1940 as now in effect or as
hereafter amended.
IN WITNESS WHEREOF the parties hereto have caused
this instrument to be signed in their behalf by
their respective officers thereunto duly
authorized, and their respective seals to be
hereunto affixed, all as of the date written
above.
FMR TEXAS INC.
By /s/Charles F. Dornbush
Treasurer
FIDELITY MANAGEMENT & RESEARCH COMPANY
By /s/J. Gary Burkhead
President
Exhibit 6(a)(1)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Air Transportation Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Air Transportation
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Air Transportation Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(2)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
American Gold Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of American Gold Portfolio,
a series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
American Gold Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(3)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Automotive Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Automotive Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Automotive Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(4)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Biotechnology Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Biotechnology Portfolio,
a series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Biotechnology Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(5)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Brokerage and Investment Management Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Brokerage and Investment
Management Portfolio, a series of the Issuer, and
Fidelity Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Brokerage and Investment Management
Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(6)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Chemicals Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Chemicals Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Chemicals Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(7)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Computers Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Computers Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Computers Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(8)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Housing Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Housing Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Housing Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(9)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Defense and Aerospace Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Defense and Aerospace
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Defense and Aerospace Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(10)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Electronics Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Electronics Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Electronics Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(11)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Energy Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Energy Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Energy Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(12)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Energy Service Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Energy Service
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Energy Service Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(13)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Financial Services Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Financial Services
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Financial Services Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(14)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Food and Agriculture Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Food and Agriculture
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Food and Agriculture Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(15)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Health Care Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Health Care Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Health Care Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(16)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Savings and Loan Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Savings and Loan
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Savings and Loan Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(17)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Industrial Materials Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Industrial Materials
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Industrial Materials Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(18)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Property and Casualty Insurance Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Property and Casualty
Insurance Portfolio, a series of the Issuer, and
Fidelity Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Property and Casualty Insurance Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(19)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Leisure Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Leisure Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Leisure Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(20)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Medical Delivery Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Medical Delivery
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Medical Delivery Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(21)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Money Market Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Money Market Portfolio,
a series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Money Market Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(22)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Broadcast and Media Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Broadcast and Media
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Broadcast and Media Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(23)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Paper and Forest Products Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Paper and Forest
Products Portfolio, a series of the Issuer, and
Fidelity Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Paper and Forest Products Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(24)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Precious Metals and Minerals Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Precious Metals and
Minerals Portfolio, a series of the Issuer, and
Fidelity Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Precious Metals and Minerals Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(25)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Regional Banks Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Regional Banks
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Regional Banks Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(26)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Retailing Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Retailing Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Retailing Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(27)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Software and Computer Services Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Software and Computer
Services Portfolio, a series of the Issuer, and
Fidelity Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Software and Computer Services Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(28)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Technology Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Technology Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Technology Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(29)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Telecommunications Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Telecommunications
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Telecommunications Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(30)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Transportation Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Transportation
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors"), hereby
consent pursuant to the existing General
Distribution Agreement dated November 1, 1986, to
an amendment in its entirety of said Agreement as
of April 1, 1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Transportation Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(31)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Utilities Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Utilities Portfolio, a
series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Utilities Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(a)(32)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Capital Goods Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
Required authorizations and approvals having been
obtained, Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Capital Goods Portfolio,
a series of the Issuer, and Fidelity Distributors
Corporation, a Massachusetts corporation having
its principal place of business in Boston,
Massachusetts ("Distributors"), hereby consent
pursuant to the existing General Distribution
Agreement dated November 1, 1986, to an amendment
in its entirety of said Agreement as of April 1,
1987, as set forth below.
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer. However, all sums of money received
by the Distributor as a result of such purchases
and sales or as a result of such participation
must, after reimbursement of actual expenses of
the Distributor in connection with such activity,
be paid over by the Distributor for the benefit of
the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
As provided in the Distribution and Service Plan
adopted by the Issuer, it is recognized by the
Issuer that FMR may reimburse the Distributor for
any direct expenses incurred in the distribution
of shares of the Issuer from any source available
to it, including advisory and service or
management fees paid to it by the Issuer.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1988 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
Capital Goods Portfolio
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/John F. O'Brien
Clerk
Exhibit 6(b)
AMENDMENT TO GENERAL DISTRIBUTION AGREEMENT
Effective January 1, 1988, Paragraph 8 of the
General Distribution Agreement between each of the
funds or portfolios indicated on the attached
Schedule A shall be amended to read in full as
follows:
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer.
Signed on behalf of each of the funds or
portfolios identified on Schedule A.
On Behalf of Each of the Funds or Portfolios:
Attest:/s/ Arthur S. Loring_____________ By:/s/ J.
Gary Burkhead___________________
Arthur S. Loring J. Gary Burkhead
Secretary
FIDELITY DISTRIBUTORS CORPORATION:
Attest:/s/ Arthur S. Loring_____________ By:/s/
John F. O'Brien
Arthur S. Loring John F. O'Brien
Secretary
SCHEDULE A
California Tax-Free Fund:
High Yield Portfolio
Money Market Portfolio
Insured Portfolio
Fidelity Capital Trust:
Fidelity Capital Appreciation Fund
Fidelity Value Fund
Fidelity Cash Reserves
Fidelity Charles Street Trust:
Fidelity U.S. Government Reserves
Fidelity Stock Index Fund
Fidelity Contrafund
Fidelity Corporate Trust:
ARP (Adjustable-Rate Preferred Portfolio)
APP (Auction Preferred Portfolio)
Fidelity Court Street Trust:
Fidelity High Yield Municipals
Fidelity Connecticut Tax-Free Portfolio
Fidelity New Jersey Tax-Free High Yield Portfolio
Fidelity New Jersey Tax-Free Money Market
Portfolio
Fidelity Colorado Tax-Free Portfolio
Fidelity North Carolina Tax-Free Portfolio
Fidelity Virginia Tax-Free Portfolio
Fidelity Georgia Tax-Free Portfolio
Fidelity Maryland Tax-Free Portfolio
Fidelity Missouri Tax-Free Portfolio
Fidelity Daily income Trust
Daily Money Fund:
Money Market Portfolio
U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
Fidelity Devonshire Trust:
Fidelity Equity-Income Fund
Fidelity Real Estate Investment Portfolio
Fidelity Utilities Income Fund
Equity Portfolio: Growth
Equity Portfolio: Income
Fidelity Fund
Fidelity Financial Trust:
Fidelity Convertible Securities
Fidelity Freedom Fund
Financial Reserves Fund
Fidelity Fixed-Income Trust:
Fidelity Flexible Bond Portfolio
Fidelity Short-Term Bond Portfolio
Fidelity Government Securities fund (a limited
partnership)
Fidelity Growth Company Fund
Fidelity High Income Fund
Fidelity Income Fund:
Fidelity Ginnie Mae Portfolio
Fidelity Mortgage Securities Portfolio
Income Portfolios:
GNMA Series
Limited Term Series
Short Fixed-Income Series
Short Government Series
Short-Intermediate Fixed-Income Series
Variable Rate Series
Yield Plus Series
Liquid Assets Series
State and Local Asset Management Series:
Government Money Market Portfolio
Government Bond Portfolio
The California Portfolio
Fidelity Institutional Cash Portfolios:
Money Market Portfolio
U.S. Government Portfolio
U.S. Treasury Portfolio
U.S. Treasury Portfolio II
Domestic Money Market Portfolio
Fidelity Institutional Tax-Exempt Cash Portfolios
Fidelity Institutional Trust
Fidelity U.S. Equity Index Portfolio
Fidelity U.S. Bond Index Portfolio
Fidelity Intermediate Bond Fund
Fidelity Investment Trust:
Fidelity Europe Fund
Fidelity Global Bond Fund
Fidelity International Growth & Income Fund
Fidelity Overseas Fund
Fidelity Pacific Basin Fund
Fidelity Canada Fund
Fidelity United Kingdom Fund
Fidelity Limited Term Municipals
Fidelity Magellan Fund
Fidelity Massachusetts Tax-Free:
Money Market Portfolio
High Yield Portfolio
Fidelity Money Market Trust:
Domestic Money Market Portfolio
U.S. Government Portfolio
U.S. Treasury Portfolio
Fidelity Municipal Trust:
Fidelity Aggressive Tax-Free Portfolio
Fidelity Insured Tax-Free Portfolio
Fidelity Municipal Bond Portfolio
Fidelity Pennsylvania Tax-Free High Yield
Portfolio
Fidelity Pennsylvania Tax-Free Money Market
Portfolio
Fidelity Ohio Tax-Free Portfolio
Fidelity Michigan Tax-Free Portfolio
Fidelity Minnesota Tax-Free Portfolio
Fidelity Short-Term Tax-Free Portfolio
Fidelity Texas Tax-Free Portfolio
The North Carolina Cash Management Trust:
Cash Portfolio
Term Portfolio
Fidelity New York Tax-Free Fund:
High Yield Portfolio
Insured Portfolio
Money Market Portfolio
Short-Term Portfolio
Fidelity New Jersey Tax-Free Portfolio, L.P.
Plymouth Fund:
Plymouth Aggressive Income Portfolio
Plymouth Government Securities Portfolio
Plymouth Growth Opportunities Portfolio
Plymouth Income & Growth Portfolio
Plymouth Short-Term Bond Portfolio
Plymouth Investment Series:
Plymouth High Income Municipal Portfolio
Plymouth Global Natural Resources Portfolio
Plymouth Securities Trust:
Plymouth Market Access Plus:
Bull Value Portfolio
Plymouth Market Access Plus:
Bear Value Portfolio
Fidelity Puritan Trust:
Fidelity Balanced Fund
Fidelity Puritan Fund
Fidelity Qualified Dividend Fund
Fidelity Securities Fund:
Fidelity Growth & Income Portfolio
Fidelity OTC Portfolio
Fidelity Blue Chip Fund
Fidelity Select Portfolios:
Air Transportation Portfolio
American Gold Portfolio
Automation and Machinery Portfolio
Automotive Portfolio
Biotechnology Portfolio
Broadcast and Media Portfolio
Brokerage and Investment Management Portfolio
Capital Goods Portfolio
Chemicals Portfolio
Computers Portfolio
Defense and Aerospace Portfolio
Electric Utilities Portfolio
Electronics Portfolio
Energy Portfolio
Energy Service Portfolio
Financial Services Portfolio
Food and Agriculture Portfolio
Health Care Portoflio
Health Care Delivery Portfolio (name changed to
Medical Delivery
Housing Portfolio Portfolio on 7/10/87)
Industrial Materials Portfolio
Leisure Portfolio
life Insurance Portfolio
Money Market Portfolio
Paper and Forest Products Portfolio
Precious Metals and Minerals Portfolio
Property and Casualty Insurance Portfolio
Regional Banks Portfolio
Restaurant Industry Portfolio
Fidelity Select Portfolios (cont.)
Retailing Portfolio
Savings and Loan Portfolio
Software and Computer Services Portfolio
Technology Portfolio
Telecommunications Portfolio
Transportation Portfolio
Utilities Portfolio
Fidelity Special Situations Fund
Tax-Exempt Portfolios:
Limited Term Series
Short-Term Intermediate Series
Fidelity Tax-Exempt Money Market Trust
Fidelity Trend Fund
Fidelity U.S. Treasury Money Market Fund, L.P.
Variable Insurance Products Fund:
Equity-Income Portfolio
Growth Portfolio
High Income Portfolio
Money Market Portfolio
Overseas Portfolio
Fidelity U.S. Investments -
Government Securities Fund, L.P.
Bond Fund, L.P.
Zero Coupon Bond Fund;
The 1993 Portfolio
The 1998 Portfolio
The 2003 Portfolio
Exhibit 6(c)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Environmental Services Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
AGREEMENT made this 29th day of June, 1989,
between Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Environmental Services
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors").
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1990 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, and its seal
affixed, by one of its officers duly authorized,
and the Distributor has executed this instrument
in its name and behalf, and its corporate seal
affixed, by one of its officers duly authorized,
as of the day and year first above written.
FIDELITY SELECT PORTFOLIOS:
ENVIRONMENTAL SERVICES PORTFOLIO
Attest /s/ Arthur S. Loring By /s/Edward C.
Johnson 3d
Secretary Edward C. Johnson 3d
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/Roger A. Lawson
Clerk Roger A. Lawson
EXHIBIT 6(D)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Consumer Products Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
AGREEMENT made this 14th day of June, 1990,
between Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Consumer Products
Portfolio, a series of the Issuer, and Fidelity
Distributors Corporation, a Massachusetts
corporation having its principal place of business
in Boston, Massachusetts ("Distributors").
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1991 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, by one of its
officers duly authorized, and the Distributor has
executed this instrument in its name and behalf,
by one of its officers duly authorized, as of the
day and year first above written.
FIDELITY SELECT PORTFOLIOS:
ON BEHALF OF CONSUMER PRODUCTS PORTFOLIO
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary Senior Vice President
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/Roger A. Lawson
Clerk President
Exhibit 6(e)
GENERAL DISTRIBUTION AGREEMENT
between
FIDELITY SELECT PORTFOLIOS:
Developing Communications Portfolio
and
FIDELITY DISTRIBUTORS CORPORATION
AGREEMENT made this 14th day of June, 1990,
between Fidelity Select Portfolios, a
Massachusetts business trust which may issue one
or more series of beneficial interest ("Issuer"),
with respect to shares of Developing
Communications Portfolio, a series of the Issuer,
and Fidelity Distributors Corporation, a
Massachusetts corporation having its principal
place of business in Boston, Massachusetts
("Distributors").
In consideration of the mutual promises and
undertakings herein contained, the parties agree
as follows:
1. Sale of Shares - The Issuer grants to the
Distributor the right to sell shares on behalf of
the Issuer during the term of this Agreement and
subject to the registration requirements of the
Securities Act of 1933, as amended ("1933 Act"),
and of the laws governing the sale of securities
in the various states ("Blue Sky Laws") under the
following terms and conditions: the Distributor
(i) shall have the right to sell, as agent on
behalf of the Issuer, shares authorized for issue
and registered under the 1933 Act, and (ii) may
sell shares under offers of exchange, if
available, between and among the funds advised by
Fidelity Management & Research Company ("FMR").
2. Sale of Shares by the Issuer - The rights
granted to the Distributor shall be nonexclusive
in that the Issuer reserves the right to sell its
shares to investors on applications received and
accepted by the Issuer. Further, the Issuer
reserves the right to issue shares in connection
with the merger or consolidation, or acquisition
by the Issuer through purchase or otherwise, with
any other investment company, trust, or personal
holding company.
3. Shares Covered by this Agreement - This
Agreement shall apply to unissued shares of the
Issuer, shares of the Issuer held in its treasury
in the event that in the discretion of the Issuer
treasury shares shall be sold, and shares of the
Issuer repurchased for resale.
4. Public Offering Price - Except as otherwise
noted in the Issuer's current Prospectus and/or
Statement of Additional Information, all shares
sold to investors by the Distributor or the Issuer
will be sold at the public offering price. The
public offering price for all accepted
subscriptions will be the net asset value per
share, as determined in the manner described in
the Issuer's current Prospectus and/or Statement
of Additional Information, plus a sales charge (if
any) described in the Issuer's current Prospectus
and/or Statement of Additional Information. The
Issuer shall in all cases receive the net asset
value per share on all sales. If a sales charge
is in effect, the Distributor shall have the right
subject to such rules or regulations of the
Securities and Exchange Commission as may then be
in effect pursuant to Section 22 of the Investment
Company Act of 1940 to pay a portion of the sales
charge to dealers who have sold shares of the
Issuer. If a fee in connection with shareholder
redemptions is in effect, the Issuer shall collect
the fee on behalf of Distributors and, unless
otherwise agreed upon by the Issuer and
Distributors, Distributors shall be entitled to
receive all of such fees.
5. Suspension of Sales - If and whenever the
determination of net asset value is suspended and
until such suspension is terminated, no further
orders for shares shall be processed by the
Distributor except such unconditional orders as
may have been placed with the Distributor before
it had knowledge of the suspension. In addition,
the Issuer reserves the right to suspend sales and
the Distributor's authority to process orders for
shares on behalf of the Issuer if, in the judgment
of the Issuer, it is in the best interests of the
Issuer to do so. Suspension will continue for
such period as may be determined by the Issuer.
6. Solicitation of Sales - In consideration of
these rights granted to the Distributor, the
Distributor agrees to use all reasonable efforts,
consistent with its other business, to secure
purchasers for shares of the Issuer. This shall
not prevent the Distributor from entering into
like arrangements (including arrangements
involving the payment of underwriting commissions)
with other issuers. This does not obligate the
Distributor to register as a broker or dealer
under the Blue Sky Laws of any jurisdiction in
which it is not now registered or to maintain its
registration in any jurisdiction in which it is
now registered. If a sales charge is in effect,
the Distributor shall have the right to enter into
sales agreements with dealers of its choice for
the sale of shares of the Issuer to the public at
the public offering price only and fix in such
agreements the portion of the sales charge which
may be retained by dealers, provided that the
Issuer shall approve the form of the dealer
agreement and the dealer discounts set forth
therein and shall evidence such approval by filing
said form of dealer agreement and amendments
thereto as an exhibit to its currently effective
Registration Statement under the 1933 Act.
7. Authorized Representations - The Distributor is
not authorized by the Issuer to give any
information or to make any representations other
than those contained in the appropriate
registration statements or Prospectuses and
Statements of Additional Information filed with
the Securities and Exchange Commission under the
1933 Act (as these registration statements,
Prospectuses and Statements of Additional
Information may be amended from time to time), or
contained in shareholder reports or other material
that may be prepared by or on behalf of the Issuer
for the Distributor's use. This shall not be
construed to prevent the Distributor from
preparing and distributing sales literature or
other material as it may deem appropriate.
8. Portfolio Securities - Portfolio securities of
the Issuer may be bought or sold by or through the
Distributor, and the Distributor may participate
directly or indirectly in brokerage commissions or
"spreads" for transactions in portfolio securities
of the Issuer.
9. Registration of Shares - The Issuer agrees that
it will take all action necessary to register
shares under the 1933 Act (subject to the
necessary approval of its shareholders) so that
there will be available for sale the number of
shares the Distributor may reasonably be expected
to sell. The Issuer shall make available to the
Distributor such number of copies of its currently
effective Prospectus and Statement of Additional
Information as the Distributor may reasonably
request. The Issuer shall furnish to the
Distributor copies of all information, financial
statements and other papers which the Distributor
may reasonably request for use in connection with
the distribution of shares of the Issuer.
10. Expenses - The Issuer shall pay all fees and
expenses (a) in connection with the preparation,
setting in type and filing of any registration
statement, Prospectus and Statement of Additional
Information under the 1933 Act and amendments for
the issue of its shares, (b) in connection with
the registration and qualification of shares for
sale in the various states in which the Board of
Trustees of the Issuer shall determine it
advisable to qualify such shares for sale
(including registering the Issuer as a broker or
dealer or any officer of the Issuer as agent or
salesman in any state), (c) of preparing, setting
in type, printing and mailing any report or other
communication to shareholders of the Issuer in
their capacity as such, and (d) of preparing,
setting in type, printing and mailing
Prospectuses, Statements of Additional Information
and any supplements thereto sent to existing
shareholders.
11. Indemnification - The Issuer agrees to
indemnify and hold harmless the Distributor and
each of its directors and officers and each
person, if any, who controls the Distributor
within the meaning of Section 15 of the 1933 Act
against any loss, liability, claim, damages or
expense (including the reasonable cost of
investigating or defending any alleged loss,
liability, claim, damages, or expense and
reasonable counsel fees incurred in connection
therewith) arising by reason of any person
acquiring any shares, based upon the ground that
the registration statement, Prospectus, Statement
of Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading under the 1933 Act, or any other
statute or the common law. However, the Issuer
does not agree to indemnify the Distributor or
hold it harmless to the extent that the statement
or omission was made in reliance upon, and in
conformity with, information furnished to the
Issuer by or on behalf of the Distributor. In no
case (i) is the indemnity of the Issuer in favor
of the Distributor or any person indemnified to be
deemed to protect the Distributor or any person
against any liability to the Issuer or its
security holders to which the Distributor or such
person would otherwise be subject by reason of
wilful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of
its reckless disregard of its obligations and
duties under this Agreement, or (ii) is the Issuer
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Distributor or any person
indemnified unless the Distributor or person, as
the case may be, shall have notified the Issuer in
writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the
Distributor or any such person (or after the
Distributor or such person shall have received
notice of service on any designated agent).
However, failure to notify the Issuer of any claim
shall not relieve the Issuer from any liability
which it may have to the Distributor or any person
against whom such action is brought otherwise than
on account of its indemnity agreement contained in
this paragraph. The Issuer shall be entitled to
participate at its own expense in the defense, or,
if it so elects, to assume the defense of any suit
brought to enforce any claims, but if the Issuer
elects to assume the defense, the defense shall be
conducted by counsel chosen by it and satisfactory
to the Distributor or person or persons, defendant
or defendants in the suit. In the event the
Issuer elects to assume the defense of any suit
and retain counsel, the Distributor, officers or
directors or controlling person or persons,
defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel
retained by them. If the Issuer does not elect to
assume the defense of any suit, it will reimburse
the Distributor, officers or directors or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Issuer agrees to notify the Distributor promptly
of the commencement of any litigation or
proceedings against it or any of its officers or
trustees in connection with the issuance or sale
of any of the shares.
The Distributor also covenants and agrees that it
will indemnify and hold harmless the Issuer and
each of its Board members and officers and each
person, if any, who controls the Issuer within the
meaning of Section 15 of the 1933 Act, against any
loss, liability, damages, claim or expense
(including the reasonable cost of investigating or
defending any alleged loss, liability, damages,
claim or expense and reasonable counsel fees
incurred in connection therewith) arising by
reason of any person acquiring any shares, based
upon the 1933 Act or any other statute or common
law, alleging any wrongful act of the Distributor
or any of its employees or alleging that the
registration statement, Prospectus, Statement of
Additional Information, shareholder reports or
other information filed or made public by the
Issuer (as from time to time amended) included an
untrue statement of a material fact or omitted to
state a material fact required to be stated or
necessary in order to make the statements not
misleading, insofar as the statement or omission
was made in reliance upon, and in conformity with
information furnished to the Issuer by or on
behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of the
Issuer or any person indemnified to be deemed to
protect the Issuer or any person against any
liability to which the Issuer or such person would
otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its
reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor
to be liable under its indemnity agreement
contained in this paragraph with respect to any
claim made against the Issuer or any person
indemnified unless the Issuer or person, as the
case may be, shall have notified the Distributor
in writing of the claim within a reasonable time
after the summons or other first written
notification giving information of the nature of
the claim shall have been served upon the Issuer
or any such person (or after the Issuer or such
person shall have received notice of service on
any designated agent). However, failure to notify
the Distributor of any claim shall not relieve the
Distributor from any liability which it may have
to the Issuer or any person against whom the
action is brought otherwise than on account of its
indemnity agreement contained in this paragraph.
In the case of any notice to the Distributor, it
shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to
assume the defense of any suit brought to enforce
the claim, but if the Distributor elects to assume
the defense, the defense shall be conducted by
counsel chosen by it and satisfactory to the
Issuer, to its officers and Board and to any
controlling person or persons, defendant or
defendants in the suit. In the event that the
Distributor elects to assume the defense of any
suit and retain counsel, the Issuer or controlling
persons, defendant or defendants in the suit,
shall bear the fees and expense of any additional
counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it
will reimburse the Issuer, officers and Board or
controlling person or persons, defendant or
defendants in the suit, for the reasonable fees
and expenses of any counsel retained by them. The
Distributor agrees to notify the Issuer promptly
of the commencement of any litigation or
proceedings against it in connection with the
issue and sale of any of the shares.
12. Effective Date - This agreement shall be
effective upon its execution, and unless
terminated as provided, shall continue in force
until January 31, 1991 and thereafter from year to
year, provided continuance is approved annually by
the vote of a majority of the Board members of the
Issuer, and by the vote of those Board members of
the Issuer who are not "interested persons" of the
Issuer and, if a plan under Rule 12b-1 under the
Investment Company Act of 1940 is in effect, by
the vote of those Board members of the Issuer who
are not "interested persons" of the Issuer and who
are not parties to the Distribution and Service
Plan or this Agreement and have no financial
interest in the operation of the Distribution and
Service Plan or in any agreements related to the
Distribution and Service Plan, cast in person at a
meeting called for the purpose of voting on the
approval. This Agreement shall automatically
terminate in the event of its assignment. As used
in this paragraph, the terms "assignment" and
"interested persons" shall have the respective
meanings specified in the Investment Company Act
of 1940 as now in effect or as hereafter amended.
In addition to termination by failure to approve
continuance or by assignment, this Agreement may
at any time be terminated by either party upon not
less than sixty days' prior written notice to the
other party.
13. Notice - Any notice required or permitted to
be given by either party to the other shall be
deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last
address furnished by the other party to the party
giving notice: if to the Issuer, at 82 Devonshire
Street, Boston, Massachusetts, and if to the
Distributor, at 82 Devonshire Street, Boston,
Massachusetts.
14. Limitation of Liability - The Distributor is
expressly put on notice of the limitation of
shareholder liability as set forth in the
Declaration of Trust of the Issuer and agrees that
the obligations assumed by the Issuer under this
contract shall be limited in all cases to the
Issuer and its assets. The Distributor shall not
seek satisfaction of any such obligation from the
shareholders or any shareholder of the Issuer.
Nor shall the Distributor seek satisfaction of any
such obligation from the Trustees or any
individual Trustee of the Issuer. The Distributor
understands that the rights and obligations of
each series of shares of the Issuer under the
Issuer's Declaration of Trust are separate and
distinct from those of any and all other series.
IN WITNESS WHEREOF, the Issuer has executed this
instrument in its name and behalf, by one of its
officers duly authorized, and the Distributor has
executed this instrument in its name and behalf,
by one of its officers duly authorized, as of the
day and year first above written.
FIDELITY SELECT PORTFOLIOS:
ON BEHALF OF DEVELOPING COMMUNICATIONS
PORTFOLIO
Attest /s/ Arthur S. Loring By /s/J. Gary
Burkhead
Secretary Senior Vice President
FIDELITY DISTRIBUTORS CORPORATION
Attest /s/ Arthur S. Loring By /s/Roger A. Lawson
Clerk President
Exhibit 11
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by
reference, into the Prospectus and Statement of
Additional Information constituting part of
Post-Effective Amendment No. 51 to the
Registration Statement on Form N-1A of Fidelity
Select Portfolios, of our report dated April 19,
1995, on the financial statements and financial
highlights included in the February 28, 1995
Annual Report to Shareholders of the Fidelity
Select Portfolios
We further consent to the references to our Firm
under the headings "Financial Highlights" in the
Prospectus and "Auditor" in the Statement of
Additional Information.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Boston, Massachusetts
April 25, 1995
Exhibit 16(a)
SCHEDULE FOR COMPUTATION OF PERFORMANCE
CALCULATIONS
CUMULATIVE TOTAL RETURNS and their income and
capital components are described in the Fund's
Statement of Additional Information, and are based
on the net asset values, dividends, capital gain
distributions and reinvestment prices of the
historical period covered.
AVERAGE ANNUAL RETURNS are calculated according to
the following formula:
Average Annual Return = [(1 + Cumulative
Return)1/n] - 1
[where n = the number of years in the base period]
The 7-DAY YIELD AND EFFECTIVE YIELD are calculated
according to the methods prescribed in Form N-1A
Item 22(a)(i) and (ii).
The 7-DAY YIELD is calculated according to the
following formula:
7-Day Yield = (Base Period Return) x (365/7)
The EFFECTIVE YIELD is calculated according to the
following formula:
Effective Yield = [(Base Period Return + 1)365/7]
- - 1
The TAX EQUIVALENT YIELD is calculated by formula
as follows:
Tax Equivalent Yield =(yield)/(1-[tax rate])
[where the tax rate is expressed in decimal
notation (i.e. 28% = 0.28)]
For any municipal portfolio that invests a portion
of its assets in obligations subject to state
taxes, the tax equivalent yield is adjusted to
reflect these investments.
Select Natural Gas Portfolio Total Return
information:
Name: Fidelity Select Natural Gas
Portfolio (51MonthEnd MonthEnd MonthEnd
Notes:
ERR ERR ERR
Load: 0.97
ERR
Redemption:
ERR MonthEnd
FiscYear: 28-Feb
ERR ERR
Column Column Heading
A Pay Date
B X-Date
C X-NAV
D Month End
E Cum Shares
F Total Value
G Div
H CGLong
I CGShort
J Rep NAV
K Div Shares
L Value of Reinvest Div
M Cap Gain Shares
N Value of Reinvest Cap Gains
O Total Value
P Div Rcv'd in Cash
Q Cap Gains Rcv'd in Cash
R Cost of Reinvest Distributions
<TABLE>
<CAPTION>
<S>
<C>
A B C D E F G H I J K L M N O
P Q R
1.00 21-Apr-93 970.000 9700.00 10.00
1.00 Apr-93 970.000 9515.70 9.81 0 0 0 0 9516
0 0 0
1.00 May-93 970.000 9670.90 9.97 0 0 0 0 9671
0 0 0
1.00 Jun-93 970.000 9952.20 10.26 0 0 0 0 9952
0 0 0
1.00 Jul-93 970.000 9913.40 10.22 0 0 0 0 9913
0 0 0
1.00 Aug-93 970.000 10767.00 11.10 0 0 0 0 10767
0 0 0
1.00 Sep-93 970.000 10582.70 10.91 0 0 0 0 10583
0 0 0
1.00 Oct-93 970.000 10010.40 10.32 0 0 0 0 10010
0 0 0
1.00 Nov-93 970.000 9156.80 9.44 0 0 0 0 9157
0 0 0
20-Dec 17-Dec 9.03 Dec-93 970.000 9209.91 0.13 9.36 0 0 14 131 9341
0 126 126
1.00 Jan-94 970.000 9672.38 9.83 0 0 14 137 9810
0 126 126
1.00 Feb-94 970.000 9327.99 9.48 0 0 14 132 9460
0 126 126
1.00 Mar-94 970.000 8993.44 9.14 0 0 14 128 9121
0 126 126
1.00 Apr-94 970.000 9692.06 9.85 0 0 14 138 9830
0 126 126
1.00 May-94 970.000 9613.34 9.77 0 0 14 136 9750
0 126 126
1.00 Jun-94 970.000 9662.54 9.82 0 0 14 137 9800
0 126 126
1.00 Jul-94 970.000 9603.50 9.76 0 0 14 136 9740
0 126 126
1.00 Aug-94 970.000 9288.63 9.44 0 0 14 132 9420
0 126 126
1.00 Sep-94 970.000 9229.59 9.38 0 0 14 131 9361
0 126 126
1.00 Oct-94 970.000 9554.30 9.71 0 0 14 136 9690
0 126 126
1.00 Nov-94 970.000 8717.93 8.86 0 0 14 124 8842
0 126 126
19-Dec 16-Dec 8.75 Dec-94 970.000 8580.06 0.020000 8.70 2 20 14 121 8721
20 126 146
1.00 Jan-95 970.000 8313.78 8.43 2 19 14 118 8451
20 126 146
1.00 Feb-95 970.000 8856.20 8.98 2 20 14 125 9002
20 126 146
</TABLE>
SELECT Money Market Portfolio Yield information:
DATE DAILY MILRATE YTD MILRATE
01-Mar-94 0.000074 0.000074
02-Mar-94 0.000073 0.000147
03-Mar-94 0.000078 0.000225
04-Mar-94 0.000075 0.000300
05-Mar-94 0.000076 0.000376
06-Mar-94 0.000076 0.000452
07-Mar-94 0.000070 0.000522
08-Mar-94 0.000080 0.000602
09-Mar-94 0.000080 0.000682
10-Mar-94 0.000086 0.000768
11-Mar-94 0.000078 0.000846
12-Mar-94 0.000078 0.000924
13-Mar-94 0.000078 0.001002
14-Mar-94 0.000075 0.001077
15-Mar-94 0.000079 0.001156
16-Mar-94 0.000079 0.001235
17-Mar-94 0.000086 0.001321
18-Mar-94 0.000084 0.001405
19-Mar-94 0.000084 0.001489
20-Mar-94 0.000083 0.001572
21-Mar-94 0.000075 0.001647
22-Mar-94 0.000071 0.001718
23-Mar-94 0.000070 0.001788
24-Mar-94 0.000067 0.001855
25-Mar-94 0.000067 0.001922
26-Mar-94 0.000067 0.001989
27-Mar-94 0.000068 0.002057
28-Mar-94 0.000066 0.002123
29-Mar-94 0.000060 0.002183
30-Mar-94 0.000059 0.002242
31-Mar-94 0.000058 0.002300
01-Apr-94 0.000058 0.002358
02-Apr-94 0.000058 0.002416
03-Apr-94 0.000058 0.002474
04-Apr-94 0.000060 0.002534
05-Apr-94 0.000061 0.002595
06-Apr-94 0.000074 0.002669
07-Apr-94 0.000086 0.002755
08-Apr-94 0.000091 0.002846
09-Apr-94 0.000092 0.002938
10-Apr-94 0.000092 0.003030
11-Apr-94 0.000096 0.003126
12-Apr-94 0.000091 0.003217
13-Apr-94 0.000085 0.003302
14-Apr-94 0.000080 0.003382
15-Apr-94 0.000083 0.003465
16-Apr-94 0.000083 0.003548
17-Apr-94 0.000083 0.003631
18-Apr-94 0.000085 0.003716
19-Apr-94 0.000090 0.003806
20-Apr-94 0.000091 0.003897
21-Apr-94 0.000089 0.003986
22-Apr-94 0.000090 0.004076
23-Apr-94 0.000091 0.004167
24-Apr-94 0.000091 0.004258
25-Apr-94 0.000092 0.004350
26-Apr-94 0.000096 0.004446
27-Apr-94 0.000095 0.004541
28-Apr-94 0.000095 0.004636
29-Apr-94 0.000096 0.004732
30-Apr-94 0.000096 0.004828
01-May-94 0.000096 0.004924
02-May-94 0.000095 0.005019
03-May-94 0.000094 0.005113
04-May-94 0.000093 0.005206
05-May-94 0.000095 0.005301
06-May-94 0.000092 0.005393
07-May-94 0.000093 0.005486
08-May-94 0.000092 0.005578
09-May-94 0.000089 0.005667
10-May-94 0.000087 0.005754
11-May-94 0.000087 0.005841
12-May-94 0.000089 0.005930
13-May-94 0.000093 0.006023
14-May-94 0.000093 0.006116
15-May-94 0.000093 0.006209
16-May-94 0.000098 0.006307
17-May-94 0.000098 0.006405
18-May-94 0.000105 0.006510
19-May-94 0.000110 0.006620
20-May-94 0.000112 0.006732
21-May-94 0.000112 0.006844
22-May-94 0.000112 0.006956
23-May-94 0.000113 0.007069
24-May-94 0.000105 0.007174
25-May-94 0.000102 0.007276
26-May-94 0.000097 0.007373
27-May-94 0.000100 0.007473
28-May-94 0.000100 0.007573
29-May-94 0.000100 0.007673
30-May-94 0.000100 0.007773
31-May-94 0.000100 0.007873
01-Jun-94 0.000100 0.007973
02-Jun-94 0.000102 0.008075
03-Jun-94 0.000104 0.008179
04-Jun-94 0.000104 0.008283
05-Jun-94 0.000104 0.008387
06-Jun-94 0.000105 0.008492
07-Jun-94 0.000110 0.008602
08-Jun-94 0.000108 0.008710
09-Jun-94 0.000106 0.008816
10-Jun-94 0.000103 0.008919
11-Jun-94 0.000104 0.009023
12-Jun-94 0.000103 0.009126
13-Jun-94 0.000103 0.009229
14-Jun-94 0.000104 0.009333
15-Jun-94 0.000112 0.009445
16-Jun-94 0.000112 0.009557
17-Jun-94 0.000109 0.009666
18-Jun-94 0.000108 0.009774
19-Jun-94 0.000109 0.009883
20-Jun-94 0.000103 0.009986
21-Jun-94 0.000092 0.010078
22-Jun-94 0.000086 0.010164
23-Jun-94 0.000087 0.010251
24-Jun-94 0.000092 0.010343
25-Jun-94 0.000091 0.010434
26-Jun-94 0.000091 0.010525
27-Jun-94 0.000092 0.010617
28-Jun-94 0.000098 0.010715
29-Jun-94 0.000095 0.010810
30-Jun-94 0.000096 0.010906
01-Jul-94 0.000102 0.011008
02-Jul-94 0.000102 0.011110
03-Jul-94 0.000103 0.011213
04-Jul-94 0.000102 0.011315
05-Jul-94 0.000100 0.011415
06-Jul-94 0.000104 0.011519
07-Jul-94 0.000107 0.011626
08-Jul-94 0.000112 0.011738
09-Jul-94 0.000113 0.011851
10-Jul-94 0.000113 0.011964
11-Jul-94 0.000114 0.012078
12-Jul-94 0.000111 0.012189
13-Jul-94 0.000113 0.012302
14-Jul-94 0.000112 0.012414
15-Jul-94 0.000115 0.012529
16-Jul-94 0.000115 0.012644
17-Jul-94 0.000115 0.012759
18-Jul-94 0.000113 0.012872
19-Jul-94 0.000111 0.012983
20-Jul-94 0.000106 0.013089
21-Jul-94 0.000101 0.013190
22-Jul-94 0.000105 0.013295
23-Jul-94 0.000105 0.013400
24-Jul-94 0.000105 0.013505
25-Jul-94 0.000103 0.013608
26-Jul-94 0.000102 0.013710
27-Jul-94 0.000104 0.013814
28-Jul-94 0.000101 0.013915
29-Jul-94 0.000103 0.014018
30-Jul-94 0.000103 0.014121
31-Jul-94 0.000104 0.014225
01-Aug-94 0.000107 0.014332
02-Aug-94 0.000112 0.014444
03-Aug-94 0.000111 0.014555
04-Aug-94 0.000110 0.014665
05-Aug-94 0.000106 0.014771
06-Aug-94 0.000105 0.014876
07-Aug-94 0.000106 0.014982
08-Aug-94 0.000102 0.015084
09-Aug-94 0.000109 0.015193
10-Aug-94 0.000107 0.015300
11-Aug-94 0.000112 0.015412
12-Aug-94 0.000106 0.015518
13-Aug-94 0.000107 0.015625
14-Aug-94 0.000107 0.015732
15-Aug-94 0.000104 0.015836
16-Aug-94 0.000105 0.015941
17-Aug-94 0.000103 0.016044
18-Aug-94 0.000113 0.016157
19-Aug-94 0.000107 0.016264
20-Aug-94 0.000107 0.016371
21-Aug-94 0.000107 0.016478
22-Aug-94 0.000107 0.016585
23-Aug-94 0.000104 0.016689
24-Aug-94 0.000109 0.016798
25-Aug-94 0.000118 0.016916
26-Aug-94 0.000118 0.017034
27-Aug-94 0.000118 0.017152
28-Aug-94 0.000118 0.017270
29-Aug-94 0.000120 0.017390
30-Aug-94 0.000116 0.017506
31-Aug-94 0.000115 0.017621
01-Sep-94 0.000111 0.017732
02-Sep-94 0.000101 0.017833
03-Sep-94 0.000101 0.017934
04-Sep-94 0.000101 0.018035
05-Sep-94 0.000101 0.018136
06-Sep-94 0.000097 0.018233
07-Sep-94 0.000099 0.018332
08-Sep-94 0.000105 0.018437
09-Sep-94 0.000114 0.018551
10-Sep-94 0.000114 0.018665
11-Sep-94 0.000113 0.018778
12-Sep-94 0.000105 0.018883
13-Sep-94 0.000102 0.018985
14-Sep-94 0.000103 0.019088
15-Sep-94 0.000103 0.019191
16-Sep-94 0.000117 0.019308
17-Sep-94 0.000118 0.019426
18-Sep-94 0.000117 0.019543
19-Sep-94 0.000114 0.019657
20-Sep-94 0.000110 0.019767
21-Sep-94 0.000103 0.019870
22-Sep-94 0.000093 0.019963
23-Sep-94 0.000099 0.020062
24-Sep-94 0.000099 0.020161
25-Sep-94 0.000100 0.020261
26-Sep-94 0.000097 0.020358
27-Sep-94 0.000104 0.020462
28-Sep-94 0.000109 0.020571
29-Sep-94 0.000114 0.020685
30-Sep-94 0.000112 0.020797
01-Oct-94 0.000113 0.020910
02-Oct-94 0.000112 0.021022
03-Oct-94 0.000114 0.021136
04-Oct-94 0.000111 0.021247
05-Oct-94 0.000102 0.021349
06-Oct-94 0.000097 0.021446
07-Oct-94 0.000097 0.021543
08-Oct-94 0.000098 0.021641
09-Oct-94 0.000098 0.021739
10-Oct-94 0.000102 0.021841
11-Oct-94 0.000112 0.021953
12-Oct-94 0.000126 0.022079
13-Oct-94 0.000125 0.022204
14-Oct-94 0.000123 0.022327
15-Oct-94 0.000122 0.022449
16-Oct-94 0.000123 0.022572
17-Oct-94 0.000124 0.022696
18-Oct-94 0.000116 0.022812
19-Oct-94 0.000119 0.022931
20-Oct-94 0.000121 0.023052
21-Oct-94 0.000114 0.023166
22-Oct-94 0.000115 0.023281
23-Oct-94 0.000114 0.023395
24-Oct-94 0.000115 0.023510
25-Oct-94 0.000113 0.023623
26-Oct-94 0.000113 0.023736
27-Oct-94 0.000120 0.023856
28-Oct-94 0.000128 0.023984
29-Oct-94 0.000128 0.024112
30-Oct-94 0.000128 0.024240
31-Oct-94 0.000137 0.024377
01-Nov-94 0.000132 0.024509
02-Nov-94 0.000120 0.024629
03-Nov-94 0.000115 0.024744
04-Nov-94 0.000112 0.024856
05-Nov-94 0.000111 0.024967
06-Nov-94 0.000111 0.025078
07-Nov-94 0.000112 0.025190
08-Nov-94 0.000121 0.025311
09-Nov-94 0.000133 0.025444
10-Nov-94 0.000129 0.025573
11-Nov-94 0.000127 0.025700
12-Nov-94 0.000128 0.025828
13-Nov-94 0.000127 0.025955
14-Nov-94 0.000128 0.026083
15-Nov-94 0.000124 0.026207
16-Nov-94 0.000128 0.026335
17-Nov-94 0.000129 0.026464
18-Nov-94 0.000133 0.026597
19-Nov-94 0.000133 0.026730
20-Nov-94 0.000133 0.026863
21-Nov-94 0.000129 0.026992
22-Nov-94 0.000132 0.027124
23-Nov-94 0.000126 0.027250
24-Nov-94 0.000125 0.027375
25-Nov-94 0.000120 0.027495
26-Nov-94 0.000120 0.027615
27-Nov-94 0.000119 0.027734
28-Nov-94 0.000123 0.027857
29-Nov-94 0.000124 0.027981
30-Nov-94 0.000135 0.028116
01-Dec-94 0.000145 0.028261
02-Dec-94 0.000138 0.028399
03-Dec-94 0.000139 0.028538
04-Dec-94 0.000138 0.028676
05-Dec-94 0.000143 0.028819
06-Dec-94 0.000142 0.028961
07-Dec-94 0.000139 0.029100
08-Dec-94 0.000143 0.029243
09-Dec-94 0.000136 0.029379
10-Dec-94 0.000135 0.029514
11-Dec-94 0.000136 0.029650
12-Dec-94 0.000137 0.029787
13-Dec-94 0.000138 0.029925
14-Dec-94 0.000142 0.030067
15-Dec-94 0.000152 0.030219
16-Dec-94 0.000155 0.030374
17-Dec-94 0.000155 0.030529
18-Dec-94 0.000155 0.030684
19-Dec-94 0.000159 0.030843
20-Dec-94 0.000159 0.031002
21-Dec-94 0.000155 0.031157
22-Dec-94 0.000167 0.031324
23-Dec-94 0.000165 0.031489
24-Dec-94 0.000165 0.031654
25-Dec-94 0.000164 0.031818
26-Dec-94 0.000165 0.031983
27-Dec-94 0.000167 0.032150
28-Dec-94 0.000168 0.032318
29-Dec-94 0.000144 0.032462
30-Dec-94 0.000145 0.032607
31-Dec-94 0.000144 0.032751
01-Jan-95 0.000145 0.032896
02-Jan-95 0.000144 0.033040
03-Jan-95 0.000141 0.033181
04-Jan-95 0.000134 0.033315
05-Jan-95 0.000150 0.033465
06-Jan-95 0.000145 0.033610
07-Jan-95 0.000146 0.033756
08-Jan-95 0.000145 0.033901
09-Jan-95 0.000156 0.034057
10-Jan-95 0.000161 0.034218
11-Jan-95 0.000156 0.034374
12-Jan-95 0.000163 0.034537
13-Jan-95 0.000163 0.034700
14-Jan-95 0.000164 0.034864
15-Jan-95 0.000163 0.035027
16-Jan-95 0.000169 0.035196
17-Jan-95 0.000169 0.035365
18-Jan-95 0.000167 0.035532
19-Jan-95 0.000166 0.035698
20-Jan-95 0.000155 0.035853
21-Jan-95 0.000155 0.036008
22-Jan-95 0.000155 0.036163
23-Jan-95 0.000147 0.036310
24-Jan-95 0.000147 0.036457
25-Jan-95 0.000149 0.036606
26-Jan-95 0.000159 0.036765
27-Jan-95 0.000163 0.036928
28-Jan-95 0.000163 0.037091
29-Jan-95 0.000163 0.037254
30-Jan-95 0.000164 0.037418
31-Jan-95 0.000146 0.037564
01-Feb-95 0.000147 0.037711
02-Feb-95 0.000148 0.037859
03-Feb-95 0.000159 0.038018
04-Feb-95 0.000158 0.038176
05-Feb-95 0.000158 0.038334
06-Feb-95 0.000181 0.038515
07-Feb-95 0.000182 0.038697
08-Feb-95 0.000177 0.038874
09-Feb-95 0.000167 0.039041
10-Feb-95 0.000159 0.039200
11-Feb-95 0.000159 0.039359
12-Feb-95 0.000159 0.039518
13-Feb-95 0.000162 0.039680
14-Feb-95 0.000152 0.039832
15-Feb-95 0.000152 0.039984
16-Feb-95 0.000158 0.040142
17-Feb-95 0.000151 0.040293
18-Feb-95 0.000151 0.040444
19-Feb-95 0.000150 0.040594
20-Feb-95 0.000151 0.040745
21-Feb-95 0.000155 0.040900
22-Feb-95 0.000155 0.041055
23-Feb-95 0.000158 0.041213
24-Feb-95 0.000160 0.041373
25-Feb-95 0.000160 0.041533
26-Feb-95 0.000159 0.041692
27-Feb-95 0.000170 0.041862
28-Feb-95 0.000160 0.042022
EXHIBIT 16(B)
SCHEDULE FOR THE COMPUTATION OF MOVING AVERAGES
Insurance Portfolio
The 13-week and 39-week moving averages are
short-term or daily moving averages. As such, they
are based upon the daily closing adjusted NAV
(presented here) for each business day in the 13-
or 39-week period through the last business day of
the week closest to the fund's fiscal year end.
Adjusted Net Asset Value:
Following Day Dividend + Following Day Capital
Gains
Current Day Factor =
[---------------------------------------------- +
1] (Following Day Factor)
Following Day Reinvestment NAV*
* Select Funds began reinvesting at the 10:00
a.m. NAV on July 24, 1986. Prior to that,
distributions were reinvested at the closing NAV.
Where:
Following Day Factor = 1.0 until the day
preceding the first distribution.
Current Day 4:00 p.m. NAV
Adjusted NAV = ------------------------
Current Day Factor
13-week Moving Average is calculated as follows:
Sum of daily Adjusted Navs for the time period
Number of business days in 13-week period
39-week Moving Average is calculated as follows:
Sum of daily Adjusted NAVs for the time period
Number of business days in the 39-week period
39 Week Moving Averages
INSURANCE (045) FACTOR NAV
23-May-94 1.000000 19.46
24-May-94 1.000000 19.47
25-May-94 1.000000 19.48
26-May-94 1.000000 19.49
27-May-94 1.000000 19.43
30-May-94 1.000000 19.43
31-May-94 1.000000 19.56
01-Jun-94 1.000000 19.75
02-Jun-94 1.000000 19.81
03-Jun-94 1.000000 19.93
06-Jun-94 1.000000 19.97
07-Jun-94 1.000000 20.00
08-Jun-94 1.000000 19.91
09-Jun-94 1.000000 19.97
10-Jun-94 1.000000 19.95
13-Jun-94 1.000000 19.94
14-Jun-94 1.000000 19.91
15-Jun-94 1.000000 19.92
16-Jun-94 1.000000 20.00
17-Jun-94 1.000000 19.91
20-Jun-94 1.000000 19.75
21-Jun-94 1.000000 19.56
22-Jun-94 1.000000 19.68
23-Jun-94 1.000000 19.55
24-Jun-94 1.000000 19.36
27-Jun-94 1.000000 19.37
28-Jun-94 1.000000 19.40
29-Jun-94 1.000000 19.39
30-Jun-94 1.000000 19.45
01-Jul-94 1.000000 19.55
04-Jul-94 1.000000 19.55
05-Jul-94 1.000000 19.55
06-Jul-94 1.000000 19.58
07-Jul-94 1.000000 19.69
08-Jul-94 1.000000 19.66
11-Jul-94 1.000000 19.51
12-Jul-94 1.000000 19.43
13-Jul-94 1.000000 19.42
14-Jul-94 1.000000 19.60
15-Jul-94 1.000000 19.64
18-Jul-94 1.000000 19.70
19-Jul-94 1.000000 19.60
20-Jul-94 1.000000 19.52
21-Jul-94 1.000000 19.54
22-Jul-94 1.000000 19.78
25-Jul-94 1.000000 19.84
26-Jul-94 1.000000 19.71
27-Jul-94 1.000000 19.75
28-Jul-94 1.000000 19.68
29-Jul-94 1.000000 19.81
01-Aug-94 1.000000 19.96
02-Aug-94 1.000000 19.92
03-Aug-94 1.000000 19.96
04-Aug-94 1.000000 19.87
05-Aug-94 1.000000 19.92
08-Aug-94 1.000000 19.91
09-Aug-94 1.000000 19.88
10-Aug-94 1.000000 19.90
11-Aug-94 1.000000 19.83
12-Aug-94 1.000000 19.91
15-Aug-94 1.000000 19.93
16-Aug-94 1.000000 19.82
17-Aug-94 1.000000 19.86
18-Aug-94 1.000000 19.81
19-Aug-94 1.000000 19.67
22-Aug-94 1.000000 19.76
23-Aug-94 1.000000 19.91
24-Aug-94 1.000000 20.00
25-Aug-94 1.000000 20.02
26-Aug-94 1.000000 20.10
29-Aug-94 1.000000 20.24
30-Aug-94 1.000000 20.09
31-Aug-94 1.000000 20.35
01-Sep-94 1.000000 20.23
02-Sep-94 1.000000 20.13
05-Sep-94 1.000000 20.27
06-Sep-94 1.000000 20.27
07-Sep-94 1.000000 20.40
08-Sep-94 1.000000 20.45
09-Sep-94 1.000000 20.42
12-Sep-94 1.000000 20.36
13-Sep-94 1.000000 20.34
14-Sep-94 1.000000 20.33
15-Sep-94 1.000000 20.39
16-Sep-94 1.000000 20.40
19-Sep-94 1.000000 20.44
20-Sep-94 1.000000 20.14
21-Sep-94 1.000000 20.06
22-Sep-94 1.000000 20.16
23-Sep-94 1.000000 20.07
26-Sep-94 1.000000 20.14
27-Sep-94 1.000000 20.10
28-Sep-94 1.000000 20.24
29-Sep-94 1.000000 20.17
30-Sep-94 1.000000 20.21
03-Oct-94 1.000000 20.11
04-Oct-94 1.000000 19.85
05-Oct-94 1.000000 19.73
06-Oct-94 1.000000 19.70
07-Oct-94 1.000000 19.70
10-Oct-94 1.000000 19.72
11-Oct-94 1.000000 19.81
12-Oct-94 1.000000 19.83
13-Oct-94 1.000000 19.86
14-Oct-94 1.000000 19.88
17-Oct-94 1.000000 20.03
18-Oct-94 1.000000 19.90
19-Oct-94 1.000000 20.02
20-Oct-94 1.000000 19.98
21-Oct-94 1.000000 19.98
24-Oct-94 1.000000 19.85
25-Oct-94 1.000000 19.88
26-Oct-94 1.000000 19.81
27-Oct-94 1.000000 19.79
28-Oct-94 1.000000 19.95
31-Oct-94 1.000000 19.96
01-Nov-94 1.000000 19.84
02-Nov-94 1.000000 19.81
03-Nov-94 1.000000 19.94
04-Nov-94 1.000000 19.82
07-Nov-94 1.000000 19.77
08-Nov-94 1.000000 19.75
09-Nov-94 1.000000 19.82
10-Nov-94 1.000000 19.61
11-Nov-94 1.000000 19.52
14-Nov-94 1.000000 19.52
15-Nov-94 1.000000 19.52
16-Nov-94 1.000000 19.54
17-Nov-94 1.000000 19.44
18-Nov-94 1.000000 19.18
21-Nov-94 1.000000 19.06
22-Nov-94 1.000000 18.74
23-Nov-94 1.000000 18.78
24-Nov-94 1.000000 18.78
25-Nov-94 1.000000 18.86
28-Nov-94 1.000000 18.88
29-Nov-94 1.000000 18.83
30-Nov-94 1.000000 18.95
01-Dec-94 1.000000 18.84
02-Dec-94 1.000000 18.95
05-Dec-94 1.000000 18.96
06-Dec-94 1.000000 18.82
07-Dec-94 1.000000 19.02
08-Dec-94 1.000000 18.96
09-Dec-94 1.000000 18.81
12-Dec-94 1.000000 18.82
13-Dec-94 1.000000 18.88
14-Dec-94 1.000000 19.12
15-Dec-94 1.000000 19.30
16-Dec-94 1.000000 19.36
19-Dec-94 1.000000 19.49
20-Dec-94 1.000000 19.76
21-Dec-94 1.000000 20.05
22-Dec-94 1.000000 19.90
23-Dec-94 1.000000 19.94
26-Dec-94 1.000000 20.03
27-Dec-94 1.000000 20.03
28-Dec-94 1.000000 19.95
29-Dec-94 1.000000 19.91
30-Dec-94 1.000000 19.96
02-Jan-95 1.000000 20.00
03-Jan-95 1.000000 20.00
04-Jan-95 1.000000 20.05
05-Jan-95 1.000000 20.02
06-Jan-95 1.000000 20.11
09-Jan-95 1.000000 20.21
10-Jan-95 1.000000 20.25
11-Jan-95 1.000000 20.25
12-Jan-95 1.000000 20.31
13-Jan-95 1.000000 20.41
16-Jan-95 1.000000 20.58
17-Jan-95 1.000000 20.58
18-Jan-95 1.000000 20.57
19-Jan-95 1.000000 20.48
20-Jan-95 1.000000 20.38
23-Jan-95 1.000000 20.29
24-Jan-95 1.000000 20.29
25-Jan-95 1.000000 20.31
26-Jan-95 1.000000 20.33
27-Jan-95 1.000000 20.50
30-Jan-95 1.000000 20.54
31-Jan-95 1.000000 20.68
01-Feb-95 1.000000 20.65
02-Feb-95 1.000000 20.60
03-Feb-95 1.000000 20.88
06-Feb-95 1.000000 20.93
07-Feb-95 1.000000 20.98
08-Feb-95 1.000000 21.03
09-Feb-95 1.000000 21.05
10-Feb-95 1.000000 20.98
13-Feb-95 1.000000 20.96
14-Feb-95 1.000000 21.01
15-Feb-95 1.000000 21.17
16-Feb-95 1.000000 21.09
17-Feb-95 1.000000 21.09
20-Feb-95 1.000000 20.97
21-Feb-95 1.000000 20.97
22-Feb-95 1.000000 21.02
23-Feb-95 1.000000 21.17
24-Feb-95 1.000000 21.24
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000320351
<NAME> Fidelity Select Portfolios
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<NAME> American Gold Portfolio
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<PER-SHARE-NII> (.050)
<PER-SHARE-GAIN-APPREC> (4.250)
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<CIK> 0000320351
<NAME> Fidelity Select Portfolios
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<ACCUMULATED-NII-PRIOR> 354
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<PER-SHARE-GAIN-APPREC> (.110)
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000320351
<NAME> Fidelity Select Portfolios
<SERIES>
<NUMBER> 92
<NAME> Precious Metals and Minerals Portfolio
<MULTIPLIER> 1,000
<S>
<C>
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<CIK> 0000320351
<NAME> Fidelity Select Portfolios
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<PER-SHARE-NII> (.390)
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000320351
<NAME> Fidelity Select Portfolios
<SERIES>
<NUMBER> 94
<NAME> Health Care Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE> YEAR
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<REALIZED-GAINS-CURRENT> 79,587
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<EQUALIZATION> 0
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<ACCUMULATED-GAINS-PRIOR> (10,356)
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<TABLE> <S> <C>
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<CIK> 0000320351
<NAME> Fidelity Select Portfolios
<SERIES>
<NUMBER> 126
<NAME> Transportation Portfolio
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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<NAME> Fidelity Select Portfolios
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