SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Preliminary Additional Materials
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(e) or Sec. 240.14a-12
(Name of Registrant as Specified In Its Charter) Fidelity Select
Portfolios
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(Name of Person(s) Filing Proxy Statement) Arthur S. Loring, Secretary
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Payment of Filing Fee (Check the appropriate box):
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[ ] $125 per Exchange Act Rules 0-11(c)(ii), 14a-6(j) (1), or 14a-6(j) (2).
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(j) (3).
[ ] Fee computed on table below per Exchange Act Rules 14a-6(j) (4) and 0-11.
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(1) Title of each class of securities to which
transaction applies:
(2) Aggregate number of securities to which
transaction applies:
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11:
(4) Proposed maximum aggregate value of transaction:
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[X] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a) (2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of
its filing.
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(1) Amount Previously Paid: $125
(2) Form, Schedule or Registration Statement No.: 811-3114
(3) Filing Party: Registrant
(4) Date Filed: January 9, 1996
FIDELITY SELECT AMERICAN GOLD PORTFOLIO
FIDELITY SELECT PRECIOUS METALS AND MINERALS PORTFOLIO
FUNDS OF
FIDELITY SELECT PORTFOLIOS(registered trademark)
82 DEVONSHIRE STREET, BOSTON, MASSACHUSETTS 02109
1-800-544-8888
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
To the Shareholders of the above funds:
NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders (the
Meeting) of Fidelity Select American Gold Portfolio and Fidelity Select
Precious Metals and Minerals Portfolio (the funds), will be held at the
office of Fidelity Select Portfolios (the trust), 82 Devonshire Street,
Boston, Massachusetts 02109 on April 17, 1996, at 10:00 a.m. The purpose of
the Meeting is to consider and act upon the following proposals, and to
transact such other business as may properly come before the Meeting or any
adjournments thereof.
1. To modify certain fundamental investment policies t o permit
American Gold Portfolio to invest up to 20% of its assets in precious
metals other than gold.
2. To modify a certain fundamental investment policy for Precious
Metals and Minerals Portfolio.
The Board of Trustees has fixed the close of business on February 20, 1996
as the record date for the determination of the shareholders of each of the
funds entitled to notice of, and to vote at, such Meeting and any
adjournments thereof.
By order of the Board of Trustees,
ARTHUR S. LORING, Secretary
February 20, 1996
YOUR VOTE IS IMPORTANT -
PLEASE RETURN YOUR PROXY CARD PROMPTLY.
SHAREHOLDERS ARE INVITED TO ATTEND THE MEETING IN PERSON. ANY SHAREHOLDER
WHO DOES NOT EXPECT TO ATTEND THE MEETING IS URGED TO INDICATE VOTING
INSTRUCTIONS ON THE ENCLOSED PROXY CARD, DATE AND SIGN IT, AND RETURN IT IN
THE ENVELOPE PROVIDED, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED
STATES. IN ORDER TO AVOID UNNECESSARY EXPENSE TO THE FUNDS, WE ASK YOUR
COOPERATION IN MAILING YOUR PROXY CARD PROMPTLY, NO MATTER HOW LARGE OR
SMALL YOUR HOLDINGS MAY BE.
INSTRUCTIONS FOR EXECUTING PROXY CARD
The following general rules for executing proxy cards may be of assistance
to you and help you avoid the time and expense to the funds involved in
validating your vote if you fail to execute your proxy card properly.
1. INDIVIDUAL ACCOUNTS: Your name should be signed exactly as it appears
in the registration on the proxy card.
2. JOINT ACCOUNTS: Either party may sign, but the name of the party
signing should conform exactly to a name shown in the registration.
3. ALL OTHER ACCOUNTS should show the capacity of the individual signing.
This can be shown either in the form of the account registration itself or
by the individual executing the proxy card. For example:
REGISTRATION VALID
SIGNATURE
A. 1) ABC Corp. John Smith,
Treasurer
2) ABC Corp. John Smith,
Treasurer
c/o John Smith, Treasurer
B. 1) ABC Corp. Profit Sharing Plan Ann B. Collins,
Trustee
2) ABC Trust Ann B. Collins,
Trustee
3) Ann B. Collins, Trustee Ann B. Collins,
Trustee
u/t/d 12/28/78
C. 1) Anthony B. Craft, Cust. Anthony B. Craft
f/b/o Anthony B. Craft, Jr.
UGMA
PROXY STATEMENT
SPECIAL MEETING OF SHAREHOLDERS OF
FIDELITY SELECT AMERICAN GOLD PORTFOLIO AND
FIDELITY SELECT PRECIOUS METALS AND MINERALS PORTFOLIO
TO BE HELD APRIL 17, 1996
This Proxy Statement is furnished in connection with a solicitation of
proxies made by, and on behalf of, the Board of Trustees of Fidelity Select
Portfolios (the trust) to be used at the Special Meeting of Shareholders of
American Gold Portfolio and Precious Metals and Minerals Portfolio (the
funds) and at any adjournments thereof (the Meeting), to be held April 17,
1996 at 10:00 a.m. at 82 Devonshire Street, Boston, Massachusetts 02109,
the principal executive office of the trust and Fidelity Management &
Research Company (FMR), the funds' investment adviser. The purpose of the
Meeting is set forth in the accompanying Notice. The solicitation is made
primarily by the mailing of this Proxy Statement and the accompanying proxy
card on or about February 20, 1996. Supplementary solicitations may be made
by mail, telephone, telegraph, facsimile, or by personal interview by
representatives of the trust. In addition, First Data Investor Services
Group, Inc. may be paid hourly rates to solicit shareholders on behalf of
the funds at an anticipated cost of approximately $2,500 (American Gold
Portfolio) and $3,000 (Precious Metals and Minerals Portfolio). The
expenses in connection with preparing this Proxy Statement and its
enclosures and of all solicitations will be paid by the funds. The funds
will reimburse brokerage firms and others for their reasonable expenses in
forwarding solicitation material to the beneficial owners of shares. The
principal business address of Fidelity Distributors Corporation (FDC), the
funds' principal underwriter and distribution agent, and Fidelity
Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management &
Research (Far East) Inc. (FMR Far East), subadvisers to the Precious Metals
and Minerals Portfolio, is 82 Devonshire Street, Boston, Massachusetts.
If the enclosed proxy card is executed and returned, it may nevertheless
be revoked at any time prior to its use by written notification received by
the trust, by the execution of a later-dated proxy card, or by attending
the Meeting and voting in person. All proxy cards solicited by the Board of
Trustees that are properly executed and received by the Secretary prior to
the Meeting, and which are not revoked, will be voted at the Meeting.
Shares represented by such proxies will be voted in accordance with the
instructions thereon. If no specification is made on a proxy card, it will
be voted FOR the matters specified on the proxy card. Only proxies voted
will be counted towards establishing a quorum. Broker non-votes are not
considered voted for this purpose. Shareholders should note that while
votes to ABSTAIN will count toward establishing a quorum, passage of any
proposal being considered at the Meeting will occur only if a sufficient
number of votes are cast FOR the proposal. Accordingly, votes to ABSTAIN
and votes AGAINST will have the same effect in determining whether the
proposal is approved.
The funds may also arrange to have votes recorded by telephone. D.F. King
& Co. may be paid on a per call basis for vote-by-phone solicitations on
behalf of the funds at an anticipated cost of approximately $1,400
(American Gold Portfolio) and $1,600 (Precious Metals and Minerals
Portfolio). If the funds record votes by telephone, they will use
procedures designed to authenticate shareholders' identities, to allow
shareholders to authorize the voting of their shares in accordance with
their instructions, and to confirm that their instructions have been
properly recorded. Proxies given by telephone may be revoked at any time
before they are voted in the same manner that proxies voted by mail may be
revoked.
If a quorum is present at the Meeting, but sufficient votes to approve one
or more of the proposed items are not received, or if other matters arise
requiring shareholder attention, the persons named as proxies may propose
one or more adjournments of the Meeting to permit further solicitation of
proxies. Any such adjournment will require the affirmative vote of a
majority of those shares present at the Meeting or represented by proxy.
When voting on a proposed adjournment, the persons named as proxies will
vote for the proposed adjournment all shares that they are entitled to vote
with respect to each item, unless directed to vote AGAINST the item, in
which case such shares will be voted against the proposed adjournment with
respect to that item. A shareholder vote may be taken on one or more of the
items in this Proxy Statement prior to such adjournment if sufficient votes
have been received and it is otherwise appropriate.
Shares of each fund issued and outstanding as of December 31, 1995 are
indicated in the following table:
American Gold 14,042,899
Precious Metals and Minerals 18,024,449
As of December 31, 1995, the Trustees and officers of the funds owned, in
the aggregate, less than 1% of each fund's total outstanding shares.
Shareholders of record at the close of business on February 20, 1996
will be entitled to vote at the Meeting. Each such shareholder will be
entitled to one vote for each dollar of net asset value held on that date.
FOR A FREE COPY OF THE FUNDS' ANNUAL REPORT FOR THE FISCAL YEAR ENDED
FEBRUARY 28, 1995 AND THE SEMIANNUAL REPORT FOR THE FISCAL PERIOD ENDED
AUGUST 31, 1995 CALL 1-800-544-8888 OR WRITE TO FIDELITY DISTRIBUTORS
CORPORATION AT 82 DEVONSHIRE STREET, BOSTON, MASSACHUSETTS 02109.
VOTE REQUIRED: APPROVAL OF PROPOSALS 1 AND 2 REQUIRES THE AFFIRMATIVE VOTE
OF A "MAJORITY OF THE OUTSTANDING VOTING SECURITIES" OF THE APPROPRIATE
FUNDS. UNDER THE INVESTMENT COMPANY ACT OF 1940 (THE 1940 ACT), A "MAJORITY
VOTE OF THE OUTSTANDING VOTING SECURITIES" MEANS THE AFFIRMATIVE VOTE OF
THE LESSER OF (A) 67% OR MORE OF THE VOTING SECURITIES PRESENT AT THE
MEETING OR REPRESENTED BY PROXY IF THE HOLDERS OF MORE THAN 50% OF THE
OUTSTANDING VOTING SECURITIES ARE PRESENT OR REPRESENTED BY PROXY OR (B)
MORE THAN 50% OF THE OUTSTANDING VOTING SECURITIES. BROKER NON-VOTES ARE
NOT CONSIDERED "PRESENT" FOR THIS PURPOSE.
The following tables summarize the proposals applicable to each fund.
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PROPOSAL PROPOSAL DESCRIPTION APPLICABLE FUND(S)
#
1. To modify certain American Gold Portfolio
fundamental investment
policies to permit the fund
to invest up to 20% of its
assets in precious metals
other than gold.
2. To modify a certain Precious Metals and Minerals
fundamental investment Portfolio
policy for the fund.
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1. TO MODIFY CERTAIN FUNDAMENTAL INVESTMENT POLICIES TO PERMIT
AMERICAN GOLD PORTFOLIO TO INVEST UP TO 20% OF ITS ASSETS IN PRECIOUS
METALS OTHER THAN GOLD.
The American Gold Portfolio's fundamental investment policies currently
permit the fund to invest up to 50% of its total assets in gold bullion and
coins. The Trustees propose that certain fundamental policies be modified
to permit the fund to invest in precious metals other than gold. This
proposal, if approved, would allow the fund to invest in other types of
precious metals, such as platinum or silver, in addition to gold bullion
and coins. The objective of the fund and its focus on American companies
engaged in gold-related activities would not change. The effects of the
proposal and the specific policy changes proposed are discussed in more
detail below.
CURRENT POLICIES OF THE FUND. The investment objective of the American
Gold Portfolio is capital appreciation. In seeking this objective, under
normal conditions, the fund will invest 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 gold coins. (Gold-indexed
securities, whose redemption price is linked to the price of gold, are also
considered to fall within this 80% policy.) The fund may also invest, to
a lesser degree, in securities of companies related to other precious
metals. The fund's investments in gold bullion and gold coins are
currently subject to a limit of 50% of total assets.
PROPOSED FUNDAMENTAL POLICIES. In order to permit the fund to invest in
additional types of precious metals, the Trustees propose that its
fundamental policies be changed (1) to allow for investments in precious
metals other than gold, limiting them to 20% of assets, and (2) to adopt a
fundamental policy clarifying that the fund may invest in all types of
precious metals, but may not invest in other types of physical commodities.
If this proposal is approved, the fund will adopt the following fundamental
policies, which could only be changed by vote of the fund's shareholders:
1. The fund will not purchase precious metals if, as a result, more than
50% of its total assets would be invested in precious metals.
2. The fund will not 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.
EXPLANATION OF PROPOSED POLICIES. Policy (1) above would maintain the
fund's ability to invest in gold bullion and coins as part of the fund's
primary focus, but it would also expand the fund's ability to invest in
non-gold precious metals. It would permit the fund to purchase precious
metals in the form of bullion, coins, or any other form; however, FMR
currently anticipates that the fund's investments in physical precious
metals will continue to be limited to bullion, since transaction costs for
other forms of precious metals tend to be higher. FMR intends that
securities indexed to the price of precious metals would continue to be
treated as investments in the underlying precious metal for the purposes of
the 50% limitation.
Policy (2) would establish a fundamental physical commodities policy for
the fund. If the proposal is approved, the policy would specify that the
fund may not purchase or sell physical commodities other than precious
metals, except that the fund, if it should acquire physical commodities as
a result of ownership of securities, would be permitted to sell such
physical commodities to liquidate its position. In addition, policy (2)
establishes a policy for the fund with respect to futures contracts,
options, options on futures contracts and futures contracts relating to
precious metals and other physical commodities. As a matter of
non-fundamental policy, FMR has not invested in such futures or options to
date, and does not currently anticipate doing so.
Since the fund must invest at least 80% of its assets in gold and
gold-related securities, investments in precious metals other than gold in
combination with investments in other non-gold-related securities would be
limited to 20% of the fund's assets.
If the proposal is approved, FMR anticipates that the fund will limit its
precious metals investments to metals that are actively traded. At present,
highly liquid international markets exist for gold, platinum, palladium and
silver. There is currently no substantial market for securities indexed to
the price of platinum, silver, or other precious metals (excluding gold);
however, if a market for such securities should develop in the future, FMR
intends that they would be treated as investments in the underlying
precious metal, and therefore, would be subject to the 50% policy mentioned
above.
DISCUSSION. The Trustees propose the above policies in order to provide
the fund with a broader range of potential investments while still
maintaining the fund's principal investment focus on gold-related
securities and gold bullion and coins. The ability to invest in precious
metals other than gold will not change the fund's primary focus of
investing in American gold and gold-related companies, and is consistent
with the fund's current ability to invest to a lesser extent in securities
of companies principally engaged in activities involving precious metals
other than gold.
As internationally traded commodities, 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. Therefore, precious metals, as compared to securities of
companies involved with precious metals, can offer distinct investment
opportunities to the fund.
Since securities of precious metals-related companies respond to
factors other than the price of precious metals, the ability to invest
directly in all precious metals may enable the fund to direct a portion of
its investments more effectively. For example, if FMR believed that
securities of silver-related companies appeared overvalued compared to the
current price of silver, the fund might invest in silver bullion instead of
(or in addition to) securities of silver mining companies. Similarly, if
FMR anticipated an increase in the price of a particular precious metal, a
direct investment in that metal might position the fund more effectively
than an investment in a diversified mining or processing company.
In FMR's opinion, the types of investments permitted by the proposal do
not present materially greater risks than the fund's currently permitted
investments. However, in recent years, the prices of platinum and palladium
have tended to be more volatile than gold, while the price of silver has
been less volatile. Most precious metals have a greater industrial demand
than gold, and this may make their prices more dependent on industrial
demand than consumer demand.
The prices of precious metals may be more or less volatile than securities
of companies engaged in precious metals-related businesses, since their
respective prices may be influenced by different factors. Precious metals,
unlike most securities, do not pay income. As with investments in gold, the
fund may incur storage and analysis charges in connection with investments
in other precious metals. As a result, costs related to precious metals
investments may be higher than the costs involved in security investments.
At the same time, the international trading markets for precious metals may
offer greater liquidity than individual securities, particularly in the
case of securities of smaller or less well-known companies. FMR will take
these factors into account when allocating the fund's investments between
corporate securities and direct investments in precious metals.
CONCLUSION. The ability to invest in precious metals other than gold will
provide the American Gold Portfolio with additional investment
opportunities while still maintaining the fund's principal investment focus
on gold-related securities and gold bullion and coins, and it will provide
consistency with the fund's ability to invest in securities of companies
related to other precious metals. The Trustees recommend that shareholders
of the American Gold Portfolio vote FOR the proposed fundamental policy
changes. If the proposal is not approved, the fund's current fundamental
investment policies will remain in effect.
2. TO MODIFY A CERTAIN FUNDAMENTAL INVESTMENT POLICY FOR PRECIOUS
METALS AND MINERALS PORTFOLIO.
Precious Metals and Minerals Portfolio's fundamental investment policies
currently require that the fund invest at least 80% of its total assets in
securities of companies principally engaged in its industry, and in
precious metals. The Trustees propose that certain fundamental policies be
modified to change the requirement that 80% of total assets are invested in
the fund's principal industry to one stating that the 80% minimum is based
on net assets. This proposal, if approved, would standardize the fund's
fundamental investment policy to match the similar policy for the other 34
Select stock funds. The effects of the proposal and the specific policy
changes proposed are discussed in more detail below.
CURRENT POLICIES OF THE FUND. The investment objective of the Precious
Metals and Minerals Portfolio is capital appreciation. In seeking this
objective, 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.
PROPOSED FUNDAMENTAL POLICIES. The Trustees propose that the fund's
fundamental policies be modified to require that the fund invest at least
80% of its net assets in securities of companies principally engaged in its
industry, and in precious metals. If this proposal is approved, the fund
will replace its current fundamental policy with the following fundamental
policy, which could only be changed by vote of the fund's shareholders:
Under normal conditions, the fund will invest at least 80% of its net
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.
DISCUSSION. The change from a policy based on total assets to a policy
based on net assets is not expected to have a significant impact on the
management of the fund and would provide for standardization of the policy
for the Select equity funds.
Current SEC guidelines specify that if a fund's name implies investment in
a particular security type or industry, then the fund should have an
investment policy that, under normal circumstances, at least 65% of the
funds total assets will be invested in the indicated security type or
industry. Although the proposed policy would permit the fund to invest more
of its assets outside the precious metals industry, both the current and
proposed policies are stricter than the SEC guidelines governing such
investments.
CONCLUSION. The Trustees recommend that shareholders of the Precious
Metals and Minerals Portfolio vote FOR the proposed fundamental policy
change. If the proposal is not approved, the fund's current fundamental
investment policies will remain in effect.
OTHER BUSINESS
The Board knows of no other business to be brought before the Meeting.
However, if any other matters properly come before the Meeting, it is
intended that proxies that do not contain specific instructions to the
contrary will be voted on such matters in accordance with the judgment of
the persons therein designated.
SUBMISSION OF CERTAIN SHAREHOLDER PROPOSALS
The fund does not hold annual shareholder meetings. Shareholders wishing
to submit proposals for inclusion in a proxy statement for a subsequent
shareholder meeting should send their written proposals to the Secretary of
the trust, 82 Devonshire Street, Boston, Massachusetts 02109.
NOTICE TO BANKS, BROKER-DEALERS AND
VOTING TRUSTEES AND THEIR NOMINEES
Please advise the fund, in care of Fidelity Service Co., P.O. Box 789,
Boston, Massachusetts 02102, whether other persons are beneficial owners of
shares for which proxies are being solicited and, if so, the number of
copies of the Proxy Statement and Annual Report you wish to receive in
order to supply copies to the beneficial owners of the respective shares.
SEL-PXS-296 CUSIP #316390780/FUND #041
CUSIP #316390400/FUND #061
Vote this proxy card TODAY! Your prompt response will
save your fund the expense of additional mailings.
Return the proxy card in the enclosed envelope or mail to:
FIDELITY INVESTMENTS
Proxy Department
P.O. Box 9107
Hingham, MA 02043-9848
PLEASE DETACH AT PERFORATION BEFORE MAILING.
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FIDELITY SELECT PORTFOLIOS: AMERICAN GOLD PORTFOLIO
PROXY SOLICITED BY THE TRUSTEES
The undersigned, revoking previous proxies, hereby appoint(s) Edward C.
Johnson 3d, Arthur S. Loring, and Thomas R. Williams, or any one or more of
them, attorneys, with full power of substitution, to vote all shares of
FIDELITY SELECT PORTFOLIOS as indicated above which the undersigned is
entitled to vote at the Special Meeting of Shareholders of the fund to be
held at the office of the trust at 82 Devonshire St., Boston, MA 02109, on
April 17, 1996 at 10:00 a.m. and at any adjournments thereof. All powers
may be exercised by a majority of said proxy holders or substitutes voting
or acting or, if only one votes and acts, then by that one. This Proxy
shall be voted on the proposals described in the Proxy Statement as
specified on the reverse side. Receipt of the Notice of the Meeting and
the accompanying Proxy Statement is hereby acknowledged.
Date _____________________, 1996
NOTE: Please sign exactly as your name appears on this Proxy. When signing
in a fiduciary capacity, such as executor, administrator, trustee,
attorney, guardian, etc., please so indicate. Corporate and partnership
proxies should be signed by an authorized person indicating the person's
title.
________________________________________________
________________________________________________
Signature(s) (Title(s), if applicable)
PLEASE SIGN, DATE, AND RETURN
PROMPTLY IN ENCLOSED ENVELOPE
041,061HH
Please refer to the Proxy Statement discussion of each of these matters.
IF NO SPECIFICATION IS MADE, THE PROXY SHALL BE VOTED FOR THE PROPOSAL.
As to any other matter, said attorneys shall vote in accordance with their
best judgment.
THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING:
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1. To modifiy certain fundamental investment policies to FOR [ ] AGAINST [ ] ABSTAIN [ ] 1.
permit American Gold Portfolio to invest up to 20% of
its assets in precious metals other than gold.
</TABLE>
SEL-PXC-296
cusip #316390780 Fund # 041
Vote this proxy card TODAY! Your prompt response will
save your fund the expense of additional mailings.
Return the proxy card in the enclosed envelope or mail to:
FIDELITY INVESTMENTS
Proxy Department
P.O. Box 9107
Hingham, MA 02043-9848
PLEASE DETACH AT PERFORATION BEFORE MAILING.
- --------------------------------------------------------------------------
- --------------------
FIDELITY SELECT PORTFOLIOS: PRECIOUS METALS AND MINERALS PORTFOLIO
PROXY SOLICITED BY THE TRUSTEES
The undersigned, revoking previous proxies, hereby appoint(s) Edward C.
Johnson 3d, Arthur S. Loring, and Thomas R. Williams, or any one or more of
them, attorneys, with full power of substitution, to vote all shares of
FIDELITY SELECT PORTFOLIOS as indicated above which the undersigned is
entitled to vote at the Special Meeting of Shareholders of the fund to be
held at the office of the trust at 82 Devonshire St., Boston, MA 02109, on
April 17, 1996 at 10:00 a.m. and at any adjournments thereof. All powers
may be exercised by a majority of said proxy holders or substitutes voting
or acting or, if only one votes and acts, then by that one. This Proxy
shall be voted on the proposals described in the Proxy Statement as
specified on the reverse side. Receipt of the Notice of the Meeting and
the accompanying Proxy Statement is hereby acknowledged.
Date _____________________, 1996
NOTE: Please sign exactly as your name appears on this Proxy. When signing
in a fiduciary capacity, such as executor, administrator, trustee,
attorney, guardian, etc., please so indicate. Corporate and partnership
proxies should be signed by an authorized person indicating the person's
title.
________________________________________________
________________________________________________
Signature(s) (Title(s), if applicable)
PLEASE SIGN, DATE, AND RETURN
PROMPTLY IN ENCLOSED ENVELOPE
041,061HH
Please refer to the Proxy Statement discussion of each of these matters.
IF NO SPECIFICATION IS MADE, THE PROXY SHALL BE VOTED FOR THE PROPOSAL.
As to any other matter, said attorneys shall vote in accordance with their
best judgment.
THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING:
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- --------------------
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1. To modify a certain fundamental investment policy for FOR [ ] AGAINST [ ] ABSTAIN [ ] 1.
Precious Metals and Minerals Portfolio.
</TABLE>
SEL-PXC-296
cusip #316390400 Fund # 061
SELECT AMERICAN GOLD PORTFOLIO
SELECT PRECIOUS METALS AND MINERALS PORTFOLIO
Dear Fellow Shareholder:
I am writing to let you know that a special meeting of American Gold
Portfolio and Precious Metals and Minerals Portfolio shareholders will be
held in April to vote on important proposals that affect the funds and your
investment in them. As a shareholder, you have the opportunity to voice
your opinion on these matters. This package contains information about the
proposals and the materials to use when voting by mail.
PROPOSAL INFORMATION
A summary of each proposal is contained in the enclosed proxy statement on
page 3. Both of the proposals have been carefully reviewed by the Board of
Trustees which is responsible for protecting your interests as a
shareholder. The Trustees believe these proposals are in the best interest
of shareholders and recommend that you vote for each proposal.
HOW TO VOTE
This is an opportunity to voice your opinion on matters that affect your
funds. We encourage you to exercise your right as a shareholder and to
vote promptly. To cast your vote, simply complete the yellow proxy card(s)
enclosed in this package. To save the expense of postage and printing, we
have enclosed one proxy card for each account you may have in these funds.
Be sure to sign and date the card(s) before mailing it in the postage-paid
envelope provided.
IT IS EXTREMELY IMPORTANT TO VOTE PROMPTLY, NO MATTER HOW MANY SHARES YOU
OWN. Voting promptly helps reduce costs. If we do not receive enough votes,
additional costs are incurred to resolicit shareholders in an attempt to
increase voter participation.
If you need assistance prior to submitting your vote, please call us at
1-800-544-8888. Thank you for your participation in this important
initiative.
Sincerely,
Edward C. Johnson 3d
President
SEL - PXL - 296
