F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
BIOTECHNOLOGY PORTFOLIO
HEALTH CARE PORTFOLIO
MEDICAL DELIVERY PORTFOLIO
MEDICAL EQUIPMENT AND SYSTEMS PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic) (registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
BIOTECHNOLOGY PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the research, development, and
manufacture of various biotechnological products, services, and
processes.
(small solid bullet) Potentially investing in securities of companies
that distribute biotechnological and biomedical products and companies
that benefit significantly from scientific and technological advances
in biotechnology.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) BIOTECHNOLOGY INDUSTRY CONCENTRATION. The
biotechnology industry can be significantly affected by patent
considerations, intense competition, rapid technological change and
obsolescence, and government regulation.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of smaller
issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
HEALTH CARE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the design, manufacture, or sale of
products or services used for or in connection with health care or
medicine.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) HEALTH CARE INDUSTRY CONCENTRATION. The health
care industries are subject to government regulation and government
approval of products and services, which could have a significant
effect on price and availability, and can be significantly affected by
rapid obsolescence.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
MEDICAL DELIVERY PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the ownership or management of
hospitals, nursing homes, health maintenance organizations, and other
companies specializing in the delivery of health care services.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) MEDICAL DELIVERY INDUSTRY CONCENTRATION. The
medical delivery industry is subject to extensive government
regulation and can be significantly affected by government
reimbursement for medical expenses, rising costs of medical products
and services, a shift away from traditional health insurance, and an
increased emphasis on outpatient services.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
MEDICAL EQUIPMENT AND SYSTEMS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in research, development, manufacture,
distribution, supply or sale of medical equipment and devices and
related technologies.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) MEDICAL EQUIPMENT AND SYSTEMS INDUSTRY
CONCENTRATION. The medical equipment and systems industry can be
significantly affected by patent considerations, rapid technological
change and obsolescence, government regulation, and government
reimbursement for medical expenses.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
Because Medical Equipment and Systems was new when this profile was
printed, its performance history is not included. Performance history
will be available for Medical Equipment and Systems after the fund has
been in operation for one calendar year.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BIOTECHNOLOGY
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR BIOTECHNOLOGY, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR BIOTECHNOLOGY WAS
__%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HEALTH CARE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR HEALTH CARE, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR HEALTH CARE WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MEDICAL DELIVERY
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR MEDICAL DELIVERY, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR MEDICAL DELIVERY WAS
__%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1998
Biotechnology % % %
S&P 500 % % %
Goldman Sachs Health Care Index % % %
Health Care % % %
S&P 500 % % %
Goldman Sachs Health Care Index % % %
Medical Delivery % % %
S&P 500 % % %
Goldman Sachs Health Care Index % % %
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Health Care Index is a market capitalization-weighted
index of 93 stocks designed to measure the performance of companies in
the health care sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75%
more for redemption amounts $7.50
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
BIOTECHNOLOGY Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
HEALTH CARE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
MEDICAL DELIVERY Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
MEDICAL EQUIPMENT AND SYSTEMS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED 2.50%. THESE ARRANGEMENTS CAN BE
TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
BIOTECHNOLOGY 1 year $ $
3 years $ $
5 years $ $
10 years $ $
HEALTH CARE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
MEDICAL DELIVERY 1 year $ $
3 years $ $
5 years $ $
10 years $ $
MEDICAL EQUIPMENT AND SYSTEMS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
Rajiv Kaul is manager of Biotechnology, which he has managed since
June 1998. Since joining Fidelity in 1996, Mr. Kaul has worked as a
research associate and equity analyst. He received a bachelor of arts
degree in government from Harvard College in 1995.
Kerry Nelson is manager of Medical Equipment and Systems, which she
has managed since April 1998. Since joining Fidelity in 1995, Ms.
Nelson has worked as a research associate, analyst and manager.
Previously, she was an analyst with Grandview Partners, L.P., in
Boston, from 1991 to 1994.
John Porter is manager of Medical Delivery, which he has managed since
January 1998. He also manages another Fidelity fund. Mr. Porter joined
Fidelity as an analyst in 1995, after receiving his MBA from the
University of Chicago.
Beso Sikharulidze is manager of Health Care, which he has managed
since June 1997. He also manages another Fidelity fund. Mr.
Sikharulidze joined Fidelity as an analyst in 1992, after receiving
his MBA from Harvard University.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
CONSUMER INDUSTRIES PORTFOLIO
FOOD AND AGRICULTURE PORTFOLIO
LEISURE PORTFOLIO
MULTIMEDIA PORTFOLIO
RETAILING PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic) (registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
CONSUMER INDUSTRIES PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the manufacture and distribution of
goods to consumers both domestically and internationally.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) CONSUMER INDUSTRY CONCENTRATION. The consumer
industries can be significantly affected by the performance of the
overall economy, interest rates, competition, consumer confidence and
spending, and changes in demographics and consumer tastes.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of smaller
issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
FOOD AND AGRICULTURE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the manufacture, sale, or
distribution of food and beverage products, agricultural products, and
products related to the development of new food technologies.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) FOOD AND AGRICULTURE INDUSTRY CONCENTRATION. The
food and agriculture industry can be significantly affected by
demographic and product trends, food fads, marketing campaigns,
environmental factors and government regulation.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
LEISURE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the design, production, or
distribution of goods or services in the leisure industries.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) LEISURE INDUSTRY CONCENTRATION. The leisure
industry can be significantly affected by changing consumer tastes,
intense competition, technological developments and government
regulation.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
MULTIMEDIA PORTFOLIO
INVESTMENT OBJECTIVE
MULTIMEDIA PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the development, production, sale,
and distribution of goods or services used in the broadcast and media
industries.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) MULTIMEDIA INDUSTRY CONCENTRATION. The multimedia
industry can be significantly affected by the federal deregulation of
cable and broadcasting, competitive pressures and government
regulation.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
RETAILING PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in merchandising finished goods and
services primarily to individual consumers.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) RETAIL INDUSTRY CONCENTRATION. The retail
industry can be significantly affected by consumer confidence and
spending, intense competition, and changing consumer tastes.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CONSUMER INDUSTRIES
Calendar Years 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR CONSUMER INDUSTRIES, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR CONSUMER INDUSTRIES
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FOOD AND AGRICULTURE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR FOOD AND AGRICULTURE THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR FOOD AND AGRICULTURE
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LEISURE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR LEISURE, THE HIGHEST RETURN
FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR]) AND THE
LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR LEISURE WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MULTIMEDIA
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR MULTIMEDIA, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR MULTIMEDIA WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RETAILING
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR RETAILING, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR RETAILING WAS __%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/Life of fundA
December 31, 1998
Consumer Industries % % %B
S&P 500 % % %
Goldman Sachs Consumer % % %
Industries Index
Food and Agriculture % % %
S&P 500 % % %
Goldman Sachs Consumer % % %
Industries Index
Leisure % % %
S&P 500 % % %
Goldman Sachs Consumer % % %
Industries Index
Multimedia % % %
S&P 500 % % %
Goldman Sachs Consumer % % %
Industries Index
Retailing % % %
S&P 500 % % %
Goldman Sachs Consumer % % %
Industries Index
</TABLE>
A Beginning January 1 of the first calendar year following the fund's
commencement of operations.
B FROM JANUARY 1, 1991.
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Consumer Industries Index is a market
capitalization-weighted index of 300 stocks designed to measure the
performance of companies in the consumer industries sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75% $7.50
more for redemption amounts
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
CONSUMER INDUSTRIES Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
FOOD AND AGRICULTURE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
LEISURE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
MULTIMEDIA Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
RETAILING Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED THE FOLLOWING 2.50%. THESE
ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
CONSUMER INDUSTRIES 1 year $ $
3 years $ $
5 years $ $
10 years $ $
FOOD AND AGRICULTURE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
LEISURE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
MULTIMEDIA 1 year $ $
3 years $ $
5 years $ $
10 years $ $
RETAILING 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
Ramin Arani is manager of Retailing, which he has managed since
January 1997. Previously, he was an analyst. Mr. Arani joined Fidelity
as a research associate in 1992, after receiving his bachelor of arts
degree from Tufts University.
Douglas Chase is manager of Consumer Industries, which he has managed
since August 1997. He also manages other Fidelity funds. Mr. Chase
joined Fidelity as an equity analyst in 1993 after receiving his MBA
from the University of Michigan.
Jeff Dorsey is manager of Multimedia and Leisure, which he has managed
since December 1997 and January 1998, respectively. Since joining
Fidelity in 1991, Mr. Dorsey has worked as an analyst, senior analyst,
corporate strategist and manager.
Scott Offen is manager of Food and Agriculture, which he has managed
since November 1996. Previously, he managed other Fidelity funds.
Since joining Fidelity in 1985, Mr. Offen has worked as an analyst and
manager.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
AIR TRANSPORTATION PORTFOLIO TRANSPORTATION PORTFOLIO
AUTOMOTIVE PORTFOLIO
CHEMICALS PORTFOLIO
CONSTRUCTION AND HOUSING PORTFOLIO
CYCLICAL INDUSTRIES PORTFOLIO
DEFENSE AND AEROSPACE PORTFOLIO
ENVIRONMENTAL SERVICES PORTFOLIO
INDUSTRIAL EQUIPMENT PORTFOLIO
INDUSTRIAL MATERIALS PORTFOLIO
PAPER AND FOREST PRODUCTS PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
AIR TRANSPORTATION PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the regional, national, and
international movement of passengers, mail, and freight via aircraft.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) AIR TRANSPORTATION INDUSTRY CONCENTRATION. The
air transportation industry can be significantly affected by
competition within the industry, domestic and foreign economies,
government regulation, and the price of fuel.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
AUTOMOTIVE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the manufacture, marketing or sale of
automobiles, trucks, specialty vehicles, parts, tires, and related
services.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) AUTOMOTIVE INDUSTRY CONCENTRATION. The automotive
industry is highly cyclical and can be significantly affected by labor
relations and fluctuating component prices.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of smaller
issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
CHEMICALS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the research, development,
manufacture or marketing of products or services related to the
chemical process industries.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) CHEMICAL INDUSTRY CONCENTRATION. The chemical
industry can be significantly affected by intense competition, product
obsolescence, and government regulation and can be subject to risks
associated with the production, handling and disposal of hazardous
components.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
CONSTRUCTION AND HOUSING PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in 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.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) CONSTRUCTION AND HOUSING INDUSTRY CONCENTRATION.
The construction and housing industry can be significantly affected by
changes in government spending, interest rates, consumer confidence
and spending, taxation, demographic patterns, housing starts and the
level of new and existing home sales.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
CYCLICAL INDUSTRIES PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the research, development,
manufacture, distribution, supply, or sale of materials, equipment,
products or services related to cyclical industries.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) CYCLICAL INDUSTRY CONCENTRATION. Cyclical
industries can be significantly affected by general economic trends,
changes in consumer sentiment and spending, commodity prices,
legislation, government regulation and spending, import controls, and
worldwide competition, and can be subject to liability for
environmental damage, depletion of resources, and mandated
expenditures for safety and pollution control.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
DEFENSE AND AEROSPACE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the research, manufacture or sale of
products or services related to the defense or aerospace industries.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) DEFENSE AND AEROSPACE INDUSTRY CONCENTRATION. The
defense and aerospace industry can be significantly affected by
government defense and aerospace regulation and spending policies.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
ENVIRONMENTAL SERVICES PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the research, development,
manufacture or distribution of products, processes or services related
to waste management or pollution control.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) ENVIRONMENTAL SERVICES INDUSTRY CONCENTRATION.
The environmental services industry can be significantly affected by
intense competition and legislation resulting in more strict
government regulations and enforcement policies and specific
expenditures for cleanup efforts, and can be subject to risks
associated with hazardous materials.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
INDUSTRIAL EQUIPMENT PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the manufacture, distribution, or
service of products and equipment for the industrial sector, including
integrated producers of capital equipment, parts suppliers, and
subcontractors.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) INDUSTRIAL EQUIPMENT INDUSTRY CONCENTRATION. The
industrial equipment industry can be significantly affected by overall
capital spending levels, economic cycles, technical obsolescence,
labor relations, and government regulations.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
INDUSTRIAL MATERIALS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the manufacture, mining, processing,
or distribution of raw materials and intermediate goods used in the
industrial sector.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) INDUSTRIAL MATERIALS INDUSTRY CONCENTRATION. The
industrial materials industry can be significantly affected by the
level and volatility of commodity prices, the exchange value of the
dollar, import controls, worldwide competition, liability for
environmental damage, depletion of resources, and mandated
expenditures for safety and pollution control.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
PAPER AND FOREST PRODUCTS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the manufacture, research, sale, or
distribution of paper products, packaging products, building
materials, and other products related to the paper and forest products
industry.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) PAPER AND FOREST PRODUCTS INDUSTRY CONCENTRATION.
The paper and forest products industry can be significantly affected
by the health of the economy, worldwide production capacity, and
interest rates.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
TRANSPORTATION PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in providing transportation services or
companies principally engaged in the design, manufacture,
distribution, or sale of transportation equipment.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) TRANSPORTATION INDUSTRY CONCENTRATION. The
transportation industry can be significantly affected by changes in
the economy, fuel prices, labor relations, insurance costs and
government regulation.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AIR TRANSPORTATION
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR AIR TRANSPORTATION, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR AIR TRANSPORTATION
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AUTOMOTIVE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR AUTOMOTIVE, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR AUTOMOTIVE WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CHEMICALS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR CHEMICALS, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR CHEMICALS WAS __%.
CYCLICAL INDUSTRIES
Calendar Years 1998
%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR CYCLICAL INDUSTRIES, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR CYCLICAL INDUSTRIES
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CONSTRUCTION AND HOUSING
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR CONSTRUCTION AND HOUSING,
THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING [MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR CONSTRUCTION AND
HOUSING WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DEFENSE AND AEROSPACE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR DEFENSE AND AEROSPACE, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR DEFENSE AND AEROSPACE
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENVIRONMENTAL SERVICES
Calendar Years 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR ENVIRONMENTAL SERVICES, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR ENVIRONMENTAL
SERVICES WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDUSTRIAL EQUIPMENT
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR INDUSTRIAL EQUIPMENT, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR INDUSTRIAL EQUIPMENT
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDUSTRIAL MATERIALS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR INDUSTRIAL MATERIALS, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR INDUSTRIAL MATERIALS
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PAPER AND FOREST PRODUCTS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR PAPER AND FOREST PRODUCTS,
THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING [MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR PAPER AND FOREST
PRODUCTS WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TRANSPORTATION
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR TRANSPORTATION, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR TRANSPORTATION WAS
__%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/Life of fundA
December 31, 1998
Air Tranportation % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Automotive % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Chemicals % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Cyclical Industries % % %B
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Construction and Housing % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Defense and Aerospace % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Environmental Services % % %B
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Industrial Equipment % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Industrial Materials % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Paper and Forest Products % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
Transportation % % %
S&P 500 % % %
Goldman Sachs Cyclical % % %
Industries Index
</TABLE>
A BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE FUND'S
COMMENCEMENT OF OPERATIONS.
B FROM JANUARY 1, 1990 FOR ENVIRONMENTAL SERVICES AND JANUARY 1, 1998
FOR CYCLICAL INDUSTRIES.
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Cyclical Industries Index is a market
capitalization-weighted index of 277 stocks designed to measure the
performance of companies in the cyclical industries sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75% $7.50
more for redemption amounts
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
AIR TRANSPORTATION Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
AUTOMOTIVE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
CHEMICALS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
CYCLICAL INDUSTRIES Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
CONSTRUCTION AND HOUSING Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
DEFENSE AND AEROSPACE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
ENVIRONMENTAL SERVICES Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
INDUSTRIAL EQUIPMENT Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
INDUSTRIAL MATERIALS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
PAPER AND FOREST PRODUCTS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
TRANSPORTATION Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED 2.50%. THESE ARRANGEMENTS CAN BE
TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
AIR TRANSPORTATION 1 year $ $
3 years $ $
5 years $ $
10 years $ $
AUTOMOTIVE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
CHEMICALS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
CYCLICAL INDUSTRIES 1 year $ $
3 years $ $
5 years $ $
10 years $ $
CONSTRUCTION AND HOUSING 1 year $ $
3 years $ $
5 years $ $
10 years $ $
DEFENSE AND AEROSPACE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
ENVIRONMENTAL SERVICES 1 year $ $
3 years $ $
5 years $ $
10 years $ $
INDUSTRIAL EQUIPMENT 1 year $ $
3 years $ $
5 years $ $
10 years $ $
INDUSTRIAL MATERIALS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
PAPER AND FOREST PRODUCTS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
TRANSPORTATION 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
Noah Eccles is manager of Paper and Forest Products, which he has
managed since January 1999. Previously, he worked as an analyst. Mr.
Eccles joined Fidelity as a research associate in 1997, after
receiving a bachelor of arts degree in economics from Trinity College
in 1992 and an MBA from The Wharton School at the University of
Pennsylvania in 1997.
Jeffrey Feingold is manager of Defense and Aerospace, which he has
managed since November 1998. Mr. Feingold joined Fidelity in 1997 and
has worked as an equity analyst following the apparel, textile and
footwear industries.
Subra Ghose is manager of Environmental Services, which he has managed
since October 1998. Since joining Fidelity in 1995, Mr. Ghose has
worked as an analyst following the electric and gas utilities
industries. Prior to this, Mr. Ghose received a bachelor of science
degree in computer science from Birla Institute of Technology, India,
in 1991, and an MBA from Northeastern University in 1996.
Albert Grosman is manager of Automotive, which he has managed since
December 1997. Mr. Grosman joined Fidelity in 1996 as an analyst. He
received his MBA from Columbia University in 1997. From 1993 to 1995,
Mr. Grosman managed investment portfolios on a discretionary basis in
Toronto, Canada.
Peter Hirsch is manager of Industrial Materials, which he has managed
since September 1998. Mr. Hirsch joined Fidelity in 1995 as a
portfolio analyst. He received his Masters in Public and Private
Management (MPPM) at Yale School of Management in 1994 and began his
career as an associate at CS First Boston in New York.
Yolanda McGettigan is manager of Construction and Housing, which she
has managed since December 1997. Ms. McGettigan joined Fidelity as an
analyst in 1997, after receiving her MBA from the Fuqua School of
Business at Duke University. Previously, she was employed as a sales
representative for Robinson-Humphrey from 1994 to 1995 and a trader
for Cantor Fitzgerald from 1992 to 1994.
Albert Ruback is manager of Cyclical Industries, which he has managed
since inception. He also manages another Fidelity fund. Mr. Ruback
joined Fidelity as an analyst in 1991, after receiving his MBA from
Harvard Business School.
Simon Wolf is manager of Industrial Equipment, which he has managed
since August 1997. Mr. Wolf joined Fidelity in 1996 as a research
associate. Previously, he worked for Salomon Brothers as an analyst
from 1993 to 1996. Mr. Wolf received a bachelor of science degree in
economics from the University of Pennsylvania in 1992.
Dylan Yolles is manager of Chemicals, which he has managed since
January 1999. Mr. Yolles joined Fidelity in 1997 as an equity analyst,
after receiving a bachelor of arts degree in 1991 and an MBA in 1997,
both from Stanford University.
Chris Zepf is Manager of Transportation and Air Transportation, which
he has managed since September 1998 and October 1998, respectively.
Mr. Zepf joined Fidelity in 1997 and has worked as an analyst and
manager.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
BROKERAGE AND INVESTMENT MANAGEMENT PORTFOLIO
FINANCIAL SERVICES PORTFOLIO
HOME FINANCE PORTFOLIO
INSURANCE PORTFOLIO
REGIONAL BANKS PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic) (registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
BROKERAGE INVESTMENT AND MANAGEMENT PORTFOLIO seeks capital
appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in stock brokerage, commodity brokerage,
investment banking, tax-advantaged investment or investment sales,
investment management, or related investment advisory services.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) BROKERAGE AND INVESTMENT MANAGEMENT INDUSTRY
CONCENTRATION. The brokerage and investment management industry can be
significantly affected by stock and bond market activity, changes in
regulations, brokerage commission structure, and a competitive
environment combined with the high operating leverage inherent in
companies in this industry.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of smaller
issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
FINANCIAL SERVICES PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in providing financial services to
consumers and industry.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) FINANCIAL SERVICES INDUSTRY CONCENTRATION. The
financial services industries are subject to extensive government
regulation and relatively rapid change due to increasingly blurred
distinctions between service segments, and can be significantly
affected by availability and cost of capital funds, changes in
interest rates, and price competition.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
HOME FINANCE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in investing in real estate, usually
through mortgages and other consumer-related loans.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) HOME FINANCE INDUSTRY CONCENTRATION. The home
finance industry can be significantly affected by regulatory changes,
interest rate movements, home mortgage demand, refinancing activity,
and residential delinquency trends.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
INSURANCE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in underwriting, reinsuring, selling,
distributing, or placing of property and casualty, life, or health
insurance.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) INSURANCE INDUSTRY CONCENTRATION. The insurance
industry is subject to extensive government regulation and can be
significantly affected by interest rates, general economic conditions,
and price and marketing competition. Different segments of the
industry can be significantly affected by natural disasters, mortality
and morbidity rates, and environmental clean-up.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
REGIONAL BANKS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in accepting deposits and making
commercial and principally non-mortgage consumer loans.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) REGIONAL BANKS INDUSTRY CONCENTRATION. The
regional banking industry can be significantly affected by legislation
that would reduce the separation between commercial and investment
banking businesses and could change capitalization requirements and
the savings and loan industry and increase competition, and by changes
in general economic conditions and interest rates.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund (except Financial Services, Home Finance and
Regional Banks) is considered non-diversified and can invest a greater
portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BROKERAGE AND INVESTMENT
MANAGEMENT
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR BROKERAGE AND INVESTMENT
MANAGEMENT, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING [MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR BROKERAGE AND
INVESTMENT MANAGEMENT WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINANCIAL SERVICES
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR FINANCIAL SERVICES, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR FINANCIAL SERVICES
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HOME FINANCE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR HOME FINANCE, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR HOME FINANCE WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INSURANCE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR INSURANCE, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR INSURANCE WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REGIONAL BANKS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR REGIONAL BANKS, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR REGIONAL BANKS WAS
__%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1998
Brokerage and Investment % % %
Management
S&P 500 % % %
Goldman Sachs Financial % % %
Services Index
Financial Services % % %
S&P 500 % % %
Goldman Sachs Financial % % %
Services Index
Home Finance % % %
S&P 500 % % %
Goldman Sachs Financial % % %
Services Index
Insurance % % %
S&P 500 % % %
Goldman Sachs Financial % % %
Services Index
Regional Banks % % %
S&P 500 % % %
Goldman Sachs Financial % % %
Services Index
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Financial Services Index is a market
capitalization-weighted index of 271 stocks designed to measure the
performance of companies in the financial services sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75%
more for redemption amounts $7.50
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
BROKERAGE AND INVESTMENT Management fee %
MANAGEMENT
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
FINANCIAL SERVICES Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
HOME FINANCE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
INSURANCE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
REGIONAL BANKS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED 2.50%. THESE ARRANGEMENTS CAN BE
TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
BROKERAGE AND INVESTMENT 1 year $ $
MANAGEMENT
3 years $ $
5 years $ $
10 years $ $
FINANCIAL SERVICES 1 year $ $
3 years $ $
5 years $ $
10 years $ $
HOME FINANCE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
INSURANCE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
REGIONAL BANKS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
Tim Cohen is manager of Insurance, which he has managed since February
1999. Mr. Cohen Joined Fidelity as an analyst in 1996, after receiving
an MBA from The Wharton School at the University of Pennsylvania.
Previously, he was a senior associate in the business assurance group
at Coopers & Lybrand (now PricewaterhouseCoopers LLP), Boston, from
1991 to 1994.
Robert Ewing is Manager of Financial Services, which he has managed
since January 1998. He also manages another Fidelity fund. Since
joining Fidelity in 1990, Mr. Ewing has worked as a research
associate, analyst and manager.
Ted Orenstein is manager of Brokerage and Investment Management, which
he has managed since January 1999. Mr. Orenstein joined Fidelity as an
analyst in May 1998, after receiving a bachelor's degree in business
administration from Babson College in 1994 and an MBA from The Wharton
School at the University of Pennsylvania in 1998.
William Rubin is Manager of Home Finance, which he has managed since
October 1996. Previously, he managed another Fidelity fund. Mr. Rubin
joined Fidelity as an analyst in 1994, after receiving his MBA from
Harvard Business School. Before joining Fidelity, he was a corporate
financial analyst for VLSI Technologies from 1990 to 1992.
Christine Schaulat is manager of Regional Banks, which she has managed
since January 1998. Ms. Schaulat joined Fidelity in 1997 as a research
analyst, after receiving her MBA from Harvard University. Previously,
she was an investment manager for Indosuez Asset Management Asia,
Limited, in Hong Kong, from 1993 to 1995.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
ENERGY PORTFOLIO
ENERGY SERVICE PORTFOLIO
GOLD PORTFOLIO
NATURAL RESOURCES PORTFOLIO
PRECIOUS METALS AND MINERALS PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
ENERGY PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in 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.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) ENERGY INDUSTRY CONCENTRATION. The energy
industry can be significantly affected by fluctuations in price and
supply of energy fuels, energy conservation, the success of
exploration projects, and tax and other government regulations.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
ENERGY SERVICE PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in 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.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) ENERGY SERVICE INDUSTRY CONCENTRATION. The energy
service industry can be significantly affected by the supply of and
demand for specific products or services, the supply of and demand for
oil and gas, the price of oil and gas, exploration and production
spending, government regulation, world events, and economic
conditions.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
GOLD PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks and in
certain precious metals.
(small solid bullet) Investing 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.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in gold-related activities, and in gold
bullion or coins.
(small solid bullet) Potentially investing in other precious metals,
securities indexed to the price of precious metals, and securities of
companies that manufacture and distribute precious metal and minerals
products (such as jewelry, watches, and metal foil and leaf) and
companies that invest in other companies engaged in gold and other
precious metal and mineral-related activities.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) GOLD INDUSTRY CONCENTRATION. The gold industry
can be significantly affected by international monetary and political
developments such as currency devaluations or revaluations, central
bank movements, economic and social conditions within a country, trade
imbalances, or trade or currency restrictions between countries.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
NATURAL RESOURCES PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks and in
certain precious metals.
(small solid bullet) Investing primarily in companies that own or
develop natural resources, or supply goods and services to such
companies.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in owning or developing natural
resources, or supplying goods and services to such companies, and in
precious metals.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) NATURAL RESOURCES INDUSTRY CONCENTRATION. The
natural resources industries can be significantly affected by events
relating to international political and economic developments, energy
conservation, the success of exploration projects, and tax and other
government regulations.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
PRECIOUS METALS AND MINERALS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks and in
certain precious metals.
(small solid bullet) Investing primarily in companies engaged in
exploration, mining, processing, or dealing in gold, silver, platinum,
diamonds, or other precious metals and minerals.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in exploration, mining, processing, or
dealing in gold, silver, platinum, diamonds, or other precious metals
and minerals, and in precious metals.
(small solid bullet) Potentially investing in securities of companies
that invest in other companies engaged in gold and other precious
metal and mineral-related activities.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) PRECIOUS METALS AND MINERALS INDUSTRY
CONCENTRATION. The precious metals and minerals industry can be
significantly affected by international political and monetary
developments such as currency devaluations or revaluations, economic
and social conditions within a country, trade imbalances, or trade or
currency restrictions between countries.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENERGY
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR ENERGY, THE HIGHEST RETURN
FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR]) AND THE
LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR ENERGY WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENERGY SERVICE
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR ENERGY SERVICE, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR ENERGY SERVICE WAS
__%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GOLD
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR GOLD, THE HIGHEST RETURN FOR
A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR]) AND THE
LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR GOLD WAS __%.
NATURAL RESOURCES
Calendar Years 1998
%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR NATURAL RESOURCES, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR NATURAL RESOURCES WAS
__%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PRECIOUS METALS AND MINERALS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR PRECIOUS METALS AND
MINERALS, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING [MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR PRECIOUS METALS AND
MINERALS WAS __%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/Life of FundA
December 31, 1998
Energy % % %
S&P 500 % % %
Goldman Sachs Natural % % %
Resources Index
Energy Service % % %
S&P 500 % % %
Goldman Sachs Natural % % %
Resources Index
Gold % % %
S&P 500 % % %
Goldman Sachs Natural % % %
Resources Index
Natural Resources % % %B
S&P 500 % % %
Goldman Sachs Natural % % %
Resources Index
Precious Metals and Minerals % % %
S&P 500 % % %
Goldman Sachs Natural % % %
Resources Index
</TABLE>
A BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE FUND'S
COMMENCEMENT OF OPERATIONS.
B FROM JANUARY 1, 1998.
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Natural Resources Index is a market
capitalization-weighted index of 96 stocks designed to measure the
performance of companies in the natural resources sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75%
more for redemption amounts $7.50
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
ENERGY Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
ENERGY SERVICE Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
GOLD Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
NATURAL RESOURCES Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
PRECIOUS METALS AND MINERALS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED 2.50%. THESE ARRANGEMENTS CAN BE
TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
ENERGY 1 year $ $
3 years $ $
5 years $ $
10 years $ $
ENERGY SERVICE 1 year $ $
3 years $ $
5 years $ $
10 years $ $
GOLD 1 year $ $
3 years $ $
5 years $ $
10 years $ $
NATURAL RESOURCES 1 year $ $
3 years $ $
5 years $ $
10 years $ $
PRECIOUS METALS AND MINERALS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
James Catudal is manager of Energy Service, which he has managed since
January 1998. Mr. Catudal joined Fidelity in 1997 as a research
analyst. Previously, he was an equity analyst with State Street
Research & Management. He received an MBA from the Amos Tuck School at
Dartmouth College in 1995.
George Domolky is manager of Precious Metals and Minerals and Gold,
both of which he has managed since February 1997. Previously, he
managed Canada from 1987 to 1996 as well as other Fidelity funds. Mr.
Domolky joined Fidelity in 1981, and has worked as an analyst and
manager.
Lawrence Rakers is manager of Energy and Natural Resources, which he
has managed since January 1997 and March 1997, respectively. He also
manages another Fidelity fund. Mr. Rakers joined Fidelity as an
analyst in 1993.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
BUSINESS SERVICES AND OUTSOURCING PORTFOLIO
COMPUTERS PORTFOLIO
DEVELOPING COMMUNICATIONS PORTFOLIO
ELECTRONICS PORTFOLIO
SOFTWARE AND COMPUTER SERVICES
TECHNOLOGY PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
BUSINESS SERVICES AND OUTSOURCING PORTFOLIO seeks capital
appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in providing business-related services
to companies and other organizations.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) BUSINESS SERVICES AND OUTSOURCING INDUSTRY
CONCENTRATION. The business services and outsourcing industry is
subject to continued demand for such services and can be significantly
affected by competitive pressures, such as technological developments,
fixed-rate pricing, and the ability to attract and retain skilled
employees.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
COMPUTERS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in research, design, development,
manufacture or distribution of products, processes or services that
relate to currently available or experimental hardware technology
within the computer industry.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) COMPUTER INDUSTRY CONCENTRATION. The computer
industry can be significantly affected by competitive pressures,
changing domestic and international demand, research and development
costs, and product obsolescence.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
DEVELOPING COMMUNICATIONS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the development, manufacture or sale
of emerging communications services or equipment.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) DEVELOPING COMMUNICATIONS INDUSTRY CONCENTRATION.
The developing communications industry can be significantly affected
by failure to obtain, or delays in obtaining, financing or regulatory
approval, intense competition, product compatibility, consumer
preferences, and rapid obsolescence.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
ELECTRONICS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the design, manufacture, or sale of
electronic components; equipment vendors to electronic component
manufacturers; electronic component distributors; and electronic
instruments and electronic systems vendors.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) ELECTRONICS INDUSTRY CONCENTRATION. The
electronics industry can be significantly affected by rapid
obsolescence and intense competition.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
SOFTWARE AND COMPUTER SERVICES PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in research, design, production or
distribution of products or processes that relate to software or
information-based services.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) SOFTWARE AND COMPUTER SERVICES INDUSTRY
CONCENTRATION. The software and computer services industry can be
significantly affected by competitive pressures, which can lead to
aggressive pricing and slower selling cycles.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
TECHNOLOGY PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in offering, using or developing
products, processes or services that will provide or will benefit
significantly from technological advances and improvements.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) TECHNOLOGY INDUSTRY CONCENTRATION. The
technology industries can be significantly affected by obsolescence of
existing technology, short product cycles, falling prices and profits,
and competition from new market entrants.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
Because Business Services and Outsourcing was new when this profile
was printed, its performance history is not included. Performance
history will be available for Business Services and Outsourcing after
the fund has been in operation for one calendar year.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COMPUTERS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR COMPUTERS, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR COMPUTERS WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DEVELOPING COMMUNICATIONS
Calendar Years 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR DEVELOPING COMMUNICATIONS,
THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING [MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR DEVELOPING
COMMUNICATIONS WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ELECTRONICS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR ELECTRONICS, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR ELECTRONICS WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SOFTWARE AND COMPUTER SERVICES
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR SOFTWARE AND COMPUTER
SERVICES, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING [MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR SOFTWARE AND COMPUTER
SERVICES WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TECHNOLOGY
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR TECHNOLOGY, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR TECHNOLOGY WAS __%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/Life of fundA
December 31, 1998
Computers % % %
S&P 500 % % %
Goldman Sachs Technology Index % % %
Developing Communications % % %B
S&P 500 % % %
Goldman Sachs Technology Index % % %
Electronics % % %
S&P 500 % % %
Goldman Sachs Technology Index % % %
Software and Computer Services % % %
S&P 500 % % %
Goldman Sachs Technology Index % % %
Technology % % %
S&P 500 % % %
Goldman Sachs Technology Index % % %
</TABLE>
A BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE FUND'S
COMMENCEMENT OF OPERATIONS.
B FROM JANUARY 1, 1991.
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Technology Index is a market
capitalization-weighted-index of 190 stocks designed to measure the
performance of companies in the technology sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75% $7.50
more for redemption amounts
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
BUSINESS SERVICES AND Management fee %
OUTSOURCING
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
COMPUTERS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
DEVELOPING COMMUNICATIONS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
ELECTRONICS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
SOFTWARE AND COMPUTER SERVICES Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
TECHNOLOGY Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED 2.50%. THESE ARRANGEMENTS CAN BE
TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
BUSINESS SERVICES AND 1 year $ $
OUTSOURCING
3 years $ $
5 years $ $
10 years $ $
COMPUTERS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
DEVELOPING COMMUNICATIONS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
ELECTRONICS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
SOFTWARE AND COMPUTER SERVICES 1 year $ $
3 years $ $
5 years $ $
10 years $ $
TECHNOLOGY 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
Matthew Grech is manager of Electronics, which he has managed since
June 1998. Mr. Grech joined Fidelity in 1996 as an equity analyst,
after receiving his MBA from the University of Chicago. Previously, he
was a mutual fund accountant for Franklin/Templeton, in California,
from 1993 to 1994.
Andrew Kaplan is manager of Developing Communications and Technology,
which he has managed since April 1998 and July 1998, respectively.
Previously, he managed another Fidelity fund. Mr. Kaplan joined
Fidelity as an analyst in 1995. Before that, he was an analyst with T.
Rowe Price in 1994 and an associate director of consulting for Edward
S. Gordon Company, in New York City, from 1988 through 1993.
John Porter is manager of Software and Computer Services, which he has
managed since June 1997. He also manages another Fidelity fund. Mr.
Porter joined Fidelity as an analyst in 1995, after receiving his MBA
from the University of Chicago.
Michael Tarlowe is manager of Business Services and Outsourcing
Portfolio, which he has managed since February 1998. Mr. Tarlowe
joined Fidelity in 1994 as an analyst, after receiving a bachelor of
business administration degree in finance from the University of
Michigan.
Michael Tempero is manager of Computers, which he has managed since
January 1997. He also manages another Fidelity fund. Mr. Tempero
joined Fidelity as an analyst in 1993, after receiving his MBA from
the University of Chicago.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E S
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
NATURAL GAS PORTFOLIO
TELECOMMUNICATIONS PORTFOLIO
UTILITIES GROWTH PORTFOLIO
This Profile summarizes key information about the funds that is
included in the funds' prospectus. The funds' prospectus includes
additional information about the funds, including a more detailed
description of the risks associated with investing in a fund that you
may want to consider before you invest. You may obtain the prospectus
and other information about the funds at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
NATURAL GAS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in 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.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) NATURAL GAS INDUSTRY CONCENTRATION. The natural
gas industry is subject to changes in price and supply of energy
sources and can be significantly affected by events relating to
international politics, energy conservation, the success of energy
source exploration projects, and tax and other government regulations.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
TELECOMMUNICATIONS PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the development, manufacture, or sale
of communications services or communications equipment.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) TELECOMMUNICATIONS INDUSTRY CONCENTRATION. The
telecommunications industry is subject to government regulation of
rates of return and services that may be offered and can be
significantly affected by intense competition.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
INVESTMENT OBJECTIVE
UTILITIES GROWTH PORTFOLIO seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 80% of assets in securities of
companies principally engaged in the public utilities industry and
companies deriving a majority of their revenues from their public
utility operations.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) UTILITIES INDUSTRY CONCENTRATION. The utilities
industries can be significantly affected by government regulation,
financing difficulties, supply and demand of services or fuel, and
natural resource conservation.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.
In addition, each fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a
single issuer could cause greater fluctuations in share price than
would occur in a more diversified fund.
An investment in a fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
Additional information about a fund's investments is available in the
fund's annual and semi-annual reports to shareholders. In each fund's
annual and semi-annual reports, you will find a discussion of the
market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of a fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an additional index over various
periods of time. Returns are based on past results and are not an
indication of future performance.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of each fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
NATURAL GAS
Calendar Years 1994 1995 1996 1997 1998
% % % % %
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR NATURAL GAS, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR NATURAL GAS WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TELECOMMUNICATIONS
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR TELECOMMUNICATIONS, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR TELECOMMUNICATIONS
WAS __%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
UTILITIES GROWTH
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR UTILITIES GROWTH, THE
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE],
[YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR UTILITIES GROWTH WAS
__%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of eachfund's
3.00% maximum applicable front-end sales charge.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/Life of fundA
December 31, 1998
Natural Gas % % %B
S&P 500 % % %
Goldman Sachs Utilities Index % % %
Telecommunications % % %
S&P 500 % % %
Goldman Sachs Utilities Index % % %
Utilities Growth % % %
S&P 500 % % %
Goldman Sachs Utilities Index % % %
</TABLE>
A BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE FUND'S
COMMENCEMENT OF OPERATIONS.
B FROM JANUARY 1, 1994.
[If FMR had not reimbursed certain fund expenses during these periods,
[Name(s) of Fund(s) in Reimbursement] returns would have been lower.]
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Goldman Sachs Utilities Index is a market
capitalization-weighted-index of 136 stocks designed to measure the
performance of companies in the utilities sector.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of a fund. [The annual fund
operating expenses provided below for each funddo not reflect the
[effect of any expense reimbursements] [or][ reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee for the stock
funds (as a % of amount
redeemed)
on shares held 29 days or less 0.75%
on shares held 30 days or 0.75% $7.50
more for redemption amounts
of up to $1,000 for
redemption amounts of $1,000
or more
Exchange feeB $7.50
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
NATURAL GAS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
TELECOMMUNICATIONS Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
UTILITIES GROWTH Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE EACH FUND TO THE EXTENT
THAT TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR
RESPECTIVE AVERAGE NET ASSETS, EXCEED 2.50%. THESE ARRANGEMENTS CAN BE
TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement for [Name(s) of
Fund(s) in reimbursement], would have been __% for [Fund Name] and __%
for [Fund Name].
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
NATURAL GAS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
TELECOMMUNICATIONS 1 year $ $
3 years $ $
5 years $ $
10 years $ $
UTILITIES GROWTH 1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is each fund's manager.
As the manager, FMR is responsible for choosing each fund's
investments and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for each fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
Peter Saperstone is manager of Telecommunications, which he has
managed since October 1998. Mr. Saperstone joined Fidelity in 1995 and
has worked as an analyst and manager.
Victor Thay is manager of Natural Gas, which he has managed since
December 1997. Mr. Thay joined Fidelity as a research associate in
1995, after receiving undergraduate degrees in political science and
business administration from the University of California at Berkeley
in 1995.
Jonathan Zang is manager of Utilities Growth, which he has managed
since July 1998. Mr. Zang joined Fidelity in 1997 as an equity
analyst, after receiving his MBA from the University of Chicago in
1997. Previously, he was an investment officer with Hawaiian Trust
Company, in Honolulu, from 1992 to 1995.
Buying Shares
The funds' shares are sold with a maximum 3.00% sales charge.
The funds' sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500, the minimum additional
purchase amount is $250 ($250 for certain retirement accounts), and
the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Each fund normally pays dividends and capital gains distributions in
April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from each fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
Fidelity
SELECT
PORTFOLIOS(REGISTERED TRADEMARK)
MONEY MARKET PORTFOLIO
This Profile summarizes key information about the fund that is
included in the fund's prospectus. The fund's prospectus includes
additional information about the fund, including a more detailed
description of the risks associated with investing in the fund that
you may want to consider before you invest. You may obtain the
prospectus and other information about the fund at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109
Insert item Code number SEL-profile-0499
Investment Summary
INVESTMENT OBJECTIVE
MONEY MARKET PORTFOLIO seeks to provide high current income,
consistent with preservation of capital and liquidity.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing in U.S. dollar-denominated money
market securities, including U.S. Government securities and repurchase
agreements, and entering into reverse repurchase agreements.
(small solid bullet) Investing at least 80% of assets in money market
instruments.
(small solid bullet) Investing more than 25% of total assets in the
financial services industry.
(small solid bullet) Investing in compliance with industry-standard
requirements for money market funds for the quality, maturity and
diversification of investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a money market security to decrease.
(small solid bullet) FOREIGN EXPOSURE. Entities located in foreign
countries can be affected by adverse political, regulatory, market or
economic developments in those countries.
(small solid bullet) FINANCIAL SERVICES EXPOSURE. Changes in
government regulation or economic downturns can have a significant
negative affect on issuers in the financial services sector.
(small solid bullet) ISSUER-SPECIFIC CHANGES. A decline in the credit
quality of an issuer or the provider of credit support or a
maturity-shortening structure for a security can cause the price of a
money market security to decrease.
An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. Although the fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in the fund.
Additional information about the fund's investments is available in
the fund's annual and semi-annual reports to shareholders. In the
fund's annual and semi-annual reports, you will find a discussion of
the market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of the fund's annual or
semi-annual report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the fund's
performance from year to year. Returns are based on past results and
are not an indication of future performance.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of the fund's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR MONEY MARKET, THE HIGHEST
RETURN FOR A QUARTER WAS __% (QUARTER ENDING [MONTH][DATE], [YEAR])
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[MONTH][DATE], [YEAR]).
THE YEAR-TO-DATE RETURN AS OF MARCH 31, 1999 FOR MONEY MARKET WAS __%.
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of thefund's
3.00% maximum applicable front-end sales charge.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1998
Money Market % % %
[If FMR had not reimbursed certain fund expenses during these periods,
Money Market's returns would have been lower.]
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of the fund. [The annual fund
operating expenses provided below for the fund do not reflect the
[effect of any expense reimbursements] [or] [reduction of certain
expenses] during the period.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Maximum sales charge (load) 3.00%
on purchases (as a % of
offering price)A
Sales charge (load) on None
reinvested distributions
Deferred sales charge (load) None
on redemptions
Redemption fee (as a % of None
amount redeemed)
Exchange fee None
Annual account maintenance $12.00
fee (for accounts under
$2,500)
A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE THE FUND TO THE EXTENT THAT
TOTAL OPERATING EXPENSES (EXCLUDING INTEREST, TAXES, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF ITS
AVERAGE NET ASSETS, EXCEED 2.50%. THIS ARRANGEMENT CAN BE TERMINATED
BY FMR AT ANY TIME.
A portion of the brokerage commissions that the fund pays is used to
reduce the fund's expenses. In addition, the fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement, would have been
__%.
This EXAMPLE helps you compare the cost of investing in the fund with
the cost of investing in other mutual funds.
Let's say, hypothetically, that the fund's annual return is 5% and
that your shareholder fees and the fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
Account open Account closed
1 year $ $
3 years $ $
5 years $ $
10 years $ $
Fund Management
FMR is the fund's manager.
As the manager, FMR is responsible for choosing the fund's investments
and handling its business affairs.
Fidelity Investments Money Management, Inc. (FIMM) is an affiliate of
FMR and serves as sub-adviser for the fund. FIMM is primarily
responsible for choosing investments for the fund.
Buying Shares
The fund's shares are sold with a maximum 3.00% sales charge.
The fund's sales charge may be reduced according to the following
schedule. Additionally, the sales charge may be waived for certain
individual or institutional investors, including investors through
retirement plans.
Sales Charge
Ranges As a % of Offering Price
$0 - 249,999 3.00%
$250,000 - 499,999 2.00%
$500,000 - 999,999 1.00%
$1,000,000 or more none
To qualify for a sales charge reduction or waiver, you must notify
Fidelity in advance of your purchase.
You may buy shares of the funds after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $2,500 ($500 for certain
retirement accounts), the minimum additional purchase amount is $250,
and the minimum balance amount is $2,000 ($500 for certain retirement
accounts).
If you buy through an investment professional or through a retirement
account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Exchange proceeds are paid from one Select fund to
another Select fund or to another Fidelity equity fund in three
business days.
In addition, when you sell your shares, you will pay a 0.75%
short-term trading fee if you have held your shares for less than 29
days.
Distributions and Taxes
Distributions you receive from the fund consist primarily of
dividends. The fund declares dividends daily and pays them monthly.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
Distributions you receive from the fund are subject to federal income
tax, and may also be subject to state or local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Select Portfolios, Fidelity, Fidelity Investments & (Pyramid Design),
and TouchTone Xpress are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
====================Front of Application======================
FIDELITY MUTUAL FUND (Fidelity Logo Graphic)
NEW ACCOUNT APPLICATION (registered trademark)
P.O. Box 5000
Cincinnati, OH 45273-8698
You may invest in the fund after reviewing the profile(s) or
the prospectus(es) for the fund(s).
For help with this application, or for an IRA, Keogh or
Business Account application, call us anytime at
1-800-544-8888.
If you are opening your account by an exchange from an existing
Fidelity account, call us at 1-800-544-7777.
1: PLEASE TELL US HOW WE SHOULD ESTABLISH YOUR ACCOUNT
______________________________________________________________
Account registration:
______________________________________________________________
__ Individual __ Joint Tenants - __ Custodial
Rights of (UGMA/UTMA)
Survivorship 1 Under the (state)
__ Tenants in Common 1 ____ Uniform
__ Community Property 1 Gifts/Transfer
to Minors Act
______________________________________________________________
/_/ Trust Accounts:
______________________________________________________________
Trustee(s) Name Trust Taxpayer
(first, MI, last): Identification Number:
______________________________________________________________
Name of Trust: for the benefit of: Date of Trust
(Month, day, year):
______________________________________________________________
Name:
______________________________________________________________
Account Owner/ Joint Owner/Custodian Name
Minor Name (first, MI, last): (first, MI, last):
______________________________________________________________
Address and Phone: /_/ Check here if this is
a new address.
______________________________________________________________
Street Address and City State Zip
Apartment or Box Number: 2
______________________________________________________________
Evening Phone (Home): Daytime Phone (Work):
( ) ( )
______________________________________________________________
1 If you are establishing a joint account and do not check a
box, the account will be registered as joint tenants with
rights of survivorship. Types of joint ownership are governed
by the laws of your state of residence. If you need more
information about which are appropriate in your state, please
ask your state tax officials or financial advisor.
2 If you have provided a P.O. Box, please include your
residential address with this application.
2: WE ARE REQUIRED TO REQUEST THE FOLLOWING INFORMATION
______________________________________________________________
Account Owner/Minor Joint Account Owner/
Custodian 1
______________________________________________________________
Social Security ___________________ ___________________
or taxpayer
identification number 1:
Date of Birth
(month/day/year) ______ _____ ______ _______ ____ ______
______________________________________________________________
Citizenship
Country of
citizenship: _U.S. _Other________ _U.S. _Other_______
Country of
tax residence: _U.S. _Other________ _U.S. _Other_______
______________________________________________________________
Occupation: We
are required by the
National Association
of Securities
Dealers (NASD) to
ask for this
information.
______________________________________________________________
Employer's Name
and Address:
______________________________________________________________
Affiliations: _I am affiliated _I am affiliated
with, or work for, with, or work for,
a member firm of a member firm of
the NASD the NASD
______________________________________________________________
1 The Social Security Number or taxpayer identification number
for account owner/minor is used for tax reporting purposes.
(The custodian's Social Security Number will be used to
determine eligibility for maintenance fee waivers.)
3: INVESTMENT INFORMATION
______________________________________________________________
Please make your check payable to the full name of the
Fidelity fund in which you are investing. Note that Fidelity
cannot accept foreign checks or Traveler's checks. Be sure to
read the profile(s) or the prospectus(es) for the fund(s) you
choose before your initial investment and, if you invest based
on the profile, be sure to read the prospectus(es) when
[it/they] [is/are] sent to you.
Fund Name: Initial Investment Amount - Fund
minimums vary, see the profile or the
prospectus for additional details.
A.______________________ $____,________,________._______
B.______________________ $____,________,________._______
C.______________________ $____,________,________._______
Dividend & Capital Gain Distributions Check one box: (If
no box is checked, we will reinvest all distributions.)
_ Reinvest all dividends _ Pay all dividends _ Pay all
and capital gains in and capital gains dividends and
my account. directly to my capital gains
bank account via to me by check.
MoneyLine
(registered
trademark). Please
attach a voided
check.
______________________________________________________________
* Note that some funds may charge a sales load and/or a
short-term trading fee. In addition an annual Fidelity mutual
fund maintenance fee of $12 may be deducted from accounts with
a balance of less than $2,500. Minimum initial investments vary
by fund. See your profile or your prospectus for additional
details.
====================Back of Application=======================
4: OPTIONAL ACCOUNT FEATURES
______________________________________________________________
Fidelity Automatic Account Builder (registered trademark)
This service lets you invest automatically (monthly or quarterly)
from your bank account to your Fidelity account. Change or cancel
your plan anytime with a phone call at least one business day
before your scheduled investment. (Automatic Account Builder
normally becomes active 20 days after your application is
processed.)
To establish this feature, complete the information below and
staple to the left a voided check from your bank account. One
common name must appear on your Fidelity and bank accounts.
Assign Investment Amount Investment Frequency (month,
to Fund (Spartan minimum: (check one) day,
(from $500; Non-Spartan year)
Section minimum: $100)
3)
__A. $____,______.____ _Monthly _Quarterly beginning _____
__B. $____,______.____ _Monthly _Quarterly beginning _____
__C. $____,______.____ _Monthly _Quarterly beginning _____
Direct Deposit
This service lets you invest directly from your paycheck or your
Social Security check. The minimum investment is $100 per pay
period. To establish this feature, check the appropriate box
below. We will send you an authorization form to complete and
give to your employer.
_My check is from the _My check is from someone other than
federal government. the federal government.
Transfers Between Your Bank & Fidelity
This electronic link with your bank account offers flexible
access to your money. Transfers occur only when you initiate them
and may be made through either Bank Wire or Fidelity MoneyLine
(Registered trademark). (See the prospectus for details and
minimum amounts. MoneyLine normally becomes active 20 days after
your application is processed.) Your bank may charge a fee. This
feature is not available with passbook savings accounts.
_ To establish this feature, check the box at left and staple a
voided check from your bank account. One common name must appear
on your Fidelity and bank accounts. [F3]
Telephone Redemptions & Exchanges
You automatically have the ability to make redemptions or exchanges
by telephone. Exchanges can be made only between Fidelity funds that
have the same account ownership. Each fund has rules on the number
of exchanges allowed each year. Some funds have administrative fees
(of up to $7.50) and trading fees (of up to 3.0% on exchanges. (See
the appropriate fund's prospectus for details.) The exchange
privilege may be terminated or modified by Fidelity in the future.
Checkwriting
_Please add this feature to my account. All owners must sign the
Signature Card for checkwriting and the section below at the end of
this application. For custodial accounts, only the custodian may
sign the Signature Card.
Checkwriting is an optional feature and is not available on all
funds. In addition there may be a charge for checkwriting. See
prospectus for details.
______________________________________________________________
STAPLE VOIDED CHECK HERE.
______________________________________________________________
5: SIGNATURE
Each owner must sign this section.
By signing this application, I certify that:
(bullet) I have received and read the profile or the prospectus for
the fund in which I am investing. [I understand that if I am
investing based on the profile, I will be sent a prospectus with
my confirmation.] I agree to the terms of the profile and the
prospectus. I have the authority and legal capacity to purchase
mutual fund shares, am of legal age and believe each investment is
suitable for me. It is my responsibility to read the prospectus of
any fund into which I exchange.
(bullet) I understand that all information provided in sections 1,
2, 4 and 5 will apply to any new fund into which my shares may be
exchanged.
(bullet) I understand that neither this fund nor Fidelity
Distributors Corporation is a bank, and fund shares are not backed
or guaranteed by any bank or insured by the FDIC.
(bullet) I ratify any instructions, including telephone instructions,
given on this account. I agree that neither the fund nor Fidelity
Service Company, Inc. will be liable for any loss, cost or expense
for acting upon any instructions if it follows reasonable
procedures designed to prevent unauthorized transactions. (If you do
not want the ability to redeem and exchange by telephone, call Fidelity
for instructions.) I consent to the use of recorded telephone
conversations.
(bullet) I understand that for joint tenant accounts "I" refers to all
account owners, and each of the account owners agrees that any account
owner has authority to act on the account without notice to the other
account owners. Fidelity Service Company, Inc. in its sole discretion,
and for its protection, may require the written consent of all account
owners prior to acting upon the instructions of any account owner.
(bullet) If I am a U.S. Citizen or Resident Alien, as I have indicated
above, I certify under penalties of perjury that (1) the Social Security
or taxpayer identification number provided above is correct (or I am
waiting for a number to be issued to me), and (2) I am not subject to
backup withholding because (a) I am exempt from backup withholding, or
(b) I have not been notified by the Internal Revenue Service (IRS) that
I am subject to backup withholding for failure to report all dividend
and interest income, or (c) I have been notified by the IRS that I am no
longer subject to backup withholding. (Please cross out item 2 if it does
not apply to you.)
(bullet) If I am a Non-Resident Alien, as I have indicated above, I
certify under penalties of perjury that I am not a U.S. Citizen or
Resident Alien, that the information entered above is correct, that if
a reduced rate of tax or exemption from tax applies, I have complied with
all requirements to qualify for the reduced tax, and I am an exempt
foreign person under IRS regulations.
The Internal Revenue Service does not require your consent to any
provision of this document other than the certifications required to
avoid backup withholding.
Signature of Owner Signature of Joint Owner
Date (month,day,year) Date (month,day,year)
X____________________________ X______________________________
For trusts, all trustees must sign. Only the custodian should sign the
application for custodial accounts.
Not authorized for distribution unless preceded or accompanied by a
current profile or prospectus.
61605.001 Fidelity distributors Corporation MFFK-APP-0998
1.706324.101
===================Front of Signature Card====================
SIGNATURE CARD FOR CHECKWRITING ________________________
Please do not detach this card.
Checkwriting is available only for money market funds and
certain bond funds. Checkwriting minimums vary and fees may
apply. See prospectus for more information.
Please sign within the boxes
below using BLACK BALLPOINT INK.
Please use a pen and print
clearly in CAPITAL LETTERS.
Owner's Name
(first,MI,last):
____________________________ X________________________________
Joint Owner's Name
(first,MI,last):
____________________________ X________________________________
__Check here if more than one
signature will be required
on checks. If this box is
not checked, only one
signature will be required
on checks. 8324100
==================Back of Signature Card======================
By signing this signature card on the reverse side, the
signatory(ies) agree(s) to be subject to the terms and
conditions, guidelines, and rules applicable to your account
as now in effect and as amended from time to time, of the
fund(s) and of UMB Bank, n.a.. ("the Bank"), as they pertain
to the use of redemption checks; therefore, all registered
owners must sign this signature card. All checks will require
only one signature unless otherwise indicated on the face of
this card. Each signatory guarantees the genuineness of the
other's signature on this card.
The Bank is hereby appointed agent by the shareholders signing
this card and, as such agent, is directed to request
redemption of shares of such Fidelity fund(s) as designated
by the shareholders from time to time, and as recorded on
Fidelity's records, upon receipt of, and to the amount of,
checks drawn upon this account(s). In so acting, the Bank
shall be liable only for its own negligence. Shareholders
will be subject the the Bank's rules, regulations and
associated laws governing check collection, including the
Uniform Commercial Code as enacted in the State of Missouri.
It is further agreed as follows:
1. All items, with exception of those drawn on Spartan
(registered trademark) money market funds, Fidelity Daily
Income Trust ("FDIT"), and Fidelity Municipal Money Market
Fund, must be for a minimum of $500 (or such other minimum
amounts as may from time to time be established upon prior
written notice to the shareholders, including the accounts
of Spartan money market funds, FDIT and Fidelity Municipal
Money Market Fund), or they may be returned to shareholders
marked "Refer to Maker."
2 This card supersedes any card already on file for the same
T Master Account or fund or account number.
3. Refer to the fund prospectus for minimum check amounts and
any applicable fees.
4. You may obtain a copy of the "Statement of Terms and
Conditions" applicable to your account by calling Fidelity.
