UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT No. 1
to
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3114
Fidelity Select Portfolios
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | February 29 |
Date of reporting period: | February 29, 2004 |
The following amends and restates Item 4 of Form N-CSR filed on April 28, 2004, Accession Number 0000320351-04-000010.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees.
For the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for Air Transportation Portfolio, Automotive Portfolio, Banking Portfolio, Biotechnology Portfolio, Brokerage Services and Investment Management Portfolio, Business Services and Outsourcing Portfolio, Chemicals Portfolio, Computers Portfolio, Construction and Housing Portfolio, Consumer Industries Portfolio, Cyclical Industries Portfolio, Defense and Aerospace Portfolio, Developing Communications Portfolio, Electronics Portfolio, Energy Portfolio, Energy Services Portfolio, Environmental Portfolio, Financial Services Portfolio, Food and Agriculture Portfolio, Gold Portfolio, Health Care Portfolio, Home Finance Portfolio, Industrial Equipment Portfolio, Industrial Materials Portfolio, Insurance Portfolio, Leisure Portfolio, Medical Delivery Portfolio, Medical Equipment and Systems Portfolio, Money Market Portfolio, Multimedia Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Networking and Infrastructure Portfolio, Paper and Forest Products Portfolio, Pharmaceuticals Portfolio, Retailing Portfolio, Software and Computer Services Portfolio, Technology Portfolio, Telecommunications Portfolio, Transportation Portfolio, Utilities Growth Portfolio and Wireless Portfolio (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.
Fund | 2004A | 2003A |
Air Transportation Portfolio | $36,000 | $16,000 |
Automotive Portfolio | $36,000 | $15,000 |
Banking Portfolio | $37,000 | $26,000 |
Biotechnology Portfolio | $40,000 | $87,000 |
Brokerage Services and Investment Management Portfolio | $37,000 | $25,000 |
Business Services and Outsourcing Portfolio | $36,000 | $16,000 |
Chemicals Portfolio | $36,000 | $16,000 |
Computers Portfolio | $38,000 | $42,000 |
Construction and Housing Portfolio | $36,000 | $16,000 |
Consumer Industries Portfolio | $36,000 | $15,000 |
Cyclical Industries Portfolio | $36,000 | $15,000 |
Defense and Aerospace Portfolio | $36,000 | $19,000 |
Developing Communications Portfolio | $37,000 | $33,000 |
Electronics Portfolio | $44,000 | $134,000 |
Energy Portfolio | $36,000 | $20,000 |
Energy Services Portfolio | $37,000 | $26,000 |
Environmental Portfolio | $36,000 | $15,000 |
Financial Services Portfolio | $37,000 | $28,000 |
Food and Agriculture Portfolio | $36,000 | $17,000 |
Gold Portfolio | $38,000 | $22,000 |
Health Care Portfolio | $41,000 | $73,000 |
Home Finance Portfolio | $37,000 | $23,000 |
Industrial Equipment Portfolio | $36,000 | $15,000 |
Industrial Materials Portfolio | $36,000 | $15,000 |
Insurance Portfolio | $36,000 | $17,000 |
Leisure Portfolio | $36,000 | $20,000 |
Medical Delivery Portfolio | $36,000 | $18,000 |
Medical Equipment and Systems Portfolio | $36,000 | $18,000 |
Money Market Portfolio | $38,000 | $37,000 |
Multimedia Portfolio | $36,000 | $18,000 |
Natural Gas Portfolio | $36,000 | $19,000 |
Natural Resources Portfolio | $36,000 | $15,000 |
Networking and Infrastructure Portfolio | $36,000 | $18,000 |
Paper and Forest Products Portfolio | $36,000 | $15,000 |
Pharmaceuticals Portfolio | $36,000 | $16,000 |
Retailing Portfolio | $36,000 | $17,000 |
Software and Computer Services Portfolio | $38,000 | $37,000 |
Technology Portfolio | $41,000 | $78,000 |
Telecommunications Portfolio | $37,000 | $27,000 |
Transportation Portfolio | $36,000 | $16,000 |
Utilities Growth Portfolio | $36,000 | $22,000 |
Wireless Portfolio | $36,000 | $17,000 |
All funds in the Fidelity Group of Funds audited by PwC | $10,700,000 | $8,500,000 |
A | Aggregate amounts may reflect rounding. |
(b) Audit-Related Fees.
In each of the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Fund | 2004A, B | 2003 A, B |
Air Transportation Portfolio | $0 | $0 |
Automotive Portfolio | $0 | $0 |
Banking Portfolio | $0 | $0 |
Biotechnology Portfolio | $0 | $0 |
Brokerage Services and Investment Management Portfolio | $0 | $0 |
Business Services and Outsourcing Portfolio | $0 | $0 |
Chemicals Portfolio | $0 | $0 |
Computers Portfolio | $0 | $0 |
Construction and Housing Portfolio | $0 | $0 |
Consumer Industries Portfolio | $0 | $0 |
Cyclical Industries Portfolio | $0 | $0 |
Defense and Aerospace Portfolio | $0 | $0 |
Developing Communications Portfolio | $0 | $0 |
Electronics Portfolio | $0 | $0 |
Energy Portfolio | $0 | $0 |
Energy Services Portfolio | $0 | $0 |
Environmental Portfolio | $0 | $0 |
Financial Services Portfolio | $0 | $0 |
Food and Agriculture Portfolio | $0 | $0 |
Gold Portfolio | $0 | $0 |
Health Care Portfolio | $0 | $0 |
Home Finance Portfolio | $0 | $0 |
Industrial Equipment Portfolio | $0 | $0 |
Industrial Materials Portfolio | $0 | $0 |
Insurance Portfolio | $0 | $0 |
Leisure Portfolio | $0 | $0 |
Medical Delivery Portfolio | $0 | $0 |
Medical Equipment and Systems Portfolio | $0 | $0 |
Money Market Portfolio | $0 | $0 |
Multimedia Portfolio | $0 | $0 |
Natural Gas Portfolio | $0 | $0 |
Natural Resources Portfolio | $0 | $0 |
Networking and Infrastructure Portfolio | $0 | $0 |
Paper and Forest Products Portfolio | $0 | $0 |
Pharmaceuticals Portfolio | $0 | $0 |
Retailing Portfolio | $0 | $0 |
Software and Computer Services Portfolio | $0 | $0 |
Technology Portfolio | $0 | $0 |
Telecommunications Portfolio | $0 | $0 |
Transportation Portfolio | $0 | $0 |
Utilities Growth Portfolio | $0 | $0 |
Wireless Portfolio | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
In each of the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services rendered on behalf of Fidelity Management & Research Company (FMR) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the funds ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Billed By | 2004 A, B | 2003A, B |
PwC | $50,000 | $0 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent accountant. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.
(c) Tax Fees.
In each of the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.
Fund | 2004A, B | 2003A, B |
Air Transportation Portfolio | $1,700 | $700 |
Automotive Portfolio | $1,700 | $700 |
Banking Portfolio | $1,700 | $1,400 |
Biotechnology Portfolio | $1,700 | $5,300 |
Brokerage Services and Investment Management Portfolio | $1,700 | $1,300 |
Business Services and Outsourcing Portfolio | $1,700 | $800 |
Chemicals Portfolio | $1,700 | $800 |
Computers Portfolio | $1,700 | $2,400 |
Construction and Housing Portfolio | $1,700 | $700 |
Consumer Industries Portfolio | $1,700 | $700 |
Cyclical Industries Portfolio | $1,700 | $700 |
Defense and Aerospace Portfolio | $1,700 | $1,000 |
Developing Communications Portfolio | $1,700 | $1,900 |
Electronics Portfolio | $1,700 | $8,400 |
Energy Portfolio | $1,700 | $1,000 |
Energy Services Portfolio | $1,700 | $1,400 |
Environmental Portfolio | $1,700 | $700 |
Financial Services Portfolio | $1,700 | $1,500 |
Food and Agriculture Portfolio | $1,700 | $800 |
Gold Portfolio | $1,700 | $1,100 |
Health Care Portfolio | $1,700 | $4,400 |
Home Finance Portfolio | $1,700 | $1,200 |
Industrial Equipment Portfolio | $1,700 | $700 |
Industrial Materials Portfolio | $1,700 | $700 |
Insurance Portfolio | $1,700 | $800 |
Leisure Portfolio | $1,700 | $1,000 |
Medical Delivery Portfolio | $1,700 | $900 |
Medical Equipment and Systems Portfolio | $1,700 | $900 |
Money Market Portfolio | $1,700 | $2,100 |
Multimedia Portfolio | $1,700 | $900 |
Natural Gas Portfolio | $1,700 | $1,000 |
Natural Resources Portfolio | $1,700 | $700 |
Networking and Infrastructure Portfolio | $1,700 | $900 |
Paper and Forest Products Portfolio | $1,700 | $700 |
Pharmaceuticals Portfolio | $1,700 | $800 |
Retailing Portfolio | $1,700 | $800 |
Software and Computer Services Portfolio | $1,700 | $2,100 |
Technology Portfolio | $1,700 | $4,700 |
Telecommunications Portfolio | $1,700 | $1,500 |
Transportation Portfolio | $1,700 | $700 |
Utilities Growth Portfolio | $1,700 | $1,100 |
Wireless Portfolio | $1,700 | $800 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
In each of the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.
Billed By | 2004A, B | 2003A, B |
PwC | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
Fees included in the Tax Fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d) All Other Fees.
In each of the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.
Fund | 2004A, B | 2003A, B |
Air Transportation Portfolio | $1,200 | $1,400 |
Automotive Portfolio | $1,100 | $1,300 |
Banking Portfolio | $1,500 | $1,800 |
Biotechnology Portfolio | $2,700 | $3,800 |
Brokerage Services and Investment Management Portfolio | $1,400 | $1,700 |
Business Services and Outsourcing Portfolio | $1,200 | $1,400 |
Chemicals Portfolio | $1,200 | $1,400 |
Computers Portfolio | $1,800 | $2,200 |
Construction and Housing Portfolio | $1,200 | $1,400 |
Consumer Industries Portfolio | $1,100 | $1,300 |
Cyclical Industries Portfolio | $1,100 | $1,300 |
Defense and Aerospace Portfolio | $1,400 | $1,500 |
Developing Communications Portfolio | $1,600 | $1,900 |
Electronics Portfolio | $3,800 | $5,300 |
Energy Portfolio | $1,300 | $1,500 |
Energy Services Portfolio | $1,500 | $1,800 |
Environmental Portfolio | $1,100 | $1,300 |
Financial Services Portfolio | $1,500 | $1,800 |
Food and Agriculture Portfolio | $1,200 | $1,400 |
Gold Portfolio | $1,700 | $1,700 |
Health Care Portfolio | $2,700 | $3,500 |
Home Finance Portfolio | $1,400 | $1,700 |
Industrial Equipment Portfolio | $1,200 | $1,300 |
Industrial Materials Portfolio | $1,200 | $1,300 |
Insurance Portfolio | $1,200 | $1,400 |
Leisure Portfolio | $1,300 | $1,500 |
Medical Delivery Portfolio | $1,200 | $1,400 |
Medical Equipment and Systems Portfolio | $1,400 | $1,500 |
Money Market Portfolio | $1,600 | $2,000 |
Multimedia Portfolio | $1,300 | $1,500 |
Natural Gas Portfolio | $1,300 | $1,500 |
Natural Resources Portfolio | $1,200 | $1,300 |
Networking and Infrastructure Portfolio | $1,200 | $1,400 |
Paper and Forest Products Portfolio | $1,100 | $1,300 |
Pharmaceuticals Portfolio | $1,200 | $1,400 |
Retailing Portfolio | $1,200 | $1,400 |
Software and Computer Services Portfolio | $1,800 | $2,100 |
Technology Portfolio | $2,900 | $3,500 |
Telecommunications Portfolio | $1,400 | $1,800 |
Transportation Portfolio | $1,200 | $1,400 |
Utilities Growth Portfolio | $1,300 | $1,600 |
Wireless Portfolio | $1,200 | $1,400 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
In each of the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.
Billed By | 2004A, B | 2003A, B |
PwC | $140,000 | $210,000 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.
(e) (1) | Audit Committee Pre-Approval Policies and Procedures: |
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.
All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Audit Committee to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.
(e) (2) | Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: |
Audit-Related Fees:
There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2004 and February 28, 2003 on behalf of each fund.
There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2004 and February 28, 2003 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
Tax Fees:
There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2004 and February 28, 2003 on behalf of each fund.
There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2004 and February 28, 2003 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
All Other Fees:
There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2004 and February 28, 2003 on behalf of each fund.
There were no amounts, including amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time, that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2004 and February 28, 2003 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
(f) According to PwC for the fiscal year ended February 29, 2004, the percentage of hours spent on the audit of each fund's financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of PwC is as follows:
Fund | 2004 |
Air Transportation Portfolio | 0% |
Automotive Portfolio | 0% |
Banking Portfolio | 0% |
Biotechnology Portfolio | 0% |
Brokerage Services and Investment Management Portfolio | 0% |
Business Services and Outsourcing Portfolio | 0% |
Chemicals Portfolio | 0% |
Computers Portfolio | 0% |
Construction and Housing Portfolio | 0% |
Consumer Industries Portfolio | 0% |
Cyclical Industries Portfolio | 0% |
Defense and Aerospace Portfolio | 0% |
Developing Communications Portfolio | 0% |
Electronics Portfolio | 0% |
Energy Portfolio | 0% |
Energy Services Portfolio | 0% |
Environmental Portfolio | 0% |
Financial Services Portfolio | 0% |
Food and Agriculture Portfolio | 0% |
Gold Portfolio | 0% |
Health Care Portfolio | 0% |
Industrial Equipment Portfolio | 0% |
Industrial Materials Portfolio | 0% |
Insurance Portfolio | 0% |
Leisure Portfolio | 0% |
Medical Delivery Portfolio | 0% |
Medical Equipment and Systems Portfolio | 0% |
Money Market Portfolio | 0% |
Multimedia Portfolio | 0% |
Natural Gas Portfolio | 0% |
Natural Resources Portfolio | 0% |
Networking and Infrastructure Portfolio | 0% |
Paper and Forest Products Portfolio | 0% |
Pharmaceuticals Portfolio | 0% |
Retailing Portfolio | 0% |
Software and Computer Services Portfolio | 0% |
Technology Portfolio | 0% |
Telecommunications Portfolio | 0% |
Transportation Portfolio | 0% |
Utilities Growth Portfolio | 0% |
Wireless Portfolio | 0% |
(g) For the fiscal years ended February 29, 2004 and February 28, 2003, the aggregate fees billed by PwC of $2,150,000A,B and $1,800,000A,B for non-audit services rendered on behalf of the funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.
2004A,B | 2003A,B | |
Covered Services | $300,000 | $350,000 |
Non-Covered Services | $1,850,000 | $1,450,000 |
A | Aggregate amounts may reflect rounding. |
B | Includes amounts related to non-audit services prior to May 6, 2003 that would have been subject to pre-approval if the SEC rules relating to the pre-approval of non-audit services had been in effect at that time. |
(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the funds, taking into account representations from PwC, in accordance with Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
By: | /s/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | April 15, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | April 15, 2005 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | April 15, 2005 |