Fidelity Select Fundranker

Fundranker Blog—FNINX, FSPFX Close to New Investors

FNINX, FSPFX Close to New Investors

Two of Fidelity Investments’ Select funds, Networking & Infrastructure (FNINX) and Paper & Forest Products (FSPFX), closed to new investors as of March 19, 2009. This means that current investors in the funds can add to their positions, but you cannot open a new position in either fund. This change caught us unaware at Fidelity Select Fundranker and affected the Fundranker system immediately, as it just so happened that Networking & Infrastructure (FNINX), had it still been open, would have made a dramatic move to number three in the Top Eight Model Portfolio for April. We apologize again for the late reissue of the April issue with a corrected listing of the Top Eight Model Portfolio and corrected exchanges for April 3.

The two funds were closed in March pending shareholder votes to merge Networking & Infrastructure (FNINX) into Communications Equipment (FSDCX) and to merge Paper & Forest Products (FSPFX) into Materials (FSDPX). The dates for the votes have not yet been set, and in the meantime, the funds will remain closed to new investors.

If the funds eventually are merged, Networking & Infrastructure and Paper & Forest Products would close permanently and their assets would be rolled into Communications Equipment and Materials. Shareholders of Communications Equipment or Materials would see no effect from the merger; that is, they would still own the same number of shares at the same NAV. Shareholders of Networking & Infrastructure or Paper & Forest Products, on the other hand, would get replacement shares of Communications Equipment or Materials that are equivalent in value to their original Networking & Infrastructure or Paper & Forest Products shares.

Posted 4/4/09 4:35pm ET in Fidelity Investments

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