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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (25847)	10/29/1998 6:10:00 PM
From: Gottfried	Respond to of 70976

Brian, (others can click) about fiscal year for funds: You may be off to say most have a FY ending Dec. Now, I have already shown that Vanguard's funds have FYs ending from Aug to Jan. Downloaded a Fidelity prospectus. Right on the front cover it says Annual Report for the year ending February 28, 1998 and Prospectus dated April 28, 1998 ...and this isn't just for ONE fund. It's for all of these: Fidelity Select Portfolios Air Transportation American Gold Automotive Biotechnology Brokerage and Investment Management Business Services and Outsourcing Chemicals Computers Construction and Housing Consumer Industries Cyclical Industries Defense and Aerospace Developing Communications Electronics Energy Energy Service Environmental Services Financial Services Food and Agriculture Health Care Home Finance Industrial Equipment Industrial Materials Insurance Leisure Medical Delivery Medical Equipment and Systems* Money Market Multimedia Natural Gas Natural Resources Paper and Forest Products Precious Metals and Minerals Regional Banks Retailing Software and Computer Services Technology Telecommunications Transportation Utilities Growth The file name is ew13373.pdf Very interesting reading, by the way. Gottfried

To: Proud_Infidel who wrote (25847)	10/29/1998 6:25:00 PM
From: Gottfried	Read Replies (1) \| Respond to of 70976

Brian and ALL, hilarious answer from Fidelity. This concerns their Select Electronics fund. From the prospectus... Q. How did the fund perform, Andy? A. For the 12 months that ended February 28, 1998, the fund returned 24.15%, compared to the 35.01% return of the Standard & Poor's 500 Index. Q. What was your biggest disappointment in the last 12 months? A. The inability to liquidate many of the fund's holdings in semiconductor capital equipment companies when conditions began to change in September. As I said, this group of stocks was the hardest hit by the Asian downturn. I did begin reducing the fund's positions in these stocks in the summer, but many of them had poor liquidity — or relatively few shares outstanding — and were difficult to buy and sell. I hate to think what would have happened had the stocks had liquidity. Gottfried