New Manager Changes

No changes to the Buy-Hold-Sell ratings are recommended based on these manager changes.

Effective February 17, 2010

Heather Carrillo has been named portfolio manager of Fidelity Export and Multinational Fund, succeeding Victor Y. Thay. Carrillo has been managing Fidelity Select Computers Portfolio since 2006. She joined Fidelity in 2000 as an equity research intern covering the satellite industry, and became a full-time equity research analyst in 2001. Carrillo managed Fidelity Select Transportation Portfolio from 2001 to 2003, Fidelity Select Air Transportation Portfolio from 2002 to 2003, and Fidelity Select Banking Portfolio from 2004 to 2006. Prior to joining Fidelity, she was an equity research associate with Morgan Stanley Dean Witter Discover & Co. in New York from 1997 to 1999. Carrillo began her career in financial services in 1994 at Alex. Brown & Sons Inc. in Baltimore, where she served as an investment banking analyst. In 1996, she became an associate in the acquisitions division of a $1.4 billion private equity fund at Westbrook Partners LLC, in New York.

Thomas J. Allen has been named portfolio manager of Fidelity Advisor Global Capital Appreciation Fund, succeeding Sammy Simnegar and Thay. Simnegar will continue to manage Fidelity International Capital Appreciation Fund, Fidelity Advisor International Capital Appreciation Fund, and VIP International Capital Appreciation Fund. Allen will continue to manage Fidelity Advisor Mid Cap II Fund and VIP Mid Cap Portfolio. Allen joined Fidelity in 1985 in the Fund Accounting group, and returned to the firm in 1995 as an equity research analyst covering the insurance industry. He managed Fidelity Select Insurance Portfolio from 1997 to 1999, and followed small-cap stocks as a member of Fidelity’s small-cap equity research group from 1999 to 2001. Allen began managing VIP Mid Cap Portfolio in 2001 and Fidelity Advisor Mid Cap II Fund in 2004. Prior to rejoining Fidelity in 1995, Allen was a certified public accountant and audit manager with Price Waterhouse in Boston from 1987 to 1993, and was an equity analyst with MFS Investment Management in Boston in 1994

Effective April 1, 2010

Matthew S. Schuldt has been named portfolio manager of Fidelity Select Computers Portfolio, succeeding Carrillo. Schuldt joined Fidelity in 2006 as an equity research analyst following companies in the specialty chemicals and industrial gas industries. He went on to also follow agriculture and large-cap chemical companies, and has been managing Fidelity Select Chemicals Portfolio since January 2008. Previously, Schuldt co-founded Go4College.com, an Internet-based admissions counseling organization, where he served as president from 2001 to 2006. Schuldt also served as an operations manager and internal consultant for McMaster-Carr Supply Company in Elmhurst, Illinois, from 1999 to 2001

Mahmoud Sharaf has been named portfolio manager of Fidelity Select Chemicals Portfolio, succeeding Schuldt. Sharaf joined Fidelity in 2007 after serving as an equity research intern in 2006. Since 2007, he has served as an equity research analyst covering several industries including energy services, pipelines, and master limited partnerships. Previously, Sharaf served in numerous strategic planning roles at IAC/InterActiveCorp, a leading consumer Internet conglomerate, from 2002 to 2005. He began his career in 2000 as an analyst in the Investment Banking division of Merrill Lynch & Co., Inc.