No ratings changes are recommended based on the manager changes below.
Effective March 1, 2010: Anna Davydova has been named co-manager of Fidelity Select Environmental Portfolio.
Effective April 1, 2010: Guillermo de las Casas has been named portfolio manager of Fidelity International Real Estate Fund (retail fund with Advisor classes), succeeding Steven J. Buller. Steve will continue to manage Fidelity Real Estate Investment Portfolio, which he has managed since 1998.
Fidelity Dynamic Capital Appreciation Fund Changes
Fidelity is restructuring the Fidelity Advisor Dynamic Capital Appreciation Fund. Among other changes, the fund will adopt a multi-manager, sector-based investment approach. Effective March 8, 2010, Christopher L. Sharpe and Geoffrey D. Stein will be appointed portfolio managers of the fund, succeeding Fergus Shiel. Fergus will continue
to manage Fidelity Capital Appreciation Fund and VIP Dynamic Capital
Appreciation Portfolio. Chris and Geoff will continue with their other current