New Manager Change at Fidelity

The following manager change is effective June 8,
2010. The buy-hold-sell rating for this fund is unchanged by this manager appointment.

Ryan Oldham has been named portfolio
manager of Fidelity Select Natural Gas Portfolio succeeding James McElligott.
McElligott will continue serving as an equity research analyst and will assume
coverage of food and beverage companies. Oldham joined Fidelity in 2007 as an
equity research analyst covering Canadian energy companies and global
exploration and production companies. Prior to joining Fidelity, he held
various positions at Scotia Bank from 2002 to 2006.